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 طباطبائی، 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 Tabataba'i University, Tehran, Iran.
2 PhD Student in Technology Management, Allameh Tabataba'i 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

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مدیریت توسعه فناوری
دوره 8، شماره 3
آذر 1399
صفحه 11-44

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  • تاریخ دریافت: 09 مهر 1399
  • تاریخ بازنگری: 12 آبان 1399
  • تاریخ پذیرش: 09 آذر 1399

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