近年來，世界上爆發了不少重大的財務舞弊案件，促使了董監事暨重要職員責任保險（後續以D&O保險簡稱）的發展。金管會為強化我國公司治理、發揮董事職能，自2019年起，強制所有上市櫃公司投保D&O保險。本文探討訴訟風險與商業策略如何影響公司D&O保險金額，並以2019至2022年我國上市櫃公司為樣本進行分析。實證結果顯示，若以破產風險作為訴訟風險之代理變數，與D&O保險金額呈現正相關，而商業策略則是和D&O保險金額呈現負相關，此研究為D&O保險金額之決定因素提供了新的證據。

In recent years, numerous significant financial fraud cases have erupted worldwide, driving the development of Directors’ and Officers’ liability insurance (hereafter referred to as D&O insurance). To strengthen corporate governance and empower directors in their roles, Taiwan's Financial Supervisory Commission has mandated all listed companies to purchase D&O insurance since 2019. This study explores how litigation risk and business strategy influence the amount of D&O insurance coverage. The results indicate a positive correlation between bankruptcy risk, as a proxy for litigation risk, and the amount of D&O insurance coverage. Conversely, business strategy exhibits a negative correlation with D&O insurance coverage. This research provides new evidence on the determinants of D&O insurance amounts.

上市櫃公司明年強制投保董監事責任險強化公司治理https://cgc.twse.com.tw/static/20181113/00000000661ded9b01670b124ede0070_cgmsg91-5.pdf
各國之董監事責任保險之概述https://nccur.lib.nccu.edu.tw/bitstream/140.119/34093/6/35800206.pdf
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