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332.0415
ISBN 978-616-329-015-1

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:

(.) 126/146 4 10
14
11000
0 2965 9531-3 0 2965 9534
www.reform.or.th
www.v-reform.org



20
70 20
500
200
690,231 2553 8.3



3


()



2554

24
(...)
12
12


(capital
gains tax)


(RMF)
(LTF)






(.)
...
.

( Barro,
1999) (Inclusive
Economy)




(Richard Wilkinson) (Kate Pickett)

The Spirit Level



2549

10

20
70 20

2553
500 200
690,231
8.3

2555
1.2
788,913

433,650
1.2



1.2 (
)
3.3 0.5
65.4

3.3
20




2550

(Retirement Mutual Fund


RMF) (Long-term
Equity Fund LTF) 7 5

11,000
( 4 )
(
)

(Market Imperfections)
(Information Asymmetry)



( Banerjee Newman
(1991), Aghion Bolton (1997) Piketty (1997))

11

12


1
( 380,000
2008)
1980



1 40
2007-2009 236,883






1
1989-2007 600,000



2551

2552-2556 (http://www.
sec.or.th/sec/ppt_CMP_Master.pdf)



13

14

15

16

2.1.





( )

(Equity Premium)

17

18




2000

Favilukis (2012)

1.
2.

3.
4. (productivity shocks)










(

)

19

20

1980 3
(correlation) 71

(
79 85 1)

(capital gains tax)



1 Paul A. Grout, William L. Megginson, Anna Zalewska.
One Half-Billion Shareholders and Counting: Determinants of Individual Share Ownership around the
World. 2009.


(
)




(
) 10
35 (
)
0 15


43
16,000 ( 480,000 )
3

1

21

22

1
( 1 )
: Chris Edwards and Daniel Mitchell, Global Tax Revolution
www.worldwide-tax.com






( )
( )


75 3
100,000


23

24



(Thomas
Hungerford)
30
28
15 ...

Brookings
20
0.1
()




(Double Taxation)


( )




( )



(
)




2
2 ... , ,
4 2555. http://www.bangkokbiznews.
com/home/detail/finance/finance/20120104/427712/
....html

25

26

2.2


(freedom from misrepresentation)

(right
of equal information)

27

28



(
)

...

(
)

)


(
3.2 )

29

30

3
:

3.1







(regressive)


3.1.1



(.) 1.2
3.3 0.5

31

32

(3 ) (2.9

)
11.6


58,000




(Long-term Equity Fund LTF)
530,000


() 2555

0.25

0.17



2555
120,000
27

(.)

(

)
.

33

34

3.1.2




(capital gains tax)

35

(
4
)
3.1.3 LTF
RMF
(Retirement Mutual
Fund: RMF) (Long-term
Equity Fund: LTF)
2544 (RMF)
2547 (LTF)
15% 5
7 2551


2555 RMF
LTF 285,000
14.2

LTF 2

35

36

2 RMF LTF
: http://www.aimc.or.th/21_overview_detail.
php?nid=39&subid=0&ntype=2 15 2555




RMF/LTF (regressive)
(progressive)

1

37

1 LTF

: , 7
:
, , 2550.

(1)

(2)

()

(3)

(4) = (2) x (3)

()

(5)
LTF
()

(6) = (5) x (3)

()

(7)

80,000
250,000
750,000
2,000,000
8,000,000

0%
10%
20%
30%
37%

25,000
150,000
600,000
2,960,000

37,500
112,500
300,000
700,000

3,750
22,500
90,000
259,000

0%
10%
20%
30%
37%





RMF
LTF .. 2559
2555 ...

38

3.2


(information asymmetry)




...

3.2.1


...


...

...

3


10

41 (
1 31 )
3




Boonyawat Jumreornvong, Limpaphayom (2005)
(event study)

. 2536-2542

2536 2543

39

40




( Average
Abnormal Return AAR )




4-5





( , 2549)

21.4
10.4 64



(
4 )
3.2.2
...


(...)
(.)




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( , 2551)
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(

41

42

)
(T-3 T+1)
54
SETSMART 31
(
69 )
21 27
SETSMART
50

.


PHATRA,
KEST ASP

85, 75, 88
.


.


.

3.2.3







...

43

44



()

...


...

45

56




...

100,000
3,000

59

...

500,000
10,000

82

()


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5
2
1

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89/7

98

300,000
10,000

46

6
200,000
...


6
200,000
...

...

300,000
10,000


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127

128


...

500,000
10,000

238,
239

(238)


, (239)
.

2
2



500,000

2
2


500,000

113

116

117,
125,
133,
137,
138

139

241

47

2
2

()


500,000

243

244

246


5 ...
5
(
)

2
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10,000

247


25
(

)



...

2
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10,000

287

...

2
500,000

307,
308,
311

312

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, (308)


, (311)

...


, (312)

5-10
2

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315


287
306 307 308
309 310 311
312

48

...
... 2

1.

... ...
... ...
...




...
...




2.
...
... .
()



/
...

... ...


317 ... 42 ...
... 43 ...
155 ...

49

50

...


()

...


...
...

...

...

...

...

2
...


51

52


... ...
25463

500,000
3 , ,
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info_media/article/.../09-09-46sec_fine.doc


...



5



5



... 1)

53

54

2)
3.2.3.1
13 .. 2542
20 2555

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10.6
3
3
, 2542 20 2555
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()

59

49

19,937,470

406,887

241

43

300,047,749

6,977,855

243 & 244

()

121

232,559,573

1,921,980

246

37

38,747,538

1,047,231

247

23

10,996,113

478,092

283

40

5,714,046

142,851

300

28

2,493,878

89,067

292

590,558,895

10,657,075


2

( ) (

)
13 2
164 532
3.2

1)

...
2)

3)

1)

55

96

180

2543

2544

95

11

54

27

63

51

47

33

10

47

33

13

2547

72

2545
48

29

13

71

42

18

108

13

49

41

67

41

22

28

50

18

21

27

63

34

21

21

81

24

24

33

74

920

53

76

507

284

436

2546

2548

2549
70

2550

77

2551

79

2552

30

2553

30

2554

4 ..., 2543-2554*
56

21

116

186

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7
57

10

51

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2549

2547

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76

2551

2543

2544

2548

2546
1

2550

2545

62

12

2552

198

35

18

2553

()

123

42

12

26

2554

1085

165

25

33

29

23

50

57

2544

2543

5.28

15.28

48.42

15,870

8.13

17,097
127.39

74.98

17,854

28,854

16,559

16.60 115.06** 40.31

28,669

169

228

161

221

112

318

682

** 5

1,180

121

1,500

263

1,421

623

0.81% 0.34% 0.12% 0.05% 0.03% 0.09% 0.30% 0.75% 0.05% 0.42% 0.06% 0.40% 0.24%

10.38

16,281

: ..., : * 2555 ,

()

2545

10.14

2546

21.70

2547

30.38

2548
16,135

2549

20,508

2550

18,908

2551

8,357

2552

6,440

2553

3,740

2554


(daily trading volume)
()
()

58

25432554 ...
(
)
29
2546-2548



2546
100
18,908 ( 2.2 2548)
2
10.4 3

...
2535
2541
357.8


() (TT&T) 2

59

60

211



2546-2548
...
19
2549
2549 48.4
2548 3
26.8 ( 55)
2548 6.7
2554 24
12
12 2543

1 (
)
2544 20 .. 2555

2549 1.1
2548 4.1 7.2 7.9
14.8 42.8 2549, 2550, 2552,

2554 2555 5
5 ...
1 , 2544 20
2555

()

2544

8,608,600

39.70%

2,869,533

2545

1,204,486

11.90%

1,204,486

2546

4,031,783

38.90%

4,031,783

2547

2548

1,094,500

7.20%

1,094,500

2549

29,131,291

60.20%

4,161,613

2550

15

108,467,314

85.10%

7,231,154

2551

2552

63,248,004

84.40%

7,906,001

2553

2554

10

148,002,703

N/A

14,800,270

2555*

85,582,631

N/A

42,791,315

48

449,371,312

*: 20 2555

9,361,902

61

6
1
, 2544
20 2555

()

2555

UNIQ

80,995,416

2554

TRAF

48,127,390

2554

TRAF

36,815,524

SAMART,
SIM,
SAMTEL

33,105,454

2554

2550

MATI

31,776,785

2552

TWZ

29,461,551
23,208,135

2550

YNP

2550

AREEYA

18,181,523

2554

TWZ

16,071,788

10

2552

TWZ

14,430,243

11

2549

PLE

13,456,000

12

2550

YNP

9,130,336

13

2552

14

2544

15

2554

16

2550

17

2549

GRAND

6,686,550

SHIN

6,318,000

UMS-W1

5,363,121

CWT

5,236,500

TFD, TFDW1

4,873,991

18

2552

DTCI

4,839,864

19

2555

SALEE

4,587,215

20

2550

YNP

4,523,700

21

2550

AREEYA

4,425,492

22

2550

AREEYA

4,413,427

23

2546

CVD

4,031,783

24

2554

UMS

3,723,416

25

2549

SHIN

3,324,500

26

2552

63

()

TWZ

3,245,757

27

2549


25

SHIN

2,657,500

28

2549

..

BGH

1,993,200

POWER

1,548,500

OISHI

1,494,616

JULDIS

1,290,600

29

2549

30

2550

31

2544

()

32

2549

TGP

1,277,600

33

2545

AA

1,204,486

34

2552

STPI

1,999,807

35

2550

EWC

1,826,400

36

2552

EWC

1,584,232

SAMART,
SIM,
SAMTEL

1,500,000

37

2554

..

38

2554

39

2550

UMS-W1

1,296,010

APURE

1,191,200

40

2548

41

2550

SGF

1,094,500

SH

1,020,000

SH

1,019,600

42

2550


25

43

2550

SH

1,020,000

44

2550


25

SH

1,019,600

45

2552

EWC

1,000,000

46

2544

IFCTF

1,000,000

47

2554

48

2554

SAMART,
SIM,
SAMTEL
SAMART,
SIM,
SAMTEL

1,000,000
1,000,000

64


2550

)

400500% 1,000%
. (30%)





() (NEP),
() (IEC), ()
(EMC), ()
(PLE), - () (BLISS),
() (LIVE),
() (ASL
. ),

() (EVER)
3.2.3.2




...





... .. 2535

65

66

2536


()
2540
1) (BBC)


3)



2540
() (FCI)




4)


()
2540
(RR)



2536

2)

2537
2
1 6
350,000
2

31

2549
() (KMC)
2

2

700,000
10
3 7

67

2542


1)
2545



() 6


2)

2544





() 2

2543

1)

3



() (ONPA)

2544

1)




() (TAC)

2547

2546


2)

2544





() 2

68

2542
...
425

28
2536 2554
()
18,702 (
6,900 2550
()
() ()

)
23
2552 4
(.) 22 2552


2548-2551 5,000
100
4 ... 100
5 - , 23
2552. http://www.matichon.co.th/news_detail.
php?newsid=1248268546&grpid=00


2548 2551
5,000
(...)

5,000
18,702
590

2541
2554 19,293
19,293




69

70

71

72

: Swati Ghosh Ernesto Revilla, Enhancing the Efficiency


of Securities Markets in East Asia, The World Bank, 2007.

4.1
4.1.1
(capital gains)



( )
()

.

(
1 ) /


( Big Lot)


4.1.2 (regressive)
(progressive)


LTF RMF


4.1.3

73

74



4.1.4
(proactive)



10-20


4.2

4.2.1
...
...

... ( )






...
(quasi-judicial powers)
...




(
25532557 )
4.2.2

75

76


(Class Action Law) ...
.. 2542
(
25532557)
4.2.3


( )



258 ...

(Securities
Exchange Act of 1934) Section 13 (d)
Regulation 13D
5
(BenEficial Owner) Regulation 13D


1.

: a. /
b.

2.
(Proxy)



3.
60

Section 13 (d)
5

1.

2.

77

78

3.

4.
(
(warrant, stock option, )
5.


(proxy)


0.5 (
5)



4.2.4




8
4.2.5

...

( ) 1-2 (2554-2555)

... .


... .

79

80

8

: ...

2 2
500,000

7 21 50,000
( 36,000 ) 5,000,000 ( 3,600,000 )

10 1 ( 9.9
)

10 10
( 46 ) 10
1 ( 4.6 )
( )
5

7 2
250,000
( 5,800,000 )

3-10 10 - 200
( 11-220 )

10 3
20 ( 770,000 )
500-5,000 (19-190 )
3 5,000 (190 )
5

...
.

81

Banerjee, Abhijit V & Newman, Andrew F, 1991. Risk-Bearing and the


Theory of Income Distribution, Review of Economic Studies,
Wiley Blackwell, vol. 58(2), pages 211-35, April.
Boonyawat, Karuntarat, Jumreornvong, Seksak, and Limpaphayom,
Piman. Insider Trading: Evidence from Thailand, 2005. http://
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insider_trading-revise.pdf
Brown, Stephen and Hillegeist, Stephen A., How Disclosure Quality
Affects the Level of Information Asymmetry. Review of Accounting Studies, Forthcoming. SSRN: http://ssrn.com/

abstract=956256
Burman, Leonard E. and Gale G., William. The Case Against the Capital Gains Tax Cuts, Brookings Institute. September 1997. http://
www.brookings.edu/research/opinions/1997/09/taxes-gale
Carter, Mansi and Reeb. (2003), Quasi- private information and
insider trading, Financial Analysis Journal, pp.60-68.
Edwards, Chris. Capital Gains Taxes: Washington Post Omissions.
Cato Institute, September 12, 2011. http://www.cato.org/blog/
capital-gains-taxes-washington-post-omissions
Fama, E.F.(1970). Efficient capital market: A review of theory and
empirical work, Journal of Finance, vol.25, pp.383-417.
Finnerty, J.E. (1976). Insiders and market efficiency, Journal of
Finance, vol.31, pp. 1141-1148.
Frank, Robert. The Wild Ride of the 1%. The Wall Street Journal, 2011.
Favilukis, Jack. Inequality, Stock Market Participation and the Equity
Premium. The London School of Economics, 2012.
Ghosh, Swati and Revilla, Ernesto. Enhancing the Efficiency of Securities Markets in East Asia, The World Bank, 2007.
Hartmann, Joerg. Insider Trading: An Economic and Legal Problem.
Gonzaga University, 1997-98.
Healy, Paul M. and Palepu, Krishna G., Information Asymmetry,
Corporate Disclosure in the Capital Markets: A Review of the
Empirical Disclosure Literature (December 2000). Journal of Accounting & Economics 31: 405-440. SSRN: http://
ssrn.com/abstract=258514
Hungerford , Thomas L. The Economic Effects of Capital Gains Taxation. June 18, 2010. http://www.fas.org/sgp/crs/misc/R40411.pdf
Jaffe, F.F. (1974). Special information and insider trading, Journal of
Finance, vol.47, pp.410-428.

Jo, Hoje and Kim, Yongtae. Disclosure Frequency and Earnings Management. Journal of Financial Economics, Forthcoming. http://ssrn.
com/abstract=927798
Krawiec, Kimberly D. Fairness, Efficiency, and Insider Trading:
Deconstructing the Coin of the Realm in the Information Age.
Northwestern University Law Review, vol. 95, No. 2. 2001.
Lakhal, Faten. Stock Market Liquidity and Information Asymmetry
around Voluntary Earnings Announcements: New Evidence
from France (December 2004). http://ssrn.com/abstract=665086
Lee, Hunmook, Rationales and Requirements of the Legal Framework
of Insider Dealing in the European Union (July 31, 2008). http://
ssrn.com/abstract=1192102
Paul A. Grout, William L. Megginson, Anna Zalewska. One Half-Billion
Shareholders and Counting: Determinants of Individual Share
Ownership around the World. 2009.
Teerapat, Santi. Insider Trading: A Preliminary Study of Thai Capital
Market, 2004. http://www.set.or.th/setresearch/rag_p4.html
,
:
,
(.) . 2550.
http://www.bot.or.th/thai/EconomicConditions/Semina/symposium/
symposium_docload/paper5_songtum.pdf
,
,
2551 TDRI
, 2551.
, ()
, TDRI
:
, 2549.

Rate