董事責任險於股權結構廣度及企業價值之研究

Influence of Directors’ and Officers’ Liability Insurance on Breadth of Ownership and Corporate Value

藉由分析2008-2012 年公布之董事責任險投保情形，本文檢測企業投保董事責任險是否影響股權結構的廣度與企業本身的價值。實證結果顯示董事責任險對於股權結構廣度具正向顯著影響，將有助提升股東人數，增加投資人的投資意願。另一方面，投保董事責任險公司，不論以財務或會計績效衡量，其公司價值亦明顯提高，印證董事責任險對於公司價值的正向影響。為強化實證結果之穩健性，本文提供更多直接或間接證據，包括工具變數法、差異中之差異法、樣本分組法及公司治理績效等驗證，實證結果印證購買董事責任險對於股權結構廣度及公司價值假說的重要性。本文結果肯定了主管機關要求上市櫃企業必需申報董事責任險投保情形的政策妥適性，並提供投資大眾透過企業投保狀態辨視企業優劣的決策參考。

This study investigated the effect of directors’ and officers’ liability insurance (D&O insurance) on the breadth of ownership and corporate value. Our empirical results using public data for the period 2008 to 2012 indicate that D&O insurance exerts a significantly positive influence on a firm’s breadth of ownership by increasing the number of shareholders and promoting a willingness to invest. Evidence from both financial and accounting perspectives indicates that the purchase of D&O insurance can significantly increase the corporate value of a firm. To enhance the robustness of the empirical results, we provided additional evidence (both direct and indirect) using the instrument variables method, difference in differences, sample grouping, and performance in corporate governance. Our results confirm that the policy of demanding a declaration of D&O insurance by listed and overthe- counter corporations is beneficial to the investing public by helping them to identify reliable corporations in which to invest.