Litigation is an important means for minority shareholders to safeguard their legitimate rights and interests.Research on the impact of minority shareholders'litigation is of great significance in promoting the high-quality development of the capital market.Taking China's A-share listed companies from 2017 to 2022 as the research object,the paper examines the impact of minority shareholders'litigation on peer firms from the perspective of financing constraints.The research finds that minority shareholders'litigation exacerbates the degree of financing constraints of peer companies,exhibiting a spillover effect.This effect is initially manifested as a contagion effect.Heterogeneity tests show that the contagion effect of minority shareholders'litigation is more significant for firms with low accounting information transparency,high industry risk,and after the application of the new Securities Law.However,the distance between the sued company and peer companies weakens the contagion effect of minority shareholders'litigation.The mechanism test reveals that the stock price crash risk is one of the ways through which minority shareholders'litigation affects the financing constraint of peer companies.This paper not only enriches the research on the spillover effect of minority shareholders'litigation but also provides direct evidence for listed companies paying attention to the spillover risk of peer companies.
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