This article explores the participation of state-owned enterprises (SOEs) in the financial markets, focusing on their evolving role in capital market development and privatization initiatives. It analyzes the strategies and outcomes of reforms implemented by the government, with particular emphasis on the activities of the Tashkent Stock Exchange and the implementation of the “Xalqchil IPO” program. The study utilizes official reports from the National Agency for Prospective Projects, the State Asset Management Agency (Davaktiv), and the Ministry of Economics and Finance to highlight current trends, challenges, and policy recommendations for enhancing the financial performance and transparency of SOEs within the market economy framework.
This article explores the participation of state-owned enterprises (SOEs) in the financial markets, focusing on their evolving role in capital market development and privatization initiatives. It analyzes the strategies and outcomes of reforms implemented by the government, with particular emphasis on the activities of the Tashkent Stock Exchange and the implementation of the “Xalqchil IPO” program. The study utilizes official reports from the National Agency for Prospective Projects, the State Asset Management Agency (Davaktiv), and the Ministry of Economics and Finance to highlight current trends, challenges, and policy recommendations for enhancing the financial performance and transparency of SOEs within the market economy framework.
| № | Muallifning F.I.Sh. | Lavozimi | Tashkilot nomi |
|---|---|---|---|
| 1 | Jumaniyozov I.T. | PhD, professor | Tashkent State University of Economics |
| 2 | Abdishukurov J.G. | magistr | Tashkent State University of Economics |
| № | Havola nomi |
|---|---|
| 1 | 1. Decree of the President of the Republic of Uzbekistan https://www.lex.uz/ru/docs/6600404 |
| 2 | 2. Organisation for Economic Co-operation and Development (OECD). (2015). OECD Guidelines on Corporate Governance of State-Owned Enterprises. Paris: OECD Publishing. https://doi.org/10.1787/9789264244160-en |
| 3 | 3. Lazzarini & Musacchio (2018) – "State Ownership Reinvented? Explaining Performance Differences between State-Owned and Private Firms" https://www.researchgate.net/publication/324157284_State_Ownership_Reinvented_Explaining_Performance_Differences_between_State-Owned_and_Private_Firms |
| 4 | 4. Borisova et al. (2012) – "Government Ownership and Corporate Governance: Evidence from the EU" https://www.researchgate.net/publication/256004719_Government_Ownership_and_Corporate_Governance_Evidence_from_the_EU |
| 5 | 5. Ministry of Economics and Finance. https://www.imv.uz/ |
| 6 | 6. National Agency of Perspective Projects reports. https://napp.uz/en/category/ochiq-ma-lumotlar?page=1 |
| 7 | 7. Republican Stock Exchange reports https://uzse.uz/boards/3939 |
| 8 | 8. The Central Securities Depository open data https://uzcsd.uz/issuersList |
| 9 | 9. The Presidential Decree No. PQ-145, issued on April 21, 2025. https://lex.uz/pdffile/7488164 |