分析师跟进、法律环境与企业诉讼风险

本文以我国2008-2013年沪深两市非金融类上市公司为样本，实证研究分析师跟进对企业诉讼风险的影响及其制约因素。结果发现：分析师跟进能够显著降低上市公司的诉讼风险，且分析师跟进数量越多，上市公司面临的诉讼风险越低；将法律环境纳入考虑，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。本文丰富了分析师在证券市场发挥外部治理作用的情景素材，也为现实中国家法律体系的进一步完善提供经验佐证。

Analyst Coverage,Law Environment and Litigation Risk

Using the non-financial listed companies in China during the period of 2008-2013 as samples, this paper ex-amines the impact of the analyst coverage on 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 much greater in the regions where the environment of law is developed. From this research, we can get a better understanding of the external governance role of the analysts.