The ประสิทธิภาพของกระบวนการจดทะเบียนในตลาดหลักทรัพย์ เอ็ม เอ ไอ The Efficiency of Listing Process on the Market for Alternative Investment (MAI)

Abstract

The research objectives were: 1) to study the listing processes on the Market for Alternative Investment (MAI) 2) to compare actual operating times of work processes with standard times set by the Stock Exchange of Thailand (SET) 3) to study the problems and solutions of the listing processes on MAI. This research was a qualitative research, the research tool was unstructured interview form and using in-depth interview, 13 experts were selected from team manager of mai and assistance team manager, the listed financial advisor and auditor approved by the Securities and Exchange Commission (SEC), legal advisors, the management team (director, chief of financial, chief of accounting, internal auditor) of public company listed on mai by purposive sampling, and the results were analyzed by content analysis. The research found as follows: 1) the listing processes on the Market for Alternative Investment (MAI) consisted of 5 processes were appointment the financial advisor and the auditor, filing, data verification and approval, pricing and distributions of shares to the public, and listing on the mai and trading respectively 2) to compare actual operating times of work processes with standard times, found that the actual operating times of the 3^rd-5^th processes were in accordance with standards times, but the 1^st-2^nd processes took more time than standards times and 3) the problems were as follows: high fees and insufficient listed financial advisor and auditor, company lack of knowledge of relevant law and regulation, had no readiness in financial accounting and internal control. To solve various problems were as follows: pre-consultation with the SEC and SET, re-organization, improve accounting system and internal control and the company’s financial plans. Suggestions: 1) the SET and SEC should reduce procedures and aproval times, and deregulation and 2) the government agency should provide more knowledge of relevant law and listed rules.