Сучасний стан і тенденції розвитку фондового ринку України в умовах викликів війни та фінансової глобалізації

Abstract

Проаналізовано тенденції розвитку національного фондового ринку в умовах воєнного стану та активізації світових процесів фінансової глобалізації. Надано оцінку динаміки і структури емісій та обігу пайових і боргових цінних паперів на ринку капіталів України за останні 10 років, що довело наявність диспропорції у співвідношенні боргових та пайових фінансових інструментів, домінуючого боргового характеру фінансування Державного та місцевих бюджетів України в умовах війни. Визначено стратегічні завдання післявоєнної відбудови економіки та ринку капіталів України, обґрунтовано вектори активізації фінансово-інвестиційних процесів та інтеграції національного фондового ринку в загальносвітовий економічний простір в умовах фінансової глобалізації.

The purpose of the article is the analysis of modern trends in the development of the national stock market in the conditions of martial law and financial globalization, the justification of the strategic tasks of the post-war reconstruction of the economy of Ukraine and the key factors of the activation of financial and investment processes in the capital market for its accelerated integration into the global economic space. The main task that the national securities market must perform is, first of all, the creation of favorable conditions for attracting foreign and domestic investments in various types of stock instruments. A reliable, transparent, liquid stock market determines the investment climate in the country, informs about the development trends of various spheres of the national economy, promotes the redistribution of free capital into priority industries and projects, influences the growth of capitalization of domestic enterprises, that is, it is a kind of barometer of the economic development of the state. The article analyzes the current trends in the development of the national stock market under the conditions of martial law in Ukraine and the activation of world and international processes of financial globalization. A comparative assessment of the dynamics and structure of issues and circulation of equity and debt securities on the capital market of Ukraine over the past 10 years is given. A significant disproportion was revealed in the ratio of debt and equity financial instruments, where bonds of domestic state and local loans play a dominant role, which is mainly explained by the debt nature of financing the State and local budgets of Ukraine in wartime conditions. One of the most important strategic tasks of the post-war reconstruction of Ukraine's economy is the integration of the national stock market into global economic processes, which will increase the specific weight of foreign investment capital in the capitalization of the domestic stock market and ensure a high level of investor security. The problem of increasing the efficiency of the national stock market as a mechanism for attracting financial investments to the real sector of the Ukrainian economy is one of the key tasks of the state. In the post-war period of reconstruction of the national economy, it is necessary to increase the efficiency of all stock market participants, its liquidity, capitalization volumes, market qualities and investment attractiveness of national securities for domestic and foreign investors. The listed measures will speed up the integration of the financial and stock markets of Ukraine into the European and world financial space in the conditions of financial globalization