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Kobe University Repository : Thesis Kobe University Repository : Thesis Securities Market Development in CIS Countries: Legislative and 学位論文題目 Regulatory Lessons from Kazakhstan, Russia, and Uzbekistan(CIS諸国 Title における証券市場の発展―カザフスタン、ロシア及びウズベキスタン からの立法上及び規制上の教訓) 氏名 Narziev Otabek Sadievich Author 専攻分野 博士（法学） Degree 学位授与の日付 2019-03-25 Date of Degree 公開日 2020-03-01 Date of Publication 資源タイプ Thesis or Dissertation / 学位論文 Resource Type 報告番号 甲第7392号 Report Number 権利 Rights JaLCDOI URL http://www.lib.kobe-u.ac.jp/handle_kernel/D1007392 ※当コンテンツは神戸大学の学術成果です。無断複製・不正使用等を禁じます。著作権法で認められている範囲内で、適切にご利用ください。 PDF issue: 2021-10-04 博士学位論文 Securities Market Development in CIS Countries: Legislative and Regulatory Lessons from Kazakhstan, Russia, and Uzbekistan (CIS 諸国における証券市場の発展―カザフスタン、ロシア及びウズベキスタンか らの立法上及び規制上の教訓) 神戸大学大学院法学研究科 専攻: 理論法学 指導教員: 川島富士雄 学生番号: 146j007j 氏名: NARZIEV, Otabek Sadievich 提出年月日:2019 年 1 月 10 日 ACKNOWLEDGEMENTS I should like to express my deep gratitude to Professor Fujio Kawashima for his continuous support of my study and research, his patience, motivation, enthusiasm, his research guidance which enabled me to develop the present dissertation, his time reading its earlier versions, his comments, and for the discussions that we have had. The guidance of Professor Fujio Kawashima has helped me throughout the processes of researching and writing this thesis. I could not have wished for a better advisor and mentor. Furthermore, I am most grateful to Professor Dai Tamada, and other members of the Graduate School of Law at Kobe University for their guidance, inspiration, assistance, and support. I should also like to convey my gratitude to the members of the office staff at Kobe University Law School for their assistance during my studies. I am also most grateful to the members of the Library staff for their kindness, patience, assistance, and guidance. I would like to extend my gratitude to the foundations responsible for the Hanao Scholarship, Otsuka Toshimi Scholarship, Sojitz Scholarship, and the Rotary Yoneyama Scholarship, for their sincere support and sponsorship of my studies, internships, and research visits. Above all, however, I should like to thank my parents, brother, and sisters who have made my reasonably long stay at Kobe University possible, and to my spouse and children for their support and understanding so that I may entirely devote my time to complete the research. Without their continued love and support, this thesis would have not been possible. January 2019 2 Table of Contents ABBREVIATIONS .............................................................................................................. 5 CHAPTER 1. INTRODUCTION ....................................................................................... 7 1.1. Research significance ................................................................................................................................ 7 1.2. Problem statement.......................................................................................................................................... 8 1.3. Statement of purpose.................................................................................................................................. 10 1.4. Methodology................................................................................................................................................... 10 1.5. Structure of the dissertation ................................................................................................................... 10 CHAPTER 2. ORIGIN, EVOLUTION, AND DEVELOPMENT OF THE SECURITIES MARKET IN CIS COUNTRIES ...........................................................................................12 2.1. Background of SM origin and development in CIS countries................................................. 12 2.1.1. A brief history of the establishment of CIS................................................................................... 12 2.1.2. A market economy is a prerequisite for SM origin in CIS ...................................................... 15 2.1.3. Features of Transition and privatization in CIS countries........................................................ 17 2.2. The necessity of SM and its legal regulation in CIS countries ................................................ 28 2.2.1. Necessity and functions of the securities market ........................................................................ 28 2.2.2. The necessity of SM regulation in CIS countries........................................................................ 30 2.3. An institutional and legal framework of CIS countries’ securities market....................... 32 2.3.1.Development of institutional and legal bases of the Russian securities market................. 32 2.3.2. Development of institutional and legal bases of Kazakhstan securities market ............... 38 2.3.3. Development of institutional and legal bases of the Uzbekistan securities market......... 43 2.4. Development level and problems of SM in CIS countries ......................................................... 53 2.4.1. Development levels of CIS countries’ SM .................................................................................... 53 2.4.2. SMD Problems in CIS countries....................................................................................................... 56 Summary .................................................................................................................................................................. 63 CHAPTER 3. THEORETICAL BACKGROUND TO SECURITIES MARKET REGULATION .....................................................................................................................64 3.1. Importance of theory in securities market regulation ................................................................ 64 3.2. Overview of basic approaches................................................................................................................ 66 3.2.1. Microeconomic approach: Efficient Market Hypothesis (EMH) .......................................... 66 3.2.2. Macroeconomic approach: Economic dynamics of law ........................................................... 68 3.2.3. Behavioral finance: “not only and not always rational…” ...................................................... 71 3.2.4. Social business: “not only and not always wealth maximization aim….” ......................... 72 3.3. Contemporary problems of Securities market regulation ........................................................ 74 3.3.1. The excessive efficiency of securities markets ............................................................................ 74 3.3.2. Misbalance in theoretical supply ...................................................................................................... 76 3.3.3. Moral value deficit syndrome ............................................................................................................ 79 Summary .................................................................................................................................................................. 82 CHAPTER 4. THE SECURITIES MARKET AS AN ALTERNATIVE SOURCE OF BUSINESS FINANCING IN CIS COUNTRIES ....................................................................83 4.1. Bank-based and market based financial systems: do financial structure matters? ...... 83 4.2. The notion of debt and equity financing ........................................................................................... 85 4.3. Regulation as a tool for striking a balance ....................................................................................... 87 Summary .................................................................................................................................................................. 90 CHAPTER 5. STATE ROLE AND SECURITIES MARKET DEVELOPMENT IN CIS COUNTRIES ........................................................................................................................92 5.1. Outline of theories on state participation in the economy......................................................... 92 5.2. Overview of the state's role in CIS countries .................................................................................. 94 3 5.2.1. State ownership in Uzbekistan .......................................................................................................... 96 5.2.2.The share of SOEs in Russia ............................................................................................................ 102 5.2.3. SOE presence in Kazakhstan’s economy.................................................................................... 105 5.3. Main SOE problems in Uzbekistan .................................................................................................. 107 5.3.1. Transparency ........................................................................................................................................ 108 5.3.2. Competitive neutrality ....................................................................................................................... 112 5.3.3. SOE Efficiency .................................................................................................................................... 116 5.4.Perspectives on SOE reforms in CIS countries ............................................................................ 119 Summary ..............................................................................................................................................................
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