{"title":"柬埔寨的风险投资法:设计监管框架以促进创业生态系统","authors":"Tharith Soeun","doi":"10.1017/asjcl.2023.24","DOIUrl":null,"url":null,"abstract":"Abstract As the startup ecosystem emerges, Cambodia requires a distinct set of legal frameworks to promote many regulatory aspects to boost national innovation and strengthen the connection of key players in the ecosystem. One of them is financial support for startups, ‘Venture Capital Law’. Therefore, this paper studies the current existing legal framework of Venture Capital (VC) in Cambodia, key bottlenecks that VC encountered, comparative analysis with other countries such as the United States, Japan, and China, and then propose new regulatory frameworks which solve the key bottlenecks and aim to optimise the growth of a startup ecosystem. The finding is that different stages of VC present different bottlenecks such as fundraising (funding source), startup investment (investment readiness of the startup, and deal structure), and exit (immature the capital market for startup's IPO and lack of regulations for Merger and Acquisition (M&A)). The new regulatory frameworks should endorse the use of pension funds as a source of VC funds in the future, encourage private corporations to invest in startup causes, include regulations to promote the readiness of founders, encourage the use of convertible notes, and fasten the regulation governing M&A with the balance of antitrust law.","PeriodicalId":39405,"journal":{"name":"Asian Journal of Comparative Law","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2023-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Venture Capital Law in Cambodia: Engineer the Regulatory Framework to Promote the Startup Ecosystem\",\"authors\":\"Tharith Soeun\",\"doi\":\"10.1017/asjcl.2023.24\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Abstract As the startup ecosystem emerges, Cambodia requires a distinct set of legal frameworks to promote many regulatory aspects to boost national innovation and strengthen the connection of key players in the ecosystem. One of them is financial support for startups, ‘Venture Capital Law’. Therefore, this paper studies the current existing legal framework of Venture Capital (VC) in Cambodia, key bottlenecks that VC encountered, comparative analysis with other countries such as the United States, Japan, and China, and then propose new regulatory frameworks which solve the key bottlenecks and aim to optimise the growth of a startup ecosystem. The finding is that different stages of VC present different bottlenecks such as fundraising (funding source), startup investment (investment readiness of the startup, and deal structure), and exit (immature the capital market for startup's IPO and lack of regulations for Merger and Acquisition (M&A)). The new regulatory frameworks should endorse the use of pension funds as a source of VC funds in the future, encourage private corporations to invest in startup causes, include regulations to promote the readiness of founders, encourage the use of convertible notes, and fasten the regulation governing M&A with the balance of antitrust law.\",\"PeriodicalId\":39405,\"journal\":{\"name\":\"Asian Journal of Comparative Law\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-09-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asian Journal of Comparative Law\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1017/asjcl.2023.24\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"Social Sciences\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Journal of Comparative Law","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1017/asjcl.2023.24","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"Social Sciences","Score":null,"Total":0}
Venture Capital Law in Cambodia: Engineer the Regulatory Framework to Promote the Startup Ecosystem
Abstract As the startup ecosystem emerges, Cambodia requires a distinct set of legal frameworks to promote many regulatory aspects to boost national innovation and strengthen the connection of key players in the ecosystem. One of them is financial support for startups, ‘Venture Capital Law’. Therefore, this paper studies the current existing legal framework of Venture Capital (VC) in Cambodia, key bottlenecks that VC encountered, comparative analysis with other countries such as the United States, Japan, and China, and then propose new regulatory frameworks which solve the key bottlenecks and aim to optimise the growth of a startup ecosystem. The finding is that different stages of VC present different bottlenecks such as fundraising (funding source), startup investment (investment readiness of the startup, and deal structure), and exit (immature the capital market for startup's IPO and lack of regulations for Merger and Acquisition (M&A)). The new regulatory frameworks should endorse the use of pension funds as a source of VC funds in the future, encourage private corporations to invest in startup causes, include regulations to promote the readiness of founders, encourage the use of convertible notes, and fasten the regulation governing M&A with the balance of antitrust law.
期刊介绍:
The Asian Journal of Comparative Law (AsJCL) is the leading forum for research and discussion of the law and legal systems of Asia. It embraces work that is theoretical, empirical, socio-legal, doctrinal or comparative that relates to one or more Asian legal systems, as well as work that compares one or more Asian legal systems with non-Asian systems. The Journal seeks articles which display an intimate knowledge of Asian legal systems, and thus provide a window into the way they work in practice. The AsJCL is an initiative of the Asian Law Institute (ASLI), an association established by thirteen leading law schools in Asia and with a rapidly expanding membership base across Asia and in other regions around the world.