Equities

-are share securities, confirming a payment of a certain sum (share) in the capital of joint-stock company and giving the right of participation in profits of a society and the right to vote in company meetings. Market cost of one equity in different on the size packages will be various.

The following share holdings are distinguished:

• Control share holding - is a share, providing the owner the actual domination in a joint-stock company. Theoretically a control share holding makes not less than half of all voting shares. However practically (at a wide circulation of shares) a control packet makes about 20 % of shares.
• Golden share - is a share, allowing its owner to impose the veto on decisions of the board of directors of a joint-stock company. Usually a golden share makes more the quarter of shares.
• The actual control - is a packet of shares, sufficient for actual management and the control of activity of the company. Usually the actual control provides a packet less than a control share holding.

Due to identical approaches, the appraisal of business and appraisal of shares are closely interconnected. Liquidation of an enterprise (sale of all actives of an enterprise), merge, absorption, creation of joint ventures or allocation of independent enterprises from the structure of a holding assumes carrying out of its market appraisal, as it is necessary to define the price of the purchase / back buying of shares, or, for example, the size of the premium, paid to shareholders of the absorbed company.

For appraisal of a single equity cost, it is necessary to carry out a market appraisal of business of the whole enterprise, and then to allocate the cost of a share (by amount of shares) from the total cost. The appraisal of the enterprise business is understood as an appraisal of all of its actives without exception: real estate, equipment, transport, various rights and obligations, debit and credit indebtedness, intellectual property and other. Proceeding from this, the appraisal of shares is nothing else, but an appraisal of business. In a number of cases only an independent appraisal examination of property allows to make a substantiated conclusion about the real cost of property of the enterprise, about the cost of a share of this property, falling at a received share holding, and about possible future incomes of business.

Quoted and non quoted shares are distinguished at a stock exchange. There is usually available information on the quoted shares market cost on the basis of really made transactions - that simplifies calculation of their cost noticeably. Thus shares, which are not quoted at a stock exchange, as a rule, have no information on the current market cost that on the contrary complicates their estimation. Thus, cost of works concerning quoted and non quoted shares differs essentially.