In this paper, we use data of A-share listed companies from 2003 to 2011 to look into the relationship between the real earnings management activity and the future performance of the listed companies under the background of seasoned equity offerings in listed companies with different property rights. The empirical outcomes illustrate that both state-owned company and non-state-owned company trend to have real earnings management activities during the seasoned equity offering period. What’s more, state-owned enterprises have higher level of real earning management than non-state-owned enterprises. Real earnings management would lead to worse performance after the stock refinancing，which is, relatively, more obvious for state-owned enterprises.