75 /274
75
臺大管理論叢
2017/12
第
27
卷第
4
期
75-104
DOI:10.6226/NTUMR.2017.APR.A102-067
董監事暨重要職員責任保險對企業信用評等之
影響
The Effect of Directors’ and Officers’ Liability Insurance on Firms’
Credit Ratings
摘 要
本文旨在以債權人的觀點，針對
2008
年至
2011
年在臺灣證券交易所及櫃檯買賣中心交
易之上市（櫃）公司為研究樣本，探討上市（櫃）公司購買董監事暨重要職員責任保險
（簡稱
D&O
保險）是否會影響債權人對企業信用風險的認知，而債權人對企業信用風
險的認知係以信用評量機構發布的評等來衡量。整體而言，實證結果穩健地支持相對於
未購買
D&O
保險的公司，有購買
D&O
保險的公司，其信用評等較佳；然而進一步針
對有購買
D&O
保險的公司，探討其投保金額與信用評等之關聯性時，實證結果則發現，
當公司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），將可獲得較
佳的信用評等；但當公司投保金額超過公司自身特質及風險所需之保險金額（即超額投
保金額）愈大時，反而使債權人認為董監事與管理階層的道德風險會增加，因而導致給
予較差的信用評等。
【關鍵字】
董監事暨重要職員責任保險、信用評等、投保金額
Abstract
This paper explores the effect of directors’ and officers’ liability insurance (D&O insurance
hereafter) on the firms’ credit ratings, which serve as a proxy for firms’ credit risk perceived
by the creditors. We construct a sample from the firms listed on both the Taiwan Stock
Exchange (TWSE) and GreTai Securities Market (GTSM) from 2008 to 2011. The evidence
shows that firms with D&O insurance have better credit ratings than those without D&O
insurance. Further results show that D&O insurance coverage also impacts firms’ credit
ratings. If the firm purchases the appropriate (normal) D&O insurance coverage that suits the
firm’s specific characteristics and risk, it tends to have a superior credit rating. However, if
the firm purchases excess (abnormal) D&O insurance coverage that is more than the firm’s
needs, it tends to have an inferior credit rating, a fact that likely stems from opportunistic
behaviors from the directors and managers at the expense of creditors.
【
Keywords
】
directors’ and officers’ liability insurance, credit rating, insurance coverage
廖秀梅
/
銘傳大學會計學系副教授
Hsiu-Mei Liao
, Associate Professor, Department of Accounting, Ming Chuan University
湯麗芬
/
致理科技大學會計資訊系副教授
Li-Fen Tang
, Associate Professor, Department of Accounting Information, Chihlee University of
Technology
李建然
/
國立臺北大學會計學系教授
Jan-Zan Lee
, Professor, Department of Accountancy, National Taipei University
Received, 2013/10, Final revision received 2015/4