柬埔寨發展資本市場之個案研究 - 以金邊證券輔導TY公司股票上市為例

Abstract

21世紀應該是屬於新興市場的世紀，傳統上聯合國認定為低度開發的國家，近年也開始建立穩健的資本市場，人民信任金融體系的正常運作，以使得國內基礎建設才得以順利進行，金融體系健全發展。本文的探討即以金邊證券的誕生歷程為切入點，探討一個柬埔寨王國證券市場成立與證券商的個案，以期提昇低度開發的國家資本市場發展的瞭解。

柬埔寨在多年的戰亂及歷經紅色高棉的大屠殺，國內的經濟體系及金融運作機制與世界各國相比，呈現極度落後的現象。2001年開始柬埔寨接受法國經濟發展顧問的指導下，經由兩個十年的資本市場藍皮書的規劃， 希望開始建立穩健的資本市場，讓柬埔寨王國的財政收支平衡，不再依賴外國的資助，國內基礎建設得以順利進行，金融體系健全發展的最終目的。

金邊證券在2010年11月2日取得綜合證券商的執照後，立即展開承銷商的工作， 輔導台商T Y公司進行股票上市的作業，遵循柬埔寨現行已出台的證券法規，參與柬埔寨王國的資本市場運作，並依證券商的職能來輔導企業上市，實地觀察柬埔寨王國如何以一個落後國家的位置完成與世界接軌的目標。

柬埔寨政府對於發展資本市場雖有規劃明確的藍圖及目標，但在快速抄襲先進國家的法律架構，導致相對欠缺符合現階段柬埔寨市場現況的配套措施，這些又增添了柬埔寨發展資本市場執行面的困難度。

雖然目前仍有許多困難，但金邊證券正在寫歷史，未來在柬埔寨王國實施的證券交易施行制度都將會有我們的努力結果，因此，筆者以十二萬分的恭敬心情，將此繁複及艱困的努力過程記錄下來，期此個案研究能成為未來其他後進學者研究如何參與發展新興國家資本市場之借鏡及參考經驗。

21st century is the emerging market’s century. Traditionally identified as the undeveloped countries of the United Nations, Laos and Cambodia also started to build a stable capital market in recent years. This article takes Phnom Penh Securities Plc as the starting point to discussion on an established securities market in the Kingdom of Cambodia, with a view to improving understanding of underdeveloped capital market development.

In years of war and after the Khmer Rouge massacres in Cambodia, domestic economy and the financial operation mechanism compared with countries in the world, rendering extremely backward. Since 2001 Cambodia accept France advice, through two decades of capital market plan, hoping to build up a stable capital market. The ultimate goals are to process the domestic infrastructure smoothly and to build up a healthy financial system.

Although the Government of Cambodia for the development of capital markets is clear and objective, but in the legal framework for the rapid copying of advanced countries, causing relative lack of matching measures comply with the current market situation in Cambodia. These measures added the difficulty fot the implementation of the capital market development in Cambodia.

Although currently still has many difficulties, but Phnom Penh securities is writing the history about the development of capital market in Cambodia. In the futhre, there are many measures and practices in the Cambodia capital market which is co-work by us. Therefore, we are standing on a very critical position. This research can provide future other backward scholars research how to participating development emerging national capital markets of draw and the reference experience.