محسن زنگنه

The stock market, as a symbol of the capital market, is one of the most important sectors of the economy of any country and, unlike the money market, is responsible for the long-term financing of corporate capital. The capital market collects funds from surplus sectors and channels them to institutions that need financing. This study investigates the feasibility of establishing a market for the Kabul Stock Exchange. It is a survey in terms of nature and descriptive method and is applied in relation to the purpose. For the feasibility study of the present study, six platforms were identified using Delphi method. Non-random and purposive sampling was used, and according to Morgan’s table, 180 people were selected from three groups of university professors, experts from the ministries of Finance, Economy, Trade and Industry, the Central Bank and a number of people in Kabul. The validity and reliability of the questionnaire was confirmed by Delphi method and Cronbach’s alpha test. SPSS statistical software was used to analyze the data. From the results of one-sample t-test, it can be seen that all H1’s sub-hypotheses were confirmed in relation to the six platforms, which means that in the current situation, Kabul city is not in a favorable situation in terms of infrastructure and requirements for legal, economic, technical and technological, cultural, social and human capital platforms for the establishment of the stock market, and the conditions for the establishment of Kabul Stock Exchange do not exist. The Friedman test showed that the degree of readiness for the establishment of Kabul Stock Exchange depended on the human capital, economic, legal, cultural, technical and technological or social platforms.