Sectoral Aspects of the Use of Securities in Tourism

Abstract

The article examines the sectoral aspects of the use of securities in the tourism sector, which serve as an important tool for attracting capital, ensuring financial stability for enterprises, and fostering the long-term development of the industry. The role of stocks, corporate bonds, depositary receipts, derivative financial instruments, and exchange-traded funds (ETFs) in financing tourism companies is analyzed. Particular attention is given to international practices in applying stock market mechanisms in the tourism sector, including investment strategies employed by global hotel chains, airlines, and tour operators.

The economic advantages and risks associated with the issuance of securities in the tourism business are explored, along with the impact of the stock market on the financial liquidity and stability of companies. The significance of asset securitization and derivative financial instruments as means of optimizing capital investments and risk management is highlighted. The article also addresses the legal regulation of securities circulation in the tourism sector.

Key EU directives (MiFID II, MAR, Prospectus Regulation) that define regulatory conditions for financing tourism companies are analyzed, along with the legal approaches of the United States and Asian countries to stock market regulation. Mechanisms for adapting Ukraine’s stock market to international standards are considered, which is crucial in the context of Ukraine’s integration into the global financial system and economic recovery amid russia’s armed aggression.

Based on the research findings, the prospects for developing stock market mechanisms for financing the tourism business are substantiated, particularly through improvements in the regulatory framework, the introduction of modern financial instruments, and the acceleration of integration processes. Key factors contributing to investment attraction in the tourism industry are identified, and strategic directions of financial policy aimed at ensuring the sector’s sustainable growth in the post-crisis period are outlined.