РИНОК АКЦІЙ ЯК ЕКОНОМІЧНИЙ ТА ІНСТИТУЦІЙНИЙ ФЕНОМЕН: УКРАЇНА КРІЗЬ ПРИЗМУ СВІТОВИХ РЕАЛІЙ

Abstract

The factors of appearance and development of the equity market as an economic and institutional phenomenon have been defined from the origin of the investment economy to the system of the mutual interest maintenance of issuers and investors via public proposition of the stocks to the unforeknowable and unlimited range of the participants and the fair exchange pricing. The observation of interests’ equation in the key legal relations (between the issuers and investors, between the dominant and the minor shareholders) via the maintenance of the stock objective price through the effective institutional environment (legislative, legal, and regulatory mechanisms) are proposed to be the conditions of the origin and existence of the equity market phenomenon. The evolution and the specific nature of the Ukrainian equity market, which is not now a viable mechanism of the involvement of the public investments both because of the insufficient structure competitiveness of the economy, because of contradictory and unbalanced regulatory formalization, because of dubious quality of EU standards implementation, and because of imperfect methods of market regulations, has been analyzed. The institutional and regulatory-organization unfitness of the equity market and absence of the real mechanisms of minority shareholders’ protection in Ukraine has been exposed especially during the mass carrying of squeeze-out procedures, which took place in favor of dominant shareholders mainly because such factors as miniscule free float and subjectiveness of the price formation even on shares of the most known stock companies were set aside, which led the market to the total loss of any appealing instruments. Medium-term perspectives of the equity market development in Ukraine have been generalized following recently increased state focus on the share market, the readiness to the large-scale projects and reforms in this field has been checked up. It has been proposed to create own competitive infrastructure, effective implementation of the best European regulations and practical activities taking into consideration very low stage of the market development and also to increase the quality of regulation, and stimulate the IPO of the private companies to increase the possibility to actualize that plans.