The Study Of The Demand For Directors’ & Officers’ Liability Insurance : Evidence From Financial Holding Companies

[[abstract]]由於2001年我國金融控股公司法之訂定，金管會持續推動許多相關強化金融機構的措施與政策，且於2008年台灣證交所規範上市公司必須強制揭露投保董監事責任保險的相關資訊。而在投資人為自我保護的型態下，公司管理階層面臨訴訟風險的機率大為提升，因此金融控股公司對於董監事責任保險的需求也可能提高。本研究以2008年至2011年上市金控公司為樣本，本文目的從集團資本適足率、獲利能力、公司治理等方面分析金控公司對於投保董監事責任保險的需求影響。 實證結果發現：(1)集團資本適足率對於董監事責任保險需求存在正向影響。(2)董事會規模對於董監事責任保險需求存在負向影響。(3)大股東持股比例對於董監事責任保險需求存在負向影響。(4)經理人持股比例對於董監事責任保險需求存在正向影響。(5)董監事兼任經理人比例對於董監事責任保險需求存在正向影響。(6)自然人持股比例對於董監事責任保險需求存在正向影響。 Due to the establish of the Financial Holding Company Act in 2001,Financial Supervisory has continued to promote many related legislations to strengthen the constructions of financial institutions.In addition,in 2008 the Taiwan Stock Exchange required publicly traded companies to mandatorily reveal related information of Directors’ & Officers’ Liability Insurance (D&O).In order to reduce possible risks of lawsuits from investors,therefore,the need to raise D&O is also increased.This study used 14 public financial holding companies listed in the Taiwan Economics Journal (TEJ) from 2008 to 2011. The purpose of this study was to explore the need of D&O for financial holding companies,from the perspectives of BIS, Profitability, and corporate governance. analysis of Financial Holding Company for D&O demand. Empirical results show that 1).Group BIS ratio have positive relationship toward D&O insurance requirement; 2). Board Size have negative relationship toward D&O insurance requirement; 3). Blockholder Shareholding ratio have negative relationship toward D&O insurance requirement; 4). Manager Shareholding ratio have positive relationship toward D&O insurancerequirement; 5).Directors sever as managers% positive relationship toward D&O insurance requirement; 6). Person shareholding% positive relationship toward D&O insurance requirement