From the perspective of corporate governance, taking the non equilibrium panel data of listed companies in Shanghai and Shenzhen from 2011 to 2016 as samples, this paper analyzes whether the real earnings management level of listed companies is affected by the equity excess compensation of senior management teams, and the moderating effect of CEO power intensity and internal control quality on the relationship between them. The study finds that there is a significant positive correlation between executive equity excess compensation and real earnings management. CEO power intensity can significantly enhance the positive impact of equity excess compensation on real earnings management, while high quality internal control can inhibit the promotion effect of equity excess compensation on real earnings management.