THE PROBLEMS OF FINANCING OF JOINT STOCK COMPANIES IN REPUBLIC OF UZBEKISTAN

Abstract

The article was substantiated features of the activities of joint stock companies (JSCs), the theoretical and economic foundations of financing JSCs through shares, was analyzed the current state of financing JSCs through shares in the Republic of Uzbekistan, was described the priority directions of financing JSCs through shares, also developed scientific and practical conclusions and proposals.

The aim of the research work is to develop  scientific proposals and practical recommendations for improving the financing of joint stock companies using shares.

Scientific novelty of the research:

1. 1. Today, in our republic, one of the main obstacles to attracting large investments through equity financing is the high share of state ownership in joint stock companies. Also, the main reason for the stagnation of shares is the irrational structure of the total share capital. Most of the shares belong to state and economic authorities (86.8% as of January 1, 2022). Reducing the share of state ownership can also have a positive impact on the development of the secondary market.
2. 2. As a priority direction of financing JSCs with a share of state or economic management bodies (blocks of shares) in the authorized capital, as a result of placing a share of state or economic management bodies (blocks of shares) through an initial public offering (IPO), it will effectively organize financing of JSCs through shares , as well as, get additional funds for JSC and attract private investors.
3. 3. As a result of the sale of a state block of shares in a joint-stock company with a share of state or economic authorities (block of shares) in the authorized capital, through a secondary public offer, the SPO will provide an opportunity to reduce the share of state ownership in the economy and develop the country's financial market.