بررسی اثر تأمین مالی از صندوق‌های ریسک‌پذیر بر سودآوری شرکت‌های دانش‌بنیان

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار دانشکده اقتصاد و مدیریت، دانشگاه تبریز، ایران

2 استاد دانشکده اقتصاد و مدیریت دانشگاه تبریز، ایران

3 دانشجوی دکترای اقتصاد، پردیس بین‌المللی ارس دانشگاه تبریز، ایران

10.22034/jstp.2020.12.2.1184

چکیده

فعالیت‌های دانش‌بنیان دارای مخاطره بالایی بوده و تأمین مالی شرکت‌هایی که به این نوع فعالیت‌ها مشغول هستند از حیث حمایت و تشویق طرح‌های نو و فناوری‌های پیشرفته دارای اهمیت بالایی است. از این رو، روش تأمین مالی توسط صندوق‌های ریسک‌پذیر امروزه به عنوان مهم‌ترین و مؤثرترین روش تأمین مالی طرح‌ها و شرکت‌های دانش‌بنیان در سطح دنیا مطرح است. سؤالی که در این خصوص مطرح می‌شود تأثیر این نوع تأمین مالی بر عملکرد شرکت‌های مزبور است. هدف این پژوهش، بررسی تأثیر تأمین مالی صندوق‌های سرمایه‌گذاری ریسک‌پذیر بر سود شرکت‌های دانش‌بنیان مستقر در پارک علم و فناوری استان آذربایجان شرقی بوده است. داده‌های پژوهش با استفاده از پرسشنامه جمع‌آوری و برای تحلیل داده‌ها از روش پانل دیتا به کمک نرم‌افزار STATA استفاده شده است. مطابق یافته‌ها مشخص شده که دو متغیر تسهیلات صندوق سرمایه‌گذاری ریسک‌پذیر و اندازه شرکت، تأثیر مثبت و معنی‌داری بر سود شرکت دارند در حالی که متغیرهای وام از بانک‌های تجاری، عمر و نیز سرمایه انسانی شرکت، اثری معنی‌دار بر سود شرکت‌ها ندارند. همچنین هزینه‌های تحقیق‌وتوسعه اثر منفی بر سودآوری دارند اما با توجه به اینکه این متغیر بلافاصله اثر‌گذار نبوده و اثرگذاری آن با وقفه ظهور می‌یابد ممکن است نتایج آن طی چند سال آینده دیده شود که با توجه به دوره کوتاه این مطالعه نمی‌توان عنوان نمود که این متغیر به طور قطع اثر منفی بر سودآوری دارد.
 

کلیدواژه‌ها

dor 20.1001.1.20080840.1399.13.2.3.5

عنوان مقاله [English]

Investigating the Effect of Venture Capital Funding on Profitability of Knowledge-Based Enterprises

نویسندگان [English]

  • Sakineh Sojoodi 1
  • Parviz Mohammadzadeh 2
  • Amir Fateh 3
2 Professor, Faculty of Economics and Management, University of Tabriz, Iran
3 Ph.D. Student, Aras International Campus of University of Tabriz, Iran
چکیده [English]

Knowledge-based activities carry a high risk. Moreover, financing the companies which do the likewise activities for supporting and encouraging innovative plans and advanced technology is of high importance. Therefore, nowadays, financing methods by risk taking funds is considered the most prominent and effective financing method in knowledge-based companies all over the world. The purpose behind doing this research is to investigate the influence of venture capital funding on profits of knowledge-based companies located in the Science and Technology (Elm-o-fannavari) park in East Azerbaijan province of Iran. The data for this research has been collected with the help of questionnaires from knowledge-based companies and the data analyses have been done with the panel data method and STATA software. Based on the final results, the two variables of venture capital fund facility and the size of the company have a meaningful and positive effect on profit of company. While influence of loans from business banks, company's age (company's life’s year) and human asset, on the company profitability is not meaningful. R&D costs have a negative effect on profitability, but given that this variable is not immediately effective and its effect appears with time lags, also given the short period of this study, this result is not far from waiting. 
 
 

کلیدواژه‌ها [English]

  • Venture capital
  • Knowledge-Based Enterprises
  • Profitability
  • Bank Facilities
  • Panel Data
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