From the perspective of credit risk prevention of creditors, based on the micro-data of Shanghai and Shenzhen A-share listed companies from 2009 to 2020, this paper discusses the effect of earnings management on creditor’s credit term under the special background of China’s transitional economy. The results show that the increase of earnings management behavior of enterprises will interfere with creditors’ credit decisions, resulting in the increase of credit term and credit risk, and this effect is more significant in non-state-owned enterprises.And this effect is more significant in non-state-owned enterprises. Through the introduction of external governance mechanism, it is found that audit opinions play a moderating effect on the relationship between earnings management and credit duration, that is, non-standard audit opinions weaken the promoting effect of earnings management on credit duration. In terms of economic consequences, long-term loans obtained by means of earnings management will lead to deterioration of accounting information quality and more prominent agency problems, which will have a negative impact on enterprise investment efficiency, innovation level and enterprise performance.The conclusions of the research will help to improve the mechanism of creditor protection, improve the level of governance of bank credit risk and innovate the comprehensive supervision model, and then provide useful guidance and evidence support for relevant departments to formulate policy recommendations.