| dc.description.abstract | 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. | en_US |