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2016, vol. 62, br. 2, str. 71-83
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Analiza znanja o aktivnosti tržišta kapitala u Republici Makedoniji
Analysis of knowledge about capital market activities in Republic of Macedonia
Sažetak
Tržište kapitala predstavlja najznačajniji i najuticajniji segment u ekonomskoj politici i praksi, sa kojim se uspešno i dugotrajno funkcionisanje kompletnog privrednog sistema realizuje. Naime, ovo tržište nudi brojne mogućnosti za mobilizaciju potrebnih finansijskih sredstava za finansiranje tekućih i razvoj rada privrednih subjekata, sa druge strane, to daje širok izbor investitorima za ulaganje slobodnih finansijskih sredstava. Naime, uspostavljanje uspešne berze za ekonomski razvitak može biti glavni izvor ekonomskog rasta ako obezbeđuje razvoj finansija za kanalisanje domaće štednje i privlačenje stranih investicija. Međutim, ovaj cilj nije uvek ispunjeni, naročito u veoma malim tržištima na kojima postoje prepreke za efikasno tržišno poslovanje. U tom kontekstu, glavni cilj ovog istraživanja je da se analizira trenutno stanje makedonskog tržišta kapitala (Makedonska berza - MSE), stepena znanja o Makedonskoj berzi, kao najvažniji deo tržišta kapitala i izvora koji promoviše znanja o tržištu kapitala (berzi) aktivnosti, i da identifikuju varijabile koje utiču na mišljenje investitora za ulaganje u berzu. U R. Makedonija, tržište kapitala nije dovoljno razvijeno još, ima još negativnih uticaja na finansiranje privrednih subjekata, a sve to utiče na ekonomski rast i razvoj. Naime, istraživanje koje sprovedeno u ovoj studiji je pokazalo da je svest javnosti za postojanje i efikasno funkcionisanje tržišta kapitala u Republici Makedoniji na veoma niskom nivou. Sve u svemu, primećeno je da postoji dug put razvoja berzanskog poslovanja u Republici Makedoniji i da je potreban snažan početak sa vrlo namenskim, investicijama pametne kampanje. Najbolji model razvoja Makedonske berze je zasnovano na aktivnom učešću u berzi, vlade i kompanija koje pozivaju investitore i stvaraju poverenje za bezbedne investicije.
Abstract
Capital market represents the most important and influential segment in the economic policy and practice, with which successful and long-lasting functioning of the complete economical system is realized. Namely, this market offers many possibilities for mobilizing necessary financial resources for financing current and developing work of business entities, and on the other hand, it gives wide choice to the investors for investing free financial resources. Namely, the establishment of a successful stock market in a developing economy can be a major source of economic growth if it provides development finance by channeling domestic savings and attracting foreign investment. However, this objective is not always met, particularly in very small markets where there are barriers to efficient market operations. In that context, the main objective of this research is to analyze the current status of the Macedonian Capital Market (Macedonian Stock Exchange - MSE), the extent of knowledge about Macedonian Stock Exchange as a most important part of the capital market and the sources that promote knowledge about capital market (stock market) activities, also to identify the variables affect the investor's opinion to invest in MSE. In R. Macedonia, the capital market is not developed enough yet, that has a negative influence on business entities financing, and all that affects economic growth and development. Namely, the research carried out in this study has shown that public awareness for the existence and effective functioning of the capital market in the Republic of Macedonia is on a very low level. Altogether, it is observed that there is a long way to go for stock market operations in the Republic of Macedonia but need to get a powerful startup with a very dedicated, investment awareness campaign. The best model of development for Macedonian Stock Exchange is based on the active participation of stock exchange, government and companies inviting investors and creating confidence for secured investment.
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