Майборода А.Ю (студентка денного
відділення інституту обліку і фінансів)
Черток Н.А. (старший викладач кафедри
іноземної мови)
Донецький національний університет економіки і торгівлі
імені Михайла
Туган – Барановського
THE DEVELOPMENT OF THE STOCK MARKET IN
UKRAINE: THE PROBLEMS AND THE PERSPECTIVES IN THE FUTURE
Nowadays the stock market begins to take an outstanding place in economy
of Ukraine, but crisis situation doesn’t give possibility to develop more
effectively. That is why the aim of
our research is to observe the history of the stock market and try to analyse
the condition of the stock market today in the finance market of Ukraine.
First of all try to monitor the history development of the stock market. As we know the history of the world stock market is
several hundred years old, but Ukraine’s stock market came into existence only
15 year ago. Its history began when Ukraine became independent in 1991, adopted
the Law “On Securities and Stock market” and established Ukrainian Stock
Exchange.
When the privatization process began, it stimulated the development of
the sock-market. In spring 1992, Verkhovna Rada (Parliament) of Ukraine adopted
the legislation that lay the foundation for privatization. Main volume of
certificate privatization was implemented in 1995-1999. Monetary privatization
also was happening in parallel. At that time Ukraine began using the
privatization via sales on stock exchange. State Property Fund sold the shares
of public corporations through Ukrainian Stock Exchange. Stock exchange sales
invigorated the activities of the stock market and allowed the determination of
actual market price of the privatized state property.
In 1995-2000, State Property Fund sold 2,965 share holdings through
traders. In 1995, only 50 share holdings were sold at the stock exchange, while
in 1998, their number increased to 762. Over the year 1999, the number of sold
share holdings equaled 629, and in 2000 – 515. In 1997, the average cost of a
sold share holding was 114 thousand hryvnias. In 1998, it increased by 2.5
times. In 1999, average share holding sold at the stock exchange cost 474
thousand hryvnias, and in 2000 – 1457 thousand hryvnias, which is 3.1 times
more than in 1999. (Today’s exchange rate: 5 hryvnias = 1 US dollar).
Debt securities market including corporate bonds also develops
dynamically. As compared to shares issue, loans in the form of bonds have
certain advantages. Corporate bonds allow companies to access capital market
without changing ownership or redistributing property.
Other main reasons of the increase of the volume of issued corporate
bonds over the past years included the following circumstances. First of all,
the situation on credit market improved primarily due to the decrease of the
National Bank’s rate and the ensuing decrease of credit funds costs. This
improvement stimulated the interest of enterprises to the cheaper loan funds
rather than promoted corporate binds as stock market instrument.
At the same time, the issue of corporate bonds also increased – from
0.07 billion hryvnias in 2000, to 8.9 billion hryvnias in 2005. Almost a half
the corporate bonds issued in 2005, is represented by the binds issued for
financing of residential construction in Ukraine, due to the ban on the use of
investment contracts for funds borrowing in this sphere.
In conclusion we would like to say, that all mentioned
problems should solved by the creation of the reability acting mechanism of
control, by improvemental legal base,
by control of reability of the information, which given by the issuers and
people, who carry out professional activity on a capital market.