金管會為強化我國公司治理、發揮董監事監督職能，認為公司投保董監事及重要職員責任保險（D&O責任險）可以有效降低董監事任職的壓力，希望藉此吸引優秀董事，因此宣布上市櫃公司自2019年6月起均應強制投保D&O責任險。學術上，有關投保D&O責任險的相關文獻普遍有不同觀點，投保D&O責任險可能因管理階層機會主義行為降低或鬆懈其職業應盡之注意，導致道德風險之產生，這樣的行為反而對於公司治理是種損害，且會造成訴訟機率提升，因此以會計師審計服務訂價的角度，也證實會提高審計公費。 本文以2019年至2021年臺灣上市櫃非金融保險業公司為研究樣本，提出超額投保金額與審計公費具正相關係及本文主要貢獻為以訴訟風險對超額投保金額與審計公費之正相關是否具有中介效果，進一步探討超額投保對管理階層行為之影響。 本研究引用Baron and Kenny (1986) 所提出的三步驟檢驗中介效果，但訴訟風險並未與審計公費呈正相關，因此僅能作出D&O責任險超額投保會造成審計公費更高的結論。 ;In order to enhance Taiwan corporate governance and give full play to the supervisory functions of directors and supervisors, the Financial Supervisory Commission believes that companies′ Directors’ and officers’ (D&O) insurance can effectively reduce the pressure of directors and supervisors, hoping to attract outstanding directors, so it announced that it will be mandatory for listed companies carrying out D&O insurance from June 2019.Academically, there are generally different views on the relevant literature on D&O liability insurance. D&O insurance may lead to moral hazard due to the opportunistic behavior of the management that reduces or relaxes the due diligence of their profession. Such behavior has adverse effects on corporate governance. This is a kind of damage and will increase the probability of litigation. Therefore, from the perspective of accountant audit service pricing, it is also confirmed that it will increase audit fees. This article uses Taiwan′s listed non-financial companies from 2019 to 2021 as a research sample, and proposes that there is a positive relationship between excess D&O insurance coverage and audit fees. The main contribution of this article is whether there is a positive relationship between D&O insurance coverage and audit fees based on litigation risk. The mediator effect further explores the impact of over-insurance on management behavior. This study uses the three-step test of mediator effects proposed by Baron and Kenny (1986). However, litigation risk is not positively related to audit expenses, it can only be concluded that excess D&O liability insurance will lead to higher audit expenses.
