International Journal of Advanced Science and Technology Vol. 29, No. 8, (2020), pp. 3098-3104 Analysıs Of The Current Status Of Attractıng Fınancıal Resources In Joınt- Stock Companıes Of Uzbekıstan Shomirov A.A. 1, Zoyirov L.S 2 1 Ph.D in economics, associate professor, Tashkent Financial Institute 2 Candidate of economic sciences, associate professor, Tashkent Financial Institute Abstract The article analyzes the activities and the state of attracting financial resources of joint-stock companies operating in the country, and also draws conclusions and recommendations on the development of the industry. Keywords: Joint-stock companies, financial resources, share capital, additional paid-in capital, listing, infrastructure bonds. INTRODUCTION At present, the successful operation of any business entity directly depends on the efficient use of financial resources, which is the main criterion of the management system. At the same time, in the world practice, financial managers have begun to think not only about how to accumulate financial resources, but also how to store and multiply them. Of course, successful business development without the knowledge of modern methods of financial resources management is impossible, financial managers need to be aware of the latest economic achievements, how and where to attract financial resources, how to distribute it, how to sell products, how to integrate various financial mechanisms. It is also important to know. From the foregoing, one of the main problem in managing the financial resources of joint stock companies operating in Uzbekistan is the importance and weakness of the use of financial instruments in raising additional funds. In the country, 86% of the total authorized capital of joint stock companies is formed by the state, and the rest of the charter capital falls on the share of commercial enterprises and private investors [1], which also demonstrates the high level of administrative and governmental intervention in the management of their financial resources. This was emphasized by the President of the Republic of Uzbekistan Sh.Mirziyoev on January 24, 2020, saying that "... it is necessary to take measures to curtail state-owned enterprises in the private sector and competitive industries, with the registration of nearly 3,000 state-owned companies". reveals the true nature of the problem. LITERATURE REVIEW Improving financial management mechanisms in joint stock companies, including some aspects of managing financial resources of companies, have been studied in the scientific works of foreign scientists. In particular, J.K. Van Horne and J.M. Vakhovich studied the basics of financial management in his scientific works. Lapustas [5] studied the financial features of firms in their textbooks. I.A. Blank [6] investigated the conceptual dimensions of financial management. In his textbooks, Shokhahazemi [7] studied the issues of corporate policy in joint-stock companies, while B. Tashmuradova [8] studied topical issues of corporate finance management. R. Karlibayeva [9] investigated the financial features of joint stock companies in a market economy. In the textbooks and scientific works of S. Elmirzaev [10], the role of the financial market in the operation of corporate structures and the problems that arise in this area are discussed in detail. RESEARCH METHODOLOGY To complete this scientific research work, methods including inductionand deduction, comparison analysis, synthesis, generalization, classificationof logical and comparative analysis, quantitative and qualitative indicatorsare used. ANALYSIS AND RESULTS ISSN: 2005-4238 IJAST 3098 Copyright ⓒ 2020 SERSC International Journal of Advanced Science and Technology Vol. 29, No. 8, (2020), pp. 3098-3104 In conditions of high competition for financial resources, it is important for joint-stock companies to attract, place and invest in financially sustainable investment and financial mechanisms and manage financial resources. Uncertainty, especially in the context of globalization of the financial and consumer markets, the significant fluctuations in prices for raw materials and thermal energy make these tasks more relevant, in particular, the risk level increases, liabilities increase, and income opportunities decrease. This article analyzes the main trends associated with the formation of financial resources of joint stock companies operating in the Republic, with a special focus on the status of their authorized capital and attracted resources, the volume of foreign investments in the activities of joint stock companies, and their cross-sectoral allocation of funds. Table 1 The number of joint stock companies in the Republic of Uzbekistan as of April 1, 2019[11] Volume of of Number of № Joint-stock companies Number emissions shares (million (billion soums) units) 594 122 373,07 9 956 654,30 Including: 1 Industry 162 56 653,75 2 398 236,88 2 Agriculture 198 4 755,49 1 534 612,13 3 Servicing 167 17 624,05 160 950,58 4 Financial Sector 67 43 339,78 5 862 854,71 Table 1 shows that as of February 1, 2020, shares issued by joint stock companies operating in the country amounted to 122.3 trillion. soums. If we review the ratio of the total authorized capital of joint stock companies operating in Uzbekistan to the GDP of the country, this figure is 22%,[12]67 of the total number of joint-stock companies, or 11.3% are in the financial sector whichmakes 35.4% of the authorized capital of all joint-stock companies. In Table 2 below, we analyze the top market capitalization companies in the world today. Table 2 The 10 largest companies in the world and their market capitalization share in the country's GDP [13] GDP of developed Market capitalization Market № № Company name countries by the end of Ratio to GDP of the capitalization 2018 (US $) country (%) The USA 1. Amazon Inc. 0,802 3,93 2. Microsoft 0,789 3,86 3. Alphabet Inc. 0,737 3,61 4. Apple inc. 0,721 3,53 Berkshire 5. 0,482 2,36 Hathaway Inc. 20,4 6. Facebook 0,413 2,02 7. Johnson & Johnson 0,347 1,70 8. JPMorgan Chase 0,332 1,62 Total 4,623 22,6 ThePeople's Republic of China 9. Tencent 0,411 11,8 3,48 ISSN: 2005-4238 IJAST 3099 Copyright ⓒ 2020 SERSC International Journal of Advanced Science and Technology Vol. 29, No. 8, (2020), pp. 3098-3104 10. Alibaba Group 0,392 3,32 Total 0,803 6,80 As can be seen from the table above, 8 of the 10 largest or most expensive companies in the world are currently based in the United States, and the other two are in the People's Republic of China. Eight companies are among the 10 largest companies in the world with a market capitalization of $ 4.6 trillion as well as 22.6% of GDPof the United States. In particular, Amazon Inc., which today is the true leader in the e-commerce industry market capitalization of the company is 802 billion US dollars, which is about 4% of GDP of the world's most developed economy. When analyzing the activities of joint-stock companies operating in the country, we can see that the state share in their authorized capital exceeds 83.0% in commercial banks and over 88.0% in charter companies. Taking this into account, the of the of the Republic of Uzbekistan on April 29, 2019 "On measures to further improve the mechanism of attracting foreign direct investments into the economy of the Republic" also positively influenced the efficiency of financial resources management of joint stock companies is coming. According to the Presidential Decree, the state shares (shares) in the authorized capital of business societies are offered for sale to investors, including foreign investors. 100% state-owned share in the charter capital of Shakhrisabz yulduzi”, the state share capital of the joint stock companies, such as JSC “Kattakurgan Yog-Moy”, JSC "Kokand Yog-Moy", JSC "Asaka Yog", JSC "Kokand Mexanika Zavodi" is for sale by the Agency for State Property Management of the Republic of Uzbekistan [14]: As a result of increased foreign investments into the economy of Uzbekistan, modern technologies will be introduced to enterprises, increase of the ability of enterprises to export finished goods, decrease of unemployment rate of population and reduction of debts of enterprises to the state budget. As the above figures indicate, the level of financial resources attraction to the joint stock companies of our country is very low, and there are a number of problems that need to be addressed. Specifically: - underdevelopment of the secondary securities market in the country; - underdeveloped practice of passive income of legal entities and population and lack of confidence in them; - weak supply of money by the state mega-regulator, and currently the level of financial support of the economy is 29.5%. This figure was around 24-25% as of September 2017, and as a result of the liberalization of the foreign exchange policy it increased to 29.5% due to the devaluation of the national currency, which is 5.5% due to devaluation of the national currency to foreign currencies; - imbalance between the corporate securities markets and the regions, the smooth distribution of financial resources of joint stock companies in the provinces and cities of the country, which, in turn, does not allow the development of the country's branches and regions. In the process of examining the above issues, we have studied the financial statements of JSC "Uzpakhtasanoat". Table 3 Structure and dynamics of financial resources of "Qorasuv Pakhta Tozalash" Joint Stock Company* [15] (in percentages as of January 1) The source of financial resources 2015 2016 2017 2018 2019 I. Equity capital 5,0 30,2 37,8 30,8 24,2 Including: 100 100 100 100 100 - authorized capital 7,6 1,0 0,9 2,9 3,6 - added capital 0,0 0,0 0,0 0,0 0,0 - Reserve capital 77,5 9,9 9,6 12,1 16,5 - undistributed (uncovered loss) profit 7,8 1.0 2,8 3,7 4,6 - Targeted revenues and funds 7,1 86,3 85,9 81,3 75,4 - Reserves for the next period 0 1,9 0,8 0 0 II.