Year of Graduation
The Investment Nature of the Issue of Shares: Theoretical, Legal and Practical Aspects
Legal Support and Business Protection
This study is devoted to the investment nature of the issue of shares and is aimed at identifying problems arising from the lack of investment orientation in the issue of shares and developing recommendations for their resolution. The author analyzes the purpose of the issue of shares, which should consist in attracting long-term investments in a corporation. These investments are necessary for the implementation of effective economic activities and characterized by the uncertainty of future income for the shareholder, received in the form of dividends. The author mentions the situations when the investment nature of the issue of shares is a determining aspect in resolving disputes about the invalidity of issue of shares, and identifies cases in which the issue of shares may not be directed to attract investment, but at the same time is a way to counter unfair behavior of the shareholder. Special attention is paid to the study of the practice of foreign countries, where the pre-emptive right to purchase shares is considered as an option for the purchase of securities, and can be alienated.