Wpływ instytucji finansowych na rozwój rynku papierów wartościowych w Polsce

• Autorzy: Michał Szymański

Warianty tytułu

Influence of financial institutions on the development of securities market in Poland

• Języki publikacji: PL

Abstrakty

Omówiono możliwości wpływu instytucji finansowych na rynek papierów wartościowych. Przedstawiono politykę lokacyjną i ewolucję znaczenia poszczególnych typów instytucji finansowych na rynku papierów wartościowych. Zwrócono uwagę, że obecnie szybko wzrasta znaczenie takich instytucji finansowych zorientowanych na rynek papierów wartościowych jak fundusze emerytalne i fundusze inwestycyjne.

EN

Financial institutions influence the shape of the capital market by the way in which they deposit their funds. The impact of the banking sector, focused mainly on lending, is different from the impact of investment funds or pension funds that use mainly the securities market. In the case of that market, financial institutions form a group of institutional investors. They may drive the market development thanks to their volume of assets and their knowledge. Since fund depositing is usually their basic activity, allowing them to win customers, they force the market to develop, which facilitates their depositing of the capital entrusted to them. The main prerequisites include appropriate volume and competition. Institutional investors may positively influence the securities market for instance in the following areas: increasing the protection of minority shareholders on the public stock market, developing new financial products, increasing the operating efficiency of the market, lowering costs of gaining capital, supporting new legal regulations. The banking sector has long dominated the Polish market. This sector provides a relatively small part of its funds to companies via the securities market, which means that it is not greatly involved in the development of this market. Recent years saw a growing significance of investment funds, insurers, and especially of pension funds. This group strongly focuses on the securities market in its depositing policy. The growing importance of such institutions, as a result of their growing assets volume, will increasingly stimulate the development of the securities market. Pension funds should play a leading role among these institutions in the coming years. (original abstract)

Słowa kluczowe

PL

Rynek papierów wartościowych; Instytucje finansowe; Fundusze emerytalne; Fundusze inwestycyjne

EN

Securities market; Financial institutions; Pension funds; Investment funds

• Czasopismo: Bank i Kredyt
• Rocznik: 2004
• Numer: nr 11-12
• Strony: 106--113

Twórcy

autor

Michał Szymański

Bibliografia

• A. Aylward: Trends in Venture Capital Finance in Developing Countries. The World Bank IFC Discussion Paper 36, 1997.
• C. Borraez, C. Del Valle, M. Batlay i E. Togo: Overview of Fixed-Income Securities Markets in Emerging Economies. Paryż, The World Bank OECD/World Bank Workshop on the Development of Fixed-Income Securities Markets in Emerging Economies. Paryż, The World Bank OECD/World Bank Workshop on the Development of Fixed-Income Securities Markets in Emerging Economies 14-16 grudnia 1998 r., Capital Markets Development Department.
• M. Catalan, G. Impavido, A.R. Musalem: Contractual Savigs or Stock Market Development: Which Leads? The World Bank Financial Sector Development Department, Working Paper, sierpień 2000 r.
• S. Claessens, S. Djankov i D. Klinebiel: Stock Markets in Transition Economies. The World Bank Financial Discussion Paper No 5, wrzesień 2000 r.
• P. Diamond, S. Valdes-Prieto: Social Security Reforms. W: B. Bosworth I inni (red.): The Chilean Economy: Policy Lessons and Challenges. Washington D.C. 1994, The Brookings Institution.
• J. Garcia-Cantera, P. Burbridge: Private Pension Funds in Latin America. Equity Research, SalomonSmithBarney, grudzień 1999 r.
• J.R. Gilson, B. Black: Does Venture Capital Require an Active Stock Market? "Journal of Applied Finance" 36-48, 1999.
• R.S. Hansen, P. Torregrosa: Underwriter Compensation and Corporate Monitoring. "Journal of Finance" nr 47/1992, s.1537-1555.
• R. La Porta, F. Lopez-de-Silanes, A. Schleifer, R. Vishny: Investor Protection and Corporate Valuation. National Bureau of Economic Research, Working Paper 7428, 1999.
• L. Ross: Financial Development and Economic Growth: Views and Agenda. "Journal of Economic Literature" Vol. XXXV, czerwiec 1997 r.
• L. Ross, Z. Sara: Stock Market Development and Long-Run Growth. "The World Bank Economic Review"' Vol.10, No 2, 1996.
• D. Vittas: Institutional Investors and Securities Markets: Which Comes First? The World Bank Policy Research Paper 2032, 1998.
• D. Vittas: Pension Reform nd Capital Market Development: "Feasibility" and "Impact' Preconditions", The World Bank Working Paper, sierpień 2000 r.
• D. Vittas, M. Skully: Overview of Contractual Savings Institutions. The World Bank Working Paper 605, marzec 1991 r.