We investigate the effects of CEO ownership on real earnings manipulation. We find that CEO ownership has a negative effect on real earnings manipulation and the higher level of CEO ownership, the lower real earnings manipulation. Furthermore, the dual class of CEO and chairman can enhance the negative relation between management ownership and real earnings manipulation. In addition, real earnings manipulation has a negative impact on future performance, especially the long term performance. Also, CEO ownership can decrease the negative association between real earnings manipulation and future performance. Consistent with synergy effect of CEO ownership, we show that CEO ownership can reduce the agency conflict based on the perspective of real earnings manipulation.