Abstract:The China Securities Regulatory Commission(CSRC) issued a dividend policy in 2006 which set minimum payout levels for firms wishing to issue seasoned equity offerings. This paper studies the influence of semi-mandatory dividend policy on earnings management of listed companies by means of PSM (propensity score matching) method. The results indicate that the implementation of the semi-mandatory dividend policy leads to more earnings management of the refinancing listed companies in order to meet the regulatory threshold of the corresponding dividend ratio.The further research shows that in refinancing listed companies,state-owned companies tend to carry out more earnings management than non-state-owned companies in both accrued earnings management and real earnings management. However, non-state-owned companies tend to carry out a lower level of earnings management and are more inclined to choose real earnings management especially by abnormal product costs to manipulate earnings.