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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫ﻣﻼﺣﻈﺎﺗﻲ ﺩﺭ ﻃﺮﺍﺣﻲ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬ ‫ﺁﻟﻔﺮﺩ ﺳﺮﻛﻴﺴﻴﺎﻥ‬

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‫ﻭﺯﺍﺭﺕ ﺻﻨﺎﻳﻊ ﻭ ﻣﻌﺎﺩﻥ‪ ،‬ﻣﺮﻛﺰ ﺻﻨﺎﻳﻊ ﻧﻮﻳﻦ‬ ‫ﺧﻼﺻﻪ‪:‬‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ ﺩﻟﻴﻞ ﻧﻘﺶ ﻛﻠﻴﺪﻱ ﺁﻥ ﺩﺭ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻭ ﺍﺭﺍﺋﻪ ﻛﻤﻚ ﻣﺪﻳﺮﻳﺘﻲ ﺑﻪ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ‬ ‫ﺗﻜﻨﻮﻟﻮﮊﻱ ﻣﺤﻮﺭ‪ ،‬ﻣﻮﺭﺩ ﺗﻮﺟﻪ ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﻛﺸﻮﺭﻫﺎ ﺑﻮﺩﻩ ﺍﺳﺖ‪ .‬ﭘﻴﭽﻴﺪﮔﻲ ﻓﻌﺎﻟﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬ ‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭ ﻭﻳﮋﮔﻲﻫﺎﻱ ﻣﻨﺤﺼﺮ ﺑﻪ ﻓﺮﺩ ﺁﻥ ﻣﻲﺗﻮﺍﻧﺪ ﺑﺎﻋﺚ ﻧﺎﻛﺎﻣﻲ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬ ‫ﺷﻮﺩ‪ .‬ﺩﺭ ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﻛﻮﺷﺶ ﻣﻲﺷﻮﺩ ﺑﺎ ﺑﺮﺭﺳﻲ ﻋﻮﺍﻣﻞ ﻣﻮﺛﺮ ﺑﺮ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺗﺠﺮﺑﻪ ﺑﺮﺧﻲ‬ ‫ﻛﺸﻮﺭﻫﺎ ﻭ ﻭﻳﮋﮔﻲﻫﺎﻱ ﺧﺎﺹ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﻣﻼﺣﻈﺎﺗﻲ ﺑﺮﺍﻱ ﻃﺮﺍﺣﻲ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺍﺭﺍﺋﻪ ﺷﻮﺩ‪.‬‬ ‫ﮐﻠﻴﺪ ﻭﺍﮊﻩﻫﺎ‪ :‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺳﻴﺎﺳﺖﻫﺎﯼ ﺗﺸﻮﻳﻖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺗﻘﺎﺿﺎﯼ ﺳﺮﻣﺎﻳﻪ‬ ‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬ ‫‪ .١‬ﻣﻘﺪﻣﻪ‪:‬‬ ‫ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ‪ ٣‬ﻛﺎﺭﻛﺮﺩﻫﺎﻱ ﻣﻬﻤﻲ ﺩﺭ ﺍﻗﺘﺼﺎﺩ ﺩﺍﺭﻧﺪ‪ ،‬ﺗﺨﺼﻴﺺ ﻣﺠﺪﺩ ﻣﻨﺎﺑﻊ ﺍﺯ ﺑﺨﺶﻫﺎﻱ ﻗﺪﻳﻤﻲ ﺍﻗﺘﺼﺎﺩ ﺑﻪ‬ ‫ﺑﺨﺶﻫﺎﻱ ﺟﺪﻳﺪ‪ ،‬ﺗﺴﺮﻳﻊ ﻭﺭﻭﺩ ﺗﻜﻨﻮﻟﻮﮊﻱﻫﺎﻱ ﺟﺪﻳﺪ ﺑﻪ ﺑﺎﺯﺍﺭ ﻭ ﻛﺎﺭﻛﺮﺩ ﺍﻧﮕﻴﺰﺷﯽ ﺁﻧﻬﺎ‪ ،٤‬ﺍﺯ ﺟﻤﻠﻪ ﺍﻳﻦ ﻛﺎﺭﻛﺮﺩﻫﺎﻱ‬ ‫ﻣﻲﺑﺎﺷﻨﺪ )‪ .(Adapted from Rowen&Toyoda, 2002‬ﻧﺤﻮﺓ ﻋﻤﻞ ﻭ ﻣﻜﺎﻧﻴﺰﻡ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬ ‫ﻣﻲﺗﻮﺍﻧﺪ ﺑﺮﺧﻲ ﺍﺯ ﻣﺸﻜﻼﺕ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩﺗﺄﺳﻴﺲ ﻫﺎﻱﺗﻚ‪ ٥‬ﺭﺍ ﺣﻞ ﻛﻨﺪ‪ .‬ﻣﻄﺎﻟﻌﺎﺕ ﺑﻪ ﺍﻫﻤﻴﺖ ﺳﺮﻣﺎﻳﻪ‬ ‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺭ ﺍﻓﺰﺍﻳﺶ ﻧﻮﺁﻭﺭﻱ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﻧﻪ ﺗﻨﻬﺎ ﺩﺭ ﺷﺮﻛﺖ ﺩﺭﻳﺎﻓﺖ ﻛﻨﻨﺪﻩ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺑﻠﻜﻪ ﺩﺭ ﻛﻞ ﺑﺨﺶ ﻣﻮﺭﺩ‬ ‫ﻧﻈﺮ ﺍﺷﺎﺭﻩ ﺩﺍﺭﻧﺪ‪ .‬ﻫﻤﭽﻨﻴﻦ ﺗﺤﻘﻴﻘﺎﺕ ﺩﻳﮕﺮ ﺑﺮ ﺗﺄﺛﻴﺮ ﻣﺜﺒﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﺮ ﻣﻮﻓﻘﻴﺖ ﺷﺮﻛﺖ ﺩﺭﻳﺎﻓﺖ ﻛﻨﻨﺪﻩ‬ ‫ﺳﺮﻣﺎﻳﻪ‪ ،‬ﺗﺄﻛﻴﺪ ﺩﺍﺷﺘﻪﺍﻧﺪ )‪.(Adapted from Avnimelech&Teubal, 2002‬‬

‫‪ 1‬ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﺑﺨﺸﻲ ﺍﺯ ﻳﮏ ﻣﻄﺎﻟﻌﻪ ﺩﺭ ﺩﺳﺖ ﺍﻧﺠﺎﻡ ﻣﯽﺑﺎﺷﺪ‪.‬‬ ‫‪Email: [email protected]‬‬

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‫ﺁﺩﺭﺱ‪ :‬ﺗﻬﺮﺍﻥ‪ ،‬ﺧﻴﺎﺑﺎﻥ ﺷﻬﻴﺪ ﺑﻬﺸﺘﻲ‪ ،‬ﺧﻴﺎﺑﺎﻥ ﺍﺣﻤﺪﻗﺼﻴﺮ‪ ،‬ﺧﻴﺎﺑﺎﻥ ﺩﻭﻡ ﭘﻼﻙ ‪ ،۶‬ﻛﺪﭘﺴﺘﻲ ‪۱۵۱۴۶‬‬ ‫‪ 4‬ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ‪ ،‬ﻓﺮﺻﺘﻲ ﺑﺮﺍﻱ ﻧﺸﺎﻥ ﺩﺍﺩﻥ ﻣﻬﺎﺭﺕﻫﺎﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺍﻓﺮﺍﺩ ﻭ ﻧﻴﺰ ﻛﺴﺐ ﻣﻨﻔﻌﺖ ﻣﺎﻟﻲ ﻣﻲﺑﺎﺷﻨﺪ‪.‬‬

‫‪Start-ups‬‬ ‫‪High-tech‬‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫ﺩﺭ ﻫﺮ ﻛﺸﻮﺭﻱ‪ ،‬ﺩﻭﻟﺖ ﻧﻘﺸﻲ ﺩﺭ ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺍﺷﺘﻪ ﺍﺳﺖ‪ .‬ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺭﻳﺴﻚ ﺑﺎﻻﻱ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎ‪ ،‬ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻧﻬﺎﺩﻱ ﺑﺴﻴﺎﺭ ﺣﺴﺎﺱ ﻣﻲﺑﺎﺷﺪ ﻭ ﺩﻭﻟﺖ ﺑﺎﻳﺪ ﺩﻗﺖ ﻛﻨﺪ ﺳﻴﺎﺳﺖﻫﺎﻳﺶ ﺗﺄﺛﻴﺮ‬ ‫ﻧﺎﻣﻄﻠﻮﺏ ﺑﺮ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻧﺪﺍﺷﺘﻪ ﺑﺎﺷﺪ‪ .‬ﺑﻪ ﻋﺒﺎﺭﺗﻲ ﺩﻳﮕﺮ‪ ،‬ﺍﻗﺪﺍﻣﺎﺕ ﺣﺴﺎﺏ ﻧﺸﺪﻩ ﺩﻭﻟﺖ ﻣﻲﺗﻮﺍﻧﺪ ﺭﻳﺴﻚ‬ ‫ﻣﻀﺎﻋﻒ ﺩﺭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎ ﻭﺍﺭﺩ ﻛﻨﺪ ﺩﺭ ﺣﺎﻟﻲ ﻛﻪ ﺳﻴﺎﺳﺖﻫﺎﻱ ﻣﻨﺎﺳﺐ ﺩﻭﻟﺖ ﺑﺮﺍﻱ ﺗﺸﻮﻳﻖ ﻣﺸﺎﺭﻛﺖ ﺑﺨﺶ‬ ‫ﺧﺼﻮﺻﻲ‪ ،‬ﺩﺭ ﺻﻮﺭﺕ ﻭﺟﻮﺩ ﺷﺮﺍﻳﻂ ﻣﻨﺎﺳﺐ‪ ،‬ﻣﻲﺗﻮﺍﻧﺪ ﺑﻪ ﺍﻳﺠﺎﺩ ﻳﻚ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻣﺴﺘﻘﻞ ﻭ‬ ‫ﺧﻮﺩﺍﺗﻜﺎ ﻣﻨﺠﺮﺷﻮﺩ )‪.(Kenney et al., 2002‬‬ ‫ﺩﺭ ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﻛﻮﺷﺶ ﻣﻲﺷﻮﺩ ﺑﺎ ﺑﺮﺭﺳﻲ ﺧﺼﻮﺻﻴﺎﺕ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﻋﻮﺍﻣﻞ ﻣﺆﺛﺮ ﺑﺮ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ‬ ‫ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭ ﺗﺠﺮﺑﻪ ﺑﺮﺧﻲ ﻛﺸﻮﺭﻫﺎﻱ ﻣﻨﺘﺨﺐ‪ ،‬ﻣﻼﺣﻈﺎﺗﻲ ﺑﺮﺍﻱ ﻃﺮﺍﺣﻲ ﺍﺛﺮ ﺑﺨﺶ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ‬ ‫ﻓﻌﺎﻟﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺍﺭﺍﺋﻪ ﺷﻮﺩ‪.‬‬ ‫‪ .٢‬ﻧﻴﺮﻭﻫﺎﻱ ﺗﺄﺛﻴﺮﮔﺬﺍﺭ ﺑﺮ ﻓﻌﺎﻟﻴﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪:‬‬ ‫ﻳﻚ ﻋﺎﻣﻞ ﻣﻬﻢ ﺩﺭ ﺷﻜﺴﺖ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺤﺮﻳﻚ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺍﺗﺨﺎﺫ ﺭﻭﻳﻜﺮﺩ ﺳﺎﺩﻩﺍﻧﮕﺎﺭﺍﻧﻪ‬ ‫ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺑﻪ ﺻﻨﻌﺖ ‪ VC‬ﺑﻮﺩﻩ ﺍﺳﺖ‪ .‬ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺍﻏﻠﺐ ﺑﻪ ‪ VC‬ﺗﻨﻬﺎ ﺑﻪ ﺻﻮﺭﺕ ﻳﻚ ﻣﺠﻤﻮﻋﻪ ﺍﺯ ﻭﺟﻮﻩ ﻣﺎﻟﻲ‬ ‫ﻧﻈﺎﺭﻩ ﻛﺮﺩﻩﺍﻧﺪ ﻭ ﺍﺯ ﺍﻳﻦ ﻭﺍﻗﻌﻴﺖ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﺑﻪ ﺻﻮﺭﺕ ﻳﻚ "ﺻﻨﻌﺖ" ﻧﻈﺎﺭﻩ ﻛﺮﺩ ﻏﺎﻓﻞ‬ ‫ﺑﻮﺩﻩﺍﻧﺪ )‪ .(Adapted from Avnimelech&Teubal, 2003‬ﺩﺭ ﺗﻌﻴﻴﻦ ﻧﻴﺮﻭﻫﺎﻱ ﭘﻴﺶﺭﺍﻥ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ‬ ‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺑﻪ ﻧﻈﺮ ﻣﻲﺭﺳﺪ ﻧﻈﺎﺭﻩ ﻛﺮﺩﻥ ﺑﻪ ﺻﻨﻌﺖ ‪ VC‬ﺍﺯ ﻃﺮﻑ ﻋﺮﺿﻪ ﻭ ﺍﺯ ﻃﺮﻑ ﺗﻘﺎﺿﺎ ﻣﻌﻘﻮﻝ ﺑﺎﺷﺪ ‪(Adapted‬‬ ‫)‪.from Schertler, 2003‬‬ ‫‪ -۱-۲‬ﺗﻘﺎﺿﺎﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪:‬‬ ‫ﺳﻄﺢ ﺗﻘﺎﺿﺎ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ ﺳﻪ ﮔﺮﻭﻩ ﺍﺯ ﻋﻮﺍﻣﻞ ﻭﺍﺑﺴﺘﻪ ﺑﻪ ﻳﻜﺪﻳﮕﺮ‪ ،‬ﺑﺴﺘﮕﻲ ﺩﺍﺭﺩ )‪:(Schertler, 2003‬‬ ‫‪ -۱-۱-۲‬ﻣﺸﻮﻕﻫﺎﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ‪:‬‬ ‫ﺗﻘﺎﺿﺎ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺑﺎ ﻣﺸﻮﻕﻫﺎﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺍﻓﺰﺍﻳﺶ ﭘﻴﺪﺍ ﻣﻲﻛﻨﺪ‪ .‬ﻣﺸﻮﻕﻫﺎﻱ ﻓﺮﺩﻱ ﺑﺮﺍﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺷﺎﻣﻞ‬ ‫ﻫﻤﻪ ﻋﻮﺍﻣﻠﻲ ﻣﻲﺑﺎﺷﻨﺪ ﻛﻪ ﺑﺮ ﺗﺼﻤﻴﻢ ﻓﺮﺩ‪ -‬ﺷﺎﻏﻞ ﻳﺎ ﺑﻲﻛﺎﺭ‪ -‬ﺑﺮﺍﻱ ﺗﺄﺳﻴﺲ ﺷﺮﻛﺖ ﻫﺎﻱﺗﻚ ﺧﻮﺩ ﺗﺄﺛﻴﺮ ﻣﻲﮔﺬﺍﺭﺩ‬ ‫)‪.(Schertler,2003‬‬ ‫ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺩﺍﺭﺍﻱ ﻫﺪﻑ ﺗﺸﻮﻳﻖ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ ﺍﻓﺰﺍﻳﺶ ﻧﺮﺥ ﺍﻳﺠﺎﺩ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ‬ ‫ﻣﻲﺑﺎﺷﻨﺪ‪ .‬ﺍﻳﻦ ﺳﻴﺎﺳﺖﻫﺎ ﺩﺍﺭﺍﻱ ﭼﻬﺎﺭ ﺣﻮﺭﻩ ﺧﺎﺹ ﻣﻲﺑﺎﺷﻨﺪ ﻛﻪ ﺑﻪ ﻃﻮﺭ ﻋﺎﺩﻱ ﺩﺭ ﺳﻴﺎﺳﺖﻫﺎﻱ ﻣﻌﻄﻮﻑ ﺑﻪ ﺷﺮﻛﺖﻫﺎﻱ‬ ‫ﻛﻮﭼﻚ ﻭ ﻣﺘﻮﺳﻂ ﻭﺟﻮﺩ ﻧﺪﺍﺭﺩ‪:‬‬ ‫ﺍﻟﻒ‪ -‬ﺍﺩﻏﺎﻡ ﺁﻣﻮﺯﺵ ﮐﺎﺭﺁﻓﺮﻳﻨﯽ ﺩﺭ ﺳﻴﺴﺘﻢ ﺁﻣﻮﺯﺷﻲ‬ ‫ﺏ‪ -‬ﻛﺎﻫﺶ ﻣﻮﺍﻧﻊ ﻭﺭﻭﺩ ﻭ ﺧﺮﻭﺝ ﺷﺮﻛﺖﻫﺎ )ﻣﺎﻧﻨﺪ ﺗﺠﺪﻳﺪ ﻧﻈﺮ ﻓﺮﺁﻳﻨﺪ ﺛﺒﺖ ﺷﺮﻛﺖ ﻭ ﻗﻮﺍﻧﻴﻦ ﻭﺭﺷﻜﺴﺘﮕﻲ(‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫ﺝ‪ -‬ﺗﺸﻮﻳﻖ ﻓﺮﻫﻨﮓ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ‬ ‫ﺩ‪-‬‬

‫ﺍﺳﺘﺮﺍﺗﮋﻱﻫﺎﻱ‬

‫ﺧﺎﺹ‬

‫ﺑﺮﺍﻱ‬

‫ﺣﻤﺎﻳﺖ‬

‫ﺍﺯ‬

‫ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ‬

‫ﺩﺭ‬

‫ﻣﺮﺍﺣﻞ‬

‫ﺍﻭﻟﻴﻪ‬

‫ﻭ‬

‫ﺗﺄﺳﻴﺲ‬

‫ﺷﺮﻛﺖ‬

‫)‪.(Lundströn&Stevenson, 2002‬‬ ‫ﻫﻨﮕﺎﻣﻲ ﻛﻪ ﺩﻭﻟﺖﻫﺎ ﺳﻴﺎﺳﺖ ﻛﺎﺭ ﺁﻓﺮﻳﻨﻲ ﺭﺍ ﺩﺭ ﺩﺳﺘﻮﺭ ﻛﺎﺭ ﺧﻮﺩ ﻗﺮﺍﺭ ﻣﻲﺩﻫﻨﺪ‪ ،‬ﺑﺮ ﻣﻮﺍﻧﻊ ﻗﺎﻧﻮﻧﯽ ﺍﻳﺠﺎﺩ ﺷﺮﮐﺖﻫﺎﯼ‬ ‫ﺟﺪﻳﺪ ﺑﻴﺸﺘﺮ ﺗﻮﺟﻪ ﻣﯽﮐﻨﻨﺪ)‪ .(Lundströn&Stevenson, 2002‬ﺑﺮﺧﯽ ﻣﻮﺍﺭﺩ ﺩﺭ ﺍﻳﻦ ﺭﺍﺳﺘﺎ ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ ﺳﻴﺴﺘﻢ‬ ‫ﻣﺎﻟﻴﺎﺗﻲ ﻭ ﻗﻮﺍﻧﻴﻦ ﻭ ﻣﻘﺮﺭﺍﺕ ﺑﺎﺯﺍﺭ ﻛﺎﺭ‪ .‬ﻫﺮ ﭼﻪ ﻧﺮﺥ ﻣﺎﻟﻴﺎﺕ ﻋﺎﻳﺪﻱ ﺳﺮﻣﺎﻳﻪ‪ ١‬ﺑﺎﻻﺗﺮ ﺑﺎﺷﺪ‪ ،‬ﻓﻌﺎﻟﻴﺖ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻛﻤﺘﺮ ﻭ‬ ‫ﺑﻨﺎﺑﺮﺍﻳﻦ ﺗﻘﺎﺿﺎ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻛﻤﺘﺮ ﺧﻮﺍﻫﺪ ﺑﻮﺩ‪ .‬ﻫﻤﭽﻨﻴﻦ ﻗﻮﺍﻧﻴﻦ ﻭ ﻣﻘﺮﺭﺍﺕ ﺑﺎﺯﺍﺭ ﻛﺎﺭ ﻣﻲﺗﻮﺍﻧﻨﺪ ﺗﺄﺛﻴﺮﻱ‬ ‫ﭘﻴﭽﻴﺪﻩ ﺑﺮ ﺗﻘﺎﺿﺎﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺍﺷﺘﻪ ﺑﺎﺷﻨﺪ‪ .‬ﻣﺜ ﹰ‬ ‫ﻼ ﺩﺭ ﺑﺎﺯﺍﺭ ﻧﻴﺮﻭﻱ ﻛﺎﺭ ﻏﻴﺮ ﻣﻨﻌﻄﻒ‪ ٢‬ﻧﺴﺒﺖ ﺑﻪ ﺑﺎﺯﺍﺭﻫﺎﻱ ﻛﺎﺭ‬ ‫ﺍﻧﻌﻄﺎﻑﭘﺬﻳﺮ‪ ،‬ﺑﻪ ﺩﻟﻴﻞ ﻋﻮﺍﻣﻠﻲ ﻣﺎﻧﻨﺪ ﺣﻤﺎﻳﺖ ﺩﺭ ﺑﺮﺍﺑﺮ ﺍﺧﺮﺍﺝ ﻭ ﺳﺨﺘﻲ ﺍﺩﻏﺎﻡ ﻓﺮﺩ ﺩﺭ ﺑﺎﺯﺍﺭ ﻛﺎﺭ ﺩﺭ ﺻﻮﺭﺕ ﺷﻜﺴﺖ‪،‬‬ ‫ﻣﺸﻮﻕ ﻛﻤﺘﺮﻱ ﺑﺮﺍﻱ ﺷﺮﻭﻉ ﺷﺮﻛﺖﻫﺎﻱ ﻫﺎﯼﺗﻚ ﻭﺟﻮﺩ ﺩﺍﺭﺩ )‪.(Schertler, 2003‬‬ ‫ﺍﻟﺒﺘﻪ ﺑﺎﻳﺪ ﺩﻗﺖ ﻧﻤﻮﺩ ﻛﻪ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﺑﺎﻳﺪ ﺩﺍﺭﺍﻱ ﺍﻳﺪﻩﻫﺎﻱ ﺗﺠﺎﺭﻱ ﺑﺎﺷﻨﺪ ﻛﻪ ﻣﻲﺗﻮﺍﻧﻨﺪ ﻣﻨﺠﺮ ﺑﻪ ﺍﻳﺠﺎﺩ ﺷﺮﻛﺖﻫﺎﻱ ﺩﺍﺭﺍﻱ‬ ‫ﺭﺷﺪ ﺳﺮﻳﻊ ﺷﻮﻧﺪ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﻫﺮ ﻧﻮﻉ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺑﺮﺍﻱ ﺷﻜﻞﮔﻴﺮﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻣﻔﻴﺪ ﻭﺍﻗﻊ ﻧﺨﻮﺍﻫﺪ ﺷﺪ‬ ‫)‪.(Kenney et al., 2002‬‬ ‫‪ -۲-۱-۲‬ﭘﺘﺎﻧﺴﻴﻞ ﻧﻮﺁﻭﺭﻱ ﺍﻗﺘﺼﺎﺩ‪:‬‬ ‫ﺗﻨﻬﺎ ﺍﮔﺮ ﻳﻚ ﺍﻗﺘﺼﺎﺩ ﺩﺍﺭﺍﻱ ﺳﺮﻣﺎﻳﻪ ﺍﻧﺴﺎﻧﻲ ﻛﺎﻓﻲ ﺑﺎﺷﺪ‪ ،‬ﻛﻪ ﻻﺯﻣﺔ ﺗﻮﻟﻴﺪ ﺍﻳﺪﻩﻫﺎﻱ ﻧﻮﺁﻭﺭﺍﻧﻪ ﺍﺳﺖ‪ ،‬ﻣﻲﺗﻮﺍﻥ ﺍﻧﺘﻈﺎﺭ ﺗﻮﺳﻌﻪ‬ ‫ﻳﻚ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺍﺭﺍﻱ ﻧﻘﺪﻳﻨﮕﻲ ﺭﺍ ﺩﺍﺷﺖ‪ .‬ﺍﻟﺒﺘﻪ ﺳﺒﻚ ﺳﻴﺴﺘﻢ ﻧﻮﺁﻭﺭﻱ ﻧﻴﺰ ﺩﺭ ﺍﻳﻦ ﺑﻴﻦ ﻣﻲﺗﻮﺍﻧﺪ ﻣﻬﻢ‬ ‫ﻼ ﻣﻲﺗﻮﺍﻥ ﺍﻧﺘﻈﺎﺭ ﺩﺍﺷﺖ ﻫﺮ ﭼﻪ ﺳﻴﺴﺘﻢ ﺩﺍﻧﺸﮕﺎﻫﻲ‪ ،‬ﻓﺮﺩﮔﺮﺍﻳﻲ ﻭ ﺧﻼﻗﻴﺖ ﺑﻴﺸﺘﺮﻱ ﺭﺍ ﺗﺸﻮﻳﻖ ﻛﻨﺪ‪ ،‬ﺍﻓﺮﺍﺩ‬ ‫ﺑﺎﺷﺪ‪ .‬ﻣﺜ ﹰ‬ ‫ﺑﻴﺸﺘﺮﻱ ﺑﺎ ﺍﻳﺪﻩﻫﺎﻱ ﻫﺎﻱﺗﻚ ﻭﺟﻮﺩ ﺧﻮﺍﻫﺪ ﺩﺍﺷﺖ )‪.(Schertler, 2003‬‬ ‫‪ -۳-۱-۲‬ﻣﺤﻴﻂ ﻧﻬﺎﺩﻱ ﻛﻪ ﻧﺤﻮﺓ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ ﺍﻳﺪﻩﻫﺎﻱ ﻧﻮﺁﻭﺭﺍﻧﻪ ﺭﺍ ﺗﻌﻴﻴﻦ ﻣﻲﻛﻨﺪ‪:‬‬ ‫ﻳﻚ ﻣﺜﺎﻝ ﺩﺭ ﺍﻳﻦ ﻣﻮﺭﺩ ﺍﻳﻦ ﺍﺳﺖ ﻛﻪ ﻫﺮ ﭼﻪ ﻓﻌﺎﻟﻴﺖﻫﺎﻱ ﺗﺤﻘﻴﻖ ﻭ ﺗﻮﺳﻌﻪ ﺩﺭﻭﻥ ﺳﺎﺯﻣﺎﻧﻲ ﺑﻴﺸﺘﺮ ﺑﺎﺷﺪ‪ ،‬ﺍﺣﺘﻤﺎﻝ ﺗﻮﺳﻌﻪ‬ ‫ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻛﻤﺘﺮ ﺧﻮﺍﻫﺪ ﺑﻮﺩ‪ .‬ﺍﻟﺒﺘﻪ ﺩﺭ ﺑﺎﺯﺍﺭﻫﺎﻱ ﻣﺎﻟﻲ ﻛﻤﺘﺮ ﺗﻮﺳﻌﻪ ﻳﺎﻓﺘﻪ‪ ،‬ﻓﻌﺎﻟﻴﺖﻫﺎﻱ ﺗﺤﻘﻴﻖ ﻭﺗﻮﺳﻌﻪ‬ ‫ﺑﻴﺸﺘﺮ ﺩﺭﻭﻥ ﺳﺎﺯﻣﺎﻧﻲ ﺍﻧﺠﺎﻡ ﻣﻲﺷﻮﻧﺪ‪ .‬ﻣﻮﺭﺩ ﺩﻳﮕﺮ ﻣﯽﺗﻮﺍﻧﺪ ﺣﻘﻮﻕ ﺳﻬﺎﻡ ﺩﺍﺭﺍﻥ ﺑﺎﺷﺪ‪ .‬ﻫﺮ ﭼﻪ ﺣﻤﺎﻳﺖ ﺍﺯ ﺳﻬﺎﻡ ﺩﺍﺭﺍﻥ‬ ‫ﺑﻴﺸﺘﺮ ﺑﺎﺷﺪ‪ ،‬ﺳﻬﺎﻡ ﺩﺍﺭﺍﻥ ﺗﻤﺎﻳﻞ ﺑﻴﺸﺘﺮﻱ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﻮﺍﻫﻨﺪ ﺩﺍﺷﺖ‪ .‬ﺍﻣﺎ‪ ،‬ﺣﻤﺎﻳﺖ ﺑﻴﺸﺘﺮ ﺍﺯ ﺳﻬﺎﻡ ﺩﺍﺭﺍﻥ ﻣﻲﺗﻮﺍﻧﺪ‬ ‫ﺑﺎﻋﺚ ﺷﻮﺩ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﺑﻪ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺍﺯ ﺩﺍﺧﻞ ﺳﺎﺯﻣﺎﻥ ﺭﻭﻱ ﺁﻭﺭﻧﺪ )‪.(Schertler, 2003‬‬ ‫‪ -۲-۲‬ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪:‬‬ ‫ﺳﻪ ﻋﺎﻣﻞ ﻣﺆﺛﺮ ﺑﺮ ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻣﻲﺗﻮﺍﻥ ﺗﻌﻴﻴﻦ ﻛﺮﺩ)‪:(Schertler, 2003‬‬

‫‪Capital Gain‬‬ ‫‪Rigid‬‬

‫‪3‬‬

‫‪1‬‬ ‫‪2‬‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫‪ -۱-۲-۲‬ﻋﻮﺍﻣﻞ ﻣﺆﺛﺮ ﺑﺮ ﻋﺮﺿﻪ ﺣﻤﺎﻳﺖ ﻣﺪﻳﺮﻳﺘﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪:‬‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺧﻮﺍﺳﺘﺎﺭ ﺣﻀﻮﺭ ﺩﺭ ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ ﺷﺮﻛﺖ ﺩﺭﻳﺎﻓﺖ ﻛﻨﻨﺪﻩ ﺳﺮﻣﺎﻳﻪ ﻣﻲﺑﺎﺷﻨﺪ ﻭ ﺍﺯ ﻃﺮﻳﻖ‬ ‫ﻧﻈﺎﺭﺕ ﻭ ﺍﺭﺍﺋﻪ ﻣﺸﺎﻭﺭﻩ ﺑﺮﺍﻱ ﺷﺮﻛﺖ ﺍﻳﺠﺎﺩ ﺍﺭﺯﺵ ﻣﻲﻛﻨﻨﺪ )‪.(Kenney et al., 2002‬‬ ‫ﻋﺮﺿﻪ ﻣﺸﺎﺭﻛﺖ ﻓﻌﺎﻝ ﺗﻮﺳﻂ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺗﻨﻬﺎ ﺯﻣﺎﻧﻲ ﻣﻲﺗﻮﺍﻧﺪ ﻣﺤﻘﻖ ﺷﻮﺩ ﻛﻪ ﻣﻘﺮﺭﺍﺕ ﻭ ﺣﻘﻮﻕ‬ ‫ﻗﺮﺍﺭﺩﺍﺩ‪ ،١‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺭﺍ ﺍﺯ ﺩﺍﺷﺘﻦ ﺣﻖ ﻛﻨﺘﺮﻝ ﺍﻧﺤﺼﺎﺭﻱ‪ ،‬ﻣﺎﻧﻨﺪ ﺣﻖ ﻋﻀﻮﻳﺖ ﻭ ﺭﺃﻱ ﺩﺭ ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ‪،‬‬ ‫ﻣﻨﻊ ﻧﻜﺮﺩﻩ ﺑﺎﺷﺪ‪ .‬ﺑﻌﻼﻭﻩ‪ ،‬ﺑﺎﻳﺪ ﺍﻓﺮﺍﺩ ﺩﺍﺭﺍﻱ ﻣﻬﺎﺭﺕ ﻭ ﺗﺠﺮﺑﻪ ﻻﺯﻡ ﺑﺮﺍﻱ ﻛﺎﺭ ﺑﻪ ﻋﻨﻮﺍﻥ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭﺟﻮﺩ‬ ‫ﺩﺍﺷﺘﻪ ﺑﺎﺷﻨﺪ )‪.(Schertler, 2003‬‬ ‫‪ -۲-۲-۲‬ﻋﻮﺍﻣﻠﻲ ﻛﻪ ﺑﺮ ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﺗﻮﺳﻂ ﺗﺄﻣﻴﻦ ﻛﻨﻨﺪﮔﺎﻥ ﺳﺮﻣﺎﻳﻪ‪ ٢‬ﺗﺄﺛﻴﺮ ﻣﻲﮔﺬﺍﺭﻧﺪ‪:‬‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭﺍﺳﻄﻪﻫﺎﻱ ﻣﺎﻟﻲ‪ ٣‬ﻣﻲﺑﺎﺷﻨﺪ ﻛﻪ ﻭﺟﻮﺩ ﻣﺎﻟﻲ ﺭﺍ ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺟﺬﺏ ﻛﺮﺩﻩ ﻭ ﺩﺭ‬ ‫ﺷﺮﻛﺖﻫﺎﻱ ﭘﻮﺭﺗﻔﻮﻟﻴﻮ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻲﻛﻨﻨﺪ )‪ .(Armour&Cumming, 2003‬ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﺗﻮﺳﻂ ﺗﺄﻣﻴﻦ‬ ‫ﻛﻨﻨﺪﮔﺎﻥ ﺳﺮﻣﺎﻳﻪ ﺑﺴﺘﮕﻲ ﺩﺍﺭﺩ ﺑﻪ ﺭﺍﺑﻄﻪ ﺭﻳﺴﻚ ‪ -‬ﺑﺎﺯﺩﻩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺭ ﻣﻘﺎﻳﺴﻪ ﺑﺎ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎﻱ‬ ‫ﺟﺎﻳﮕﺰﻳﻦ )‪ .(Schertler, 2003‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﺍﻧﺘﻈﺎﺭ ﻣﻲﺭﻭﺩ ﻭﺟﻮﺩ ﻓﺮﺻﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺍﺭﺍﻱ ﺭﻳﺴﻚ ﻛﻤﺘﺮ ﻭ ﺑﺎﺯﺩﻩ‬ ‫ﻣﻨﺎﺳﺐ‪ ،‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﺍ ﺍﺯ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﯼ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﺎﺯ ﺩﺍﺭﺩ‪ .‬ﺑﻌﻼﻭﻩ‪ ،‬ﺍﻧﺘﻈﺎﺭ ﻣﯽﺭﻭﺩ ﻗﻮﺍﻧﻴﻦ ﻭ ﻣﻘﺮﺭﺍﺗﯽ‬ ‫ﮐﻪ ﻧﻮﻉ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﯼﻫﺎﯼ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻧﻲ ﻣﺎﻧﻨﺪ ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﺭﺍ ﻣﺤﺪﻭﺩ ﻣﻲﻛﻨﻨﺪ ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﺭﺍ ﻣﺤﺪﻭﺩ‬ ‫ﻛﻨﺪ )‪.(Armour&Cumming, 2003‬‬ ‫‪ -۳-۲-۲‬ﻋﻮﺍﻣﻞ ﻣﺆﺛﺮ ﺑﺮ ﺭﺍﺑﻄﻪ ﺑﻴﻦ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭ ﺗﺄﻣﻴﻦ ﻛﻨﻨﺪﮔﺎﻥ ﺳﺮﻣﺎﻳﻪ‪:‬‬ ‫ﻼ ﺷﻌﺒﻪ ﻳﻚ ﺷﺮﻛﺖ ﻳﺎ ﻧﻬﺎﺩ ﻣﺎﻟﻲ ﻧﻤﻲﺑﺎﺷﻨﺪ(‪ ،‬ﺑﻪ ﺩﻟﻴﻞ‬ ‫ﻫﻨﮕﺎﻣﻲ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻣﺴﺘﻘﻞ ﻣﻲﺑﺎﺷﻨﺪ )ﻣﺜ ﹰ‬ ‫ﺍﻃﻼﻋﺎﺕ ﻛﻢ ﺩﺭ ﺍﺑﺘﺪﺍ ﺩﺭ ﻣﻮﺭﺩ ﺗﺠﺮﺑﻪ ﺁﻧﻬﺎ‪ ،‬ﻣﻤﻜﻦ ﺍﺳﺖ ﻣﺸﻜﻼﺕ ﺍﻧﺘﺨﺎﺏ ﻧﺎﻣﻄﻠﻮﺏ‪ ٤‬ﻭ ﻣﺨﺎﻃﺮﺍﺕ ﺍﺧﻼﻗﻲ‪ ٥‬ﺑﻪ ﻭﺟﻮﺩ‬ ‫ﺁﻳﺪ )‪.(Schertler, 2003‬‬ ‫ﺷﻜﻞ ]ﺳﺎﺯﻣﺎﻧﻲ[ ﺷﺮﺍﻛﺖ ﻣﺤﺪﻭﺩ‪ ٦‬ﺩﺭﺗﻤﺎﻣﻲ ﻛﺸﻮﺭﻫﺎﻱ ﺩﺍﺭﺍﻱ ﺻﻨﻌﺖ ‪ VC‬ﻣﻮﻓﻖ‪ ،‬ﺑﺠﺰ ﺗﺎﻳﻮﺍﻥ‪ ،‬ﻏﺎﻟﺐ ﻣﻲﺑﺎﺷﺪ‬ ‫)‪ .(Kenney et al., 2002‬ﻃﺒﻖ ﺗﺌﻮﺭﻱ ﻋﺎﻣﻠﻴﺖ‪ ،٧‬ﺷﺮﺍﻛﺖ ﻣﺤﺪﻭﺩ ﺷﻜﻞ ﺳﺎﺯﻣﺎﻧﻲ ﻣﻨﺎﺳﺐ ﺑﺮﺍﻱ ‪ VC‬ﻣﻲﺑﺎﺷﺪ‬ ‫)‪.(Adapted from Avnimelech&Teubal, 2003‬‬ ‫‪1‬‬

‫‪Contract Law‬‬ ‫‪Capital Providers‬‬ ‫‪3‬‬ ‫‪Financial Intermediaries‬‬ ‫‪4‬‬ ‫‪Adverse Selection‬‬ ‫‪2‬‬

‫ﺍﺭﺍﺋﻪ ﺍﻃﻼﻋﺎﺕ ﻏﻠﻂ ﺗﻮﺳﻂ ﮔﺮﻭﻩ ﻣﻄﻠﻊ ﻗﺒﻞ ﺍﺯ ﻋﻘﺪ ﭘﻴﻤﺎﻥ )‪(Dickson‬‬ ‫‪Moral Hazard‬‬

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‫ﺍﺭﺍﺋﻪ ﺍﻃﻼﻋﺎﺕ ﻏﻠﻂ ﺗﻮﺳﻂ ﮔﺮﻭﻩ ﻣﻄﻠﻊ ﺑﻌﺪ ﺍﺯ ﻋﻘﺪ ﭘﻴﻤﺎﻥ )‪(Dickson‬‬ ‫‪Limited Partnership‬‬ ‫‪Agency Theory‬‬

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‫‪6‬‬ ‫‪7‬‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫ﺩﺭ ﺷﺮﺍﻛﺖﻫﺎﻱ ﻣﺤﺪﻭﺩ ﺩﻭ ﻧﻮﻉ ﺷﺮﻳﻚ ﻭﺟﻮﺩ ﺩﺍﺭﺩ‪ .‬ﺷﺮﻛﺎﻱ ﻋﻤﻮﻣﻲ‪ ١‬ﺑﻪ ﺳﺎﺯﻣﺎﻥﺩﻫﯽ‪ ،‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﯼ ﻭ ﻣﺪﻳﺮﻳﺖ‬ ‫ﺳﺮﻣﺎﻳﻪ ﻣﯽﭘﺮﺩﺍﺯﻧﺪ ﻭ ﺷﺮﮐﺎﯼ ﻣﺤﺪﻭﺩ‪ ٢‬ﺳﺮﻣﺎﻳﻪ ﺭﺍ ﺗﺎﻣﻴﻦ ﻣﻲﻛﻨﻨﺪ‪ .‬ﺷﺮﺍﻛﺖ ﻣﺤﺪﻭﺩ ﺩﺍﺭﺍﻱ ﻣﺰﻳﺖﻫﺎﻱ ﻋﻤﺮ ﻣﺤﺪﻭﺩ‪،‬‬ ‫ﻣﺴﺌﻮﻟﻴﺖ ﻣﺤﺪﻭﺩ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻭ ﻣﺰﻳﺖ ﻣﺎﻟﻴﺎﺗﻲ ﻣﻲﺑﺎﺷﺪ )‪.(Megginson, 2001‬‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺩﺍﺋﻤﻲ ﻧﻤﻲﺑﺎﺷﻨﺪ ﺑﻠﻜﻪ ﺩﺭ ﭘﻲ ﻧﻘﺪ ﻛﺮﺩﻥ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﻮﺩ ﺑﺮﺍﻱ ﺗﻜﻤﻴﻞ‬ ‫ﺳﻴﻜﻞ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻲﺑﺎﺷﻨﺪ )‪ .(Kenney et al., 2002‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﻋﻤﺮ ﻣﺤﺪﻭﺩ ﺷﻜﻞ ﺣﻘﻮﻗﻲ ﺷﺮﺍﻛﺖ ﻣﺤﺪﻭﺩ ﻳﻚ‬ ‫ﻣﺰﻳﺖ ﺍﺳﺖ‪ .‬ﺩﺭ ﺍﻳﻦ ﺷﺮﺍﻛﺖﻫﺎ‪ ،‬ﺷﺮﻛﺎﻱ ﻣﺤﺪﻭﺩ ﺩﺍﺭﺍﻱ ﻣﺴﺌﻮﻟﻴﺖ ﻣﺤﺪﻭﺩ ﻭ ﺷﺮﻛﺎﻱ ﻋﻤﻮﻣﻲ ﺩﺍﺭﺍﻱ ﻣﺴﺌﻮﻟﻴﺖ ﻧﺎﻣﺤﺪﻭﺩ‬ ‫ﻣﻲﺑﺎﺷﻨﺪ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﻣﺴﺌﻮﻟﻴﺖ ﻧﺎﻣﺤﺪﻭﺩ ﺷﺮﻛﺎﻱ ﻋﻤﻮﻣﻲ ﻛﻪ ﻣﺴﺌﻮﻟﻴﺖ ﺍﺩﺍﺭﺓ ﻭﺟﻮﻩ ﺭﺍ ﺑﺮ ﻋﻬﺪﻩ ﺩﺍﺭﻧﺪ ﺍﺯ ﻟﺤﺎﻅ ﺗﺄﻣﻴﻦ‬ ‫ﻛﻨﻨﺪﮔﺎﻥ ﺳﺮﻣﺎﻳﻪ ﻣﻲﺗﻮﺍﻧﺪ ﻣﻨﺎﺳﺐ ﺑﺎﺷﺪ ﺯﻳﺮﺍ ﺑﻪ ﺩﻟﻴﻞ ﻣﺴﺌﻮﻟﻴﺖ ﻧﺎﻣﺤﺪﻭﺩ ﺧﻮﺩ‪ ،‬ﺷﺮﻛﺎﻱ ﻋﻤﻮﻣﻲ ﻛﻮﺷﺶ ﻣﻲﻛﻨﻨﺪ‬ ‫ﻣﺪﻳﺮﻳﺖ ﻭﺟﻮﻩ ﺭﺍ ﺑﻪ ﺑﻬﺘﺮﻳﻦ ﻧﺤﻮ ﻣﻤﻜﻦ ﺍﻧﺠﺎﻡ ﺩﻫﻨﺪ‪ .‬ﺑﺎﻻﺧﺮﻩ‪ ،‬ﺍﻳﻦ ﺷﺮﺍﻛﺖﻫﺎ ﻣﺎﻟﻴﺎﺕ ﺑﺮ ﺩﺭﺁﻣﺪ ﭘﺮﺩﺍﺧﺖ ﻧﻤﻲﻛﻨﻨﺪ ﺑﻠﻜﻪ‬ ‫ﺳﻮﺩ ﻳﺎ ﺯﻳﺎﻥ ﺑﻪ ﺷﺮﻛﺎ ﺑﺮﮔﺸﺘﻪ ﻭ ﻣﺎﻟﻴﺎﺕ ﻃﺒﻖ ﺍﻇﻬﺎﺭ ﻧﺎﻣﻪ ﻣﺎﻟﻴﺎﺗﻲ ﺁﻧﻬﺎ ﻣﺤﺎﺳﺒﻪ ﻣﻲﺷﻮﺩ‪.‬‬ ‫ﻧﻘﺶ ﻋﺮﺿﻪ ﺍﻭﻟﻴﻪ ﺳﻬﺎﻡ‪ (IPO) ٣‬ﺩﺭ ﺍﻳﻨﺠﺎ ﻣﻲﺗﻮﺍﻧﺪ ﺍﻳﻦ ﺑﺎﺷﺪ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﺎ ﺍﻧﺠﺎﻡ ‪ IPO‬ﻣﻮﻓﻖ‬ ‫ﻣﻲﺗﻮﺍﻧﻨﺪ ﺗﺠﺮﺑﻪ ﺧﻮﺩ ﺭﺍ ﺑﻪ ﺑﺎﺯﺍﺭ ﻧﺸﺎﻥ ﺩﻫﻨﺪ ﻭ ﺑﺎ ﻛﺴﺐ ﺷﻬﺮﺕ ﺗﺎﻣﻴﻦ ﺳﺮﻣﺎﻳﻪ ﺭﺍ ﺑﺎ ﺷﺮﺍﻳﻂ ﺑﻬﺘﺮ ﺍﻧﺠﺎﻡ ﺩﻫﻨﺪ‬ ‫)‪.(Schertler, 2003‬‬ ‫ﭘﺲ ﺍﺯ ﺑﺮﺭﺳﻲ ﺑﺮﺧﻲ ﺍﺯ ﻋﻮﺍﻣﻞ ﻣﻬﻢ ﺗﺄﺛﻴﺮ ﮔﺬﺍﺭ ﺑﺮ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺩﺭ ﺑﺨﺶ ﺑﻌﺪﻱ ﺑﻪ ﻃﻮﺭ‬ ‫ﻣﺨﺘﺼﺮ ﺑﻪ ﺑﺮﺧﻲ ﺟﻨﺒﻪﻫﺎﻱ ﻣﻬﻢ ﭘﻴﺪﺍﻳﺶ ﺻﻨﻌﺖ ‪ VC‬ﺩﺭ ﺑﺮﺧﻲ ﻛﺸﻮﺭﻫﺎﻱ ﻣﻨﺘﺨﺐ ﺍﺷﺎﺭﻩ ﻣﻲﺷﻮﺩ‪ .‬ﻣﻄﺎﻟﻌﻪ ﺑﺮﺧﻲ ﺍﺯ‬ ‫ﺟﻨﺒﻪﻫﺎﻱ ﺗﺠﺮﺑﻪﻫﺎﻱ ﻛﺸﻮﺭﻫﺎ ﻣﻲﺗﻮﺍﻧﺪ ﺩﺭﺱﻫﺎﻳﻲ ﺑﺮﺍﻱ ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺩﺭ ﺑﺮ ﺩﺍﺷﺘﻪ ﺑﺎﺷﺪ‪.‬‬ ‫‪ .٣‬ﻣﺮﻭﺭﻱ ﺑﺮ ﺗﺠﺮﺑﻪ ﺑﺮﺧﻲ ﻛﺸﻮﺭﻫﺎ‪:‬‬ ‫ﺩﺭ ﺍﻳﻦ ﺑﺨﺶ ﺑﻪ ﻃﻮﺭ ﻣﺨﺘﺼﺮ ﺑﻪ ﻧﺤﻮﻩ ﭘﻴﺪﺍﻳﺶ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺭ ﺳﻪ ﻛﺸﻮﺭ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ‪ ،‬ﺍﺳﺮﺍﺋﻴﻞ ﻭ‬ ‫ﺗﺎﻳﻮﺍﻥ ﺍﺷﺎﺭﻩ ﻣﻲﺷﻮﺩ‪ .‬ﺗﺠﺮﺑﻪ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﺑﻪ ﻋﻨﻮﺍﻥ ﻛﺸﻮﺭ ﺍﺑﺪﺍﻉ ﻛﻨﻨﺪﻩ ‪ VC‬ﻭ ﭘﻴﺸﺮﻭ ﻗﺎﺑﻞ ﻣﻼﺣﻈﻪ ﺍﺳﺖ‪ .‬ﺑﺮﺭﺳﻲ‬ ‫ﺗﺠﺮﺑﻪ ﺍﺳﺮﺍﺋﻴﻞ ﺍﺯ ﺍﻳﻦ ﺟﻬﺖ ﻣﻲﺗﻮﺍﻧﺪ ﻣﻔﻴﺪ ﺑﺎﺷﺪ ﻛﻪ ﺻﻨﻌﺖ ‪ VC‬ﺍﺳﺮﺍﺋﻴﻞ ﻣﻲﺗﻮﺍﻧﺪ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﻚ ﻣﻮﺭﺩ ﻣﻮﻓﻖ ﺩﻧﺒﺎﻟﻪ‬ ‫ﺭﻭﻱ ﺍﺯ ﻣﺪﻝ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﻣﻄﺮﺡ ﺷﻮﺩ‪ .‬ﺑﺎﻻﺧﺮﻩ‪ ،‬ﺗﺠﺮﺑﻪ ﺗﺎﻳﻮﺍﻥ ﺑﻪ ﺩﻟﻴﻞ ﺍﻳﻨﻜﻪ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺍﻳﻦ ﻛﺸﻮﺭ‬ ‫ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﻳﻜﻲ ﺍﺯ ﭘﻮﻳﺎﺗﺮﻳﻦ ﺩﺭ ﺁﺳﻴﺎ ﺩﺍﻧﺴﺖ‪ ،‬ﻣﻲﺗﻮﺍﻧﺪ ﻣﻔﻴﺪ ﻭﺍﻗﻊ ﺷﻮﺩ‪.‬‬ ‫‪ -۱-۳‬ﺗﻜﺎﻣﻞ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺭ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ‪:‬‬ ‫ﺑﺎ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﺍﺳﺘﻌﺎﺭﻩ ﻗﺮﺍﺭﺩﺍﺩ )‪ ،(Contract‬ﺍﻳﻦ ﺗﺌﻮﺭﻱ ﺑﻪ ﺑﺮﺭﺳﻲ ﻣﻮﺿﻮﻉ ﻋﺎﻣﻠﻴﺖ )‪ (Agency‬ﻣﻲﭘﺮﺩﺍﺯﺩ ﻛﻪ ﺩﺭ ﺁﻥ ﻫﻮﻳﺘﻲ )ﺑﻪ ﻧﺎﻡ ‪ (Principal‬ﻛﺎﺭﻱ ﺑﻪ ﺩﻳﮕﺮﻱ‬ ‫)ﻋﺎﻣﻞ ﻳﺎ ‪ (Agent‬ﺗﻔﻴﺾ ﻣﻲﻛﻨﺪ )‪ .(Vibert, 2000‬ﺷﺎﻳﺎﻥ ﺫﻛﺮ ﺍﺳﺖ ﺍﻧﺘﺨﺎﺏ ﻧﺎﻣﻄﻠﻮﺏ ﻭ ﻣﺨﺎﻃﺮﺍﺕ ﺍﺧﻼﻗﻲ ﺩﻭ ﺟﻨﺒﻪ ﺍﺯ ﻣﺸﻜﻼﺗﻲ ﻫﺴﺘﻨﺪ ﻛﻪ ﺩﺭ ﭼﻨﻴﻦ ﺭﻭﺍﺑﻄﻲ‬ ‫ﭘﺪﻳﺪ ﻣﻲﺁﻳﻨﺪ‪.‬‬ ‫‪1‬‬

‫‪General Partners‬‬ ‫‪Limited Partners‬‬ ‫‪3‬‬ ‫)‪Initial Public Offering (IPO‬‬ ‫‪2‬‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫ﺩﺭ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﻧﻘﺸﻲ ﻛﻪ ﺩﻭﻟﺖ ﺩﺭ ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺍﺷﺘﻪ ﺍﺳﺖ ﺑﻴﺸﺘﺮ ﻏﻴﺮ ﻣﺴﺘﻘﻴﻢ ﺑﻮﺩﻩ ﺍﺳﺖ‪.‬‬ ‫ﺍﻋﻤﺎﻝ ﺳﻴﺎﺳﺖﻫﺎﻱ ﭘﻮﻟﻲ ﻭ ﻣﺎﻟﻲ ﻣﻨﺎﺳﺐ ‪ -‬ﻣﺘﻀﻤﻦ ﺗﻮﺭﻡ ﻧﺴﺒﺘﹰﺎ ﭘﺎﻳﻴﻦ ﻭ ﻣﺤﻴﻂ ﻣﺎﻟﻲ ﻭ ﭘﻮﻟﻲ ﭘﺎﻳﺪﺍﺭ ‪ -‬ﻛﺎﻫﺶ ﻧﺮﺥ‬ ‫ﻣﺎﻟﻴﺎﺕ ﻋﺎﻳﺪﻱ ﺳﺮﻣﺎﻳﻪ‪ ،‬ﺍﺟﺎﺯﻩ ﺑﻪ ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺑﻪ ﻣﻘﺪﺍﺭ ﻣﻌﻘﻮﻝ ﺩﺭ ﺻﻨﺪﻭﻕﻫﺎﻱ ‪،VC‬‬ ‫ﻧﻈﺎﺭﺕ ﺑﺮ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻡ ‪ NASDAQ‬ﺑﺮﺍﻱ ﺷﻔﺎﻓﻴﺖ ﻭ ﺟﻠﻮﮔﻴﺮﻱ ﺍﺯ ﻛﻼﻩﺑﺮﺩﺍﺭﻱ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﺗﺤﻘﻴﻘﺎﺕ‬ ‫ﺩﺍﻧﺸﮕﺎﻫﻲ‪ ،‬ﺍﺯ ﺍﻳﻦ ﺟﻤﻠﻪ ﻣﻲﺑﺎﺷﺪ )‪.(Kenney et al., 2002‬‬ ‫ﺩﺭ ﺳﺎﻝ ‪ SBA1 ،۱۹۵۴‬ﺑﻪ ﻭﺟﻮﺩ ﺁﻣﺪ ﺗﺎ ﺗﻮﺍﻧﺎﻳﻲ ﺩﻭﻟﺖ ﺩﺭ ﺗﺸﻮﻳﻖ ﺍﻳﺠﺎﺩ ﻭ ﻣﻮﻓﻘﻴﺖ ﻛﺴﺐ ﻭﻛﺎﺭﻫﺎﻱ ﻛﻮﭼﻚ ﺭﺍ ﺑﻬﺒﻮﺩ‬ ‫ﺑﺒﺨﺸﺪ )‪ (Avnimelech&Teubal, 2002‬ﻭ ﺩﺭ ﺳﺎﻝ ‪ ۱۹۵۸‬ﻣﺼﻮﺑﻪ ‪] ،SBIC2‬ﺷﺎﻳﺪ[ ﻣﻬﻤﺘﺮﻳﻦ ﻣﺪﺍﺧﻠﺔ ﻣﺴﺘﻘﻴﻢ‬ ‫ﺩﻭﻟﺖ‪ ،‬ﺗﺼﻮﻳﺐ ﺷﺪ )‪.(Kenney et al., 2002‬‬ ‫‪SBIC‬ﻫﺎ ﺻﻨﺪﻭﻕﻫﺎﻱ ‪ VC‬ﺩﺍﺭﺍﻱ ﻣﺎﻟﻜﻴﺖ ﻭ ﻣﺪﻳﺮﻳﺖ ﺧﺼﻮﺻﻲ ﻣﻲﺑﺎﺷﻨﺪ ﻛﻪ ﺍﺯ ﺳﺮﻣﺎﻳﻪ ﺧﻮﺩ ﺑﻌﻼﻭﻩ ﻭﺟﻮﻩ‬ ‫ﺍﺳﺘﻘﺮﺍﺿﻲ ﺗﻮﺳﻂ ﺗﻀﻤﻴﻦ ‪ SBA‬ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ )ﺑﻪ ﺷﻜﻞ ﺳﻬﺎﻡ ﻭ ﻗﺮﺽ( ﺩﺭ ﺷﺮﻛﺖﻫﺎﻱ ﻛﻮﭼﻚ ﻭﺍﺟﺪ ﺷﺮﺍﻳﻂ‬ ‫ﺍﺳﺘﻔﺎﺩﻩ ﻣﻲﻛﻨﻨﺪ‪ .‬ﺑﺮﻧﺎﻣﻪ ﻃﻮﺭﻱ ﺳﺎﺯﻣﺎﻥ ﺩﻫﻲ ﺷﺪﻩ ﺍﺳﺖ ﻛﻪ ﺩﻭﻟﺖ ﻣﺴﺘﻘﻴﻤﹰﺎ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻧﻜﻨﺪ ﻳﺎ ﺻﻨﺎﻳﻊ ﺧﺎﺻﻲ ﺭﺍ‬ ‫ﻣﻮﺭﺩ ﻫﺪﻑ ﻗﺮﺍﺭ ﻧﺪﻫﺪ‪ .‬ﺍﺳﺎﺳﹰﺎ ﻳﻚ "ﺻﻨﺪﻭﻕ ﻣﺎﺩﺭ"‪ ٣‬ﻣﻲﺑﺎﺷﺪ ﻛﻪ ﻣﺪﻳﺮﻳﺖ ﭘﻮﺭﺗﻔﻮﻟﻴﻮ ﻭ ﺗﺼﻤﻴﻤﺎﺕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺑﻪ‬ ‫ﻣﺪﻳﺮﺍﻥ ﻭﺍﺟﺪ ﺷﺮﺍﻳﻂ ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﺳﭙﺮﺩﻩ ﺷﺪﻩ ﺍﺳﺖ‪ .‬ﺩﻭﻟﺖ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﻚ ﺷﺮﻳﻚ ﻣﺤﺪﻭﺩ ﻋﻤﻞ ﻛﺮﺩﻩ ﻭ ﺩﺭ ﭘﻲ‬ ‫ﻛﺴﺐ ﺑﺎﺯﺩﻩ ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﻮﺩ ﻣﻲﺑﺎﺷﺪ )‪.(SBA, 2002‬‬ ‫ﻃﻲ ﺩﻫﻪ ‪ ۱۹۵۰‬ﻭ ‪SBIC ۱۹۶۰‬ﻫﺎ ﺩﺭ ﺻﻨﻌﺖ ‪ VC‬ﻏﺎﻟﺐ ﺑﻮﺩﻧﺪ‪ .‬ﺩﺭ ﺳﺎﻝ ‪ ۱۹۷۴‬ﻣﺼﻮﺑﻪ ‪ ERISA4‬ﻛﻪ ﻣﺪﻳﺮﺍﻥ‬ ‫ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﺭﺍ ﻣﺴﺌﻮﻝ ﺿﺮﺭﻫﺎﻱ ﺍﺣﺘﻤﺎﻟﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﻛﺎﺭﻫﺎﻱ ﭘﺮ ﺭﻳﺴﻚ ﻣﻲﻛﺮﺩ‪ ،‬ﺑﻪ ﺗﺼﻮﻳﺐ ﺭﺳﻴﺪ‪.‬‬ ‫ﺍﻳﻦ ﺍﻣﺮ ﻭ ﻫﻤﭽﻨﻴﻦ ﺭﻛﻮﺩ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻡ ﺑﺎﻋﺚ ﻛﺎﻫﺶ ﺷﺪﻳﺪ ﺗﺄﻣﻴﻦ ﺳﺮﻣﺎﻳﻪ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺷﺪ‬ ‫)‪ .(Avnimelech&Teubal, 2002‬ﻻﺑﻲ ﻛﺮﺩﻥ ﻓﻌﺎﻝ ﺍﻧﺠﻤﻦ ﻣﻠﻲ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ‪ (NVCA) ٥‬ﺑﺎﻋﺚ ﺗﻔﺴﻴﺮ‬ ‫ﺟﺪﻳﺪﻱ ﺍﺯ ﻗﻮﺍﻧﻴﻦ ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﺷﺪﻩ ﻭ ﺩﺭ ﻧﻬﺎﻳﺖ ﺑﻪ ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ )ﺳﺎﻝ ‪ (۱۹۷۸‬ﺍﺟﺎﺯﻩ ﺩﺍﺩﻩ‬ ‫ﺷﺪ ﺩﺭ ‪ VC‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻛﻨﻨﺪ )‪.(Avnimelech&Teubal, 2002; Kenney et al., 2002‬‬ ‫ﺑﺮﺧﻲ ﺍﺯ ﺩﻻﻳﻞ ﻓﺮﺍﻳﻨﺪ ﭘﻴﺪﺍﻳﺶ ‪ VC‬ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﺑﺪﻳﻦ ﺗﺮﺗﻴﺐ ﻧﺎﻡ ﺑﺮﺩ )‪:(Avnimelech&Teubal, 2002‬‬ ‫‪ .١‬ﻛﺎﻫﺶ ﺳﻮﺩﻫﻲ ﺻﻨﺎﻳﻊ ﺳﻨﺘﻲ ﺩﺭ ﻣﻘﺎﻳﺴﻪ ﺑﺎ ﺑﺎﺯﺩﻩ ﺑﺎﻻﻱ ﺑﺨﺶﻫﺎﻱ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﺟﺪﻳﺪ ﻣﺎﻧﻨﺪ ﻧﻴﻤﻪ ﻫﺎﺩﻱﻫﺎ‬ ‫‪ .٢‬ﻓﻌﺎﻟﻴﺖ ﺑﺎﻻﻱ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻡ ﺩﺭ ﺩﻫﻪﻫﺎﻱ ‪ ۱۹۷۰‬ﻭ ‪۱۹۸۰‬‬

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‫)‪Small Business Administration (SBA‬‬ ‫)‪Small Business Investment Company (SBIC‬‬ ‫‪3‬‬ ‫‪Fund of Funds‬‬ ‫‪4‬‬ ‫)‪Employment Retirement Income Security Act (ERISA‬‬ ‫‪5‬‬ ‫)‪National Venture Capital Association (NVCA‬‬ ‫‪2‬‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫‪ .٣‬ﺗﻐﻴﻴﺮﺍﺕ ﺩﺭ ﺳﻴﺎﺳﺖﻫﺎﻱ ﻋﻤﻮﻣﻲ )ﻛﺎﻫﺶ ﻧﺮﺥ ﻣﺎﻟﻴﺎﺕ ﻋﺎﻳﺪﻱ ﺳﺮﻣﺎﻳﻪ – ﺍﺯ ‪ ۴۹/۵‬ﺩﺭﺻﺪ ﺩﺭ ﺳﺎﻝ ‪ ۱۹۷۷‬ﺑﻪ ‪۲۰‬‬ ‫ﺩﺭﺻﺪ ﺩﺭ ‪ ،۱۹۸۱‬ﺍﺟﺎﺯﻩ ﺩﺍﺩﻥ ﺑﻪ ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ‪ VC‬ﻛﻪ ﻃﺒﻖ ﺑﺮﺧﻲ‬ ‫ﻣﻄﺎﻟﻌﺎﺕ ﺩﺭ ﺗﺠﺪﻳﺪ ﺣﻴﺎﺕ ﺻﻨﻌﺖ ‪ VC‬ﻣﻬﻤﺘﺮ ﺑﻮﺩ ﻭ ﺗﻨﻈﻴﻢ ﻗﻮﺍﻧﻴﻦ ‪ /‬ﻣﺤﻴﻂ ﺑﺴﺘﻪ ﺑﻪ ﻧﻴﺎﺯﻫﺎﻱ ﺻﻨﻌﺖ ‪(VC‬‬ ‫‪ .٤‬ﻣﺼﻮﺑﻪ ‪ SBID1‬ﺳﺎﻝ ‪) ۱۹۸۲‬ﺑﺮﻧﺎﻣﻪ ‪ (SBIR2‬ﻛﻪ ﻛﺎﺳﺘﻲ ﺳﻴﺴﺘﻤﻲ ﺩﺭﺑﺎﺭﺓ ﺳﺮﻣﺎﻳﻪ ﺍﻭﻟﻴﻪ‪ ٣‬ﺭﺍ ﺣﻞ ﻛﺮﺩ‪.‬‬ ‫ﻣﺼﻮﺑﻪﺍﻱ ﻛﻪ ﺑﺮﻧﺎﻣﻪ ‪ SBIR‬ﺭﺍ ﺑﻪ ﺟﺮﻳﺎﻥ ﺍﻧﺪﺍﺧﺖ ﻭ ﺗﺎﻳﻴﺪﻫﺎﻱ ﻣﺠﺪﺩ ﺁﻥ ﺩﺭ ﺳﺎﻝﻫﺎﻱ ﺑﻌﺪ‪ ،‬ﺁﮊﺍﻧﺲﻫﺎﻱ ﻓﺪﺭﺍﻟﻲ‬ ‫ﺭﺍ ﻛﻪ ﺑﻮﺩﺟﻪ ‪] R&D‬ﺑﺮﻭﻥ ﺳﺎﺯﻣﺎﻧﻲ[ ﺑﻴﺶ ﺍﺯ ‪ ۱۰۰‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ ﺩﺍﺷﺘﻨﺪ ﺭﺍ ﻣﻮﻇﻒ ﻣﻲﻛﺮﺩ ﺩﺭﺻﺪﻱ )‪۲/۵‬‬ ‫ﺩﺭﺻﺪ( ﺍﺯ ﻭﺟﻮﻩ ﺧﻮﺩ ﺭﺍ ﺑﺮﺍﻱ ﺑﺮﻧﺎﻣﻪ ‪ SBIR‬ﻛﻨﺎﺭ ﺑﮕﺬﺍﺭﻧﺪ‪ .‬ﻃﺒﻖ ﺍﻳﻦ ﺑﺮﻧﺎﻣﻪ ﺩﻩ ﺁﮊﺍﻧﺲ ﻭ ﺩﭘﺎﺭﺗﻤﺎﻥ ﺩﻭﻟﺘﻲ‬ ‫ﻣﺸﻤﻮﻝ ﻣﺼﻮﺑﻪ ﻫﺮ ﺳﺎﻝ ﻣﻮﺿﻮﻋﺎﺕ ‪ R&D‬ﻣﻮﺭﺩ ﻧﻴﺎﺯ ﺧﻮﺩ ﺭﺍ ﺍﻋﻼﻡ ﻣﻲﻛﻨﻨﺪ ﻭ ﭘﺮﻭﭘﻮﺯﺍﻝ ﺩﺭﻳﺎﻓﺖ ﻣﻲﻛﻨﻨﺪ‪.‬‬ ‫ﺷﺮﻛﺖﻫﺎﻱ ﻛﻮﭼﻜﻲ ﻛﻪ ﻣﻮﻓﻖ ﺑﻪ ﺩﺭﻳﺎﻓﺖ ﮔﺮﻧﺖ‪ ٤‬ﻣﻲﺷﻮﻧﺪ ﻳﻚ ﺑﺮﻧﺎﻣﻪ ﺳﻪ ﻣﺮﺣﻠﻪﺍﻱ ﺭﺍ ﺁﻏﺎﺯ ﻣﻲﻛﻨﻨﺪ‬ ‫)‪:(Adapted from Lerner, 1999a‬‬ ‫ ﻣﺮﺣﻠﻪ ‪ ،۱‬ﺗﺎ ﺳﻘﻒ ‪ ۱۰۰,۰۰۰‬ﺩﻻﺭ ﺣﺪﻭﺩ ‪ ۶‬ﻣﺎﻩ ﺑﺮﺍﻱ ﺑﺮﺭﺳﻲ ﺍﺭﺯﺵ ﻓﻨﻲ ﻭ ﺍﻣﻜﺎﻥ ﺳﻨﺠﻲ ﻳﻚ ﺍﻳﺪﻩ ﻳﺎ‬‫ﺗﻜﻨﻮﻟﻮﮊﻱ‬ ‫ ﻣﺮﺣﻠﻪ ‪ ،۲‬ﺗﺎ ‪ ۷۵۰,۰۰۰‬ﺩﻻﺭ ﺑﺮﺍﻱ ﺩﻭ ﺳﺎﻝ ﺍﺭﺍﺋﻪ ﻣﻲﺷﻮﺩ‪ .‬ﻛﺎﺭ ‪ R&D‬ﺍﺟﺮﺍ ﻣﻲﺷﻮﺩ ﻭ ﭘﺘﺎﻧﺴﻴﻞ ﺗﺠﺎﺭﻱ‬‫ﺍﺭﺯﻳﺎﺑﻲ ﻣﻲﺷﻮﺩ‪ .‬ﺗﻨﻬﺎ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﮔﺎﻥ ﻣﺮﺣﻠﻪ ‪ ،۱‬ﺑﺮﺍﻱ ﻣﺮﺣﻠﻪ ‪ ۲‬ﺑﺮﺭﺳﻲ ﻣﻲﺷﻮﻧﺪ‪.‬‬ ‫ ﻣﺮﺣﻠﻪ ‪ ،۳‬ﺍﻧﺘﻘﺎﻝ ﻧﻮﺁﻭﺭﻱﻫﺎﻱ ﻣﺮﺣﻠﻪ ‪ ۲‬ﺍﺯ ﺁﺯﻣﺎﻳﺸﮕﺎﻩ ﺑﻪ ﺑﺎﺯﺍﺭ‪ .‬ﻭﺟﻮﻩ ‪ SBIR‬ﺍﻳﻦ ﻣﺮﺣﻠﻪ ﺭﺍ ﭘﻮﺷﺶ‬‫ﻧﻤﻲﺩﻫﻨﺪ‪ .‬ﺷﺮﻛﺖ ﻛﻮﭼﻚ ﺑﺎﻳﺪ ﺍﺯ ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﻳﺎ ﻛﻤﻚﻫﺎﻱ ﻣﺎﻟﻲ ﻓﺪﺭﺍﻝ ﻏﻴﺮ ‪ SBIR‬ﺍﻗﺪﺍﻡ ﺑﻪ‬ ‫ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺑﻜﻨﺪ‪.‬‬ ‫ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺷﺮﺍﻳﻂ ﺯﻣﻴﻨﻪﺍﻱ ﻣﺴﺎﻋﺪ ﻭ ﻇﻬﻮﺭ ﻫﻤﺰﻣﺎﻥ ﺩﺍﻣﻨﻪ ﮔﺴﺘﺮﺩﻩﺍﻱ ﺍﺯ ﻓﺮﺻﺖﻫﺎﻱ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﻭ ﺗﺠﺎﺭﻱ ﺟﺪﻳﺪ ﻃﻲ‬ ‫ﺩﻫﻪ ‪ ۶۰‬ﻭ ‪ ،۷۰‬ﭘﻴﺪﺍﻳﺶ ‪ VC‬ﺗﺎ ﺣﺪ ﺯﻳﺎﺩﻱ ﻓﺮﺍﻳﻨﺪﻱ ﺩﺭﻭﻥﺯﺍ ﺑﻮﺩ‪ .‬ﺻﻨﻌﺖ ‪ ،VC‬ﺻﻨﻌﺘﻲ ﭘﺎﻳﺪﺍﺭ ﻣﻲﺑﺎﺷﺪ ﺍﻣﺎ ﺩﻭﻟﺖ ﺍﺯ‬ ‫ﻃﺮﻳﻖ ﺗﻨﻈﻴﻤﺎﺕ ﻣﺪﺍﻭﻡ ﺑﺮﺍﻱ ﺗﻐﻴﻴﺮ ﻣﺤﻴﻂ‪ ،‬ﻛﻤﻚ ﻣﻲﻛﻨﺪ ﺷﻜﺴﺖﻫﺎﻱ ﺑﺎﺯﺍﺭ ﻭ ﺭﻛﻮﺩﻫﺎﻱ ﻛﻮﺗﺎﻩ ﻣﺪﺕ ﺣﻞ ﺷﻮﻧﺪ‬ ‫)‪.(Avnimelech&Teubal, 2002‬‬ ‫‪ -۲-۳‬ﺷﻜﻞﮔﻴﺮﻱ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺍﺳﺮﺍﺋﻴﻞ‪:‬‬ ‫ﺍﺳﺮﺍﺋﻴﻞ ﻣﻮﻓﻖﺗﺮﻳﻦ ﻣﻮﺭﺩ ﭘﻴﺎﺩﻩﻛﺮﺩﻥ ﻓﻌﺎﻟﻴﺖ ‪ VC‬ﺑﻪ ﺳﺒﻚ ﺩﺭﻩ ﺳﻴﻠﻴﻜﻮﻥ ﻣﻲﺑﺎﺷﺪ ﻛﻪ ﺩﺭ ﺁﻥ ﺩﻭﻟﺖ ﻧﻘﺸﻲ ﻣﻬﻢ ﺩﺭ ﺭﺷﺪ‬ ‫ﺻﻨﻌﺖ ‪ VC‬ﺩﺍﺷﺖ )‪.(Kenney et al., 2002‬‬

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‫‪Small Business Innovation Development‬‬ ‫)‪Small Business Innovation Research (SBIR‬‬ ‫‪3‬‬ ‫‪Seed Capital‬‬ ‫‪4‬‬ ‫‪Grant‬‬ ‫‪2‬‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫ﻃﺒﻖ ﻳﻚ ﮔﺰﺍﺭﺵ ﺭﺳﻤﻲ ﺩﺭ ﺍﻭﺍﺧﺮ ﺩﻫﻪ ‪ ۶۰ ،۱۹۸۰‬ﺩﺭﺻﺪ ﭘﺮﻭﮊﻩﻫﺎﻱ ﺗﺄﻳﻴﺪ ﺷﺪﻩ ﺗﻮﺳﻂ ‪ OCS ١‬ﻛﻪ ﺍﺯ ﻟﺤﺎﻅ‬ ‫ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﻣﻮﻓﻖ ﺑﻮﺩﻧﺪ ﺩﺭ ﺟﺬﺏ ﺳﺮﻣﺎﻳﻪ ﺑﺮﺍﻱ ﺑﺎﺯﺍﺭﻳﺎﺑﻲ ﺑﺎ ﺷﻜﺴﺖ ﻣﻮﺍﺟﻪ ﺷﺪﻩ ﻭ ﻣﺠﺒﻮﺭ ﺑﻪ ﺗﻮﻗﻒ ﻛﺴﺐ ﻭﻛﺎﺭ ﺧﻮﺩ‬ ‫ﺷﺪﻧﺪ‪ .‬ﻣﺴﺌﻮﻟﻴﻦ ﺩﺭﻳﺎﻓﺘﻨﺪ ﻛﻪ ﻋﻠﻲﺭﻏﻢ ﺣﻤﺎﻳﺖ ﮔﺴﺘﺮﺩﻩ ﺩﻭﻟﺖ ﺍﺯ ‪ ،R&D‬ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﻧﺎﻛﺎﻓﻲ ﺑﺮﺍﻱ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﺘﻌﺎﻗﺐ‬ ‫‪ R&D‬ﻭ ﻗﺎﺑﻠﻴﺖﻫﺎﻱ ﺿﻌﻴﻒ ﻣﺪﻳﺮﻳﺘﻲ ﻣﺎﻧﻊ ﺍﻳﺠﺎﺩ ﻭ ﺗﻮﺳﻌﻪ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ ﻣﻲﺷﺪ‬ ‫)‪.(Avnimelech&Teubal, 2003‬‬ ‫ﺑﺮﻧﺎﻣﻪ ‪ Inbal‬ﺍﻭﻟﻴﻦ ﻛﻮﺷﺶ ﺑﺮﺍﻱ ﺍﺟﺮﺍﻱ ﻳﻚ ﺳﻴﺎﺳﺖ ﻫﺪﻓﻤﻨﺪ ﺑﺮﺍﻱ ﺻﻨﻌﺖ ‪ VC‬ﺑﻮﺩ ﻛﻪ ﺩﺭ ﺳﺎﻝ ‪ ۱۹۹۲‬ﺷﺮﻭﻉ ﺷﺪ‬ ‫ﺍﻣﺎ ﺑﺎ ﺍﻗﺒﺎﻝ ﭼﻨﺪﺍﻧﻲ ﻣﻮﺍﺟﻪ ﻧﺸﺪ‪ .‬ﺑﺮﻧﺎﻣﻪ ﺩﻳﮕﺮ‪ ،‬ﺑﺮﻧﺎﻣﻪ ‪ Yozma‬ﺑﻮﺩ ﻛﻪ ﺩﺭ ﺳﺎﻝ ‪ ۱۹۹۳‬ﺑﺮﻣﺒﻨﺎﻱ ﺍﺟﺮﺍﻱ ﻭﻳﮋﮔﻲﻫﺎﻱ ﺍﺛﺒﺎﺕ‬ ‫ﺷﺪﻩ ﺻﻨﻌﺖ ‪ VC‬ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﺑﺎ ﺗﻨﻈﻴﻤﺎﺕ ﻻﺯﻡ ﺑﺮﺍﻱ ﺍﺳﺮﺍﺋﻴﻞ‪ ،‬ﺍﺟﺮﺍ ﺷﺪ‪ .‬ﺍﻳﻦ ﺑﺮﻧﺎﻣﻪ ﺑﺮ ﻣﺒﻨﺎﻱ ‪ ۱۰۰‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ ﻭﺟﻪ‬ ‫‪ VC‬ﺩﻭﻟﺘﻲ ﺑﺮﺍﻱ ﺍﻳﺠﺎﺩ ﺁﺳﺘﺎﻧﻪ ﺑﺤﺮﺍﻧﻲ ﻗﺮﺍﺭ ﺩﺍﺷﺖ‪) .‬ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ‪ ۱۰‬ﺻﻨﺪﻭﻕ ‪ VC‬ﺧﺼﻮﺻﻲ )ﺳﻬﻢ ﺩﻭﻟﺖ‬ ‫‪ ۴۰‬ﺩﺭﺻﺪ ﺗﺎ ﺳﻘﻒ ‪ ۸‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ( ﻭ ﺗﺨﺼﻴﺺ ‪ ۲۰‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺴﺘﻘﻴﻢ ﺩﺭ ﺷﺮﻛﺖﻫﺎﻱ ﻫﺎﻱﺗﻚ‬ ‫ﺗﻮﺳﻂ ﺻﻨﺪﻭﻕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﻭﻟﺘﻲ ‪.(Avnimelech&Teubal, 2003) (Yozma‬‬ ‫ﺑﺮﺧﻲ ﺍﺯ ﺩﻻﻳﻞ ﻣﻮﻓﻘﻴﺖ ﺑﺮﻧﺎﻣﻪ ‪ Yozma‬ﻭ ﻧﺎﻛﺎﻣﻲ ﺑﺮﻧﺎﻣﻪ ‪ Inbal‬ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ )‪:(Avnimelech&Teubal, 2003‬‬ ‫ ‪ Yozma‬ﺗﻮﺳﻂ ‪ OCS‬ﺍﺟﺮﺍ ﺷﺪ ﻛﻪ ﺩﺭ ﺗﺸﻮﻳﻖ ﻫﺎﻱﺗﻚ ﺗﺠﺮﺑﻪ ﺩﺍﺷﺖ ﺩﺭ ﺻﻮﺭﺗﻲ ﻛﻪ ‪Inbal‬‬‫ﺗﻮﺳﻂ ﺧﺰﺍﻧﻪﺩﺍﺭﻱ ﺍﺟﺮﺍ ﺷﺪ‪.‬‬ ‫ ﺍﺗﺨﺎﺫ ﺷﻜﻞ ﺳﺎﺯﻣﺎﻧﻲ ﻣﺸﺎﺭﻛﺖ ﻣﺤﺪﻭﺩ ﺩﺭ ‪Yozma‬‬‫ ﺩﻭﺭﺓ ﻣﺤﺪﻭﺩ ﺑﺮﻧﺎﻣﻪ‪ ،‬ﺷﻔﺎﻓﻴﺖ ﺩﺭ ﻭﺭﻭﺩ ﻭ ﺧﺮﻭﺝ ﺑﻪ ﺑﺮﻧﺎﻣﻪ ‪ ،Yozma‬ﻋﺪﻡ ﺩﺧﺎﻟﺖ ﺩﻭﻟﺖ ﺩﺭ‬‫ﻣﺪﻳﺮﻳﺖ ﺭﻭﺯﻣﺮﻩ ﺻﻨﺪﻭﻕ ﻭ ﺍﺭﺍﺋﻪ ﻣﺸﻮﻕﻫﺎﻱ ﺑﺎﻻ ﺩﺳﺖ‪ ،‬ﺑﺎﻋﺚ ﺷﺪ ﺗﻴﻢﻫﺎﻱ ‪ VC‬ﺣﺮﻓﻪﺍﻱ ﺟﺬﺏ‬ ‫ﺑﺮﻧﺎﻣﻪ ‪ Yozma‬ﺷﻮﻧﺪ‪.‬‬ ‫ ﺍﻟﺰﺍﻡ ﻣﺸﺎﺭﻛﺖ ﺑﺎ ﻳﻚ ﻧﻬﺎﺩ ﻣﺎﻟﻲ ﺧﺎﺭﺟﻲ ﺩﺍﺭﺍﻱ ﺣﺴﻦ ﺷﻬﺮﺕ ﺩﺭ ﺑﺮﻧﺎﻣﻪ ‪ ،Yozma‬ﻣﺸﻮﻗﻲ ﺑﺮﺍﻱ‬‫ﻳﺎﺩﮔﻴﺮﻱ ﺟﻤﻌﻲ ﺑﻮﺩ‪.‬‬ ‫ ﺍﺗﺨﺎﺫ ﻳﻚ ﻓﺮﺍﻳﻨﺪ ﺳﻴﺎﺳﺖﮔﺬﺍﺭﻱ ﺗﻌﺎﻣﻠﻲ ﺑﺎ ﻣﺸﺎﺭﻛﺖ ﺧﺰﺍﻧﻪﺩﺍﺭﻱ‪ ،‬ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬‫ﺧﺎﺭﺟﻲ ﺩﺭ ﺑﺮﻧﺎﻣﻪ ‪Yozma‬‬ ‫ﺑﺮﻧﺎﻣﻪ ‪ Yozma‬ﺩﺭ ﺯﻣﺎﻧﻲ ﻣﻨﺎﺳﺐ ﺍﺟﺮﺍ ﺷﺪ ﻭ ﻧﺘﻴﺠﻪ ﻓﺮﺍﻳﻨﺪﻱ ﺗﻜﺎﻣﻠﻲ‪ ٢‬ﻭ ﺷﺎﻧﺲ ﺑﻮﺩ ‪(Avnimelech&Teubal,‬‬ ‫)‪ .2002‬ﻋﻼﻭﻩ ﺑﺮ ﻭﺟﻮﺩ ﺷﺮﺍﻳﻂ ﺯﻣﻴﻨﻪﺍﻱ ﻣﺴﺎﻋﺪ‪ ،‬ﺳﻪ ﻋﺎﻣﻞ ﻣﻬﻢ ﺩﻳﮕﺮ ﺩﺭ ﺗﻮﺿﻴﺢ ﺗﺄﺛﻴﺮ ﻗﺎﺑﻞ ﻣﻼﺣﻈﻪ ‪Yozma‬‬ ‫ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ )‪:(Avnimelech&Teubal, 2003‬‬

‫)‪Office of the Chief Scientist (OCS‬‬

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‫ﻭﺍﻗﻊ ﺩﺭ ﻭﺯﺍﺭﺕ ﺻﻨﻌﺖ‪ ،‬ﺗﺠﺎﺭﺕ ﻭ ﻛﺎﺭ‬ ‫‪Evolutionary‬‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫ﺍﻟﻒ‪ -‬ﻭﺟﻮﺩ ﺍﺣﺘﻤﺎﻟﻲ "ﺗﻘﺎﺿﺎﻱ ﺑﺮﺁﻭﺭﺩﻩ ﻧﺸﺪﻩ" ﺑﺮﺍﻱ ﺧﺪﻣﺎﺕ ‪ VC‬ﺩﺭ ﻧﺘﻴﺠﻪ ﻭﺟﻮﺩ ﻣﺠﻤﻮﻋﻪﺍﻱ ﺍﺯ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ‬ ‫ﺗﺄﺳﻴﺲ ﻛﻪ ﺩﺭ ﺑﻴﻦ ﺁﻧﻬﺎ ﺷﺮﻛﺖﻫﺎﻱ ﺑﺎ ﻛﻴﻔﻴﺖ ﺑﺎﻻ ﻭﺟﻮﺩ ﺩﺍﺷﺘﻨﺪ‪.‬‬ ‫ﺏ‪ -‬ﻫﻢ ﭘﻮﺷﺎﻧﻲ ﺑﻴﻦ ﻳﺎﺩﮔﻴﺮﻱ ﻭ ﻓﺮﺁﻳﻨﺪﻫﺎﻱ ﺗﺠﻤﻌﻲ‪ ١‬ﺩﺍﺧﻞ ﻛﺸﻮﺭ ﻭ ﺑﻬﺒﻮﺩ ﺷﺎﺧﺺ ‪) NASDAQ‬ﺷﺎﻳﺎﻥ ﺫﻛﺮ ﺍﺳﺖ‬ ‫ﻃﻲ ‪ ۱۹۸۴-۸۸‬ﺷﺮﻛﺖﻫﺎﻱ ﺗﻜﻨﻮﻟﻮﮊﻱ ﻣﺤﻮﺭ ﺍﺳﺮﺍﺋﻴﻠﻲ ‪ ۳۰۰‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ ﺍﺯ ‪ NASDAQ‬ﺳﺮﻣﺎﻳﻪ ﻛﺴﺐ ﻛﺮﺩﻧﺪ ﺩﺭ‬ ‫ﺣﺎﻟﻲ ﻛﻪ ﻛﻞ ﺷﺮﻛﺖﻫﺎﻱ ﺍﺳﺮﺍﺋﻴﻠﻲ ‪ ۵۰۰‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ ﺍﺯ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻡ ‪ Tel Aviv‬ﺳﺮﻣﺎﻳﻪ ﺑﻪ ﺩﺳﺖ ﺁﻭﺭﺩﻧﺪ(‪.‬‬ ‫ﺝ‪ -‬ﻃﺮﺍﺣﻲ ﻣﻮﻓﻖ ﺑﺮﻧﺎﻣﻪ ‪Yozma‬‬ ‫‪ -۳-۳‬ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺩﺭ ﺗﺎﻳﻮﺍﻥ‪:‬‬ ‫ﺗﺎﻳﻮﺍﻥ ﭘﻮﻳﺎﺗﺮﻳﻦ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺗﻜﻨﻮﻟﻮﮊﻱ ﻣﺤﻮﺭ ﺭﺍ ﺩﺭ ﺁﺳﻴﺎ ﺩﺍﺭﺍ ﻣﻲﺑﺎﺷﺪ‪ .‬ﺧﺎﺭﺝ ﺍﺯ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﺗﻨﻬﺎ‬ ‫ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻣﻮﻓﻖﺗﺮ‪ ،‬ﺻﻨﻌﺖ ‪ VC‬ﺍﺳﺮﺍﺋﻴﻞ ﻣﻲﺑﺎﺷﺪ‪ .‬ﺍﺯ ﻟﺤﺎﻅ ﺳﺮﻣﺎﻳﻪ‪ ،‬ﻛﻮﭼﻚﺗﺮ ﺍﺯ ﮊﺍﭘﻦ‪ ،‬ﻫﻨﮓﻛﻨﮓ ﻭ‬ ‫ﺣﺘﻲ ﺳﻨﮕﺎﭘﻮﺭ ﻣﻲﺑﺎﺷﺪ ﺍﻣﺎ ﺍﺯ ﻟﺤﺎﻅ ﺗﻌﺪﺍﺩ ‪ Start-up‬ﻭ ﻣﻮﻓﻘﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺗﺎﻳﻮﺍﻥ ﻓﻌﺎﻝﺗﺮﻳﻦ ﻣﻜﺎﻥ‬ ‫ﺩﺭ ﺁﺳﻴﺎ ﻣﻲﺑﺎﺷﺪ )‪.(Kenney et al., 2002‬‬ ‫ﺩﻻﻳﻞ ﺍﻳﻦ ﺍﻣﺮ ﭼﻨﺪ ﻭﺟﻬﻲ ﻭ ﺑﻪ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ‪ ،‬ﺍﺭﺗﺒﺎﻁ ﺑﺎ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ )ﺧﺼﻮﺻﹰﺎ ﺩﺭﻩ ﺳﻴﻠﻴﻜﻮﻥ(‪ ،‬ﺗﻤﺮﻛﺰ ﺯﻭﺩ ﻫﻨﮕﺎﻡ ﺑﺮ‬ ‫ﺻﻨﻌﺖ ﺍﻟﻜﺘﺮﻭﻧﻴﻚ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﻚ ﺻﻨﻌﺖ ﻛﻠﻴﺪﻱ‪ ،‬ﺩﻭﻟﺖ ﺣﻤﺎﻳﺖ ﻛﻨﻨﺪﻩ ﻭ ﺗﺄﻛﻴﺪ ﻣﻠﻲ ﺑﺮﺁﻣﻮﺯﺵ‪ ،‬ﺍﺭﺗﺒﺎﻁ ﭘﻴﺪﺍ ﻣﻲﻛﻨﺪ‪.‬‬ ‫ﺻﻨﻌﺖ ‪ VC‬ﺗﺎﻳﻮﺍﻥ ﺑﺎ ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ﺍﻟﻜﺘﺮﻭﻧﻴﻚ ﺩﺭ ﻫﻢ ﺁﻣﻴﺨﺘﻪ ﺍﺳﺖ‪ .‬ﺩﻭﺭﺓ ﺩﻫﻪ ‪ ۱۹۶۰‬ﺗﺎ ﺍﻭﺍﻳﻞ ﺩﻫﻪ ‪ ۱۹۸۰‬ﺭﺍ ﻣﻲﺗﻮﺍﻥ‬ ‫ﺩﻭﺭﻩ ﻳﺎﺩﮔﻴﺮﻱ ﺗﻮﻟﻴﺪ ﻗﻄﻌﻪ ﻭ ﺍﺟﺰﺍ ﺑﺮﺍﻱ ﻣﺤﺼﻮﻻﺕ ﺍﻟﻜﺘﺮﻭﻧﻴﻚ ﻧﺎﻣﻴﺪ‪ .‬ﺑﺎ ﻭﺭﻭﺩ ﻛﺎﻣﭙﻴﻮﺗﺮﻫﺎﻱ ﺷﺨﺼﻲ ﺑﻪ ﺑﺎﺯﺍﺭ‬ ‫ﺍﻛﻮﺳﻴﺴﺘﻤﻲ ﺍﺯ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺨﺼﺼﻲ ﺑﺎ ﺟﻬﺖﮔﻴﺮﻱ ﺗﻮﻟﻴﺪ ﺍﺟﺰﺍﺀ ﺍﻟﻜﺘﺮﻭﻧﻴﻚ‪ ،‬ﻣﻮﻧﺘﺎﮊﻫﺎ ﻭ ﺣﺘﻲ ﻛﻞ ﻛﺎﻣﭙﻴﻮﺗﺮ ﺗﻜﺎﻣﻞ‬ ‫ﻳﺎﻓﺖ‪ .‬ﺁﺧﺮﻳﻦ ﺗﻜﻨﻮﻟﻮﮊﻱ ﻛﻪ ﺗﺎﻳﻮﺍﻥ ﺩﺭ ﺁﻥ ﺗﺨﺼﺺ ﭘﻴﺪﺍ ﻛﺮﺩ‪ ،‬ﺗﻮﻟﻴﺪ ﻧﻴﻤﻪ ﺭﺳﺎﻧﺎﻫﺎ ﺑﻮﺩ‪ .‬ﺩﺭ ﺍﻳﻨﺠﺎ ﺳﻴﺎﺳﺖ ﺩﻭﻟﺖ ﺍﻳﺠﺎﺩ‬ ‫ﺗﺨﺼﺺ ﻭ ﺍﻧﺘﻘﺎﻝ ﺁﻥ ﺑﻪ ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﺑﻮﺩ‪ .‬ﭘﺲ ﺍﺯ ﻛﻮﺷﺶ ﺑﺮﺍﻱ ﺍﻳﺠﺎﺩ ﺷﺮﻛﺖﻫﺎﻱ ﻳﻜﭙﺎﺭﭼﻪ ﺑﺮﺍﻱ ﭘﻮﺷﺶ ﻃﻴﻒ‬ ‫ﻃﺮﺍﺣﻲ ﺗﺎ ﺗﻮﻟﻴﺪ‪ ،‬ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﻳﻮﺍﻧﻲ ﻋﻘﺐﻧﺸﻴﻨﻲ ﻛﺮﺩﻩ ﻭ ﺑﺮ ﺗﻮﻟﻴﺪ ﺑﺮﺍﻱ ﺷﺮﻛﺖﻫﺎﻱ ﻃﺮﺍﺣﻲ ﭼﻴﭗ‪ Fabless ٢‬ﻣﺘﻤﺮﻛﺰ‬ ‫ﺷﺪﻧﺪ )‪.(Kenney et al., 2002‬‬ ‫ﺩﺭ ﺳﺎﻝ ‪ ۱۹۸۳‬ﻗﺎﻧﻮﻧﻲ ﺗﺼﻮﻳﺐ ﺷﺪ ﻛﻪ ﺗﺎ ‪ ۲۰‬ﺩﺭﺻﺪ ﻛﺎﻫﺶ ﻣﺎﻟﻴﺎﺗﻲ‪ ٣‬ﺑﺮﺍﻱ ﺍﻓﺮﺍﺩ ﺗﺎﻳﻮﺍﻧﻲ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬ ‫ﺧﻮﺩ ﺭﺍ ﺣﺪﺍﻗﻞ ﺑﺮﺍﻱ ﺩﻭ ﺳﺎﻝ ﺣﻔﻆ ﻛﻨﻨﺪ‪ ،‬ﺍﺭﺍﺋﻪ ﻣﻲﻛﺮﺩ‪ .‬ﺑﺎ ﺗﺠﺪﻳﺪ ﻧﻈﺮ ﺳﺎﻝ ‪ ۱۹۹۱‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺣﻘﻮﻗﻲ )ﺷﺮﻛﺘﻲ( ﻧﻴﺰ‬ ‫ﻣﻲﺗﻮﺍﻧﺴﺘﻨﺪ ﺍﺯ ﺍﻳﻦ ﻛﺎﻫﺶ ﻣﺎﻟﻴﺎﺗﻲ ‪ ۲۰‬ﺩﺭﺻﺪﻱ ﺍﺳﺘﻔﺎﺩﻩ ﻛﻨﻨﺪ‪ .‬ﻣﺸﻮﻕ ﺩﻳﮕﺮ ﺍﻳﻦ ﺑﻮﺩ ﻛﻪ ‪ ۸۰‬ﺩﺭﺻﺪ ﺩﺭﺁﻣﺪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬ ‫ﺩﺍﺭﺍﻱ ﻣﻌﺎﻓﻴﺖ ﺩﺭ ﺳﺎﻝ ﻣﺎﻟﻲ ﺟﺎﺭﻱ ﺑﻮﺩ ﻭ ﺩﺭ ﺻﻮﺭﺕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺠﺪﺩ ﻋﺎﻳﺪﻱ‪ ،‬ﺩﺭﺁﻣﺪ ﺳﺮﻣﺎﻳﻪ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻣﻲ‪-‬‬ ‫ﺗﻮﺍﻧﺴﺖ ﺍﺯ ﺍﻇﻬﺎﺭ ﻧﺎﻣﻪ ﻣﺎﻟﻴﺎﺗﻲ ﻛﺴﺮ ﺷﻮﺩ‪ .‬ﻫﻤﭽﻨﻴﻦ‪ ،‬ﺩﻭﻟﺖ ﻭﺟﻮﻫﻲ ﺭﺍ ﺩﺭ ﺷﺮﻛﺖﻫﺎﻱ ‪ VC‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻲﻛﺮﺩ ﺩﺭ‬

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‫‪Cumulativeness‬‬ ‫‪Chip‬‬ ‫‪3‬‬ ‫‪Tax Deduction‬‬ ‫‪2‬‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫ﺻﻮﺭﺗﻲ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺧﺼﻮﺻﻲ ﻫﻢ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺘﻘﺎﺑﻞ ﺍﻧﺠﺎﻡ ﻣﻲﺩﺍﺩﻧﺪ ﻭ ﻣﺤﺪﻭﺩﻳﺖﻫﺎﻳﻲ ﻣﺎﻧﻨﺪ ﺻﻨﺎﻳﻌﻲ ﻛﻪ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﺁﻧﻬﺎ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺑﻮﺩ‪ ،‬ﺭﺍ ﻗﺒﻮﻝ ﻣﻲﻛﺮﺩﻧﺪ )‪.(Kenney et al., 2002‬‬ ‫ﺳﺎﺧﺘﺎﺭ ﺳﺎﺯﻣﺎﻧﻲ ‪ VC‬ﺩﺭ ﺗﺎﻳﻮﺍﻥ ﺑﺎ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﺗﻔﺎﻭﺕ ﺑﺴﻴﺎﺭ ﺩﺍﺭﺩ‪ .‬ﻫﻮﻳﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭ ﻳﻚ ﺷﺮﻛﺖ ﺻﻮﺭﻱ‪ ١‬ﻣﻲ‪-‬‬ ‫ﺑﺎﺷﺪ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎﻱ ﺁﻧﻬﺎ ﺗﻮﺳﻂ ﺷﺮﻛﺖ ‪ VC‬ﻣﺪﻳﺮﻳﺖ ﻣﻲﺷﻮﺩ ﻛﻪ ﻋﻤﻠﻴﺎﺕ ﺁﻥ ﻣﺎﻧﻨﺪ ﻳﻚ ﺷﺮﻛﺖ ﻣﺸﺎﻭﺭﻩ ﻣﻲ‪-‬‬ ‫ﺑﺎﺷﺪ‪ .‬ﺷﺮﻛﺖ ﺻﻮﺭﻱ ﺩﺍﺭﺍﻱ ﺗﺎﺭﻳﺦ ﺗﺴﻮﻳﻪ ﻣﺸﺨﺺ ﻧﻤﻲﺑﺎﺷﺪ‪ .‬ﻫﻴﭻ ﻛﺎﺭﻛﻨﺎﻧﻲ ﻧﺪﺍﺭﺩ ﺍﻣﺎ ﺩﺍﺭﺍﻱ ﻳﻚ ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ ﻧﻤﺎﻳﺎﻧﮕﺮ‬ ‫ﺳﻬﺎﻡ ﺩﺍﺭﺍﻥ ﻭ ﻳﻚ ﺭﺋﻴﺲ ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ ﻣﻲﺑﺎﺷﺪ‪ .‬ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ ﺍﺧﺘﻴﺎﺭ ﻧﻬﺎﻳﻲ ﺗﺄﻳﻴﺪ ﺗﻤﺎﻡ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎ ﺭﺍ ﺩﺍﺭﺩ‪ .‬ﺑﺴﻴﺎﺭﻱ‬ ‫ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺗﺎﻳﻮﺍﻧﻲ ﻣﻌﺘﻘﺪﻧﺪ ﺳﺎﺧﺘﺎﺭ ﺷﺮﺍﻛﺖ ]ﻣﺤﺪﻭﺩ[ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﻧﺴﺒﺖ ﺑﻪ ﺳﻴﺴﺘﻢ ﺗﺎﻳﻮﺍﻧﻲ‬ ‫ﺑﺮﺗﺮﻱ ﺩﺍﺭﺩ ﺍﻣﺎ ﺗﻤﻬﻴﺪﺍﺕ ﻗﺎﻧﻮﻧﻲ ﺑﺮﺍﻱ ﺍﻳﻦ ﺳﺎﺧﺘﺎﺭ ﻭﺟﻮﺩ ﻧﺪﺍﺭﺩ )‪.(Kenney et al., 2002‬‬ ‫ﺑﺮﺧﻲ ﺍﺯ ﻣﻌﺎﻳﺐ ﺳﻴﺴﺘﻢ ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ )‪:(Kenney et al., 2002‬‬ ‫ ﻟﺰﻭﻡ ﻣﺸﻮﺭﺕ ﻭ ﻣﻮﺍﻓﻘﺖ ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ ﺑﺎ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎ ﻣﺴﺘﻠﺰﻡ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﻭﻗﺖ ﭘﺮﺳﻨﻞ ﺍﺳﺖ‪.‬‬‫ ﻋﻤﺮ ﺩﺍﺋﻤﻲ ﺻﻨﺪﻭﻕ ﺑﺪﻳﻦ ﻣﻌﻨﻲ ﻣﻲﺑﺎﺷﺪ ﻛﻪ ﺷﺮﻛﺖﻫﺎﻱ ﻣﻮﻓﻖ ﺩﺍﺭﺍﻱ ﺗﻌﺪﺍﺩ ﺯﻳﺎﺩﻱ ﺻﻨﺪﻭﻕ ﺗﺤﺖ‬‫ﻣﺪﻳﺮﻳﺖ ﻣﻲﺑﺎﺷﻨﺪ‪.‬‬ ‫ ﻫﻤﭽﻨﻴﻦ ﻋﻤﺮ ﺩﺍﺋﻤﻲ ﺻﻨﺪﻭﻕﻫﺎ ﻣﻲﺗﻮﺍﻧﺪ ﺑﺎﻋﺚ ﺷﻮﺩ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﻛﻮﺷﺶ ﻛﻨﻨﺪ ﺻﻨﺪﻭﻕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬‫ﺧﻮﺩ ﺭﺍ ﺗﺴﻮﻳﻪ ﻧﻜﻨﺪ‪.‬‬ ‫ ﺍﻓﺮﺍﺩ ﺣﺮﻓﻪﺍﻱ ﺷﺮﻛﺖ ‪ VC‬ﻧﻤﻲﺗﻮﺍﻧﻨﺪ ﺷﺮﻛﺖ ﺭﺍ ﻛﻨﺘﺮﻝ ﻛﻨﻨﺪ ﻭ ﺍﮔﺮ ﺁﻧﻬﺎ ﻣﺆﺳﻴﺴﻦ ﺷﺮﻛﺖ ﻧﺒﺎﺷﻨﺪ‬‫ﺟﺒﺮﺍﻥ ﺧﺪﻣﺖ ﺑﻪ ﺻﻮﺭﺕ ﺣﻘﻮﻕ ﻭ ﭘﺎﺩﺍﺵ ﻣﺮﺗﺒﻂ ﺑﺎ ﻋﻤﻠﻜﺮﺩ ﺍﺟﺎﺯﻩ ﻧﻤﻲﺩﻫﺪ ﺳﻬﻢ ﻗﺎﺑﻞ ﻣﻼﺣﻈﻪﺍﻱ ﺍﺯ‬ ‫ﺑﺎﺯﺩﻩ ﺭﺍ ﺑﻪ ﺩﺳﺖ ﺁﻭﺭﻧﺪ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﻧﻘﻞ ﻭ ﺍﻧﺘﻘﺎﻻﺕ ﺑﺎﻻ ﻣﻲﺑﺎﺷﺪ‪.‬‬ ‫‪ .۴‬ﻭﻳﮋﮔﻲﻫﺎﻱ ﺻﻨﻌﺖ ‪ VC‬ﻭ ﻣﻼﺣﻈﺎﺗﻲ ﺩﺭ ﻃﺮﺍﺣﻲ ﺳﻴﺎﺳﺖﻫﺎﻱ ﻣﺸﻮﻕ ‪:VC‬‬ ‫ﺩﺭ ﺍﻳﻦ ﺑﺨﺶ ﺑﻪ ﻃﻮﺭ ﺧﻼﺻﻪ ﺑﻪ ﺑﺮﺧﻲ ﻭﻳﮋﮔﻲﻫﺎﻱ ﺻﻨﻌﺖ ‪ VC‬ﻭ ﺗﺄﺛﻴﺮ ﺁﻧﻬﺎ ﺑﺮ ﻃﺮﺍﺣﻲ ﺳﻴﺎﺳﺖﻫﺎﻱ ﻣﺸﻮﻕ ﻓﻌﺎﻟﻴﺖ‬ ‫‪ VC‬ﺍﺷﺎﺭﻩ ﻣﻲﺷﻮﺩ‪.‬‬ ‫ ﺷﺎﻳﺪ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﻭ ﻭﺟﻮﺩ ﻓﺮﺻﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺍﺭﺍﻱ ﺑﺎﺯﺩﻩ ﺑﺎﻻ ﺍﺯ ﻣﻬﻤﺘﺮﻳﻦ ﻋﻮﺍﻣﻞ‬‫ﭘﺎﮔﺮﻓﺘﻦ ﻳﻚ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﺎﺷﺪ‪ .‬ﻛﺸﻮﺭﻫﺎﻱ ﺑﺮﺭﺳﻲ ﺷﺪﻩ ﺩﺭ ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﺩﺍﺭﺍﻱ‬ ‫ﻓﺮﺻﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﻮﺏ ﺩﺭ ﺑﺮﺧﻲ ﺻﻨﺎﻳﻊ ﺑﻮﺩﻧﺪ‪ .‬ﺧﺼﻮﺻﹰﺎ ﺩﺭ ﻛﺸﻮﺭﻫﺎﻳﻲ ﻛﻪ ﺩﺍﺭﺍﻱ‬ ‫ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ ﺩﺍﺭﺍﻱ ﺭﺷﺪ ﺳﺮﻳﻊ ﻧﻤﻲﺑﺎﺷﻨﺪ‪ ،‬ﺷﺎﻳﺪ ﺩﺭ ﻣﺮﺍﺣﻞ ﺍﻭﻟﻴﻪ ﺗﺸﻮﻳﻖ ‪ VC‬ﻣﻨﺎﺳﺐ‬ ‫ﺑﺎﺷﺪ ﺳﺒﺪ ﺳﻴﺎﺳﺘﻲ ﺑﻴﺸﺘﺮ ﺩﺍﺭﺍﻱ ﺳﻴﺎﺳﺖﻫﺎ ﻣﺸﻮﻕ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﺑﺎﺷﺪ‪ .‬ﺳﻴﺎﺳﺖﻫﺎﻱ‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫ﻫﺪﻓﻤﻨﺪ ﺍﻳﺠﺎﺩ ﺻﻨﻌﺖ ‪ VC‬ﻣﻲﺗﻮﺍﻧﺪ ﺑﻪ ﺩﻟﻴﻞ ﻛﻤﺒﻮﺩ ﻗﺎﺑﻠﻴﺖﻫﺎﻱ ﻧﻮﺁﻭﺭﻱ ﺩﺭ ﺑﺨﺶ ﻛﺴﺐ ﻭ ﻛﺎﺭ ﻭ‬ ‫ﺗﻌﺪﺍﺩ ﻛﻢ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ ﺑﺎ ﺷﻜﺴﺖ ﻣﻮﺍﺟﻪ ﺷﻮﻧﺪ )‪.(Avnimelech&Teubal, 2002‬‬ ‫ ﻧﻘﺶ ﺑﺎﺯﺍﺭﻫﺎﻱ ﺳﻬﺎﻡ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﻚ ﺍﺳﺘﺮﺍﺗﮋﻱ ﺧﺮﻭﺝ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺷﺎﻳﺪ ﺍﻳﻦ‬‫ﻼ ﺑﺎﺯﺍﺭ‬ ‫ﺗﺼﻮﺭ ﺭﺍ ﺍﻳﺠﺎﺩ ﻛﻨﺪ ﻛﻪ ﺑﺮﺍﻱ ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ‪ VC‬ﺑﺎﻳﺪ ﺑﺎﺯﺍﺭﻫﺎﻱ ﺳﻬﺎﻡ ﻣﻠﻲ ﺭﺍ ﺗﻮﺳﻌﻪ ﺩﺍﺩ‪ .‬ﻣﺜ ﹰ‬ ‫ﺳﻬﺎﻡ‬

‫ﺑﺮﺍﻱ‬

‫ﺷﺮﻛﺖﻫﺎﻱ‬

‫ﺗﻜﻨﻮﻟﻮﮊﻱ‬

‫ﻣﺤﻮﺭ‬

‫ﺍﻳﺠﺎﺩ‬

‫ﻛﺮﺩ‬

‫‪from‬‬

‫‪(Adapted‬‬

‫)‪ .Armour&Cumming,2003‬ﻫﺮ ﭼﻨﺪ ‪ IPO‬ﻳﻚ ﺍﺳﺘﺮﺍﺗﮋﻱ ﺧﺮﻭﺝ ﻣﻬﻢ ﻭ ﺑﺎ ﻭﺟﻬﻪ ﺑﺮﺍﻱ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ‪ VC‬ﻣﻲﺑﺎﺷﺪ‪ ،‬ﺑﺎﻳﺪ ﺩﻗﺖ ﻧﻤﻮﺩ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻣﻲ ﻛﻪ ﻧﻘﺪﻳﻨﮕﻲ‪ ،‬ﺷﻔﺎﻓﻴﺖ ﻭ ﻧﻈﺎﺭﺕ ﻧﺪﺍﺷﺘﻪ‬ ‫ﺑﺎﺷﺪ ﻧﻤﻲﺗﻮﺍﻧﺪ ﻣﻘﺼﻮﺩ ﺧﻮﺩ ﺭﺍ ﺑﺮﺁﻭﺭﺩﻩ ﻛﻨﺪ ﻭ ﻣﻲﺗﻮﺍﻧﺪ ﺑﺎﻋﺚ ﺯﺩﻭﺑﻨﺪ ﻭ ﻛﻼﻩﺑﺮﺩﺍﺭﻱ ﻣﻲﺷﻮﺩ‪ .‬ﺑﻌﻼﻭﻩ‪،‬‬ ‫ﺷﺮﻛﺖﻫﺎﻱ ﺑﺎ ﻛﻴﻔﻴﺖ ﻣﻤﻜﻦ ﺍﺳﺖ ﺑﺘﻮﺍﻧﻨﺪ ﺩﺭ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻡ ﺧﺎﺭﺟﻲ ‪ IPO‬ﺷﻮﻧﺪ )ﻣﺎﻧﻨﺪ ﺷﺮﻛﺖﻫﺎﻱ‬ ‫ﺍﺳﺮﺍﺋﻴﻠﻲ ﺩﺭ ‪ NASDAQ‬ﻭ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﻳﻮﺍﻧﻲ ﺩﺭ ﻫﻨﮓﻛﻨﮓ ﻳﺎ ﺳﻨﮕﺎﭘﻮﺭ(‬ ‫ ﺗﺸﻮﻳﻖ ﻫﻤﻜﺎﺭﻱ ﺑﺎ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ‪ VC‬ﺧﺎﺭﺟﻲ ﺩﺍﺭﺍﻱ ﺣﺴﻦ ﺷﻬﺮﺕ ﻣﻲﺗﻮﺍﻧﺪ ﺍﺯ ﭼﻨﺪﻳﻦ ﺑﻌﺪ ﻣﻬﻢ‬‫ﺑﺎﺷﺪ‪ .‬ﺍﻳﻦ ﻫﻤﻜﺎﺭﻱﻫﺎ ﻣﻲﺗﻮﺍﻧﺪ ﻧﻘﺶ ﻣﻬﻤﻲ ﺩﺭ ﻳﺎﺩﮔﻴﺮﻱ ﺩﺍﺷﺘﻪ ﺑﺎﺷﺪ‪ .‬ﻧﺒﻮﺩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬ ‫ﺑﺎ ﺗﺠﺮﺑﻪ‪ ،‬ﺣﺘﻲ ﻧﺒﻮﺩ ﺗﺠﺮﺑﻪ ﺩﺭ ﺻﻨﺎﻳﻊ ﻫﺎﻱﺗﻚ ﻣﻲﺗﻮﺍﻧﺪ ﻣﺎﻧﻊ ﺑﺰﺭﮔﻲ ﺩﺭ ﭘﻴﺪﺍﻳﺶ ﻭ ﺭﺷﺪ ﺻﻨﻌﺖ ‪VC‬‬ ‫ﺑﺎﺷﺪ‪ .‬ﻧﻘﺶ ﺩﻳﮕﺮ ﺍﻳﻦ ﻫﻤﻜﺎﺭﻱﻫﺎ ﻣﻲﺗﻮﺍﻧﺪ ﭘﺨﺶ ﺭﻳﺴﻚ ﺍﺯ ﻃﺮﻳﻖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ‬ ‫ﺗﺄﺳﻴﺲ ﺩﺍﺭﺍﻱ ﺭﺷﺪ ﺳﺮﻳﻊ ﺩﺭ ﻣﻜﺎﻥﻫﺎﻱ ﺩﻳﮕﺮ‪ ،‬ﺑﺎﺷﺪ ‪(Adapted from Kenney et al.,‬‬ ‫)‪.2002‬‬ ‫ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭﺍﺳﻄﻪﻫﺎﻱ ﻣﺎﻟﻲ ﻫﺴﺘﻨﺪ ﺑﻨﺎﺑﺮﺍﻳﻦ ﺑﺎﻳﺪ ﻣﺸﻜﻼﺕ "ﻋﺎﻣﻠﻴﺖ" )ﻣﺎﻧﻨﺪ ﺍﻧﺘﺨﺎﺏ‬‫ﻧﺎﻣﻄﻮﻟﺐ ﻭ ﻣﺨﺎﻃﺮﺍﺕ ﺍﺧﻼﻗﻲ( ﻭ ﻫﻤﭽﻨﻴﻦ ﻧﺤﻮﺓ ﺟﺒﺮﺍﻥ ﺧﺪﻣﺎﺕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ‬ ‫ﮔﻮﻧﻪﺍﻱ ﻣﻨﺎﺳﺐ ﻣﻮﺭﺩ ﺧﻄﺎﺏ ﻗﺮﺍﺭ ﮔﻴﺮﻧﺪ‪ .‬ﺷﻜﻞ ﺳﺎﺯﻣﺎﻧﻲ ﻣﺸﺎﺭﻛﺖ ﻣﺤﺪﻭﺩ ﻳﻚ ﻣﺪﻝ ﻣﻨﺎﺳﺐ‬ ‫)ﺧﺼﻮﺻﹰﺎ ﻃﺒﻖ ﺗﺠﺮﺑﻪ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ( ﺑﻮﺩﻩ ﺍﺳﺖ‪.‬‬ ‫ ﻭﺟﻮﺩ ﺳﻴﺎﺳﺖﻫﺎ ﻭ ﺑﺮﻧﺎﻣﻪﻫﺎﻱ ﺣﻤﺎﻳﺖ ﺍﺯ ﺗﺤﻘﻴﻖ ﻭ ﺗﻮﺳﻌﻪ ﻭ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ ﻣﻲﺗﻮﺍﻧﺪ‬‫ﺯﻣﻴﻨﻪﺍﻱ ﻣﺴﺎﻋﺪ ﺑﺮﺍﻱ ﭘﻴﺪﺍﻳﺶ ﺻﻨﻌﺖ ‪ VC‬ﺍﻳﺠﺎﺩ ﻛﻨﺪ‪ .‬ﺑﺮﻧﺎﻣﻪﻫﺎﻱ ﺩﻭﻟﺖ ﺩﺭ ﺍﻳﻦ ﺭﺍﺳﺘﺎ ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﺑﻪ‬ ‫ﺩﻭ ﺩﺳﺘﻪ ﺗﻘﺴﻴﻢ ﻛﺮﺩ‪ :‬ﻛﻮﺷﺶﻫﺎﻳﻲ ﻛﻪ ﺑﻪ ﻃﻮﺭ ﻣﺴﺘﻘﻴﻢ ﺷﺮﻛﺖﻫﺎﻱ ﻛﺎﺭﺁﻓﺮﻳﻦ ﺭﺍ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﻲﻛﻨﺪ‬ ‫]ﻣﺎﻧﻨﺪ ‪ [SBIR‬ﻭ ﺁﻧﻬﺎﻳﻲ ﻛﻪ ﺗﻮﺳﻌﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺑﻴﺮﻭﻧﻲ ﺭﺍ ﺗﺸﻮﻳﻖ ﻣﻲﻛﻨﻨﺪ ]ﻣﺎﻧﻨﺪ ﺑﺮﻧﺎﻣﻪ ‪[SBIC‬‬ ‫)‪ .(Lerner, 1999a‬ﻃﺒﻖ ﻣﻄﺎﻟﻌﻪ )‪ Lerner(1999b‬ﺷﺮﻛﺖﻫﺎﻳﻲ ﻛﻪ ﺍﺯ ﺑﺮﻧﺎﻣﻪ ‪ SBIR‬ﻛﻤﻚ‬ ‫ﻣﺎﻟﻲ ﺩﺭﻳﺎﻓﺖ ﻧﻤﻮﺩﻩ ﺑﻮﺩﻧﺪ ﺩﺍﺭﺍﻱ ﺭﺷﺪ ﻓﺮﻭﺵ ﻭ ﺍﺷﺘﻐﺎﻝ ﺑﺎﻻﺗﺮﻱ ﺑﻮﺩﻧﺪ‪ .‬ﺍﻳﻦ ﺭﺷﺪ ﻣﺤﺪﻭﺩ ﺑﻪ ﻣﻨﺎﻃﻘﻲ‬ ‫ﺑﻮﺩ ﻛﻪ ﻓﻌﺎﻟﻴﺖ ‪ VC‬ﺑﺎﻻﻳﻲ ﺩﺭ ﺁﻥ ﻭﺟﻮﺩ ﺩﺍﺷﺖ‪ .‬ﻫﻤﭽﻨﻴﻦ ﺍﻳﻦ ﺍﻟﮕﻮ ﺩﺭ ﺻﻨﺎﻳﻊ ﻫﺎﻱﺗﻚ ﻣﺸﺨﺺﺗﺮ‬

‫‪11‬‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫ﺑﻮﺩ‪ .‬ﺑﻌﻼﻭﻩ ﺑﺎ ﺍﻓﺰﺍﻳﺶ ﻣﻴﺰﺍﻥ ﺳﻮﺑﺴﻴﺪﺩﻫﻲ ]ﻣﻨﻈﻮﺭ ﻛﻤﻚ ﻣﺎﻟﯽ[‪ ،‬ﺑﻬﺒﻮﺩ ﻋﻤﻠﻜﺮﺩ ﺑﻴﺸﺘﺮﻱ ﻣﺸﺎﻫﺪﻩ ﻧﺸﺪ‪.‬‬ ‫ﺍﻳﻦ ﻳﺎﻓﺘﻪ ﺑﻪ ﺍﻳﻦ ﺍﻣﺮ ﺍﺷﺎﺭﻩ ﺩﺍﺭﺩ ﻛﻪ ﺩﺭﻳﺎﻓﺖ ﻛﻤﻚ ﺍﺯ ﺑﺮﻧﺎﻣﻪ ‪ SBIR‬ﺷﺎﻳﺪ ﺑﻪ ﻧﻮﻋﻲ ﻧﻘﺶ ﺗﺎﻳﻴﺪ ﻛﻴﻔﻴﺖ‬ ‫ﺷﺮﻛﺖ ﺗﻠﻘﻲ ﻣﻲﺷﺪ‪ .‬ﺯﻳﺮﺍ ﭘﺲ ﺍﺯ ﺩﺭﻳﺎﻓﺖ ﻛﻤﻚ‪ ،‬ﺷﺮﻛﺖﻫﺎ ﺷﺎﻧﺲ ﺑﻴﺸﺘﺮﻱ ﺩﺭ ﺩﺭﻳﺎﻓﺖ ‪ VC‬ﺩﺍﺷﺘﻨﺪ‪.‬‬ ‫ﻳﻚ ﺗﻔﺴﻴﺮ ﺍﻳﻦ ﻧﺘﺎﻳﺞ ﻣﻲﺗﻮﺍﻧﺪ ﺍﻳﻦ ﺑﺎﺷﺪ ﻛﻪ ﻧﻬﺎﺩﻫﺎﻱ ﻣﺠﺮﻱ ﺑﺮﻧﺎﻣﻪ ﻣﻲﺑﺎﻳﺴﺘﻲ ﻗﺎﺑﻠﻴﺖ ﻭ ﻣﺸﺮﻭﻋﻴﺖ ﺍﺟﺮﺍﻱ‬ ‫ﺑﺮﻧﺎﻣﻪ ﺭﺍ ﻣﻲﺩﺍﺷﺘﻨﺪ ﺗﺎ ﺑﺘﻮﺍﻧﻨﺪ ﺷﺮﻛﺖﻫﺎﻱ ﺩﺍﺭﺍﻱ ﭘﺘﺎﻧﺴﻴﻞ ﺑﺎﻻ ﺭﺍ ﺍﻧﺘﺨﺎﺏ ﻛﻨﻨﺪ ﻭ ﺍﻧﺘﺨﺎﺏ ﺁﻧﻬﺎ ﻣﻮﺭﺩ ﻗﺒﻮﻝ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻗﺮﺍﺭ ﻣﻲﮔﺮﻓﺖ‪.‬‬ ‫ ﺳﻴﺎﺳﺖﻫﺎﻳﻲ ﻛﻪ ﺑﻪ ﻃﻮﺭ ﺁﺷﻜﺎﺭ ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﺭﺍ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻭ ﻣﺪﻳﺮﻳﺖ ﺷﺮﻛﺖﻫﺎﻱ ‪VC‬‬‫ﺗﺸﻮﻳﻖ ﻧﻤﻲﻛﻨﻨﺪ ﺑﺎ ﺍﺣﺘﻤﺎﻝ ﺯﻳﺎﺩ ﺑﺎ ﺷﻜﺴﺖ ﻣﻮﺍﺟﻪ ﻣﻲﺷﻮﻧﺪ )‪ .(Kenney et al., 2002‬ﺑﺮﻧﺎﻣﻪ‪-‬‬ ‫ﻫﺎﻳﻲ ﻛﻪ ﻣﻮﻓﻘﻴﺖﻫﺎﻳﻲ ﻛﺴﺐ ﻛﺮﺩﻧﺪ )ﻣﺎﻧﻨﺪ ‪ SBIC‬ﻭ ‪ (Yozma‬ﺩﺍﺭﺍﻱ ﭼﻨﻴﻦ ﺧﺼﻮﺻﻴﺎﺗﻲ ﺑﻮﺩﻧﺪ‪.‬‬ ‫ ﺳﻴﻜﻞ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﺑﺪﻳﻦ ﮔﻮﻧﻪ ﺗﺼﻮﺭ ﮐﺮﺩ )‪:(Etzkowitz, 2003‬‬‫‪ o‬ﺳﻜﻮﻥ‪ :‬ﻋﺪﻡ ﺗﻤﺎﻳﻞ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺑﻪ ﺗﻌﻬﺪ ﺳﺮﻣﺎﻳﻪ‬ ‫‪ o‬ﻛﻤﺒﻮﺩ‪ :‬ﺻﻨﻌﺖ ‪ VC‬ﺩﺭ ﺣﺎﻝ ﺷﻜﻞﮔﻴﺮﻱ‪ ،‬ﻛﻤﺒﻮﺩ ﻭﺟﻮﻩ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺘﻌﺎﻗﺐ‬

‫‪١‬‬

‫‪ o‬ﺗﻌﺎﺩﻝ‪ :‬ﺻﻨﻌﺖ ‪ VC‬ﺗﻮﺳﻌﻪ ﻳﺎﻓﺘﻪ ﻭ ﺩﺍﺭﺍﻱ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﻛﺎﻓﻲ‬ ‫‪ o‬ﻣﺎﺯﺍﺩ‪ :‬ﺍﻓﺰﺍﻳﺶ ﻭﺟﻮﻩ ﻭ ﺣﺮﻛﺖ ﺑﻪ ﺳﻮﻱ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﺮﺍﺣﻞ ﺑﻌﺪﻱ ﺗﻮﺳﻌﻪ ﺷﺮﻛﺖ‬

‫‪٢‬‬

‫‪ o‬ﺷﻜﺎﻑ‪ :‬ﻛﻤﺒﻮﺩ ﻭﺟﻮﻩ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﻣﺮﺍﺣﻞ ﺍﻭﻟﻴﻪ‬ ‫ﺯﻳﺎﺩ ﺷﺪﻥ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﺻﻨﺪﻭﻕﻫﺎ‪ ،‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎ ﺭﺍ ﺑﻪ ﻣﺮﺍﺣﻞ ﺑﻌﺪﻱ ﺗﻮﺳﻌﻪ ﺷﺮﻛﺖ ﻣﻲﻛﺸﺎﻧﺪ ﻭ ﺍﮔﺮ ﻭﺟﻮﻩ‬ ‫ﻣﺎﻟﻲ ﺧﻴﻠﻲ ﻛﻢ ﺑﺎﺷﻨﺪ ﺗﻮﺍﻧﺎﻳﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎﻱ ﻣﺘﻌﺎﻗﺐ ]ﺩﺭ ﺷﺮﻛﺖﻫﺎﻳﻲ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺍﻭﻟﻴﻪ ﺩﺭﻳﺎﻓﺖ‬ ‫ﻛﺮﺩﻩﺍﻧﺪ ﻭ ﺩﺍﺭﺍﻱ ﭘﺘﺎﻧﺴﻴﻞ ﺭﺷﺪ ﻣﻲﺑﺎﺷﻨﺪ[ ﺭﺍ ﻧﺨﻮﺍﻫﻨﺪ ﺩﺍﺷﺖ‪ .‬ﺍﻳﻦ ﻣﺸﻜﻞ ﻣﻲﺗﻮﺍﻧﺪ ﺍﺯ ﻃﺮﻳﻖ ﻓﻌﺎﻟﻴﺖﻫﺎﻱ ‪VC‬‬ ‫ﺧﺼﻮﺻﻲ‪ ،‬ﺩﻭﻟﺘﻲ‪ ،‬ﺩﺍﻧﺸﮕﺎﻫﻲ ﻭ ﺩﻭﻟﺘﻲ‪ -‬ﺧﺼﻮﺻﻲ ﻛﻪ ﺩﺭ ﺗﻤﺎﻣﻲ ﻣﺮﺍﺣﻞ ﺳﻴﻜﻞ ﺻﻨﻌﺖ ‪ VC‬ﻭ ﻣﺮﺍﺣﻞ‬ ‫ﺷﻜﻞﮔﻴﺮﻱ ﺷﺮﻛﺖ ﻓﻌﺎﻟﻴﺖ ﻣﻲﻛﻨﻨﺪ‪ ،‬ﺣﻞ ﺷﻮﺩ )‪.(Etzkowitz, 2003‬‬ ‫ﺗﻮﺟﻪ ﺑﻪ ﺳﻴﻜﻞ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭ ﺗﻮﺟﻪ ﺑﻪ ﻛﻤﺒﻮﺩﻫﺎﻱ ﻣﻮﺟﻮﺩ ﻣﻲﺗﻮﺍﻧﺪ ﺭﺍﻫﻨﻤﺎﻳﻲ ﺑﺮﺍﻱ ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ‬ ‫ﺑﺮﺍﻱ ﺍﺗﺨﺎﺫ ﺍﻗﺪﺍﻣﺎﺕ ﻣﻨﺎﺳﺐ ﺑﺎﺷﺪ‪.‬‬ ‫ ﻳﺎﺩﮔﻴﺮﻱ ﺍﺯ ﻣﮑﺎﻧﻴﺰﻫﺎﻱ ﺻﻨﻌﺖ ‪ VC‬ﺧﺼﻮﺻﻲ‪ ،‬ﺗﻨﻈﻴﻢ ﺳﻴﺎﺳﺖﻫﺎ ﺑﺎ ﮐﺎﺳﺘﻲﻫﺎﻱ ﻣﻮﺟﻮﺩ ﺩﺭ ﺑﺎﺯﺍﺭ‬‫‪) VC‬ﻣﺎﻧﻨﺪ ﺗﮑﻨﻮﻟﻮﮊﻱﻫﺎﻳﻲ ﮐﻪ ﺣﻤﺎﻳﺖ ﻧﻤﻲﺷﻮﻧﺪ ﻭ ﮐﻤﺒﻮﺩ ﺩﺭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺘﻌﺎﻗﺐ(‪ ،‬ﺣﻔﻆ‬ ‫ﺍﻧﻌﻄﺎﻑ ﭘﺬﻳﺮﻱ ﺑﺮﺍﻱ ﺑﺮﺧﻮﺭﺩ ﺑﺎ ﻣﻨﺎﺑﻊ ﻋﺪﻡ ﺍﻃﻤﻴﻨﺎﻥ )ﻣﺎﻧﻨﺪ ﺗﮑﻨﻮﻟﻮﮊﻱ ﻭ ﺑﺎﺯﺍﺭ ﻣﺤﺼﻮﻝ(‪ ،‬ﻭ ﺷﻨﺎﺳﺎﻳﻲ‬ ‫ﻋﻮﺍﻣﻞ ﻣﻨﺎﺳﺐ ﺑﺮﺍﻱ ﺍﺭﺯﻳﺎﺑﻲ ﻋﻤﻠﮑﺮﺩ ﺷﺮﮐﺖﻫﺎﻱ ﺩﺭﻳﺎﻓﺖ ﮐﻨﻨﺪﻩ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ )ﻣﺎﻧﻨﺪ ﺗﺠﺮﺑﻪ ﺗﻴﻢ‬

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‫‪Follow-on‬‬ ‫ﻣﻘﺼﻮﺩ ﻣﺮﺍﺣﻞ ﺭﺷﺪ ﻳﮏ ﺷﺮﮐﺖ ﻣﯽﺑﺎﺷﺪ ﻣﺜﻼ‪ :‬ﻣﺮﺣﻠﻪ ‪ ،Seed‬ﻣﺮﺣﻠﻪ ‪ ،Start-up‬ﻣﺮﺣﻠﻪ ‪Expansion‬‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬

‫ﻣﺪﻳﺮﻳﺖ‪ ،‬ﻭﺟﻮﺩ ﺍﺳﺘﺮﺍﺗﮋﻱ ﺑﺎﺯﺍﺭ ﺭﻭﺷﻦ ﻭ ﺗﻤﺎﻳﻞ ﺷﺪﻳﺪ ﺑﻪ ﺟﺬﺏ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ ﺧﺼﻮﺻﻲ(‪ ،‬ﻣﻮﺍﺭﺩﻱ‬ ‫ﺍﺳﺖ ﮐﻪ ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺩﺭ ﻃﺮﺍﺣﻲ ﺑﺮﻧﺎﻣﻪﻫﺎﻱ ﺣﻤﺎﻳﺖ ﺍﺯ ﺷﺮﮐﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺎﺳﻴﺲ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬ ‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﻭﻟﺘﻲ‪ ،‬ﻣﻲﺗﻮﺍﻧﻨﺪ ﻣﺪ ﻧﻈﺮ ﺩﺍﺷﺘﻪ ﺑﺎﺷﻨﺪ )‪.(Lerner, 2002‬‬ ‫‪ .۵‬ﻧﺘﻴﺠﻪﮔﻴﺮﻱ‪:‬‬ ‫ﺩﺭ ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﮐﻮﺷﺶ ﺷﺪ ﺑﻪ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ ﺷﮑﻞ ﻳﮏ ﺻﻨﻌﺖ ﻧﻈﺎﺭﻩ ﺷﻮﺩ ﻭ ﻃﺮﻑ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ ﺁﻥ‪،‬‬ ‫ﻭﻳﮋﮔﻲﻫﺎﻱ ﺧﺎﺹ ﺁﻥ ﻭ ﭘﻴﺪﺍﻳﺶ ﺁﻥ ﺩﺭ ﺑﺮﺧﻲ ﺍﺯ ﮐﺸﻮﺭﻫﺎ ﺑﻪ ﻃﻮﺭ ﻣﺨﺘﺼﺮ ﺑﺮﺭﺳﻲ ﺷﺪﻧﺪ‪ .‬ﺗﺠﺮﺑﻪ ﮐﺸﻮﺭﻫﺎﻱ ﻣﻮﻓﻖ ﺩﺭ‬ ‫ﺍﻳﺠﺎﺩ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ ﺍﻫﻤﻴﺖ ﻭﺟﻮﺩ ﻓﺮﺻﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻨﺎﺳﺐ )ﺑﻪ ﺻﻮﺭﺕ ﺷﺮﮐﺖﻫﺎﻱ‬ ‫ﺗﺎﺯﻩ ﺗﺎﺳﻴﺲ ﺩﺍﺭﺍﻱ ﺭﺷﺪ ﺳﺮﻳﻊ( ﺍﺷﺎﺭﻩ ﺩﺍﺭﺩ‪ .‬ﺩﺭ ﺍﺳﺮﺍﺋﻴﻞ ﻧﺒﻮﺩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﮏ ﮐﺎﺳﺘﻲ ﺩﺭ‬ ‫ﺳﻴﺴﺘﻢ ﻣﻠﻲ ﻧﻮﺁﻭﺭﻱ ﺑﻮﺩ ﻭ ﮐﺸﻮﺭ ﺗﺎﻳﻮﺍﻥ ﻧﻴﺰ ﺗﻮﺍﻧﺴﺖ ﺑﺎ ﺗﻮﺳﻌﻪ ﻗﺎﺑﻠﻴﺖﻫﺎﻱ ﺗﮑﻤﻴﻞ ﮐﻨﻨﺪﻩ ﻧﻴﺎﺯﻫﺎﻱ ﺩﺭﻩ ﺳﻴﻠﻴﮑﻮﻥ‬ ‫ﺟﺎﻳﮕﺎﻫﻲ ﺩﺭ ﺧﻮﺷﻪﻫﺎﻱ ﻫﺎﻱﺗﮏ ﺑﺮﺍﻱ ﺧﻮﺩ ﭘﻴﺪﺍ ﮐﻨﺪ‪ .‬ﺑﻪ ﻧﻈﺮ ﻣﻲﺭﺳﺪ ﻧﺒﻮﺩ ﺟﺮﻳﺎﻥ ﻓﺮﺻﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺍﺭﺍﻱ‬ ‫ﺑﺎﺯﺩﻩ ﺑﺎﻻ ﻣﺎﻧﻊ ﺍﺻﻠﻲ ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ‪ VC‬ﺧﺼﻮﺻﹰﺎ ﺩﺭ ﻣﺮﺍﺣﻞ ﺍﻭﻟﻴﻪ ﺑﺎﺷﺪ‪.‬‬ ‫ﺑﺮﺍﻱ ﺗﺸﻮﻳﻖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﻣﻲﺗﻮﺍﻥ ﺳﺒﺪﻱ ﺍﺯ ﺳﻴﺎﺳﺖﻫﺎ )ﺷﺎﻣﻞ ﺍﻗﺪﺍﻣﺎﺗﻲ ﻣﺎﻧﻨﺪ ﺍﺭﺍﺋﻪ ﻣﺸﻮﻕ ﻣﺎﻟﻴﺎﺗﻲ‪،‬‬ ‫ﺗﺸﻮﻳﻖ ﮐﺎﺭﺁﻓﺮﻳﻨﻲ ﺗﮑﻨﻮﻟﻮﮊﻳﮑﻲ ﻭ ﺑﺮﻧﺎﻣﻪﻫﺎﻱ ﻣﺸﺘﺮﮎ ﺩﻭﻟﺘﻲ – ﺧﺼﻮﺻﻲ ﻣﺎﻧﻨﺪ ‪ (SBIC‬ﻣﺘﺼﻮﺭ ﺷﺪ‪ .‬ﺩﻭﻟﺖ ﺑﺎﻳﺪ‬ ‫ﻼ ﺩﺭ ﺷﺮﺍﻳﻄﻲ ﮐﻪ ﺷﺮﮐﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺎﺳﻴﺲ ﺩﺍﺭﺍﻱ‬ ‫ﻣﺤﺘﻮﺍﻱ ﺳﺒﺪ ﺳﻴﺎﺳﺘﻲ ﺧﻮﺩ ﺭﺍ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺷﺮﺍﻳﻂ ﺗﻨﻈﻴﻢ ﮐﻨﺪ‪ .‬ﻣﺜ ﹰ‬ ‫ﭘﺘﺎﻧﺴﻴﻞ ﺭﺷﺪ ﺑﺎﻻ ﺩﺭ ﺍﻗﺘﺼﺎﺩ ﺑﺴﻴﺎﺭ ﮐﻢ ﺑﺎﺷﻨﺪ‪ ،‬ﻣﻤﮑﻦ ﺍﺳﺖ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ ﮐﺎﺭﺁﻓﺮﻳﻨﻲ ﺗﮑﻨﻮﻟﻮﮊﻳﮑﻲ ﺩﺭ ﺳﺒﺪ‬ ‫ﺳﻴﺎﺳﺘﻲ ﺍﺯ ﺍﻫﻤﻴﺖ ﺑﺎﻻﺗﺮﻱ ﺑﺮﺧﻮﺭﺩﺍﺭ ﺑﺎﺷﻨﺪ‪.‬‬ ‫ﺑﻪ ﻧﻈﺮ ﻣﻲﺭﺳﺪ ﺩﻭﻟﺖ ﺩﺭ ﺻﻮﺭﺕ ﺩﺍﺷﺘﻦ ﺗﻮﺍﻧﻤﻨﺪﻱ ﻭ ﺗﻌﻬﺪ ﺳﻴﺎﺳﻲ ﺑﺘﻮﺍﻧﺪ ﺩﺭ ﺗﻤﺎﻣﻲ ﻣﺮﺍﺣﻞ ﻗﺒﻞ ﺍﺯ ﭘﻴﺪﺍﻳﺶ ﺻﻨﻌﺖ‬ ‫‪ ،VC‬ﻣﺮﺣﻠﻪ ﭘﻴﺪﺍﻳﺶ ﻭ ﺗﺜﺒﻴﺖ ﺁﻥ ﻧﻘﺸﻲ ﮐﻠﻴﺪﻱ ﻭ ﻳﺎ ﺗﺴﻬﻴﻞ ﮐﻨﻨﺪﻩ ﺩﺍﺷﺘﻪ ﺑﺎﺷﺪ‪ .‬ﺍﻳﻦ ﺍﻣﺮ ﻣﺴﺘﻠﺰﻡ ﺍﺗﺨﺎﺩ ﺳﻴﺎﺳﺖﻫﺎﻱ‬ ‫ﺻﺤﻴﺢ ﻭ ﺍﻟﺒﺘﻪ ﻭﺟﻮﺩ ﺷﺮﺍﻳﻂ ﺯﻣﻴﻨﻪﺍﻱ ﻣﺴﺎﻋﺪ ﻣﻲﺑﺎﺷﺪ‪.‬‬ ‫ﺑﺎﻳﺪ ﺩﻗﺖ ﻧﻤﻮﺩ ﮐﻪ ﺗﻨﻬﺎ ﺟﻨﺒﻪ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻣﻬﻢ ﻧﻴﺴﺖ ﺑﻠﮑﻪ ﮐﻤﮏ ﻣﺪﻳﺮﻳﺘﻲ ﮐﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ‬ ‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﺎ ﺗﺠﺮﺑﻪ ﻣﻲﺗﻮﺍﻧﻨﺪ ﺍﺭﺍﺋﻪ ﮐﻨﻨﺪ ﻣﻲﺗﻮﺍﻧﺪ ﻧﻘﺸﻲ ﺑﻪ ﺳﺰﺍ ﺩﺭ ﻣﻮﻓﻘﻴﺖ ﺷﺮﮐﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺎﺳﻴﺲ ﺩﺍﺷﺘﻪ ﺑﺎﺷﺪ‪.‬‬ ‫ﻧﺒﻮﺩ ﺍﻓﺮﺍﺩ ﺩﺍﺭﺍﻱ ﺗﺠﺮﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ‪ VC‬ﻭ ﺗﺠﺮﺑﻪ ﺩﺭ ﺻﻨﺎﻳﻊ ﻫﺎﻱﺗﮏ ﻣﻲﺗﻮﺍﻧﺪ ﻳﮑﯽ ﺍﺯ ﻣﺸﮑﻼﺕ ﺍﺻﻠﯽ ﭘﻴﺪﺍﻳﺶ‬ ‫ﺻﻨﻌﺖ ‪ VC‬ﺑﺎﺷﺪ‪ .‬ﻳﮏ ﺭﺍﻩ ﺣﻞ ﺩﺭ ﺍﻳﻦ ﺭﺍﺳﺘﺎ ﻣﻲﺗﻮﺍﻧﺪ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﺗﺠﺮﺑﻴﺎﺕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ‪ VC‬ﺧﺎﺭﺟﻲ ﻭ ﺗﺸﻮﻳﻖ‬ ‫ﻳﺎﺩﮔﻴﺮﻱ ﺍﺯ ﺁﻧﻬﺎ ﺑﺎﺷﺪ‪.‬‬ ‫ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺑﺎﻳﺪ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﮏ ﺻﻨﻌﺖ ﮐﻪ ﺩﺍﺭﺍﻱ ﭘﻴﺶﺭﺍﻥﻫﺎﻱ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ‬ ‫ﺧﺎﺹ ﺧﻮﺩ ﻣﻲﺑﺎﺷﺪ‪ ،‬ﻧﻈﺎﺭﻩ ﮐﻨﻨﺪ‪ .‬ﺗﻮﺟﻪ ﺑﻪ ﻋﻮﺍﻣﻞ ﻣﻮﺛﺮ ﺑﺮ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ‪ VC‬ﻭ ﺗﻌﻴﻴﻦ ﮐﺎﺳﺘﻲﻫﺎﻱ‬ ‫ﺍﺣﺘﻤﺎﻟﻲ ﻣﻮﺟﻮﺩ ﺩﺭ ﻃﺮﻑ ﻋﺮﺿﻪ ﻳﺎ ﺗﻘﺎﺿﺎ ﻣﻲﺗﻮﺍﻧﺪ ﺧﻮﺩ ﺭﺍﻫﻨﻤﺎﻳﻲ ﺑﺮﺍﻱ ﺗﻨﻈﻴﻢ ﺳﻴﺎﺳﺖﻫﺎ ﺑﺎﺷﺪ‪.‬‬

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١٣٨٣ ‫ ﻣﺮﺩﺍﺩ‬٢٩‫ﻭ‬٢٨ ، ‫ ﺗﻬﺮﺍﻥ‬- ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

:‫ﻣﻨﺎﺑﻊ‬ Armour, J. and Cumming, C. (2003), “The legal road to replicating the Silicon Valley”, ECB-CFS Research Network. Avnimelech, G. and Teubal, M. (2002), “Venture capital policy in Israel: a comparative analysis and lessons for other countries”, International Conference: Financial Systems, Corporate Investment in Innovation and Venture Capital, organized by UNU- INTECH, Brussels. Avnimelech, G. and Teubal, M. (2003), “Evolutionary venture capital policies: insights from a product life cycle analysis of Israel’s venture capital industry”, Workshop on: Clusters and Global Value Chains in the North and the Third World, Dipartimento di Scienze Economiche e Metodi Quantitativi Università del Piemonte Orientale. Dickson, T. “How to fund health care”, available at: http://www.smartwebdesign.com.au/economics/cgibin/essays.cgi?action=read&filename=essay16&ID=0007 Etzkowitz, H. (2003), “Triple helix venture capital: toward a counter-cyclic model”, Conference paper from: Managing the early stages of the venturing process, Copenhagen Business School, June 3. Kenney, M., Han, K. and Tanaka, S. (2002), “Scattering geese: the venture capital industries of East Asia, a report to the World Bank”, BRIE Working Paper 146. Lerner, J. (1999a), “Public venture capital: rationales and evaluation”, in The Small Business Innovation Research program: challenges and opportunities, C.W. Wessner, (ed.); Board on Science, Technology and Economic Policy, National Research Council. Lerner, J. (1999b), “The government as venture capitalist: the long-run impact of the SBIR program”, Journal of Business, 72 (3), 285-318. Lerner, J. (2002), “When bureaucrats meet entrepreneurs: can governments be effective venture capitalists”, Royal Economic Society, Media Briefings, The Economic Journal February 2002. Lundström, A. and Stevenson, L. (2002), “On the road to entrepreneurship policy- summary”, Swedish foundation for Small Business Research. Megginson, L. W. (2001), “Towards a global model of venture capital?”, The University of Oklahoma, Corporate Finance Working Papers and Published Articles. Rowen, H. S. and Toyoda, M. (2002), “From Keiretsu to start-ups: Japan’s push for high tech entrepreneurship”, Asia/Pacific Research Center, Stanford University. Shertler, A. (2003), “Driving forces of venture capital investments in Europe: a dynamic panel data analysis”, Kiel Institute for World Economics, Kiel, Germany. Small Business Administration (SBA) (2002), “Small Business Investment Company Program, fiscal year 2002 special report”, U.S. Small Business Administration, Investment Division, Washington, D.C. Vibert, C. (2000), “Agency theory for online analysts”, Submitted to The Academy of Competitive Intelligence Conference, Drexel University.

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