ساختار صندوق سرمایه گذاری جسورانه

سکوتی, نیما; حکمت نیا, محمود; حسین زاده, جواد

doi:10.22034/jse.2022.11683.1775

ساختار صندوق سرمایه گذاری جسورانه

نوع مقاله : مقاله پژوهشی

نویسندگان

نیما سکوتی ¹

محمود حکمت نیا ²

جواد حسین زاده ³

¹ وکیل دادگستری

² استاد پژوهشگاه فرهنگ و اندیشه اسلامی

³ عضو هیئت علمی دانشگاه

10.22034/jse.2022.11683.1775

چکیده

سرمایه گذاری جسورانه نوعی شیوۀ تأمین مالی و از نهادهای مالی بازار است که به تأمین مالی توأم با مدیریت فنی شرکت های دانش بنیان می پردازد. زمینۀ این روش تأمین مالی بر سرمایه گذاری روی اموال بر پایه ایده های مبتکرانه با هدف تجاری سازی آنها تمرکز دارد. بررسی ساختار این نهاد مالی که در قالب "صندوق سرمایه گذاری جسورانه" تشکیل می شود، از اهمیت ویژه‌ای برخوردار است؛ چراکه ساختار صندوق است که چارچوب کلی فعالیت آن را تعیین و حقوق، وظایف و حدود مسئولیت ارکان آن را ترسیم می کند و از جمله پاسخ این مسایل را روشن می سازد که اولاً چارچوب کلی صندوق و اجزای آن کدام است؛ ثانیاً تأمین سرمایه از سوی کدام دسته از شرکا صورت می‌گیرد و از طرفی مدیریت صندوق توسط چه اشخاصی انجام می شود و ثالثاً میزان مسئولیت آنها به چه میزان است؛ نتایج این مطالعه نشانگر آن است که در حقوق آمریکا و انگلیس صندوق سرمایه گذاری جسورانه دارای نوعی ساختار غیرشرکتی- در مقابل سازمان شرکت تجاری- موسوم به "مشارکت محدود" است. در حقوق داخلی نیز ساختار یادشده اساس اقتباس قرار گرفته است. ساختار مزبور از دو جزء شرکای مالی و شرکای ضامن شکل می گیرد؛ شرکای مالی تأمین سرمایه صندوق را به عهده دارند و دارای مسئولیت محدود هستند و شرکای ضامن به مدیریت عملیات صندوق می پردازند و مسئولیت نامحدود دارند.

کلیدواژه‌ها

"ساختار"

"صندوق سرمایه گذاری جسورانه"

"مشارکت محدود"

"شرکت تجاری"

"بازار سرمایه"

عنوان مقاله English

The Structure of Venture Capital Fund

نویسندگان English

Nima Sokouti ¹

Mahmoud Hekmatnia, ²

Javad Hoseinzadeh, ³

¹ Attorney at law

² Professor, Research Institute of Islamic Culture and Thought

³ University Member

چکیده English

Venture capital is a type of financing and one of the financial institutions of the capital market that deals with financing combined along with the technical management of knowledge-based companies. The context of this method of financing focuses on investing in property based on innovative ideas aimed at commercializing them. It is important to examine the structure of this financial institution, which is formed in the form of a ‘venture capital fund’. Because it is the structure of the fund that determines the overall framework of its activities and draws the rights, duties and responsibilities of its pillars and which, among other things, clarifies the answers to these questions, firstly, what is the overall framework of the fund and its components; Secondly, the financing is provided by which group of partners, and on the other hand, by whom is the fund managed And thirdly, what is their level of responsibility; The results of this study indicate that in that in American and British law, the venture capital fund has a kind of non-corporate structure_ versus the organization of the commercial company_ knows as limited partnership. In domestic law, the mentioned structure is also the basis of adaptation. The structure is formed from two components of limited partners and general partners; Limited partners are responsible for financing and have limited liability and general partners manage fund operations and have unlimited responsibility.

کلیدواژه‌ها English

"Structure"

" Venture capital fund"

"Limited partnership"

"Commercial company"

"Capital market"

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