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DAVLAT ISHTIROKI MAVJUD KORXONALARDA QIMMATLI
QOGʻOZLAR AMALIYOTI TAHLILI
Axmedov Xasan
Toshkent davlat iqtisodiyot universiteti
Annotatsiya:
Ushbu maqolada davlat ishtiroki mavjud korxonalar qimmatli
qogʻozlari amaliyoti bilan operatsiyalarni oʻrganishning dolzarbligi, mohiyati va
ahamiyati turli iqtisodchi olimlarning fikr-mulohazalari asosida yoritilgan. Davlat
ishtirokidagi korxonalar qimmat
li qogʻozlarini tahlil qilishda foydalanilgan tadqiqot
usullariga toʻxtalib oʻtilgan. Davlat ishtirokidagi korxonalar qimmatli qogʻozlarini
oʻrganishda davlatning korxonalar faoliyatiga ta’siri tadqiq qilingan boʻlib, xalqaro
amaliyotda yirik kompaniyalarda davlat ishtiroki hududlar kesimida tahlil qilingan.
Shuningdek, mamlakatimizda davlat ishtirokidagi korxonalarning qimmatli qogʻozlari
bilan operatsiyalari tijorat banklari misolida oʻrganilgan. Davlat ishtirokidagi
korxonalarning qimmatli qogʻozlar bilan bogʻliq operatsiyalari boʻyicha ilmiy
xulosalar berilgan.
Tayanch soʻzlar:
davlat ishtiroki mavjud korxonalar, xususiy korxonalar,
qimmatli qogʻozlar, aksiya, obligatsiya.
АНАЛИЗ ПРАКТИКИ ЦЕННЫХ БУМАГ НА СУЩЕСТВУЮЩИХ
ПРЕДПРИЯТИЯХ С ГОСУДАРСТВЕННЫМ УЧАСТИЕМ
Ахмедов
Хасан
Ташкентский Государственный Экономический Университет
Аннотация:
В данной статье подчеркивается актуальность, характер и
важность изучения сделок с практикой ценных бумаг государственных
предприятий на основе мнений различных экономистов. Обсуждаются методы
исследования, используемые при анализе ценных бумаг государственных
предприятий. При исследовании ценных бумаг предприятий с государственным
участием изучалось влияние государства на деятельность предприятий, а в
международной практике анализировалось участие государства в крупных
компаниях по регионам. Также на примере коммерческих банков были изучены
операции с ценными бумагами государственных предприятий в нашей стране.
Даны научные выводы по операциям с ценными бумагами государственных
предприятий.
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Ключевые слова:
государственные предприятия, частные предприятия,
ценные бумаги, акции, облигации.
ANALYSIS OF SECURITIES PRACTICE IN EXISTING ENTERPRISES
WITH STATE PARTICIPATION
Akhmedov Khasan
Tashkent State University of Economics
Abstract:
In this article, the relevance, nature and importance of studying
transactions with the practice of securities of state-owned enterprises is highlighted
based on the opinions of various economists. The research methods used in the analysis
of securities of state-owned enterprises are discussed. In the study of securities of
enterprises with state participation, the influence of the state on the activities of
enterprises was studied, and in international practice, state participation in large
companies was analyzed by region. Also, transactions with securities of state-owned
enterprises in our country were studied on the example of commercial banks. Scientific
conclusions on securities operations of state-owned enterprises are given.
Keywords: state-owned enterprises, private enterprises, securities, shares,
bonds.
INTRODUCTION
Today, state participation in corporate structures is one of the important aspects
affecting their level of development. If we pay attention to the practice of developed
and developing countries, we can see that the participation of the state in corporate
structures is different. In particular, this indicator is at a relatively low level in
developed countries due to the fact that development is based on private ownership,
while in developing countries, this indicator is relatively high due to the fact that
private ownership is not fully formed, and the mechanisms for regulating and
improving the efficiency of corporate structures have not been fully developed by the
state.
In the practice of our country, we can see that a large part of the total capital of
joint-stock companies belongs to the state. Studying and analyzing securities
operations of state-owned enterprises helps to determine the role of state-owned
enterprises, existing obstacles and problems in the development of the securities
market in our country. For this reason, it is important to study the securities operations
of state-owned enterprises in our country.
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REVIEW OF LITERATURE ON THE SUBJECT
When studying the securities of state-owned enterprises, attention was paid to
the opinions of a number of economists. It was noted by Alexander Abramov,
Alexander Radygin, Maria Chernova that state enterprises include companies that are
directly and indirectly owned by the state and that differ significantly in terms of
efficiency... it is advisable to privatize the shares of the enterprises concerned. This
problem can be solved in several ways, in particular, applying the principles of
corporate governance in state-owned enterprises, increasing the level of corporate
governance in state-owned enterprises, strengthening the monitoring of the activities
of state-owned enterprises by state agencies, setting target indicators for management
groups to reduce costs and increase the efficiency of companies [1].
A group of economists pointed out that the influence of state-owned enterprises
on economic growth is crucial, saying that it depends on the level of institutional
quality, which reflects the internal socio-economic environment: the better the
institutional environment of state-owned enterprises, the higher the overall efficiency
of state-owned enterprises. Will be high [2].
According to Jeremy Schwartz, SOEs are generally defined as companies that
are wholly or partially owned or controlled by the government. According to some
investors, state ownership of enterprises can have a negative impact on the company's
operational aspects, because state-owned companies can be influenced by a wide
range of interests other than profit for shareholders [3].
There are very few state-owned companies in the markets of developed
economies such as the USA, Europe, and Japan, and the practice of public placement
of shares gives corporations the opportunity to conduct their business without direct
government intervention. In the developing markets of countries such as China and
Russia, there are many large state-owned enterprises, that is, there are many joint-
stock companies partially owned by the state in the domestic markets.
Such a system is a source of risk for the economy, because the state can put
pressure on these companies to prioritize the interests of the state over the interests of
other shareholders [4].
Shares representing the state share are also issued by state enterprises and
owned by state enterprises. When a state enterprise issues securities, part of it is held
by a state organization or a holding company authorized by the state [5].
RESEARCH METHODOLOGY
Methods such as comparison, induction, deduction, analysis, and synthesis
were used in the study and analysis of securities transactions of state-owned
enterprises.
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ANALYSIS AND RESULTS
Today, we can see that the participation of the state in corporate structures is
different in the countries of the world. If this share is small in developing countries,
we can observe that this share is high in companies in developing countries. If we
analyze the structure of the largest companies in the world, we should note that these
State owned equity securities also include state-owned shares, institutions and the
context of JSCs’ field of activity (Table 1).
Table 1
Shareholders structure of “Ipoteka-bank” ATIB as of 01.01.2024
[6]
List of shareholders
Share in the
charter capital, %
1
OTP Bank Plc.
79,58%
2
Ministry of Economy and Finance of the Republic of
Uzbekistan
19,14%
3
Other legal entities (number of shareholders – 4,627)
0,95%
4
Natural persons (number of shareholders – 14,950)
0,33%
Authorized capital (total number of shareholders -
19,579)
3 834 217 638 941
In this table, we can see the structure of the main shareholders of “Ipoteka-bank”
ATIB as of 01.01.2024. OTP Bank Plc owns the majority of shares with 79.58 percent.
Corresponds to the share. The percentage of shares received by individuals is the lowest
in the table. The total number of shareholders is 19 579. And when it comes to the
number of shares created is 3 834 217 638 941.
Table 2
Shareholders structure of “Ipoteka-bank” ATIB as of 01.01.2024
[7]
Authorized capital
100%
1
natural persons
0,33%
2
legal entities
99,67%
And this table above illustrates the order in which shares are divided between
individuals and legal entities. The share of individuals here is too low, less than 1%.
But more than 99 percent of shares belong to legal entities.
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Table 3
“Ipoteka-bank” ATIB bonds
[8]
List number
№R0845, 2010 year 19 march
№R0845
-2, 2012 year
6 december
Type, type and form
of issuance of
securities
Interest-bearing undocumented
corporate bonds bearing the
owner's name
Interest-bearing
undocumented
corporate bonds bearing
the owner's name
Status
Turned off
Turned off
Rating
-
-
Nominal value and
number of securities
10 000 000 sum/500
10 000 000 sum/500
The total volume of
the issue (Uzbek
soums)
5 000 000 000,00
5 000 000 000,00
Placement method
Open subscription
Open subscription
Deployment period
April 9, 2010 - March 25, 2011
December 28, 2012 -
December 6, 2013
Expired date
April 2, 2015
December 21, 2017
Processing time, days
1820 days (5 year)
1820 days (5 year)
Issue price
On the first day of the first and
second interest period - nominal
value;
On other days - the sum of
nominal value of bonds and
accumulated interest income;
On the first day of the
first, second, third and
fourth interest period -
nominal value;
On other days - the sum
of nominal value of
bonds and accumulated
interest income;
Coupon
Refinancing rate of the Central
Bank of the Republic of
Uzbekistan
The refinancing rate of
the Central Bank of the
Republic of Uzbekistan
is minus one percent
Principal repayment
The bonds will be redeemed at
the end of the term
The bonds will be
redeemed at the end of
the term
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From this table it can be seen that “Ipoteka-bank” ATIB bonds are compared in
various categories. For instance, the category for Nominal value and number of
securities is the same in both periods. Changes in categories can be seen in the expired
dates, value of emission and coupon.
Table 4
International bonds of “Ipoteka-bank” ATIB
[9]
International
Securities
Identification
Number (ISIN)
XS2260457754
XS2331929963
Emission level
Without priority
provision
Without priority provision
Status
On process
On process
Format
Reg S
Reg S
Emission rating
S&P: BB- and Fitch:
BB-
Fitch: BB-
Currency
US dollar
Uzbek soum
Denomination
200 000 US dolls.
2 500 000 000 soums
The total volume of
issue
300 mln. US dollar
785 billion Uzbek soums
(equivalent to 75 million US
dollars)
Placement method
Open subscription
Close subscription
Deployment period
November 19, 2020
April 16, 2021 and.
Expiry date
November 19, 2025
April 16, 2024 and.
Duration, days
1826 (5 years)
1096 (3 years)
Issue price
100% (at par)
100% (at par)
Coupon rate
Annual 5,50%
Annual 16,0%
Principal repayment
One time payment at
the end of the term
One time payment at the end of
the term
This table illustrates the important information about international bonds of
“Ipoteka-bank” ATIB by identification number. There are changes in rating, currency,
denomination, total volume of emission, started and expired dates of securities. In
addition, Coupon rate is also different between Uzbekistan and foreign countries.
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CONCLUSION
By studying transactions related to securities in state-owned enterprises, we can
make the following scientific conclusions:
1.
State-owned enterprises are enterprises with a direct or indirect state share.
In order to eliminate the difference between the performance indicators of private
enterprises and state enterprises, it is desirable to privatize the shares of enterprises
directly and indirectly owned by the state. Analyzing performance indicators in state-
owned enterprises and their development is also important in the development of the
stock market.
2.
State ownership of enterprises can have a negative impact on company
performance, as state-owned companies can be influenced by the interests of another
party outside of profit for shareholders.
3.
In developed countries (USA, Japan, etc.) there are very few state-owned
companies, and the practice of public placement of shares allows companies to carry
out their activities independently. In developing countries such as China and Russia,
the presence of large state-owned enterprises is a risk to the economy, as the state may
pressure these companies to put the interests of the state before the interests of other
shareholders.
4.
If we analyze the structure of the largest companies in the world, we can note
that these companies also include state-owned companies. It can be seen that this issue
is very relevant in global practice, so we can improve the efficiency of operations
related to securities transactions in local enterprises based on the experience of large
companies in developed countries.
REFERENCES
1.
Alexander Abramov, Alexander Radygin, Maria Chernova. State-owned
enterprises in the Russian market: Ownership structure and their role in the economy.
// Russian Journal of Economics, Volume 3, Issue 1, March 2017, Pages 1-23;
2.
Katarzyna Szarzec, Ákos Dombi, Piotr Matuszak. State-owned enterprises
and economic growth: Evidence from the post-Lehman period. // Economic
Modelling, Volume 99, June 2021. –P.20;
3.
Jeremy Schwarts. Emerging Markets and State-Owned Enterprises. //
WisdomTree Research, Decemeber 2014. –P. 12;
4.
Daniel Sotiroff. Be Wary of State-Owned Enterprises. // MORNINGSTAR,
October 9, 2019.
5.
Minkang Gu, Robert C. Art. Securitization of State Ownership: Chinese
Securities Law. // Michigan Journal of International Law, Volume 18, Isue 1, 1996. –
P.128;
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6.
https://www.ipotekabank.uz/uz/investors/shai_sharad/
7.
https://www.ipotekabank.uz/uz/investors/shai_sharad/
8.
https://www.ipotekabank.uz/uz/investors/shai_debtin/
9.
https://www.ipotekabank.uz/uz/investors/shai_debtin/
