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3.2. A technique of an estimation of ratings transaktsionnyh costs of investors and decision-making on issue of securities 3.2.1. A technique of an estimation of ratings transaktsionnyh costs and acceptance


Decisions on issue of securities
On the basis of research of factors – signals of ratings transaktsionnyh costs we have defined the procedure of payments of significances of a rating transaktsionnyh costs
Small shareholders S
And
And a rating transaktsionnyh costs of creditors – holders
Bonds S
About
.

Let's generalise the received results of research and we will formulate a design procedure of ratings transaktsionnyh costs and decision-making on issue of securities.
For account of ratings transaktsionnyh costs of small shareholders and creditors – bondholders it is necessary to carry out following actions:
1. Previously to calculate significances of factors – signals for definition
Sizes of ratings transaktsionnyh costs, including
To Define mark significance of protection of the rights of shareholders in the legislation.
The technique of its account is resulted in II head. Significance can vary from 0 to 7.
For all Russian enterprises significance of the given rating for the present moment
Equally 7.
To Define mark significance of protection of the rights of creditors in the legislation.
The technique of its account is resulted in II head. Significance can vary from 0 to 4.
For all Russian enterprises significance of the given indicator for the present moment
Equally 2.
To Define mark significance of efficiency of application of the legislation.
The technique of its account is resulted in II head. Separate significances of parametres of the International management are necessary for account on composit risks of the countries (Com119
posite International Country Risk Guide, ICRG) companies PRS Group. Rating significance can vary from 0 to 16. As of June, 1999 the mark
Significance of efficiency of application of the legislation for Russia made 5 units.
To Define mark significance of disclosing of the information the enterprise. The technique of definition of a rating is resulted in II head. Significance of the given point varies in a range from 0 to 50.
To Define a share of shares of the enterprise which are in the property of the general director. If this share appears less than 5 % of shares, the factor – a share signal
The general director it is equal 0, and if equally or more than 5 %, 1.
To Calculate an index of quantity of large shareholders of the enterprise. For this purpose
To define quantity of large shareholders of the enterprise. The shareholder possessing not less 5 % of voting shares of the enterprise is large. Thus, the maximum quantity of large shareholders can be no more than 20. Thus affilirovannye among themselves shareholders should be considered for one person. Further on a basis
Quantities of shareholders to define an index of quantity of shareholders as follows: if the enterprise does not have large shareholders, significance of an index equally 0. If
Any other significance from 1 to 20 the index settles up: 21 minus quantity
Large shareholders. Thus, if quantity of large shareholders equally 1,
That significance of an index 21 – 1 = 20 etc. Significance of an index of quantity of large shareholders can vary from 0 to 20.
To Calculate percentage significance of a cumulative share of all large shareholders.

Significance of the given indicator can vary from 0 to 100 %.
2. At use of ratings transaktsionnyh costs for decision-making on issue of securities it is expedient to be guided by not aggregated
Significance of given ratings S, and separate components – ratings transaktsionnyh costs of small shareholders S
And
And creditors-owners of bonds S
About
.
And rating S
And
Also it is possible to divide into making, formed ñîîòâåò120
stvenno on the basis of significances of factors – signals of the first group and factors – signals of the second group. A rating transaktsionnyh costs of creditors – holders
Bonds S
About
It is based only on factors – signals of protection of the rights and interests
Creditors in the legislation.
For account of a component of a rating transaktsionnyh costs of the small shareholders, formed on the basis of significances of factors – signals of the first group it is necessary:
– Mark significance of protection of the rights and interests of small shareholders in the legislation (the item 1à) to increase on 1,2;
– Mark significance of efficiency of application of the legislation (the item 1â) to increase on 1,569;
– Mark significance of quality of disclosing of the information (the item 1ã) to increase on 0,33;
– To summarise the significances received during fulfilment of actions, indicated
Above in the given item 2à, having received as a result a rating component transaktsionnyh costs of creditors on the basis of factors – signals of the first group.
For account of a component of a rating transaktsionnyh costs of the small shareholders, formed on the basis of significances of factors – signals of the second group, it is necessary:
– Significance of a sign of availability of a share of the general director (the item 1ä) to increase on
5,101;
– Significance of an index of quantity of large shareholders (the item 1å) to increase on 1,729;
– Percentage significance of a cumulative share of all large shareholders (the item 1æ) to increase on 0,103;
– To summarise the significances received during fulfilment of actions, indicated
Above in the given item 2á, having received as a result required significance.
For rating account transaktsionnyh costs of creditors – bondholders S
About
íåîáõîäèìî121
– Mark significance of protection of the rights and interests of creditors in the legislation
To increase on 9,746;
– Mark significance of efficiency of application of the legislation to increase on
3,813;
– To summarise the significances received during fulfilment of actions, indicated
Above in the given item 2â, having received as a result of S
About
With a range of significances from 0 to 100
Units. Thus, the above significance of an indicator, the more low level transaktsionnyh
Costs of creditors – bondholders.
Having combined the significances received in the item 2à and the item 2á, we will receive significance of a rating
transaktsionnyh costs of small shareholders S
a
With a range of significances from 0 to 100
Units. Thus, the above significance of an indicator, the more low level transaktsionnyh
Costs of small shareholders.
Having combined significances S
a
(The item 2ã) and S
About
(The item 2â), we will receive a cumulative rating transaktsionnyh costs S with a range of significances from 0 to 200 units. Thus, than above
Significance of an indicator, that more low level cumulative transaktsionnyh costs of investors.
For example, significances of ratings transaktsionnyh costs of small shareholders and
Creditors – bondholders as of the end of 1999 for Open Society NK
"Lukoil" have made accordingly 65,64 and 38,56; for Open Society "Ñèäàíêî" – 69,50 and
38,56; for Open Society "Surgutneftegaz" – 66,63 and 38,56
116
.
* * *
Having evaluated a rating transaktsionnyh costs of small shareholders and creditors –
Bondholders, the emitter should choose thus parametres of prospective issue (for example, a kind of securities, volume of the rights fixed to the valuable

116
For any Russian enterprise the rating transaktsionnyh costs kreditorovvladeltsev the bonds, defined according to the technique described in given dissertational research, on the middle of 1999 made 38,56. 122
Paper, a placing method) that it has not led, at least, to essential increase in an expected rating transaktsionnyh costs.
At the decision-making, connected with issue of securities, it is necessary to watch, first of all, change of some factors – signals which directly depend on the given decisions and which signal investors about them transaktsionnyh costs.
So, on significances of a component of a rating transaktsionnyh costs on a basis
Factors – signals of the first group influence
– Changes in concentration of the property;
– Change of position of the general director as proprietor of the enterprise.
On change of significance of a component of a rating transaktsionnyh costs on
To basis of factors – signals of the second group influence
– Changes in level of protection of the rights and interests of small shareholders in the legislation;
– Changes in efficiency level pravoprimenenija;
– Change of quality of disclosing of the information.
Rating transaktsionnyh costs of creditors – bondholders S
About
For
All Russian enterprises (is more true, the enterprises which act according to the Russian legislation) is identical and makes 38,56 (2 x
9,746 + 5 x 3,813).
Let's consider, what influence on the given ratings will be rendered by decisions on
To two parametres of issue: by the form securities and to a method of their placing.
Let's present possible variants in Table 3-14. Influence comparison on
Rating in the given table it is reflected with allowance for a principle "with other things being equal".
Proceeding from the given table it is possible to make preliminary âûâîäû:123
1. Placing bonds by an open subscription as a whole is more favorable, than issue of exclusive or ordinary shares.
2. Issue of preference shares by open placing renders
Neutral action – decrease in a share of the shares belonging general
To the director, it is compensated by occurrence of monitoring from the market
Securities.
3. The most dangerous from the point of view of increase transaktsionnyh costs
Small shareholders issue of ordinary shares by opened is
Placings as in this case there is a probability of dispersion of the property and decrease in a share of the shares belonging to the manager
117
.
Table 3-14.
The analysis of influence of decisions by the form securities for issue and the placing form on a rating transaktsionnyh costs of small shareholders S
And
Opened (public placing)
Zak a dug subscription
Ordinary shares the Factors conducting to fall S
And
: Possible decrease in concentration of the property, a share of the manager in
The capital.
The factors conducting to increase S
And
: Occurrence
Monitoring from the party
Capital market (information disclosing).

Depending on, whether there was an increase or
Concentration reduction
Properties and shares of shares,
Belonging to the manager,
Rating S
And
Can as
Will decrease, and will increase.
Preference shares the Factors conducting to fall S
And
: Possible decrease in a share of the shares belonging to the manager.
The factors conducting to increase S
And
: Occurrence
Monitoring from the party
Capital market.
The factors conducting to fall S
And
: Possible decrease in a share of the shares belonging to the manager.
The factors conducting to increase S
And
: Possible increase of a share of the shares belonging to the manager (though
Hardly the manager will be
It is interested in acquisition of the exclusive
Shares)
Bonds the Factors conducting to fall S
And
: No.
The factors conducting to increase S
And
: Occurrence
Monitoring from the party
Capital market (information disclosing).
The factors conducting to fall S
And
: No.
The factors conducting to fall S
And
: No.

117
By consideration of various variants of decision-making we accepted the following
Assumptions: (1) enterprise before issue did not open the information; (2) closed subscription
Does not do obligatory information disclosing; (3) open subscription means about-124
The given table shows only tendencies in rating change transaktsionnyh costs of small shareholders S
And
. By means of an available technique of an estimation of ratings it is possible to draw more exact conclusions concerning size transaktsionnyh
Costs of investors at a choice of this or that decision.

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A source: Losev Sergey Vladimirovich. Issuance of corporate securities and transaction costs: Questions of theory and practice. Thesis for the degree of candidate of economic sciences. Moscow - 2001. 2001

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