The Enterprise Innovation Performance, R&D Investment and Default Risk - Based on the Listed Company in Yangtze River Delta Region

In this paper , basing on the measurement of the innovations and the default risk indicators, we take default risk as the induced variable, and take R&DR, innovations, corporate size, system risk and asset-liability ratio as the dependent variable, to empirical analysis the correlation among the listed company's default risk ,innovation performance and other variables. By the empirical analysis of 241 listed companies, we find that the main factors which affect the DR consisting of Constant, firm size, Lev, R&DR, region, year, and R&DR. And there are problems of over-investment in R&D existed before the financial crisis. The regression coefficient of innovation performance is negative before the financial crisis, but it is positive after the financial crisis, which is consistent with the conclusions of many abroad literatures.