{"id":18729,"date":"2023-12-09T12:08:31","date_gmt":"2023-12-09T10:08:31","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=18729"},"modified":"2023-12-09T12:08:31","modified_gmt":"2023-12-09T10:08:31","slug":"the-role-of-securities-as","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/the-role-of-securities-as\/","title":{"rendered":"Kuzmynchuk N., Kutsenko T., Terovanesova O., Bondarenko O. The Role of Securities as the Main Instrument of the Financial Market in International Business"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification<\/strong>: G1; G11; G12; G14
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V41(2023)-09<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Kuzmynchuk<\/strong> N., <\/strong>Doctor of Economics, Professor, V.N. Karazin Kharkiv National University, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-9844-3429<\/a>
\ne-mail: <\/strong>nkuzminchuk@karazin.ua<\/a><\/p>\n

Kutsenko T., <\/strong>PhD of Economics, Associate Professor, V.N. Karazin Kharkiv National University, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0001-7800-2987<\/a>
\ne-mail: <\/strong>chkutsenko@gmail.com<\/a><\/p>\n

Terovanesova O., <\/strong>PhD of Economics, V.N. Karazin Kharkiv National University, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0001-9323-8699<\/a>
\ne-mail: <\/strong>a.u.terovanesova@karazin.ua<\/a><\/p>\n

Bondarenko O., <\/strong>student, V.N. Karazin Kharkiv National University, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-5077-2653<\/a>
\ne-mail: <\/strong>alex.bond0502@gmail.com<\/a><\/p>\n

<\/h2>\n

The Role of Securities as the Main Instrument of the Financial Market in International Business<\/strong><\/h2>\n

\u00a0\u00a0<\/strong><\/p>\n

Abstract. Introduction<\/strong>. In the modern world securities are the most common instruments of the financial market, allowing the companies and governments to raise funds for development and the investors to receive income from investments.<\/p>\n

Purpose. <\/strong>The purpose of the study is to analyze the main types of securities their characteristics and functions in the financial market, in particular, to determine and study the relationship between securities and the capital market, assessment of the role of securities in international business and formation of price indicators and indices of financial market.<\/p>\n

Results.<\/strong> The article examines the main types of securities used in the financial market, namely shares, bonds, derivatives and investment certificates. It is established that shares represent a share in the ownership of the company and grant the right to participate in voting and receive dividends. It is also noted that bonds represent the issuer’s obligation to repay borrowed funds and pay interest. Derivatives depend on the value of the underlying asset and can be concluded on the basis of financial contracts. The possibilities of derivatives are described, in particular their role in leverage and risk hedging, the transparency of derivatives trading on stock exchanges and the possibility of gaining access to various markets and assets through the use of derivatives are noted. Investment certificates are considered as a type of securities that combine funds of various investors and are managed by professional market participants. The relationship between securities and the capital market in the financial system is studied. It is noted that the capital market plays an important role in providing access to capital for companies and investment opportunities for individual investors. In particular, the role of stock indices in the financial market is considered.<\/p>\n

Conclusions.<\/strong> Securities today play a significant role in the financial market and perform the various functions related to raising capital, generating income, diversification of financial portfolio, protection against inflation and other financial risks, providing liquidity to capital markets and access to them, and also provide price openness and transparency in the financial market, which allows its participants to obtain potentially high profits.<\/p>\n

Keywords:<\/strong> securities; shares; bonds; derivatives; investment certificates; capital market; international business.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Jakusheva, I.\u00a0Je, Peresypkin, O. A. & Manilo, A.\u00a0O. (2021). Features of the functioning of the stock market in Ukraine. Tezy dopovidej VII mizhnarodnoji naukovo-praktychnoji konferenciji<\/em> [Abstracts of VII International Scientific and Practical Conference], Priority directions of science and technology development. Kyiv: Scientific Publishing Center \u00abSci-conf.com.ua\u00bb, 1079-1085 [in Ukrainian].<\/li>\n
  2. Stetsko, M. V. (2016). Market shares in forming corporate structure in Ukraine economy. Global and national economic problems<\/em>, <\/em>10, 860-865. Retrieved from http:\/\/global-national.in.ua\/archive\/10-2016\/179.pdf [in Ukrainian].<\/li>\n
  3. Ilechko, S. Z. (2021). Features of the functioning of the government bonds market in Ukraine. Retrieved from http:\/\/www.lnau.edu.ua\/lnau\/attachments\/7153_%D0%97%D0%B1%D1%96%D1%80%D0%BD%D0%B8%D0%BA%20%D1%82%D0%B5%D0%B7,%202021.pdf#page=141 [in Ukrainian].<\/li>\n
  4. Dubyna, M. V., Ghorna, Ja. Ju., & Ghorban, I. M. (2015). The role of corporate bonds in the development of the financial services market of Ukraine. Naukovyj visnyk <\/em>Ljvivsjkogho derzhavnogho universytetu vnutrishnikh sprav. Serija ekonomichna,<\/em> (2), 37-52. Retrieved from https:\/\/dspace.lvduvs.edu.ua\/bitstream\/1234567890\/1605\/1\/%D0%93%D0%BE%D1%80%D0%B1%D0%B0%D0%BD.pdf [in Ukrainian].<\/li>\n
  5. Chance, D. M. & Brooks, R. (2015).\u00a0Introduction to derivatives and risk management<\/em>. Boston: Cengage Learning [in English].<\/li>\n
  6. Lavryk, O. L. & Kovalenko, T. A. (2017). Instruments of the financial market in the conditions of globalization. Ekonomichnyj analiz,<\/em> 27, 133-138 [in Ukrainian].<\/li>\n
  7. Jarocjkyj, V. L. (2015). Stocks and investment certificates as legal structures of securities. Pravo ta innovaciji, <\/em>4(12), 17-24. Retrieved from https:\/\/openarchive.nure.ua\/items\/cde2210b-bd3a-41b0-ac62-378a33ba2d90 [in Ukrainian].<\/li>\n
  8. Cheberjako, O. V. (2014). The essence and peculiarities of the activity of investment funds on the stock market. THE SCIENTIFIC MAGAZINE of the M. P. Drahomanov NPU. Series No. 18. Economy and law<\/em>, <\/em>24, 196-213. Retrieved from https:\/\/enpuir.npu.edu.ua\/handle\/123456789\/7383 [in Ukrainian].<\/li>\n
  9. Zavezion, M. (2014). Stock market and formation of investment capital. Visnyk Kyjivsjkogho nacionaljnogho torghoveljno-ekonomichnogho universytetu,<\/em> 1, 63-72. Retrieved from http:\/\/visnik.knute.edu.ua\/files\/2014\/01\/7.pdf [in Ukrainian].<\/li>\n
  10. Statista (2023). Total market capitalizations of domestic companies listed on stock exchanges worldwide from 2013 to June 2022. Retrieved from https:\/\/www.statista.com\/statistics\/274490\/global-value-of-share-holdings-since-2000\/ [in English].<\/li>\n
  11. Bezvukh, S. V. (2015). Stock exchange indices in Ukraine and the world: essence, methods of calculation, trends and problems of formation. Global and national economic problems<\/em>,<\/em> 8, 927-934. Retrieved from http:\/\/global-national.in.ua\/archive\/8-2015\/195.pdf [in Ukrainian].<\/li>\n
  12. Statista (2023). Stock exchanges \u2013 statistics & facts. Retrieved from https:\/\/www.statista.com\/topics\/1009\/global-stock-exchanges\/#topicOverview [in English].<\/li>\n
  13. Kulinich, T. V. & Zhajvoronok, I. R. (2019). Analysis of stock market indices as the main indicators of stock exchange market development at selected world economies. Visnyk Nacionaljnogho universytetu Ljvivsjka politekhnika. Serija: Problemy ekonomiky ta upravlinnja<\/em>, 3, 44-50. DOI: 10.23939\/semi2019.03.044 [in Ukrainian].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 21 October 2023<\/p>\n

    \"kuzmynchuk.pdf\"<\/div>
    kuzmynchuk.pdf<\/div><\/div>
    <\/div>
    <\/div>
    Size: <\/span>0,38<\/span><\/div>
    Download Now!<\/a><\/span>71<\/span> Downloads<\/span><\/span><\/div><\/div>
    <\/div>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n\n
    \n

    How to quote this article?<\/p>\n<\/td>\n<\/tr>\n

    Kuzmynchuk N., Kutsenko T., Terovanesova O., Bondarenko O. (2023). The Role of Securities as the Main Instrument of the Financial Market in International Business. Modern Economics, 41(2023), 59-66. DOI: https:\/\/doi.org\/10.31521\/modecon.V41(2023)-09.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
    <\/div>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<< Back to contents<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text] JEL Classification: G1; G11; G12; G14 DOI: https:\/\/doi.org\/10.31521\/modecon.V41(2023)-09 [\/vc_column_text][vc_column_text]Kuzmynchuk N., Doctor of Economics, Professor, V.N. Karazin Kharkiv National University, Ukraine ORCID ID: 0000-0002-9844-3429 e-mail: nkuzminchuk@karazin.ua Kutsenko T., PhD of Economics, Associate Professor, V.N. Karazin Kharkiv National University, Ukraine ORCID ID: 0000-0001-7800-2987 e-mail: chkutsenko@gmail.com Terovanesova O., PhD of Economics, V.N. Karazin Kharkiv National University, Ukraine
    Read more<\/a><\/p>\n","protected":false},"author":7,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[201],"tags":[202],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/18729"}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=18729"}],"version-history":[{"count":0,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/18729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=18729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=18729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=18729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}