A display element (10) includes an upper substrate (first substrate) (2), a lower substrate (second substrate) (3), and a conductive liquid (16) that is sealed in a display space (5) formed between the upper substrate (2) and the lower substrate (3) so as to be moved toward an effective display region (P1) or a non-effective display region (P2). An insulating film (insulating member) (19) is provided to electrically insulate the end portions of signal electrodes (4) drawn outside pixel regions (P).