بررسی ظرفیتهای تأمین مالی اقتصاد رقومی از طریق بازار سرمایه در ایران
فصلنامه بورس اوراق بهادار

فصلنامه بورس اوراق بهادار

بررسی ظرفیتهای تأمین مالی اقتصاد رقومی از طریق بازار سرمایه در ایران

نوع مقاله : مقاله پژوهشی

نویسنده
استادیار گروه اقتصاد دانش بنیان پژوهشکده مطالعات فناوری، تهران، ایران
چکیده
اقتصاد رقومی نقش فزاینده‌ای در ساختار اقتصادی کشورها پیدا کرده است به گونه ای که بین 8 تا 15 درصد اقتصادهای توسعه یافته را تشکیل میدهد. اما این بخش اقتصاد به عنوان محور توسعه اقتصادی در قرن بیست و یکم، نیازمند سازوکارهای نوین تأمین مالی است. طرحهای اقتصاد رقومی به واسطه مسائلی مانند داراییهای نامشهود، ریسک بالا، جدید بودن مدلهای کسب و کار و نیاز به نیروی انسانی متخصص به راحتی در نهادهای مالی سنتی تأمین مالی نمی‌شوند. در ایران نیز به واسطه تسلط بانکها بر نظام مالی مساله تأمین مالی طرحهای اقتصاد رقومی با چالشهای بیشتری همراه هست. هدف این تحقیق بررسی ظرفیتهای بازار سرمایه ایران برای تامین مالی اقتصاد رقومی به عنوان یکی از بخشهای پیش‌رو آینده اقتصاد ایران است. این مقاله با روش تحلیلی ـ توصیفی مبتنی بر ادبیات نظامهای مالی، مصاحبه با خبرگان حوزه مالی و اقتصاد رقومی، ظرفیتهای بازار سرمایه ایران را در تأمین مالی پروژه‌های اقتصاد رقومی بررسی می‌کند. نتایج تحقیق نشان می‌دهد که از منظر بازارهای مالی، رویکرد تنوع‌بخشی و ادغام نهادی بستر مناسبی برای تسهیل تأمین مالی اقتصاد رقومی فراهم می‌کند؛ از منظر نهادهای مالی، تخصصی‌سازی و به‌روزرسانی چارچوب‌های حقوقی، مسئله عدم تقارن اطلاعات را حل و بازده اقتصادی طرح‌ها را افزایش می‌دهد. در نهایت، از منظر ابزارهای مالی، توجه به دارایی‌های نامشهود و استفاده از روشهای تامین مالی مبتنی بر درآمد، اجرا و اثربخشی تأمین مالی بهینه شرکت‌های اقتصاد رقومی را تضمین می‌نماید؛ در این راستا، ظرفیت‌های هر بخش بازار سرمایه تبیین و راهکارهای عملی پیشنهاد شده است.
کلیدواژه‌ها
موضوعات

عنوان مقاله English

Examining the Capacities for Financing the Digital Economy through the Capital Market in Iran

نویسنده English

Roohallah Aboojafari
Assistant Professor. Knowledge-Based Economy Department. Technology Studies Institute, Tehran, Iran
چکیده English

The digital economy has assumed an increasingly pivotal role in national economic structures, accounting for 8 to 15 percent of output in developed economies. As a driver of twenty-first-century growth, this sector demands innovative financing mechanisms. Digital-economy initiatives - characterized by intangible assets, high risk, novel business models, and a reliance on specialized human capital - are poorly served by traditional financial institutions. In Iran, where banks dominate the financial system, financing such projects faces even greater constraints. This study examines the capacity of Iran’s capital market to fund the digital economy, recognized as a key engine of the country’s future growth. Employing a descriptive-analytical approach grounded in financial-system literature and informed by interviews with experts in finance and digital economics, the paper evaluates the market’s potential to support digital-economy ventures. Findings indicate that, from a market perspective, strategies emphasizing diversification and institutional integration can create a conducive environment for digital-economy financing. For financial institutions, greater specialization and the modernization of legal frameworks can mitigate information asymmetries and enhance project returns. Finally, regarding financial instruments, considering intangible assets and implementing standardized procedures and revenue-based financing will substantially improve the efficiency and effectiveness of funding digital-economy firms. The paper concludes by delineating the capacities of each segment of Iran’s capital market and proposing targeted measures to leverage them.

کلیدواژه‌ها English

Digital Economy
Financing
Capital Market
Seventh Development Plan
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