Valiyeva Mukhlisa Saydullayevna,
Independent researcher of Corporate Finance and Securities,
Tashkent State University of Economics, Tashkent, Uzbekistan.
Email: M.Valiyeva@tsue.uz
ORCID: 0009-0008-2957-7512
JEL Classification: G1, G11
Abstract. This article provides a comprehensive scientific analysis of the role, functional capabilities, and economic efficiency of the stock market in the financial development of joint-stock companies. In particular, it examines the modern infrastructure of the national stock market, the professional institutions operating within it, trading systems, and legal frameworks, while also exploring capital attraction opportunities for joint-stock companies. The study analyzes the practices of issuing shares in primary and secondary markets and evaluates their impact on investment activity.
Furthermore, a comparative analysis is conducted using the experiences of developed and developing countries—especially the United States, the United Kingdom, Japan, Turkey, and India—highlighting mechanisms of integration into the equity capital markets. The dynamics of the national stock market are studied based on statistical data regarding trading volumes and the number of transactions on the Tashkent Republican Stock Exchange during 2020–2024, identifying key stages of development.
The article also emphasizes the importance of improving corporate governance quality, ensuring financial transparency, and creating a trustworthy environment for investors in raising the market value of joint-stock companies. It assesses the role of institutional participants in the capital market, evaluates the positive and negative aspects of capital attraction through IPOs and SPOs, and presents practical recommendations.
Prospects for stock market development based on innovative technologies—such as digital trading platforms, information and communication systems, and blockchain—are highlighted, underlining their significance in creating a more attractive investment climate for joint-stock companies. In the conclusion, the article proposes scientific and practical recommendations for ensuring the effective functioning of the national stock market, strengthening the integration of joint-stock companies into the capital market, and aligning institutions with international standards.
The research employs statistical analysis, a systematic approach, comparative economic analysis, as well as graphical and dynamic methods, thereby theoretically and practically substantiating the economic significance of Uzbekistan’s stock market in promoting the development of joint-stock companies.
This article provides an in-depth analysis of the development of the stock market in the Republic of Uzbekistan, its institutional foundations, and its influence on the growth of joint-stock companies. In particular, the operations of the “Toshkent” Republican Stock Exchange, the volume of stock trading, and the annual dynamics of investor activity are examined using real statistical data. It is proven that during the period 2020–2024, the intensification of capital attraction through the securities market has had a positive impact on the financial stability of joint-stock companies. Strengthening national corporate governance, improving financial disclosure, and accelerating integration into the stock market through state reforms are identified as the main contributing factors. The study offers practical recommendations for enhancing stock market infrastructure, developing electronic trading systems, and simplifying IPO procedures. In conclusion, the article scientifically substantiates that the modernization of Uzbekistan’s capital market in line with international standards can significantly improve the competitiveness of joint-stock companies.
Keywords. Stock market, joint-stock companies, corporate governance, primary and secondary markets, IPO, SPO, investment climate, financial transparency, capital market infrastructure, digital platforms.