TIJORAT BANKLARINING QIMMATLI QOG‘OZLAR BOZORIDAGI EMISSION FAOLIYATINI TASHKIL ETISH: BOSQICHLI MODEL VA MAHALLIY BANKLARNING XALQARO EMISSIYA TAJRIBASI
Abstract
Tijorat banklarining fond bozorida o‘z qimmatli qog‘ozlarini muomalaga chiqarishi resurs manbalarini kengaytirish bilan birga milliy kapital bozorini chuqurlashtirish va uning likvidligini oshirishning muhim omiliga aylanmoqda. 2020–2025-yillarga mo‘ljallangan bank tizimini isloh qilish strategiyasida banklarning moliyaviy barqarorligini mustahkamlash, davlat ulushi bo‘lgan banklarni transformatsiya qilish va ularni kapitallashtirish ustuvor vazifa sifatida belgilangan [1]. Bank bozorda bir vaqtning o‘zida professional ishtirokchi (investor, anderrayter, broker) va yirik emitent sifatida qatnashadi, shuning uchun uning emission faoliyati Bazel standartlari doirasida kapital yetarliligini saqlash va uzoq muddatli barqaror resurslarni shakllantirish bilan uzviy bog‘liq [2]. Biroq ichki bozor likvidligining pastligi emissiyani ilmiy asoslangan bosqichli metodologiya asosida tashkil etishni taqozo etadi.
Downloads
References
1. O‘zbekiston Respublikasi Prezidentining 2020-yil 12-maydagi PF-5992-son “2020–2025-yillarga mo‘ljallangan O‘zbekiston Respublikasining bank tizimini isloh qilish strategiyasi to‘g‘risida”gi Farmoni.
2. Basel Committee on Banking Supervision. Basel III: A global regulatory framework for more resilient banks and banking systems. — BIS, 2011.
3. Modigliani F., Miller M.H. The Cost of Capital, Corporation Finance and the Theory of Investment // American Economic Review. — 1958. — Vol. 48(3). — P. 261–297.
4. Akerlof G.A. The Market for “Lemons”: Quality Uncertainty and the Market Mechanism // Quarterly Journal of Economics. — 1970. — Vol. 84(3). — P. 488–500.
5. Spence M. Job Market Signaling // Quarterly Journal of Economics. — 1973. — Vol. 87(3). — P. 355–374.
6. Myers S.C., Majluf N.S. Corporate financing and investment decisions when firms have information that investors do not have // Journal of Financial Economics. — 1984. — Vol. 13(2). — P. 187–221.
7. Myers S.C. The Capital Structure Puzzle // Journal of Finance. — 1984. — Vol. 39(3). — P. 575–592.
8. Healy P.M., Palepu K.G. Information asymmetry, corporate disclosure, and the capital markets // Journal of Accounting and Economics. — 2001. — Vol. 31(1–3). — P. 405–440.
9. Mishkin F.S., Eakins S.G. Financial Markets and Institutions. 9th ed. — Pearson, 2018.
10. Rose P.S., Hudgins S.C. Bank Management & Financial Services. 9th ed. — McGraw-Hill/Irwin, 2013.
11. Sinkey J.F. Commercial Bank Financial Management in the Financial-Services Industry. 6th ed. — Prentice Hall, 2002.
12. Benveniste L.M., Spindt P.A. How investment bankers determine the offer price and allocation of new issues // Journal of Financial Economics. — 1989. — Vol. 24(2). — P. 343–361.
13. Ritter J.R., Welch I. A Review of IPO Activity, Pricing, and Allocations // Journal of Finance. — 2002. — Vol. 57(4). — P. 1795–1828.
14. NBU Successfully Places US$418 Million and 1.5 Trillion Soums Eurobonds on International Capital Markets // UzDaily.uz, 2025.
15. Uzbekistan Sets Record in 2024 with $4 Billion in Eurobond Issuance // Fergana Agency, 2025.
16. The Republic of Uzbekistan has placed “green” sovereign Eurobonds in the national currency for the first time // INVEXI, 2023.
17. Cbonds. International bonds of Uzpromstroybank, National Bank of Uzbekistan and Ipoteka Bank (2019–2025). — cbonds.com
18. O‘zbekiston Respublikasining “Qimmatli qog‘ozlar bozori to‘g‘risida”gi Qonuni, 2015-yil 3-iyun, O‘RQ-387-son.

