Примарен пазар на капитал и иницијална јавна понуда

Abstract

The capital market is of significant importance for developing countries. Certain countries do not have a capital market at all or if they have one, it doesn’t operate properly, or is quite ineffective. Thus, it is important to take into consideration the determinants of the prime capital market and the Initial Public Offer (IPO) as a key segment for effective capital markets. Financial markets and institutions are extremly well regulated. According to many experts in this field, they are the best regulated existing markets. Therefore, it is important to develop a compatible mechanism of IPO-s and rating of the shares issued on the regular capital market (present or not present on the official listng). One of the basic advantages in this type of financing is the differentiation between the role of management and the role of ownership of the firm. The shareholding equity - the corporate type, is a more flexible, effective, cheaper and constant way of financing the company’s activities and its business expansion. The prime capital market and IPO provide mechanisms for capital finance and business expansion of the company. The financial markets are an effective way of allocation of the relatively poor resources, such as shareholding equity. IPO is a mechanism of the capital market and it stimulates the economic growth and increases the investment returns. The expansion and development of the IPO-s allows the national economy to develop faster and to be more competitive internationally. The shareholding equity gives better and more transparent management. Development of the IPO-s as a method of financing leads to many new private-to-public company transformations and to their rating on the stock exchange. This will lead to increased trading material on the Macedonian Stock Exchange as well, which under existing recession becomes more and more unliquid.