近年来，由于过度盈余管理行为而被监管部门处罚的上市公司并不少见。企业通过采用不同的盈余管理手段，使得财务报告披露的信息与真实盈余状况差别较大，不仅打击了投资者信心，还损害了资本市场健康发展。这一现象引起了监管部门的重视，并出台了一系列相关政策来抑制该行为。同时，对于盈余管理的研究也成为学术界研究热点之一。企业战略作为保障企业长久高效发展的全局性谋划，已成为外部投资者评估项目收益的关注重点之一，当投资者发现目标企业或项目因战略定位不同而存在收益不确定性时，很可能放弃投资或提高资金回报率以规避投资风险，而企业为了吸引社会资金很可能借盈余管理手段调节利润。 本文以我国2013-2017年A股上市公司为样本，在理论分析的基础上构建了上市公司“企业战略差异-融资约束-盈余管理”的概念模型，进而提出研究假设并建立回归模型，最后运用Excel、Stata计算相关变量，SPSS19.0进行相关性分析及回归分析，检验了企业战略差异对盈余管理的影响效果。研究结果表明：第一，当企业战略与行业常规战略差异越大时，管理层进行应计盈余管理和真实盈余管理的程度都会增大；第二，当企业战略与行业常规战略差异越大时，受到的融资约束程度就越高。第三，当企业受到融资约束时，管理层会增大应计或真实盈余管理程度以缓解财务状况；第四，融资约束仅在企业战略差异与真实盈余管理的正相关性之间起到了中介作用，即企业战略差异通过影响融资约束进而影响真实盈余管理程度，但是并不会因此影响到应计盈余管理程度。最后结合研究结论，分别对企业内部管理层、外部投资者、政府部门及审计机构提出了相应建议，以期更好的规避由企业盈余管理导致的风险。

In recent years, it is not uncommon for listed companies to be punished by regulatory authorities for excessive earnings management. By adopting different earnings management methods, enterprises make a great difference between the information disclosed in financial reports and the real earnings situation, which not only damages investor confidence, but also damages the healthy development of capital market. This phenomenon has attracted the attention of the regulatory authorities, and issued a series of relevant policies to curb this behavior. At the same time, the research on earnings management has become one of the hot topics in academic circles. Enterprise strategy, as a global plan to ensure the long-term and efficient development of enterprises, has become one of the focuses of external investors'attention in evaluating project returns. When investors find that the target enterprises or projects have uncertainties in returns due to different strategic positioning, they are likely to abandon investment or increase the rate of return on funds to avoid investment risks. In order to attract social funds, enterprises are likely to borrow earnings. Management means regulate profits. Based on the sample of A-share listed companies in China from 2013 to 2017, this paper constructs the conceptual model of "corporate strategic difference-financing constraints-earnings management" of listed companies on the basis of theoretical analysis, then puts forward research hypothesis and establishes regression model. Finally, it calculates relevant variables with Excel and Stata, carries out correlation analysis and regression analysis with SPSS19.0, and tests the effect of corporate strategic difference on earnings. The impact of management. The results show that: firstly, when the difference between enterprise strategy and industry conventional strategy is greater, the degree of accrued earnings management and real earnings management will increase; secondly, when the difference between enterprise strategy and industry conventional strategy is greater, the degree of financing constraints will be higher. Thirdly, when enterprises are subject to financing constraints, management will increase the degree of accrual or real earnings management to alleviate the financial situation; fourthly, financing constraints only play a mediating role between the positive correlation between corporate strategic differences and real earnings management, that is, corporate strategic differences affect the degree of real earnings management by influencing financing constraints, but will not affect accruals. The degree of earnings management. Finally, combined with the conclusions of the study, the paper puts forward corresponding suggestions for internal management, external investors, government departments and audit institutions, in order to better avoid the risks caused by earnings management of enterprises.