نقش ضمانت اعتبار در تأمین مالی شرکت‌های دانش‌بنیان: عارضه‌یابی، مطالعه تطبیقی و راهکارهای سیاستی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 عضو هیئت‌علمی دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبایی، تهران.

2 دانشجوی دکتری دانشکده مدیریت و حسابداری دانشگاه علامه طباطبائی، تهران.

3 عضو هیئت علمی دانشکده اقتصاد، دانشگاه توکای، توکیو، ژاپن

چکیده

باتوجه ­به اهمیت توسعه فعالیت‌های فناورانه و نوآورانه در حرکت کشور به ­سمت اقتصاد دانش‌بنیان، ترتیبات نهادی مختلفی برای رفع مشکل تأمین مالی شرکت‌های دانش‌بنیان مورداستفاده قرار گرفته ‌است. در­این­میان اگرچه ابزار ضمانت اعتبار در سال‌های اخیر موردتوجه سیاست‌گذاران قرار گرفته است، چارچوب نظام پیاده‌سازی آن در کشور کماکان سامان‌دهی کافی نیافته ‌است. در مقاله حاضر، با استفاده از مرور پیشینه نظری، مطالعه تطبیقی کشورهای منتخب و عارضه‌یابی نظام ضمانت اعتبار کشور مبتنی بر مصاحبه عمیق با خبرگان، راهکار‌های پیشنهادی برای ارتقای نقش ضمانت اعتبار در تأمین مالی شرکت‌های دانش‌بنیان کشور استخراج و ارزیابی شده است. براین‌اساس عدم­ تحقق کامل نقش‌ تولی‌گری در نظام ضمانت اعتبار، فقدان پشتیبانی نهادی لازم در حوزه داده‌های شرکت‌های دانش‌بنیان، ارزیابی، اعتبارسنجی و ارزش‌گذاری دارایی‌های نامشهود، عدم ­پذیرش ضمانت‌نامه‌های صندوق‌ها توسط بانک‌ها، عدم ­دسترسی شرکت‌های دانش‌بنیان به خدمات ضمانت‌نامه‌ای با ارقام بالا و چالش‌های ارائه خدمات صندوق‌های دولتی، به­ عنوان مهم‌ترین عارضه‌های نظام ضمانت اعتبار شرکت‌های دانش‌بنیان شناسایی شده‌اند. در ادامه نیز ضمن پیشنهاد مشارکت دولت در ایجاد زیرساخت‌های اعتبارسنجی، توسعه چارچوب‌های ضمانت اتکایی، استفاده از مدل‌های مالکیت ترکیبی و استفاده از مدل‌های مشارکت دولت در پوشش ریسک برای رفع چالش‌های مذکور، ملاحظات اجرایی هریک بیان شده است.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Role of Credit Guarantee in Financing Knowledge-based Firms: Challenges Identification, Comparative Studies, and Policy Implications

نویسندگان [English]

  • Seyed Habibollah Tabatabaeian 1
  • Seyed Ali Fatemi Khorasgani 2
  • Farhad Taghizadeh-Hesary 3
  • vajhollah ghorbanizadeh 1
1 Faculty Member, Faculty of Management and Accounting, Allameh Tabatabaei University, Tehran, Iran.
2 PhD Student in Technology Management, Allameh Tabatabaei University, Tehran, Iran.
3 Faculty Member, Department of Economics, Tokai University, Tokyo, Japan.
چکیده [English]

Due to the importance of financing technological and innovative activities in moving toward a knowledge-based economy, Iran has used different institutional arrangements to solve the problem of financing small and medium enterprises. Although, among the different tools, the credit guarantee has attracted the attention of the policymakers in Iran, its implementation framework has not yet been well organized. In this article, the proposed strategies to enhance the role of credit guarantee in financing the country's knowledge-based companies have been extracted and evaluated based on the literature review, comparative study of selected countries and identification of the challenges of the country's credit guarantee system through the in-depth interviews with the related experts. Accordingly, the nonfulfillment of the governance role in the credit guarantee system, the lack of necessary institutional support for the evaluation, validation, and valuation of intangible assets of NTBFs, the non-admittance of funds guarantees by banks, and the lack of access to high volume loans for NTBFs have been recognized as the main challenges of the system. Also, government participation in creating accreditation infrastructure, development of reliance guarantee frameworks, designing of combined ownership models, and utilization of government participation models in risk coverage are recommended to address the aforementioned challenges.

کلیدواژه‌ها [English]

  • Finance
  • NTBF
  • Credit Guarantee
  • Challenges
  • Comparative Studies
-          Aboojafari, R. (2017). Reviewing the current situation and provision of policy solutions for the development of the guarantee system [In Persian]. Presidential Technologies Studies Institution.
-          Aboojafari, R., Daliri, A., Taghizadeh-Hesary, F., Mokhtari, M., & Ekhitiari, M. (2019). Role of credit guarantee scheme in the development of small and medium-sized enterprises. In N.Yoshino & F. Taghizadeh-Hesa (Eds.), Unlocking SME finance in Asia: Roles of credit rating and credit guarantee schemes (pp. 217-246). Routledge. https://doi.org/10.4324/9780429401060-10
-          Arping, S., Lóránth, G., & Morrison, A. D. (2010). Public initiatives to support entrepreneurs: Credit guarantees versus co-funding. Journal of Financial Stability6(1), 26-35. https://doi.org/10.1016/j.jfs.2009.05.009
-          Banitaba, S. M. (2016). Financing model of SME, development of credit guarantee institution [In Persian]. Islamic Parliament Research Center of the Islamic Republic of Iran. https://rc.majlis.ir/fa/report/download/1011889
-          Beck, T., Klapper, L. F., & Mendoza, J. C. (2010). The typology of partial credit guarantee funds around the world. Journal of Financial Stability, 6(1), 10-25. https://doi.org/10.1016/j.jfs.2008.12.003
-          Beltrame, F., Floreani, J., Grassetti, L., Mason, M. C., & Miani, S. (2019). Collateral, mutual guarantees and the entrepreneurial orientation of SMEs. Management Decision, 57(1), 168-192. https://doi.org/10.1108/md-11-2017-1077
-          Cowling, M., Ughetto, E., & Lee, N. (2018). The innovation debt penalty: Cost of debt, loan default, and the effects of a public loan guarantee on high-tech firms. Technological Forecasting & Social Change, 127, 166-176. https://doi.org/10.1016/j.techfore.2017.06.016
-          Daskalakis, N., Balios, D., & Dalla, V. (2017). The behaviour of SMEs' capital structure determinants in different macroeconomic states. Journal of Corporate Finance46, 248-260. https://doi.org/10.1016/j.jcorpfin.2017.07.005
-          Deelen, L., & Molenaar, K. (2004). Guarantee funds for small enterprises. International Labour Organization. https://www.ilo.org/public/libdoc/ilo/2004/104B09_435_engl.pdf
-          Employers' Association of Venture Capital Funds and Institutions of Iran (2019). The situation of venture capital in the world and the performance report of the members of the venture capital association in Iran [In Persian].
-          Fakhari, H. (2014). Review of knowledge-based firms definition consistent with the economic conditions of Iran [In Persian]. Journal of Science and Technology Policy, 6(4), 69-88. http://jstp.nrisp.ac.ir/article_13756.html
-          Gai, L., Ielasi, F., & Rossolini, M. (2016). SMEs, public credit guarantees and mutual guarantee institutions. Journal of Small Business and Enterprise Development, 23(4), 1208-1228. https://doi.org/10.1108/jsbed-03-2016-0046
-          Green, A. (2003). Credit guarantee schemes for small enterprises: An effective instrument to promote private sector-led growth? (SME technical working paper No. 10). UNIDO, Programme Development and Technical Cooperation Division. https://open.unido.org/api/documents/4692553/download/CREDIT%20GUARANTEE%20SCHEMES%20FOR%20SMALL%20ENTERPRISES%20-%20AN%20EFFECTIVE%20INSTRUMENT%20TO%20PROMOTE%20PRIVATE%20SECTOR-LED%20GROWTH%20(22869.en)
-          Haji Asghari, S., Mirabi, V., Mehrmanesh, H., & Fallah Shams, M. (2019). Providing a model for financing science-based companies by crowdsourcing in the agricultural bank [In Persian]. Financial Knowledge of Securities Analysis, 12(41), 243-256. http://jfksa.srbiau.ac.ir/article_13988.html
-          Hall, B. H. (2005). The financing of innovation. In The handbook of technology and innovation management (pp. 409-430). Wiley.
-          Hallberg, K. (2000). A market-oriented strategy for small and medium-scale enterprises. International Finance Corporation. https://doi.org/10.1596/0-8213-4727-6
-          INIF (2019). Presidential Iran national innovation fund services [In Persian]. https://www.inif.ir/fullcontent/-/asset_publisher/YASjeuXFqbaQ/document/id/261162
-          JFCGC (2014). Credit guarantee system in Japan. Credit Guarantee Corporation. https://www.zenshinhoren.or.jp/document/news/CGS2012_web.pdf
-          Khyatyan, M. S., Tabatabaeian, S. H., Amiri, M., & Eliasi, M (2015). Content analysis of knowledge-based firms characteristics [In Persian]. ORMR, 5(2), 21-47. https://ormr.modares.ac.ir/article-28-7537-fa.html
-          Kramer, D. (2013). Credit guarantee schemes for small businesses: Between euphoria and scepticism: concepts and experiences with institutional structures in europe and latin america–with case illustrations from Germany and Brazil [Doctoral dissertation, Freie Universität Berlin]. http://doi.org/10.17169/refubium-6357
-          Kuwahara, S., Yoshino, N., Sagara, M., & Taghizadeh-Hesary, F. (2016). Role of the credit risk database in developing SMEs in japan: Ideas for Asia.In P. Vandenburg, P. Chantapacdepong & N. Yoshino (Eds.), SMEs in developing Asia new approaches to overcoming market failures (pp. 144-178). Asian Development Bank Institute. https://www.adb.org/publications/smes-developing-asia-new-approaches-overcoming-market-failures
-          Leone, P., & Vento, G. A. (2012). Credit guarantee institutions and SME finance. Springer. https://doi.org/10.1057/9780230362321
-          Liu, Y., Fujiwara, K., Jinushi, T., & Yamori, N. (2016). How should banks support SMEs to manage funding risks in China? The role of relationship banking. In Risk management in emerging markets (pp. 365-398). Emerald Group Publishing Limited. https://doi.org/10.1108/978-1-78635-452-520161025
-          Mokhtari, M. (2015). Examining the mechanism of supporting SMEs by providing guarantees for receiving bank facilities [In Persian]. Presidential Center for Progress and Development of Iran.
-          Motavasseli, M., Shojaeei, S., Mohammadi Eliasi, G., & Chitsazan, H. (2017). Exploring the institutional challenges of transactions between venture capitals – technological firms [In Persian]. Journal of Science and Technology Policy, 9(4), 1-14. http://jstp.nrisp.ac.ir/article_12991.html
-          Mullins, W., & Toro, P. (2017). Credit guarantees and new bank relationships (Working paper No. 820).. Banco Central de Chile. http://si2.bcentral.cl/public/pdf/documentos-trabajo/pdf/dtbc820.pdf
-          Narimani, M. (2017). Studying issues and problems of financing knowledge based enterprises [In Persian]. Science and Technology Policy Letters, 07(1), 13-15. http://stpl.ristip.sharif.ir/article_20243.html
-          OECD (2007). The SME financing gap (Vol. II). Proceedings of the Brasilia conference, 27-30 March 2006. OECD Publishing.  https://doi.org/10.1787/9789264029453-en.
-          Panetta, I. C. (2012). An analysis of credit guarantee schemes: Suggestions provided by literature. In P. Leone & G. A. Vento, Credit guarantee institutions and SME finance (pp. 11-37). Palgrave Macmillan. https://doi.org/10.1057/9780230362321_2
-          Schmidt, R. C., & Hoffmann, M. G. (2019). Guarantees used in refundable financing of innovation in micro, small and medium-sized enterprises. Innovation & Management Review, 16(3), 253-268. https://doi.org/10.1108/inmr-04-2019-0044
-          Situ, P. (2011). Guarantee funds for inclusive finance in China. China Papers on Inclusiveness, 3(11). https://www.findevgateway.org/sites/default/files/publications/files/mfg-en-paper-guarantee-funds-for-inclusive-finance-in-china-english-version-apr-2011.pdf
-          Ughetto, E. (2008). Does internal finance matter for R&D? New evidence from a panel of Italian firms. Cambridge Journal of Economics32(6), 907-925. https://doi.org/10.1093/cje/ben015