We are happy to welcome traders reading our article and wish you only good results in your daily professional activities. Today's topic will be of interest not only to beginners, but also to people with little experience. By popular demand, in this article we will figure out what the purchase of shares in a company gives. To date, the purchase and sale of shares is most common in the stock market. We were surprised when several specialists who have been trading stocks for quite a long time could not give an intelligible answer to the question - what is it? We received the answer that "action = security". Let's understand the concept of stock together.

What are company shares?

A share is a security that confirms the owner's rights to a certain share in the company's business. After buying a security, he becomes a co-owner of the business and has the right to receive dividends from the company's income. Important point- You can get good only if you have a large package of securities at your disposal. The acquisition of 1-2 or 1000-2000 thousand shares of a large company, in most cases, does not bring any significant effect.

Why issue shares of large companies?

The next question that arises among novice traders is what is the purpose of issuing shares at all and why does the company give complete strangers access to its property and business? The answer lies on the surface - the need for growth and development. Commercial a priori must develop - and for this he definitely needs. The issue (read, issue) of securities is the easiest and most profitable way to receive funds from investors who believe in the successful development of the company. talking in simple words– By buying shares, it helps the company to develop. After the sale of shares, new companies continue their successful development. The proceeds from the sale of securities are invested in the purchase of equipment, in the development of production, in expanding the sphere of influence and other industries. In case of successful development of the company, all new ones from shareholders will go to it. As traders who have invested in a company at the dawn of its development (or at a certain stage), we receive dividends for the reason that we bought shares before other investors.

Shares = credit?

The sale of shares is not a company at the expense of investors buying the Central Bank. In simple terms, shares are a kind of donation of their funds in favor of a joint-stock company, which are voluntary. In return, the investor receives property rights to the company's assets and the opportunity to receive dividends. Share payments are not fixed, their value may fall over time, the company may suffer, and the investor loses his investment. Shares can be resold at a profit.
However, if the trader managed to correctly assess the potential that the company has, the profit can be hundreds or even thousands of percent per annum. The latter cases are extremely rare.

What are the shares of foreign companies?

There are not so many types of shares:

• Ordinary
• Privileged

Let's deal with "common" stocks. These give the investor the opportunity to receive dividends (his share of the company's profits). An important caveat - dividends are set exclusively when summing up the results of the company's activities for the calendar year.
Everything is very simple - the joint-stock company sums up the annual results, as a result of which the charts show the success of its activities. After evaluating the success of the operation and the level of development, the management decides how much will be paid to the shareholders. There is a risk - if the company has a modest profit (or loss) based on the results of its activities, the amount of dividends will be appropriate or there will be none at all Preferred shares are more interesting in terms of making a profit. The investor will receive dividends in a predetermined amount (according to the agreement concluded when buying shares). The right to participate in the management of the company (become a member of shareholders meetings) from the owner

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LLC IC "Freedom Finance" provides Financial services on the territory of the Russian Federation in accordance with state perpetual licenses for brokerage, dealer and depository activities, as well as securities management activities. State regulation activities of the company and protection of the interests of its clients is carried out central bank Russian Federation. Ownership of securities and other financial instruments is always associated with risks: the value of securities and other financial instruments can both rise and fall.

The results of investing in the past are not a guarantee of income in the future. In accordance with the law, the company does not guarantee and does not promise future returns on investments, does not guarantee the reliability of possible investments and the stability of the size of possible income. Services for transactions with foreign securities are available to persons who are qualified investors in accordance with applicable law and are performed in accordance with the restrictions established by applicable law.

Do you know which financial instrument most popular in the world? These are shares of various companies. Capitalization of the world stock market, that is, the sum of all blocks of shares available on the market is moving towards the mark of 100 trillion US dollars. This means that everyone who is interested in investing and finance should understand, if not in exchange trading itself, then in terms and concepts, for sure. You will find all the most useful in our article. Go…

To raise capital, companies issue shares, and then share the profits with those who have invested in these securities - with shareholders.

A share is, in simple terms, a share in the authorized capital of a joint-stock company that guarantees profitability, the right to vote in decision-making, and reimbursement of invested funds in the event of liquidation. These or other guarantees depend on what type of shares is provided for by the company's Articles of Association.

Sample shares of different years:

Traditionally, shares were issued in paper form, today it is replaced by computer ledgers and broker databases. By purchasing a block of shares in the Nth amount of one enterprise, you will most likely receive a single certificate indicating the name of the owner and the percentage of your shares in the total number of issued securities, and not a pile paper media. form of existence in in electronic format significantly increased the security of investing in securities.

Types of shares

There are 2 types of shares:

• ordinary;
• privileged.

ordinary share(in English ordinary share) is a security that gives the right to vote at the general meeting of shareholders and brings profit in the form of dividends.

The source of accrual of dividends is the net profit of the enterprise, that is, the financial year ended with a profit - dividends in proportion to the acquired shares go to the accounts of participants, no profit - no dividends.

Also, the general meeting of shareholders may decide not to withdraw funds from circulation, not to pay dividends in the current year, or to reduce their size. Maximum amount the Board of Directors of the enterprise recommends the possible payment to the meeting. Upon liquidation of a joint-stock company, the owners of ordinary shares are entitled to part of the company's property.

How are preferred shares different? preferred share(in English preference share) is a security that gives the right to receive a guaranteed income, regardless of the profitability of the enterprise and to which class it belongs, but does not provide the right to vote at general meetings.

The owners of such shares do not participate in the management, do not make decisions, but when the JSC ceases to exist, they have the right to priority redemption of the value of the securities.

Dividends of preferred shares are fixed as a percentage of accounting net profit, which differs significantly from profit in tax accounting, or is expressed in absolute monetary form - a specific figure per share.

The reserve funds and other items enshrined in the JSC Charter are already becoming the source of dividend accrual here.

Some minor differences between ordinary and preferred shares can be found in federal law « About Joint Stock Companies» of December 26, 1995 with amendments and additions.

How the share price is formed

The price or value of a share is a variable value and has several meanings:

• nominal;
• emission;
• balance;
• market.

When a joint-stock company forms its authorized capital and determines the number of shares, a price nominal:

For example, the authorized capital of a JSC is 10 million rubles.
number of issued shares - 5 thousand pieces.

Then, the nominal value of 1 share = 10,000,000 / 5,000 = 2,000 rubles.

The nominal value is indicated on the front side of the security or is recorded in the register. All ordinary shares of one company have the same par value.

When a share is first listed to the public, it has issuance value. If the first holders buy shares at a price higher than the nominal price, the JSC receives its first share premium, revenue in an economic sense.

When a share begins to freely rotate in the secondary market, to be bought and sold, its value is determined by market price. The market price is an indicator of the balance between supply and demand, absolutely similar to that of any product or service. On stock exchanges, the market price is called a quote.

What are stocks in business? When an audit comes to an enterprise, one of the points for assessing liquidity is to determine book value shares. On a certain date, the value of net assets is fixed, divided by the number of shares issued, and the required indicator is obtained.

Let's calculate the balance or book value of shares using an example.

The amount of the company's assets:

• goods in stock RUB 250,000 + residual value of fixed assets RUB 1,400,000 + current bank account RUB 300,000 + receivables 150,000 rubles = 2,100,000 rubles

The amount of the company's liabilities:

• bank loans and borrowings 600,000 rubles + accounts payable to suppliers 100,000 rubles = 700,000 rubles

Net asset value of JSC = 2,100,000 - 700,000 = 1,400,000 rubles

250 shares issued. The accounting value of each will be: 1,400,000 rubles / 250 shares = 5,600 rubles.

The market value is always compared with the book value, if the inequality sign is in favor of the latter, a rise in share prices is expected in the future.

Factors affecting share prices

We, as investors, are only interested in the market price. A huge number of factors influence the quotes of certain stocks.

internal factors, related to the activities of the enterprise:

• increasing competitiveness;
• price reduction;
• rebranding / introduction of new brands;
• active work with the media sector.

External factors, does not depend on the activities of the enterprise:

• objective and subjective assessment of the enterprise by traders - here development prospects, leadership style, authority, experience, etc. can be taken into account;
• government measures in the field of legislation, taxes;
• competition;
• prices for raw materials and materials;
• fluctuations in exchange rates;
• indefinite union strikes;
• business environment and the state of the economy.

Thus, share prices are absolutely not under the control of companies, the market or the state, this may include human factor in decision-making, global cataclysms, forecasts, rumors and much, much more.

Demand for shares may rise or fall depending on the season, a particular month, as traders often pay attention to historical charts, statistics of price movements. Globalization allows exchange participants to take into account various processes, no matter how far they take place. The Internet has erased all boundaries.

Where are the shares traded

Shares are traded on stock exchanges. How to participate in trading? Today, investors may well conduct business by remote access to trading through Internet terminals. The most significant stock exchanges in Russia are:

1. MICEX.

FB RTS consists of two markets: exchange and classic. On the second stage, trading takes place only in dollars and with large blocks of shares.

The most liquid and most demanded stocks in the auctions are called “blue chips” on the stock exchanges. These include shares of such giants as:

• Gazprom";
• RAO "UES of Russia";
• OJSC "Sberbank of Russia";
• OAO "Lukoil";
• OAO Sibneft;
• Rostelecom";
• OJSC MMC Norilsk Nickel.

There are about 30 enterprises in the number of shares of the "second echelon", transactions with them are several times inferior to the volumes of "blue chips". A few hundred more enterprises have access to the sale of their shares, but their turnover is negligible.

In defense of the investment attractiveness of stock exchanges, several factors testify:

• legislative regulation;
• dynamism;
• a wide range of strategy choices in terms of duration, intensity, volumes;
• freedom in capital management.

But you need to profitably trade stocks at the professional level, amateurishness in this area can be expensive.

Company shares- These are securities that indicate that their owner has contributed to the capital of the company. The owner of the shares has the full right to receive profit in the form of dividends. The amount of profit which a shareholder will receive depends on his share in JSC(joint stock company, which is open and closed).

Company shares are divided into:

• Ordinary
• Privileged

The owner of the former has the right to manage the company and vote during the shareholders' meeting. One share is usually equal to one vote. The owner of ordinary shares is entitled to receive ordinary dividends.

The owner of preferred shares has a large number of rights. Namely, the right to be the first to profit with more a high percentage on dividends.

How to start trading stocks on the stock exchange?

Russian stock trading platforms: MICEX(Moscow Interbank Currency Exchange) and RTS (Russian Trading System).

In accordance with the legislation of the Russian Federation, only specialized companies with a license can trade on the stock exchange. The latter is issued by the FFMS - Federal Service on the financial market.

Before you start trading shares on the stock exchange, you need to settle the necessary technical issues. Below is a clear sequence of actions that an experienced trader should follow:

1. Search for a reliable brokerage company;
2. Conclusion of an agreement with;
3. Opening an account;
4. Transfer of a certain amount of money to the account (as much as you see fit);
5. Start trading on .

Factors affecting stock prices

Many factors affect the stock price. But you can simplify the understanding to two fundamental factors that make up the cost:

• The desire to buy or sell stocks from other traders;
• The volume of buying and selling shares. If there are a majority of buyers, then there is an increase in quotations, but if people prefer to sell shares, we see their decrease.

People will buy shares in a company if they are attracted to the company's profits, management, and prospects. In the event that traders do not see the company's growth prospects, they will certainly get rid of its securities. Also, share prices depend on general condition economy of the country and the actions of the government.

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In the form of dividends, for participation in the management of joint-stock companies and for part of the property remaining after its liquidation.

Stock- a security, from the amount of nominal value of which the authorized capital of a commercial organization is formed, which, due to its given property, is usually called a joint-stock company.

By law, the share belongs to the group equity securities, i.e. mass-produced securities that do not differ in any way in this series, and not piece by piece, but at the same time, each issue must be registered according to certain rules by the appropriate state registration authority.

A share may be issued in the Russian Federation only in non-documentary (in the form of entries on accounts) form. In Russia, all shares are issued in registered form, bearer shares are absent in practice.

Share as a set of rights and obligations

Legal definition of a share

The law “On the Securities Market” defines a share as “an issuance security that secures the rights of its owner (shareholder) to receive part of the profit of a joint-stock company in the form of dividends, to participate in the management of a joint-stock company and to part of the property remaining after its liquidation.” Briefly, this legal understanding of a share can be formulated in such a way that it is a security endowed with the rights listed above.

The definition reflects the historically formed traditional set of rights of the owner of a share related to participation in management, receipt of income and receipt of part of the property of the organization in the event of its liquidation.

Rights of the shareholder

The owner of a share is a member of a joint-stock company, that is, a shareholder, and as such, he also acts as its owner. Hence, the owner of the share has two groups of rights:

• rights in relation to the person who issued the share, i.e. rights in relation to the joint-stock company, in the authorized capital of which its share is contained, or the rights of a shareholder;
• rights in relation to the share itself as a form of existence of the security, or the rights of the owner of the share as his property.

The right to participate in management as a specific right of the owner of the share. The right to a certain kind of income is inherent in all securities as contributions to the joint capital. But only one type of securities - shares - has the right of its owner to participate in management, which is usually also called the right to vote. Owners of other types of securities do not have rights related to the management of those organizations to which they provide their capital on certain conditions.

Promotion like special kind a security ceases to be a share, although it does not cease to be a security if it does not give rights to participate in management, primarily in the form of voting rights. We can say that it is the right to participate in management that turns a security into a share.

Stock is a security, the owner of which receives the rights to participate in the management of a commercial organization.

The owner of any income security has the right to receive this or that income on it, but only the owner of the share has also the right to participate in management.

Ordinary shares or voting shares- these are shares that give their owner the right to vote in resolving all issues at the general meeting of shareholders.

In practice, there are usually varieties of shares that do not give its owner full voting rights compared to other shares issued by the same joint-stock company. They are commonly referred to as non-voting shares. These are, for example, preferred shares or voiceless ordinary shares found in world practice (the issue of the latter in Russia is not permitted by law). They are also considered shares, as they represent a contribution to the authorized capital of a joint-stock company. The issuance of preferred shares, or non-voting shares, is often limited by law and cannot exceed a relatively small percentage. authorized capital(in Russia - no more than 25% of the authorized capital). Extending the limits of issuing shares without voting rights would essentially mean nothing more than the concentration of capital management of many market participants in the hands of their few strata, which contradicts the very idea of ​​pooling capital and collectively managing them in the form of a joint-stock company, or contrary to the idea of ​​a joint-stock company as a collective , social capitalist.

The existence of varieties of shares without certain rights to participate in management, or without the right to vote, or with restrictions on participation in the management of a joint-stock company is quite possible, but it is impossible for a share to exist as a type of security without the right to participate in management in general. In any joint-stock company, a situation is impossible in which all the shares issued by it do not have any voting rights at all, although it is very common for some of its shares to have the right to vote when resolving all issues, while others have this right only when resolving a limited range of issues, i.e. they have this right only partially.

An individual shareholder may not use his personal right to participate in management for some subjective reasons (illness, business trip, travel expenses, etc.), but he can delegate it to another shareholder or simply an authorized person. In general, a joint-stock company cannot function normally without its management by its shareholders (general meeting of shareholders). The expansion of shareholders' participation in the management of a joint-stock company is an important feature of the latter's modern development.

In world practice, there are certain differences in the content of the right to manage certain categories share holders. But the trend is that all these differences are gradually eliminated and only such content of shareholders' rights remains that corresponds to their free and democratic expression of will without any artificial restrictions that put shareholders in unequal conditions.

Capital has no qualitative differences, and therefore each part of it does not differ from other parts. This means that the rights granted by any part of the capital must be exactly the same.

Share rights

By law, the owner of a share, or shareholder, has a number of mandatory rights:

• to receive part of the profit from the activities of the joint-stock company, which is called a dividend;
• to participate in the management of a joint-stock company by participating in the work of its general meeting and the possibility of electing to the composition of certain management bodies;
• to the share of property remaining as a result of the termination of the joint-stock company for any reason, in proportion to the shareholder's number of shares;
• to freely dispose of a share, i.e., the right to buy and sell it, to donate it, bequeath it, pledge it, exchange it, etc.;
• for the preferential acquisition of new issues of this joint-stock company in proportion to the number of shares it has;
• other rights in accordance with the charter of the joint-stock company.

Share ownership and joint stock company

In accordance with the listed rights, a share is usually called, on the one hand, an equity security, because it represents a share in the authorized capital of a joint-stock company, and on the other hand, it is often said that a shareholder is the owner of this company. In fact, a shareholder has ownership only of the shares he owns, and the owner of all property and all property rights is the joint-stock company itself.

The fact that the ownership of the shares is separate from the ownership of the property of the joint-stock company is manifested in the following:

• the shareholder is not liable for the obligations of the joint stock company (and vice versa);
• the shareholder does not have the right to demand the redemption by the joint-stock company of his shares (except for the cases specified in the law), he cannot freely return his capital in this way (but only by buying and selling shares on the stock market);
• the payment of dividends per share is not guaranteed, and shareholders cannot take decisions to increase the level of the dividend in comparison with its size established by the board of directors of the joint-stock company, i.e. its management team.

When a share is issued, the period of its existence is not set, therefore it is customary to classify the share as a group of perpetual securities. In practice, the duration of the existence of the shares is entirely determined by the joint-stock company itself. If we ignore the possibility of replacing one type of shares with another, for example, with a different nominal value, which may well occur at some intervals and be associated with internal or external reasons in relation to the company (for example, the need to increase or decrease the number of shares in circulation, inflation, etc.), then the share exists exactly as long as the joint-stock company that issued it exists.

Promotion details

According to the law, any share must have mandatory details, the main of which are as follows:

• name - "share";
• the name of the joint-stock company and its legal address;
• serial number;
• type of share;
• face value;
• the size of the authorized capital of the joint-stock company;
• number of issued shares (in this issue);
• the name of the owner (in the case of a registered share);
• information about dividends (payment terms, methods of payment, etc.);
• information on the registration procedure (for registered shares);
• signature and seal of the issuer.

According to the reflection in the charter, shares can be divided into:

• placed, redeemed by shareholders;
• declared, shares, which the joint-stock company can place additionally. When issuing shares, the charter of a joint-stock company must contain such shares.

Types of shares

Shares can be ordinary and preferred. An ordinary share is a share that grants the right to vote to its owner at a general meeting of a joint-stock company, as well as all other rights mentioned above. A preference share is an ordinary share, the owner of which, instead of the right to vote, has the right to receive a fixed dividend and a priority right, compared to the owner of an ordinary share, to a part of the property in the event of liquidation of the joint-stock company.

In cases provided by law, the owner preferred share receives the right to vote at the general meeting of shareholders. This applies to situations in which either the fate of a joint-stock company is decided, or this company does not fulfill its obligations to pay a fixed amount.

"Golden share" as a specific form of state participation in joint-stock companies

« golden share” is a special right that allows government bodies to participate in the work and, if necessary, block the adoption of critical decisions regarding:

• introduction of amendments and additions to the charter of the joint-stock company;
• its reorganization or liquidation;
• his participation in other enterprises or associations of enterprises;
• pledge or lease, sale and alienation in other ways of property, the composition of which is determined by the enterprise privatization plan.

Legal understanding of the share

The legal understanding of a share is not limited to certain rights of its owner. A share is both a representative of a part of the charter capital of a joint-stock company and a representative of the rights of its owner. Therefore, a more complete definition of the action can be given.

Stock- evidence of a single contribution to the authorized capital of a business company, which has the form of a security issued by this company and granting its owner the rights established by law and by the charter of this company. Accordingly, the economic company issuing shares is called a joint-stock company, and the owner of the share is called a shareholder of this company.

A share as a unity of the rights of a shareholder and obligations of a joint stock company. The owner of a share has the rights of a shareholder. However, rights do not exist in isolation from duties. The right of one person means the existence of equivalent obligations for some other person.

The rights of the owner of a share as a shareholder are opposed by the obligations of the joint-stock company that issued these shares, or the source of the shareholder's rights is the obligations of the joint-stock company to him.

The previously listed mandatory (and special) rights of a shareholder can be formulated in the form of obligations of a joint-stock company to pay income per share, to general meeting shareholders, to provide shareholders with the necessary information, etc.

There is nothing in the rights of a shareholder that would not be contained in the obligations of a joint stock company and vice versa.

The link between the rights of a shareholder and the obligations of a joint-stock company is a share. It concentrates both the rights of a shareholder and the obligations of a joint-stock company. It is produced last and purchased first. The shareholder receives (acquires) the share in his ownership, i.e. he is the owner of the share.

Rights of the shareholder

The rights of the owner of a share as a security are absolutely identical to his rights as the owner of any other goods or property.

The owner of a share has all the rights to it as a security, that is, as an object of ownership. The essence of all the rights of the owner of a security as a commodity or property is the right to freely dispose of it, up to and including complete alienation.

The owner of a share may perform any actions with it provided for by the current legislation, in particular:

• own as long as you like;
• sell;
• give into trust management;
• give;
• bequeath;
• store as he pleases;
• transport, send, etc.

Ownership of a share as a source of income per share. The owner of a share can make various transactions with it, including those that can bring him income, in addition to the income that he has by right of dividend. The most common ways to earn income from using a share as property is to buy and sell a share and use it as a loan asset.

The difference between a dividend and other forms of income from a share. A share dividend is the realization of the rights of its owner as a shareholder. Any other forms of income from a share, such as a positive difference in prices, interest on lending, income from inheritance, etc., is the realization of the rights of the owner of a share as the owner of a commodity or property in general.

Obligations of the owner of the share as the owner of the property. The right of ownership is at the same time the obligation not to violate the property of another person. The owner of a share is obliged to consider other owners of shares as owners. In this sense, the right to property is the obligation to respect the property of others. Otherwise, it is easy to lose your property.

Each right in the market, which is a manifestation of the right of ownership, carries in itself the right opposite to it. For example, the right of one market participant to buy is simultaneously the right of another market participant to sell and vice versa. However, these equal rights oppose each other as equal obligations, since the realization of the right is impossible without the assumption of corresponding obligations.

Consequently, the owner of a share bears both rights and obligations associated with the presence of a share.

The unity and difference between the rights of a shareholder and the obligations of a joint-stock company for a share. The rights of a shareholder are opposed by the obligations of a joint-stock company to him. They represent the same thing, for example, the payment of a dividend per share, but are separated as the rights of a shareholder and as obligations of a joint stock company.

A shareholder is not a person liable under a share, and a joint-stock company is not a person having any obligatory rights under a share issued by him.

In other words, the rights and obligations under the shares, in this case, are divided between market participants, but in their content they are one and the same.

The unity and difference of the rights and obligations of the owner to a share as to property. The situation is different with share ownership. In this case, the owner of the share bears rights and obligations under it. There is no division of rights and obligations for each share between different market participants, as is the case with the shareholder's rights, which are secured by the obligations of a joint-stock company.

The subject of ownership is a share, which constitutes a single basis for the rights and obligations of its owner. But in relation to itself, a market participant cannot have either rights or obligations.

The division into market rights and obligations is impossible without their simultaneous division between market participants. Both exist, but only in the form of a relationship between market participants as shareholders of a given joint-stock company and its non-shareholders, i.e., owners, first of all, of money capital.

Consequently, the rights and obligations of the owner of a share are opposed by the rights and obligations of other owners, but already, for example, to money capital in the market.

As a result, the rights and obligations of the owners of shares are divided among market participants, but not in the form of a separation of rights from obligations between them, but in the form of opposition of the shares themselves and money capital between various market participants. But only capital can resist capital, and therefore the share takes the form of capital, the possibility of which is inherent in it as in the right to a dividend and in the right to other types of income from it as from property.

Share as a right to income

The essence of a shareholder's rights is his right to a dividend, that is, the right to income paid by a joint-stock company per unit of authorized capital.

The essence of the owner's rights to a share is the right to receive income from the disposal of the share as property.

However, the right of the owner of a share to have other income from it, except for the dividend, is not at the same time an obligation of some other market participants, as is the case in the case of exercising the right to a dividend. A share as a right to a dividend and a share as a right to other types of income are two different rights. The first is an actual right, the person bound by it is always known. The second is only a potential right, only an opportunity to receive income under certain market conditions, but not at all the obligation of the market or any of its participants to ensure that the owner of property called a share receives certain incomes.

Unlike the right to a dividend, the right of the owner of a share as property is simultaneously the possibility of receiving both income from market transactions with it, and equally loss from them.

Share as capital

In the totality of its property rights, a share is a right to income in general. The right to income turns the share into capital, but not as part of the authorized capital of the joint-stock company, but as capital that exists on the market outside the joint-stock company.