Issuing opportunities of the Kazakhstan stock market: unrealized gains

The Kazakhstani economy has a significant emission potential. The study reveals the issues of the restraining influence on the development of Kazakhstani companies' emission activity. Among them are the role of bank lending in financing the national economy; government discouragement of economic development; weak efficiency of administrative and tax preferences for issuers. An important factor is the doubt of Kazakhstani companies on their capital fair evaluation in the market. In particular, the study noted that over the past five years, there has been a stable trend towards a decrease in bank lending as for large, the same is for small and medium-sized businesses. Basing on the continuing low number of new registrations of prospectuses for the issue of shares, there arises an issue of finding ways to meet the needs of business entities in financing. The findings from the analysis of sources of financing the State programs in the Republic of Kazakhstan showed the amount of possible funding from the stock market instruments. The study of data over the past few years made it possible to conclude that the methods and ways of using funds allocated under these state programs actually discourage business and local governments to use the emission potential that Kazakhstani market participants currently have. Administrative and tax preferences that operate in Kazakhstan for domestic participants in the stock market are either mainly aimed at investors or rather incomprehensible and imperceptible for potential issuers. Uncertainty in achieving the planned funding levels and in a fair assessment of the company's capital cost, basing on the above factors identified as a result of the study, is the main constraining reason for the low emission activity of Kazakhstani stock market participants.

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