Аналізування фондових індексів як основних показників розвитку ринку цінних паперів окремих економік світу

Abstract

У статті доведено необхідність аналізу динаміки фондових індексів різних країн світу. Дослідження включило: розгляд їх історії, огляд методик їх обчислення, виділення недоліків та переваг їх використання. За вказаною схемою надано характеристику найбільших фондових індексів світу. Визначено відмінність між їхніми похідними показниками. Окреслено вплив фондових індексів на світову економіку та на економіку окремих країн. Проведено аналіз українського фондового індексу UX. Представлено формулу обчислення індексу. Розглянуто процес включення цінного паперу окремого емітенту у фондовий індекс. Намічено шляхи подальшого використання отриманих результатів дослідження до забезпечення змін вітчизняного ринку цінних паперів.

The article proves the necessity of analyzing the dynamics of stock indexes from different countries of the world. The research included: reviewing their history, reviewing their calculation methods, highlighting shortcomings and the benefits of using them. In most states legally prescribed stock exchanges to carry out research of stock market and the dynamics of its development, and to provide of investors, of issuers and other interested individuals information on the nature of processes originating in it. The bodies of virtually all stock exchanges are specialized research and information divisions, whose main task is to carry out such research and the publication of their results in relevant editions. The constant use of stock indices is an objective necessity of the modern financial system. The influence of stock indexes on the world economy and on the economy of selected countries is outlined. There is a huge variety of indices, depending on the basis on which they are calculated. The largest companies with high capitalization are components for calculating national stock indices. Hundreds of stock indices are calculated by stock exchanges, international investment banks, information agencies and other infrastructural entities. The main parts of stock indices are described. The process of creating a stock index provides the following stages: sampling, weighting, averaging and indexing. There are two main functions of stock indices: informational function and tools creational function. Information function defines: the number of securities that are included in the index, the share of capitalization of the issuer, whose securities are included in the basket of the index, in relation to the total stock market capitalization, frequency of calculation of stock index. The tasks of the tool-forming function includes the balance and the compliance of the index with the stock market structure, as well as the transparency and regulation of the process of forming this indicator. Key features of stock indices are: stock index is product of the derivatives market, the use of stock indices is growing in line with the development of stock markets, methods of calculating stock indices are different depending on country, stock market and established traditions. The world’s most famous indexes are: Dow Jones Industrial Average, Standard and Poor’s 500, NYSE Common Stock Index, NASDAQ 100, Russell 3000 Index, FT-SE 100 etc. The difference between their derivatives is determined. The Dow Jones Industrial Average is calculated as the arithmetic mean of the current stock prices of the 30 largest industrial companies. The NASDAQ 100 is the index of the 100 largest non-financial sector companies on NASDAQ’s market. FT-SE 100 is the most common stock index in the UK. Famous foreign and Ukrainian stock indices are considered in the article. They are classified according to calculation methods. Basic groups of calculation methods are singled out. The analysis of the Ukrainian stock index was conducted. The most popular stock index in Ukraine is the UX Index. The UX index includes shares of six largest companies, namely: Donbasenergo, Raiffeisen Bank Aval, Centrenergo, Ukrnafta, Motor Sich, Turboatom. The calculation of the UX index is presented. The process of incorporating of the stock of a separate issuer into a stock index is considered. The decision of the composition of the UX securities list is conducted by studying the statistical information on bids for the previous three months. It is planned to use the results of the research in the future to provide the changes in the domestic stock exchange market.