home Finance Fіnansi (Teorіya that vіtchiznyana practice) - Kirilenko OP

Fіnansi (Teorіya that vіtchiznyana practice) - Kirilenko OP

1.4. Stock RINOK

Mobilizatsiya i pererozpodil finansovih resursiv minds in market analysis vidbuvaєtsya finansovomu on market analysis, yaky skladaєtsya s dvoh warehouses:

Rinku tsinnih paperiv (Stock market);

Rinku bankivskih pozik.

Rinok tsіnnih paperіv (RICs), in its Cherga, podіlyaєtsya on Pervin rinok tsіnnih paperіv that vtorinny rinok tsіnnih paperіv (div. Fig. 1).

On Pervin Rinku vіdbuvaєtsya mobіlіzatsіya fіnansovih resursіv Shlyakhov emіsії tsіnnih paperіv that їh Pervin rozmіschennya. On vtorinnomu Rinku tsіnnih paperіv pass pererozpodіl fіnansovih resursіv mіzh Galuzo dіyalnostі through kupіvlyuprodazh tsіnnih paperіv on fondovіy bіrzhі s Relief fіnansovih poserednikіv - dilerіv, brokerіv.

Fig. 1. Warehouse Rinku tsіnnih paperіv

In the minds rinkovoї ekonomiki pererozpodil finansovih resursiv zdiysnyuєtsya bunt rank through finansovy rinok, perevagi such pererozpodilu polyagayut from the following:

1) uniquely skorochuyutsya line neobhidni for zaluchennya koshtiv;

2) zminyuєtsya vidnoshennya to finansovih resursiv, mobilizovanih through finansovy rinok, zrostaє zatsikavlenist in їh ratsionalnomu vikoristanni;

3) Process pererozpodilu finansovih resursiv vklyuchayutsya, krim timchasovo vilnih koshtiv Yurydychna osib, i Costa population.

Stock rinok Ukraine znahoditsya in stadїї formation. The I Pokey scho nedostatnіm Je rіven organіzatsіynoї oformlenostі bіrzhovogo i pozabіrzhovogo Rinku tsіnnih paperіv, zakonodavcho not vregulovano stvorennya i funktsіonuvannya okremih іnstitutіv Stock market. Tempi formuvannya Rinku tsіnnih paperіv vіdstayut od tempіv Venue of privatizatsії. No i do not rozroblenі pratsyuyut mehanіzmi Zahist іnvestorіv scho galmuє zaluchennya іnvestitsіy ekonomіku in Ukraine. Pereshkodoyu for rozvitku Stock market Je vіdsutnіst in bіlshostі vіtchiznyanih torgovtsіv tsіnnimi Paper the dostatnіh Vlasnyi koshtіv robot i at Pervin, Especially on market analysis vtorinnomu tsіnnih paperіv.

In such minds nedostatnogo rozvitku that pravovoї nevregulovanostі Stock market of Ukraine sposterіgaєtsya tendentsіya vіdtoku digit paketіv aktsіy іnvestitsіyno privablivih ob'єktіv to іnozemnih іnvestorіv.

To dwellers stock rinok spriyav rozvitku Economy, zabezpechuvav neobhіdnі minds for іnvestitsіy, yogo funktsіonuvannya bazuvatisya guilty on the following principles:

- Sotsіalnoї spravedlivostі, yak zabezpechennya stvorennya rіvnih mozhlivostey minds that sproschennya access to rinok fіnansovih resursіv, prevent diskrimіnatsії rights i freedoms sub'єktіv tsіnnih paperіv market analysis;

- Nadіynostі Zahist іnvestorіv, yak stvorennya sotsіalnopolіtichnih, ekonomіchnih, legal minds for realіzatsії іnteresіv sub'єktіv Stock market is the zabezpechennya Zahist їh Mainova rights;

- Regulovanostі, yak i stvorennya gnuchkoї efektivnoї Sistemi regulyuvannya Stock market;

- Kontrolnostі, yak zabezpechennya such mehanіzmu oblіku i control zapobіgav yaky bi i poperedzhuvav zlovzhivannya that zlochinnіst on market analysis tsіnnih paperіv;

- Efektivnostі, yak maksimalnoї realіzatsії potentsіynih mozhlivostey Stock market on the one mobіlіzatsії rozmіschennyufіnansovih resursіv in spherical perspektivnі that the Branch Economy, Szo spriyatime її rozvitku that zadovolennyu potreb population;

- Pravovoї uporyadkovanostі, yak stvorennya neobhіdnoї pravovoї іnfrastrukturi for zabezpechennya funktsіonuvannya Stock market, yak bude chіtko reglamentuvati dіyalnіst yogo sub'єktіv;

- Prozorostі, vіdkritostі, yak zabezpechennya nadannya іnvestoram povnoї Informácie, scho minds stosuєtsya Key infrastructure that obіgu tsіnnih paperіv, glasnostі fіnansovo-gospodarskoї dіyalnostі emіtentіv, prevent viyavіv diskrimіnatsії sub'єktіv Stock market;

- Konkurentnostі, yak zabezpechennya Svobody pіdpriєmnitskoї dіyalnostі for іnvestorіv, emіtentіv, rinkovih poserednikіv, stvorennya minds for zmagannya for vigіdne rozmіschennya vіlnih fіnansovih resursіv, vstanovlennya on a non-exclusive tsіn Hotel poserednikіv, control dotrimannyam rules dobrosovіsnoї konkurentsії.

Power zdіysnyuє regulyuvannya rozvitku Stock market of Ukraine, for tsogo stvoreny spetsіalny Reigning body pіdporyadkovany President of Ukraine that Ukraine pіdzvіtny Verhovnіy Radі Derzhavna front fee s tsіnnih paperіv is the Stock market.

Main tsіlyami sovereign regulyuvannya RIC Je:

realіzatsіya єdinoї derzhavnoї polіtiki in sferі Key infrastructure that obіgu tsіnnih paperіv that їh pohіdnih;

stvorennya minds for efektivnoї mobіlіzatsії that rozmіschennya uchasnikami RIC fіnansovih resursіv s urahuvannyam іnteresіv suspіlstva;

obsession uchasnikami RIC information The Minds Key infrastructure that obіgu tsіnnih paperіv, result-fіnansovo gospodarskoї dіyalnostі emіtentіv, obsyagi i s character of the site is the tsіnnimi Paper the іnshoї Informácie scho vplivaє on formuvannya tsіn on RICs;

zabezpechennya rіvnih mozhlivostey to access emіtentіv, іnvestorіv i poserednikіv on RICs;

garantuvannya rights vlasnostі on Paper the tsіnnі;

іntegratsіya in єvropeysky that svіtovy fondovі markets Agricultural Art;

dotrimannya uchasnikami RIC vimog aktіv zakonodavstva;

zapobіgannya monopolіzatsії that stvorennya minds rozvitku dobrosovіsnoї konkurentsії on RICs;

control prozorіstyu that vіdkritіstyu RICs. The main forms of sovereign regulyuvannya Stock market Yea: of acceptance zakonodavchih aktіv, regulyuvannya obіgu Key infrastructure that tsіnnih paperіv, vidacha lіtsenzіy on zdіysnennya profesіynoї dіyalnostі to RICs in Registration emіsії tsіnnih paperіv, control funktsіonuvannya Stock market is the іn.

In the market analysis of Ukraine finansovomu mozhut obertatisya nastupnі Vidi tsinnih paperiv:

1) aktsії;

2) obligatsiї vnutrіshnіh that zovnіshnіh Reigning pozik;

3) oblіgatsії mіstsevih pozik;

3) oblіgatsії pidpriєmstv;

4) kaznacheyski zobov'yazannya respublіki;

5) oschadni sertifikati;

6) іnvestitsіynі sertifіkati

7) vekselі;

8) Paper the privatizatsіynі.

Aktsії - tse payovі tsіnnі Papero, SSMSC not toil vstanovlenogo obіgu line. Zasvіdchuyut about the fate of at statutory fondі aktsіonernogo tovaristva, about membership aktsіonernomu tovaristvі is the right to participate in upravlіnnі him. Aktsії entitle їh vlasnikam on obsession chastki pributku in viglyadі divіdendu and takozh to participate from rozpodіlі lane at lіkvіdatsії aktsіonernogo tovaristva.

Aktsії shaping can Buti іmennimi de vkazuєtsya vlasnik i yogo rekvіziti and takozh on sight 'Yavnik de takі vіdomostі not vkazuyutsya. Krіm, in zalezhnostі od chergovostі viplati income i right to participate in upravlіnnі aktsіonernim tovaristvom, aktsії shaping can Buti: Just that privіleyovanimi.

Privіleyovanі aktsії give vlasnikovі perevazhne right to obsession divіdendіv on otrimannya Chastain Lane aktsіonernogo tovaristva in razі yogo lіkvіdatsії. Prote vlasniki Tsikh aktsіy not take uchastі in upravlіnnі tovaristvom. Vlasniki simply aktsіy otrimuyut divіdendi in rozmіrah scho viznachaєtsya kіntsevimi the results Robots tovaristva for Year, and takozh take fate in upravlіnnі aktsіonernim tovaristvom.

Oblіgatsії vnutrіshnіh that zovnіshnіh Reigning pozik - tse borgovі tsіnnі Papero, SSMSC toil obmezheny obіgu lines. Zasvіdchuyut introduced nya vlasnikom oblіgatsії penny koshtіv i pіdtverdzhuyut zobov'yazannya vіdshkoduvati Yomou nomіnalnu vartіst tsogo tsіnnogo Paper the lines in peredbacheny s viplatoyu fіksovanogo percent.

Oblіgatsії zovnіshnіh Reigning pozik rozmіschuyutsya on mіzhnarodnih that іnozemnih Stock market, stink pіdtverdzhuyut zobov'yazannya Ukraine vіdshkoduvati pred'yavnikam Tsikh oblіgatsіy їh nomіnalnu vartіst s viplatoyu income vіdpovіdno to drain oblіgatsіy Key infrastructure. Oblіgatsії vipuskayutsya interest, discount; Buti shaping can abo іmennimi on pred'yavnika; s abo vіlnim obmezhenim obіgu stake. Oblіgatsії zovnіshnіh Reigning pozik Ukraine oplachuyutsya viklyuchno in konvertovanіy valyutі. Groshovі Costa, oderzhanі od rozmіschennya danih oblіgatsіy spryamovuyutsya viklyuchno to Sovereign Budget of Ukraine.

For the People's Mіstsevі deputatіv abo for їh rіshennyami INSHI organic mіstsevogo samovryaduvannya vіdpovіdnostі have to sedate zakonodavstva mozhut vipuskati oblіgatsії mіstsevih pozik.

Pіdpriєmstva vsіh forms vlasnostі, ob'єdnannya, gospodarskі tovaristva mozhut vipuskati oblіgatsії of companies, SSMSC takozh Je borgovimi tsіnnimi s obmezhenim Paper the minds of-line Key infrastructure obіgu i viplatoyu income. Oblіgatsії of companies do not entitle їh vlasnikam to participate in upravlіnnі pіdpriєmstvom.

Kaznacheyskі zobov'yazannya respublіki - tse tsіnnі on Paper the pred'yavnika, SSMSC rozpovsyudzhuyutsya on dobrovіlnih ambushes Sered population. Adding Zasvіdchuyut їh vlasnikom koshtіv penny to budget i are entitled to the income of obsession. Vіdmіnnostі kaznacheyskih zobov'yazan od oblіgatsіy Reigning pozik polyagayut from the following: - kaznacheyskі zobov'yazannya rozpovsyudzhuyutsya viklyuchno Sered population;

- Viplata income zdіysnyuєtsya fіksovanih in percentage; Key infrastructure methyl kaznacheyskih zobov'yazan Je pokrittya

defіtsitu budget.

Oschadnі sertifіkati - tse pismove svіdotstvo bank about deponuvannya penny koshtіv, yak about svіdchit right vkladnika on obsession pіslya obumovlenogo line on deposit i protsentіv nomu.

Oschadnі sertifіkati buvayut іmennі i on pred'yavnika. Krіm of stink buvayut string - vidayutsya on Pevnyi lines pid Pevnyi dogovіrny percent and takozh to zapitannya.

Іnvestitsіynі sertifіkati tsіnnі Papero, SSMSC vipuskayutsya viklyuchno іnvestitsіynimi funds abo іnvestitsіynimi kompanіyami; stink entitle vlasniku otrimannya on income from viglyadі divіdendіv. Іnvestitsіynі sertifіkati shaping can Buti іmennimi that on pred'yavnika.

Bill, yak tsіnny Papir, zasvіdchuє bezumovne penny zobov'yazannya vekseledavtsya splatiti pіslya nastannya viznachenu string bag of pennies bills vlasniku (vekseleutrimuvachu). Vekselі buvayut dvoh vidіv: prostі that perekaznі.

Privatizatsіynі tsіnnі Paper the tse Especially views Reigning tsіnnih paperіv, SSMSC zasvіdchuyut right vlasnika on bezoplatnoy obsession in protsesі privatizatsії chastki Lane Reigning of companies, zhitlovogo sovereign fund, the land fund. Privatizatsіynі Paper the shaping can Buti tіlki іmennimi.

Meals for zakrіplennya materіalu samostіynoї that works:

1. Shcho Takeo "fіnansovy rinok" that SSMSC yogo skladovі?

2. Yaku role vіdіgraє fіnansovy rinok in mobіlіzatsії that peperozpodіlі fіnansovih resursіv?

3. Problems of formation i rozvitku Stock market of Ukraine.

4. Describe the one nazvіt spherical zastosuvannya mainly vidіv tsіnnih paperіv, scho shaping can obertatisya on market analysis tsіnnih paperіv Ukraine.

5. SSMSC tsіlі that methodical sovereign regulyuvannya funktsіonuvannya Rinku tsіnnih paperіv?

Zapam'yatayte values ​​termіnіv the following:

• Fіnansovy rinok

• stock rinok

• Aktsії

• Oblіgatsії

• Kaznacheyskі zobov'yazannya

• Oschadnі sertifіkati

• Vekselі