شناسایی و رتبه‌بندی مؤلفه‌های تأمین مالی جمعی فناوری از منظر شرکت‌های سرمایه‌پذیر

نوع مقاله : مقاله علمی پژوهشی

نویسندگان

1 دانشیار دانشکده مدیریت کسب و کار دانشکدگان مدیریت، دانشگاه تهران، تهران

2 دکترای مدیریت تکنولوژی، مدرس دانشگاه تهران و مدیر عامل صندوق پژوهش و فناوری دانشگاه تهران

3 دانشجوی کارشناسی ارشد معارف اسلامی و اقتصاد، گرایش اقتصاد مالی، دانشکده معارف اسلامی و اقتصاد، دانشگاه امام صادق (ع)، تهران، ایران.

4 دانشجوی دکتری مدیریت بازرگانی و راهبردی، گرایش مدیریت بازاریابی، دانشگاه تهران، تهران

چکیده

شرکت‌های نوآور و فناور همواره به دنبال شیوه‌ای برای پاسخگویی به نیازهای مالی خود هستند که در این راستا می‌توانند از روش‌های مختلفی برای تأمین مالی کنند که تأمین مالی جمعی یکی از این شیوه‌ها است. پژوهش حاضر با تمرکز بر روی شرکت‌ها نوآور و فناور که توانسته‌اند از این طریق، اقدام به تأمین مالی نمایند، به دنبال شناسایی مؤلفه‌ها و معیارهای مهم در منظر این شرکت‌ها و در رتبه‌بندی آن‌هاست. با بررسی‌های صورت گرفته و بر اساس مطالعات اسنادی و تأیید خبرگانی، 11 مؤلفه مهم موجود در این حوزه احصا گردید. از جمله این مؤلفه‌ها می‌توان به نرخ کارمزد دریافتی سکوها، بازدهی سرمایه‌گذاری بر روی طرح‌ها، مدت دوره سرمایه‌گذاری، ضمانت‌های دریافتی و ... اشاره کرد. در ادامه بر اساس روش تحلیل اهمیت- عملکرد، پرسشنامه‌های مقایسه زوجی اهمیت- عملکرد طراحی شد و میان خبرگان فعال این حوزه، توزیع گردید. مطابق روش انجام شده؛ ماتریس اهمیت عملکرد ترسیم و مشخص شد که معیار مدت دوره سرمایه‌گذاری در ناحیه اول (تمرکزکردن)؛ معیارهای نرخ کارمزد دریافتی سکوها، بازدهی سرمایه‌گذاری بر روی طرح‌ها، میزان ضمانت‌های دریافتی برای کنترل ریسک نکول، هزینه ضمانت‌نامه و چارچوب پذیرش و انتشار توسط سکوها در ناحیه دوم (استمرار کار خوب)؛ معیارهای سقف‌های تعیین شده برای طرح‌ها، مداخله نهاد ناظر برای تعیین سقف سود پرداختی، مدت‌زمان تکمیل منابع پروژه از زمان انتشار در سکو و امکان فروش گواهی مشارکت قبل از سررسید تسویه در ناحیه سوم (اولویت پایین) و معیار مدت‌زمان پذیرش و انتشار طرح در ناحیه چهارم (اتلاف منابع) قرار دارند. در نهایت با رتبه‌بندی معیارها، مشخص گردید که امکان فروش گواهی مشارکت قبل از سررسید و تسویه، مدت دوره سرمایه‌گذاری و سقف‌های تعیین شده برای طرح‌ها دارای رتبه‌های نخست و معیارهای مدت‌زمان پذیرش و انتشار طرح در سکوها، نرخ کارمزد دریافتی سکوها و میزان ضمانت‌های دریافتی برای کنترل ریسک نکول رتبه‌های آخر را به خود اختصاص داده‌اند.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Identifying And Ranking The Components of Technology Crowdfunding From the Perspective of Investee Companies

نویسندگان [English]

  • Hashem Aghazade 1
  • MohammadMahdi Faridvand 2
  • Yaser Ahmadi Beni 3
  • Amirhossein Arabpour 4
1 Associate Professor, School of Business Management, School of Management, University of Tehran, Tehran
2 Ph.D of Technology management, University of Tehran lecturer and managing director of University of Tehran Research and Technology Fund
3 Master's student in Islamic Studies and Economics, Department of Financial Economics, Faculty of Islamic Studies and Economics, Imam Sadiq University (AS), Tehran, Iran.
4 PhD student of business and strategic management, majoring in marketing management, University of Tehran, Tehran
چکیده [English]

Innovative and technology-based companies are constantly seeking ways to meet their financial needs. One of the approaches available to them is crowdfunding. This study focuses on innovative and technology-driven companies that have successfully utilized crowdfunding for financing and aims to identify and rank the critical components and criteria from their perspective. Based on document analysis and expert validation, 11 key components in this field were identified. These include; platform commission rates, investment returns on projects, investment period duration, guarantees received, and more. Subsequently, using the Importance-Performance Analysis (IPA) method, pairwise comparison questionnaires were designed and distributed among experts active in this domain. Following the applied method, the Importance-Performance Matrix was drawn, revealing the following: A) The criterion "investment period duration" was located in the first quadrant (focus area); B) The criteria "platform commission rates","investment returns on projects","guarantees received to control default risk","cost of guarantees" and "platform acceptance and publication framework" were placed in the second quadrant (maintain good performance); C) The criteria "project funding ceilings","regulatory intervention in setting profit ceilings","time required to complete project funding after publication" and "possibility of selling participation certificates before maturity" were in the third quadrant (low-priority) and D) The criterion "time required for project acceptance and publication" was positioned in the fourth quadrant (resource wastage). Finally, ranking the criteria revealed that "possibility of selling participation certificates before maturity","investment period duration" and "project funding ceilings" ranked highest, while "time required for project acceptance and publication","platform commission rates" and "guarantees received to control default risk" ranked lowest.

کلیدواژه‌ها [English]

  • knowledge-based companies
  • Investee Companies
  • crowdfunding
  • importance-performance analysis
  • innovation crowdfunding
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