在過去的幾年內，企業社會責任發展已經成熟許多，各項企業開始將企業社會責任作為提升自身形象和獲得競爭優勢的策略。先前的文獻主要關注企業社會責任評分與盈餘管理之間的關係，對於企業社會責任過度投資的研究卻鮮少被提及和討論。
本研究視新冠疫情(COVID-19)為獨特的外生衝擊，研究疫情期間企業社會責任過度投資與盈餘管理之間的關聯性，透過蒐集台灣經濟新報(TEJ)2015年至2021年我國上市櫃公司的資料，共有10,553筆樣本進行研究。
實證結果顯示，未從事盈餘管理的公司相較於從事盈餘管理的公司，參與企業社會責任的機率較高，而在疫情期間兩者間並未有顯著關係。另外將樣本分群後進行探討，在疫情期間高科技產業公司將實施企業社會責任策略操縱自身形象，改善盈餘管理帶來的負面影響。而公司治理在疫情期間並未影響企業社會責任過度投資與盈餘管理之間的關係。

In recent years, the development of corporate social responsibility (CSR) has matured significantly, and businesses have begun to see it as a strategy to enhance their corporate image and gain competitive advantages. Previous literature has mainly focused on the relationship between CSR ratings and earnings management, while the study of CSR overinvestment has been rarely addressed or discussed.
This study considers the COVID-19 pandemic as a unique exogenous shock and investigates the relationship between CSR overinvestment and earnings management during this period. The research uses data collected from Taiwan Economic Journal (TEJ) for the years 2015 to 2021, comprising a total of 10,553 samples.
The empirical results show that companies that do not engage in earnings management are more likely to participate in CSR compared to those that engage in earnings management, but there is no significant relationship between the two during the pandemic. Furthermore, when the samples are divided into groups, it is found that high-tech industry companies implement CSR strategies to manipulate their corporate image and mitigate the negative impact of earnings management during the pandemic. Corporate governance, however, does not affect the relationship between CSR overinvestment and earnings management during the pandemic.

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