History of Economics. Voucher privatization (most important)

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History of Economics. Voucher privatization (most important)

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80. Voucher privatization

The first stage of privatization is voucher privatizationcovering period 1992-1994. During this period, important normative and legislative documentswhich secured the basic rights of shareholders, individual and collective owners.

В mid 1992 the government came up with the idea introduction of privatization vouchers. At the end of this summer, the President approved decree "On the introduction of a system of privatization checks in the Russian Federation", which includes conditions for the formation of demand for all types of property subject to privatization. Everywhere, Russian citizens, including children, were given the right to purchase one voucher, with a nominal value of 10 thousand rubles, by paying 25 rubles. in a savings bank. This process took place from October 1992 to the end of January 1993, about 97% of Russian citizens received their checks.

Vouchers could be sold, invested in the shares of enterprises that were privatized, and also transferred to another person. To the government, the voucher market seemed to be the initial stage of the securities market, and the concentration of their huge number could create real owners.

Everywhere in 1993 year began to take shape checking investment funds, for which the government has introduced licenses to carry out this activity. The State Property Committee prohibited them from buying up more than 10% of the shares of various enterprises. The new structure was considered by the government as the basis for the creation of the future financial market and the free movement of capital, as well as the investment of capital in the production process. However, these funds were only interested in increasing their own dividends.

In the first quarter, more than half of the funds of these funds were directed to speculation in vouchers, the rest to the shares of enterprises that were privatized, which was explained by the concentration of small and medium-sized enterprises in them, which are not in great demand.

At the end of the voucher privatization, various investment funds ceased to function through the sale of vouchers.

First stage of privatization was marked by the formation of the institutional principles of a market economy based on the development of the non-state sector of the economy, the formation of markets for securities exchanges, insurance and pension companies, as well as commercial and investment banks, the emergence of shareholders, shareholders, as one of the new social strata of society. By mid-1995, the number of privatized enterprises turned out to be greater than the number of non-privatized enterprises.

Authors: Zilbertova T.N., Takhtomysova D.A.

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