Empirical Study On Legal Risk Of Listed Companies

With the deepening of China's economic and financial reform,the legal construction of the market has become an important guarantee for the healthy and stable development of China's economy.The legal risk of listed companies is not only related to the standard operation and development of listed companies,but also related to the legal construction of China's capital market.This paper conducts an empirical study on the legal risks of listed companies,and tries to establish a legal risk evaluation model and a risk warning model of listed companies,so as to accurately grasp the legal risks faced by listed companies.This will not only help the listed companies to understand and improve their legal risk status,improve their operating conditions,but also help the regulatory authorities to understand the overall risk of the capital market,so as to develop a reasonable regulatory approach.The main research content of this paper is as follows:Using analytic hierarchy process(ahp),the legal risk evaluation model of listed companies is established.Based on the annual reports of 414 listed companies in zhejiang province,relevant data of 16 legal risk indicators were selected to reasonably establish the evaluation index system at all levels,so as to determine the weight of each index and finally establish the legal risk evaluation model of listed companies.At the same time,the model is used to calculate the legal risk evaluation scores of listed companies in zhejiang province.Using the discriminant analysis method,the early warning model of legal risk of listed companies is established.According to the legal risk evaluation scores of 414 listed companies in zhejiang province,the legal risk of listed companies is divided into four grades: excellent,good,medium and poor.By using discriminant analysis,the warning models of four discriminant functions are established.The accuracy of this model is 90.6%,which has a good warning effect on the legal risk of listed companies.At the same time,combined with the model,relevant early warning analysis and Suggestions are given.