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研究生:賴宇倢
研究生(外文):Yu-Chieh Lai
論文名稱:董監責任險與投資效率關聯性之實證研究
論文名稱(外文):An Empirical Study of the Association between Director and Officer Insurance and Investment Efficiency
指導教授:廖芝嫻廖芝嫻引用關係
口試委員:許文馨詹凌菁
口試日期:2013-05-28
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:中文
論文頁數:57
中文關鍵詞:董監責任險投資效率公司治理
外文關鍵詞:directors and officers liability insuranceinvestment efficiencycorporate governance
相關次數:
  • 被引用被引用:8
  • 點閱點閱:697
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本研究探討企業投保董監事暨重要職員責任保險,對於投資效率的影響。本文利用臺灣經濟新報社(TEJ)資料庫,並選取西元2008年至2011年期間臺灣非金融業上市(櫃)公司作為研究樣本。研究結果顯示,企業投保董監責任險與投資效率呈顯著負相關,且企業投保董監責任險較容易造成過度投資問題;另外發現投保金額佔營收比例亦與投資效率呈顯著負相關,且當投保金額愈高時,愈容易過度投資,但不容易造成投資不足。研究結果支持投機假說,亦即董監事與高階經理人可能因責任險的保護而從事有害股東權益的行為。

This study examines the association between directors and officers liability
insurance(D&O insurance)and investment efficiency. Using a sample of listed non-financial Taiwanese companies from years 2008-2011, we find that D&O insurance is negatively associated with investment efficiency. In particular, firms having D&O insurance are more likely to have overinvestment. We also find that the amount of D&O insurance is positively associated with overinvestment and negatively associated with underinvestment. The results support the opportunism hypothesis that directors and officers are more likely to act opportunistically under the protection of D&O insurance.


目錄
誌謝 ⅰ
摘要 ⅱ
Abstract ⅲ
目錄 ⅳ
表目錄 ⅴ
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第二章 文獻回顧與假說 5
第一節 董監責任險相關文獻 5
第二節 投資效率相關文獻 9
第三節 假說發展 12
第三章 研究方法 15
第一節 變數衡量 15
第二節 實證模型 20
第三節 資料與樣本 21
第四章 實證結果 22
第一節 樣本敘述統計 22
第二節 多元迴歸結果 29
第五章 敏感性分析 33
第一節 採用其他變數衡量投資方程式中之成長機會 33
第二節 將投資分為研發投資與資本支出投資 43
第三節 考量投保董監責任險的內生性 45
第六章 結論 50
第一節 研究結論 50
第二節 研究貢獻、限制與建議 52
參考文獻 53


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