ارایه مدل تامین مالی صنایع کوچک و متوسط و بررسی مشکلات و راهکارها
الموضوعات :
Sadegh Rezaei Monfared
1
(PhD Candidate in Industrial Management, Science and Research Unit, Islamic Azad University, Tehran, Iran)
Seyed Javad Iranban
2
(Associate Professor, Shiraz Branch
Islamic Azad University, Shiraz , Iran)
Reza Radfar
3
(Technology Management, Faculty of Management and Economy, Azad University of Science and Research, Tehran, Iran)
Ali Hajiha
4
(Assistant Professor, Department of Industrial Management, North Tehran Branch, Islamic Azad University, Tehran, Iran)
تاريخ الإرسال : 24 الأحد , شوال, 1444
تاريخ التأكيد : 12 الإثنين , صفر, 1445
تاريخ الإصدار : 25 الأحد , صفر, 1445
الکلمات المفتاحية:
پویایی سیستم,
بنگاههای کوچک و متوسط,
موانع تامین مالی,
ملخص المقالة :
چکیده تامین مالی همواره یکی از چالش‌های اصلی ایجاد و توسعه کسب‌و‌کارهای نوپا و صنایع کوچک اقتصادی بوده است. لذا هدف از پژوهش حاضر شناسایی و ارائه مدلی برای تأمین مالی صنایع کوچک و متوسط با رویکرد آزمایشگاه ارزیابی و آزمون تصمیم گیری بر پایه فرآیند مدل سازی ساختاری تفسیری و دیمتل فازی می باشد. مقاله حاضر به طراحی سناریوهای مختلف در تأمین مالی بنگاه های کوچک و متوسط پرداخته است. به همین جهت با توجه به مطالعات پیشین و روش غربال گری فازی به استخراج عوامل مؤثر بر تأمین مالی بنگاه های کوچک و متوسط و مشخص نمودن حلقه های علی - معلولی اقدام و مدل دینامیکی تدوین شده است. سپس با استفاده از تکنیک مدل سازی ساختاری و دیمتل فازی روابط و سطوح بین آنها میزان ضرایب تأثیرگذار و تأثیر پذیر مشخص و در مدل لحاظ شده است، در نهایت به منظور تست صحت مدل و مشخص شدن رفتار متغیرهای حالت و نرخ، اقدام به جمع آوری اطلاعات از 30 بنگاه کوچک و متوسط ، متقاضی شناخت روش های نوین تأمین مالی در بازه زمانی 12 ماهه شده است، که با تحلیل رفتار متغیرها در چهارچوب مدل همچنین تحلیل حساسیت، روایی الگوی دینامیکی طراحی شده مورد ارزیابی قرار گرفت. نتایج نشان داد، بنگاه های کوچک و متوسط از مدل و سناریوهای طراحی شده می توانند جهت تأمین مالی بهینه کسب و کار خود بهره مند گردند.
المصادر:
Abdulsaleh, A. M., & Worthington, A. C. (2013). Small and medium-sized enterprises financing: A review of literature. International Journal of Business and Management, 8(14), 36.
Abe, M., Troilo, M., & Batsaikhan, O. (2015). Financing small and medium enterprises in Asia and the Pacific. Journal of Entrepreneurship and Public Policy, 4(1), 2-32.
Azar, A., & Khadivar, A. (2010). Application of System Dynamics Approach in Higher Education Road Mapping and Policy Making Process. Journal of Science and Technology Policy, 2(4), 1-23.
Barth, J. R., Lin, D., & Yost, K. (2011). Small and medium enterprise financing in transition economies. Atlantic Economic Journal, 39, 19-38.
Broumand Jazi, SH. (2021). The SMEs’ Role in Industrial Development Based on the Diffusion Process Modeling. Industrial Economics Research Quarterly, 5 (15),63-74. doi: 10.30473/indeco.2021.7959.
Cainelli, G., Giannini, V., & Iacobucci, D. (2020). Small firms and bank financing in bad times. Small Business Economics, 55, 943-953.
Charkhchi, R., toloi, A., & Alborzi, M. (2019). Designing a Dynamic Model for Strategic Evaluation of Innovation with a Multiple Scenario Approach. Strategic Management Researches, 25(72), 13-40.
Cook, P., & Nixson, F. (2000). Finance and small and medium-sized enterprise development. Manchester: Institute for Development Policy and Management, University of Manchester.
Eskandari, Bahman; Vazifeh Doost, Hossein; Jafari, Paryvash and Musa Khani, Morteza. (2021). The Impact of Entrepreneurship Financing Methods on Collective Participation in Knowledge-Based Businesses. Financial Economics, 15(57), 259-284. doi: 10.30495/fed.2021.687930
Feizpour, M., Mahmoudi, V., & Emami Meybodi, M. (2009). High-Growth Small firms and their Characteristics Evidence from Manufacturing Small Firms in Iran During the Third Development Plan. Economics Research, 9(35), 155-173.
Forte, R., & Salomé Moreira, A. (2018). Financial constraints and small and medium-sized firms’ export propensity: evidence from Portuguese manufacturing firms. International Journal of the Economics of Business, 25(2), 223-241.
Ghasemi Ali, Ilmi Moghadam Mustafa. (2008). Increasing the competitiveness of small and medium enterprises and their financing, emphasizing the development of a cluster approach. Economic magazine (bimonthly review of economic issues and policies), 9 (93 and 94), 71-90
Golzari Arasteh, Elham, (2021). "Simulation of system dynamics in drug supply chain (case study of Ave Sina Pharmaceutical Company, Hamedan)", M.A Thesis, Islamic Azad University.
Hang, Y., Sarfraz, M., Khalid, R., Ozturk, I., & Tariq, J. (2022). Does corporate social responsibility and green product innovation boost organizational performance? a moderated mediation model of competitive advantage and green trust. Economic research-Ekonomska istraživanja, 35(1), 5379-5399.
Ismail Zadeh, Ali & Amiri, Hamideh. (2018). The effect of financial resources on the growth of small and medium enterprises. Financial Economics, 12(44), 143-160.
Jafari, S. M., & Poor Zanjani, P. (2022). Factors Affecting the Interest of Individuals to Participate and Invest in Social Crowdfunding Projects. Journal of Asset Management and Financing, 10(3), 95-118. doi: 10.22108/amf.2022.132608.1722
Karimi, A., & Bozarjomehri, S. (2013). Analyzing the Financing Barriers to Small and Medium Enterprises. Journal of Entrepreneurship Development, 6(1), 125-144. doi: 10.22059/jed.2013.36253
Kaya, O., & Masetti, O. (2019). Small‐and medium‐sized enterprise financing and securitization: Firm‐level evidence from the Euro area. Economic inquiry, 57(1), 391-409.
Khosroanjom, D., Rajab Zadeh Qatari, A., Azar, A., & Moghbel, A. (2021). Integrating Fuzzy Analytic Hierarchy Process and Fuzzy DEMATEL to Investigate Service Capabilities in Iranian Small Enterprises: A Resource-Based Perspective. The Journal of Productivity Management, 15(1(56) Spring), 23-53. doi: 10.30495/qjopm.2020.1875024.2572
Kiarsi Heydar, P., Radfar, R., Alborzi, M., & Toloi, A. (2019). Simulation of Enhanced Oil Recovery Technology RoadMapping with System Dynamics Method. Strategic Management Researches, 24(71), 89-117.
Laleh, S., Shadnoush, N., & Toloie Ashlaghi, A. (2019). Designing of a model for measurement of technological capabilities in cost valuation of research and development processes for knowledge-based companies applying for admission to the Stock Market. Financial Engineering and Portfolio Management, 10(40), 201-220.
Mahmoudi, V., Babaei, A., & Abbasian, E. (2023). Ranking of financing alternatives for small and medium enterprises according to credit risks. The Journal of Economic Policy, 14(28), 217-246. doi: 10.22034/epj.2023.19287.2372
Mansouri, S. A., Farazmand, H., & Afghah, M. (2021). Investigation of economic resilience in small and medium industries of Khuzestan province due to SARS-CoV-2 (Corona) Epidemic. Stable Economy Journal, 2(3), 1-30. doi: 10.22111/sedj.2021.40408.1153
Mosleh Shirazi, A., Maleki, B., Khalifeh, M., & Ramezani Moghadam, A. (2018). Modeling Performance of Financial System Using System Dynamics Approach: A Case Study on a Sand and Gravel Firm. Journal of Asset Management and Financing, 6(1), 51-72. doi: 10.22108/amf.2017.21331
Mostafazadeh, Armin. (2015). the model of financing small and medium enterprises - an analysis of the concept and importance of financing small and medium enterprises, Islamic Council Research Center.
Motamani, Alireza and Tabgian, Nima. (2015). Identifying and prioritizing financing methods for small and medium businesses according to the life cycle of the company. Financial Management Perspective, 5(11), 79-90.
Noori, R., Fathi, S., & Yeganeh, L. (2016). Identification of the Causes of Timely Availability of Working Capital Problem for Small and Medium Size Enterprises in Iran. Journal of Asset Management and Financing, 4(3), 1-16. doi: 10.22108/amf.2016.20644
Nosrati Barandagh, B., Toloie, A., Sadeh, E., & Aminisabegh, Z. (2020). Provide a dynamic model of financing small and medium enterprises (SMEs) with DANP approach. Financial Engineering and Portfolio Management, 11(44), 154-187.
Oghosanine, E. E. (2022). SME Financing: Understanding the Barriers and Potentials for Entrepreneurs–Developing and Under-Developed World Perspectives. In Microfinance and Sustainable Development in Africa(pp. 207-233). IGI Global.
Olfat, L., & Shahryari Nia, A. (2014). Interpretive Structural Modeling of Effective Factors of Partner Selection in Agile Supply Chain. Research in Production and Operations Management, 5(2), 128-109.
Rao, P., Kumar, S., Chavan, M., & Lim, W. M. (2023). A systematic literature review on SME financing: Trends and future directions. Journal of Small Business Management, 61(3), 1247-1277.
Sadeghfalah, R., & Rezaie Dolatabadi, H. (2014). Analysis of big Shareholders' Perspective on Block Divestiture of Shares in Business Financing Through Matching Method (Tehran Stock Exchange as A Case Study). Journal of Asset Management and Financing, 2(2), 39-64.
Sadriniya, Mohammad; Mirasadi, Samaneh and Verwani, Mohsen.(2009). Different methods of financing small and medium enterprises at different stages of their life cycle. Rushd Technology Quarterly, 5(19).
Safi Dastjerdi, D., Tayebi, K., & Elahi, N. (2021). Loan Interest Rate Uncertainty and Financing SMEs Listed in Tehran Stock Exchange. Journal of Asset Management and Financing, 9(2), 1-20. doi: 10.22108/amf.2020.124509.1578
Seifollahi, N., & EbrahimiKharajo, V. (2022). Investigating social banking in the world for small industries and providing a solution on how to generalize it in Ardabil. Financial Economics, 16(59), 75-104. doi: 10.30495/fed.2022.694714
Setayesh, H., Memaranjad, A., Hejbarkiani, K., & Torabi, T. (2022). Studying the Impact of Small and Medium-Sized Manufacturing Industries on the Growth of Industrial Value Added in Iran’s Economy. Financial Economics, 16(59), 221-252. doi: 10.30495/fed.2022.694720
Titiyal, R., Bhattacharya, S., & Thakkar, J. J. (2019). The distribution strategy selection for an e-tailer using a hybrid DANP VIKOR MCDM model. Benchmarking: An International Journal, 26(2), 395-433.
Toloie Ashlaghi, Abbas & Biglari, Elnaz. (2010). Presented a dynamic Model to simulate the Balanced Score Card with the goal of efficient Strategies (Case study: Mahan air). Management Accounting, 3(6), 89-103.
Yazdani, M., & Pirpour, H. (2017). Evaluating Effects of Exchange Rate Uncertainty on Financing of Firms and Foreign Direct Investment in Iran. Economics Research, 17(67), 35-65. doi: 10.22054/joer.2018.8563
Yoshino, N., & Taghizadeh-Hesary, F. (2018). The role of SMEs in Asia and their difficulties in accessing finance(No. 911). ADBI Working Paper Series.
Zolfaghari, R., Tashakori, N., & Eram, A. (2022). Designing Collaterals Assessment Model to Finance Technological Projects and SMEs by Adaptive Neural Fuzzy Inference System (ANFIS). Financial Research Journal, 24(3), 453-479. doi: 10.22059/frj.2022.313263.1007094
_||_
Abdulsaleh, A. M., & Worthington, A. C. (2013). Small and medium-sized enterprises financing: A review of literature. International Journal of Business and Management, 8(14), 36.
Abe, M., Troilo, M., & Batsaikhan, O. (2015). Financing small and medium enterprises in Asia and the Pacific. Journal of Entrepreneurship and Public Policy, 4(1), 2-32.
Azar, A., & Khadivar, A. (2010). Application of System Dynamics Approach in Higher Education Road Mapping and Policy Making Process. Journal of Science and Technology Policy, 2(4), 1-23.
Barth, J. R., Lin, D., & Yost, K. (2011). Small and medium enterprise financing in transition economies. Atlantic Economic Journal, 39, 19-38.
Broumand Jazi, SH. (2021). The SMEs’ Role in Industrial Development Based on the Diffusion Process Modeling. Industrial Economics Research Quarterly, 5 (15),63-74. doi: 10.30473/indeco.2021.7959.
Cainelli, G., Giannini, V., & Iacobucci, D. (2020). Small firms and bank financing in bad times. Small Business Economics, 55, 943-953.
Charkhchi, R., toloi, A., & Alborzi, M. (2019). Designing a Dynamic Model for Strategic Evaluation of Innovation with a Multiple Scenario Approach. Strategic Management Researches, 25(72), 13-40.
Cook, P., & Nixson, F. (2000). Finance and small and medium-sized enterprise development. Manchester: Institute for Development Policy and Management, University of Manchester.
Eskandari, Bahman; Vazifeh Doost, Hossein; Jafari, Paryvash and Musa Khani, Morteza. (2021). The Impact of Entrepreneurship Financing Methods on Collective Participation in Knowledge-Based Businesses. Financial Economics, 15(57), 259-284. doi: 10.30495/fed.2021.687930
Feizpour, M., Mahmoudi, V., & Emami Meybodi, M. (2009). High-Growth Small firms and their Characteristics Evidence from Manufacturing Small Firms in Iran During the Third Development Plan. Economics Research, 9(35), 155-173.
Forte, R., & Salomé Moreira, A. (2018). Financial constraints and small and medium-sized firms’ export propensity: evidence from Portuguese manufacturing firms. International Journal of the Economics of Business, 25(2), 223-241.
Ghasemi Ali, Ilmi Moghadam Mustafa. (2008). Increasing the competitiveness of small and medium enterprises and their financing, emphasizing the development of a cluster approach. Economic magazine (bimonthly review of economic issues and policies), 9 (93 and 94), 71-90
Golzari Arasteh, Elham, (2021). "Simulation of system dynamics in drug supply chain (case study of Ave Sina Pharmaceutical Company, Hamedan)", M.A Thesis, Islamic Azad University.
Hang, Y., Sarfraz, M., Khalid, R., Ozturk, I., & Tariq, J. (2022). Does corporate social responsibility and green product innovation boost organizational performance? a moderated mediation model of competitive advantage and green trust. Economic research-Ekonomska istraživanja, 35(1), 5379-5399.
Ismail Zadeh, Ali & Amiri, Hamideh. (2018). The effect of financial resources on the growth of small and medium enterprises. Financial Economics, 12(44), 143-160.
Jafari, S. M., & Poor Zanjani, P. (2022). Factors Affecting the Interest of Individuals to Participate and Invest in Social Crowdfunding Projects. Journal of Asset Management and Financing, 10(3), 95-118. doi: 10.22108/amf.2022.132608.1722
Karimi, A., & Bozarjomehri, S. (2013). Analyzing the Financing Barriers to Small and Medium Enterprises. Journal of Entrepreneurship Development, 6(1), 125-144. doi: 10.22059/jed.2013.36253
Kaya, O., & Masetti, O. (2019). Small‐and medium‐sized enterprise financing and securitization: Firm‐level evidence from the Euro area. Economic inquiry, 57(1), 391-409.
Khosroanjom, D., Rajab Zadeh Qatari, A., Azar, A., & Moghbel, A. (2021). Integrating Fuzzy Analytic Hierarchy Process and Fuzzy DEMATEL to Investigate Service Capabilities in Iranian Small Enterprises: A Resource-Based Perspective. The Journal of Productivity Management, 15(1(56) Spring), 23-53. doi: 10.30495/qjopm.2020.1875024.2572
Kiarsi Heydar, P., Radfar, R., Alborzi, M., & Toloi, A. (2019). Simulation of Enhanced Oil Recovery Technology RoadMapping with System Dynamics Method. Strategic Management Researches, 24(71), 89-117.
Laleh, S., Shadnoush, N., & Toloie Ashlaghi, A. (2019). Designing of a model for measurement of technological capabilities in cost valuation of research and development processes for knowledge-based companies applying for admission to the Stock Market. Financial Engineering and Portfolio Management, 10(40), 201-220.
Mahmoudi, V., Babaei, A., & Abbasian, E. (2023). Ranking of financing alternatives for small and medium enterprises according to credit risks. The Journal of Economic Policy, 14(28), 217-246. doi: 10.22034/epj.2023.19287.2372
Mansouri, S. A., Farazmand, H., & Afghah, M. (2021). Investigation of economic resilience in small and medium industries of Khuzestan province due to SARS-CoV-2 (Corona) Epidemic. Stable Economy Journal, 2(3), 1-30. doi: 10.22111/sedj.2021.40408.1153
Mosleh Shirazi, A., Maleki, B., Khalifeh, M., & Ramezani Moghadam, A. (2018). Modeling Performance of Financial System Using System Dynamics Approach: A Case Study on a Sand and Gravel Firm. Journal of Asset Management and Financing, 6(1), 51-72. doi: 10.22108/amf.2017.21331
Mostafazadeh, Armin. (2015). the model of financing small and medium enterprises - an analysis of the concept and importance of financing small and medium enterprises, Islamic Council Research Center.
Motamani, Alireza and Tabgian, Nima. (2015). Identifying and prioritizing financing methods for small and medium businesses according to the life cycle of the company. Financial Management Perspective, 5(11), 79-90.
Noori, R., Fathi, S., & Yeganeh, L. (2016). Identification of the Causes of Timely Availability of Working Capital Problem for Small and Medium Size Enterprises in Iran. Journal of Asset Management and Financing, 4(3), 1-16. doi: 10.22108/amf.2016.20644
Nosrati Barandagh, B., Toloie, A., Sadeh, E., & Aminisabegh, Z. (2020). Provide a dynamic model of financing small and medium enterprises (SMEs) with DANP approach. Financial Engineering and Portfolio Management, 11(44), 154-187.
Oghosanine, E. E. (2022). SME Financing: Understanding the Barriers and Potentials for Entrepreneurs–Developing and Under-Developed World Perspectives. In Microfinance and Sustainable Development in Africa(pp. 207-233). IGI Global.
Olfat, L., & Shahryari Nia, A. (2014). Interpretive Structural Modeling of Effective Factors of Partner Selection in Agile Supply Chain. Research in Production and Operations Management, 5(2), 128-109.
Rao, P., Kumar, S., Chavan, M., & Lim, W. M. (2023). A systematic literature review on SME financing: Trends and future directions. Journal of Small Business Management, 61(3), 1247-1277.
Sadeghfalah, R., & Rezaie Dolatabadi, H. (2014). Analysis of big Shareholders' Perspective on Block Divestiture of Shares in Business Financing Through Matching Method (Tehran Stock Exchange as A Case Study). Journal of Asset Management and Financing, 2(2), 39-64.
Sadriniya, Mohammad; Mirasadi, Samaneh and Verwani, Mohsen.(2009). Different methods of financing small and medium enterprises at different stages of their life cycle. Rushd Technology Quarterly, 5(19).
Safi Dastjerdi, D., Tayebi, K., & Elahi, N. (2021). Loan Interest Rate Uncertainty and Financing SMEs Listed in Tehran Stock Exchange. Journal of Asset Management and Financing, 9(2), 1-20. doi: 10.22108/amf.2020.124509.1578
Seifollahi, N., & EbrahimiKharajo, V. (2022). Investigating social banking in the world for small industries and providing a solution on how to generalize it in Ardabil. Financial Economics, 16(59), 75-104. doi: 10.30495/fed.2022.694714
Setayesh, H., Memaranjad, A., Hejbarkiani, K., & Torabi, T. (2022). Studying the Impact of Small and Medium-Sized Manufacturing Industries on the Growth of Industrial Value Added in Iran’s Economy. Financial Economics, 16(59), 221-252. doi: 10.30495/fed.2022.694720
Titiyal, R., Bhattacharya, S., & Thakkar, J. J. (2019). The distribution strategy selection for an e-tailer using a hybrid DANP VIKOR MCDM model. Benchmarking: An International Journal, 26(2), 395-433.
Toloie Ashlaghi, Abbas & Biglari, Elnaz. (2010). Presented a dynamic Model to simulate the Balanced Score Card with the goal of efficient Strategies (Case study: Mahan air). Management Accounting, 3(6), 89-103.
Yazdani, M., & Pirpour, H. (2017). Evaluating Effects of Exchange Rate Uncertainty on Financing of Firms and Foreign Direct Investment in Iran. Economics Research, 17(67), 35-65. doi: 10.22054/joer.2018.8563
Yoshino, N., & Taghizadeh-Hesary, F. (2018). The role of SMEs in Asia and their difficulties in accessing finance(No. 911). ADBI Working Paper Series.
Zolfaghari, R., Tashakori, N., & Eram, A. (2022). Designing Collaterals Assessment Model to Finance Technological Projects and SMEs by Adaptive Neural Fuzzy Inference System (ANFIS). Financial Research Journal, 24(3), 453-479. doi: 10.22059/frj.2022.313263.1007094
