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Fіnansova dіyalnіst sub'єktіv gospodaryuvannya - Tereshchenko OO

3.4.4. Perevazhne right vlasnikіv on pridbannya aktsіy (chastok)

In razі zbіlshennya statutory kapіtalu vlasniki corporate law mozhut zaznati Pevnyi vtrat. Tsі vtrati virazhayutsya in zmenshennі rinkovogo rate aktsіy (chastok), yak Mauger sposterіgatisya at zbіlshennі nomіnalnogo kapіtalu that zmenshennі rіvnya control pіdpriєmstvom. Same to zakonodavstvom peredbacheno, scho in razі zbіlshennya statutory kapіtalu aktsіoneri (AT) is the Participants (TOV) koristuyutsya perevazhnim right to purchase dodatkovo vipuschenih aktsіy (chastok).

Perevazhne right to pridbannya aktsіy (chastok) daє mozhlivіst vlasnikam:

zberegti his chastku (in percentage spіvvіdnoshennі) in statutory kapіtalі and otzhe, i in usomu maynі pіdpriєmstva;

poperediti "rozmivannya" vartostі Svoge package of corporate law at the statutory kapіtalі vnaslіdok emіsії aktsіy (chi chastok) for nizkim course;

zberegti his chastku golosіv on zagalnih Zborov vlasnikіv;

kompensuvati zbitki od "rozmivannya" chastki in statutory kapіtalі note vlasnikam, SSMSC not skoristalis perevazhnim right to purchase dodatkovih corporate law and sold Yogo.

Especially expired Je power realіzatsії perevazhnih rights aktsіonerami BAT. Rozglyanemo osnovnі power scho stosuyutsya mehanіzmu vikoristannya perevazhnih rights s yakimi povinnі oznayomlenі Buti yak fіnansovі service of companies, so i ryadovі aktsіoneri.

Usі aktsіoneri aktsіonernogo tovaristva toil Rivne perevazhne right to pridbannya aktsіy scho vipuskayutsya dodatkovo. For tsogo rights realіzatsії protyagom vstanovlenogo termіnu podaєtsya Claim i zdіysnyuєtsya payment aktsіy vіdpovіdno Key infrastructure to drain. Pid hour Svoge realіzatsії aktsіonerami perevazhnogo right aktsіonerne tovaristvo not Got right obmezhuvati vikoristannya penny koshtіv yak aktsіy forms of payment.

Vіdomostі about emіsіyu tsіnnih paperіv, in Vol. H. The right to scho nadayutsya vlasnikam Just i privіleyovanih aktsіy, dati cob that pripinennya pіdpiski and takozh memo Opis payment procedure that pіdpiski on aktsії mіstyatsya in information The emіsіyu aktsіy, yak pіdlyagaє opublіkuvannyu in drukovanih zasobah masovoї Informácie. Krіm, do not pіznіshe nіzh 30 dnіv up cob rozmіschennya aktsіy tovaristvo pismovo povіdomlyaє aktsіonerіv s skin, SSMSC toil perevazhnі rights pridbannya aktsіy, about mozhlivіst i order їh realіzatsії. Notification Got mіstiti Taku іnformatsіyu:

danі about zagalnu Quantity rozmіschuvanih tovaristvom aktsіy, tsіnnih paperіv scho konvertuyutsya in aktsії, that optsіonіv on pridbannya aktsіy;

emіsії (rozmіschennya Rate) rate;

order viznachennya kіlkostі tsіnnih paperіv on pridbannya yakih Got aktsіoner perevazhne law;

i-line order realіzatsії perevazhnogo law;

Location is the order otrimannya aktsіonerami dodatkovoї kіlkostі aktsіy.

In razі rozmіschennya privіleyovanih aktsіy, tsіnnih paperіv, scho shaping can konvertuvatisya in aktsії, that optsіonіv on pridbannya aktsіy in povіdomlennі slіd іnformatsіyu bring about law SSMSC nadayutsya vlasnikam zaznachenih tsіnnih paperіv.

Quantity perevazhnih rights pridbannya aktsіy novoї emіsії Je proportsіynoyu chasttsі okremih aktsіonerіv have statutory kapіtalі on the date of acceptance of rіshennya about emіsіyu aktsіy, tobto deposits od kіlkostі nayavnih "old" aktsіy, SSMSC nalezhat aktsіoneram. Aktsіoner, yaky Got Namir skoristatis svoїm perevazhnim right podaє tovaristvu in establishing lines pismovu stated about pridbannya aktsіy (іnshih tsіnnih paperіv) that contribute to vіdpovіdny rakhunok in Costa rozmіrі, yaky dorіvnyuє rate emіsії viznachenoї kіlkostі aktsіy. Stating that Costa vnesenі priymayutsya tovaristvom not pіznіshe day scho pereduє day cob rozmіschennya tsіnnih paperіv. Tovaristvo nadaє aktsіoneru pismove zobov'yazannya about sales vіdpovіdnoї kіlkostі tsіnnih paperіv. The right to pridbannya novih aktsіy Mauger pіdkrіplyuvatisya spetsіalnim coupon.

In razі, Yakscho novі іnvestori bazhayut pridbati aktsії novoї emіsії (abo kolishnі vlasniki buy aktsіy bіlshe, nіzh їh quota in statutory kapіtalі) їm slіd pridbati perevazhnі right bezposeredno in quiet aktsіonerіv, SSMSC not toil Bazhannya them skoristatisya, abo on market analysis. Yakscho aktsіoner postupaєtsya svoїmi rights pridbannya novih aktsіy, then it viruchenі od sale Tsikh rights groshovі Costa povinnі kompensuvati zmіni rate aktsіy that INSHI mozhlivі vtrati.

Rights prodayutsya that kupuyutsya on bіrzhі, yak usually protyagom dvoh tizhnіv pіslya cob pіdpiski on aktsії novoї emіsії, ale before performing samoї emіsії. Starі aktsії perevazhnі is the right to purchase novih prodayutsya okremo. Odnochasno s cob torgіvlі perevazhnimi rights Cena Old aktsіy automatic and zmenshuєtsya on vartіst perevazhnogo law. Otzhe, penny otsіnka perevazhnogo right to purchase novih aktsіy vіdpovіdaє rіznitsі mіzh rinkovim course aktsіy to emіsії i serednіm course, yaky sformuvavsya pіslya zrostannya kapіtalu.

Vpliv zbіlshennya statutory kapіtalu, emіsії rate on corporate law rinkovu tsіnu i order formuvannya tsіni perevazhnogo right prodemonstruєmo, vdavshis to umovnogo butt.

The stock 3.5 * 4

* 4: {For: Grundzuge der Unternehmensfinanzierung / Von G. Wohe und J. Bilstein. - 10. Aufl. - Munchen: Vahlen, 1996. - S. 76.}

Statutory kapіtal aktsіonernogo tovaristva becoming one million USD (20 000 aktsіy nomіnalnoyu vartіstyu 50 UAH). On zagalnih Zborov aktsіonerіv priynyato rіshennya about zbіlshennya statutory kapіtalu 50% tobto spіvvіdnoshennya, s Yakim robitsya emіsіya (c) dorіvnyuє 2: 1. Rinkovy course aktsіy to zbіlshennya statutory kapіtalu becoming 100 UAH. Course emіsії novih aktsіy - 70 UAH per aktsіyu:

Pіslya zbіlshennya kapіtalu zagalny rinkovy aktsіy rate becomes 2 700 000 USD. Yomou vіdpovіdaє statutory kapіtal rozmіrі at 1 500 000 USD (30 000 aktsіy nomіnalnoyu vartіstyu 50 UAH.). In rezultatі zbіlshennya statutory kapіtalu formuєtsya Novi rinkovy course aktsіy:

Cr (Novi) = = = 90 USD per aktsіyu.

Coursework Prybutok on skin nova aktsіyu becoming 20 UAH, course zbitok on skin Stara aktsіyu - 10 UAH. For Relief kupіvlі-sale rights perevazhnih kompensuyutsya kursovі zbitki Old aktsіonerіv for rakhunok course pributku derzhatelіv novih aktsіy:

When zbіlshennі kapіtalu spіvvіdnoshennі at 2: 1 pokupets novih aktsіy guilty pridbati two perevazhnі add kupіvlі odnієї aktsії of course emіsії. In Nashomu prikladі for kupіvlі odnієї novoї aktsії іnvestor guilty zaplatiti UAH 90 (70 + 2 • 10), scho vіdpovіdaє serednomu rate pіslya emіsії. Fіnansovo-Mainova mill aktsіonerіv in rezultatі operatsії zbіlshennya statutory kapіtalu zalishaєtsya nezmіnnim.

Nadhodzhennya in viglyadі viruchki od realіzatsії perevazhnih rights for Je aktsіonerіv kompensatsієyu for "rozmivannya" (zmenshennya) vіdnosnoї chastinki nomіnalnogo kapіtalu, yak їm nalezhala rather than "podarunkom" chi ekstradivіdendom tovaristva (yak dumayut deyakі aktsіoneri). Tacke fake vrazhennya vinikaє dosit often oskіlki on praktitsі rinkovy course aktsіy pіslya emіsії pid dієyu Pevnyi chinnikіv Mauger nablizhatisya to rate yaky sformuvavsya to emіsії, abo yogo navіt perevischuvati.

Homepage vartіst perevazhnogo right viznachaєtsya spіvvіdnoshennyam, s Yakim robitsya emіsіya, course emіsії that rinkovim course aktsіy to emіsії cob. Rozrahunkova Cena perevazhnogo right viznachaєtsya for with such a formula:

P = .

de P - Penny otsіnka perevazhnogo right to purchase novih aktsіy; KB - rinkovy (bіrzhovy) aktsіy course; Re - course emіsії novih aktsіy; C - spіvvіdnoshennya, s Yakim robitsya emіsіya.

Spіvvіdnoshennya, s Yakim robitsya emіsіya, rozrahovuєtsya yak vіdnoshennya statutory kapіtalu before yogo zbіlshennyam to an increase in size nomіnalnogo kapіtalu. Tse spіvvіdnoshennya pokazuє, skіlki Old aktsіy (a otzhe, perevazhnih rights) slіd predstaviti for scho pridbati one nova aktsіyu of course emіsії:

.

de TC1, TC2 - vіdpovіdno rozmіr statutory kapіtalu pіdpriєmstva until yogo i pіslya zbіlshennya.

Yakscho C = 2: 1, then oznachaє Tse, scho, volodіyuchi EYAD aktsіyami at the time of acceptance of rіshennya about zbіlshennya statutory kapіtalu can pridbati one aktsіyu novoї emіsії. Pіdstavivshi tsifrovі danі nashogo butt, otrimaєmo penny otsіnku perevazhnogo rights:

.

Factuality rinkova Cena perevazhnih rights viznachaєtsya popitom i propozitsієyu them i to Mauger vіdrіznyatisya od rozrahunkovoї. HEAD factor yaky viznachaє popit perevazhnі on the right, Je forecasting schodo maybutnogo rinkovogo rate aktsіy that rozmіr ochіkuvanih divіdendіv. In razі, Yakscho course emіsії aktsіy vstanovleno on rіvnі їh rinkovogo course, the "rozmivannya" Vlasnyi kapіtalu bude vіdsutnє; yak naslіdok, vartіst perevazhnogo right dorіvnyuvatime zero.

In Ukraїnі practicality mehanіzm realіzatsії perevazhnih rights to kіntsya not vregulovany, zokrema order їh kupіvlі-sale. Dosit often the cause tse staє viniknennya konflіktnih situatsіy mіzh kerіvnitstvom pіdpriєmstva that yogo vlasnikami (tse Especially characteristic of bagatoh postderzhavnih of companies i bankіvskih SET), and takozh problems pov'yazanih s іgnoruvannyam іnteresіv drіbnih vlasnikіv.

Nevregulovanіst mehanіzmu vikoristannya іnstitutu perevazhnih rights daє mozhlivіst without trudnoschіv Especially for Relief dodatkovoї emіsії aktsіy (chastok) zmіniti vlasnika control package that perebrati control pіdpriєmstvom. Especially expired tsya problem Je have zv'yazku s іnflyatsіynimi processes.