Stepankevych N. Formation and development of the stock market infrastructure of Ukraine.

Українська версія

Thesis for the degree of Doctor of Philosophy (PhD)

State registration number


Applicant for


  • 072 - Управління та адміністрування. Фінанси, банківська справа та страхування


Specialized Academic Board

ДФ 41.055.007

Odessa National Economic University


The study confirmed that the formation of effective economic, regulatory and institutional foundations of the stock market functioning should be based on a clear definition of areas of financial regulation aimed at creating favorable conditions for its development. In such a situation, the issues of ensuring the effective operation of the stock market infrastructure become important. At the same time, improving the effectiveness of its operation requires a comprehensive combination of tools to stimulate, protect, control the activities of subjects of infrastructure support, the appropriate transformation of the financial and economic system of the country, taking into account endogenous and exogenous factors of influence. Based on the analysis of approaches of foreign and domestic scientists to the characteristics of the stock market, its infrastructure and their complex combination, the thesis proposes the definition of the economic essence of the concept of «stock market infrastructure». In order to increase the efficiency of interaction between stock market participants and increase the overall level of competition between them are grounded the theoretical and methodological principles of forming a system of relationships between elements of the stock market infrastructure, which take into account the institutional architecture of the stock market construction, the level of influence of macroeconomic environment factors, features of financial regulation of economic processes in the country, priority areas of financial globalization. It is determined that the mechanism of state regulation of the stock market is an effective tool for forming internal incentives for the development of the relevant institutional structure and prerequisites for economic growth. Analysis of the dynamics of the main indicators of the domestic stock market functioning shows the need for a systematic approach to the recovery of the domestic stock market, aimed at improving the regulatory functioning of trade organizers and increase the number of joint stock companies. The effectiveness and operability of depository activities creates opportunities to increase the transparency of relations arising in the stock market, improves the system of determining the value of investment resources based on fair and sound approaches. In the dissertation are improved the approaches to the implementation of state regulation measures and building an effective system of self-regulation of stock market infrastructure by modernizing instruments for allocating financial resources, ensuring their efficient distribution and redistribution by facilitating the circulation of financial assets and implementing European legislation in the national stock market management system, which will promote the attraction of additional financial resources to the economic system and ensuring stable economic growth in the country. The paper describes the practice of functioning of financial institutions and the activities of trade organizers in the stock market. It is proved that the efficiency of financial institutions finctioning of the stock market is an important indicator that determines the use of financial resources of investors involved in the economy, aimed at economic growth and expanded reproduction. The level of efficiency of financial institutions functioning of stock market is directly influenced by infrastructural factors that determine the type and model of the stock market, which is inherent in the country's economy, the level of influence of infrastructure participants on decision-making, the degree of market competition, information and technological openness, investment attractiveness. The dissertation substantiates the provisions on the formation of dominant factors influencing the depository system of the stock market functioning, taking into account the fundamental characteristics of the business environment, the need to improve legal order and transparency of relations, the effectiveness of depository activities, which will create favorable conditions for effective legal relations between all participants in the depository system and strengthen security guarantees for investment activities in the economy of Ukraine. The dissertation substantiates the applied provisions as to improving the functioning of the stock market infrastructure through the use of internal growth reserves and adaptation of the experience of developed and transition economies, liberalization of management processes, use of modern information systems and technologies which will allow improving the efficiency of usage of economic, technical, regulatory instruments and achieve a long-term positive effect of the stock market functioning.


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