京都大学大学院アジア・アフリカ地域研究研究科 COSER Center for On-Site Education and Research 附属次世代型アジア・アフリカ教育研究センター
京都大学大学院アジア・アフリカ地域研究研究科
フィールドワーク・レポート

Corporate Fundraising in Laos

interview and discussion with president of Sinouk Coffee

Research Background

 Laos is located in Southeast Asian, sharing borders with China and other four ASEAN states. This country is surrounding with various neighboring states, but it is landlocked country, not able to access to the sea. This characteristic becomes the most obstacles for Laos to open its market to the world. However, the Lao economy seems to grow annually and becomes one of the fastest economic growth nations in the region, base on the world bank report, gross domestic production growth rate was 7% in 2016 with 2,457 USD as GDP per capital (2017)[1]. Despite having high economic growth rate, the local businesses and people are heavily relying on external products as having high material and products import. This characteristic becomes a priority concern for Lao government to minimize the external product consuming. Thus, the local investment observation is really necessary in order to understand the domestic capacity of producing and find out the appropriate policies for facilitating local business operation, especially assisting them to finance source. Therefore, the author plans to carry out the corporate’s finance survey by focusing on medium and large enterprises in order to recognize their barriers of finance access for business operation with clearly understanding their financial structure.  


[1] The World Bank Group

Research Purpose

 This research aims to investigate the corporate system, including the corporate’s financial structure, fundraising behavior, financial issues, understanding and incentives to equity market from corporate’s side. Moreover, this study will also observe the situation and reform of state-owned-enterprises in Laos.

interview and discussion with deputy managing director
and officers of Lao Logistic State Enterprise

Results

 Following the result of this fieldwork, we have visited 61 firms, 49.2% of which are limited companies. To be more specifically, 26.2% are doing business in manufacturing/producing sector, 11.5% are information and telecommunication, 9.8% are transportation and postal service, the least are in other sectors. Most of the firms have operated their business by utilizing their own fund (self-financing) from the beginning of establishment, and then changed their financial behavior into bank loan and some firms receiving contribution from shareholders, especially private firms (as shown on the table 1). 
 When we deeply observe the bank credit provider to our sample, we found that full and joint state commercial banks are the most nominated and prominent bank transaction and source of fund, particularly in firm’s deposit account and bank loan. Moreover, the collateral concern is shown to be the biggest obstacle to access bank loan from many firms, particularly state owned enterprises. Furthermore, trade credit is also applied to various firms as another alternative to avoid bank loan burden. The stated points are some of the key findings from this fieldwork during June 02 – August 28, 2018.

Plans for Further Research

 This is the preliminary fieldwork of corporate’s fundraising research, it is required to understand more on different dimension, especially in another side of enterprise type, for instance state owned enterprise (SOEs). Therefore, further survey and information collection on SOEs are needed. In addition, the possible solution for minimizing the SOEs’ finance obstacle should be also analyzed, particularly in capital market section as alternative option for SOEs’ finance source.

  • レポート:Somvixay CHANTHAVONG(Year of enrollment: AY2019)
  • 派遣先国:Laos, Vietnam
  • 渡航期間:June 2nd, 2018 to August 28th, 2018
  • キーワード:corporate finance, fundraising, Laos, bank credit, self financing

関連するフィールドワーク・レポート

違法路上市と公共空間利用による根源的ストリート化――あいりん地区の泥棒市を事例に――

研究全体の概要  本研究の目的は、歴史的な開放性と現代的な閉鎖性がせめぎ合う路上空間における公共空間の利用と「根源的ストリート化」の動態を明らかにすることである。そこで、大阪市西成区のあいりん地区で行われている「泥棒市」を事例に、西成特区構…

国内における野生動物マネジメントの実態 ―西伊豆町でのニホンジカ駆除を事例に―

研究全体の概要  本研究の目的は、ニホンジカ(以下、シカとする)を対象にした有害鳥獣駆除の取り組みを参与観察し、国内における野生動物マネジメントの実態を明らかにすることである。本研究では、シカによる農作物被害が増加している地域の一つである静…

近代教育と牧畜運営のはざまで――ケニア、コイラレ地区における就学の動機――

対象とする問題の概要  1963年に英国からの独立を果たしたケニアでは、国家開発のためのさまざまな教育開発事業が取り進められてきた。例えば、2003年に初等教育無償化政策が導入され、それによって子どもの就学率が急速に増加した。また近年では、…

現代イランにおけるイスラーム経済の実態/ガルズ・アル=ハサネ基金を事例に

対象とする問題の概要  近年、金融の国際的な潮流のなかでイスラーム経済、イスラーム金融が注目を集めて久しい中、それらの注目はマレーシア、湾岸地域にとどまっており、報告者の着目するイランの実態に関する情報は多くない。また近年マイクロファイナン…