Based on the data of A share listed companies in Shanghai and Shenzhen markets from 2003 to 2015, this paper directly observes the interactive relationship between the accrual of earnings management and real earnings management in the environment of the Chinese enterprises at the present stage with the two kinds of earnings management on the same model. It is found that there is a positive correlation between accrual management and real earnings management, instead of the complementary or alternative relation derived from past studies. Further examination is carried out respectively on the specific interactions of the two kinds of earnings management. It is found that the aggravation of the agency problem will significantly form the reverse change in the reduction of real earnings management resulting from the increase of accrual earnings management. However, when the real earnings management increases, the accrued earnings management also synchronizes with the positive changes. The improvement in the level of marketization will make the positive correlation between the two types of earnings management a negative correlation in which one increases and the other decreases. In addition, the conclusion of the study reveals more accurately and profoundly the internal relationship between the two kinds of earnings management and the influence of the internal and external environment on the relationship in Chinas enterprises at the present stage, which is of some significant for the government to regulate more comprehensively and for the enterprises to manage and control the two types of earnings management more effectively.