Особливості капіталізації ринку цінних паперів в Україні

Abstract

The purpose of the article is a theoretical and methodological substantiation together with elaboration of recommendations for increasing the capitalization of the domestic securities market. The article is concerned with studying the level of development of the securities market and the directions of increasing its capitalization, which will provide favorable conditions for the formation of an appropriate level of economic development of the country. Emphasis is placed on the fact that the concept of «capitalization» is interpreted as a complex dynamic process of forming prospects for the development of the Ukrainian economy, which varies depending on the outlined tasks. It is identified that the capitalization of the stock market testifies to the intensity of the national economy and reflects the dynamics of changes in its various industries. The development tendency of the world stock market is analyzed and the experience of world leading companies with the highest level of market capitalization is adapted. The volumes and structure of trading on operators of organized capital markets by type of market are considered and the main obstacles to the further development of the Ukrainian stock market are substantiated. The need to integrate the domestic securities market into the world stock market is accentuated. Based on the carried out correlation analysis, it is found that the closest relationship between the volume of trading in shares on the Ukrainian securities market and the aforementioned factors occurs with the total trading volume in the securities market, namely: the more transactions are carried out on the market, the higher the volume of transactions with shares. It is noted that the domestic securities market in order to improve the efficiency of further functioning requires: improvement of the legislative framework; increasing the level of motivation; minimization of financial risks; improving infrastructure development, etc. Further research will be aimed at developing promising directions for the integration of the domestic stock market into the global financial space.