乌克兰集体投资机构:投资功能失调的规模和后果

N. Shelud'ko, S. Shishkov
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引用次数: 2

摘要

乌克兰集体投资机构的发展具有相当模糊和稳定的趋势,乍一看没有任何客观的经济基础。cii在乌克兰的活动动态表明,他们对全球和国家经济危机的稳定抵抗力,在专业股票市场参与者和其他机构投资者数量减少的背景下保持头寸(数量上),尽管流通中的金融工具减少,公众意识逐渐形成对国家股票市场运作的中性负面看法。作者的假设是,这种制度可行性的关键在于对cii的税收优惠,分析证实了这一点。值得注意的是,在这种情况下,经济意义和该投资机构所宣称的“集体”都是扭曲的。仅为了减轻税收负担而使用cii,严重违反法律和税收规定,会给这种税收计划的受益人和机构的存在带来风险。股票市场之外“投资领域”的特殊性,投资资源积累功能的高度有条件的表现,以及相应的,投资机构发行人功能的亵渎,特别是在公平分配投资收益方面,集体投资意识形态的本质被扭曲,加上NSSMC的极度忠诚的监管,目前都让人质疑将cii视为股票市场一个成熟组成部分的整个可能性。
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Institutions of collective investment in Ukraine: scale and consequences of investment dysfunction
The development of collective investment institutions (CIIs) in Ukraine is characterized by rather ambiguous and stable trends, which at first glance do not have any objective economic basis. The dynamics of CIIs activities in Ukraine demonstrates their steady invulnerability to the crises in the global and national economy, maintaining positions (in quantity terms) against the background of reduced number of both professional stock market participants and other institutional investors, and despite the decrease in the financial instruments in circulation, and the gradual formation in public consciousness of a neutral negative view of the functioning of the national stock market. The authors' assumption that the key to such institutional viability consists in the tax preferences for the CIIs, which is confirmed by the analysis. It is noted that in this case both the economic sense and the declared "collectivity" of this investment institution are distorted. The use of CIIs solely to ease the tax burden, with gross legal and tax violations creates risks for both the beneficiaries of such tax schemes and for the very existence of the institution. The specificity of "investment areas" outside the stock market, the highly conditional performance of the function of accumulation of investment resources and, correspondingly, the profanation of the CIIs' issuer function, in particular as to the fair distribution of investment income, distortions of the essence of the ideology of collective investment in combination with extremely loyal regulation on the part of the NSSMC all presently call into question the entire possibility of considering CIIs as a full-fledged component of the stock market.
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Science and innovation in Ukraine: approaches to policy making in times of war REGULATION OF UKRAINE’S COMMODITY MARKETS IN CONDITIONS OF EMERGENCY AND MARTIAL LAW A RHYMED CHRONICLE OF THE WAR UKRAINE’S POST-WAR ECONOMY: INTERNATIONAL AID AND GROWTH POLICY STRATEGIES OF ECONOMIC STABILITY IN UNSTABLE ENVIRONMENT
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