چهارچوب مفهومي تامين مالي كارآفريني در ايران

Entrepreneurship Finance Conceptual Framework in Iran

ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ ﻫﻤﻮاره ﯾﮑﯽ از ﭼﺎﻟﺶﻫﺎي اﺻﻠﯽ اﯾﺠﺎد و ﺗﻮﺳﻌﻪ ﮐﺴﺐوﮐﺎرﻫﺎي ﻧﻮﭘﺎ و ﺷﺮﮐﺖﻫﺎي ﮐﻮﭼﮏ و ﻣﺘﻮﺳﻂ ﺑﻮده اﺳﺖ. ﭼﺮاﮐﻪ از ﯾﮏﺳﻮ ﮐﺎرآﻓﺮﯾﻨﺎن ﺗﻤﺎﯾﻠﯽ ﺑﻪ ﺗﺨﺼﯿﺺ ﮐﻠﯿﻪ ﻣﻨﺎﺑﻊ ﺧﻮد در ﻃﺮحﻫﺎي ﻧﻮآوراﻧﻪ ﻧﺪاﺷﺘﻪ و از ﻃﺮف دﯾﮕﺮ ﺳﺮﻣﺎﯾﻪﮔﺬاران ﻧﯿﺰ ﺑﻪ دﻟﯿﻞ ﻋﺪم ﺗﺄﻣﯿﻦ وﺛﺎﯾﻖ ﻻزم، ﺟﺮﯾﺎن ﻧﻘﺪي ﻧﺎﮐﺎﻓﯽ و ﻋﺪم ﺗﻘﺎرن اﻃﻼﻋﺎﺗﯽ ﺗﻤﺎﯾﻠﯽ ﺑﻪ ﺳﺮﻣﺎﯾﻪﮔﺬاري در اﯾﻦ ﻃﺮحﻫﺎ ﻧﺪارﻧﺪ. ﻋﻠﯿﺮﻏﻢ اﻧﺠﺎم ﭘﮋوﻫﺶﻫﺎي ﻣﺘﻌﺪد در ارﺗﺒﺎط ﺑﺎ ﮐﺎرآﻓﺮﯾﻨﯽ در داﺧﻞ و ﺧﺎرج ﮐﺸﻮر، ﻣﻄﺎﻟﻌﺎت اﻧﺪك و اﻧﮕﺸﺖﺷﻤﺎري در ﺧﺼﻮص ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ ﮐﺎرآﻓﺮﯾﻨﯽ ﺻﻮرت ﭘﺬﯾﺮﻓﺘﻪ اﺳﺖ. در اﯾﻦ ﻣﻘﺎﻟﻪ، ﺑﺎ ﻣﻄﺎﻟﻌﻪ روﯾﻪﻫﺎ، ﻧﻈﺮﯾﻪﻫﺎ و ﭼﻬﺎرﭼﻮبﻫﺎي ﻣﻔﻬﻮﻣﯽ ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ ﮐﺎرآﻓﺮﯾﻨﯽ و ﻫﻤﭽﻨﯿﻦ ﺑﺮرﺳﯽ ﭘﯿﻤﺎﯾﺸﯽ ﭼﺎﻟﺶﻫﺎي اﺻﻠﯽ ﮐﺎرآﻓﺮﯾﻨﺎن و ﺳﺮﻣﺎﯾﻪﮔﺬاران ﻣﺨﺎﻃﺮه ﭘﺬﯾﺮ ﺑﺎ اﺳﺘﻔﺎده از ﭘﺮﺳﺸﻨﺎﻣﻪ و ﻃﯿﻒ ﻟﯿﮑﺮت 5 درﺟﻪاي، 36 ﻋﺎﻣﻞ در ﻗﺎﻟﺐ 11 ﻣﺆﻟﻔﻪ اﺳﺘﺨﺮاج و ﺑﺎ اﺳﺘﻔﺎده از ﭘﺮﺳﺸﻨﺎﻣﻪ و ﻧﻈﺮﺳﻨﺠﯽ از ﺧﺒﺮﮔﺎن و ﺗﺤﻠﯿﻞ ﻋﺎﻣﻠﯽ ﺗﺄﯾﯿﺪي ﮔﻮﯾﻪﻫﺎ، ﭼﻬﺎرﭼﻮب ﻣﻔﻬﻮﻣﯽ ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ ﮐﺎرآﻓﺮﯾﻨﯽ ﺑﺮاي اﯾﺮان ﺑﺎ ﻫﺪف ﺑﻬﺒﻮد دﺳﺘﺮﺳﯽ ﮐﺎرآﻓﺮﯾﻨﺎن ﺑﻪ ﻣﻨﺎﺑﻊ ﻣﺎﻟﯽ ﻃﺮاﺣﯽﺷﺪه اﺳﺖ. ﻧﺘﺎﯾﺞ اﯾﻦ ﭘﮋوﻫﺶ ﺣﺎﮐﯽ از آن اﺳﺖ ﮐﻪ 9 ﻋﺎﻣﻞ ﺷﺎﻣﻞ وﯾﮋﮔﯽﻫﺎي ﺷﺨﺼﯿﺘﯽ و ﺗﻮاﻧﺎﯾﯽﻫﺎي ﺷﺨﺼﯽ ﮐﺎرآﻓﺮﯾﻦ، ﺣﻤﺎﯾﺖﻫﺎي ﻗﺎﻧﻮﻧﯽ، وﺿﻌﯿﺖ ﺣﮑﻤﺮاﻧﯽ دوﻟﺖ، ﻋﻤﻖ ﺑﺎزار ﺳﺮﻣﺎﯾﻪ، اﺑﺰارﻫﺎي ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ، وﯾﮋﮔﯽﻫﺎي ﻓﻌﺎﻟﯿﺖ ﮐﺎرآﻓﺮﯾﻨﯽ، ﻓﻀﺎي ﮐﺴﺐوﮐﺎر و رواﺑﻂ اﮐﻮﺳﯿﺴﺘﻢ ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ در دﺳﺘﺮﺳﯽ ﮐﺎرآﻓﺮﯾﻨﺎن ﺑﻪ ﻣﻨﺎﺑﻊ ﻣﺎﻟﯽ ﻣﻌﻨﯽدار ﺑﻮدهاﻧﺪ.

Financing has always been one of the main challenges for the creation and development of startups and small & medium enterprises. Entrepreneurs are also reluctant to allocate all their resources to innovative projects. Furthermore, investors are unwilling to invest on these projects due to insufficient funding, inadequate cash flow and information asymmetry. In spite of numerous studies on entrepreneurship locally and globally, few studies have been conducted on entrepreneurship finance. In this paper, we have identified 36 factors, including 11 components by reviewing the procedures, theories and conceptual frameworks of entrepreneurship finance. Likewise, financing challenges of entrepreneurs and risky investors were surveyed using a questionnaire consisting a 5-point Likert scale. In order to develop a conceptual framework for entrepreneurship finance in Iran aimed at improving the access of entrepreneurs to financial resources, the researchers then assessed these factors by surveying expert opinion polls and Confirmatory Factor Analysis technique. The results of this fundamental research indicate that 9 factors, namely the personality traits and entrepreneurial personal abilities, legal protections, state governance, capital market depth, financing tools, characteristics of entrepreneurial activity, business environment and financing eco-system relations have been significant in explaining entrepreneurs' access to financial resources.