Comprehensively strengthening the compliance management of central enterprises and improving the level of legal compliance operation and management is a powerful guarantee for building a rule of law central enterprise and promoting the healthy development of the capital market. Taking the policy of ‘Compliance Management Guidelines for Central Enterprises (for Trial Implementation) issued by the Stateowned Assets Supervision and Administration Commission (SASAC) on 2 November 2018 as an opportunity for research, this paper empirically examines the effectiveness of the governance of accounting information for the construction of rule of law central enterprises with a multitemporal doubledifference model. The study finds that the implementation of the compliance management guidelines has effectively curbed central enterprises earnings management behaviors, reducing them by about 26% on average; and the promulgation of compliance manuals and the establishment of compliance committees at both the group and subsidiary levels have contributed to the reduction of earnings management levels. Strengthening internal governance mechanisms to mitigate Type 1 agency problems and improve the quality of internal controls are important paths for compliance management to work; furthermore, the governance effect of accounting information implemented by compliance management guidelines is more prominent in firms with high performance pressure and high share price pressure, as well as low analyst tracking and low media coverage. The article provides a useful exploration of the theoretical development of the integration of external government regulation and internal corporate compliance management, as well as policy implications for constructing a corporate compliance governance system and promoting the healthy development of the capital market.