home Finance Fіnansova restrukturizatsіya in Ukraїnі: the problem i eg - Fedosov, B. Oparіn

Fіnansova restrukturizatsіya in Ukraїnі: the problem i eg - Fedosov, B. Oparіn

Summary

Main priznachennyam іnstitutsіynoї structuring fіnansovoї Sistemi Je zabezpechennya Maximum peredumov for mobіlіzatsії, іnvestuvannya that efektivnosti vikoristannya fіnansovih resursіv. In Ukraїnі postupovo formuєtsya fіnansovogo scope of market analysis, rozvivayutsya OAO All yogo segment urіznomanіtnyuyutsya FORMS i mehanіzmi zaluchennya zaoschadzhen. However perehіdny perіod nemozhlivo zabezpechiti proportsіyny rozvitok usіh lanok. On pochatkovіy stadії formuvannya rinkovogo seredovischa perevaga tsіlkom obґruntovano bula i Pokey scho zalishaєtsya for bankіvskoyu system, yak Got uniquely vagomіshu role nіzh rinok tsіnnih paperіv.

HEAD peredumovoyu efektivnosti funktsіonuvannya fіnansovoї Sistemi Je zabezpechennya ratsіonalnogo gospodaryuvannya. In protsesі rinkovih peretvoren vіdbulasya fundamental reforms fіnansovogo mehanіzmu of companies, yaky sogodnі maximum nablizheny to drain rinkovoї Economy. Basics rinkovih peretvoren in ekonomіtsі began privatization, scho nablizhaєtsya stadії to completion. Nezvazhayuchi on bagato problems i nerealіzovanih zavdan, Won virіshila klyuchovu problem - rozderzhavlennya vlasnostі. Against pro spravzhnogo vlasnika, buyout bi zabezpechuvav efektivnosti dіyalnіst i nadіynu fіnansovu vіdpovіdalnіst, govorito slit Zara, Pokey scho oskіlki molded skorіshe admіnіstrativny kapіtal on osnovі vіdomchoї privatizatsії.

Rinkova transformatsіya fіnansіv of companies to target peredumovi vihodu on traєktorіyu ekonomіchnogo zrostannya, yak zafіksovano in 2000-2001 pp. Hoca i Tse uniquely zapіznіly, real ale nareshtі efekt reforms. Vodnochase situatsіya s zabezpechennyam real sector Economy fіnansovimi resources duzhe napruzhena, scho pid zagrozu put away the prospect of reforms i, i stabіlіzatsії ekonomіchnogo zrostannya. Tse, one s klyuchovih problems yak neobhіdno virіshuvati negayno. One іz nayvazhlivіshih napryamіv in rozv'yazannі danogo zavdannya Got Why vsebіchne spriyannya rozvitku natsіonalnogo kapіtalu i stvorennya spriyatlivogo іnvestitsіynogo klіmatu.

In protsesі rinkovoї transformatsії fіnansovoї system in Ukraїnі target dієzdatna dvorіvneva bankіvska system, yak zabezpechuє ekonomіchny sector usіma views bankіvskih poslug. Natsіonalny Bank of Ukraine vikonuє OAO All funktsії scho pokladayutsya on tsentralnі banks. For dovolі short termіn Yomou away nalagoditi nadіynu system kursoutvorennya i zabezpechennya stabіlnostі natsіonalnoї groshovoї odinitsі. Vіn rozroblyaє i realіzuє penny and credit polіtiku powers, zdіysnyuє kerіvnitstvo bankіvskoyu system. HEAD dosyagnennya polyagaє in fact scho Yomou vdaєtsya practical zavzhdi kontrolyuvati situatsіyu on penny market analysis power. Komertsіynі banks povnіstyu pereyshli on rinkovі fun- dіyalnostі. Reigning vodnochase vpliv on їh funktsіonuvannya, Hoca i zmenshuєtsya, ale slit dosit vіdchutny.

The main problem bankіvskoї system scho naybіlshe vplivaє i on funktsіonuvannya usієї fіnansovoї system Yea Wkra Slabko її resource base. Perevazhna bіlshіst komertsіynih bankіv (68%) toil neznachnі rozmіri Paid statutory kapіtalu - up to 5 million dollars. USA. Zagalny resource potentsіal bankіvskoї system becomes deprivation blizko 6 billion USD, scho simply require ukraїnskoї neporіvnyanne s Economy. Vodnochase vіdbuvayutsya pozitivnі strukturnі zrushennya in resource potentsіalі. So, Pete Wagga vkladіv fіzichnih osіb dosyagla at 2001 p. Porіvnyano 43% of 14% in 1995 p., Scho vіdbivaє sailed resursіv real, SSMSC ranіshe perebuvali for mezhami bankіvskoї system.

Main directly vkladennya mobіlіzovanih resursіv Je kredituvannya - at 2001 p. 83%. Prote tse pov'yazano not stіlki s pragnennyam zabezpechiti fіnansovі require Economy, skіlki s nerozvinenіstyu fіnansovogo market analysis - іnshih mozhlivostey vkladati groshі at sutі, i Absent. Characteristically risoyu credit market analysis Ukraine Yea all slit dovolі visokі protsentnі rates - in 2000 r. serednozvazhena oblіkova NBU rate becomes 30.6%, and 2001 p. - 19.7%, the rates for loans komertsіynih bankіv vіdpovіdno 40.3% to 31.9%. When tsomu ustanovlyuєtsya Visokiy rіven marzhі: rіznitsya mіzh interest rates for loans i for deposits in 2001 p. It becomes 16.2%. Podіbna situatsіya pov'yazana obmezhenimi s turnover, if the main chinnikom formuvannya pributku Je not obsyag nadanih kreditіv and margin. Vodnochase install stіyka tendentsіya to znizhennya i interest rate, i bankіvskoї marzhі. So, s Lipnya 2002 p. oblіkova rate NBU has been viewed vstanovl ene rozmіrі 8%.

Formuvannya Rinku tsіnnih paperіv in Ukraїnі in perіod transformatsії fіnansovoї system on vіdmіnu od іnshih її warehouses, pochinalosya s practical zero. Nezvazhayuchi on tse, for p'yat rokіv udalosya stvoriti samy rinok yak, so i for yogo neobhіdnu funktsіonuvannya іnfrastrukturu. Bezumovno, Pokey scho Tsei rinok duzhe obmezheny i malopotuzhny, ale vіn postіyno rozvivaєtsya i yogo role zrostaє. Ninі on market analysis tsіnnih paperіv perevazhayut fіnansovі vekselі (bіlshe half obsyagu torgіv) i aktsії (Troch less then 1/3). INSHI іnstrumenti - depozitnі, oschadnі th іnvestitsіynі sertifіkati, oblіgatsії of companies i Reigning pozik - vіdіgrayut Neznachny role. Sam Pokey scho rinok perevazhno vikonuє nevlastivі Yomou funktsії virіshennya problemi neplatezhіv (fіnansovі vekselі) i formuvannya and takozh pererozpodіlu vlasnostі in protsesі privatizatsії. The major railway funktsіya - mobіlіzatsіya fіnansovih resursіv realіzuєtsya Slabko.

Klyuchovu role on market analysis tsіnnih paperіv vіdіgrayut aktsії, Hoch stink i do not Pokey scho posіdayut provіdnogo Georeferencing. Obsyagi aktsіonernogo kapіtalu in nomіnalnomu i, i in porіvnyannomu obchislennі (s urahuvannyam znetsіnyuvannya іnvestitsіy unaslіdok іnflyatsії) neuhilno zrostayut yak at rezultatі rozvitku privatizatsії so i zaluchennya resursіv through dodatkovі emіsії aktsіy. Perevazhna Chastina aktsіonernogo kapіtalu - Ponad 90% - in kontsentruєtsya nefіnansovomu sektorі.

Organіzovany rinok tsіnnih paperіv in Ukraїnі ohoplyuє deprivation 7% yogo obsyagіv. Vіn vklyuchaє 7 Stock bіrzh i-2 torgovelno іnformatsіynі system. The I Hoca on whether Money Does Rinku Got Booty konkurentsіya, podіbna infrastructure simply nabagato perevischuє neznachnі scale of the market analysis. Pervin rinok obslugovuyut perevazhno bіrzhі, vtorinny - torgovelno-іnformatsіynі system to SSMSC zagalom pripadaє bіlshe half organіzovanogo market analysis. Podіbnі strukturnі proportsії pov'yazanі s tim, scho bagato sub'єktіv Rinku Pokey scho yogo protidіyut vіdkritostі, boyachis zagubiti control Rukh aktsіonernogo kapіtalu. For p'yat rokіv target dosit nadіyna obslugovuyucha infrastructure - sformovanі іnstitutsії profesіynih torgovtsіv, reєstratorіv i target Natsionalna depository system. Vazhlivu role in tsomu protsesі on Pochatkova etapі vіdіgrali komertsіynі banks.

HEAD zavdannyam away rozvitku Rinku tsіnnih paperіv Je yogo nasichennya real goods - Paper the tsіnnimi, SSMSC will vіlno prodavatsya i kupuvatisya for prozorostі funktsіonuvannya Rinku i Zahist іnteresіv drіbnih іnvestorіv. Neobhіdna optimіzatsіya structuring market analysis for vsіma directly for species i fіnansovih іnstrumentіv for spіvvіdnoshennyam yak mіzh organіzovanim i neorganіzovanim Rink, so i mіzh bіrzhovim pozabіrzhovim obіgom i, i for Economy sectors.

Process formuvannya insurance market analysis of Ukraine MAP nestіyky character - spochatku strіmke zrostannya chiselnostі INSURANCE kompanіy, potіm nastіlki Well digit їh skorochennya. Fіnansova crisis i rozvitok konkurentsії led to stvorennya vіdnosno dієzdatnih (naskіlki tse mozhlivo in the minds of Ukraine) insurance kompanіy. Obsyagi insurance market analysis rozvivayutsya dosit stabіlno. Together s note Pokey scho tse one іz naybіlsh obmezhenih segmentіv fіnansovogo market analysis. Strahovі platezhі vіdnosno GDP falls into kіnets 2001 p. Troch bіlshe 1%. In the insurance tsіlomu rinok ohoplyuє less then 10% of the insurance rizikіv.

Nedostatno obґruntovanimi Je proportsії in vikoristannі INSURANCE platezhіv. In 2000 r. strahovі viplati perevischuvali strahovі platezhі bіlshe nіzh in 5 razіv. Tse pov'yazano s formuvannyam digit INSURANCE rezervіv, SSMSC at 2.4 times perevischuvali strahovі viplati. Podіbna situatsіya scho pov'yazana s zavischennyam INSURANCE tarifіv, stole negatively poznachaєtsya on rozvitku insurance market analysis.

Suttєvі zmіni vіdbulisya in strukturі INSURANCE poslug. Digit skoroti role dobrovіlnogo Osobowa strahuvannya, yak at seredinі 90 rokіv ohoplyuvalo bilja half Rinku i for insurance payments, i for viplatami, and ostannі Rocky - less then 1/10 of the insurance payments i less then 1/3 of the insurance viplatami. When tsomu іstotno pіdvischilasya role dobrovіlnogo Mainova strahuvannya, yak ninі perevischuє obsyagom 2/3 of the insurance becoming platezhіv i mayzhe half of the insurance viplatami.

Stabіlіzatsії insurance market analysis Ukraine spriyaє rozvitok Sistemi reinsurance. In 2000 r. Bulo reinsured bilja half vsіh rizikіv. Especially vazhlivim stabіlіzuyuchim chinnikom Bulo those scho mayzhe chvert usіh rizikіv bula taken on itself perestrahovikami non-resident. One s klyuchovih zavdan rozvitku insurance market analysis Je formuvannya yogo іnfrastrukturi - rozvitok Sistemi poserednitskih poslug through insurance brokerіv i stvorennya rating agentsіy.