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НазваGoing public and the dividend policy of the company (реферат)
РозділІноземна мова, реферати англійською, німецькою
ФорматWord Doc
Тип документуРеферат
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Plekhanov Russian Economic Academy

The theme of the report:

“Going public and the dividend policy of the company.”

By Timofeeva M. V.

The supervisor: Sidorova E. E.

Moscow 2001.



I. ‘Going Public’ and the Securities Market3

‘Going Public’

Types of Shares

The Stock Exchange and the Capital Market

Procedure for an Issue of Securities

Equity Share Futures and Options

II. Dividend Policy and Share Valuation

Dividends as a Residual Profit Decision

Costs Associated with Dividend Policy

Other Arguments Supporting the Relevance of Dividend Policy

Practical Factors Affecting Dividend Policy

Alternatives to Cash Dividends

















15Introduction

In this report we focus on the long-term financing by issuing shares and
dividend policy of the company. We consider the institutional design of
capital market, Stock Market Exchange and Alternative Investment Market;
fundamental theories of paying dividend and factors which influence
Dividend Policy of the companies.

The main objective of this report is to develop a better understanding
of the problems faced by start-up firms seeking capital financing and
paying percentage (dividends). In addition, we try to identify the
consequences of shortcoming and overplus of the dividend payouts for
value of corporation (for value of share) and individuals

The urgency of this question is obvious, because firms need capital to
finance product-development or growth and must, by a lot of factors
(interest rate, time period and etc), obtain this capital largely in the
form of equity rather than debt. So the issuing of shares and dividend
policy is one of the widest research overseas and I hope Russian
economists don’t be backward in that list.

I. ‘Going Public’ and the Securities Market

‘Going Public’

Most private companies that experience the rapid growth have reached the
stage when existing shareholders’ private resources are exhausted,
retained profit is insufficient to cope with the rate of expansion, and
further borrowing on top of your current amount of loans will probably
be resisted by lenders until you have a more substantial layer of equity
capital. One solution to this financial problem is to retain the
services of a financial intermediary – usually a merchant bank – to find
a few private individuals or financial institution such as an insurance
company or an investment trust that is willing to subscribe more
capital. This is known a private placing. And, of course, there are some
advantages and disadvantages of going public.


access to the capital market and to larger amounts of finance becomes
possible by having shares quoted on the Stock Exchange;

institutions are more likely to invest on the public listed company, and
additional borrowing becomes possible;

shareholders will find it easier to sell their shares in the wider

the company attains a higher financial standing;
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