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題名:董監事及重要職員責任保險對於臺灣上市公司投資績效之驗證
作者:林國豪
作者(外文):LIN, KUO-HAO
校院名稱:國立高雄科技大學
系所名稱:財務金融學院博士班
指導教授:蘇玄啟
陳勤明
學位類別:博士
出版日期:2021
主題關鍵詞:董監事責任保險資本投資破產成本道德風險代理問題Directors’ and Officers’ Liability InsuranceCorporate Capital InvestmentMoral HazardAgency ProblemBankruptcy CostD&O Insurance
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  本研究自行收集我國上市公司在2009-2017年期間的資本投資宣告樣本為基礎,分析董監事及重要職員責任保險(D&O liability insurance)對公司資本投資經濟價值的影響。結果表明,儘管宣告中的異常收益平均顯著為正,但資本投資宣告公司若投保(無投保)D&O責任保險將獲得較低(較高)的資本投資宣告異常收益,無投保D&O保險與高D&O保險承保範圍的資本投資宣告異常收益之差異具有顯著相關,表示道德風險假說有進一步探究的意義。與此同時,在更容易受到融資限制、更積極的盈餘管理、具有財務金融教育背景與受研究所以上教育的管理者、以及競爭性產業的資本投資公司,對於資本投資宣告異常收益的負面影響更為顯著。進一步的證據還表明,投保D&O責任保險的公司進行資本投資,其長期以來股票價值表現不佳。總體結果支持道德風險假說,該假說表明投保D&O責任保險的公司使董監事與重要職員免於擔負潛在的個人責任,從而加劇了代理問題並做出了錯誤的資本投資決策。
  Based on a sample of corporate capital investment announcements manually collected by Taiwan listed companies from 2009 to 2017, this article explores the effect of directors’ and officers’ liability insurance (D&O insurance) on the economic valuation of corporate capital investment. The results show that although the abnormal returns in the announcement are on average significantly positive, a higher coverage of D&O insurance (lower or no) is associated with a lower (higher) abnormal return on corporate capital investment during the announcement period. Such negative effect is more pronounced in investment companies that are more susceptible to financial constraints, are more engaged in earnings management, have a higher level of education and management with a financial background, and stronger industry competition. Further evidence also shows that capital investment companies with high D&O insurance coverage have a significant long-run post-SEO underperformance. The overall results support the moral hazard hypothesis, which shows that D&O insurance coverage exempts directors and officers from potential personal liability, exacerbating agency problems and making poor capital investment decisions.
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