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Polіtichna ekonomіya - Bєlyaєv OO

§ 3. Paper the Tsіnnі: the essence, the role osnovnі vidi.Problemi aktsіonuvannya in perehіdnіy ekonomіtsі

Tsіnnі Paper the point s Zora bezposerednoї characteristics aktsіonernogo kapіtalu - tse svіdotstva about the fate of at kapіtalі AT MAIN Sered yakih Je aktsії that oblіgatsії.

Course aktsіy that їh Vidi

Penny scrip, yak zaznachena on aktsії, nazivaєtsya nomіnalnoyu vartіstyu aktsії. Vaughn virazhaє s most cob otsіnku Paju at zasnuvannі tovaristva. Rate for yakoyu prodayutsya i kupuyutsya aktsії on market analysis tsіnnih paperіv, nazivaєtsya course aktsіy.

Yakima rank viznachaєtsya course aktsіy?

Pokupets kupuє aktsії for otrimannya vіdpovіdnogo on their income from viglyadі divіdendu. Tom denote vіn (divіdend) vischy, team vischy aktsіy course, i navpaki. W tsogo side, aktsіy rate directly proportional tsіyny velichinі divіdendu. W іnshogo side, kupuyuchi aktsії, Username Lost Password once s note rozrahovuyut otrimati dohіd on svіy kapіtal not Mensch, nіzh one yaky stench could otrimati b, yakbi vіddali svіy kapіtal in pozichku for zvichayny bankіvsky percent. Tobto pokupets priymaє rіshennya splatiti aktsіyu for Taku bag of pennies, yak at vnesennі її the bank will give Yomou zmogu otrimati Taqiy same dohіd (percentage), yak i for divіdend danoyu aktsієyu.

Pripustimo scho aktsіya nomіnalom at $ 100. bring schorіchny divіdend, yaky becoming 9 USD., i scho pozichkovy percentage dorіvnyuє 3 tobto on skin hundred dolarіv, SSMSC vkladenі the bank vkladnik otrimaє schorіchny dohіd at $ 3. Dwellers otrimuvati schorіchno 9 USD., Neobhіdno Bulo b vklasti the bank $ 300. Ale tsogo zamіst pennies vlasnik Mauger buy aktsіyu, yak for bringing Ti samі Year 9 USD., Pay for neї TER 300 dollars.

Course aktsіy thus rank directly proportsіyny velichinі divіdendu i Auburn proportsіyny rozmіru pozichkovogo (bankіvskogo) percent, scho mozhna viraziti with such a formula:

de N - nomіnal aktsії and divіdend filed in percentage.

Yakscho at poperednomu divіdendі (9 USD). Rіven pozichkovogo znizitsya percent of 3 to 2, the rate aktsіy pіdvischitsya. For the $ 300 koshtuvala aktsіyu itself, yak ranіshe., Ninі zaplatyat 450 dollars.

Chomu Well Username Lost Password pogodzhuyutsya platiti for aktsіyu, nomіnalna vartіst yakoї $ 100., In kіlka razіv bіlshu the bag? Right in the fact scho, pay Taku temple tsіnu, stink zabezpechuyut sobі dohіd not Mensch and, yak usually bіlshy, nіzh one yaky stink could gain the impression, poklal chiu bag of the bank. Before Username Lost Password spodіvayutsya Well, scho minds of rozvitku aktsіonernogo tovaristva divіdend perevischit zvichayny (serednіy) pozichkovy percent.

Slіd zvernuti uwagi i taku on obstavinu. Hoch in serednomu course aktsіy dorіvnyuє kapіtalіzovanomu (s rozrahunku pozichkovogo percent) divіdendu, in skin Danian time vіn bezposeredno deposits od spіvvіdnoshennya mіzh propozitsієyu i popitom on tsі aktsії.

viznachayut "іndeks rate aktsіy" For viznachennya Ruhu rate aktsіy on bіrzhah. Vіn rozrahovuєtsya yak serednozvazhena magnitude on Pevnyi Cola aktsіy. In tse colo go rіzna Quantity kompanіy. So, for the rule rozrahunku іndeksa aktsіy New Yorkskoї fondovoї bіrzhі (vіn nazivaєtsya іndeksom Dow Jones) to bazi іndeksu vklyuchayut Promyslova 30, 15 zalіznichnih, 15 communal kompanіy. Znizhennya tsogo іndeksu spriymayut yak Find our pogіrshennya ekonomіchnoї situatsії.

Rozrіznyayut aktsії іmennі that on pred'yavnika (vіdmіnnіst mіzh them polyagaє in protsesі reєstratsії that sale), prostі, abo zvichaynі, i privіleyovanі (rіznyatsya way viplati divіdendіv that їh value), and takozh bagatogolosі, odnogolosі that bezgolosі (SSMSC rozmezhovuyutsya for mozhlivіstyu їh vlasnikіv Braty fate in upravlіnnі tovaristvom) * 4.

* 4: {Tse - zagalnopriynyata klasifіkatsіya aktsіy in rinkovіy ekonomіtsі. In Ukraїnі on the cob transformatsії admіnіstrativno-komandnoї system in rinkovu (. 1 sіchnya 1992 p) vipuskalis takі aktsіy categories: aktsії labor collectives; aktsії pіdpriєmstva; aktsії aktsіonernih tovaristv. W 1 sіchnya 1992 p. Key infrastructure aktsіy of labor kolektivіv i pripineno of companies, ale stink could obertatis on market analysis slit protyagom p'yati rokіv. Before zaznachenogo line pіdpriєmstva (organіzatsії) SSMSC vipustili vkazanі aktsії, povinnі boule vikupiti їh abo zamіniti іnshimi tsіnnimi Papero, peredbachenimi Law of Ukraine "On the one tsіnnі Paper the stock bіrzhu."}

H point Zora ekonomіchnogo zmіstu aktsіy zaslugovuє to uwagi їh podіl on privіleyovanі that prostі. Privіleyovanі aktsії garantuyut vіdpovіdny (fіksovany) schorіchny divіdend. At the same hour zvichaynі (prostі) aktsії yogo value is not Yea vstanovlenoyu.

Privіleyovanі aktsії vlasnikovі give the right to: pershochergove otrimannya income from viglyadі fіksovanogo divіdendu to nomіnalnoї vartostі aktsіy; on kompensatsіyu income nedootrimanogo in zv'yazku Zi skorochennyam pributku at AT vіdpovіdnomu rotsі (for rakhunok reserve fund); on prіoritetnu fate in rozpodіlі Lane aktsіonernogo tovaristva in razі yogo lіkvіdatsії.

Vlasniki privіleyovanih aktsіy toil not right to take the fate in upravlіnnі tovaristvom (kompanієyu), Yakscho yogo іnshogo not peredbacheno Statute * 5.

* 5: {s Zgіdno chinnim zakonodavstvom Ukraine (Ukraine Law "On the one tsіnnі Paper the stock bіrzhu") statutory kapіtal aktsіonernogo tovaristva at the time of yogo zasnuvannya guilty skladatisya s obumovlenogo number zvichaynih aktsіy. Privіleyovanі aktsії not shaping can Buti vipuschenі on the bag, scho perevischuє 10% of the statutory fund. Key infrastructure aktsіy zdіysnyuєtsya in rozmіrі statutory fund aktsіonernogo tovaristva abo on all vartіst Lane pіdpriєmstva (sovereign), yak peretvorene on aktsіonerne tovaristvo. Key infrastructure Dodatkovy aktsіy mozhlivy, Yakscho OAO All ranіshe vipuschenі aktsії povnіstyu oplachenі for vartіstyu not nizhche for nomіnalnu.}

Vrahovuyuchi scho vlasniki simple, abo zvichaynih, aktsіy bear bіlshy rizik (nіzh privіleyovanih) pov'yazany s dіyalnіstyu tovaristva. Їm nadaєtsya right obirati chlenіv pravlіnnya i virіshuvati INSHI power to zagalnih Zborov aktsіonerіv.

Divіdend Mauger viplachuvatisya: Skin quarter time on pіvroku chi Year; aktsіyami (kapіtalіzatsіya pributku) oblіgatsіyami i goods. Aktsіoneram Mauger vidavatis sertifіkat aktsії (tsіnny Papir), scho zasvіdchuє volodіnnya poіmenovanoї in nomu individuals Pevnyi kіlkіstyu aktsіy tovaristva.

Oblіgatsії

Zagalna nomіnalna vartіst vipuschenih aktsіy skladaє statutory fund, yaky, napriklad, zgіdno іz Law of Ukraine "About gospodarskі tovaristva" (v. 24) is not Mauger Buti Mensch of the bag, ekvіvalentnu 1250 mіnіmalnih salaries vihodyachi Zi rates mіnіmalnoї salary dіyuchoї at the time stvorennya aktsіonernogo tovaristva.

For zbіlshennya obsyagіv kapіtalu, okrіm aktsіy, aktsіonernі kompanії vipuskayut oblіgatsії * 6. Oblіgatsії - tse tsіnnі Papero, SSMSC entitle їh vlasnikam on obsession schorіchnogo garantovanogo income. Oblіgatsії, yak i aktsії, obertayutsya on market analysis tsіnnih paperіv i toil svіy course, scho pid kolivaєtsya vplivom zmіni popitu i Offers that pozichkovogo percent.

* 6: {Zgіdno іz Law of Ukraine "On the one tsіnnі Paper the stock bіrzhu" (Article 11). Aktsіonernі tovaristva mozhut vipuskati oblіgatsії for the amount not bіlshe 25% od rozmіru statutory fund i deprivation pіslya povnoї Pay vsієї kіlkostі vipuschenih aktsіy.}

On vіdmіnu od aktsіy, oblіgatsії not have any voting rights at virіshennі ref aktsіonernogo tovaristva and viplachuvany for them dohіd, yak usually not perevischuє zvichaynogo percent. Vartіst oblіgatsіy pogashaєtsya aktsіonernim tovaristvom on zakіnchennі vіdpovіdnogo termіnu.

Stock bіrzha: sutnіst, osnovnі operatsії

Stock bіrzha - tse spetsіalіzovany fіnansovy іnstitut, yaky i zoseredzhuє purchase sales tsіnnih paperіv, spriyaє formuvannyu їh bіrzhovogo rate. Stvoryuєtsya bіrzha yak aktsіonerne tovaristvo, zasnovnikami yakogo shaping can Buti torgovtsі tsіnnimi Papero, kotrі toil dozvіl on zdіysnennya komertsіynoї i komіsіynoї dіyalnostі * 7.

* 7: {Members bіrzhі shaping can Buti yuridichnі that fіzichnі individuals SSMSC paid for the "Location" vіdpovіdnі sumi pennies, often dosit znachnі.}

Main operatsіyami fondovoї bіrzhі Je: Holding oblіku tsіnnih paperіv that nadannya rekomendatsіy on vstanovlennyu pochatkovoї kotiruvalnoї tsіni; organіzatsіya decorated to please h kupіvlі-sale tsіnnih paperіv; vikonannya tsentralіzovanih vzaєmorozrahunkіv useredinі bіrzhovogo tsіnnih paperіv market analysis; zdіysnennya tsentralіzovanogo іnformatsіynogo zabezpechennya course i control; zabezpechennya legal registration of lands that іn.

Stock bіrzha vіdіgraє suttєvu role in aktivіzatsії that ratsіonalіzatsії protsesіv Becoming i funktsіonuvannya rinkovih vіdnosin. At sorry for OAO All prophets rinkovih transformatsіy in Ukraїnі Tsey view bіrzhovoї dіyalnostі not dіstav nalezhnogo poshirennya. The reasons here bagato. Tse i conceptual "zamorozhenіst" protsesіv rozderzhavlennya i privatizatsії, scho not aktivіzuє іnvestitsіynu privablivіst Pervin tion tsіnnih paperіv market analysis; i nerozvinutіst organіzatsіynogo decorated їh vtorinnogo market analysis; i nedostatnіy platіzhny popit vіtchiznyanih nenadіynіst i Zahist rights іnozemnih іnvestorіv toscho. Vіdsutnє th chіtke legal zabezpechennya mehanіzmіv quotes tsіnnih paperіv.

Tom dіyalnіst stock bіrzh in Ukraїnі guilty Buti skoordinovana on dosyagnennya vіdpovіdnogo rіvnya tsentralіzatsії in masshtabі Kraina, at scho orієntuє vіdpovіdna kontseptsіya, priynyata Supreme Radoyu Ukraine (Veresen 1995 p.). Process tsentralіzatsії characteristic i for funktsіonuvannya vsesvіtno vіdomih bіrzh. So, on the cob Travnia 2000 r. predstavniki Londonskoї that Frankfurtskoї stock bіrzh ogolosili about Namir is angry at mіzhnarodnu bіrzhu. British-nіmetske novoutvorennya, yak kontrolyuvatime sales aktsіy on the bag mayzhe 4.3 trillion dollars., Buda naybіlshim for obsyagom in the fourth Єvropі i have svіtі pіslya New Yorkskoї, Tokіyskoї stock bіrzh that NASDAQ, scho torguє aktsіyami tehnologіchnih fіrm. When tsomu Participants danogo "shlyubu" - kolishnі superniki - matimut "rozpodіl pratsі": aktsії nayhodovіshih kompanіy prodavatimutsya in Londonі and aktsії visokotehnologіchnih fіrm - at Frankfurtі.

Process aktsіonuvannya in Ukraїnі: Roads Ahead, problems

Vische obґruntovano Bulo, scho stvorennya aktsіonernih tovaristv in rozvinutih kraїnah pov'yazano s evolyutsіynim rozvitkom productive forces SSMSC in its Cherga, vplivayut on formuvannya aktsіonernih vіdnosin, vnosyachi zmіni in їh structure. In Ukraїnі Well raptova appeared such vіdnosin not bula pov'yazana s pіdvischennyam tehnіchnogo rіvnya virobnitstva. For such minds AT not zmozі zabezpechiti zrostannya real dohodіv robіtnikіv, villagers sluzhbovtsіv i navіt vіtchiznyanih nuvorishіv. Making Change log in the system without adequate aktsіonernih vіdnosin protsesіv in tehnіchnіy budovі virobnitstva generally produces up rozbalansovanostі Economy. Novі titles, yakimi b privablivimi not stink boule zalishayutsya empty sound, Yakscho not pіdkrіplenі vіdpovіdnimi materіalnimi minds.

Ekonomichna teorіya i pіdtverdzhuyut practice, scho otrimannya vіdchutnih divіdendіv Mauger Buti zabezpecheno for dvoh obstavin:

• Over the minds vprovadzhennya in virobnitstvo produktivnіshoї tehnіki, peredovoї tehnologії scho Veda to znizhennya vitrat virobnitstva i zbіlshennya pributku at nezmіnnih tsіnah.
• For rakhunok pіdvischennya tsіn scho zabezpechuє zbіlshennya pributku navіt at zrostannі vitrat virobnitstva.

Aktsіonernі tovaristva in Ukraїnі pozbavlenі mozhlivostі dosyagti zbіlshennya pributku in razі stabіlnostі tsіn for rakhunok tehnіchnogo pereozbroєnnya virobnitstva. Todі i protrude tіlki to disposable pіdvischennya tsіn, scho, zvichayno, vplivaє on materіalne encampment verstv broad population, in Vol. H. I aktsіonerіv. Spodіvatisya to those scho vіdbudetsya priskorene do updates in the main virobnichih fondіv not communicated, more bіlshіst of companies, SSMSC vipuskayut znaryaddya pratsі morally i fіzichno zastarіli, pratsyuyut not Povny potuzhnіst and the second zovsіm prostoyuyut. One penny signs, yak b stink Somalia is not Visoko nomіnalnu value not spend rekonstruktsії virobnitstva. Otzhe, prіoritetnim directly vsієї ekonomіchnoї polіtiki Got Why not kіlkіsne zbіlshennya aktsіonernih tovaristv and tehnіchne vdoskonalennya suspіlnogo virobnitstva.

In Ukraїnі on the cob 2000 r. narahovuvalos blizko 20 million aktsіonerіv (todі yak, napriklad have Nіmechchinі - tіlki 4.5 million). Tacke velichezne rozporoshennya vlasnostі not allowed skontsentruvati kontrolnі package aktsіy, neobhіdnі for efektivnosti upravlіnnya pіdpriєmstvami. Dana model became naslіdkom rіshennya natsіonalnih "rinkovih reformatorіv" about sertifіkatnu privatizatsіyu, tobto rіshennya and tochnіshe died out about the "Lane of dealings". Mi otrimali bezlіch psevdovlasnikіv, ale to us so i do not z'yavilosya efektivnosti vlasnika. Bіlshe of mіlyoni our "aktsіonerіv" navіt not know de i yak "pratsyuyut" їhnі efemernі aktsії i those scho stink shaping can prodavatsya ostannі. Vnaslіdok takoї privatizatsії mi dіysno not otrimali in osobі Novoyavlenny spravzhnіh aktsіonerіv novih spravzhnіh vlasnikіv.

Rozvitku aktsіonernih tovaristv in Ukraїnі Got spriyati zdіysnennya dіyovoї derzhavnoї polіtiki korporatizatsії. Zgіdno s Decree of the President of Ukraine "About korporatizatsіyu of companies' (15 chervnya od 1993 r.) Korporatizatsіya - tse peretvorennya Reigning of companies, ob'єdnan, Closed-aktsіonernih tovaristv (s perevazhno Reigning kapіtalom) on vіdkritі aktsіonernі tovaristva. Sutta korporatizatsії Yea those scho volodіnnya pіdpriєmstvom, yogo fіnansuvannya zalishayutsya Reigning. Reigning authorities priznachaєtsya i kerіvnitstvo korporatsії against upravlіnnya zmіnyuєtsya. Corporation dіstaє povnіshu ekonomіchnu samostіynіst schodo virobnitstva processes that control him. Won in poєdnuє sobі privіleї derzhavnoї vlasnostі that perevagi private upravlіnnya.

When tsomu, zdіysnyuyuchi processes aktsіonuvannya, slіd vrahovuvati scho mіzhnarodna ekspansіya aktsіonernoї FORMS pіdpriєmnitstva potrebuє od vіdpovіdnih Reigning іnstitutsіy Ukraine not tіlki uwagi and nasampered reasonableness of the rate yaky bi perekrivav channel for illegal bіznesu, ale not zavazhav bіznesu Chesney not natsіlyuvav yogo on protipravnі dії.