A viabilidade de bolsa de valores em Moçambique num mercado bolsista emergente: caso de BVM.1999 - 2005

Abstract

With the introduction of a stock exchange in Mozambique, in 1999, the national financial system experienced a new dynamic in terms of fundraising mechanisms, as it allowed for an increase in resources to finance the country's economy. Thus, this stock market registered an ascending trading volume from 1999 to 2002 having allowed an accumulation of positive results until 2002. However, from 2003 onwards the stock exchange registered a decrease in the trading volume and consequently in its profits. liquids. In percentage terms, the increase in the corresponding trading volume was 941.7%; 2,240.9% and 1,101.8% for 2000; 2001 and 2002 respectively and the drop in the volume of negotiations in percentage terms was 12.19%; 24.19% and 5.93% for 2003; 2004 and 2005 respectively. When the Mozambican stock exchange was created, it was fully financed by the state budget, but with the increase in the volume of negotiations and consequently in income, in 2001 a reduction in funds from the state budget began through the monthly transfer of 33.3 % of revenue generated by stock exchange transactions to the public treasury. This policy of reducing the use of public funds to finance the activities of the stock exchange reveals, on the one hand, the institutional commitment, sustainability and growth of the market and, on the other hand, the recognition by bvm of the need to channel these resources. from the state to other priority sectors. From the analyzes carried out, by comparing the bvm's own revenues and the total operating and investment costs, the Mozambican stock exchange is still not self-sustainable, despite transferring 33.3% of its income to the public treasury. , over these 7 years, only bvm managed to cover its total costs in 2001 and 2005, while the remaining years oge's additional fund was needed to cover the deficit, despite showing positive results in its financial years, except 2003 and 2004 which were negative. It should be noted that, from the analyzes carried out in the balance sheet, bvm operates entirely with equity capital constituted by the oge and profits generated by the operations, and the share capital attributed at the time of its creation was 1,500,000,000.00 meticais (TRADUÇÃO NOSSA)