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РОССИЙСКИЙ РЫНОК КОРПОРАТИВНЫХ ОБЛИГАЦИЙ: ИСТОРИЯ РАЗВИТИЯ, ТЕКУЩИЕ ТЕНДЕНЦИИ, ПРОБЛЕМЫ И ПЕРСПЕКТИВЫ
At present time, the economics of country is badly in need investment demand stimulation to ensure economic growth. The main role of the modern stock market as a mechanism that allows to attract, redistribute and effectively use free financial resources is to promote investment growth. The Russian corporate bond market is one of the segments of the domestic debt market, which is actively developing and has the potential for further growth. In this regard, the topic of studying the main trends and problems in financial markets is relevant.In the article the main stages of development of the Russian corporate bond market from the moment of origin till today are considered. The main characteristics and determinants that contribute to its development are identifined. Macroeconomic factors, which caused shock situations on the Russian corporate bonds market twice: in early 2009, and December 2014, when the rates of return on the debt market reached historic highs, are considered. Further, an analysis of the main characteristics of the current state of the corporate bond market was made and the main problems are indicated.
The analysis revealed the following negative factors that have a deterrent effect on market development: geopolitical risks and instability of the investment environment, which lead to aggravation of problems with liquidity; inaccessibility of long-term resources; extremely low liquidity of securities; shortcomings in the regulation of the domestic stock market, inhibitory the development of the system of internal institutional investors. The following disproportions were also revealed: a low share of private investors in the market; dominance of the share of issuers of the financial and oil and gas sectors, including companies with state participation, which reduces competition and leads to a deterioration of the competitive environment; a large share of the banking sector, while the issuers and bondholders are the also banks, is entails systemic risks; increasing the risk of concentration among issuers, when the number of issuers is decreasing, and the total volume of placements is growing; increased risk of concentration of the exchange's turnover; low level of competition in the market of underwriting services. The main prerequisites for further development are indicated: a significant reduction in interest rates on the debt market and improvement of macroeconomic indicators, which should serve as a driver for the development of the debt market; availability of internal resources in the form of money savings of the population and institutional investors, whose mobilization can meet the needs of emitters, ensuring market growth; active development of the off-the-bord market and further improvement of the regulatory environment. In order to successfully solve the set problem of activation economic growth during the development of measures of impact, made the analysis and conclusions drawn can be useful.