Nacionalinė vertybinių popierių birža ir ją veikiantys makroekonominiai veiksniai

LTVertybinių popierių (VP) rinka yra neatsiejama rinkos ekonomikos dalis. Tarp VP rinkos vystymosi ir šalies ekonominio pajėgumo egzistuoja abipusis ryšys. Straipsnyje trumpai apžvelgta Lietuvos VP rinkos raida, išryškintos pagrindinės tendencijos. Panaudojant matematinę regresiją ištirtas makroekonominės aplinkos poveikis Nacionalinės VP biržos rodikliams, nustatyti labiausiai vertybinių popierių kainas įtakojantys veiksniai. [Iš leidinio]Reikšminiai žodžiai: Vertybinių popierių rinka; Rinkos ekonomika; Nacionalinė vertybinių popierių birža; Securities market; Market economy; National securities exchange.

ENSecurities (secs) market, being a subsystem of financial market and an inseparable part of market economy, provides possibilities for effective distribution and redistribution of financial resources among different economic entities. Investments in secs are relevant both in micro and macro levels. In microeconomic level effectively functioning secs market assists enterprises to attract financial means necessary for economic activity execution by emitting securities. From the macroeconomic point of view, the importance of secs market manifests itself in the assistance to accumulate and distribute the capital effectively, which leads to the growth of Gross National Product. As secs market is closely interconnected with the genera! national economic power, its development relation with the national economical growth is mutual: the progress of general economic situation leads to more active secs market; in turn, the growth of secs market stimulates national economy. The article estimates the influence of the Lithuanian macroeconomic environment on secs market. In order to achieve the purpose stated pair coefficients of correlation between the exchange indices and the main macroeconomic rales have been computed.The results of analysis enable to make the following conclusions: the change of macroeconomic environment has the strongest effect on the government securities market; indexes of the share market are effected considerably by government securities, especially by medium-term government securities, the change of interest rate, and governmental debt growing; Lithuania has the shortage of portfolio investments, as the interrelation between indexes of shares and actual economic development is poor; in Lithuania shares and government securities are competitive investment tools, because the negative correlative dependence between the change of indexes of shares and government securities leads to the fact, that with the growth of government securities profitability, the shares market activity and attractiveness is falling down. [From the publication]