Abstract:

Based on the Chinese listed companies during 2008-2013, this paper examined the impact of the analyst coverage on the listed companies’ litigation risk. The findings of our study are as follows. First, firms which are covered by the analysts enjoy a reduction in the risk of litigation. Second, compared with the companies in the regions where the law environment is not developed, the effect of analyst coverage on the companies’ litigation risk is more severe in the regions where the environment of law is developed. From this research，we can get a better understanding on the external governance role of the analysts.

摘要：

本文以我国2008-2013年沪深两市非金融类上市公司作为研究样本，实证研究了分析师跟进是否能够降低上市公司的诉讼风险。研究结果发现：分析师跟进能够降低上市公司的诉讼风险，且分析师跟进数量越多，上市公司的诉讼风险越低；将上市公司所处的法律环境纳入考虑，发现较之法治水平低的地区，分析师跟进对上市公司诉讼风险的降低作用在法治水平高的地区更为显著。本文的研究以未决诉讼来衡量上市公司所面临的诉讼风险，探究分析师跟进是否能够帮助上市公司降低其诉讼风险，有助于更好地理解分析师的外部治理作用。