خلاصة:
Financing has always been one of the main challenges of SMEs in Iran. Therefore, developing financial instruments for these companies and reducing their dependence on bank financing is always one of their essential needs. Despite the development of the Sukuk market in recent years, the capacity of this market has not been provided for SMEs. This article seeks to provide an optimal model for financing SMEs. The present research is considered to be mixed (qualitative-quantitative) from the point of view of the applied goal and qualitative-quantitative from the point of view of the nature of the data and descriptive-survey from the point of view of the data collection method. In order to design a suitable model, first, in interviews with experts in the field of financing SMEs, as well as available resources, the financing challenges of these companies were analyzed. In the next step, based on two assumptions, 7 models were designed for issuing Sukuk. Then, based on the TOPSIS method, these models were prioritized and Wakalah model is choosed.
ملخص الجهاز:
Table (3): Basic, Organizing, and Comprehensive Themes Basic themes, Organizing themes, Comprehensive themes Difficulty in accessing a bank guarantor, , Lack of resources for collateralization, , Difficulty in credit scoring for small and medium enterprises, Management challenge, Low movable assets of small and medium enterprises, Credit risk of securities, Moral hazard risk, , Adverse selection risk, , Mismatch between the risk and return characteristics of small and medium enterprises and investor expectations, Challenge of lack of investment attractiveness in small and, L A A L High risk of small and medium enterprises, Medium, Providing for small and medium enterprises Securities issuance laws, , Small and medium Instability in exchange rates, Governance challenges, Fixed banking interest rate, Policy making, Lack of proper governance in the industrial sector, , Excessive bureaucracy in the securities issuance process, , Lack of professional competence of managers of small and medium enterprises, Inherent problems of small and, Time deviation in project implementation, Medium, Basic themes, Organizing themes, Comprehensive themes Lack of information in credit risk assessment of small and medium enterprises, , Lack of transparency in financial statements, , High costs of securities issuance, , Financial financing challenges Prevalence of speculation in the country's investment environment, , Debt of small and medium enterprises Lack of development of the credit rating ecosystem for small and medium enterprises, Environmental challenges in AAA, Small and medium Central bank intervention in determining security rates, Capital market, Prudent policymaking in the capital market environment, , Underdevelopment of the debt market in Iran, , 4.
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