Research Of BRVM Listing System:Problems And Countermeasures

This paper examines the economic importance and the future of African stock markets.It seeks to shed light on the controversial link between stock market and economic growth—from both corporate finance and macroeconomic perspectives.It also discusses policy options for promoting the development of the stock market in Africa.Over the past few decades,the world stock markets have surged,and emerging markets have accounted for a large amount of this boom.In Africa,new stock markets have been established in Ghana,Malawi,Swaziland,Uganda,and Zambia.Prior to 1989 there were just five stock markets in sub-Saharan Africa and three in North Africa.Today there are 29 stock exchanges.Stock market development has been central to the domestic financial liberalization programs of most African countries.It seems any program of financial liberalization in Africa is incomplete without the establishment and development of stock markets.The drive towards the establishment of stock markets in African countries during the last few decades may be linked to other important developments in the global economy.The financial markets of many advanced countries have undergone tremendous changes and become increasingly integrated.These changes have resulted from the operation of a number of interrelated factors:(1)the progressive deregulation of financial markets both internally and externally in leading economies;(2)the internationalization of these markets;(3)the introduction of a number of financial products allowing riskier and bigger financial investments;(4)the emergence and the increasing role of new actors in the financial markets particularly,institutional investors.These developments in the financial systems of advanced countries have led them to seek liberalization in the international trade and exchange of services in world trade negotiations.The establishment of stock markets in African countries and the liberalization of capital accounts can be seen as parts of this global liberalization trend.The establishment of stock markets in Africa is expected to boost domestic savings and increase the quantity and quality of investment.More generally,stock markets are seen as enhancing the operations of the domestic financial system in general and the capital market in particular.Critics,however,argue that the stock market might not perform efficiently in developing countries and that it may not be feasible for all African markets to promote stock markets given the huge costs and the poor financial structures.Despite all the opinions of various doctrines,the regional stock exchanges in West Africa were established in Cote d'Ivoire at the end of the 20th century.After more than a decade of development,it is now a multinational regional stock exchange that includes 44 companies in the West African Economic and Monetary Union.Despite the rough roads,the West African countries have made unremitting efforts to continuously perfect and complete the growing financial and financial markets that represent the future and hope for the people of West Africa.It is undeniable that similar to other emerging capital markets,it has many problems.This is also the starting point of this article.After understanding the basic situation of regional stock exchanges in West Africa,it will carry out an in-depth analysis of its existing problems,and finally put forward corresponding countermeasures.