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題名 公司特性對董監事責任險需求之影響
The Impact of Company on the Demand of the D&O Liability Insurance作者 涂凱捷 貢獻者 鄭士卿
涂凱捷關鍵詞 董監事責任險
帳面市值比
公司特性日期 2015 上傳時間 2-Aug-2016 17:16:55 (UTC+8) 摘要 本文研究目的是以 2008 年至 2013 年台灣上市櫃公司為研究對象，分析上市櫃公司特性對於董監事責任險需求之影響。本研究為了探討公司購買董監事責任險之意圖，除了參考過去文獻，以當年度分析公司特性對董監事責任險需求影響外，並加入隔年度變化分析，以公司的特性預估公司隔年保額的變化，探討公司特性與需求之關係。此外，由於台灣董監事責任險市場不同於歐美，購買率約六成，本研究進一步分群探討已購買公司及未購買公司兩者間特性對需求影響之差異。最後，考量公司規模及帳面市值比對於公司行為的重要性，本研究以兩變數加以分群，探討分群後特性對需求之影響。而研究結果為公司財務表現好或重視公司治理的公司，其對於董監事責任險需求較高。因此，本研究認為台灣上市櫃公司購買董監事責任險的道德風險相對低。且不同的特性的公司對於董監事責任險之需求亦存在差異，透過了解此差異將有利於董監事責任險之銷售。 參考文獻 一、 中文部分陳彩稚、張瑞益，2011，公司治理:董監事責任與董事會結構，管理評論，30(3)，1-23。陳彩稚、龐嘉慧，2008，董監事暨重要職員責任保險之需求因素分析，台大管理論叢，18(2)，171-196。 二、 英文部分Baker, Tom and Griffith, Sean J., 2007, Predicting Corporate Governance Risk: Evidence from the Directors` and Officers` Liability Insurance Market. Chicago Law Review, Vol. 74, p. 487.Bhagat, S., J. A. Brickley, and J. L. Coles, 1987, Managerial indemnification and liability insurance: The effect on shareholder wealth, Journal of Risk and Insurance, 54, 721-736. Boyer, M. M., 2003a, “Is the Demand for Corporate Insurance a Habit? Evidence from Directors’and Officers’ Insurance,” CIRANO Working Paper, No. 2003s-42.Boyer, M. M., 2003b, “Directors’ and Officers’ Insurance and Shareholders’ Protection,”CIRANO Working Paper, No. 2003s-64.Brook, Y. and K. S. Rao, 1994, Shareholder Wealth Effects of Directors’ Liability Limitation Provisions, Journal of Financial and Quantitative Analysis, 29, 481-497.Cadbury, A., 1992, Committee on the Financial Aspects of Corporate Governance (London: GEC).Chalmers, J., L. Dann, & J. Harford, 2002, Managerial opportunism？ Evidence from director’s and officers’ insurance purchases, Journal of Finance, 57 (2), 609-636 Chen, T. J., and S. H. Li, 2010, Directors` and officers` insurance, corporate governance and firm performance, International Journal of Disclosure and Governance, 7 (3), 244-261.Chung, H. H., and J. P. Wynn, 2008, Managerial legal liability coverage and earnings conservatism. Journal of Accounting and Economics, 46 (1), 135-153.Core, J. E., 1997, On the Corporate Demand for Directors’ and Officers’ Insurance, Journal of Risk and Insurance, 64, 63-87. Daniels, R. J. and S. M. Hutton, 1993, The Capricious Cushion: The Implications of the Directors’ and Officers’ Insurance Liability Crisis on Canadian Corporate Governance, Canadian Business Law Journal, 22, 182-230.Fama, E. F. and M. C. Jensen, 1983, Separation of ownership and control, Journal of Law and Economics, 26, 301-325. Gupta, Manu and Prakash, Puneet, 2012, Information Embedded in Directors and Officers Insurance Purchases.Hampel, R., 1998, Committee on Corporate Governance ,GEE,London.Holderness, C. G., 1990, Liability Insurers as Corporate Monitors, International Review of Law and Economics, 10,115-129. Holderness, O., 1990, Liability as Corporate Monitors, International Review of Law and Economics, 10, 115-129. Lin, Chen, Micah S. Officer, and Hong Zou, 2010, Managerial legal liability insurance and acquisition outcomes, SSRN Working Paper.Mayers, D. and C. W. Smith, Jr., 1982, On the Corporate Demand for Insurance, Journal of Business, 55, 281-296.O’Sullivan, N., 1997, Insuring the Agents： The Role of Directors, and Officers, Insurance in Corporate Governance, Journal of Risk and Insurance, 64,545-556.Priest, G. L., 1987, The current insurance crisis and modern tort law, Yale Law Journal, 96 (7), 1521-1590.Romano, R, 1991, The shareholder suit: Litigation without foundation, The Journal of Law, Economics, and Organization, 7 (1), 55-87.Zou, Hong, Sonia Wong, Clement Shum, Jun Xiong, and Jun Yan, 2008, Controlling-minority shareholder incentive conflicts and directors’ and officers’ liability insurance: Evidence from China, Journal of Banking & Finance, 32, 2636-2645. 描述 碩士
國立政治大學
風險管理與保險研究所
103358007資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103358007 資料類型 thesis dc.contributor.advisor 鄭士卿 zh_TW dc.contributor.author (Authors) 涂凱捷 zh_TW dc.creator (作者) 涂凱捷 zh_TW dc.date (日期) 2015 en_US dc.date.accessioned 2-Aug-2016 17:16:55 (UTC+8) - dc.date.available 2-Aug-2016 17:16:55 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2016 17:16:55 (UTC+8) - dc.identifier (Other Identifiers) G0103358007 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99562 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 風險管理與保險研究所 zh_TW dc.description (描述) 103358007 zh_TW dc.description.abstract (摘要) 本文研究目的是以 2008 年至 2013 年台灣上市櫃公司為研究對象，分析上市櫃公司特性對於董監事責任險需求之影響。本研究為了探討公司購買董監事責任險之意圖，除了參考過去文獻，以當年度分析公司特性對董監事責任險需求影響外，並加入隔年度變化分析，以公司的特性預估公司隔年保額的變化，探討公司特性與需求之關係。此外，由於台灣董監事責任險市場不同於歐美，購買率約六成，本研究進一步分群探討已購買公司及未購買公司兩者間特性對需求影響之差異。最後，考量公司規模及帳面市值比對於公司行為的重要性，本研究以兩變數加以分群，探討分群後特性對需求之影響。而研究結果為公司財務表現好或重視公司治理的公司，其對於董監事責任險需求較高。因此，本研究認為台灣上市櫃公司購買董監事責任險的道德風險相對低。且不同的特性的公司對於董監事責任險之需求亦存在差異，透過了解此差異將有利於董監事責任險之銷售。 zh_TW dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與目的 1第二節 研究流程 3第二章 台灣董監事責任險產業概況 6第一節 董監事責任險介紹 6第二節 台灣董監事責任險之市場 6第三章 文獻回顧 9第四章 資料與研究方法 13第一節 研究對象與資料來源 13第二節 實證模型設定與假說 14第三節 變數介紹與關係預測 18第五章 敘述統計結果 25第一節 自變數敘述統計 25第二節 自變數分群平均比較 28第六章 羅吉斯回歸結果 31第一節 當年度分析回歸結果 31第二節 隔年度變化分析回歸結果 34第三節 以規模及帳面市值比分群部分變數回歸結果 38第七章 結論 44參考文獻 46 zh_TW dc.format.extent 705714 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103358007 en_US dc.subject (關鍵詞) 董監事責任險 zh_TW dc.subject (關鍵詞) 帳面市值比 zh_TW dc.subject (關鍵詞) 公司特性 zh_TW dc.title (題名) 公司特性對董監事責任險需求之影響 zh_TW dc.title (題名) The Impact of Company on the Demand of the D&O Liability Insurance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、 中文部分陳彩稚、張瑞益，2011，公司治理:董監事責任與董事會結構，管理評論，30(3)，1-23。陳彩稚、龐嘉慧，2008，董監事暨重要職員責任保險之需求因素分析，台大管理論叢，18(2)，171-196。 二、 英文部分Baker, Tom and Griffith, Sean J., 2007, Predicting Corporate Governance Risk: Evidence from the Directors` and Officers` Liability Insurance Market. Chicago Law Review, Vol. 74, p. 487.Bhagat, S., J. A. Brickley, and J. L. Coles, 1987, Managerial indemnification and liability insurance: The effect on shareholder wealth, Journal of Risk and Insurance, 54, 721-736. Boyer, M. M., 2003a, “Is the Demand for Corporate Insurance a Habit? Evidence from Directors’and Officers’ Insurance,” CIRANO Working Paper, No. 2003s-42.Boyer, M. M., 2003b, “Directors’ and Officers’ Insurance and Shareholders’ Protection,”CIRANO Working Paper, No. 2003s-64.Brook, Y. and K. S. Rao, 1994, Shareholder Wealth Effects of Directors’ Liability Limitation Provisions, Journal of Financial and Quantitative Analysis, 29, 481-497.Cadbury, A., 1992, Committee on the Financial Aspects of Corporate Governance (London: GEC).Chalmers, J., L. Dann, & J. Harford, 2002, Managerial opportunism？ Evidence from director’s and officers’ insurance purchases, Journal of Finance, 57 (2), 609-636 Chen, T. J., and S. H. Li, 2010, Directors` and officers` insurance, corporate governance and firm performance, International Journal of Disclosure and Governance, 7 (3), 244-261.Chung, H. H., and J. P. Wynn, 2008, Managerial legal liability coverage and earnings conservatism. Journal of Accounting and Economics, 46 (1), 135-153.Core, J. E., 1997, On the Corporate Demand for Directors’ and Officers’ Insurance, Journal of Risk and Insurance, 64, 63-87. Daniels, R. J. and S. M. Hutton, 1993, The Capricious Cushion: The Implications of the Directors’ and Officers’ Insurance Liability Crisis on Canadian Corporate Governance, Canadian Business Law Journal, 22, 182-230.Fama, E. F. and M. C. Jensen, 1983, Separation of ownership and control, Journal of Law and Economics, 26, 301-325. Gupta, Manu and Prakash, Puneet, 2012, Information Embedded in Directors and Officers Insurance Purchases.Hampel, R., 1998, Committee on Corporate Governance ,GEE,London.Holderness, C. G., 1990, Liability Insurers as Corporate Monitors, International Review of Law and Economics, 10,115-129. Holderness, O., 1990, Liability as Corporate Monitors, International Review of Law and Economics, 10, 115-129. Lin, Chen, Micah S. Officer, and Hong Zou, 2010, Managerial legal liability insurance and acquisition outcomes, SSRN Working Paper.Mayers, D. and C. W. Smith, Jr., 1982, On the Corporate Demand for Insurance, Journal of Business, 55, 281-296.O’Sullivan, N., 1997, Insuring the Agents： The Role of Directors, and Officers, Insurance in Corporate Governance, Journal of Risk and Insurance, 64,545-556.Priest, G. L., 1987, The current insurance crisis and modern tort law, Yale Law Journal, 96 (7), 1521-1590.Romano, R, 1991, The shareholder suit: Litigation without foundation, The Journal of Law, Economics, and Organization, 7 (1), 55-87.Zou, Hong, Sonia Wong, Clement Shum, Jun Xiong, and Jun Yan, 2008, Controlling-minority shareholder incentive conflicts and directors’ and officers’ liability insurance: Evidence from China, Journal of Banking & Finance, 32, 2636-2645. zh_TW
