STOCK MARKET IMPORTANCE FOR THE PRESENT-DAY ECONOMY OF UKRAINE
Journal Title: Проблеми і перспективи розвитку підприємництва - Year 2014, Vol 1, Issue 6
Abstract
This article covers an analysis of stock market topicality for the development of the domestic businesses. We have discovered that current conditions of imbalanced economy almost break the possibility for Ukrainian enterprises to borrow funds at international markets. Commercial banks have increased creditworthiness requirements and have significantly raised interest rates thus making impossible attraction of bank loans. In these conditions funds attraction on the domestic stock market would allow companies to support proper level of funding for operational and investment activities. The subject of the article is investigation of the problems and perspectives of the Ukrainian stock market. The goal was to provide analysis of the stock market development trends, most urgent problems and their influence on a bigger picture of domestic capital markets. Legislative and methodological principles of stock market operation served as a theoretical basis of the investigation. The paper studies current state, peculiarities, and recent trends of the Ukrainian stock market operation and defines main factors and problems influencing its slowdown. We find out that the stock market in Ukraine is characterized by low capitalization, low liquidity, insufficient protection of investors' rights, lack of transparency and high volatility comparing to developed equity markets. We argue the necessity of the strong development of the stock market to meet needs of Ukrainian enterprises in obtainable and relatively inexpensive borrowed funds. Results of current investigation could be used to develop and enhance legislative and prescriptive documents regulating stock market operation.
Authors and Affiliations
Inna Kotkalova-Litvin
Keywords
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