MOLIYA BOZORIDA QARZ INSTRUMENTLARI ORQALI SAVDOLARNI MOLIYALASHTIRISH
Xushvaqov Islombek Muxammadi o‘g‘li
PhD, katta o‘qituvchi
Toshkent davlat iqtisodiyot universiteti
E-mail: xushvaqovislombek@gmail.com
ORCID:0009-0004-1221-7829
Annotatsiya. Mazkur maqolada moliya bozorida qarz instrumentlari orqali savdo operatsiyalarini moliyalashtirish masalalari tahlil qilingan. Agentlik faktoringi, diskontlangan akkreditivlar asosida forfeyting mexanizmlari yoritilgan. Shuningdek, qarz majburiyatlarini tartibga solish, risklarni boshqarish va likvidlikni ta’minlash bo‘yicha ilmiy takliflar hamda amaliy natijalar asosida asosiy xulosalar va takliflar shakllantirilgan.
Kalit so‘zlar: qarz instrumentlari, moliya bozori, savdo operatsiyalari, moliyalashtirish, agentlik faktoringi, forfeyting, diskontlangan akkreditiv, qarz majburiyatlari, risklarni boshqarish, likvidlik.
ФИНАНСИРОВАНИЕ СДЕЛОК ПОСРЕДСТВОМ ДОЛГОВЫХ ИНСТРУМЕНТОВ НА ФИНАНСОВОМ РЫНКЕ.
Хушваков Исламбек Мухаммади угли
PhD, старший преподаватель
Ташкентский государственный
экономический университет
E-mail: xushvaqovislombek@gmail.com
ORCID: 0009-0004-1221-7829
Аннотация. В данной статье проанализированы вопросы финансирования торговых операций посредством долговых инструментов на финансовом рынке. Освещены механизмы агентского факторинга, форфейтинга на основе дисконтированных аккредитивов. Также на основе научных предложений и практических результатов по регулированию долговых обязательств, управлению рисками и обеспечению ликвидности сформулированы основные выводы и предложения.
Ключевые слова: долговые инструменты, финансовый рынок, торговые операции, финансирование, агентский факторинг, форфейтинг, дисконтированный аккредитив, долговые обязательства, управление рисками, ликвидность.
FINANCING OF TRADES THROUGH DEBT INSTRUMENTS IN THE FINANCIAL MARKET
Khushvakov Islombek Mukhammadi ogli
PhD, Senior Lecturer
Tashkent State University of Economics
E-mail: xushvaqovislombek@gmail.com
ORCID: 0009-0004-1221-7829
Abstract. This article analyzes the issues of financing trade operations through debt instruments in the financial market. The mechanisms of agency factoring and forfeiting based on discounted letters of credit are covered. Also, based on scientific proposals and practical results on regulating debt obligations, risk management, and ensuring liquidity, main conclusions and proposals have been formulated.
Keywords: debt instruments, financial market, trade operations, financing, agency factoring, forfeiting, discounted letter of credit, debt obligations, risk management, liquidity.
https://doi.org/10.5281/zenodo.23201834
Foydalanilgan adabiyotlar
- FCI (Factors Chain International). (2025). https://fci.nl/en/news/fci-releases-2025-world-industry-statistics-global-factoring-market-surpasses-eu4-trillion?language_content_entity=en
- Forfaiting Market Research Report 2034. https://marketintelo.com/report/forfaiting-market
- Global Value Chains and Inclusive Development: Asian Development Policy Report 2026. https://www.adb.org/sites/default/files/publication/1143716/adpr-2026-main-report.pdf#41#15
- Auboin, M., Smythe, H., & Teh, R. (2016). Supply Chain Finance and SMEs: Evidence from International Factoring Data. CESifo Working Paper No. 6039. Geneva: World Trade Organization. https://doi.org/10.30875/4db4762a-en
- Won-jin Kang. Availability and Limitation of Forfaiting 2008, vol.33, no.2, pp. 425-445 (21 pages)
- Naranjo, A., & Velikov, M. (2025). Trade credit and asset pricing. Journal of Financial Economics, 172.
- Xiangyuan Lu, Product line design for a capital-constrained supply chain: financing via bank or trade credit, 2026, Fuyang Normal University: Fuyang, Anhui, CN – School of Business.
- O‘zbekiston Respublikasi Markaziy banki. (2026). Factoring Services Market Review as of Year-End 2025. Toshkent: Markaziy bank. https://cbu.uz
- Ipoteka bank OTP Group. (2026). Toshkent: Ipoteka bank. https://www.ipotekabank.uz
- Phillip Nova. (2026). UZEX and PhillipCapital Launch UZEX Global to Connect Uzbekistan with International Futures Markets. Singapore: Phillip Nova. https://www.phillipnova.com.sg
11. Bank for International Settlements. (2024). BIS Statistics on Debt Securities and International Banking. Basel: BIS. https://www.bis.org
12. World Bank. (2025). Trade Finance: A Lifeline for Jobs and Businesses. Washington, DC: World Bank. https://blogs.worldbank.org
