THE MARKET OF CORPORATE SECURITIES IN UKRAINE: ISSUANCE ACTIVITY AND DEVELOPMENT PROSPECTS IN THE MACROECONOMIC CONTEXT

Abstract

The article explores the development trends of the corporate segment of Ukraine’s stock market under conditions of economic uncertainty caused by the war, structural distortions, and ongoing economic transformation processes. The relevance of the topic stems from the insufficient use of stock market instruments to mobilize long-term capital, which limits economic growth, restricts the investment capacity of enterprises, and hampers the modernization of the national economy. The purpose of the study is to identify the key trends and barriers in the development of Ukraine’s corporate securities market, assess its potential as a driver of investment activity, and formulate policy recommendations aimed at strengthening its role within the country’s financial system. The methodological framework of the study is based on a systemic approach, structural and dynamic analysis of the stock market, and methods of economic and statistical analysis, including trend analysis, correlation analysis, and comparative assessment. The findings show that during the period 2017–2024, the corporate segment of Ukraine’s stock market exhibited unstable dynamics with a general downward trend in market activity. The main barriers identified include: fragmentation of the market infrastructure, high costs for businesses to raise capital through securities issuance, low transparency among issuers, and the weak investment appeal of Ukraine’s corporate sector in the context of the ongoing war. The practical value of the results lies in the development of a set of recommendations to stimulate the growth of the corporate securities segment. The proposed measures include increasing enterprises’ issuance activity by enhancing public financial literacy and strengthening institutional trust in the stock market. Implementing the findings of this study may contribute to improving the effectiveness of regulatory policy, encouraging long-term capital inflows into the economy, and reinforcing the role of the stock market as a tool for mobilizing financial resources for Ukraine’s post-war recovery.