Scientific research results in pandemic conditions (COVID-19)
62
5. Decree of the President of the Republic of Uzbekistan "on additional
measures to support the population and businesses during the coronavirus
pandemic» from 27.04.2020. №УП-5986. lex.uz › docs
6. New measures to support the population and business.
http://www.uzdaily.uz/ru/post/51393
7. The President announced new measures to support businesses and
https://www.gazeta.uz/ru/2020/05/13/support/
8. Message of the President of the Republic of Uzbekistan Shavkat
Mirziyoyev
to
the
Oliy
Majlis
on
January
24,
2020.
https://uza.uz/ru/politics/poslanie-prezidenta-respubliki-uzbekistan-
shavkata-mirziyeev-25-01-2020
9. Decree of the President "on the Strategy of actions in five priority
areas of development of the Republic of Uzbekistan for 2017-2021". №УП-
4947 от 07.02.2017.
10. Decree of the President of the Republic of Uzbekistan "on measures
for the wide implementation of the digital economy and e-government».
№ПП-4699 от 28.04.2020.
11. Decree of the President of the Republic of Uzbekistan "on measures
to develop the digital economy in the Republic of Uzbekistan». № ПП-3832
от 3 июля 2018.
12. Plotnikov А.V. Problems of legal regulation of the digital economy.
Moscow
economic
journal
№5.
-
2018.
-
с.330-335.
https://cyberleninka.ru/article/n/problemy-pravovogo-regulirovaniya-
tsifrovoi-ekonomiki
Ulugbek Aliyev, Ph.D. (Econ.), Associate professor, Tashkent Branch of
Plekhanov Russian University of Economics, Uzbekistan.
INTERNATIONAL PRACTICE OF ATTRACTING FINANCIAL RESOURCES
THROUGH AN INITIAL PUBLIC OFFERING OF SECURITIES
U. Aliyev
Abstract. As international practice has shown over the past ten years, at
the present stage of development, one of the promising areas of attracting
foreign financial resources and, in particular, direct foreign investment is
the initial public offering of securities on international financial markets.
Keywords: Foreign direct investment, financial and securities markets,
investment policies, initial public offering, financial innovations
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63
At the present stage of economic development, foreign financial markets
are the main source of attracting financial resources and can balance the
supply and demand of capital, both in the segment of the securities market
and in the segment of bank lending.
At the same time, in modern conditions, to ensure the growth of the
domestic economy and innovative development, it is necessary to create a
stable financial market that provides enterprises of the economy with
financial resources, taking into account the general strategy of import
substitution and modernization.
As was noted by the President of the Republic of Uzbekistan Sh.
Mirziyoev, “For the development of the economy at a fast pace, we need to
consistently continue an active investment policy. I want to emphasize that
a significant part of investments mastered in 2020 will be foreign direct
investment and loans”. [1]
At the same time, it should be noted that already in the current year
2020 it is planned to implement new investment projects in large industrial
plants, and at the same time turn these enterprises into full-fledged
participants in the international financial market.
For these purposes, in 2020 it is planned to complete the transition of
financial reports based on international standards, revaluation of reserves
and introduce modern corporate governance.
At the same time, the Strategy for Economic Development of the
Republic of Uzbekistan adopted in February 2017 outlined the issues of
attracting foreign direct investment, developing the securities market and
introducing securities of national issuers into world capital markets as
priority areas for the development and liberalization of the national
economy. [2]
It is known that at the present stage of development, as the practice of
the last two years has shown, one of the promising directions of attracting
foreign financial resources and, in particular, direct foreign investment is
the initial public offering of securities of domestic issuers in international
financial markets.
In this regard, it seems relevant to study international practice in the
development of instruments to attract foreign investment from the
standpoint of the need to manage them at the level of economic entities in
order to ensure sustainable economic growth.
An analysis of the world practice of investment support of the economy
through innovative financial technologies and the development of initial
public offerings - IPOs and additional offerings - SPOs on world capital
markets shows that so far the primary public offering of securities of
companies, both equity and debt, has become valuable papers.
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64
The evolution of the development of the phenomenon of primary public
offering as an element of the world economy from its inception to the
modern market can be divided into several stages. The identification of the
main periods of development of the global IPO market is based on the
identification of characteristic features associated with key changes in the
international economic system, market regulation and reforms, measures of
liberalization or protectionism.
The main reason for the growth of the stock market was the favorable
economic environment. States around the world have launched stock
market incentive programs. The provision of tax benefits to companies that
were first placed on the stock market led to an increase in the number of
IPOs and SPOs. [3]
Between 2010 and 2016 There were a number of events, such as the war
in Libya, the earthquake in Japan, which directly affected the global economy
as a whole and led to a decline in activity in the primary public offering
market.
Powerful monetary incentives and injecting money into the economy,
improving macroeconomic indicators, increasing confidence in the stock
market and, as a result, new historical highs of stock indices have warmed
the appetite of market participants and encouraged corporations to place
their shares.
The same year ended 2018. It can be characterized by high geopolitical
risks - the escalation of geopolitical issues between Russia, Ukraine and the
Middle East had a negative impact on the investment climate, investors tried
to restrain capital until more favorable conditions arrived.
In 2019, activity in the IPO market decreased. By December, 1,242 initial
public offerings had taken place around the world, analysts at Baker
McKenzie calculated. This is 20% less than a year earlier. IPO-related
activity declined amid global geopolitical risks: a trade war between the US
and China, Hong Kong protests caused by Brexit uncertainty in Europe.
The volumes of capital raised by IPOs have also fallen. According to
Baker McKenzie, the companies raised $ 206.1 billion in initial placements,
which is 8% lower than in December 2018.
At the same time, the IPO market in 2019 is characterized by a number
of unexpected geopolitical shocks, which led to a very conservative position
on the part of investors. Of particular influence was the decline in China's
economic growth, the uncertainty surrounding Britain’s exit from the EU,
and the US presidential election. Despite this, the IPO market continues to
grow in countries with developed financial markets.
The number of both domestic and interstate IPOs has also fallen amid a
general decline in activity. The number of domestic IPOs fell by 20%, but the
capital they raised grew by more than 4%. The most notable domestic IPOs
Scientific research results in pandemic conditions (COVID-19)
65
include Uber on NASDAQ, China's Postal Savings Bank in Shanghai, or Saudi
Aramco on the Tadawul Saudi exchange.
The number of cross-border IPOs fell by 17%, while the capital they
attracted fell by 35%. The largest placement in this group was the Chinese
Alibaba retailer with a raised capital of $ 12.9 billion (see table 1) on the
Hong Kong exchange.
Table 2.
Largest IPOs of companies in 2019 [4]
Company / Country
IPO Size
(in billions of US
dollars)
Dynamics of shares since
the IPO (01.01.2020)
SAUDI ARAMCO
Hong Kong
25,6
+ 0,4%
ALIBABA
Hong Kong
12,9
+ 13,4 %
UBER
USA
8,1
- 33 %
BUDWEISER
Hong Kong
5,7
- 2,5 %
POSTAL SAVINGS BANK
OF CHINA China
4
+ 2,3 %
SHENZHEN TRANSSION
HOLDINGS China
4
- 24,5 %
AVANTOR
USA
3,3
+ 30,1 %
LYFT
USA
2,6
- 36,3 %
XP
USA
2,3
+ 11,7 %
TEAMVIEWER
Germany
2,2
+ 29,1 %
Thus, having highlighted the main stages of the global IPO market, we
can conclude that at the present stage of development, the primary public
offering market is one of the promising mechanisms for attracting long-term
financial resources to the economy and creating a high level of investment
security for the national economy as a whole.
References:
1. Sh.M. Mirziyoyev. Message of the President of the Republic of
Uzbekistan to the Parliament of the Republic of Uzbekistan. Uzbekistan -
2020.
Scientific research results in pandemic conditions (COVID-19)
66
2. Decree of the President of the Republic of Uzbekistan dated February
7, 2017 No. UP-4947 “About Strategy for the Further Development of the
Republic of Uzbekistan”.
3. Rubtsov B.B. Trends in the development of global stock markets / B.B.
Rubtsov // Published a collective monograph “The World Stock Market and
Russia's Interests”. - M .: IMEMO RAS. - 2016.
4. Compiled by the author based on materials. Source:
https://quote.rbc.ru/news/article
Guzal Abirova, Senior Teacher, Tashkent Branch of Plekhanov Russian
University of Economics, Uzbekistan.
Mekhriniso Mamaeva, Senior Teacher, Tashkent Branch of Plekhanov
Russian University of Economics, Uzbekistan.
MAIN DIRECTIONS OF INTEGRATING SCIENCE AND EDUCATION IN
UZBEKISTAN
G. Abirova, M. Mamaeva
Abstract. The article discusses topical issues of improving the system
of continuing education, training highly qualified personnel and increasing
the intellectual and technological potential of the country. There also
determined main directions of the integration of science and education in
Uzbekistan on the basis of the adopted Program for the integrated
development of the higher education system in 2017-2021.
Keywords: structural reforms, continuing education system, legal
support, innovative technologies, integration of science and education.
Structural transformations over the years of independence in
Uzbekistan and the need to implement a set of socio-economic objectives
contributed to the formation in the Republic of coherent system of
continuing education of modern type.
The country adopted the most important laws that laid a solid
foundation for the creation of holistic system of continuing education: Law
of the Republic of Uzbekistan “On Education” and “On National Program for
Personnel Training”. As a result of their implementation over this short
historical period, fundamental changes have taken place in the essence of
the education system of the Republic of Uzbekistan, an appropriate legal
framework has been created, which sets training of an educated and
intellectually developed generation as a priority.
