Abstract:Based on the financial data of A-share listed companies from 2008 to 2015, this paper not only makes an empirical research on the influence of real earnings management on the financial performance and market performance of the next four fiscal years, but also makes a further exploration on the effect of different means on enterprise operational performance. The results show that the real earnings management will significantly reduce the future financial performance and market performance, and this decline has been weakening year by year. In contrast to market performance, the negative impact of real earnings management on financial performance is more lasting in the long run. From the perspective of the specific means of real earnings management, all of the sales control, cost control and production control will reduce the enterprise financial performance and market performance, and the reducing effect on financial performance is more obvious. In three ways, sales control has the greatest impact on enterprise operational performance in the long run.