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

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


 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


マレーシア華人の自己表象に関する一考察 ――民族博物館と歴史教科書を例に――

対象とする問題の概要  多民族を抱えるマレーシアは複合社会であり、マレー人・華人・インド人をはじめとする各民族集団間の境界がはっきりしている。一方、マレー人と華人の間には緊張関係が存在し、同国の政治と社会経済の中心課題に位置づけられている。…


対象とする問題の概要  キャッサバは中南米原産の根菜作物であり、現在世界中でさまざまに加工・調理され食べられている。タンザニアでもキャッサバはトウモロコシやコメとならんで最も重要な主食食材の1つである。キャッサバを主食としていない地域でも、…


対象とする問題の概要  インド・タミルはスリランカに居住するタミル人のうち、英植民地時代に南インドから移住した特定のカースト集団をルーツにもつ者を指す。そして、その多くが紅茶等のエステート(=プランテーション)労働者であることからエステート…


対象とする問題の概要  向都移動とは農村部から都市部へ向かう人口移動のことである。ヤンゴンでは現在、都市周辺部において工業団地の建設が進んでいる。その中で1番最初に開発され、ミャンマーにおいて最大の工業地区となっているのが、ヤンゴン北西部の…


対象とする問題の概要  本研究は、ナミビア北西部クネネ州(旧カオコランド)に居住するヒンバ社会の「伝統的」及び「近代的」装いを記述するものである。ヒンバはナミビアの代表的な民族であり、しばしば美化されたアフリカのアイコンとして描かれる。腰に…


対象とする問題の概要  ベトナムの一大穀倉地帯であるメコンデルタでは、近年の環境変化が農業システムに大きな影響を与えている。メコンデルタでは様々な環境変化が起きているが、特に沿岸部を中心に発生している塩水遡上の影響は顕著である。沿岸部やハウ…