ความพร้อมตลาดทุนไทยสู่การแข่งขันอย่างมีธรรมาภิบาลในประชาคมอาเซียน ปี 2015

บทคัดย่อ

The main objectives of this research are to find out what the differences regarding corporategovernance standard among ASEAN members and to study a platform for regulators, policy makers, theprofession and investors on how to establish strong ASEAN capital market integration and help movecloser towards the goal of the ASEAN Economic Community in Year 2015. Using 38 principles ofsecurities regulation set by IOSCO (International Organization of Securities Commissions, 2010) andASEAN corporate governance scorecard developed by the ASEAN Capital Market Forum (ACMF)cooperated with the Asian Development Bank (ADB) as a conceptual framework for the study to compareobjectives and principles of securities regulation for enhancing corporate governance practices amongASEAN members, the study showed that there are varieties in the levels of development and in theobservance of regulatory standards, capital controls, fragmented infrastructure, and insufficientcoordination and monitoring mechanisms among each country member.To foster the market integration, the implementation plan was prepared by ACMF and endorsedat the 13th ASEAN Finance Ministers Meeting in 2009. The plan set up a well sequenced program ofregional integration initiatives to achieve the goals of AEC 2015, support it by embedding regionalconsiderations into domestic capital market development programs and reinforce through a well designedASEAN-level monitoring and coordination mechanism. Although the progress of ASEAN capital marketintegration has been promisingly started and ongoing, there still are several important issues whencorporate governance standards have been emphasized on their differences among members. Thesedifferent standards and practices between countries may have impacts on the investment culture in theregion.Therefore, it is suggested that a further harmonization of corporate governance practicesmay well be expected as capital markets continue to move towards a more integrated platform. Besides,the required high-quality financial reporting in order to build investor confidence and promote economicgrowth, as well as a strong financial reporting infrastructure and independent oversight of auditors werethus mentioned very important in the ASEAN market integration.

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