经合组织2025年泰国资本市场回顾

OECD Capital Market ReviewofThailand 2025 OECD Capital Market Reviewof Thailand2025 This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed andarguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use ofsuch data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements inthe West Bank under the terms of international law. Photo credits:Cover © Abstract Aerial Art/GettyImages. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2025 Attribution 4.0 International (CC BY 4.0) This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of the original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. Foreword Thisreview offers a comprehensive overview of Thailand’s capital markets and sets out policyrecommendations aimed at enhancing their performance across six key areas. The findings draw onextensive analysis using OECD databases and inputs from the Securities and Exchange Commission ofThailandand other market participants.The policy recommendations have been shaped throughconsultations with a broad range of market participants, including Thai government agencies, businessand industry groups, market infrastructure providers, brokers, legal and financial advisors, and non-financial companies. The review follows from a request by the Securities and Exchange Commission of Thailand and is part ofa Japanese government-financed programme to support the development of Asian capital markets. This reviewis part of the OECD Capital Market Series, which informs policy discussions on how capitalmarkets can serve their important role of channelling financial resources from households to productiveinvestments in the real economy. It is structured as follows: Chapter 1 provides an assessment of six different capital market areas andassociated policy recommendations; Chapter 2 contains an overview of theThaieconomy and corporatesector; Chapters3-5offer a comprehensive empiricalcharacterisationof theThaicapital markets, includingpublic equity (Chapter3), corporate bonds including sustainable bonds (Chapter4) and privatecapital(Chapter5). A detailed description of data sources and the methodology for data collection and analysis are providedinthe Annex. For qualitative inputs, the OECD Secretariat gratefully acknowledges the contribution of theorganisations and individuals who have offered their time to consultations in preparation of thisreview. The reporthas been developed by the CapitalMarkets and Financial Institutional Division of the OECDDirectorate for Financial and Enterprise Affairs. It was prepared by Yun Tang with Carl Lekvall, GülgünArikan, Kyo Maruyama, Sebastian Abudojand Juan Viquez, under the supervision ofAlejandra Medina,Head of the Financial EconomicsUnit,andSerdar Çelik, HeadofDivision.Prim Budsaratragoon providedresearch support during her internship. On 18 June 2024, the OECD Council decided to open accession discussions with Thailand. The Roadmapfor the OECD Accession Process of Thailand was adopted on 10 July 2024. In accordance with theRoadmap, Thailand will undergo in-depth reviews by the OECD technical committees listed in theRoadmap. This report isseparate from Thailand’s accession pr