UDC: 336.763
https://doi.org/10.25198/2077-7175-2019-6-88
GUIDELINES FOR THE INVESTMENT ACTIVITIES OF FINANCIAL INTERMEDIARIES IN THE SECURITIES MARKET
A.E. Pomogaeva
Orenburg State University, Orenburg, Russia
e-mail: help105@bk.ru
Abstract. The relevance of the study of the guidelines for the investment activities of financial intermediaries in the securities market is determined by the need to find sources of financing for Russian enterprises capable of ensuring economic growth and stabilization of the reproduction process. The level of implementation by Russian financial intermediaries of the role of organizer of the process of financing the economy through the securities market does not withstand the requirements of performance criteria, either in terms of quantity or in terms of quality parameters. The development problems of the Russian system of financial intermediaries against the background of the specificity of the composition and structure of the instruments offered by the securities market are a powerful factor hindering the use of the equity and bond market as a channel for financing the investment needs of the real sector.
The purpose of the article is to determine the parameters of the investment activities of Russian financial intermediaries in the securities market in the context of orientation to its corporate segment and to identify the conditions for its development.
The investment activities of financial intermediaries, which included banks, investment funds and insurance companies for research purposes, were evaluated using quantitative, comparative, structural and factor analysis. The method of ascent from the abstract to the concrete determined the logic of the research.
As a result of the analysis, quantitative and qualitative parameters of investment activity of financial intermediaries in the corporate securities market were identified, which were influenced by the following factors: the specifics of the instruments of the Russian securities market, the low level of national wealth, the underdevelopment of financial intermediation institutions.
The problem of enhancing the investment activities of financial institutions in the corporate segment of the securities market can be solved by creating conditions for providing intermediaries with an adequate resource base, expanding the range of corporate instruments and increasing the volume of investment by investment funds and insurance companies in the stock and bond market.
In modern studies, the investment activity of each financial intermediary is considered to be isolated, which limits the use of the principle of the systemic nature of their activities and leads to the lack of comprehensive recommendations for its improvement. An integrated approach to the study of the investment activities of financial intermediaries in the stock market and corporate bonds determines the scientific novelty and practical significance of the results obtained.
Keywords: financial intermediaries, investment in securities, stock market, bond market, securities market, financing of the real sector of the economy.
