The Principle of Joint-Stock Companies

2016 ◽  
Vol 5 (4) ◽  
pp. 16-19 ◽  
Author(s):  
Галанов ◽  
Vladimir Galanov ◽  
Галанова ◽  
A. Galanova
Keyword(s):  
Reproductive Activity ◽  
Social Benefits ◽  
Main Trend ◽  
Joint Stock Company ◽  
Stock Company ◽  
Personal Consumption ◽  
World Income ◽  
High Level ◽  
The Cost ◽  
Rich Countries

Development of capital relationship occurs in many areas. We can identify the main two of them: the development of the main organizational form of business activity as joint-stock companies and the development of their reproductive activity, which is reflected in the fundamental change in the processes of formation of the cost of the goods produced by these companies. The main trend in the development of a joint stock company may be called the “socialization of capital”, which not only retains many of the old ways of the private appropriation of profits, but also creates new kinds of them. The chain of commercial structures development involves conversion of the national jointstock companies into the international joint-stock companies, or multinational companies. This, in turn, leads to the transformation of a number of states, among which we include the developed or rich countries of the world, into a kind of “joint-stock” societies, whose citizens have an opportunity to increase (through an appropriate system of maintenance of a high level of wages and social benefits) their personal consumption financed by appropriating a disproportionately large part of the total world income by the country as a whole. Such a country objectively turns into a special economic-social form of existence of the joint-stock company. The basis for such a transformation of the state into a sort of joint-stock company is a new nature of production of the majority of modern goods. It consists in the change of the creation process of goods’ value which leads to the complete subordination of all its stages to the corresponding MNC groups.

Assessment of professional risk of health of workers of the enterprise for repair of railway carriage

2020 ◽  
pp. 9-19
Author(s):  
O. Klepikov ◽  
A. Boreyko ◽  
G. Kurenkova
Keyword(s):  
Relative Risk ◽  
Working Conditions ◽  
Light Level ◽  
Occupational Risk ◽  
Rolling Stock ◽  
Joint Stock Company ◽  
Stock Company ◽  
Production Factors ◽  
Object Of Study ◽  
High Level

The aim of the study was to assess the professional risk of developing diseases in workers of the railway car repair enterprise. The Voronezh Car Repair Plant, a branch of Vagonremmash Joint-Stock Company, was chosen as the object of study. Methods: «The methodology for calculating individual occupational risk depending on the working conditions and the health status of the employee», developed by the Klin Institute for Protection and Working Conditions in conjunction with the Research Institute of Occupational Medicine (2013), the main professions; cohort study with the calculation of the relative risk of morbidity with temporary disability, the odds ratio, the etiological share of factors in the formation of morbidity (group size: 250 people, experimental group — workers of the main specialties, 95 people — comparison group). Results. According to the research results, the priority factors of occupational health risk include: chemical, noise, heating microclimate, low light level. For certain professions, the share of the contribution of priority factors to the risk profile (PV) reaches 40 %. The indicator of individual occupational risk is 0.12 to 0.26 units. The high level of professional risk (0.22 ÷ 0.26) is characterized by the working conditions of the mechanics for the repair of rolling stock, machine tools (woodworking), casters (metal), thermists, plastic casters. In professional groups with medium and high risk, the indicator of the relative risk of morbidity with temporary disability is higher than 1 (RR = 1.75 and 1.39, respectively), and the etiological share of production factors in the formation of diseases is from 27.95 (subgroup with secondary professional risk) up to 42.88 % (a subgroup with high professional risk), which indicates the professional condition of the disease. Discussion. In general, our data are consistent with the results of similar studies conducted earlier at the car building and car repair enterprises. In order to ensure hygienically safe working conditions and preserve the health of workers, it is necessary to reduce the level of exposure to production factors, including through the introduction of modern equipment and improvement of technological processes.

scholarly journals Efficiency evaluation in intensive growing of winter rape

2011 ◽  
Vol 57 (No. 5) ◽  
pp. 247-257
Author(s):  
J. Homolka ◽  
R. Mydlář
Keyword(s):  
Joint Stock Company ◽  
Average Yield ◽  
Agricultural Commodity ◽  
Stock Company ◽  
Winter Rape ◽  
Material Costs ◽  
High Yields ◽  
The Cost ◽  
Development Analysis ◽  
The Given

The aim of the paper was to evaluate the efficiency of winter rape growing which is based on the calculations and an analysis of production and economic indicators in the given branch. The development analysis of yields per hectare, costs, revenues and production profitability was carried out over the years 2003–2009 in the Agro Žlunice and it was compared with the results of the Czech Republic as a whole. In the enterprise, it deals with the traditional growing technology with a higher intensity of the intensification factors inputs in growing. Yields per hectare in the farm reached very favourable values which supported the stable position of the enterprise in the market with this agricultural commodity. It is possible to see a competitive advantage in the level of the per hectare yields. An average yield in the joint-stock company from 2003 to 2009 was 4.34 t/ha and an average yield in the CR over the last seven years was 2.9 t/ha. The enterprise's yield is by 1.44 t per ha higher compared to the average yields in the CR. In comparison of the average costs per hectare over the evaluated period in the enterprise and in the CR – in the enterprise, the costs were by 2.71% higher comapred to the CR (the enterprise 21 991 CZK/ha, the CR 21 394 CZK/ha). However, the enterprise Agro Žlunice, a.s. reached in comparison of the cost per 1 tonne of production by 31.31% lower costs than is the CR average. The amount of expenses incurred was compensated by high yields per hectare which the enterprise reached and thereby it improved the profitability of growing of this crop-plant. The highest share in the total costs belonged to direct material costs. The share of material costs in the enterprise over 7 years was 55.28%. Among the direct material costs, there are mainly seeds, fertilizers and chemical prophylactics. From the indicators of production profitability, there are expressed the profit achieved per 1 t of seedsfrom 1 ha of the area under crop and cost profitability. The profitability indicators considerably fluctuate during the evaluated years in the monitored enterprise and in the CR in dependence on the fluctuation of the seed price.

Performance Management of the Organization's Personnel on the Example of a Joint-Stock Company «Ulan-Ude Aviation Plant (JSC U-UAZ»)

2019 ◽  
Vol 8 (5) ◽  
pp. 74-77
Author(s):  
O. Kaurova
Keyword(s):  
Performance Management ◽  
Working Conditions ◽  
Joint Stock Company ◽  
Stock Company ◽  
Organization Of Work ◽  
Regional Characteristics ◽  
Personnel Costs ◽  
Effi Ciency ◽  
The Cost ◽  
Integral Indicator

The article describes the concept of “performance management” through the audit of personnel; the defi nition of the audit of personnel, taking into account regional characteristics. The materials of the audit of personnel at the Ulan-Ude Aviation plant are presented. The main problem of large enterprises is the cost of personnel, so the main focus of this study is the audit of personnel costs. Staff costs of the organization — generally recognized for countries with market economies, an integral indicator that includes a set of costs associated with the attraction, remuneration, incentives, solving social problems, organization of work and improvement of working conditions of staff , which ultimately aff ects the effi ciency of staff . In this regard, the author analyzed labor indicators and identifi ed methods to reduce personnel costs.

scholarly journals Assessment of motivation of potential employees of an industrial enterprise

2018 ◽  
Vol 11 (1) ◽  
pp. 81-86
Author(s):  
G. S. Kiseleva
Keyword(s):  
Production Efficiency ◽  
Industrial Enterprise ◽  
Joint Stock Company ◽  
Stock Company ◽  
Corporate Values ◽  
Design Bureau ◽  
Company Policy ◽  
Reducing Costs ◽  
High Level ◽  
Staff Involvement

A competently constructed incentive system ensures a high level of interest and satisfaction with the work activities of the staff, reducing costs and increasing production efficiency. The effectiveness of staff involvement largely depends on determining the motivational attitudes of candidates, identifying the dominant motivators of the applicant, which will save effort and time in dealing with many candidates, hire a specialist focused on achieving goals that do not run counter to the company’s policies. The article outlines the main aspects of assessing the motivation of potential employees. The measures on attraction of necessary quantity of the personnel from external and internal environment are offered. Research of motivational installations of candidates and employees of the industrial enterprise «Signal» Engels Design Bureau named after A.I. Glukharev Joint-Stock Company, on the basis of the data obtained, the values of candidates were determined depending on various parameters: age, position, on a territorial basis. The corporate values that are common to the employees of the enterprise and candidates in search of work are defined: decent wages, comfortable workplace, leadership professionalism, competent company policy, these factors were included in the corporate motivator map. In the area of staff incentives, knowledge of a variety of incentives is required, the ability to link incentives with motivations, and to receive evaluation information on the perception of incentives by candidates and employees to increase the efficiency of staff involvement and enrich the motivation system. The effectiveness of staff involvement can be increased by studying the motivational attitudes of candidates and selecting personnel at the initial stage, the motivational profile of which must match the company’s goals.

scholarly journals THE ROLE OF DATA IN THE VALUATION OF AN ENTERPRISE - THE COST OF EQUITY

2020 ◽  
Vol 49 (49) ◽  
Author(s):  
Edyta Piątek
Keyword(s):  
Research Problem ◽  
Cash Flows ◽  
Joint Stock Company ◽  
Cost Of Equity ◽  
Stock Company ◽  
Enterprise Valuation ◽  
Valuation Method ◽  
Valuation Process ◽  
The Right ◽  
The Cost

The valuation of a company is a complex process and requires comprehensive knowledge. The decisions made at each stage have consequences for the next step. The first fundamental stage is to choose the standard of value that the valuer wants to determine. Only then is the appropriate valuation method selected. One of the further factors influencing the outcome of the valuation process is the cost of equity, which takes into account important parameters of the company's operation. It is the cost of equity that causes the most controversy and dilemmas. The research problem analyzed in the article is a way of calculating the cost of equity in enterprise valuation. The example of a specific valuation indicates that the cost of capital cannot be a parameter (data item) covering all risks, but only those that cannot be programmed in cash flows. In the course of research works, the valuation of enterprise B organized in the form of a general partnership as of 29.08.2014 in connection with its contribution by the shareholders to the joint-stock company A as an in-kind contribution increasing the capital was performed. Due to the fact that there is a minority shareholder in joint-stock company A, there is a dilemma of choosing the right value and valuation method and the method of calculating the cost of equity. Neither the literature on the subject in this respect, nor the parties to the transaction, indicate a clear solution, especially as regards the value of the cost of equity.

scholarly journals Modeling of interaction between shareholders and control bodies

2021 ◽  
Vol 12 (1) ◽  
pp. 132-143
Author(s):  
Alina K. Davletova ◽  
Elena P. Rostova
Keyword(s):  
Economic Effect ◽  
Numerical Data ◽  
Scientific Basis ◽  
External Control ◽  
Financial Control ◽  
Joint Stock Company ◽  
Control Mechanisms ◽  
Stock Company ◽  
The Cost ◽  
And Control

The article deals with the problem of organization of financial control procedures for the activities of a joint-stock company by the audit bodies. The development of effective verification mechanisms can significantly reduce the cost of conducting them and increase their effectiveness. One of the problems that arise in the study of such problems is the modeling of behavior of participants in the system of internal and external control. The solution of this problem is impossible without the use on a scientific basis of economic and mathematical models of financial control mechanisms, taking into account the economic relations of the subjects and the object of control, allowing to assess the costs of control and its effectiveness. The article examines the mechanism of interaction between shareholders and control bodies. Models describing this interaction have been developed, as well as the tasks of determining the vector of the planned task of inspections by control bodies have been formulated and solved. The parameters of the verification procedure are determined by the criterion of maximizing the economic effect of the center from conducting inspections by the control bodies. The model uses a multiplicative function of the economic effect of the center on the possession of information on each of the subjects of control. The members of the system are the audit commission, the board of directors and the audit organization. For each participant of the system, target functions are formulated, taking into account information about material remuneration and taking into account alternative income. The developed model is tested on numerical data on the cost of conducting inspections and on alternative income. The results of the calculations illustrate the behavior patterns of the system participants, in particular, the feasibility of paying the full cost of inspections by the center and the implementation of the inspection plan by the control bodies in the appropriate volume.

scholarly journals THE VALUE OF AN ENTERPRISE AND FORMATION OF REQUIREMENTS TO THE SYSTEM OF ITS ASSESSMENT INDICATORS

2019 ◽  
Keyword(s):  
Well Being ◽  
Added Value ◽  
Economic Conditions ◽  
Enterprise Management ◽  
Joint Stock Company ◽  
Stock Company ◽  
Strategic Objectives ◽  
Managerial Decisions ◽  
The Right ◽  
The Cost

In modern conditions there is a strong need for theoretical and methodological generalizations and development, as well as practical recommendations, which would be aimed at building an effective mechanism for assessing the value of an enterprise in rapidly changing economic conditions. This study focuses on the part of this problem, especially the identification of the requirements to be met by the indicators used for such an assessment. In addition, in order to avoid unilateralism, the main approaches to determining the value of an enterprise are considered and its types are defined in the article. In our work, we rely on the concept of «enterprise value» in its broad sense. Value is a characteristic of production process encapsulated in economic well-being, which expresses its internal potential ability to bring effect that exceeds not only the cost of creating this benefit, but also its opportunity value, i.e. the benefit of lost opportunities as a result of investing resources in production of this benefit. The value becomes socially recognized if it allows the resource owner to have this effect in the form of accumulated economic added value based on economic profit. However, no matter what approach is used, the value of the assessment will depend on the right indicators that allow to make an analysis and to provide objective results. The main features of the system of indicators for assessing the value of an enterprise are: adequacy, accuracy, objectivity, trustworthiness, unambiguity, profitability, value, compatibility, timeliness and regularity, defining cause-and-effect links and indicators of assessment and evaluation of business opportunities. Taking into account the above-mentioned, the following conclusions are made: the choice of indicators for value assessing is individual in nature, as there are specific characteristics of appraisal objects and current and strategic objectives of the appraisal; to form a system for assessing the value of a particular joint-stock company, it is necessary to take into account the development or absence of market institutions, environment, factors of their stability, level of business capitalization, degree of control, etc.; usage (application) of a balanced system of assessment indicators should be the basis for making managerial decisions. The perspective for further research in this area needs to be guided in the development of tools for assessing the value of enterprises, as well as improving the integrated assessment of financial and economic conditions and efficiency of enterprise management, based on the highlighting of the most influential indicators of financial, property and management nature taking into account the specificity of an entity activity.

scholarly journals Determinanty i tendencje zmian efektywności ekonomicznej Colian S.A. na tle ogółu przedsiębiorstw przemysłu spożywczego w Polsce

2018 ◽  
pp. 101-115
Author(s):  
Mirosław Wasilewski ◽  
Robert Stolarski
Keyword(s):  
Value Added ◽  
Joint Stock Company ◽  
Stock Company ◽  
Aggregated Data ◽  
Cost System ◽  
Operational Activities ◽  
Rate Of Decline ◽  
The Cost

The subject of the study undertaken was determination of relations between the level and structure of costs and the economic efficiency of the company of Polish food production sector, using the case study of Colian joint-stock company. The study adopted aggregated data of the prices and costs level, the profitability indicators of revenue of assets (ROA), the economic viability of sales (ROS), the net value added, and data from periodic reports on the structure of costs by comparative cost system. The level of costs in the sector and in the company increased, despite the decrease in the share of costs of materials and energy, wages and salaries, social security and other benefits, depreciation as well as taxes and fees in the cost structure. The rate of decline in the operating profitability of assets, the economic profitability of sales and the level of value added at enterprise was lower than the increase in the level of costs, which may result from non-operational activities.

scholarly journals THE USE OF VALUATION METHODS ON THE EXAMPLE OF PJSC “CENTRENERGO”

2020 ◽  
Keyword(s):  
Electric Power Industry ◽  
Cash Flows ◽  
Business Value ◽  
Comparative Approach ◽  
Joint Stock Company ◽  
Present Value ◽  
Stock Company ◽  
Business Valuation ◽  
Net Assets ◽  
The Cost

The article is devoted to the consideration of the peculiarities of using approaches to business valuation using the example of PJSC "Centerenergo". In the course of the study, the choice of the object of research was justified, a description of approaches and methods for assessing the value of a business was carried out, the features of using the costly, comparative, and profitable approaches using the example of the company under study were considered. According to the research of the study, the market value of PJSC "Centrenergo" was determined. PJSC "Centrenergo" was chosen as the object of the study, since; firstly, the company is one of the largest state-owned enterprises of the country’s electric power industry in the form of a public joint-stock company. Secondly, the company was approved in the list of objects of large privatization of state assets; therefore, the assessment of business value is an urgent topic for PJSC "Centrenergo". The assessment of the value of the enterprise was carried out using the cost approach, the method of net assets, and adjustments were made to the existing assets and liabilities of the enterprise. The cost of the company was calculated using a comparative approach, comparative sales. A search was carried out and the choice of analogous companies was substantiated. The corresponding multipliers were selected and, on their basis, the values for each analog enterprise were calculated. Because of the calculations performed, the value of the enterprise was obtained. Within the framework of the income approach, the value was estimated using discounted cash flows. The choice of the cash flow model and the forecast period of receipts was selected and justified. The constituents of the discount rate and its definition have been substantiated. The present value of the net cash flows and reversals is determined. The business value was calculated as the sum of the present value of net cash flows and reversion. Based on the results of the study, the value of the company was established by three approaches to business valuation. The final value of the cost of Centrenergo PJSC was calculated as a result of applying the results matching method. In the calculations, all previously obtained values were used and specific weights were assigned, as a result, the final cost of the surveyed company was calculated.

Studying Demand for Institutes of Corporate Governance: Legal Aspects

2003 ◽  
pp. 50-61 ◽  
Author(s):  
T. Medvedeva ◽  
A. Timofeev
Keyword(s):  
Corporate Governance ◽  
Legal Aspects ◽  
Joint Stock Company ◽  
Federal Law ◽  
Stock Company ◽  
Open Joint Stock Company ◽  
Open Joint ◽  
Market Relations ◽  
Corporate Legislation

The article analyzes legal aspects of institutes of corporate governance. Different draft laws "On Joint-Stock Companies" are considered which reflected interests of separate groups of participants of market relations. Stages of property redistribution are outlined. The advantages of the model of the open joint-stock company are formulated. Special attention is paid to the demand for legal institutes of corporate governance as well as to the process of accepting the Federal Law "On Entering Amendments to the Federal Law "On Joint-Stock Companies"" which was enacted in 2002. The article contains proposals directed at improvement of corporate legislation.

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