The stock market in the system of investment relations

Abstract

Abstract: The stock market is one of the key drivers of sustainable economic growth, as it performs the functions of accumulating and redistributing financial resources, thereby forming the foundation of investment relations in both the national and global economy. The purpose of the article is to reveal the role of the stock market in shaping and developing investment relations, to substantiate the authors’ integrative model of its functioning, and to identify possible scenarios for its further evolution. To achieve this aim, the study employs a systemic approach, methods of theoretical generalization, and structural-functional analysis. The results of the research demonstrate that the stock market is not only an organized space for the circulation of securities but also a central element in the integration of the economic interests of investors, issuers, and the state. It is proved that the stock market serves as a mechanism for accumulating savings and transforming them into long-term investment resources, which determines its strategic role in the development of the national economy. An original integrative model “stock market ↔ investment relations” has been developed, which presents the market as a mediator of trust and transparency in financial relations and explains its functions from the perspective of reconciling private and public goals. Three scenarios for the development of the Ukrainian stock market have been formulated – conservative, integrative, and innovative. Each scenario highlights specific features of the institutional transformation of the market: from the gradual stabilization of internal mechanisms to active harmonization with European standards and the implementation of digital technologies. This approach made it possible not only to identify potential development trajectories but also to assess their impact on the formation of investment flows, the level of trust among participants, and the ability of the market to integrate into the global financial system. The practical value of the obtained results lies in their applicability for shaping state policy in the capital market sphere, for enterprises’ strategic planning regarding financial resource mobilization, as well as for developing long-term investment strategies by private and institutional investors. Keywords: capital market, investment activity, financial infrastructure, institutional interaction, scenario approach, digitalization, globalization challenges.