随着资本市场的不断发展，企业社会责任和媒体关注等治理机制对公司盈 余管理的影响日益凸显。社会作为企业发展的平台，让企业与利益相关者联系紧 密，为企业提供各种发展资源，因此理论上，企业应承担起维护稳定、促进发展 的社会责任。但在实践中，由于企业的趋利性，当外部约束和企业社会责任意识 缺乏时，企业往往会实施损害他方利益以实现自身利益最大化的盈余管理行为， 因此从本质上看，盈余管理行为的实施是企业社会责任缺失的表现。要解决这个 问题，我们可以借助媒体关注。在西方，媒体被誉为“第四种权力”，在我国， 媒体关注也是政府监管以外一种重要的监督手段。作为信息传播媒介的媒体，有 助于减少信息不对称、降低信息获取成本，而企业履行社会责任作为重要的公司 治理机制，其治理效果往往受到信息量的制约，这表明单个治理机制发挥的作用 是有限的，我们需要寻找企业履行社会责任与媒体关注在公司治理上的交互影 响。基于此本文引入媒体关注作为调节变量，探讨企业履行社会责任与盈余管理 之间的关系。 本文选择我国2009-2018年间自愿披露企业社会责任报告的A股上市公司 作为研究对象，经筛选得到5071个有效数据样本。在整理了相关文献并运用利 益相关者理论、信号传递理论、声誉理论等提出研究假设，构建回归模型以验证 企业社会责任履行、媒体关注对盈余管理的影响，并探究媒体关注在企业社会责 任履行与盈余管理关系中的调节作用，而后根据市场化水平高低分组研究三者 的关系，最后替换两种变量进行了两次稳健性检验。研究表明，企业基于道德压 力履行社会责任时，与应计盈余管理之间呈现负相关关系，基于工具动机履行社 会责任时，与真实盈余管理之间呈现正相关关系。将媒体关注细分为媒体关注下 的媒体正面报道与媒体负面报道，得到二者作用相同的结论，即与应计盈余管理 呈现出正相关关系，与真实盈余管理呈现出负相关关系，并且二者都削弱了企业 履行社会责任与应计盈余管理的负相关关系，以及企业履行社会责任与真实盈 余管理的正相关关系。本文拓宽了企业社会责任履行与盈余管理关系研究的外 部环境，丰富了有关媒体关注方面的研究。文末根据多角度提出约束企业盈余管 理行为、提升企业社会责任意识、增强媒体外部监督的对策和建议。 关键词：媒体关注；企业社会责任履行；应计盈余管理；真实盈余管理 II Abstract With the continuous development of the capital market, the impact of corporate social responsibility and media attention on corporate earnings management has become increasingly prominent. Society, as a platform for enterprise development, allows companies to connect closely with stakeholders and provide various development resources for enterprises. Therefore, in theory, enterprises should assume the social responsibility of maintaining stability and promoting development. However, in practice, due to the profitability of the enterprise, when external constraints and corporate social responsibility awareness are lacking, companies often implement earnings management actions that harm the interests of others to maximize their own interests. Therefore, in essence, earnings management actions The implementation of is a manifestation of the lack of corporate social responsibility. To solve this problem, we can draw media attention. In the West, the media is known as the "fourth power." In China, media attention is also an important means of supervision beyond government supervision. As a media of information dissemination, it helps to reduce information asymmetry and reduce the cost of information acquisition, and corporate fulfillment of social responsibility as an important corporate governance mechanism, its governance effect is often restricted by the amount of information, which shows the role of a single governance mechanism It is limited. We need to find the interaction between corporate social responsibility and media attention in corporate governance. Based on this article, media attention is introduced as a moderating variable to explore the relationship between corporate social responsibility and earnings management. This article selects China's A-share listed companies that voluntarily disclose corporate social responsibility reports from 2009 to 2018 as the research object, and 5071 valid data samples are obtained through screening. After sorting out relevant literature and using stakeholder theory, signal transmission theory, reputation theory, etc. to make research hypotheses, construct a regression model to verify the impact of corporate social responsibility performance, media attention on earnings management, and explore media attention in corporate social responsibility performance The adjustment role in the relationship with earnings management, and then study the III relationship between the three according to the level of marketization level, and finally replace the two variables for two robustness tests. Studies have shown that when companies perform social responsibilities based on moral pressure, they show a negative correlation with accrued earnings management, and when they perform social responsibilities based on tool motivation, they show a positive correlation with true earnings management. The media attention is subdivided into positive media reports and negative media reports under the media attention, and the same conclusion is obtained, that is, there is a positive correlation with accrued earnings management and a negative correlation with true earnings management, and two All of them have weakened the negative correlation between corporate social responsibility and accrued earnings management, as well as the positive correlation between corporate social responsibility and true earnings management. This article broadens the external environment for the study of the relationship between corporate social responsibility performance and earnings management, and enriches the research on media attention. At the end of the article, it puts forward countermeasures and suggestions for restricting corporate earnings management behavior, enhancing corporate social responsibility awareness, and enhancing external media supervision. Keywords: Media Attention; Corporate Social Responsibility Performance; Accrued Earnings Management; Real Earnings Management IV 目 录 摘要 ............................................................. I Abstract .......................................................... II 第1章 绪论 ........................................................ 1 1.1 研究目的与研究意义 ............................................ 1 1.1.1 研究目的 ........................................................................................................................ 1 1.1.2 研究意义 ........................................................................................................................ 2 1.2 国内外研究现状 ................................................ 3 1.2.1 企业履行社会责任对盈余管理的影响 ............................................................ 3 1.2.2 媒体关注对盈余管理的影响 ................................................................................ 7 1.2.3 媒体关注在企业社会责任履行与盈余管理关系中的作用 .................... 9 1.2.4 文献述评 ...................................................................................................................... 11 1.3 研究内容与方法 ............................................... 12 1.3.1 研究内容 ...................................................................................................................... 12 1.3.2 研究方法 ...................................................................................................................... 13 1.3.3 技术路线 ...................................................................................................................... 13 第2章 概念界定与理论基础 ......................................... 15 2.1 相关概念界定 ................................................. 15 2.1.1 媒体关注 ...................................................................................................................... 15 2.1.2 企业社会责任 ............................................................................................................ 16 2.1.3 盈余管理 ...................................................................................................................... 16 2.2 理论基础 .............................