Регулювання ринків цінних паперів у країнах з перехідною економікою

Ключові слова: регулювання ринку цінних паперів, перехідна економіка, приватизаційні процеси, фондовий ринок, ринок державних цінних паперів, інституціональні інвестори, державне регулювання, корпоративне регулювання, саморегулівні організації.

АННОТАЦИЯ

Фаренюк Наталия Викторовна “Регулирование рынков ценных бумаг в странах с переходной экономикой.” - Рукопись.

Диссертация на соискание ученой степени кандидата экономических наук по специальности 08.02.03. - организация управления, планирования и регулирования экономикой. - Институт международных отношений Киевского национального университета имени Тараса Шевченко, Киев, 2002.

Диссертация посвящена исследованию теоретических и практических аспектов регулирования рынков ценных бумаг в странах с переходной экономикой, в частности в Польше, России, Словакии, Венгрии, Украине и Чехии. В работе проведён анализ становления структурных элементов системы регулирования рынков ценных бумаг в условиях институциональных изменений, что позволило не только конкретизировать их специфические цели, формы, характер применения, но и выявить их общие черты и закономерности функционирования. Особое внимание уделено функциональной и организационно-правовой структурам механизма регулирования рынков ценных бумаг в переходной экономике по основным направлениям обеспечения его эффективного функционирования: регулирование рынка государственных ценных бумаг, рынка корпоративных ценных бумаг и регулирование процесса развития внутренних институциональных инвесторов. Проведён анализ мероприятий государственного регулирования по становлению фондового рынка в Украине, исследован национальный механизм регулирования, определены основные проблемы функционирования рынков ценных бумаг. Основным результатом исследования является определение особенностей и концептуальных основ повышения эффективности механизма регулирования рынком ценных бумаг в Украине, учитывая позитивный опыт стран переходной экономики.

Ключевые слова: регулирование рынка ценных бумаг, переходная экономика, приватизационные процессы, фондовый рынок, рынок государственных ценных бумаг, институциональные инвесторы, государственное регулирование, корпоративное регулирование, саморегулирующиеся организации.

ANNOTATION

Farenjuk Natalija Victorivna. Regulation of securities markets in the economy in transition countries. -The dissertation is a manuscript.

This dissertation is for obtaining the Ph..D.Degree in Economic Sciences by specialization coded 08.02.03.- Organization of management, planning and regulation of economy. - Institute of International Relations of the Taras Shevchenko Kiev National University, Kiev, 2002.

The theoretical and practical aspects of securities markets regulation in transitional economies, i.e. in Poland, Russian Federation, Slovak Republic, Hungary, Ukraine and Czech Republic, have been described and elaborated in this dissertation. The research is primary intended for identifying the ways and peculiarities to increase the effectiveness of securities market regulating mechanism in Ukraine, based on the experience of the most advanced economies in transition. However, bond markets in the CEE currently remain underdeveloped (the vast majority of bonds are government issues) and equity markets are still rarely used as a source of finance (reflecting in part the short time span for their existence, inadequacies in the legal and regulatory framework, still low levels of public confidence) some countries of economies in transition achieved above average progress with securities markets development. This means that such countries as Czech Republic, Hungary, Poland, Russian Federation, and Slovenia have reached the point, where there is substantial issuance of securities by private enterprise, adequate clearing and settlement procedures exist and independent share registries have been established, exists some minimum protection of minority shareholders, emerge domestic institutional investors with the associated regulatory framework for such institutions.

The author uses examples of Poland, Russia, Hungary and Slovak in the scope of government securities markets regulation to prove positive impact of well-functioning government securities sector on the development of the wider securities market structure and whole financial system stabilization in the transition period.

The special attention is paid to privatization methods applied at the first stages of economic reform and its influence on equity markets development. Correlation between privatization process and establishment of the corporate securities market infrastructure was discovered. The dissertation provides analysis of securities market structure created by government sector to serve the privatization process and on its base compares further development of capital markets of the post-privatization period.

In the process of research it was determined, that the development of equity market in transition countries has been fraught with the problems caused by non-sufficient public regulation: lack of transparent deal -making and investor protection. Growth in market capitalization has been due mainly to privatization and price changes rather than to new share issues. It was resulted in diminishing function of capital markets to attract funds from domestic and foreign investors alike.

The analysis of situation in the markets for corporate control in such countries as Czech Republic, Russia and Hungary proves the positive impact of strengthening regulation rules concerning transparency and disclosure aspects in market activity after the technical stages of privatization.

The dissertation investigates the growth of institutional sector in securities markets in transition economies and its implications for market development. It was found the reasons for less significant role of such kind of financial intermediaries the transition economy: 1) not finished process of putting the basic elements in place within market economy, 2) the level of development of securities markets does not exhibit all the criteria for well-functioning required by international institutional investors. Nevertheless, pension reform and rapid growth in the insurance market will support the development of domestic institutional investors. Pension reform also spur local demand for domestic papers. Raising money locally could become increasingly attractive against a background of falling inflation, lower interest rates, and improved legislation. Taking into account the ongoing revolution in communications and information technology, exists real scenario for shifting the balance of advantages toward market-based finance as opposed to bank-based finance.

The main problem for impossibility of funding through domestic securities market in Ukraine is considered in regulating mechanism. Real progress of national capital market development has began after the first privatization stage, only in 1995. Since that period public regulation has been strengthened in the Ukrainian capital market. But government borrowing via securities market had strictly negative impact on the securities market structure and financial sector in general. On the contrary to Polish, Hungarian and Slovak securities markets, government sector played disturbing role in the national capital market and it was a preponderant factor for existing imbalance of real sector till September 1998.

While growing, corporate bond market in Ukraine remains underdeveloped, and equity market isn't used as a source of finance, reflecting the common negative tendencies of transition period, in part typical inadequacies in the national legal and regulatory framework, resulted from the first stage of privatization, unformed infrastructure, low level of public confidence.

Accomplished analysis proves a crucial role of public regulation in stable growth of securities market, and on this base the author formulates the definite programme on reforming of regulating politic in Ukrainian securities market. Concrete scientific theoretical and practical recommendations are elaborated and presented with the aim to improve securities market regulating mechanism in Ukraine.

During the final stage of privatization process in Ukraine regulative politic reforming in the scope of securities market is primary factor in achieving desired levels of market efficiency and transparency and its integration into the international capital markets. The reforming measures have to be concentrated in the following directions: shareholders protection, transparency and disclosure background, effectiveness and justice for market players, infrastructure forming, system risk diminishing for investors, creating safe accounting system of property rights in securities.

Key words: securities market regulation, economic in transition, privatization process, capital market, government securities market, institutional investors, public regulation, corporate regulation, self-regulatory organizations.

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