Abstract: Based on the data of China’s listed companies，this empirical study finds that the more revenue manipulation of the company, the higher the realization level of its operating revenue plan. The degree of revenue manipulation in government controlled companies has greater effect on the realization level of operating revenue plan with respect to that of the non-government controlled companies. Besides, the realization level of the operating revenue plan has a positive correlation with the industry average growth rate of the operating revenue, the proportion of shares held by the controlling shareholders as well as the occurrence of mergers and acquisitions.

Key words: government control; revenue manipulation; the realization level of operating revenue plan