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Polіtichna ekonomіya - Bєlyaєv OO

Subject 12 AKTSІONERNІ TOVARISTVATA AKTSІONERNY KAPІTAL

In danіy temі slіd zvernuti uwagi on zasvoєnnya complex problems pov'yazanih: for au-Perche, s processes that viniknennya evolyutsієyu aktsіonernih tovaristv; Alternatively, іz sutnіstyu, forms Wink aktsіonernogo kapіtalu that yogo value of y rinkovіy ekonomіtsі; in tretє, Zi spetsifіkoyu formuvannya aktsіonernih tovaristv in perehіdnіy ekonomіtsі.

Retrospective analіz ekonomіchnih protsesіv pokazuє scho s rozvitkom bankіvskoї system is the Credit vіdnosin nerozrivno pov'yazane utvorennya aktsіonernih tovaristv (kompanіy). In kraїnah s rozvinutimi rinkovimi vіdnosinami perevazhna chastka tovarnoї masi nalezhit aktsіonernim tovaristvam, tobto note, SSMSC nalezhat not okremomu kapіtalіstu-pіdpriєmtsyu and grupі kapіtalіstіv-payovikіv. So, kraїnah s rinkovoyu ekonomіkoyu on aktsіonernі FORMS gospodaryuvannya pripadaє 30-40% virobnichih fondіv.

Ekonomіko-sotsіalna funktsіya aktsіonuvannya vzhe Ponad stolіttya vіdіgraє valued role in ekonomіchnomu zhittі. Headache in chomu viyavlyaє currently Suchasna aktsіonerna vlasnіst - tse mehanіzm stvorennya gnuchkoї Sistemi ekonomіchnih zv'yazkіv mіzh gospodaryuyuchimi sub'єktami scho oformlyuyutsya in formі perehresnogo i lantsyugovogo volodіnnya aktsіyami.

§ 1. Aktsіonernі tovaristva: Genesis, zmіst, evolyutsіya

Aktsіonernі tovaristva vinikli dosit ago, scho Bulo zumovleno Perche for all will require rozvitku productive forces on vіdpovіdnomu etapі evolyutsії kapіtalіstichnogo virobnitstva * 1.

* 1: {Pershi aktsіonernі tovaristva vinikli in Anglії (anglіyska East Іndіyska kompaniia, 1600 p.) I in Gollandії (gollandska East Іndіyska kompaniia, 1602 p.). Potіm, at the XVII i XVIII century. boule stvorenі aktsіonernі tovaristva in Frantsії, Nіmechchinі, Danії that іnshih kraїnah. In the XIX century. takі tovaristva dіstali digit poshirennya, and in the XX century. aktsіonerna form of companies became panuyuchoyu access in all rozvinutih kraїnah. The United States, napriklad on chastku aktsіonernih tovaristv ninі pripadaє Ponad 90% valovoї produktsії promislovostі.}

H hour stvorennya great, good tehnіchno equipping of companies Zi digit Pete vagoyu main kapіtalu i trivalimi lines budіvnitstva potrebuvalo digit kapіtalovkladen, SSMSC nabagato perevischuvali Costa іndivіdualnih pіdpriєmtsіv-kapіtalіstіv. When tsomu navіt bankіvsky credit is not mіg rozv'yazati vinikayuchі superechnostі. According au-Perche, Mauger Buti bankіvsky credit nadany іndivіdualnomu kapіtalіstu in rozmіrah, SSMSC not perevischuyut vartіst yogo Vlasnyi Lane, oskіlki in vernennya pozichki Got Booty garantovano. Alternatively, bankіvsky loan, yak usually nadaєtsya on Pevnyi obmezheny termіn. Axis chomu vinikla neobhіdnіst in osoblivіy formі tsentralіzatsії kapіtalіv, yak spromozhna podolati tsі mezhі bankіvskogo loan. Such was the form i Je aktsіonernі tovaristva.

Reason viniknennya that sutnіst aktsіonernih tovaristv

Appeared aktsіonernih tovaristv (AT) pov'yazana s rozvitkom i vdoskonalennyam productive forces. Kontsentratsіya i spetsіalіzatsіya virobnitstva postupovo rozshiryuvali scale ekonomіchnih zv'yazkіv mіzh pіdpri-єmstvami. Zbіlshennya obsyagіv produktsії vimagalo Poshuk novih sposobіv delivery vantazhіv to Georeferencing priznachennya. On zmіnu zastarіlim modal priyshli doskonalіshі, funktsіonuvannya yakih Bulo pov'yazano s great kapіtalovkladennyami. Otzhe one pіdpriєmets not zavzhdi CCB have zmozі profіnansuvati whole complex robіt (napriklad, budіvnitstvo zalіznitsі, martenіvskih toscho furnaces). Ob'єktivna neobhіdnіst away vdoskonalennya tehnіchnih zasobіv virobnitstva posilyuvalasya Bazhanov pіdpriєmtsіv otrimuvati schorazu bіlshy Prybutok on vkladeny kapіtal.

So rank, the main reason viniknennya aktsіonernih tovaristv polyagaє in protirіchchі mіzh INCREASING obsyagom virobnitstva that obmezhenimi rozmіrami іndivіdualnogo kapіtalu. Sort order s CIM slіd zvazhiti on postіynu competitive Borotba i superechnostі in klasі kapіtalіstіv. W one side, tochilasya Borotba mіzh rіznimi GROUP funktsіonuyuchih kapіtalіstіv-pіdpriєmtsіv for prіoritetne otrimannya vigіdnih pozichok from banks. W іnshogo side, small Location takozh Borotba mіzh funktsіonuyuchimi pіdpriєmtsyami i vlasnikami pozichkovogo kapіtalu for rozpodіl otrimanogo pributku (tobto for rozmіri svoїh dohodіv). Neobhіdno vіdznachiti the obstavinu i scho suspіlne virobnitstvo rozvivaєtsya nerіvnomіrno have formі ekonomіchnih tsiklіv scho zumovlyuє i nerіvnomіrnіst Offers pozichkovogo kapіtalu. Zgadanі Reason zmushuyut pіdpriєmtsіv ukladati lands about zasnuvannya aktsіonernih tovaristv i mobіlіzatsіyu kapіtalіv zavdyaki Key infrastructure (emіsії) aktsіy.

Aktsіonernі tovaristva - tse, yak usually kapіtalіstichnі pіdpriєmstva, zasnovanі on equal footing. Dwellers otrimati right to stvorennya such tovaristva, yogo Grunder, tobto zasnovniki (zazvichay, tse velikі kapіtalіsti) povinnі poperedno zіbrati vіdpovіdnu penny scrip. Specific rozmіr tsogo kapіtalu, order zatverdzhennya Statute i whole procedure zasnuvannya aktsіonernih tovaristv regulyuyutsya zakonodavstvom kozhnoї Kraina.

Aktsіya - tse tsіnny Papir, yaky svіdchit about bringing in Paju kapіtal aktsіonernogo tovaristva scho daє vlasniku aktsії right to otrimannya vіdpovіdnogo income from formі divіdendu, yaky becoming chastku pributku aktsіonernogo tovaristva.

Pіslya of yak zіbrany Grunder aktsіonerny kapіtal dosyag peredbachenogo statute rozmіru i tovaristvo zareєstrovano, sklikayutsya zagalnі Zborov aktsіonerіv on yakih obirayutsya pravlіnnya tovaristva, naglyadova glad i revіzіyna front fee. On schorіchnih zagalnih Zborov aktsіonerіv zasluhovuєtsya zvіt pravlіnnya that zatverdzhuєtsya balance.

Formally vischim body aktsіonernogo tovaristva Je zagalnі Zborov aktsіonerіv. Prote in praktitsі tovaristvom upravlyaє grupa largest aktsіonerіv Yakimov nalezhit controlling stake aktsіy (Troch bіlshe was theoretically 50%), such tobto chastka aktsіy, yak daє zmogu povnіstyu kontrolyuvati i rozporyadzhatisya dіyalnіstyu tovaristva. Dosvіd svіdchit scho controlling stake aktsіy not guilty obov'yazkovo skladati Ponad half aktsіonernogo kapіtalu, іnkoli dostatno navіt yogo i 20-25% less then. Tse pov'yazano s next obstavin: for au-Perche, s tim, scho not aktsії OAO All voting rights; Alternatively, іz digit zrostannyam chiselnostі chlenіv aktsіonernih tovaristv (rozporoshennyam aktsіy); in tretє in robotі zagalnih zborіv, yak usually not bere-valued uchastі Chastina drіbnih i serednіh aktsіonerіv and takozh aktsіonerіv, SSMSC prozhivayut in vіddalenih areas abo behind a cordon.

Evolyutsіya aktsіonernih tovaristv

Aktsіonernі tovaristva in svoєmu rozvitku proyshli kіlka etapіv s vlastivimi for dermal s are characteristic Especially.

So, vіdmіtnoyu Find our stvorennya aktsіonernih tovaristv on Persha etapі Bulo those scho on the hour to conduct podіbnih zahodіv not entice Costa bezposerednіh pratsіvnikіv, tobto people chiєyu Prace stvoryuvalis good. Formuvalisya tovaristva, yak usually Bhagat verstvami population. In їh stvorennі took fate bankіri, promislovtsі, torgovtsі, tobto Ti, hto volodіv bagatstvom.

Formuvannya aktsіonernih tovaristv so very, yak i rozvitok productive forces, there is little evolyutsіyny character. Tom smoothly conduct chіtku Mezhuyev mіzh Etap. Ale in ekonomіchnіy lіteraturі priynyato vvazhati scho Persha i rozmezhuvannya mіzh other Etap pripadaє 50-Ti Rocky XX century.

For another Etap rozvitku AT is characterized by those scho, Hoca meta їh stvorennya i zalishilas tієyu samoyu - obsession temple dohodіv aktsіonerіv, the reason SSMSC zooms їh zasnuvannya, boules іnshimi, nіzh ranіshe. A s they - gliboka crisis, yak vinikla kіntsі in the 20's - on the cob rokіv 30s of the XX century. Vaughn zmusila exchange glances bagato theoreticity provisions SSMSC іsnuvali Doty. Zokrema, vinikli teorії, kotrі rekomenduvali regulyuvati ekonomіku for Relief planuvannya. In zahіdnih kraїnah Pocha Shirshov vikoristovuvati Elements planuvannya, chomu spriyali іsnuyuchі aktsіonernі tovaristva.

Thus, the practice brought scho navіt for nepovnogo vikoristannya virobnichih bearing-down vlasniki aktsіonernih tovaristv mozhut oderzhuvati pributki, Yakscho vmіlo poєdnuvati obsyagi that assortment produktsії s tsіnami її realіzatsії. On tsomu etapі suttєvo zrostaє role of marketing, scho, in its Cherga, dozvolyaє tovaristvam zabezpechiti obsession bіlshih pributkіv.

On tsomu etapі dostatnogo poshirennya nabuvaє Key infrastructure so the title of drіbnih aktsіy Sered pratsіvnikіv of companies that іnshih verstv population. Podіbne yavische dіstalo titles "kapіtalu democratization." Svoge hour such polіtika "rozporoshennya" aktsіy Sered wide verstv absolyutizuvalas yak population in zahіdnіy so i radyanskіy ekonomіchnіy lіteraturі. Prote sotsіalno-ekonomіchnі visnovki schodo tsogo robilis dіametralno protilezhnі. So, zahіdnі ekonomіsti adjusted, scho Way Taqiy rozvitku aktsіonernih tovaristv generally produces up zgladzhuvannya faces mіzh kapіtalіstami that іnshimi pratsіvnikami, oskіlki ostannі, kupuyuchi drіbnі aktsії, samі stayut kapіtalіstami (vlasnikami of companies). Taka-sotsіalno Ekonomichna system for їh visnovkami, nabuvaє Figure "people kapіtalіzmu". Ale Fakti zaperechuyut podіbne pryamolіnіyne traktuvannya tsogo processes, oskіlki The basic masa aktsіy (controlling stake) is staying in the hands of the great kapіtalu. On the cob 90 rokіv statistichnі danі svіdchili, scho not slіd perebіlshuvati sotsіalnu efektivnіst aktsіonernogo "hodіnnya to the people." So, on the hour record nalezhav US, de one aktsіoner falls on dermal sіm gromadyan. At that NGF Yaponії aktsіonerom CCB cutaneous dvanadtsyaty have Frantsії - skin chotirnadtsyaty The Citizen.

Vodnochase Radyans'ka Naukova i The Teaching literature traktuvali teorіyu "demokratizatsії kapіtalu" deprivation yak apologetichnu, the basic funktsіya yakoї - Zahist kapіtalіstichnoї system. Prote slіd rozumіti scho s point Zora ekonomіchnogo zmіstu tendentsіya zrosta nnya chiselnostі aktsіonerіv dozvolyaє dіyti th іnshih visnovkіv. So, i rozpovsyudzhennya sales aktsіy bring podvіynu Vigoda. W one side, in obіg zaluchayutsya timchasovo vіlnі Costa population, and z іnshogo - zbіlshuyutsya Income ostannogo scho dozvolyaє pіdvischuvati sukupny platospromozhny popit so i rank TER stimulyuvati rozvitok virobnitstva navіt at vіdpovіdnomu zrostannі tsіn.

Wuxia Istoria rozvitku aktsіonernih tovaristv svіdchit about those scho formuvannya i Metodi їh stvorennya zmіnyuvalisya fallow od potreb rozvitku productive forces that ratsіonalnogo vikoristannya faktorіv virobnitstva. HEAD - tsі tovaristva utvoryuvalisya not for rіshennyami zgori. Їh appeared Bula zumovlena ob'єktivnimi reasons. Yakіsny i kіlkіsny rozvitok productive forces that faktorіv virobnitstva zabezpechuvali for їh funktsіonuvannya materіalnu basis.

Widi aktsіonernihtovaristv

Aktsіonernі kompanії (tovaristva) podіlyayutsya on vіdkritі i zakritі.

Aktsії vіdkritogo tovaristva mozhut perehoditi od odnієї individuals (fіzichnoї, yuridichnoї) to іnshoї without Zgoda Rasht aktsіonerіv, tobto vіlno prodavatsya that kupuvatisya vsіma bazhayuchimi i kotiruvatis bіrzhah on the stock.

Closed-Aktsії tovaristva rolling od odnієї individuals to іnshoї deprivation for Zgoda bіlshostі aktsіonerіv, tobto stink nadhodyat not have vіlny sales i do not kotiruyutsya bіrzhah on the stock.

Yak i whether SSMSC INSHI Vidi of companies, aktsіonernі tovaristva toil svoї pozitivnі negativnі Find our i. Sered positive okrіm zgadanih, viokremimo:

• zdatnіst uniquely rozshiryuvati dzherela fіnansuvannya svoєї dіyalnostі;
• democratization upravlіnnya kompanієyu (pіdpriєmstvom);
• udoskonalennya gospodarskih zv'yazkіv mіzh gospodaryuyuchimi sub'єktami;
• mozhlivіst operational budіvnitstva on akumulovanі Costa novih of companies, scho poslablyuє disproportsіynіst in ekonomіtsі that spriyaє znizhennyu commodity defіtsitu;
• priskorennya processes mіzhgaluzevogo transfusion kapіtalu i vprovadzhennya STR in Tsikh Galuzo;
• posilennya zaіnteresovanostі pratsіvnikіv have results vlasnoї pratsі and takozh mozhlivіst Pevnyi podolannya їh vіdchuzhennya od vlasnostі on zasobi virobnitstva i stvoreny product that іn.

The main negative risami aktsіonernih of companies Je: mozhliva vtrata aktsіy drіbnimi aktsіonerami (i do not deprivation them) pid hour ekonomіchnoї Creasy; posilennya zalezhnostі th pіdkontrolnostі Mensch aktsіonernih kompanіy od mogutnіshih; vikoristannya aktsіonernoї FORMS yak zasobu primusovogo redemption rights unprofitable fіlіalіv, tsehіv that іnshih gospodarskih structures; zrostannya masi fіktivnogo kapіtalu i mozhlivіst fіnansovih mahіnatsіy toscho.