本文係在我國勞退新制改以個人帳戶制及年金保險制中併行下，針對其中年金保險制度之爭議、規範缺失做一整理研究，並參酌美國ERISA對於企業退休計畫之相關法制提出相關建議。 自立法機關確定勞退新制將揚棄過去確定給付制之設計，改以確定提撥制作為企業退休制度之主軸起，勞動法學者即針對確定提撥制對勞工之保障不足，新舊制轉換等爭議提出諸多質疑與討論，但對於其中年金保險制之規劃多僅止於條列介紹而未多加著墨。本研究以敘述性、回顧性之方式將我國與美國之退休金制度作歸納探討，針對目前年金保險制中較有疑義之部分，以比較法之方式進一步檢討，最後提出若干建議。 本研究共分為四個部分，第一部份為我國勞工退休制度之變革。針對我國由確定給付制發展為確定提撥制之風險轉換作一分析，次介紹新制之規範內容。第二部分以美國ERISA法案為中心，對美國企業退休計畫之發展及基本實質規範進一步整理探討，以為後續我國年金保險規範分析之參考。第三部份探討我國企業年金保險之法制爭議，以現行之勞工退休金條例年金保險實施辦法及企業年金保險保單示範條款為基礎，剖析其與保險法及相關子法間之互動。並針對其中有關最低保證收益、非退休給付及退休金運用管理人之忠誠義務等議題，參酌美國之規定進行深入探討。第四部份為結論及相關立法建議。 / This thesis analyzes and examines various issues regarding the anuuity insurance scheme under the modified Taiwan Labor Pension Act (hereinafter the “Act”), which together with the individual account scheme forms the keynote of the retirement scheme under the Act. Moreover, this thesis also provides several suggestions on the Act and relevant regulations with special reference to the Employment Retirement Income Security Act of 1974. Beginning with the announcement that the prevailing defined benefit retirement program previously in effect under the Act would be discarded and replaced by a new retirement program adopting the spirit of the defined contribution program, scholars specializing in labor law ceaselessly questioned and discussed the inherent deficiency of the proposed defined contribution program as well as various issues regarding transitional measures. Most articles pertaining to the newly presented annuity insurance scheme, however, merely introduced its operation mechanism and provided little commentary. This thesis descriptively and retrospectively studies the pension system of Taiwan and the United States and reviews the discrepancy and other issues in a comparative way. Finally, this thesis will provide several suggestions for relevant issues. This thesis is organized into four parts. First is the reformation of the labor retirement scheme in Taiwan. This section begins with a risk analysis between a defined benefit and defined contribution program and further elaborates on the related content of the Act. The second part introduces the development of the Employee Retirement Income Security Act (ERISA) in the U.S. and discusses the fundamental regulations of the plan. The third portion of this thesis probes into the legal issues arising from the current annuity insurance scheme, mainly the Enforcement Rules of the Annuity Insurance Scheme under the Labor Pension Act and the Example of the Annuity Insurance Clauses, both being promulgated by the Financial Supervisory Commission, Executive Yuan, and how those regulations coordinate with the Insurance Law and its ancillary regulations. Issues arising from guaranteed minimum returns, non-retirement benefits and fiduciary duty were analyzed through comparative research with special reference to the similar provisions under ERISA. The final portion of this thesis contains concluding statements on the above analyses and offers several suggestions with respect to the current regulations of the annuity insurance scheme.

證交法修正案於2005年12月20日經立法院三讀通過，並於2006年1月11日總統正式公佈，其中增訂了第二十條之一，規範違反證交法上「公開原則」的民事責任，而「公開原則」的貫徹是實現證交法目的最重要的基石。民事責任由於具有填補損害及嚇阻違法的功能，在證券管理上的重要性不容忽視，因此，有必要對財報不實民事責任規範的妥適性深入探討。 雖然新法的增訂明訂責任主體、確認財務業務文件的範圍、明訂損害賠償請求權人以及責任主體的舉證責任，然而還是有不少尚待解決的問題。諸如：證交法第二十條之一之董事長、總經理負無過失責任是否過重？財務業務文件是否過於廣泛？會計師應否負擔舉證責任？原告調閱工作底稿是否因此具備足夠的舉證能力？美國判例經常採用之「對市場詐欺理論」以達到「交易因果關係之推定」效果，我國法應如何適用？ 本論文首先從公開之主要工具，財務報告的功能、編製及簽證，瞭解實務運作情形；其次，探究證交法第二十條之一的責任性質、構成要件，相關法條包括證交法第三十二條、民法第一百八十四條及會計師法等；同時，由於繼受美國法，將美國證券法相關規範、判例一併比較分析。 從上述層面觀察，本論文對法條提出相關建議，包括：建議董事長及總經理負擔推定過失責任、舉證責任的訂定由法條明文規定、健全會計師責任保險制度、成立會計師責任鑑定機構及會計師工作底稿保全等。期盼藉由上述建議，落實財報不實的民事賠償法制，以期建立一個健全公正的證券市場。

有鑑於全球愈來愈重視企業營運對社區造成的社會、環境和經濟影響，企業的利害關係人除了重視企業的財務績效之外，也愈來愈關心企業是否有善盡其「社會公民」的責任與角色。企業責任報告之目的就是在傳統的財務報表之外，進一步揭露企業的營業活動對於社會及環境所造成的影響。為了使資本市場能更有效地運作，公司管理當局應該要揭露範圍更廣、透明度更高、並有助於投資決策的攸關性資訊，因此，發布社會責任報告的企業有日益增多的趨勢。本研究之目的即在探討三個與企業責任報告有關的議題：(1) 企業的公司治理結構之良窳與管理當局企業責任報告揭露決策的關係；(2) 企業揭露社會責任報告之決策是否會產生股價溢酬；(3)企業社會責任報告揭露決策對企業的事前權益資金成本的影響。在控制樣本的自我選擇偏誤之後，本研究的主要發現有二：第一、公司治理結構愈好的企業愈傾向於揭露企業責任報告，而且也愈可能以專節的形式在該報告中揭露公司治理資訊；第二、從有無揭露企業責任報告的角度來看，本研究發現有揭露的公司均有較高 (低) 的股價 (資金成本)。其次，從揭露的內容做進一步分析之後，本研究發現「環境績效」、「社會績效」與「公司治理」三大類內容的揭露決策均具有價格溢酬。至於「企業承諾」則對公司股價並無顯著影響。最後，企業責任報告揭露程度較高之企業會有較顯著的價格溢酬以及較低的資金成本。 / In light of the increasing emphasis on companies’ social, environmental and economic impacts on the communities, stakeholders are more concerned about whether firms appropriately assume their responsibility as a social citizen. To fulfill stakeholders’ demand of such non-financial information, many companies have recently begun to voluntarily issue the corporate responsibility reports (CRR) as a means to disclose their social, environmental and economic performance and their commitment to do business responsibly. This study intends to answer the following three key questions related to the CRR disclosure: (a) Will companies with stronger corporate governance be more willing to issue CRR? (b) Will the voluntary disclosure of CRR leads to stock price premium? (c) Will companies making voluntary disclosure of CRR have lower ex ante cost of capital? After controlling for the self-selection bias, the empirical results reveal several important findings. First, the stronger the companies’ coporate governance, the more likely the management will issue CRR. Particularly, these companies tend to disclose their comporate governance policy and procedures in a separate section in the CRR. Second, companies disclosing CRR experience significantly higher (lower) stock prices (cost of capital). A further examination shows that three out of four major components reported in the CRR (i.e., environmental performance, social performance, and corporate governance) give rise to significant price premium. The disclosure of business commitment, however, seems to bear little or no information content embedded in the stock price. Finally, companies disclosing more information in their CRR have higher price premium and lower cost of capital than those disclosing less information. The implications of these findings are discussed.

隨著近年醫療糾紛日益增加，民刑事訴訟程序冗長，醫病雙方長時間煎熬，醫病關係日益惡化，導致防禦性醫療盛行。本研究從醫療責任切入，討論醫療爭議及現行處理途徑與方式，現行醫療責任保險之發展，簡介外國醫療責任保險概況。探討我國實施強制醫療責任保險之可能性。 本研究試圖以多階層醫療風險處理模式，以達有效處理醫療糾紛事件之目的。該模式將建立強制醫療責任保險以提供基本補償及簡化賠償機制，推動醫療機構責任保險以行政手段加強民眾保障，限定賠償金額避免高風險急重症專科無人從事，提倡醫師專業責任保險分散風險，引進醫事審議仲裁機制縮短醫療糾紛審查及賠償程序。 期以多面向分層處理醫療糾紛及其賠償問題，建構安全的醫療制度，避免防衛性醫療的盛行及司法資源的浪費。 / With the growing number of medical malpractice cases and the lengthy process of both civil and criminal litigation procedures in recent years, the torture has been agonizing and worsening the relationship between physicians and patients. The very situation results in the prevalence of defensive medical treatment. This research deals with the problem from the viewpoint of medical liability, discusses the current methods of handling medical disputes and explores the development of current medical liability insurance. An overview of the situation in other countries is presented to investigate the possibility of implementing mandatory medical liability insurance in Taiwan. This research attempts to establish a multi-level mode to effectively resolve medical risks. This mode will contribute to a lot of functions including enforcing mandatory medical liability insurance, supporting a fundamental compensation and simplifying the process of damages claiming. Furthermore, the mode will also serve to promote the medical liability insurance of medical institutions and in turn enhance the protection for the common public with administrative measures. In addition, the mode intends to restrict the upper limit of damages in order to remedy the serious phenomenon that no doctors are willing to practice in the high-risk medical departments, which is expected to distribute the medical risk of all the doctors. It will also introduce a medical arbitration mechanism to shorten and accelerate the procedure of medical reviewing and damages claiming in handling medical malpractice cases. We hope, with the establishment of such a multi-level mode, a sound and wholesome medical system can be constructed and the overflowing defensive medical treatment and waste of judicial resources can be avoided.

此論文包含三大部分。第一部分探討董監事暨重要職員責任保險(D&O保險)的需求因素與公司治理等企業特徵間的關係，配合2003-2007年台灣上市上櫃公司的資料，研究影響公司是否購買D&O保險、保險限額與保險費的決策因素。實證結果證明，大型公司較需要D&O保險保障，且公司的董監事與利害關係人間存在代理成本問題。本文亦發現董監事獨立性等公司治理因素，對D&O保險購買行為有顯著影響，再則，公司的成長性及經理人風險趨避態度，都會影響保險限額的決定。本文結論進一步顯示訴訟風險對保險限額的決定有正向顯著的影響，而財務風險對D&O保險需求亦有若干影響力。第二及第三部分則進一步探討董監事暨重要職員責任保險對公司的行為或策略是否有影響。實證結果顯示D&O保險確實會影響公司風險承擔策略及公司財報方法的穩健性。 / This thesis is comprised of three essays on directors’ and officers’ (D&O) liability insurance, one interesting but little explored research area. Based on an unbalanced panel data set of public Taiwanese corporations in years 2003-2007, the first essay investigates the relationship between directors’ and officers’ (D&O) insurance demand and firm characteristics, especially corporate governance. The results suggest that large firms are more likely to purchase D&O insurance, and that there exists agency cost between directors/officers and stakeholders. The findings indicate that corporate governance, such as board independence, has an important impact on D&O insurance demand. Besides, the results show that growth opportunity or managerial risk aversion can affect the D&O insurance coverage amount. The litigation risk also has a positive and significant impact on the D&O insurance amount, and bankruptcy risk weakly influences the D&O insurance demand. In the second essay, I provide evidence regarding corporate business strategy by investigating the relation between directors’ and officers’ (D&O) insurance and risk taking behavior. This essay tries to test (a) whether firms are more active to adopt risk-taking strategies when their directors and top managers are covered by D&O insurance coverage; (b) whether the quality of corporate governance has influence on firm’s risk-taking behavior; and (c) whether insurers can distinguish D&O insurance purchases decision driven by managerial risk-taking behavior and charge adequate premium rate for such behavior. The empirical evidence suggests that D&O insurance coverage has a positive impact on firm risk-taking behavior. In addition, the results indicate that board composition may remarkably influence corporate risk-taking behavior. The preliminary findings also show that insurers can assess the induced risk-taking behavior ex ante and charge adequate premiums rate accordingly. In the third essay, I investigate whether the legal liability coverage result in the propensity of less conservatism and aggressive managerial behavior/strategy. More specifically, this study tests managerial opportunism behavior by examining whether the purchase of D&O insurance coverage is associated with more aggressive financial reporting strategy (i.e., less accounting conservatism). The empirical evidence suggests that D&O liability insurance purchase decision is positively associated with accounting conservatism. That is, firms with insurance coverage tend to recognize bad news in a timely manner, i.e. more earning conservatism. However, there is no significant relation between accounting conservatism and D&O insurance amount. In addition, the evidence shows that firms with strong board structure recognize good news faster than those with weak governance structure.

近年隨著油價、物價上漲所導致的通貨膨脹風險，壽險業者以增額型終身壽險來吸引潛在消費者。另外，由於醫療技術的進步，使得死亡率逐年改善，因此將造成保單在設計時可能將遭受到長壽風險的影響。本篇文章的主要目的即探討長壽風險對於保單責任準備金的影響，並以增額型終身壽險作為本文主要分析標的。首先建構死亡率模型(Lee-Carter模型)，用來配適並模擬死亡率，接著探討增額型終身壽險在各保單年度下之現金流量以及責任準備金的提存，進一步再引進不同的死亡率來探討其現金流量分佈情形與責任準備金之提存。本文研究結果發現，在保險公司未採用遞迴方式計算保費時，當繳費期間愈短、複利利率愈高以及投保年齡愈低時，保險公司所面臨之長壽風險愈大，其後在帶入各種不同死亡率模型，發現死亡改善率愈高，保險公司所面臨之長壽風險愈大，而保險公司在提存責任準備金時，並未考慮到死亡改善率的部分，此對保險公司的財務健全將造成隱憂，本文於此部分建議監理機關透過法規(RBC)的制訂，調整準備金提存的係數，以降低長壽風險對保險公司財務之衝擊。 關鍵字：長壽風險、死亡率模型、增額型終身壽險、保單責任準備金、增額準備金、Lee-Carter Model以及RBC制度。 / With the improvement of medical technology, the life expectancy around the world is increasing year by year during the past decade. Therefore, the increasing whole life insurance policy is popular during these years because its benefits are escalating with time and policyholders think they could gain more benefits when they live longer. Like annuity policies, the increasing whole life insurance could also suffer from the longevity risk, which may have enormous impact on the financial statements of insurers. The purpose of this paper is to discuss the impact of longevity risk on reserves, based on increasing whole life insurance policy. First, we construct Lee-Carter model to fit and simulate mortality rate and assume different mortality improvements from the 2002 Taiwan Standard Ordinary Experience Mortality Table (2002TSO) for further comparisons. And then, we construct a simple model to analyze the cash flows of the increasing whole life policies based on the mortality rates we observed. By constructing a simple model and simulation, we find that if the insurance company does not correctly estimate longevity risk, the insurance company will lose money on the increasing whole life policies. In order to mitigate the insufficiency of life insurers for the increasing whole life policies, we try to provide some supervision suggestion from the view of the risk-based capital (RBC) requirements. We calculate the factor of insurance risk (C2) of RBC requirements because this factor represents the surplus needed to provide for excess claims over expected, both from random fluctuations and from inaccurate pricing for future levels of claims. Keywords: longevity risk, increasing whole life insurance policy, Lee-Carter model, risk-based capital (RBC).

隨著現代企業規模逐漸擴大，內部結構分工複雜，為了控制經營與所有分離所產生之代理問題，公司經營者被賦予越來越繁多的法律義務，一旦不慎違反，可能招致沈重的法律責任，而使其個人財產暴露於賠償責任損失風險之下。承擔公司營運職責之經營者，一般負有忠實義務及注意義務，其執行職務行為必須遵守法令、公司章程以及股東會決議，若有違反，受到求償的來源則可能包括公司股東、投資人、受僱人，乃至於消費者及行政監理機關。移轉公司經營者法律責任風險之機制，目前以公司補償制度及董監事及重要職員（D&O）責任保險為主，兩者架構雖有差異，但均為保障公司經營者之個人財產而設，具有互補輔助的功能。我國目前並未採用公司補償制度，然而D&O責任保險近年來已快速發展，本文就其於我國之適用情況進行探討，並分別對於公司經營者、保險業者以及政府主管機關提出建議，作為將來持續推動公司治理措施與公司經營者法律責任風險管理架構之參考。

本研究以整體性的方式來分析目前國內在董監事及重要職員責任保險的市場發展情況。分別就目前的環境與法令制度、董監事及重要職員責任保險之供給情形、以及董監事及重要職員責任保險之需求等三方面，做進一步的分析探討。透過整合性的分析可以瞭解國內企業對於董監事及重要職員責任保險的真正需求，同時將分析的結果提供作為參考的依據。 本文首先歸納摘要環境與法令制度，其次針對董監事及重要職員責任保險之供給面進行實際訪談；而在董監事及重要職員責任保險需求方面，則建立三項實證分析模型。模型一是以購買D&O保險之保險金額為依變數與自變數之間的關係;模型二是以購買D&O保險之保險費為依變數與自變數之間的關係，來探討董監事及重要職員責任保險之需求情形。模型三是以D&O保險之保險費除以保險金額，即保險費率為依變數與自變數間的關係。自變數方面則分成三大類，分別為公司特色、代理問題、以及財務結構等三項進行迴歸分析。 結果顯示國內D&O保險需求的最主要影響因素為股東總數與內部董事持股數兩項顯著變數。在保險費率釐訂方面，影響費率的主要因素為資本額(Capital)與董監事報酬(D&O payments)兩項變數。透過實證分析結果可知董監事及重要職員責任保險除了供給與需求兩方面外，也必須有環境因素與法令規定等因素的考量，彼此間環環相扣下，才能詳盡地瞭解國內董監事及重要職員責任保險。

證券初級市場為資金需求者以發行有價證券的方式與資金供給者交換資金的市場，其主要的參與者有三：有價證券之發行者(資金需求者)、投資者(資金供給者)及承銷商(中介者)，而將三者結合的制度即為初級市場之承銷制度。我國證券市場發展至今，為順應市場自由化及國際化之需求，已歷經多次的變革。行政院金融監督管理委員會成立後，於民國九十三年八月份通過「承銷制度改革方案」，針對初次上市(櫃)之承銷制度及承銷商專業功能與自律機制均有重大的變革，改革幅度為歷年最大的一次，足見主管機關對於證券市場改革的決心。此次承銷制度之改革，是否真能達到主管機關預期之目標，實有探討之價值。 承銷商為證券初級市場的中介者，負責溝通資金供給面與需求面，其角色甚為重要，因此現行法令對於承銷商之經營管理及其業務設有相當多的規範。此外，承銷商在承銷案件中，具有特殊之地位，因此無論是對於評估報告或是公開說明書，承銷商之法律責任均有其探討之價值。 本文首先對於承銷制度之基本意義作一說明介紹，包括承銷之意義、承銷商之角色及功能、承銷商之業務與報酬以及承銷作業程序。其次介紹美國及中國大陸之承銷制度，以為我國承銷制度比較參考之對象。在我國承銷制度方面，首先說明歷年承銷制度改革之重點，其次以承銷制度改革方案為中心，說明現行之有價證券承銷制度，並與外國制度作一比較分析，最後則介紹承銷制度之各種配售方式。 在承銷商之管理與法律責任方面，主要討論現行對於承銷商管理之相關規定，包括承銷商之經營與人員之管理規定、對承銷商之監督機制以及承銷商分級管理制度。最後則介紹評估報告及公開說明書之意義及內容，並討論承銷商對於評估報告及公開說明書相關之法律責任。

工程契約中當事人間之權利義務關係為民法之承攬契約。而依民法第492條之規定，承攬人就所完成之工作物負有瑕疵擔保責任。本文係以承攬人之瑕疵擔保責任為中心，並就工程契約中可能涉及之相關問題為探討。本文之重點為：首先就承攬契約之瑕疵擔保責任為論述，並於其中輔以工程契約中相關爭議，以求就瑕疵擔保責任為整體性之認識；次就工程契約履約標的之瑕疵存在時點分別討論，區分各個工程履約階段，認為工作物之瑕疵於工程完工、工程驗收階段，及驗收合格後之法律效果應分別而論。其中主要涉及工程瑕疵與完工之認定，本文認為二者應分別而論，工作之暇疵與完工係屬二事，應採用英美法中實質完工之見解；而就工程驗收合格後對瑕疵擔保責任之影響，則認為工程驗收合格並不會因此而免除承包商之瑕疵擔保責任，在工程驗收期間潛在不易察覺之部分，或必須經過一段時間之運作始能發現之瑕疵，在瑕疵發見期間內發現，承包商仍應依民法負瑕疵擔保責任。另關於工作物存有瑕疵時，定作人可否以承攬人尚未修補瑕疵而拒付報酬之問題，本文認為，工程契約之業主於驗收合格後即應依規定及契約約定給付報酬，業主就工作物之瑕疵應主張瑕疵擔保請求權或保固之相關約定，不得逕予拒付報酬。後就承攬人之瑕疵擔保責任與工程保固責任間為比較，本文從二者之差異及工程契約之實務，認為二者屬不同之請求權，採自由競合之方式，業主得採有利者或併同行使。最後為本文之結論。