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Liburkina L. M.

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The Problems and Prospects of Using Exchange Instruments to Financing the Transformation of Railway Transport Enterprises
Obruch H. V., Brovarnyk M. M., Ivanchenko A. V.

Obruch, Hanna V., Brovarnyk, Maksym M., and Ivanchenko, Andrii V. (2026) “The Problems and Prospects of Using Exchange Instruments to Financing the Transformation of Railway Transport Enterprises.” Business Inform 6:429–439.
https://doi.org/10.32983/2222-4459-2026-6-429-439

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 330.3:656.2

Abstract:
The article examines the problems and prospects of using stock market instruments to finance the transformation of railway transport enterprises in the context of deepening structural changes in the transport and logistics system of Ukraine, a reduction in transportation volumes, an increase in the investment needs of the industry and the limitations of traditional sources of financial support. The current trends in the functioning of railway transport enterprises are analyzed and it is found that the implementation of the processes of infrastructure modernization, rolling stock renewal, digitalization of production and logistics processes, and environmental transformation requires the attraction of significant amounts of long-term investment capital. The international and domestic experience of using stock market financing instruments, in particular corporate, infrastructure, green and Eurobonds, is studied. Systemic barriers to the use of stock market capital by railway transport enterprises have been identified and the key contradictions in the use of stock market instruments for financial support of transformation processes, which arise between the scale of the industry’s investment needs and the limited internal sources of financing, the long-term nature of infrastructure projects and investors’ requirements for profitability and liquidity, the need to attract private capital and the features of the State-centric model of railway transport management, have been substantiated. A list of stock market instruments that can be used to finance transformation projects of railway transport enterprises has been formed, and the advantages and risks of their application have been characterized. It has been proved that the development of stock market financing mechanisms is capable of ensuring diversification of sources of investment resources, increasing the investment attractiveness of enterprises, strengthening their financial stability and creating prerequisites for the implementation of long-term modernization programs and postwar restoration of the railway industry.

Keywords: stock exchange instruments; stock exchange activity; financing; transformation; railway transport enterprises.

Fig.: 2. Tabl.: 2. Bibl.: 20.

Obruch Hanna V. – Doctor of Sciences (Economics), Associate Professor, Professor, Department of Economics and Management of Industrial and Commercial Business, Ukrainian State University of Railway Transport (7 Feierbakha Square, Kharkіv, 61050, Ukraine)
Email: [email protected]
Brovarnyk Maksym M. – Applicant, Ukrainian State University of Railway Transport (7 Feierbakha Square, Kharkіv, 61050, Ukraine)
Ivanchenko Andrii V. – Masters Student, Ukrainian State University of Railway Transport (7 Feierbakha Square, Kharkіv, 61050, Ukraine)

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