| المستخلص: |
The study depicts a fall in the value of new issued shares (as an independent variable) for capital increment, in relation to gross value of new issues (as an dependent variable) throughout some years of the period of study (01/1994-07/2007). Moreover, there was a fall in the value of new issued shares for capital increment (as an independent variable) in relation to currencies’ gross annual circulation value (as a dependent variable), during some years of the same period of study. Thus, the obtained results let the study to suggest two hypothesis for Investigating the above observations The study is concerned only by the new issues for increasing capital , rather other issues for establishing or new bonds. The financial data is valued at Egyptian pound , that obtained from the General Authority of Information (GAI), the Capital market Authority in Cairo (CMA). It is worth mentioning that, the study excluded data from mid 2007 to the end of 2008, because of the fluctuations in oil prices during this period, in addition to, the negative impacts of the latest world financial crisis and their impact on trade value among various stock markets. The study aims to estimate the impacts of new issues for increasing capital on trade value in Egyptian stock exchange market. In addition to, identify whether there are other variables that affect the activation of trade value in the Egyptian stock market. Moreover, suggesting feasible ways to activate the size of trade value in the Egyptian stock markets. The statistical analysis for both hypotheses depicted the significance of the first hypothesis (at 5% level of significance), in other words, the independent variable affects by about 87.9% in the dependant variable. On the contrary, the second hypothesis is not significant, in which the independent variable affects by only 20%, which mean that there is about 80% of the impact could be referred to other factors rather the independent variable. In light of the obtained results, the study recommends a number of recommendations such as: 1-encouraging the extension in stock issuing and solving any legislation and administrative obstacles related with their issuing. 2-increasing transparency and disclosure in for the organizations that intend extending their activities in issuing new stock issues. Moreover, the study recommends further investigation for other factors that notably affects the size of trade value trade value in the Egyptian stock market.
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