Análise dos constrangimentos ao desenvolvimento da bolsa de valores de Moçambique

Abstract

With the opening of the Capital Market, the country will have created conditions to develop the financial system, with the prospect of an increase in resources financed to the economy. But three years later, only five companies are listed and the degree of foreign dependence remains. Thus, the study analyzes the causes of this poor development. The work is the result of bibliographical research, interviews conducted at the Mozambique Stock Exchange and with financial intermediaries and some individuals linked to the capital market. The study starts by conceptualizing the capital market, making an incursion to the BVM. It then presents the current state of its development and the constraints to its progress. Finally, it concludes and recommends measures to reverse the negative trend. The capital market is a segment of the financial system in which long-term securities are traded, aiming to transfer resources from surplus to deficit. It is subdivided into a primary market, in which securities issued for the first time are sold, and a secondary market, which sells securities already traded in the primary market. It is in the secondary market where BVM flourishes, where to access it is through financial intermediaries after observing requirements. Analyzing the development of BVM, we highlight that: the market capitalization increased during the three years of operation, although the rate of change, the mobile basis, fell from 1703% to 21% in the year 2001 and the volume of transactions index on the CB tends to fall by the weak volume of transactions, so that from 1.96 it was 0.96. With BVM it was hoped that the dependence on external resources would be mitigated, but the current investment coverage ratio is only 11%. Furthermore, the targets set have not been met: of the 9,154 million meticais estimated as revenues, only 5.6% has been achieved: and, of the 14 companies planned, only 5 are listed, and of these two are banks, which have raised 67% of bond loans raised by private individuals. The state had planned to sell its stakes in privatized companies on the stock exchange, but of the little more than 1,300, only a few were traded (TRADUÇÃO NOSSA)