BUSINESS INFORM №12-2016

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Section: Finance, Money Circulation and Credit
UDC 336.011;336.012.23
Stetsko M. V.
On the Issue of Formation of the Capital Market in Ukraine (p. 193 - 199)
The article is aimed at determining the major causes of the extremely unsatisfactory functioning of the capital market in Ukraine and substantiating the necessary conditions for its launch. It has been determined that functioning of the capital market should be researched through the prism of the informational efficiency (in the perception of E. Fama). It has been proven that since the time point of the formal establishment of the national stock market it was characterized by the complete information inefficiency and the actual refusal of functioning of the market mechanisms. The cause leading to its actual destruction is the functional inconsistency of institutions of the market infrastructure along with the State regulator. The article defines priorities that should be addressed for formation of the effective capital market: launch of the full-fledged activities by the regulator (National Securities and Stock Market Commission), which implies bringing its competences in line with the IOSCO principles, and the appropriate legislative provision; reforming the legislation in the sphere of joint-stock companies and securities towards adapting it to the requirements of the European directives; clearing the stock market infrastructure from the unscrupulous offerers of services; cleaning the market from the fictitious securities. A sine qua non for implementing these tasks is reducing the information asymmetry at all levels of functioning of the market and ensuring the informational transparency for all market participants.
Keywords: information efficiency of the capital market, capital allocation, purifying the securities market, market failure, information asymmetry
Tabl.: 1. Bibl.: 18.

Stetsko Mykola V. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance Entities and Insurance, Ternopil National Economic University (11 Lvіvska Str., Ternopil, 46020, Ukraine)
Email: [email protected]

Article is written in Ukrainian
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Reference to this article:
Stetsko, Mykola V. (2016) “On the Issue of Formation of the Capital Market in Ukraine.” Business Inform 12:193–199.

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