Проблеми та перспективи розвитку фондових бірж в Україні

Abstract

У статті досліджено основні проблеми функціонування та розвитку фондових бірж на ринку цінних па-перів України. Обґрунтовано роль фондових бірж у забезпеченні розвитку національної економіки. Запропоно-вано заходи щодо реформування діяльності вітчизняних фондових бірж. Здійснено аналіз Програми розвитку фондового ринку України на 2015-2017 роки у контексті удосконалення організації роботи фондових бірж. Вивчено цілі та завдання державного регулювання ринку цінних паперів, а також проведено дослідження основних заходів щодо стимулювання розвитку біржової діяльності в Україні. Ключові слова: цінні папери, ринок цінних паперів, фондова біржа, емітенти, інвестори, ліквідність, капіталізація фондових бірж, лістинг.

The aim of the article is to study the problems of the stock exchanges in Ukraine, to identify areas for improving their performance and trends of the domestic securities market in modern conditions. The effective functioning of the securities market significantly affects economic development, because the concentration of capital through stock exchanges is able to direct financial flows in the investment attractive objects. It was researched that the activity of stock exchanges in Ukraine is in its infancy. The volume of stocks compared to other countries is insignificant. It was revealed that the list of issues of domestic stock exchanges is rather numerous. Among them are low liquidity, insufficient market capitalization, problems with protecting the rights of shareholders and investors, inadequate regulatory and tax incentives, lack of transparency, lack of stock exchange culture and insufficient number of professionals. However, most of these problems can be solved by increasing the share of organized market, reducing the number of exchanges, attracting financial resources, creating investor protection, increasing capitalization and liquidity, improving the exchange of culture and development of new technologies of exchange trade. It was proved that the main obstacle to the implementation of these measures is not systematic and the development of the national stock market varied. In order to streamline this process by the National Commission on Securities and Stock Market of Ukraine was developed the Stock Market Development Program for 2015-2017 “European choice — new opportunities for progress and growth”, which defines the main directions of further reform and modernization of the securities market of Ukraine. The program aims to stimulate the inflow of investments to Ukraine through the integration of the stock markets in the world capital markets and the introduction of the best world standards. In the article there were researched the main tasks of Ukraine's stock market and the prospects of their implementation: the expansion of stock market instruments; encouragment of investment and the development of institutional investors; ensuring safe and efficient operation of market infrastructures and financial intermediaries; the functioning of the single state policy. The results of the program of development of the stock market of Ukraine will provide for the increase of its role in the processes of accumulation and redistribution of financial resources to address priority problems of the national economy. Keywords: securities, stock market, stock exchange, issuers, investors, liquidity, capitalization of stock exchanges, listing.