Перевод экономических текстов

115allowances (depreciation and amortization accounts), a noncash cost of the firm that must be added to undistributed profit to determine the amount of funds available to the firm from the current operations.External Sources of Funds, Common and Preferred Stock hol­ders; Common Stock — Fundamental Ownership of the CorporationCommon stock is the basic form of ownership of a corporation. In the classic scenario, a company’s management issues stock to in-vestors in return for their cash and then uses the cash to start and operate the business. A share of stock represents a unit of ownership of a company, but the size of that unit depends on the number of shares of stock issued. A small company owned by a handful of people might only have a few hundred outstanding shares, that is owned by its stockholders. Microsoft, by contrast, has over five billion shares outstanding. So, percentage of ownership is not just about how many shares you own; it’s about how many shares everybody owns. Thus, we arrive at a key observation of stock ownership: the more shares there are, the less your shares are worth. This is called dilution.Common stock is the basic ownership unit, as noted before. A common stockholder is a residual owner of the company’s assets. That means the common stockholder gets all the remaining value when all the debts are settled, which may be a great deal or may be nothing. It is this risk/reward relationship that has enabled public stock ownership to become the best investment for growth in the long term — and also one of the riskiest investments in the short term.Equity ownership in a corporation entitles the stockholders to divi dends and/or capital appreciation and the right to vote. In the event of liquidation, common stockholders have rights to corporate assets only after bondholders, holders of other debt, and preferred stockholders. This is thought to be good for the company, but bad for sha...