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Consolidation of companies into a holding provides an opportunity. Holding. The economics of the firm. Distribution function in financial and operational holdings

With the rapid development of business, various fashion names associations commercial organizations: corporations, trusts, concerns, etc. Among them there is a holding, and in modern marketing it is widely used to define the activities of various firms, give them significance and give people the impression of the seriousness of a particular enterprise.

In fact, holdings are, in fact, the head offices of most of the subsidiaries that are part of them. The main activity of such organizations is the management and control over their own structural units.

What is a holding?

If we look at the translation English word"holding", it becomes clear that the holding company is "holding". In simple words- it is a system of commercial enterprises, which includes a management structure - the head office, which owns a controlling stake. In addition, the parent organization may perform production functions. Often, control over the work of component companies is carried out in such a way that the head office manages the largest firms, to which other subsidiaries are subordinate.

Holding corporations are legal entities that use their own capital to acquire shares in various independent enterprises. In the classical sense, holdings exercise control by appointing members of the board of directors as managing subsidiaries. In addition, contractual agreements are concluded with them, according to which the head office has a large number of votes at meetings of existing shareholders.

Control over subsidiaries can also be exercised under a special agreement. It spells out agreements between both parties, according to which the parent company gives binding instructions to all participants in the holding. The head office has the right to regulate the activities of all enterprises in relation to investments, financing, as well as production and economic activities.

How and why are holdings formed? Enterprises voluntarily or during the acquisition of shares various organizations unite to strengthen their positions in a certain area of the market. In addition, an increase in the number of constituent firms of the parent enterprise contributes to growth and economic stability. Holdings are also created for the purpose of:

formation of new sales channels and improvement of production quality;
diversification of activities;
creating a network of your own service;
optimization of business management mechanisms;
extensions market value shares.

At the enterprises that are part of a certain holding, new production chains and distribution channels interconnected are created in order to ensure the smooth operation of all subsidiaries and reduce the degree of dependence on supplier companies. In the course of the economic development of the holding, the head office often makes it the prerogative of its companies to launch new products or provide new services. It is thanks to diversification that it is possible to increase production efficiency and competently carry out enterprises as a whole.

The holdings also create a service network consisting of specialized structural divisions(logistics, repair and construction services, sales departments, others). They, as a rule, undergo reorganization, after which they are registered as separate legal entities. This is done to significantly save the holding's costs and improve the quality of work of structural divisions. The service enterprises of the holding centrally serve all the companies that are part of it.

In order to significantly improve financial and operational performance, holdings often use a tool that allows them to compare the performance of their own company with the results of market leaders in a particular segment and adopt the best business building methods from them. For example, the introduction the latest technologies into production can significantly reduce the costs of the enterprise, improve product quality and increase profits.

Varieties

The structure of holding companies largely depends on the methods of solving production problems and the specifics of the activities of subsidiaries. Depending on how the control over component enterprises is exercised, parent firms are of property or contractual type. In the first case, the head office controls subsidiaries based on the presence of a majority of the capital while owning a controlling stake. Contractual holdings manage their enterprises on the basis of an agreement concluded between the parties.

Holding companies are pure and mixed. It depends on the activities and functions of the head office. Net holdings are organizations that own a controlling stake in their own subsidiaries. In this case, the head office does not production activities, but only controls all processes and manages the business. Mixed holdings are such enterprises in which the parent organization is engaged in production activities, provides various services along with subsidiaries, and also conducts economic and economic activities, which is no different from the work of the companies included in it, but it is controlled and managed. functional. There are also (depending on the relationship of internal and production processes) the following types of holdings:

cross;
integrated;
conglomerate.

A cross holding is a commercial structure where each firm owns shares in another subsidiary. In economics, this type of activity is known as quite effective tool interaction between different companies, allowing to merge industrial and financial capital and increase profits. For example, a bank is the owner of a block of shares in a certain production. In turn, this company also owns similar assets of the bank. This enables the manufacturing company to use the financial resources of the bank, and financial organization fully manage its work through the provision of credit funds.

Integrated holdings are companies in which all subsidiaries have a certain production relationship. If we take the organization OAO Tatneft as an example, then part of its enterprises is engaged in the exploration and search for gas and oil. Some of them produce equipment for mining, others are in charge of processing and selling the finished product, and others are in charge of maintenance. In total, the company includes over 100 independent structures - legal entities that are part of the holding.

As for conglomerate organizations, they combine firms different orientation, which do not have a production relationship. For example, in one holding there may be companies that are engaged in service, manufacturing of various products, advertising and other activities.

Pros and cons

An indisputable advantage of the formation of holding organizations is the effective fight against competing companies. This is achieved through the coordinated work of all subsidiaries and the head office. The positive aspects of this type of activity should also include:

economic stability of organizations;
high level of business reputation of holdings;
the effectiveness of tax planning mechanisms (timely closure, significant transfers to the state treasury, etc.);
the possibility of association various kinds activities;
effective management of companies.

Holdings, thanks to solid capital, have the opportunity to invite the best specialists in a certain area. This greatly improves the performance of the organization as a whole. In addition, it becomes possible to combine production and scientific activity companies, effectively allocate investments and credit funds.

Despite the obvious advantages of holdings, this form of enterprise has certain disadvantages. These include:

deficiencies in document management;
lack of internal competition of subsidiaries;
the complexity of controlling and managing a large number of organizations.

In such companies, there is a fairly high degree of bureaucracy in the management apparatus, which leads to certain difficulties in doing business. Also, today there are no regulatory and legal mechanisms that allow regulating the work of holdings.

How are merged companies managed?

Different types of integrated organizations use different management tools. For example, cartels require a minimum number of managerial functions, for which business development planning and marketing are used. They are mandatory and identical for all enterprises that are part of a small holding.

For more large organizations, in addition to the above tools, are also used various ways management of financial flows. In units such as syndicates, in without fail there are logistics divisions and a single control center for the entire commercial structure.

Concerns have even more complex system management, where the chain of its elements is formed from economic, logistics, marketing, accounting and financial departments, as well as business planning departments. To increase the efficiency of each of them, top managers are provided. For example, they are included in the number of partners and a certain number of shares are transferred. As the enterprise grows, the value of assets increases, which increases the profit not only of the holding as a whole, but also of a particular manager.

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Examples of holding companies currently

Today, holding companies have become widespread in Russia. They have a significant impact on the development of many market sectors. Among the well-known and most influential organizations, Lukoil, Magnit, Surgutneftegaz, Vimpelcom, Russian Standard, Alliance, Almaz and X5 Retail Group". Media holdings are also very popular. They are large associations that own a large number of media resources. One of the leaders in this industry are the companies STS "Media" and VGTRK.

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It should be noted that the tasks of the parent company of the holding include the management of subsidiaries, coordination of their actions, as well as the redistribution of resources. This form of activity is created with the aim of conquering new market segments, fighting competitors and reducing costs.

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A holding or holding company is a special form of capital pooling, an integrated company that is not engaged in production activities, but uses its own funds to acquire controlling stakes in other enterprises in order to coordinate their activities. The entities that are combined into holdings have financial and legal independence, but the right to resolve the main issues belongs to the holding company.

So, a holding is a system of commercial organizations that includes a parent company that owns a controlling stake in other organizations that are subsidiaries in relation to the parent company. The parent (management) company can either perform production functions or directly manage the holding. A subsidiary is an enterprise whose activities are regulated by holding company due to the predominance of its share in authorized capital or in accordance with the concluded agreement.

Holdings are not formed by chance. The purpose of their appearance is to conquer new market sectors and reduce costs. These factors increase the value of the company, its capitalization, which requires effective work the entire system of enterprises included in the holding. At the same time, the value of the holding's shares grows only if the subsidiaries and the parent organization work efficiently.

A holding can be formed by successive mergers or by gaining control over companies that are engaged in the same sector of the economy. The main purpose of creating such holdings is to expand the boundaries of business, spheres of influence and conquer new market sectors. In this case, we are talking about horizontal integration.

Another way to form a holding is vertical integration when enterprises of a single technological cycle are combined (from the procurement of raw materials to the production finished products). The purpose of creating such a holding is to reduce costs, increase price stability and the efficiency of the company as a whole.

A holding can be created by successively creating enterprises and joining them to an existing group. This is how it works worldwide famous company McDonald's. Such a policy avoids large losses in the event of the bankruptcy of one of the enterprises.

The holding is managed through meetings of shareholders, boards of directors, executive directorate. This is the fundamental difference between the management of a holding company and joint stock company no. However, for the holding, the main shareholders are clearly defined and it is they who manage the entire group of enterprises.

Holding types

Pure holding, in which the parent company owns controlling stakes in subsidiaries, but does not conduct any production activities itself, but performs only control and management functions;

A mixed holding in which the parent company economic activity, manufactures products, provides services, but at the same time performs managerial functions in relation to subsidiaries.

The purpose of the holding

To facilitate the cooperation of allied enterprises and their implementation of a coordinated investment policy, for example, an integrated holding, in which enterprises are connected by a technological chain. This type of holdings has become widespread in the oil and gas complex, where the parent company manages companies for the extraction, transportation, processing and marketing of products;

For the consolidation of various companies, when the holding company redistributes funds in order to equalize the income of subsidiaries, covering the losses of some with the profits of others. For example, a conglomerate holding that brings together heterogeneous enterprises that are not connected by a technological process. Each of the subsidiaries conducts its own business, in no way dependent on other subsidiaries;

Holding companies

In the form of a holding, which may include manufacturing, transport, purchasing, marketing, service firms, large commercial structures - trading houses(Abroad they are most often transnational corporations).

Holding companies (systems) include the parent (parent) firm, subsidiaries, grandchildren firms.

Subsidiaries businesses can not own a ki yam and the holding company itself. BUT maternal the company, having a 5% stake in subsidiaries, effectively controls their activities.

As a result, the parent company actually manages property that is many times greater than actually owned by it. This leads to the concentration of capital, facilitates the solution of large financial and economic tasks, and ensures the coherence of the actions of many companies.

A holding company can be registered in any form of incorporation (usually an open joint-stock company, but it can also be a CJSC and LLC).

Along with financial leverage, others are also used, for example, technical policy, i.e. concentration of scientific research and technical developments in a single center of the parent company and presentation of the results by subsidiaries.

Such tools may be the distribution of the range of products and sales markets between subsidiaries (Siemens, Singer, etc.).

Holding types

There are two types of holdings in Russia: financial and mixed (non-financial).

Financial is a holding where more than 50% of the capital is made up of securities of other enterprises. The main role in the activities of such a holding is played by financial transactions; it does not have the right to perform other types of activities, since it combines capital, not enterprises.

Mixed- is characterized by the fact that material company has the right to conduct its own economic activity. They are most suitable for knowledge-intensive and technologically related enterprises with complex activities.

Examples of Russian holdings: RosBusinessConsulting, Agroholding, RAO UES of Russia, RAO Gazprom, oil companies Lukoil, Surgutneftegaz.

Holding types

Apart from simple holdings, representing one parent company and one or more subsidiaries controlled by it, there are also more complex holding structures in which subsidiaries themselves act as parent companies in relation to other companies. At the same time, the parent company, which is at the head of the entire structure of the holding, is called the holding company.

Depending on the method of establishing control of the parent company over subsidiaries, there are:

property holding in which the parent company owns a controlling stake in the subsidiary;
contractual holding in which the parent company does not have a controlling stake in the subsidiary, and control is exercised on the basis of an agreement concluded between them.

Depending on the types of work and functions performed by the parent company, there are:

net holding in which the parent company owns controlling stakes in subsidiaries, but does not conduct any production activities itself, but performs only control and management functions;
mixed holding, in which the parent company conducts business activities, manufactures products, provides services, but at the same time performs management functions in relation to subsidiaries.

From the point of view of the production relationship of companies, there are:

integrated holding, in which enterprises are connected by a technological chain. This type of holdings has become widespread in the oil and gas complex, where, under the leadership of the parent company, enterprises for production, transportation, processing and marketing of products are combined;
conglomerate holding, which unites heterogeneous enterprises that are not related to the technological process. Each of the subsidiaries conducts its own business, in no way dependent on other subsidiaries.

Depending on the degree of mutual influence of companies, there are:

classic holding in which the parent company controls subsidiaries by virtue of its predominant participation in their authorized capital. Subsidiaries, as a rule, do not own shares of the parent company, although this possibility cannot be completely ruled out. In some cases, they have small stakes in the parent company;
cross holding where companies own controlling stakes in each other. This form of holdings is typical for Japan, where the bank owns a controlling stake in the enterprise, and it owns a controlling stake in the bank. Thus, there is a fusion of financial and industrial capital which, on the one hand, makes it easier for the enterprise to access the financial resources available to the bank, and on the other hand, gives banks the opportunity to fully control the activities of subsidiaries by providing them with loans.

Irina Oleinikova Head of Budgeting and management accounting CJSC Telesystems of Ukraine
&.FINANCIST Magazine, No. 8, 2007

The specifics of the holding, like any other company, is determined by the goals set by the business owners. Depending on the goals, various types of holding structures are possible, differing from each other in the distribution of management functions between the parent company (managing company) and subsidiaries. In the same way, financial management in holdings of various types will also differ, which means that these features must be taken into account when building the work of financial services.

Holding companies There are two main types: financial and operational. The structure of the financial holding includes enterprises from different industries. Its owners do not seek to control the current operating activities of individual enterprises, they are only interested in the profitability of the companies included in the group (Fig. 1). Operating holdings usually consist of enterprises of the same industry that form a vertically or horizontally integrated chain (as a rule, oil companies, mining companies). They are more characterized by a centralized organizational and financial structure, while separate manufacturing enterprises have a limited range of financial powers, and all operational management is carried out by the parent company (Fig. 2).

Both operating and financial holdings include structures of management companies, although the functions they perform and the degree of authority are different. Unlike an operating holding, in which enterprises are only cost centers, in a financial holding, subsidiaries act as centers of costs, income, profits, and even investments. Obviously, both the structure and functions financial services management company will differ depending on the type of holding.

Often the financial service of the management company is considered as an audit and control body. However, the main task of the financial service is not to exercise the function of control, but to create such a system for managing financial resources that would contribute to the development of all enterprises of the holding. The financial director needs to predict in time possible problems of reducing profitability, liquidity, business value; find the causes, propose measures to prevent or eliminate such undesirable processes. Therefore, financiers must understand the specifics of the business in which they have to work quite well.

Operating holding: centralized financial management structure

In a centralized structure, the activities of the financial services of subsidiaries are coordinated from the head office of the holding company. This means that the financial department of the holding controls the preparation and execution of the budgets of subsidiaries, is responsible for financial planning, risks, attraction, redistribution of funds, manages the cost of production and evaluates the feasibility of further integration. The management company also coordinates the procurement processes (especially of key raw materials and materials), product sales, all investment activities and agrees not only on the size wages personnel, but also schedules for current and major repairs at the enterprises of the holding.

Subsidiaries play only an accounting function and often may not have financial departments at all, and the function financial director performed either by the chief accountant or the management company. Reporting enterprises build their activities in accordance with the approved budget, and at the end of the month submit a report on its implementation, along with financial statements, to the head office. Part of the information for the formation of management reports can be provided if necessary on a daily basis. At the same time, the financial department of the parent company often controls all payments of subsidiaries up to the creation of a corporate management system for settlement accounts of reporting enterprises. none payment order(or a payment order exceeding a certain amount) is not executed by the bank without a corresponding visa of an employee of the head office. The corporate center is also engaged in the consolidation of reporting, if necessary, its translation into international standards, as well as the planning of tax payments.

I would like to focus on the application of managerial rather than accounting. For example, if we are talking about the accounting and analysis of fixed assets, then for the purposes of management accounting and subsequent analysis, it is not enough to divide fixed assets into the first, second, third or fourth groups. For acceptance management decisions it is necessary to operate with such additional analytical sections as division by territory, evaluation of each fixed asset (taking into account the income generated by this fixed asset) in order to assess its payback and make a decision on the need for each fixed asset, etc. Obviously, accounting cannot provide such information.

It is often a winning move for the finance function to create a treasury that controls current payments, as well as manages liquidity (through a payment calendar) and risks. Centralization of treasury functions in the holding allows for efficient redistribution between enterprises financial resources, manage the structure of current assets, for more favorable conditions place funds on deposits and raise loans to finance the work of subsidiaries.

When addressing the issue of control over the payments of subsidiaries, there are three ways to go. The first is the transfer to the financial service of the holding of the functions of accepting payments from subsidiaries before they are made; the second - checking payments for the implementation of the budget in the context of the items of movement Money; the third is the establishment of limits on articles and control over compliance with these limits. The choice of option depends on the desire to delegate authority to subsidiaries and the technical ability to exercise control.

Practice of financial management in an operational holding

I had to work in management companies of both operational and financial holdings. In an operating holding - to create a financial service from scratch, in a financial one - to work in an already established structure with certain rules games. Moreover, the reorganization had to be carried out in both structures. One of them was a typical operating holding, all of whose production plants used the same raw materials, and in the course of almost identical technological processes produced similar products. How was the management of enterprises in this holding carried out?

The formation of budgets took place in the management company: the budget for the sale of products was coordinated with the most bottleneck in the system - purchases of the main raw materials. After agreeing on the budgets for the purchase of raw materials and the sale of products, the production plan was brought to the enterprises. All other expenses of enterprises were formed on the basis of approved standards. The financial service consolidated budgets of income/expenses and cash flows both at the level of each of the holding's enterprises and on the scale of the entire holding (consolidated budget), and also compiled a payment calendar for each of the companies and the forecast balance of the holding as a whole. Then, daily management reports were generated with a plan-fact analysis of deviations: on cash flows, basic raw materials (purchases, use in production, balances), sales.

In addition to generating reports, the treasury of the management company daily managed the holding's funds by creating registers for paying the current expenses of enterprises, taking into account the approved budget and payment terms under contracts. This process went as follows. In the document management system, the initiators placed requests for payment, employees of the financial service of the management company checked these requests for compliance with the budget and terms of payment under the contract, approved and included in the register, which was agreed upon by the holding's management and then submitted to the bank for payment. Negotiation of unbudgeted payments required justification from the initiator and was approved or rejected by management.

There were no financial departments at the enterprises of the holding, there was only an accounting department that was engaged in entering primary documents and maintaining tax accounting. In the management company, in addition to operational daily reporting, monthly management reports were generated for each of the companies and a more detailed factor analysis of deviations was carried out. Use of operational management reporting made it possible to respond to deviations in a timely manner. On the basis of monthly reporting and detailed analysis, a motivation system was in place and a forecast was made to achieve the company's long-term strategic goals.

For the entire time of my work in this company (about four years), as a result of very clear and detailed planning, daily monitoring of the implementation of plans and taking timely measures, monthly plans were not fulfilled only three times (out of 48 - 3 months!). The reason for these three failures has always been external factors, which was almost impossible to predict: a change in the tariff policy by the state, tariff regulation export. As a rule, plans were overfulfilled by 3-7%.

In my opinion, the centralization of management has advantages: in many cases, it allows more flexible management of a group of enterprises, as well as attracting cheaper resources for both current and investment financing. With centralized financial flows, the overall financial risk of the holding is reduced, which has a positive effect on capitalization. A vertically integrated structure minimizes costs and increases revenue.

Financial holding: decentralized financial management structure

In a decentralized structure, the financial service of the management company is responsible for general questions: strategic planning, determination of the rate of return of subsidiaries, placement of free funds of the holding and calculation of the group's overall financial risk. The functions of the finance function may also include the functions of evaluating the management team of subsidiaries, managing the capital structure and making decisions on investments or transactions that exceed a certain amount. Responsibility for operational financial planning rests entirely with financial departments subsidiaries, which, as a rule, are required to achieve the financial indicators set by the management company.

When organizing a decentralized financial service, they rarely resort to the creation of treasuries. If this is necessary, then Special attention should be given to the regulation of the powers of financial managers of subsidiaries: limits on balances on settlement accounts, a list of items of expenditure and the corresponding amounts of payments that financial managers can dispose of at their own discretion, types of decisions that they can make on their own. In the absence of strict regulation of powers, the financial services of subsidiaries can take over all the functions of financial management, then the actual control over the financial resources of the holding will be lost.

If the holding includes a large number of enterprises, and even those operating in different industries, the financial service of the management company cannot physically manage such a large number of entities and exercise systematic control over the financial activities of the holding enterprises. In this case, it would be logical to structure almost all existing enterprises according to industry, that is, to create small holding structures (sub-holdings). Their management companies, in turn, are the centers of financial responsibility, which determine the authority of the reporting enterprises for financial management and planning. It is the financiers of the central offices of subholdings who are responsible for the formation, maintenance of a single accounting policy and consolidation financial results. The parent management company establishes only the basic requirements for such sub-holding management companies, and operational issues are resolved locally.

Experience in creating a financial service of a financial holding from scratch

I will tell you about my experience in the management company of a financial holding. At the beginning of my work, financial management looked like this. Enterprises also defended their own budgets, but budget consolidation was carried out only on the top level of items, since these enterprises operated in different industries and their own detailed budgets differed significantly structurally.

For each enterprise, the rate of profit and the amount of investments for the budget period were approved. Moreover, the rate at were calculated based on the average market indicators in this industry, taking into account the specifics of the enterprise, and the amount of investment - based on the protection of a business plan for a certain period.

Cash management was limited to financing the needs of the enterprise on the basis of a memo and the approved annual budget. It was almost impossible to consolidate the consolidated income statement, because the accounting policies at the enterprises of the holding differed significantly. There was no consolidated balance sheet. I think the financiers will understand what an uncomfortable position I am in. Managing finances with nothing but an annual budget is a razor's edge.

The first thing I had to start with was drawing up a strategic development plan for five years in figures broken down by months, which was based on forecasting, analysis of the sales report, as well as general market trends. Naturally, after a certain period of time, appropriate adjustments were made. This plan existed as a strategic plan for the development of the company. In addition, an operational quarterly budget was formed, which, upon approval, was checked for compliance with the strategic development plan. The next step was the creation of a cash management system on a daily basis and the standardization of accounting policies for the holding's enterprises. On the initial stage the receipt of daily reports on cash flows was established, on the basis of which a consolidated report was formed. Then we moved on to the formation of a monthly payment calendar, planning and cash management. As a result of competent cash management (placement of free balances, prevention of cash gaps, use of various financing instruments), the company received additional income and reduced financial expenses. On the next step a unified accounting policy was developed and from the beginning of the year all enterprises were transferred to accounting in accordance with the approved accounting policy. To control bank accounts, we used software product Profix, into which cash flows were uploaded daily from various settlement accounts in various banks, and the specialists of the financial department prepared reports from the internal turnover.

What to look for when creating a financial service of a holding

Summarizing my experience, I propose the following sequence of creating units in the financial service.

1. It is worth starting with cash flow management (it is the presence of such information that gives the investor at first the most understandable picture of the holding).

2. It is logical for the second to create a contract department, since a correctly drawn up contract (indicating the terms of payment under the contract, payment schedule, territorial localization), timely entry of each contract into the database and subsequent support make it possible to simplify further planning, reduce any management reporting, accept management solutions.

3. The third step is the almost parallel creation of management accounting and budgeting departments.

My work experience has shown that, regardless of the type of holding, the problems faced by the financial services of management companies are very similar. The most common are the organization of uniform and transparent management accounting in a group of companies. If, simultaneously with the entry of an enterprise into the holding, its accounting policy is not brought into line with corporate standards, this entails incompatibility of accounting data and, as a result, the impossibility of generating consolidated financial statements. Changing the accounting policy in an already established organization is a rather laborious procedure, requiring the involvement of an administrative resource, and sometimes restructuring the organizational structure.

Another problem is the coordination cash flows within the holding and managing the solvency and liquidity of the group of companies. Often there is no targeted management in holdings - even financiers sometimes do not know what level of profitability and liquidity their work should be aimed at. In addition, financial risk management is inefficient.

An important issue in the construction of the financial service is qualified selection personnel. If I selected personnel with accounting education and skills in such programs as 1C: Accounting and Parus for the management accounting department, then financiers were required to work in the analysis department. Departments were formed by specialists as they were loaded; when determining the number of employees for the treasury, it was literally necessary to measure the duration of the operation by one employee with a stopwatch and then multiply the result by the estimated number of operations.

One of the ways to actively help employees of the financial service of the management company is to build a budget management system. When starting budgeting, you need to understand that only creation is really integrated system budget management will help solve many problems of the financial service. Therefore, it is very important that the process begins with the management company and a single standard is created for all subsidiaries of the holding. Only in this case you can:

have consolidated reporting with minimal resource costs (it is also very important that this function be automated);
to form those information flows(in terms of content, volume and focus), which will help in solving the main tasks of the financial service;
determine the degree of decentralization of powers and financial responsibility;
create a transparent and understandable for all system of interaction between the financial departments of the holding with the financial service of the management company, and between the financial service and other functional divisions of the holding.

If these conditions are met, we can talk about the effectiveness, and, consequently, the feasibility of creating a common service center that provides an accounting function for a group of holding enterprises. Obviously, only the creation of an integrated budget management system will make it possible to unify accounting processes, standardize methods and reporting for a group of enterprises, and, most importantly, provide prompt and reliable data from the level of primary documents of enterprises. Otherwise, employees of the financial service of the holding will not be able to be responsible for the accuracy of the data provided to them by subsidiaries.

Finally, I would like to note that, according to the classics of management, operating holdings are created at the stage of business formation, and as companies grow and develop, management becomes more and more decentralized. Nonetheless, financial holdings in pure form are extremely rare in Ukraine. There are many holding structures that combine the features of both financial and operational holdings - the so-called mixed holdings. In this case, almost all existing enterprises are structured by industry, that is, they create small holding companies (sub-holdings), which are managed in the same way as an operating holding.

Undoubtedly, the creation of a financial service in the holding structure is a long and difficult process that gives rise to a lot of difficulties, but at the same time, in most cases, the creation of a financial department is the only way effectively manage the finances of a group of enterprises.

You will need

- permission from the Federal Antimonopoly Service;
- permission of the State Property Committee;
- the consent of the labor collectives of enterprises.

Instruction

A holding is a part of an entrepreneurial association, the participants of which, with formal legal independence, are subordinate to one of the members of the group - the parent organization that owns a controlling stake in its other members.

To create a holding company, obtain the consent of the Federal Antimonopoly Service of the Russian Federation and its territorial bodies. Do the privatization of enterprises that will later enter into common grounds according to the law
"On the privatization of the state and municipal property».

In the process of creating a holding, you may encounter some restrictions. established by the "Temporary Regulations on Holdings". In particular, it is forbidden to create a holding company that owns a controlling stake, producing on the market more than 35% of homogeneous or products. The creation of a holding company is impossible if this step can lead to the monopolization of the production of certain types of products.

To convert an enterprise into a subsidiary, obtain the consent of more than half of it labor collective. To do this, move general meeting and record this decision in the minutes of the meeting.

After that, if we are talking about the privatization of state and municipal property and the creation of a holding on its basis, submit a proposal for the creation of the State Property Committee and property management committees. In the proposal, indicate the rationale for creating a holding company, its goals and objectives, a list of enterprises that will be included in the future holding, information on the share of products that these enterprises produce in the federal and local markets, a project constituent documents holding company.

The State Property Committee and the Federal Antimonopoly Service check the submitted documents and agree to the formation of the holding. However, from time to time the antimonopoly service has the right to check the holding for compliance with antimonopoly legislation and hold the holding's management accountable for violations of antimonopoly legislation. The preliminary consent of the Federal Antimonopoly Service is also required in the event of the creation within the holding of new legal entities.

A holding or holding company is a special form of capital pooling, an integrated company that does not engage in production activities, but uses its own funds to acquire controlling stakes in other enterprises in order to coordinate their activities. The entities that are combined into holdings have financial and legal independence, but the right to resolve the main issues belongs to the holding company.

Instruction

So, this is a system of commercial organizations, which includes a parent company that owns a controlling stake in other organizations that are subsidiaries in relation to the parent company. The parent (management) company can either perform production functions or directly manage the holding. An enterprise whose activities are regulated by the holding company due to the predominance of its share in the authorized capital or in accordance with the concluded agreement will be considered a subsidiary.

Holdings are not formed by chance. The purpose of their appearance is to conquer new market sectors and reduce costs. These factors increase its capitalization, which requires the effective operation of the entire system of enterprises included in the holding. At the same time, the value of the holding's shares grows only if the subsidiaries and the parent organization work efficiently.

A holding can be formed by successive mergers or by gaining control over companies that are engaged in the same sector of the economy. The main goal of creating such companies is to expand the boundaries of business, spheres of influence and conquer new market sectors. In this case, we are talking about horizontal integration.

Another way to form a holding is vertical integration, when enterprises of a single technological cycle (from the procurement of raw materials to the production of finished products) are merged. The purpose of creating such a holding is to reduce costs, increase price stability and the efficiency of the company as a whole.

A holding can be created by successively creating enterprises and joining them to an existing group. This is how the world famous company McDonald's operates. Such a policy allows you to avoid big losses in the event of the bankruptcy of one of the enterprises.

The holding is managed through meetings of shareholders, boards of directors, executive directorate. There are no fundamental differences between the management of a holding company and a joint stock company. However, for the holding, the main shareholders are clearly defined and it is they who manage the entire group of enterprises.