Переважні права на придбання акцій нової емісії як інструмент корпоративного управління

Abstract

Висвітлено фінансові аспекти реалізації переважних прав, зокрема питання їх ціни, справедливої вартості та факторів, що на неї впливають. Доведено, що у результаті реалізації переважних прав акціонери, як правило, не отримують додаткових доходів та не забезпечують приріст власних активів. Для компенсації збитків акціонерам, які пов’язані із додатковою емісією акцій, запропоновано надання їм дозволу на торгівлю переважними правами та звільнення від оподаткування виручки від реалізації зазначених прав. Introduction. There are cause-effect persistent relationships between the quality of corpo- rate management of an enterprise and its ability to attract investments. Among the wide range of issues related to the definition of "corporate management", the least investigated is the means of redemption rights to purchase shares of new emission. The level of protection of investors’ rights depends directly on its capacity, and hence the investment attractiveness of individual enterprises and the capital market of the country.Purpose of the study is to substantiate the recommendations on the practical implementa- tion of the redemption rights of shareholders to purchase shares of new emission. Methods. In order to create the conditions for the practical implementation of the redemption rights, the model of calculating the domestic fair value of redemption rights is substantiated. This model takes into account the following factors: market share price before additional emission, emission rate, emission and cash flows ratio which will be generated by the company owing to the emission results. It is a model for determining the minimum amount of additional cash flow, which should be generated by a company that carries out an additional share emission in order to preserve the market rate that took place before the increase of the statutory capital, is offered. Results. The work emphasizes that redemption rights (for the purchase of shares) is a means against blurring the value share of individual shareholders, its devaluation and com- pensation of owners’ losses. The financial aspects of implementation of redemption rights, in particular, their price, fair value and influential factors are analyzed. If the share emission is low, the "blurring" of the market value of the shares in circulation and losses of shareholders will be high. The task of determining the fair value of redemption rights in the article was solved on the basis of comparing the market value of the company to the increase of the statutory capital and potential market capitalization after the additional share emission. Conclusions. It is shown that as a result of implementation of redemption rights, share- holders do not receive real additional income and increase of their assets. To compensate the shareholders losses related to the additional share emission, the necessity to permit the trade of redemption rights and the tax exemption from the sales revenue of these rights is substantiated.