Development of corporate ownership. Corporate property management Formal and real corporate ownership structure

SHOP ACCESSORIES. Retail establishments can be classified according to their ownership. About 80% of the stores are independent and account for two thirds of the total retail turnover . There are also a number of other forms of ownership corporate networks, voluntary networks and cooperatives of retailers, consumer cooperatives, franchisee organizations and retail conglomerates.

This, by the way, is usually reflected in the structure of the course "Corporate Finance", adopted in the system of foreign education, the first, theoretical, part of which is called "Finance". The second part of the course - devoted to corporate finance itself - deals with the practice of managing the finances of a joint-stock company, many of which, however, are also applicable to enterprises of other forms of ownership. Therefore, alternative options are called

Short historical experience new Russia showed that a systemic reorientation of the main instruments of state regulation must be combined with the implementation of a clearly defined structural industrial policy with the support of real business. In 1998, we were left to our own devices, but we accumulated our own corporate anti-crisis experience.

Radygin A. Ownership, corporate conflicts and efficiency /

That is, the subject of ownership is a corporation (a specific group of owners of corporate rights), and the object of ownership is corporate property (property of a corporation).

It is no secret that traditions are the most important mechanism for the transfer of cultural experience, which includes historically established forms of activity and behavior, as well as the values, customs, rules, etc. associated with them. Actually corporate traditions are influenced by national, regional and industry traditions, which acquire their own special specifics within the framework of the corporation's activities.

At the same time, there are disagreements on the methods of conducting the privatization of state property and its socio-economic consequences. The egalitarian distribution of vouchers, their bearer nature, the absence of vouchers for land privatization, etc., raise objections. There are concerns that voucher investment funds, making profit on the shares of enterprises they buy up, will only pay a small part of it to their shareholders in the form of dividends, and most of it, bypassing the law, will be used in their own corporate interests (to create commercial structures under their control, for example, investment banks, etc.). This may contribute to the monopolization of the economy and the establishment of the dominance of a new financial oligarchy.

Everything large companies have their own corporate presentation templates that allow its representatives to speak to clients to keep a uniform corporate identity and look at a high level.

It is obvious that it is expedient to subdivide the property of the individual into the property of the individual as an individual and the property of the individual as a citizen. Ownership of the individual as an individual covers personal property, individual private property, corporate private property (ownership of shares and bonds of corporations, ownership of one's share, etc.). The sphere of special economic relations is the participation of the individual in the property of the household. The property of an individual as a citizen (member of society), from the point of view of its object structure, includes government securities, a share in the public wealth of the nation and in the corresponding income, including natural rent, a share of ownership of power delegated by the individual, as a member of society controlled by him government officials, etc.

Another important task of the leader in the implementation of innovations is to establish diplomatic relations with representatives of the external environment, actively influencing the success of the entire process. Here we are talking primarily about establishing relationships with competitors, suppliers, trade unions, shareholders, government agencies and the media, which requires the head of the public and political worldview and the ability to see not only their own corporate benefits, but also to be aware of the benefits of joining efforts to meet the needs of their company and society as a whole.

The word "corporate" has a broader meaning than the designation of the signs of a corporation as an economic and legal form based on joint ownership of property. "Corporate" in broad sense This word characterizes the association of people who share common values, support each other and the rules of their association and strive for a common goal. It is in this sense that they speak of the corporate spirit, corporate unity, corporate culture.

Transformation achievements and losses become the basis for a deeper attention to the problems of protecting property rights, corporate governance, protecting the rights of investors. Tax reform, the fight against barter and non-payments, changing the system of goals of owners and managers of enterprises are interconnected

Radygin A., Arkhipov S. Ownership, corporate conflicts and efficiency (some empirical estimates) // Issues of Economics. -2000.-№11.-S.P4-133.

Governments do not always make economic decisions based on the priority of the public interest, more often they act on the basis of their own corporate goals.

A group of four members was formed to develop their own corporate standard

Features of the structure, nature, history of the formation of corporate property of FIGs on the example of Germany, Japan, the USA, Sweden.

As you know, integration in entrepreneurial activity is the joint ownership of property by the community, in which entrepreneurial activity is carried out through contractual relations in order to interact in order to achieve the interests of all participants in the corporate agreement. The effectiveness of corporate governance in a transitional economy directly depends on the successful development of various aspects of organizational, legal and managerial relations.

It has been empirically established that potentially the most effective are corporations with a sufficiently high degree of integration in capital, providing mutual representation in corporate governance bodies, manageability of "technological chains" and corporate programs, balance of development of banking and industrial structures. At the same time, decisions on various aspects of the association of property within corporations, taken under pressure from government agencies or individual interested companies, can be very risky in terms of the effectiveness of future joint activities.

Creation of own dealer network, which excludes unauthorized resale of products by the company. The organization of own (corporate) dealer centers, salons, retail stores is associated with large investments. V Russian conditions the so-called contractual marketing organization is especially effective, when the conditions for sale are regulated on the basis of contracts concluded between the manufacturer and a legally independent dealer. In this regard, exclusive (exclusive) dealership has become the most widespread. It is beneficial to both parties. The manufacturer receives a reliable distribution channel without the need to invest significant funds in its development, and dealers receive a constant source of supplies and support from the manufacturer.

Economic activity corporate associations in Russia is largely hampered by the insufficient development of the laws governing their activities, the protocol norms (duties and rights) of participants in economic relations, the lack of their own corporate culture(the ability to find the most rational solutions in various, especially in difficult situations), lack of corporate responsibility to counterparties, shareholders, investors, the corporation's own staff and society.

In its most simplified form, Marx's model of socialism can be reduced to the triad of public property - centralized planning - distribution according to work. In fact, in the 70s. in the USSR, a fundamentally different system of corporate property - corporate planning - egalitarian distribution - partially market (self-supporting) exchange has developed. This means that even then the fundamental impracticability of the Marxian model of socialism was revealed.

Creation and maintenance of a favorable image of the company Own corporate website, presence on outside (primarily general information) resources

Consider the bath towel business. Can you honestly say that there is any difference between two towels In recent years, towel manufacturers have created an industry in which buyers view most towels as the same. Even brand-name towels were sold to bargain hunters at the highest prices. low prices. In an attempt to separate its towels from competitors, Field rest began to market only the most fashionable and high-margin towels under its own corporate brand. While most of its competitors sewed branding tags on all their products and sold them in all sorts of outlets- in discount stores, in mass retailers and in prestigious department stores - Field rest attached its label only to the highest quality towels and offered them to the market only through department stores. Under certain conditions, the application of a differentiation strategy gives a greater chance of success. First, there must be some way for buyers to differentiate between the offerings of two or more competitors. The differences between Fords and Porsches are obvious, but can you tell one brand of sewing needle from another. Second, the differences between competing products shouldn't be so small as to be trivial. Third, the buyer

thesis

1.1 The concept and structure of corporate ownership

First of all, consider the definition of a corporation. The most complete definition can be found in the "Big Commercial Dictionary": "Corporation - a form of organization that is widespread in countries with developed market economies entrepreneurial activity, providing for shared ownership, legal status and concentration of management functions in the hands of the upper echelon of professional managers (managers) working for hire.

This definition implies the obligatory presence of at least several fundamental conditions for the successful functioning of a corporation: the development of the economy, entrepreneurship mastered by the population, the coexistence of various forms of ownership (protected by the state and respected by the population), a sufficient number of professional managers (managers). Therefore, without fulfilling these conditions and until the necessary regulatory and economic prerequisites for the successful operation of corporations are created on the scale of the state (a separate region) or in a separate industry, we can talk about effective implementation corporate governance prematurely.

Before considering the concept of corporate property, it seems appropriate to detail the main components of the concept of property as a property right and highlight the most significant aspects of corporate property and indicate the fundamental difference between the concept of corporate and joint-stock property.

A joint-stock company, as a participant in commodity exchange and production processes, is directly connected with the process of capital accumulation both on the scale of the national economy of a single country and on a global scale. From the point of view of political economy, the process of capital accumulation is a constant expansion of the resource base for the reproduction of profits, which is the main incentive for entrepreneurial activity. The resources that provide any production process are made up of a combination of renewable and non-renewable sources of tangible and intangible values.

From point of view civil law, the development of forms of integration of disparate individual property rights into a single collective property raises the question of separating the direct rights and functions of the owner from the rights and functions of the property manager. In a joint-stock company, especially with the development of open joint-stock companies, there is a separation of a separate economic function of capital management, both production, human, and monetary.

Shareholders-owners entrust their money capital to the manager, who is obliged to bind all the necessary production resources for the sake of receiving rent in the form of dividends - part of the net profit, which is the goal of shareholders.

Joint-stock property, from an economic point of view, is a quantitative value that summarizes the standard units of property rights (for example, shares) in a particular joint-stock company. Initially, property rights are determined by the amount of money capital invested in the production process. However, the effectiveness of capital, profit depends on the intellectual costs of the manager and natural resources used in production. The origin of property, the process of its preservation and increase are determined by a combination of factors that take into account the real costs of certain resources for the production of profit. That is why a conflict is inherent in joint-stock property itself: when the function of the owner is separated from the functions of direct participants in the production process, the quantitative divisibility of property rights can be carried out without direct connection with the amount of money capital.

The concept of corporate ownership has a completely different meaning. As the joint-stock form of ownership develops, the rights used by the owners of production resources are formed. Such rights of influence on the production process form a set of forms of control over the activities of a joint-stock company.

The new owners faced the problem of forming such a management system that would take into account the interests of the owners-holders of shares, managing directors and hired personnel. In practice, it became necessary to choose a development strategy for each joint-stock company and coordinate the interests of its participants.

Joint stock companies foreign countries with a developed market economy have a kind of management philosophy that determines the work according to agreed rules, respected by all: shareholders, managers, employees. There are several mechanisms for effective control of corporate governance. The first control mechanism is formed commodity markets: under the constant threat of bankruptcy in poorly performing companies, managers begin to act more efficiently, taking into account the interests of all groups of the corporation.

The second control mechanism is financial market: it provides an opportunity for owners who have lost interest in the activities of a joint-stock company to sell their shares and thus withdraw their share from its capital. The threat of an exodus of owners who have previously provided their capital to the company significantly influences the behavior of managers, who must look for other sources of capital, as they essentially risk losing their jobs.

Every society has some set of wealth, which within the framework of a separate state form its national wealth. The consumption of national wealth, carried out to meet the needs and interests of the subjects of society (citizens and various public institutions), is realized through its appropriation. Appropriation in its historical development goes through various forms, acquiring the most developed - the form of ownership.

The process of this development is fixed in the system of legal norms, which currently consider the right of ownership in the trinity of possession, disposal and use.

From this point of view, the concept of property, first of all, is legal and characterizes a certain list of rights in relation to individual elements of national wealth. In other words, property is a relationship between a person and a group or community of subjects on the one hand, and any substance of the material world (object), on the other hand, consisting in permanent or temporary, partial or full use, alienation, detachment, appropriation of the property object. The realization of the right of ownership presupposes the allocation of the subject and object of this complex process.

In the legislation currently in force, possible subjects of property rights are defined as follows: these are citizens, legal entities, the Russian Federation, subjects Russian Federation, municipalities.

If we take into account that the production and non-production consumption of national wealth forms the goals and system of interests of any subject of ownership, then the classification given above should be considered exhaustive, since it provides for the possibility of realizing the personal (individual) interests of individual citizens, the collective (group) interests of employees of enterprises and organizations, as well as the population of municipal and territorial entities and state interests in general.

The implementation of the systems of interests of the subjects of ownership regarding the consumption of various goods is carried out by them through their appropriation, which reflects the totality social conditions necessary to perform any action on the limited elements of national wealth.

The real manifestation of appropriation is use, which means the use of an object of property in accordance with its purpose, in order to derive benefit and suggest the existence of a set of consumption conditions specific to a particular consumer.

The right to use and real use should not be equated. This right can be delegated by the subject of ownership (owner) to another user under certain conditions. On the other hand, the use can be realized in the absence of rights in the development of shadow relations of appropriation or violation of the conditions of use established by the owner.

Real use implies its mandatory combination with another form of appropriation - an order, in the context of changing the nature of use and (or) changing the consumer. The disposal is a form of appropriation, which means the possibility of other, in addition to consumption, actions on objects of property - sale, gratuitous or paid transfer for use, including limited use. This form of appropriation can be defined as the right to regulate the use of limited goods, from which the management function is formed. Management in this case can be defined as a complex of possible influences of the subject of ownership on the object.

The order implies the possibility of distributing various functions between several subjects and means the possibility of delegating rights to several personalized subjects, each of which can dispose of the object of property only within the limits of the powers granted to it, which are determined by the area of control available to it. The real area of the disposal may not coincide with the area of the granted rights, forming its shadow component.

Ownership as the most complete form of appropriation, combining use and disposal, means that the owner performs any actions on the goods belonging to him, wholly appropriates the useful result and bears full financial responsibility for his actions. Other forms of appropriation restrict in one form or another the freedom of action of the subject of use and (or) possession of the object of ownership, at the same time reducing his real responsibility, providing guarantees from the owner limiting this freedom.

Ownership can be considered a special form of appropriation, reflecting the legal, documented fixation of the subject of ownership or the fact of real possession of the object. It involves the implementation of the entirety of the rights of use and only a part of the rights of disposal granted to the owner by the owner on certain conditions. Schematically, the logic of mutual conditioning and differentiation of property relations in the unity of use, disposal and ownership can be represented in the form of a diagram shown in fig. one.

Rice. 1. Scheme of mutual conditioning and differentiation of property relations

Thus, the right of ownership means the possibility of transferring an object of ownership for use, disposal or possession by other entities without losing the very right of ownership with the establishment of rules that they must comply with in their activities.

The social division of labor, which is external factor formation and development of property relations, predetermines the objective necessity and possibility of separation of subjects of ownership, use and disposal. The material prerequisites for this division are created by the number and variety of property objects. At the same time, the deepening of the division of labor makes it necessary to separate the subject of ownership and subjects of management, which creates the basis for the delegation of administrative functions (vertical division of labor) and the differentiation of management functions (horizontal division of labor).

It is the separation of the subject of ownership and the subject of management due to the inevitable personification of the latter that creates the possibility of developing shadow property relations.

For the organization of management processes, it is fundamentally important to coordinate legal concept property with its organizational structure, as well as consider the economic aspects of corporate property management (Fig. 2).

From this point of view, it is necessary to single out the concept of "object of ownership", which should be considered as a point of application of various control actions of a corporation. We can formulate the following definition:

The object of corporate property is an organizational-separate part of the national wealth, legally assigned to a specific group of owners (corporation).

Rice. 2. Economic aspects of corporate property management

The following can act as an object of property: a separate thing; totality of property; Property Complex; land, water or forest plot; a separate share in common property, etc.

For any object, the owner must always be personified. It is he who initially determines the nature of the management of this object and, according to his decision, part or all of the functions can be transferred to other individuals or legal entities. It also bears the burden of maintaining the property.

The development of a corporate property management system should be based on its preliminary structuring in order to identify similar groups of objects and describe the tasks, goals and methods of managing them.

Many points related to this process do not yet have sufficient theoretical justification and require a wide range of special scientific research. For this, in our opinion, it is necessary to introduce the basic concepts and definitions that will be used in what follows.

1. Corporate property - a set of real estate objects, property rights, works and services, information and technologies, intangible benefits and other parts of national wealth, the right to use, possess, dispose of which belongs to a particular corporation.

2. Object of ownership - an organizationally separate part of the national wealth, legally assigned to a specific owner or group of owners.

3. Objects of corporate ownership (management objects):

Real estate (buildings, structures, land, and etc.);

Movable property (shares, shares, securities, including shares, bonds, etc.);

Cash (currency, etc.);

Debts (accounts receivable);

Information;

Intellectual property and other results of intellectual activity of corporate divisions.

The right of ownership belongs to the category of rights in rem, the essence of which lies in direct domination over a thing, which implies the use of it by an authorized person in his own interests, and in the exclusivity of the implementation of this opportunity.

The subjective right of the owner is divided into three main powers: possession, disposal, use.

The right of possession is understood as legally secured dominance over a thing, that is, the ability to have this thing at home, keep it in your own household.

The authority to dispose is the ability to determine the legal fate of a thing by changing its ownership, state and purpose.

The right to use is a legally secured possibility of using a thing by extracting any useful properties from it.

These powers do not fully characterize the right of the owner. These are only the main powers from the point of view of domestic doctrine.

Management is an element, a function of organized systems of various nature, which ensures: the preservation of their specific structure; maintenance of the mode of activity; implementation of their programs and goals.

Property management - both the current management of corporate property, and the strategic transformation of the ownership structure in corporations, aimed at its optimization in the sense of the set goals and carried out as part of the corporate strategy in relation to ownership.

Within the framework of the considered concepts and definitions, first of all, it is necessary to consider the existing problems of corporate property management. As part of the classification of corporate property currently adopted (in our opinion, it needs to be deepened and detailed, which will be shown below), several types of property are distinguished:

Subsidiary (unitary) enterprises of the corporation;

Blocks of shares in corporate ownership;

Corporate real estate;

Corporation's intangible assets.

Thus, the dialectics of joint-stock and corporate ownership as a set of forms of mutual penetration of capital is expressed in the ownership scheme shown in Fig. 3.

Rice. 3. Scheme of transformation of property rights

Summarizing the above, it should be noted that Russian corporations in their development have reached the stage at the moment when competent and reasonable management of corporate property is an essential condition for successful and efficient operation. In this regard, we will consider in detail the methodology for managing corporate property.

Corporate property can be classified into the types discussed below:

1. By types of corporate property:

immovable property (real estate, real estate) - land plots, subsoil plots, isolated water bodies and everything that is firmly connected with land (that is, objects that cannot be moved without disproportionate damage to their purpose, including forests, buildings and structures), as well as corporate registration air and sea vessels, inland navigation vessels, space objects and other property;

movable CC - property that is not related to immovable property, including money and securities;

information;

results of intellectual activity, including exclusive rights to them (intellectual property);

other property.

2. By industry:

CS facilities included in a specific sector of the economy and having specific industry features, for example, fuel and energy complex, transport, communications, agro-industrial complex, etc. (each large industry has sub-sectors that include CS facilities with their own characteristics);

cultural monuments.

3. According to the degree of liquidity:

low-liquid (illiquid) CU objects, for example, blocks of shares in which the growth of the market value index is less (significantly less) or equal to the inflation index;

stable, medium-risk CU objects, for example, blocks of shares in which the growth of the market value index is less than or equal to 1.5 of the inflation index;

highly liquid CU objects, for example, blocks of shares, in which the growth of the market value index is more than 1.5 of the inflation index;

shares of blue chips (blue chips) - shares of companies whose liquidity in the market is the highest.

4. By the size of the share (block of shares):

100% of the corporation - subsidiaries;

75% + 1 share - the corporation has a qualified majority of shares;

50% + 1 share - the corporation has a controlling stake;

25% + 1 share - the corporation has a blocking stake.

5. According to the degree of industrialization:

industrial facilities;

agro-industrial complex objects;

cultural monuments;

6. According to the degree of participation in the market of manufactured products:

monopolies (more than 35% of products);

not a monopoly, etc.

So, based on the above, we can conclude the following:

Corporate forms of ownership represent complex system relations, which are characterized by the separation of this property from the personal, individual and private form of ownership of the subject. This is specifically stipulated in joint-stock enterprises.

Corporate property - a set of real estate objects, property rights, works and services, information and technologies, intangible benefits and other parts of national wealth, the right to use, possess, dispose of which belongs to a particular corporation. The object of ownership is an organizationally separate part of the national wealth, legally assigned to a specific owner or group of owners.

Intellectual property in the system of market relations

The type of property is a qualitatively special essence of the relations of ownership, possession, disposal and use of objects of property, determined by a qualitatively special subject of ownership ...

National economy (macroeconomics)

National economy: concept, structure and types

The ownership structure is of great importance for the national economy, as it determines the nature and essence of the processes taking place in it - production, consumption, distribution ...

Development prospects charitable foundations in modern Russian conditions

Social policy in the applied, practical sense is usually understood as a set (system) of specific measures and activities aimed at the livelihood of the population. Depending on who the measures come from...

Development of corporate ownership

The ideological origins of corporatism go deep into world economic life, their elements have been known since the emergence of human society, when in the process of joint activity people entered into relations of co-ownership of property ...

The role of property in the formation and development of the economic system

Property and its role in the functioning of the economic system

Property as an economic phenomenon in the Russian Federation is a set of elements that do not exist without connection with each other: 1) objects of property; 2) subjects of ownership; 3) property relations; Objects...

Ownership and its role in market economy

At any historical stage in the development of society ...

The subject of property (owner) is a person or a group of people who have the opportunity and the right to appropriate an object of property, for example; an individual, a group, a family, a production team, a community of people living together ...

Structure of the national economy

The ownership structure is of great importance for the national economy, as it determines the nature and essence of the processes taking place in it - production, consumption, distribution ...

The essence of economic theory. The concept of ownership

Forms of ownership

Property relations arise only if there are at least two subjects. As an example, consider Robinson Crusoe, who had his own things, but he had no one to enter into a relationship with them ...

Property is a very complex phenomenon, which is studied from different angles by several social sciences. Economic theory analyzes the economic content of this phenomenon ...

Economic theory of property rights

Appropriation is an economic bond between people that establishes their relationship to things as if they were their own. This connection forms the basis production process...

UDC 38.693+65441.2; BBK 693 + 64.069.5

PROBLEMS OF MANAGEMENT OF CORPORATE PROPERTY AND SUBSIDIARIES OF THE CORPORATION

The article deals with the problems of managing corporate forms of ownership, the problems of distribution of rights, responsibilities, profits and costs, as well as the features of managing subsidiaries of a corporation.

Key words: business management, corporations, corporate property, real estate, subsidiary.

The concept of "corporation" has long been included in the scientific circulation of domestic economic literature. Also in Soviet time analyzed the activities of transnational corporations (TNCs). At the same time, neither in the course of privatization and the transition to a market economy, nor at a later time, the concept of a corporation received an official legal status in Russia. Some researchers refer to corporate organizations all commercial organizations membership-based, others - business companies and partnerships, still others - only joint-stock companies.

Despite the uncertainty of official status, corporatization Russian economy affects almost all major sectors of the economy. An increasing number of enterprises are involved in this process. Firms come to this in different ways. Some, being small and newly created organizations with no previous operating experience, occupying new niches and market segments, are faced with a situation of rapid growth and inevitable diversification - both product and geographical. The number of managerial functions increases, and the entrepreneur-owner is replaced by a group of managers. They focus on strategic issues and building corporate relationships. Thus, the function of the owner is separated from the function of the manager. Other firms formed during the privatization of existing enterprises actively participate in the integration processes, expanding and becoming larger.

Corporate Governance in Russian conditions has acquired a specific connotation: it is used to refer to an economic entity formed by several legal entities (though not excluding the participation individuals). Moreover, each of them can be considered as an independent economic entity associated with other property relations, joint business, common goals, interests, organizational structure. In other words, on the one hand, corporate body business is the basis of supra-company formations, and on the other hand, a corporation can be considered as an integrated structure and an independent subject of management.

This circumstance, in our opinion, requires official, legal registration of the status of corporations. Currently, separate law, i.e. economic and legal relations that arise in the bowels of corporate associations and formalized by constituent documents, decisions of shareholders' meetings, contractual relations and orders of company (corporation) managers, are significantly ahead of the formation of the official legal field for the activities of corporations. This situation gives rise to negative consequences in the form of redistribution of property, raiding, contradictory judicial practice in resolving legal conflicts and disputes between business entities.

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It should be borne in mind that, since corporate ownership in Russia was formed largely not as a result of natural economic growth based labor costs and profitable investments in real estate, and on the basis of legal tricks, the adoption of momentary laws on the transformation of public (state) property into private property, then other laws are needed for the further stable functioning of the economy - long-term laws. Including - the laws concerning the relations of corporate property and especially - real estate.

If for the legal registration of economic relations arising from the functioning of newly created tangible and intangible assets, one can use the experience of Western European countries, then the problems of land relations and “inherited” (thanks to vaguely formulated legislation) real estate in the form of buildings and structures must first be resolved in a general theoretical and, if I may say so, scientific and methodological, economic and legal plane. A certain "amnesty" following the results of privatization, proposed by the Russian Union of Industrialists and Entrepreneurs, will be an attempt to abstract from the past, but it will absolutely not provide any guidance for the future, except for the hope for a new "amnesty" in the next round of real estate redistribution of large joint-stock companies and corporate structures.

To organize the processes of construction and management of corporate-type residential real estate, it is fundamentally important to harmonize the legal concept of property with its organizational structure, as well as to consider the economic aspects of corporate property management (Fig. 1).

Corporation

Corporate

own

Control

corporate

property

1 g * i g * 1 y

Property Management Revenue Management Intangible Management assets Risk management Cost management (expenditure items)

Rice. 1. Economic aspects of corporate property management

Corporate property, in our opinion, is a set of real estate objects, property rights, works and services, information and technologies, intangible benefits and other parts of national wealth, the right to use, own, dispose of which belongs to a particular corporation.

The object of corporate property is an organizationally separate part of the national wealth, legally assigned to a specific owner or group of owners.

In this case, the objects of corporate ownership (objects of management) are:

real estate (buildings, structures, land plots, etc.); movable property (shares, shares, securities, including shares, etc.); cash(currency, etc.); debts (accounts receivable); information;

intellectual property and other results of intellectual activity of corporate divisions;

Russian corporations in their development have now reached the stage when competent and reasonable management of corporate property is an essential condition for successful and efficient operation. In this regard, we will consider in detail the methodology for managing corporate real estate.

First of all, in our opinion, it is necessary to determine the basic provisions of the corporate property management system in terms of real estate objects, based on:

knowledge about the composition of corporate property objects; definition market value real estate objects and rights to use them;

creation of a single corporation data bank on all real estate objects; full protection of property rights of the corporation; achieving maximum profitability of real estate objects .

The real estate management cycle has specifics, determined mainly by the specifics of the use of corporate real estate. In our opinion, the corporate real estate management cycle can look like the one shown in Figure 2.

At the first stage, it is necessary to detect and enter into the register all objects of corporate real estate. Next, you need to assess the cost and legal purity of the object. Efficiency evaluation is carried out to assess the income and expenses of a particular facility. The results of the assessments are used to plan the further fate of the object. The implementation of the plan is carried out by holding competitions or other events for the transfer certain rights on the object, and then the use of these rights is controlled by the relevant corporate bodies.

Accounting and inventory - measures for entering into the register, structuring and determining the main characteristics of the property being recorded. These are the starting points of the management process, forming the prerequisites for determining options for further use. In turn, the inventory procedure can be represented as a sequence of activities, the main purpose of which is to enter a real estate object (for example, premises) into a corporate database and determine possible options for its use.

The result of accounting and inventory of real estate is the Corporate Cadastre of Real Estate (CCR), which is single system corporate accounting of real estate objects and rights to them.

KKN - a set of characteristics that must be relevant, legally significant, systematized and accessible.

The KKN provides the corporation with guarantees of the rights of its structural divisions for real estate; formation of the revenue side of the consolidated corporate budget through expedient and effective use real estate; control over the condition and use of corporate property.

Rice. 2. Corporate real estate management cycle

A necessary element of corporate real estate appraisal is the planning of real estate use cases. The main options for using the property can be:

alienation (sale, contribution as a contribution to authorized capital created subsidiary, etc.); rental; transfer to management; pledge transfer.

The general basis for planning any of the above activities is to determine the real market value of the property. The main criterion for selecting an option is the maximum discounted income from the implementation of a particular option for using the property. However, after choosing an option, further activities should be aimed at improving the efficiency of using the facility, taking into account the choice. For this, a set of actions is being carried out to implement the planned option.

Implementation of the planned activities for the sale of corporate real estate should be carried out in accordance with the algorithm for the implementation of activities. In our opinion, it is advisable to increase the efficiency of using a property in the form of the following algorithm: pre-sale preparation; holding an open tender for the acquisition of the planned rights; conclusion of an agreement for the exercise of rights with the winner of the competition; transfer of rights to the object to the winner of the competition.

The cycle of corporate real estate management ends with a decision to continue a specific use of the property, and the decision can be one of the following:

termination of the contract for the use of real estate due to illegality or inefficiency of use;

revision of the terms of the contract; continuation of work under the same conditions.

Thus, the full cycle of corporate real estate management, presented above, is the most appropriate way to implement all the functions of a corporation as an owner. Competent and clear implementation of all stages of the cycle for all types of corporate property will, in our opinion, increase the efficiency of corporate property management.

In the process of corporate governance, shareholders of a corporation can set different goals for managers. The priority of a particular goal is interpreted differently in the framework of the existing theory of the firm. The most common statement is that a corporation should provide maximum income to its owners. The areas of maximization are sales, profits, asset growth rates, and shareholder wealth. This theory does not explain the relationships underlying corporate real estate management.

Profit maximization is based on the assumption that the maximization of the factor costs of individual business entities, including profits, leads to the maximization of all social welfare, in particular, the company's owners.

However, such a goal is often not able to satisfy the majority of shareholders. The resulting high profit can be fully spent on the current needs of the enterprise. As a result, the firm will lose the ability to generate financial resources sufficient to maintain long term development, which in the future will lead to the loss of the achieved competitive advantage and other related issues. Moreover, getting the highest profit it is possible, as a rule, in conditions of high risk, in which the deterioration of the results of the enterprise's functioning is inevitable, up to bankruptcy. Therefore, the condition of profit maximization cannot be considered as the only possible, albeit important, goal of the enterprise.

Proponents of profit maximization substantiate their conclusions with the following arguments. This criterion reflects the results business activity enterprises: the higher the profit, the greater the efforts of managers to achieve it. Revenue from all types of sales shows how much the company's assets are in demand by consumers, i.e. characterizes the competitiveness of the enterprise, and hence the prospects for its activities.

It is assumed that the volume of all types of sales reflects, in addition to the above, all the positive changes taking place in the company, including in the field of investment and innovation. The criterion of profit maximization is also justified by the fact that it expresses the interests of not only the owners of the company, but also its managers, who compare their position in society with the size of the income of their enterprise, and not with its physical parameters.

However, such a goal has little to do with cost savings. For example, rising costs to generate additional sales may outpace growth in sales revenue, reducing profits and the ability to generate the necessary financial resources. By analogy, profit acts as only one of the possible criteria for the activities of managers and cannot serve as a comprehensive indicator that expresses the interests of the majority of shareholders.

The corporate real estate management process must be efficient, that is, it must be carried out in such a way that the costs of its maintenance and management do not exceed the income received from the management process. To do this, in the management process, it is necessary to apply a set of management methods and techniques, which together make up unified methodology corporate property management. Theoretical (qualitative) analysis of the control object, based on socio-economic principles, always precedes its detailed

scientific study and is a necessary condition proper organization management process and its unmistakable interpretation financial results. Necessary condition successful management corporate property is an understanding of the essence of a control object or a technological process, knowledge of the causes of development and the characteristics of a particular situation. In our opinion, in order to reveal the essence of the process of managing corporate real estate, it is necessary to structure the methods and techniques of management and introduce some concepts and definitions that essentially influence the development and adoption of management decisions in the management of corporate real estate. In this regard, in our opinion, it is advisable to distinguish between management methods:

corporate property as a set of various management objects;

methods of managing corporate real estate.

In addition, it should be borne in mind that in addition to the methods of corporate real estate management discussed above, where the corporation is considered as a single economic complex, there are corporations with a developed economic structure, including a number of subsidiaries (unitary) enterprises of the corporation. If "mother" and "daughter" are not related technological cycle, then the subsidiaries of the corporation can be considered as the real property of the corporation, functioning efficiently or inefficiently. The essence of managing a subsidiary of a corporation (CDP) is to implement a management cycle to achieve maximum efficiency its functioning. In our opinion, the most appropriate for a subsidiary of a corporation is an extended management cycle containing seven stages (Fig. 3).

For the implementation shown in Fig. 3.loop control, Management Company, for example, within the framework of the business line of the corporation, it must determine and agree with the subsidiary of the corporation the list, structure and information about its functioning. At the same time, the list should be short and contain sufficient information to obtain a complete and reliable picture of the situation at the enterprise.

Rice. 3. The cycle of managing a subsidiary (unitary) enterprise of a corporation

In practice, the production efficiency of a corporate unitary enterprise is analyzed in the following order:

1. The medium-term profitability of schemes is compared with the average bank interest rate for this period.

2. Schemes are compared in terms of insurance against inflationary losses.

3. Payback periods are compared.

4. We consider the stability of income in the course of the functioning of the technological chain.

5. The return on investment is compared in general for the entire period of production of a certain type of product.

6. The return on investment as a whole is compared, taking into account discounting.

After the planning process is completed, plans must be implemented in

within the framework of a subsidiary (unitary) enterprise of a corporation. To improve the efficiency of the KDP, it is necessary to clearly define management priorities, that is, to divide the tasks to be solved into primary and secondary ones. The execution of priority tasks is entrusted to the service of dispatchers, whose competence includes the regulation of commodity and financial flows in terms of volume and time. The basis for regulation is organizational plan production, in which the control volumes and dates of transactions between enterprises are calculated.

The control of the activities of the KDP is an integral stage of the management process, which consists of several successive steps, including the analysis financial reporting and factor analysis enterprises.

The scheduling process (Fig. 4.) is a two-pole system with feedback. Feedback is necessary to obtain complete and timely information in both directions. Thus, the scheduling process accompanies the entire performance management cycle and its stages are repeated many times during the production process at a particular enterprise.

Rice. 4. The process of dispatching the activities of a subsidiary (unitary) enterprise of a corporation

As a result of the implementation of the management cycle of a subsidiary of a corporation, it is possible to significantly increase the transparency of its activities, and, as a result, the efficiency of the corporation from the integrated use of corporate real estate.

Literature

1. Bandurin A.V., Drozdov S.A., Kushakov S.N. Problems of corporate property management. - M.: "LETTERS". 2000. -160 p.

2. Bandurin V.V., Kuznetsov V.Yu. Management of federal property in a transitional economy. - M.: "Science and Economics". 1999. - 151 p.

3. Khrabrova I.A. Corporate governance: issues of integration. - M.: Alpina Publishing House, 2000. -198 p.

MANAGEMENT PROBLEMS OF CORPORATE FORMS OF OWNERSHIP AND SUBSIDIARY ENTERPRISESAND CORPORATIONS

Baltic Academy for Tourism and Entrepreneurship e-mail:

[email protected]

In the present article the managing challenges of corporate forms of ownership, allocation of rights and responsibilities, prof- its and expenses, as well as management peculiarities of subsidiary enterprises and corporations are examined.

Key words: entrepreneurship management, corporations, corporate ownership, property, subsidiary enterprise.

Partner property

Sole property

Types and forms of ownership

The classification of property involves the allocation of the following two varieties: private and public property.

World practice shows that the defining type of ownership is private, which appears in three main forms: individual, partnership, corporate.

Sole property is characterized by the fact that an individual or legal entity implements all property relations (assignment, disposal, possession, use). We are talking about isolated simple commodity producers who are simultaneously the owners of both the means of production and the labor force. True, the labor of family members can be used here (for example, family farms). In addition, individual property can be represented in the form of ownership of an individual private person, who can also use hired labor.

Partnership property involves the association in one form or another of the property, capital of several legal entities or individuals for the purpose of carrying out common business activities. Here we are talking about the formation of an enterprise on the basis of share contributions (means of production, land, money, material values, innovative ideas) of the founders. They can be created on the basis of full or limited liability.

With full responsibility, the founders of the company bear full responsibility to their creditors with all their property, including that which is not included in the partnership property this enterprise. Moreover, this is also mutual responsibility: the insufficiency of funds from one of the partners in settlements with creditors is compensated by the property of other partners.

In partner companies with limited liability its founders are liable to their creditors solely in the amount of the share of capital (block of shares) belonging to each of them. Property liability does not apply to the property of its participants, which are not related to the property of the partner enterprise. Shares of such enterprises are distributed only among their founders.

Corporate property is based on the functioning of capital, which is formed through the free sale of property titles - shares. Each shareholder is the owner of the capital of an open joint-stock company. In contrast to partnership ownership, if the latter operates in the form of closed joint-stock companies, shares of open-type companies are freely sold and bought on the markets. In this regard, after certain periods of time, there may be a change in the owners of shares - fictitious capital, while the company will continue to exist until the moment of its liquidation or reorganization.

It should be emphasized that although corporate ownership is represented by fragmented, private owners of shares (which is why it belongs to private ownership), nevertheless it can be considered a transitional form from private to public ownership. The fact is that the share capital, despite its fragmentation among the owners of the shares, functions and enters into economic relations as a single whole, as a public united capital. Disposition relations are implemented not separately, in relation to individual blocks of shares, but to the entire capital as a whole. The implementation of the relationship of disposal of equity capital is carried out by those who own a controlling stake. The owners of the controlling block of shares dispose of the entire capital of the joint-stock company as a single property.

If we consider the implementation of corporate ownership through ownership relations, then it is obvious that they are carried out by separate

owners of shares in the form of distribution of dividends (returns on shares). This is manifested in the ongoing economic, financial, organizational, managerial, technological policy of the company, which is based on deductions from the profits of the joint-stock company to the accumulation fund, intended for further capital growth, expansion and improvement of economic activity.

Within the framework of public property, collective, state and so-called public property should be distinguished.

Corporate Finance study keyconcepts on which the analysis of capital markets is based and form the basisfor making operational and strategiclogical financial decisions. In other words, they study the methods, techniques, patterns and technologies of financial substantiation of strategic decisions in a corporation.Finance - a system of economic relations associated with the formation, distribution and use of cash income and savings.Financial resources - monetary income, receipts and savings at the disposal of organizations and the state, intended for the implementation of costs for simple and expanded reproduction, the fulfillment of obligations to the financial and credit system.Finance Functions: distribution and control.Peculiarities corporate finance: 1) dependence of financial decisions on the external environment (first of all, financial markets and state regulation levers), 2) the value of the indicator of funds (cash flows). Cash flow- this is a set of receipts and payments of funds distributed over separate intervals of the period under consideration, generated in the course of its operating, investment, financial activities, the movement of which is associated with time, risk and liquidity factors.

Corporation(from the English "corporation" - joint-stock company) - form legal entity in the form of a joint-stock company or an association of shareholders, is liable for obligations limited by the value of issued shares, has the right to produce goods and services on its own behalf, conclude contracts, receive and provide loans and perform any other civil actions.

The corporation has the following main features:

it is a separate legal entity;

the owners of this legal entity are equity investors - shareholders;

shareholders have limited liability (they are not liable for the debts of the corporation with their property);

functions current management delegated to hired managers under the control of the board of directors;

Shareholders' property title - a share that has the property of transferability, i.e. can be sold (transferred) by one person to another. Thus, the essence of a corporation is the shared ownership of its participants, and its goal is to maximize the capital of owners (shareholders). main goal economic activity and functioningcorporate finance is the maximization of the welfare of its owners in the current and prospective periods, provided bymaximizing its market value . Tasks:

Formation of a sufficient amount of financial resources to ensure the necessary pace economic development corporations.

Optimization of the distribution of generated financial resources by type of activity and areas of use.

Ensuring the conditions for achieving the maximum return on capital at the envisaged level financial risk.

Ensuring the minimization of financial risk associated with the use of financial resources, at the expected level of their profitability.

Ensuring the constant financial balance of the corporation in the process of its development

Ensuring a sufficient level of financial control over the corporation by its founders.

Ensuring sufficient financial flexibility of the corporation.

Capital turnover optimization.

Ensuring timely reinvestment of financial resources

The evolution of corporate finance theories. Agency costs, stakeholder theory, corporation market value maximization theory.

The concept of the value of money over time draws attention to the fact that the same amount of money coming into the disposal of an economic entity at different points in time (for example, current and future) are unequal in terms of their purchasing power. The concept of transaction costs. The concept of transaction costs provides that in the real economy, any act of exchange (including transactions in the financial market) is associated with certain costs. Information is becoming one of the most important types of economic resources. Each economic agent has access to a limited array of information, different participants in the transaction have a different degree of knowledge about the product (goods, services). On the basis of such different information in the market, an exchange takes place and prices are formed. The cost of exchange is called transactional. Cost of capital concept shows that the capital raised by the company to finance its activities is not free. You have to pay for its use, and this payment depends on the form of capital involved and the reliability of its recipient. Cash flow concept represents the idea of applying the cash flow model to describe financial instruments, the performance of companies and other economic entities. The concept of the relationship between risk and return - any financial instrument (including a company) circulating on the market provides the holder with some profitability through market prices. The considered concepts contributed to the emergence of a direction within the framework of financial theory that studies the influence of uncertainty and risk on investment decision-making using the methods of probability theory and mathematical statistics. rabot G. Markovich about the principles of portfolio formation, published in 1952and laid the foundation for modern portfolio theory.

This period begins with the release of the mentioned work by G. Markowitz and ends with the development of an option valuation model by F. Black, M. Scholes and R. Merton. The most significant achievements in the development of the neoclassical theory of finance during this period are the theory of portfolio formation, developed by G. Markowitz in 1952; capital asset valuation model, better known in the literature under the acronym SARM, formed by W. Sharp, J. Litner and J. Mossin in 1964; the hypothesis of the information efficiency of the capital market put forward by Y. Fama in 1965; the theory of capital structure and the theory of irrelevance of dividends proposed by F. Modigliani and M. Miller in 1958-1961; option pricing theory formed by F. Black, M. Scholes and R. Merton in 1973

Theory of agency relations aimed at resolving the problem of separation of ownership and control. It arose due to the fact that owners are rarely able to independently manage their companies and are forced to delegate their management authority to hired managers. Hired managers (or agents), whose competence includes making significant decisions on the management of the enterprise, have a large amount of information about the enterprise and do not always act in accordance with the goal of maximizing the welfare of the owners (or principals). As a result, so-called "agency conflicts" arise. Another source of such conflicts is the differentiation of interests of owners and creditors. They are devoted to the study of forms and ways of smoothing out such conflicts in the interests of the owners. Mechanisms are used to resolve emerging conflicts: incentives, restrictions, punishments.

Incentives for managers can be incentive systems based on performance and performance indicators of the organization in the form of options to purchase shares of the enterprise or in the form of premium shareholdings. The development of neo-institutionalist theory towards the development of incentive mechanisms (mechanism design) was initiated by the Nobel laureate L. Hurwitz in 1973.

The restrictions may be the direct intervention of shareholders in management by contacting the management of the enterprise or making proposals that must be put to a vote at the annual meetings of shareholders. Punishment is primarily the threat of dismissal if its initiators gain the required number of shareholder votes, or the threat of buying a controlling stake in the organization by a new investor, who, as a rule, replaces the management.

The use of these mechanisms leads to agentsky costs. These include:

the costs of monitoring the activities of managers, such as the costs of audits;

costs of creating an organizational structure that limits the possibility of undesirable behavior of managers, for example, the introduction of external investors on the board;

the costs of creating a system to stimulate the activities of managers.

Agency costs are justified as long as they are covered by growth in profits.

The most important role in the prevention and settlement of such conflicts is played by corporate legislation and legislation on the activities of the securities market. one

The Code of Corporate Conduct is a set of rules recommended for compliance by participants in the securities market and aimed at protecting the rights of investors, as well as improving other aspects of corporate governance. 2

3. Systems of corporate ownership and control. Peculiarities Russian market corporate property.

The systems of corporate ownership and control that exist in different countries, can be defined as insider and outsider. insider system can be found in Japan, Germany, the Netherlands, Sweden, Switzerland and other countries. It is characterized by large blocks of shares and widespread cross-ownership of shares. One of the characteristics of insider groups is that they are relatively small and their members know each other well. Insiders have the ability to clearly control the activities of corporate management, they can pursue corporate policy in their own interests without regard to the interests of small shareholders. In a number of countries (Germany, Japan), banks have the main influence among insiders. The most important means of control and the impact on managers by investors is the exercise of their voting rights. In European countries with an insider system, the practice of restricting the rights of small shareholders is quite common (additional votes for certain categories of shareholders, the issue of non-voting shares, a ban on absentee voting, and the requirement to attend meetings in person).

Outsider system, or a system based on the regulation of corporate relations by the stock market, exists primarily in the USA, Great Britain, and other Anglo-Saxon countries and is characterized by the fact that the ownership of joint-stock companies belongs to a wide group of individual or institutional investors. In the outsider system, there are specific mechanisms for protecting the interests of small shareholders. In particular, the information disclosure system is better placed here, the market liquidity is higher (the number of market participants is not limited, transactions are made more often). long-term policy without regard to the momentary interests of shareholders. Consequently, the owners have more control over the managers.

The insider system worked successfully in the early stages of industrial development, but it does not adapt well to modern conditions of scientific and technological progress, is less flexible and reacts worse to market signals. In our country, the existing system of corporate ownership can be unambiguously characterized as an insider one. At the same time, significant changes have taken place in property relations by now. First of all, there is a drop in the share of insiders in general, with a partial cession of space to external owners, the concentration of share capital. According to a number of studies, the largest shareholder has a controlling stake in every fifth industrial organization. In this regard, the problem of liquidity of the Russian securities market is exacerbated. The market of large blocks of shares that has developed in our country cannot be liquid initially, since large blocks of shares are more difficult to sell and more difficult to buy. Limited access to the market for small potential investors, whose savings represent the largest investment resource of society. Realizing the importance of this source of financing for the real sector of the economy, the regulators of the stock market in Western European countries require issuers to strictly comply with the rule that at least 25% of the shares of the proposed issue go on free sale (“free float”). Apparently, such a practice in Russian conditions would contribute to the development of the Russian securities market and increase its role in providing corporations with sources of financing. According to a number of analysts, the share of small shareholders - individuals should be increased to 20-25%, and institutional investors representing the population - up to 8-10%, and on this basis in the future it will be possible to raise capital for retail markets shares (most organizations have controlling shareholders with 55-70% shares). In the US, approximately half of all share capital is owned by individuals.

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