2016, №4

Ownership as a System of Relations and its Reflection in Stock Form


The content of ownership as an economic category remains debatable for many decades. It generates many problems in the context of the ongoing transformation of its forms in the Russian economy. The purpose of the article is to reveal structural components of the property as a system of relations and the components that identify in dynamics the economic content one of its form — stock ownership. To reach this goal it took to solve the issue: to disclose changes in the mechanisms and methods of realization the economic content of stock ownership on the basis of data about results of activity of joint-stock companies in Russia and foreign countries in 2008–2012. It was used categorical methods, system, structural-functional, comparative, subjective-objective analysis, statistical grouping, reflected historical-genetic aspects of problem. In according to methodology of classical analysis it is revealed the changes in the methods of participation of shareholders in management, changes of proportions in the distribution of capital between shareholders and the level of concentration of control; it is evaluated the enhancement of the concentration of voting rights and the declining importance of the concentration of capital in the management of companies, the increase in excess control rights of the largest shareholders; it is revealed deformation of the principles of distribution of income in proportional to the amount of assigned capital and the factor income, not dividend way to allocate the income, the increase in the proportion of companies that not paying dividends on ordinary shares; it is highlighted changes in the function of disposal including in the companies with state participation and substitution of funds, the conditions of the transformation of manager to the subject of possession; it is justified a blurring of boundaries between possession and disposal.

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Olga E. Germanova – Dr. Sci. (Econ.), Professor, Southern Federal University, Professor of the Department of Economic Theory, Faculty of Economics (Rostov-on-Don, Russian Federation; e-mail: germanovaoe@mail.ru).

Maria S. Shtanko Southern Federal University, Candidate of the Department of Economic Theory, Faculty of Economics (Rostov-on-Don, Rusian Federation;e-mail: shtankoms@gmail.com).