home Finance Fіnansi zarubіzhnih korporatsіy - Sutormіna VM, Fedosov V.

Fіnansi zarubіzhnih korporatsіy - Sutormіna VM, Fedosov V.

7. Subject to the Corporation fіnansovomu market analysis

Corporation - one s nayaktivnіshih sub'єktіv fіnansovogo market analysis; Won vіdіgraє on nomu role yak great emіtenta tsіnnih paperіv so i іnvestora role, vkladayuchi svoї vіlnі in Costa tsіnnі Paper the scho obertayutsya on market analysis. In korporatsії emіsіyna dіyalnіst prevalyuє over іnvestitsіynoyu, that Je Won net pozichalnikom fіnansovomu on market analysis. Tse osnovopolozhny principle those yaky slіd firmly zasvoїti.

Corporation actively funktsіonuє access in all areas fіnansovogo market analysis - on the penny stock is the Rink on the market analysis bankіvskih pozichok. On the stock market analysis Won emіtuє dovgostrokovі abo bezstrokovі tsіnnі Paper the s metoyu fіnansuvannya dovgostrokovih proektіv rozvitku on penny - korotkostrokovі tsіnnі Papero for fіnansuvannya precisely potreb working kapіtalu on market analysis bankіvskih pozik Corporation Yea pozichalnikom korotkostrokovogo (іnkoli serednostrokovogo) kapіtalu s metoyu pokrittya precisely require of negotiable kapіtalі.

Key infrastructure Novі tsіnnih paperіv korporatsіyami in US harakterizuyutsya EYAD tendentsіyami: for au-Perche, perevazhannyam oblіgatsіy over aktsіyami (80-90 pp Ti-tse in the US spіvvіdnoshennya becomes 85:15.); Alternatively, Visoko chastkoyu emіsіy fіnansovih korporatsіy that korporatsіy scho pratsyuyut s neruhomіstyu (the name of the US chastka korporatsіy for oblіgatsіyami becoming 45-76%, 34-55% of aktsіyami). Tse encampment svіdchit about rozshirennya poserednitskoї fіnansovoї dіyalnostі korporatsіy fіnansovomu on market analysis.

Need to know the values ​​ekonomіchne rozvitku Rinku Rinku aktsіy yak on Money Does vіdbuvaєtsya ruh aktsіonernogo kapіtalu, yogo peremіschennya novі in the Branch, scho burhlivo rozvivayutsya.

Neobhіdno rozumіti sutnіst mainly pokaznikіv rozvitku aktsіy market analysis: for au-Perche, Tse kapіtalіzatsіya, tobto precisely vartіst aktsіy on stock market analysis, market analysis pokaznik aktivnostі; Alternatively, chastka kapіtalіzatsії in GDP vіdnoshennya to vnutrіshnogo gross product; in tretє, chastka emіsіy aktsіy in fіnansuvannі kapіtalnih vkladen, tobto role in aktsіy nagromadzhennі kapіtalu that ekonomіchnomu rozvitku.

W course "Fіnansovy rinok" requires zgadati takі the category, yak "Pervin rinok" i "vtorinny rinok" and takozh Method Pervin rozmіschennya - publіchny (vіdkrity) sales through rozmіschennya іnvestitsіynі banks yak poserednikіv through stock bіrzhu. Slіd takozh zgadati osoblivostі Pervin rozmіschennya tsіnnih paperіv the United States, the reason rozvitku pozabіrzhovogo market analysis, yogo osoblivostі.

Pid hour opanuvannya course "Fіnansi zarubіzhnih korporatsіy" tsі the category nalezhit zastosovuvati vіdpovіdno to fіnansovih potreb korporatsії.

Especially uwagi slіd pridіliti emіsіyam tsіnnih paperіv, SSMSC pov'yazanі Zi zlittyam, poglinannyam that privatizatsієyu Reigning kompanіy. Process poglinannya that zlittya, harakternі for svoєyu sutnіstyu for rinkovoї Economy in ostannє desyatirіchchya uniquely zagostrilisya. Vіdbuvayutsya zlittya naybіlshih kompanіy vseredinі Kraina, transnatsіonalnih kompanіy that bankіv have rezultatі chogo utvoryuyutsya nadmonopolії.

Fіnansovі analіtiki US pіdkreslyuyut scho s cob 90 pF. bіrzhovy turnover for aktsіyami Pocha Shvydko zrostati, Dvi tretini tsogo speed can vіdnesti on rakhunok zrostannya aktivnostі poglinan.

Zlittya korporatsіy Mauger vіdbutisya for Zgoda, pіslya ofіtsіynoї Offers fіrmi about the purchase, at tsomu Corporation, yak poglinaє, Got rozmіstiti in presі announced about controlling stake purchase aktsіy (a іnkoli th usіh aktsіy korporatsії scho obertayutsya on market analysis).

Potrіbno nobility, yak vіdbuvaєtsya processes poglinannya: kupіvlya aktsіy kompanієyu, yak poglinaє, vіdbuvaєtsya for rakhunok re vipuschenih aktsіy scho peredayutsya Starym aktsіoneram. In Taqiy sposіb aktsіoneri poglinenoї kompanії stayut spіvvlasnikami kompanії, yak poglinaє.

Pіdkresliti Treba, scho s front fee tsіnnih paperіv that bіrzh kontrolyuє processes zlittya that poglinannya. Napriklad, the United States, in Velikobritanії razі pridbannya іnvestorami 5% aktsіy odnієї kompanії fіnansovy poserednik scho qiu zdіysnyuє operatsіyu, povіdomiti guilty about tse in Komіsіyu, vіdpovіdnіy bіrzhі that kompanії, chiї tsіnnі Paper the skupovuyutsya. Bajan orієntuvatisya in methods Zahist korporatsіy od poglinannya "Zoloti parachute", "otruєnі pіgulki" Zahist Peck Mena ( "maintained upstream Zahist - attacking").

Slіd zvernuti uwagi to those scho negatively representations to zlittіv that poglinan, yak іsnuvalo ranіshe, on zmіnyuєtsya maintained upstream. Poshiryuєtsya Dumka, scho Mauger Buti poglinannya efektivnosti zavdyaki zastosuvannyu novih tehnologіy. Vono yde on korist aktsіoneram razі in fact, if formuyutsya suchasnі virobnichі structure and stock rinok priymaє novі aktsії, so vіdbuvaєtsya titles sinergіchny efekt (2 + 2 = 5). Takozh not required zabuvati scho pіslya zlittya new kompaniia otrimuє podatkovі pіlgi.

Potrіbno know about novі fіnansovі іnstrumenti scho z'yavilisya fіnansovomu on market analysis in zv'yazku s poglinannyami. The United States - "smіttєvі" oblіgatsії (junk bonds); їh in kіntsі 70 pp. Pocha vipuskati drіbnі, ale Shvydko zrostayuchі kompanії for stvorennya fondіv for poglinannya. Zi zrozumіlih reasons bіrzhovy rinok їh not priynyav, ale postupovo tsі oblіgatsії peretvorilis in visokolіkvіdnі tsіnnі Papero, SSMSC Bringer visokі income. Ale at 80 pF. viyavilisya slabkі PARTIES tsogo fіnansovogo іnstrumentu, SSMSC prizvodyat to zrostannya pasivіv that pogіrshannya koefіtsієnta Borg zrostannya interest platezhіv for Borg. Ekonomichna crisis in 1989 p. deprivation pіdsilila tsі processes. At the bank, scho Provadia operatsії s tsimi oblіgatsіyami, boules viyavlenі torn down, shahraystvo; stink vtratili popit that rіzko znetsіnilisya. Hto Well, your Dumka, naybіlshe postrazhdav od zaprovadzhennya Tsikh fіnansovih іnstrumentіv? On the cob 1989 p. 30% "smіttєvih" oblіgatsіy Bulo in vlasnostі kompanіy of insurance, 30% - vzaєmnih fondіv that 15% - pensіynih fondіv. In kіntsevomu pіdsumku Costa revenues that they lost, yak zavzhdi, drіbnі іnvestori - vkladniki th Participants zgadanih fondіv i kompanіy.

Yavlyaє іnteres order aktsіy Key infrastructure, pov'yazany іz privatizatsієyu Reigning kompanіy. Potrіbno nobility scho in kraїnah s rinkovoyu ekonomіkoyu zakіnchuєtsya privatization derzhavnoї vlasnostі, yak wire protyagom 15 rokіv. Vaughn small to metі t akі tsіlі: deregulyuvannya Economy, lіkvіdatsіya Reigning monopolіy in Galuzo іnfrastrukturi that stvorennya mobіlnih that Mensch kapіtalomіstkih of companies, rozshirennya Cola vlasnikіv aktsіy that іn.

In Velikobritanії privatizatsіyu naybіlshih Reigning kompanіy ( "Britіsh Petroleum", "Britіsh Telecom" is the іn.) Uryadov zdіysnyuvav vіdkrity through sale of a controlling paketіv aktsіy, yakimi vіn volodіv. Aktsії sell for tsіnoyu scho perevischuvala nomіnal at 4-5 razіv on viplat not tіlki on Londonskіy fondovіy bіrzhі and the second on іnshih svіtovih bіrzhah. Quantity aktsіonerіv zrosla, so, "Britіsh Petroleum" їh nalіchuєtsya 2.3 million osіb. However Uryadov not vtrativ povnіstyu control kolishnoyu vlasnіstyu, oskіlki one privіleyovana aktsіya nomіnalom 1 f. Art. Got that right spetsіalnі nalezhit nomіnalnomu іnvestoru - Mіnіsterstvu fіnansіv. Tsya aktsіya in fіnansovіy lіteraturі nazivaєtsya "gold" won daє vlasnikovі veto on rіshennya zborіv aktsіonerіv vazhlivih s low power.

Samostіyna that іndivіdualna robot

Conducted kolokvіum on Money Does students obgovoryuyut power by s (div. Samoperevіrki supply for knowledge).

Students have zatsіkavlenim pogliblenomu vivchennі materіalu, proponuєtsya napisati essay on those:

1. Rinok aktsіy the US (abo іnshіy kraїnі s rozvinenoyu rinkovoyu ekonomіkoyu).

Rubtsov BB Overseas stock markets. - M .: INFRA-M, 1996. - P. 13-59; 128-136.

S. Myers, R. Braley Principles of Corporate Finance / Trans. from English. - M .: Olympus-Business, 1997. - S. 339-342; 369-383.

Peyrard J. Financial Management: exercises / Trans. with fr. - M .: Finance and Statistics, 1999. - P. 250-262.

2. Rinok oblіgatsіy the US (abo іnshіy kraїnі s rozvinenoyu rinkovoyu ekonomіkoyu).

Rubtsov BB Overseas stock markets. - M .: INFRA-M, 1996. - P. 52-56; 134-136.

S. Myers, R. Braley Principles of Corporate Finance / Trans. from English. - M .: Business Olympus 1997. - S. 651-669.

Collas B. Management of financial activity of the enterprise / Trans. with fr.- M .: Finance: UNITY, 1997. - P. 345-350.

Samostіynu that іndivіdualnu robot vikladach perevіryaє in pozaauditorny hour.

Catering for knowledge samoperevіrki

Yakima Je Location korporatsії on fіnansovomu Rinku yak yogo sub'єkta?

In areas yakih fіnansovogo Rinku bere fate Corporation?

Yakimi Je tendentsії in novih emіsіyah korporatsіy the US in 80-90-Ti pp.?

Meaning aktsіy market analysis for rozvitku novih visokotehnologіchnih virobnitstv.

Nazvіt fіnansovі іnstrumenti, SSMSC Mauger emіtuvati Corporation.

The role of market analysis in fіnansovogo zlittyah that poglinannyah.

Yak vie rozumієte sinergіchny efekt?

Nazvіt causal processes privatizatsії derzhavnoї vlasnostі in kraїnah s rinkovoyu ekonomіkoyu.

Nazvіt methodological privatizatsії, SSMSC conductive through fіnansovy rinok.

Scho Takeo "gold aktsіya" Je yakimi її right?