Abstract
The formation and implementation of the dividend policy of Russian companies with state participation differ from the policies pursued by the public and non-public joint-stock companies owned by private investors. The state, being a special shareholder, affects the dividend policy from the position of the owner and the regulator, who has the ability to set certain restrictions and rules for companies that are not in the power of other categories of shareholders. Systemic risks and the uncertainty of the development of the Russian economy objectively require an in-depth study of the regulation of dividend policy in public companies with state participation. It is generally accepted that with a decrease in the number of dividends paid to owners of ordinary shares, the weighted average cost of capital becomes lower, while at the same time the financial performance of a business and the amount of retained earnings become higher. Therefore, the company's dividend policy is an important element of financial management and relations with the owners. The question of the importance of dividend policy for public companies with state participation is the most controversial and little studied today. The price of shares, the structure of equity capital, and the need to attract borrowed capital are directly dependent on the size of dividends. However, the payment of dividends reduces the amount of profit that can be reinvested in the development of the company, so the impact of dividend policy on the financial condition of the company is ambiguous. In this regard, it seems relevant to improve the dividend policy of public companies with state participation through solving the problems existing in them.
Highlights
A whole complex of problems arises in companies with state participation
There are many approaches to the definition of "dividend policy" and "dividend." It seems that the following definition will be more reasonable: dividend policy is the company's profit distribution policy, according to which it is determined how much of the profit will be paid to shareholders in the form of dividends, and how much will be reinvested in order to receive further income payment of dividends in a larger amount
− dividend policy based on the analysis of adjusted net profit (ER), calculated according to RAS or IFRS: PJSC "Transneft" (ERC is adjusted for shares in the profits of dependent and jointly controlled companies; income from revaluation of financial investments; foreign exchange surplus differences; other non-regular nonmonetary components of net profit), PJSC "FGC UES" (10% of NPR), PJSC "Rostelecom" for ordinary shares (25% (ERC-deductions to the reserve fund profit on investment - profit aimed at covering the losses of previous years)), PJSC "Rossetti";
Summary
A whole complex of problems arises in companies with state participation. They are associated with the choice of forms and methods of forming dividends, the assessment of their impact on market fluctuations in the value of companies and the welfare of shareholders. According to the first approach, the dividend policy is formed in such a way as to achieve a balance between the interests of the company and its shareholders. The second scientific approach (“investor approach”) implies the satisfaction of shareholders' investment expectations regarding dividend payments, but, at the same time, the company's financial resources needs must be taken into account. The “investor approach” is more acceptable for the Russian economy when forming the dividend policy of public companies They are characterized by the presence of majority shareholders, whose investment preferences largely determine its formation. From the point of view of satisfying the economic interests of the issuing company and shareholders, effective dividend policy is a wellthought-out and disclosed for the owners policy of ensuring the current benefits from owning the company's capital, providing investment and financial flexibility and maximizing market value
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