Taking the listed companies with debt restructuring from 2010 to 2016 as samples, this paper applies the logistic model to the analysis of the relationship between debt restructuring and earnings management of the listed companies. The results show that the information disclosure of debt restructuring is positively correlated with the degree of earnings management, while the proportion of independent directors is negatively correlated with the degree of earnings management. Based on the results of the study, some suggestions have been put forward on how to manage the earnings regulation of debt restructuring enterprises.