فراتر از رویکرد یکسان در تأمین مالی نوآوری: چهارچوب تطبیق ابزارهای تأمین مالی با حوزه فناوری شرکت های دانش بنیان

نوع مقاله : مقاله پژوهشی

نویسندگان

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

2 استادیار سیاستگذاری علم و فنّاّوری، مؤسسه تحقیقات سیاست علمی کشور، تهران، ایران

3 کارشناسی ارشد سیاستگذاری علم و فنّاّوری، دانشکده مدیریت و اقتصاد، دانشگاه جامع امام حسین )ع(، تهران، ایران

10.22034/rahyaft.2026.12311.1665

چکیده

شرکت‌های دانش‌بنیان به‌دلیل اتکا به دارایی‌های نامشهود، عدم اطمینان فناورانه و چرخه عمر طولانی، با نظام تأمین مالی متعارف ناسازگارند. با وجود غنای ادبیات نظری در این حوزه، تنوع ساختاری شرکت‌های دانش‌بنیان براساس حوزه فناوری فعالیت آن‌ها در طراحی ابزارهای تأمین مالی کمتر مورد توجه قرار گرفته است؛ شکافی که در نظام تأمین مالی نوآوری ایران به رویکرد «یک ابزار برای همه» انجامیده و به تخصیص نامناسب منابع و شکست طرح‌های نوآورانه دامن زده است. پژوهش حاضر در پاسخ به این شکاف، چارچوبی چندبعدی برای نگاشت ابزارهای تأمین مالی به حوزه‌های فناوری دانش‌بنیان ارائه می‌کند و به این پرسش پاسخ می‌دهد که ابزارهای متناسب به تفکیک حوزه‌های فناوری در اقتصاد ایران کدام‌اند و منطق نگاشت بر چه اصولی استوار است. روش‌شناسی پژوهش دومرحله‌ای است: مرحله تحلیل مضمون شامل تحلیل مضمون ۴۸ منبع علمی، سیاستی و نهادی مطابق الگوی شبکه مضامین آتراید-استرلینگ؛ و مرحله دوم اعتبارسنجی، تعدیل و توسعه چارچوب ازطریق گروه کانونی متشکل از ده خبره از سه طرف عرضه، تقاضا و سیاست‌گذاری. یافته‌ها سه مضمون فراگیر را آشکار کرد: ویژگی‌های ابزارهای تأمین مالی، ویژگی‌های حوزه‌های فناوری، و منطق نگاشت میان آن‌ها. این منطق بر چهار اصل تطبیق استوار است: افق زمانی، سطح مخاطره، وثیقه‌پذیری و بلوغ بوم‌سازگان. چارچوب نهایی، ۹ حوزه فناوری دانش‌بنیان را به ترکیب‌های متناسب از ابزارهای بدهی، دارایی، سهامی و حمایت‌های بلاعوض دولتی نگاشت می‌کند. مشارکت نظری پژوهش، معرفی «حوزه فناوری» به‌مثابه متغیر مستقل کلیدی در نظریه‌پردازی تأمین مالی نوآوری و بومی‌سازی ادبیات بین‌المللی با لحاظ مقتضیات زمینه‌ای ایران (ازجمله اثر تحریم بر دسترسی به ابزارها) است.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Beyond a One-Size-Fits-All Approach to Innovation Financing: A Framework for Adapting Financing Tools to The Technology Field of high-tech Firms

نویسندگان [English]

  • Abolfazl Bagheri 1
  • Marzieh Shaverdi 2
  • SayyedMohammadAmin SayyedMousavi 3
1 Assistant Professor of Management of Technology, National Research Institute for Science Policy (NRISP), Tehran, Iran
2 Assistant Professor of Science and Technology Policy, National Research Institute for Science Policy (NRISP), Tehran, Iran
3 Masters degree in Science and Technology Policy, Imam Hussein University, Tehran, Iran,
چکیده [English]

High-tech firms are incompatible with the conventional financing system due to their reliance on intangible assets, technological uncertainty, and long life-cycles. Despite the richness of theoretical literature in this field, the structural diversity of high-tech firms based on their technology field has received less attention in designing financing instruments; a gap that has led to a “one-size-fits-all” approach in the Iranian innovation financing system and has contributed to the inefficient resource allocation and the failure of innovative projects. In response, the present study proposes a multidimensional framework for mapping financing tools to knowledge-based technology field in the Iranian economy and what principles the logic of mapping is based on. The research methodology is two-stage: the content analysis stage includes the analysis of 48 scientific, policy, and institutional sources according to the Atride-Stirling thematic network model; the second phase includes validation, adjustment, and development of the framework through focus groups of ten experts from the three sides of supply, demand, and policy-making. Findings revealed three overarching themes: characteristics of financing tools, characteristics of technology field, and the mapping logic between them. This logic is based on four matching principles: time horizon, risk level, collateralization, and ecosystem maturity. The final framework maps nine knowledge-based technology fields to appropriate combinations of debt-based, asset-based, equity-based tools, and government grants. The theoretical contribution of the research is to introduce “technology field” as a key independent variable in theorizing innovation financing and to localize the international literature with regard to Iran’s contextual requirements (including the impact of sanctions on access to financing tools).

کلیدواژه‌ها [English]

  • Innovation Financing
  • Technology Field
  • Financing tool
  • Knowledge-based (high-tech) firm
  • Venture capital

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