Document Type : Research Paper

Authors

• Vahid Godarzi ¹
• Mohammad Mashhadizadeh ²
• Mohammad Reza Sayyed Davoodi ¹

¹ Department of Management, Dehagan Branch, Islamic Azad University, Dehagan, Iran

² Department of Management, Mobarakeh Branch, Islamic Azad University, Mobarakeh, Iran

Abstract

Venture capital is a type of investment in which individuals or companies invest in newly established or start-up projects in order to obtain higher profits in exchange for higher risk. Considering the role of this type of investment in financing and designing the optimal capital structure of knowledge-based companies and helping their growth and development, the purpose of this research is to identify and rank the quantitative and qualitative factors of venture capital effective in optimizing the capital structure of knowledge-based companies. For this purpose, with the help of simple random sampling and using Cochran's sampling formula, 150 managers of knowledge-based companies were selected as sample members. In order to identify the quantitative and qualitative factors of acceptable Venture capital, after referring to the research background and interviewing the experts, using the researcher-made questionnaire tool, and then factor loading of the mentioned factors through specific confirmatory factor analysis and finally the factors identified by ANP ranking method were classified. The results showed that technological factors, environmental factors, corporate indicators and management factors as the most important qualitative factors, and financial indicators can be listed as the most important quantitative factors in venture capital effective in optimizing the capital structure of knowledge-based companies. Among the identified factors, managerial factors have the highest rank, and the last rank belongs to technological factors. It was also determined that among the sub-components of these factors, the ability to establish effective communication, the experience of the management team, and the good reputation and ability of the management staff have the first to third ranks of the final weights. From the point of view of the respondents, corporate indicators have gained second importance, followed by financial indicators.

Keywords

• venture capital
• knowledge-based company
• capital structure
• financing