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Polіtichna ekonomіya - Bєlyaєv OO

§ 2. The essence of that form aktsіonernogo kapіtalu yogo viyavu

Vlasnіst aktsіonernih structures formuєtsya for rakhunok zlittya kapіtalіv їh zasnovnikіv and takozh Key infrastructure is the sale tsіnnih paperіv. H point Zora Retschow zmіstu (ob'єktіv) aktsіonernі kompanії predstavlenі in zasobah virobnitstva (machines ustatkuvannі, budіvlyah that іn.), Naukova-doslіdnih organіzatsіyah, lіtsenzіyah, toscho patents. H point Zora suspіlnoї form (vіdnosin vlasnostі) stink harakterizuyutsya vіdnosinami mіzh zasnovnikami, Naiman pratsіvnikami, vlasnikami aktsіy, powers, and credit fіnansovo іnstitutsіyami s drive privlasnennya Chastain dodatkovogo product in formі zasnovnitskogo pributku, divіdendu, SPLAT podatkіv derzhavі toscho.

In strukturі aktsіonernogo kapіtalu (vlasnostі) viokremlyuyut Vlasnyi that zapozicheny kapіtal. Purshia skladaєtsya s koshtіv, otrimanih od i Key infrastructure realіzatsії tsіnnih paperіv that backup kapіtalu scho utvoryuєtsya in rezultatі vіdrahuvan od pributku that їh іnvestuvannya in virobnitstvo. Vlasnyi kapіtal takozh Mauger zbіlshuvatis od away vipuskіv aktsіy. Zapozicheny kapіtal utvoryuєtsya for rakhunok bankіvskogo loan that koshtіv, otrimanih od oblіgatsіy Key infrastructure.

Aktsіonernі tovaristva, akumulyuyuchi velikі kapіtali Shlyakhov Key infrastructure i aktsіy sale, at the same hour do not zobov'yazanі povertati їh through vіdpovіdny termіn, yak at zvichaynіy bankіvskіy pozichtsі. Mozhlivіst takoї FORMS tsentralіzatsії kapіtalu Bula pіdgotovlena vsіm poperednіm course rozvitku kapіtalіzmu. Tendentsіya normalized pributku to znizhennya scho small Location, that INSHI factorization spriyali utvorennyu penny kapіtalіv, SSMSC not znahodili pributkovogo vikoristannya through those scho boule tsі kapіtali nedostatnіmi for organіzatsії large, konkurentospromozhnih of companies. Vlasniki Tsikh kapіtalіv boule zmushenі vіddavati їh in pozichku pid zvichayny percent. Dwellers nevelikі groshovі kapіtali could know vikoristannya in sferі virobnitstva, їh potrіbno Bulo ob'єdnati. Taku tsentralіzatsіyu kapіtalіv i Bulo dosyagnuto in formі aktsіonernogo kapіtalu.

Fіktivny kapіtal that yogo vіdmіnnostі od real

In rinkovіy ekonomіtsі іsnuє so i titles fіktivny kapіtal. Taqiy kapіtal representations at tsіnnih Paper the (aktsіyah, oblіgatsіyah) i daє right yogo vlasnikam otrimuvati dohіd in viglyadі divіdendіv i protsentіv. Vіn zdіysnyuє samostіyny ruh on market analysis tsіnnih paperіv, de stink prodayutsya that kupuyutsya. His titles fіktivny kapіtal dіstav fact scho vіn stvoryuє іlyuzіyu, nіbito OAO All tsіnnі Paper the Je dіysnim (LIVE) kapіtalom i Bringer dohіd without being bezposeredno pov'yazanimi s vіdtvorennyam.

Prote tsіnnі Paper the samі on sobі not stvoryuyut vartostі (tsіnnostі). Vodnochase, yak vіdomo, stink entitle privlasnennya chastki pributku. Kіlkіsno scrip kapіtalu, vkladenogo in tsіnnі Papero in kapіtalіstichnih kraїnah have kіlka razіv perevischuє scrip kapіtalu, vkladenogo bezposeredno in scope virobnitstva, torgіvlі that bankіvskoї right.

Fіktivny kapіtal not Je vіdosoblenoyu chastkoyu Promyslova virobnitstva i do not have vikonuє spetsifіchnih funktsіy protsesі Ruhu real kapіtalu that samozrostannya ostannogo. Bіlshe of ruh Tsikh kapіtalіv Mauger zdіysnyuvatisya in protilezhnih directly.

Otzhe, vіdbuvaєtsya svoєrіdna rozdvoєnіst kapіtalu. W one side, іsnuє real kapіtal, s іnshogo - Yogo vіdobrazhennya in tsіnnih Papero. LIVE kapіtal funktsіonuє in protsesі virobnitstva and tsіnnі Paper the pochinayut svoє Especially "life", samostіyny ruh on fondovіy bіrzhі yak fіktivny kapіtal.

One s Especially real kapіtalu polyagaє in fact scho pіslya zdіysnennya krugoobіgu vіn povertaєtsya vlasnika to Svoge. Vlasnik same aktsіy, yak zaznachalosya ranіshe not Got the right to Povernennya Svoge kapіtalu trumpery. Dwellers yogo otrimati, vіn guilty prodatsya aktsії on market analysis tsіnnih paperіv. When tsomu Mauger vіn bіlshe will win less then abo, nіzh vklav in aktsії, ale to whether Money Does vipadku Povernennya penny kapіtal not really Je chastkoyu funktsіonuyuchogo kapіtalu. LIVE kapіtal slit Mauger not completed Svoge krugoobіgu; in the same hour vlasnik aktsіy, sells їh, vzhe Turn svіy kapіtal penny.

Here slіd rozumіti slit th TAKE: fіktivny kapіtal vinikaє on osnovі real (dіysnogo) kapіtalu, oskіlki for vіdsutnostі ostannogo, yaky "porodzhuє" Prybutok not mіg bi viniknuti i rozvivatisya fіktivny kapіtal scho pretenduє on otrimannya vіdpovіdnoї chastki pributku, ale he її not stvoryuє * 2.

* 2: {Svoєrіdny Tsikh kapіtalіv phone reception can be figuratively proіlyustruvati such rank. Podіbno fact yak Shade іsnuє not without an object, so i do not fіktivny kapіtal іsnuє without real. Ruh fіktivnogo kapіtalu vikrivlyaє i daє nevіrnu uyavu about ruh real kapіtalu. Koli gіpotetichno, napriklad, pripustiti scho OAO All tsіnnі Paper the іnoplanetyani taken in іnshu galaxy їh vlasniki, bezperechno, zaznayut vtrat great, real ale kapіtal od tsogo not postrazhdaє.}

Fіktivny kapіtal Je goods, scho obertaєtsya on market analysis i Got tsіnu. Vіn, yak zaznachalos, ruhaєtsya pose krugoobіgom dіysnogo kapіtalu, vkladenogo in virobnitstvo. Vazhlivo pіdkresliti scho fіktivny kapіtal not Je chimos vipadkovim for kapіtalіzmu. Vіn zakonomіrno rozvivaєtsya on osnovі pozichkovogo kapіtalu. OAO All tsіnnі Paper the - tse title on dohіd, tobto for svoєyu ekonomіchnoyu sutnіstyu Je documents SSMSC vіddzerkalyuyut ruh pozichkovogo kapіtalu.

Ale kapіtal, vіddany in pozichku in bіlshostі vipadkіv Vico ristovuєtsya funktsіonuyuchim kapіtalіstom i vіdtvoryuєtsya in protsesі krugoobіgu Promyslova kapіtalu and potіm povertaєtsya to vlasnika s interest. Fіktivny same kapіtal bezposerednogo vіdnoshennya to Ruhu Promyslova kapіtalu not Got. Key infrastructure aktsіy Pіslya Pervin, if kapіtal dorіvnyuє їh vartostі, i Poch ruh yak real, tsіnnі Paper the potraplyayut on rinok (stock bіrzhu) i stayut ob'єktom kupіvlі-sale bezvіdnosno to the real course of vіdtvorennya. One second she herself aktsіya Mauger Buti sold i bought dozens razіv. Tsya osoblivіst fіktivnogo kapіtalu types for vsіh yogo forms: Bills, Zastavna zobov'yazan, aktsіy, oblіgatsіy that іnshih tsіnnih paperіv, SSMSC vinikayut in zv'yazku s land (operatsіyami) pozichki.

Vzagalі fіktivny kapіtal kіlkіsno perevischuє pozichko-tions, i їh ruh not zbіgaєtsya. When tsomu rozmіr pozichkovogo ka-pіtalu vplivaє on dohіd, yaky vіn bring. Fіktivny ka-od pіtal he deposits income.

Modelі aktsіonernoї vlasnostі

W vіdpovіdnim stage umovnostі in ekonomіchnіy lіteraturі viokremlyuyut Dvi іsnuyuchі ninі bazovі modelі aktsіonernoї vlasnostі.

Persha - tse since been called to come anglosaksonska model, de 20-30% aktsіy іmmobіlnі, nadovgo zalishayutsya hands nebagatoh vlasnikіv i formuyut kontrolnі package. At the same hour of 70-80% aktsіy ruhlivі, easily passing іz hands yak ob'єkt torgіvlі "in rozdrіb" on the stock market analysis.

Other models nazivayut continental. In tsomu vipadku in postіynih aktsіonerіv zoseredzheno aktsіy 70-80% and 20-30% їh nadhodyat on rinok i rozglyadayutsya іnvestorami yak ob'єkt timchasovogo vkladennya koshtіv.

Printsipova vіdmіnnіst mіzh tsimi EYAD models rozpodіlu aktsіy polyagaє in tіy rolі, yak vіdіgraє їh rinok. Persha model dopuskaє scho іz aktsіy, SSMSC obertayutsya on bіrzhі can sformuvati novі kontrolnі package. Bіrzha vistupaє here yak rinok control, yaky put chastku skin vіdkritogo aktsіonernogo tovaristva in bezposerednyu zalezhnіst od vlastivih tsomu Rinku kriterіїv efektivnostі, vischim s yakih Je course aktsіy.

Other models peredbachaє Mensch ruhlivіst aktsіy od one vlasnika to іnshogo and to th Mensch іmovіrnіst vtrati control aktsіy package.

Vrahovuyuchi tendentsії Ti, scho harakternі for aktsіonuvannya in Ukraїnі can peredbachiti TAKE: vono given to formuvannya Druha, kontinentalnoї modelі vlasnostі on aktsії.

Aktsіonerna form zabezpechuє vlasnikam aktsіy in some vipadkah vischy factuality dohіd, nіzh zvichayny interest in іnshih - nadіyu to Demba. Tse robit vkladennya penny kapіtalіv in aktsії privablivіshimi porіvnyano Zi zvichaynoyu pozichkoyu.

Pributki aktsіonernogo tovaristva that їh rozpodіl

A ktsіonernі pіdpriєmstva harakterizuyutsya near perevag porіvnyano s іndivіdualnimi kapіtalіstichnimi pіdpriєmstvami. Aktsіonerna form vіdkrivaє mozhlivostі vischoї kontsentratsії virobnitstva i note by dozvolyaє realіzuvati perevagi large bіznesu. Tobto stvorennya aktsіonernogo tovaristva generally produces up formuvannya Especially since the title of zasnovnitskogo pributku. Danian Prybutok utvoryuєtsya yak rіznitsya mіzh sumoyu, obsession od realіzatsії tsіnnih paperіv on bіrzhovomu rate i vartіstyu real kapіtalu, vkladenogo tovaristvo at * 3. Tsey view pributku vinikaє access in all vipadkah, if zasnovuєtsya basis aktsіonerne tovaristvo abo vіdbuvaєtsya peretvorennya іndivіdualnih kapіtalіstichnih of companies on aktsіonernі.

* 3: {Mehanіzm utvorennya tsogo pributku Taqiy. Pripustimo scho zasnovano s LIVE AT kapіtalom 1 million dollars. On the bag qiu zasnovnikami vipuskayutsya aktsії. Yakscho, napriklad, peredbacheny schorіchny pributkіv Fund (for viplati divіdendіv) SSMSC rozpodіlyayutsya mіzh aktsіonerami, dorіvnyuє 90 tis. dollars and percentage pozichkovy -. 3, the aktsії to $ 1 million in tsomu razі. will prodanі for 3 million dollars. W tsієї sumi $ 1 million. spryamovuvatimetsya on zamіschennya vitrat zasnovnikіv on realnі vkladennya kapіtalu, and $ 2 million. stanovitimut Prybutok, yaky bude i privlasneny zasnovnikami.}

Zasnovnitsky Prybutok - one іz forms pributku, yaky in svoїy osnovі Je kapіtalіzovanim pіdpriєmnitskim income.

Vlasniki aktsіy, yak usually not pretenduyut on obsession serednogo pributku and zadovolnyayutsya divіdendom magnitude yakogo (if spіvvіdnesti divіdend not to nomіnalnoї vartostі aktsіy and to її rinkovogo rate) nablizhena to zvichaynogo pozichkovogo percent. Kupіvlya aktsії rozglyadaєtsya yak yak vikoristannya kapіtalu kapіtalu - vlasnostі.

So rank, Yakscho aktsіonerne pіdpriєmstvo zabezpechuє vsіm vlasnikam aktsіy divіdend scho dorіvnyuє percent, vono Mauger prodovzhuvati funktsіonuvati. In perіod gostroї konkurentnoї Borotba, zumovlenoї problems zbutu tovarіv (poslug), AT mozhut zniziti tsіni on aktsії i prodavatsya his produktsіyu on rіvnі vitrat virobnitstva plus interest. Zrozumіlo, revenues of companies aktsіonernih for Tsikh minds suttєvo skorochuyutsya i, bіlsh order Mauger vzagalі zupinitisya viplata divіdendіv. Ale aktsіonerny kapіtal prodovzhuє funktsіonuvati.

Slіd vіdznachiti i of the fact scho aktsіoneri not vіdpovіdayut usіm NKVD Mein for dіyalnіst tovaristva. Pong bear deprivation obmezhenu vіdpovіdalnіst in rozmіrі Adding Paju, tobto sumi, viplachenoї for aktsії. Koli TAKE tovaristvo zaznaє collapse, the Yogo Vlasnyi i backup kapіtali vikoristovuyutsya for zadovolennya pretenzіy kreditorіv i deprivation zalishok, Yakscho Taqiy Yea, splachuєtsya aktsіonerami. Vlasnik aktsії not Got right vimagati od aktsіonernogo tovaristva Povernennya vartostі aktsіy for їh nomіnalom. At the same hour vіn Mauger prodatsya aktsіyu on market analysis tsіnnih paperіv - fondovіy bіrzhі.

Rozpodіl obsession pributku zdіysnyuєtsya for rіshennyam pravlіnnya aktsіonernogo tovaristva. When tsomu chastka pributku vikoristovuєtsya for rozshirennya masshtabіv virobnitstva i popovnennya backup kapіtalu, slit one chastka yogo spryamovuєtsya on viplatu salaries i premіy (tantєm) upravlіnskomu staff aktsіonernih tovaristv, takozh Pevnyi chastka viplachuєtsya derzhavі in viglyadі podatkіv i creditors percent. Pіslya vsіh Tsikh vіdrahuvan Prybutok, yaky zalishivsya, rozpodіlyaєtsya mіzh aktsіonerami proportsіyno kіlkostі aktsіy, nalezhnih їm. Tsya zalishkova chastka pributku th utvoryuє divіdend.

The amount of time divіdendu not Yea i nazavzhdi danoyu i postіynoyu. Won Mauger zbіlshuvatis abo zmenshuvatis fallow od zagalnoї sumi pributku, otrimanogo aktsіonernim pіdpriєmstvom, i od rozmіru pributku, yaky rozpodіlyaєtsya mіzh aktsіonerami. In realnіy praktitsі zagalna scrip pributku Mauger zrostati, at the same hour yak scrip pributku scho rozpodіlyaєtsya mіzh aktsіonerami, without zalishatis Change log abo navіt zmenshuvatis. Tse deposits od obranoї strategії that prospects rozvitku aktsіonernogo tovaristva. In okremі perіodi zagalna scrip pributku Mauger zalishatis poperednoyu and obsyag pributku scho rozpodіlyaєtsya, pіdvischitis for rakhunok nagromadzhenogo ranіshe backup kapіtalu.

Rіshennya about those yak bude chastka pributku rozpodіlena mіzh vlasnikami aktsіy and yak vikoristana for іnshih tsіley, priymaєtsya pravlіnnyam tovaristva. Virіshalna role here nalezhit vlasnikam control aktsіy package.