本文聚焦企业社会责任（Corporate Social Responsibility，简称CSR）中极为重要的“环境与可持续发展”维度，以广东省114家上市企业为样本，针对CSR、外部压力及“经济绩效”进行实证研究。其中，CSR聚焦其披露数量及质量的情况，外部压力主要聚焦媒体关注度、相关政策发布情况，经济绩效主要聚焦企业的盈利能力。本文采用内容分析法，对政策变量、媒体关注度变量、CSR变量进行处理；采用面板数据模型，分三部分进行研究。第一部分，研究外部压力与CSR间的相互作用，发现相关政策与CSR披露间存在双向激励作用；积极向的媒体报道可能构成“现状良好陷阱”，对CSR披露存在一定负效应；相较于政府控股企业，政策对非政府控股企业的激励效应更明显，积极向媒体关注对非政府控股企业的负效应相对较弱。第二部分，研究“经济绩效”与CSR之间的相互作用，发现企业盈利能力、市场表现与CSR披露情况的完善呈负相关，优质经济绩效可能带来了“忽视企业环境责任”的问题。第三部分，研究外部压力、“经济绩效”与CSR三者间关系，发现媒体关注度在盈利能力对CSR披露情况的影响中存在一定中介效应。基于实证研究，本文给出建议：政策制定者可以从政策的针对性、细化程度、创新性、延续性等多方面完善政策的制定，推动CSR披露走向规范；媒体工作者可以更多挖掘企业在CSR披露方面有待完善的点，督促企业完善CSR的披露；盈利能力及市场表现良好的企业应更加关注企业环境责任的落实。此外，本文为进一步探究“外部压力-政策”对CSR披露的多维度影响提出展望。

The study focuses on the Environment and Sustainable Development dimension of Corporate Social Responsibility (CSR), and conducts an empirical study on CSR, external pressure and economic performance, by using a sample of 114 listed enterprises in Guangdong Province. In the study, CSR focuses on the quantity and quality of CSR disclosure, external pressure focuses on media attention and relevant policies, and economic performance focuses on enterprise profitability. This study adopts content analysis method to deal with policy, media attention and CSR variables, and uses a panel data model. The study can be mainly divided into three parts. The first part focuses on the interaction between external pressure and CSR, and a positive interaction is found. Positive media coverage may constitute a “status quo good trap” and have a negative effect on CSR disclosure; Policy has greater incentive effect on non-government-controlled enterprises, and positive media coverage has weaker negative effect on non-government-controlled enterprises. The second part focuses on the interaction between economic performance and CSR, finding that enterprise profitability, market performance and improved CSR disclosure are negatively related, and that high quality economic performance may lead to “neglect of corporate environmental responsibility” issues. The third part focuses on the relationship between external pressure, economic performance and CSR, and a mediating effect of media attention is found in the effect of profitability on CSR disclosure. Based on the empirical study, this paper makes the following recommendations: Policy makers can improve the formulation of policies in terms of relevance, the degree of refinement, innovation and continuity to promote the regulation of CSR disclosure; Media workers can explore the points where CSR disclosure needs to be improved, so as to urge enterprises to improve CSR disclosure; Enterprises with good profitability and market performance should pay more attention to the implementation of corporate environmental responsibility. In addition, this paper offers perspectives to further explore the multi-dimensional influence of “external pressure-policy” on CSR disclosure.