Vertybinių popierių biržų jungimosi sprendimų metodologiniai aspektai

LTStraipsnyje analizuojami vertybinių popierių biržų jungimosi procesai. Išskiriami VP rinkos specifiškumą apibūdinantys kriterijai ir pateikiamas autorės sudarytas VP biržų jungimosi sprendimų formavimo algoritmas. [Iš leidinio]Reikšminiai žodžiai: Vertybinių popierių birža; Jungimosi sprendimai; Vertybinių popierių rinkos efektyvumas; Vertybinių popierių rinkos integruotumo laipsnis; Securities exchange; Consolidation decision-making; Securities market efficiency; Integration degree of securities market.

ENThe author of the paper is presenting an algorithm of decision-making in securities exchange consolidation. It consists of the following six stages: 1) Formation of possible future alternatives for stock exchanges, during which possible consolidation alternatives are evaluated using criteria, such as: security stock formation conditions and evolution, formally given suggestions for cooperation or alliances, geographical position of markets (the region of stock exchange operation), assessment of foreign investors; and others; 2) Comparison of functional characteristics of selected securities exchanges in two aspects: first, similarities and differences in securities exchange organizational - technical characteristics and necessary costs, and second, development stage of securities exchange in the countries; 3) Comparison of consolidation alternatives based on efficiency criterion, during which information effect is assessed. That is, the speed of reaction and extent of selected stock prices indexes to changes in internal and external environment is determined; 4) Evaluation of consolidation alternatives according to integration criterion, which contains quantitative measurement of the similarities of the tendencies of common market indexes in selected stock exchanges. During this stage, links and their strength between all the selected market indexes are evaluated; 5) Comprehensive evaluation of stock exchanges consolidation alternatives, which contains determination of possible decision alternatives and their evaluation, considering organizational and functional characteristics of stock exchanges; 6) Stock exchange strategic decision-making, which combines both quantitative and qualitative aspects, for taking the most valuable consolidation decision alternatives for stock exchange.Upon the methodology proposed in the paper, empirical study was made, evaluating possible consolidation alternatives for the Vilnius stock exchange with selected regional (Warsaw), more developed Scandinavian (Copenhagen) and largest European (Paris, London and Frankfurt) stock exchanges. The results of this research have proved that the merger between Vilnius and Scandinavian stock exchanges is the most effective due to common organizational and functional characteristics and similar reaction to regional and global events. Hence this universal algorithm of strategic decision making might be applied to each securities exchange as it reflects the completeness of theoretical background/viewpoints. [From the publication]