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Table 5.2 presents the descriptive statistical analysis of the core explanatory variable, litigation risk, for companies listed on the Sci-Tech Innovation Board. The results indicate that the number of companies sued, the amount sued, and the number of sued companies have all exhibited an upward trend. This trend can be attributed to various factors, including the expansion of the legal system, the globalization of markets, and the growing awareness among enterprises of the importance of protecting their interests.

One of the primary reasons for the increase in litigation risk is the expansion of the legal system. As the legal system becomes more robust, companies are increasingly willing to seek legal recourse to protect their interests. This trend is particularly evident on the Sci-Tech Innovation Board, where companies are often engaged in cutting-edge research and development, and where intellectual property rights are critical to their success. As a result, companies are more likely to take legal action to protect their intellectual property, which in turn increases the risk of litigation.

Another factor contributing to the rise in litigation risk is the globalization of markets. As companies expand their operations into new markets, they are exposed to a wider range of legal systems and regulations. This can lead to increased legal disputes, as companies must navigate the complexities of different legal systems and cultural norms. As a result, companies on the Sci-Tech Innovation Board are more likely to encounter legal challenges that require them to seek legal remedies.

Finally, the growing awareness among enterprises of the importance of protecting their interests has also contributed to the increase in litigation risk. As companies become more sophisticated in their business practices, they are increasingly aware of the importance of protecting their intellectual property, trade secrets, and other valuable assets. This awareness has led to a greater willingness among companies to pursue legal action to protect their interests, which has further increased the risk of litigation.

In conclusion, the results of Table 5.2 suggest that litigation risk has become an increasingly important risk factor for companies listed on the Sci-Tech Innovation Board. The expansion of the legal system, the globalization of markets, and the growing awareness among enterprises of the importance of protecting their interests have all contributed to this trend. As a result, companies on the Sci-Tech Innovation Board must be prepared to navigate the complexities of the legal system and take proactive steps to manage their litigation risk