盈余管理现象在理论界、实务界都受到广泛关注。本文从契约理论的角度分析企业盈余管理的必然性及企业盈余管理与企业契约的交互作用,指出企业盈余管理活动是契约不完备的必然结果。并通过运用契约经济学的分析方法,探讨了委托代理理论框架下影响企业盈余管理的契约关系,为企业盈余管理的研究提供了一个新的视角。 Earnings management phenomenon has drawn wide attention in both theorists and practitioners. This paper analyzes the inevitability of corporate earnings management and the interaction between corporate earnings management and corporate contract from the perspective of contract theory. It points out that corporate earnings management activities are the inevitable result of contractual incompleteness. And through the use of the contract economics analysis method, this paper discusses the contractual relationship that affects the corporate earnings management under the framework of principal-agent theory, which provides a new perspective for the research on corporate earnings management.