Identifying and Prioritizing Factors Affecting Innovation of Investee Companies From the Perspective of Venture Capitalists: A Case Study

Document Type : Research Paper

Authors

1 M.sc in Financial Management, Faculty of Financial Sciences, Kharazmi University, Tehran, Iran

2 Assistant Professor, CFA Charterholder, Faculty of Financial Sciences, Kharazmi University, Tehran, Iran

3 Assistant Professor, Department of Management, University of Science and Culture, Tehran, Iran

Abstract

Nowadays innovation is one of the vital success factors of new SMEs. Venture capital can promote the innovation of investee firms. This paper aims to identify and prioritize factors affecting the innovation of investee firms. Initially, by reviewing the literature, 18 factors were extracted. Then by statistical analysis, six factors with less importance were removed. The 12 factors with more importance advanced to the final step to be prioritized by Fuzzy DEMATEL method. Results demonstrated that the most important factors are providing valuable information from the industry, cooperation and contact with the industry activists, and informing about the possible threats and opportunities. The findings of this paper provide key insight into alternative investment, which is a novel area in Iran’s emerging financial markets. In other words, it can support both sides of a venture capital investment process to know which factors are of more importance to boost the possibility of success.

Keywords

Main Subjects


Article Title [فارسی]

شناسایی و رتبه‌بندی عوامل موثر بر نوآوری شرکت‌های سرمایه‌پذیر از منظر سرمایه‌گذاران مخاطره‌پذیر

Authors [فارسی]

  • مهرداد کریم خانی 1
  • کامران پاکیزه 2
  • محمّدرضا اخوان انوری 3
1 کارشناسی ارشد مدیریت مالی، دانشکده علوم مالی دانشگاه خوارزمی، تهران، ایران
2 استادیار دانشکده علوم مالی دانشگاه خوارزمی، تهران، ایران
3 استادیار گروه مدیریت، دانشگاه علم و فرهنگ، تهران، ایران
Abstract [فارسی]

امروزه نوآوری یکی از عوامل اصلی موفقیت شرکت‌های تازه متولد شده با اندازه کوچک و متوسط است. سرمایه‌گذاری مخاطره‌پذیر می‌تواند منجر به ارتقا نوآوری در شرکت‌های سرمایه‌پذیر شود. هدف این پژوهش شناسایی و رتبه‌بندی عوامل موثر بر نوآوری شرکت‌های سرمایه‌پذیر در فرآیند سرمایه‌گذاری مخاطره‌پذیر است. در ابتدا، 18 عامل موثر بر نوآوری در سرمایه‌گذاری مخاطره‌پذیر از ادبیات تحقیق استخراج گردید. سپس با استفاده از روش آزمون فرض آماری شش عامل با اهمیت کمتر از فرآیند پژوهش کنار گذاشته شدند. دوازده عامل باقیمانده در گام نهایی پژوهش با استفاده از روش دیمتل فازی رتبه‌بندی شدند. نتایج رتبه‌بندی نشان می‌دهد که مهمترین عوامل به ترتیب: مهیا ساختن اطلاعات ارزشمند از صنعت مربوطه، همکاری و ارتباط با فعالین صنعت و آگاه‌سازی از فرصت‌ها و تهدیدهای پیش رو. یافته‌های این پژوهش بینش خوبی در زمینه سرمایه‌گذاری جایگزین بعنوان یک حوزه نوین در بازاهای مالی ایران بدست می‌دهد. همچنین نتایج حاصله هم برای سرمایه‌گذاران مخاطره‌پذیر و هم شرکت‌های سرمایه‌پذیر در فرآیند سرمایه‌گذاری موثر است چرا که مشخص می‌کند تمرکز بر روی چه عواملی شانس موفقیت را ارتقا می‌دهد.

Keywords [فارسی]

  • سرمایه‌گذاری مخاطره‌پذیر
  • سرمایه‌گذاری جایگزین
  • نوآوری
  • دیمتل فازی
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