关键词: 诉讼风险 , 企业资产配置 , 资金持有 , 所有制性质 , 地区差异

Abstract: :Using litigation data of all nonfinancial companies listed in Ashare from 2001 to 2015,this paper takes the allocation between fixed assets and financial assets as the start point to empirically analyze the influence of litigation risk on corporate asset allocation decisionsResults find that,the litigation risk has an obvious negative adjustment effect on the allocation of corporate assets,especially significantly reducing the scale and proportion of financial assetsAnd the asset allocation of corporations which are nonstateowned or located in the central and western regions are more affected by the risk of litigationAdditional test suggests that an action mechanism of litigation risk is the capital weakening effect,which further weaken the expected capital holding level of enterprisesThe negative effect of litigation is to reduce the internal available cash flow and increase the expected cost of external financing capital,thus forcing the firms to abandon good investment opportunities and decrease the holding scale and allocation ratio of assetsAs a conclusion,this paper provides enlightenment for the improvement of legal system construction in Chinas market economy and the decisionmaking of corporate investment and financing

Key words: litigation risk , corporate asset allocation , capital holding , ownership property , regional differences