董監事暨重要職員責任保險與會計資訊價值攸關性

DIRECTORS' AND OFFICERS' LIABILITY INSURANCE AND VALUE-RELEVANCE OF ACCOUNTING INFORMATION

本研究係探討董監事暨重要職員責任保險（後稱D&O保險）對會計資訊價值攸關性之影響，過去文獻提出兩種觀點（分別為經理人投機角色觀點與監督角色觀點）解釋D&O保險對於盈餘品質的可能影響。實證結果發現，相較於沒有投保D&O保險之公司，有投保之公司的盈餘與權益帳面價值攸關性較高，隱含投保D&O保險可提高企業盈餘與權益帳面價值之價值攸關程度，支持監督角色觀點；且本研究另外嘗試以投保金額取代是否投保D&O保險之虛擬變數進行測試，仍獲得一致結果。此外，考量投資人可取得財報資訊的時間落差，改以財務報表公布截止日之股價進行敏感性測試，實證結果仍具強韌性。本研究結果可供主管機關、投資人與企業了解投保D&O保險可能對企業會計資訊價值攸關性產生的潛在影響。

The purpose of this study is to investigate the incremental effect of the directors' and officers' liability insurance (hereafter, D&O insurance) on the value relevance of accounting information. Existing studies have proposed two arguments of the effect of D&O insurance on earnings quality, which are the managerial opportunism role and the monitoring role of D&O insurance. Our empirical results show that, consistent with the monitoring role hypothesis, the firms with D&O insurance exhibit a higher value relevance of earnings and equity book value than those without D&O insurance. Moreover, the results are robust if the amount of D&O insurance is used to replace the dummy variable whether a firm has D&O insurance or not. In addition, allowing for a reporting lag, the stock prices of three or four months after fiscal year end are used to test the value relevance of earnings and equity book value. The results are still robust. The results of this study provide a better understanding of the influence of D&O insurance on the value relevance of accounting information and conclude with implications for authorities, investors, and managers.