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In order to objectively evaluate earnings quality of GEM listed companies and help investors make a decision more wisely on selecting growth stocks, a new evaluation index system is designed and multi-objective systems fuzzy optimization model is used in this paper. By designing evaluation index system on the basis of the characteristics of GEM, establishing the evaluation model based on multi-objective systems fuzzy optimization theory, this method of evaluation effectively avoids the drawback of former evaluation system. Moreover, an empirical analysis is made to test and verify the overall level of GEM listed company earnings quality by selecting the financial data of 188 GEM listed companies. Empirical results show that the overall level of Shenzhen GEM listed companies earnings quality is not optimistic. The evaluation method this paper used can evaluate earnings quality of GEM listed companies more objectively. This paper will provide a theoretical basis for the relevant departments to improve the management of GEM, at the same time it has important reference value for investors to invest and make decision.