Stock. From the point of view of freedom of circulation of equity securities in specialized markets all companies can be divided into two categories: open and closed.

Public companies - the companies whose securities are publicly traded. Additional issue of shares placed in public.

Private company - is a company whose shares are either not traded on the stock market, while in strategic property owners or treatment volumes are negligible. That is, the total supply of shares on the stock exchange and OTC markets does not exceed 5-10% of the total shares.

If the shares of these companies put up for sale, the transaction is carried out by large, blocking or non-standard packages. Typically, moving shares of companies from one owner to another takes place outside the official trading systems and stock prices when such transactions are different from stock. Controlling stake in such companies is owned by a limited number of shareholders. Additional shares may be placed in advance of the known range of investors.

all public companies whose controlling stake ( 50%) belongs to either one shareholder (eg, state), or a small group of shareholders (not more than 3 persons);
all joint stock companies.
In accordance with the above, we can conclude that the opening (closing) of the companies due to:

way to distribute equity between shareholders - public or spray concentration of share capital;
strategy of ownership of share capital, which is selected shareholders - the acquisition of control over the company or the acquisition of shares in an investment asset, bringing the dividend and / or foreign exchange income. At different stages of the life cycle of companies equity distribution level may vary. Major reasons for this are as follows:

Decision of the shareholders and managers, which is determined in the process: whether to open membership and, accordingly, spraying or sell equity shares issued by a small group of investors.
Effect of government regulators. State at the legislative level can regulate the issue equity distribution of individual companies, for example, determine that equity must be either state-owned or owned by the owners of strategic or distributed among many small shareholders.

Attractiveness of business due to the laws of the market. Attractiveness, determined, on the one hand, business profitability, and on the other hand - the risk of the activity, with the passage of time moving from one branch to another of the national economy, estimated by market participants in terms of profitability, profitability and growth higher. This causes the "flow" of capital from low-margin on highly profitable areas of activity. The higher the attractiveness of an industry ( skills), the greater the number of investors tends to penetrate it, and the more members will seek to displace a given market niche competitors oligopoliziruya or monopolizing a market niche, helping concentration of share capital of a limited range owners.

Otherwise, the capital of the company can be sprayed among many shareholders. That is, the opening (closing) of companies is largely dependent on the perception of market participants attractiveness of a particular type of activity and, to a lesser extent, the decisions of managers and shareholders of companies or regulators.

Based on this analysis we can conclude that different models of business financing (Anglo-American, based on raising capital from the stock market or the German- Japanese, based on raising capital through lending) characterized by certain differences in the distribution of share capital during the lifecycle of the development of companies.

It should be noted that this conclusion is valid only if the company operates in a market economy, where the state's influence on companies with private capital is limited, and there is a mature stock market, allowing the free movement of capital and private equity ownership.

German- Japanese model of business financing increases the number of private companies, financial entities whose operations are controlled by a small group of shareholders who own more than 50 % of the share capital. Anglo- American model, on the contrary, helps to increase the number of public companies whose share capital is in the public domain and are dispersed among many small and medium shareholders .