近年來我國董監事訴訟案件不斷發生，為了保障投資人的權益，臺灣證券交易所於2008年底要求上市櫃公司揭露並申報董監事責任險投保情形。由於之前受限於資料來源的取得，相關研究僅能依據少數樣本或問卷的方式來探討；本文利用2008年及2009年上市櫃公司之董監事責任險投保資料，以固定效果模型分析董監事責任險與公司價值的關係，另外也針對董監事責任險研究股權結構廣度的情形。本文發現有投保董監事責任險的公司，其公司價值較高，股權結構廣度也較大。此外，為了驗證實證結果的嚴謹性，本文亦將樣本區分為低投保比例與高投保比例產業，發現高投保比例產業中，有投保董監事責任險的公司，似乎明顯增加了機構投資人的投資意願；意味高投保比例的電子業，於風險相對較大的前提下，專業的機構投資人在選擇投資標的時，潛在性地將更加注意公司董監事責任險這項資訊。 Following the increasing number of corporate lawsuits in recent years, Taiwan Stock Exchange requested listed firms to report the information of their directors’ and officers’ liability insurance (D&O insurance thereafter) coverage since 2008. With the available data of D&O insurance in 2008 and 2009, this paper reexamines the relationship between D&O insurance and firm performance. Furthermore, I investigate the linkage between D&O insurance and the firm’s breadth of ownership (measured by the number of shareholders). In short, my empirical results support a positive and significant relationship between D&O insurance and firm performance as well as the firm’s breadth of ownership. In addition, my findings indicate the linkage between D&O insurance and the breadth of ownership is sensitive to the types of shareholders and industries.
