董監事暨重要職員責任保險與財務報表重編之關聯性

The Relationship between Directors' and Officers' Liability Insurance and Financial Statement Restatements

10.6277/TER.2015.434.4

湯麗芬(Li-Fen Tang)；廖秀梅(Hsiu-Mei Liao)；李建然(Jan-Zan Lee)

董監事暨重要職員責任保險 ； 財務報表重編 ； 投保金額 ； Directors and officers liability insurance ； Financial statement restatements ； Insurance coverage

經濟論文叢刊

43卷4期（2015 / 12 / 01）

549 - 588

繁體中文

本文以2008年至2011年台灣上市（櫃）公司為研究對象，探討董監事暨重要職員責任保險（簡稱D&O保險）與財務報表重編之關聯性。實證結果發現，企業是否購買D&O保險與財務報表重編並不具有顯著關聯，但進一步針對有購買D&O保險的公司，探討投保金額與財務報表重編之關聯性時則發現，公司如依自身之特質及所面臨的風險投保適度的金額（即正常投保金額），將會降低公司財務報表重編的機率；但當公司投保金額超過公司自身所需之保險金額（即超額投保金額）愈大時，反而會誘發董監事與管理階層道德危機的行為，導致公司發生財務報表重編的機率愈高。

Using publicly-available D&O insurance data of the listed firms in Taiwan from 2008 to 2011, this study examines the relationship between directors' and officers' liability insurance (D&Oinsurance hereafter) and financial statement restatements. The preliminary results do not show a significant association between D&Oinsurance and the occurrence of financial statement restatements. However, further exploring the association between D&O insurance coverage and financial statement restatements for firms with D&O insurance, we find that D&O insurance coverage has a significant impact on the incident of financial statement restatements. If the firm purchases appropriate (normal) D&O insurance coverage that suits the firm's specific characteristics and risk, the likelihood of restatements will decrease. However, if the firm purchases excess (abnormal) D&O insurance coverage the likelihood of restatements will increase. This implies that abnormal D&O insurance coverage would have adverse effect on the directors' and managers' behaviors, and increase the probability of restatements.

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