STOCK MARKET AND INVESTMENT CAPITAL FORMATIONJournal: Herald of Kyiv National University of Trade and Economics (Vol.93, No. 1)
Publication Date: 2014-02-14
Authors : ZAVEZION Mykola;
Page : 63-72
Keywords : investments; sources of investment formation; IPO; stock market.;
Background. The access to the cheap investment resources, as one of the main determinants in general economic crisis in Ukraine, causes the reduction of Ukrainian enterprises competitiveness both in domestic and foreign markets. Analysis of the recent researches and publications. Problems in the investment sphere demand deeper analysis of investment activity issues, as it is shown in the works of such economists as V. Liashenko , T. Maiorov  and others. Purpose of the article. Development of the existing and search of the new investment activity sources for Ukrainian companies, including the use of various stock market instruments as part of the national financial system, it is seen as one of the most promising ways for improving the economic environment in Ukraine. Results. The current performance index of the market development does not show permanent growth, but vice versa the activity reduction of investors and issuers. It can be seen on the example of various indicators: stock trading activity, new issues of shares and debt instruments dynamics, investment through securities. In these circumstances such undeveloped ways for attracting investment in Ukraine as: IPO, discovering the needs of potential investors while searching funds through debt instruments, promotion of domestic securities market are important. Also, based on the experience of foreign investment environment, capitalization is more successful indicator of an efficient business, instead of using the profit indicators. This assessment of the company market value can be obtained both through IPO, and the secondary securities market values. However, the weak development of IPO in Ukraine, especially attraction of the foreign investors funds, leads to the low level of these techniques usage by Ukrainian companies. Conclusion. Drawbacks in the structure of rising investment capital for the formation of capital investment can be partially eliminated by both primary and secondary stock market, which leads to improvement of the economy competitiveness.
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