Опыт и уроки публичных размещений акций на фондовых рынках США, Китая и России (Experiences and Lessons of Public Offerings on the Stock Markets of the USA, China and Russia)

Russian Economic Developments. Moscow. 2021. Vol. 28. No. 5. Pp. 14-20

7 Pages Posted: 29 Jun 2021

See all articles by Alexander E. Abramov

Alexander E. Abramov

Gaidar Institute for Economic Policy

Andrey Kosyrev

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA)

Alexander Radygin

Gaidar Institute for Economic Policy; Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Applied Economic Research

Maria Chernova

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Applied Economic Research

Date Written: May 1, 2021

Abstract

Russian Abstract: Публичные размещения акций играют все более важную роль в финансировании ускоренного развития компаний, представляющих новую экономику. Рынок IPO стал предметом серьезной конкуренции между США и Китаем. Российский рынок акций остается в стороне от этих процессов. Опыт США и Китая показывает, что для развития биржевого рынка IPO недостаточно формальных изменений процедур осуществления соответствующих сделок или введения каких-либо новых налоговых льгот. Нужны более серьезные институциональные преобразования, затрагивающие мотивы поведения эмитентов, инвесторов и государственных ведомств.

English Abstract: Public offerings have been playing an increasingly important role in fundraising for an accelerated development of businesses in the new economy. The IPO market has triggered an intense competition between the USA and China. Russia’s stock market has stayed away from these processes. The experience of the USA and China shows that for the IPO market to properly develop, it is not sufficient just to introduce some formal changes in the specific procedures for handling certain types of stock market transactions, or any new tax incentives. It is necessary to launch more profound institutional changes targeting the motives of stock issuers, investors and government departments.

Note: Downloadable document is in Russian.

Keywords: financial markets, stock markets of the USA, Cuna and Russia, initial public offering, IPO, SPAC-companies, SPAC, финансовые рынки, фондовые рынки США, Китая и России, первичные размещения акций

JEL Classification: E44, G15, G18, G23, G34

Suggested Citation

Abramov, Alexander E. and Kosyrev, Andrey and Radygin, Alexander and Chernova, Maria, Опыт и уроки публичных размещений акций на фондовых рынках США, Китая и России (Experiences and Lessons of Public Offerings on the Stock Markets of the USA, China and Russia) (May 1, 2021). Russian Economic Developments. Moscow. 2021. Vol. 28. No. 5. Pp. 14-20, Available at SSRN: https://ssrn.com/abstract=3869007

Alexander E. Abramov (Contact Author)

Gaidar Institute for Economic Policy ( email )

3-5 Gazetny Lane
Moscow, 125009
Russia

Andrey Kosyrev

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) ( email )

Vernadskogo Prospect 82
Sredny av. V.O., 57/43
Moscow, St. Petersburg 119571
Russia

Alexander Radygin

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Applied Economic Research ( email )

Russia

Maria Chernova

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Applied Economic Research ( email )

Russia

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