本研究以2016年至2020年台灣上市櫃企業做為研究對象，探討企業是否會透過ESG項目作為盈餘管理之手段，並藉由EPS波動性及研發支出占比作為分群變數來區分企業特性，以此探討不同特性之企業在面對ESG項目作為盈餘管理手段是否存有差異，研究結論如下：(一)、不論是否分群，盈餘管理的程度皆未能對ESG分數變化提供解釋力；(二)、整體情況下，盈餘管理與ESG分數之間並沒有顯著關係；(三)、在EPS波動性高的企業其盈餘管理與ESG分數呈現負向顯著關係，顯示具該特性的企業會藉由ESG項目來達到盈餘管理之目的；(四)、在研發支出占比大的企業其盈餘管理與ESG分數也沒有呈現顯著關係。本研究由上述結果再延伸兩項檢測，分別為盈餘管理是否具延遲效果及高盈餘管理且低EPS波動性之企業是否呈現不同結果，第一項測試結果顯示在高EPS波動性之企業其當年盈餘管理會對下年ESG分數產生負向顯著影響，有證據支持盈餘管理具有延遲效果；第二項測試結果顯示高盈餘管理且低EPS波動性之企業其盈餘管理對ESG分數具正向顯著解釋力，本研究認為該現象與過往文獻指出的彌補效果相符合。;This study examines Taiwanese listed companies from 2016 to 2020 to determine if they employ ESG initiatives for earnings management. Companies are categorized based on EPS volatility and R&D expenditure ratio to differentiate characteristics. Findings: (1) Earnings management does not explain ESG score changes regardless of categorization. (2) Overall, no significant relationship exists between earnings management and ESG scores. (3) Companies with high EPS volatility exhibit a negative relationship between earnings management and ESG scores, implying the use of ESG initiatives for earnings management. (4) No significant relationship is found between earnings management and ESG scores in companies with high R&D expenditure ratio. Additional tests reveal a lag effect of earnings management on ESG scores in high EPS volatility companies, and high earnings management and low EPS volatility positively explain ESG scores, aligning with offsetting effects found in literature.
