The stock market as a mechanism for attracting of investments into the economy

The securities market of any country is closely connected with the development of the national economy, as well as with events which are taking place in the global financial markets. The stock market experiences UPS and downs under the influence of various economic and political, internal and external factors. In terms of modern international interlacing of capitals the fluctuations in the stock market of some countries can have some influence on the stock markets of other countries. Stock markets are sensitive to political events and monetary upsets [1, 56].

The Russian stock market is currently at a developing stage, although over the past few years he has gained good movements. But the better development appears impracticable because of problems of development of the Russian stock market. [2, 112].

First of all, the problem is that many participants of the stock exchange do not fully understand the possibilities of trade executions in different ways, not clear understand the types of transactions on the stock market. In addition, very often it turns out that the participants of the trades have a low investment culture. Because of this factor, the stock market capitalization does not increase at a rapid pace. [4, 47].

Also the problem of development of the Russian stock market is the legislation which does not reflect all provisions of the investors and participants of the exchange. Nowadays, the legislative base is more developed, but at the beginning of the history of the Russian stock market was absent. As a result, even now the challenge of the market development is the presence of blackmarketeering on the stock exchanges. This phenomenon is gradually eliminated, but even today it often reminds about himself. [3, 235].

Often the problem is also the inability of financial risk management. As a rule, European stock exchanges have some insurance companies in the stock markets and all risks of making transactions is not significant. Often the guarantor of the absence of risk becomes a special mechanism for the transactions executions, because the culture of the population and investors allows to make the system more streamlined. Now the lack of education in Russia causes problems of the market development. The prospects of the Russian stock market are should not be denied, but the transformation will become possible only if all problems would be eliminated [4, 48].

The Russian securities market is beginning to play an increasingly important role as a source of attracting of investment. But at the same time there are a number of unresolved problems that impede the development of the stock market and the investment process [1, 58].

First and foremost, it is necessary to tell about necessity of the development of the state long-term policies in respect of the securities market, which would facilitate the transformation of savings into investments. In this direction, a definite step was made by the National Association of the securities market participants (NAUFOR), by presenting of the results of a research called «the Russian stock market and the creation of an international financial Centre» at the conference in April 2008, conducted by scientists, economists, and professional participants of the securities market with the assistance of foreign consultants. The study presents the model development of the Russian stock market in the near future. According to the authors the implementation of this model will allow Russia to take its rightful place in the global financial market.

According to the calculations the Russian Federation should move from the 11th to 4th place in the world by 2020 in size of the stock market capitalization [2, 114].

The Russian stock market today is not effective enough, because of the fact that it could not ensure the fair pricing, free access of investors to the market and protection of investors' interests. This appears in the infringement of the rights of minority shareholders and non-resident shareholders as a result of large shareholders actions, high costs at purchase and sale of the shares and the reissuance of the rights of the owners, especially when we are talking about a small volume of transactions of the not very liquid shares [4, 50].

Created during the privatization the Russian joint stock companies have a short history, the vast majority of enterprises do not have developed a definite consistent dividend policy. Many issuers do not pay any, or pay very low dividends, so stocks lose their attractiveness for the ordinary investors and are purchased in the calculation of the growth of their market value, not for dividends. Thus, stock deals are more speculative rather than investment in nature. Regular dividend payments could increase the attractiveness of shares and the possibility of raising capital through new issues of shares [1, 59].