Taking the A-share listed companies from 2012 to 2017 as a sample, this paper uses the abnormal audit fees to measure the risk premium of auditors on the frequent mergers and acquisitions of listed companies, and explores the relationship between frequent mergers and acquisitions and auditors' risk premiums. It is found that frequent mergers and acquisitions of enterprises will lead to an increase in the auditor's risk premium. From the perspective of goodwill and earnings management, it is found that goodwill and real earnings management are two important mediators of higher auditor risk premium caused by frequent mergers and acquisitions. However, accrued earnings management does not play an intermediary role, that is, enterprises with frequent mergers and acquisitions tend to manipulate profits by means of real earnings management instead of accrued earnings management.