CAJ | 학술논문

针对我国创业板的特征,构建了一套创业板上市公司财务风险评价指标体系。通过实证研究,挖掘、识别和分辨了在企业财务状况在正常-异常-困境-破产的动态变化过程中各财务风险评价指标的统计特征值。在考虑了体现创业板上市公司特点的非财务指标（技术员工比重、高管离职率、大股东持股比例）后,提出改进我国创业板中小企业财务风险评价指标有效性的可行途径。
침대아국창업판적특정,구건료일투창업판상시공사재무풍험평개지표체계。통과실증연구,알굴、식별화분변료재기업재무상황재정상-이상-곤경-파산적동태변화과정중각재무풍험평개지표적통계특정치。재고필료체현창업판상시공사특점적비재무지표（기술원공비중、고관리직솔、대고동지고비례）후,제출개진아국창업판중소기업재무풍험평개지표유효성적가행도경。
According to the characteristics of China＇s GEM,this paper builds a financial risk evaluation indicator system for small and medium- sized enterprises in GEM,and explores and identifies the statistical eigenvalues of financial risk evaluation indicators in the dynamic process of normal-abnormal-dilemma-bankruptcy through a series of empirical studies. Adding the non-financial indicators reflecting the characteristics of GEM companies（the proportion of technical staff,senior management staff turnover ratio,holding proportion of large shareholder） ,it puts for- ward some feasible approaches to improve the validity of the existing financial risk evaluation indicator system for small and medium-sized enter- prises in China＇s GEM.