50 research outputs found
Approaches to the dividend policy in the market economy
Π£ ΡΡΠ°ΡΡΡ ΡΠΎΠ·ΠΊΡΠΈΠ²Π°ΡΡΡΡΡ ΠΎΡΠ½ΠΎΠ²Π½Ρ ΠΏΡΠ΄Ρ
ΠΎΠ΄ΠΈ Π΄ΠΎ Π΄ΠΈΠ²ΡΠ΄Π΅Π½Π΄Π½ΠΎΡ ΠΏΠΎΠ»ΡΡΠΈΠΊΠΈ ΠΏΡΠ΄ΠΏΡΠΈΡΠΌΡΡΠ²Π° Π² ΡΠΈΠ½ΠΊΠΎΠ²ΡΠΉ Π΅ΠΊΠΎΠ½ΠΎΠΌΡΡΡ ΡΠ»ΡΡ
ΠΎΠΌ Π°Π½Π°Π»ΡΠ·Ρ ΡΠΈΡΡΠ΅ΠΌΠΈ ΠΎΡΠ½ΠΎΠ²Π½ΠΈΡ
Π·Π°Π²Π΄Π°Π½Ρ ΡΡΠ½Π°Π½ΡΠΎΠ²ΠΈΡ
ΠΌΠ΅Π½Π΅Π΄ΠΆΠ΅ΡΡΠ² Π· Π΄ΠΈΠ²ΡΠ΄Π΅Π½Π΄Π½ΠΎΡ ΠΏΠΎΠ»ΡΡΠΈΠΊΠΈ ΠΊΠΎΠΌΠΏΠ°Π½ΡΡ, ΡΠΎ ΠΏΠ΅ΡΠ΅Π΄Π±Π°ΡΠ°ΡΡΡ ΠΌΠ°ΠΊΡΠΈΠΌΡΠ·Π°ΡΡΡ Π±Π°Π³Π°ΡΡΡΠ²Π° Π²Π»Π°ΡΠ½ΠΈΠΊΠ°, Π·Π°Π±Π΅Π·ΠΏΠ΅ΡΡΡΡΠΈ Π°Π΄Π΅ΠΊΠ²Π°ΡΠ½Π΅ ΡΡΠ½Π°Π½ΡΡΠ²Π°Π½Π½Ρ Π΄Π»Ρ ΠΊΠΎΠΌΠΏΠ°Π½ΡΡ; Π²ΠΈΡΠ²ΡΡΠ»Π΅Π½Π½Ρ ΠΊΠ»ΡΡΠΎΠ²ΠΈΡ
ΡΠ°ΠΊΡΠΎΡΡΠ², ΡΠΎ Π²ΠΏΠ»ΠΈΠ²Π°ΡΡΡ Π½Π° Π΄ΠΈΠ²ΡΠ΄Π΅Π½Π΄Π½Ρ ΠΏΠΎΠ»ΡΡΠΈΠΊΡ, ΡΠ΅ΡΠ΅Π΄ ΡΠΊΠΈΡ
Π½Π΅ΠΎΠ±Ρ
ΡΠ΄Π½ΠΎ Π·Π°Π·Π½Π°ΡΠΈΡΠΈ ΡΠ²ΠΈΠ΄ΠΊΡΡΡΡ ΡΠΎΡΡΡ ΠΊΠΎΠΌΠΏΠ°Π½ΡΡ, ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΡΡΡΡ, ΡΡΠ°Π±ΡΠ»ΡΠ½ΡΡΡΡ ΠΏΡΠΈΠ±ΡΡΠΊΡ ΡΠΎΡΠΎ; Π²ΠΈΠ²ΡΠ΅Π½Π½Ρ ΠΎΡΠ½ΠΎΠ²Π½ΠΈΡ
ΠΏΠΈΡΠ°Π½Ρ ΡΠΎΠ·Π³Π»ΡΠ΄Ρ ΠΏΠΎΠ΄Π°ΡΠΊΡ Π°ΠΊΡΡΠΎΠ½Π΅ΡΠ°ΠΌΠΈ, Π·Π°ΡΠ½ΠΎΠ²Π°Π½Π΅ Π½Π° ΡΠΎΠΌΡ, ΡΠΎ Π΄ΠΈΠ²ΡΠ΄Π΅Π½Π΄ΠΈ Π²Π²Π°ΠΆΠ°ΡΡΡΡΡ Π·Π²ΠΈΡΠ°ΠΉΠ½ΠΈΠΌ Π΄ΠΎΡ
ΠΎΠ΄ΠΎΠΌ Ρ ΠΎΠΏΠΎΠ΄Π°ΡΠΊΠΎΠ²ΡΡΡΡΡΡ Π·Π° ΠΏΠΎΠ²Π½ΠΎΡ ΡΡΠ°Π²ΠΊΠΎΡ. Π¦Π΅ΠΉ ΡΠ°ΠΊΡ ΠΏΠΎΡΠΎΠ΄ΠΆΡΡ ΠΏΡΠΈΡ
ΠΎΠ»ΠΎΠ³ΡΡΠ½Ρ Π΄ΠΈΠ»Π΅ΠΌΡ ΡΠ½Π²Π΅ΡΡΠΎΡΠ° ΠΏΡΠΈ Π²ΠΈΠ±ΠΎΡΡ ΠΌΡΠΆ Π·Π²ΠΎΡΠΎΡΠ½ΡΠΌ Π²ΠΈΠΊΡΠΏΠΎΠΌ Π°ΠΊΡΡΠΉ Π°Π±ΠΎ ΠΎΡΡΠΈΠΌΠ°Π½Π½ΡΠΌ Π΄ΠΎΡ
ΠΎΠ΄Ρ Ρ Π²ΠΈΠ³Π»ΡΠ΄Ρ Π΄ΠΈΠ²ΡΠ΄Π΅Π½Π΄ΡΠ². ΠΠΎΠΊΡΠ΅ΠΌΠ°, Π΄ΠΎΡ
ΠΎΠ΄ΠΈ Π²ΡΠ΄ ΠΏΡΠΈΡΠΎΡΡΡ ΠΊΠ°ΠΏΡΡΠ°Π»Ρ, ΡΠΊΡ Π²ΠΈΠ½ΠΈΠΊΠ°ΡΡΡ Π· ΠΎΡΡΠ½ΠΊΠΈ ΡΠΈΠ½ΠΊΠΎΠ²ΠΎΡ Π²Π°ΡΡΠΎΡΡΡ Π°ΠΊΡΡΠΉ ΠΌΠ°ΡΡΡ ΠΏΠΎΠ΄Π°ΡΠΊΠΎΠ²Ρ ΠΏΠ΅ΡΠ΅Π²Π°Π³ΠΈ ΠΏΠ΅ΡΠ΅Π΄ Π΄ΠΈΠ²ΡΠ΄Π΅Π½Π΄Π°ΠΌΠΈ, ΠΎΠΊΡΡΠΌ ΠΏΠ΅Π²Π½ΠΈΡ
ΡΠΈΡΡΠ°ΡΡΠΉ. Π£ ΡΡΠ°ΡΡΡ ΡΠ°ΠΊΠΎΠΆ ΡΠΎΠ·ΠΊΡΠΈΠ²Π°ΡΡΡΡΡ ΡΡΠ½ΡΡΡΡ ΡΠΎΠ·Π±ΡΠΆΠ½ΠΎΡΡΡ Π΄ΠΈΠ²ΡΠ΄Π΅Π½Π΄Π½ΠΎΡ ΠΏΠΎΠ»ΡΡΠΈΠΊΠΈ, ΡΠΎ ΠΌΠΎΠΆΡΡΡ Π±ΡΡΠΈ Π²ΠΈΠ·Π½Π°ΡΠ΅Π½Ρ ΡΠΊ Π²ΠΈΠ±ΡΡ ΠΌΡΠΆ ΡΡΡΠΈΠΌΠ°Π½Π½ΡΠΌ Π΄ΠΎΡ
ΠΎΠ΄ΡΠ² Π°Π±ΠΎ ΠΏΡΠΈΡΠΎΡΡΠΎΠΌ ΠΊΠ°ΠΏΡΡΠ°Π»Ρ ΠΊΠΎΠΌΠΏΠ°Π½ΡΡ Ρ Π΄ΠΈΠ²ΡΠ΄Π΅Π½Π΄Π°ΠΌΠΈ, Π² Π·Π°Π»Π΅ΠΆΠ½ΠΎΡΡΡ Π²ΡΠ΄ ΠΊΠΎΠ½ΠΊΡΠ΅ΡΠ½ΠΈΡ
Ρ
Π°ΡΠ°ΠΊΡΠ΅ΡΠΈΡΡΠΈΠΊ ΡΡΡΠΌΠΈ Ρ ΡΡ Π²Π»Π°ΡΠ½ΠΈΠΊΡΠ².The article reveals dominant approaches to the companyβs dividend policy in the market economy through analyzing a system of core finance managersβ objectives for the companyβs dividend policy that contemplate maximizing owner wealth while providing adequate financing for the company; enlightening the key factors that influence dividend policy, among which should be mentioned company growth rate, profitability, earnings stability etc.; examining the main issues of stockholder tax consideration based on the fact that dividends are considered ordinary income and are taxed at the full rate. This fact generates investorβs psychological dilemma between choosing a stock repurchase or taking earnings as dividends. In particular, capital gains that arise from the appreciation of the market price of stock have a tax advantage over dividends except in certain situations. The article also unveils the existing dividend policy controversy that could be defined as a choice between earning retention or capital gains of the company and dividends depending on the particular characteristics of the firm and its owners.Π ΡΡΠ°ΡΡΠ΅ ΡΠ°ΡΠΊΡΡΠ²Π°ΡΡΡΡ ΠΎΡΠ½ΠΎΠ²Π½ΡΠ΅ ΠΏΠΎΠ΄Ρ
ΠΎΠ΄Ρ ΠΊ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Π½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠ΅ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ Π² ΡΡΠ½ΠΎΡΠ½ΠΎΠΉ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠ΅ ΠΏΡΡΠ΅ΠΌ Π°Π½Π°Π»ΠΈΠ·Π° ΡΠΈΡΡΠ΅ΠΌΡ ΠΎΡΠ½ΠΎΠ²Π½ΡΡ
Π·Π°Π΄Π°Ρ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ
ΠΌΠ΅Π½Π΅Π΄ΠΆΠ΅ΡΠΎΠ² Π² Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Π½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠ΅ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ, ΠΏΡΠ΅Π΄ΡΡΠΌΠ°ΡΡΠΈΠ²Π°ΡΡΠΈΠ΅ ΠΌΠ°ΠΊΡΠΈΠΌΠΈΠ·Π°ΡΠΈΡ Π±ΠΎΠ³Π°ΡΡΡΠ²Π° Π²Π»Π°Π΄Π΅Π»ΡΡΠ°, ΠΎΠ±Π΅ΡΠΏΠ΅ΡΠΈΠ²Π°Ρ Π°Π΄Π΅ΠΊΠ²Π°ΡΠ½ΠΎΠ΅ ΡΠΈΠ½Π°Π½ΡΠΈΡΠΎΠ²Π°Π½ΠΈΠ΅ Π΄Π»Ρ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ; Π°ΠΊΡΠ΅Π½ΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ Π½Π° ΠΊΠ»ΡΡΠ΅Π²ΡΡ
ΡΠ°ΠΊΡΠΎΡΠ°Ρ
, Π²Π»ΠΈΡΡΡΠΈΡ
Π½Π° Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Π½ΡΡ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΡ, ΡΡΠ΅Π΄ΠΈ ΠΊΠΎΡΠΎΡΡΡ
Π½Π΅ΠΎΠ±Ρ
ΠΎΠ΄ΠΈΠΌΠΎ ΠΎΡΠΌΠ΅ΡΠΈΡΡ ΡΠΊΠΎΡΠΎΡΡΡ ΡΠΎΡΡΠ° ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ, ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΡ, ΡΡΠ°Π±ΠΈΠ»ΡΠ½ΠΎΡΡΡ ΠΏΡΠΈΠ±ΡΠ»ΠΈ ΠΈ Ρ.ΠΏ.; ΠΈΠ·ΡΡΠ΅Π½ΠΈΠ΅ ΠΎΡΠ½ΠΎΠ²Π½ΡΡ
Π²ΠΎΠΏΡΠΎΡΠΎΠ² ΡΠ°ΡΡΠΌΠΎΡΡΠ΅Π½ΠΈΡ Π½Π°Π»ΠΎΠ³Π° Π°ΠΊΡΠΈΠΎΠ½Π΅ΡΠ°ΠΌΠΈ, ΠΎΡΠ½ΠΎΠ²Π°Π½Π½ΠΎΠ³ΠΎ Π½Π° ΡΠΎΠΌ, ΡΡΠΎ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Ρ ΡΡΠΈΡΠ°ΡΡΡΡ ΠΎΠ±ΡΡΠ½ΡΠΌ Π΄ΠΎΡ
ΠΎΠ΄ΠΎΠΌ ΠΈ ΠΎΠ±Π»Π°Π³Π°ΡΡΡΡ Π½Π°Π»ΠΎΠ³ΠΎΠΌ ΠΏΠΎ ΠΏΠΎΠ»Π½ΠΎΠΉ ΡΡΠ°Π²ΠΊΠ΅. ΠΡΠΎΡ ΡΠ°ΠΊΡ ΠΏΠΎΡΠΎΠΆΠ΄Π°Π΅Ρ ΠΏΡΠΈΡ
ΠΎΠ»ΠΎΠ³ΠΈΡΠ΅ΡΠΊΡΡ Π΄ΠΈΠ»Π΅ΠΌΠΌΡ ΠΈΠ½Π²Π΅ΡΡΠΎΡΠ° ΠΏΡΠΈ Π²ΡΠ±ΠΎΡΠ΅ ΠΌΠ΅ΠΆΠ΄Ρ ΠΎΠ±ΡΠ°ΡΠ½ΡΠΌ Π²ΡΠΊΡΠΏΠΎΠΌ Π°ΠΊΡΠΈΠΉ ΠΈΠ»ΠΈ ΠΏΠΎΠ»ΡΡΠ΅Π½ΠΈΠ΅ΠΌ Π΄ΠΎΡ
ΠΎΠ΄Π° Π² Π²ΠΈΠ΄Π΅ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄ΠΎΠ². Π ΡΠ°ΡΡΠ½ΠΎΡΡΠΈ, Π΄ΠΎΡ
ΠΎΠ΄Ρ ΠΎΡ ΠΏΡΠΈΡΠΎΡΡΠ° ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°, ΠΊΠΎΡΠΎΡΡΠ΅ Π²ΠΎΠ·Π½ΠΈΠΊΠ°ΡΡ Π² ΡΠ΅Π·ΡΠ»ΡΡΠ°ΡΠ΅ ΠΎΡΠ΅Π½ΠΊΠΈ ΡΡΠ½ΠΎΡΠ½ΠΎΠΉ ΡΡΠΎΠΈΠΌΠΎΡΡΠΈ Π°ΠΊΡΠΈΠΉ, ΠΈΠΌΠ΅ΡΡ Π½Π°Π»ΠΎΠ³ΠΎΠ²ΡΠ΅ ΠΏΡΠ΅ΠΈΠΌΡΡΠ΅ΡΡΠ²Π° ΠΏΠ΅ΡΠ΅Π΄ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Π°ΠΌΠΈ, ΠΊΡΠΎΠΌΠ΅ ΠΎΠΏΡΠ΅Π΄Π΅Π»Π΅Π½Π½ΡΡ
ΡΠΈΡΡΠ°ΡΠΈΠΉ. Π ΡΡΠ°ΡΡΠ΅ ΡΠ°ΠΊΠΆΠ΅ ΡΠ°ΡΠΊΡΡΠ²Π°ΡΡΡΡ ΡΡΡΠ΅ΡΡΠ²ΡΡΡΠΈΠ΅ ΡΠ°Π·Π½ΠΎΠ³Π»Π°ΡΠΈΡ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Π½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ, ΠΊΠΎΡΠΎΡΡΠ΅ ΠΌΠΎΠ³ΡΡ Π±ΡΡΡ ΠΎΠΏΡΠ΅Π΄Π΅Π»Π΅Π½Ρ ΠΊΠ°ΠΊ Π²ΡΠ±ΠΎΡ ΠΌΠ΅ΠΆΠ΄Ρ ΡΠ΄Π΅ΡΠΆΠ°Π½ΠΈΠ΅ΠΌ Π΄ΠΎΡ
ΠΎΠ΄ΠΎΠ² ΠΈΠ»ΠΈ ΠΏΡΠΈΡΠΎΡΡΠΎΠΌ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ ΠΈ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Π°ΠΌΠΈ, Π² Π·Π°Π²ΠΈΡΠΈΠΌΠΎΡΡΠΈ ΠΎΡ ΠΊΠΎΠ½ΠΊΡΠ΅ΡΠ½ΡΡ
Ρ
Π°ΡΠ°ΠΊΡΠ΅ΡΠΈΡΡΠΈΠΊ ΡΠΈΡΠΌΡ ΠΈ Π΅Π΅ Π²Π»Π°Π΄Π΅Π»ΡΡΠ΅Π²
ΠΠ΅ΡΠ΅Π²Π°Π³ΠΈ ΡΠ° Π½Π΅Π΄ΠΎΠ»ΡΠΊΠΈ ΡΡΠ½Π°Π½ΡΡΠ²Π°Π½Π½Ρ ΠΏΡΠΈΠ²ΡΠ»Π΅ΠΉΠΎΠ²Π°Π½ΠΈΡ ΡΠ° Π·Π²ΠΈΡΠ°ΠΉΠ½ΠΈΡ Π°ΠΊΡΡΠΉ
Π£ Π΄Π°Π½ΡΠΉ ΡΡΠ°ΡΡΡ Π΄ΠΎΡΠ»ΡΠ΄ΠΆΠ΅Π½ΠΎ ΠΏΠ°ΠΉΠΎΠ²Π΅ ΡΡΠ½Π°Π½ΡΡΠ²Π°Π½Π½Ρ. Π ΠΎΠ·Π³Π»ΡΠ½ΡΡΠΎ ΠΏΠ΅ΡΠ΅Π²Π°Π³ΠΈ ΡΠ° Π½Π΅Π΄ΠΎΠ»ΡΠΊΠΈ Π²ΠΈΠΏΡΡΠΊΡ ΠΏΡΠΈΠ²ΡΠ»Π΅ΠΉΠΎΠ²Π°Π½ΠΈΡ
ΡΠ° Π·Π²ΠΈΡΠ°ΠΉΠ½ΠΈΡ
Π°ΠΊΡΡΠΉ Π½Π°ΡΡΠ΄Ρ Π· ΡΡΠ·Π½ΠΎΠΌΠ°Π½ΡΡΠ½ΠΈΠΌΠΈ ΠΎΠ±ΡΡΠ°Π²ΠΈΠ½Π°ΠΌΠΈ, Π² ΡΠΊΠΈΡ
ΠΊΠΎΠΆΠ½Π΅ Π΄ΠΆΠ΅ΡΠ΅Π»ΠΎ ΡΡΠ½Π°Π½ΡΡΠ²Π°Π½Π½Ρ ΠΌΠΎΠΆΠ΅ Π±ΡΡΠΈ Π½Π°ΠΉΠ±ΡΠ»ΡΡ ΠΏΡΠΈΠ΄Π°ΡΠ½ΠΈΠΌ. ΠΠΈΠ·Π½Π°ΡΠ΅Π½ΠΎ ΠΏΡΠ°Π²Π° Π°ΠΊΡΡΠΎΠ½Π΅ΡΡΠ² Π½Π° Π²ΠΈΠΏΡΡΠΊ Π΄ΠΎΠ΄Π°ΡΠΊΠΎΠ²ΠΈΡ
Π°ΠΊΡΡΠΉ. Π ΠΎΠ·Π³Π»ΡΠ½ΡΡΠΎ ΠΏΠ΅ΡΠ΅Π²Π°Π³ΠΈ ΡΠ° Π½Π΅Π΄ΠΎΠ»ΡΠΊΠΈ ΠΏΡΠ±Π»ΡΡΠ½ΠΎΠ³ΠΎ ΡΠ° ΠΏΡΠΈΠ²Π°ΡΠ½ΠΎΠ³ΠΎ ΡΠΎΠ·ΠΌΡΡΠ΅Π½Π½Ρ Π°Π±ΠΎ ΠΏΡΠΎΠ΄Π°ΠΆΡ Π°ΠΊΡΡΠΉ. Π ΠΎΠ·Π³Π»ΡΠ½ΡΡΠΎ ΡΠΎΠ»Ρ ΡΠ½Π²Π΅ΡΡΠΈΡΡΠΉΠ½ΠΎΠ³ΠΎ Π±Π°Π½ΠΊΡΡΠ°. ΠΠΈΠ·Π½Π°ΡΠ΅Π½Ρ Π΅ΠΊΠΎΠ½ΠΎΠΌΡΡΠ½Ρ Π²ΠΈΠ³ΠΎΠ΄ΠΈ Π²ΡΠ΄ Π΄ΠΎΠ±ΡΠ΅ ΠΊΠ΅ΡΠΎΠ²Π°Π½ΠΎΡ ΡΠΎΠ½Π΄ΠΎΠ²ΠΎΡ Π±ΡΡΠΆΡ, ΡΠΎ Ρ ΡΠ²ΠΎΡ ΡΠ΅ΡΠ³Ρ ΡΠΏΡΠΈΡΡ ΠΏΠΎΠ»ΡΠΏΡΠ΅Π½Π½Ρ ΠΊΠΎΡΠΏΠΎΡΠ°ΡΠΈΠ²Π½ΠΎΡ ΠΏΠΎΠ²Π΅Π΄ΡΠ½ΠΊΠΈ ΡΠ° ΠΏΡΠ΄Π²ΠΈΡΠ΅Π½Π½Ρ Π³ΡΠΎΠΌΠ°Π΄ΡΡΠΊΠΎΡ ΠΎΠ±ΡΠ·Π½Π°Π½ΠΎΡΡΡ ΠΏΡΠΎ Π²ΠΈΠ²ΡΠ΅Π½Π½Ρ Π±ΡΠ·Π½Π΅ΡΡ Π² ΡΠΈΠ½ΠΊΠΎΠ²ΠΈΡ
ΡΠΌΠΎΠ²Π°Ρ
. ΠΡΠΎΠ±Π»ΠΈΠ²Π° ΡΠ²Π°Π³Π° ΠΏΡΠΈΠ΄ΡΠ»ΡΡΡΡΡΡ Π΄ΠΈΠ²ΡΠ΄Π΅Π½Π΄Π½ΡΠΉ ΠΏΠΎΠ»ΡΡΠΈΡΡ, Π° ΡΠ°ΠΌΠ΅ ΡΡ ΡΡΡΠ½ΠΎΡΡΡ ΡΠ° ΠΎΡΠ½ΠΎΠ²Π½ΠΈΠΌ Π²ΠΈΠ΄Π°ΠΌ. ΠΡΠΎΠ°Π½Π°Π»ΡΠ·ΠΎΠ²Π°Π½ΠΎ ΡΠ° ΡΠΈΡΡΠ΅ΠΌΠ°ΡΠΈΠ·ΠΎΠ²Π°Π½ΠΎ ΡΠ°ΠΊΡΠΎΡΠΈ Π²ΠΏΠ»ΠΈΠ²Ρ Π½Π° Π΄ΠΈΠ²ΡΠ΄Π΅Π½Π΄Π½Ρ ΠΏΠΎΠ»ΡΡΠΈΠΊΡ ΠΏΡΠ΄ΠΏΡΠΈΡΠΌΡΡΠ²Π°. Π ΠΎΠ·Π³Π»ΡΠ½ΡΡΡ ΠΏΠΈΡΠ°Π½Π½Ρ ΠΏΡΠΎ ΡΠΎΠ·ΠΏΠΎΠ΄ΡΠ» ΠΏΡΠΈΠ±ΡΡΠΊΡ, Π·Π³Π΅Π½Π΅ΡΠΎΠ²Π°Π½ΠΎΠ³ΠΎ ΠΊΠΎΠΌΠΏΠ°Π½ΡΡΡ Π· ΡΡΠ°Ρ
ΡΠ²Π°Π½Π½ΡΠΌ Π·Π°ΠΏΠ»Π°Π½ΠΎΠ²Π°Π½ΠΈΡ
ΡΠ½Π²Π΅ΡΡΠΈΡΡΠΉ. ΠΠΈΠ·Π½Π°ΡΠ°ΡΡΡΡΡ Π½Π΅ΠΎΠ±Ρ
ΡΠ΄Π½ΡΡΡΡ ΡΠ½Π΄ΠΈΠ²ΡΠ΄ΡΠ°Π»ΡΠ½ΠΎΠ³ΠΎ ΠΏΡΠ΄Ρ
ΠΎΠ΄Ρ Π΄ΠΎ ΡΠΎΡΠΌΡΠ²Π°Π½Π½Ρ ΠΌΠ΅Ρ
Π°Π½ΡΠ·ΠΌΡ ΠΏΠ»Π°ΡΠ΅ΠΆΡΠ² Ρ Π½Π°ΡΠ°Ρ
ΡΠ²Π°Π½Π½Ρ Π΄ΠΈΠ²ΡΠ΄Π΅Π½Π΄ΡΠ² Π΄Π»Ρ ΡΡΠ·Π½ΠΈΡ
ΠΏΡΠ΄ΠΏΡΠΈΡΠΌΡΡΠ².This article discusses equity financing. The advantages and disadvantages of issuing preferred and common stock are addressed, along with the various circumstances in which either financing source is most suited. Stock rights are also described. Consideration is given to the advantages and disadvantages of public versus private placement, or sale. Also discussed is the role of the investment banker. The economic benefits of a well-run stock exchange is considered. Facilitates improvement in corporate behavior and the high level of public awareness of the business explored in conditions of market economy. The special attention is paid to dividend policies. Certainly essence and types of dividend policy of enterprises. The factors of influence on the dividend policy of enterprises are analyzed and systematized. Treats the issue of generated profit distribution by a company taking into consideration planned investments. It is marked necessity of individual approach to forming mechanism of payments and extra charge of dividends for different enterprises.Π ΡΡΠ°ΡΡΠ΅ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΎ Π΄ΠΎΠ»Π΅Π²ΠΎΠ΅ ΡΠΈΠ½Π°Π½ΡΠΈΡΠΎΠ²Π°Π½ΠΈΠ΅. Π Π°ΡΡΠΌΠΎΡΡΠ΅Π½Ρ ΠΏΡΠ΅ΠΈΠΌΡΡΠ΅ΡΡΠ²Π° ΠΈ Π½Π΅Π΄ΠΎΡΡΠ°ΡΠΊΠΈ Π²ΡΠΏΡΡΠΊΠ° ΠΏΡΠΈΠ²ΠΈΠ»Π΅Π³ΠΈΡΠΎΠ²Π°Π½Π½ΡΡ
ΠΈ ΠΎΠ±ΡΠΊΠ½ΠΎΠ²Π΅Π½Π½ΡΡ
Π°ΠΊΡΠΈΠΉ Π½Π° ΡΠΎΠ²Π½Π΅ Ρ ΡΠ°Π·Π½ΠΎΠΎΠ±ΡΠ°Π·Π½ΡΠΌΠΈ ΠΎΠ±ΡΡΠΎΡΡΠ΅Π»ΡΡΡΠ²Π°ΠΌΠΈ, ΠΏΡΠΈ ΠΊΠΎΡΠΎΡΡΡ
ΠΊΠ°ΠΆΠ΄ΡΠΉ ΠΈΡΡΠΎΡΠ½ΠΈΠΊ ΡΠΈΠ½Π°Π½ΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ ΠΌΠΎΠΆΠ΅Ρ Π±ΡΡΡ Π½Π°ΠΈΠ±ΠΎΠ»Π΅Π΅ ΠΏΡΠΈΠ΅ΠΌΠ»Π΅ΠΌΡΠΌ. ΠΠΏΡΠ΅Π΄Π΅Π»Π΅Π½Ρ ΠΏΡΠ°Π²Π° Π°ΠΊΡΠΈΠΎΠ½Π΅ΡΠΎΠ² Π½Π° Π²ΡΠΏΡΡΠΊ Π΄ΠΎΠΏΠΎΠ»Π½ΠΈΡΠ΅Π»ΡΠ½ΡΡ
Π°ΠΊΡΠΈΠΉ. Π Π°ΡΡΠΌΠΎΡΡΠ΅Π½Ρ ΠΏΡΠ΅ΠΈΠΌΡΡΠ΅ΡΡΠ²Π° ΠΈ Π½Π΅Π΄ΠΎΡΡΠ°ΡΠΊΠΈ ΠΏΡΠ±Π»ΠΈΡΠ½ΠΎΠ³ΠΎ ΠΈ ΡΠ°ΡΡΠ½ΠΎΠ³ΠΎ ΡΠ°Π·ΠΌΠ΅ΡΠ΅Π½ΠΈΡ ΠΈΠ»ΠΈ ΠΏΡΠΎΠ΄Π°ΠΆΠΈ Π°ΠΊΡΠΈΠΉ. Π Π°ΡΡΠΌΠΎΡΡΠ΅Π½Π° ΡΠΎΠ»Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠ³ΠΎ Π±Π°Π½ΠΊΠΈΡΠ°. ΠΠΏΡΠ΅Π΄Π΅Π»Π΅Π½Ρ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΠ΅ Π²ΡΠ³ΠΎΠ΄Ρ ΠΎΡ Ρ
ΠΎΡΠΎΡΠΎ ΡΠΏΡΠ°Π²Π»ΡΠ΅ΠΌΠΎΠΉ ΡΠΎΠ½Π΄ΠΎΠ²ΠΎΠΉ Π±ΠΈΡΠΆΠΈ, ΡΡΠΎ Π² ΡΠ²ΠΎΡ ΠΎΡΠ΅ΡΠ΅Π΄Ρ ΡΠΏΠΎΡΠΎΠ±ΡΡΠ²ΡΠ΅Ρ ΡΠ»ΡΡΡΠ΅Π½ΠΈΡ ΠΊΠΎΡΠΏΠΎΡΠ°ΡΠΈΠ²Π½ΠΎΠ³ΠΎ ΠΏΠΎΠ²Π΅Π΄Π΅Π½ΠΈΡ ΠΈ ΠΏΠΎΠ²ΡΡΠ΅Π½ΠΈΡ ΠΎΠ±ΡΠ΅ΡΡΠ²Π΅Π½Π½ΠΎΠΉ ΠΎΡΠ²Π΅Π΄ΠΎΠΌΠ»Π΅Π½Π½ΠΎΡΡΠΈ ΠΎΠ± ΠΈΠ·ΡΡΠ΅Π½ΠΈΠΈ Π±ΠΈΠ·Π½Π΅ΡΠ° Π² ΡΡΠ½ΠΎΡΠ½ΡΡ
ΡΡΠ»ΠΎΠ²ΠΈΡΡ
. ΠΡΠΎΠ±ΠΎΠ΅ Π²Π½ΠΈΠΌΠ°Π½ΠΈΠ΅ ΡΠ΄Π΅Π»ΡΠ΅ΡΡΡ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Π½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠ΅, Π° ΠΈΠΌΠ΅Π½Π½ΠΎ Π΅Π΅ ΡΡΡΠ½ΠΎΡΡΠΈ ΠΈ ΠΎΡΠ½ΠΎΠ²Π½ΡΠΌ Π²ΠΈΠ΄Π°ΠΌ. ΠΡΠΎΠ°Π½Π°Π»ΠΈΠ·ΠΈΡΠΎΠ²Π°Π½Ρ ΠΈ ΡΠΈΡΡΠ΅ΠΌΠ°ΡΠΈΠ·ΠΈΡΠΎΠ²Π°Π½Ρ ΡΠ°ΠΊΡΠΎΡΡ Π²Π»ΠΈΡΠ½ΠΈΡ Π½Π° Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Π½ΡΡ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΡ ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΡ. Π Π°ΡΡΠΌΠΎΡΡΠ΅Π½Ρ Π²ΠΎΠΏΡΠΎΡΡ ΠΎ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΠΈ ΠΏΡΠΈΠ±ΡΠ»ΠΈ, ΡΠΎΠ·Π΄Π°Π½Π½ΠΎΠ³ΠΎ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠ΅ΠΉ Ρ ΡΡΠ΅ΡΠΎΠΌ Π·Π°ΠΏΠ»Π°Π½ΠΈΡΠΎΠ²Π°Π½Π½ΡΡ
ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ. ΠΠΏΡΠ΅Π΄Π΅Π»ΡΠ΅ΡΡΡ Π½Π΅ΠΎΠ±Ρ
ΠΎΠ΄ΠΈΠΌΠΎΡΡΡ ΠΈΠ½Π΄ΠΈΠ²ΠΈΠ΄ΡΠ°Π»ΡΠ½ΠΎΠ³ΠΎ ΠΏΠΎΠ΄Ρ
ΠΎΠ΄Π° ΠΊ ΡΠΎΡΠΌΠΈΡΠΎΠ²Π°Π½ΠΈΡ ΠΌΠ΅Ρ
Π°Π½ΠΈΠ·ΠΌΠ° ΠΏΠ»Π°ΡΠ΅ΠΆΠ΅ΠΉ ΠΈ Π½Π°ΡΠΈΡΠ»Π΅Π½ΠΈΠ΅ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄ΠΎΠ² Π΄Π»Ρ ΡΠ°Π·Π»ΠΈΡΠ½ΡΡ
ΠΏΡΠ΅Π΄ΠΏΡΠΈΡΡΠΈΠΉ
Aromaticity and photophysics of tetrasila- and tetragerma-annelated tetrathienylenes as new representatives of the hetero[8]circulene family
The electronic structure, absorption and emission spectra, aromaticity and photophysical behavior of the recently synthesized tetrasilatetrathia[8]circulene and tetragermatetrathia[8]circulene compounds have been studied computationally. Both compounds demonstrate a specific bifacial aromaticity, which is unusual for hetero[8]circulenes; the inner eight-membered core sustains an expected strong paratropic magnetically-induced ring current, while the outer perimeter contains saturated Si(Et)2 and Ge(Et)2 moieties which break the conjugation between the thiophene rings. The overall magnetically-induced ring current for both studied circulenes is close to zero because of the strong local diatropic currents in each thiophene ring that compensate the paratropic counterpart. The electronic absorption and emission spectra of tetrasilatetrathia[8]circulene and tetragermatetrathia[8]circulene demonstrate a clear visible vibronic progression. The 0β0 band is the most active one in the absorption spectra, while in the fluorescence spectra the 0β1 band composed of several normal vibrations is more intense compared with the 0β0 band in excellent agreement with experiment. Accounting for spinβorbit coupling effects, an analysis of the photophysical constants for the two compounds demonstrates: (1) a clear manifestation of the internal heavy atom effect on the inter-system crossing efficiency; (2) one to two order domination of non-radiative rates over the fluorescence rate; and (3) that the S1βS0 internal conversion is extremely slow and can not compete with the fluorescence, while the S1βTn inter-system crossing is a main deactivation channel of the S1 excited state. These results provide new insight into the electronic structure and photophysics of tetrasilatetrathia[8]circulene and tetragermatetrathia[8]circulene as novel standalone representatives of hetero[8]circulenes β tetraannelated derivatives of tetrathienylene.Peer reviewe
Dianthracenylazatrioxa[8]circulene: synthesis, characterization and application in OLEDs
A soluble, green-blue fluorescent, pi-extended azatrioxa[8]circulene was synthesized by oxidative condensation of a 3,6-dihydroxycarbazole and 1,4-anthraquinone by using benzofuran scaffolding. This is the first circulene to incorporate anthracene within its carbon framework. Solvent-dependent fluorescence and bright green electroluminescence accompanied by excimer emission are the key optical properties of this material. The presence of sliding pi-stacked columns in the single crystal of dianthracenylazatrioxa[8]circulene is found to cause a very high electron-hopping rate, thus making this material a promising n-type organic semiconductor with an electron mobility predicted to be around 2.26 cm(2) V-1 s(-1). The best organic light-emitting diode (OLED) device based on the dianthracenylazatrioxa[8]circulene fluorescent emitter has a brightness of around 16 000 Cd m(-2) and an external quantum efficiency of 3.3 %. Quantum dot-based OLEDs were fabricated by using dianthracenylazatrioxa[8]circulene as a host matrix material.Peer reviewe
The additional value of patient-reported health status in predicting 1-year mortality after invasive coronary procedures: A report from the Euro Heart Survey on Coronary Revascularisation
Objective: Self-perceived health status may be helpful in identifying patients at high risk for adverse outcomes. The Euro Heart Survey on Coronary Revascularization (EHS-CR) provided an opportunity to explore whether impaired health status was a predictor of 1-year mortality in patients with coronary artery disease (CAD) undergoing angiographic procedures. Methods: Data from the EHS-CR that included 5619 patients from 31 member countries of the European Society of Cardiology were used. Inclusion criteria for the current study were completion of a self-report measure of health status, the EuroQol Questionnaire (EQ-5D) at discharge and information on 1-year follow-up, resulting in a study population of 3786 patients. Results: The 1-year mortality was 3.2% (n = 120). Survivors reported fewer problems on the five dimensions of the EQ-5D as compared with non-survivors. A broad range of potential confounders were adjusted for, which reached a p<0.10 in the unadjusted analyses. In the adjusted analyses, problems with self-care (OR 3.45; 95% CI 2.14 to 5.59) and a low rating (β€ 60) on health status (OR 2.41; 95% CI 1.47 to 3.94) were the most powerful independent predictors of mortality, among the 22 clinical variables included in the analysis. Furthermore, patients who reported no problems on all five dimensions had significantly lower 1-year mortality rates (OR 0.47; 95% CI 0.28 to 0.81). Conclusions: This analysis shows that impaired health status is associated with a 2-3-fold increased risk of all-cause mortality in patients with CAD, independent of other conventional risk factors. These results highlight the importance of including patients' subjective experience of their own health status in the evaluation strategy to optimise risk stratification and management in clinical practice
Untersuchung des Energieverbrauchs fΓΌr die Zerkleinerung von Eisenquarzit des Eisenerzbeckens Krivoj Rog durch Schlag und Abrieb
Durch AbriebzertrΓΌmmerung des Eisenerzes in GlockenmΓΌhlen wird die Leistung um 30 - 80 % gesteigert. Der Energieverbrauch sinkt dabei um das 1,3 - 2fache
Explanation of the angle of sharpening of a plough cutting working body
The work is devoted to main tillage, namely the theoretical justification of the angle of sharpening of tillage working bodies. The article has a research character, which is expressed in the fact that the theoretical analysis of the method of determining the angle of sharpening of tillage working organs on the degree of gradual wear of working bodies. Also, the type of the proposed design is justified, its description and the flow of technological process are given. As a result of the work done, the theoretical dependence of the sharpening angle of the working bodies and the influence of the degree of wear on the traction resistance of the arable unit are obtained. The conclusions set out the main results achieved so far