The profit of the joint stock company is distributed in the following order. Help: Distribution of profits and losses in a business community

Public corporation

Number of shareholders of JSC

The total number of OJSC shareholders is not limited by law.

OJSC shareholders can be both individuals and legal entities (Russian and foreign).

Authorized capital of JSC

The authorized capital of the company is made up of the par value of the company's shares acquired by the shareholders. The minimum authorized capital is 100,000 (one hundred thousand) rubles. The authorized capital can be contributed both in cash (opening a savings account to pay for the authorized capital in a bank), and property, property rights, or other rights that have a monetary value. The form of payment for the shares of a company upon its establishment is determined by the agreement on the establishment of the company.

The company's charter may contain restrictions on the types of property that can be used to pay for the company's shares. When making a non-monetary contribution to determine the market value, an appraisal made by an independent appraiser is required and the founders, by agreement between which the property contributed as payment for shares, cannot be assessed higher than the appraised by an independent appraiser.

The purpose of establishing JSC

An open joint stock company is created for the purpose of making a profit and can engage in any activity not prohibited by law. At the same time, for certain types of activities, it is necessary to obtain a special permit (license). The term of activity is not limited, unless otherwise established by the Charter of the Company.

Management bodies of JSC

The supreme governing body of the JSC is the General Meeting of Shareholders of the company. The exclusive competence of the General Meeting is established by the Law (Article 48 of the Federal Law of December 26, 1995 N 208-FZ "On Joint Stock Companies"). The general meeting of shareholders is not entitled to consider and make decisions on issues not attributed to its competence by the Law.

The management of the company's current activities is carried out by the sole executive body of the company (for example, the General Director) or the sole executive body of the company and the collegial executive body of the company (for example, the director and the management or the board). The executive bodies of the company are accountable to the general meeting of members of the company and the board of directors (supervisory board) of the company.

The board of directors (supervisory board) of the company carries out general management of the company's activities, with the exception of resolving issues referred by the Law to the competence of the general meeting of shareholders. In a company with less than fifty shareholders holding voting shares, the charter of the company may provide that the functions of the company's board of directors (supervisory board) are performed by the general meeting of shareholders.

To exercise control over the financial and economic activities of the company, the general meeting of shareholders elects the audit commission (auditor) of the company. Members of the audit commission (auditor) of the company cannot simultaneously be members of the board of directors (supervisory board), as well as hold other positions in the management bodies of the company. Shares owned by members of the board of directors or persons holding positions in management bodies cannot participate in voting when electing members of the audit commission (auditor) of the company.

The auditor (citizen or audit organization) of the company carries out an audit of the financial and economic activities of the company in accordance with the legal acts of the Russian Federation on the basis of an agreement concluded with him. The general meeting of shareholders approves the auditor. The amount of payment for his services is determined by the board of directors (supervisory board) of the company.

Responsibility of JSC

The company is responsible for its obligations with all property belonging to it. The company is not responsible for the obligations of its shareholders. If the insolvency (bankruptcy) of the company is caused by the actions (inaction) of its shareholders or other persons who have the right to give instructions binding on the company or otherwise have the opportunity to determine its actions, then the subsidiary responsibility for his obligations.

Constituent documents of JSC

The constituent document of the JSC is the Charter.

The Articles of Association of the company must indicate:

full and abbreviated company name of the company;

information about the location of the company;

type of society (open or closed);

the number, par value, categories (ordinary, preferred) shares and types of preferred shares placed by the company;

rights of shareholders - owners of shares of each category (type);

information on the structure and competence of the management bodies of the company and the procedure for making decisions by them;

the procedure for preparing and holding a general meeting of shareholders, including a list of issues, decisions on which are made by the company's management bodies by a qualified majority vote or unanimously;

information on the size of the authorized capital of the company;

information about branches and representative offices of the company;

information on the amount of the dividend and (or) the cost paid upon liquidation of the company (liquidation value) for preferred shares of each type;

information on the procedure for converting preferred securities.

OJSC transformation

OJSC has the right to transform itself into a limited liability company or into a production cooperative in compliance with the requirements established for these organizational and legal forms. The company, by unanimous decision of all shareholders, has the right to transform into a non-commercial partnership.

Rights and obligations of shareholders of JSC

The rights of shareholders - owners of ordinary shares:

participate in the general meeting of shareholders with the right to vote on all issues within its competence in the manner prescribed by the Law;

in case of liquidation of the company - the right to receive part of its property.

Each ordinary share of the company grants the shareholder its owner the same amount of rights.

Rights of shareholders - owners of preferred shares:

the right to receive dividends;

if provided by the charter of the company - the right to receive part of the property of the company in the event of its liquidation;

if the charter of the company provides for the right to demand the conversion of preferred shares into ordinary shares or preferred shares of other types;

the right to participate in the general meeting of shareholders with the right to vote when deciding issues on the reorganization and liquidation of the company.

Shareholders have the right to access the company's documents, such as the establishment agreement, charter, documents confirming the company's rights to the property on its balance sheet, internal documents of the company, annual reports and others in accordance with clause 1 of Art. 89 FZ "On Joint Stock Companies". Shareholders (shareholder) holding in aggregate at least 25 percent of the voting shares of the company are entitled to accounting documents and minutes of meetings of the collegial executive body.

Shareholders have the right to sell their shares, but other shareholders enjoy the preemptive right to purchase these shares. The charter may provide for the preemptive right to acquire shares by the company itself.

The procedure for distribution of profits in JSC

The Company has the right to make a decision (announce) once a year on the payment of dividends on outstanding shares. The company is obliged to pay the declared dividends on shares of each category (type). Dividends are paid in money, and in cases stipulated by the charter of the company - other property. The decision on the payment of annual dividends, the amount of the annual dividend and the form of its payment on shares of each category (type) is made by the general meeting of shareholders. The amount of annual dividends cannot exceed the amount recommended by the board of directors (supervisory board) of the company.

Features of JSC

An open joint stock company is a form of doing a fairly large business. This is due to the fact that it is easier to attract large capital, and with the fact that a rather complicated form of reporting. Also, there is a need to hold meetings of shareholders, and in the case when there are hundreds and thousands of shareholders, this can create some difficulties with ensuring all the formalities. It is convenient to choose a similar organizational and legal form when running a large business.

RUSSIAN STATE SOCIAL UNIVERSITY

FACULTY OF SOCIAL SECURITY,

ECONOMY AND SOCIOLOGY OF LABOR

Department of Finance and Credit

COURSE WORK

In the discipline "Finance"

"Distribution of the profit of a joint stock company"

The authorized capital of a JSC is the initial, starting value of the capital, which gives impetus to the further activities of the company. It is made up of the par value of the company's shares acquired by the shareholders. The authorized capital of a company determines the minimum size of the company's property that guarantees the interests of its creditors. It cannot be less than the size provided for by the law on joint stock companies.

AO can be open and closed. In an open JSC (hereinafter referred to as JSC), participants can alienate their shares without the consent of other shareholders. Such JSC has the right to conduct an open subscription to the issued shares and their free sale under the conditions established by law and other legal acts. Shares of a closed JSC (hereinafter CJSC) are distributed only among its founders (individuals and legal entities) or other predetermined circle of persons.

When creating a JSC, its founders conclude an agreement between themselves, which determines the procedure for their joint activities to create a company, the size of the authorized capital of the company, the categories of issued shares and the procedure for their placement, as well as other conditions stipulated by the law on JSC.

AO control scheme is shown in Fig. one

Fig. 1 AO control scheme

The supreme governing body of a JSC is a general meeting of shareholders, which decides on changes in the company's charter, election of members of the board of directors (supervisory board) and early termination of their powers, formation of executive bodies of the company and early termination of their powers, approval of annual reports and balances, distribution of profits and losses society. It also makes a decision on the reorganization or liquidation of the company. The board of directors (supervisory board) is created in a company with more than fifty shareholders. This council oversees the activities of the executive body of the company and performs some of the functions of the general meeting. The executive body of the company is the directorate (board) and / or the general director who carries out the current management of the financial and economic activities of the company.

So, the authorized capital of a JSC consists of shares. A share is a security that testifies to the participation of its owner in the capital of a joint-stock company and gives him the right to receive a share of the company's profit in the form of dividends and the right to vote at the general meeting of shareholders. By purchasing shares, the owner of the capital becomes a member of the joint-stock company, and each owner of the share is responsible for the affairs of the company in the amount of the contributed share. The holder of a share cannot receive the money given back from the company, since the money contributed by the shareholders was used to buy cars, raw materials, and also part of them was distributed in the form of wages to the workers. Shareholders' money has already become a means of production that cannot be taken back from the enterprise. Therefore, the owner of the shares, the shareholder, has the right only to receive a certain share of the company's income. This income is paid from the net profit of the JSC in the form of dividends.

Shares can be ordinary and preferred. They differ in that a dividend is paid to shareholders on ordinary shares, which depends on the size of the JSC's profit in a given year. And on preferred shares a fixed percentage is paid, regardless of the size of the JSC's profit. But unlike the owners of ordinary shares, the owners of the privileged ones do not have the right to vote at the general meeting of shareholders.

Distinguish between nominal, balance sheet, liquidation and market (exchange rate) stock prices. The nominal price (value) of a share is the price that is written on the form of a share, it shows what part of the authorized capital accounted for one share at the time of the formation of the joint-stock company.

The book price of a share is calculated as the ratio of the company's net asset value to the number of issued shares.

Liquidation price of a share - the value of the property being sold in actual prices per share.

Nominal and liquidation prices are fleeting, applied in special cases and poorly suited for use in the valuation of shares in a normally operating company. The exchange rate (market) price is more applicable. It is calculated based on earnings per share accounting. A shareholder in a market economy compares earnings per share with earnings received from a bank at the current rate of deposit bank interest. The share price will be determined by the amount of money that can be deposited in the bank, taking into account the current deposit interest.

Dividend

Bank interest

The main advantages of JSC

Limited liability for the obligations of the company, i.e. shareholders are responsible only for the amount paid for the shares, and not with their property.

There is an opportunity to raise significant funds through the sale of shares.

Ease of registration of participation in JSC, since shareholders can enter and leave the company.

A JSC can exist independently of the disposal of not only one, but also a group of shareholders, since shares can be transferred to heirs.

Disadvantages of AO

The time for organizing a joint-stock company is much longer than when organizing a private enterprise or partnership, since it is necessary not only to draw up a charter and register a joint-stock company, but also to prepare and sell shares.

The management of the joint-stock company must report to the shareholders and, at the same time, report on finances and plans, as well as on the directions of investments, which does not allow to fully preserve commercial secrets.

Profit. Profit is the main goal of organizations. It is difficult to unambiguously define the economic essence of profit. In practice, it is the difference between the proceeds from the sale of products (goods, services) and the costs (costs) of their production and sale. In theoretical terms, you can consider approaches to determining the economic nature of profit.

As a result, the company is left with a net profit arising from the distribution of profits. It represents taxable profit minus income tax and tax on the excess of actual labor costs in comparison with the standardized ones. In this case, it includes the result from the extraordinary circumstances, calculated as the difference between the income and the costs associated with these circumstances. When forming the net profit, operations on payment of fines, penalties, penalties and other payments that were previously paid from the profit remaining at the disposal of the organization after tax are taken into account.

The net profit is distributed in various directions. An enterprise of any form of ownership has the right to decide for what purposes and in what amounts to direct the profit remaining after paying taxes to the budget and other mandatory payments and deductions. The distribution procedure depends on the specific organizational and legal form of the enterprise. As a result, after distribution, there is an unused profit or loss that is not covered by money.

In addition, there is also consolidated profit - this is the consolidated profit in the accounting statements for the activities of the parent and subsidiary companies.

You can also highlight excess profits. It arises when enterprises operate in the most favorable conditions, their products have a low cost. And the excess profit is equal to the difference between the market price and the cost of production. This is where entrepreneurs get the highest rate of return in their industry, but this is usually not permanent.

There is a monopoly profit within the excess profit. Monopolies set their own prices for their products, they get excess profits.

In a joint-stock company, the procedure for distribution of profits is carried out on the basis of its charter. In general, the JSC's policy in the area of ​​profit distribution is usually developed by the Board of Directors and approved at the general meeting of shareholders. The Board of Directors approves the regulation on the distribution of profits. The typical form of the position is given in the appendices.

There are two approaches to the distribution of net profit. In the first approach, the procedure for creating special funds is stipulated in the constituent documents of the enterprise. These can be: an accumulation fund, which combines funds reserved for the production development of an enterprise and other similar measures to create new property; the social sphere fund, which takes into account the funds allocated to finance capital investments in the social sphere; the consumption fund, which accumulates funds for the development of the social sphere, in addition to capital investments, material incentives for employees, one-time assistance, payment of vouchers to rest homes, etc. The first approach facilitates the process of planning and monitoring the use of the company's financial resources.

In the second approach, the profit remaining at the disposal of the enterprise is not distributed among the funds, but forms a single multi-purpose fund that concentrates both profit, which is directed to accumulation, and free funds, which can be used both for accumulation and for consumption. With both approaches, enterprises independently determine the proportions of distribution of profits in the main areas.

A typical approach to distributing profits in a joint-stock company is as follows: net profits are allocated to fund creation.

A reserve fund is created in the society. The procedure for its formation and use is determined by the charter of the JSC. According to Article 35 of the Federal Law "On Joint Stock Companies", the reserve fund is created in the amount stipulated by the charter of the company, but not less than 5 percent of its authorized capital. The fund is formed and replenished by annual deductions until it reaches the size provided for by the charter of the company. Unforeseen commercial losses of the JSC are covered from the reserve fund, and bonds are redeemed from it and the company's shares are redeemed in the absence of other funds. If there is a shortage of net profit, funds are allocated from it: for the payment of dividends on shares (primarily on preferred shares; in case of insufficient profit for the payment of dividends, payment is made at the expense of the reserve fund), for the payment of taxes, payment to the bank for a loan and other purposes. The use of the reserve fund for other purposes is prohibited. A JSC may also create an insurance fund, a guarantee fund, etc., which are intended to cover losses of a JSC and are used if the profit of the reporting year is insufficient to pay income on securities.

A special fund for corporatisation of the company's employees, provided for by the company's charter, may be formed from the net profit. The funds of the fund are spent only on the purchase of shares of the company, sold by its shareholders, for subsequent placement by its employees. The funds received from the paid sale of shares to the employees of the company form the fund.

An accumulation fund is created in the joint-stock company at the expense of net profit, depreciation deductions and the sale of part of the property. This is a part of the gross social product used for expanded reproduction. The accumulation fund includes: an increase in fixed assets; increase in material circulating assets; an increase in state material reserves; increase in stocks of agricultural products in personal subsidiary plots of the population

The funds of the accumulation fund are used for the development of production, including for:

financing the costs of re-equipment and expansion of production;

research work;

costs of issuing and distributing securities;

contributions to the creation of investment funds, joint ventures, associations;

write-off of costs that, according to the current regulations, are made from the profit remaining at the disposal of the enterprise;

increase in the authorized capital of a JSC;

as a contribution to the authorized capital of a subsidiary, etc.

The consumption fund consists of two parts: the public consumption fund and the personal consumption fund, the ratio between which largely depends on the state structure, historically established national traditions, and other political factors. It is intended for the social development of the enterprise and material incentives for personnel (provision of material assistance, to pay for additional vacations, meals, travel by transport), to pay in some cases fines, penalties for violations due to the fault of the enterprise, and to pay dividends. According to the method of education and socio-economic forms of use, the consumption fund is subdivided into: the wages and income fund, the public consumption fund, and the fund for maintaining the administrative apparatus.

Also, from the net profit, the entrepreneur receives personal entrepreneurial income for his activities to achieve the effective operation of the enterprise.

The formation and distribution of profits is shown in the diagram in Appendix 2.

At the end of each operating year, shareholders meet at a general meeting in order to calculate the net profit and distribute it among all shareholders. Each shareholder receives dividends on his shares. The amount of the dividend does not represent a certain amount once and for all. On the contrary, it changes in one direction or the other, depending on the overall profitability of the enterprise.

profit optimization tax

3. MAIN DIRECTIONS OF INCREASING THE EFFICIENCY OF THE USE OF PROFIT IN MODERN CONDITIONS

The global financial crisis, which has been rapidly developing since August 2008, has significantly affected the profitability of most companies in Russia. Many organizations could not stand the pressure and ceased their activities. Others continue their work, keep afloat, but feel a serious decrease in profits. The leaders of such companies are concerned with the question of how to organize production and, in general, the economic activity of their company, how to prevent a further decrease in profitability, how to increase the profit of their business and how to distribute it in the most efficient way.

If an organization makes a profit during a crisis, then this is already an indicator of its effective performance. And the next, after making a profit, the main task is its efficient distribution. Improving efficiency in times of crisis is not easy at all. In this situation, all the abilities of managers are manifested.

Organizations need to adapt to new conditions and learn to respond in time to changes in the external environment. To begin with, you should shift the priorities from increasing profits towards preserving existing profits and preventing its further fall. It is necessary to check the financial, production, marketing activities of the company. To identify the strengths and weaknesses, to determine the stock of resources of labor, production, marketing. Further, it is necessary to develop a number of anti-crisis measures and achieve efficiency in everything, including in the use of profits.

In a JSC, the Board of Directors decides on the distribution of the net profit remaining at its disposal. The share of profit for the payment of interest on bonds is determined, deductions are made to the reserve fund, to the accumulation fund for the development of production, and possible payments to employees of the JSC in the form of cash rewards or shares are calculated in accordance with a certain percentage provided for by the charter. The remaining net profit is used to pay dividends to shareholders.

In any joint-stock company, the payment of dividends is important. If there are no dividends, then the shareholders will have no further interest in keeping their capital in this JSC. Dividends are primarily paid on preferred shares. The issue of payment of dividends on ordinary shares is decided depending on the financial results of the company and taking into account the prospects for its development. If the net profit to pay them was not enough, then funds from the reserve capital are used for these purposes. But now the JSC, like all other organizations, needs to adapt to modern conditions and develop further. It is quite important, when using and distributing the profits of joint-stock companies, to calculate the amount of net profit directed to the development of the company and the payment of dividends. It is only natural that the owners want to receive the maximum dividends. But investments in the development of production are also necessary. The competitiveness of society, the expansion of markets for its products, and the profitability of sales depend on this. Therefore, financial services are obliged to constantly analyze the calculation data in order to ensure financing of capital investments, the limitation of which is the interests of the owners. There is also a need to maintain at a certain level the compliance of fixed assets with new technological solutions, and this determines the size of the investment of profit and thereby sets the minimum level of profitability. Therefore, the task of the capital manager of the JSC is not only to ensure the presence of the company's products (works, services) on the market, but also to satisfy the owner's need for receiving income in the form of dividends. Thus, the manager is faced with the task of distributing the profit in the most effective proportions between the owner and the investment. Information for making a decision on the quantitative expression of the distribution of profits is generated based on the results of the financial analysis of the JSC balance sheet. When calculating, first of all, the size of the required capital increase for the development of the production process of the joint-stock company is determined. For this, non-current assets and current assets are studied, with the exception of cash. To establish the size and timing of dividend payments, the stability and liquidity of the JSC is assessed. It is also necessary that the dividend policy pursued by the Board of Directors of the JSC is transparent.

Last updated:

Registration of profit distribution

Dividend - a part of the net profit received by the company for the current or last year, distributed among shareholders and per share.

A share is a security that confirms the contribution of an individual to the authorized capital of a company and gives the right to receive part of the profit (dividends) from its activities.

There are common and preferred shares.

An ordinary share entitles its owner to receive dividends, participate in the general meeting of shareholders and receive part of the company's property upon liquidation.

A preference share gives its owner the right to receive a fixed dividend, the amount of which is set in a fixed amount or as a percentage of the par value of the shares, as well as to receive part of the company's property upon liquidation.

The par value of preferred shares must not exceed 25% of the authorized capital of the company.

The joint-stock company has the right to decide on the payment of dividends four times a year (at the end of the first quarter, half a year, 9 months and a year).

The company does not have the right to make a decision on the payment of dividends in the cases listed in Article 43 of the Federal Law of December 26, 1995 No. 208-FZ "On Joint Stock Companies":

• until full payment of the entire authorized capital;
• before the redemption of all shares;
• if on the day of the decision on the payment of dividends the company meets the signs of insolvency (bankruptcy) or these signs appear in the company as a result of the payment of dividends. In this case, the head of the company must inform the persons entitled to initiate the convocation of an extraordinary general meeting of shareholders within 10 days;
• if, on the day of the decision to pay dividends, the value of the company's net assets is less (or will become less as a result of the payment of dividends) the amount of the authorized capital, reserve fund and the excess of the liquidation value of preferred shares over their par value.

The decision on the payment of dividends is taken by the general meeting of shareholders on the recommendation of the board of directors. A board recommendation might look like this:

The general meeting of shareholders can decide on the payment of both annual and interim dividends.

The general annual meeting of shareholders is held annually within the timeframes established by the charter of the company, but not earlier than two and not later than six months after the end of the year.

The decision to pay interim dividends can be made within three months after the end of the relevant reporting period (I quarter, six months and 9 months).

The decisions made by the shareholders are documented in the minutes of the general meeting. A list of persons entitled to dividends is attached to the minutes.

The protocol must indicate:

• place, date and time of the general meeting;
• the names of the chairman and secretary of the meeting;
• the total number of votes held by shareholders and the number of votes held by shareholders participating in the meeting;
• agenda and decisions taken at the meeting.

The protocol might look like this:

On the basis of the minutes, the decision of the general meeting of shareholders is drawn up. Dividends are paid based on this decision.

The solution might look like this:

Interim dividends in JSC

Joint-stock companies can pay interim dividends, distributed based on the results of the first quarter, six months, 9 months.

In a joint-stock company, a decision / announcement on the payment of interim dividends can be made by the general meeting of shareholders. Its adoption is given 3 months after the end of the first quarter, half a year or 9 months (clauses 1, 3, article 42 of the Law of December 26, 1995 No. 208-FZ).

Interim dividends are paid to shareholders of JSC no later than 25 working days from the date on which the persons entitled to receive dividends are determined (clause 6 of article 42 of the Law of December 26, 1995 No. 208-FZ).

Amount of dividends

The amount of dividends is set based on the amount of profit allocated to the payment of income.

At the same time, the amount of annual dividends cannot exceed the amount recommended by the board of directors.

Profit is distributed among shareholders in proportion to the number and type of shares they hold (ordinary or preferred).

The size of the dividend on preferred shares is indicated in the charter of the organization in hard cash or as a percentage of the par value of the shares.

The amount of dividend on ordinary shares can be determined as follows:

JSC "Aktiv" received a net profit for the reporting year in the amount of 60,000 rubles. The authorized capital of "Asset" consists of 1,000 ordinary and 50 preference shares. The par value of each share is 1000 rubles.

According to the charter of "Aktiv", dividends on preferred shares are paid in the amount of 20% of their par value.

The shares are distributed among the shareholders as follows:

• K.B. Yakovlev - 500 ordinary shares;
• A.N. Somov - 30 preferred shares and 200 ordinary shares;
• A.A. Lomakin - 20 preferred shares;
• S.S. Petrov - 300 ordinary shares.

For one preferred share, dividends are accrued in the amount of:

RUB 1000 × 20% = 200 rubles.

The total amount of dividends on preferred shares will be:

RUB 200 × 50 pcs. = RUB 10,000

Dividends for one ordinary share are accrued in the amount of:

(60,000 rubles - 10,000 rubles): 1000 pcs. = RUB 50

Shareholders are entitled to receive dividends in the amount of:

• K.B. Yakovlev - 25,000 rubles. (50 rubles × 500 pcs.);
• A.N. Somov - 16,000 rubles. (RUB 200 × 30 pcs. + RUB 50 × 200 pcs.);
• A.A. Lomakin - 4000 rubles (RUB 200 × 20 pcs.);
• S.S. Petrov - 15,000 rubles. (50 rubles × 300 pcs.).

The joint-stock company belongs to the number of commercial organizations, and its main goal is: systematic extraction of profit, which is formed at the expense of the company's income after covering all its expenses.

The effectiveness of the company's profit management policy is determined not only by the results of its formation, but also by the nature of its distribution. Ideally, the enterprise should have a certain policy of distribution of profits, which determines the directions of its use in accordance with the goals and objectives of the enterprise.

The proportions of profit distribution determine the rate of implementation of the enterprise's strategy, are the main tool for influencing the growth of its market value, the most important indicator of investment attractiveness. At the same time, the distribution of profits is one of the most effective forms of influencing the labor activity of the personnel of the enterprise, providing additional social protection of employees. The nature of the distribution of profits affects the level of the current solvency of the enterprise.

The basis for the distribution of profits is the dividend policy, the formation of which is one of the most difficult tasks of enterprise management: it is necessary to take into account the opposite motivations of the owners of the enterprise (shareholders, investors) - obtaining high current income or a significant increase in their size in a promising forecast period of time, taking into account all the possibilities.

Therefore, the main goal of the profit distribution policy, taking into account the provision of the enterprise strategy, is to optimize the proportions between the capitalized part of the profit and the consumed part of the profit.

Priority of taking into account the interests and mentality of the owners of the enterprise. The owner mentality can be aimed at obtaining high current income or at ensuring high rates of investment capital growth. And often it is he who determines the main proportion of the distribution of profits - between the consumed and capitalized parts. If the owners (shareholders) need a constant inflow of current income or do not accept the risks associated with a long expectation of these incomes in the future period, they will insist on ensuring a high share of consumed profit in the process of its distribution. At the same time, if the owners do not need high current incomes and prefer an even higher level of these incomes in the coming period due to capital reinvestment, the share of the capitalized part of the profit will increase. This proportion can change over time due to changes in the external and internal conditions of the enterprise.

The main form of income for a shareholder is a dividend, i.e. part of the company's profit, distributed among shareholders, in proportion to the number and in accordance with the type of shares they hold.

In joint stock companies, the distribution of profits is carried out using a dividend policy. Dividend policy is part of the management of the distribution of profits. The term "dividend policy" refers to the distribution of profits in joint stock companies. However, all the principles of profit distribution that we have named are applicable not only to joint-stock companies, but also to enterprises of any other form of activity. Only the terminology is changing - instead of the terms stock and dividend, the terms share, contribution and profit on deposit are used; the mechanism of payment of income to owners remains the same. The distribution of profits in a joint-stock company is its most difficult option. In principle, in a broader interpretation, the term "dividend policy" can be understood as a mechanism for the formation of the share of profit paid to the owner, in accordance with the share of his contribution to the total amount of the company's equity capital.

The practical use of these theories allowed us to develop three approaches to the formation of dividend policy - conservative, moderate (compromise) and aggressive. Each of these approaches corresponds to a certain type of dividend policy.

The residual policy of dividend payments assumes that the fund for the payment of dividends is formed after the need for the formation of its own financial resources, ensuring the full implementation of the investment opportunities of the enterprise, is satisfied at the expense of the profit. If the level of the internal rate of return for the existing investment projects exceeds the weighted average cost of capital, then the main part of the profit should be directed to the implementation of such projects, since it will provide a high rate of capital growth (deferred income) of the owners.

The policy of a stable size of dividend payments implies the payment of their unchanged amount over an extended period (at high inflation rates, the amount of dividend payments is adjusted for the inflation index). The advantage of this policy is its robustness. It creates a feeling of confidence among shareholders in the invariability of the size of the current income, regardless of various circumstances, determines the stability of the share price on the stock market. The disadvantage of this policy is its weak connection with the financial results of the enterprise, in connection with which, during periods of unfavorable conditions and a low amount of generated profit, investment activity can be reduced to zero. In order to avoid these negative consequences, the stable size of dividend payments is usually set at a relatively low level, which classifies this type of dividend policy as a conservative one, which minimizes the risk of a decrease in the financial stability of the enterprise due to insufficient growth rates of the equity capital of the joint-stock company.

The policy of a stable minimum amount of dividends with a premium in certain periods (or a policy of "extra-dividend") is, according to a very widespread opinion, the most balanced type. Its advantage is a stable guaranteed payment of dividends in the minimum stipulated amount (as in the previous case) with a high connection with the financial results of the enterprise, which allows increasing the amount of dividends during a period of favorable economic conditions, without reducing the level of investment activity. This dividend policy has the greatest effect on enterprises with unstable dynamics of the amount of profit formation. The main disadvantage of this policy is that with a prolonged payment of minimum dividends, the investment attractiveness of the company's shares decreases and, accordingly, the market value of shares of companies resorting to this policy decreases.

The policy of a stable level of dividends provides for the establishment of a long-term normative ratio of dividend payments in relation to the amount of profit (or the norm for the distribution of profit on the consumed and capitalized part of it). The advantages of this policy are the simplicity of formation and a close relationship with the size of the generated profit. At the same time, its main drawback is the instability of the size of dividend payments per share, determined by the instability of the amount of generated profit. This instability causes sharp fluctuations in the market value of shares for individual periods, which prevents the maximization of the market value of an enterprise in the process of implementing such a policy (it "signals" a high level of risk in the economic activity of a given enterprise). Even with a high level of dividend payments, such a policy does not usually attract risk-averse investors (shareholders). Only mature companies with stable profits can afford to implement this type of dividend policy; if the amount of profit varies significantly over time, this policy generates a high threat of bankruptcy.

The policy of constantly increasing the amount of dividends (carried out under the motto - "never reduce the annual dividend") provides for a stable increase in the level of dividend payments per share. The increase in dividends in the implementation of such a policy occurs, as a rule, in a fixed percentage of the increase to their size in the previous period. The advantage of this policy is to ensure a high market value of the company's shares and the formation of its positive image among potential investors with additional issues. The disadvantage of this policy is the lack of flexibility in its implementation and the constant increase in financial tension - if the growth rate of the ratio of dividend payments increases (i.e., if the fund of dividend payments grows faster than the amount of profit), then the investment activity of the enterprise decreases, and the coefficients of financial stability decrease (all other things being equal). Therefore, only really prosperous joint-stock companies can afford to implement such a dividend policy. If this policy is not supported by the constant growth of the company's profits, then it is a sure way to its bankruptcy.

The final stage in the formation of the dividend policy is the choice of the forms of payment of dividends. The main of these forms are:

1. Payment of dividends in cash (checks). This is the simplest and most common form of dividend payments.

2. Payment of dividends in shares. This form provides for the provision of newly issued shares to shareholders in the amount of dividend payments. It is of interest to shareholders, whose mentality is focused on capital growth in the coming period. Shareholders who prefer current income can sell these shares in the coming period.

3. Automatic reinvestment. This form of payment gives shareholders the right to an individual choice - to receive dividends in cash or to reinvest them in additional shares (in this case, the shareholder enters into a corresponding agreement with the company or the brokerage office servicing it, providing for a detailed study).

4. Redemption of shares by the company. It is considered as one of the forms of dividend reinvestment, in accordance with which the company buys a part of freely traded shares on the stock market for the amount of the dividend fund. This allows you to automatically increase the profit margin for one remaining share and increase the dividend payout ratio in the coming period. This form of use of dividends requires the consent of the shareholders.

Today the legislation regulates the issue of formation and distribution of profits in joint-stock companies rather softly. In accordance with the general decision of shareholders, the company is obliged to pay dividends to shareholders. A lot of theoretical and empirical studies are devoted to the problem of choosing the optimal dividend policy. Theoretical models do not give an unambiguous answer to the question of the optimal level of dividend payments.