ارزیابی و مقایسه بهینگی سازوکارهای حمایتی دولت از شرکت‌های دانش‌بنیان

عرفانی, علیرضا; طالب بیدختی, آزاده

doi:10.22080/iejm.2023.25819.1987

ارزیابی و مقایسه بهینگی سازوکارهای حمایتی دولت از شرکت‌های دانش‌بنیان

نوع مقاله : علمی

نویسندگان

¹ اقتصاد- دانشکده اقتصاد، مدیریت و علوم اداری- دانشگاه سمنان

² دانشجوی پسا دکتری اقتصاد دانشگاه سمنان

10.22080/iejm.2023.25819.1987

چکیده

یکی از الزامات پیشتازی اقتصاد دانش‌بنیان با تکیه بر تولید علم و تجاری‌سازی، تأمین مالی شرکت‌های دانش‌بنیان است. با درنظر‌گرفتن لزوم مداخله حداقلی و هدفمند دولت، و ملاحظه موضوعات رفتاری پنهان نظیر کژگزینی و کژمنشی کارآفرینان؛ بهینگی سه سازوکار تأمین وجوه سرمایه شامل تأمین مالی از طریق بخش خصوصی، پشتیبانی تسهیلاتی، و حمایت از طریق پرداخت یارانه به سرمایه‌گذاران خطر‌پذیر، تحلیل می‌شود. با استفاده از اطلاعات در‌دسترس سال ۱۳۹۹، و با الهام از مطالعه لاک و همکاران (2020)، مدل برای اقتصاد ایران شبیه‌سازی شد. نتایج نشان داد بالاترین سطح رفاه اجتماعی مربوط به پشتیبانی تسهیلاتی پروژه‌ها از‌ طریق پیشنهاد قراردادی با مشارکت حداقلی شرکت دانش‌بنیان در تجاری‌سازی از محل منابع درونی و دریافت تسهیلات با حداکثر نرخ وام، است. سازوکار پرداخت یارانه به شرکت‌های خطر‌پذیر، در مرتبه دوم رفاهی قرار دارد؛ دولت با ارائه منابع مالی و مشوق‌ها به سرمایه‌گذاران خطرپذیر، رشد شرکت‌های دانش‌بنیان را ارتقا می‌دهد. پشتیبانی تسهیلاتی از طریق پیشنهاد قراردادی با حداکثر مشارکت در تأمین مالی و دریافت تسهیلات با حداقل نرخ وام، و حمایت سرمایه‌گذار‌خطر‌پذیر خصوصی، به ترتیب، در مراتب سوم و چهارم رفاهی قرار می‌گیرند. با انتخاب سیاست بهینه، دولت می‌تواند وضعیت رفاهی را بهبود بخشیده و حمایت هوشمندانه‌ای از شرکت‌های دانش‌بنیان ارائه دهد.

کلیدواژه‌ها

موضوعات

رشد و توسعه اقتصادی

عنوان مقاله [English]

Evaluation and Comparison of the Optimality of Government Support Mechanisms for Knowledge-based Companies

نویسندگان [English]

alireza erfani ¹
azadeh talebbeydokhti ²

¹ economics-faculty of economics, management and administrative science - semnan university

² post doc student of semnan university

چکیده [English]

One of the requirements of leading the knowledge-based economy by relying on science production and commercialization is the provision of financial resources for knowledge-based companies. Considering the need for minimal and targeted government intervention and hidden behavioral issues such as adverse selection and moral hazard, this study analyzed the optimality of three funding mechanisms, including financing through the private sector, providing facilities, and support through the payment of subsidies to venture capitalists. Using the information available in 2020 and inspired by the study of Lach et al. (2020), the present research simulated the model for Iran. The results showed that the highest level of social welfare is related to the support of entrepreneurial projects through a contract with the minimum participation of the knowledge-based company in the commercialization of the product from internal sources and receiving the facilities with the maximum loan rate. The support mechanism through the subsidy payment to venture capitalists is second in terms of welfare. The government promotes the growth of knowledge-based companies by providing financial resources and incentives to venture capitalists. Government support through providing a contract with maximum participation in financing and receiving facilities with a minimum loan rate and the private venture capitalist’s aid are ranked third and fourth in welfare, respectively. By choosing the optimal policy, the government can improve the welfare state and provide intelligent support for knowledge-based companies.

کلیدواژه‌ها [English]

Support Mechanisms
Knowledge-based Companies
Venture Capitalist
Government subsidy
Iran's Economy

مراجع

Abu Jaafari, R., & Kanani, M. (2016). Financing Innovation and Venture Capital in Iran. Islamic Parliament Research Center of The Islamic Republic of Iran, 280(14798), 1-25. (In Persian).

Alizadeh, P., & Khordmandnia, S. (2019). Examining the Obstacles and Solutions to the Creation and Development of Start-up Businesses and Knowledge-based Companies in Iran. Vice President of Infrastructure Research and Production Affairs, Office of Energy, Industry and Mining Studies, 310(16749), 1-24. (In Persian).

Amit, R., Brander, J., & Zott, C. (1998). Why do Venture Capital Firms Exist? Theory and Canadian Evidence. Journal of Business Venturing, 13(6), 441–466.

Botshekan, M., & Seifoddini , J. (2010). Businesses and Their Respective Sources of Financing. Economic Journal, 9-10, 87-116. (In Persian).

Brander, J., Du, Q., & Hellmann, T. (2015). The Effects of Government-Sponsored Venture Capital: International Evidence. Review of Finance, 19, 571–618.

Brander, J., Egan, E., & Hellmann, T. (2010). Government Sponsored versus Private Venture Capital: Canadian Evidence in International Differences in Entrepreneurship. National Bureau of Economic Research, 275-320.

Croce, A., Martí, J., & Murtinu, S. (2013). The Impact of Venture Capital on the Productivity Growth of European Entrepreneurial Firms: ‘Screening’ or ‘Value added’ Effect? Journal of Business Venturing, 28(4), 489-510.

Davila, A., Foster, G., & George, M. (2003). Venture Capital Financing and the Growth of Startup Firms. Journal of Business Venturing, 18, 689 – 708.

Erfani, A., & Talebbeydokhti, A. (2023). Designing a Mechanism to Provide Government Facilities to Knowledge-Based Companies. Quarterly Journal of Economic Research and Policies, Under press. (In Persian).

Golalizadeh, M., Tabatabaeian, S., & Zomorodian, G. (2022). Identifying and Categorizing the Financing Challenges of New Technolpgy Bassde Firms in Iran. Innovation Management Journal, 10(4), 1-27. (In Persian).

Gompers, P. (1995). Optimal Investment, Monitoring, and the Staging of Venture Capital. The Journal of Finance, 50(5), 1461- 1489.

Hall, B. (2002). The Financing of Research and Development. Oxford Review of Economic Policy, 18(1), 35-51.

Hall, B., & Lerner, J. (2010). The Financing of R&D and Innovation. Handbook of the Economics of Innovation, 1, 609-639.

Hellmann, T., & Schure, P. (2010). An Evaluation of the Venture Capital Program in British Columbia. (T. a. Report prepared for the Report prepared for the BC Ministry of Small Business, Ed.) 1-44.

Khordmandnia, S. (2022). A supervisory Report Evaluating the Performance of the Law on The Protection of Knowledge-based Companies and Institutions and the Commercialization of Innovations (Looking at the Process of Knowledge-based Activities on the seventh development plan). Islamic Parliament Research Center, Office of Energy, Industry and Mining Studies (New Technologies Group), 18614, 1-28. (In Persian).

Lach, S., Neeman, Z., & Schankerman, M. (2020). Government Financing of R&D: A Mechanism Design Approach. American Economic Journal: Microeconomics, 13(3), 1-39.

Palizdar, K., Madani, S., & Asgarinia, M. (2018). Assessing Behavioral and Environmental Factors Affecting the Attraction of Venture Capital for Investing in Knowledge-Based Companies (Case Study: Iranian Biotechnology Industry). Iranian Economic Development Analyses, 6(1), 93-124. (In Persian).

Pu, Y., & Fang, S. (2016). The Optimal Portfolio Size of Venture Capital under Staged Financing. Procedia Computer Science, 91, 85–93.

Song, T., & Kutsuna, K. (2023). Venture Capital Investment and Institutional Factors: Evidence from China. Research in International Business and Finance, 65(101960).

Wang, S., Wareewanich, T., & Chankoson, T. (2023). Factors Influencing Venture Capital Performance in Emerging Technology: The Case of China. International Journal of Innovation Studies, 7(1), 18-31.