Non-liquid operating assets mainly include intangible assets, fixed assets, etc. The measurement of these assets usually involves more accounting estimates and subjective judgments, so their changes may be affected by the company's earnings management, thereby reducing the reliability of financial statements. Studies have shown that the growth of non-liquid operating assets may be negatively correlated with the company's future profitability and stock returns. This may be due to aggressive asset expansion behavior leading to a decline in future returns, or the market's negative reaction to the company's behavior of inflating profits by manipulating non-liquid operating assets. Therefore, this factor can be used as one of the indicators for identifying potential earnings management risks and evaluating the company's financial quality, which is worthy of investors' attention and analysis.