Abstract World is suffered in financial tsunami in 2008, and Taiwanese enterprises ignore the issue of food safety and environmental pollution to reap the huge enterprises’ benefit. Such that companies must have to invest in CSR(Company Social Responsibility) to improve their social image. This study’s purpose is to investigate accounting conservatism on the impact of CSR performance, and corporate governance on the moderating effects between CSR and accounting conservatism. Original sample is selected from the award-winning companies of Excellence in Corporate Social Responsibility over the period from 2008 to 2013. And an award-winning company with a non-winning companies paired samples, total samples is 468. The empirical results of this study indicate that CSR and accounting conservatism are negative and suggest that award-winning companies of Excellence in Corporate Social Responsibility don’t have better performance in accounting conservatism. In addition, CSR and accounting conservatism are not significantly correlated after joining the condition of corporate governance as moderators.