本文旨在探討管理階層法律責任對企業租稅規避程度之影響。藉由以投保董監事暨重要職員責任險及所報導之財稅差異分別作為管理階層法律責任及租稅規避程度之代理變數，本文研究結果顯示，管理階層因投保責任險所降低之法律責任，將可減緩企業財稅差異幅度，且隨著公司治理機制愈佳，減緩企業財稅差異幅度的效果愈明顯。此外，路徑分析檢測結果亦發現，因投保責任險所降低之管理階層法律責任會透過財務報導品質及風險承擔程度之中介效果而影響財稅差異的幅度。整體而言，研究結論支持管理階層法律責任的減輕有助於抑制經理人自利行為之論點。

This paper investigates the effect of managerial legal liability coverage on corporate tax avoidance. Using directors’ and officers’ liability insurance coverage as a surrogate for managerial legal liability coverage and book-tax difference as a proxy for tax avoidance, we find that higher levels of managerial legal liability coverage are associated with smaller absolute book-tax difference and that this relation is strengthened by governance mechanisms. Further tests based on path analysis show that financial reporting quality and risk-taking attitude seem to be two underlying mechanisms through which managerial legal liability coverage affects absolute book-tax difference. Overall, our findings provide support to the contention that managerial legal liability coverage weakens the effect of managerial opportunism, resulting in a decrease in absolute book-tax difference.

鍳於投保董監事暨重要職員責任險 (D&O責任險) 會引發對代理問題的影響，代理問題的惡化被認為會誘使經理人投機性操弄財務報導及從事積極性租稅管理，導致企業所報導的財稅差異幅度擴大。由於投保D&O責任險可將董監事及管理階層部分的法律責任移轉給保險公司，降低了操弄財務報導及從事租稅管理日後所須面臨的法律責任，而現階段文獻對於D&O責任險是否可以降低代理成本的看法尚無明確的共識與結論。緣此，本研究旨在探討管理階層因投保D&O責任險所降低之法律責任，是否可以抑制其自利行為，從而減緩企業財稅差異幅度。本研究所獲致的結論具有下列幾項重要的政策及管理意涵。首先，本文證實了D&O責任險是影響財稅差異幅度的另一重要決定因子，連同前人研究所獲致D&O責任險潛在效益之結果，投保D&O責任險確實有助於資本市場參與者辨視企業從事租稅規避行為之依據，提供是否應強制上市（櫃）公司揭露D&O責任險訊息之政策妥適性建言。其次，本文指出搭配完善的公司治理機制，D&O責任險減緩財稅差異幅度的效果更為明顯。最後，本文亦發現特定經濟機制的存在具有中介效果作用，投保D&O責任險可透過影響財務報導品質及風險承擔意願，進而間接影響所報導之財稅差異幅度。 　　透過傾向分數配對法及兩階段工具變數法控制D&O責任險變數內生性之影響時發現，公司購買D&O責任險的背後動機可能係基於下列的可能性。第1點原因是風險規避者之獨立董監事應聘的要求。第2點原因是產業間所形成的投保行為壓力，促使公司董事會採取實務上的因應對策。雖然本文獲致D&O責任險具有減緩企業財稅差異幅度的證據，但受限於公司實際保單內容涵蓋範圍無法得知及保險費用並未公布的情況下，僅由投保與否及保險金額比率來衡量研究樣本的投保情形，可能無法如實評估各公司對於保單的實際需求差異及承保公司對於被保企業的風險評價程度，因此在解釋及應用本文的研究結論時可能需要更為審慎的看待。

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