Abstract: Using the 2012-2014 year listed firm samples of National Equities Exchange and Quotations, this paper investigate the impact of the NEEQ expansion and market-maker system on the listed firms' accrual earnings management and real earnings management behavior, in order to reveal the effect of the NEEQ institutional development on the earnings quality of the company. This study found that: with the NEEQ development, listed firms significantly reduce their accrual earnings management and real earnings management. However, under the rapid expansion, the introduction of market-maker exacerbates accrual earnings management and real earnings management in a certain extent, and the cost-controlled real earnings management level is significantly higher when stock liquidity increase.

摘要： 本文以2012-2014年全国中小企业股份转让系统挂牌企业为研究样本，基于自然事件研究的思路，考察新三板扩容及该背景下做市商制度对公司应计盈余管理与真实盈余管理行为的影响，以此揭示新三板制度发展对挂牌公司盈余质量的作用效果。研究发现：新三板扩容显著降低了挂牌企业的应计盈余管理及真实盈余管理程度；但是在高速扩容之下，做市商制度引入在一定程度上反而加剧了企业进行应计盈余管理与真实盈余管理，股票流动性提升后，企业实施费用操控的真实盈余管理水平也明显提升。