تحلیل زیرساخت قانونی توسعه سرمایه‏ گذاری خطرپذیر در ایران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار مدیریت فناوری، مؤسسه تحقیقات سیاست علمی کشور، تهران، ایران

2 دکتری مدیریت فناوری، دانشکده مدیریت و اقتصاد، واحد علوم و تحقیقات، دانشگاه آزاد اسلامی، تهران، ایران

3 استادیار مهندسی صنایع، دانشکده مدیریت، خوارزمی، کرج، ایران

10.22059/jppolicy.2024.98668

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

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سیاستگذاری عمومی
دوره 10، شماره 3
مهر 1403
صفحه 9-29

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