| In recent years,China's economy has developed rapidly,and it is moving closer to the global economy.At the same time,economic life and social life are getting closer and closer.These changes cannot be separated from commercial activities.However,the rapid development of the economy is often accompanied by various social adverse phenomena,such as lack of corporate ethics and financial fraud.Not only investors but also various social persons or representatives affected by corporate development have begun to demand that companies be accountable to them and protect their interests.The term "corporate social responsibility" has also become more frequent.As people's understanding of corporate social responsibility deepens and their awareness of corporate social responsibility rises,some incidents of corporate social responsibility loss have become known to the public.For example,companies failing to fulfill social responsibility and providing false or whitewashed financial information have seriously affected investors' investment decisions.On the other hand,due to the particularity of the securities market,earnings management behaviors of listed companies have received increasing attention.The unique system design of the capital market makes the "shell" resources of China's listed companies precious.With the continuous improvement of China's capital market,special treatment systems(ST)for listed companies' stock transactions were successively introduced in 1998 and 2003.The listed companies implement special treatment and delisting risk warnings.Losing companies whose operating conditions continue to deteriorate will face the risk of being suspended or even delisted.Therefore,if a listed company with special treatment is unable to improve its operating performance in the short term,it will have a strong motivation for earnings management.Companies with a high level of corporate social responsibility fulfillment may have higher moral consciousness,and tend to take into account the interests of stakeholders while pursuing their own economic development,thereby reducing their earnings management behavior.However,companies may also use Multi-social responsibility to create a responsible corporate image,which in turn protects its underlying earnings management behavior.This shows that there is an intricate relationship between the performance of corporate social responsibility and earnings management.Based on this,this article will explore the relationship between ST corporate social responsibility and earnings management.This article selects 262 data of listed companies that have been specially processed in China and Shenzhen A shares from 2012 to 2018 as a sample,and uses the accrual project manipulation model and true earnings management model to measure the degree of earnings management,then conduct regression analysis to explore the relationship between ST corporate social responsibility and earnings management.The study found that ST's corporate social responsibility is significantly positive related to the degree of earnings management of accrued items that the social responsibility performed by the company will motivate the earnings management of its accrued items,revealing that companies with special treatment are performing social responsibility at the critical point The real purpose.In order to protect hard-earned “shell” resources,ST companies often perform different degrees of earnings management to improve their operating status to achieve the purpose of removing hats and stars.At this time,ST companies often maintain their corporate image by performing social responsibilities to avoid stakeholder attention to manipulate profit.The results of this study further enriched the research on corporate social responsibility and earnings management,and provided a theoretical basis for the supervision of ST companies. |
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