Abstract
The article discusses methodical and practical aspects of evaluating the effectiveness of the emission activity of enterprise. The effectiveness of the emission policy is represented by a set of indicators reflecting the achievement of the goals of the IPO (Initial Public Offering of the Company’s Shares on the Stock Exchange) and the company’s activities in the post-emission period. To assess the effectiveness of IPOs of companies, an indicator reflecting the undervaluation/revaluation of shares on the first day of trading was used; to assess the effectiveness of the company’s emission activities in the post-listing period – indicators of capitalization, return on equity, financial leverage, return on assets. To identify the effectiveness of the emission policy of enterprise by single indicators, the method of binary assessment was used. For a generalized conclusion on the effectiveness of the emission activity of the enterprise, the coefficient of effectiveness was used, calculated on the basis of the ratio of the actual and the maximum possible score assessment of the results of the IPO and the post-emission activity of the issuing enterprise. Variants of a combination of indicators of achievement of IPO goals and the company’s activities in the post-emission period are provided, levels of effectiveness of the enterprise’s emission policy are identified. According to the data of the sample population of issuing enterprises, a retrospective analysis of the emission activities of Ukrainian enterprises is carried out. The features of implementation of the emission policy by Ukrainian enterprises have been determined. The unpreparedness of Ukrainian enterprises for listing on foreign stock exchanges, the low level of their transparency and of the introduction of corporate governance are noted. Based on the results of the analysis, it is concluded that Ukrainian enterprises pay uneven attention to different stages of the emission policy, namely: activity at the IPO stage and moderation in ensuring the effectiveness of activities in the post-emission period.
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