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研究生:曾怡鳳
研究生(外文):TSENG, YI-FENG
論文名稱:外資持股比例與董監事暨重要職員責任保險之關聯性研究
論文名稱(外文):The Association Study of The Percentage of Foreign Ownership and The Directors' and Officers' Liability Insurance
指導教授:陳重光陳重光引用關係
指導教授(外文):CHEN, CHUNG-KUANG
口試委員:陳宥杉田文彬
口試委員(外文):CHEN, YU-SHANTIEN, WEN-PIN
口試日期:2017-06-09
學位類別:碩士
校院名稱:國立雲林科技大學
系所名稱:會計系
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:2017
畢業學年度:105
語文別:中文
論文頁數:54
中文關鍵詞:外資持股比董監事責任保險D&O董監質押比
外文關鍵詞:Percentage of Foreign OwnershipDirectors' and Officers' Liability InsuranceD&OEquity Pledge Ratio of Directors
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本研究從2008年至2015年之上市櫃公司為研究對象,探討外資持股比例與董監事暨重要職員責任保險(以下簡稱D&O保險)之關係,以外國投資者的角度分析可能投資因素。從公司有無投保D&O保險,對外資是否具有吸引力,再針對有投保D&O保險的公司之保險金額高低是否影響外資願意投資,研究結果是正相關。外資偏好投保高額的保險金額之公司但可能內含更大的風險,因此深入研究,將保險金額分為只須購買適當保險金額亦即正常金額,以及購買超出需求的超額保險作為探討,發現外資偏好購買正常金額的公司,對於購買超額保險的公司呈現反比,可能代表投保超額保險的公司具有高風險性,外資不偏好高風險之公司,因此董監質押比過高外資也較不偏好。本研究實證結果可為公司、學術界及外資作為參考。

關鍵字:外資持股比、董監事責任保險、D&O、董監質押比

The purpose of the study is to examine the determinants from the perspective of foreign investors by discussing the relationship between the percentage of foreign ownership and the directors' and officers' liability insurance (hereinafter referred to as D&O insurance) from 2008 to 2015. The empirical results find out that companies with D&O insurance have higher percentage of foreign ownership compared with other firms. The further test by focusing on firms with D&O insurance, the second we also find the insured amount of companies are positively associated with the percentage of foreign ownership. The result implies that the abnormal insured amount of companies implies more risk. The third shows percentage of foreign ownership positively related to appropriate amount of insurance. The fourth shows the percentage of foreign ownership negatively related to the abnormal insured amount. From the point of view of foreign ownership the more the equity pledge ratio of directors indicates the more risk. This study has addition to the information for companies, academic circles and foreign investors.


Key words: Percentage of Foreign Ownership, Directors' and Officers' Liability Insurance, D&O, Equity Pledge Ratio of Directors.

摘要i
Abstractii
誌謝iii
目錄iv
表目錄v
圖目錄vi
第壹章 緒論1
第一節 研究背景與動機1
第二節 研究問題2
第三節 本研究關聯性架構4
第貳章 文獻探討與研究假說建立5
第一節 外資持股之文獻5
第二節 董監事暨重要職員責任保險之文獻5
第參章 研究設計9
第一節 資料來源與樣本選取9
第二節變數操作性定義與模型建立11
第肆章 實證結果與討論20
第一節 敘述統計分析20
第二節 相關係數統計分析26
第三節 迴歸分析結果31
第四節 敏感性分析39
第伍章 結論與建議41
第一節 結論41
第二節 研究建議與貢獻42
第三節 研究限制42
參考文獻43


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