نوع مقاله : مقاله علمی-پژوهشی

نویسندگان

1 دانشگاه علامه طباطبایی

2 علامه طباطبایی

3 دانشگاه صنعتی شاهرود

10.22034/jtd.2022.697427

چکیده

سرمایه‌گذاران خطرپذیر در تعامل با شرکت‌های نوآفرین خود نقشی فراتر از تامین‌کننده منابع مالی برای این شرکت‌ها به عهده دارند و برای آن‌ها ارزش خلق می‌کنند. تحقیق حاضر با روش مطالعه موردی، به بررسی شش سرمایه‌گذاری خطرپذیر انجام شده در بازه زمانی (1393 تا 1400) از طریق 23 مصاحبه نیمه‌ساختاریافته با افراد فعال در سرمایه‌گذاری خطرپذیر و شرکت‌های نوآفرین پرداخته و ساز و کارهای خلق ارزش‌های غیرمالی و شیوه کنترل و حکمرانی را با استفاده از تحلیل محتوای کیفی مصاحبه‌ها و کدگذاری محوری مورد بررسی قرار داده است. نتایج این تحقیق نشان می‌دهد خلق ارزش‌های غیرمالی سرمایه‌گذاران خطرپذیر به طور کلی از طریق شش ساز و کار با جهت‌گیری کلی خارجی و داخلی انجام می‌گیرد. در کنترل و حکمرانی سرمایه‌گذاران خطرپذیر دو رویکرد کلی وجود دارد. در یک رویکرد سرمایه‌گذار خطرپذیر از طریق نماینده خود در هیات مدیره شرکت نوآفرین، اهداف و انتظارات خود را دنبال کرده و استقلال و اختیار کامل در امور اجرایی و نحوه دستیابی به اهداف را به شرکت واگذار می‌کند. در شیوه دیگر کنترل و حکمرانی، سرمایه‌گذار خطرپذیر تا حدی شبیه شرکت‌های هلدینگ، از طریق مشارکت فعال در فرآیند برنامه‌ریزی شرکت و کنترل و نظارت بر عمکرد شرکت از طریق جلسات منظم ماهانه عمل می‌کند که در این رویکرد ارتباط بیشتر و مداوم سرمایه‌گذار خطرپذیر و شرکت نوآفرین، تعارضات مدیریتی را به حداقل می‌رساند.

کلیدواژه‌ها

عنوان مقاله [English]

Analysis and investigation of control and governance of venture capitalists for innovative companies through non-financial value creation mechanisms

نویسندگان [English]

  • milad Homayounizadeh 1
  • sorush ghazinoori 2
  • nasrin zolfagharkhani 3

1 alameh

2 alameh

3 shahrooduniversity

چکیده [English]

In their interaction with startup companies, venture capitalists play a role beyond providing financial resources for these companies and create value for them. The present research, using a case study method, investigated six venture investments made in the period (1393-1400) through 23 semi-structured interviews with people active in venture capital and startup companies, and the mechanisms of creating non-financial values and control and governance methods. It has been analyzed using qualitative content analysis of interviews and axial coding. The results of this research show that the creation of non-financial values of venture capitalists is generally done through six mechanisms with general external and internal approach. There are two general approaches in the control and governance of venture capitalists. In a venture investor approach, through its representative on the board of directors of the statrup company, it follows its goals and expectations and leaves the company with complete independence and authority in executive matters and how to achieve the goals. In another way of control and governance, the venture capitalist operates somewhat similar to holding companies, through active participation in the company's planning process and control and monitoring of the company's performance through regular monthly meetings. It minimizes management conflicts.

کلیدواژه‌ها [English]

  • Venture Capital
  • Startup Company
  • Non-Financial Values
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