為提升企業營運之穩健性，並減緩董監事所面臨之訴訟壓力，臺灣自2019年起全面要求上市（櫃）公司投保董監事責任險。然而，既有研究指出，董監事責任險可能因降低董監事所面臨之訴訟風險而引發道德風險，進而造成企業過度投資。過去研究亦發現，女性董事可能具有較高之風險趨避傾向、勤勉程度及道德意識，因而對企業之公司治理品質產生正向影響。在性別多元化政策持續推動及女性董事比例逐步上升之背景下，探討女性董事是否會影響企業對董監事責任險之需求，以及女性董事在董監事責任險與過度投資間所發揮之調節效果，可能具有研究意義。
本研究以2013年至2025年臺灣上市（櫃）企業為樣本，探討女性董事與企業投保董監事責任險金額間之關係，並進一步檢驗女性董事對董監事責任險與過度投資關係之調節效果。研究結果顯示，董監事責任險投保金額與企業過度投資呈顯著正向關係，顯示董監事責任險可能會衍生出道德風險，進而造成企業過度投資。其次，女性董事比例與董監事責任險投保金額呈顯著負向關係，顯示女性董事可能透過其治理功能降低企業對董監事責任險之需求。此外，女性董事會削弱董監事責任險與過度投資間之正向關係，抑制企業過度投資行為。本研究補充了從董監事責任險角度探討女性董事治理效果之相關文獻，並為董事會性別多元化政策及董監事責任險制度提供實證參考。

Since 2019, Taiwan has required all listed and over-the-counter companies to purchase directors’ and officers’ liability insurance. Although such insurance may reduce litigation risk, it may also create moral hazard and lead to corporate overinvestment. Meanwhile, female directors may improve corporate governance through greater risk aversion, diligence, and ethical awareness. Accordingly, this study examines whether female directors affect firms’ demand for directors’ and officers’ liability insurance and whether they moderate the relationship between such insurance and overinvestment.
Using Taiwanese listed and over-the-counter firms from 2013 to 2025, this study finds that the amount of directors’ and officers’ liability insurance coverage is positively associated with corporate overinvestment. The proportion of female directors is negatively associated with insurance coverage, suggesting that female directors may reduce firms’ demand for such insurance through their governance role. Female directors also weaken the positive relationship between insurance coverage and overinvestment. These findings contribute to the literature on female directors and provide implications for board gender diversity policies and directors’ and officers’ liability insurance regulation.

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