Prices and markets. Types of market, страница 52

o  Размещение

Дом издания принимает меры, чтобы акции были проданы в больших блоках финансовым учреждениям, таким как страховые компании, фонды пенсий и фирмы биржевых маклеров.

o  Предложение относительно продажи

В этом случае, дом издания покупает весь выпуск акций. Это тогда продолжает продавать акции от своего собственного имени вместо того, чтобы действовать как агент для компании.

o  Выпуск новых акций

Вместо того, чтобы предложить акции широкой публике, компания может предложить их своим существующим акционерам в пропорции к числам акций, которые они уже держат. Например, это могло бы дать его акционерам право купить одну новую акцию за каждые четыре акции, уже проведенные.

o  Проблема тендером

Общественность приглашена сделать предложения на акции, которые тогда проданы лицу, предлагающему самую высокую цену.

В соответствии с подобными процедурами компания может поднять деньги, делая проблему долговых обязательств.

Ответьте на эти вопросы, основанные на тексте выше:

1.  Почему фирмы занимают деньги?

2.  Каков важный источник финансов для больших фирм?

3.  Какие виды ссуд Вы знаете?

4.  Дайте источники краткосрочных и долгосрочных ссуд.

4.3 Financial institutions

There are many important financial institutions which provide finance for companies. These institutions provide money in different ways. They may be prepared to buy shares and debentures in addition to making straightforward loans.

·  Banks

Although banks have tended to specialize in supplying short-term loans, they are prepared to make loans for longer periods – up to 20 years in certain circumstances.

·  Insurance companies

The activities of insurance companies can be divided into two main types, general business and long-term business. General business involves providing insurance against risks such as fire, theft and accident. Long-term business has two elements:

- life assurance, where a company agrees to pay an agreed sum of money in the event of the death of the person insured, and

- the provision of long-term savings schemes.

A typical life assurance scheme is the endowment policy, by which the company agrees to pay the holder an agreed sum of money at some future date (or when the insured person dies, if this is earlier).

The regular premiums paid by policyholders are invested in government securities, company shares and debentures, land, and property of all kinds. The income from these investments market it possible for insurance companies to pay out benefits which are greater than the total payments made by policyholders.

·  Pension funds

Although in the UK there is a state pension scheme to which all workers contribute, a large number of employed and self-employed people also belong to private pension schemes. The money which accumulates in these pension funds is invested in a very similar manner to the funds of insurance companies. It is the income from these investments which enables pension funds to pay out pensions which exceed the value of the total contributions made by members of the funds.

In 1986, pensions funds and insurance companies both invested more than 8 000 000 000 $ in the types of assets mentioned above. Figure 4.1 shows that pension funds and insurance companies now own more than half of the shares in UK companies, by value.

·  Investment trusts

There are limited companies, but the money they raise from selling their shares is not used to buy real assets such as factories, machines and materials; it is used to buy shares in other companies.

The managers of investment trusts use their shareholders’ funds to buy shares in what they believe will be the most successful companies. People why buy shares in investment trusts are spreading their risks, because each of these shares represents a very small investment in a large number of companies.