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研究生:劉耀文
研究生(外文):Liu,YaoWen
論文名稱:董事責任險與資金成本之相關性研究
論文名稱(外文):Directors’ Liability Insurance and The Cost of Capital
指導教授:陳家偉陳家偉引用關係
指導教授(外文):Chen,ChiaWei
口試委員:黃琛瑞葉宗穎
口試委員(外文):Huang,ChenJuiYeh,TsungYing
口試日期:100.6.30
學位類別:碩士
校院名稱:東海大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:22
中文關鍵詞:董事責任險資金成本
外文關鍵詞:Directors’ liability insuranceCost of capital
相關次數:
  • 被引用被引用:5
  • 點閱點閱:350
  • 評分評分:
  • 下載下載:46
  • 收藏至我的研究室書目清單書目收藏:0
於企業舞弊與訴訟案件接連發生的這幾年來,董事責任險除了吸引學術與實務界的討論之外,諸多國家亦相繼至力於推動董事責任險的落實,並強制揭露企業的投保情形。過去文獻雖然不乏對於該類保險之價值的肯定,然而部份研究卻也質疑董事責任險的購置可能產生了道德危機並進而惡化代理問題的嚴重性;於上述分歧持續未決之際,本文試圖由資金成本的角度來剖析投保動機,並藉由此尚未被觸及的議題來豐富相關於董事責任險的研究。透過檢視台灣上市櫃企業共計1,792筆的年度樣本,本文發現資金成本於未投保董事責任險之企業顯著高於持有該保險者,此顯著性亦未因樣本的選取及資金成本之計算方式的調整而產生改變。本文的實證結果在解釋近年來投保比率持續上升之餘,亦間接支持了董事責任險所隱含之監督效果與鞏固投資人權益的角色,對於國內外明文規定企業揭露投保情形的政策效果亦提供了參考的依據。
Due to the outbreak of enterprise corrupting practices and law cases in recent years, not only has directors’ liability insurance been evoking academic and practical circles discussion, many countries also have been dedicated to putting directors’ liability insurance into effect and compulsively revealing insurance policies of enterprises. Although positive feedbacks from past records on the value of this kind of insurance are abundant, some studies doubt that directors’ liability insurance may generate moral hazard and even deteriorate the seriousness of agency problems. In view of the unsettled discrepancy mentioned above, this thesis is trying to dissect the motives of taking out insurance policy by the viewpoint of the cost of capital and is trying to enrich the studies about directors’ liability insurance by this untouched subject. By means of inspecting total 1,792 samples from listed companies in Taiwan, this thesis found that the cost of capital of enterprises which do not take directors’ liability insurance policy is significantly higher than those which do take directors’ liability insurance policy. This significance does not vary as the sample selection and the adjustment in calculation of the cost of capital. The practical result of this thesis not only explains the continues increase of policy ratio but also indirectly supports the connotative surveillance effect of directors’ liability insurance and fortifies the role of investor equity, also provides the reference for policy effect of enterprises’ reveal in policy insurance legislated by domestic and foreign regulations.
目錄
一、 引言 1
二、 文獻回顧與假說建立 3
A. 董事責任險 3
B. 加權平均資金成本和董事責任險 4
三、 樣本 6
四、 研究方法與變數說明 6
五、 實證分析 9
六、 穩健性分析 12
七、 結論 13
參考文獻: 15
表目錄

表一、樣本選取 18
表二、樣本之敍述統計 19
表三、董事責任險與加權平均資金成本 20
表四、董事責任險與加權平均資金成本─遞延效果、資訊揭露程度 21
表五、穩健性分析 22

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