董監事責任保險近年來在我國日益受到重視，主管機關更於2017年宣布所有申請上市櫃的企業均須投保該責任險，並預計未來將強制所有上市企業投保該責任險。然實證研究結果多指出董監事責任保險對於企業價值沒有正向幫助，故本文為釐清該責任險對企業價值之影響，以企業投資效率為切入點，探討該責任險對企業投資活動之影響。本文研究結果雖如過去研究結果顯示投保較高董監事責任保險保額的企業投資效率較差，但本文卻發現投資無效率不只侷限於過度投資，投保該責任險亦會促使可能投資不足的企業投資不足，且投保額度越高投資不足的情形更加嚴重。本文在區分投資活動為資本與非資本投資後仍得到一致實證結果，而在執行工具變數迴歸及Heckman (1979)迴歸後亦得到一致實證結果。 Recently, directors’ liability insurance has received attention in the Taiwanese capital market. Since 2018that all newly listed firms are required to purchase directors’ liability insurance. Moreover, all listed firms will be required to purchase directors' liability insurance in the future. While prior studies majorly indicate the drawback of directors’ liability insurance, this thesis revisit the impact of directors’ liability insurance on corporate investing activities to verify the economic consequence of purchasing this insurance. Empirical results, which are consistent with those in prior studies, indicate that insured firms overinvest if they have the potential for overinvestment. However, this thesis finds that insured firms underinvest if they have the potential for underinvestment. The higher the amount of insurance coverage, the worse the investment efficiency will be. This thesis obtains consistent results after dividing investing activities into capital and non-capital investment. The instrumental variable regression and the Heckman (1979) regression also provide consistent results.
