The dissertation substantiates theoretical foundations and methodological approaches to the study of systemic transformation of the financial assets market and identifies conceptual framework and practical recommendations for change management in the financial assets market to ensure financial stability and sustainable development of the economy of Ukraine.
The concept of “systemic transformation of the financial assets market” has been defined and the methodology of this process research has been developed. The scientific systematics of the financial scientific schools based on the ontological approach to the interpretation of the phenomenon of financial capital was improved. The epistemological approaches to the study of the phenomenon of financial system transformation, based on a broad consensus of the theory of institutional change and modern neoclassical theory of the financial assets market (FMH, AMH, CMH, ELH) have been determined.
The interpretation of the following concepts as “a financial asset” and “a financial assets market” in line with the international standards approaches to financial accounting, financial statistics and modern theory of financial assets market has been clarified. The concept of the socio-economic ecosystem has been adapted to the study of the financial assets market, the types of actors of the financial assets market ecosystem have been identified on the basis of their business model and their heuristics; the forms and the triggers for symbiotic alliances of market actors and the existence of a moral and ethical subsystem have been outlined. The content of such concepts as “financial assets market ecosystem”, “financial assets market ecosystem actors”, “financial assets market microstructure”, “marginal markets of financial assets”, “transparency of the financial assets market”, “fragmentation of the financial assets market”, “fundamental shifts and catalysts of systemic transformation”, “mega-trends of financial assets market development”, “geoeconomic shift” has been specified. The categorization of financial asset markets has been developed based on the transactional approach.
The methodological toolkit for the analysis of the systemic transformation of the financial assets market has been developed, based on the combination of methods for assessing the emergent features of the World Bank financial assets market (4 × 2 Measurement Framework), MSCI Global Investable Market Indexes Methodology and Mixed Model Repeated Measures. Methodological approaches to identifying the financial systems development, based on the adaptation of the method of conditional multidimensional ranking.
The long-term shifts in the microstructure of the financial assets market and financial behavior under the influence of digitalization, socialization of finance and demographic shifts; the use of hybrid trade in stock markets; electronic platforms spreading; market entry barriers decline; trade operating costs reduction; trade infrastructure diversification, trade system consolidation on a global basis; spreading of management technologies based on BigData; increasing of the “dark pools”; changes in the nature and display of competition; tokenization of assets (crypto assets) and expansion of the digital services use; taking into account ESG - factors in the process of assessing the investment quality of financial assets have been uncovered and analyzed. The specific features of the marginal financial assets markets have been identified and the directions for stimulation of portfolio investments in the Ukrainian financial assets market are substantiated.
The concept of change management in the financial assets market has been substantiated and the main directions for joint purposeful influence of the market regulatory subsystem stakeholders have been determined, namely, increase of digital and financial literacy; forming of public trust to financial assets market operators; encouraging of investment based on ESG factors; forming of motivation for long-term financial decisions; development of the architecture of the financial assets market based on the open interface (Open Finance), expansion of the use of information technologies (FinTech, RegTech, SupTech); protection of personal data and anti-cyber fraud (“phishing”, “skimming”, “carding”, social engineering) protection.
