Legal Empirical Research on Financing Complex Network

Complex network is the quantitative expression of a complex process, which reflects the interactivity and relevance of nodes in the network. The financing of technology-based small and medium-sized enterprises (SMEs) in the new third board market may be affected by multifold factors. Therefore, their financing decision-making is a complex process. Financing complex networks are built on the basis of selected financing data from 2015 to 2017 of technology-based SMEs which are the nodes of financing complex networks. This paper explores whether the introduction and enforcement of relevant laws and regulations will affect the financing decisions of SMEs based on the analysis of the distribution of degree value in financing complex networks. We also research into the impact of relevant regulatory changes on the critical factors of enterprises’ financing decisions. Nodes with distinct characteristics are selected through analyzing and comparing the degree values of the nodes, whose financing data in different financial disclosure cycles are used. This paper provides a new perspective for quantitative analysis of the empirical study on the effective regulation state of the financing law for technology-based SMEs.

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