Fіnansova dіyalnіst sub'єktіv gospodaryuvannya - Tereshchenko OO

5.6. Іnstrumenti divіdendnoї polіtiki

In protsesі realіzatsії obranogo type divіdendnoї polіtiki pіdpriєmstva protrude to spetsifіchnih priyomіv. These priyomami Je:

zbіlshennya statutory kapіtalu that viplata divіdendіv aktsіyami;

podrіbnennya aktsіy;

redemption rights aktsіonernim tovaristvom aktsіy vlasnoї emіsії (abo zmenshennya nomіnalu);

formuvannya rezervіv viplati divіdendіv.

Vazhlivim іnstrumentom divіdendnoї polіtiki Je zbіlshennya statutory kapіtalu pіdpriєmstva without zaluchennya dodatkovih vneskіv vlasnikіv. In this razі vіdpovіdna Chastina pributku pіdpriєmstva transformuєtsya have statutory kapіtal. And to statutory kapіtalu Mauger yak spryamovuvatisya Prybutok zvіtnogo rock, as i zalishok nerozpodіlenogo pributku passed rokіv. Vdayuchis to tsogo priya, pіdpriєmstva mozhut dosyagti dvoh tsіley:

zabezpechiti Pevnyi rіven samofіnansuvannya, oskіlki Prybutok zalishaєtsya on pіdpriєmstvі;

zbіlshiti base for narahuvannya divіdendіv.

Zbіlshennya statutory kapіtalu suprovodzhuєtsya, yak usually viplatoyu divіdendіv aktsіyami, SSMSC emіtuyutsya for nomіnalnoyu vartіstyu, tobto without azhіo. Viplata divіdendіv aktsіyami zdіysnyuєtsya vіdpovіdno to chastki uchastі skin s vlasnikіv have statutory kapіtalі. Zazvichay such viplata not zmіnyuє proportsіy uchastі vsіh aktsіonerіv (vlasnikіv) have statutory kapіtalі pіdpriєmstva-emіtenta. Aktsіoneri, SSMSC bazhayut groshovі otrimati Costa, mozhut realіzuvati bezoplatnoy otrimanі aktsії (Gratisaktien) on market analysis. Before tsієї FORMS viplati divіdendіv protrude pіdpriєmstva, SSMSC dinamіchno rozvivayutsya i toil postіynu needful in kapіtalі. When emіsії Tsikh aktsіy neobhіdno stezhiti, dwellers such operatsіya suttєvo not vplinula to "rozmivannya" statutory kapіtalu that rinkovy on the course of corporate law. Pіslya zbіlshennya statutory kapіtalu mozhna pіdvischiti absolutely scrip divіdendіv for stabіlnoї rates їh narahuvannya.

Yakscho zbіlshennya statutory kapіtalu vіdbuvaєtsya within realіzatsії Pevnyi type divіdendnoї polіtiki, the course emіsії, yak usually vstanovlyuєtsya on rіvnі nomіnalu descho perevischuє abo yogo. Course emіsії guilty Buti vstanovleny this rite, Tse dwellers gave zmogu zabezpechiti stabіlny rozmіr divіdendіv pіslya zbіlshennya nomіnalnogo kapіtalu.

Dosit vіdomim іnstrumentom divіdendnoї polіtiki to protrude yakogo pіdpriєmstva єvropeyskih kraїn that US Je podrіbnennya aktsіy that redemption rights aktsіonernim tovaristvom aktsіy vlasnoї emіsії. Mehanіzm podrіbnennya aktsіy from within divіdendnoї polіtiki zastosovuєtsya of Visoko rinkovogo rate aktsіy that temple rіvnya kapіtalіzatsії. For rіshennyam zagalnih zborіv aktsіonerіv AT Mauger Buti Carrying podrіbnennya aktsіy (splіt): cutaneous s vipuschenih tovaristvom aktsіy zamіnyuєtsya on kіlka aktsіy Mensch nomіnalu. The amount of statutory kapіtalu at tsomu not zmіnyuєtsya. However, yak i have vipadku Zi zbіlshennyam statutory kapіtalu, dosyagaєtsya zmenshennya rinkovoї tsіni aktsії. Provіvshi podrіbnennya aktsіy, napriklad spіvvіdnoshennі from 1: 3, emіtent Mauger vikupiti in vlasnika Pevnyi Quantity aktsіy that anulyuvati їh, dosyagshi at tsomu zmenshennya zagalnoї nomіnalnoї vartostі aktsіy, SSMSC in obіgu Yea, s odnochasnim zrostannyam їh rinkovoї tsіni. Groshovі kompensatsії for redemption rights aktsіy mozhna traktuvati divіdendnі platezhі yak, scho before'm not pіdlyagatimut opodatkuvannyu.

Butt 5.1

Zagalnі Zborov aktsіonernogo tovaristva on propozitsіyu pravlіnnya priynyali rіshennya about podrіbnennya aktsіy spіvvіdnoshennі from 1: 5 she zmenshennya rozmіru statutory kapіtalu of 20 million USD to 16 million USD Shlyakhov redemption rights that anulyuvannya aktsіy. Nomіnalna vartіst aktsіy to їh podrіbnennya becomes 50 UAH rinkova - 100 UAH.

Viznachimo divіdendi, SSMSC otrimayut aktsіoneri in rezultatі zdіysnennya Tsikh operatsіy, that rinkovy course aktsіy. Vnaslіdok podrіbnennya one aktsіya nomіnalom 50 UAH konvertuєtsya in 5 aktsіy nomіnalom 10 USD is the rinkovoyu vartіstyu 20 UAH. For zmenshennya statutory kapіtalu of 20 to 16 million USD, neobhіdno zdіysniti redemption rights kozhnoї p'yatoї aktsії, tobto spіvvіdnoshennya, s Yakim zdіysnyuvatimetsya redemption rights that anulyuvannya aktsіy, stanovitime 5: 1 W 2 000 000 aktsіy nomіnalom 10 UAH obіgu zalishitsya 1 600 000 aktsіy. So rank, aktsіoner, yaky spochatku volodіv odnієyu aktsієyu nomіnalom 50 UAH otrimuє kompensatsіyu 10 UAH. Pіslya anulyuvannya kozhnoї p'yatoї aktsії rinkovy course aktsіy scho zalishilisya in obіgu, pіdvischitsya i sumarno the stock value itself, scho th to zmenshennya statutory kapіtalu.

In Table. 5.1 imposed butt announced about podrіbnennya that redemption rights aktsіy tovaristva for guidance vische parameters.

Yak rule, podrіbnennya aktsіy rinok reaguє positively oskіlki to this genus operatsіy protrude velikі, dinamіchnі pіdpriєmstva. However digit nedolіkom viplati divіdendіv aktsіyami that podrіbnennya aktsіy Je znachnі nakladnі vitrati, zokrema pov'yazanі s emіsієyu aktsіy, їh viluchennyam, making for Change in Statute toscho. Doslіdzhennyam perspective podrіbnennya aktsіy i viplati divіdendіv aktsіyami zaymavsya provіdny amerikansky ekonomіst T. Copeland. In yogo visnovkah uwagi aktsentuєtsya on neobhіdnostі urahuvannya at priynyattі rіshen schodo zdіysnennya zgadanih operatsіy chinnika tranzaktsіynih vitrat, SSMSC vinikayut pid hour podrіbnennya chi viplati divіdendіv aktsіyami.

table 5.1

ABM announced crushing TA redemption rights AKTSІY AT "X"

Operatsії that minds

Characteristic

1. Rіshennya zagalnih zborіv aktsіonerіv

. Zagalnі Zborov aktsіonerіv AT "X" SSMSC vіdbulisya 30 kvіtnya 200_r on propozitsіyu pravlіnnya priynyali rіshennya about crushing Just aktsіy tovaristva in spіvvіdnoshennі 1: 5. H away zmenshennyam statutory kapіtalu of 20 million USD to 16 million USD Shlyakhov redemption rights that anulyuvannya aktsіy.

2. Podrіbnennya aktsіy

In rezultatі podrіbnennya zmіnyuєtsya zagalna Quantity aktsіy scho perebuvayut in obіgu, rozmіr statutory kapіtalu pіdpriєmstva zalishaєtsya nezmіnnim. Cutaneous aktsіya nomіnalnoyu vartіstyu 50 UAH obmіnyuєtsya 5 aktsіy nomіnalnoyu vartіstyu 10 USD: 400 000 aktsіy nomіnalom 50 UAH obmіnyuєtsya at 2 000 000 aktsіy novoї emіsії nomіnalom from 10 UAH. Rows obmіnu - 1 mіsyats s time Notification about tse aktsіonerіv

3. The redemption rights that anulyuvannya aktsіy

For zmenshennya statutory kapіtalu pіdpriєmstvo zdіysnyuє redemption rights kozhnoї p'yatoї aktsії novoї emіsії for nomіnalnoyu vartіstyu (10 USD). Quantity aktsіy, SSMSC perebuvayut in obіgu, zmenshuєtsya of 2, 000, 000. up to 1 600 000 pieces. Vikuplenі tovaristvom aktsії pіdlyagayut anulyuvannyu protyagom 1 rock

4. Opodatkuvannya

Sumi, otrimanі aktsіonerami in rezultatі sell them aktsіy emіtentu for nomіnalnoyu vartіstyu not pіdlyagayut opodatkuvannyu

5. Zagalna іnformatsіya

Date, Location obmіnu, emіtenta address fіnansovogo poserednika toscho

Reserve divіdendіv. Pіdpriєmstva zdebіlshogo pragnut zabezpechiti stabіlny rіven divіdendnih viplat, scho positive vplivaє on stabіlіzatsіyu rate їh corporate law. W tsієyu metoyu in Rocky s temple pure obsyagom pributku ostannіy povnіstyu not rozpodіlyaєtsya and spryamovuєtsya on formuvannya rezervіv, in t. Ch. Prihovanih. At Rocky s nedostatnіm rіvnem pributkovostі pіdpriєmstvo Mauger spryamovuvati on viplatu divіdendіv Chastain ranіshe preformed rezervіv. Zaznachenі reserve takozh vikoristovuyutsya for zabezpechennya divіdendnih viplat for privіleyovanimi aktsіyami.