Equity capital of the joint stock company. Denis shevchuk international accounting (ifrs). Increase in the authorized capital of JSC

LECTURE number 12

Lecture plan:

1 Joint-stock companies: genesis, content, evolution.

2 The essence of share capital and the forms of its manifestation.

3 Securities: essence, role, main types. Problems of corporatization in a transitional economy.

In this topic, attention should be paid to the assimilation of a set of problems associated with: first, with the process of the emergence and evolution of joint-stock companies; secondly, with the essence, forms of manifestation of share capital and its value in a market economy; third, with the specifics of the formation of joint stock companies in a transitional economy.

A retrospective analysis of economic processes shows that with the development of the banking system and credit relations, the formation of joint stock companies (companies) is inextricably linked. In countries with developed market relations, the overwhelming part of the mass of commodities belongs to joint-stock companies, that is, to those that do not belong to an individual capitalist-entrepreneur, but to a group of capitalist shareholders. Yes, in countries with market economies, joint-stock forms of economic management account for 30% of production assets.

The economic and social function of corporatization has been playing a significant role in economic life for over a century. The main thing in which modern joint-stock ownership reveals itself is a mechanism for creating a flexible system of economic ties between economic entities, which are formalized in the form of cross and chain ownership of shares.

1. Joint stock companies: genesis, content, evolution

Joint-stock companies arose quite a long time ago, which was predetermined primarily by the needs for the development of productive forces at a corresponding stage in the evolution of capitalist production *.

* The first joint stock companies arose in England (English East India Company, in 1600) and in Holland (Dutch East India Company, in 1602). Then, in the XVII and XVIII centuries. joint stock companies were created in France, Germany, Denmark and other countries. In the XIX century. such societies got a significant distribution, and in the XX century. the joint-stock form of enterprises became dominant in all developed countries. At SENA, for example, joint-stock companies currently account for over 90% of gross industrial output.

Over time, the creation of large, technically well-equipped enterprises with a significant share of fixed capital and long construction periods required significant capital investments, which far exceeded the funds of individual capitalist entrepreneurs. At the same time, even a bank loan could not unleash the emerging contradictions. First, a bank loan can be provided to an individual capitalist in amounts that do not exceed the value of his own property, since the return of the loan must be guaranteed. Secondly, a bank loan, as a rule, is provided for a certain limited period. That is why the need arose for a special form of centralization of capital, which is able to overcome these limits of bank credit. This is the form of joint stock companies.

Reasons and nature of joint stock companies

The emergence of joint stock companies (JSC) is associated with the development and improvement of productive forces. The concentration and specialization of production gradually expanded the scale of economic ties between enterprises. The increase in production volumes required the search for new ways of delivering goods to their destination. Outdated modes of transport were replaced by more advanced ones, the operation of which was associated with large investments. Consequently, one entrepreneur was not always able to finance the entire complex of works (for example, the construction of a railway, open-hearth furnaces, etc.). The objective need for further improvement of technical means of production was reinforced by the desire of entrepreneurs to receive a large profit on their invested capital every time.

Thus, the main reason for the emergence of joint stock companies is the contradiction between the growing volume of production and the limited size of individual capital. Next to this, one should weigh on the constant competition and contradictions in the capitalist class. On the one hand, the struggle continued between different groups of functioning capitalist entrepreneurs for the priority receipt of profitable loans from banks. On the other hand, there was also a struggle between functioning entrepreneurs and owners of borrowed capital for the distribution of the profit received (that is, for the size of their income). It should also be noted that social production develops unevenly, in the form of economic cycles, which predetermines the uneven supply of borrowed capital. The aforementioned reasons force entrepreneurs to conclude agreements on the establishment of joint stock companies and the mobilization of capital through the issue (issue) of shares.

Joint-stock companies are, as a rule, capitalist enterprises based on shares. To get the right to create such a society, its grunderies, that is, the founders (usually large capitalists), must first collect the appropriate amount of money. The specific size of this capital, the procedure for approving the charter and the entire procedure for establishing joint stock companies are regulated by the legislation of each country.

A share is a security that testifies to the contribution of a share to the capital of a joint stock company, which gives the owner of the share the right to receive the corresponding income in the form of a dividend, which represents a part of the profit of the joint stock company.

After the share capital collected by the grunders has reached the amount stipulated in the charter and the company is registered, a general meeting of shareholders is convened, at which the board of the company, the supervisory board and the audit commission are elected. At the annual general meeting of shareholders, the report of the board is heard and the balance sheet is approved.

Formally, the highest body of a joint stock company is the general meeting of shareholders. However, in practice, the company is managed by a group of large shareholders who own a controlling stake (theoretically slightly more than 50%), that is, such a part of the shares that makes it possible to fully control and dispose of the company's activities. Experience shows that the controlling stake does not have to be more than half of the share capital, sometimes even 20-25% or less is sufficient. This is due to a number of circumstances: first, with the fact that not all shares give the right to vote; secondly, with a significant increase in the number of members of joint stock companies (distribution of shares); third, as a rule, a significant part of small and medium shareholders, as well as shareholders who live in remote areas or abroad, do not take part in the work of the general meeting.

Evolution of joint stock companies

Joint-stock companies in their development have gone through several stages with characteristic features characteristic of each of them.

Yes, a distinctive feature of the creation of joint-stock companies at the first stage was that at that time no funds from direct employees were involved for holding such events, that is, people whose work created benefits. Societies were formed, as a rule, by the wealthy strata of the population. Bankers, industrialists, merchants, that is, those who owned wealth, took part in their creation.

The formation of joint stock companies, as well as the development of the productive forces, is of little evolutionary nature. Therefore, it is difficult to draw a clear boundary between the stages. But in the economic literature it is generally accepted that the distinction between the first and second stages falls on the 50s of the XX century.

The second stage of development of JSCs is characterized by the fact that, although the purpose of their creation remained the same - to obtain high income for shareholders, the reasons that led to their establishment were different than before. One of them is a deep crisis that arose in the late 1920s and early 1930s. She forced to revise many of the theoretical positions that existed until then. In particular, theories arose that recommended regulating the economy through planning. In Western countries, elements of planning began to be used more widely, which is why existing joint-stock companies contributed.

Yes, practice has proven that even with an incomplete use of production capacities, the owners of joint-stock companies can make profits if they skillfully combine the volume and range of products with their selling prices. At this stage, the role of marketing grows significantly, which, in turn, allows societies to ensure the receipt of large profits.

At this stage, the issue of so-called small shares among employees of enterprises and other segments of the population acquires sufficient distribution. This phenomenon is called "capital democratization". At one time, such a policy of “dispersing” shares among broad strata of the population was absolutized both in Western and Soviet economic literature. However, the socio-economic conclusions about this were diametrically opposite. Yes, Western economists argued that this path of development of joint-stock companies leads to smoothing the lines between capitalists and other workers, since the latter, buying small shares, themselves become capitalists (owners of enterprises). Such a socio-economic system, according to their conclusions, acquires the features of "people's capitalism". But the facts deny such a straightforward interpretation of this process, since the bulk of the shares (controlling stake) is in the hands of large capital. In the early 90s, statistical data showed that one should not exaggerate the social effectiveness of the joint-stock “going to the people”. Yes, at that time the record was held by the United States, where there was one shareholder for every seven citizens. In Germany and Japan every twelfth citizen was a shareholder, in France - every fourteenth citizen.

At the same time, Soviet scientific and educational literature interpreted the theory of "democratization of capital" only as an apologetic one, the main function of which is to protect the capitalist system. However, it should be understood that from the point of view of economic content, the tendency for the number of shareholders to grow allows us to come to other conclusions. Yes, the benefits of distributing and selling shares are twofold. On the one hand, temporarily free funds of the population are attracted into circulation, and on the other hand, the income of the latter increases, which makes it possible to increase the aggregate effective demand and thus also stimulate the development of production even with a corresponding rise in prices.

The entire history of the development of joint-stock companies indicates that the formation and methods of their creation changed depending on the needs of the development of productive forces and the rational use of factors of production. The main thing is that these societies were not formed due to decisions from above, their appearance was predetermined by objective reasons. The qualitative and quantitative development of the productive forces and factors of production provided a material basis for their functioning.

Types of joint stock companies

Joint stock companies (companies) are divided into open and closed. Shares of an open company can be transferred from one person (physical, legal) to another without the consent of the other shareholders, that is, they can be freely sold and bought by everyone and be quoted on stock exchanges.

Shares of a closed company are transferred from one person to another only with the consent of the majority of shareholders, that is, they do not go on free sale and are not quoted on stock exchanges.

Like any other types of enterprises, joint stock companies have their own positive and negative features. Among the positive ones, in addition to those mentioned, we highlight:

* the ability to significantly expand the sources of funding for their activities;

* democratization of company (enterprise) management;

* improvement of economic ties between business entities;

* the possibility of prompt construction on the accumulated funds of new enterprises, which weakens the disproportion in the economy and helps to reduce the commodity deficit;

* acceleration of the process of cross-sectoral capital transfer and introduction of scientific and technological revolution in these sectors;

* strengthening the interest of workers in the results of their own labor, as well as the possibility of a certain overcoming of their alienation from ownership of the means of production and the created product, etc.

The main negative features of joint-stock enterprises are: possible loss of shares by small shareholders (and not only by them) during the economic crisis; increasing dependence and control of smaller joint-stock companies on more powerful ones; using the joint-stock form as a means of compulsory redemption of unprofitable branches, workshops and other economic structures; the growth of the mass of fictitious capital and the possibility of financial fraud and the like.

2. The essence of share capital and the forms of its manifestation

The ownership of joint-stock structures is formed through the merger of the capitals of their founders, as well as the issue and sale of securities. In terms of material content (objects), joint-stock companies are represented in means of production (machines, equipment, buildings, etc.), research organizations, licenses, patents, and the like. From the point of view of the social form (property relations), they are characterized by relations between founders, employees, shareholders, the state, financial and credit institutions regarding the appropriation of a part of an additional product in the form of a founding profit, dividend, payment of taxes to the state, and the like.

Equity and borrowed capital are distinguished in the structure of share capital (property). The first consists of funds received from the issue and sale of securities and capital reserve, which is formed as a result of deductions from profits and their investment in production. Equity capital can also increase from further share issues. The borrowed capital is formed at the expense of a bank loan and funds received from the issue of bonds.

Joint-stock companies, accumulating large capitals through the issue and sale of shares, at the same time are not obliged to return them after an appropriate period, as in a conventional bank loan. The possibility of this form of centralization of capital was prepared by the entire previous course of development of capitalism. The tendency of the rate of return to decrease, which took place, and other factors contributed to the formation of monetary capitals that did not find profitable use due to the fact that these capitals were insufficient for organizing large, competitive enterprises. The owners of these capital were forced to lend them out at regular interest rates. In order for small money capitals to find use in the sphere of production, they had to be combined. This centralization of capital was achieved in the form of share capital.

Fictitious capital and its differences from real

In a market economy, there is also the so-called fictitious capital. Such capital is presented in securities (stocks, bonds) and entitles its owners to receive income in the form of dividends and interest. He carries out an independent movement in the securities market, where they are bought and sold. Fictitious capital got its name because it creates the illusion that all securities are real (real) capital and generate income without being directly related to reconstruction.

However, securities do not create value by themselves. At the same time, as you know, they give the right to appropriate part of the profit. Quantitatively, the amount of capital invested in securities in capitalist countries is several times higher than the amount of capital invested directly in the sphere of production, trade and banking.

Fictitious capital is not a separate part of industrial production and does not perform specific functions in the process of movement of real capital and self-growth of the latter. Moreover, the movement of these capitals can be carried out in opposite directions.

Consequently, a kind of duality of capital occurs. On the one hand, there is real capital, on the other, its reflection in securities. Real capital functions in the production process, and securities begin their special "life", independent movement on the stock exchange as fictitious capital.

One of the features of real capital is that after the circulation is completed, it returns to its owner. The owner of the shares, as noted earlier, does not have the right to return his money capital. To get it, he must sell shares on the stock market. At the same time, he can receive more or less than he invested in shares, but in any case, the money capital of the shares of the actually functioning capital is not returned. Real capital may not yet complete its cycle; at the same time, the owner of the shares, having sold them, will already turn over his money capital. Here we should also understand the following: fictitious capital arises on the basis of real (real) capital, because in the absence of the latter, which "generates" profit, fictitious capital could not arise and develop, which claims to receive the corresponding part of the profit, but it itself does not creates *.

Fictitious capital is a commodity that turns into a market and has a price. He, as noted, moves outside the cycle of real capital invested in production. It is important to emphasize that fictitious capital is not something accidental for capitalism. It develops naturally on the basis of borrowed capital. All securities are a title to income, that is, for their economic essence, they are documents that reflect the movement of borrowed capital.

But the loaned capital is in most cases used by the functioning capitalist and is recreated in the process of the circulation of industrial capital, and then returns to the owner with interest. Fictitious capital has no direct relation to the movement of industrial capital. After the initial issue of shares, when the capital is equal to their value, and began to move as real, the securities enter the market (stock exchange) and become an object of purchase and sale regardless of the actual course of reconstruction. The same share can be bought and sold dozens of times. This feature of fictitious capital is typical for all its forms: bills of exchange, collateral, shares, bonds and other securities that arise in connection with loan agreements (operations).

In general, fictitious capital quantitatively exceeds borrowed capital, and their movement does not run away. At the same time, the amount of borrowed capital affects the income it brings. Fictitious capital itself depends on income.

Share ownership models

With the appropriate degree of conventionality in the economic literature, there are two existing basic models of joint-stock ownership. The first is the so-called Anglo-Saxon

the model, where 20-30% of immobilny shares remain in the hands of a few owners for a long time and form controlling stakes. At the same time, 70-80% of shares are mobile and easily pass from hand to hand as an object of retail trade in the stock market.

* The peculiar connection of these capitals can be figuratively illustrated in this way. Just as the shadow does not exist without the object, so the fictitious capital does not exist without the real. The boom of fictitious capital distorts and gives the wrong imagination about the movement of real capital. When it is hypothetical, for example, to assume that all securities were taken by aliens to another galaxy, their owners, no doubt, experience great losses, but real capital will not suffer from this..

The second model is called continental. In this case, the permanent shareholders have 70-80% of the shares, and 20-30% of them come to the market and are considered by investors as an object of temporary investment.

The fundamental difference between these two distribution models is the role that their market plays. The first model assumes that new controlling stakes can be formed from shares that turn into an exchange. The exchange acts here as a control market, which puts a part of each open joint-stock company in direct dependence on the efficiency criteria inherent in this market, the higher of which is the stock price.

The second model provides for less mobility of shares from one owner to another, and therefore less likelihood of losing a controlling stake.

Considering the tendencies that are typical for corporatization in Ukraine, one can foresee the following: it will lead to the formation of a second, continental model of ownership of shares.

The shareholding form provides owners of shares in some cases with a higher actual income than regular interest, in others - hope for it. This makes investing money in stocks more attractive than a conventional loan.

Profits of the joint stock company and their distribution

Joint-stock enterprises are characterized by a number of advantages over individual capitalist enterprises. The joint-stock form opens up the possibility of a higher concentration of production and thus allows realizing the advantages of large business. That is, the creation of a joint stock company leads to the formation of a special, so-called constituent profit. This profit is formed as the difference between the amount received from the sale of securities at the exchange rate and the cost of real capital invested in the company *. This type of profit arises in all cases when a new joint stock company is founded or the transformation of individual capitalist enterprises into joint stock companies takes place.

* The mechanism of the formation of this profit is as follows. It is admitted that a joint-stock company was founded with a real capital of $ 1 million. For this amount, the founders issue shares. If, for example, an annual profit fund (for the payment of dividends) is provided, which is distributed among shareholders, is equal to $ 90 thousand, and the borrowing interest is 3, then in this case the shares are worth $ 1 million. will be sold for $ mln. Of this amount, $ 1 million. will be directed to replace the founders' expenses for real capital investments, and $ 2 million. will represent the profit that will be appropriated by the founders.

Foundation profit is one of the forms of profit, which is basically capitalized entrepreneurial income.

Shareholders, as a rule, do not claim to receive an average profit, but are satisfied with a dividend, the value of which (when the dividend is correlated not to the face value of the shares, but to its market rate) is close to the usual borrowed interest. The purchase of a share is viewed as the use of capital as capital - property.

Thus, if a joint-stock company provides all shareholders with a dividend equal to a percentage, it can continue to function. During a period of intense competition, predetermined by problems in the sale of goods (services), JSCs can discount on shares and sell their products at the level of production costs plus interest. It is clear that the income of joint-stock enterprises under these conditions is significantly reduced and, moreover, the payment of dividends may stop altogether. But the share capital continues to function.

It should be noted that shareholders are not liable with all their personal property for the activities of the company. They bear only limited liability in the amount of the contributed share, that is, the amount paid for the shares. When such a company collapses, then its own and reserve capital is used to satisfy the claims of creditors and only the remainder, if any, is paid by the shareholders. The owner of a share has no right to demand from the joint-stock company the return of the value of the shares at their par. At the same time, he can sell a share on the securities market - the stock exchange.

The distribution of the received profit is carried out by decision of the board of the joint stock company At the same time, part of the profit is used to expand the scale of production and replenish reserve capital, another part of it is used to pay salaries and bonuses (bonuses) to the management personnel of joint stock companies, and a certain part is paid to the state in the form of taxes and interest to creditors. After all these deductions, the profit that remains is distributed among the shareholders in proportion to the number of shares they own. This residual part of the profit forms the dividend.

The amount of the dividend is not once and for all given and constant. It can increase or decrease depending on the total amount of profit received by the joint-stock company and on the amount of profit that is distributed among the shareholders. In real practice, the total amount of profits may grow, while the amount of profits that are distributed among shareholders may remain unchanged or even decrease. It depends on the chosen strategy and development prospects of the joint stock company. In certain periods, the total amount of profit may remain the previous one, and the amount of profit that is distributed may increase due to the previously accumulated reserve capital.

The decision on what part of the profit will be distributed among the shareholders, and which will be used for other purposes, is taken by the board of the company. The decisive role here belongs to the owners of the controlling stake.

3. Securities: essence, role, main types. Problems of corporatization in a transitional economy

Securities from the point of view of the direct characteristics of the share capital are evidence of participation in the capital of joint-stock companies, the main ones among which are shares and bonds.

Stock price and their types

The amount of money that is marked on a share is called the face value of the share. It expresses from the very beginning the assessment of the share at the foundation of the company. The price at which shares are bought and sold on the stock market is called the share price.

How is the stock price determined?

The buyer buys the shares to receive the corresponding dividend income on them. The higher it (the dividend) is, the higher the stock price, and vice versa. On this side, the stock price is directly proportional to the amount of the dividend. On the other hand, when buying shares, buying at the same time they expect to receive an income on their capital no less than what they could have received if they had lent their capital at ordinary bank interest. That is, the buyer decides to pay for the share such an amount of money that, when deposited with the bank, will give him the opportunity to receive the same income (interest) as the dividend for this share.

It is permissible that a share with a par value of $ 100. brings an annual dividend, which is $ 9, and that the borrowing interest is 3, that is, for every hundred dollars that are invested in the bank, the depositor will receive an annual income of $ 3. To receive $ 9 annually, it would be necessary to invest in bank 300 dollars. But instead, the owner of the money can buy a share, which brings in the same $ 9 per year, paying $ 300 for it.

The share price is thus directly proportional to the amount of the dividend and inversely proportional to the amount of borrowed (bank) interest, which can be expressed by the following formula:

Share rate (price) \u003d (Dividend / Interest) * N

where N is the face value of the share, and the dividend given as a percentage.

If, with the previous dividend ($ 9), the borrowing rate falls from 3 to 2, then the stock price will rise. For the same share, which used to cost $ 300, will now pay $ 450.

Why would buyers agree to pay several times the amount for a share with a face value of $ 100? The fact is that, having paid such a high price, they provide themselves with an income that is not less, but, as a rule, more than what they could have received by putting this amount in the bank. In addition, buyers hope that if the joint-stock company develops, the dividend will exceed the usual (average) borrowing interest.

Attention should also be paid to this circumstance. Although the average share price is equal to the capitalized (based on borrowed interest) dividend, at any given moment it directly depends on the ratio between supply and demand for these shares.

To determine the movement of the stock price on the stock exchanges, the "stock price index" is determined. It is calculated as a weighted average for a certain range of shares. This circle includes a different number of companies. Yes, according to the rule of calculating the index of shares of the New York Stock Exchange (it is called the Dow Jones index), the base of the index includes ZO industrial, 15 railroad, 15 utility companies. Decreases in this index are perceived as a sign of a worsening economic situation.

Distinguish between name and bearer shares (the difference between them lies in the registration and sale process), simple, or ordinary, and preferred (differ in the method of payment of dividends and their size), as well as polyphonic, one-voice and voiceless (which are delimited by the possibility of their owners to participate in the management of society) *.

* This is the generally accepted classification of stocks in a market economy. In Ukraine, at the beginning of the transformation of the administrative-command system into a market one (before January 1, 1992), the following categories of shares were issued: shares of the labor collective; company shares; shares of joint stock companies. From January 1, 1992, the issue of shares of labor collectives and enterprises was discontinued, but they could turn into a market for another five years. By the indicated date, the enterprises (organizations) that issued these shares had to buy them back or replace them with other securities provided for by the Law of Ukraine "On Securities and Stock Exchange".

From the point of view of the economic content of shares, their division into preferred and ordinary deserves attention. Preferred shares guarantee a corresponding (fixed) annual dividend. At the same time, its value for ordinary (common) shares is not established.

Preferred shares give the owner the right: to receive priority income in the form of a fixed dividend to the face value of the shares; to compensate for income that was not received due to a decrease in the profit of a joint-stock company in the corresponding year (at the expense of the reserve fund); for priority participation in the distribution of the property of the joint stock company in the event of its liquidation.

Holders of preferred shares do not have the right to participate in the management of the company (company), unless otherwise provided by its charter *.

Given that the owners of ordinary or ordinary shares bear a greater risk (than privileged ones) associated with the activities of the company, they are given the right to elect members of the board and decide other issues at the general meeting of shareholders.

The dividend can be paid: every quarter, every six months or every year; stocks (profit capitalization), bonds and commodities. Shareholders may be issued a share certificate (security), which certifies the possession of a person named in it with a certain number of shares of the company.

The total face value of the issued shares is the statutory fund, which, for example, according to the Law of Ukraine "On Business Companies" (Art. 24), cannot be less than the amount equivalent to 1,250 minimum wages based on the minimum wage rate in force at the time of the creation of the joint stock company.

Bonds

"And to increase the volume of capital, in addition to shares, joint stock companies issue bonds." Bonds are securities that entitle their holders to receive an annual guaranteed income. Bonds, like stocks, turn into a stock market

* According to the current legislation of Ukraine (Law of Ukraine "On Securities and Stock Exchange"), the authorized capital of a joint-stock company at the time of its foundation must consist of a specified number of ordinary shares. Preferred shares cannot be issued for an amount that exceeds 10% of the authorized capital. The issue of shares is carried out in the amount of the authorized capital of the joint stock company or for the entire value of the property of the enterprise (state), which is transformed into a joint stock company. An additional issue of shares is possible if all previously issued shares are fully paid at a value not lower than par.

According to the Law of Ukraine "On Securities and Stock Exchange" (Art. 11), joint stock companies can issue bonds for an amount not exceeding 25% of the authorized fund and only after full payment of the entire number of issued shares and have their own rate, which fluctuates under the influence of changes supply and demand and loan interest.

Unlike stocks, bonds do not give a vote in matters of a joint stock company, and the income paid on them, as a rule, does not exceed the usual percentage. The value of the bonds is redeemed by the joint stock company at the end of the respective term.

Stock exchange: essence, basic operations

The stock exchange is a specialized financial institution that focuses the purchase and sale of securities, contributes to the formation of their exchange rate. The exchange is created as a joint-stock company, the founders of which may be securities traders who have permission to carry out commercial and commission activities *.

The main operations of the stock exchange are: accounting for securities and providing recommendations on setting the initial quotation price; organization of registration of agreements for the purchase and sale of securities; execution of centralized mutual settlements within the exchange securities market; implementation of centralized information support and exchange rate control; ensuring the legal registration of agreements, etc.

The stock exchange plays an essential role in enhancing and rationalizing the processes of formation and functioning of market relations. Unfortunately, for all the years of market transformations in Ukraine, this type of exchange activity has not gained proper distribution. There are many reasons for this. This is the conceptual “frozenness” of the denationalization and privatization processes, which does not activate the investment attractiveness of the primary securities market; and the lack of organizational structure of their secondary market; and insufficient payment demand of domestic and unreliable protection of the rights of foreign investors and the like. Absent and clear legal support for securities quotation mechanisms.

Therefore, the activities of stock exchanges in Ukraine should be coordinated to achieve an appropriate level of centralization on a national scale, which is guided by the corresponding concept adopted by the Verkhovna Rada of Ukraine (September 1995). The centralization process is also typical for the functioning of world famous exchanges. Yes, in early May 2000, representatives of the London and Frankfurt stock exchanges announced their intention to get angry at the international stock exchange.

* Members of the exchange can be legal entities and individuals who have paid for the "place" the corresponding amounts of money, often quite significant.

The British-German neoplasm, which will control the sale of nearly $ 4.3 trillion in shares, will be the largest in Europe and the fourth largest in the world after the New York Stock Exchange, Tokyo Stock Exchanges and NASDAQ, which trades in technology firms. At the same time, the participants in this "marriage" - former rivals - will have a "division of labor": the shares of the newest companies will be sold in London, and the shares of high-tech firms - in Frankfurt.

The corporatization process in Ukraine: ways, problems

It was substantiated above that the creation of joint-stock companies in developed countries is associated with the evolutionary development of productive forces, which, in turn, affect the formation of joint-stock relations, making changes in their structure. In Ukraine, the sudden appearance of such relations was not associated with an increase in the technical level of production. Under such conditions, the AO is unable to ensure the growth of real incomes of workers, peasants, office workers and even the domestic nouveau riche. Changes to the system of shareholder relations without adequate processes in the technical structure of production leads to an imbalance in the economy. New names, which would not be attractive, remain an empty phrase, if they are not supported by appropriate material conditions.

Economic theory and practice confirm that the receipt of tangible dividends can be ensured under two circumstances:

1. Subject to the introduction into production of more productive equipment, advanced technology, which leads to lower production costs and increased profits at constant prices.

2. By raising prices, which provides an increase in profits even with an increase in production costs.

Joint-stock companies in Ukraine are deprived of the opportunity to achieve an increase in profits in the event of price stability due to technical re-equipment of production. Then they succeed only in a one-time increase in prices, which, of course, affects the material situation of the general population, including shareholders. There is no need to hope that an accelerated renewal of fixed production assets will take place, because most of the enterprises that produce instruments of labor are morally and physically obsolete, do not work at full capacity, or even completely idle. Banknotes alone, no matter how high their nominal value, cannot be used to reconstruct production.

Consequently, the priority direction of the entire economic policy should be not the quantitative increase in joint-stock companies, but the technical improvement of social production.

In Ukraine at the beginning of 2000, there were about 20 million shareholders (while, for example, in Germany - only 4.5 million). Such a huge dispersion of ownership did not allow the concentration of the controlling stakes necessary for the effective management of enterprises. This model was the result of the decision of the national "market reformers" on certificate privatization, that is, the decision, or rather the slogans about "distribution of property". We got a huge number of pseudo owners, but we never got an effective owner. Moreover, millions of our "shareholders" do not even know where and how their ephemeral shares "work" and that they can sell the latter. As a result of such privatization, we really didn’t get new real owners in the person of the new real shareholders.

The development of joint stock companies in Ukraine should be facilitated by the implementation of an effective state corporatization policy. According to the Decree of the President of Ukraine "On corporatization of enterprises" (dated June 15, 1993) corporatization is the transformation of state enterprises, associations, closed joint stock companies (with predominantly state capital) into open joint stock companies. The essence of corporatization is that the ownership of an enterprise and its financing remain state-owned. The government also appoints the management of the corporation, but management changes. The corporation obtains more complete economic independence regarding the production process and control over it. It combines the privileges of state ownership and the advantages of private management.

At the same time, when carrying out the process of corporatization, it should be borne in mind that the international expansion of the joint-stock form of entrepreneurship needs from the relevant state institutions of Ukraine not only attention, but, first of all, a well-thought-out course that would block channels for illegal business, but would not interfere with honest business, would not target it. for illegal actions.

Literature:

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3. On enterprises in Ukraine: Law of Ukraine dated 27.03.1991r. No. 887 of changes. but add. on 01.04.1998r. // World of bukh.obliku.-1998.-№4.-p. 46-61.

4. The course of economics M., 2000.-Ch.8.14.

5. McConnell Campbell R., Bru Stanley L. Economics: principles, problems, politics: In 2 volumes: Per. from English - M.: Republic, 1992. - Ch. 24.

6. General economic theory (political economy): Textbook / Ros. economist named after G.V. Plekhanova, Vidyapin B.N., Zhuravlinaya G.N. et al. - M., 1995.-Ch. 7.

7. Fundamentals of Economic Theory / Ed. S. Mochernogo.-Ternopil, 1993.-Ch.7.

8. Foundations of economic theory. Political economic aspect. -K., 1994.-Rozd. 20.

9. Pindike R., Rubinfeld D. Microeconomics.- M., 1992.-Ch.7.8.

10. Sanina M.A., Chibrikov G.G. Fundamentals of economic theory .- "., 1995.-Ch.5.

11. Economic theory: Textbook. manual // E.M. Vorobiev, A.A. Gritsenko, M.N. Kem and others-Kh .: Fortuna-Press, 1997.-Ch.3.

Entrepreneurial activity brings good income and increases the well-being of people, and also allows you to actively develop in various spheres of life. However, the existing competition among entrepreneurs creates conditions under which it is necessary to actively fight for each client.

Business activities are strictly controlled at the state level. To create your own business, it must be registered with government authorities and the authorized capital must be formed.

The concept, functions and content of the authorized capital of a joint stock company

One of the fundamental categories of shareholder law is the definition of the share capital.

In accordance with the provisions of Art. 99 of the Civil Code of the Russian Federation, the authorized capital is understood as a value in monetary terms, which is equal to the total price of all shares that were acquired by the company's participants.

Based on this definition, the authorized capital cannot be classified as property values.

In this case, the property of the joint-stock company will include various monetary resources that are used to pay for the purchase of shares. In this context, the authorized capital will be a conditional value, the size of which is tied to a specific period of time. And this leads to the fact that the nominal and actual value of all shares in aggregate terms may not coincide.

Taking into account the known circumstances, the authorized capital of the company is quite reasonably qualified as a permanent accounting code, the main task of which will be the expression of property in monetary form. That is, the authorized capital is a certain property value, the size of which is shown in monetary terms.

The authorized capital performs three main functions:

Warranty. The organization is liable to shareholders within the limits of the property in monetary equivalent, which belongs to the joint-stock partnership;
Distribution. With the help of the authorized capital, the shares of the capital are determined, which are owned by the shareholders or founders. With the help of this, the payment of dividends that each of the founders will receive in the course of activities is determined;
Material and security. The total size of the property forms the material base of the company, which, if necessary, can be attributed to the fulfillment of obligations to creditors.

Minimum values \u200b\u200bof the authorized capital of a joint-stock company

The minimum size of the statutory fund in accordance with the current legislation is determined by agreement with all founders of the organization and is fixed in the statutory documentation. But at the same time, the total amount of capital should not be lower than the limits that are established at the state level.

Over time, there may be an increase in the authorized capital of a joint stock company. However, this is possible only in cases where these requirements are provided for by the company's charter.

The law determines that the minimum limit for the authorized capital for a JSC will depend on its type. For open-type partnerships, it is equal to 1000 minimum wages, and for closed-type joint-stock companies - at least 100 minimum wages.

On average, the minimum amount of the authorized capital in joint stock companies is:

10 thousand rubles for LLCs and non-public companies;
100 thousand rubles for PJSC;
5000 minimum wages for state-owned organizations;
1000 minimum wages for municipal joint stock partnerships.

If the size of the authorized capital is higher than indicated in the legislation, then this should be noted in the charter. In addition, if in the future it is planned to increase the authorized capital of a joint stock company, then this should also be noted in the statutory documentation.

Any change that relates to the statutory fund must be reflected in accordance with legal requirements.

Regulation of the net asset value of a joint stock company

Despite the fact that many users believe that the concepts of “authorized capital” and “net asset” are identical, in reality this is completely different.

The authorized capital is the monetary expression of the property that must be in the enterprise. At the same time, real data on available property may differ significantly.

At the same time, net assets are the actual price of all property that belongs to a joint stock company. However, there are some nuances here.

The amount of net assets is formed exclusively with the deduction of all debt obligations of the joint stock company. Therefore, we can conclude that net assets act as a guarantee liability for all transactions of the organization that are associated with payables and debts.

If it is determined that the company has a large number of debts and their payment against the value of net assets is impossible in principle, then in this case it will be considered a violation of the rights of the creditor, and they will have the right to file a claim for compensation for all damage to the courts. The procedure for this procedure is also regulated by a valid legal framework.

Depending on the ratio of net assets and debt liabilities in cash equivalent, the authorized capital may also be subject to some changes.

In particular, if the amount of net assets is insufficient, the authorized capital can be partially transferred to fulfill obligations and be reduced.

When the amount of capital is reduced, the payment of dividends to the founders will take place in a different order and in a reduced form. In any case, the formation of the authorized capital of a joint-stock company and the main procedure for this procedure takes place with the active participation of all participants in the structure in compliance with all legal requirements.

If the total cash equivalent of the net asset significantly exceeds all debt obligations, then in this case the authorized capital can be increased, which will bring additional dividends to all shareholders of the company.

Limiting the number of total par value of shares or the maximum number of votes held by one shareholder

All issues that relate to the authorized capital of a JSC are considered by the provisions of Article 99 of the Civil Code of the Russian Federation.

The requirements of the current legal framework state that a joint-stock company has the right to issue an unlimited number of shares. However, this should be noted in the statutory documentation. As for the distribution of votes between shareholders, then everything will also depend on the internal policy of the company.

In some situations, the state sets restrictions.

In particular, shares cannot be owned by one person, and the composition of the founders of a JSC must be more than two participants.

All features of this issue are regulated in accordance with Article 99 of the Civil Code of the Russian Federation. However, one should not forget that in most cases JSCs independently determine and establish the procedure for issuing shares in an organization, their total size in monetary terms, and discuss their distribution among all founders of the company.

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Authorized capital

Is it possible to spend the authorized capital of a JSC for the personal needs of a JSC

Rustam 05/23/2019 11:13

Good afternoon! You can spend the funds received in payment of the authorized capital. When calculating and paying salaries to employees and insurance premiums, the amount of the authorized capital does not decrease.

Rationale for the conclusion:
Joint-stock company is a legal form of a legal entity related to commercial organizations (clause 2 of article 50 of the Civil Code of the Russian Federation, clause 1 of article 2 of the Federal Law of December 26, 1995 N 208-FZ "On Joint Stock Companies" (hereinafter - Law No. 208-FZ).
The authorized capital of a joint stock company determines the minimum size of the company's property that guarantees the interests of its creditors. It cannot be less than the size provided for by the law on joint stock companies (Art. 99 of the Civil Code of the Russian Federation).
For commercial organizations, the purpose of creation is to carry out entrepreneurial activities aimed at the systematic receipt of profit from the use of property, the sale of goods, the performance of work or the provision of services (clause 1 of article 2, article 50 of the Civil Code of the Russian Federation).
In the course of entrepreneurial activity, the company enters into economic relations with other business entities, as a result of which it has assets (property, property rights, accounts receivable) and obligations to creditors.
The amount of the authorized capital is determined by the founders (shareholders) of the company, taking into account the requirements of the law for the minimum size of the authorized capital and the needs of the company in equity capital for starting an independent entrepreneurial activity.
In other words, the newly formed joint-stock company raises funds from shareholders by placing its own shares precisely for the purpose of initially ensuring the conduct of activities aimed at generating income. From the point of view of shareholders, the acquisition of shares in a JSC is an investment of funds, one of the goals of which is to obtain income from the activities of the JSC in the future (dividends).
The authorized capital, as an integral part of the company's equity capital, is a source of formation of the company's property, which is reflected in the balance sheet (in the liability). The sources of formation of the property of the joint-stock company reflected in the liabilities of the balance sheet show the user of the financial statements at the expense of what means the property of the company was acquired (including expenses). In addition to equity capital, borrowed capital (including bank loans, loans, accounts payable) can serve as a source of formation of JSC property.
At the same time, all funds received by the JSC as payment for the authorized capital become (clause 3 of article 213 of the Civil Code of the Russian Federation) the property of the company, which it has the right to own, use and dispose of (article 209 of the Civil Code of the Russian Federation), including spending.
Information about the assets available to the company is contained in the sections of the balance sheet "Non-current assets" (intangible assets, fixed assets, financial investments, etc.) and "Current assets" (raw materials and materials, work in progress, cash, accounts receivable, etc.).
In the course of the organization's commercial activities, some assets are constantly transformed into other assets, while the total amount of assets (as a rule) increases. This entails an increase in equity capital, primarily in the form of profit, which is reflected in the balance sheet liability. In this case, the value reflected on account 80 "Authorized capital" does not change. It always corresponds to the size of the Criminal Code, fixed in the constituent documents of the company. According to the instructions for account 80 of the Chart of Accounts of accounting, the balance on account 80 "Authorized capital" must correspond to the size of the authorized capital fixed in the constituent documents of the organization. Entries on account 80 "Authorized capital" are made during the formation of the authorized capital, as well as in cases of increase and decrease in capital only after making appropriate changes to the constituent documents of the organization. In other words, a decrease or increase in the Criminal Code can occur only in strictly defined cases and only after state registration of such changes.
In the process of current commercial activity, cash and other property is spent and converted into other assets, that is, only the structure of the balance sheet asset changes. The sources of financing for this process, as reflected in the "Capitals and reserves" section, remain unchanged. This happens until the moment the financial result is formed.
When selling finished products (goods, works, services), the company receives income (proceeds from sales), which (ideally) should cover the assets spent on the production and sale of products and bring profit. The profit remaining after tax increases the equity capital of the company and is reflected in the "Capital and reserves" section. Thus, a situation is ensured when the company's assets exceed the size of the charter capital.
However, entrepreneurial activity is based on risk (clause 1 of article 2 of the Civil Code of the Russian Federation). Therefore, with a general focus on making a profit, the result of such activity may be a loss if in the process of entrepreneurial activity the income received during the reporting period turns out to be less than the expenses incurred. Then the negative result formed during the reporting period will reduce the equity capital of the company. At the same time, the total value of the "Capital and reserves" section as of the reporting date will decrease by the amount of uncovered loss. Accordingly, the value of the company's assets will also decrease.
And if the value of the company's net assets turns out to be less than its authorized capital by more than 25% at the end of 3, 6, 9 or 12 months of the financial year following the second financial year or each subsequent financial year, at the end of which the value of the company's net assets turned out to be less than it of the authorized capital, the company is twice, once a month, obliged to place in the media in which data on the state registration of legal entities are published, a notice of a decrease in the value of the company's net assets (clause 7 of article 35 of Law N 208-FZ). That is, this situation indicates the unstable financial position of the company, which should be known to all interested parties.
If the value of the company's net assets remains less than its authorized capital at the end of the financial year following the second financial year or each subsequent financial year, at the end of which the value of the company's net assets turned out to be less than its authorized capital, the company no later than six months after the end of the corresponding financial year is obliged to take one of the following decisions (clause 6 of article 35 of Law N 208-FZ):
- on reducing the authorized capital of the company to a value not exceeding the value of its net assets;
- on the liquidation of the company.
This is exactly the situation when the company, by virtue of the law, is forced to make a decision to reduce the authorized capital, register this change, after which the value reflected in account 80 "Authorized capital" should be reduced.
And if at the end of the second financial year or each subsequent financial year, the value of the company's net assets turns out to be less than the amount of the minimum authorized capital specified in Art. 26 of Law No. 208-FZ, a JSC, no later than six months after the end of the financial year, is obliged to make a decision on its liquidation (clause 11 of article 35 of Law No. 208-FZ).

For your information:
The value of the company's net assets is estimated according to accounting data in the manner established by the Ministry of Finance of the Russian Federation and the federal executive body for the securities market (clause 3 of article 35 of Law No. 208-FZ). The value of the net assets of a joint-stock company is understood as the value determined by subtracting from the sum of the assets of a joint-stock company accepted for calculation, the amount of its liabilities accepted for calculation (clause 1 of the Procedure for assessing the value of the net assets of joint-stock companies, approved by order of the Ministry of Finance of the Russian Federation and the Federal Commission for the Securities Market securities dated January 29, 2003 N 10n, 03-6 / pz). Moreover, the Unified State Register of Legal Entities should reflect information on the value of the net assets of the joint-stock company as of the end date of the last completed reporting period (subparagraph "f" of clause 1 of article 5 of the Federal Law of 08.08.2001 N 129-FZ "On state registration of legal entities and individual entrepreneurs ").
Please note that the correspondence between the net assets of the JSC and the size of the authorized capital is not controlled during the first year of the company's operation. that is, a decrease in the value of assets (loss) at the beginning of activities is quite normal, since expenses at the initial stage can often exceed income. The main thing is to overcome this situation in the future.
Thus, in the process of normal entrepreneurial activity, the amount of the authorized capital does not decrease. The need to reduce the authorized capital can arise only as a result of systematic losses.

Fedorova Lyubov Petrovna30.05.2019 17:18

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Authorized capital of JSC

Forms of manifestation of the authorized capital of a joint-stock company

Evgeniya 07/16/2018 13:47

Good evening, Evgenia! This information is not enough for a correct answer to the question, and it is not formulated. We invite you to our office for a consultation, where our specialists will answer all your questions in more detail. For a 50% discount on a consultation Promo code "Free legal advice service 10".

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Fedorova Lyubov Petrovna31.08.2018 01:45

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Dubrovina Svetlana Borisovna01.09.2018 16:23

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In the balance sheet of a corporation, the ownership share is called the shareholders' equity, as shown below.

Please note that the equity section of the corporate balance sheet has two parts: (1) share capital and (2) retained earnings... Share capital represents the initial investment by shareholders in a corporation. Retained earnings are profits earned by a corporation since the start of a business, less losses, dividends, or equity transfers.

In many countries, the amount of retained earnings is the basis for calculating the maximum possible distribution of past earnings to shareholders. Retained earnings are not distributable funds. Retained earnings represent earnings reinvested in a corporation.

In accordance with the principles of completeness of information reflection, the section "Share capital" of shareholders' equity of the corporate balance sheet contains essential information about the share capital of the corporation: types of shares, their par value, the number of shares authorized for issue, the number of shares issued and outstanding. The information contained in the Share Capital section of shareholders' equity is the subject of the rest of this chapter. A detailed discussion of retained earnings is given in the chapter on earnings and retained earnings.

Share capital

The unit of ownership in a corporation is a share. The shareholder receives a share certificate showing the number of shares of the corporation held by that shareholder. He can transfer his property at his own discretion. To transfer to another person, the shareholder must sign the share certificate and hand it over to the corporation secretary.

In large corporations that are listed on specially established stock exchanges, it is difficult to keep track of shareholders. These corporations issue millions of shares, and within a single day, several thousand shares can change owners. Therefore, such corporations often appoint independent registrars and transfer agents, usually acting as banks or trust companies with secretarial functions. They are responsible for handling the transfer of shares in the corporation, maintaining a register of shareholders, compiling a list of shareholders for shareholder meetings, and paying dividends.

When issuing shares, corporations often involve underwriters who act as intermediaries between corporations and potential investors. For a fee, usually less than one percent of the sale, the underwriter ensures the sale of the shares. In the accounts of share capital and share premium, the corporation records the amount of net proceeds from the issue of shares, i.e. the amount paid for the shares by the buyers, less the underwriter's fees, legal fees and the printing of certificates, and other costs directly attributable to the issue of shares.

Capital Allowed for Issue

In most countries, when a corporation applies for registration, the draft articles of association must specify the maximum number of shares that the corporation is allowed to issue. This quantity represents the capital allowed to be issued. Most corporations receive permission to issue more shares than necessary at the time of their creation. This allows the corporation to issue more shares in the future to raise additional capital.

For example, if a corporation plans to expand in the future, the unissued shares authorized in the charter to issue would be a possible source of capital. If all the authorized capital was issued immediately, then the corporation will have to apply to the state for permission to amend the charter related to an increase in the number of shares authorized for issue.

The articles of association also indicate the par or par value of those shares that were authorized for issue. The par, or par value, is an arbitrary amount, often prescribed by law, that must be imprinted on each share. This value is recorded in the “Share Capital” accounts and represents the share capital of the corporation.

The authorized capital is equal to the number of issued shares multiplied by their par value; it is the minimum amount that can be shown as share capital. The par, or par value, is usually not comparable to the market or book value of the shares. When a corporation is created, a posting can be made in the main journal showing the quantity and description of the authorized shares.

Issued and outstanding capital

Issued capital represents shares sold or otherwise transferred to shareholders. For example, a corporation is allowed to issue 500,000 shares, but the corporation may decide to issue only 300,000 shares at the time the corporation is organized. The holders of these 300,000 shares own 100% of the corporation's property. The remaining 200,000 shares are unissued. They do not give any rights or privileges until they are released.

Capital in circulation are shares issued and in circulation. A share is not considered to be outstanding if it has been purchased by the issuing corporation or returned to that corporation by a shareholder. In such cases, the number of shares issued will be greater than the number of shares outstanding. Those issued shares that have been repurchased and held by the corporation are called treasury shares, which we will discuss in more detail later in this chapter.

Ordinary shares

The corporation can issue two main types of shares - common and preferred. If only one type of shares is issued, then they are called ordinary shares. Ordinary shares are the residual equity of the corporation.

This means that in the event of liquidation of the company, the turn to satisfy the claims of holders of ordinary shares comes only after the queue of all creditors and holders of preferred shares. Since ordinary shares are usually the only shares that give their holders voting rights, they are a way of controlling the activities of the corporation.

SHARE CAPITAL

(share capital, equity capital) 1. That part of the capital (capital) of the company, which is mobilized as a result of the issue of shares (shares). All companies must start operating with some share capital (represented by at least two shares). The authorized share capital, registered capital or nominal capital of a company is the maximum amount for which a company is entitled to issue shares in accordance with its charter. The issued share capital, or the subscribed share capital, is the part of the authorized capital that the future shareholders have subscribed to. If the bids have covered the entire value of the shares at par (par value), we are talking about fully paid share capital. If the shareholders subscribed to only a part of the issued share capital, such capital is called called-up capital. In some cases, capital subscriptions are made on demand, by distribution, or on a gradual basis. Shares are considered fully paid only after the last installment has been made. Cm. also: reserve capital. 2. A portion of the company's share capital held by ordinary shareholders, although in some cases, such as with pre-emption rights, shares belonging to other classes of owners may be included in the share capital, as a result of which they receive the right to a share in the profits of the company and any additional assets upon liquidation. Cm. also: A shares.

Finance. Explanatory dictionary. 2nd ed. - M .: "INFRA-M", Publishing house "Ves Mir". Brian Butler, Brian Johnson, Graham Sidwell, et al. General editorial: Ph.D. Osadchaya I.M.. 2000 .

SHARE CAPITAL

SHARE CAPITAL - the share capital of a joint-stock company formed by issuing shares. Distinguish between: fixed capital, the size of which is recorded in the Charter; subscription - mobilized by subscription; paid - paid at the time of subscription. It is possible to issue constituent shares in an amount that significantly exceeds the real value of the company's assets. The excess is the founder's profit, which forms the additional capital of the company.

Dictionary of financial terms.

Share capital

Share capital - the capital of a joint-stock company formed by issuing shares and bonds. Share capital is the property of a joint stock company.
Share capital \u003d share capital + any capital received from retained earnings of previous periods, the sale of shares above par, etc.

In English:Shareholders \\ "equity

Synonyms: Equity, Net Worth

English synonyms: Capital stock, Equity capital

Finam Financial Dictionary.

Share capital

Finam Financial Dictionary.

Share capital

That part of the company's capital that is mobilized as a result of the issue of shares. The authorized capital of a company is the maximum amount for which the company is entitled to issue shares in accordance with its charter.

The share capital of a joint stock company, the size of which is determined by its charter. It is formed through borrowed funds and the issue (issue) of shares, through the issue and sale of shares.

Terminological Dictionary of Banking and Financial Terms. 2011 .

See what "SHARE CAPITAL" is in other dictionaries:

share capital - Equity capital of the joint-stock company, formed by issuing shares, equal to the sum of the par value of shares. [JSC RAO "UES of Russia" STO 17330282.27.010.001 2008] share capital Share capital of the joint stock company ... Technical translator's guide

Share capital - (Stockholders 'equity, shareholders' equity, Capital stock, Share (stock) capital) - equity capital of a joint-stock company formed by issuing shares, total assets minus the company's current liabilities, ... ... Economics and Mathematics Dictionary

- (equity capital) Part of the company's share capital held by the holders of ordinary shares, although in some cases, such as pre-emption rights, shares may also be included in the share capital, ... ... Business Glossary

SHARE CAPITAL - the fixed capital of a joint stock company, which is formed through the issue of shares. It is the authorized capital, since its size is determined by the charter of the company. A. to. also called nominal and permitted capital. A. to. it is property ... ... Legal encyclopedia

Share capital - (English capital of joint stock company) the share capital of a joint-stock company, formed through the issue of shares. There are: fixed capital, the size of which is fixed in the charter of the joint-stock company (authorized capital); subscription, i.e. ... ... Encyclopedia of Law

Share capital is the ownership equity (net worth) of a joint stock company. It is equal to its total assets (English assets) minus total liabilities ... Wikipedia

The share capital of a joint stock company, which is formed through the issue of shares. It is the authorized capital, since its size is determined by the charter of the company. A. to. also called nominal and authorized capital ... Legal Dictionary

The share capital of a joint stock company, the size of which is determined by its charter. Formed by issuing shares ... Big Encyclopedic Dictionary

The fixed capital of a joint-stock company, formed by the issue and sale of shares. Raizberg BA, Lozovsky L.Sh., Starodubtseva EB .. Modern economic dictionary. 2nd ed., Rev. M .: INFRA M. 479 p. 1999 ... Economic Dictionary

SHARE CAPITAL - (eng. joint stock (capital)) - the share capital of a joint-stock company, formed through the issue of shares. Distinguish: fixed capital, the size of which is recorded in the charter of the share. about va; subscription - mobilized by subscription; paid - contributed to ... ... Financial and credit encyclopedic dictionary

Books

Business Founder's General Book, Wasserman N .. Team building is the most important step in starting a new business. In most cases, it is “problems between people” that lead startups to crisis, and sometimes to collapse. Book of Noam ...
Present value of capital. A Practical Guide to Making Financial Decisions, Ogier Tim. Should a company use its own cost of capital when evaluating new capital expenditures and acquisitions? What cost of capital should the company take into account when assessing ...

Authorized capital (MC) - this is a certain amount of funds, which are the main source of the functioning of society, and it is worth understanding how the formation of the authorized capital takes place.

The authorized capital can be assessed from two sides - legal and economic. From the legal side, the Criminal Code is the monetary property of the enterprise, which is paying off the creditors. From the economic point of view, a management company is a minimum of funds that are required to start a business. The size of the authorized capital is established in accordance with the company's charter.

The legislation specifies the minimum amount for the formation of the authorized capital... The size of the authorized capital is determined by the organizational and legal form of the legal entity - LLC, CJSC, LLP. For example, the charter capital for an LLC must be at least 10,000 rubles.

How the authorized capital is formed

The formation of the authorized capital takes place with the help of the founders of the legal entity. Information about this must be entered in a special document of the legal entity. Investments in the authorized capital of a legal entity can be made in foreign currency or in rubles. If funds in foreign currency have been contributed to the authorized capital, then the documents must reflect the value in rubles at the MICEX exchange rate.

Also, the authorized capital of a legal entity can be formed, in addition to monetary investments, and tangible assets (furniture, office equipment), intangible assets (patents). If contributions are not made in cash, then they must be valued in cash.

If the value of contributions is more than 20,000 rubles, then in order to convert them into cash equivalents, the assessment must be carried out by an auditor!

If it happens with the help of funds, then they must be deposited into a savings account in a bank before the state registration of a legal entity is carried out. Before submitting documents for registration, you must:

Choose a bank for servicing the company's current account;
- determine the size of the authorized capital;
- determine how many people form the Criminal Code;
- open a savings account in this bank and deposit money there.

After the registration of the legal entity has been completed, the money is transferred from the savings account to the current account of the company, and they become the authorized capital of the legal entity.

Contribution of authorized capital - a rather lengthy process, but documentary confirmation is not needed for it, which means that a current account can be opened immediately after the registration of a legal entity and entered into the charter capital in accordance with the charter.

If the Criminal Code of the company is formed by property, then an act of acceptance and transfer of this property as a contribution to the Criminal Code is required. But at the same time, the contribution to the Criminal Code is feasible only after the registration of the company!

The company's charter must necessarily contain a specific amount of the authorized capital and how it is contributed (for example, in parts for a certain amount).

UK - the minimum amount of resources required to start a business. If it is paid in money, it can be spent on paying rent for the premises, salaries for employees, and on purchases for the company.

The company's Criminal Code is not subject to taxes. Expenses for management companies are not expenses of society, since they are the expenses of the founders. In addition, the Criminal Code is not a profit of society and is also not taxed.

Since the authorized capital is formed by the founders of the company, they are obliged to contribute their personal funds or material assets during its formation. If the founder is one person, then he himself contributes his funds to the Criminal Code. If there are several founders, then their share in the charter capital is determined as a percentage of the size of the charter capital.

Since the main goal of the created legal entity is profit, its founders bear the initial costs with the expectation of receiving future dividends, i.e. the amount of the contributed share affects the amount of the future profit of the participant.

In addition, the larger the contributed share, the more votes in decision-making at the meetings of the community founders.

Share in the authorized capital can also be changed, this is prescribed in the company's charter.

The size of the authorized capital of a legal entity can be changed, but it cannot be less than that established by law. To increase the size of the authorized capital, you need a package of documents. The size of the charter capital can increase at the expense of property and due to additional contributions from founders and third parties. Each of these methods has its own limitations.

For example, in an LLC, the size of the charter capital can be increased only if the company's profit has increased or additional funds have been contributed from the founders.

The authorized capital of the LLC is formed with the help of the Federal Law "On Limited Liability Companies". The minimum capital for an LLC is 10,000 rubles. At the time of registration of a legal entity, the management company must be paid in the amount of 50% of its size. The remaining 50% must be paid within a year after the registration of the LLC.

If the funds of the Criminal Code are deposited in the company's cash desk, then a cash receipt is issued, and if to the current account, then an announcement is made.

Authorized capital of a joint stock company formed in accordance with the Federal Law "On Joint Stock Companies". The composition of the AO AMC is a certain number of shares. The number of shares depends on the par of shares and the size of the authorized capital. The AO's management company includes shares of various types with a fixed value, and as a result, personal funds are invested as a legal entity and shareholders' funds.

A joint-stock company must create a charter capital after registering the company by selling shares to certain persons. Dividends are distributed based on the value of the shares.

This is how it happens formation of authorized capital, without which it is impossible to open and operate your own business.

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