柬埔寨的风险投资法:设计监管框架以促进创业生态系统

Q3 Social Sciences Asian Journal of Comparative Law Pub Date : 2023-09-12 DOI:10.1017/asjcl.2023.24
Tharith Soeun
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引用次数: 0

摘要

随着创业生态系统的出现,柬埔寨需要一套独特的法律框架来促进许多监管方面的发展,以促进国家创新,并加强生态系统中关键参与者的联系。其中之一是对创业公司的财政支持,即“风险投资法”。因此,本文研究了柬埔寨现有的风险投资(VC)法律框架,VC遇到的主要瓶颈,并与美国、日本和中国等其他国家进行了比较分析,然后提出了解决关键瓶颈的新监管框架,旨在优化创业生态系统的成长。研究发现,不同阶段的风险投资存在不同的瓶颈,如融资(资金来源)、创业投资(创业公司的投资准备程度、交易结构)和退出(创业公司IPO资本市场不成熟、并购监管缺失(M&A))。新的监管框架应该支持将养老基金作为未来风险投资资金的来源,鼓励私人公司投资创业事业,包括促进创始人准备就绪的法规,鼓励使用可转换票据,并加强对并购的监管与反垄断法的平衡。
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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.
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来源期刊
Asian Journal of Comparative Law
Asian Journal of Comparative Law Social Sciences-Law
CiteScore
1.00
自引率
0.00%
发文量
24
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.
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