本文目的在於探討產品責任保險與企業風險管理之關係，並經由下列四個構面進行分析：(1) 可行之風險管理工具；(2)公司理財；(3)公司本身特質；(4)企業經營效率。本文之實證研究結果除支持Ehrilich 與 Becker (1972)之傳統理論─認為保險可與其他風險管理工具互為補充品；並且亦支持近日Culp (2001)之主張─認為風險管理工具不僅具有傳統上控制風險之功能，同時亦可促進企業提高經營效率。此外，本文研究發現企業對於產品責任之風險管理可以穩定其股票報酬率之波動，但是並未能提高其公司價值。

The purpose of this paper is to study the relationship between product liability insurance and enterprise risk management. The analyses include four constructs: (1) alternative risk management tools, (2) corporate finance, (3) firm features, and (4) business operation efficiency. The empirical results support Ehrilich and Becker (1972) that insurance and other risk control programs can be complements and support Culp (2001) that risk management can play the role of efficiency enhancer in addition to the role of classical risk controller. Additionally, this study finds that risk management for product liability may stabilize the volatility of stock returns but does not increase the firm value.