Аңдатпа
The article examines the sectoral features of the interaction between the Kazakhstani corporate sector and the capital market. The purpose of the study is to substantiate assumptions about the nature of this interaction, disaggregated by industry. The research focuses on the capital market and the corporate sector of the economy (finance, mining, telecommunications and IT, energy) in the Republic of Kazakhstan, while the subject of analysis is the economic relationships arising in the interaction between the capital market and listed companies in these sectors. The methodology combines systematic and functional approaches, applying economic and statistical methods (correlation analysis, structural analysis, index methods) as well as cross-sectoral comparative analysis. Empirical estimates are based on financial statements of Kazakhstani corporate sector companies for a five-year period, with calculations performed in EViews 10. The results show that: (1) the intensity and forms of interaction between the capital market and the corporate sector differ significantly by industry; (2) mining companies are minimally involved in the capital market and rely predominantly on bank lending; (3) for the non-financial corporate sector, the strategy of raising capital through debt securities is ineffective in terms of ROA and ROE. These findings indicate an imbalance in the domestic debt securities market, where demand does not adequately meet issuers’ funding needs, and can serve as a basis for policy recommendations to develop a more efficient and sector-sensitive national capital market.