voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2021-11-5-32voprecotest-3721Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL ECONOMICSРоссийский фондовый рынок: тенденции, вызовы, ориентиры развитияRussian stock market: Trends, challenges and solutions. Academic viewhttps://orcid.org/0000-0003-4285-9115АбрамовА. Е.AbramovA. E.

Абрамов Александр Евгеньевич, кандидат экономических наук, зав. лабораторией анализа институтов и финансовых рынков Института прикладных экономических исследований (ИПЭИ) РАНХиГС

Москва

Alexander E. Abramov

Moscow

abramov-ae@ranepa.ruhttps://orcid.org/0000-0003-2242-9994РадыгинА. Д.RadyginA. D.

Радыгин Александр Дмитриевич, доктор экономических наук, профессор, директор ИПЭИ РАНХиГС, член совета директоров Института Гайдара

Москва

Alexander D. Radygin

Moscow

arad@ranepa.ruhttps://orcid.org/0000-0003-0144-1820ЧерноваМ. И.ChernovaM. I.

Чернова Мария Игоревна, научный сотрудник лаборатории анализа институтов и финансовых рынков ИПЭИ РАНХиГС

Москва

Maria I. Chernova

Moscow

chernova-mi@ranepa.ruРоссийская академия народного хозяйства и государственной службы при Президенте РФРоссияRussian Presidential Academy of National Economy and Public AdministrationRussian FederationРоссийская академия народного хозяйства и государственной службы при Президенте РФ; Институт экономической политики имени Е. Т. ГайдараРоссияRussian Presidential Academy of National Economy and Public Administration; Gaidar Institute for Economic PolicyRussian Federation202104112021011532Copyright © Voprosy Ekonomiki, NP, 20212021Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/3721

В 2000—2020 гг. в России наблюдалось замедление экономического роста. Оно сопровождалось торможением развития внутреннего фондового рынка и ухудшением показателей его конкурентоспособности по сравнению c индикаторами рынков других стран. В определенной степени это связано с исчерпанием таких ресурсов роста, как благоприятная внешнеэкономическая конъюнктура цен на сырьевые товары и приток иностранных инвестиций. Ставка на усиление роли государства в экономике и ориентация финансового регулирования прежде всего на финансовую стабильность пока не принесли ожидаемых позитивных сдвигов в развитии фондового рынка. В качестве основных, но не исчерпывающих, проблем последнего в статье выделены препятствия для роста долгосрочных внутренних сбережений; низкая привлекательность ценных бумаг российских эмитентов для инвесторов с точки зрения параметров доходность/риск; ограниченное число качественных эмитентов в биржевых листингах и слабая конкуренция между финансовыми организациями. По каждой проблеме предложены рекомендации, которые могут быть востребованы при формировании долгосрочной стратегии развития фондового рынка в России.

 

The slowdown of economic growth in Russia during 2000—2020 has been accompanied by decelerating domestic market growth and decline of its competitiveness indicators compared to other foreign markets. To some extent this evidence is associated with limitations of such development factors as favorable external economic conditions for raw materials and inflow of foreign investments. The intention to solve this problem by increasing state participation in economic processes and aiming financial regulation primarily at reaching financial stability goals has not led to any positive results in financial market development yet. The authors emphasize several key problems in this development including obstacles for longterm domestic savings growth, the unattractiveness of Russian issuers’ securities in terms of risk—return trade-off, the scarcity of quality issuers in listing, and the lack of competition between financial organizations. In response to these problems the authors propose applied recommendations that may be demanded when forming a long-term strategy for the development of the stock market in Russia.

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The authors declare that there are no conflicts of interest present.