IMPROVING THE VALUATION PRACTICES OF CORPORATE SECURITIES OF JOINT-STOCK COMPANIES: EVIDENCE FROM UZBEKISTAN

Abstract

The development of efficient mechanisms for valuing the market worth of corporate securities is one of the key priorities in Uzbekistan’s economic transformation. This study investigates the theoretical, methodological, and practical aspects of improving the valuation practices of joint-stock companies’ corporate securities. Using the Discounted Cash Flow (DCF), Dividend Discount Model (DDM), and Capital Asset Pricing Model (CAPM), as well as econometric panel data analysis, the research identifies factors influencing the market value of corporate shares and bonds. The findings reveal that inflation, interest rates, leverage, and profitability indicators play significant roles in determining the fair market value of corporate securities. The study proposes an improved methodological framework for evaluating the market value of shares and corporate bonds in Uzbekistan and demonstrates its applicability through practical implementation during privatization processes.