The sample of this study consists of A-share listed companies in Shanghai and Shenzhen from 2012 to 2021. Utilizing the central enterprise accounts receivable reduction policy issued by the State-owned Assets Supervision and Administration Commission of the State Council in 2015 as a quasi-natural experiment, a double differential model was established to investigate its impact on the earnings management strategy of central enterprises. The findings indicate that following the promulgation of the accounts receivable reduction policy, listed companies of central enterprises tended to decrease accrual earnings management and increase real earnings management, as evidenced by an uptick in manipulation of production costs and discretionary expenses. Additionally, it was observed that the local marketization degree will strengthen efforts to reduce accrued earnings management while weakening real earnings management among central enterprises post-policy implementation. Further analysis revealed that in enterprises characterized by low supply chain discourse power, there was a greater reduction in accrual earnings management but an increased emphasis on improving real earnings management. These research conclusions carry significant implications for strengthening supervision and governance over central enterprises’ earnings management following credit policy control.