ФОНДОВИЙ РИНОК УКРАЇНИ: СУЧАСНИЙ СТАН ТА ПЕРСПЕКТИВИ РОЗВИТКУ

Abstract

The modern stock exchange is an indicator of the efficiency of capital movements and rapid economic development. The stock market is a powerful platform for realizing opportunities to mobilize financial resources and the emergence of a number of new competitive investment instruments. Given this, the purpose of the article is to assess the current state of the Ukrainian stock market in the process of its globalization into the world environment. The analysis of the stock market of Ukraine conducted in the article makes it possible to state that its functional and institutional aspects clearly reflect the dependence of effective functioning on state influence. The key evidence of this is the negative results of the interdependence of GDP growth and stock market operations, as the stock market in recent years has not fulfilled its main functions – increasing liquidity of corporate finances and increasing the solvency of domestic business. It is noted that for the successful operation of the stock market it is necessary not only to attract the resources of foreign investors and strengthen investors’ protection, but also to improve the market infrastructure to the modern level. The focus is made on the main sources of attracting resources to the stock market, among which stocks, bonds and investment certificates still remain, which reflects the inconsistency of domestic standards with global needs and standards. The indicators presented in the article confirm this statement and characterize the unfavorable situation on the domestic securities market. Indicative in this situation is the negative balance of non-residents' investments in the Ukrainian economy through stock market instruments in recent years, and thus the increase in capital outflows of foreign investors. It is emphasized that the share of the Ukrainian stock market in the world is insignificant, which is destructive, given the geographical, production and labor resources concentrated in the country. At the same time, there is a lack of Ukrainian capital to meet domestic production needs. Conclusions are made on the need for further development of the stock market in Ukraine, as well as recommendations for improving the state of the stock market of Ukraine and the inflow of foreign capital in the future.