Managers may report earnings in order to achieve certain goals that logically provide the interests of certain people, which is in conflict with the goal of providing the general interests of users, especially in companies that are financially limited, company managers have a high motivation to exercise authority. use accounting figures to get a loan at a lower cost. The purpose of this research is to investigate the Interplay of financing constraint and leverage on real earnings management. The information from this study is taken from the financial statements of 141 companies during the period 1392-1400. The research is applied in terms of purpose; in terms of nature and content it is a correlation type. Multiple regression based on panel data analysis (panel data) was used to test the relationship between variables and the significance of the model. The results of the research hypotheses test showed that leverage has a positive and significant effect on real earnings management. Also, the results showed that the financing constraint strengthens the effect of financial leverage on real earnings management