‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

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‫ﻣﻼﺣﻈﺎﺗﻲ ﺩﺭ ﻃﺮﺍﺣﻲ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬

‫‪٢‬‬
‫ﺁﻟﻔﺮﺩ ﺳﺮﻛﻴﺴﻴﺎﻥ‬
‫ﻭﺯﺍﺭﺕ ﺻﻨﺎﻳﻊ ﻭ ﻣﻌﺎﺩﻥ‪ ،‬ﻣﺮﻛﺰ ﺻﻨﺎﻳﻊ ﻧﻮﻳﻦ‬

‫ﺧﻼﺻﻪ‪:‬‬
‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ ﺩﻟﻴﻞ ﻧﻘﺶ ﻛﻠﻴﺪﻱ ﺁﻥ ﺩﺭ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻭ ﺍﺭﺍﺋﻪ ﻛﻤﻚ ﻣﺪﻳﺮﻳﺘﻲ ﺑﻪ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ‬
‫ﺗﻜﻨﻮﻟﻮﮊﻱ ﻣﺤﻮﺭ‪ ،‬ﻣﻮﺭﺩ ﺗﻮﺟﻪ ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﻛﺸﻮﺭﻫﺎ ﺑﻮﺩﻩ ﺍﺳﺖ‪ .‬ﭘﻴﭽﻴﺪﮔﻲ ﻓﻌﺎﻟﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬
‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭ ﻭﻳﮋﮔﻲﻫﺎﻱ ﻣﻨﺤﺼﺮ ﺑﻪ ﻓﺮﺩ ﺁﻥ ﻣﻲﺗﻮﺍﻧﺪ ﺑﺎﻋﺚ ﻧﺎﻛﺎﻣﻲ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬
‫ﺷﻮﺩ‪ .‬ﺩﺭ ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﻛﻮﺷﺶ ﻣﻲﺷﻮﺩ ﺑﺎ ﺑﺮﺭﺳﻲ ﻋﻮﺍﻣﻞ ﻣﻮﺛﺮ ﺑﺮ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺗﺠﺮﺑﻪ ﺑﺮﺧﻲ‬
‫ﻛﺸﻮﺭﻫﺎ ﻭ ﻭﻳﮋﮔﻲﻫﺎﻱ ﺧﺎﺹ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﻣﻼﺣﻈﺎﺗﻲ ﺑﺮﺍﻱ ﻃﺮﺍﺣﻲ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ‬
‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺍﺭﺍﺋﻪ ﺷﻮﺩ‪.‬‬
‫ﮐﻠﻴﺪ ﻭﺍﮊﻩﻫﺎ‪ :‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺳﻴﺎﺳﺖﻫﺎﯼ ﺗﺸﻮﻳﻖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺗﻘﺎﺿﺎﯼ ﺳﺮﻣﺎﻳﻪ‬
‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬

‫‪ .١‬ﻣﻘﺪﻣﻪ‪:‬‬
‫ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ‪ ٣‬ﻛﺎﺭﻛﺮﺩﻫﺎﻱ ﻣﻬﻤﻲ ﺩﺭ ﺍﻗﺘﺼﺎﺩ ﺩﺍﺭﻧﺪ‪ ،‬ﺗﺨﺼﻴﺺ ﻣﺠﺪﺩ ﻣﻨﺎﺑﻊ ﺍﺯ ﺑﺨﺶﻫﺎﻱ ﻗﺪﻳﻤﻲ ﺍﻗﺘﺼﺎﺩ ﺑﻪ‬
‫ﺑﺨﺶﻫﺎﻱ ﺟﺪﻳﺪ‪ ،‬ﺗﺴﺮﻳﻊ ﻭﺭﻭﺩ ﺗﻜﻨﻮﻟﻮﮊﻱﻫﺎﻱ ﺟﺪﻳﺪ ﺑﻪ ﺑﺎﺯﺍﺭ ﻭ ﻛﺎﺭﻛﺮﺩ ﺍﻧﮕﻴﺰﺷﯽ ﺁﻧﻬﺎ‪ ،٤‬ﺍﺯ ﺟﻤﻠﻪ ﺍﻳﻦ ﻛﺎﺭﻛﺮﺩﻫﺎﻱ‬
‫ﻣﻲﺑﺎﺷﻨﺪ )‪ .(Adapted from Rowen&Toyoda, 2002‬ﻧﺤﻮﺓ ﻋﻤﻞ ﻭ ﻣﻜﺎﻧﻴﺰﻡ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬
‫ﻣﻲﺗﻮﺍﻧﺪ ﺑﺮﺧﻲ ﺍﺯ ﻣﺸﻜﻼﺕ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩﺗﺄﺳﻴﺲ ﻫﺎﻱﺗﻚ‪ ٥‬ﺭﺍ ﺣﻞ ﻛﻨﺪ‪ .‬ﻣﻄﺎﻟﻌﺎﺕ ﺑﻪ ﺍﻫﻤﻴﺖ ﺳﺮﻣﺎﻳﻪ‬
‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺭ ﺍﻓﺰﺍﻳﺶ ﻧﻮﺁﻭﺭﻱ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﻧﻪ ﺗﻨﻬﺎ ﺩﺭ ﺷﺮﻛﺖ ﺩﺭﻳﺎﻓﺖ ﻛﻨﻨﺪﻩ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺑﻠﻜﻪ ﺩﺭ ﻛﻞ ﺑﺨﺶ ﻣﻮﺭﺩ‬
‫ﻧﻈﺮ ﺍﺷﺎﺭﻩ ﺩﺍﺭﻧﺪ‪ .‬ﻫﻤﭽﻨﻴﻦ ﺗﺤﻘﻴﻘﺎﺕ ﺩﻳﮕﺮ ﺑﺮ ﺗﺄﺛﻴﺮ ﻣﺜﺒﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﺮ ﻣﻮﻓﻘﻴﺖ ﺷﺮﻛﺖ ﺩﺭﻳﺎﻓﺖ ﻛﻨﻨﺪﻩ‬
‫ﺳﺮﻣﺎﻳﻪ‪ ،‬ﺗﺄﻛﻴﺪ ﺩﺍﺷﺘﻪﺍﻧﺪ )‪.(Adapted from Avnimelech&Teubal, 2002‬‬

‫‪ 1‬ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﺑﺨﺸﻲ ﺍﺯ ﻳﮏ ﻣﻄﺎﻟﻌﻪ ﺩﺭ ﺩﺳﺖ ﺍﻧﺠﺎﻡ ﻣﯽﺑﺎﺷﺪ‪.‬‬

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‫‪Email: sarkissian@hitech.ir‬‬
‫ﺁﺩﺭﺱ‪ :‬ﺗﻬﺮﺍﻥ‪ ،‬ﺧﻴﺎﺑﺎﻥ ﺷﻬﻴﺪ ﺑﻬﺸﺘﻲ‪ ،‬ﺧﻴﺎﺑﺎﻥ ﺍﺣﻤﺪﻗﺼﻴﺮ‪ ،‬ﺧﻴﺎﺑﺎﻥ ﺩﻭﻡ ﭘﻼﻙ ‪ ،۶‬ﻛﺪﭘﺴﺘﻲ ‪۱۵۱۴۶‬‬
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‫‪Start-ups‬‬
‫‪ 4‬ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ‪ ،‬ﻓﺮﺻﺘﻲ ﺑﺮﺍﻱ ﻧﺸﺎﻥ ﺩﺍﺩﻥ ﻣﻬﺎﺭﺕﻫﺎﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺍﻓﺮﺍﺩ ﻭ ﻧﻴﺰ ﻛﺴﺐ ﻣﻨﻔﻌﺖ ﻣﺎﻟﻲ ﻣﻲﺑﺎﺷﻨﺪ‪.‬‬
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‫‪High-tech‬‬

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 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺩﺭ ﻫﺮ ﻛﺸﻮﺭﻱ‪ ،‬ﺩﻭﻟﺖ ﻧﻘﺸﻲ ﺩﺭ ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺍﺷﺘﻪ ﺍﺳﺖ‪ .‬ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺭﻳﺴﻚ ﺑﺎﻻﻱ‬
‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎ‪ ،‬ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻧﻬﺎﺩﻱ ﺑﺴﻴﺎﺭ ﺣﺴﺎﺱ ﻣﻲﺑﺎﺷﺪ ﻭ ﺩﻭﻟﺖ ﺑﺎﻳﺪ ﺩﻗﺖ ﻛﻨﺪ ﺳﻴﺎﺳﺖﻫﺎﻳﺶ ﺗﺄﺛﻴﺮ‬
‫ﻧﺎﻣﻄﻠﻮﺏ ﺑﺮ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻧﺪﺍﺷﺘﻪ ﺑﺎﺷﺪ‪ .‬ﺑﻪ ﻋﺒﺎﺭﺗﻲ ﺩﻳﮕﺮ‪ ،‬ﺍﻗﺪﺍﻣﺎﺕ ﺣﺴﺎﺏ ﻧﺸﺪﻩ ﺩﻭﻟﺖ ﻣﻲﺗﻮﺍﻧﺪ ﺭﻳﺴﻚ‬
‫ﻣﻀﺎﻋﻒ ﺩﺭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎ ﻭﺍﺭﺩ ﻛﻨﺪ ﺩﺭ ﺣﺎﻟﻲ ﻛﻪ ﺳﻴﺎﺳﺖﻫﺎﻱ ﻣﻨﺎﺳﺐ ﺩﻭﻟﺖ ﺑﺮﺍﻱ ﺗﺸﻮﻳﻖ ﻣﺸﺎﺭﻛﺖ ﺑﺨﺶ‬
‫ﺧﺼﻮﺻﻲ‪ ،‬ﺩﺭ ﺻﻮﺭﺕ ﻭﺟﻮﺩ ﺷﺮﺍﻳﻂ ﻣﻨﺎﺳﺐ‪ ،‬ﻣﻲﺗﻮﺍﻧﺪ ﺑﻪ ﺍﻳﺠﺎﺩ ﻳﻚ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻣﺴﺘﻘﻞ ﻭ‬
‫ﺧﻮﺩﺍﺗﻜﺎ ﻣﻨﺠﺮﺷﻮﺩ )‪.(Kenney et al., 2002‬‬
‫ﺩﺭ ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﻛﻮﺷﺶ ﻣﻲﺷﻮﺩ ﺑﺎ ﺑﺮﺭﺳﻲ ﺧﺼﻮﺻﻴﺎﺕ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﻋﻮﺍﻣﻞ ﻣﺆﺛﺮ ﺑﺮ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ‬
‫ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭ ﺗﺠﺮﺑﻪ ﺑﺮﺧﻲ ﻛﺸﻮﺭﻫﺎﻱ ﻣﻨﺘﺨﺐ‪ ،‬ﻣﻼﺣﻈﺎﺗﻲ ﺑﺮﺍﻱ ﻃﺮﺍﺣﻲ ﺍﺛﺮ ﺑﺨﺶ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ‬
‫ﻓﻌﺎﻟﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺍﺭﺍﺋﻪ ﺷﻮﺩ‪.‬‬

‫‪ .٢‬ﻧﻴﺮﻭﻫﺎﻱ ﺗﺄﺛﻴﺮﮔﺬﺍﺭ ﺑﺮ ﻓﻌﺎﻟﻴﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪:‬‬

‫ﻳﻚ ﻋﺎﻣﻞ ﻣﻬﻢ ﺩﺭ ﺷﻜﺴﺖ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺤﺮﻳﻚ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺍﺗﺨﺎﺫ ﺭﻭﻳﻜﺮﺩ ﺳﺎﺩﻩﺍﻧﮕﺎﺭﺍﻧﻪ‬
‫ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺑﻪ ﺻﻨﻌﺖ ‪ VC‬ﺑﻮﺩﻩ ﺍﺳﺖ‪ .‬ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺍﻏﻠﺐ ﺑﻪ ‪ VC‬ﺗﻨﻬﺎ ﺑﻪ ﺻﻮﺭﺕ ﻳﻚ ﻣﺠﻤﻮﻋﻪ ﺍﺯ ﻭﺟﻮﻩ ﻣﺎﻟﻲ‬
‫ﻧﻈﺎﺭﻩ ﻛﺮﺩﻩﺍﻧﺪ ﻭ ﺍﺯ ﺍﻳﻦ ﻭﺍﻗﻌﻴﺖ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﺑﻪ ﺻﻮﺭﺕ ﻳﻚ "ﺻﻨﻌﺖ" ﻧﻈﺎﺭﻩ ﻛﺮﺩ ﻏﺎﻓﻞ‬
‫ﺑﻮﺩﻩﺍﻧﺪ )‪ .(Adapted from Avnimelech&Teubal, 2003‬ﺩﺭ ﺗﻌﻴﻴﻦ ﻧﻴﺮﻭﻫﺎﻱ ﭘﻴﺶﺭﺍﻥ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ‬
‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺑﻪ ﻧﻈﺮ ﻣﻲﺭﺳﺪ ﻧﻈﺎﺭﻩ ﻛﺮﺩﻥ ﺑﻪ ﺻﻨﻌﺖ ‪ VC‬ﺍﺯ ﻃﺮﻑ ﻋﺮﺿﻪ ﻭ ﺍﺯ ﻃﺮﻑ ﺗﻘﺎﺿﺎ ﻣﻌﻘﻮﻝ ﺑﺎﺷﺪ ‪(Adapted‬‬
‫)‪.from Schertler, 2003‬‬
‫‪ -۱-۲‬ﺗﻘﺎﺿﺎﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪:‬‬
‫ﺳﻄﺢ ﺗﻘﺎﺿﺎ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ ﺳﻪ ﮔﺮﻭﻩ ﺍﺯ ﻋﻮﺍﻣﻞ ﻭﺍﺑﺴﺘﻪ ﺑﻪ ﻳﻜﺪﻳﮕﺮ‪ ،‬ﺑﺴﺘﮕﻲ ﺩﺍﺭﺩ )‪:(Schertler, 2003‬‬
‫‪ -۱-۱-۲‬ﻣﺸﻮﻕﻫﺎﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ‪:‬‬
‫ﺗﻘﺎﺿﺎ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺑﺎ ﻣﺸﻮﻕﻫﺎﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺍﻓﺰﺍﻳﺶ ﭘﻴﺪﺍ ﻣﻲﻛﻨﺪ‪ .‬ﻣﺸﻮﻕﻫﺎﻱ ﻓﺮﺩﻱ ﺑﺮﺍﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺷﺎﻣﻞ‬
‫ﻫﻤﻪ ﻋﻮﺍﻣﻠﻲ ﻣﻲﺑﺎﺷﻨﺪ ﻛﻪ ﺑﺮ ﺗﺼﻤﻴﻢ ﻓﺮﺩ‪ -‬ﺷﺎﻏﻞ ﻳﺎ ﺑﻲﻛﺎﺭ‪ -‬ﺑﺮﺍﻱ ﺗﺄﺳﻴﺲ ﺷﺮﻛﺖ ﻫﺎﻱﺗﻚ ﺧﻮﺩ ﺗﺄﺛﻴﺮ ﻣﻲﮔﺬﺍﺭﺩ‬
‫)‪.(Schertler,2003‬‬
‫ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺩﺍﺭﺍﻱ ﻫﺪﻑ ﺗﺸﻮﻳﻖ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ ﺍﻓﺰﺍﻳﺶ ﻧﺮﺥ ﺍﻳﺠﺎﺩ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ‬
‫ﻣﻲﺑﺎﺷﻨﺪ‪ .‬ﺍﻳﻦ ﺳﻴﺎﺳﺖﻫﺎ ﺩﺍﺭﺍﻱ ﭼﻬﺎﺭ ﺣﻮﺭﻩ ﺧﺎﺹ ﻣﻲﺑﺎﺷﻨﺪ ﻛﻪ ﺑﻪ ﻃﻮﺭ ﻋﺎﺩﻱ ﺩﺭ ﺳﻴﺎﺳﺖﻫﺎﻱ ﻣﻌﻄﻮﻑ ﺑﻪ ﺷﺮﻛﺖﻫﺎﻱ‬
‫ﻛﻮﭼﻚ ﻭ ﻣﺘﻮﺳﻂ ﻭﺟﻮﺩ ﻧﺪﺍﺭﺩ‪:‬‬
‫ﺍﻟﻒ‪ -‬ﺍﺩﻏﺎﻡ ﺁﻣﻮﺯﺵ ﮐﺎﺭﺁﻓﺮﻳﻨﯽ ﺩﺭ ﺳﻴﺴﺘﻢ ﺁﻣﻮﺯﺷﻲ‬
‫ﺏ‪ -‬ﻛﺎﻫﺶ ﻣﻮﺍﻧﻊ ﻭﺭﻭﺩ ﻭ ﺧﺮﻭﺝ ﺷﺮﻛﺖﻫﺎ )ﻣﺎﻧﻨﺪ ﺗﺠﺪﻳﺪ ﻧﻈﺮ ﻓﺮﺁﻳﻨﺪ ﺛﺒﺖ ﺷﺮﻛﺖ ﻭ ﻗﻮﺍﻧﻴﻦ ﻭﺭﺷﻜﺴﺘﮕﻲ(‬

‫‪2‬‬
 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺝ‪ -‬ﺗﺸﻮﻳﻖ ﻓﺮﻫﻨﮓ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ‬

‫ﺷﺮﻛﺖ‬ ‫ﺗﺄﺳﻴﺲ‬ ‫ﻭ‬ ‫ﺍﻭﻟﻴﻪ‬ ‫ﻣﺮﺍﺣﻞ‬ ‫ﺩﺭ‬ ‫ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ‬ ‫ﺍﺯ‬ ‫ﺣﻤﺎﻳﺖ‬ ‫ﺑﺮﺍﻱ‬ ‫ﺧﺎﺹ‬ ‫ﺍﺳﺘﺮﺍﺗﮋﻱﻫﺎﻱ‬ ‫ﺩ‪-‬‬
‫)‪.(Lundströn&Stevenson, 2002‬‬
‫ﻫﻨﮕﺎﻣﻲ ﻛﻪ ﺩﻭﻟﺖﻫﺎ ﺳﻴﺎﺳﺖ ﻛﺎﺭ ﺁﻓﺮﻳﻨﻲ ﺭﺍ ﺩﺭ ﺩﺳﺘﻮﺭ ﻛﺎﺭ ﺧﻮﺩ ﻗﺮﺍﺭ ﻣﻲﺩﻫﻨﺪ‪ ،‬ﺑﺮ ﻣﻮﺍﻧﻊ ﻗﺎﻧﻮﻧﯽ ﺍﻳﺠﺎﺩ ﺷﺮﮐﺖﻫﺎﯼ‬
‫ﺟﺪﻳﺪ ﺑﻴﺸﺘﺮ ﺗﻮﺟﻪ ﻣﯽﮐﻨﻨﺪ)‪ .(Lundströn&Stevenson, 2002‬ﺑﺮﺧﯽ ﻣﻮﺍﺭﺩ ﺩﺭ ﺍﻳﻦ ﺭﺍﺳﺘﺎ ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ ﺳﻴﺴﺘﻢ‬
‫ﻣﺎﻟﻴﺎﺗﻲ ﻭ ﻗﻮﺍﻧﻴﻦ ﻭ ﻣﻘﺮﺭﺍﺕ ﺑﺎﺯﺍﺭ ﻛﺎﺭ‪ .‬ﻫﺮ ﭼﻪ ﻧﺮﺥ ﻣﺎﻟﻴﺎﺕ ﻋﺎﻳﺪﻱ ﺳﺮﻣﺎﻳﻪ‪ ١‬ﺑﺎﻻﺗﺮ ﺑﺎﺷﺪ‪ ،‬ﻓﻌﺎﻟﻴﺖ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻛﻤﺘﺮ ﻭ‬
‫ﺑﻨﺎﺑﺮﺍﻳﻦ ﺗﻘﺎﺿﺎ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻛﻤﺘﺮ ﺧﻮﺍﻫﺪ ﺑﻮﺩ‪ .‬ﻫﻤﭽﻨﻴﻦ ﻗﻮﺍﻧﻴﻦ ﻭ ﻣﻘﺮﺭﺍﺕ ﺑﺎﺯﺍﺭ ﻛﺎﺭ ﻣﻲﺗﻮﺍﻧﻨﺪ ﺗﺄﺛﻴﺮﻱ‬
‫ﻼ ﺩﺭ ﺑﺎﺯﺍﺭ ﻧﻴﺮﻭﻱ ﻛﺎﺭ ﻏﻴﺮ ﻣﻨﻌﻄﻒ‪ ٢‬ﻧﺴﺒﺖ ﺑﻪ ﺑﺎﺯﺍﺭﻫﺎﻱ ﻛﺎﺭ‬
‫ﭘﻴﭽﻴﺪﻩ ﺑﺮ ﺗﻘﺎﺿﺎﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺍﺷﺘﻪ ﺑﺎﺷﻨﺪ‪ .‬ﻣﺜ ﹰ‬
‫ﺍﻧﻌﻄﺎﻑﭘﺬﻳﺮ‪ ،‬ﺑﻪ ﺩﻟﻴﻞ ﻋﻮﺍﻣﻠﻲ ﻣﺎﻧﻨﺪ ﺣﻤﺎﻳﺖ ﺩﺭ ﺑﺮﺍﺑﺮ ﺍﺧﺮﺍﺝ ﻭ ﺳﺨﺘﻲ ﺍﺩﻏﺎﻡ ﻓﺮﺩ ﺩﺭ ﺑﺎﺯﺍﺭ ﻛﺎﺭ ﺩﺭ ﺻﻮﺭﺕ ﺷﻜﺴﺖ‪،‬‬
‫ﻣﺸﻮﻕ ﻛﻤﺘﺮﻱ ﺑﺮﺍﻱ ﺷﺮﻭﻉ ﺷﺮﻛﺖﻫﺎﻱ ﻫﺎﯼﺗﻚ ﻭﺟﻮﺩ ﺩﺍﺭﺩ )‪.(Schertler, 2003‬‬
‫ﺍﻟﺒﺘﻪ ﺑﺎﻳﺪ ﺩﻗﺖ ﻧﻤﻮﺩ ﻛﻪ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﺑﺎﻳﺪ ﺩﺍﺭﺍﻱ ﺍﻳﺪﻩﻫﺎﻱ ﺗﺠﺎﺭﻱ ﺑﺎﺷﻨﺪ ﻛﻪ ﻣﻲﺗﻮﺍﻧﻨﺪ ﻣﻨﺠﺮ ﺑﻪ ﺍﻳﺠﺎﺩ ﺷﺮﻛﺖﻫﺎﻱ ﺩﺍﺭﺍﻱ‬
‫ﺭﺷﺪ ﺳﺮﻳﻊ ﺷﻮﻧﺪ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﻫﺮ ﻧﻮﻉ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺑﺮﺍﻱ ﺷﻜﻞﮔﻴﺮﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻣﻔﻴﺪ ﻭﺍﻗﻊ ﻧﺨﻮﺍﻫﺪ ﺷﺪ‬
‫)‪.(Kenney et al., 2002‬‬
‫‪ -۲-۱-۲‬ﭘﺘﺎﻧﺴﻴﻞ ﻧﻮﺁﻭﺭﻱ ﺍﻗﺘﺼﺎﺩ‪:‬‬
‫ﺗﻨﻬﺎ ﺍﮔﺮ ﻳﻚ ﺍﻗﺘﺼﺎﺩ ﺩﺍﺭﺍﻱ ﺳﺮﻣﺎﻳﻪ ﺍﻧﺴﺎﻧﻲ ﻛﺎﻓﻲ ﺑﺎﺷﺪ‪ ،‬ﻛﻪ ﻻﺯﻣﺔ ﺗﻮﻟﻴﺪ ﺍﻳﺪﻩﻫﺎﻱ ﻧﻮﺁﻭﺭﺍﻧﻪ ﺍﺳﺖ‪ ،‬ﻣﻲﺗﻮﺍﻥ ﺍﻧﺘﻈﺎﺭ ﺗﻮﺳﻌﻪ‬
‫ﻳﻚ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺍﺭﺍﻱ ﻧﻘﺪﻳﻨﮕﻲ ﺭﺍ ﺩﺍﺷﺖ‪ .‬ﺍﻟﺒﺘﻪ ﺳﺒﻚ ﺳﻴﺴﺘﻢ ﻧﻮﺁﻭﺭﻱ ﻧﻴﺰ ﺩﺭ ﺍﻳﻦ ﺑﻴﻦ ﻣﻲﺗﻮﺍﻧﺪ ﻣﻬﻢ‬
‫ﻼ ﻣﻲﺗﻮﺍﻥ ﺍﻧﺘﻈﺎﺭ ﺩﺍﺷﺖ ﻫﺮ ﭼﻪ ﺳﻴﺴﺘﻢ ﺩﺍﻧﺸﮕﺎﻫﻲ‪ ،‬ﻓﺮﺩﮔﺮﺍﻳﻲ ﻭ ﺧﻼﻗﻴﺖ ﺑﻴﺸﺘﺮﻱ ﺭﺍ ﺗﺸﻮﻳﻖ ﻛﻨﺪ‪ ،‬ﺍﻓﺮﺍﺩ‬
‫ﺑﺎﺷﺪ‪ .‬ﻣﺜ ﹰ‬
‫ﺑﻴﺸﺘﺮﻱ ﺑﺎ ﺍﻳﺪﻩﻫﺎﻱ ﻫﺎﻱﺗﻚ ﻭﺟﻮﺩ ﺧﻮﺍﻫﺪ ﺩﺍﺷﺖ )‪.(Schertler, 2003‬‬
‫‪ -۳-۱-۲‬ﻣﺤﻴﻂ ﻧﻬﺎﺩﻱ ﻛﻪ ﻧﺤﻮﺓ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ ﺍﻳﺪﻩﻫﺎﻱ ﻧﻮﺁﻭﺭﺍﻧﻪ ﺭﺍ ﺗﻌﻴﻴﻦ ﻣﻲﻛﻨﺪ‪:‬‬
‫ﻳﻚ ﻣﺜﺎﻝ ﺩﺭ ﺍﻳﻦ ﻣﻮﺭﺩ ﺍﻳﻦ ﺍﺳﺖ ﻛﻪ ﻫﺮ ﭼﻪ ﻓﻌﺎﻟﻴﺖﻫﺎﻱ ﺗﺤﻘﻴﻖ ﻭ ﺗﻮﺳﻌﻪ ﺩﺭﻭﻥ ﺳﺎﺯﻣﺎﻧﻲ ﺑﻴﺸﺘﺮ ﺑﺎﺷﺪ‪ ،‬ﺍﺣﺘﻤﺎﻝ ﺗﻮﺳﻌﻪ‬
‫ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻛﻤﺘﺮ ﺧﻮﺍﻫﺪ ﺑﻮﺩ‪ .‬ﺍﻟﺒﺘﻪ ﺩﺭ ﺑﺎﺯﺍﺭﻫﺎﻱ ﻣﺎﻟﻲ ﻛﻤﺘﺮ ﺗﻮﺳﻌﻪ ﻳﺎﻓﺘﻪ‪ ،‬ﻓﻌﺎﻟﻴﺖﻫﺎﻱ ﺗﺤﻘﻴﻖ ﻭﺗﻮﺳﻌﻪ‬
‫ﺑﻴﺸﺘﺮ ﺩﺭﻭﻥ ﺳﺎﺯﻣﺎﻧﻲ ﺍﻧﺠﺎﻡ ﻣﻲﺷﻮﻧﺪ‪ .‬ﻣﻮﺭﺩ ﺩﻳﮕﺮ ﻣﯽﺗﻮﺍﻧﺪ ﺣﻘﻮﻕ ﺳﻬﺎﻡ ﺩﺍﺭﺍﻥ ﺑﺎﺷﺪ‪ .‬ﻫﺮ ﭼﻪ ﺣﻤﺎﻳﺖ ﺍﺯ ﺳﻬﺎﻡ ﺩﺍﺭﺍﻥ‬
‫ﺑﻴﺸﺘﺮ ﺑﺎﺷﺪ‪ ،‬ﺳﻬﺎﻡ ﺩﺍﺭﺍﻥ ﺗﻤﺎﻳﻞ ﺑﻴﺸﺘﺮﻱ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﻮﺍﻫﻨﺪ ﺩﺍﺷﺖ‪ .‬ﺍﻣﺎ‪ ،‬ﺣﻤﺎﻳﺖ ﺑﻴﺸﺘﺮ ﺍﺯ ﺳﻬﺎﻡ ﺩﺍﺭﺍﻥ ﻣﻲﺗﻮﺍﻧﺪ‬
‫ﺑﺎﻋﺚ ﺷﻮﺩ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﺑﻪ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺍﺯ ﺩﺍﺧﻞ ﺳﺎﺯﻣﺎﻥ ﺭﻭﻱ ﺁﻭﺭﻧﺪ )‪.(Schertler, 2003‬‬
‫‪ -۲-۲‬ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪:‬‬
‫ﺳﻪ ﻋﺎﻣﻞ ﻣﺆﺛﺮ ﺑﺮ ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻣﻲﺗﻮﺍﻥ ﺗﻌﻴﻴﻦ ﻛﺮﺩ)‪:(Schertler, 2003‬‬

‫‪1‬‬
‫‪Capital Gain‬‬
‫‪2‬‬
‫‪Rigid‬‬

‫‪3‬‬
 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫‪ -۱-۲-۲‬ﻋﻮﺍﻣﻞ ﻣﺆﺛﺮ ﺑﺮ ﻋﺮﺿﻪ ﺣﻤﺎﻳﺖ ﻣﺪﻳﺮﻳﺘﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪:‬‬

‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺧﻮﺍﺳﺘﺎﺭ ﺣﻀﻮﺭ ﺩﺭ ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ ﺷﺮﻛﺖ ﺩﺭﻳﺎﻓﺖ ﻛﻨﻨﺪﻩ ﺳﺮﻣﺎﻳﻪ ﻣﻲﺑﺎﺷﻨﺪ ﻭ ﺍﺯ ﻃﺮﻳﻖ‬
‫ﻧﻈﺎﺭﺕ ﻭ ﺍﺭﺍﺋﻪ ﻣﺸﺎﻭﺭﻩ ﺑﺮﺍﻱ ﺷﺮﻛﺖ ﺍﻳﺠﺎﺩ ﺍﺭﺯﺵ ﻣﻲﻛﻨﻨﺪ )‪.(Kenney et al., 2002‬‬
‫ﻋﺮﺿﻪ ﻣﺸﺎﺭﻛﺖ ﻓﻌﺎﻝ ﺗﻮﺳﻂ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺗﻨﻬﺎ ﺯﻣﺎﻧﻲ ﻣﻲﺗﻮﺍﻧﺪ ﻣﺤﻘﻖ ﺷﻮﺩ ﻛﻪ ﻣﻘﺮﺭﺍﺕ ﻭ ﺣﻘﻮﻕ‬
‫ﻗﺮﺍﺭﺩﺍﺩ‪ ،١‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺭﺍ ﺍﺯ ﺩﺍﺷﺘﻦ ﺣﻖ ﻛﻨﺘﺮﻝ ﺍﻧﺤﺼﺎﺭﻱ‪ ،‬ﻣﺎﻧﻨﺪ ﺣﻖ ﻋﻀﻮﻳﺖ ﻭ ﺭﺃﻱ ﺩﺭ ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ‪،‬‬
‫ﻣﻨﻊ ﻧﻜﺮﺩﻩ ﺑﺎﺷﺪ‪ .‬ﺑﻌﻼﻭﻩ‪ ،‬ﺑﺎﻳﺪ ﺍﻓﺮﺍﺩ ﺩﺍﺭﺍﻱ ﻣﻬﺎﺭﺕ ﻭ ﺗﺠﺮﺑﻪ ﻻﺯﻡ ﺑﺮﺍﻱ ﻛﺎﺭ ﺑﻪ ﻋﻨﻮﺍﻥ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭﺟﻮﺩ‬
‫ﺩﺍﺷﺘﻪ ﺑﺎﺷﻨﺪ )‪.(Schertler, 2003‬‬
‫‪ -۲-۲-۲‬ﻋﻮﺍﻣﻠﻲ ﻛﻪ ﺑﺮ ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﺗﻮﺳﻂ ﺗﺄﻣﻴﻦ ﻛﻨﻨﺪﮔﺎﻥ ﺳﺮﻣﺎﻳﻪ‪ ٢‬ﺗﺄﺛﻴﺮ ﻣﻲﮔﺬﺍﺭﻧﺪ‪:‬‬
‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭﺍﺳﻄﻪﻫﺎﻱ ﻣﺎﻟﻲ‪ ٣‬ﻣﻲﺑﺎﺷﻨﺪ ﻛﻪ ﻭﺟﻮﺩ ﻣﺎﻟﻲ ﺭﺍ ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺟﺬﺏ ﻛﺮﺩﻩ ﻭ ﺩﺭ‬
‫ﺷﺮﻛﺖﻫﺎﻱ ﭘﻮﺭﺗﻔﻮﻟﻴﻮ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻲﻛﻨﻨﺪ )‪ .(Armour&Cumming, 2003‬ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﺗﻮﺳﻂ ﺗﺄﻣﻴﻦ‬
‫ﻛﻨﻨﺪﮔﺎﻥ ﺳﺮﻣﺎﻳﻪ ﺑﺴﺘﮕﻲ ﺩﺍﺭﺩ ﺑﻪ ﺭﺍﺑﻄﻪ ﺭﻳﺴﻚ ‪ -‬ﺑﺎﺯﺩﻩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺭ ﻣﻘﺎﻳﺴﻪ ﺑﺎ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎﻱ‬
‫ﺟﺎﻳﮕﺰﻳﻦ )‪ .(Schertler, 2003‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﺍﻧﺘﻈﺎﺭ ﻣﻲﺭﻭﺩ ﻭﺟﻮﺩ ﻓﺮﺻﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺍﺭﺍﻱ ﺭﻳﺴﻚ ﻛﻤﺘﺮ ﻭ ﺑﺎﺯﺩﻩ‬
‫ﻣﻨﺎﺳﺐ‪ ،‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﺍ ﺍﺯ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﯼ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﺎﺯ ﺩﺍﺭﺩ‪ .‬ﺑﻌﻼﻭﻩ‪ ،‬ﺍﻧﺘﻈﺎﺭ ﻣﯽﺭﻭﺩ ﻗﻮﺍﻧﻴﻦ ﻭ ﻣﻘﺮﺭﺍﺗﯽ‬
‫ﮐﻪ ﻧﻮﻉ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﯼﻫﺎﯼ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻧﻲ ﻣﺎﻧﻨﺪ ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﺭﺍ ﻣﺤﺪﻭﺩ ﻣﻲﻛﻨﻨﺪ ﻋﺮﺿﻪ ﺳﺮﻣﺎﻳﻪ ﺭﺍ ﻣﺤﺪﻭﺩ‬
‫ﻛﻨﺪ )‪.(Armour&Cumming, 2003‬‬
‫‪ -۳-۲-۲‬ﻋﻮﺍﻣﻞ ﻣﺆﺛﺮ ﺑﺮ ﺭﺍﺑﻄﻪ ﺑﻴﻦ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭ ﺗﺄﻣﻴﻦ ﻛﻨﻨﺪﮔﺎﻥ ﺳﺮﻣﺎﻳﻪ‪:‬‬
‫ﻼ ﺷﻌﺒﻪ ﻳﻚ ﺷﺮﻛﺖ ﻳﺎ ﻧﻬﺎﺩ ﻣﺎﻟﻲ ﻧﻤﻲﺑﺎﺷﻨﺪ(‪ ،‬ﺑﻪ ﺩﻟﻴﻞ‬
‫ﻫﻨﮕﺎﻣﻲ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻣﺴﺘﻘﻞ ﻣﻲﺑﺎﺷﻨﺪ )ﻣﺜ ﹰ‬
‫ﺍﻃﻼﻋﺎﺕ ﻛﻢ ﺩﺭ ﺍﺑﺘﺪﺍ ﺩﺭ ﻣﻮﺭﺩ ﺗﺠﺮﺑﻪ ﺁﻧﻬﺎ‪ ،‬ﻣﻤﻜﻦ ﺍﺳﺖ ﻣﺸﻜﻼﺕ ﺍﻧﺘﺨﺎﺏ ﻧﺎﻣﻄﻠﻮﺏ‪ ٤‬ﻭ ﻣﺨﺎﻃﺮﺍﺕ ﺍﺧﻼﻗﻲ‪ ٥‬ﺑﻪ ﻭﺟﻮﺩ‬
‫ﺁﻳﺪ )‪.(Schertler, 2003‬‬
‫ﺷﻜﻞ ]ﺳﺎﺯﻣﺎﻧﻲ[ ﺷﺮﺍﻛﺖ ﻣﺤﺪﻭﺩ‪ ٦‬ﺩﺭﺗﻤﺎﻣﻲ ﻛﺸﻮﺭﻫﺎﻱ ﺩﺍﺭﺍﻱ ﺻﻨﻌﺖ ‪ VC‬ﻣﻮﻓﻖ‪ ،‬ﺑﺠﺰ ﺗﺎﻳﻮﺍﻥ‪ ،‬ﻏﺎﻟﺐ ﻣﻲﺑﺎﺷﺪ‬
‫)‪ .(Kenney et al., 2002‬ﻃﺒﻖ ﺗﺌﻮﺭﻱ ﻋﺎﻣﻠﻴﺖ‪ ،٧‬ﺷﺮﺍﻛﺖ ﻣﺤﺪﻭﺩ ﺷﻜﻞ ﺳﺎﺯﻣﺎﻧﻲ ﻣﻨﺎﺳﺐ ﺑﺮﺍﻱ ‪ VC‬ﻣﻲﺑﺎﺷﺪ‬
‫)‪.(Adapted from Avnimelech&Teubal, 2003‬‬

‫‪1‬‬
‫‪Contract Law‬‬
‫‪2‬‬
‫‪Capital Providers‬‬
‫‪3‬‬
‫‪Financial Intermediaries‬‬
‫‪4‬‬
‫‪Adverse Selection‬‬
‫ﺍﺭﺍﺋﻪ ﺍﻃﻼﻋﺎﺕ ﻏﻠﻂ ﺗﻮﺳﻂ ﮔﺮﻭﻩ ﻣﻄﻠﻊ ﻗﺒﻞ ﺍﺯ ﻋﻘﺪ ﭘﻴﻤﺎﻥ )‪(Dickson‬‬
‫‪5‬‬
‫‪Moral Hazard‬‬
‫ﺍﺭﺍﺋﻪ ﺍﻃﻼﻋﺎﺕ ﻏﻠﻂ ﺗﻮﺳﻂ ﮔﺮﻭﻩ ﻣﻄﻠﻊ ﺑﻌﺪ ﺍﺯ ﻋﻘﺪ ﭘﻴﻤﺎﻥ )‪(Dickson‬‬
‫‪6‬‬
‫‪Limited Partnership‬‬
‫‪7‬‬
‫‪Agency Theory‬‬

‫‪4‬‬
 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺩﺭ ﺷﺮﺍﻛﺖﻫﺎﻱ ﻣﺤﺪﻭﺩ ﺩﻭ ﻧﻮﻉ ﺷﺮﻳﻚ ﻭﺟﻮﺩ ﺩﺍﺭﺩ‪ .‬ﺷﺮﻛﺎﻱ ﻋﻤﻮﻣﻲ‪ ١‬ﺑﻪ ﺳﺎﺯﻣﺎﻥﺩﻫﯽ‪ ،‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﯼ ﻭ ﻣﺪﻳﺮﻳﺖ‬
‫ﺳﺮﻣﺎﻳﻪ ﻣﯽﭘﺮﺩﺍﺯﻧﺪ ﻭ ﺷﺮﮐﺎﯼ ﻣﺤﺪﻭﺩ‪ ٢‬ﺳﺮﻣﺎﻳﻪ ﺭﺍ ﺗﺎﻣﻴﻦ ﻣﻲﻛﻨﻨﺪ‪ .‬ﺷﺮﺍﻛﺖ ﻣﺤﺪﻭﺩ ﺩﺍﺭﺍﻱ ﻣﺰﻳﺖﻫﺎﻱ ﻋﻤﺮ ﻣﺤﺪﻭﺩ‪،‬‬
‫ﻣﺴﺌﻮﻟﻴﺖ ﻣﺤﺪﻭﺩ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻭ ﻣﺰﻳﺖ ﻣﺎﻟﻴﺎﺗﻲ ﻣﻲﺑﺎﺷﺪ )‪.(Megginson, 2001‬‬
‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺩﺍﺋﻤﻲ ﻧﻤﻲﺑﺎﺷﻨﺪ ﺑﻠﻜﻪ ﺩﺭ ﭘﻲ ﻧﻘﺪ ﻛﺮﺩﻥ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﻮﺩ ﺑﺮﺍﻱ ﺗﻜﻤﻴﻞ‬
‫ﺳﻴﻜﻞ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻲﺑﺎﺷﻨﺪ )‪ .(Kenney et al., 2002‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﻋﻤﺮ ﻣﺤﺪﻭﺩ ﺷﻜﻞ ﺣﻘﻮﻗﻲ ﺷﺮﺍﻛﺖ ﻣﺤﺪﻭﺩ ﻳﻚ‬
‫ﻣﺰﻳﺖ ﺍﺳﺖ‪ .‬ﺩﺭ ﺍﻳﻦ ﺷﺮﺍﻛﺖﻫﺎ‪ ،‬ﺷﺮﻛﺎﻱ ﻣﺤﺪﻭﺩ ﺩﺍﺭﺍﻱ ﻣﺴﺌﻮﻟﻴﺖ ﻣﺤﺪﻭﺩ ﻭ ﺷﺮﻛﺎﻱ ﻋﻤﻮﻣﻲ ﺩﺍﺭﺍﻱ ﻣﺴﺌﻮﻟﻴﺖ ﻧﺎﻣﺤﺪﻭﺩ‬
‫ﻣﻲﺑﺎﺷﻨﺪ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﻣﺴﺌﻮﻟﻴﺖ ﻧﺎﻣﺤﺪﻭﺩ ﺷﺮﻛﺎﻱ ﻋﻤﻮﻣﻲ ﻛﻪ ﻣﺴﺌﻮﻟﻴﺖ ﺍﺩﺍﺭﺓ ﻭﺟﻮﻩ ﺭﺍ ﺑﺮ ﻋﻬﺪﻩ ﺩﺍﺭﻧﺪ ﺍﺯ ﻟﺤﺎﻅ ﺗﺄﻣﻴﻦ‬
‫ﻛﻨﻨﺪﮔﺎﻥ ﺳﺮﻣﺎﻳﻪ ﻣﻲﺗﻮﺍﻧﺪ ﻣﻨﺎﺳﺐ ﺑﺎﺷﺪ ﺯﻳﺮﺍ ﺑﻪ ﺩﻟﻴﻞ ﻣﺴﺌﻮﻟﻴﺖ ﻧﺎﻣﺤﺪﻭﺩ ﺧﻮﺩ‪ ،‬ﺷﺮﻛﺎﻱ ﻋﻤﻮﻣﻲ ﻛﻮﺷﺶ ﻣﻲﻛﻨﻨﺪ‬
‫ﻣﺪﻳﺮﻳﺖ ﻭﺟﻮﻩ ﺭﺍ ﺑﻪ ﺑﻬﺘﺮﻳﻦ ﻧﺤﻮ ﻣﻤﻜﻦ ﺍﻧﺠﺎﻡ ﺩﻫﻨﺪ‪ .‬ﺑﺎﻻﺧﺮﻩ‪ ،‬ﺍﻳﻦ ﺷﺮﺍﻛﺖﻫﺎ ﻣﺎﻟﻴﺎﺕ ﺑﺮ ﺩﺭﺁﻣﺪ ﭘﺮﺩﺍﺧﺖ ﻧﻤﻲﻛﻨﻨﺪ ﺑﻠﻜﻪ‬
‫ﺳﻮﺩ ﻳﺎ ﺯﻳﺎﻥ ﺑﻪ ﺷﺮﻛﺎ ﺑﺮﮔﺸﺘﻪ ﻭ ﻣﺎﻟﻴﺎﺕ ﻃﺒﻖ ﺍﻇﻬﺎﺭ ﻧﺎﻣﻪ ﻣﺎﻟﻴﺎﺗﻲ ﺁﻧﻬﺎ ﻣﺤﺎﺳﺒﻪ ﻣﻲﺷﻮﺩ‪.‬‬
‫ﻧﻘﺶ ﻋﺮﺿﻪ ﺍﻭﻟﻴﻪ ﺳﻬﺎﻡ‪ (IPO) ٣‬ﺩﺭ ﺍﻳﻨﺠﺎ ﻣﻲﺗﻮﺍﻧﺪ ﺍﻳﻦ ﺑﺎﺷﺪ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﺎ ﺍﻧﺠﺎﻡ ‪ IPO‬ﻣﻮﻓﻖ‬
‫ﻣﻲﺗﻮﺍﻧﻨﺪ ﺗﺠﺮﺑﻪ ﺧﻮﺩ ﺭﺍ ﺑﻪ ﺑﺎﺯﺍﺭ ﻧﺸﺎﻥ ﺩﻫﻨﺪ ﻭ ﺑﺎ ﻛﺴﺐ ﺷﻬﺮﺕ ﺗﺎﻣﻴﻦ ﺳﺮﻣﺎﻳﻪ ﺭﺍ ﺑﺎ ﺷﺮﺍﻳﻂ ﺑﻬﺘﺮ ﺍﻧﺠﺎﻡ ﺩﻫﻨﺪ‬
‫)‪.(Schertler, 2003‬‬
‫ﭘﺲ ﺍﺯ ﺑﺮﺭﺳﻲ ﺑﺮﺧﻲ ﺍﺯ ﻋﻮﺍﻣﻞ ﻣﻬﻢ ﺗﺄﺛﻴﺮ ﮔﺬﺍﺭ ﺑﺮ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺩﺭ ﺑﺨﺶ ﺑﻌﺪﻱ ﺑﻪ ﻃﻮﺭ‬
‫ﻣﺨﺘﺼﺮ ﺑﻪ ﺑﺮﺧﻲ ﺟﻨﺒﻪﻫﺎﻱ ﻣﻬﻢ ﭘﻴﺪﺍﻳﺶ ﺻﻨﻌﺖ ‪ VC‬ﺩﺭ ﺑﺮﺧﻲ ﻛﺸﻮﺭﻫﺎﻱ ﻣﻨﺘﺨﺐ ﺍﺷﺎﺭﻩ ﻣﻲﺷﻮﺩ‪ .‬ﻣﻄﺎﻟﻌﻪ ﺑﺮﺧﻲ ﺍﺯ‬
‫ﺟﻨﺒﻪﻫﺎﻱ ﺗﺠﺮﺑﻪﻫﺎﻱ ﻛﺸﻮﺭﻫﺎ ﻣﻲﺗﻮﺍﻧﺪ ﺩﺭﺱﻫﺎﻳﻲ ﺑﺮﺍﻱ ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺩﺭ ﺑﺮ ﺩﺍﺷﺘﻪ ﺑﺎﺷﺪ‪.‬‬

‫‪ .٣‬ﻣﺮﻭﺭﻱ ﺑﺮ ﺗﺠﺮﺑﻪ ﺑﺮﺧﻲ ﻛﺸﻮﺭﻫﺎ‪:‬‬

‫ﺩﺭ ﺍﻳﻦ ﺑﺨﺶ ﺑﻪ ﻃﻮﺭ ﻣﺨﺘﺼﺮ ﺑﻪ ﻧﺤﻮﻩ ﭘﻴﺪﺍﻳﺶ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺭ ﺳﻪ ﻛﺸﻮﺭ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ‪ ،‬ﺍﺳﺮﺍﺋﻴﻞ ﻭ‬
‫ﺗﺎﻳﻮﺍﻥ ﺍﺷﺎﺭﻩ ﻣﻲﺷﻮﺩ‪ .‬ﺗﺠﺮﺑﻪ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﺑﻪ ﻋﻨﻮﺍﻥ ﻛﺸﻮﺭ ﺍﺑﺪﺍﻉ ﻛﻨﻨﺪﻩ ‪ VC‬ﻭ ﭘﻴﺸﺮﻭ ﻗﺎﺑﻞ ﻣﻼﺣﻈﻪ ﺍﺳﺖ‪ .‬ﺑﺮﺭﺳﻲ‬
‫ﺗﺠﺮﺑﻪ ﺍﺳﺮﺍﺋﻴﻞ ﺍﺯ ﺍﻳﻦ ﺟﻬﺖ ﻣﻲﺗﻮﺍﻧﺪ ﻣﻔﻴﺪ ﺑﺎﺷﺪ ﻛﻪ ﺻﻨﻌﺖ ‪ VC‬ﺍﺳﺮﺍﺋﻴﻞ ﻣﻲﺗﻮﺍﻧﺪ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﻚ ﻣﻮﺭﺩ ﻣﻮﻓﻖ ﺩﻧﺒﺎﻟﻪ‬
‫ﺭﻭﻱ ﺍﺯ ﻣﺪﻝ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﻣﻄﺮﺡ ﺷﻮﺩ‪ .‬ﺑﺎﻻﺧﺮﻩ‪ ،‬ﺗﺠﺮﺑﻪ ﺗﺎﻳﻮﺍﻥ ﺑﻪ ﺩﻟﻴﻞ ﺍﻳﻨﻜﻪ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺍﻳﻦ ﻛﺸﻮﺭ‬
‫ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﻳﻜﻲ ﺍﺯ ﭘﻮﻳﺎﺗﺮﻳﻦ ﺩﺭ ﺁﺳﻴﺎ ﺩﺍﻧﺴﺖ‪ ،‬ﻣﻲﺗﻮﺍﻧﺪ ﻣﻔﻴﺪ ﻭﺍﻗﻊ ﺷﻮﺩ‪.‬‬
‫‪ -۱-۳‬ﺗﻜﺎﻣﻞ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺭ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ‪:‬‬

‫ﺑﺎ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﺍﺳﺘﻌﺎﺭﻩ ﻗﺮﺍﺭﺩﺍﺩ )‪ ،(Contract‬ﺍﻳﻦ ﺗﺌﻮﺭﻱ ﺑﻪ ﺑﺮﺭﺳﻲ ﻣﻮﺿﻮﻉ ﻋﺎﻣﻠﻴﺖ )‪ (Agency‬ﻣﻲﭘﺮﺩﺍﺯﺩ ﻛﻪ ﺩﺭ ﺁﻥ ﻫﻮﻳﺘﻲ )ﺑﻪ ﻧﺎﻡ ‪ (Principal‬ﻛﺎﺭﻱ ﺑﻪ ﺩﻳﮕﺮﻱ‬
‫)ﻋﺎﻣﻞ ﻳﺎ ‪ (Agent‬ﺗﻔﻴﺾ ﻣﻲﻛﻨﺪ )‪ .(Vibert, 2000‬ﺷﺎﻳﺎﻥ ﺫﻛﺮ ﺍﺳﺖ ﺍﻧﺘﺨﺎﺏ ﻧﺎﻣﻄﻠﻮﺏ ﻭ ﻣﺨﺎﻃﺮﺍﺕ ﺍﺧﻼﻗﻲ ﺩﻭ ﺟﻨﺒﻪ ﺍﺯ ﻣﺸﻜﻼﺗﻲ ﻫﺴﺘﻨﺪ ﻛﻪ ﺩﺭ ﭼﻨﻴﻦ ﺭﻭﺍﺑﻄﻲ‬
‫ﭘﺪﻳﺪ ﻣﻲﺁﻳﻨﺪ‪.‬‬
‫‪1‬‬
‫‪General Partners‬‬
‫‪2‬‬
‫‪Limited Partners‬‬
‫‪3‬‬
‫)‪Initial Public Offering (IPO‬‬

‫‪5‬‬
 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺩﺭ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﻧﻘﺸﻲ ﻛﻪ ﺩﻭﻟﺖ ﺩﺭ ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﺍﺷﺘﻪ ﺍﺳﺖ ﺑﻴﺸﺘﺮ ﻏﻴﺮ ﻣﺴﺘﻘﻴﻢ ﺑﻮﺩﻩ ﺍﺳﺖ‪.‬‬
‫ﺍﻋﻤﺎﻝ ﺳﻴﺎﺳﺖﻫﺎﻱ ﭘﻮﻟﻲ ﻭ ﻣﺎﻟﻲ ﻣﻨﺎﺳﺐ ‪ -‬ﻣﺘﻀﻤﻦ ﺗﻮﺭﻡ ﻧﺴﺒﺘﹰﺎ ﭘﺎﻳﻴﻦ ﻭ ﻣﺤﻴﻂ ﻣﺎﻟﻲ ﻭ ﭘﻮﻟﻲ ﭘﺎﻳﺪﺍﺭ ‪ -‬ﻛﺎﻫﺶ ﻧﺮﺥ‬
‫ﻣﺎﻟﻴﺎﺕ ﻋﺎﻳﺪﻱ ﺳﺮﻣﺎﻳﻪ‪ ،‬ﺍﺟﺎﺯﻩ ﺑﻪ ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺑﻪ ﻣﻘﺪﺍﺭ ﻣﻌﻘﻮﻝ ﺩﺭ ﺻﻨﺪﻭﻕﻫﺎﻱ ‪،VC‬‬
‫ﻧﻈﺎﺭﺕ ﺑﺮ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻡ ‪ NASDAQ‬ﺑﺮﺍﻱ ﺷﻔﺎﻓﻴﺖ ﻭ ﺟﻠﻮﮔﻴﺮﻱ ﺍﺯ ﻛﻼﻩﺑﺮﺩﺍﺭﻱ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﺗﺤﻘﻴﻘﺎﺕ‬
‫ﺩﺍﻧﺸﮕﺎﻫﻲ‪ ،‬ﺍﺯ ﺍﻳﻦ ﺟﻤﻠﻪ ﻣﻲﺑﺎﺷﺪ )‪.(Kenney et al., 2002‬‬
‫ﺩﺭ ﺳﺎﻝ ‪ SBA1 ،۱۹۵۴‬ﺑﻪ ﻭﺟﻮﺩ ﺁﻣﺪ ﺗﺎ ﺗﻮﺍﻧﺎﻳﻲ ﺩﻭﻟﺖ ﺩﺭ ﺗﺸﻮﻳﻖ ﺍﻳﺠﺎﺩ ﻭ ﻣﻮﻓﻘﻴﺖ ﻛﺴﺐ ﻭﻛﺎﺭﻫﺎﻱ ﻛﻮﭼﻚ ﺭﺍ ﺑﻬﺒﻮﺩ‬
‫ﺑﺒﺨﺸﺪ )‪ (Avnimelech&Teubal, 2002‬ﻭ ﺩﺭ ﺳﺎﻝ ‪ ۱۹۵۸‬ﻣﺼﻮﺑﻪ ‪] ،SBIC2‬ﺷﺎﻳﺪ[ ﻣﻬﻤﺘﺮﻳﻦ ﻣﺪﺍﺧﻠﺔ ﻣﺴﺘﻘﻴﻢ‬
‫ﺩﻭﻟﺖ‪ ،‬ﺗﺼﻮﻳﺐ ﺷﺪ )‪.(Kenney et al., 2002‬‬
‫‪SBIC‬ﻫﺎ ﺻﻨﺪﻭﻕﻫﺎﻱ ‪ VC‬ﺩﺍﺭﺍﻱ ﻣﺎﻟﻜﻴﺖ ﻭ ﻣﺪﻳﺮﻳﺖ ﺧﺼﻮﺻﻲ ﻣﻲﺑﺎﺷﻨﺪ ﻛﻪ ﺍﺯ ﺳﺮﻣﺎﻳﻪ ﺧﻮﺩ ﺑﻌﻼﻭﻩ ﻭﺟﻮﻩ‬
‫ﺍﺳﺘﻘﺮﺍﺿﻲ ﺗﻮﺳﻂ ﺗﻀﻤﻴﻦ ‪ SBA‬ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ )ﺑﻪ ﺷﻜﻞ ﺳﻬﺎﻡ ﻭ ﻗﺮﺽ( ﺩﺭ ﺷﺮﻛﺖﻫﺎﻱ ﻛﻮﭼﻚ ﻭﺍﺟﺪ ﺷﺮﺍﻳﻂ‬
‫ﺍﺳﺘﻔﺎﺩﻩ ﻣﻲﻛﻨﻨﺪ‪ .‬ﺑﺮﻧﺎﻣﻪ ﻃﻮﺭﻱ ﺳﺎﺯﻣﺎﻥ ﺩﻫﻲ ﺷﺪﻩ ﺍﺳﺖ ﻛﻪ ﺩﻭﻟﺖ ﻣﺴﺘﻘﻴﻤﹰﺎ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻧﻜﻨﺪ ﻳﺎ ﺻﻨﺎﻳﻊ ﺧﺎﺻﻲ ﺭﺍ‬
‫ﻣﻮﺭﺩ ﻫﺪﻑ ﻗﺮﺍﺭ ﻧﺪﻫﺪ‪ .‬ﺍﺳﺎﺳﹰﺎ ﻳﻚ "ﺻﻨﺪﻭﻕ ﻣﺎﺩﺭ"‪ ٣‬ﻣﻲﺑﺎﺷﺪ ﻛﻪ ﻣﺪﻳﺮﻳﺖ ﭘﻮﺭﺗﻔﻮﻟﻴﻮ ﻭ ﺗﺼﻤﻴﻤﺎﺕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺑﻪ‬
‫ﻣﺪﻳﺮﺍﻥ ﻭﺍﺟﺪ ﺷﺮﺍﻳﻂ ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﺳﭙﺮﺩﻩ ﺷﺪﻩ ﺍﺳﺖ‪ .‬ﺩﻭﻟﺖ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﻚ ﺷﺮﻳﻚ ﻣﺤﺪﻭﺩ ﻋﻤﻞ ﻛﺮﺩﻩ ﻭ ﺩﺭ ﭘﻲ‬
‫ﻛﺴﺐ ﺑﺎﺯﺩﻩ ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﻮﺩ ﻣﻲﺑﺎﺷﺪ )‪.(SBA, 2002‬‬
‫ﻃﻲ ﺩﻫﻪ ‪ ۱۹۵۰‬ﻭ ‪SBIC ۱۹۶۰‬ﻫﺎ ﺩﺭ ﺻﻨﻌﺖ ‪ VC‬ﻏﺎﻟﺐ ﺑﻮﺩﻧﺪ‪ .‬ﺩﺭ ﺳﺎﻝ ‪ ۱۹۷۴‬ﻣﺼﻮﺑﻪ ‪ ERISA4‬ﻛﻪ ﻣﺪﻳﺮﺍﻥ‬
‫ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﺭﺍ ﻣﺴﺌﻮﻝ ﺿﺮﺭﻫﺎﻱ ﺍﺣﺘﻤﺎﻟﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﻛﺎﺭﻫﺎﻱ ﭘﺮ ﺭﻳﺴﻚ ﻣﻲﻛﺮﺩ‪ ،‬ﺑﻪ ﺗﺼﻮﻳﺐ ﺭﺳﻴﺪ‪.‬‬
‫ﺍﻳﻦ ﺍﻣﺮ ﻭ ﻫﻤﭽﻨﻴﻦ ﺭﻛﻮﺩ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻡ ﺑﺎﻋﺚ ﻛﺎﻫﺶ ﺷﺪﻳﺪ ﺗﺄﻣﻴﻦ ﺳﺮﻣﺎﻳﻪ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺷﺪ‬
‫)‪ .(Avnimelech&Teubal, 2002‬ﻻﺑﻲ ﻛﺮﺩﻥ ﻓﻌﺎﻝ ﺍﻧﺠﻤﻦ ﻣﻠﻲ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ‪ (NVCA) ٥‬ﺑﺎﻋﺚ ﺗﻔﺴﻴﺮ‬
‫ﺟﺪﻳﺪﻱ ﺍﺯ ﻗﻮﺍﻧﻴﻦ ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﺷﺪﻩ ﻭ ﺩﺭ ﻧﻬﺎﻳﺖ ﺑﻪ ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ )ﺳﺎﻝ ‪ (۱۹۷۸‬ﺍﺟﺎﺯﻩ ﺩﺍﺩﻩ‬
‫ﺷﺪ ﺩﺭ ‪ VC‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻛﻨﻨﺪ )‪.(Avnimelech&Teubal, 2002; Kenney et al., 2002‬‬
‫ﺑﺮﺧﻲ ﺍﺯ ﺩﻻﻳﻞ ﻓﺮﺍﻳﻨﺪ ﭘﻴﺪﺍﻳﺶ ‪ VC‬ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﺑﺪﻳﻦ ﺗﺮﺗﻴﺐ ﻧﺎﻡ ﺑﺮﺩ )‪:(Avnimelech&Teubal, 2002‬‬
‫‪ .١‬ﻛﺎﻫﺶ ﺳﻮﺩﻫﻲ ﺻﻨﺎﻳﻊ ﺳﻨﺘﻲ ﺩﺭ ﻣﻘﺎﻳﺴﻪ ﺑﺎ ﺑﺎﺯﺩﻩ ﺑﺎﻻﻱ ﺑﺨﺶﻫﺎﻱ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﺟﺪﻳﺪ ﻣﺎﻧﻨﺪ ﻧﻴﻤﻪ ﻫﺎﺩﻱﻫﺎ‬
‫‪ .٢‬ﻓﻌﺎﻟﻴﺖ ﺑﺎﻻﻱ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻡ ﺩﺭ ﺩﻫﻪﻫﺎﻱ ‪ ۱۹۷۰‬ﻭ ‪۱۹۸۰‬‬

‫‪1‬‬
‫)‪Small Business Administration (SBA‬‬
‫‪2‬‬
‫)‪Small Business Investment Company (SBIC‬‬
‫‪3‬‬
‫‪Fund of Funds‬‬
‫‪4‬‬
‫)‪Employment Retirement Income Security Act (ERISA‬‬
‫‪5‬‬
‫)‪National Venture Capital Association (NVCA‬‬

‫‪6‬‬
 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫‪ .٣‬ﺗﻐﻴﻴﺮﺍﺕ ﺩﺭ ﺳﻴﺎﺳﺖﻫﺎﻱ ﻋﻤﻮﻣﻲ )ﻛﺎﻫﺶ ﻧﺮﺥ ﻣﺎﻟﻴﺎﺕ ﻋﺎﻳﺪﻱ ﺳﺮﻣﺎﻳﻪ – ﺍﺯ ‪ ۴۹/۵‬ﺩﺭﺻﺪ ﺩﺭ ﺳﺎﻝ ‪ ۱۹۷۷‬ﺑﻪ ‪۲۰‬‬
‫ﺩﺭﺻﺪ ﺩﺭ ‪ ،۱۹۸۱‬ﺍﺟﺎﺯﻩ ﺩﺍﺩﻥ ﺑﻪ ﺻﻨﺪﻭﻕﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ‪ VC‬ﻛﻪ ﻃﺒﻖ ﺑﺮﺧﻲ‬
‫ﻣﻄﺎﻟﻌﺎﺕ ﺩﺭ ﺗﺠﺪﻳﺪ ﺣﻴﺎﺕ ﺻﻨﻌﺖ ‪ VC‬ﻣﻬﻤﺘﺮ ﺑﻮﺩ ﻭ ﺗﻨﻈﻴﻢ ﻗﻮﺍﻧﻴﻦ ‪ /‬ﻣﺤﻴﻂ ﺑﺴﺘﻪ ﺑﻪ ﻧﻴﺎﺯﻫﺎﻱ ﺻﻨﻌﺖ ‪(VC‬‬
‫‪ .٤‬ﻣﺼﻮﺑﻪ ‪ SBID1‬ﺳﺎﻝ ‪) ۱۹۸۲‬ﺑﺮﻧﺎﻣﻪ ‪ (SBIR2‬ﻛﻪ ﻛﺎﺳﺘﻲ ﺳﻴﺴﺘﻤﻲ ﺩﺭﺑﺎﺭﺓ ﺳﺮﻣﺎﻳﻪ ﺍﻭﻟﻴﻪ‪ ٣‬ﺭﺍ ﺣﻞ ﻛﺮﺩ‪.‬‬
‫ﻣﺼﻮﺑﻪﺍﻱ ﻛﻪ ﺑﺮﻧﺎﻣﻪ ‪ SBIR‬ﺭﺍ ﺑﻪ ﺟﺮﻳﺎﻥ ﺍﻧﺪﺍﺧﺖ ﻭ ﺗﺎﻳﻴﺪﻫﺎﻱ ﻣﺠﺪﺩ ﺁﻥ ﺩﺭ ﺳﺎﻝﻫﺎﻱ ﺑﻌﺪ‪ ،‬ﺁﮊﺍﻧﺲﻫﺎﻱ ﻓﺪﺭﺍﻟﻲ‬
‫ﺭﺍ ﻛﻪ ﺑﻮﺩﺟﻪ ‪] R&D‬ﺑﺮﻭﻥ ﺳﺎﺯﻣﺎﻧﻲ[ ﺑﻴﺶ ﺍﺯ ‪ ۱۰۰‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ ﺩﺍﺷﺘﻨﺪ ﺭﺍ ﻣﻮﻇﻒ ﻣﻲﻛﺮﺩ ﺩﺭﺻﺪﻱ )‪۲/۵‬‬
‫ﺩﺭﺻﺪ( ﺍﺯ ﻭﺟﻮﻩ ﺧﻮﺩ ﺭﺍ ﺑﺮﺍﻱ ﺑﺮﻧﺎﻣﻪ ‪ SBIR‬ﻛﻨﺎﺭ ﺑﮕﺬﺍﺭﻧﺪ‪ .‬ﻃﺒﻖ ﺍﻳﻦ ﺑﺮﻧﺎﻣﻪ ﺩﻩ ﺁﮊﺍﻧﺲ ﻭ ﺩﭘﺎﺭﺗﻤﺎﻥ ﺩﻭﻟﺘﻲ‬
‫ﻣﺸﻤﻮﻝ ﻣﺼﻮﺑﻪ ﻫﺮ ﺳﺎﻝ ﻣﻮﺿﻮﻋﺎﺕ ‪ R&D‬ﻣﻮﺭﺩ ﻧﻴﺎﺯ ﺧﻮﺩ ﺭﺍ ﺍﻋﻼﻡ ﻣﻲﻛﻨﻨﺪ ﻭ ﭘﺮﻭﭘﻮﺯﺍﻝ ﺩﺭﻳﺎﻓﺖ ﻣﻲﻛﻨﻨﺪ‪.‬‬
‫ﺷﺮﻛﺖﻫﺎﻱ ﻛﻮﭼﻜﻲ ﻛﻪ ﻣﻮﻓﻖ ﺑﻪ ﺩﺭﻳﺎﻓﺖ ﮔﺮﻧﺖ‪ ٤‬ﻣﻲﺷﻮﻧﺪ ﻳﻚ ﺑﺮﻧﺎﻣﻪ ﺳﻪ ﻣﺮﺣﻠﻪﺍﻱ ﺭﺍ ﺁﻏﺎﺯ ﻣﻲﻛﻨﻨﺪ‬
‫)‪:(Adapted from Lerner, 1999a‬‬
‫‪ -‬ﻣﺮﺣﻠﻪ ‪ ،۱‬ﺗﺎ ﺳﻘﻒ ‪ ۱۰۰,۰۰۰‬ﺩﻻﺭ ﺣﺪﻭﺩ ‪ ۶‬ﻣﺎﻩ ﺑﺮﺍﻱ ﺑﺮﺭﺳﻲ ﺍﺭﺯﺵ ﻓﻨﻲ ﻭ ﺍﻣﻜﺎﻥ ﺳﻨﺠﻲ ﻳﻚ ﺍﻳﺪﻩ ﻳﺎ‬
‫ﺗﻜﻨﻮﻟﻮﮊﻱ‬
‫‪ -‬ﻣﺮﺣﻠﻪ ‪ ،۲‬ﺗﺎ ‪ ۷۵۰,۰۰۰‬ﺩﻻﺭ ﺑﺮﺍﻱ ﺩﻭ ﺳﺎﻝ ﺍﺭﺍﺋﻪ ﻣﻲﺷﻮﺩ‪ .‬ﻛﺎﺭ ‪ R&D‬ﺍﺟﺮﺍ ﻣﻲﺷﻮﺩ ﻭ ﭘﺘﺎﻧﺴﻴﻞ ﺗﺠﺎﺭﻱ‬
‫ﺍﺭﺯﻳﺎﺑﻲ ﻣﻲﺷﻮﺩ‪ .‬ﺗﻨﻬﺎ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﮔﺎﻥ ﻣﺮﺣﻠﻪ ‪ ،۱‬ﺑﺮﺍﻱ ﻣﺮﺣﻠﻪ ‪ ۲‬ﺑﺮﺭﺳﻲ ﻣﻲﺷﻮﻧﺪ‪.‬‬
‫‪ -‬ﻣﺮﺣﻠﻪ ‪ ،۳‬ﺍﻧﺘﻘﺎﻝ ﻧﻮﺁﻭﺭﻱﻫﺎﻱ ﻣﺮﺣﻠﻪ ‪ ۲‬ﺍﺯ ﺁﺯﻣﺎﻳﺸﮕﺎﻩ ﺑﻪ ﺑﺎﺯﺍﺭ‪ .‬ﻭﺟﻮﻩ ‪ SBIR‬ﺍﻳﻦ ﻣﺮﺣﻠﻪ ﺭﺍ ﭘﻮﺷﺶ‬
‫ﻧﻤﻲﺩﻫﻨﺪ‪ .‬ﺷﺮﻛﺖ ﻛﻮﭼﻚ ﺑﺎﻳﺪ ﺍﺯ ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﻳﺎ ﻛﻤﻚﻫﺎﻱ ﻣﺎﻟﻲ ﻓﺪﺭﺍﻝ ﻏﻴﺮ ‪ SBIR‬ﺍﻗﺪﺍﻡ ﺑﻪ‬
‫ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺑﻜﻨﺪ‪.‬‬
‫ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺷﺮﺍﻳﻂ ﺯﻣﻴﻨﻪﺍﻱ ﻣﺴﺎﻋﺪ ﻭ ﻇﻬﻮﺭ ﻫﻤﺰﻣﺎﻥ ﺩﺍﻣﻨﻪ ﮔﺴﺘﺮﺩﻩﺍﻱ ﺍﺯ ﻓﺮﺻﺖﻫﺎﻱ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﻭ ﺗﺠﺎﺭﻱ ﺟﺪﻳﺪ ﻃﻲ‬
‫ﺩﻫﻪ ‪ ۶۰‬ﻭ ‪ ،۷۰‬ﭘﻴﺪﺍﻳﺶ ‪ VC‬ﺗﺎ ﺣﺪ ﺯﻳﺎﺩﻱ ﻓﺮﺍﻳﻨﺪﻱ ﺩﺭﻭﻥﺯﺍ ﺑﻮﺩ‪ .‬ﺻﻨﻌﺖ ‪ ،VC‬ﺻﻨﻌﺘﻲ ﭘﺎﻳﺪﺍﺭ ﻣﻲﺑﺎﺷﺪ ﺍﻣﺎ ﺩﻭﻟﺖ ﺍﺯ‬
‫ﻃﺮﻳﻖ ﺗﻨﻈﻴﻤﺎﺕ ﻣﺪﺍﻭﻡ ﺑﺮﺍﻱ ﺗﻐﻴﻴﺮ ﻣﺤﻴﻂ‪ ،‬ﻛﻤﻚ ﻣﻲﻛﻨﺪ ﺷﻜﺴﺖﻫﺎﻱ ﺑﺎﺯﺍﺭ ﻭ ﺭﻛﻮﺩﻫﺎﻱ ﻛﻮﺗﺎﻩ ﻣﺪﺕ ﺣﻞ ﺷﻮﻧﺪ‬
‫)‪.(Avnimelech&Teubal, 2002‬‬
‫‪ -۲-۳‬ﺷﻜﻞﮔﻴﺮﻱ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺍﺳﺮﺍﺋﻴﻞ‪:‬‬
‫ﺍﺳﺮﺍﺋﻴﻞ ﻣﻮﻓﻖﺗﺮﻳﻦ ﻣﻮﺭﺩ ﭘﻴﺎﺩﻩﻛﺮﺩﻥ ﻓﻌﺎﻟﻴﺖ ‪ VC‬ﺑﻪ ﺳﺒﻚ ﺩﺭﻩ ﺳﻴﻠﻴﻜﻮﻥ ﻣﻲﺑﺎﺷﺪ ﻛﻪ ﺩﺭ ﺁﻥ ﺩﻭﻟﺖ ﻧﻘﺸﻲ ﻣﻬﻢ ﺩﺭ ﺭﺷﺪ‬
‫ﺻﻨﻌﺖ ‪ VC‬ﺩﺍﺷﺖ )‪.(Kenney et al., 2002‬‬

‫‪1‬‬
‫‪Small Business Innovation Development‬‬
‫‪2‬‬
‫)‪Small Business Innovation Research (SBIR‬‬
‫‪3‬‬
‫‪Seed Capital‬‬
‫‪4‬‬
‫‪Grant‬‬

‫‪7‬‬
 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﻃﺒﻖ ﻳﻚ ﮔﺰﺍﺭﺵ ﺭﺳﻤﻲ ﺩﺭ ﺍﻭﺍﺧﺮ ﺩﻫﻪ ‪ ۶۰ ،۱۹۸۰‬ﺩﺭﺻﺪ ﭘﺮﻭﮊﻩﻫﺎﻱ ﺗﺄﻳﻴﺪ ﺷﺪﻩ ﺗﻮﺳﻂ ‪ OCS ١‬ﻛﻪ ﺍﺯ ﻟﺤﺎﻅ‬
‫ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﻣﻮﻓﻖ ﺑﻮﺩﻧﺪ ﺩﺭ ﺟﺬﺏ ﺳﺮﻣﺎﻳﻪ ﺑﺮﺍﻱ ﺑﺎﺯﺍﺭﻳﺎﺑﻲ ﺑﺎ ﺷﻜﺴﺖ ﻣﻮﺍﺟﻪ ﺷﺪﻩ ﻭ ﻣﺠﺒﻮﺭ ﺑﻪ ﺗﻮﻗﻒ ﻛﺴﺐ ﻭﻛﺎﺭ ﺧﻮﺩ‬
‫ﺷﺪﻧﺪ‪ .‬ﻣﺴﺌﻮﻟﻴﻦ ﺩﺭﻳﺎﻓﺘﻨﺪ ﻛﻪ ﻋﻠﻲﺭﻏﻢ ﺣﻤﺎﻳﺖ ﮔﺴﺘﺮﺩﻩ ﺩﻭﻟﺖ ﺍﺯ ‪ ،R&D‬ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﻧﺎﻛﺎﻓﻲ ﺑﺮﺍﻱ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﺘﻌﺎﻗﺐ‬
‫‪ R&D‬ﻭ ﻗﺎﺑﻠﻴﺖﻫﺎﻱ ﺿﻌﻴﻒ ﻣﺪﻳﺮﻳﺘﻲ ﻣﺎﻧﻊ ﺍﻳﺠﺎﺩ ﻭ ﺗﻮﺳﻌﻪ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ ﻣﻲﺷﺪ‬
‫)‪.(Avnimelech&Teubal, 2003‬‬
‫ﺑﺮﻧﺎﻣﻪ ‪ Inbal‬ﺍﻭﻟﻴﻦ ﻛﻮﺷﺶ ﺑﺮﺍﻱ ﺍﺟﺮﺍﻱ ﻳﻚ ﺳﻴﺎﺳﺖ ﻫﺪﻓﻤﻨﺪ ﺑﺮﺍﻱ ﺻﻨﻌﺖ ‪ VC‬ﺑﻮﺩ ﻛﻪ ﺩﺭ ﺳﺎﻝ ‪ ۱۹۹۲‬ﺷﺮﻭﻉ ﺷﺪ‬
‫ﺍﻣﺎ ﺑﺎ ﺍﻗﺒﺎﻝ ﭼﻨﺪﺍﻧﻲ ﻣﻮﺍﺟﻪ ﻧﺸﺪ‪ .‬ﺑﺮﻧﺎﻣﻪ ﺩﻳﮕﺮ‪ ،‬ﺑﺮﻧﺎﻣﻪ ‪ Yozma‬ﺑﻮﺩ ﻛﻪ ﺩﺭ ﺳﺎﻝ ‪ ۱۹۹۳‬ﺑﺮﻣﺒﻨﺎﻱ ﺍﺟﺮﺍﻱ ﻭﻳﮋﮔﻲﻫﺎﻱ ﺍﺛﺒﺎﺕ‬
‫ﺷﺪﻩ ﺻﻨﻌﺖ ‪ VC‬ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﺑﺎ ﺗﻨﻈﻴﻤﺎﺕ ﻻﺯﻡ ﺑﺮﺍﻱ ﺍﺳﺮﺍﺋﻴﻞ‪ ،‬ﺍﺟﺮﺍ ﺷﺪ‪ .‬ﺍﻳﻦ ﺑﺮﻧﺎﻣﻪ ﺑﺮ ﻣﺒﻨﺎﻱ ‪ ۱۰۰‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ ﻭﺟﻪ‬
‫‪ VC‬ﺩﻭﻟﺘﻲ ﺑﺮﺍﻱ ﺍﻳﺠﺎﺩ ﺁﺳﺘﺎﻧﻪ ﺑﺤﺮﺍﻧﻲ ﻗﺮﺍﺭ ﺩﺍﺷﺖ‪) .‬ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ‪ ۱۰‬ﺻﻨﺪﻭﻕ ‪ VC‬ﺧﺼﻮﺻﻲ )ﺳﻬﻢ ﺩﻭﻟﺖ‬
‫‪ ۴۰‬ﺩﺭﺻﺪ ﺗﺎ ﺳﻘﻒ ‪ ۸‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ( ﻭ ﺗﺨﺼﻴﺺ ‪ ۲۰‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺴﺘﻘﻴﻢ ﺩﺭ ﺷﺮﻛﺖﻫﺎﻱ ﻫﺎﻱﺗﻚ‬
‫ﺗﻮﺳﻂ ﺻﻨﺪﻭﻕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﻭﻟﺘﻲ ‪.(Avnimelech&Teubal, 2003) (Yozma‬‬
‫ﺑﺮﺧﻲ ﺍﺯ ﺩﻻﻳﻞ ﻣﻮﻓﻘﻴﺖ ﺑﺮﻧﺎﻣﻪ ‪ Yozma‬ﻭ ﻧﺎﻛﺎﻣﻲ ﺑﺮﻧﺎﻣﻪ ‪ Inbal‬ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ )‪:(Avnimelech&Teubal, 2003‬‬
‫‪ Yozma -‬ﺗﻮﺳﻂ ‪ OCS‬ﺍﺟﺮﺍ ﺷﺪ ﻛﻪ ﺩﺭ ﺗﺸﻮﻳﻖ ﻫﺎﻱﺗﻚ ﺗﺠﺮﺑﻪ ﺩﺍﺷﺖ ﺩﺭ ﺻﻮﺭﺗﻲ ﻛﻪ ‪Inbal‬‬
‫ﺗﻮﺳﻂ ﺧﺰﺍﻧﻪﺩﺍﺭﻱ ﺍﺟﺮﺍ ﺷﺪ‪.‬‬
‫‪ -‬ﺍﺗﺨﺎﺫ ﺷﻜﻞ ﺳﺎﺯﻣﺎﻧﻲ ﻣﺸﺎﺭﻛﺖ ﻣﺤﺪﻭﺩ ﺩﺭ ‪Yozma‬‬
‫‪ -‬ﺩﻭﺭﺓ ﻣﺤﺪﻭﺩ ﺑﺮﻧﺎﻣﻪ‪ ،‬ﺷﻔﺎﻓﻴﺖ ﺩﺭ ﻭﺭﻭﺩ ﻭ ﺧﺮﻭﺝ ﺑﻪ ﺑﺮﻧﺎﻣﻪ ‪ ،Yozma‬ﻋﺪﻡ ﺩﺧﺎﻟﺖ ﺩﻭﻟﺖ ﺩﺭ‬
‫ﻣﺪﻳﺮﻳﺖ ﺭﻭﺯﻣﺮﻩ ﺻﻨﺪﻭﻕ ﻭ ﺍﺭﺍﺋﻪ ﻣﺸﻮﻕﻫﺎﻱ ﺑﺎﻻ ﺩﺳﺖ‪ ،‬ﺑﺎﻋﺚ ﺷﺪ ﺗﻴﻢﻫﺎﻱ ‪ VC‬ﺣﺮﻓﻪﺍﻱ ﺟﺬﺏ‬
‫ﺑﺮﻧﺎﻣﻪ ‪ Yozma‬ﺷﻮﻧﺪ‪.‬‬
‫‪ -‬ﺍﻟﺰﺍﻡ ﻣﺸﺎﺭﻛﺖ ﺑﺎ ﻳﻚ ﻧﻬﺎﺩ ﻣﺎﻟﻲ ﺧﺎﺭﺟﻲ ﺩﺍﺭﺍﻱ ﺣﺴﻦ ﺷﻬﺮﺕ ﺩﺭ ﺑﺮﻧﺎﻣﻪ ‪ ،Yozma‬ﻣﺸﻮﻗﻲ ﺑﺮﺍﻱ‬
‫ﻳﺎﺩﮔﻴﺮﻱ ﺟﻤﻌﻲ ﺑﻮﺩ‪.‬‬
‫‪ -‬ﺍﺗﺨﺎﺫ ﻳﻚ ﻓﺮﺍﻳﻨﺪ ﺳﻴﺎﺳﺖﮔﺬﺍﺭﻱ ﺗﻌﺎﻣﻠﻲ ﺑﺎ ﻣﺸﺎﺭﻛﺖ ﺧﺰﺍﻧﻪﺩﺍﺭﻱ‪ ،‬ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬
‫ﺧﺎﺭﺟﻲ ﺩﺭ ﺑﺮﻧﺎﻣﻪ ‪Yozma‬‬
‫ﺑﺮﻧﺎﻣﻪ ‪ Yozma‬ﺩﺭ ﺯﻣﺎﻧﻲ ﻣﻨﺎﺳﺐ ﺍﺟﺮﺍ ﺷﺪ ﻭ ﻧﺘﻴﺠﻪ ﻓﺮﺍﻳﻨﺪﻱ ﺗﻜﺎﻣﻠﻲ‪ ٢‬ﻭ ﺷﺎﻧﺲ ﺑﻮﺩ ‪(Avnimelech&Teubal,‬‬
‫)‪ .2002‬ﻋﻼﻭﻩ ﺑﺮ ﻭﺟﻮﺩ ﺷﺮﺍﻳﻂ ﺯﻣﻴﻨﻪﺍﻱ ﻣﺴﺎﻋﺪ‪ ،‬ﺳﻪ ﻋﺎﻣﻞ ﻣﻬﻢ ﺩﻳﮕﺮ ﺩﺭ ﺗﻮﺿﻴﺢ ﺗﺄﺛﻴﺮ ﻗﺎﺑﻞ ﻣﻼﺣﻈﻪ ‪Yozma‬‬
‫ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ )‪:(Avnimelech&Teubal, 2003‬‬

‫‪1‬‬
‫)‪Office of the Chief Scientist (OCS‬‬
‫ﻭﺍﻗﻊ ﺩﺭ ﻭﺯﺍﺭﺕ ﺻﻨﻌﺖ‪ ،‬ﺗﺠﺎﺭﺕ ﻭ ﻛﺎﺭ‬
‫‪2‬‬
‫‪Evolutionary‬‬

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 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻟﻒ‪ -‬ﻭﺟﻮﺩ ﺍﺣﺘﻤﺎﻟﻲ "ﺗﻘﺎﺿﺎﻱ ﺑﺮﺁﻭﺭﺩﻩ ﻧﺸﺪﻩ" ﺑﺮﺍﻱ ﺧﺪﻣﺎﺕ ‪ VC‬ﺩﺭ ﻧﺘﻴﺠﻪ ﻭﺟﻮﺩ ﻣﺠﻤﻮﻋﻪﺍﻱ ﺍﺯ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ‬
‫ﺗﺄﺳﻴﺲ ﻛﻪ ﺩﺭ ﺑﻴﻦ ﺁﻧﻬﺎ ﺷﺮﻛﺖﻫﺎﻱ ﺑﺎ ﻛﻴﻔﻴﺖ ﺑﺎﻻ ﻭﺟﻮﺩ ﺩﺍﺷﺘﻨﺪ‪.‬‬
‫ﺏ‪ -‬ﻫﻢ ﭘﻮﺷﺎﻧﻲ ﺑﻴﻦ ﻳﺎﺩﮔﻴﺮﻱ ﻭ ﻓﺮﺁﻳﻨﺪﻫﺎﻱ ﺗﺠﻤﻌﻲ‪ ١‬ﺩﺍﺧﻞ ﻛﺸﻮﺭ ﻭ ﺑﻬﺒﻮﺩ ﺷﺎﺧﺺ ‪) NASDAQ‬ﺷﺎﻳﺎﻥ ﺫﻛﺮ ﺍﺳﺖ‬
‫ﻃﻲ ‪ ۱۹۸۴-۸۸‬ﺷﺮﻛﺖﻫﺎﻱ ﺗﻜﻨﻮﻟﻮﮊﻱ ﻣﺤﻮﺭ ﺍﺳﺮﺍﺋﻴﻠﻲ ‪ ۳۰۰‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ ﺍﺯ ‪ NASDAQ‬ﺳﺮﻣﺎﻳﻪ ﻛﺴﺐ ﻛﺮﺩﻧﺪ ﺩﺭ‬
‫ﺣﺎﻟﻲ ﻛﻪ ﻛﻞ ﺷﺮﻛﺖﻫﺎﻱ ﺍﺳﺮﺍﺋﻴﻠﻲ ‪ ۵۰۰‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ ﺍﺯ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻡ ‪ Tel Aviv‬ﺳﺮﻣﺎﻳﻪ ﺑﻪ ﺩﺳﺖ ﺁﻭﺭﺩﻧﺪ(‪.‬‬
‫ﺝ‪ -‬ﻃﺮﺍﺣﻲ ﻣﻮﻓﻖ ﺑﺮﻧﺎﻣﻪ ‪Yozma‬‬
‫‪ -۳-۳‬ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺩﺭ ﺗﺎﻳﻮﺍﻥ‪:‬‬
‫ﺗﺎﻳﻮﺍﻥ ﭘﻮﻳﺎﺗﺮﻳﻦ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺗﻜﻨﻮﻟﻮﮊﻱ ﻣﺤﻮﺭ ﺭﺍ ﺩﺭ ﺁﺳﻴﺎ ﺩﺍﺭﺍ ﻣﻲﺑﺎﺷﺪ‪ .‬ﺧﺎﺭﺝ ﺍﺯ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﺗﻨﻬﺎ‬
‫ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻣﻮﻓﻖﺗﺮ‪ ،‬ﺻﻨﻌﺖ ‪ VC‬ﺍﺳﺮﺍﺋﻴﻞ ﻣﻲﺑﺎﺷﺪ‪ .‬ﺍﺯ ﻟﺤﺎﻅ ﺳﺮﻣﺎﻳﻪ‪ ،‬ﻛﻮﭼﻚﺗﺮ ﺍﺯ ﮊﺍﭘﻦ‪ ،‬ﻫﻨﮓﻛﻨﮓ ﻭ‬
‫ﺣﺘﻲ ﺳﻨﮕﺎﭘﻮﺭ ﻣﻲﺑﺎﺷﺪ ﺍﻣﺎ ﺍﺯ ﻟﺤﺎﻅ ﺗﻌﺪﺍﺩ ‪ Start-up‬ﻭ ﻣﻮﻓﻘﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺗﺎﻳﻮﺍﻥ ﻓﻌﺎﻝﺗﺮﻳﻦ ﻣﻜﺎﻥ‬
‫ﺩﺭ ﺁﺳﻴﺎ ﻣﻲﺑﺎﺷﺪ )‪.(Kenney et al., 2002‬‬
‫ﺩﻻﻳﻞ ﺍﻳﻦ ﺍﻣﺮ ﭼﻨﺪ ﻭﺟﻬﻲ ﻭ ﺑﻪ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ‪ ،‬ﺍﺭﺗﺒﺎﻁ ﺑﺎ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ )ﺧﺼﻮﺻﹰﺎ ﺩﺭﻩ ﺳﻴﻠﻴﻜﻮﻥ(‪ ،‬ﺗﻤﺮﻛﺰ ﺯﻭﺩ ﻫﻨﮕﺎﻡ ﺑﺮ‬
‫ﺻﻨﻌﺖ ﺍﻟﻜﺘﺮﻭﻧﻴﻚ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﻚ ﺻﻨﻌﺖ ﻛﻠﻴﺪﻱ‪ ،‬ﺩﻭﻟﺖ ﺣﻤﺎﻳﺖ ﻛﻨﻨﺪﻩ ﻭ ﺗﺄﻛﻴﺪ ﻣﻠﻲ ﺑﺮﺁﻣﻮﺯﺵ‪ ،‬ﺍﺭﺗﺒﺎﻁ ﭘﻴﺪﺍ ﻣﻲﻛﻨﺪ‪.‬‬
‫ﺻﻨﻌﺖ ‪ VC‬ﺗﺎﻳﻮﺍﻥ ﺑﺎ ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ﺍﻟﻜﺘﺮﻭﻧﻴﻚ ﺩﺭ ﻫﻢ ﺁﻣﻴﺨﺘﻪ ﺍﺳﺖ‪ .‬ﺩﻭﺭﺓ ﺩﻫﻪ ‪ ۱۹۶۰‬ﺗﺎ ﺍﻭﺍﻳﻞ ﺩﻫﻪ ‪ ۱۹۸۰‬ﺭﺍ ﻣﻲﺗﻮﺍﻥ‬
‫ﺩﻭﺭﻩ ﻳﺎﺩﮔﻴﺮﻱ ﺗﻮﻟﻴﺪ ﻗﻄﻌﻪ ﻭ ﺍﺟﺰﺍ ﺑﺮﺍﻱ ﻣﺤﺼﻮﻻﺕ ﺍﻟﻜﺘﺮﻭﻧﻴﻚ ﻧﺎﻣﻴﺪ‪ .‬ﺑﺎ ﻭﺭﻭﺩ ﻛﺎﻣﭙﻴﻮﺗﺮﻫﺎﻱ ﺷﺨﺼﻲ ﺑﻪ ﺑﺎﺯﺍﺭ‬
‫ﺍﻛﻮﺳﻴﺴﺘﻤﻲ ﺍﺯ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺨﺼﺼﻲ ﺑﺎ ﺟﻬﺖﮔﻴﺮﻱ ﺗﻮﻟﻴﺪ ﺍﺟﺰﺍﺀ ﺍﻟﻜﺘﺮﻭﻧﻴﻚ‪ ،‬ﻣﻮﻧﺘﺎﮊﻫﺎ ﻭ ﺣﺘﻲ ﻛﻞ ﻛﺎﻣﭙﻴﻮﺗﺮ ﺗﻜﺎﻣﻞ‬
‫ﻳﺎﻓﺖ‪ .‬ﺁﺧﺮﻳﻦ ﺗﻜﻨﻮﻟﻮﮊﻱ ﻛﻪ ﺗﺎﻳﻮﺍﻥ ﺩﺭ ﺁﻥ ﺗﺨﺼﺺ ﭘﻴﺪﺍ ﻛﺮﺩ‪ ،‬ﺗﻮﻟﻴﺪ ﻧﻴﻤﻪ ﺭﺳﺎﻧﺎﻫﺎ ﺑﻮﺩ‪ .‬ﺩﺭ ﺍﻳﻨﺠﺎ ﺳﻴﺎﺳﺖ ﺩﻭﻟﺖ ﺍﻳﺠﺎﺩ‬
‫ﺗﺨﺼﺺ ﻭ ﺍﻧﺘﻘﺎﻝ ﺁﻥ ﺑﻪ ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﺑﻮﺩ‪ .‬ﭘﺲ ﺍﺯ ﻛﻮﺷﺶ ﺑﺮﺍﻱ ﺍﻳﺠﺎﺩ ﺷﺮﻛﺖﻫﺎﻱ ﻳﻜﭙﺎﺭﭼﻪ ﺑﺮﺍﻱ ﭘﻮﺷﺶ ﻃﻴﻒ‬
‫ﻃﺮﺍﺣﻲ ﺗﺎ ﺗﻮﻟﻴﺪ‪ ،‬ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﻳﻮﺍﻧﻲ ﻋﻘﺐﻧﺸﻴﻨﻲ ﻛﺮﺩﻩ ﻭ ﺑﺮ ﺗﻮﻟﻴﺪ ﺑﺮﺍﻱ ﺷﺮﻛﺖﻫﺎﻱ ﻃﺮﺍﺣﻲ ﭼﻴﭗ‪ Fabless ٢‬ﻣﺘﻤﺮﻛﺰ‬
‫ﺷﺪﻧﺪ )‪.(Kenney et al., 2002‬‬
‫ﺩﺭ ﺳﺎﻝ ‪ ۱۹۸۳‬ﻗﺎﻧﻮﻧﻲ ﺗﺼﻮﻳﺐ ﺷﺪ ﻛﻪ ﺗﺎ ‪ ۲۰‬ﺩﺭﺻﺪ ﻛﺎﻫﺶ ﻣﺎﻟﻴﺎﺗﻲ‪ ٣‬ﺑﺮﺍﻱ ﺍﻓﺮﺍﺩ ﺗﺎﻳﻮﺍﻧﻲ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬
‫ﺧﻮﺩ ﺭﺍ ﺣﺪﺍﻗﻞ ﺑﺮﺍﻱ ﺩﻭ ﺳﺎﻝ ﺣﻔﻆ ﻛﻨﻨﺪ‪ ،‬ﺍﺭﺍﺋﻪ ﻣﻲﻛﺮﺩ‪ .‬ﺑﺎ ﺗﺠﺪﻳﺪ ﻧﻈﺮ ﺳﺎﻝ ‪ ۱۹۹۱‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺣﻘﻮﻗﻲ )ﺷﺮﻛﺘﻲ( ﻧﻴﺰ‬
‫ﻣﻲﺗﻮﺍﻧﺴﺘﻨﺪ ﺍﺯ ﺍﻳﻦ ﻛﺎﻫﺶ ﻣﺎﻟﻴﺎﺗﻲ ‪ ۲۰‬ﺩﺭﺻﺪﻱ ﺍﺳﺘﻔﺎﺩﻩ ﻛﻨﻨﺪ‪ .‬ﻣﺸﻮﻕ ﺩﻳﮕﺮ ﺍﻳﻦ ﺑﻮﺩ ﻛﻪ ‪ ۸۰‬ﺩﺭﺻﺪ ﺩﺭﺁﻣﺪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬
‫ﺩﺍﺭﺍﻱ ﻣﻌﺎﻓﻴﺖ ﺩﺭ ﺳﺎﻝ ﻣﺎﻟﻲ ﺟﺎﺭﻱ ﺑﻮﺩ ﻭ ﺩﺭ ﺻﻮﺭﺕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺠﺪﺩ ﻋﺎﻳﺪﻱ‪ ،‬ﺩﺭﺁﻣﺪ ﺳﺮﻣﺎﻳﻪ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻣﻲ‪-‬‬
‫ﺗﻮﺍﻧﺴﺖ ﺍﺯ ﺍﻇﻬﺎﺭ ﻧﺎﻣﻪ ﻣﺎﻟﻴﺎﺗﻲ ﻛﺴﺮ ﺷﻮﺩ‪ .‬ﻫﻤﭽﻨﻴﻦ‪ ،‬ﺩﻭﻟﺖ ﻭﺟﻮﻫﻲ ﺭﺍ ﺩﺭ ﺷﺮﻛﺖﻫﺎﻱ ‪ VC‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻲﻛﺮﺩ ﺩﺭ‬

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‫‪Cumulativeness‬‬
‫‪2‬‬
‫‪Chip‬‬
‫‪3‬‬
‫‪Tax Deduction‬‬

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 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺻﻮﺭﺗﻲ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺧﺼﻮﺻﻲ ﻫﻢ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺘﻘﺎﺑﻞ ﺍﻧﺠﺎﻡ ﻣﻲﺩﺍﺩﻧﺪ ﻭ ﻣﺤﺪﻭﺩﻳﺖﻫﺎﻳﻲ ﻣﺎﻧﻨﺪ ﺻﻨﺎﻳﻌﻲ ﻛﻪ‬
‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﺁﻧﻬﺎ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺑﻮﺩ‪ ،‬ﺭﺍ ﻗﺒﻮﻝ ﻣﻲﻛﺮﺩﻧﺪ )‪.(Kenney et al., 2002‬‬
‫ﺳﺎﺧﺘﺎﺭ ﺳﺎﺯﻣﺎﻧﻲ ‪ VC‬ﺩﺭ ﺗﺎﻳﻮﺍﻥ ﺑﺎ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﺗﻔﺎﻭﺕ ﺑﺴﻴﺎﺭ ﺩﺍﺭﺩ‪ .‬ﻫﻮﻳﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭ ﻳﻚ ﺷﺮﻛﺖ ﺻﻮﺭﻱ‪ ١‬ﻣﻲ‪-‬‬
‫ﺑﺎﺷﺪ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎﻱ ﺁﻧﻬﺎ ﺗﻮﺳﻂ ﺷﺮﻛﺖ ‪ VC‬ﻣﺪﻳﺮﻳﺖ ﻣﻲﺷﻮﺩ ﻛﻪ ﻋﻤﻠﻴﺎﺕ ﺁﻥ ﻣﺎﻧﻨﺪ ﻳﻚ ﺷﺮﻛﺖ ﻣﺸﺎﻭﺭﻩ ﻣﻲ‪-‬‬
‫ﺑﺎﺷﺪ‪ .‬ﺷﺮﻛﺖ ﺻﻮﺭﻱ ﺩﺍﺭﺍﻱ ﺗﺎﺭﻳﺦ ﺗﺴﻮﻳﻪ ﻣﺸﺨﺺ ﻧﻤﻲﺑﺎﺷﺪ‪ .‬ﻫﻴﭻ ﻛﺎﺭﻛﻨﺎﻧﻲ ﻧﺪﺍﺭﺩ ﺍﻣﺎ ﺩﺍﺭﺍﻱ ﻳﻚ ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ ﻧﻤﺎﻳﺎﻧﮕﺮ‬
‫ﺳﻬﺎﻡ ﺩﺍﺭﺍﻥ ﻭ ﻳﻚ ﺭﺋﻴﺲ ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ ﻣﻲﺑﺎﺷﺪ‪ .‬ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ ﺍﺧﺘﻴﺎﺭ ﻧﻬﺎﻳﻲ ﺗﺄﻳﻴﺪ ﺗﻤﺎﻡ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎ ﺭﺍ ﺩﺍﺭﺩ‪ .‬ﺑﺴﻴﺎﺭﻱ‬
‫ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺗﺎﻳﻮﺍﻧﻲ ﻣﻌﺘﻘﺪﻧﺪ ﺳﺎﺧﺘﺎﺭ ﺷﺮﺍﻛﺖ ]ﻣﺤﺪﻭﺩ[ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ ﻧﺴﺒﺖ ﺑﻪ ﺳﻴﺴﺘﻢ ﺗﺎﻳﻮﺍﻧﻲ‬
‫ﺑﺮﺗﺮﻱ ﺩﺍﺭﺩ ﺍﻣﺎ ﺗﻤﻬﻴﺪﺍﺕ ﻗﺎﻧﻮﻧﻲ ﺑﺮﺍﻱ ﺍﻳﻦ ﺳﺎﺧﺘﺎﺭ ﻭﺟﻮﺩ ﻧﺪﺍﺭﺩ )‪.(Kenney et al., 2002‬‬
‫ﺑﺮﺧﻲ ﺍﺯ ﻣﻌﺎﻳﺐ ﺳﻴﺴﺘﻢ ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ )‪:(Kenney et al., 2002‬‬
‫‪ -‬ﻟﺰﻭﻡ ﻣﺸﻮﺭﺕ ﻭ ﻣﻮﺍﻓﻘﺖ ﻫﻴﺌﺖ ﻣﺪﻳﺮﻩ ﺑﺎ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎ ﻣﺴﺘﻠﺰﻡ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﻭﻗﺖ ﭘﺮﺳﻨﻞ ﺍﺳﺖ‪.‬‬
‫‪ -‬ﻋﻤﺮ ﺩﺍﺋﻤﻲ ﺻﻨﺪﻭﻕ ﺑﺪﻳﻦ ﻣﻌﻨﻲ ﻣﻲﺑﺎﺷﺪ ﻛﻪ ﺷﺮﻛﺖﻫﺎﻱ ﻣﻮﻓﻖ ﺩﺍﺭﺍﻱ ﺗﻌﺪﺍﺩ ﺯﻳﺎﺩﻱ ﺻﻨﺪﻭﻕ ﺗﺤﺖ‬
‫ﻣﺪﻳﺮﻳﺖ ﻣﻲﺑﺎﺷﻨﺪ‪.‬‬
‫‪ -‬ﻫﻤﭽﻨﻴﻦ ﻋﻤﺮ ﺩﺍﺋﻤﻲ ﺻﻨﺪﻭﻕﻫﺎ ﻣﻲﺗﻮﺍﻧﺪ ﺑﺎﻋﺚ ﺷﻮﺩ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﻛﻮﺷﺶ ﻛﻨﻨﺪ ﺻﻨﺪﻭﻕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬
‫ﺧﻮﺩ ﺭﺍ ﺗﺴﻮﻳﻪ ﻧﻜﻨﺪ‪.‬‬
‫‪ -‬ﺍﻓﺮﺍﺩ ﺣﺮﻓﻪﺍﻱ ﺷﺮﻛﺖ ‪ VC‬ﻧﻤﻲﺗﻮﺍﻧﻨﺪ ﺷﺮﻛﺖ ﺭﺍ ﻛﻨﺘﺮﻝ ﻛﻨﻨﺪ ﻭ ﺍﮔﺮ ﺁﻧﻬﺎ ﻣﺆﺳﻴﺴﻦ ﺷﺮﻛﺖ ﻧﺒﺎﺷﻨﺪ‬
‫ﺟﺒﺮﺍﻥ ﺧﺪﻣﺖ ﺑﻪ ﺻﻮﺭﺕ ﺣﻘﻮﻕ ﻭ ﭘﺎﺩﺍﺵ ﻣﺮﺗﺒﻂ ﺑﺎ ﻋﻤﻠﻜﺮﺩ ﺍﺟﺎﺯﻩ ﻧﻤﻲﺩﻫﺪ ﺳﻬﻢ ﻗﺎﺑﻞ ﻣﻼﺣﻈﻪﺍﻱ ﺍﺯ‬
‫ﺑﺎﺯﺩﻩ ﺭﺍ ﺑﻪ ﺩﺳﺖ ﺁﻭﺭﻧﺪ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﻧﻘﻞ ﻭ ﺍﻧﺘﻘﺎﻻﺕ ﺑﺎﻻ ﻣﻲﺑﺎﺷﺪ‪.‬‬

‫‪ .۴‬ﻭﻳﮋﮔﻲﻫﺎﻱ ﺻﻨﻌﺖ ‪ VC‬ﻭ ﻣﻼﺣﻈﺎﺗﻲ ﺩﺭ ﻃﺮﺍﺣﻲ ﺳﻴﺎﺳﺖﻫﺎﻱ ﻣﺸﻮﻕ ‪:VC‬‬

‫ﺩﺭ ﺍﻳﻦ ﺑﺨﺶ ﺑﻪ ﻃﻮﺭ ﺧﻼﺻﻪ ﺑﻪ ﺑﺮﺧﻲ ﻭﻳﮋﮔﻲﻫﺎﻱ ﺻﻨﻌﺖ ‪ VC‬ﻭ ﺗﺄﺛﻴﺮ ﺁﻧﻬﺎ ﺑﺮ ﻃﺮﺍﺣﻲ ﺳﻴﺎﺳﺖﻫﺎﻱ ﻣﺸﻮﻕ ﻓﻌﺎﻟﻴﺖ‬
‫‪ VC‬ﺍﺷﺎﺭﻩ ﻣﻲﺷﻮﺩ‪.‬‬
‫‪ -‬ﺷﺎﻳﺪ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﻭ ﻭﺟﻮﺩ ﻓﺮﺻﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺍﺭﺍﻱ ﺑﺎﺯﺩﻩ ﺑﺎﻻ ﺍﺯ ﻣﻬﻤﺘﺮﻳﻦ ﻋﻮﺍﻣﻞ‬
‫ﭘﺎﮔﺮﻓﺘﻦ ﻳﻚ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﺎﺷﺪ‪ .‬ﻛﺸﻮﺭﻫﺎﻱ ﺑﺮﺭﺳﻲ ﺷﺪﻩ ﺩﺭ ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﺩﺍﺭﺍﻱ‬
‫ﻓﺮﺻﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﻮﺏ ﺩﺭ ﺑﺮﺧﻲ ﺻﻨﺎﻳﻊ ﺑﻮﺩﻧﺪ‪ .‬ﺧﺼﻮﺻﹰﺎ ﺩﺭ ﻛﺸﻮﺭﻫﺎﻳﻲ ﻛﻪ ﺩﺍﺭﺍﻱ‬
‫ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ ﺩﺍﺭﺍﻱ ﺭﺷﺪ ﺳﺮﻳﻊ ﻧﻤﻲﺑﺎﺷﻨﺪ‪ ،‬ﺷﺎﻳﺪ ﺩﺭ ﻣﺮﺍﺣﻞ ﺍﻭﻟﻴﻪ ﺗﺸﻮﻳﻖ ‪ VC‬ﻣﻨﺎﺳﺐ‬
‫ﺑﺎﺷﺪ ﺳﺒﺪ ﺳﻴﺎﺳﺘﻲ ﺑﻴﺸﺘﺮ ﺩﺍﺭﺍﻱ ﺳﻴﺎﺳﺖﻫﺎ ﻣﺸﻮﻕ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﺑﺎﺷﺪ‪ .‬ﺳﻴﺎﺳﺖﻫﺎﻱ‬

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 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﻫﺪﻓﻤﻨﺪ ﺍﻳﺠﺎﺩ ﺻﻨﻌﺖ ‪ VC‬ﻣﻲﺗﻮﺍﻧﺪ ﺑﻪ ﺩﻟﻴﻞ ﻛﻤﺒﻮﺩ ﻗﺎﺑﻠﻴﺖﻫﺎﻱ ﻧﻮﺁﻭﺭﻱ ﺩﺭ ﺑﺨﺶ ﻛﺴﺐ ﻭ ﻛﺎﺭ ﻭ‬
‫ﺗﻌﺪﺍﺩ ﻛﻢ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ ﺑﺎ ﺷﻜﺴﺖ ﻣﻮﺍﺟﻪ ﺷﻮﻧﺪ )‪.(Avnimelech&Teubal, 2002‬‬

‫‪ -‬ﻧﻘﺶ ﺑﺎﺯﺍﺭﻫﺎﻱ ﺳﻬﺎﻡ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﻚ ﺍﺳﺘﺮﺍﺗﮋﻱ ﺧﺮﻭﺝ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﺷﺎﻳﺪ ﺍﻳﻦ‬
‫ﺗﺼﻮﺭ ﺭﺍ ﺍﻳﺠﺎﺩ ﻛﻨﺪ ﻛﻪ ﺑﺮﺍﻱ ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ‪ VC‬ﺑﺎﻳﺪ ﺑﺎﺯﺍﺭﻫﺎﻱ ﺳﻬﺎﻡ ﻣﻠﻲ ﺭﺍ ﺗﻮﺳﻌﻪ ﺩﺍﺩ‪ .‬ﻣﺜ ﹰ‬
‫ﻼ ﺑﺎﺯﺍﺭ‬
‫‪(Adapted‬‬ ‫‪from‬‬ ‫ﻛﺮﺩ‬ ‫ﺍﻳﺠﺎﺩ‬ ‫ﻣﺤﻮﺭ‬ ‫ﺗﻜﻨﻮﻟﻮﮊﻱ‬ ‫ﺷﺮﻛﺖﻫﺎﻱ‬ ‫ﺑﺮﺍﻱ‬ ‫ﺳﻬﺎﻡ‬
‫)‪ .Armour&Cumming,2003‬ﻫﺮ ﭼﻨﺪ ‪ IPO‬ﻳﻚ ﺍﺳﺘﺮﺍﺗﮋﻱ ﺧﺮﻭﺝ ﻣﻬﻢ ﻭ ﺑﺎ ﻭﺟﻬﻪ ﺑﺮﺍﻱ‬
‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ‪ VC‬ﻣﻲﺑﺎﺷﺪ‪ ،‬ﺑﺎﻳﺪ ﺩﻗﺖ ﻧﻤﻮﺩ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻣﻲ ﻛﻪ ﻧﻘﺪﻳﻨﮕﻲ‪ ،‬ﺷﻔﺎﻓﻴﺖ ﻭ ﻧﻈﺎﺭﺕ ﻧﺪﺍﺷﺘﻪ‬
‫ﺑﺎﺷﺪ ﻧﻤﻲﺗﻮﺍﻧﺪ ﻣﻘﺼﻮﺩ ﺧﻮﺩ ﺭﺍ ﺑﺮﺁﻭﺭﺩﻩ ﻛﻨﺪ ﻭ ﻣﻲﺗﻮﺍﻧﺪ ﺑﺎﻋﺚ ﺯﺩﻭﺑﻨﺪ ﻭ ﻛﻼﻩﺑﺮﺩﺍﺭﻱ ﻣﻲﺷﻮﺩ‪ .‬ﺑﻌﻼﻭﻩ‪،‬‬
‫ﺷﺮﻛﺖﻫﺎﻱ ﺑﺎ ﻛﻴﻔﻴﺖ ﻣﻤﻜﻦ ﺍﺳﺖ ﺑﺘﻮﺍﻧﻨﺪ ﺩﺭ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻡ ﺧﺎﺭﺟﻲ ‪ IPO‬ﺷﻮﻧﺪ )ﻣﺎﻧﻨﺪ ﺷﺮﻛﺖﻫﺎﻱ‬
‫ﺍﺳﺮﺍﺋﻴﻠﻲ ﺩﺭ ‪ NASDAQ‬ﻭ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﻳﻮﺍﻧﻲ ﺩﺭ ﻫﻨﮓﻛﻨﮓ ﻳﺎ ﺳﻨﮕﺎﭘﻮﺭ(‬

‫‪ -‬ﺗﺸﻮﻳﻖ ﻫﻤﻜﺎﺭﻱ ﺑﺎ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ‪ VC‬ﺧﺎﺭﺟﻲ ﺩﺍﺭﺍﻱ ﺣﺴﻦ ﺷﻬﺮﺕ ﻣﻲﺗﻮﺍﻧﺪ ﺍﺯ ﭼﻨﺪﻳﻦ ﺑﻌﺪ ﻣﻬﻢ‬
‫ﺑﺎﺷﺪ‪ .‬ﺍﻳﻦ ﻫﻤﻜﺎﺭﻱﻫﺎ ﻣﻲﺗﻮﺍﻧﺪ ﻧﻘﺶ ﻣﻬﻤﻲ ﺩﺭ ﻳﺎﺩﮔﻴﺮﻱ ﺩﺍﺷﺘﻪ ﺑﺎﺷﺪ‪ .‬ﻧﺒﻮﺩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‬
‫ﺑﺎ ﺗﺠﺮﺑﻪ‪ ،‬ﺣﺘﻲ ﻧﺒﻮﺩ ﺗﺠﺮﺑﻪ ﺩﺭ ﺻﻨﺎﻳﻊ ﻫﺎﻱﺗﻚ ﻣﻲﺗﻮﺍﻧﺪ ﻣﺎﻧﻊ ﺑﺰﺭﮔﻲ ﺩﺭ ﭘﻴﺪﺍﻳﺶ ﻭ ﺭﺷﺪ ﺻﻨﻌﺖ ‪VC‬‬
‫ﺑﺎﺷﺪ‪ .‬ﻧﻘﺶ ﺩﻳﮕﺮ ﺍﻳﻦ ﻫﻤﻜﺎﺭﻱﻫﺎ ﻣﻲﺗﻮﺍﻧﺪ ﭘﺨﺶ ﺭﻳﺴﻚ ﺍﺯ ﻃﺮﻳﻖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ‬
‫ﺗﺄﺳﻴﺲ ﺩﺍﺭﺍﻱ ﺭﺷﺪ ﺳﺮﻳﻊ ﺩﺭ ﻣﻜﺎﻥﻫﺎﻱ ﺩﻳﮕﺮ‪ ،‬ﺑﺎﺷﺪ ‪(Adapted from Kenney et al.,‬‬
‫)‪.2002‬‬
‫‪ -‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭﺍﺳﻄﻪﻫﺎﻱ ﻣﺎﻟﻲ ﻫﺴﺘﻨﺪ ﺑﻨﺎﺑﺮﺍﻳﻦ ﺑﺎﻳﺪ ﻣﺸﻜﻼﺕ "ﻋﺎﻣﻠﻴﺖ" )ﻣﺎﻧﻨﺪ ﺍﻧﺘﺨﺎﺏ‬
‫ﻧﺎﻣﻄﻮﻟﺐ ﻭ ﻣﺨﺎﻃﺮﺍﺕ ﺍﺧﻼﻗﻲ( ﻭ ﻫﻤﭽﻨﻴﻦ ﻧﺤﻮﺓ ﺟﺒﺮﺍﻥ ﺧﺪﻣﺎﺕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ‬
‫ﮔﻮﻧﻪﺍﻱ ﻣﻨﺎﺳﺐ ﻣﻮﺭﺩ ﺧﻄﺎﺏ ﻗﺮﺍﺭ ﮔﻴﺮﻧﺪ‪ .‬ﺷﻜﻞ ﺳﺎﺯﻣﺎﻧﻲ ﻣﺸﺎﺭﻛﺖ ﻣﺤﺪﻭﺩ ﻳﻚ ﻣﺪﻝ ﻣﻨﺎﺳﺐ‬
‫)ﺧﺼﻮﺻﹰﺎ ﻃﺒﻖ ﺗﺠﺮﺑﻪ ﺍﻳﺎﻻﺕ ﻣﺘﺤﺪﻩ( ﺑﻮﺩﻩ ﺍﺳﺖ‪.‬‬
‫‪ -‬ﻭﺟﻮﺩ ﺳﻴﺎﺳﺖﻫﺎ ﻭ ﺑﺮﻧﺎﻣﻪﻫﺎﻱ ﺣﻤﺎﻳﺖ ﺍﺯ ﺗﺤﻘﻴﻖ ﻭ ﺗﻮﺳﻌﻪ ﻭ ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺄﺳﻴﺲ ﻣﻲﺗﻮﺍﻧﺪ‬
‫ﺯﻣﻴﻨﻪﺍﻱ ﻣﺴﺎﻋﺪ ﺑﺮﺍﻱ ﭘﻴﺪﺍﻳﺶ ﺻﻨﻌﺖ ‪ VC‬ﺍﻳﺠﺎﺩ ﻛﻨﺪ‪ .‬ﺑﺮﻧﺎﻣﻪﻫﺎﻱ ﺩﻭﻟﺖ ﺩﺭ ﺍﻳﻦ ﺭﺍﺳﺘﺎ ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﺑﻪ‬
‫ﺩﻭ ﺩﺳﺘﻪ ﺗﻘﺴﻴﻢ ﻛﺮﺩ‪ :‬ﻛﻮﺷﺶﻫﺎﻳﻲ ﻛﻪ ﺑﻪ ﻃﻮﺭ ﻣﺴﺘﻘﻴﻢ ﺷﺮﻛﺖﻫﺎﻱ ﻛﺎﺭﺁﻓﺮﻳﻦ ﺭﺍ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﻲﻛﻨﺪ‬
‫]ﻣﺎﻧﻨﺪ ‪ [SBIR‬ﻭ ﺁﻧﻬﺎﻳﻲ ﻛﻪ ﺗﻮﺳﻌﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺑﻴﺮﻭﻧﻲ ﺭﺍ ﺗﺸﻮﻳﻖ ﻣﻲﻛﻨﻨﺪ ]ﻣﺎﻧﻨﺪ ﺑﺮﻧﺎﻣﻪ ‪[SBIC‬‬
‫)‪ .(Lerner, 1999a‬ﻃﺒﻖ ﻣﻄﺎﻟﻌﻪ )‪ Lerner(1999b‬ﺷﺮﻛﺖﻫﺎﻳﻲ ﻛﻪ ﺍﺯ ﺑﺮﻧﺎﻣﻪ ‪ SBIR‬ﻛﻤﻚ‬
‫ﻣﺎﻟﻲ ﺩﺭﻳﺎﻓﺖ ﻧﻤﻮﺩﻩ ﺑﻮﺩﻧﺪ ﺩﺍﺭﺍﻱ ﺭﺷﺪ ﻓﺮﻭﺵ ﻭ ﺍﺷﺘﻐﺎﻝ ﺑﺎﻻﺗﺮﻱ ﺑﻮﺩﻧﺪ‪ .‬ﺍﻳﻦ ﺭﺷﺪ ﻣﺤﺪﻭﺩ ﺑﻪ ﻣﻨﺎﻃﻘﻲ‬
‫ﺑﻮﺩ ﻛﻪ ﻓﻌﺎﻟﻴﺖ ‪ VC‬ﺑﺎﻻﻳﻲ ﺩﺭ ﺁﻥ ﻭﺟﻮﺩ ﺩﺍﺷﺖ‪ .‬ﻫﻤﭽﻨﻴﻦ ﺍﻳﻦ ﺍﻟﮕﻮ ﺩﺭ ﺻﻨﺎﻳﻊ ﻫﺎﻱﺗﻚ ﻣﺸﺨﺺﺗﺮ‬

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 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺑﻮﺩ‪ .‬ﺑﻌﻼﻭﻩ ﺑﺎ ﺍﻓﺰﺍﻳﺶ ﻣﻴﺰﺍﻥ ﺳﻮﺑﺴﻴﺪﺩﻫﻲ ]ﻣﻨﻈﻮﺭ ﻛﻤﻚ ﻣﺎﻟﯽ[‪ ،‬ﺑﻬﺒﻮﺩ ﻋﻤﻠﻜﺮﺩ ﺑﻴﺸﺘﺮﻱ ﻣﺸﺎﻫﺪﻩ ﻧﺸﺪ‪.‬‬
‫ﺍﻳﻦ ﻳﺎﻓﺘﻪ ﺑﻪ ﺍﻳﻦ ﺍﻣﺮ ﺍﺷﺎﺭﻩ ﺩﺍﺭﺩ ﻛﻪ ﺩﺭﻳﺎﻓﺖ ﻛﻤﻚ ﺍﺯ ﺑﺮﻧﺎﻣﻪ ‪ SBIR‬ﺷﺎﻳﺪ ﺑﻪ ﻧﻮﻋﻲ ﻧﻘﺶ ﺗﺎﻳﻴﺪ ﻛﻴﻔﻴﺖ‬
‫ﺷﺮﻛﺖ ﺗﻠﻘﻲ ﻣﻲﺷﺪ‪ .‬ﺯﻳﺮﺍ ﭘﺲ ﺍﺯ ﺩﺭﻳﺎﻓﺖ ﻛﻤﻚ‪ ،‬ﺷﺮﻛﺖﻫﺎ ﺷﺎﻧﺲ ﺑﻴﺸﺘﺮﻱ ﺩﺭ ﺩﺭﻳﺎﻓﺖ ‪ VC‬ﺩﺍﺷﺘﻨﺪ‪.‬‬
‫ﻳﻚ ﺗﻔﺴﻴﺮ ﺍﻳﻦ ﻧﺘﺎﻳﺞ ﻣﻲﺗﻮﺍﻧﺪ ﺍﻳﻦ ﺑﺎﺷﺪ ﻛﻪ ﻧﻬﺎﺩﻫﺎﻱ ﻣﺠﺮﻱ ﺑﺮﻧﺎﻣﻪ ﻣﻲﺑﺎﻳﺴﺘﻲ ﻗﺎﺑﻠﻴﺖ ﻭ ﻣﺸﺮﻭﻋﻴﺖ ﺍﺟﺮﺍﻱ‬
‫ﺑﺮﻧﺎﻣﻪ ﺭﺍ ﻣﻲﺩﺍﺷﺘﻨﺪ ﺗﺎ ﺑﺘﻮﺍﻧﻨﺪ ﺷﺮﻛﺖﻫﺎﻱ ﺩﺍﺭﺍﻱ ﭘﺘﺎﻧﺴﻴﻞ ﺑﺎﻻ ﺭﺍ ﺍﻧﺘﺨﺎﺏ ﻛﻨﻨﺪ ﻭ ﺍﻧﺘﺨﺎﺏ ﺁﻧﻬﺎ ﻣﻮﺭﺩ ﻗﺒﻮﻝ‬
‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻗﺮﺍﺭ ﻣﻲﮔﺮﻓﺖ‪.‬‬
‫‪ -‬ﺳﻴﺎﺳﺖﻫﺎﻳﻲ ﻛﻪ ﺑﻪ ﻃﻮﺭ ﺁﺷﻜﺎﺭ ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﺭﺍ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻭ ﻣﺪﻳﺮﻳﺖ ﺷﺮﻛﺖﻫﺎﻱ ‪VC‬‬
‫ﺗﺸﻮﻳﻖ ﻧﻤﻲﻛﻨﻨﺪ ﺑﺎ ﺍﺣﺘﻤﺎﻝ ﺯﻳﺎﺩ ﺑﺎ ﺷﻜﺴﺖ ﻣﻮﺍﺟﻪ ﻣﻲﺷﻮﻧﺪ )‪ .(Kenney et al., 2002‬ﺑﺮﻧﺎﻣﻪ‪-‬‬
‫ﻫﺎﻳﻲ ﻛﻪ ﻣﻮﻓﻘﻴﺖﻫﺎﻳﻲ ﻛﺴﺐ ﻛﺮﺩﻧﺪ )ﻣﺎﻧﻨﺪ ‪ SBIC‬ﻭ ‪ (Yozma‬ﺩﺍﺭﺍﻱ ﭼﻨﻴﻦ ﺧﺼﻮﺻﻴﺎﺗﻲ ﺑﻮﺩﻧﺪ‪.‬‬
‫‪ -‬ﺳﻴﻜﻞ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﺑﺪﻳﻦ ﮔﻮﻧﻪ ﺗﺼﻮﺭ ﮐﺮﺩ )‪:(Etzkowitz, 2003‬‬
‫‪ o‬ﺳﻜﻮﻥ‪ :‬ﻋﺪﻡ ﺗﻤﺎﻳﻞ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺑﻪ ﺗﻌﻬﺪ ﺳﺮﻣﺎﻳﻪ‬
‫‪١‬‬
‫‪ o‬ﻛﻤﺒﻮﺩ‪ :‬ﺻﻨﻌﺖ ‪ VC‬ﺩﺭ ﺣﺎﻝ ﺷﻜﻞﮔﻴﺮﻱ‪ ،‬ﻛﻤﺒﻮﺩ ﻭﺟﻮﻩ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺘﻌﺎﻗﺐ‬
‫‪ o‬ﺗﻌﺎﺩﻝ‪ :‬ﺻﻨﻌﺖ ‪ VC‬ﺗﻮﺳﻌﻪ ﻳﺎﻓﺘﻪ ﻭ ﺩﺍﺭﺍﻱ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﻛﺎﻓﻲ‬
‫‪٢‬‬
‫‪ o‬ﻣﺎﺯﺍﺩ‪ :‬ﺍﻓﺰﺍﻳﺶ ﻭﺟﻮﻩ ﻭ ﺣﺮﻛﺖ ﺑﻪ ﺳﻮﻱ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﺮﺍﺣﻞ ﺑﻌﺪﻱ ﺗﻮﺳﻌﻪ ﺷﺮﻛﺖ‬
‫‪ o‬ﺷﻜﺎﻑ‪ :‬ﻛﻤﺒﻮﺩ ﻭﺟﻮﻩ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﻣﺮﺍﺣﻞ ﺍﻭﻟﻴﻪ‬
‫ﺯﻳﺎﺩ ﺷﺪﻥ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﺻﻨﺪﻭﻕﻫﺎ‪ ،‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎ ﺭﺍ ﺑﻪ ﻣﺮﺍﺣﻞ ﺑﻌﺪﻱ ﺗﻮﺳﻌﻪ ﺷﺮﻛﺖ ﻣﻲﻛﺸﺎﻧﺪ ﻭ ﺍﮔﺮ ﻭﺟﻮﻩ‬
‫ﻣﺎﻟﻲ ﺧﻴﻠﻲ ﻛﻢ ﺑﺎﺷﻨﺪ ﺗﻮﺍﻧﺎﻳﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎﻱ ﻣﺘﻌﺎﻗﺐ ]ﺩﺭ ﺷﺮﻛﺖﻫﺎﻳﻲ ﻛﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺍﻭﻟﻴﻪ ﺩﺭﻳﺎﻓﺖ‬
‫ﻛﺮﺩﻩﺍﻧﺪ ﻭ ﺩﺍﺭﺍﻱ ﭘﺘﺎﻧﺴﻴﻞ ﺭﺷﺪ ﻣﻲﺑﺎﺷﻨﺪ[ ﺭﺍ ﻧﺨﻮﺍﻫﻨﺪ ﺩﺍﺷﺖ‪ .‬ﺍﻳﻦ ﻣﺸﻜﻞ ﻣﻲﺗﻮﺍﻧﺪ ﺍﺯ ﻃﺮﻳﻖ ﻓﻌﺎﻟﻴﺖﻫﺎﻱ ‪VC‬‬
‫ﺧﺼﻮﺻﻲ‪ ،‬ﺩﻭﻟﺘﻲ‪ ،‬ﺩﺍﻧﺸﮕﺎﻫﻲ ﻭ ﺩﻭﻟﺘﻲ‪ -‬ﺧﺼﻮﺻﻲ ﻛﻪ ﺩﺭ ﺗﻤﺎﻣﻲ ﻣﺮﺍﺣﻞ ﺳﻴﻜﻞ ﺻﻨﻌﺖ ‪ VC‬ﻭ ﻣﺮﺍﺣﻞ‬
‫ﺷﻜﻞﮔﻴﺮﻱ ﺷﺮﻛﺖ ﻓﻌﺎﻟﻴﺖ ﻣﻲﻛﻨﻨﺪ‪ ،‬ﺣﻞ ﺷﻮﺩ )‪.(Etzkowitz, 2003‬‬
‫ﺗﻮﺟﻪ ﺑﻪ ﺳﻴﻜﻞ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻭ ﺗﻮﺟﻪ ﺑﻪ ﻛﻤﺒﻮﺩﻫﺎﻱ ﻣﻮﺟﻮﺩ ﻣﻲﺗﻮﺍﻧﺪ ﺭﺍﻫﻨﻤﺎﻳﻲ ﺑﺮﺍﻱ ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ‬
‫ﺑﺮﺍﻱ ﺍﺗﺨﺎﺫ ﺍﻗﺪﺍﻣﺎﺕ ﻣﻨﺎﺳﺐ ﺑﺎﺷﺪ‪.‬‬
‫‪ -‬ﻳﺎﺩﮔﻴﺮﻱ ﺍﺯ ﻣﮑﺎﻧﻴﺰﻫﺎﻱ ﺻﻨﻌﺖ ‪ VC‬ﺧﺼﻮﺻﻲ‪ ،‬ﺗﻨﻈﻴﻢ ﺳﻴﺎﺳﺖﻫﺎ ﺑﺎ ﮐﺎﺳﺘﻲﻫﺎﻱ ﻣﻮﺟﻮﺩ ﺩﺭ ﺑﺎﺯﺍﺭ‬
‫‪) VC‬ﻣﺎﻧﻨﺪ ﺗﮑﻨﻮﻟﻮﮊﻱﻫﺎﻳﻲ ﮐﻪ ﺣﻤﺎﻳﺖ ﻧﻤﻲﺷﻮﻧﺪ ﻭ ﮐﻤﺒﻮﺩ ﺩﺭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺘﻌﺎﻗﺐ(‪ ،‬ﺣﻔﻆ‬
‫ﺍﻧﻌﻄﺎﻑ ﭘﺬﻳﺮﻱ ﺑﺮﺍﻱ ﺑﺮﺧﻮﺭﺩ ﺑﺎ ﻣﻨﺎﺑﻊ ﻋﺪﻡ ﺍﻃﻤﻴﻨﺎﻥ )ﻣﺎﻧﻨﺪ ﺗﮑﻨﻮﻟﻮﮊﻱ ﻭ ﺑﺎﺯﺍﺭ ﻣﺤﺼﻮﻝ(‪ ،‬ﻭ ﺷﻨﺎﺳﺎﻳﻲ‬
‫ﻋﻮﺍﻣﻞ ﻣﻨﺎﺳﺐ ﺑﺮﺍﻱ ﺍﺭﺯﻳﺎﺑﻲ ﻋﻤﻠﮑﺮﺩ ﺷﺮﮐﺖﻫﺎﻱ ﺩﺭﻳﺎﻓﺖ ﮐﻨﻨﺪﻩ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ )ﻣﺎﻧﻨﺪ ﺗﺠﺮﺑﻪ ﺗﻴﻢ‬

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‫‪Follow-on‬‬
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‫ﻣﻘﺼﻮﺩ ﻣﺮﺍﺣﻞ ﺭﺷﺪ ﻳﮏ ﺷﺮﮐﺖ ﻣﯽﺑﺎﺷﺪ ﻣﺜﻼ‪ :‬ﻣﺮﺣﻠﻪ ‪ ،Seed‬ﻣﺮﺣﻠﻪ ‪ ،Start-up‬ﻣﺮﺣﻠﻪ ‪Expansion‬‬

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 ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﻣﺪﻳﺮﻳﺖ‪ ،‬ﻭﺟﻮﺩ ﺍﺳﺘﺮﺍﺗﮋﻱ ﺑﺎﺯﺍﺭ ﺭﻭﺷﻦ ﻭ ﺗﻤﺎﻳﻞ ﺷﺪﻳﺪ ﺑﻪ ﺟﺬﺏ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ ﺧﺼﻮﺻﻲ(‪ ،‬ﻣﻮﺍﺭﺩﻱ‬
‫ﺍﺳﺖ ﮐﻪ ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺩﺭ ﻃﺮﺍﺣﻲ ﺑﺮﻧﺎﻣﻪﻫﺎﻱ ﺣﻤﺎﻳﺖ ﺍﺯ ﺷﺮﮐﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺎﺳﻴﺲ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬
‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺩﻭﻟﺘﻲ‪ ،‬ﻣﻲﺗﻮﺍﻧﻨﺪ ﻣﺪ ﻧﻈﺮ ﺩﺍﺷﺘﻪ ﺑﺎﺷﻨﺪ )‪.(Lerner, 2002‬‬

‫‪ .۵‬ﻧﺘﻴﺠﻪﮔﻴﺮﻱ‪:‬‬
‫ﺩﺭ ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﮐﻮﺷﺶ ﺷﺪ ﺑﻪ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ ﺷﮑﻞ ﻳﮏ ﺻﻨﻌﺖ ﻧﻈﺎﺭﻩ ﺷﻮﺩ ﻭ ﻃﺮﻑ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ ﺁﻥ‪،‬‬
‫ﻭﻳﮋﮔﻲﻫﺎﻱ ﺧﺎﺹ ﺁﻥ ﻭ ﭘﻴﺪﺍﻳﺶ ﺁﻥ ﺩﺭ ﺑﺮﺧﻲ ﺍﺯ ﮐﺸﻮﺭﻫﺎ ﺑﻪ ﻃﻮﺭ ﻣﺨﺘﺼﺮ ﺑﺮﺭﺳﻲ ﺷﺪﻧﺪ‪ .‬ﺗﺠﺮﺑﻪ ﮐﺸﻮﺭﻫﺎﻱ ﻣﻮﻓﻖ ﺩﺭ‬
‫ﺍﻳﺠﺎﺩ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ ﺍﻫﻤﻴﺖ ﻭﺟﻮﺩ ﻓﺮﺻﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻨﺎﺳﺐ )ﺑﻪ ﺻﻮﺭﺕ ﺷﺮﮐﺖﻫﺎﻱ‬
‫ﺗﺎﺯﻩ ﺗﺎﺳﻴﺲ ﺩﺍﺭﺍﻱ ﺭﺷﺪ ﺳﺮﻳﻊ( ﺍﺷﺎﺭﻩ ﺩﺍﺭﺩ‪ .‬ﺩﺭ ﺍﺳﺮﺍﺋﻴﻞ ﻧﺒﻮﺩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﮏ ﮐﺎﺳﺘﻲ ﺩﺭ‬
‫ﺳﻴﺴﺘﻢ ﻣﻠﻲ ﻧﻮﺁﻭﺭﻱ ﺑﻮﺩ ﻭ ﮐﺸﻮﺭ ﺗﺎﻳﻮﺍﻥ ﻧﻴﺰ ﺗﻮﺍﻧﺴﺖ ﺑﺎ ﺗﻮﺳﻌﻪ ﻗﺎﺑﻠﻴﺖﻫﺎﻱ ﺗﮑﻤﻴﻞ ﮐﻨﻨﺪﻩ ﻧﻴﺎﺯﻫﺎﻱ ﺩﺭﻩ ﺳﻴﻠﻴﮑﻮﻥ‬
‫ﺟﺎﻳﮕﺎﻫﻲ ﺩﺭ ﺧﻮﺷﻪﻫﺎﻱ ﻫﺎﻱﺗﮏ ﺑﺮﺍﻱ ﺧﻮﺩ ﭘﻴﺪﺍ ﮐﻨﺪ‪ .‬ﺑﻪ ﻧﻈﺮ ﻣﻲﺭﺳﺪ ﻧﺒﻮﺩ ﺟﺮﻳﺎﻥ ﻓﺮﺻﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺍﺭﺍﻱ‬
‫ﺑﺎﺯﺩﻩ ﺑﺎﻻ ﻣﺎﻧﻊ ﺍﺻﻠﻲ ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ‪ VC‬ﺧﺼﻮﺻﹰﺎ ﺩﺭ ﻣﺮﺍﺣﻞ ﺍﻭﻟﻴﻪ ﺑﺎﺷﺪ‪.‬‬
‫ﺑﺮﺍﻱ ﺗﺸﻮﻳﻖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ‪ ،‬ﻣﻲﺗﻮﺍﻥ ﺳﺒﺪﻱ ﺍﺯ ﺳﻴﺎﺳﺖﻫﺎ )ﺷﺎﻣﻞ ﺍﻗﺪﺍﻣﺎﺗﻲ ﻣﺎﻧﻨﺪ ﺍﺭﺍﺋﻪ ﻣﺸﻮﻕ ﻣﺎﻟﻴﺎﺗﻲ‪،‬‬
‫ﺗﺸﻮﻳﻖ ﮐﺎﺭﺁﻓﺮﻳﻨﻲ ﺗﮑﻨﻮﻟﻮﮊﻳﮑﻲ ﻭ ﺑﺮﻧﺎﻣﻪﻫﺎﻱ ﻣﺸﺘﺮﮎ ﺩﻭﻟﺘﻲ – ﺧﺼﻮﺻﻲ ﻣﺎﻧﻨﺪ ‪ (SBIC‬ﻣﺘﺼﻮﺭ ﺷﺪ‪ .‬ﺩﻭﻟﺖ ﺑﺎﻳﺪ‬
‫ﻼ ﺩﺭ ﺷﺮﺍﻳﻄﻲ ﮐﻪ ﺷﺮﮐﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺎﺳﻴﺲ ﺩﺍﺭﺍﻱ‬
‫ﻣﺤﺘﻮﺍﻱ ﺳﺒﺪ ﺳﻴﺎﺳﺘﻲ ﺧﻮﺩ ﺭﺍ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺷﺮﺍﻳﻂ ﺗﻨﻈﻴﻢ ﮐﻨﺪ‪ .‬ﻣﺜ ﹰ‬
‫ﭘﺘﺎﻧﺴﻴﻞ ﺭﺷﺪ ﺑﺎﻻ ﺩﺭ ﺍﻗﺘﺼﺎﺩ ﺑﺴﻴﺎﺭ ﮐﻢ ﺑﺎﺷﻨﺪ‪ ،‬ﻣﻤﮑﻦ ﺍﺳﺖ ﺳﻴﺎﺳﺖﻫﺎﻱ ﺗﺸﻮﻳﻖ ﮐﺎﺭﺁﻓﺮﻳﻨﻲ ﺗﮑﻨﻮﻟﻮﮊﻳﮑﻲ ﺩﺭ ﺳﺒﺪ‬
‫ﺳﻴﺎﺳﺘﻲ ﺍﺯ ﺍﻫﻤﻴﺖ ﺑﺎﻻﺗﺮﻱ ﺑﺮﺧﻮﺭﺩﺍﺭ ﺑﺎﺷﻨﺪ‪.‬‬
‫ﺑﻪ ﻧﻈﺮ ﻣﻲﺭﺳﺪ ﺩﻭﻟﺖ ﺩﺭ ﺻﻮﺭﺕ ﺩﺍﺷﺘﻦ ﺗﻮﺍﻧﻤﻨﺪﻱ ﻭ ﺗﻌﻬﺪ ﺳﻴﺎﺳﻲ ﺑﺘﻮﺍﻧﺪ ﺩﺭ ﺗﻤﺎﻣﻲ ﻣﺮﺍﺣﻞ ﻗﺒﻞ ﺍﺯ ﭘﻴﺪﺍﻳﺶ ﺻﻨﻌﺖ‬
‫‪ ،VC‬ﻣﺮﺣﻠﻪ ﭘﻴﺪﺍﻳﺶ ﻭ ﺗﺜﺒﻴﺖ ﺁﻥ ﻧﻘﺸﻲ ﮐﻠﻴﺪﻱ ﻭ ﻳﺎ ﺗﺴﻬﻴﻞ ﮐﻨﻨﺪﻩ ﺩﺍﺷﺘﻪ ﺑﺎﺷﺪ‪ .‬ﺍﻳﻦ ﺍﻣﺮ ﻣﺴﺘﻠﺰﻡ ﺍﺗﺨﺎﺩ ﺳﻴﺎﺳﺖﻫﺎﻱ‬
‫ﺻﺤﻴﺢ ﻭ ﺍﻟﺒﺘﻪ ﻭﺟﻮﺩ ﺷﺮﺍﻳﻂ ﺯﻣﻴﻨﻪﺍﻱ ﻣﺴﺎﻋﺪ ﻣﻲﺑﺎﺷﺪ‪.‬‬
‫ﺑﺎﻳﺪ ﺩﻗﺖ ﻧﻤﻮﺩ ﮐﻪ ﺗﻨﻬﺎ ﺟﻨﺒﻪ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﻣﻬﻢ ﻧﻴﺴﺖ ﺑﻠﮑﻪ ﮐﻤﮏ ﻣﺪﻳﺮﻳﺘﻲ ﮐﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ‬
‫ﻣﺨﺎﻃﺮﻩﭘﺬﻳﺮ ﺑﺎ ﺗﺠﺮﺑﻪ ﻣﻲﺗﻮﺍﻧﻨﺪ ﺍﺭﺍﺋﻪ ﮐﻨﻨﺪ ﻣﻲﺗﻮﺍﻧﺪ ﻧﻘﺸﻲ ﺑﻪ ﺳﺰﺍ ﺩﺭ ﻣﻮﻓﻘﻴﺖ ﺷﺮﮐﺖﻫﺎﻱ ﺗﺎﺯﻩ ﺗﺎﺳﻴﺲ ﺩﺍﺷﺘﻪ ﺑﺎﺷﺪ‪.‬‬
‫ﻧﺒﻮﺩ ﺍﻓﺮﺍﺩ ﺩﺍﺭﺍﻱ ﺗﺠﺮﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ‪ VC‬ﻭ ﺗﺠﺮﺑﻪ ﺩﺭ ﺻﻨﺎﻳﻊ ﻫﺎﻱﺗﮏ ﻣﻲﺗﻮﺍﻧﺪ ﻳﮑﯽ ﺍﺯ ﻣﺸﮑﻼﺕ ﺍﺻﻠﯽ ﭘﻴﺪﺍﻳﺶ‬
‫ﺻﻨﻌﺖ ‪ VC‬ﺑﺎﺷﺪ‪ .‬ﻳﮏ ﺭﺍﻩ ﺣﻞ ﺩﺭ ﺍﻳﻦ ﺭﺍﺳﺘﺎ ﻣﻲﺗﻮﺍﻧﺪ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﺗﺠﺮﺑﻴﺎﺕ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ‪ VC‬ﺧﺎﺭﺟﻲ ﻭ ﺗﺸﻮﻳﻖ‬
‫ﻳﺎﺩﮔﻴﺮﻱ ﺍﺯ ﺁﻧﻬﺎ ﺑﺎﺷﺪ‪.‬‬
‫ﺳﻴﺎﺳﺖﮔﺬﺍﺭﺍﻥ ﺑﺎﻳﺪ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﮏ ﺻﻨﻌﺖ ﮐﻪ ﺩﺍﺭﺍﻱ ﭘﻴﺶﺭﺍﻥﻫﺎﻱ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ‬
‫ﺧﺎﺹ ﺧﻮﺩ ﻣﻲﺑﺎﺷﺪ‪ ،‬ﻧﻈﺎﺭﻩ ﮐﻨﻨﺪ‪ .‬ﺗﻮﺟﻪ ﺑﻪ ﻋﻮﺍﻣﻞ ﻣﻮﺛﺮ ﺑﺮ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ‪ VC‬ﻭ ﺗﻌﻴﻴﻦ ﮐﺎﺳﺘﻲﻫﺎﻱ‬
‫ﺍﺣﺘﻤﺎﻟﻲ ﻣﻮﺟﻮﺩ ﺩﺭ ﻃﺮﻑ ﻋﺮﺿﻪ ﻳﺎ ﺗﻘﺎﺿﺎ ﻣﻲﺗﻮﺍﻧﺪ ﺧﻮﺩ ﺭﺍﻫﻨﻤﺎﻳﻲ ﺑﺮﺍﻱ ﺗﻨﻈﻴﻢ ﺳﻴﺎﺳﺖﻫﺎ ﺑﺎﺷﺪ‪.‬‬

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 ١٣٨٣ ‫ ﻣﺮﺩﺍﺩ‬٢٩‫ﻭ‬٢٨ ، ‫ ﺗﻬﺮﺍﻥ‬- ‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

:‫ﻣﻨﺎﺑﻊ‬
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