توافقات کنترل در قراردادهای سرمایه‌گذاری خطرپذیر

ﺳﺮﻣﺎﻳﻪ ﮔﺬاری ﺧﻄﺮﭘﺬﻳﺮ از ﻣﻬﻢ ﺗﺮﻳﻦ و ﺗﺄﺛﻴﺮﮔﺬارﺗﺮﻳﻦ اﺑﺰارﻫﺎی ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻛﺴﺐ و ﻛﺎرﻫﺎی ﻧﻮﭘﺎﺳﺖ. در اﻳﻦ ﻧﻮع از ﺳﺮﻣﺎﻳﻪ ﮔﺬاری، ﺳﺮﻣﺎﻳﻪ ﮔﺬاران در ﻃﻮل رابطه ﻣﻴﺎن ﻣﺪت ﻳﺎ ﺑﻠﻨﺪ ﻣﺪت ﺧﻮد ﺑﺎ ﺷﺮﻛﺖ ﻫﺎ ی ﻛﺎرآﻓﺮﻳﻦ ﺿﻤﻦ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ و اراﺋﺔ ﺣﻤﺎﻳﺖ ﻫﺎی ﻣﺪﻳﺮﻳﺘﻲ ﺑﻪ اﻳﻦ ﻧﻮع از ﻛﺴﺐ و ﻛﺎرﻫﺎ در زﻣﺎﻧﻲ ﻛﻪ ﻣﻨﺎﻓﻌﺸﺎن ﺗﺄﻣﻴﻦ ﮔﺮدد، ﺑﻪ ﻃﺮق ﻣﺨﺘﻠﻒ اﻳ ﻦ رابطه ﺳﺮﻣﺎﻳﻪ ﮔﺬاری را ﭘﺎﻳﺎن داده، از ﺷﺮﻛﺖ ﻛﺎرآﻓﺮﻳﻦ ﺧﺎرج ﻣﻲ ﮔﺮدﻧﺪ. آﻧﻬﺎ ﺑﺮای ﺣﻔﻆ ﺳﺮﻣﺎﻳﻪ و اﻃﻤﻴﻨﺎن از ﻛﺴﺐ ﺳﻮد در زﻣﺎن ﺧﺮوج از ﺳﺮﻣﺎﻳﻪ ﮔﺬاری درﺻﺪد دﺳﺘﻴﺎﺑﻲ ﺑﻪ ﻛﻨﺘﺮل و ﺗﺄﺛﻴﺮﮔﺬاری در ﺗﺼﻤﻴﻤﺎت ﺷﺮﻛﺖ ﻫﺴﺘﻨﺪ. ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ آﻧﻜﻪ ﻋﻤﻮﻣﺎً ﻣﻴﺰان ﺳﺮﻣﺎ ﻳﻪ ﮔﺬاری ﺳﺮﻣﺎﻳﻪ ﮔﺬاران ﺧﻄﺮﭘﺬﻳﺮ ﻛﻤﺘﺮ از 50 درﺻﺪ ارزش ﺷﺮﻛﺖ ﻛﺎرآﻓﺮﻳﻦ اﺳﺖ، ﻣﻬﻢ ﺗﺮﻳﻦ اﺑﺰار دﺳﺘﻴﺎﺑﻲ ﺑﻪ اﻳﻦ ﻓﺮﺻﺖ، ﺗﻮاﻓﻖ ﺑﺮ ﺗﻌﻴﻴﻦ ﻫﻴﺌﺖ ﻣﺪﻳﺮه و ﺷﺮوط ﺣﻤﺎﻳﺘﻲ ﻣﻨﺪرج در ﻗﺮاردادﻫﺎی ﺳﺮﻣﺎﻳﻪ ﮔﺬاری اﺳﺖ ﻛﻪ در اﻳﻦ ﻧﻮﺷﺘﻪ ﻣﻮرد ﺑﺮرﺳﻲ ﻗﺮار ﮔﺮﻓﺘﻪ اﻧﺪ. ﺑﺎ ارائه ﺗﻔﺎﺳﻴﺮی از ﻣﻮاد ﻗﺎﻧﻮﻧﻲ ﺣﺎﻛﻢ ﺑﺮ ﺷﺮﻛﺖ ﻫﺎی ﺳﻬﺎﻣﻲ ﭼﻨﻴﻦ ﻧﺘﻴﺠﻪ ﮔﺮﻓﺘﻪ ﻣﻲ ﺷﻮد ﻛﻪ اﻣﻜﺎن اﻋﻤﺎل اﻳﻦ ﺗﻮاﻓﻘﺎت، ﻣﻄﺎﺑﻖ ﺑﺎ آﻧﭽﻪ در ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬاری ﺧﻄﺮﭘﺬ ﻳﺮ در ﻋﺮصه ﺟﻬﺎﻧﻲ ﻣﺘﻌﺎرف اﺳﺖ، در ﻛﺸﻮر اﻳﺮان ﻧﻴﺰ وﺟﻮد دارد.

control agreements in venture capital contracts

venture capital investment is one of the most important and most effective means of financing new businesses. in this type of investment, during the mediumterm or longterm relationship with entrepreneurial enterprises while financing and providing management support for these types of businesses, investors terminate this relationship in different ways and exit the entrepreneurial enterprise at the time they find their benefits obtained. they seek to control and influence company decisions in order to maintain the capital and ensure the profit at the time of exit from investment. given the fact that the amount of venture capital investment is generally less than 50% of the value of the entrepreneurial enterprise, the most important means of achieving this opportunity is to agree on the appointment of the board of directors and the protective provisions contained in the investment contracts, which are discussed in the present paper. it is concluded by providing an explanation of the legal materials governing jointstock companies that the possibility of applying these agreements, in line with what is globally customary in the venture capital investment industry, is present in iran as well.