نوع مقاله : مقاله پژوهشی

نویسندگان

• امیرعلی معزی ¹
• احسان چیت ساز ²
• حسین صادقی ³

¹ دانشجوی کارشناسی ارشد رشته کارآ‌فرینی، دانشکده کار‌آفرینی دانشگاه تهران، تهران، ایران.

² گروه توسعه کار‌آفرینی، دانشکده کار‌آفرینی دانشگاه تهران، تهران، ایران.

³ گروه کسب وکار جدید، دانشکده کار‌آفرینی، دانشگاه تهران، تهران، ایران.

چکیده

هدف: در این پژوهش، هدف شناسایی چالش‌های موجود در تأمین مالی جمعی سهامی و ارائه راهکارهایی در راستای کاهش این مشکلات بود.
روش: گردآوری داده‌ها از طریق مصاحبه صورت گرفت. پس از انجام 9 مصاحبه عمیق و نیمه‌ساختاریافته با خبرگان این حوزه، اشباع نظری حاصل گشت و مقولات پس از تکمیل فرایند کدگذاری باز، محوری و گزینشی استخراج شدند.
یافته‌ها: بر اساس تحلیل یافته‌ها، مقولات به 4 دسته شرایط زمینه‌ای، مداخله‌گر، علی و راهبردها تقسیم شدند. عواملی مانند ناقص بودن زیرساخت‌های نظارتی و مشکل ثبات اقتصادی در کشور در دسته شرایط زمینه‌ای، و ریسک حساب‌سازی، چالش‌های قیمت‌گذاری و مشکلات فروش سهام در دسته شرایط علی قرار گرفتند. همچنین الگوهای ذهنی تصمیم‌گیری سرمایه‌گذاران مانند محرک‌های رفتاری و عوامل انتخاب طرح‌های تأمین مالی جمعی، به‌عنوان شرایط مداخله‌گر شناسایی شدند.
نتیجه‌گیری: راهبردهایی که این پژوهش برای کاهش مشکلات و بهبود عملکرد ارائه کرده شامل اقداماتی چون افزایش عمق بازار ثانویه، بهره‌گیری از پتانسیل‌های فناوری رمزارز، وجود قراردادهای دقیق و کارا و تعیین سقف پذیرش سرمایه باتوجه‌به سابقه پلتفرم بوده است. همچنین این پژوهش نشان داد که توجه به عدم مانع‌تراشی نیز در کنار اجرای احکام نظارتی، باید در دستور کار نهادهای قانون‌گذار باشد.

کلیدواژه‌ها

• تأمین مالی جمعی سهامی
• رمزارز
• شرایط زمینه‌ای
• شرایط مداخله‌گر
• شرایط علّی

عنوان مقاله [English]

Equity Crowdfunding: Solutions and Structures

نویسندگان [English]

• Amirali Moezzi ¹
• Ehsan Chitsaz ²
• Hossein Sadeghi ³

¹ MSc. Student in Entrepreneurship, Faculty of Entrepreneurship, Tehran University, Tehran, Iran.

² Department of Entrepreneurship Development, Faculty of Entrepreneurship, University of Tehran, Tehran, Iran.

³ Department of Corporate Entrepreneurship, Faculty of Entrepreneurship, University of Tehran, Tehran, Iran.

چکیده [English]

Objective: Purpose: To provide a low-risk and efficient use of this new method of financing in Iran, we identified challenges and complexities of this method and solutions to overcome them. There is a lack of experience and use of this model in the country, which indicates the importance of research.This study aims to fill the existing scientific and empirical gaps by gathering and integrating the experiences of applying this method in different countries and gathering expert advice in this field. In addition to the challenges associated with this method of funding, it has a much higher level of complexity than other crowdfunding methods, which naturally increases its risks.
Method: We conducted semi-structured interviews with experts in this field to accomplish this. After doing 9 deep and semi-structured interviews, theoretical saturation was obtained and categories were extracted after completing open, axial, and selective coding processes.
Findings: The data from these interviews were analyzed by the Strauss and Corbin paradigm method. The output results of the analysis were classified into 4 categories of causal conditions, context conditions, intervening conditions, and strategies. Factors such as the incompleteness of monitoring infrastructure and the problem of economic stability in the country were classified as context conditions, and risk of false accounting, price challenges, and exit problems was classified in the causal conditions category. Also, mental models of investor's decision making such as behavioral motivations and selection factors of crowdfunding projects were identified as intervening conditions.
Conclusion: This research showed that investor behavior can be affected by external factors such as other people and the economic environment significantly. The most important economic factors are market interest rate, credit ceilings of banks, parallel market conditions, and inflation rate. This research shows that the relationship between equity crowdfunding and parallel markets is inversely proportional to the inflation rate. One of the other solutions that this research has to reduce the existing challenges is to determine the ceiling of the amount of the project's value in proportion to the history of the platform's previous performance to prevent shaping obstacles for investors, entrepreneurs, and platforms. The results also showed that voluntary recommendation from platforms has a valuable role in the investors' success and promotion of equity crowdfunding. The main part of the research conducted in this field is based on existing methods and existing platforms. But what is rarely seen is an attempt to provide a new financing model, which can be may achieve a new way of financing by using various instruments and prior knowledge. The researcher can try to mix new theories such as cryptocurrency technology with the classic models of financing and investigate its optimal legal exigency to lead to the creation of a superior crowdfunding system.

کلیدواژه‌ها [English]

• Cryptocurrency
• Casual conditions
• Equity crowdfunding
• Intervening conditions
• Factor conditions