شناسایی و بررسی عوامل موثر بر سرمایه گذاری در توسعه محصول جدید در حوزه تکنولوژی های مالی نظارتی (مطالعه موردی بانک تجارت)

محورهای موضوعی : دانش سرمایه‌گذاری

سروش معتمدی فرد ¹ (گروه مدیریت تکنولوژی، واحد تهران مرکز، دانشگاه آزاد اسلامی، تهران، ایران)
امیر بیات ترک ² (گروه مدیریت تکنولوژی، واحد تهران مرکز، دانشگاه آزاد اسلامی، تهران، ایران)
جلال حقیقت منفرد ³ (گروه مدیریت تکنولوژی، واحد تهران مرکز، دانشگاه آزاد اسلامی، تهران، ایران)

تاریخ دریافت : 1398/09/18 تاریخ پذیرش : 1398/10/09 تاریخ انتشار : 1401/01/01

کلید واژه: فناوری مالی نظارتی (رگ تک), تحقیق و توسعه, توسعه محصول جدید, نوآوری, سرمایه گذاری,

چکیده مقاله :

تغییرات تکنولوژیک منجر به ایجاد چالش ها و فرصتهای جدید در صنایع گوناگون می شود. عدم توانایی سازمان ها در منطبق ساختن مدل کسب و کار خود با این تغییرات ممکن است منجر به خروج آنها از بازار شود. صنعت بانکداری نیز از این امر مستثنی نبوده و تکنولوژی های مالی نظارتی نیز یکی از مهم ترین روند های تکنولوژیک در سال های اخیر است. با توجه به تاثیر گسترده این تکنولوژی ها بر صنعت بانکداری، سرمایه گذاری در توسعه محصول جدید در حوزه تکنولوژی های مالی نظارتی از اهمیت بالایی برخوردار است. لذا به منظور پیاده سازی نتایج تحقیقات جدید و کمک به رفع مشکلات موجود در این زمینه، شناسایی و بررسی عوامل موثر بر سرمایه گذاری در توسعه محصولات جدید فناوری های مالی با رویکرد نظارتی ضروری به نظر می رسد. این پژوهش از حیث هدف، کاربردی و از نوع روش، توصیفی پیمایشی است. عوامل مؤثر بر سرمایه گذاری توسعه محصول جدید فناوری های مالی نظارتی از مرور ادبیات و نظر خبرگان صنعت بانکداری در بانک تجارت استخراج شده و پرسشنامه تأیید شده در جامعه خبرگان توزیع و نتایج با روش تحلیل عاملی تأییدی و معادلات ساختاری با نرم افزار Smart-PLS3 مورد بررسی قرار گرفته است. در این پژوهش 4 بعد اصلی مؤثر بر توسعه محصول جدید در حوزه فناوری های مالی به همراه 29 عامل شناسایی و تأیید گردید که توجه به همه آنها دارای اهمیت است. کلیه عوامل کلیدی شناسایی شده، تاثیر معنی داری بر توسعه محصولات جدید فناوری های مالی با رویکرد نظارتی دارند.

چکیده انگلیسی:

Technological changes lead to new challenges and opportunities in various industries. The inability of organizations to adapt their business models to these changes may lead them to leave the market. The banking industry is no exception, and regulatory financial technologies are one of the most important technological trends in recent years. Concerning the widespread impact of these technologies on the banking industry, investment in regulatory financial technologies has a great importance. Therefore, identifying and investigating factors affecting investment in new product development in the field of financial technology with a supervisory approach is necessary. in order to implement the results of new research and to help solve such problems. The purpose of this research is applied and is a descriptive-survey method. Factors Influencing New Product Development Investment in Regulatory Financial Technologies Extracted from Literature Review and Opinion of Banking Industry Experts in Tejarat Bank and the approved questionnaire is distributed in the community of experts and the results are analyzed by confirmatory factor analysis and structural equations using Smart-PLS3 software. In this study, 4 main factors were identified and confirmed with 29 factors all of which are important. All key identified factors have a significant impact on investment in development of new financial technology products with a regulatory approach.

منابع و مأخذ:

• آذر، عادل، غلامزاده، رسول، قنواتی، مهدی، ( 1391 )، مدلسازی مسیری-ساختاری در مدیریت: کاربرد نرم افزار Smart PLS ، انتشارات نگاه دانش.


• پیله وری نازنین, رادفر رضا, عباسی پوریا، تبیین الگوی تلفیقی فرایند توسعه محصول جدید در حوزه نانوفناوری، توسعه تکنولوژی صنعتی، پاییز و زمستان 1393, شماره 24 ; صفحات 45-59 .


• ترکی سمائی، رقیه احمدی، لیلا ( 1393) اثر نااطمینانی تورم بر سرمایه گذاری ثابت خصوصی واقعی در بخش صنعت اقتصاد ایران . فصلنامه پژوهشنامه بازرگانی، دوره 18، شماره 70 ، 111-93


• تهرانی رضا ؛ نجف زاده خویی سارا ،(1396)، بررسی تأثیر نااطمینانی تورم بر ساختار سرمایه شرکتهای پذیرفته شده در بورس اوراق بهادار تهران، فصلنامه اقتصاد مالی، مقاله 1، دوره 11، شماره 38، 1-20


• داداش پور، هاشم ( 1388 ). خوشه های صنعتی، یادگیری، نوآوری و توسعه منطقه ای، راهبرد یاس، ( 18) 72-53


• ریاحی، ابوالفضل ( 1393 ). رتبه بندی عوامل بحرانی موفقیت در توسعه خوشه های صنعتی در ایران، فصلنامه مدیریت، 10 (31) ،102-91


• شریعتی، رضا، افخمی اردکانی، مهدی (1395) شناسایی و اولویت بندی شاخصهای ارزیابی عملکرد مراکز تحقیق و توسعه بر اساس مدل کارت امتیازی متوازن. پژوهشگاه صنعت نفت.


• طالبی، کامبیز، کچویی، رضا (1390)، شناسایی عوامل مدیریتی کلیدی در موفقیت پروژه های توسعه محصول جدید در کسب وکارهای کوچک و متوسط کشور، فصلنامه اقتصاد و تجارت نوین. صفحات 49-66


• عبدی، ابراهیم، خداداد کاشی، موسوی جهرمی یگانه ( 1397 )، تاثیر تغییرات بازار در صنعت بانکداری بر سرمایه گذاری شرکتها ، فصلنامه پژوهش های رشد و توسعه اقتصادی. سال نهم شماره 34. 59-76


• مرادی، جواد و احمدی، غلامرضا (1390) . "تعیین عوامل موثر بر رفتار سرمایه گذاری شرکت ها در عرصه بازار های ناقص" . پژوهش حسابداری مالی، شماره 3، شماره 2،125-136


• Adegoke Oke Moronke Idiagbon-Oke, (2010) Communication channels, innovation tasks and NPD project outcomes in innovation-driven horizontal networks Volume 28, Issue 5, September 2010, Pages 442-453


• Aggarwal, R., and P. Stein. (2016), The Complex Regulatory Landscape for FinTech: An Uncertain Future for Small and Medium-Sized Enterprise Lending, World Economic Forum, White Paper No. 170816.


• Anagnostopoulos Ioannis, Fintech and Regtech: Impact on Regulators and Banks, Journal of Economics and Business (2018) , Journal of Economics and Business


• Andrieș, A., Marcu, N., Oprea, F. & Tofan, M. (2018). “Financial Infrastructure and Access to Finance for European SMEs”. Sustainability, 10(10), 1-15


• Arner, D. W., Barberis, J. N. and Buckley, R. P. (2017), FinTech, RegTech and the Reconceptualization of Financial Regulation, Northwestern Journal of International Law and Business, 37(3): 371-413


• Athwal, N., (2016) ‘Online Marketplace Lending — Recently Misunderstood, Forbes forbes.com/sites/navathwal/2016/07/18/online-marketplace-lending recently misunderstood 76d20408412f


• Amami, M. (2000). Project Management and Communication of Product Development through Electronic Document Management. Project Management Journal, 31(2), and 6


• Arnaboldi, F., & Claeys, P. (2008). Internet banking in Europe: a comparative analysis. Research Institute of Applied Economics. Working Papers, No. 2008/11.


• Ashwin W. Joshi & Sanjay Sharma, (2004), Customer Knowledge Development: Antecedents and Impact on New Product Performance. Journal of Marketing 68(4):47-59 · October 2004


• Barthélemy Chollet, Sébastien Brion, Vincent Chauvet, Caroline Mothe et Mickaël Géraudel(2012),NPD Projects in Search of Top Management Support: The Role of Team Leader Social Capital Management 2012/1 (Vol. 15), pages 44 – 75


• Becker, B., (2013). The Determinants of R&D Investment: A Survey of the Empirical Research. School of Business and Economics, Loughborough University, Economics Discussion Paper Series, pp. 1750-4171


• Benedict J. Drasch, Andr Schweizer, Nils Urbach (2018), Integrating the ‘Troublemakers’: Taxonomy for Cooperation between Banks and Fintechs. Journal of Economics and Business. Volume 100, November–December 2018, Pages 26-42


• Braggion, F., Manconi, A. and Zhu, H., (2018), Is FinTech a Threat to Financial Stability? Evidence from Peer-to-Peer Lending in China, November 10, Available at SSRN: https://ssrn.com/abstract=2957411 or http://dx.doi.org/10.2139/ssrn.2957411


• Branstetter, L.G., Glennon, B. and Jensen, J.B., (2019). The IT Revolution and the Globalization of R&D. Innovation Policy and the Economy, 19(1), pp.1-37


• Bolt, W., & Tieman, A. (2004). Banking competition, risk, and regulation. IMF.IMF Working Paper 4/11.


• Bond, S. & Van Reenen, J. (2007). “Microeconometric Models of Investment and Employment”. Handbook of Econometrics, 6, 4417-4498.


• Bunea, S., Kogan, B. and Stolin, D. (2016), Banks Versus FinTech: At Last, it's Official, Journal of Financial Transformation, 44: 122-131


• Butenko, A. and Larouche, P, (2015), Regulation for innovativeness or regulation of innovation, Law, Innovation and Technology, 7(1):52-82.


• Brummer, C. (2015), Disruptive Technology and Securities Regulation, Fordham Law Review, 84(3):977-1051


• Carlson, M. A., Correia, S. & Luck, S. (2018). The Effects of Banking Competition on Growth and Financial Stability: Evidencefrom the National Banking Era. Available at http://dx.doi.org/10.2139/ssrn.3202489


• Y. Partial adjustment toward target R&D intensity, (2018), School of Business, Stevens Institute of Technology, 1 Castle Point Terrace, Hoboken, New Jersey 07030. https://doi.org/10.1111/radm.12320


• Chesbrough, H. W. (2006). Open innovation: The new imperative for creating and profiting from technology. Harvard Business Press.


• Chishti, S., & Barberis, J. (2016). The FinTech book: the financial technology handbook for investors, entrepreneurs and visionaries. John Wiley & Sons


• Cortez, N. (2014), Regulating Disruption Innovation, Berkeley Technology Law Journal, 29(1): 175-228


• Deloitte, (2016), RegTech is the new FinTech: How agile regulatory technology is helping firms better understand and manage their risks, IE 2016 https://www2.deloitte.com/content/dam/Deloitte/ie/Documents/FinancialServices/IE_2016_FS_RegTech_is_the_new_FinTech.pdf


• Didenko, A. (December 2017). Regulatory challenges underlying FinTech in Keny and South Africa. Bingham Centre for the Rule of Law, British Institute of International and Comparative Law, 2017


• Fan, D., Rao-Nicholson, R. and Su, Y., (2019). When tough get going: Performance of R&D in the adverse economic conditions. Long Range Planning


• Fasnacht, D. (2009). Open Innovation in the financial services: growing through openness, flexibility and customer integration. Springer Science & Business Media


• Fazzari, S. M., Hubbard, R. G. & Petersen, B.C. (1988). “Financing Constraints and Corporate Investment”. Brookings Papers on Economic Activity, 1988(1), 141-206.


• Fichman, R.G., Dos Santos, B. L. and Zheng, Z. E. (2014), Digital Innovation as a Fundamental andPowerful Concept in the Information Systems Curriculum, Management Information Systems, Q 38(2):329–343


• Fornell, C., & Larcker, D. F., (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of marketing research, pp. 39-50.


• Foroutan Morteza and Baski-Reeves Kari, (2017). Need for development and validation of a new product development (NPD) assessment and improvement tool, a review of literature (2017), African Journal of Business Management, Vol. 11(7), pp. 127-139, 14 April, 2017


• Gefen, D. and Straub, D.W. (2005). A Practical Guide to Factorial Validity Using PLS-Graph: Tutorial and Annotated Example. Communications of AIS, 16 (1), 91-109.


• González, F. (2016). “Creditor Rights, Bank Competition and Corporate Investment during the Global Financial Crisis”. Journal of Corporate Finance, 37,249-270.


• Hair, J.F., Black, W.C., Babin, B.J., Anderson, R.E., Tatham, R. (2006)."Multivariate Analysis (6th ed.)", New Jersey: Pearson Education Inc


• Hair, J.F., Ringle, C.M., Sarstedt, M., (2011). PLS-SEM: indeed, a silver bullet, Journal of Marketing heory and Practice 19 (2), 139e151.


• J. and Sarstedt, M. (2013). Goodness-of-fit indices for partial least square path modeling. Computational Statistics. 28 (2), 565-580


• Heeley, M. B., King, D. R., & Covin, J. G. (2006). Effects of firm R&D investment and environment on acquisition likelihood. Journal of Management Studies, 43(7), 1513–1535


• Henneberg, M. M. S. F. G. Z. S. C., (2017). Networking capability in supplier relationships and its impact on product innovation and firm performance. International Journal of Operations & Production Management, (5)37


• In Lee & Yong Jae Shin. (2017), Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons. Volume 61, Issue 1, January–February 2018, Pages 35-46


• James E Prieger (2002), Regulation, innovation, and the introduction of new telecommunications services JE Prieger - Review of Economics and Statistics, 2002


• Kaal, W. A. (2016), Dynamic Regulation for Innovation, Perspectives in Law, Business & Innovation in Mark Fenwick, Wulf A. Kaal, Toshiyuki Kono & Erik P.M. Vermeulen eds., New York Springer


• Kaal, W. A. and Vermeulen, E. P. M., (2017), How to Regulate Disruptive Innovation - From Facts to Data, Jurimetrics, and 57(2): 169-209


• Kendall, J. (2017), Fintech Companies Could Give Billions of People More Banking Options, January.Harvard Business Review, January 20


• Kirchner, C. (2011), Evolution of law: Interplay between private and public rule-making – a new institutional economics-analysis, Erasmus Law Review, 4(4):161-172


• Koichi Murata, (2017). Measuring Efficiency and Creativity of NPD quoted by QFD. 27th International Conference on Flexible Automation and Intelligent Manufacturing, FAIM2017,27-30 June 2017, Modena, Italy


• Lee, C.-L. And Wu, H.-C. (2016) how do slack resources affect the relationship between R&D expenditures and firm performance? R&D Management, 46, 958–978


• Lee, K., Jeong, Y., & Yoon, B. (2017). Developing a research and development (R&D) process improvement system to simulate the performance of R&D activities. Computers in Industry, 92, 178-193.


• LiangWu, Heng Liu, Jianqi Zhang, (2016). Bricolage effects on new-product development speed and creativity: The moderating role of technological turbulence. Journal of Business Research. JBR-09241; No of Pages 9


• Lin, C., Lin, P., Song, F., (2010). Property rights protection and corporate R&D: Evidence from China. Journal of Development Economic, pp. 49-62.


• Linda huLaursena Poul Houman Andersen (2016) Supplier involvement in NPD: A quasi-experiment at Unilever industrial marketing management. Volume 58, October 2016, Pages 162-171


• Lin, C. H., Tung, T. M. and Huang C. T. (2016). Elucidating the industrial cluster effect from a system dynamics perspective, Technovation, (26): 473–482


• Lodge, Hua Zhang & Jacob Jegher, (2015) IT Spending in Banking: A Global Perspective, CELENT Feb. 5, 2015


• Love, I. & Pería, M. S. (2014). “How Bank Competition Affects Firms' Access to Finance”. The World Bank Economic Review, 29(3), 413-448.


• Mainelli, M. Smith (2015), (Sharing ledgers for sharing economies: An exploration of mutual distributed ledgers), the journal of financial perspectives,3, 3-46


• Majidul Islama, Ashrafee TanvirHossain (2017) Compliance with accounting standards by financial Institutions: Some evidence from Bangladesh. Research in Accounting Regulation Volume 29, Issue 2, October 2017, Pages 145-151


• Manuel, J., Francisco, J., & Félix, A. (2009), Exploring the impact of individualism and uncertainty avoidance in Web-based electronic learning: An empirical analysis in European higher education, Computers & Education, 52. 588 598.


• María Pemartína, Ana I. Rodríguez-Escuderob, 2017 NPD collaboration in an asymmetrical investment context: A relational view. Journal of Engineering and Technology Management. Volume 45, July 2017, Pages 1-17


• Martovoy, A., & Dos Santos, J. (2012). Co-creation and co-profiting in financial services. International Journal of Entrepreneurship and Innovation Management 1, 16(1-2), 114-135


• Matilda Kongshöj & Emilie Ljungqvist (2016) Strategic venture capital in the financial industry: A multiple-case study on autonomy and its Master of Science Thesis INDEK 2016:115 KTH Industrial Engineering and Management Industrial Management SE-100 44 STOCKHOLM


• M Bednarz, T Broekel, (2019). The relationship of policy induced R&D networks and interregional knowledge diffusion, Department of Human Geography and Spatial Planning


• McKinsey and Co. (2016), a best-practice model for bank compliance, January http://www.mckinsey.com/business-functions/risk/our-insights/a-best-practice-model-forbank compliance


• Mention & Torkeli, (2014) Open innovation in financial services: What are the external drivers International Journal of Business Excellence Vol 7(4):548 · June 2014


• Mike Reid, Erica Brady; 2015) improving firm performance through NPD: The role of market orientation, NPD orientation and the NPD process. Australian Marketing Journal. Volume 20, Issue 4, November 2012, Pages 235-241


• Myers, S. C. & Majluf, N. S. (1984). “Corporate Financing and Investment Decisions when Firms Have Information Those Investors do not have”. Journal of Financial Economics, 13(2), 187-221


• Norman, Victor D., and Anthony J. Venables, (2004). Industrial Clusters: Equilibrium, Welfare and Policy. Economica 71 (284): 543-558


• Nusaibah Mansor, Siti Norbaya Yahaya & Kazuhiro Okazaki. Risk factors affecting new product development (npd) performance in small medium enterprises (smes). arpapress.com/Volumes/Vol27Issue1/IJRRAS_27_1_03


• Owen, A. L. & Pereira, J. M. (2018). “Bank Concentration, Competition, and Financial Inclusion”. Review of Development Finance, 8(1), 1-17


• Pankratz, O., & Loebbecke, C. (2011). Project managers' perception of IS project success factors-a repertory grid investigation. In ECIS.p. 170


• Ping Lu, Shimei Yuan, Jianlin Wu, (2017) The interaction effect between intraorganizational and inter organizational control on the project performance of new product development in open innovation. International Journal of Project Management. Volume 35, Issue 8, November 2017, Pages 1627-1638


• Porter, M. E. (1990). The Competitive Advantage of Nations. Harvard Business Review, 68(2): 73-91


• Porter, M. E. (1998). Clusters and the New Economic of Competition, Harvard Business Review, 76(6): 77-90


• Roger Clarke (2017) Regulatory alternatives for AI. Computer Law & Security Review. Volume 35, Issue 4, August 2019, Pages 398-409


• Salampasis, D., Mention, A. L., & Torkkeli, M. (2014). Open innovation and collaboration in the financial services sector: exploring the role of trust. International Journal of Business Innovation and Research, 8(5), 466-484


• Sanjeev Kapoor et Gaurav Sinha, (2013) Factors Influencing New Product Development In Microfinance Institutions: A Perspective From North Indian Microfinance Institutions. Journal of Innovation Economics & Management. Pages 83 to 105


• Sarach, L., (2015). Analysis of Cooperative Relationship in Industrial Cluster, Procedia - Social and Behavioral Sciences, (191): 250 – 254


• Schmitz, H. and K. Nadvi (1999). Clustering and Industrialization: Introduction. World Development. 1999. 27(9): 1503-1514


• Shedden, A. and Malna, G. (2016), Supporting the Development and Adoption of RegTech: No Better Time for a Call for Input, burges salmon,2


• Stennett, A., (2011). R&D Policy, Performance and Barriers, Research and Information Service, Northern Ireland


• Sosnovskikh, S., (2017). Analysis of Cooperative Relationship in Industrial Cluster, Procedia - Social and Behavioral Sciences, (191): 250 – 254


• Sujinda Popaitoon Patchara Popaitoon, 2016 Motivation synergy, knowledge absorptive capacity and NPD project performance in multinational automobiles in Thailand. The Journal of High Technology Management Research. Volume 27, Issue 2, 2016, Pages 129-139


• Suwannaporn, P., & Speece, M. W. (2010). Assessing new product development success factors in the Thai food industry, British Food Journal, 112(4), 364-386.


• Sunderam, A. (2015), Money Creation and the Shadow Banking System, Review of Financial Studies, 28(4): 939-977.


• Talebi, K., & Kachoui, R. (1391). Identifying key management factors in the success of new product development projects in small and medium businesses Country, Quarterly Journal of Economics and modern business, numbers 23 and 24. 49-66. (In Persian)


• Teekasap, P., (2009). Cluster Formation and Government Policy: System Dynamics Approach, 27th International System Dynamics Conference July 26 – 30 at Albuquerque, New Mexico


• Trott, P., & Hoecht, A. (2006). Innovation risks of strategic outsourcing. Technovation, 26(5-6), 672-681


• Thurber, K. J. (2012), Do Not Invent Buggy Whips: Create! Reinvent! Position! Disrupt, Digital Systems Press, U.S.A, ISBN 9780983342434


• Vermeulen, P. (2004). Managing product innovation in financial services firms. European Management Journal, 22(1), 43-50


• Vinzi, V. E., Chin, W.W., Henseler, J., & Wang, H. (2010), Handbook of Partial Least squares, Springer, Germany: Berlin.


• Yongwoon Shim, Dong-Hee Shin, (2015). Analyzing China’s Fintech Industry from the Perspective of Actor–Network Theory. Telecommunications Policy. Volume 40, Issues 2–3, March 2016, Pages 168-181


• Zetzsche, D. A., Buckley, R. P., Arner, D. W. and Barberis, J. N. (2017), From FinTech to TechFin: The Regulatory Challenges of Data-Driven Finance, New York University Journal of Law and Business, Forthcoming; European Banking Institute Working Paper Series 2017 - No. 6; University of Hong Kong Faculty of Law Research Paper No. 2017/007; University of Luxembourg Law Working Paper No. 2017-001. April 28,