本研究檢視在中國政府積極推動企業社會責任之下，企業履行社會責任是否會影響從事 盈餘管理的動機與行為。中國特殊的監管制度及企業文化，提供了本研究絕佳實證環 境，得以探討企業履行社會責任與盈餘管理動機的關聯性。基於中國政府對資本市場發 展的嚴重干預、會計監管機制的獨特性，中國上市公司存在更強烈的盈餘管理動機，本 研究探討下列研究問題：(一)計畫性的管制資本市場以及企業政治關聯性影響中國上市 公司從事盈餘管理行為，是否履行社會責任的企業會降低其從事盈餘管理的動機與行 為？(二)由於中國上市公司的盈餘管理多為政策誘發，公司管理階層若以履行社會責任 來掩飾操弄盈餘行為，是否會選擇實質營業活動盈餘管理以降低盈餘管理的成本？本研 究實證結果預期能提供未來政策制定機關參考依據。 Corporate social responsibility (CSR) is become increasingly important in China, as the current administration is actively pursuing its social development goals. Despite the progress, most Chinese companies are actually still just getting started with a learning process on CSR initiative. The socialist market economy provides an excellent environment for analyzing the relationship between CSR and real activities earnings management. China government uses earnings thresholds as a monitoring tool to determine whether a firm qualifies to issue new shares and maintain its listing status, creating a unique environment for earnings management. Hence, listed firms in China may engage in CSR as a form of compliance of public policy (or reputation insurance), which then gives them a “license to operate” with respect to earnings management. Additionally, earnings management by Chinese listed firms is policy-induced, which provides an incentive for management to use CSR strategically to disguise earnings management. The empirical results of this study will provide a basis of reference for government institutes in future formulation of policy.