Abstarct: The Firm’s Value is one of the most basic components of evaluating economic units. Considering that the value of the firms is reflected in its stock price, the prosperity of a company's stock can be considered as the result of the value of the economic unit. Investors consider profit as one of the main criteria for assessing the value of companies. If this part of the financial statements have a high quality and be reliable, it can have a great impact on the correct decisions of the users of the financial statements. Since the calculation of profit is affected by the selected accounting methods and the judgment of the company's management, so managers may use flexible and alternative methods in the accounting system to achieve certain goals, in relation to profit management. Therefore, the purpose of this research is to investigate the impact of real earning management, as one of the methods of Earning Management, on the firm’s value listed in the Tehran Stock Exchange and also to investigate the moderating role of the corporate governance mechanism and the financial crisis on the relationship between the mentioned variables. This research using a sample of 129 firm admitted to the Tehran Stock Exchange in the period of 2007 to 2024 and using statistical methods such as regression model baxsed on panel data and data mining method. The obtained results indicate that real earning management has a negative and significant effect on the market value of firms. Other results show that corporate governance mechanisms have a positive and significant impact on the firm’s market value and with the improvement of corporate governance mechanisms, the market value of firms has increased. The results obtained from the moderating role of corporate governance mechanisms on the relationship between real earning management and market value show that by applying the corporate governance mechanism, the type and direction of the influence of real earning management on the frim’s market value has changed and It can be said that corporate governance mechanisms influence (adjust) the effect of real earning management on the firm's market value. Other results show that in companies with financial crisis, by applying the corporate governance mechanism, the type and direction of the influence of real earing management on the firm,s market value has been significantly affected and changed, while in firms without financial crisis have not observed this issue.