Abstract
For a variety of reasons, the economic pace of nations throughout the world has proceeded at a sharply varying rate. It is characteristic of the lagging nations, broadly described as developing countries, to want to accelerate their rates of growth as rapidly as possible. It has been expedient at the outset to concentrate substantial powers of financing and economic decision making in the hands of the central government. In the normal course of progress, if development proceeds along democratic lines, people assume increasing responsibility in the fostering of economic growth. Initially, privately operated businesses tend to be small and much of their funds are derived through personal and family sources. As industrial development forges ahead, these private means of financing have proved both limited and uneconomical. In these circumstances, it has been characteristic to look towards the possibility of creating a capital market to help provide the required financing base. Among other countries, Thailand appears to be in the stage of economic development. Accordingly, the methods of formulating an efficient capital market become an important consideration in the achievement of its economic goals.