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Ôîíä Áþðî ýêîíîìè÷åñêîãî àíàëèçà 103009 Ìîñêâà, Ìàëûé Ãíåçäíèêîâñêèé ïåðåóëîê, 4, òåë. (095) 937-67-50 ôàêñ (095) 937-67-53 e-mail:
[email protected] Èíòåðíåò: www.beafnd.org
Èíôîðìàöèîííî-àíàëèòè÷åñêèé áþëëåòåíü
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ìàðò 2004 ã.
Ïðîáëåìû êîðïîðàòèâíîãî óïðàâëåíèÿ è îñîáåííîñòè ïåðåðàñïðåäåëåíèÿ ïðàâ êîíòðîëÿ â Ðîññèè
Àâòîð: Øàñòèòêî À.Å.
Àííîòàöèÿ Íà îñíîâå îïèñàíèÿ ïðîáëåì êîðïîðàòèâíîãî óïðàâëåíèÿ ÷åðåç ïðèçìó èíñòðóìåíòàðèÿ íîâîé èíñòèòóöèîíàëüíîé ýêîíîìè÷åñêîé òåîðèè îáîçíà÷åíà ñîïðÿæåííîñòü ñ äðóãèìè àñïåêòàìè ýêîíîìè÷åñêîé îðãàíèçàöèè. Ðàññìàòðèâàþòñÿ ñïåöèôè÷åñêèå ïðîáëåìû êîðïîðàòèâíîãî óïðàâëåíèÿ, âîçíèêàþùèå â ïåðåõîäíîé ýêîíîìèêå (ñ ó÷åòîì îñîáåííîñòåé ðåæèìà îñóùåñòâëåíèÿ ïåðåõîäà â ôîðìå ïðèâàòèçàöèè â Ðîññèè), â òîì ÷èñëå íåäîáðîñîâåñòíûå êîðïîðàòèâíûå çàõâàòû. Ïîêàçàíî, ÷òî â íà÷àëå XXI âåêà â Ðîññèè ñôîðìèðîâàëàñü ìîäåëü êîðïîðàòèâíîãî óïðàâëåíèÿ, â êîòîðîé â òîé èëè èíîé ôîðìå äîìèíèðóåò ñîáñòâåííèê-èíñàéäåð ñî ñðàâíèòåëüíî êîðîòêèì âðåìåííûì ãîðèçîíòîì ïðèíÿòèÿ ðåøåíèé. Ýòî ñîçäàåò ñóùåñòâåííûå îãðàíè÷åíèÿ äëÿ îðèåíòèðîâàííîãî íà íîâîââåäåíèÿ ýêîíîìè÷åñêîãî ðàçâèòèÿ. Åñëè âíåøíèå ôîðìû êîíòðîëÿ äåéñòâèé èñïîëíèòåëÿ (ìåíåäæåðà) ïðåæäå âñåãî, ôîíäîâûé ðûíîê è íåäðóæåñòâåííûå çàõâàòû ðàáîòàþò ïëîõî, à òàêæå ñóùåñòâóåò ïðîáëåìà êîëëåêòèâíûõ äåéñòâèÿ ðàçðîçíåííûõ àêöèîíåðîâ, òî ïðÿìîé êîíòðîëü ÷åðåç êîíöåíòðàöèþ áëîêèðóþùåãî (èëè áîëåå çíà÷èòåëüíîãî) ïàêåòà àêöèé ñîçäàåò óñëîâèÿ äëÿ ðåøåíèÿ ïðîáëåìû óïðàâëåíèÿ ïîâåäåíèåì èñïîëíèòåëÿ. Îäíàêî ââèäó ñëàáîé çàùèòû àáñîëþòíûõ (â îòëè÷èå îò îòíîñèòåëüíûõ) ïðàâ ñîáñòâåííîñòè ìîäåëü êîðïîðàòèâíîãî óïðàâëåíèÿ âêëþ÷àåò â êà÷åñòâå êîìïîíåíòà ôîðìàëüíî ñêðûòîãî ñîáñòâåííèêà è ïîäñòðàõîâî÷íûå ñõåìû, ñâÿçàííûå ñ èñïîëüçîâàíèåì çàðóáåæíûõ áàíêîâ äëÿ ðàñ÷åòîâ, à òàêæå èíâåñòèöèè â ïåðñîíàëüíûå îòíîøåíèÿ ñ ïðåäñòàâèòåëÿìè âëàñòè. Ôîðìóëèðóþòñÿ îñíîâíûå âûâîäû ïî íàïðàâëåíèÿì ýêîíîìè÷åñêîé ïîëèòèêè, êîòîðûå ìîãóò áûòü âûáðàíû ñ òåì, ÷òîáû îáåñïå÷èòü áîëåå âåñîìûé âêëàä êîðïîðàòèâíîãî óïðàâëåíèÿ â îáåñïå÷åíèå óñòîé÷èâîñòè ýêîíîìè÷åñêîãî ðàçâèòèÿ
© Áþðî ýêîíîìè÷åñêîãî àíàëèçà, 2004 © Øàñòèòêî À.Å., 2004
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Ñîäåðæàíèå
Ââåäåíèå .........................................................................................................................................2 1. Êîðïîðàòèâíîå óïðàâëåíèå: òåîðåòè÷åñêèå ðàìêè ................................................................2 1.1. Ñóòü ïðîáëåìû êîðïîðàòèâíîãî óïðàâëåíèÿ...................................................................2 1.2. Çíà÷åíèå êîðïîðàòèâíîãî óïðàâëåíèÿ .............................................................................2 2. Êîðïîðàòèâíîå óïðàâëåíèå â óñëîâèÿõ ïåðåõîäíîé ýêîíîìèêè. .........................................2 3. Íåäîáðîñîâåñòíûå êîðïîðàòèâíûå çàõâàòû êàê âûðàæåíèå ñïåöèôèêè êîðïîðàòèâíîãî óïðàâëåíèÿ â Ðîññèè. ........................................................................................2 3.1. Íåäîáðîñîâåñòíûå êîðïîðàòèâíûå çàõâàòû: ñîäåðæàíèå, ôîðìû, çíà÷åíèå...............2 3.2. Âëèÿíèå èíñòèòóöèîíàëüíîé ñðåäû íà âîçìîæíîñòè îñóùåñòâëåíèÿ íåäîáðîñîâåñòíûõ êîðïîðàòèâíûõ çàõâàòîâ ..........................................................................2 4. Çàêëþ÷åíèå: óðîêè ôîðìèðîâàíèÿ êîðïîðàòèâíîãî óïðàâëåíèÿ â Ðîññèè. ........................2 Ïðèëîæåíèå 1. Íåäîáðîñîâåñòíûå çàõâàòû â òåðìèíàõ èãðû äèëåììà