CAJ | 학술논문

以2007-2012年我国中小板上市公司为研究对象，采用分位数回归方法深入分析我国中小企业研发投资与企业财务风险之间的关系。研究结果表明：对于高风险的中小企业，研发投资增加后，企业的财务风险增加；对于低风险的中小企业，研发投资增加后，企业的财务风险降低。
이2007-2012년아국중소판상시공사위연구대상，채용분위수회귀방법심입분석아국중소기업연발투자여기업재무풍험지간적관계。연구결과표명：대우고풍험적중소기업，연발투자증가후，기업적재무풍험증가；대우저풍험적중소기업，연발투자증가후，기업적재무풍험강저。
In this paper,using a sample of China's small board of listed companies in 2007-201 2,we examine the rela-tion between research and development (R&D)expenditures and corporate financial risk by using quantile regression ap-proach.The conclusion shows that:for firms with high financial risk,R&D increases have a positive impact on financial risk;for firms with low financial risk,R&D increases have a negative impact on financial risk.The conclusion will help us to deepen the understanding of R&D investment and corporate finance risk,and better implement SME innovation strategy,which can provide empirical evidence.