Модернізація інфраструктури фондового ринку як умова економічної безпеки акціонерних товариств

Abstract

Розглянуто питання інфраструктури та правового регулювання українського фондового ринку. Роз’яснено, що сучасна біржова структура характеризується високим рівнем фрагментарності, складністю систематизації процесів обліку та контролю дій над операціями в цінних паперах. Досліджено взаємозв’язок суб’єктів та учасників фондового ринку. Представлено фондовий ринок як інституціональну основу економічної безпеки акціонерних товариств. Доведено, що кардинальні економічні реформи не є завершеними на етапі модернізації фінансового ринку. Ukraine typically has a mixed model of financial markets organization. Current state of the stock market has a distributional, accumulative and speculative functions but not a function of investment. The purpose of the article is to describe interconnections between subjects and participants of the stock market in Ukraine. The stock market (or securities market) is a segment of capitals market where issuance, placement, purchase and sale of securities are carried out. The stock exchange (in a form of a joint-stock company) is main organized place for investment activity. Stock exchange allows to find financing in a form of IPO, attraction of funds due to issuance of shares and bonds. Stock exchange is anintermediary for funds flow between branches of economy. Modernization of stock market must be based on social justice, protection of investors, regulation, controllability, efficiency, transparency, competitiveness. Participants in the stock markets are securities issuers and investors. Intermediaries in the stock market are enterprises specializing in dealing with securities, banking institutions, investment corporations. PJSC «Settlement Center for Servicing Contracts in Financial Markets» managed to modernize its servicing technologies (to ensure the implementation of cash settlements in securities, conduct clearing activities, perform functions of central counterparty, to form a system that guarantees the fulfillment of obligations etc). Ukrainian securities market requires changes in the following areas: ‒ Reduction of excessive number of stock exchanges through merges and acquisitions. ‒ High fragmentation of the activities of stock exchanges and depositaries; their low interaction. ‒ Insufficiency of financial instruments with high investment potential. ‒ Low capitalization and liquidity. ‒ insufficient transparency of information. ‒ Low level of investors engagement. Investor’s right are not protected sufficiently. ‒ Socio-political situation and economical security are unstable. Ukrainian stock market needs to improve the infrastructure and functioning mechanisms. Major economic reforms are not completed at the stage of financialmarket modernization. Future prospects of the stock market development are investments into IT and technical innovations. In many countries economic activity of the stock market ensures the efficient use of the financial resources and economic growth.