Abstract.The author of the article shows the features of the organized segment of the stock market of Ukraine in comparison with the practice of the countries with the developed economy. The article also contains recommendations how to overcome the obstacles in its development specifically in the sphere of the state regulation of the stock exchange activities. Among them there are the respect for the basic principals of the exchange segment formation from the organizers of trade and the regulator (the state Commission on Securities and Stock Exchange); creation of the self-regulating organizations of the professional participants to organize the democratic procedures to run their activities (especially as there are more or less ten active stock exchanges in Ukraine); overcoming the contradictions appeared as the result of the certain weaknesses and unconformity of the national legislation; overcoming the obstacles mentioned above and the other ones is of particular relevance in view of the rapid transformation taking place among the organizers of the world stock markets which are also under the influence of the globalization processes. The article also deals with their association, diversification of the services offer, improvement of the comfort for the customers (safety means, reducing operation risks etc.). Keywords: stock market, funds/stocks, stock exchange, state regulation, rules of professional activities, self-regulated organizations.Анотація. У зіставленні з практикою країн, які мають розвинуту економіку, окреслено особливості органі-зованого сегмента фондового ринку України. Сформульовано пропозиції щодо подолання перешкод на шляху його розвитку і, зокрема, у сфері державного регулювання діяльності бірж. Ключові слова: фондовий ринок, цінні папери, фондова біржа, державне регулювання, правила професійної діяльності, саморегульовані організації.Аннотация. В сопоставлении с практикой государств с развитой экономикой очерчены особенности организованного сегмента фондового рынка Украины. Сформулированы предложения по преодолению препятствий на пути его развития и, в частности, в сфере государственного регулирования деятельности бирж. Ключевые слова: фондовый рынок, ценные бумаги, фондовая биржа, государственное регулирование, правила профессиональной деятельности, саморегулированные организации. REfERENcES
W artykule opisano wady dualistycznego modeluwasnoci mieszkania i zarzdzania budynkami wielomieszkaniowymi(kondominium), ktre pojawiy si w krajach postsocjalistycznychpo prywatyzacji i byy spowodowane niewaciwymotoczeniem instytucjonalnym. Przedstawiono rwnie oglnproblematyk stosowania modelu kondominium dla nowoczesnychi duych kompleksw mieszkaniowych oraz w trudnychsytuacjach braku rodkw finansowych na remonty budynkw.W takich przypadkach zamiast dalszego komplikowania zarzdzaniawsplnotami mieszkaniowymi uzasadniona jest celowoich przeksztacenia w jednolity model korporacyjny wsplnejwasnoci domu.Sowa kluczowe: mieszkania, nieruchomoci, model, kondominium,przedsibiorstwo, zarzdzanie.
International comparisons of household expenditures on housing and communal services, despite a significant increase in tariffs, indicate an unreasonably low absolute and relative level of these expenditures in Ukraine. Analyzing this problem, the article considers the concept of conditional (imputed) rent (rent), which in recent years has been used as macroeconomic statistics and statistics on income and living conditions. The need to reliably determine the conditional rent is due to the differences in the formation of annual expenditures and incomes of households living in their own homes and those who rent housing. The aim of the article is, however, to compare the statistical expenditures of households on housing and communal services, in particular on housing maintenance services in cases where households are homeowners or tenants and national statistical observations differ in the methods of determining conditional rent or no such definition at all. The research methodology in this article deals with the definition of conditional rent in Ukraine in scientific publications on housing economics. Such publications are intended to clarify the idea of the full cost of homeowners necessary for its normal reproduction. Therefore, it is important how perfect the methodology for determining the conditional rent abroad is and how domestic statistics determine (or do not determine at all) the conditional rent. The results of the study indicate the general problems of determining the conditional rent, related to the incompleteness of the information base required for calculations. At the same time, in domestic practice there is a methodological gap in the reflection of conditional rent in macroeconomic statistics of final consumption expenditures of households and the lack of a corresponding indicator in sample surveys of income and expenditure (living conditions). It is concluded that correct comparisons in domestic surveys, further improvement of housing statistics and adjustment of absolute and relative indicators of household expenditures using their own housing, and thus an overall increase in the share of expenditures on housing services.
The specific problems of apartment building management in Ukraine, which arose as a result of housing privatization using the approaches of civil rather than commercial law, are considered. The recognition of the apartment as real estate, the organization of house management through the voluntary creation of condominiums in the form of a public organization; absence of land and house as real estate in the account of the subject of ownership and management are criticized. The analysis of the literature showed the need for a profound rethinking of ways to improve home management. The purpose of the article is to consider an apartment building as a primary object of ownership and as a production system, an economic and not public organization, enterprise. The methodological approach in substantiating the ways to solve the problem and in formulating conclusions is to compare these alternatives of joint ownership with the use of the provisions of system analysis, models and organizational and legal forms of enterprises. It is shown that in the housing sector as a production subsystem of the sphere of social production, and in it - in the multi-apartment housing stock as a subsystem, the house is their element. Home management is mostly organized by apartment owners as a joint household or condominium. However, a modern apartment building in a business environment is a complex production system that has all the functional features of a business organization-enterprise, and the ownership structure can function most effectively on a corporate model in the form of a joint stock company. Conclusions on the incapacity of the current model of ownership and management of an apartment building, the need to improve the model of condominiums as a subject of management of the object - a condominium; formation of a new segment of corporate-owned houses in joint households are formulated.
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