17

Davlat kompaniyalari tomonidan IPO o‘tkazish jarayonida faoliyat shaffofligi muhim rol o'ynaydi, chunki u investorlarning ishonchini ta'minlaydi va kapital oqimini rag'batlantiradi. Ushbu tadqiqot ishi IPO orqali davlat aktivlarini xususiylashtirish sharoitida shaffoflikning ahamiyatini tahlil qilishga qaratilgan. Investorlar uchun risklarni minimallashtirish va investitsiya samaradorligini oshirishda shaffoflikning roliga alohida urg‘u berilgan bo‘lib, tadqiqotda adabiyotlar va amaliy holatlar tahlili asosida davlat kompaniyalari IPOlarining shaffoflik darajasi va muvaffaqiyati o‘rtasidagi bog‘liqlik ochib berilgan, shuningdek, xususiylashtirish jarayonida shaffoflikni ta’minlash mexanizmlarini takomillashtirish bo‘yicha tavsiyalar berilgan. Tadqiqot natijalari davlat idoralari uchun ham, moliya bozori ishtirokchilari uchun ham foydali bo‘lib, IPO jarayoni sifatini yaxshilashga va investitsiya muhitiga ishonchni oshirishga yordam beradi.

  • Read count 17
  • Date of publication 31-05-2024
  • Main LanguageRus
  • Pages619-625
Ўзбек

Прозрачность деятельности играет ключевую роль в процессе проведения IPO государственных компаний, поскольку обеспечивает доверие инвесторов и стимулирует приток капитала. Данная исследовательская работа направлена на анализ важности прозрачности в контексте приватизации государственных активов через IPO. Особое внимание уделяется роли прозрачности в минимизации рисков для инвесторов и повышении эффективности капиталовложений. На основе анализа литературных источников и практических случаев исследование выявляет взаимосвязь между уровнем прозрачности и успехом IPO государственных компаний, а также предлагает рекомендации по совершенствованию механизмов обеспечения прозрачности в процессе приватизации. Результаты исследования могут быть полезны как для правительственных структур, так и для участников финансовых рынков, способствуя улучшению качества процесса IPO и повышению доверия к инвестиционной среде.

Русский

Davlat kompaniyalari tomonidan IPO o‘tkazish jarayonida faoliyat shaffofligi muhim rol o'ynaydi, chunki u investorlarning ishonchini ta'minlaydi va kapital oqimini rag'batlantiradi. Ushbu tadqiqot ishi IPO orqali davlat aktivlarini xususiylashtirish sharoitida shaffoflikning ahamiyatini tahlil qilishga qaratilgan. Investorlar uchun risklarni minimallashtirish va investitsiya samaradorligini oshirishda shaffoflikning roliga alohida urg‘u berilgan bo‘lib, tadqiqotda adabiyotlar va amaliy holatlar tahlili asosida davlat kompaniyalari IPOlarining shaffoflik darajasi va muvaffaqiyati o‘rtasidagi bog‘liqlik ochib berilgan, shuningdek, xususiylashtirish jarayonida shaffoflikni ta’minlash mexanizmlarini takomillashtirish bo‘yicha tavsiyalar berilgan. Tadqiqot natijalari davlat idoralari uchun ham, moliya bozori ishtirokchilari uchun ham foydali bo‘lib, IPO jarayoni sifatini yaxshilashga va investitsiya muhitiga ishonchni oshirishga yordam beradi.

English

Transparency plays a key role in the IPO process of public companies, as it ensures investor confidence and stimulates capital inflows. This research work aims to analyze the importance of transparency in the context of privatization of public assets through IPO. Particular attention is paid to the role of transparency in minimizing risks for investors and increasing the efficiency of investment. Based on an analysis of literature and practical cases, the study reveals the relationship between the level of transparency and the success of IPOs of state-owned companies, and also offers recommendations for improving mechanisms for ensuring transparency in the privatization process. The results of the study can be useful for both government agencies and financial market participants, helping to improve the quality of the IPO process and increase confidence in the investment environment

Author name position Name of organisation
1 Saydullayev S.. PhD Toshkent davlat iqtisodiyot universitet
Name of reference
1 Akyol, Alic C., Cooper, Tommy, Meoli, Michele, Vismara, Silvio, (2014). Do regulatory changes affect the underpricing of European IPOs? J. Bank. Financ. 45, 43–58.
2 Grover, K. L., & Bhullar, P. S. (2021). The nexus between risk factor disclosures and short-run performance of IPOs: Evidence from literature. World Journal of Entrepreneurship, Management and Sustainable Development, 17(4), 907–921.
3 Hamid Sepehrdoust, Shokoufeh Ahmadvand, Nesa Mirzaei. (2022) Impact of information, communication technology and housing industry on financial market development. Technology in Society, Volume 69.
4 Ibbotson, R.G., Sindelar, J.L. and Ritter J.R., (1988), Initial public offerings, Volume 1. 2 (Journal of Applied Corporate Finance)
5 Karimov, N., & Saydullaev, S. (2019). Prospects for the development of the stock market: The first IPO and SPO analysis conducted by the companies of Uzbekistan. Journal of Advanced Research in Dynamical and Control Systems, 11(7), 938-950
6 Michelon G, Rodrigue M, Trevisan E. (2019)The marketization of a social movement: Activists, shareholders and CSR disclosure. Organizations and Society;. p. 101074.
7 Neupane, Suman, Poshakwale, Sunil S., (2012). Transparency in IPO mechanism: retail investors' participation, IPO pricing and returns. J. Bank. Financ. 36 (7), 2064–2076.
8 Ying Sophie Huang, Mengyu Li, Carl R. Chen. (2019) Financial market development, market transparency, and IPO performance. Pacific-Basin Finance Journal, Volume 55, Pages 63-81
9 Ковалев, М. (2018) Первичное публичное размещение акций: перспективы / М. Ковалев // Вестник ассоциации белорусских банков. – 5 с
Waiting