本文分析了当前学术界所面临的盈余管理实证研究理论困境，从个人理性的假定出发，以契约为切入点，运用规范研究方法，先后得出如下的推论：1）效率观盈余管理不可实证；2）机会主义盈余管理观是实证研究中多余的概念；3）盈余管理与公司价值无关。最后，在上述推论的基础上，提出了盈余管理实证研究应该从理论层面去道德化的观点。本文对于未来的盈余管理实证研究和基础理论的构建是有益的。 This paper explores the theoretical dilemma faced by positive researchers on earnings management. From the assumption of individual rationality, based on contracting theory, using normative research method, it is deducible that: a) whether earnings management is efficient is not refutable; b) opportunistic earnings management is not necessary for positive research; c) earnings management is value-irrelevant. Finally, it is deduced that moralization in positive earnings management research should be dropped out from theoretical level.