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

STORE ACCESSORIES. Retail outlets can be classified according to their affiliation. About 80% of stores are independent and account for two thirds of all retail turnover. A number of other forms of ownership are also corporate networks, voluntary networks and cooperatives of retailers, consumer cooperatives, organizations of privilege holders 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 - dedicated to corporate finance itself - examines the practice of managing the finance of a joint-stock company, many of which, however, are also applicable to enterprises of other forms of ownership. Therefore, alternative options are called

The short historical experience of the new Russia has shown that the 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 found ourselves on our own, but gained 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 associated values, customs, rules, etc. The corporate traditions themselves are influenced by national, regional and industry traditions, which acquire their own specific character within the framework of the corporation's activities.

At the same time, there are disagreements over the methods of privatization of state property and its socio-economic consequences. There are objections to the equal distribution of vouchers, their bearer character, the lack of vouchers for land privatization, etc. There are fears that voucher investment funds, making a profit on the shares of enterprises they have bought, will pay only a small part of it to their shareholders in the form of dividends, and most of it, bypassing the legislation, will be used in their own corporate interests (to create commercial structures under their control, for example, investment banks, etc.). This can contribute to the monopolization of the economy and the establishment of the rule of the new financial oligarchy.

All large companies have their own corporate presentation templates, which allow their representatives to speak to clients to maintain a uniform corporate identity and look good.

It is obvious that it is advisable to subdivide the property of the individual into the property of the person as an individual and the property of the person as a citizen. The property of an individual as an individual includes personal property, individual private property, corporate private property (ownership of shares and bonds of corporations, ownership of one's own 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 (a member of society), from the point of view of its object structure, includes government securities, a share in the social 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 the establishment of 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 leader of a social and political worldview and the ability to see not only his own corporate benefits, but also to realize the benefits of joining efforts to satisfy the needs of their company and society as a whole.

The word "corporate" has a broader meaning than designation of the characteristics of a corporation as an economic and legal form based on joint-stock ownership of property. "Corporate" in the broad sense of the word characterizes an 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 corporate spirit, corporate unity, corporate culture.

The gains in transformation and losses become the basis for deeper attention to the problems of protecting property rights, corporate governance, and protecting the rights of investors. Tax reform, the fight against barter and non-payment, changes in the system of goals of owners and managers of enterprises are interconnected

Radygin A., Arkhipov S. Property, corporate conflicts and efficiency (some empirical estimates) // Voprosy ekonomiki. -2000.-№11.-С.П4- 133.

Management bodies do not always make economic decisions based on the priority of public interests; more often they act on the basis of their own corporate goals.

A four-member group was formed to develop its own corporate standard

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

As you know, integration in business is the joint ownership of property by the community, in which business is carried out through contractual relations in order to interact to achieve the interests of all parties to a corporate agreement. The efficiency 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 corporations are those with a sufficiently high degree of integration in their capital, providing mutual representation in corporate governance bodies, controllability of "technological chains" and corporate programs, and balanced development of banking and industrial structures. At the same time, decisions on various aspects of the consolidation of ownership within corporations, made under pressure from the authorities or individual interested companies, can be very risky in terms of the effectiveness of future joint activities.

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

The economic activity of corporate associations in Russia is largely hampered by the insufficient elaboration of the laws governing their activities, protocol norms (duties and rights) of the 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), and the lack of corporate responsibility to counterparties, shareholders, investors, the corporation's own personnel and society.

In its most simplified form, Marx's model of socialism can be reduced to the triad of public property - central planning - distribution according to work. In fact, in the 70s. In the USSR, a fundamentally different system of corporate property - corporate planning - equalizing distribution - partially market (self-supporting) exchange was formed. 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 (first of all, general information) resources

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

thesis

1.1 Concept and structure of corporate ownership

First, consider the definition of a corporation. The most complete definition can be found in the "Big Commercial Dictionary": "A corporation is a form of business organization widespread in countries with developed market economies, which provides for shared ownership, legal status and concentration of management functions in the hands of the upper echelon of professional managers (managers) working on hiring. "

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 meeting 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 particular industry, it is premature to talk about the effective implementation of corporate governance.

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

A joint-stock company as a participant in commodity exchange and production processes is directly related to the process of capital accumulation both on the scale of the national economy of a particular 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 profit, which is the main incentive for entrepreneurial activity. The resources that support any production process are made up of a combination of renewable and non-renewable sources of material and non-material values.

From the point of view of 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 money.

Owner shareholders entrust their monetary capital to the manager, who is obliged to bind all the necessary production resources in order to receive rent in the form of dividends - part of the net profit, which is the goal of shareholders.

Shareholder property, from an economic point of view, is a quantitative value that sums up 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 efficiency 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 augmentation 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 there is a conflict in joint-stock ownership itself: when the function of the owner is separated from the functions of the direct participants in the production process, the quantitative divisibility of property rights can be carried out without direct connection with the size of money capital.

The concept of corporate ownership has a completely different meaning. As the joint-stock form of ownership develops, rights are formed that are used by the owners of production resources. 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 were faced with the problem of forming a management system that would take into account the interests of the owners-shareholders, managing managers 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 of foreign countries with developed market economies have a kind of management philosophy, which determines the work according to agreed rules followed by all: shareholders, managers, employees. There are several mechanisms for effective control over corporate governance. The formed commodity markets act as the first control mechanism: 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 the 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 mass exodus of owners, who previously provided their capital to the company, significantly affects the behavior of managers, who must look for other sources of capital, since in fact they risk losing jobs.

Any society has a certain set of material benefits that, within the framework of a particular 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. In its historical development, appropriation goes through various forms, acquiring the most developed form of ownership.

The process of this development is consolidated in the system of legal norms, which currently consider property rights in the trinity of possession, disposal and use.

From this point of view, the concept of property is, first of all, legal and characterizes a certain list of rights in relation to individual elements of national wealth. In other words, property is the 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, which consists in permanent or temporary, partial or full use, alienation, disconnection, appropriation of an object of property. Realization of property rights involves the allocation of the subject and object of this complex process.

In the current legislation, possible subjects of property rights are defined as follows: these are citizens, legal entities, the Russian Federation, constituent entities of the 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 their classification given above should be considered exhaustive, since it provides for the possibility of realizing the personal (individual) interests of individual citizens, 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 realization of the systems of interests of the subjects of property regarding the consumption of various goods is carried out by them through their appropriation, which reflects the totality of social conditions necessary for performing any actions on the limited elements of national wealth.

The real manifestation of appropriation is use, which means the use of the property object in accordance with its purpose, with the aim of deriving benefit and presupposing the presence 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 owner (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 presupposes its mandatory combination with another form of appropriation - by order, in the context of changing the nature of use and (or) changing the consumer. An order is a form of appropriation, which means the possibility of other, in addition to consumption, actions on property objects - sale, free or paid transfer for use, including limited. 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 impacts of the subject of ownership on the object.

The order assumes the possibility of distributing various functions among several subjects and means the possibility of delegating rights to several personified subjects, each of which can dispose of the property object only within the powers granted to him, which are determined by the scope of control available to him. The real area of \u200b\u200bthe order may not coincide with the area of \u200b\u200bthe granted rights, forming its shadow component.

Property as the most complete form of appropriation, combining use and disposal, means that the owner performs any actions on the goods belonging to him, fully appropriates the useful result and bears full material 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 property object, at the same time reducing his real responsibility, providing guarantees from the side of the owner limiting this freedom.

A special form of appropriation can be considered ownership, reflecting the legal, documented fixation of the subject of ownership or the fact of real possession of the object. It presupposes the realization of the entirety of the rights of use and only part of the rights of disposal granted to the owner by the owner on certain conditions. Schematically, the logic of mutual conditionality 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. 1.

Figure: 1. Scheme of mutual conditionality and differentiation of property relations

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

The social division of labor, which is an external factor in the formation and development of property relations, predetermines the objective necessity and possibility of separating the 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 necessitates the separation of the subject of ownership and subjects of management, which creates the basis for the delegation of administrative functions (vertical division of labor) and 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 the development of shadow property relations.

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

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

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

Figure: 2. Economic aspects of corporate property management

The role of the property object can be: a separate thing; totality of property; Property Complex; land, water or forest area; 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, by his decision, part or all of the functions can be transferred to other individuals or legal entities. He 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 a sufficient theoretical basis 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 the future.

1. Corporate property - a set of real estate objects, property rights, works and services, information and technologies, intangible goods and other parts of the national wealth, the right to use, possession, disposal 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):

Immovable property (buildings, structures, land plots, etc.);

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

Cash (currency, etc.);

Debts (receivables);

Information;

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

Ownership belongs to the category of property rights, the essence of which is direct domination over a thing, implying the use of it by an authorized person in his own interests, and in the exclusivity of the exercise of this opportunity.

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

The right of ownership is understood as legally secured dominance over a thing, that is, the ability to have a given thing in oneself, to keep it in one's own household.

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

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

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

Management is an element, a function of organized systems of various nature, ensuring: the preservation of their specific structure; maintaining 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 the corporation, aimed at optimizing it in the sense of the goals set and carried out within the framework of the corporate strategy in relation to property.

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

Subsidiaries (unitary) enterprises of the corporation;

Shareholdings in corporate ownership;

Corporate real estate;

Intangible assets of the corporation.

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

Figure: 3. Scheme of transformation of property rights

Summarizing the above, it should be noted that Russian corporations in their development have reached the stage when competent and reasonable management of corporate property is an essential condition for successful and effective activity. In this regard, let us consider in detail the methodology for managing corporate property objects.

Corporate property can be classified according to the types discussed below:

1. By types of corporate property:

immovable property (immovable property, real estate) - land plots, subsoil plots, isolated water bodies and everything that is firmly connected with the land (that is, objects whose movement is impossible without disproportionate damage to their purpose, including forests, buildings and structures), as well as aircraft and sea vessels subject to corporate registration, inland navigation vessels, space objects and other property;

movable KS - property not related to real estate, including money and securities;

information;

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

other property.

2. By industry basis:

cS objects included in a specific branch of the economy and having specific industry characteristics, for example, fuel and energy complex, transport, communications, agro-industrial complex, etc. (in each large industry there are sub-branches, which include CS objects with their own characteristics);

cultural monuments.

3. By the degree of liquidity:

low-liquid (illiquid) objects of the CS, 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 objects of the CS, 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 objects of the KS, for example, blocks of shares in which the growth of the market value index exceeds 1.5 of the inflation index;

blue chip stocks are stocks of companies with the highest liquidity on the market.

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. By the degree of industrialization:

industrial facilities;

agro-industrial complex objects;

cultural monuments;

6. By the degree of participation in the market of manufactured products:

monopolies (over 35% of production);

not monopolies, etc.

So, based on the above, we can draw the following conclusion:

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

Corporate property - a set of real estate objects, property rights, works and services, information and technologies, intangible goods and other parts of the national wealth, the right to use, possession, disposal 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 ownership is a qualitatively special essence of the relations of ownership, ownership, disposal and use of property objects, 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, since it determines the nature and essence of the processes occurring in it - production, consumption, distribution ...

Prospects for the development of charitable foundations in modern Russian conditions

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

Development of corporate property

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 activities, people entered into a co-ownership relationship ...

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 such elements that do not exist outside of connection with each other: 1) property objects; 2) subjects of ownership; 3) property relations; Objects ...

Property and its role in a market economy

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

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

The structure of the national economy

The ownership structure is of great importance for the national economy, since it determines the nature and essence of the processes occurring 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 related to them ...

Property is a highly complex phenomenon that is explored 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 connection between people, which establishes their attitude to things as their own. This connection forms the basis of the 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 peculiarities of managing the subsidiaries of the 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. Even in Soviet times, the activities of transnational corporations (TNCs) were analyzed. 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 classify all commercial organizations based on membership as corporate organizations, others - business companies and partnerships, and still others - only joint stock companies.

Despite the uncertainty of the official status, the corporatization of the Russian economy affects almost all major sectors of the economy. An increasing number of businesses are getting involved in this process. Firms come to this in different ways. Some, being small and newly created organizations with no previous 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 managing functions increases and the owner-entrepreneur 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, are actively involved in the integration processes, expanding and enlarging.

Corporate governance in Russian conditions has acquired a specific connotation: it is used to designate an economic entity formed by several legal entities (although not excluding the participation of 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, the corporate business organization is the basis of non-firm formations, and on the other, the corporation can be considered as an integrated structure and an independent subject of management.

This circumstance, in our opinion, requires an official, legal registration of the status of corporations. Currently, separate law, i.e. economic and legal relations arising in the depths of corporate associations and formalized by constituent documents, decisions of shareholders' meetings, contractual relations and orders of managers of companies (corporations), significantly outstrips the formation of the official legal field 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 economic entities.

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It should be borne in mind that, since corporate property in Russia was formed to a large extent not as a result of natural economic growth based on labor costs and profitable investments in real estate, but on the basis of legal tricks, the adoption of momentary laws on the transformation of public (state) property into private , then for the further stable functioning of the economy, other laws are needed - long-term laws. Including - laws concerning corporate property relations 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 indistinctly formulated legislation) real estate in the form of buildings and structures must first be resolved in the general theoretical and, so to speak, scientific, methodological, economic and legal plane. A kind of "amnesty" following the results of privatization, proposed by the Russian Union of Industrialists and Entrepreneurs, will represent an attempt to abstract from the past, but it will absolutely not give any guidelines for the future, except for the hope for a new "amnesty" in the next round of redistribution of real estate of large joint-stock companies and corporate structures.

To organize the construction and management of corporate-type residential real estate, it is fundamentally important to reconcile the legal concept of ownership 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

Real estate management Income management Intangible management Asset Risk Management Expense Management (Expense Items)

Figure: 1. Economic aspects of corporate property management

Corporate property, as we see it, is a set of real estate objects, property rights, works and services, information and technologies, intangible goods and other parts of national wealth, the right to use, possession, and the disposal 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.

The objects of corporate ownership (objects of management) in this case are:

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

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

Russian corporations in their development have reached the stage when competent and reasonable management of corporate property is an essential condition for successful and efficient activities. In this regard, let us 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 immovable property, based on:

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

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

The real estate management cycle is specific, mainly determined by the specifics of using corporate real estate. In our opinion, the corporate real estate management cycle can be as shown in Figure 2.

At the first stage, it is necessary to locate and enter into the register all corporate real estate objects. Next, you need to assess the cost and legal purity of the object. Efficiency assessment is carried out to assess the income and expenses of a particular object. The results of the assessments are used to plan the further fate of the object. The plan is implemented through tenders or other measures to transfer certain rights to an 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 that form the prerequisites for defining future use cases. In turn, the inventory procedure can be presented in the form of a sequence of activities, the main purpose of which is to enter a real estate object (for example, a premise) into the corporate database and determine possible options for its use.

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

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

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

Figure: 2. The cycle of corporate real estate management

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

alienation (sale, making as a contribution to the authorized capital of the newly created subsidiary, etc.); rental; transfer to management; pledging.

The general basis for planning any of the listed 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 sale of one or another option for using the property. However, after choosing an option, further measures should be aimed at increasing the efficiency of using the facility, taking into account the choice. For this, a set of actions is carried out to implement the planned option.

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

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

termination of the contract for the use of the immovable property due to the illegal or ineffective use

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

Thus, the full cycle of corporate real estate management, presented above, is the most acceptable way to implement all the functions of a corporation as an owner. Competent and accurate 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 this or that goal is differently interpreted within the framework of the existing theory of the firm. The most common claim is that a corporation should provide maximum income to its owners. The areas for maximization are sales, profits, asset growth, and shareholder wealth. This theory does not explain the relationships underlying corporate real estate management.

Profit maximization is based on the assumption that maximizing the factor costs of individual economic entities, including profits, leads to the maximization of the entire social welfare, in particular, of the company owners.

However, such a goal often fails 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 be deprived of the opportunity to form financial resources sufficient to support long-term development, which in the future will lead to the loss of the achieved competitive advantages and to other related problems. Moreover, obtaining the highest profit is possible, as a rule, in conditions of high risk, in which the deterioration of the results of the operation of the enterprise up to bankruptcy is inevitable. Therefore, the condition for maximizing profit cannot be considered as the only possible, albeit important, goal of the enterprise's functioning.

Adherents of profit maximization base their conclusions on the following arguments. This criterion reflects the results of business activity of an enterprise: the higher the profit, the more significant 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 of 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 substantiated 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, this goal has little to do with cost savings. For example, the growth in the cost of securing additional sales can outpace the growth in sales revenues, which reduces profit and the ability to generate the necessary financial resources. By analogy, profit is only one of the possible criteria for managers' performance and cannot serve as a comprehensive indicator that expresses the interests of the majority of shareholders.

The corporate real estate management process must be effective, 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 constitute a unified methodology for managing corporate property. A theoretical (qualitative) analysis of a control object based on socio-economic principles is always preceded by its detail.

study and is a prerequisite for the correct organization of the management process and error-free interpretation of its financial results. A prerequisite for successful corporate property management is an understanding of the essence of a controlled object or a technological process, knowledge of the reasons for development and the specifics of a particular situation. In our opinion, in order to disclose the essence of the corporate real estate management process, 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 managerial 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 corporate real estate management.

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

For the implementation shown in Fig. 3. management cycle, the management company, for example, within the framework of the business line of the corporation, must determine and agree with the subsidiary of the corporation the list, structure and information on its functioning. The list should at the same time be short and contain sufficient information to obtain a complete and reliable picture of the situation at the enterprise.

Figure: 3. The cycle of management of a subsidiary (unitary) enterprise of the corporation

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

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

2. The schemes are compared in terms of insurance against inflationary losses.

3. The payback periods are compared.

4. The stability of receipts during the functioning of the technological chain is considered.

5. Compares the return on investment as a whole for the entire production period of a certain type of product.

6. Compares the return on investment as a whole, taking into account discounting.

After the completion of the planning process, the plans must be implemented in

within a subsidiary (unitary) enterprise of the corporation. To improve the efficiency of the KDP's activities, it is necessary to clearly define the management priorities, that is, to divide the tasks to be solved into primary and secondary ones. The execution of priority tasks is assigned 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 the organizational plan of production, in which control volumes and dates of transactions between enterprises are calculated.

Controlling the activities of the WPC is an integral stage of the management process, which consists of several sequential steps, including the analysis of financial statements and factor analysis of the enterprise.

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

Figure: 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 the corporation, it is possible to significantly increase the transparency of its activities, and, as a consequence, the efficiency of the corporation from the integral use of corporate real estate.

Literature

1. Bandurin A.V., Drozdov S.A., Kushakov S.N. Corporate property management problems. - M .: "BUKVITSA". 2000.160 s.

2. Bandurin V.V., Kuznetsov V.Yu. Federal property management in a transitional economy. - M .: "Science and Economics". 1999 .-- 151 s.

3. Khrabrova I.A. Corporate governance: integration issues. - M .: Publishing House "Alpina", 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

Single property

Types and forms of ownership

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

World practice shows that the decisive type of property is private, which appears in three main forms: single, partnership, corporate.

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

Partnership property involves the union in one form or another of property, capital of several legal entities or individuals for the purpose of carrying out common entrepreneurial 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 a full or limited basis.

With full responsibility, the founders of the company bear full responsibility to their creditors with all their property, including that which is not part of the partnership property of the given enterprise. Moreover, it is also a mutual responsibility: the lack of funds of one of the partners in settlement with creditors is compensated by the property of other partners.

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

Corporate ownership is based on the functioning of capital, which is formed by the free sale of title deeds - shares. Each owner of a share 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, the shares of open companies are freely traded and bought on the markets. In this regard, through certain periods of time, there may be changes 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 fragmented, private owners of shares are represented in corporate property (therefore it belongs to private property), nevertheless it can be considered a transitional form from private to public property. The fact is that the share capital, despite its fragmentation between the owners of shares, functions and enters into economic relations as a single whole, as a social united capital. The disposition relations are not implemented in isolation, in relation to individual blocks of shares, but to the entire capital as a whole. The implementation of the relationship of disposal of the share capital is carried out by those who own the 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 property through ownership relations, then it is obvious that they are carried out by separate

owners of shares in the form of appropriation of dividends (income per share). This is reflected in the economic, financial, organizational, managerial, technological policy of the company, which is based on deductions from the profit 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 ownership, it is necessary to distinguish collective, state and so-called public property.

Corporate finance explore keythe concepts behind the analysis of capital markets and form the basisfor the adoption of operational and stratfinancial solutions. In other words, they study methods, techniques, patterns and technologies of financial justification for strategic decisions in a corporation.Finance is a system of economic relations associated with the formation, distribution and use of monetary income and savings.Financial resources - cash incomes, receipts and savings at the disposal of organizations and the state, intended for the implementation of costs for simple and extended reproduction, fulfillment of obligations to the financial and credit system.Finance functions: distribution and control. Features of corporate finance:1) the dependence of financial decisions on the external environment (first of all, financial markets and government regulation levers), 2) the value of the indicator of funds (cash flows). Cash flow Is a set of receipts and payments of funds generated in the course of its operating, investment, financial activities, distributed over separate intervals of the considered period of time, the movement of which is associated with factors of time, risk and liquidity.

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

day-to-day management functions are delegated to hired managers under the control of the board of directors;

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

Formation of a sufficient amount of financial resources to ensure the necessary rates of economic development of the corporation.

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 of financial risk.

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

Ensuring continuous 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 for the corporation.

Optimization of capital turnover.

Ensuring timely reinvestment of financial resources

Evolution of theories of corporate finance. Agency costs, stakeholder theory, theory of maximizing the market value of a corporation.

Time value of money conceptdraws attention to the fact that the same amount of money that comes at the disposal of an economic entity at different points in time (for example, current and future) turn out to be unequal in terms of their purchasing power. Transaction costs concept.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 amount of information, different participants in the transaction have a different degree of knowledge about the product (product, service). Based on such different information on the market, exchange takes place and prices are formed. Exchange costs got the name 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 the attracted capital and the reliability of its recipient. Cash flow concept is the idea of \u200b\u200bapplying a cash flow model to describe financial instruments, the results of companies and other economic entities. The concept of the relationship between risk and return - any financial instrument (including a company) traded on the market through market prices provides the holder with some profitability. The considered concepts contributed to the emergence in the framework of financial theory of a direction that explores, using the methods of probability theory and mathematical statistics, the influence of uncertainty and risk on investment decisions. rabot G. Markovich on the principles of portfolio formation, published in 1952.and laid the foundation for modern portfolio theory.

This period begins with the publication of the aforementioned work by G. Markowitz and ends with the development of a valuation model for options 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, in the literature better known under the abbreviation SARM,formed by W. Sharp, J. Lytner and J. Mossin in 1964; the hypothesis of 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

Agency theory aims to solve the problem of separation of ownership and control. It arose due to the fact that owners are extremely rarely able to independently manage their companies and are forced to delegate their management powers to hired specialist managers. Hired managers (or agents), whose competence includes making significant decisions on enterprise management, 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, the so-called "agency conflicts" arise. Another source of this type of conflict is the differentiation of interests between owners and creditors. They are devoted to the study of the forms and methods of smoothing out such conflicts in the interests of the owners. To resolve emerging conflicts, mechanisms are used: incentives, restrictions, punishments.

Incentives for managers can be incentive systems based on indicators of the effectiveness and efficiency of the organization in the form of options to purchase shares of the enterprise or in the form of premium packages of shares. Development of neoinstitutional theory towards the development of incentive mechanisms (mechanism design) was initiated by the Nobel laureate L. Hurwitz in 1973.

The restrictions may be direct interference of shareholders in management by contacting the management of the enterprise or making proposals to be voted on at annual meetings of shareholders. The punishment is, first of all, the threat of dismissal if its initiators get the required number of shareholders' votes, or the threat of buying up a controlling stake in the organization by a new investor, who, as a rule, changes management.

The use of these mechanisms leads to the emergence agentcosts... These include:

the cost of supervising the activities of managers, for example, the cost of conducting audits;

the 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;

costs of creating a system of incentives for managers.

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

The most important role in the prevention and settlement of such conflicts is played by corporate and securities market legislation. 1

The Code of Corporate Conduct is a set of rules recommended for compliance by securities market participants 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. Features of the Russian corporate property market.

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 shareholdings and widespread cross-shareholding. 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 policies in their own interests without regard for 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 (additional votes for certain categories of shareholders, the issue of non-voting shares, a ban on absentee voting, the requirement of personal attendance at a meeting) is quite common.

Outsider system, or a system based on the regulation of corporate relations by the stock market, exists primarily in the United States, Great Britain, and other Anglo-Saxon countries and is characterized by the fact that the property of joint-stock companies belongs to a wide group of individual or institutional investors. In the outsider system, there are specific mechanisms to protect the interests of small shareholders... In particular, the information disclosure system is better here, the market liquidity is higher (the number of market participants is not limited, transactions are made more often). Currently, investors and analysts prefer the outsider system, although supporters of the insider system point out that the latter allows more successful a long-term policy without regard to the momentary interests of shareholders. Consequently, 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 responds 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, to date, there have been significant changes in property relations. First of all, there is a drop in the share of insiders as a whole, with a partial surrender of space to external owners, and the concentration of equity capital is increasing. According to a number of studies, the largest shareholder has a controlling stake in one in five industrial organizations. In this regard, the problem of liquidity of the Russian securities market is aggravated. The market for large blocks of shares that has developed in our country cannot be liquid from the outset, since large blocks of shares are more difficult to sell and more difficult to buy. Market access is limited for small potential investors, whose savings represent the largest investment resource in society. Realizing the importance of this source of financing for the real sector of the economy, the regulators of the stock market of Western European countries require issuers to strictly adhere to the rule that at least 25% of the shares of the proposed issue should go on sale (“free float”). Apparently, such a practice under Russian conditions would contribute to the development of the Russian securities market and enhance 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 - to 8-10%, and on this basis, in the future, provide an opportunity to attract capital on retail stock markets (most organizations have controlling shareholders with 55-70% shares). In the United States, approximately half of all share capital is held by individuals.

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