PROBLEMS OF THE RINK OF CORPORATE COLLECTIVE PAPERS AS AN EFFECTIVE INVENTOR OF FINANCING OF FINANCIAL RESOURCES

Abstract

Reliable financial instruments to attract long-term financial resources for the purpose of production modernization, capacity building and replenishment of working capital are the issue of corporate bonds and shares of enterprises. By the amount of attracted funds (except loans and promissory notes) in developed financial markets, companies issue medium- and long-term loans in the form of bonds loans in about 50–80% of the amount of attracted funds. For today as basic investors the Ukrainian commercial banks come forward at the market of corporate securities. By them merchants, insurance companies, non-residents, physical persons and other, follow securities the Best companies of financial sector in 2002 were such: 82.4% are commercial banks; 17,6% are merchants securities. But only with arrival to the market of corporate bonds of insurance companies, institutes of the general investing (in accordance with ЗУ "About ІСІ "), with bringing in of physical persons the market of corporate bonds will pass to new, more quality level and will get around the level of development of analogical markets in the developed countries. The market of corporate securities in Ukraine comes forward as inalienable part of the system of bringing in of capital in the real sector of economy. During the last decades there were different tendencies in functioning of this market segment – from the sharp getting up to complete stagnation that gives an opportunity to draw conclusion in relation to dependence of market of corporate securities on general economic factors. As reason of it the unevenness of issuers distribution comes forward in relation to industries of national economy, in particular, the considerable part of securities, issued by a financial sector and building companies under the action of positive dynamics in an economy, provoked the increase of volumes of financial operations at the market, and at the offensive of the system crisis phenomena, opposite, rapid outflow of capital. By an exit from this situation introduction of branching can become for rating borrowers at the corporate market in the cut of industries that is most struck from the vibrations of economy.