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研究生:林佳蓉
論文名稱:董監事暨重要職員責任保險與成本僵固性之研究-以金融產業為例
論文名稱(外文):Directors’ and Officers’ Liability Insurance and Cost Stickiness: Evidence from the Financial Industry in Taiwan
指導教授:黃劭彥黃劭彥引用關係
口試委員:卓佳慶鍾宇軒鄭揚耀
口試日期:2016-06-17
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計與資訊科技研究所
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:2016
畢業學年度:104
語文別:中文
論文頁數:62
中文關鍵詞:董監事暨重要職員責任保險成本僵固性人事成本金融產業
外文關鍵詞:D&O insurancecost stickinessFinancial Industry
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本研究將針對臺灣2008年至2014年間的金融產業公開發行公司為樣本,探討董監事暨重要職員責任保險與成本僵固性之關聯性。
本研究實證結果發現:(一)在金融產業下,當公司的營業收入淨額下降時,人事成本和非人事成本皆存在著成本僵固的現象。(二)有投保D&O保險之金融產業可能會受到承保公司的監督機制的影響,降低代理問題的產生,而使成本僵固的情況不存在。
金融產業投保D&O保險可能會產生代理問題,或其本身的人事資源、處分資產等調整成本,而使得人事成本與非人事成本存有成本僵固性,但同時承保公司亦會執行監督作業,以減少其需理賠的風險,而降低公司代理問題的產生,讓成本僵固的情況不存在。

In 2003, Anderson et al. (2003) investigated the cost of sticky, whether cost decrease when activity falls smaller than they increase when activity rises by an equivalent amount. And in 2008, firms disclose mandatorily the status about D&O insurance.
In this paper, we examining whether the Directors' and Officers' Liability Insurance (D&O insurance) makes degree of sticky smaller using data from Taiwan financial industry between 2008 and 2014.
We find that, (a) in finance industry, personnel expenses and non-personnel expenses are sticky when firms’ operating revenue decrease. (b) Due to insurance company’s supervision mechanism, firms that insured D&O insurance reduce agency problem and cost stickiness does not exist.
Cost stickiness exists in financial industry by agency problem, adjustment costs such as disposal cost, severance pay. When firms insured D&O insurance, insurance company supervise operation and finance of firms to reduce agency problem and cost stickiness does not exist.

致謝II
摘要III
AbstractIV
目錄V
圖表目錄 VI
第一章 緒論1
1.1 研究背景與動機1
1.2 研究問題與目的6
1.3 研究流程 7
第二章 文獻探討 9
2.1 金融產業 9
2.2 D&O保險 10
2.3 成本僵固性14
2.4 D&O保險、金融產業與成本僵固性的關聯17
第三章 研究方法 20
3.1 研究架構 20
3.2 資料來源、研究期間及樣本選取21
3.3 研究模型與變數定義22
3.3.1 研究模型 22
3.3.2 主要測試變數26
3.4 研究方法 27
3.4.1 敘述性統計27
3.4.2 相關性分析27
3.4.3 多元迴歸分析27
第四章 實證結果與分析28
4.1 敘述性統計量28
4.2 相關性分析34
4.3 迴歸分析 37
4.3.1 金融產業與成本僵固性37
4.3.2 金融產業有無投保D&O保險與成本僵固性43
4.4 敏感性分析49
第五章 結論與建議50
5.1 研究結論 50
5.2 研究限制與未來研究建議52
5.3 研究貢獻 53
參考文獻 55


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