本研究主要探討企業是否在籌資期間進行實質盈餘管理，有利於順利籌措到資金，同時企業為了掩蓋其操弄盈餘之投機行為，因而投入企業社會責任活動以增加企業形象，且投資人在短期和長期內是否會發現企業實質盈餘管理之行為而使企業累積異常報酬產生變化。研究期間為2011年至2018年並以台灣上市櫃企業為研究對象。實證結果發現企業社會責任績效表現佳之企業會受到道德約束影響，因此較不會從事實質盈餘管理；但當企業在籌資期間，則會透過實質盈餘管理方式操弄財務報表之盈餘數字，以利於提高發行價格，同時為了掩蓋實質盈餘管理的投機行為，因此藉由提高企業之ESG評級分數，建立良好企業社會責任形象，獲得投資人和市場大眾的支持與信任，因此短天期來說，企業透過CSR對實質盈餘管理具有掩飾效果，由於盈餘管理是犧牲長期造就短期財務績效，因此企業實質盈餘管理程度越高會使長天期累積異常報酬降低，但企業對於企業社會責任活動的長期投入，不但可以增加投資人對企業之良好道德形象與信任，也能提升企業累積異常報酬。

This study investigates whether real earnings management during the period of firms new external financing, perhaps aiming to add to the firms’ raising, at the same time, covering up their manipulation surplus of speculation, thus into corporate social responsibility activities in order to increase the enterprise image, and investors in the short and long term will find the behavior of earnings management and make the enterprise change cumulative abnormal returns. The research period is from 2011 to 2018 with the listed firm-year combination in Taiwan as the sample observation. The empirical results show that enterprises with high CSR performance will be affected by ethical constraints, so they are less likely to engage in real earnings management. However, when the enterprise during the period of financing, they will be through the manipulation of real earnings management way surplus number of the financial statements, enhance their issue price, in the meantime, to conceal the real earnings management speculation, so by improving the ESG rating scores of enterprises, establish a good image of corporate social responsibility, for investors and market popular support and trust. Therefore, in a short period of time, enterprises have a camouflage effect on substantive earnings management through CSR, because earnings management is to sacrifice the long term to create short-term financial performance, so the higher the level of corporate earnings management will reduce the enterprise’s accumulated abnormal returns, the enterprise’s long-term investment in corporate social responsibility activities can both increase investors’ good moral image toward the enterprises and the enterprise’s accumulated abnormal returns.

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三、網路資料
1. 陳蕙綾：〈上市櫃公司注意 公司治理3.0懶人包出爐 2021年將建置永續板〉，2021年6月16日，取自https://news.cnyes.com/news/id/4518634
2. 周頌宜：〈靠善良獲利的時代來了！ESG 投資人必懂的國際3大指數一次解析｜經理人〉，
2021年6月13日，取自https://www.managertoday.com.tw/articles/view/62744
3. Wikipedia, the free encyclopedia：〈Dow Jones Sustainability Indices〉，2021年6月13日，取自https://en.wikipedia.org/wiki/Dow_Jones_Sustainability_Indices
4. MBA智庫百科：〈道瓊斯可持續發展指數〉，2021年6月14日，
取自https://wiki.mbalib.com/zh-tw/道琼斯可持续发展指数
5. MSCI ESG Ratings Methodology－Executive Summary November 2020，2021年6月13日，取自https://www.msci.com/documents/1296102/21901542/MSCI+ESG+Ratings+Methodology+-+Exec+Summary+Nov+2020.pdf
6. 台灣指數公司：〈台灣指數公司與FTSE Russell於12月18日共同發布台灣永續指數，為推動台灣永續投資發展開創新的里程碑。〉，2021年6月13日，取自https://www.taiwanindex.com.tw/news/74