ผลกระทบของผู้ถือหุ้นรายย่อยและผู้ถือหุ้นต่างชาติต่ออัตราการเติบโตอย่างยั่งยืน ของบริษัทจดทะเบียนขนาดกลางและขนาดย่อม (SMEs) ในประเทศไทย
				Effects of Minority and Foreign Ownership on the Sustainable Growth Rate of Thailand's Small and Medium-Sized (SMEs) Listed Firms
วันที่ได้รับต้นฉบับบทความ : 10 ตุลาคม 2567 วันที่แก้ไขปรับปรุงบทความ : 25 มกราคม 2568 วันที่ตอบรับตีพิมพ์บทความ : 3 กุมภาพันธ์ 2568			ดร.เพ็ญพระพักตร์ มานะปรีชาดีเลิศ กรุณา ปัญญายิ่ง ผู้ช่วยศาสตราจารย์ประจำสาขาวิชาการบัญชี คณะบริหารธุรกิจและเทคโนโลยีสารสนเทศ มหาวิทยาลัยเทคโนโลยีราชมงคลสุวรรณภูมิ ดร.วไลภรณ์ นวลสอาด อาจารย์ประจำสาขาการบัญชีและการเงิน คณะเทคโนโลยีการจัดการ มหาวิทยาลัยเทคโนโลยีราชมงคลศรีวิชัย จิราพร กรัดเพ็ชร์ อาจารย์ประจำสาขาวิชาการบัญชี คณะบริหารธุรกิจและเทคโนโลยีสารสนเทศ มหาวิทยาลัยเทคโนโลยีราชมงคลสุวรรณภูมิ (ผู้ประสานงานหลัก)
Received: October 10, 2024 Revised: January 25, 2025 Accepted: February 3, 2025			Dr.Penprapak Manapreechadeelert Karuna Panyaying Assistant Professor of Accounting Department, Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi Dr.Walaiporn Nuansa-ard Lecturer of Accounting and Finance Department, Faculty of Management Technology, Rajamangala University of Technology Srivijaya Jiraporn Kradphet Lecturer of Accounting Department, Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi (Corresponding Author)
คำสำคัญ : ผู้ถือหุ้นรายย่อย ผู้ถือหุ้นต่างชาติ อัตราการเติบโตอย่างยั่งยืน			บทคัดย่อ งานวิจัยนี้มีวัตถุประสงค์ เพื่อศึกษาผลกระทบของผู้ถือหุ้นรายย่อยและผู้ถือหุ้นต่างชาติที่มีต่ออัตราการเติบโตอย่างยั่งยืน โดยเก็บรวบรวมข้อมูลจากบริษัทจดทะเบียนในตลาดหลักทรัพย์ เอ็ม เอ ไอ จำนวน 150 บริษัท (633 ตัวอย่าง) ที่มีสถานะคงอยู่ตลอดช่วงปี พ.ศ. 2562 - 2566 ซึ่งเป็นปีปัจจุบันล่าสุด และใช้ข้อมูลการถือหุ้นของนักลงทุนรายย่อยและนักลงทุนชาวต่างชาติเพื่อกำหนดตัวแปรอิสระ อัตราการเติบโตอย่างยั่งยืนของบริษัทวัดด้วยแบบจำลองของ Higgins (1977) ซึ่งสามารถสะท้อนถึงอัตราการเติบโตสูงสุดที่บริษัทสามารถทำได้โดยไม่ต้องกู้เงินหรือระดมทุนจากภายนอก และตรวจสอบสมมติฐานด้วยการวิเคราะห์สมการถดถอยเชิงพหุคูณ ผลการศึกษาเป็นไปตามสมมติฐานการวิจัย โดยพบว่า ตัวแปรของสัดส่วนผู้ถือหุ้นรายย่อยมีความสัมพันธ์ในทิศทางบวกกับอัตราการเติบโตอย่างยั่งยืน เป็นไปตามทฤษฎีตัวแทน (Agency Theory) ที่อธิบายว่า การกระจายตัวของผู้ถือหุ้นรายย่อยสามารถหลีกเลี่ยงปัญหาด้านการกำกับดูแลกิจการได้ ผลลัพธ์งานวิจัยนี้จึงสนับสนุนว่า การมีผู้ถือหุ้นจากภายนอกหรือผู้ถือหุ้นรายย่อยจะสามารถช่วยแก้ปัญหา เพื่อให้เกิดการดำเนินงานที่ก่อให้เกิดการเติบโตของบริษัทในระยะยาว โดยเฉพาะในกลุ่มหุ้นของบริษัทจดทะเบียนในตลาดหลักทรัพย์เอ็ม เอ ไอ ซึ่งเป็นบริษัทจดทะเบียนขนาดกลางและขนาดย่อม (SMEs) หรือสตาร์ทอัพที่มีการเติบโตสูง นอกจากนี้ เมื่อการถือหุ้นของนักลงทุนต่างชาติเกินร้อยละ 10 กลับมีบทบาทที่สำคัญที่ส่งผลให้อัตราการเติบโตอย่างยั่งยืนลดลง การศึกษานี้มีส่วนช่วยให้บริษัทจดทะเบียนขนาดกลางและขนาดย่อมในประเทศไทยมีแนวทางบรรลุการเติบโตอย่างยั่งยืน
Keywords: Minority Ownership, Foreign Ownership, Sustainable Growth Rate			ABSTRACT This study aims to examine the effects of minority and foreign ownership on the sustainable growth rate. We collected data from 150 listed companies (633 samples) in the Market for Alternative Investment (MAI) between 2019 and 2023, choosing this data set as the most recent. Data on minority and foreign ownership served as independent variables. The Higgins (1977) model measured the sustainable growth rate (SGR) of the firms. The model represents the highest growth rate possible without external debt or equity financing. We investigated the hypothesis using multiple regression analysis. The study's findings confirmed the research hypothesis, indicating a positive relationship between the proportion of minority ownership and the sustainable growth rate. This is consistent with agency theory, which explains that the distribution of minority ownership can help avoid corporate governance problems. The findings of this study suggest that having external or minority shareholders can help solve problems and create operations that lead to long-term growth, particularly in the Market for Alternative Investment (MAI), which are small and medium-sized (SMEs) listed firms or high-growth startups. When foreign ownership exceeds 10%, their role becomes more significant, leading to a decrease in the sustainable growth rate. This study provides SMEs listed in Thailand with a roadmap for achieving sustainable growth.
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