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علیزاده, پریسا, مختاری حسن‌آباد, ساجده, سادات رسول, سید مهدی. (1403). تحلیل زیرساخت قانونی توسعه سرمایه‏ گذاری خطرپذیر در ایران. , 10(3), 9-29. doi: 10.22059/jppolicy.2024.98668
پریسا علیزاده; ساجده مختاری حسن‌آباد; سید مهدی سادات رسول. "تحلیل زیرساخت قانونی توسعه سرمایه‏ گذاری خطرپذیر در ایران". , 10, 3, 1403, 9-29. doi: 10.22059/jppolicy.2024.98668
علیزاده, پریسا, مختاری حسن‌آباد, ساجده, سادات رسول, سید مهدی. (1403). 'تحلیل زیرساخت قانونی توسعه سرمایه‏ گذاری خطرپذیر در ایران', , 10(3), pp. 9-29. doi: 10.22059/jppolicy.2024.98668
علیزاده, پریسا, مختاری حسن‌آباد, ساجده, سادات رسول, سید مهدی. تحلیل زیرساخت قانونی توسعه سرمایه‏ گذاری خطرپذیر در ایران. , 1403; 10(3): 9-29. doi: 10.22059/jppolicy.2024.98668

تحلیل زیرساخت قانونی توسعه سرمایه‏ گذاری خطرپذیر در ایران

سیاستگذاری عمومی
دوره 10، شماره 3، 1403، صفحه 9-29    اصل مقاله (2.37 M)
نوع مقاله: مقاله پژوهشی
شناسه دیجیتال (DOI): 10.22059/jppolicy.2024.98668
نویسندگان
پریسا علیزاده* 1؛ ساجده مختاری حسن‌آباد2؛ سید مهدی سادات رسول3
1استادیار مدیریت فناوری، مؤسسه تحقیقات سیاست علمی کشور، تهران، ایران
2دکتری مدیریت فناوری، دانشکده مدیریت و اقتصاد، واحد علوم و تحقیقات، دانشگاه آزاد اسلامی، تهران، ایران
3استادیار مهندسی صنایع، دانشکده مدیریت، خوارزمی، کرج، ایران
چکیده
علیرغم محدودیت منابع مالی کارآفرینی فناورانه به خصوص تأمین مالی بانک‏محور، سهم سرمایه ‏گذاری خطرپذیر در تأمین مالی کسب‏ وکارهای دانش‏ بنیان و شرکت ‏های مبتنی بر فناوری در ایران بالا نیست. تقویت زیرساخت قانونی و مداخله دولت با ارائه مشوق‏ های قانونی مناسب می ‏تواند به تقویت سرمایه ‏گذاری خطرپذیر کمک کند. در این مقاله پس از مطالعه پیشینه و مبانی نظری، تحلیل اهمیت-عملکرد برای مؤلفه‏ های قانونی موثر بر سرمایه‏ گذاری خطرپذیر در ایران در دو سطح (سیاست‏ های عمومی و کلان/ محیط کسب‏ وکار، قوانین و مقررات مربوط به حوزه سرمایه‏ گذاری خطرپذیر) با توزیع پرسشنامه نیمه‏ ساخت‏ یافته بین مدیران عامل و معاونان صندوق‏ های جسورانه بورسی، صندوق ‏های پژوهش و فناوری غیردولتی و دیگر صندوق ‏ها و شرکت‏ های خصوصی سرمایه‏ گذاری خطرپذیر انجام و اولویت‏ این مؤلفه ‏ها مشخص شد. سپس وضعیت فعلی زیرساخت قانونی سرمایه ‏گذاری خطرپذیر با تحلیل محتوای قوانین مرتبط بررسی و پس از مقایسه با مؤلفه‏ های قانونی اولویت‏ دار، پیشنهاداتی برای رفع خلأهای قانونی و تقویت قوانین مرتبط ارائه شد. نتایج این مطالعه نشان داد که به جز مشوق‏ های مالیاتی، سایر مؤلفه‏ های اولویت‏ دار توسعه سرمایه‏ گذاری خطرپذیر در قوانین مرتبط پوشش داده نمی‏شوند و قوانین موجود بدون ملحوظ‌ داشتن مؤلفه‏ های مزبور تدوین شده‏ اند. برای رفع این نقیصه، تقویت قانون تأمین اجتماعی با در نظر گرفتن ماهیت فعالیت کسب و کارهای نوپا و شرکت‏ های فناور و ساماندهی نظام مالکیت فکری به منظور افزایش تقاضا برای سرمایه ‏گذاری خطرپذیر پیشنهاد می‏شود. همچنین سیاستگذاران؛ تداوم و تسهیل فرآیندهای مربوط به معافیت ‏های مالیاتی موجود، پیش‏بینی معافیت مالیاتی برای سودهایی که بین سهامداران توزیع نمی‌شود بلکه مجددا در تولید سرمایه‌گذاری می‌شود را در نظر بگیرند و مالیات‌هایی را برای فعالیت‏ های سوداگرانه خارج از اکوسیستم نوآوری تعریف کنند تا منابع مالی به سمت کارآفرینی فناورانه هدایت شود.
کلیدواژه‌ها
سرمایه‏گذاری خطرپذیر؛ زیرساخت قانونی؛ تحلیل اهمیت- عملکرد؛ معافیت مالیاتی؛ ایران
عنوان مقاله [English]
Analysis of the Legal Infrastructure of Venture Capital Development in Iran
نویسندگان [English]
Parisa Alizadeh1؛ Sajedeh Mokhtari Hasan Abad2؛ Seyed Mahdi Sadat Rasoul3
1Assistant Professor of Technology Management, Department of Science, Technology and Innovation Financing and Economics, National Research Institute for Science Policy (NRISP), Tehran, Iran
2PhD in Technology Management, Faculty of Management, Science and Research Branch, Islamic Azad University, Tehran, Iran
3Assistant Professor of Industrial Engineering, Faculty of Management, Kharazmi University, Karaj, Iran
چکیده [English]
Despite the limited financial resources available for technological entrepreneurship in Iran, particularly in terms of bank-oriented financing, venture capital (VC) plays a relatively minor role in financing knowledge-based and technology-driven companies. Strengthening the legal infrastructure through appropriate incentives could promote VC growth. This article, after reviewing the theoretical foundations, performs an importance-performance analysis of the legal components affecting VC in Iran at two levels: macro policies and specific regulations related to VC funds. This analysis was carried out by distributing a semi-structured questionnaire among CEOs and vice presidents of VC funds, non-governmental research and technology funds, and other private companies. The current state of the legal infrastructure for VC was then examined by analyzing relevant laws and comparing them with prioritized legal components. The aim was to suggest solutions to address legal gaps and enhance relevant laws. The findings indicated that, except for tax incentives, other key legal components necessary for VC development are not adequately addressed in the existing laws. To address this deficiency, it is recommended that the social security law be revised to consider the nature of startups and technology companies, and that the intellectual property system be organized to increase demand for venture capital. Additionally, policymakers are advised to continue and streamline processes related to existing tax exemptions, provide tax exemptions for profits reinvested in production rather than distributed among shareholders, and impose taxes on speculative activities outside the innovation ecosystem to channel financial resources into technological entrepreneurship.
کلیدواژه‌ها [English]
Venture Capital, Legal Infrastructure, Importance-Performance Analysis, Tax Allowance, Iran
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آمار
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