INTERNATIONAL PRACTICE OF CORPORATE FINANCE ORGANIZATION: FINANCING STRUCTURE, CORPORATE GOVERNANCE REFORMS AND STATE ASSET MANAGEMENT EXPERIENCE

The article provides a comparative analysis of how corporate finance is organized in developed and emerging economies and draws practical lessons for Uzbekistan. The aim of the study is to identify which elements of foreign practice in the areas of corporate financing structure, corporate governance and state asset management are suitable for national conditions. The methodology combines comparative institutional analysis, analysis of World Bank statistical data and case studies. The sample includes the USA, Germany, Japan, South Korea, Singapore, Kazakhstan and Uzbekistan. The results reveal substantial differences in the structure of national financial systems. In the USA, stock market capitalization exceeds domestic credit to the private sector by 1.17 times, whereas this ratio is 0.74 in Germany and 0.49 in Uzbekistan. In Uzbekistan, domestic credit to the private sector amounts to 32.8% of GDP and market capitalization to 16.1% of GDP, indicating that corporate financing is constrained through both the bank and the market channels. Among recent foreign reforms, the initiative on management conscious of the cost of capital and stock price launched in Japan in 2023 stands out: more than 90% of Prime Market companies have disclosed relevant plans, and their average P/B ratio has increased from 1.1 to 1.4. South Korea's 2024 Value-up programme follows the same logic. Kazakhstan's People's IPO and Singapore's Temasek model are shown to be effective ways of subjecting state assets to market discipline. At the same time, because stock market liquidity in Uzbekistan is low and most shares are owned by the state, exchange-led initiatives need to be combined with the state's requirements as an owner. The article proposes forming a mixed financing model, transferring state-owned enterprises to professional management, introducing cost-of-capital-oriented disclosure requirements and clearly defining dividend policy in legislation.