This study examines whether self-interested board of directors in loss companies has more accrual-based earnings management or real earnings management to avoid re-listing in the next period. The empirical results show that: In order to avoid being listed on the list of self-interested board of directors in the next period,self-interested board of directors tend to use accrual-based earnings management to increase earnings instead of using real earnings management.Probably because compared to accrual-based Earnings management, real earnings management has a negative impact on future cash flows and will hurt the company in the long run, so companies only choose accrual-based earnings management.