Horodnichenko Y. Stock Market as a mechanism of ensuring the state economic development

Essence of stock market as a mechanism of ensuring the state economic development, that assumes a set of appropriate measures, instruments and tools distribution and redistribution of capital between the participants, taking into account conditions and institutional features of the economy. We have improved the approaches to planning and implementation of the financial and economic measures in the sphere of intensifying investment activity of the institutional investors. Author focuses on statements to formation of system of appropriate criteria to define the priority directions of the domestic stock market development in the medium term considering the necessity to intensify the process of financial integration in the global securities market. Also, we have improved the approaches to define the features of domestic stock market development, taking into consideration the stages of its institutional infrastructure, changes in the level of market liquidity, the main characteristics of stock exchanges, cyclic dynamics and economy structure. The study generalizes and systemizes experience of functioning of stock markets in countries with advanced economies and economies in transition. The research improves the methodological basis of assessment of stock market efficiency as a mechanism of attracting investments into the real sector of economy. The statements to interaction mechanism between the stock market and the financial institutions in the placement of securities in order to intensify investment processes are developed.