ANALYSIS OF THE STATE MARKET FROM THE POSITION OF ITS IMPACT ON THE FINANCIAL ARCHITECTURE OF ENTERPRISES OF THE REAL ECONOMY

The stock market plays a significant role in financing the economic entities of the real sector of the economy. The ability to raise funds using stock market instruments makes it possible to expand significantly the scale of business activity. However, the presence of recurring financial crises in the financial sector and the weak development of the stock market make it impossible for enterprises to take full advantage of these opportunities. So it is important to evaluate the state and trends of the stock market in the context of using its funds to finance real sector enterprises.In the course of the research, the authors conclude that the largest segment of the Ukrainian stock market serves government-owned issuers and mainly conducts domestic government bond transactions. Only a small proportion of operations provide financing for the activity of enterprises through the issue of shares and bonds. This situation testifies to the “fictitiousness” of the stock market, as it does not fulfill its key function of attracting temporarily free funds by issuers. In addition, the stock and bond market in Ukraine is scanty. Issuers, intending to make a public offering of shares, must fulfill sufficiently high requirements for their own securities, which does not encourage them to use this mechanism. The situation is similar in the bond market: in most cases, the issuers will spend more time and resources to carry out the issue than borrowing from the banking sector. The above points to the low interest of issuers in the real sector of the economy to use stock market instruments to manage the equity structure. There is a need to develop effective measures to leverage the stock sector's capabilities to finance businesses in the real economy.Keywords: enterprise financial architecture, stock market, bond market, capital structure.