Аналіз стану організації довгострокових портфельних іноземних інвестицій у Республіці Польща: уроки для України

Abstract

The article describes the process of creation of the European international capital market, new financial instruments and formation of an investment portfolio from them in order to achieve the main goal of the investor – diversification, caused by investor’s desire not to participate in the operational management of the enterprise, however reducing the risk and maximizing the return on investment of his capital. The article then reviews the recent CEE Capital Markets conference, which was held in Poland, and concludes that by many criteria the Polish capital market is the largest in the region. In addition, the article emphasizes that foreign investment inflows to Poland reached a record level in 2021-2022. Therefore, based on all this data, the article analyses in detail the attraction of foreign investment into the economy of the Republic of Poland, taking into account three main prerequisites, namely: the establishment of uniform and unchanging rules of the game by creating an institutional framework for investment and ensuring the development of capital market infrastructure; ensuring the management of the Polish capital market with the help of two main players (the Central Securities Depository of Poland and Polish Financial Supervision Authority), shaping the professional activities of market participants and providing the supervision. The subsequent analysis of the state of Poland investment activity, presented in the National Banks Report “Poland International Investment Position for 2021”, showed that all this has played a significant role in attracting long-term portfolio investments, the biggest share of which is treasury debt, to the neighbouring countrys economy in recent years. Drawing a parallel with the current situation on the Ukrainian securities market, the article goes on to note that its regulatory framework generally meets the contemporary requirements. The other two prerequisites for creating acceptable conditions for a foreign portfolio investor are only under establishment. Right now, there is an urgent need to start building the infrastructure of Ukrainian securities market with the help of a neighbouring country.