Securities market as a development factor of corporate enterprises in Serbia

Abstract

In addition to foreign investments inflow, the long-term economic development of all countries in transition is also determined to a great extent by development of securities' markets, particularly stock markets. Taking advantage of corporate enterprises in connection with the raising of equity, it can be concluded that their growth and development is associated with the development in the primary stock market. In addition to stock market, in this paper it will be also discussed the development of the bond market in Serbia, as an extremely important form of borrowing, that has many advantages over borrowing from commercial banks and other financial institutions.

Pored priliva stranih investicija, dugoročni privredni razvoj svih zemalja u tranziciji je u značajnoj meri determinisan i razvojem tržišta hartija od vrednosti, a naročito tržišta akcija. Polazeći od prednosti korporativnih preduzeća u vezi sa mogućnostima prikupljanja sopstvenog kapitala, može se zaključiti da je njihov rast i razvoj izraženo povezan sa razvojem primarnog tržišta akcija. Pored tržišta akcija, u radu će biti razmatran i razvoj tržišta obveznica u Srbiji, kao izuzetno značajne forme zaduživanja koja ima brojne prednosti u odnosu na zaduživanje kod komercijalnih banaka i drugih finansijskih institucija.