Toshpulatov Murodulla Sobirjon ogli,
Associate Professor of the Department of Corporate finance and securities,
Tashkent State University of Economics, Tashkent, Uzbekistan.
Email: murodulla995@email.ru
ORCID: 0009-0000-4515-2903
JEL Classification: G1, G10
Abstract. This article scientifically substantiates that the activity of business entities in the stock market is a decisive factor directly influencing their capitalization level and financial independence. The development of the institutional infrastructure of the stock market, the role of professional participants, and the improvement of trading mechanisms are highlighted as factors that expand investment opportunities for businesses, with concrete examples provided. The study compares the practices of national and international stock markets, analyzing the efficiency of equity capital formation and the priority aspects of ensuring financial transparency for business entities. At the same time, the application of electronic trading systems and digital technologies is shown to play a crucial role in increasing trust and efficiency in the stock market. The conclusion of the article presents practical recommendations for expanding the participation of business entities in the stock market by strengthening the legal framework, simplifying IPO and SPO procedures, and improving the quality of corporate governance.
The article emphasizes the role of the stock market in the economy and its function as a source of capital for business entities. In particular, the issuance of securities and their placement in primary and secondary markets are studied in terms of their influence on the financial strategies of entrepreneurial entities. Based on statistical data, the dynamics of the stock market between 2020 and 2024 are analyzed, and its positive impact on the national economy is scientifically substantiated. The experience of developed countries — the United States, Japan, and the United Kingdom — is comparatively examined to assess mechanisms for improving corporate governance and the investment climate. On this basis, the modern stages of Uzbekistan’s stock market development are identified, and scientific proposals and practical recommendations for expanding the participation of business entities are presented.
International practices, particularly those of Turkey and South Korea, are examined to evaluate the processes of engaging business entities in the stock market, and recommendations are formulated based on the lessons learned. The article concludes by emphasizing the necessity of enhancing digital trading platforms, ensuring financial transparency, and strengthening investor confidence to intensify business participation in the stock market.
This article systematically explores the issue of expanding the participation of business entities in the stock market. Economic analysis is conducted on the mechanisms of primary and secondary markets, the opportunities for joint-stock companies to raise capital, and the infrastructure of the securities market to identify priority directions for business. Moreover, the practices of developed countries’ capital markets are comparatively studied, highlighting their advantages and aspects adaptable to Uzbekistan’s conditions. It is scientifically proven that principles such as corporate governance, financial transparency, and the protection of investor rights create additional opportunities for business entities. The article underlines that the modernization of the national stock market and the implementation of innovative technologies open new financial opportunities for business entities.
Keywords: stock market, securities, joint-stock companies, business entities, capital raising, investment environment, corporate governance, IPO and SPO, digital trading systems, financial transparency.