THE EXPERIENCE OF FINANCING JOINT-STOCK COMPANIES THROUGH THE CAPITAL MARKET IN FOREIGN COUNTRIES AND PROSPECTS FOR ITS IMPLEMENTATION IN UZBEKISTAN

Abstract

This article presents a comparative analysis of the experiences of the USA, the UK, South Korea, Hong Kong, and Kazakhstan regarding the financing of joint-stock companies through capital markets, and evaluates the transferability of these institutional frameworks to the context of Uzbekistan. Based on the IMRAD structure, the study utilizes data from official stock exchanges and regulatory bodies, OECD analyses, scholarly works by both Uzbek and international researchers, and a Multi-Criteria Decision Analysis (MCDA) approach. The findings indicate that in developed markets, corporate financing has evolved into a system for continuous capital mobilization—extending well beyond Initial Public Offerings (IPOs) to include instruments such as follow-on offerings, rights issues, corporate bonds, growth markets, private placements, and cross-listings. For Uzbekistan, the highest degree of institutional compatibility is found in Kazakhstanʼs AIX model; in terms of specific instruments, relevant models include the US mechanisms for follow-on issuance, the UKʼs AIM model, South Koreaʼs KOSDAQ/KONEX segmentation, and Hong Kongʻs practices regarding follow-on offerings and international listings. The author proposes a “5P Capital Market Transformation” methodology, comprising: Pipeline, Proportional regulation, Primary & follow-on finance, Professional investors, and Passporting/cross-border integration.