AKSIYADORLIK JAMIYATLARIDA MOLIYALASHTIRISH MANBALARI VA KAPITAL TUZILMASINING TRANSFORMATSIYASI (O‘ZBEKISTONNING UCHTA AKSIYADORLIK JAMIYATI MISOLIDA 2016–2025-YILLAR PANEL TAHLILI)
DOI:
https://doi.org/10.5281/zenodo.22727799Abstract
Qizilqumsement AJ, O‘zbektelekom AK va O‘zbekiston Respublika tovar-xomashyo birjasi (O‘zRTXB)
AJning 2016–2025-yillardagi moliyalashtirish manbalari 30 ta korxona-yil kuzatuvi asosida tahlil qilindi. Tadqiqotda xususiy
kapital, uzoq muddatli majburiyatlar va joriy majburiyatlarning balans passividagi ulushi, D/E koeffitsienti, doimiy
moliyalashtirish ulushi hamda muallif tomonidan taklif etilgan moliyalashtirish konsentratsiyasi indeksi (FCI) baholandi. R
muhitida takrorlanadigan ekonometrik spetsifikatsiya doirasida logarifmlangan D/E ko‘rsatkichi, korxonaning fiksirlangan
effektlari, vaqt trendi hamda firma × trend o‘zaro ta’sirlari qo‘llanildi. Kichik tanlama sharoitida heteroskedastiklikka chidamli
HC3 standart xatolaridan foydalanildi. Natijalar uch xil moliyalashtirish arxitekturasi mavjudligini ko‘rsatdi: Qizilqumsement
asosan xususiy kapitalga tayangan, O‘zbektelekom uzoq muddatli bank kreditlari va ularning joriy qismlari hisobiga
kapital sig‘imli rivojlanishni moliyalashtirgan, O‘zRTXBda esa yuqori balans leveraji bank kreditlari bilan emas, asosan
operatsion hisob-kitob majburiyatlari bilan izohlanadi. O‘zRTXBda log(D/E) trendining statistik jihatdan ahamiyatli pasayishi
aniqlandi (β = −0,0688; p = 0,009), O‘zbektelekom va Qizilqumsementda esa chiziqli trend statistik jihatdan ahamiyatli
emas. 2024–2025-yillardagi ko‘rsatkichlar Qizilqumsementda tashqi moliyalashtirishga yo‘nalish kuchayganini, O‘zbektelekomda
qarz yukining yuqoriligini hamda O‘zRTXBda xususiy kapital buferining nisbatan kengayganini ko‘rsatdi
Keywords
moliyalashtirish manbalari, kapital tuzilmasi, xususiy kapital, majburiyatlar, D/E koeffitsienti, panel tahlil, HC3 standart xatolari, R muhiti, aksiyadorlik jamiyati.References
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