Objective: This article aims to design a comprehensive system that addresses all aspects of financing, particularly focusing on equity-based financing services. The goal is to harness these services' capabilities and benefits to enhance the integration and efficiency of financing processes through the Tehran Stock Exchange.
Method: This research is descriptive in nature and aims to be developmental-applied. It employs qualitative research methods for data collection and analysis. The data analysis is based on Soft Systems Methodology (SSM). Utilizing the snowball sampling method, 15 individuals were selected from a pool of managers and experts in the capital market, as well as notable university experts with relevant academic backgrounds. The researcher conducted interviews with these experts and analyzed their responses over three rounds.
Results: We began by creating a rich picture of the situation. This involved defining the CATWOE elements and identifying the root definition. We then pinpointed key factors and components in various parts of the service chain, considering their order and sequence based on the type of service provided. From this analysis, we extracted conceptual models of the current situation to describe the problem and clarify the scope and structure of the issue under investigation.
Conclusions: After thoroughly reviewing the literature on the subject, conducting interviews with experts, and comparing conceptual models with real-world scenarios, we identified several desirable and feasible changes. These include financing ideas, financing SMEs, reforming parallel supervision, clearly separating the roles of supervision and implementation, delineating the responsibilities of financial institutions, and clarifying the position of foreign investors. Based on these insights, we developed the final model for the equity-based financing service chain.