The pricing of goods on the market is influenced by the spontaneously emerging supply and demand. However, the spontaneity of pricing is based on internal laws, primarily on the law of value, which implies that the prices of goods are ultimately governed by the proportions of the distribution of hired labor among the branches of material production. The mechanisms of formation of the system of commodity prices can be understood on the basis of the use of the theory of chaos, which is based on the subordination of random processes of a certain regularity, which is called the “attаctor». The price of a commodity is the expression of its value basis in monetary terms, in the form of currency. Since modern credit money is a banknote that is not an image of gold, the price of a commodity depends on the value the market attaches to the modern monetary unit. The monetary unit is the sign of value, the marginal value of which (or the money attractor) is the quotient of dividing the total value of the goods by the number of currency in circulation.
The joint-stock company is a participant in the primary stock market, primarily as an issuer of shares and bonds. However, in the event of the repurchase of its shares, the joint-stock company may also act as a specific participant in the secondary market. When buying its own shares, the joint-stock company is turning into a specific type of investor and speculator in the stock market, and the shares it purchases form a redemption issue portfolio that requires proper management, as well as an investment portfolio. Share repurchases may have economic, “technical” and even political and social reasons. Repurchased shares may relate to a group of treasury shares or a group of quasitreasury shares. The existence of quasi-treasury shares means that there is an opportunity in which it is not external shareholders who control the joint-stock company but the company’s top management, which is no longer under the control of the shareholder group.
This article is devoted to the analysis of the existence of target capital structure of insurance companies and empirical testing of wide known capital structure theories for Russian insurance companies. Trade-of and “pecking order” theories were consider and the model that reflects the impact on the capital structure indicators various characteristics of firms was build. Traditional for insurance markets coefficients: net premium / capital ratio and liabilities / active ratio were consider as capital structure indicators. It was showed that trade-of theory is more adequate for Russian insurance market. It was discovered the existence of target capital structure. Such indicators as firm size, the share of premiums transferred to reinsurance, return on assets, return on capital has significant impact on the capital structure. The opportunity to grow, which was estimated as growth in premiums, and the breadth of the range didn’t has significant impact.
It is shown how to specify and estimate hedonic function for well segmented markets, as exemplified by the new foreign-made cars market of this country. It has been proved that taking in consideration current market segmentation along with very few functional attributes of goods can dramatically improve accuracy of foreign-made cars’ market price approximation. The analysis of interclass difference in implicit prices on a good’s functional attributes has also been performed. Its results confirm, that system of implicit prices correctly reflects market segments positioning. As a mathematical apparatus technique for hedonic function analysis semi log switching regression is used.
The historically collective character of the capital of the joint-stock company developed in the direction of the growth of the number of joint-stock companies and the associated increase in the number of shareholders and the number of shares to be issued. In modern conditions, the possibilities for a quantitative increase in the size of the share capital have already exhausted themselves sufficiently. There are qualitative changes associated with the deepening of the collective character of such capital. On the one hand, there is the emergence of this type of minority shareholders, behind which in fact are hiding large funds of collective investment. On the other hand, this is expressed in the processes of internationalization of jointstock companies and their transformation into transnational companies, i.e. when the composition of shareholders becomes more and more international. The national share market of one and the same company is turning into a global market because these shares through the issue of depositary receipts are able to address the stock markets of any other countries of the world. Owners of depositary receipts, like collective investors, often fall into the category of minority shareholders due to the fact that they have small blocks of shares. The collective and international nature of minority shareholders is an objective basis for the need to protect the rights of such shareholders already at the legislative level.
Development of capital relationship occurs in many areas. We can identify the main two of them: the development of the main organizational form of business activity as joint-stock companies and the development of their reproductive activity, which is reflected in the fundamental change in the processes of formation of the cost of the goods produced by these companies.
The main trend in the development of a joint stock company may be called the "socialization of capital", which not only retains many of the old ways of the private appropriation of profits, but also creates new kinds of them. The chain of commercial structures development involves conversion of the national joint-stock companies into the international joint-stock companies, or multinational companies. This, in turn, leads to the transformation of a number of states, among which we include the developed or rich countries of the world, into a kind of "joint-stock" societies, whose citizens have an opportunity to increase (through an appropriate system of maintenance of a high level of wages and social benefits) their personal consumption financed by appropriating a disproportionately large part of the total world income by the country as a whole. Such a country objectively turns into a special economic-social form of existence of the joint-stock company.
The basis for such a transformation of the state into a sort of joint-stock company is a new nature of production of the majority of modern goods. It consists in the change of the creation process of goods’ value which leads to the complete subordination of all its stages to the corresponding MNC groups.