Threats to economic security of Ukrainian emitents after placement of shares on foreign markets

Iryna Mihus, Serhii Laptіev,

In Ukraine, the stock market has not yet acquired signs of traditions and rules of work, which make it necessary to put in place an effective system for its regulation and, first of all, on the part of the state. The stock market regulation system should cover all participants in the stock market and ensure that they carry out their activities in accordance with established rules. A feature that distinguishes the functioning of joint-stock companies from other types of business associations and requires special management approaches is the issue of their shares for the formation, and, subsequently, increase of the authorized capital, which is carried out in the stock market. One of the most important elements of the external sphere of formation of the system of economic safety of joint stock companies is the state regulation of their emission activities. On the level of legislative bodies issued legal acts that have the force of law and regulate the general framework for the functioning of the corporate sector. In Ukraine, the bodies of state regulation of emission activities of joint-stock companies of general competence include the Verkhovna Rada of Ukraine, the Cabinet of Ministers of Ukraine, the State Tax Service of Ukraine, the State Property Fund of Ukraine. They carry out general supervision and control over the activities of joint-stock companies. In issuing activities, the joint-stock company is affected not only by external but also internal threats related to the reorganization of public and private open and closed joint-stock companies, modernization of the management system, reporting, etc. Existing approaches to the formation of the system of economic security reflect the peculiarities of its construction in economic entities engaged in various activities (manufacturing and trading enterprises, banking institutions, credit unions, asset management companies, etc.), but the question of the formation of the system of economic security in the sub- objects of various organizational-legal forms studied insufficiently complete. The system of economic security, which exists in modern joint-stock companies, is not always able to fully perform its functions in the economic sphere, reacting in time to the appearance of external and internal threats, which is especially clearly manifested in the process of issue of shares, preparation and conduct of their public placement.

Keywords: economic security; corporations; stock exchange; listing; emission activity; governance