THE DEVELOPMENT OF FINANCIAL INVESTMENT IN THE UKRAINE CAPITAL MARKET IN THE WAR CONDITIONS

Abstract

The purpose is to study the role and characteristics of war bonds as a financial investment instrument under conditions of martial law. Various approaches, methods and techniques of scientific research of financial and investment processes were used in the work, such as constructive, deterministic, retrospective, dynamic, statistical within the framework of system analysis. The development of the capital market, the structure of their trades before and during the war, the characteristics of OVDP were analyzed and their advantages were determined. In the article, the provision on the expediency and possibility of making financial investments in Ukraine, even in wartime conditions, was further developed Before the war in Ukraine, the use of market mechanisms by business entities to make financial investments and attract investment resources was not sufficiently developed. With the beginning of military aggression. capital markets were suspended, their return to full operation began in June 2022. Despite the expansion of the list of operations that were allowed to be carried out with securities, the set of instruments on the capital markets of Ukraine during the martial law period is limited. For a wide range of private investors with a capital of less than UAH 100,000, there are two of them: bank deposits and bonds, primarily state-military government bonds. A simplified procedure for remote verification of low-risk customers and exclusively for the purchase of military government bonds has been introduced for the purpose of receiving cost reimbursement. Thanks to digitalization and the possibility of purchasing them in Diya, military OVDPs have become a massive financial investment tool and a source of financing budget expenditures for the Armed Forces. They allow citizens both to support the army and to return funds after the war. After the war, further regulatory reforms will be needed to revive the capital market. The priority is the development and implementation of regulations that will allow the issuance of corporate and municipal bonds with the use of proceeds to meet specified public needs. The obtained results can be used in the preparation of scientific and practical documents by state bodies and institutions that have authority in this field.