Korelsky, V. F. Fish, fishermen and fish industry in Russia / V. F. Korelsky. - Bremen : Krebs, [1993?]-.

The problems connected with the formation of joint-stock companies are considerably more complicated than we think them to be, since the objects pursued are different. In our country, the object is to get a large degree of freedom in the economic activity and get out of the control of ministries and departments and receive tax exemptions or some other privileges. Take, for instance, the KamAz joint- stock company. The dividends for the part of the shares belonging to the state remain at the enterprise and are spent for its development Consider the association in Bratsk. For the transition period they are allowed to realize their production themselves and to establish prices for it They are also given favorable rates of currency deductions from export supplies, their tax rates are reduced. The foreign practice testifies to quite an opposite situation: the formation ofjoint-stock companies and the issue of shares attract additional financial resources for the fulfillment of some projects (beginning, for instance, with the geophysical prospecting and ending with its exploitation). The conditions of the sale and purchase of shares differ considerably. At the end of 1970s and during the 1980s, in connection with the rise of prices for gold, in order to increase the activity in gold prospecting and the further exploitation of the sites, of wide use in Canada was the so-called through financing with certain tax allowances when investors buy shares in one of the several capital funds which then send money to companies participating in the fund. The joint-stock form of management is widely practiced in the world because of the possibility of concentrating the capitals belonging to different owners in order to finance the economic activity on a single property basis. In this case, the depositor retains the right of property for the financial resources he invested into the joint-stock company. Mixed companies, a part of whose capital belongs to the state, are also widely practised in the West They appear when the state buys a part of the shares of an enterprise or builds enterprises with the participation of private capital. The management of such enterprises is similar to that of joint-stock companies. Thus, in Italy the greatest state-monopolistic groups which are formed as concerns are mixed companies. They combine a large number of companies acting in different spheres of economy. In these concerns, the leading enterprises (the so-called holdings) are completely owned by the state and their affiliated agencies are joint-stock companies with a private legal status. In all their agencies, holding companies possess the majority of shasres or controlling block of shares. In 1970-1980s, in England and in France the process of formation of mixed enterprises became more rapid due to the merging of homogeneous state and private enterprises into a single mixed company. The merging of the state and private capital leads to the extension of the sphere of the state control. As we know, a concern is the most popular form of corporation in industry whose distinctive feature is the diversity of activity. Modem concerns combine dozens and even hundreds of enterprises, research institutions, educational centers, testing grounds, inculcation departments and many other links ensuring the functioning of the multibranch mechanism. 11 1