Opryshko V. The emerging shares market in transitional economy

Українська версія

Thesis for the degree of Candidate of Sciences (CSc)

State registration number

0401U000139

Thesis Registration Form

0401U000139.pdf

Applicant for

Specialization

  • 08.01.01 - Економічна теорія

24-11-2000

Specialized Academic Board

Д 64.051.01

V.N. Karazin Kharkiv National University

Essay

The object of research is transitional economy of the industrial type. The subject of research is the share market as the component of the stock market. The methods of the research. The methodological base of the research is the systemic approach to the analysis of the modern socio-economic facts and dialectic approach of the economic process perception in their development and correlation. In this research work the methods of ascension from the abstract to the concrete were used; historical and logic analysis (the consideration of the share market beginnings and development); general and special; systemic and factorial analysis; methods of economic and static analysis (analysis of the Ukrainian share market formation). The goal of the research is to specify the function and the importance of the share market in the economy, taking into account the tendency of its development, and to work out the practical reference how to use the potential of the joint-stock companies and forming the effective share market for socio-economic development of Ukraine. The science-based novelty. The new function of the share market in the economy was proposed: the two main functions (the distributive, the redistributive) and the subordinate (the ratable). The mechanisms of their realization were also characterized. The modern tendencies of the share market development were methodized and characterized: the international centralization, institutionalization, segmentation, automation. The main directions and preconditions of the formation and development of the Ukrainian share market were adjusted: the formation of the normative and legal background of the share market functioning; the coming-to-be of the infrastructure of the market based on the non-documentary share circulation; the formation and development of the trade regulation system based on the organized off-boarded market. The objective economic factors are underlined, which had formed the low level of the corporate culture in Ukraine (the narrowness of the money mar ket; the high level of the taxation) and on the basis of it the necessity of the legislative regulation of the corporate relation were grounded. The peculiarities of the share market in Ukraine were underlined (the low level of the corporate relation; the dominating of the off-boarded organized secondary market; the banks participation; the dominating of shares which were issued documentary). The leading hand of the mergers in the system of mechanisms acting on the share market which form the effectiveness of the share capital was also grounded and it was proved the necessary conditions of the effective share property in Ukraine (the availability for all the participants of the stock market the adequate investment information about the joint-stock companies' activity and a legal mechanism of the merger realization). The advantages of the off-boarded decentralized electronic stock trading system in Ukraine was singled out (the low costs; the economic gross-regions in Ukraine; the absence of a liquid equities). The following practical measures of using the share market potential were proposed: a) the creation of the specialized trading platform for strategic and ventures investment; b) the concentration of the stock market participant's efforts for building the trading and clearing system which would correspond to the international norms, subject to the corresponding of its service value for minor share extent in Ukraine; c) the setting of the non-discriminatory conditions for the bank's participation in the share market and in the share capital of the corporations. The field of use. The results of the dissertation research can be used by the administrative agencies which regulate the share market and self-regulating organizations at the share market in the working out the directions of regulation and stock market development. They allow to form the position on the practical use of the share market potential and joint-stock form of property by the Ukrainian joint-stock companies. As a scientific aspect, the work ca n be the continuation of the research of the importance and functions of the share market in the modern economy.

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