3.3. Y 6eKHcToH MorHH 6o opHHHHr MoAerH
Y36eKHcTOHHHHr MOJlH51 6O3OpH MaMJlaKaT)l, a)l,aJl cypbaTJl )l, KeHr KyJl Jl Ba 6Ocl\ a- 6Ocl\ aMaJlra OwHpaJlaeTraH HcJl x,aTJl HHHr Max,cyJl cHcp )l, HaMOeH 6yJl aH peaJlJl K x, 6Jl 6, y3HHHHr TaKOMHJlJl wHw Ba pHBO Jl w i1yJl 3ra. YHH pHBO Jl wH l\ HyHH51TJl Ba x, cycH51TJl pH yTHw )l, BpHra MaHcy6 6yJl Y36eKHcTOHHHHr TaHJlaraH pHBO Jl w MO)l,e Jl acOcJl aH. X,O3Hp)l, x,ap l\aH)l,ai1 yTHw Hl\ cO)l, MaHcy6 MaMJl Jl cHHrapH Y36eKHcTOH yYyH acOcHi1 MyaMMOJl – HwJl YHl\ wHH MO)l, au, 51Jl pHw, HHBecTHu,H51JlapHH aJla6
l\HJlHw Ba HH)l, cTpHaJl ycHwHH TabMHHJlaw)l, 19. y MyaMMOJl eYHw)l, MHJlJlHi1 MOJlH51 6O3OpHHHHr
pOJl Ba cp HKu,H51Jl H KaTTa ax, MH51 3ra. 4yHKH, ax,OH aMaJl H)l, H MabJl MKH, ai1 H MOJlH51 6O3OpH MHJlJlHi1 Hl\ O)l, r x,aJll\apO MHl\ c)l,a pal\O6aT6ap )l,OwJl H, x,aBcpcH3Jl Ba 6apl\apOpJl TabMHHJl w yYyH HHBecTHu,H51JlapHH aJl l\HJlHw, peaJl ceKTOpHH MO)l, 3au, 51Jl w, HwJl YHl\ )l, Ba yMyMaH Hl\ cO)l,HeT)l, ycHwHH paF6aTJl THpHw Mal\ca)l,H)l, MOJlH51 Hi1 pecypcJl aJl6 l\HJl HHHr caMapaJlH MeXaHH3MH)l,Hp.
Ai1 OH3KH, MOJlH51 6O3OpHHHHr OYHl\Jl rH, aJl )l,OpJl HrH, 6apl\apOp JlHrH, yMyMaH ol\OpH
)l,apa a)l, TawKHJlJlawraHJl rH Ba pHBO JlaHraHJl rH MHJlJl i1 Hl\ cO)l, HHr x,aJll\ MHl\ec)l, pal\ 6aT6ap)l, wHJl Ba caMapa)l, p JlHJl rHHH HcpO)l,aJlai1)l, . apYa MaMJlaKaTJl HHHr wyH)l, i1 x,OccaJl a 3ra 6yJl aH MOJlH51 6O3OpJl HHBecTHu, 51Jl Mal\ca)l,H)l, MOJlH51 Hi1 pecypcJl H l\ai1 Tal\ Jl Ba caB)l, cp OJlJl HH TabMHHJl HMKOHH51 ra 3ra 6yJl yYyH y3apO pal\ 6aTJl a)l,HJl .
yH)l, i1 pal\O6aT)l,a Y36eKHcTOH MOJlH51 6O3OpHHHHr x,O3HpYa KHYHK 6yJl )l, x,aM y3Hra x,Oc ypHH 6Op 6yJl , 6Ocl\ a 6Ocl\ ax, H MOJlH51 6O3OpJl 3pHwraH x,OccaJl )l, TOMOH TaKOMHJlJl wH6 Ba pHBO Jl H6 6OpMOl\)l,a. Ta6HHi1 , KynYHJl pHBO Jl eTraH (yTHw Hl\ O)l, MaHcy6) MaMJlaKaTJl HHHr MOJlH51 6O3OpJl x,aM Y36eKHcTOH cHHrapH HHBecTHu,H51Jlap Mal\ca)l,H)l,a MOJlH51 pecypcJlapH yYyH KyYJl pal\ 6aT wapOHTJlapHHH 6OwH)l, KeYHpMOl\)l, .
Y36eKHcTOH)l, MOJl 51 6O3OpH MO)l,eJl apaJlaw (rH6pH)l,, l\ Ma) MO)l,eJl a MaHcy6 6yJl 6, y3H)l, aHrJlO caKcOH, KOHTHHeHTaJl Ba 51 MO)l,eJlJl 3Jl T Jl HH MabJl M )l, a a)l, My accaMJl wTHpraH (3.3 napaHpacpra l\ paJlcHH). YHHHr x, cycH51 wyH)l, , yH)l, 6aHKJlapHHHr, MOJlH51 HHcTHTyTJl pHHHHr (HHBecTHu,H51 HHcTHTyTJl pH, cyFypTa TawKHJlOTJl H, cp H)l,Jlap), HHcTHTyu, HaJl HHBecTOpJl r, Mai1)l,a YaKaHa HHBecTOpJl HHr aJlOx,H)l,a ycTyHJl Ky3aTHJlMai1)l,H. AJl x,H)l, cerMeHTJlapra (nyJl, BaJloTaJlap, KOpnOpaTHB Ba )l,aBJl l\ MMaTJl l\OFO3Jl , cyFypTa HHcTpyMeHTJl pH, Kpe)l,HT Ba 6aHK Jl pHHHr 6Owl\ HHcTpyMeHTJl pH 6O3OpJl pHra) 3ra 6yJl , yJl x,O3Hp)l, 6Hp 6HpH 6HJlaH TyJlHl\ 6OFJlHl\ 3Mac Ba x,ap 6HpH TypJl BaKOJlaTJl )l, BJl OpraHJl p TOMOHH)l,aH aJlOx,H)l, TapTH6JlawTHpHJla)l,H (MyBOcpHl\Jl pHJl )l, Ba Ha3OpaT l\HJlHHa)l,H). yH)l,ai1 OpraHJlapra MaKa3Hi1 6aHK, MOJlH51 Ba3HpJlHrH, aBJl MyJl HHH 6Owl\ pHw K, MHTacH x, 3ypH)l, rH l\ MaTJl
19 “VIwJla6 YHl\ pHwHH MO)l, au,H51JlawTHpHw, TeXHHK Ba TeXHOJl HK l\ i1 Hx,O3JlawTHpHwHH paF6aTJl Hw 6yi1 a l\ywHMYa YOpa Ta)l,6HpJlap TyFpHcH)l,a” Y36eKHcTOH Pecny6JlHKacH npe3H)l,eHTH apMOHH, 2007 i1HJl 14 MapT, 2Yn-114;
"K, MaTJl l\OFO3Jl p 6O3OpHHH 51 )l, pHBO Jl HTHpHw YOpa Ta)l, Jl pH TyFpHcH)l, ” Y36eKHcTOH Pecny6Jl cH npe3H)l,eHTH K,apOpH, 2006 i1HJl 27 ceHT516p, 2nn-475.
l\ Jl 6O3OpH cp OJlH51 HH MyBOcpHl\Jl Ba Ha3OpaT l\HJlHw MapKa3H KHpa)l,H. MOJlH51 6O3OpH)l, aHTHMOHOnOJl cHecaTHH KypcaTH6 yTHJl H OpraHJlap 6HJlaH 6Hpra Jl )l, MOHOnOJlH51)l,aH YHl\ , pal\O6aTHH pHBO Jl HpHw Ba Ta)l, pJl KHH l\yJlJl l\ BBaTJl aBJlaT K, aMaJlra OwHpa)l,H.
X,O3Hp)l, Y36eKHcTOH MOJlH51 6O3OpHHHHr HHcp aTy3HJl H MabJl M )l, pa a)l, waKJlJl HJl
Ba yH)l, TypJl MOJlH51 Hi1 HHcTpyMeHTJl p MaB y)l, JlHrH, Hl\ O)l,HeT)l,a Myx,HM, Jl HH MyaMMOJl abaMH51 ra 3ra 3KaHJl rH 6HJl a paTH6 Typa)l, . YHHHr MyaMMOcH wyH)l, H6OpaTKH, x,O3HpYa Y36eKHcTOH yYyH ol\OpH)l, KeJlTHpHJlraH MyaMMOJl x,aJl l\HJlHw)l, 6O3OpHHHr cp OJlJl H KaM ce3HJl Ol\)l, . yHra ca6a6, yHHHr pHBO Jl wH x,O3HpYa 3.1 naparpacp)l, KeJlTHpHJlraH HH)l, aTOpJl Me3OHHHHHr H O6Hi1 MHl\)l,OpHi1 KypcaTKHYJl Hra TyJlHl\ 3pHwMaraHH)l,a )l, 6 6ax,OJl Ol\)l, . 4yHKH MOJlH51 6O3OpH l\ wYH Jl HHHHr cp OJlJl cycT, MyOMaJl )l, rH MOJlH51 i1 HHcTpyMeHTJl pHHHHr TypH KaM, pHcKJlHJl H Ba BOJlaTHJlJl )l, pa acH 6aJlaH)l,, KanHTaJlH3au,H51 H Ba Jl BH)l,JlHJlHrH nacT, x,a MH KaM, O6OpOTH ceKHH, TapTH6Jl THpHw MeXaHH3MH TaKOMHJl 3Mac Ba x,.K. yJlap HHHr 6apYacH Bal\ HHYaJl x,OJl 6yJl , KeJl aK)l, 6Owl\ pHBO JlaHaeTraH MaMJlaKaTJl HHHr MOJlH51 6O3OpJl cHHrapH pal\O6aT6ap)l, wJlHK )l, ra 3pHwHwH Myl\ .
X,O3Hp)l, (2007 i1HJl r 6OwH x,OJl ra Kypa) MOJlH51 6O3OpHHHHr Onepau, OH Ty3HJl H)l, yY o3)l, 3He)l, HHBecTHu,H51 HHcTHTyTJl H, 6ewTa 6Hp a (Pecny6Jl BaJl a Hp acH, “TOwKeHT” Pecny6Jl a H)l, Hp acH, Pecny6Jl TOBap x,OM awe Hp acH, Pecny6Jl KyYMac MyJlK Hp acH, ArpOcaHOaT Hp acH), HKKHTa 6Hp a)l, Tawl\ pH 3Jl H caB)l, TH3HMH ( aHKJl caB)l, TH3HMH, "3Jl Hc caB)l,O” 3JleKTpOH caB)l, TH3HMH), HKKH MHHr)l, H OpTHl\ aKu,H51)l,OpJl aMH51 H, 28 TH OpaT 6aHKH (yJl )l, 12-TacH apaJl MyJlKYHJlHK waKJlHrara acOcJl 6aHKJl , 10-TacH x, cycHi1 6aHK, 5- TacH x,OpH Hi1 KanHTaJl HwTHpOKH)l, rH 6aHK, 3-TacH )l, BJl 6aHKH), 25-)l, H 3He)l, Kpe)l,HT HTTHcp l\JlapH, 25-)l, 3He)l, cyFypTa TawKHJl TJl H, 6o)l, eT)l, Tawl\ cp H)l,Jl (6aH)l,Jl , neHcH51, i1yJl, cpepMepJl cpOH)l, pH Ba x,.K.), 1,1 MHJlJl OH)l, H 3He)l, aKu,H51)l,Op 6yJl HYKH Ba x,OpH Hi1 HHBecTOpJl (yJlap)l, 1,0
HcMOHHi1 waXcJl ), 6o)l, eT)l, Tawl\ cp H)l,Jl , 6aHKJl , Kpe)l, HTTHcp l\Jl Ba cyFypTa TawKHJlOTJlapHHHHr Kyn MHJlJl OHJlH MH O3Jl pH cp OJlH51 KypcaTMOl\)l, . yH)l, aKu,H51)l,OpJl
aMH51TJl pHHHHr aMH ycTaB cpOH)l, Tax,MHHaH 3,0 TpJlH. cyMHH TawKHJl 3TH6, yHra MOc paBHw)l, Tax,MHHaH 3,0 MJlp)l,. )l,OHara 51l\HH aKu,H51Jlap YHl\apHJl H.
AKu, 51)l, pJl K aMH51 Jl )l, , KynYHJl pHBO JlaHaeTraH MaMJlaKaTJl )l, cHHrapH, aKu, 51Jl HHr KaTTa naKeTJlapH 3raJl H TawKHJl 3TraH, HaTH a)l, aHrJlO caKcOH MO)l, JlH)l,aH, 51bHH “shareholder capitalism” (aKu, 51)l,OpJl KanHTaJl ), cp pl\Jl “stakeholder capitalism” (“KOHTpOJl naKeT 3raJl H” KanHTaJl H) x,OJl o3ara KeJl aH. YJlap)l, KOpnOpaTHB 6Owl\ yB MeXaHH3MH repMaHYa (HKKH nOFOHaJl , HHcai1)l,epJl ) MO)l,eJlra acOcJl . KOMnaHH51Jl Ba 6aHKJl )l, 3MHccHOH, cpOH3Jl )l, pOMa)l,Jl Ba HHBecTHu, cHecaTJl )l, HOMyTaHOcH6Jl KJlapHH Ky3aTHw MyMKHH. aHKJl , KOMnaHH51Jl p Ba cyFypTa TawKHJlOTJl MO51BHi1 x,OJl l\OHHl\ pJl Ba 6apl\apOp 3Mac, pHcKJlHJl
)l, a acH ol\ pH.
K, TJl l\OFO3Jl 6O3OpH)l, x,O3HpYa My)l,)l, TJl HHcTpyMeHTJl p ()l, pH BaTHBJl p), MyHHu,HnaJl, HnOTeKa Ba 6Owl\ Typ)l, TH OpaT l\OFO3Jl ( yM Jla)l, BeKceJlJlap) cerMeHTJl TyJlHl\ waKJlJl araH. aBJlaT l\ MaTJlH l\ 3 Jl MyOMaJlacH Pecny6Jl BaJl 6Hp acH)l, aMaJlra OwHpHJla)l, . nyJl, BaJloTa Ba 6aHKJl Kpe)l,HTJl 6O3OpJl 6aHKJl ceKTOpH)l, cp OJlH51T KypcaTa)l, .
K, TJl l\OFO3Jl p 6O3OpH x, MHHHHr 51VI ra HHc6aTH (KanHTaJlH3au,H51 cypbaTH) KHYHK 6yJl
(1-3 cp H3 OpaJl FH)l, ), yHHHr )l, pa acH 51Jl HYKH HHBec THu,H51Jl p x,a MH)l,aH aHYa KaM (Tax,MHHaH 15- 17 6apO6apra). PeaJl ceKTOpHHHr nyJl pecypcJl Hra 6yJl aH TaJl acOcHi1 KanHTaJl a l\HJl aH HYKH HHBecTHu,H51 Jl (MacaJl H, 2005 i1HJl)l,a 3012,9 MJlp)l,. cyMHH TawKHJl 3T)l, ) x,HcO6Hra l\OH)l, HJlMOl\)l,a. AKu,H51Jl 6yi1 )l,HBH)l,eH)l,Jl cp Ba O6Jl au,H51Jlap 6yi1 a cp 3 cTaBKacH i1HJl)l,aH i1HJl nacai1
TeH)l,eHu,H51 Hra 3ra. AKu,H51Jl HHHr 6HpJl H Ba HKKHJl H 6O3OpJl Hr HHc6aTH Tax,MHHaH 6Hp- 6HpHra 51l\ . AKu, 51Jl Ba O6JlHrau, 51Jl HHr HKKHJl YH 6O3OpJl cneKyJl51 HB XapaKTepra 3ra 3Mac. CneKyJl51 HB nOpTcpeJl HHBecTOpJl waKJlJl araH 6yJl , acOcaH cTpaTerHK nOpTcpeJl HHBecTOpJl MaB y)l,.
AcOcHi1 HH)l, aTOpJl 6yi1 (3.1 naparpacpra l\ paJlcHH) Y36eKHcTOH MOJlH51 6O3OpH POccH51 MOJlH51 6O3OpH 6Hp 6HpH 6HJlaH ce3HJl Jl cp pl\Jl )l, . MacaJl , POccH51 HHr l\ MMaTJl l\ FO3Jl 6O3OpH x,a MH Ba JlHKBH)l,JlHJlHrH 2000-2005 i1HJlJl )l, BOMH)l, Tax,MHHaH 5 6apO6apra OwraH. yH)l, aKu,H51Jl p 6O3OpHHHHr x,a MH 510 MJlp)l,. )l,OJlJl )l, H, KanHTaJlH3au,H51 cypbaTH (51VIMra HHc6aTaH)
)l, pa acH Tax,MHHaH 50 cpOH3)l, H OwraH. Y36eKHcTOH)l, aKu,H51Jl p 6O3OpH x,a MH 2006 i1 Jl HaTH acH 6yi1HYa 330 MJl )l,. cyM)l,aH (51 HH 264 MJlH.)l,OJlJl.) Ow)l, .
Ai1 MyMKHHKH, ypTa Ba y3Ol\ My)l,)l, T)l,a Y36eKHcTOH MOJlH51 6O3OpHHHHr KecKHH pHBO Jl wHHH 6awOpaT l\HJlca 6yJl )l,H. yHHHr yYyH yH)l,a 6apYa HMKOHH51TJlap MaB y)l,.
Caao!l!lap
Y36eKHcTOH MOJlH51 6O3OpHHHHr l\ H)l,ai1 MyaMMOJl HHH 6HJl cH3?
MHJlJlHi1 MOJlH51 6O3OpH x,OJl l\ H)l, i1 TaBcHcpJl )l, ?
Y36eKHcTOH MOJlH51 6O3OpH l\ai1cH MO)l, Jl MaHcy6?
Tonmupu !l
Y36eKHcTOH MOJl 51 6O3OpHHH 3-YH HJlOBa)l,arH MabJl MOTJl acOcH)l,a Tax,JlHJl l\HJlHHr.
Y36eKHcTOH MOJlH51 6O3OpH MO)l ,eJl pHBO Jl aH MaMJlaKaTJl MOJlH51 6O3OpJl MO)l, JlJl H 6HJl cOJl HHr.
TepMHHJl p Jl FaTHHH Ty3HHr.
IV-I>OI>. MOU11IB11H 11HCTPYMEHTUAP TAX,U11U11
Do'stlaringiz bilan baham: |