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Employees of the enterprise, small external shareholders, it and, at last, on

Monetary auction. The big role in this process intermediaries have played: The broker companies and stock exchange.

Have given accurate enough picture of polarisation of the joint-stock property with two

The basic typical structures: 1st - a controlling stock at operating Managements at strong positions of the strategic investor; 2nd - Controlling stock at the strategic investor at strong positions Operating management.

The enterprises.

Table 2

it before and after a monetary stage of privatisation (2nd variant, % voting



SI 1

it after a voucher stage

it after an error




20-35 1

Notes: according to the second variant, labour collective together with Management had the right to 51 % of the share capital (the exclusive Actions were not provided). These actions could be redeemed or for money

(According to a joint-stock company authorised capital stock), or for vouchers (at equality of the monetary

Rouble to voucher rouble) during the closed subscription (i.e. voucher auction).

At voucher auction 29 % of actions were on sale. Actions grew in the price - in it

Competition of buyers - and the voucher at auctions cost less, than in a course

Closed it (actions were split up). The state still had 20 % of actions for

Monetary stage of privatisation. During the first and second stages constantly

There was a change of structure of the joint-stock property in advantage Operating administration and the external strategic investor

(Or investors). Growth of their share was made at the expense of "weak" shareholders:

Members it and the external investors who have got the actions at the first stage for vouchers

(It were, mainly, it).

Configuration of the joint-stock property. Originally prevailing share it In the share capital and solid share it constantly decreased, however it Occurred to a wide spacing for the different enterprises. Despite it,

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