The New Media Attention,CSR Information Disclosure And Earnings Management

In recent years,the growth of new media social platforms such as WeChat and micro-blog has made rapid progress,the speed of information dissemination has been accelerated,the interactivity between information has been enhanced.The new media attention is concerned about this factor on the basis of traditional media attention,and better to show the sense of the times.What's more,the interaction frequency and interaction speed of information have been improved.With the increasing importance of corporate social responsibility,the attention of new media on this aspect is gradually improving.Correspondingly,the importance of the relationship between new media attention,corporate social responsibility disclosure and earnings management is also increasing.The social responsibility information disclosed by the enterprise not only includes the information of enterprise internal management,investment and profit distribution,but also the information related to the enterprise and the vast majority of stakeholders.According to the difference of profit manipulation,earnings management can be divided into accruals earnings management and real earnings management.This paper focuses on the relationship between corporate social responsibility(CSR)information disclosure and the influence of new media on corresponding earnings management and real earnings management,as well as the regulatory role of new media attention in it.It aims to reveal the impact of corporate social responsibility and new media on corresponding earnings management and real earnings management.First of all,review and summarize the domestic and foreign literature related to corporate social responsibility,new media attention and earnings management,then define and expound the related three theories on this basis.Next,in the empirical part,we select 708 A share listed companies in 2012-2016 years in China,which have voluntarily disclosed CSR reports,and descriptive statistics and correlation analysis of Sample Firms' related data were conducted.Then establish the multiple linear regression model and the adjustment function test model to verify the influence of the CSR information disclosure level and the new media attention on the corresponding earnings management and the real earnings management,as well as the regulatory role of the new media attention in this relationship.What's more,in order to verify whether there is a two-way causality between CSR information disclosure level,new media attention and earningsmanagement,the endogeneity test is carried out by the simultaneous equation model.Also the robustness test is carried out with the method of substitution variables.Finally,from the results of the empirical analysis,we can come to this conclusion that the level of corporate social responsibility information disclosure and the new media attention are all negatively related the accrued earnings management and the real earnings management.New media attention has strengthened the negative correlation between corporate social responsibility information disclosure level and earnings management,and has played a positive role in regulation.This paper also puts forward some suggestions to restrict earnings management from the following five perspectives: corporate social responsibility,new media attention,government intervention,legal system environment and internal control environment,and to control the extent of earnings management in a reasonable range.