The insurance that іnvestitsіyny management - VG Fedorenko

ROZDІL 10. UPRAVLІNNYA FІNANSAMI AKTSІONERNOGO TOVARISTVA

Aktsіonerne tovaristvo (AT); AT vіdkritogo type; AT Closed-type; fіnansi AT; dochіrnі tovaristva, zalezhnі tovaristva, statutory kapіtal, chistі assets Prybutok AT reserve fund spetsіalny aktsіonuvannya Fund; aktsіya, zvichaynі aktsії, privіleyovanі aktsії, kumulyativnі aktsії, іmennі aktsії, aktsії on pred'yavnika; nomіnalna vartіst, emіsіyna vartіst, rinkova vartіst, aktsії course; sertifіkat aktsії, divіdend, oblіgatsіyna pozika, oblіgatsіya, іmennі oblіgatsії, oblіgatsії on pred'yavnika, sertifіkat oblіgatsії; vіdsotki s oblіgatsіy, іnshih tsіnnih paperіv; reєstr aktsіonerіv, nomіnalnі vlasniki aktsіy; reorganіzatsіya AT zlittya i priєdnannya AT podіl i vidіlennya AT peretvorennya AT AT lіkvіdatsіya

10.1. FІNANSI have DІYALNOSTІ AKTSІONERNOGO TOVARISTVA

Aktsіonerne tovaristvo (AT) - tse komertsіyna organіzatsіyno legal form ob'єdnannya, utvorenogo Shlyakhov dobrovіlnoї lands Yurydychna i fіzichnih osіb (zokrema іnozemnih), scho ob'єdnali svoї Costa i vipustili in obіg aktsії s metoyu pributku obsession.

Aktsіonernі tovaristva - nevіd'єmna Chastina rinkovoї Economy. Tsіnnі Paper the scho vipuskayutsya them rozpodіlyayutsya mіzh pіdpriєmstvami, organіzatsіyami and takozh mіzh okremimi gromadyanami.

Fіnansi AT - tse groshovі vіdnosini scho vinikayut on vsіh stadіyah stvorennya, dіyalnostі, reorganіzatsії i lіkvіdatsії AT. Role fіnansіv aktsіonernih tovaristv bagatogranna: stink ohoplyuyut groshovі vіdnosini s zasnovnikami tovaristva, labor collectives, s postachalnikami, pokuptsyami, іnvestorami, budget, banks, pozabyudzhetnimi, insurance th іnshimi organіzatsіyami.

So rank, fіnansi AT funktsіonuyut in protsesі pridbannya sirovini, materіalіv th іnshih inventory materіalnih tsіnnostey, realіzatsії zroblenoї produktsії (poslug) in protsesі іnvestitsіy, formuvannya aktsіonernogo kapіtalu i rezervіv, stvorennya i rozpodіlu pributku at viplatі divіdendіv on aktsіyah i vіdsotkіv on oblіgatsіyah have protsesі Splat podatkіv in the budget, with oderzhannі i pogashennі kreditіv i t. f. Tim himself fіnansi aT vikonuyut funktsії formuvannya penny kapіtalіv (statutory kapіtalu, dohodіv, pributku, rezervіv i іnshih fondіv) їh rozpodіlu, control їh stvorennyam i vikoristannyam .

Osoblivostі stvorennya i funktsіonuvannya AT rіznih vidіv lead to spetsifіki fіnansovih vіdnosin useredinі Tsikh tovaristv.

Statutory kapіtal AT vіdkritogo type formuєtsya Shlyakhov sale aktsії in formі vіdkritoї pіdpiski; in AT Closed-type statutory kapіtal utvoritsya tіlki for rakhunok vneskіv zasnovnikіv, tobto aktsії have not nadhodyat vіdkrity sales.

The AT vіdkritogo type aktsії shaping can Buti peredanі s hand in hand without Zgoda іnshih aktsіonerіv tovaristva. The AT Closed-type aktsіoner vpravі prodatsya svoї aktsії, ale perevazhnim right pridbannya Tsikh aktsіy koristuyutsya INSHI aktsіoneri of Well tovaristva on minds, scho boule lands viznachenі s іnshoyu individuals. Yakscho not aktsіoneri skoristalisya perevazhnim right pridbannya aktsіy then tovaristvo Mauger vikupiti tsі aktsії at vіdpovіdnomu polozhennі Statute. Termіn zdіysnennya such perevazhnogo right pridbannya aktsіy - not less then 30 i do not bіlshe 60 dnіv pіslya stated about aktsіy sales.

The number i warehouse aktsіonerіv AT vіdkritogo type not obmezhenі. The AT Closed-type number aktsіonerіv scho volodіyut zvichaynimi aktsіyami not obey perevischuvati 50. zavischennі tsієї mezhі tovaristvo uprodovzh a rock pіdlyagaє peretvorennyu in vіdkrite. Іnakshe AT guilty lіkvіduvatisya ship in order.

Aktsіonernі tovaristva vіdkritogo i Closed-type zdіysnyuyut his dіyalnіst on єdinih basis. Cutaneous AT volodіє Povny fіnansovo-gospodarskoyu samostіynіstyu, yak in oplatі pratsі, so i have vstanovlennі tsіn, order rozpodіlu pure pributku th іnshih vidіv pіdpriєmnitskoї dіyalnostі. When tsomu AT Nese vіdpovіdalnіst for svoїmi zobov'yazannyami vsіm Main, ale not vіdpovіdaє on zobov'yazannyah aktsіonerіv. Aktsіoneri vіdpovіdayut on zobov'yazannyah tovaristva deprivation in furrows osobistіsnogo vnesku in kapіtal, tobto in furrows vartostі nalezhnih їm aktsіy. Pong is not the right toil vimagati Povernennya svoїh vneskіv krіm vipadkіv, peredbachenih AT statute.

Yakscho dіyalnostі AT zapodіyano zbitok scho prizvelo to neplatospromozhnostі tovaristva, when nayavnostі nesumlіnnih Act reasonably kerіvnikіv, aktsіonerіv chi іnshih osіb Court Mauger poklast them vіdpovіdalnіst for vіdshkoduvannya zavdanogo zbitku.

Rіchny zvіt about robot AT i buhgaltersky balance schorіchno publіkuyutsya in zasobah masovoї Informácie. Sort order for s CIM іnformuvannya aktsіonerіv publіkuyutsya rahunki pributkіv i zbitkіv Avenue emіsії aktsії tovaristva th іnsha precisely іnformatsіya.

Whether yak AT Got right not tіlki Braty fate in kapіtalі іnshih tovaristv, ale i th vіdkrivati ​​fіlії predstavnitstva (in addition chislі behind a cordon), and takozh mother dochіrnі i zalezhnі tovaristva. Fіlії i predstavnitstva not Yurydychna personages Yea i od dіyut іmenі tovaristva. Pong skladayut Vlasnyi balance scho enter the warehouse to balance the AT. Tovaristvo scho target fіlіyu i predstavnitstvo, Nese vіdpovіdalnіst for їh dіyalnіst.

Dochіrnіm tovaristvom vvazhaєtsya TAKE tovaristvo have statutory kapіtalі yakogo perevazhnu chastku Got mainly tovaristvo, abo Yakscho mіzh them ukladaєtsya vіdpovіdny dogovіr. Dochіrnє tovaristvo not vіdpovіdaє for zobov'yazannyami AT. Fallow tovaristvom vvazhaєtsya Takeo, Cauterets Got Ponad 20% aktsіy AT scho take fate in golosuvannі chi 20% statutory kapіtalu tovaristva s obmezhenoyu vіdpovіdalnіstyu. Vzaєmini dochіrnogo i fallow tovaristva s Basic AT regulyuyutsya law about aktsіonernі tovaristva.

Іz zasnuvannyam AT stvoryuєtsya yogo statutory kapіtal scho vіdobrazhaє mіnіmalny rozmіr Lane tovaristva, yak yogo garantuє Interests kreditorіv. Statutory kapіtal AT skladaєtsya s aktsіy, Quantity yakih peredbachena statute. Vіdpovіdno to Law about AT i Tsivіlnogo Code in the statutory kapіtal AT vklyuchaєtsya tіlki nomіnalna vartіst aktsіy, pridbanih aktsіonerami. When tsomu OAO All zvichaynі aktsії toil odnakovu nomіnalnu vartіst. Sort order Zi zvichaynimi aktsіyami AT Got right rozmіschati privіleyovanі aktsії, їh nomіnalna vartіst not guilty perevischuvati 25% statutory kapіtalu tovaristva. Aktsії, vipuschenі tovaristvom, ale not oplachenі aktsіonerami not mozhut stanoviti statutory kapіtal.

Statutory kapіtal not ototozhnyuєtsya s vartіstyu sent messages zasnovnikami tovaristvu Lane (budinku, sporudi, ustatkuvannya, tsіnnih paperіv, koshtіv, Mainova rights koristuvannya land, water, natural resources, rights to іntelektualnu vlasnіst toscho), scho Mauger Buti bіlshe Chi less then statutory kapіtalu.

Mіnіmalny rozmіr statutory kapіtalu viznachaєtsya Law of Ukraine about the AT.

Rozmіr statutory kapіtalu at zasnuvannі AT guilty Buti tsіlkom rozpodіleny mіzh zasnovnikami. At the time of the AT zasnuvannya not dopuskaєtsya nayavnіst aktsії for vіdkritoї pіdpiski, tobto publіchnogo sale. OAO All aktsії povinnі Buti tsіlkom rozpodіlenі mіzh zasnovnikami.

Aktsії scho Yea warehouses statutory kapіtalu, oplachuyutsya in Taqiy sposіb. Not less then half aktsіy pіdlyagayut oplatі to time reєstratsії AT. The other half of the blame for Buti paid uprodovzh rock s time reєstratsії tovaristva. Dodatkovo vipuschenі aktsії povinnі Buti oplachenі not pіznіshe a rock s time їh pridbannya.

For rіshennyam zasnovnikіv i organіv upravlіnnya AT forms of payment aktsіy th іnshih tsіnnih paperіv tovaristva Mauger zdіysnyuvatisya groshima, Paper the tsіnnimi, Mainova th іnshimi rights scho toil otsіnku penny. When oplatі dodatkovo vipuschenih aktsіy groshima chastka tsієї payment is not guilty stanoviti Mensch yak 25% їh nomіnalnoї vartostі.

Maina made to pay when aktsіy stvorennі AT otsіnyuєtsya on pіdstavі lands mіzh zasnovnikami, and away at oplatі dodatkovoї emіsії aktsіy i іnshih tsіnnih paperіv - on pіdstavі rіshennya for direktorіv.

For stimulyuvannya svoєchasnoї i povnoї Pay statutory kapіtalu aktsіya not daє right to vote until її povnoї payment. Vinyatki stanovlyat aktsії, oplachuvanі zasnovnikami tovaristva at Yogo stvorennі.

When nepovnіy oplatі aktsіy in vstanovleny termіn aktsії nadhodyat in rozporyadzhennya AT. When oplatі aktsії pіslya zakіnchennya vstanovlenogo termіnu groshovі Costa, scho nadіyshli, chi Mein tovaristvom not povertayutsya. In statutі AT Mauger Buti peredbachene styagnennya s neplatnikіv shtrafіv, penі, penalties.

Neoplachenі aktsії th Ti, scho nadіyshli in rozporyadzhennya tovaristva, pіdlyagayut realіzatsії in termіn not pіznіshe a rock. Іnakshe for rіshennyam zagalnih zborіv aktsіonerіv povinnі stink Buti pogashenі s vіdpovіdnim zmenshennyam statutory kapіtalu. Statutory kapіtal not guilty perevischuvati vartіst clean aktivіv.

Chistі ASSETS AT otsіnyuyutsya zakonodavchomu in order to pіdstavі danih buhgalterskogo oblіku. For viznachennya rozmіru clean aktivіv іz zagalnoї sumi aktivіv AT viklyuchayutsya yogo zobov'yazannya, krіm zobov'yazan on aktsіyah.

Vid spіvvіdnoshennya extent that the net aktivіv i statutory deposits kapіtalu AT mill. Yakscho pіslya another i the following fіnansovogo rokіv viyavleno bude, scho scrip clean aktivіv tovaristva viyavitsya Mensch for yogo authorized kapіtal, tovaristvo zobov'yazane ogolositi about vіdpovіdne zmenshennya Svoge statutory kapіtalu. Yakscho Well vartіst clean aktivіv viyavitsya Mensch for mіnіmalny statutory kapіtal established by the Law of Ukraine about AT tovaristvo pіdlyagaє lіkvіdatsії.

Pervіsny rozmіr statutory kapіtalu viznachaєtsya zasnovnikom at stvorennі AT. In protsesі funktsіonuvannya tovaristva statutory kapіtal Mauger zmіnyuvatisya. For rakhunok zrostannya pributku chi dodatkovih vneskіv zasnovnikіv vіn Mauger zbіlshuvatisya, i, navpaki at skorochennі pributku th іnshih faktorіv vіn Mauger skorochuvatisya. There whether Money Does vipadku zmіna statutory kapіtalu to the chi Inshyj bіk Mauger Buti zroblena deprivation on pіdstavі rіshennya zagalnih zborіv downtime bіlshіstyu golosіv. However nabiraє Sealy tse rіshennya tіlki pіslya of yak about tse delivered to vіdoma reєstruyuchі organi.Zbіlshennya statutory kapіtalu AT Provadia Shlyakhov Key infrastructure novih aktsіy chi zbіlshennya їh nomіnalnoї vartostі. Zbіlshennya statutory kapіtalu tovaristva mozhlivo pіslya povnoї Pay spochatku announced statutory kapіtalu.

Key infrastructure Dodatkovy aktsії Mauger Buti deprivation zdіysneny pіslya zatverdzhennya zagalnimi Zborov pіdsumkіv poperednoї emіsії, as amended from statutory kapіtal for Change, obumovlenih factuality realіzatsієyu ranіshe vipuschenih aktsіy i repayment nerealіzovanih aktsіy. When dodatkovomu Key infrastructure aktsіy aktsіoneri - vlasniki golosuyuchih aktsіy - toil perevazhne right to їh pridbannya. Quantity dodatkovі aktsії scho vipuskaєtsya not guilty perevischuvati number aktsіy, peredbachenih in statutі tovaristva.

Statutory kapіtal AT Mauger Buti zbіlsheny not tіlki Shlyakhov dodatkovoї emіsії aktsіy, ale i Shlyakhov zmіni nomіnalnoї vartostі aktsіy. In tsomu vipadku in rіvnіy proportsії zmіnyuyutsya OAO All categories i serії aktsіy, vipuschenih AT and takozh zobov'yazannya on optsіonah i konvertovaniya oblіgatsіyah, vipuschenih to uhvalennya rіshennya about zbіlshennya statutory kapіtalu.

Zbіlshennya statutory kapіtalu Mauger vіdbuvatisya in rezultatі obmіnu konvertovaniya oblіgatsіy on aktsії, Povernennya aktsіy scho mіstyatsya in dochіrnіh tovaristvah, Povernennya Chastain aktsіy s reserve fund and takozh in rezultatі pereotsіnki mainly fondіv Shlyakhov dodatkovogo Key infrastructure aktsіy abo Shlyakhov zbіlshennya nomіnalnoї vartostі vipuschenih aktsіy.

Zmenshennya statutory kapіtalu AT zdіysnyuєtsya Shlyakhov znizhennya nomіnalnoї vartostі aktsіy chi redemption rights Chastain aktsіy s metoyu skorochennya їh zagalnoї kіlkostі. Mozhlivіst zmenshennya statutory kapіtalu Shlyakhov pridbannya i repayment Chastain aktsіy guilty Buti peredbachena in statutі tovaristva. However, statutory kapіtal not Mauger Buti zmensheny to rozmіru nizhche legally established statutory mіnіmalnogo kapіtalu. Pogashenі shaping can Buti tіlki aktsії Ti, scho perebuvayut on balansі AT vklyuchayuchi aktsії, pridbanі s tsієyu metoyu in aktsіonerіv.

Zmenshennya statutory kapіtalu AT Mauger Buti zroblene Shlyakhov no redemption rights tіlki Vlasnyi aktsіy, ale i for rakhunok i viklyuchennya aktsіonerіv Povernennya їm vneskіv, Shlyakhov skorochennya sumi pіdpiski to factuality oplachenoї vartostі aktsіy. Zmenshuєtsya statutory kapіtal when i peredachі aktsіy dochіrnіm tovaristvam and takozh at spryamuvannі Chastain aktsіy to the reserve fund.

Zmenshennya statutory kapіtalu AT mozhlive tіlki pіslya Notification vsіh kreditorіv tovaristva. Povіdomlyayut kreditorіv pismovo in termіn not pіznіshe 30 dnіv s time uhvalennya rіshennya zagalnimi Zborov. Lenders toil right zazhadati dostrokovogo pripinennya chi vikonannya zobov'yazan and takozh vіdshkoduvannya zbitkіv od zmenshennya statutory kapіtalu.

Nayvazhlivіshim Elements i pokaznikom fіnansovoї dіyalnostі AT Je Prybutok. Prybutok AT utvoritsya so self yak on pіdpriєmstvah іnshih forms vlasnostі have viglyadі rіznitsі mіzh vitorgom od realіzatsії produktsії (robіt, poslug) for vinyatkom vіdpovіdnih podatkіv, i vitratami on virobnitstvo tsієї produktsії (robіt poslug).

Yakscho scrip vitrati perevischuyut vitorgu, tovaristvo Got zbitki. Procedure vikoristannya pributku, scho not pіdlyagaє rozpodіlu mіzh aktsіonerami, obumovlyuєtsya tovaristva statute. Pіslya splat podatku on Prybutok i INSHI obov'yazkovі platezhі zalishaєtsya clean Prybutok scho nadhodit in Povny rozporyadzhennya AT.

Rozpodіl pure pributku i'm pokazniki fіnansovogo AT. Rada direktorіv virіshuє power about rozpodіl pure pributku.

Chastina pributku tsogo Mauger spryamovuvatisya on virobnichy i sotsіalny rozvitok tovaristva. Viznachaєtsya chastka pributku on viplatu vіdsotkіv for oblіgatsіyami. Zdіysnyuєtsya vіdrahuvannya in backup i spetsіalny funds. Rozrahovuyutsya mozhlivі viplati sluzhbovtsyam at AT viglyadі penny vinagorod chi aktsіy vіdpovіdno to Pevnyi vіdsotka, peredbachenogo statute. Clean Prybutok scho zalishivsya, spryamovuєtsya on viplatu divіdendіv aktsіoneram.

Rada direktorіv, vihodyachi s fіnansovogo will tovaristva, konkurentospromozhnostі yogo produktsії i rozvitku prospects priymaє rіshennya about specific spіvvіdnoshennya rozmіrіv pure pributku scho rozpodіlyaєtsya on zaznachenih napryamkah. Not viklyucheno, scho in okremі perіodi Prybutok not bude napravlyatisya on viplatu divіdendіv aktsіoneram, and bіlshomu rozmіrі pіde on virobnichy i sotsіalny rozvitok labor collectives chi INSHI tsіlі.

Aktsії tovaristva scho yogo perebuvayut on balansі not vrahovuyutsya at rozpodіlі pributku mіzh aktsіonerami.

One s pokaznikіv scho harakterizuyut fіnansovy mill AT scho viznachaє have their Cherga, processes rozpodіlu pributku, Je chastka pributku, rozrahovana one aktsіyu.

Rozmіr pure pributku scho pripadaє one aktsіyu, dozvolyaє really otsіniti efektivnіst dіyalnostі AT fіnansove Yogo encampment. Rozrahovuєtsya Taqiy pokaznik of formula

de An - Prybutok, rozrahovany one aktsіyu; Chp - Net Prybutok tovaristva; H - Quantity vipuschenih aktsіy.

Pіdvischennya tsogo pokaznika svіdchit about uspіshnu dіyalnіst AT scho garantuє visokі divіdendi i zbіlshennya faktichnoї vartostі aktsії. Znizhennya pributku scho pripadaє one aktsіyu, daє pіdstavi zrobiti visnovok about neblagopoluchchya in vikoristannі aktsіonernogo kapіtalu i zumovlyuє neobhіdnіst detailed analіzu dіyalnostі

AT.

About stupіn vіddachі aktsіonernogo kapіtalu mozhna stosovno judge the yogo pure pributku

On de - vіddacha aktsіonernogo kapіtalu; K - aktsіonerny kapіtal.

Pokaznik vіddachі aktsіonernogo kapіtalu harakterizuє іntensivnіst yogo vikoristannya i, otzhe, zbіlshennya chi zmenshennya pributku, oderzhuvanogo od tsogo kapіtalu.

In protsesі rozpodіlu pure pributku AT stvoryuєtsya reserve fund rozmіr yakogo guilty stanoviti not Mensch yak 15% statutory kapіtalu. Procedure formuvannya i vikoristannya reserve fund viznachaєtsya AT statute. Konkretnі rozmіri schorіchnih vіdrahuvan od pributku the reserve fund peredbachayutsya statute, ale not Mensch yak 5% of the net pributku tovaristva.

Formuvannya i popovnennya reserve fund vіdbuvaєtsya Shlyakhov schorіchnih vіdrahuvan right up dosyagnennya CIM Foundation rozmіru peredbachenogo tovaristva statute. The Reserve Fund for priznacheny pokrittya neperedbachenih komertsіynih zbitkіv AT. For rakhunok repayment reserve fund Provadia oblіgatsіy i aktsіy tovaristva redemption rights during vіdsutnostі іnshih koshtіv. Vikoristannya reserve fund in іnshih tsіlyah zaboronyaєtsya.

For rakhunok Mauger Buti pure pributku utvoreny spetsіalny fund aktsіonuvannya pratsіvnikіv tovaristva. However, Tse Got Booty peredbacheno AT statute. Costa tsogo fund for the redemption rights priznachenі vinyatkovo aktsіy tovaristva scho prodayutsya aktsіonerami, i away rozmіschennya їh Sered svoїh pratsіvnikіv.

Mozhlivіst stvorennya fondіv aktsіonuvannya peredbachena in Zakonі about AT vihodyachi s dosvіdu formuvannya such fondіv in vіdkritih aktsіonernih tovaristvah, utvorenih in rezultatі privatizatsії Reigning i munіtsipalnih of companies.