Using data from A-share listed companies from 2010 to 2022, this study examines the effects of cross-border capital flows on corporate leverage manipulation. The results show that cross-border capital flows inhibit corporate leverage manipulation, which is more pronounced in non-zombie enterprises, enterprises with high financial flexibility, and enterprises in regions with a high degree of fiscal decentralization and a low degree of banking competition. Cross-border capital flows exert differentiated effects on corporate leverage manipulation under varying investment motives, capital types, capital flows, and extreme conditions. Cross-border capital flows can weaken the maturity mismatch, reduce the shadow banking and increase credit supply, thus mitigating corporate leverage manipulation. Tightening macroprudential policies strengthen the restraining effect of cross-border capital flows on corporate leverage manipulation, with capital-based macroprudential instruments exerting the most pronounced regulatory impact.