R&D investment strategy is important for the growth of an enterprise profit. However, there is always a trade-off between short-term profits and R&D expenditure for the firm's decision-making. In this decision-making, R&D investment by an enterprise is considered as a combination between the ‘genotype’ of the industry that the enterprise belongs to and the ‘phenotype’ of the enterprise that has been acquired from its past investment experiences. In short, the enterprises tend to carry out their routine R&D investment, but in some cases, the same enterprises might reveal a phenotypical pattern in response to the decline of the profitability, which results in ‘Loss Aversion’. In this study, the financial statements of 1,592 enterprises were analyzed by their R&D investments strategy, finding that the loss aversion differently appears responding to the short-term profitability and different R&D investment patterns were observed according to the type of industry and the lasting period of the profitability.