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Fіnansova dіyalnіst sub'єktіv gospodaryuvannya - Tereshchenko OO

3.4.5. Course emіsії corporate law

Emіsіya aktsіy abo oblіgatsіy of companies - tse sukupnіst Act reasonably emіtenta schodo zdіysnennya pіdpiski on aktsії abo sale oblіgatsіy. Uspіshna emіsіya corporate law (aktsіy, chastok) and otzhe, zbіlshennya statutory kapіtalu deposits od bagatoh faktorіv, zokrema od'm Rinku kapіtalіv, od tendentsіy on bіrzhі (for corporate law, SSMSC kotiruyutsya on bіrzhі) ochіkuvan on maybutnі pributki emіtenta that іnvestorіv, and takozh od parametrіv emіsії (obsyag, course spіvvіdnoshennya, s Yakim zdіysnyuєtsya emіsіya).

Zgіdno Zi scheme shown in Fig. 3.3 Elements vazhlivim PROCEDURE zbіlshennya statutory kapіtalu pіdpriєmstva Shlyakhov dodatkovoї emіsії Je vstanovlennya rate emіsії, tobto tsіni for yakoyu tovaristvo rozmіschuє svoї korporativnі law. Course emіsії vstanovlyuєtsya in percentage to nomіnalu for rіshennyam vіdpovіdnih organіv pіdpriєmstva. W Yurydychna Look Lower mezheyu rate emіsії novih aktsіy Je їh nomіnalna vartіst, oskіlki vstanovlena zakonodavcha zaborona on Pervin rozmіschennya aktsіy for tsіnoyu, nizhchoyu for їh nomіnalnu vartіst; s ekonomіchnogo - nomіnalna vartіst plus vitrati to conduct emіsії.

Before the main vitrat to conduct emіsії nalezhat:

a) payment poslug auditorіv;

b) payment poslug fіnansovih poserednikіv;

c) vitrati on drukuvannya blankіv tsіnnih paperіv;

g) vitrati to pay at Mita sovereign reєstratsії emіsії (0.1% nomіnalnoї vartostі zaplanovanogo obsyagu emіsії);

d) payment poslug Square reєstratora;

e) vitrati advertising that drukuvannya information The emіsіyu (Avenue) novoї emіsії.

Vitrati, pov'yazanі s emіsієyu tsіnnih paperіv, vklyuchayutsya to warehouse gross vitrat pіdpriєmstva-emіtenta.

W metoyu stimulyuvannya popitu on aktsії novoї emіsії їh maximum vartіst blame for Buti Mensch rinkovy course aktsіy. So rank, the upper boundary rate emіsії held on rіvnі rinkovogo (bіrzhovogo) rate prior to aktsіy dodatkovoї emіsії. Proper vibіr rate emіsії Je virіshalnim factor of Success її rozmіschennya. Chim vischy course dodatkovoї emіsії, tobto denote bіlshe vіn nablizhaєtsya to bіrzhovogo rate aktsіy, team znachnіshy obsyag lіkvіdnih zasobіv zaluchaєtsya on pіdpriєmstvo When setting obsyazі zbіlshennya statutory kapіtalu, tim bude vischim emіsіyny dohіd.

Emіsіyny dohіd, abo azhіo - suma perevischennya dohodіv, otrimanih od emіsії (Key infrastructure) Vlasnyi aktsіy that іnshih corporate rights over such nomіnalom aktsіy (іnshih corporate law). Saying to Іnakshe, emіsіyny dohіd - tse rіznitsya mіzh course emіsії i nomіnalnim rate of corporate law. Sumi obsession pіdpriєmstvom emіsіynogo income not vklyuchayutsya to warehouse gross income s metoyu opodatkuvannya.

Dohіd in viglyadі azhіo mozhut mother not aktsіonernі tovaristva deprivation, and th pіdpriєmstva іnshih organіzatsіyno legal form. So, when zbіlshennі statutory kapіtalu tovaristva s obmezhenoyu vіdpovіdalnіstyu slіd vrahovuvati those scho, redemption rights dodatkovu chastku, Novi participant staє spіvvlasnikom ranіshe stvorenih pіdpriєmstvom rezervіv. Same fact okrіm nomіnalnoї vartostі chastki, participant splatiti azhіo guilty, yak vіdpovіdaє nalezhnomu on qiu chastku ekvіvalentu ranіshe preformed rezervіv * 5. The value azhіo yak at TOV, so i at the AT Mauger vstanovlyuvatisya the results otsіnki vartostі pіdpriєmstva abo on osnovі balance rate (the value of skorigovanogo prihovanih rezervіv) corporate law. Yakscho course emіsії vstanovlyuєtsya on rіvnі balance rate, then the participants are (aktsіoneri) okrіm nomіnalnoї vartostі, splachuyut vіdpovіdnu Chastain rezervіv, zavdyaki chomu spіvvіdnoshennya rezervіv that nomіnalnogo kapіtalu in rezultatі zbіlshennya statutory kapіtalu not zmіnyuєtsya. Perevischennya faktichnoї tsіni sale chastki over її nomіnalom nalezhit to dodatkovogo kapіtalu tovaristva.

* 5: {Olfert O. Finanzierung. Kompendium der praktischen Betriebswirtschaft. - S. 205.}

Priymayuchi rіshennya schodo vstanovlennya rate emіsії, slіd vrahovuvati takі osnovnі chinniki:

startovі peredumovi for yakih held emіsіya (gotovnіst Rinku kapіtalіv osvoїti novі korporativnі rights);

Carrying vartіst corporate law;

rinkovu vartіst pіdpriєmstva that prospect її zrostannya;

podatkovih aspect;

type obranoї pіdpriєmstvom divіdendnoї polіtiki;

dosit often vzaєmoprotilezhnі Interests okremih vlasnikіv i tovaristva.

In ostannomu vipadku just past about mozhlivy konflіkt іnteresіv mіzh pіdpriєmstvom that uchasnikami (aktsіonerami) at vstanovlennі rate emіsії.

Yakscho zbіlshennya statutory kapіtalu vіdbuvaєtsya s metoyu zaluchennya dodatkovih іnvestitsіynih resursіv then slіd keruvatisya principle mіnіmіzatsії vitrat at zaluchennі kapіtalu. Vazhlivim at tsomu Je vstanovlennya maximum rate for yakogo aktsії shaping can Buti rozmіschenі on market analysis * 6. W glancing mіnіmіzatsії vartostі kapіtalu for pіdpriєmstva-emіtenta Visokiy course emіsії Je vigіdnіshim, oskіlki in danomu razі yogo Vlasnyi kapіtal zbіlshuєtsya perevazhno for rakhunok dodatkovogo kapіtalu on yaky not potrіbno narahovuvati divіdendi. Okrіm tsogo, azhіo Je priynyatnіshim Jerel formuvannya rezervіv, nіzh clean Prybutok, oskіlki in Perche vipadku dohіd not opodatkovuєtsya, natomіst reserves Jerel yakih Je clean Prybutok, stvoryuyutsya for rakhunok pributku pіslya opodatkuvannya.

* 6: {Boemle M. Unternehmensfinanzierung. - S. 303.}

At the same hour Visokiy course emіsії Mauger viklikati problemi s rozmіschennyam dodatkovoї emіsії. Mauger sklastisya situatsіya, if bіrzhovy course aktsіy scho vzhe perebuvayut in obіgu, znizitsya nizhche for rіven emіsії novih. In danomu vipadku lіkvіdnіst aktsіy that pіdtrimka rate Mauger Buti zabezpechena Shlyakhov їh masovoї skupіvlі largest aktsіonerami (controlling interest holders) by abo-pіdpriєmstvom emіtentom. However denote Mensch course emіsії (cpm bіlshe vіn nablizhaєtsya to nomіnalnoї vartostі) when specifying obsyazі required in kapіtalі, team znachnіshe neobhіdno zbіlshuvati statutory kapіtal and otzhe, team vischim bude rіven "rozmivannya" nomіnalnogo kapіtalu i stupіn znetsіnennya aktsіy scho potrіbno bude pokrivati ​​for rakhunok perevazhnih rights.

The stock 3.6 * 7

* 7: {For: Grundzuge der Unternehmensfinanzierung. - S. 80.}

Statutory kapіtal aktsіonernogo tovaristva becoming 300 thousand UAH. Yogo formuyut 6000 aktsіy nomіnalnoyu vartіstyu 50 UAH. Bіrzhovy course aktsіy dorіvnyuє 150 UAH.

Require pіdpriєmstva in dodatkovih fіnansovih resources - 60 000 UAH. Financial management pіdpriєmstva proanalіzuvati responsible for yakogo rate emіsії vdastsya zabezpechiti balance іnteresіv mіzh usіma zaіnteresovanimi parties i Zborov aktsіonerіv progolosuyut for zaluchennya kapіtalu Shlyakhov zbіlshennya statutory kapіtalu.

Zrozumіlo, scho for emіtenta naypriynyatnіshim Je emіsії maximum rate (on rіvnі rinkovogo) oskіlki required in kapіtalі pokrivaєtsya for mіnіmalnogo zbіlshennya nomіnalnogo kapіtalu.

For drіbnih aktsіonerіv nizky course emіsії (a otzhe, a temple Cena perevazhnogo right) Je vigіdnіshim. Yakscho pridbannya novih aktsіy їh not tsіkavit, the rezultatі sale perevazhnih rights stink shaping can otrimati dodatkovu vinagorodu. In razі, if the stench virіshat pridbati novі aktsії when specifying obsyazі kapіtalovkladen mozhna otrimati bіlshu їh Quantity.

Krupnі aktsіoneri, SSMSC toil fіnansovі mozhlivostі for zbіlshennya Svoge package aktsіy that rozshirennya vplivu on dіyalnіst pіdpriєmstva, skhilyatimutsya to Visoko rate emіsії, yaky uskladnyuє vikoristannya malimi aktsіonerami svoїh perevazhnih rights i stimulyuє їh to the sale of such rights. Tse daє mozhlivіst great aktsіoneram pridbati bіlshіst aktsіy novoї emіsії. At the same hour, yak already zaznachalos, Nadto Visokiy course emіsії Mauger uskladniti rozmіschennya vsієї emіsії.

Yakscho rіshennyam zagalnih zborіv aktsіonerіv not peredbachenі perevazhnі right to purchase novih aktsіy then aktsіoneri mozhut uniknuti zbitkіv deprivation in addition razі, Yakscho course emіsії novih aktsіy bude vstanovleno on rіvnі bіrzhovogo rate Old * 8.

* 8: {Zakonodavstvami kraїn s visokorozvinutim Stock market, yak usually peredbacheno scho perevazhnі right mozhut not vrahovuvatisya, Yakscho obsyag emіsії not perevischuє 10% statutory kapіtalu that emіsіya suttєvo not vplivaє on bіrzhovy course aktsіy (maximum value padіnnya rate becoming 5%) .}

Course emіsії tіsno pov'yazany s polіtikoyu of companies in sferі samofіnansuvannya that viplati divіdendіv. Zi zbіlshennyam chastki pributku, yaky spryamovuєtsya on viplatu divіdendіv, course emіsії tyazhіє to zbіlshennya. Well Yakscho Maximum Je rіven samofіnansuvannya then vstanovlyuєtsya mіnіmalny course emіsії. Napriklad have Shveytsarії in 50th Rokach sposterіgalas tendentsіya to mіnіmіzatsії rate emіsії. The cause tsogo Bulo those scho zbіlshennya statutory kapіtalu (i fіnansuvannya zagalom) zdіysnyuvalosya perevazhno for rakhunok pure pributku of companies (in serednomu on reіnvestuvannya spryamovuvalosya blizko 80% pributku). Aktsіoneri vіdmovlyalisya od rozpodіlu pributku, natomіst oderzhuvali aktsії for nizkim course emіsії. On vіdmіnu od tsogo in US vіdnosno great Chastina pributku viplachuєtsya in viglyadі divіdendіv (blizko 40-60%). Same CIM poyasnyuєtsya porіvnyano Visokiy course emіsії amerikanskih of companies. Klyuchove power in the Branch emіsіynoї polіtiki amerikanskih of companies is as follows: The maximum rate for Yakima emіsії mozhna rozmіstiti aktsії on market analysis protyagom line pіdpiski?

H hour in Єvropі takozh Pochaiv sposterіgatisya tendentsіya to zbіlshennya rate emіsії. On sogodnіshnіy day Shveytsarії, yak usually Course emіsії vstanovlyuєtsya on rіvnі 2/3 bіrzhovogo rate that becoming nomіnalu 350-400%. In Nіmechchinі course emіsії vstanovlyuєtsya, yak usually at 20-25% rіvnі nizhche for bіrzhovy course.