保險是風險管理的重要機制，尤其近幾年來「董監事暨重要職員責任險」(Director’s and Officers’ Insurance，簡稱D&O保險或董監事責任險)更是受到高度重視。 本研究主要目的是探討董監事責任保險及公司治理對績效的影響，研究2008年到2013年台灣上市公司各產業為研究對象，使用複迴歸分析，實證結果發現有投保董監事責任保險、經理人持股、大股東持股、董事會規模、董事會持股、轉投資率和參與管理在對資產報酬率上有顯著的正相關，而控制股東席次、董事長兼總經理則呈反向影響。 另外，經理人持股、董事會規模、轉投資率和參與管理也有對股東權益報酬率有顯著正相關。本研究的發現，可作為臺灣上市櫃公司往後在決定是否投保董監事責任險，和在進行公司治理時作為參考。 Insurance is an important mechanism for risk management, especially in recent years, ＂the Board of Supervisors cum important officers liability insurance＂ (Director's and Officers' Insurance, referred to as D & O liability insurance or directors and supervisors) is more highly valued. The main purpose of this study was to investigate the directors and supervisors liability insurance and corporate governance impact on performance, the study in 2008 to 2013 in Taiwan listed companies in various industries completed the study, using multiple regression analysis, the empirical results show that the presence or absence of liability insurance coverage of directors and supervisors, managers holdings, the largest shareholder, the scale of the Board of Directors holding, transfer rate, and participation in the management of investment return on the assets to have the significant positive correlation, while controlling shareholders seats, chairman and managing director is inversely affected; In addition, managers holdings, board size, reinvestment rates and participation in management but also on the return on equity has a significant positive correlation. The study found that the cabinet can be used as Taiwan listed companies in deciding whether to insure future liability of directors and supervisors, and as a reference when conducting corporate governance.
