چارچوبی برای جمع سپاری تأمین مالی کسب وکارهای نوپا: مورد مطالعه وام دهی نفر به نفر با استفاده از روش فراترکیب (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
هدف پژوهش : پژوهش حاضر با در نظر گرفتن مدل وام دهی نفر به نفر، چارچوبی برای تأمین مالی کسب وکارهای نوپا مطرح و به این منظور، از رویکرد فراترکیب استفاده کرده است. روش پژوهش : این پژوهش ازنظر هدف، کاربردی و ازنظر گردآوری اطلاعات، اسنادی است. پژوهشگران با استفاده از روش فراترکیب، بازنگری دقیق و عمیق در موضوع انجام داده و یافته های پژوهش های مرتبط را ترکیب کرده اند. 1372 سند و پژوهش مرتبط بین سال های 2000 تا 2020 از پایگاه های علمی وب آف ساینس، اسکوپوس و جستجوگر گوگل فراخوانی شده اند که درنهایت 34 سند انتخاب و با تحلیل محتوای آنها، ابعاد و کدهای مربوطه استخراج شد. نتایج : درنهایت 5 مقولۀ اصلی (ساختارهای نهادی، پیش از پرداخت، تأمین اعتبار و پرداخت، پساپرداخت و مدیریت ریسک)، 11 مقولۀ فرعی (درخواست وام، غربالگری، درجه بندی وام، فهرست شدن وام، ارزیابی سرمایه گذاری، تأمین مالی، صدور وام، به روزرسانی اطلاعات، بازپرداخت، عوامل ریسک و استراتژی کاهش ریسک)، 31 مفهوم و 194 کد پس از طی گام های پژوهش شناسایی، چارچوب وام دهی نفر به نفر ارائه و نتایج براساس نظر متخصصان با شاخص کاپای 833/0 تأیید شد.A Framework of Crowdfunding for Startups: A Case Study of P2P Lending by Using the Meta-Synthesis Method
The present article developed a P2P lending model to provide a startup business financing framework. For this purpose, it used a meta-synthesis approach. This research was applied in terms of goal and documentary data gathering. The researchers used the meta-synthesis method to conduct an in-depth and accurate review of the subjects and obtain corporate relevant research findings. 1372 relevant documents and research were retrieved from the scientific websites of Web of Science and Scopus, as well as from Google sites from 2000 to 2020, leading to a final 34 documents, the relevant dimensions and codes of which were extracted by using content analysis. In the end, 5 main categories (institutional structures, pre-payment, financing and payment, post-payment, and risk management), 11 subcategories (loan application, screening, loan rating, loan listing, investment assessment, financing, loan issuance, information update, repayment, risk factors, and risk reduction strategy), 31 concepts, and 194 codes were determined and the P2Pl ending framework was provided. In the meantime, the experts confirmed the results based on the kappa Index of 0.833. Introduction Of the key developments in today’s business world are startups and the way they are financed. A startup is an emerging company that operates in the market and seeks a scalable trade model to develop and implement a creative solution (Korpysa et al., 2021). Research has demonstrated that financing is one of the main barriers to developing and surviving small and medium-sized enterprises (Safi-Dastjerdi et al., 2021). Since the main barrier to the entrepreneurship process is financing, traditional financing methods have failed to meet the needs of micro-, small-, and medium-sized enterprises, which has led to the creation of modern ways of financing across the world (J. Scott & T. Scott, 2016). One of the new widely-used financing instruments is crowdfunding. Crowdfunding refers to using small amounts of capital from many individuals, which involves different business models, one of which is P2P lending. Applying a reliable platform to connect lenders and borrowers is an appropriate method to use these small amounts of capital, which aim at materializing ideas and developments and thus relieve entrepreneurs, startups, and small businesses from the lengthy process of applying for loans, higher interest rates, and higher fees (Guo et al., 2016). The present research sought to answer the question of how the P2P lending framework works to crowdfund startup businesses. The research aimed to investigate and summarize the codes, concepts, and categories of P2P lending by using a meta-synthesis approach so as to provide a comprehensive P2P lending framework. Method and Data Like a meta-analysis, meta-synthesis integrates several studies to provide conclusive and interpretative findings (Beck, 2022). This technique concentrates on qualitative studies and refers to combined interpretations of the main data of the selected studies (Zimmer, 2006). This research used Sandelowski & Barroso’s 7-stage meta-synthesis method. Findings The dimensions and indices of the P2P lending framework were investigated, gathered, integrated, and interpreted by the researchers, which led to a framework with the 5 main categories of institutional structures, pre-payment, financing and payment, post-payment, and risk management, along with 11 subcategories. Institutional structures include the concepts of entities and regulatory rules. Entity refers to an individual, group, or institution that affects and constitutes the lending process. Regulatory rules help protect customers, remove uncertainties, and develop industries. Pre-payment is the most fundamental category and includes all stages of the platform selection and investment decision. It also consists of the 5 subcategories of loan application, screening, loan rating, loan listing, and investment assessment. Financing and payment consist of the 2 subcategories of financing and loan issuance. Post-payment includes the 2 subcategories of information update and repayment. Risk management includes the 2 subcategories of risk factors and risk reduction strategy. Risk factors include performance, platform, market, and liquidity risks. A risk reduction strategy seeks risk prevention or reimbursement. Conclusion and discussion Regarding the institutional structures in this research, the entities and regulatory rules covered all the structural elements of P2P lending. This finding is consistent with that of Galloway and Bachman et al. (2011) (Galloway, 2009; Bachmann et al., 2011). The regulatory rules were the control and management rules determined by the regulatory authorities. This concept conforms with the definitions of the Financial Conduct Authority (FCA) and Securities and Exchange Commission (SEC). Since the lenders and borrowers did not have a face-to-face communication in the lending platform, they did not know each other. In the meantime, loan rating, which was based on the analysis of the borrower’s credit information to predict the risks and determine the loan terms, was critical. The research conducted by Fang et al. (2014) and Kim & Hong (2017) described credit rating but did not mention loan rating (Fang et al., 2014; Kim & Hong, 2017). The dimension of risk management included the secondary dimensions of risk factors and a risk reduction strategy. The risk factors were divided into 4 types: performance, platform, market, and liquidity. This conclusion is consistent with Harvey’s findings in 2018 (Harvey, 2018). P2P lending has attracted many researchers’ attention and each study has sought to clarify its different aspects, but none of them has provided a comprehensive framework. Hence, in this study, a holistic framework, in which the dynamism of P2P lending was visible, was introduced. It was a framework that integrated the lending process with entities influencing the lending process and risk management strategy. We can also refer to the meta-synthesis method in P2P lending studies and for Iran's innovation, which have received less attention.
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