篇名 | 董監事曁重要職員責任保險與 財務報表重編之關聯性 |
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卷期 | 43:4 |
並列篇名 | The Relationship between Directors" and Officers" Liability Insurance and Financial Statement Restatements |
作者 | 湯麗芬 、 廖秀梅 、 李建然 |
頁次 | 549-588 |
關鍵字 | 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 、 EconLit 、 TSSCI |
出刊日期 | 201512 |
DOI | 10.6277/TER.2015.434.4 |
本文以2008年至2011年台灣上市(櫃)公司爲研究對象,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 的行爲,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&O insurance hereafter) and financial statement restatements. The preliminary results do not show a significant association between D&O insurance 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.