供应链关系是现代企业经营活动的重要资源之一。如果企业供应链集中度提高，那么关键客户和供应商的重要性也随之提高。为减轻议价能力下降的负面影响和达到投资者等企业相关方的预期，管理层有动机实施真实盈余管理。本研究从供应链关系的角度，研究供应链集中度与真实盈余管理水平的关系，并探讨分析师跟踪能否对此进行有效监督和限制。本研究基于2014-2018年中国A股制造业上市公司的相关数据，通过实证分析表明企业客户集中度与供应商集中度都与正向真实盈余管理水平呈显著正相关关系，表明企业在面临较高的供应链集中度时，为了维持稳定的供应链关系和弥补自身议价能力下降而造成的损失，将实施正向真实盈余管理。其中，管理层偏向采取扩大生产规模、削减酌量性费用两类难度较低的方式进行管理。此外，本研究发现分析师跟踪仅能削弱供应商集中度与正向真实盈余管理的正相关关系，表明目前分析师的监督作用有限。当企业面临客户集中度提升而实施真实盈余管理时，分析师对此没有显著限制作用。本文创新点在于：（1）填补了基于A股市场，供应链关系视角下真实盈余管理动机的研究空白；（2）丰富了分析师跟踪、供应链集中度与真实盈余管理三者关系的理论研究，弥补了现有分析师跟踪相关研究的不足。

Supply chain relationship is one of the most important resources of modern enterprises. If the concentration of enterprises' supply chain increases, the importance of main customers and suppliers will also increase. To mitigate the negative impact of the decline in bargaining power and meet the expectation of investors and other parties, management has an incentive to implement real earnings management. From the perspective of supply chain relationship, this research studies the relationship between the concentration of supply chain and real earnings management level. It also explores whether analysts can effectively monitor and limit real earnings management.Based on the data of Chinese manufacturing listed companies from 2014 to 2018, this study shows that both customer concentration and supplier concentration are significantly positively related to positive real earnings management, indicating that companies faced with high supply chain concentration will implement positive real earnings management to maintain stable supply chain relationships and reach expected financial goals. Besides, management tends to expand production scale and reduce discretionary costs to manage the earnings.In addition, this study finds that analyst tracking can only weaken the positive correlation between supplier concentration and positive real earnings management, indicating that analysts’ supervision over enterprises is still limited. Analysts cannot significantly limit the real earnings management, which is due to the increase in customer concentration. The innovations of this article are: (1) filling the blank space of the research in real earnings management motivations from the perspective of supply chain relationship; (2) enriching the theory of the relationship between analyst tracking, supply chain concentration and real earnings management.