董監事責任險與家族企業對實質盈餘管理之影響

Impact of Directors' and Officers' Liability Insurance and Family Firms on Real Earnings Management

10.6697/TBPJ.201606_9(2).0002

楊以豪(I-Hao Yang)；蔡京姐(Ching-Chieh Tsai)；莊甫蕙(Fu-Hui Chuang)；張永林(Yuang-Lin Chang)

董監事責任險 ； 家族企業 ； 實質盈餘管理 ； 管理機會主義 ； Directors' and Officers' Liability Insurance ； Family-owned Firms ； Real Earnings Management ； Managerial Opportunism

臺灣企業績效學刊

9卷2期（2016 / 06 / 01）

107 - 136

繁體中文

本文的研究目的主要在探討董監事責任險(簡稱D&O 責任險)以及家族企業對台灣上市櫃公司從事實質盈餘管理活動之影響。D&O 責任險扮演著公司治理監督的角色，但是，也有可能因為企業管理階層存有機會主義而導致道德風險的危機，進而危害企業股東與投資人的權益。先前文獻對於盈餘管理之研究主要著重於裁決性應計項目之盈餘管理，但近期的研究大多指出企業管理階層已漸漸改以實質交易安排取代裁決性應計項目的盈餘管理。因此，參考近期盈餘管理的文獻，本研究將重點著墨於實質盈餘管理，並以此作為盈餘管理之代理變數，從而探討D&O 責任險以及家族企業與企業從事實質盈餘管理活動之關聯性。本研究的實證結果發現，相較於未投保D&O 責任險的公司，投保D&O 責任險的公司，愈會從事實質盈餘管理的活動；此外，本研究亦發現，當D&O 責任險投保的保額愈高時，公司愈會傾向於從事實質盈餘管理。同時，本研究的實證結果也發現，相較於非家族企業公司，投保D&O 責任險或保額較高之家族企業公司，公司管理當局亦較會從事實質盈餘管理。

Based on recent literature that provides evidence suggesting that managers prefer real earnings management activities compared to accrual-based earnings management, the purpose of this paper is to examine the effects of Directors’ and Officers’ (hereafter D&O) liability insurance and family-owned firms on real earnings management for firms listed in Taiwan. The empirical evidence shows that purchasers are more likely to engage in real earnings management than non-purchasers. Further, family-owned firms with D&O liability insurance are more likely to devote to real earnings management activities than non-family-owned firms.

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