Abstract
The development of the corporate securities market and the effective use of tools for its regulation cannot be achieved without models and methods of economic and mathematical modeling. The aim is to analyze and systematize the structural and temporal characteristics of the corporate securities market in Ukraine by applying economic and mathematical modeling methods. In the paper, linear interpolation is used to assess the temporal characteristics of corporate securities under market uncertainty. Descriptive and simulation modeling methods are also applied to carry out a formal description of the process of evaluating the structural characteristics of securities. The result of the study involves developing a descriptive model to analyze the structural and temporal characteristics of the Ukrainian corporate securities market. The approbation of the proposed model makes it possible to draw the following conclusions. First, Perspektiva Stock Exchange, Ukrainian Exchange and PFTS – the First Stock Trading System, are the most important trading platforms. They are determined by the monthly bidding dynamics and can belong to the same group – active players in the corporate securities market of Ukraine. Second, in terms of endogenous priorities, the development of the corporate securities market is mostly influenced by inflation rates (consumer price index), economic development indicators (key branches production index) and interest rates on alternative financial instruments (new deposit interest rates of deposit-taking corporations). Third, the rate of corporate securities issue and the native currency rate do not significantly affect the corporate securities market development, in particular, the former is characterized by a slight negative impact, and the latter – by a slight positive impact on the price dynamics.
Highlights
The Ukrainian securities market is a multifaceted socio-economic system that promotes capital accumulation for investment in production and social sectors, restructuring of the economy, the positive dynamics of the society’s social structure, increasing the welfare of every citizen through the possession and free disposal of securities, the psychological readiness of the population to market relations
The research confirmed that, firstly, Perspektiva Stock Exchange, Ukrainian Exchange and PFTS (First Stock Trading System) are the most significant trading platforms. They are characterized by similar dynamics of monthly bids and they can be attributed to one group – active corporate securities market players
In terms of endogenous priorities, the development of the corporate securities market is mostly influenced by inflation rates, economic development indicators and interest rates on alternative financial instruments
Summary
The Ukrainian securities market is a multifaceted socio-economic system that promotes capital accumulation for investment in production and social sectors, restructuring of the economy, the positive dynamics of the society’s social structure, increasing the welfare of every citizen through the possession and free disposal of securities, the psychological readiness of the population to market relations. Elimination or limitation of such immanence usually results from the effective management in financial markets, where excessive volatility can be localized via adequate methods Their development and implementation specify the relevance of the chosen research problem, focusing on theoretical aspects and analysis procedures, as well as management of structural and temporal characteristics in the Ukrainian corporate securities market. The impossibility teristics in the corporate securities market can be of fundamental analysis is due to the fact that the considered in terms of fundamental and techni- formation of prices is affected by a huge number of cal approaches In economic theory, they are factors, including random and unpredictable ones, characterized as “the theory of a solid foundation” and it is impossible to take into account all factors and “the pipe dream theory”. According to the defined conceptual framework, consider the process of development and implementation of the management models for the pro-
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