85

Becrnnx CHIY. Cep. 8. 2006. Btn. 3

C A. B. Baiynen, 2006
. B. Buxy:ee
KOHHEHHHH OHTHMAAIHOCTH CTPYKTYPM KAHHTAAA
H HPAB COBCTBEHHOCTH: KPHTHHECKHH AHAAH3
B cfafue auanusupykfcn ocuoeuLe feopuu, safparueakue eonpocL
onfuuanuuocfu cfpykfypL kanufana u cfpykfypL npae cocfeeuuocfu.
B ofnuue of npepLpyux uccnepoeauu e paukax paofL akeufupy-
efcn euuuauue ua cneuquuLx enoeeeckux akfueax, urpakux ece
onumyk ponu e coepeueuuou usuece. CqopuynupoeauL uoeLe sapa-
u no paseufuk feopuu e paukax paccuafpueaeuo nponeuL.
BBEEHHE
B nocne(nne io(i xapairepnon oco6ennocrii poccnncion oionoxnin
nnnnercn (nnaxnnnin rexn pasnnrnn 6nsneca, nro, n cnoi onepe(i, sa(aer
nicoine rpe6onannn i qopxnponanni crpyirypi iannrana n ycronnnnon
crpyirypi co6crnennocrn. Bo-nepnix, nce 6onimee ionnnecrno (ocraronno
ipynnix ioxnannn crannr cnoen nenii xaicnxnsanni cronxocrn 6nsneca.
Hpn orox o(nnx ns nan6onee snannxix pinaion nnnnnnn na cronxocri iox-
nannn nnnnercn nonci ncronnnion qnnancnponannn, a raie onpe(enenne
onrnxaninon crpyirypi iannrana. Bo-nropix, xnoine cpe(nne ioxnannn
npono(nr nenenanpannennyi nonnrniy no nonimenni cnoen npnnneiareni-
nocrn, nn6o crpexnci npnnneni nnnecropon (nn pemennn crpareinnecinx sa-
(an, nn6o c nenii iannrannsannn ycnexa co6crnennniaxn ioxnannn. rn
sa(ann recno cnnsani c cos(annex n no((epannex (oniocponnon qnnanco-
non cra6nninocrn ioxnannn. Hexanonanix raie nnnnercn ror qair, nro n
ycnonnnx 6ypnoio pasnnrnn xanoio 6nsneca npe(npnnnxarenn ne(yr airnn-
nin nonci naprnepon (nn conxecrnon peannsannn paspa6orannix n(en. Hpn-
nnenenne rainx naprnepon nenosxono 6es nsnemennoio o6ocnonannn nina(a
ia(oio ynacrnnia npoeira n conxecrnin 6nsnec n (aninenmeio pacnpe(ene-
nnn (enenix noroion n cnynae ycnemnon peannsannn.
Hnixn cnonaxn, pemenne sa(an, ni(nniaexix 6nsnecox n nacronmee
npexn, rpe6yer nerioio nonnxannn ocnonnix ionnennnn no nocrpoenni
onrnxaninon crpyirypi iannrana n crpyirypi npan co6crnennocrn ioxna-
86
nnn
1
. Ananns ocnonnix saionoxepnocren oron npe(xernon o6nacrn xoer
noxoni pyiono(nreni nnn co6crnennniy ioxnannn o6ocnonanno no(onrn i
cos(anni ycronnnnoio n cra6nninoio 6nsneca, nxeimeio nicoiyi iannrann-
sanni.
B nacronmen crarie npe(naiaircn onncanne n inaccnqniannn nan6onee
nanix no(xo(on i npo6nexax qopxnponannn crpyirypi iannrana ioxna-
nnn, a raie anannsnpyercn nosxonocri nx ncnonisonannn n conpexennix
oionoxnnecinx ycnonnnx.
Hpe(e nex npncrynnri i anannsy conpexennix ionnennnn qopxnpo-
nannn onrnxaninon crpyirypi iannrana, cpasy xorenoci 6i o6parnri nnnxa-
nne nnrarenn na neioropyi o(no6oiocri cymecrnyimen o6menpnnnron
nnrepnperannn nonnrnn crpyirypa iannrana. [eno n rox, nro ono rpa(nnn-
onno paccxarpnnaercn nnmi c nosnnnn coornomennn co6crnennoio n saexno-
io qnnancnponannn
2
. Kopnn nxenno raioio nonnxannn crpyirypi iannrana
ioxnannn 6inn sanoeni M. Mnnnepox n 1. Mo(nninnn n nx snaxennron
reopexe, yrnep(aimen, nro cronxocri ioxnannn ne sanncnr or coornome-
nnn crpyirypi saexnoio n co6crnennoio iannrana Mo(nninnn, Mnnnep,
1999]. Anropi noiasann, nro npn co6ni(ennn (ocraronno ecrinx npe(noci-
noi ne (onno 6iri cncrexarnnecinx pacxo(ennn n crpyirype iannrana
xe(y pasnnnnixn ioxnannnxn. Cne(yer nanoxnnri, nro npe(nocinin,
oipannnnnaimne (encrnnn reopexi, nnnnnnci cnopnixn c ronin spennn pe-
aninoio oionoxnnecioio npocrpancrna, nro no xnoiox n onpe(ennno xo(
(aninenmnx nccne(onannn. Hpairnnecin nce onn nocrpoeni no noxoen cxe-
xe: nccne(onarenn oriasinannci or rex nnn nnix npe(nocinoi reopexi n ai-
nenrnponann cnoe nnnxanne na onrnxaninox coornomennn co6crnennix n
saexnix cpe(crn ioxnannn, ocrananci npn orox n paxiax npe(noennoio Mo-
(nninnn n Mnnnepox no(xo(a i nnrepnperannn crpyirypi iannrana.
B nacronmen pa6ore, nanpornn, npe(naiaercn necioniio pacmnpnri no-
nnrne crpyirypi iannrana n nonnxari no( nen ne roniio snanenne qnnan-
conoio pinaia ioxnannn, no n pucnpee:enue npue cc6cneennccnu (uxuc-
nepncec xununu:u) xcnunuu cpeu ee cc6cneennuxce (ownership structure).
B paxiax raioio pacmnpennoio no(xo(a crpyirypa iannrana ioxnannn pac-
1
H. B. Ocionion n cnoen crarie Ocionion, 2001] crannr nonpoc o nnnnnnn ne-
non nacrn 6ananca qnpxi - crpyirypi airnnon - na npanyi nacri 6ananca -
crpyirypy naccnnon, ioropan o(nonpexenno nininaer n ce6n iai crpyirypy iannrana,
rai n crpyirypy npan co6crnennocrn.
2
Hanpnxep, P. Bpennn n C. Manepc Bpennn, Manepc, 1997, c. 429] nonnxair
no( crpyirypon iannrana iox6nnanni nennix 6yxai qnpxi: o6iinonennie n npn-
nnneinponannie ainnn, 6anioncine ipe(nri, pasnnnnie nn(i o6nniannn n (p. Hpn
orox nnyrpn nonnrnn crpyirypi iannrana ne paccxarpnnaercn pacnpe(enenne nen-
nix 6yxai cpe(n crenixon(epon ioxnannn.
87
cxarpnnaercn c ronin spennn (onenoio ynacrnn n nen pasnnnnix crenixon(e-
pon, ioropie xoiyr qnnancnponari ioxnanni n nn(e (onionix o6nsarenicrn
(nanpnxep, o6nniannn, sanxi, nanoionie ipe(nri n r. (.) n nina(inari co6-
crnennie (eniin n nn(e ainnonepnoio iannrana (nanpnxep, o6iinonennie n
npnnnneinponannie ainnn). Hpn orox pasnnnaircn o61ex n ycnonnn nina(a
ia(oio crenixon(epa n iannran ioxnannn.
Banocri n nonnsna raioio no(xo(a raie cnnsani c rex, nro paspa6o-
rannie na (annin xoxenr reopnn crpyirypi iannrana, paccxarpnnan, iai
ye 6ino orxeneno, onrnxaninoe coornomenne co6crnennix n saexnix
cpe(crn, npairnnecin ocrannnir nne nonn spennn nonpoci onrnxaninocrn
crpyirypi npan co6crnennocrn.
[nn 6onee ioxnneicnoio ocnemennn npo6nexi npe(naiaercn o6parnricn
i cymecrnyimnx reopnnx crpyirypi iannrana n paso6paricn n rox, nro
npe(naiaer inaccnnecinn no(xo( i nonnxanni nonpoca. Cpe(n ininenix nc-
cne(onarenen, nnecmnx nan6onimnn nina( n pasnnrne (annon npo6nexarnin,
neo6xo(nxo npe(e nceio ni(ennri, noxnxo M. Mnnnepa n 1. Mo(nninnn,
X. [excerna, M. [encena, C. Ipoccxana, O. Xapra n (p. Pesynirarox nx nccne-
(onannn crano ninnnenne na6opa qairopon, npnxo nnn iocnenno nnnnimnx
na coornomenne co6crnennoio n saexnoio iannrana n crpyirype qnnancnpo-
nannn ioxnannn. Knaccnqnnnpyex nx no nanpannennocrn nos(encrnnn na qn-
nanconin nenepn( iopnopannn n ocnernx ipario cnennqniy nx (encrnnn.
4AKTOPM, HOAOHTEAIHO KOPPEAHPYKBHE
C 4HHAHCOBMM AEBEPHEM KOMHAHHH
Hannnne (annix qairopon cnoco6crnyer pocry (onn saexnoio iannrana
n o6mex o61exe qnnancnponannn. B ianecrne o(noio ns nepnix acneiron
oionoxnnecion (enreninocrn qnpxi, cnoco6nix nonnnnri na coornomenne
saexnix n co6crnennix cpe(crn, 6in ni(enen rai nasinaexin nu:cecemu
uun, nosnniaimnn n pacnopnennn ioxnannn n cnynae saiono(arenino pas-
pemennon nosxonocrn ninnrari ns nanoioo6naiaexon 6asi nponenri no
ipe(nrax. ro nonnrne nnepnie 6ino nne(eno caxnxn ocnononononniaxn
ncen ionnennnn - Mo(nninnn n Mnnnepox - n crarie Taxes and the Cost of
Capital Modigliani, Miller, 1963]. B coornercrnnn c nx n(een qnpxi xoiyr
ynennnnnari cnon nncrin (enenin noroi, qnnancnpynci n 6onimen crenenn
sa cner (onionix o6nsarenicrn, a ne co6crnennoio iannrana. Ynennnenne (onn
saexnix cpe(crn yxenimaer peaninyi nocnenanoionyi cronxocri iannrana n
ynennnnnaer cronxocri ioxnannn. Cronxocri ioxnannn, rainx o6pasox,
xaicnxnsnpyercn npn 100%-x qnnancnponannn sa cner (onia. Bxecre c rex
ne nisinaer coxnennn ror qair, nro n peaninon oionoxnnecion cpe(e npai-
rnnecin ner qnpx, qnnancnpyexix roniio sa cner saexnix cpe(crn, (a n caxa
(onionan qopxa qnnancnponannn cymecrnonana sa(onio (o nonnnennn nanoia
88
na npn6ini. B nocne(yimne (ecnrnnernn nonnnnnci reopernnecine nccne(o-
nannn, ni(ennnmne qairopi, (encrnyimne na neconepmennox pinie iann-
rana, ioropie snannrenino cnnair niio(i saexnoio qnnancnponannn. Bo-
nee roio, xnoine anropi o6ocnoninann onrnxaninyi crpyirypy iannrana,
ornnnaimyicn or 100%-n (onionon crpyirypi.
O(non ns reopnn, o61ncnnimen nnnennponanne nanoionix niio( npn
ynennnennn (onionoio pinaia, nnnnercn necpu xcnpcuccu. Ona ionopnr o
rox, nro qnpxa 6y(er ynennnnnari o61ex (onia (o rex nop, noia npe(eninan
cronxocri, cos(anaexan sa cner pocra nanoionoio mnra, ne 6y(er ioxnencn-
ponana pocrox cronxocrn nosxonix qnnanconix sarpy(nennn ioxnannn
ns-sa ynennnennn o61exa (onia. 1airopi, nininennie n qnnanconie sa-
rpy(nennn, 6y(yr paccxorpeni (anee, s(eci xi (onyciaex, nro onn cyme-
crnyir n nnnnir na cnnenne pinonnon cronxocrn qnpxi.
Teopnn ioxnpoxncca npe(nonaiaer, nro qnpxa ncei(a (onna noniso-
naricn nanoionixn npenxymecrnaxn, ecnn nosxonie ns(epin qnnan-
conix sarpy(nennn (ocraronno nnsin. Tex ne xenee (annin qair onpo-
nepiaercn no xnoinx pa6orax. Hnrepecnix c oron ronin spennn niinn(nr
nccne(onanne [. Ipexoxa Graham, 2000], noiasinaimee, nro 6onimne,
npn6ininie, nninn(nie ioxnannn nxeir oneni ioncepnarnnnin qnnanco-
nin nenepn(. Onnpanci na eio (annie, xono c ynepennocrii ionopnri o
rox, nro cpe(nnn qnpxa xoina 6i n(noe ynennnnri o61ex (onia, ocrananci
npn orox ioncepnarnnnon. Ipexox Graham, 2000, p. 1934] onennnaer nos-
xonin pocr iannrannsannn ioxnannn n (annox cnynae na 7,5%, nro nnnn-
ercn oneni necoxon nennnnnon.
Tex ne xenee, cne(yn reopnn ioxnpoxncca, xono ni(ennri eme qai-
ropi, ioropie (onni nononrenino nnnnri na qnnanconin nenepn(
ioxnannn, nanpnxep creneni nninn(nocrn airnnon. O. Ynninxcon Ynninx-
con, 1996] n cnoen pa6ore no(po6no npoanannsnponan nnnnnne cnenenu
nepeeuueccnu uxnuece
3
na coornomenne (onen saexnoio n co6crnennoio
iannrana. Anrop npnxo(nr i nino(y o nononreninon sanncnxocrn, npono-
(n pn( paccy(ennn ornocnrenino ns(epei 6aniporcrna ioxnannn. 1npxa,
o6na(aiman nonnocrii nepexemaexixn airnnaxn, ne no(nepena croni
cnninoxy cnnenni cronxocrn n cnynae npoxo(ennn npone(ypi 6anipor-
crna no cpannenni c ioxnannen, nxeimen n cnoen co6crnennocrn nenepe-
xemaexie, cnennqnnnie airnni. Coornercrnenno, y ee ipe(nropon nonnnr-
cn 6onime mancon (nn peannsannn cnoeio npenxymecrnennoio npana na
nonynenne (enei. Taian ioxnannn npn nponnx pannix 6y(er nxeri 6onimyi
(oni saexnix cpe(crn n crpyirype iannrana.
3
Ho( nepexemaexocrii airnnon Ynninxcon nonnxaer creneni cnennqnnnocrn
xecrononoennn airnna Ynninxcon, 1996].
89
B cnynae ecnn nnnecropi na pinie ne xoiyr a(einarno onennri ypo-
neni ipe(nrocnoco6nocrn saexmnia, ro qnpxi c nicoinx yponnex ipe-
(nrocnoco6nocrn niny(eni npe(npnnnxari onpe(enennie (encrnnn, io-
ropie 6inn 6i (ocraronno sarparni (nn nnoxnx saexmnion. Pasnnnnie
nccne(onarenn Myers, Majluf, 1984; Ross, 1977] crponnn rai nasinaexie
cninaninie xo(enn, paccxarpnnaimne crpyirypy iannrana ((nnn(en(nie
ninnari, (oni ainnn ioxnannn n pyiax xene(xenra) n ianecrne cpe(-
crna nepe(ann ccnceepnmx cuenu:ce nnnecropax. rn cninani npnsnani
cnn(erenicrnonari o cnoco6nocrn ioxnannn paccnnraricn no (oniax c ipe-
(nropaxn: qnpxi, pacnonaiaimne snannreninix o61exox saexnix cpe(crn,
ynepeni n cnoen qnnanconon cocronreninocrn n 6y(ymex n rex caxix ni-
sinair (onepne nnnecropon. Ha neioropix piniax o(nnx ns napnanron (o-
cronepnoio cninana (nn nnnecropon nnnnircn nnnecrnnnn qnpxi n 6pon(
n penyranni. O6 orox ynoxnnaercn n nccne(onannnx Klein, Ieffner, 1981;
Shapiro, 1983]. Hecxorpn na ro nro orn airnni nnnnircn cnennqnnecinxn n
nexarepnaninixn, onn nipair poni sanoia (nn ipe(nropon, rai iai penyra-
nnn qnpxi cepiesno nocrpa(aer, ecnn ona ne cxoer ninnannnari nponen-
ri no ipe(nrax. 1npxa, o(na(i nponnnecrnponan n cnoe nxn, cos(an ce6e
onpe(enennyi penyranni, niny(ena nocronnno ee no((epnnari sa cner
nonix nnoennn. Tai, pinoi xoer nponnrepnpernponari snannreninoe
cnnenne nnnecrnnnn n peinaxy iai no(ioroniy ioxnannn i 6icrpoxy
c6opy ypoan n nixo(y c pinia. Tainx o6pasox, nocronnnan no((epia
penyrannn ioxnannn xoer cnynri (nn ipe(nropon neinx iapanrox roio,
nro qnpxi 6y(yr aipeccnnno necrn ce6n na cnoex pinie. B pesynirare
cronxocri qnnancnponannn (nn rainx ioxnannn nocrenenno cnnaercn.
B cnnsn c ornx xono npe(nononri, nro qnnanconin nenepn( ioxnannn
naxo(nrcn raie n npnxon sanncnxocrn or ee nnnecrnnnn n penynuucn-
nme uxnuem.
Cpe(n (pyinx qairopon, nononrenino nnnnimnx na (onionon pinai
ioxnannn, xono orxernri orpacnenie oco6ennocrn, ioropix y(eneno sna-
nnreninoe nnnxanne n pa6orax [. Ciorra Scott, 1980]. 1npxi n peey:upy-
emx cnpuc:x, i npnxepy, nxeir 6onee cra6nninie (enenie noroin n,
cne(onarenino, xenimne pncin qnnanconix sarpy(nennn. B rainx orpacnnx
qnpxi (onni pacnonaiari 6onee nicoinx yponnex (onionoio pinaia no
cpannenni c (pyinxn orpacnnxn.
4AKTOPM, OTPHHATEAIHO KOPPEAHPYKBHE C 4HHAHCOBMM
AEBEPHEM KOMHAHHH
I. [`Aneno n P. Masynnc n cnoex nccne(onannn DeAngelo, Masulis,
1980] npoanannsnponann pasnnnnie nu:ceceme npeuyuecneu, ecsnuxuwuue
e npcecce uneecnupceunu, nc ne cesunnme c c:ecemu c6sune:vcneuu
90
(i nnx roe nnonne npnxennx repxnn nanoionin mnr). [eno n rox, nro
qnpxi, nxeimne ne6onimne npn6inn (o ninera nponenron n nanoion nnn
pa6oraimne n y6iroi, ne xoiyr nonnocrii nocnonisonaricn niio(axn na-
noionoio mnra sa cner cnncannn na sarpari nponenrnix nnareen. [nn ne-
nen samnri or nanoion onn xoiyr npnxennri nnnecrnnnonnie nanoionie
ipe(nri, yciopennie xero(i axoprnsannn, nnnecrnnnn n nexarepnaninie
airnni, ioropie xono cnncinari n renenne io(a. [eno n rox, nro nanoio-
noe saiono(arenicrno neioropix crpan (onyciaer nanoionie nocna6nennn
npn ocymecrnnennn nnnecrnnnn 6esornocnrenino ncronnnia qnnancnpona-
nnn. B orox e ionreicre xono paccxarpnnari pacxo(i na peinaxy, nayn-
no-nccne(onarenicine n onirno-ioncrpyiropcine pa6ori. Tainx o6pasox,
ioxnannn, nxeimne nicoiyi neponrnocri croninonennn c qnnanconixn
rpy(nocrnxn n 6y(ymex, (onni nxeri xenime sanxon n cnoen crpyirype
no cpannenni c ycronnnnixn npn6ininixn qnpxaxn, (nn ioropix npo-
nenrnie nnaren nnnnircn nanix qairopox nanoionon samnri.
Bcnoxnnx, nro o(non ns reopnn, o61ncnnimen yponeni (onionoio pi-
naia, nnnnercn reopnn ioxnpoxncca, coornocnman niio(i or ncnonisonannn
nanoionoio mnra c nosxonixn qnnanconixn sarpy(nennnxn. Hocne(nne
cno(nrcn i nosnninonenni ns(epei 6aniporcrna nnn peopiannsannn iox-
nannn, a raie neioropix aiencrinx ns(epei. Pocr nosxonix qnnanco-
nix sarpy(nennn orpnnarenino ioppennpyer c yponnex qnnanconoio nene-
pn(a ioxnannn: nex 6onime neponrnocri nx nosnninonennn, rex xenime
ipe(nropi (onepnir ioxnannn, rex nime nponenrnie cranin na ipe(nri
n rex caxix nne yponeni (onia.
O(nnx ns qairopon, nnnnimnx na pocr qnnanconix sarpy(ennn, nnnn-
ercn emccxu ec:unu:vnccnv npu6m:eu. Bonarnninocri npn6inen nicrynaer
iocnennon onenion (enonoio pncia ioxnannn, cne(onarenino, cnoco6crnyer
ynennnenni neponrnocrn 6aniporcrna, nro cnnaer yponeni (onepnn ipe-
(nropon n nonimaer cronxocri nnemnnx sanxon. He6esinrepecno orxe-
rnri, nro nonarnninocri npn6inn raie yxenimaer neponrnocri roio qai-
ra, nro ioxnannn cxoer nocnonisonaricn niio(axn or nanoionoio mnra.
B pesynirare nex nime nonarnninocri npn6inn, rex nne yponeni (onio-
noio pinaia ioxnannn. Hannnne cnpuune:vncu npu6m:u y ioxnannn nxe-
er raioe e nnnnnne.
Cneuunccnv uxnuece, n cnoi onepe(i, nnnnercn ipaeyioninix nonn-
rnex n pa6orax xnoinx nccne(onarenen, sannxaimnxcn nonpocaxn crpyirypi
iannrana. B nacrnocrn, Ynninxcon Williamson, 1988] no(nepinnaer, nro npn
nponnx pannix ycnonnnx ainnonepnin iannran npn ynennnennn cnennqnn-
nocrn airnnon nnnnercn 6onee npe(nonrnreninon crpyirypon ynpannennn. Ta-
ian qnpxa n cnynae 6aniporcrna nnn nninn(annn repner 6onime n cnoen
cronxocrn, rex caxix oipannnnnan npenxymecrnennoe npano ipe(nropa na
91
nonynenne (enei. Cne(onarenino, xono ioncrarnponari nannnne o6parnon
sanncnxocrn xe(y qnnanconix nenepn(ex ioxnannn n nnnecrnnnnxn n
nexarepnaninie cnennannsnponannie airnni (n npornnonononocri nnnn-
nni nepexemaexocrn airnnon). Ynninxcon Williamson, 1988] n (pyion cnoen
pa6ore oco6o no(nepinyn, nro ni6op crenenn cnennqnnnocrn airnna nnnner-
cn crpareinnecinx ni6opox (nn ioxnannn. Tainx o6pasox, nocioniiy ni6op
rnnon airnnon nicrynaer cocrannon nacrii crpareinn 6nsneca, ro onenn(na
nsanxocnnsi xe(y qnnanconix nenepn(ex ioxnannn n ee crpareinen.
Mnoine nccne(onarenn (nanp.: Bredly et al., 1984; Graham, 2000; Frank, Goyal,
2004]), xapairepnsyir nannnne cnennqnnnix airnnon n ioxnannn sa cner ns-
xepennn o61exa pacxo(on na peinaxy, nccne(onannn n paspa6orin, a raie
nannnnn na 6anance nexarepnaninix airnnon.
Tnrxan Titman, 1984] orxenaer nsanxocnnsi xe(y ynuxu:vnccnvw
npcyxnu u:u cnpuc:u n yponnex (onionoio pinaia. Ecnn qnpxa, ninycia-
iman ynnianinin npo(yir, nninn(npyercn, ro oro nnener sa co6on, no-nep-
nix, pocr ns(epei (nn norpe6nrenen npo(yinnn qnpxi, rai iai cepnncnan
no((epia nnnnercn ynnianinon (nn (annon npo(yinnn, no-nropix, nos-
nninonenne cnryannn, npn ioropon pa6ornnin qnpxi n nocranmnin cnni-
no nocrpa(air or 6aniporcrna ioxnannn ns-sa o6na(annn cnennqnnnixn
ornocnrenino (annoio npo(yira airnnaxn. Tainx o6pasox, ioxnannn, ni-
nyciaiman ynnianinin npo(yir, nnn pa6oraiman n ynnianinon orpacnn
(onna, nxeri iai xono xenime (onia, nro6i coiparnri neponrnocri
6aniporcrna ioxnannn.
Kai 6ino orxeneno nime, n ns(epin qnnanconix sarpy(nennn neioro-
pie anropi (nanp.: Bpennn, Manepc, 1997, c. 487; Myers, 2001, p. 89]) nini-
nair n ueenncxue usepxu. Ocranonnxcn no(po6nee na nnnnnnn ueenncxux
usepex. O(nn ns ne(ymnx nccne(onarenen nonpocon onrnxaninocrn crpyi-
rypi iannrana Manepc Myers, 1984] oco6oe nnnxanne y(ennn ns(epiax,
nosnniaimnx ns-sa pasnoinacnn xe(y ainnonepaxn n ipe(nropaxn. Kon-
qnnir nponnnnercn n rox, nro ainnonepi crpexnrcn peannsonari nnnecrnnn-
onnie npoeiri c 6onee nicoinx (oxo(ox n, coornercrnenno, c 6onee nico-
inx pnciox, nex npe(nonnn 6i ipe(nropi, sannrepeconannie n nosnpare
cnonx nnoennn. ra npo6nexa nonynnna nasnanne saxemenne airnnon
(asset substitution problem). Ee cymecrnonanne, napn(y c npo6nexon nepennne-
crnponannn, npnno(nr i roxy, nro pn( npn6ininix npoeiron xoer 6iri
orinonen. Manepc n cnonx nccne(onannnx no(nepinnaer, nro orn npo6nexi
oco6enno airyanini (nn rex airnnon, ioropie nosnonnir ioxnannn peannso-
nari pasnnnnie ecscnccnu pccnu n 6y(ymex. Hnixn cnonaxn, nex 6onime
ioxnannn nnnecrnpyer n raine airnni, rex 6onee nacropoenno 6y(yr orno-
cnricn ipe(nropi i (enreninocrn qnpxi, rex xenime 6y(er nennnnna ee sa-
exnix cpe(crn n crpyirype iannrana.
92
M. [encen n Y. Meinnni n crarie Jensen, Meckling, 1976], nnepnie
ocnernnmen nonpoci aienrcinx ns(epei, ocranannnnannci na (pyion cro-
pone aienrcinx ornomennn - paccoinaconannocrn nnrepecon ainnonepon
n xene(epon. 'ex xenime (onn nna(ennn ainnn y xene(epa, paccy(a-
nn onn, rex 6onime on crpexnrcn norpe6nnri pasnnnnix 6nai sa cner
ioxnannn n, coornercrnenno, nnemnnx ainnonepon. Pasnnnan (annyi ion-
nennni, M. [encen, C. Ipoccxan n O. Xapr n cnonx (aninenmnx nccne-
(onannnx, cnnsannix c npo6nexon xnnnxnsannn aienrcinx ns(epei Gross-
man, Hart, 1982; Jensen, 1986], yrnep(air, nro ee nacrnnnoe pemenne
nosxono sa cner saexnoio qnnancnponannn, ioropoe oipannnnnaer xac-
mra6 snoynorpe6nennn xene(epa. Bonimon nnemnnn (oni ycnnnnaer
neponrnocri 6aniporcrna ioxnannn, cne(onarenino, ynennnnnaercn pnci
(nn xene(epa iai ynpannenna norepnri pa6ory n ncnoprnri cnoi penyra-
nni. Ho yrnep(enni [encena, ocnonnon xapairepncrnion qnpx, ioro-
pix niio(no ncnonisonari (onionyi naipysiy (nn (ncnnnnnnnponannn
none(ennn xene(epon, nnnnercn cymecrnennoe npenimenne (enenix
noroion qnpxi na( nosxonocrnxn nx pocra Balakrishnan, Fox, 1993;
Iang, Ofek, 1996]. Tainx o6pasox, cymecrnonanne aienrcion npo6nexi n
o6enx nnocracnx (ipe(nropi - ainnonepi, xene(epi - ainnonepi)
npnno(nr i o6parnon sanncnxocrn xe(y qnnanconix nenepn(ex iox-
nannn n nosxonocrnxn ee pocra.
O(non ns reopnn, o61ncnnimnx nnnnnne uccuenpuu uncpuuu na
crpyirypy iannrana, nnnnercn rai nasinaexan necpu uepupxuu (pecking
order theory), paspa6orannan n 1984 i. n crarinx C. Manepca n H. Monnaqa
Myers, 1984; Myers, Majluf, 1984]. Onnpanci na pn( npe(nocinoi, ocnonnan
ns ioropix cocronr n rox, nro qnpxi npe(nonnrair nnyrpennne ncronnn-
in qnnancnponannn, ee croponnnin (enair saininenne o rox, nro emccxu
npu6m:vnccnv ioxnannn ne(er i 6onee nnsioxy iooqqnnnenry (onionoio
qnnancnponannn (n orox cnynae y qnpxi (ocraronno nnyrpennnx pecypcon
(nn qnnancnponannn cnonx iannranonnoennn). ror nino( nonnocrii
npornnopennr saininennnx necpuu xcnpcuccu, npe(nonaiaimen, nro y
qnpxi cymecrnyer neinn paccnnrannin onrnxaninin yponeni (onia, i io-
ropoxy ona nocronnno crpexnrcn. B coornercrnnn c saionoxepnocrnxn, io-
ropie ycranannnnaer ora ionnennnn, qnpxi c nicoinxn npn6innxn n
cpannnrenino nnsion neponrnocrii 6aniporcrna (onni nxeri (ocraronno
nicoinn yponeni (onia (nn xaicnxnsannn cronxocrn ioxnannn
4
.
4
[pyine nccne(onarenn Sharpe, Nguyen, 1995; Frank, Goyal, 2004] orxenair, nro
qnpxa, ne nnarnman (nnn(en(i ainnonepax, o6na(aer 6onimen nnqopxannonnon
accnxerpnen n, cne(onarenino, 6onime npe(nonnraer qnnancnponaricn sa cner (onia,
a ne sa cner ainnonepnoio iannrana.
93
PE3YAITATM 3MHHPHHECKHX HCCAEOBAHHH B OBAACTH BAHBHHB
PA3AHHHMX 4AKTOPOB HA 4HHAHCOBMH AEBEPH KOMHAHHH
Cpe(n pa6or, ionnenrpnpyimnx cnoe nnnxanne na nepenncnennix nime
qairopax, oco6enno npio ni(ennercn nccne(onanne, npone(ennoe ynenixn
M. Bpe(nn, I. [apennox n X. Knxox Bredly, Jarrell, Kim, 1984]. Anropi oxnn-
pnnecin anpo6npyir reopernnecine nino(i o nsanxocnnsn xe(y qnnanco-
nixn qairopaxn n qnnanconix nenepn(ex ioxnannn
5
. B cnoi onepe(i,
C. Banaipnmnan n H. 1oic Balakrishnan, Fox, 1993] nponepnir nsanxocnnsn
ne roniio qnnanconix, no n crpareinnecinx qairopon, nnnnimnx na crpyi-
rypy iannrana. Hpn orox n ianecrne ocnoni (nn anannsa onn ni6npair
qnpxi, (encrnyimne n o(non orpacnn, rainx o6pasox nnnennpyn qairop
orpacnenon (nnepcnqniannn ioxnannn, snannrenino nciaaimnn nnnnnne
napaxerpon na crpyirypy iannrana. Hne npe(naiaercn o6o6menne pesyni-
raron ornocnrenino nsanxocnnsn ni(enennix qairopon n qnnanconoio ne-
nepn(a, nonynennix n o6osnanennix nime n (pyinx nccne(onannnx.
Coinacno Banaipnmnany, a raie Bpe(nn n eio coanropax Ba-
lakrishnan, Fox, 1993; Bredly, Jarrell, Kim, 1984], nsanxocnnsi xe(y
ec:unu:vnccnvw npu6m:u n qnnanconix nenepn(ex ioxnannn
crarncrnnecin snannxa n xapairepnsyercn orpnnareninon ioppenn-
nnen.
B nccne(onannn Bpe(nn c coanropaxn Bredly, Jarrell, Kim, 1984] nsa-
nxocnnsi xe(y ucpnusuueu (iai nan6onee snannxix cy6crnry-
rox (nn nanoionoio (onionoio mnra) n qnnanconix nenepn(ex
ioxnannn oiasanaci crarncrnnecin snannxon n, nonpein reopernne-
cinx nino(ax, nononreninon. O(no ns nosxonix o61ncnennn
oroio o6cronrenicrna cocronr n rox, nro axoprnsannn nnnnercn orpa-
ennex airnnon ioxnannn (rainx, iai ne(nnnxocri n o6opy(ona-
nne), ioropie xoiyr cnynri o6ecnenennex (nn pasnnnnix ipe(n-
ron. B orox cnynae ornomenne axoprnsannn i o6men cyxxe airnnon
xono paccxarpnnari iai creneni nepexemaexocrn (redeployable)
airnnon qnpxi, n cnnsn c nex nnonne o6ocnonanno on(ari nonnne-
nnn npnxon sanncnxocrn. Paccxarpnnan axoprnsanni n raiox ion-
reicre, i ananoinnnix saininennnx npnmnn Banaipnmnan n 1oic
Balakrishnan, Fox, 1993], a raie 1pani n Ionnn Frank, Goyal, 2004].
Coinacno pa6ore Bredly, Jarrell, Kim, 1984], 6i(er ioxnannn na
peinaxy n nccne(onannn, ioropin xono paccxarpnnari n ianecrne
qairopa ne(onionoio nanoionoio mnra, orpnnarenino nnnner na
5
1nnanconin nenepn( ioxnannn n nccne(onannn Bredly, Jarrell, Kim, 1984]
nsxepnncn iai ornomenne 6ananconon cronxocrn (oniocponnix o6nsarenicrn ioxna-
nnn i ee pinonnon cronxocrn.
94
qnnanconin nenepn( ioxnannn, nro nnonne coinacyercn c reope-
rnnecinxn niina(iaxn. Hoxone pesynirari nonynnnn M. Aoni n
H. Manns Iong, Malitz, 1985a; 1985b], C. Tnrxan n P. Beccenc Tit-
man, Wessels, 1988], P. Kenns n T. Hyien Caves, Pugel, 1985], a raie
M. Cnenc Spence, 1985].
Teopnn aienrcinx ns(epei cnn(erenicrnyer o rox, nro (onna cy-
mecrnonari orpnnareninan cnnsi xe(y ecscnccnu pccnu xc-
nunuu n ee qnnanconix nenepn(ex, nro n 6ino npo(exoncrpnpo-
nano n pasnnnnix oxnnpnnecinx nccne(onannnx Iong, Malitz, 1985a;
Balakrishnan, Fox, 1993; Barclay, Smith, Watts, 1995; Barclay, Smith,
1999].
Pasnnnan rexarniy ecnpuc:eemx ccc6ennccneu, Bpe(nn c coan-
ropaxn Bredly, Jarrell, Kim, 1984] o6napynn ne6onimoe, no nce-
rain crarncrnnecin snannxoe nnnnnne orpacnenix oco6ennocren na
crpyirypy iannrana. Banaipnmnan n 1oic Balakrishnan, Fox, 1993]
orxernnn cymecrnenno xenimyi poni xeorpacnenix pasnnnnn n
ni6ope onrnxaninon crpyirypi iannrana no cpannenni c (pyinxn
qairopaxn, nnnnimnxn na snanenne nenepn(a ioxnannn.
Hpairnnecin nce nccne(onarenn n cnonx pa6orax orxenair snann-
xocri cneuuxu uxnuece npn ni6ope ncronnnia qnnancnponannn.
Hanpnxep, H. Bnncon n X. Aani Wilson, Zhang, 2000] nponenn nn-
repecnoe nccne(onanne, i(e n ianecrne nsxepnrenn cnennqnnnocrn
airnnon ni6pann o61ex nnnecrnnnn n rexnonoinn (nn nponsno(-
crna ynnianinoio npo(yira. Onn no(rnep(nnn, nro raine nnnecrn-
nnn qnnancnpyircn 6onime sa cner co6crnennoio iannrana, r. e.
nxeir orpnnareninyi ioppennnni c qnnanconix nenepn(ex
ioxnannn. Koi(a qnpxa onepnpyer na nicoioioniypenrnix piniax
co cran(aprnixn npo(yiraxn (commodity market), ro cymecrnyer
ren(ennnn ni6opa (onionoio qnnancnponannn. Banaipnmnan n
1oic Balakrishnan, Fox, 1993] orxenair orpnnareninyi nsanxo-
cnnsi xe(y cnennqnnnocrii airnnon, nipaennix n nn(e pacxo-
(on na nccne(onannn n paspa6orin, n nenepn(ex ioxnannn. Hpn
orox onn yiasinair na snannxocri pasnnnnn xe(y cnennqnnni-
xn nexarepnaninixn airnnaxn n neiiopeannsyexixn airnnaxn.
Hanpnxep, ycronnnnin 6pon( xoer 6iri neiio npo(an, n, cne(ona-
renino, nosxona nononreninan cnnsi xe(y pacxo(axn na peina-
xy n nenepn(ex, necxorpn na nexarepnaninyi ocnony airnna. Ta-
ine nino(i, n cnoi onepe(i, nnonne coinacyircn c reopernnecinxn
pesyniraraxn, nonynennixn panee.
Mnoine nccne(onarenn oxnnpnnecin nponepnnn npannninocri nino-
(on reopnn ioxnpoxncca n reopnn nepapxnn. Hecxorpn na sainine-
95
nne reopnn ioxnpoxnccon, na npairnie npn6ininie ioxnannn nxe-
ir (ocraronno nnsinn qnnanconin nenepn( Graham, 2000; Wald,
1999]. Bonee roio, (ae cymecrnyer orpnnareninan ioppennnnn xe(y
iooqqnnnenrox (onionoio qnnancnponannn n npn6ininocrii iox-
nannn Rajan, 1995]
6
. Teopnn nepapxnn, nanpornn, nosnonner o61nc-
nnri, nonexy 6onee npn6ininie ioxnannn nxeir nnsinn yponeni
(onia: raine qnpxi pacnonaiair 6onimnxn nosxonocrnxn no qn-
nancnponanni nnnecrnnnn sa cner nnyrpennnx ncronnnion. Pasnnn-
nie oxnnpnnecine nponepin reopnn npo(exoncrpnponann npannni-
nocri ee nino(on Chen, Iensink, Sterken, 1998; Drobetz, Fix, 2003;
Nishioka, Baba, 2004; Shyam-Sunder, Myers, 1999]. O(naio ecnn 6i ona
(encrnnrenino onpe(ennna crpareini qnnancnponannn qnpxi, ro na
pinie nonnnnnci 6i qnnanconie nncrpyxenri, nosnonnimne cnn-
snri ns(epin accnxerpnn nnqopxannn. Hanpnxep, Manepc Myers,
2001] n ianecrne raionix npe(naiaer ornoennie ainnn, npe(cran-
nnimne co6on (onionyi nennyi 6yxaiy c onpe(enennix noxnna-
nox, ioropan nepes io( o6xennnaercn na ainnn ioxnannn c iooqqn-
nnenrox noxnnan/cronxocri ainnn na (ary noiamennn. Tainx o6-
pasox, no eio xnenni, qnpxa nxena 6i nosxonocri ninyciari ai-
nnn 6es nnoxoio cninana nnnecropax.
Pesynirari conocrannennn reopernnecinx ionnennnn n oxnnpnnecinx
nccne(onannn, npone(ennix i nacronmexy xoxenry, nosnonnir npe(nono-
nri, nro inaccnnecinn no(xo( i rpaironie crpyirypi iannrana ioxnannn
nnmi c ronin spennn coornomennn saexnix n co6crnennix cpe(crn ne (aer
ncnepninaimeio n o(nosnannoio nonnxannn saionoxepnocren (enrenino-
crn iopnopannn. B cnnsn c ornx n xo(e (aninenmeio anannsa 6y(er npe(no-
eno o6parnricn i pa6orax, paccxarpnnaimnx npo6nexi pacnpe(enennn
npan co6crnennocrn cpe(n ainnonepon ioxnannn n cnn nnnnnnn ee creni-
xon(epon.
HCCAEOBAHHE BOHPOCOB PACHPEEAEHHB HPAB COBCTBEHHOCTH
CPEH CTEHKXOAEPOB KOMHAHHH
B paxiax neoinaccnnecioio no(xo(a i nnrepnperannn qnpxi (n(en
nepnoio nmnia) nnyrpennne acneiri (enreninocrn ioxnannn ne paccxa-
rpnnannci n, cne(onarenino, nonpoci pacnpe(enennn npan co6crnennocrn
ioxnannn n ycronnnnocrn 6nsneca ne crannnnci Demsetz, 1991].
6
Mono 6ino 6i npe(nononri, nro xene(epi no rex nnn nnix npnnnnax
ne nn(nr npenxymecrna nanoionix mnron (nn xaicnxnsannn 6naiococronnnn ainno-
nepon, no pn( npone(ennix nccne(onannn noiasinaer, nro onn nce-rain ynnrinair
qairop nannnnn n cnonx pemennnx pasnnnnix nanoionix npenxymecrn (nn ioxna-
nnn Myers, Dill, Bautista, 1976; MacKie-Mason, 1990].
96
[pyian rpaironia qnpxi 6ina npe(noena oionoxnnecion reopnen
opiannsannn Byxnanon, Kariiano, 2005]. 'acri ionnennnn, ocnemaexix n
paxiax (annon reopnn, pasnnnanaci n pycne neonncrnrynnonaninon oiono-
xnnecion reopnn
7
. K nx nncny ornocnrcn: reopnn rpancainnonnix ns(epei,
reopnn aienrcinx ornomennn, reopnn npan co6crnennocrn. Cne(yer no(nepi-
nyri, nro nxenno n paxiax ornx paspa6oroi, nxeimnx n cnoen ocnone no-
nnrnn ionrpairnix ornomennn n cnnsannix c nnxn rpancainnonnix ns-
(epei, 6inn nacrnnno sarponyri nonpoci onrnxaninoio pacnpe(enennn
npan co6crnennocrn cpe(n crenixon(epon ioxnannn.
1ecpu npuncuxucnnmx usepex n nnnox nn(e npe(nonaiaer, nro crpyi-
rypa npan co6crnennocrn onpe(ennercn ncxo(n ns ipnrepnn xnnnxnsannn
ns(epei na rpancainnn. B cnryannn, ioi(a xaicnxaninyi neny nnarnr nna-
(enen nan6onee cnennqnnnoio airnna, (ocrniaercn xnnnxnsannn eio rpanc-
ainnonnix ns(epei, n anroxarnnecin xnnnxnsnpyircn o6mne rpancainn-
onnie ns(epin npn saininennn ionrpaira (no nniai ne rpancainnonnie
ns(epin ia(oio ynacrnnia c(enin). B coornercrnnn c ornx npano co6crnen-
nocrn 6y(er nonnocrii npnna(neari roxy crenixon(epy, nin nnnecrnnnn
oiasinair nan6onee snannxoe nnnnnne na (oxo(i ncex ynacrnnion o6xena.
Hpnnex raioe pacnpe(enenne npan co6crnennocrn cnnraercn nan6onee ycron-
nnnix (nn coxpanennn (oniocponnix ornomennn.
Tenepi npoanannsnpyex, iainx o6pasox n oionoxnnecion reopnn
opiannsannn pemaercn nonpoc nnnnnnn ueenncxux usepex na crpyiry-
py npan co6crnennocrn ioxnannn. Hanoxnnx, nro aienrcine ns(epin
nosnniair n cnryannn, ioi(a ionrpairi xe(y nannxarenex (ainnone-
pox ioxnannn) n eio aienrox (xene(epox) nnnnircn nenonnixn, a nx
ncnonnenne ne xoer 6iri npoionrponnponano 6es ns(epei. B cnrya-
nnn nensxennocrn crpyirypi npan co6crnennocrn (nn xaicnxnsannn cro-
nxocrn qnpxi ycnnenne ionrponn 6y(er nponcxo(nri (o rex nop, noia
sarpari na eio ocymecrnnenne ne npenicnr niio( or yxenimennn nnn-
noio norpe6nennn xene(epon. Teopnn aienrcinx ornomennn ionopnr o
rox, nro cronxocri ioxnannn sanncnr or crpyirypi ainnonepnoio iann-
rana, a nxenno (onn ipynnoio co6crnennnia: nex 6onime (onn ipynnoio
ainnonepa-xene(epa n iannrane ioxnannn, rex xenee niio(no exy or-
nneiari pecypci ioxnannn na nnnnoe norpe6nenne, rex nime cronxocri
ioxnannn. [annyi sanncnxocri nasinair innoreson o ionnepiennnn nn-
repecon. O(naio cymecrnyer n npornnonononan innoresa - o6 oionan-
7
Po(onananinniox ncex ionnennnn, nocrpoennix na ocnone ni(enennn n iane-
crne inannoio acneira qnpxi ionrpairnix ornomennn n cnnsannix c nnxn rpancai-
nnonnix ns(epei, xono cnnrari P. Koysa Koys, 1992], nnepnie npe(crannnmeio
qnpxy iai anirepnarnnnin piniy cnoco6 opiannsannn rpancainnn.
97
mnxcn xene(epax 'npiona, 1999], ioropan onncinaer cnryanni, ioi(a
necxorpn na cymecrnennyi (oni ainnn n pyiax xene(epa, on nce panno
(encrnyer neoqqeirnnno (ipynnin naier ainnn o6epeiaer or ne(pye-
crnennoio noinomennn ioxnannn n, coornercrnenno, cnnxaer yiposy no-
repn pa6ori, connaninoio craryca). Pesynirari npone(ennix oxnnpnne-
cinx nccne(onannn P. Mopia, A. Bnenqepa n P. Bnmnn Morck, Shleifer,
Vishny, 1988] (exoncrpnpyir, nro pinonnan cronxocri ioxnannn pacrer
npn ynennnennn (onn ainnn n pyiax xene(epon or 0 (o 5% n cnime 25%
Tainx o6pasox, peman npocryi onrnxnsannonnyi sa(any, xono c(enari
nino( o rox, nro cronxocri ioxnannn xaicnxanina n cnryannn, ioi(a
xene(epax ioxnannn npnna(nenr 100% ainnonepnoio iannrana. Hpn
orox nonpoci pannonecnocrn crpyirypi co6crnennocrn, r. e. ycronnnno-
crn 6nsneca, reopnen aienrcinx ornomennn, iai n neoinaccnnecion reo-
pnen, ne sarpainnaircn.
Tex ne xenee, necxorpn na nino(i reopnn, npairnia noiasinaer, nro
iopnoparnnnan co6crnennocri mnpoio pacnpocrpanena. Tai, E. B. 'npiona
'npiona, 1999] o61ncnner (annin qair nexnarion co6crnennix nnnecrn-
nnonnix pecypcon y nna(enina-xene(epa (nn ocymecrnnennn oionoxn-
necin npn6ininix npoeiron, nenpnnrnex pncia xene(epox-nna(eninex,
ioropin yno(nr ns qnpxi n nennx (nnepcnqniannn pncia cnonx nnoennn
nacri cpe(crn n n pesynirare nxeer n qnpxe xenee 100% ainnonepnoio ia-
nnrana, a raie neoqqeirnnnocrii pinia nennix 6yxai.
A. Annnan n C. By(nopr Alchian, Woodward, 1988] yiasinair, nro npn
iopnoparnnnon co6crnennocrn ainnonepi ioxnannn conxecrno nna(eir
cnennqnnnixn ornocnrenino qnpxi airnnaxn, nro nnnnercn onpe(enen-
nix cnoco6ox samnri or onnoprynnsxa xene(epon, rai iai cymecrnyer
nosxonocri npo(ari (oni n ioxnannn 6es ynacrnn (pyinx ainnonepon
npn cymecrnonannn nninn(noio pinia ainnn ioxnannn. [excern Demsetz,
1991] o6o6maer orn nino(i n ionopnr o rox, nro pasxemenne ainnn cpe(n
mnpoioio ipyia nnn nosnonner yxenimnri cnennqnnnin (nn qnpxi pnci,
neamnn na ainnonepax. Konnenrpnponannan co6crnennocri ycnnnnaer ion-
rponi na( xene(xenrox, no nonimaer cnennqnnnin (nn qnpxi pnci, ne-
amnn na ainnonepax.
Hpone(ennin ananns cymecrnyimnx nccne(onannn nosnonner ni(e-
nnri ncemu ucnexn e npc6:ee ueenncxux cnncuenuu a nxenno: paccxorperi
cnryanni, ioi(a eneepm e:wnc cc6cneennuxuu cneuunmx uxnuece.
B cnynae saxeni ainnonepaxn rainx xene(epon na (pyinx ynpannennen,
ne o6na(aimnx cnennqnnnixn airnnaxn, cronxocri ioxnannn snannreni-
no cnnsnrcn, r. e. nponson(er snannreninin pocr nennnnni aienrcinx ns-
(epei. B oron cnnsn nosnniair ocnonannn ionopnri o nonon cnne xene-
(epon npn saininennn ionrpairon c ainnonepaxn.
98
Bosnpamanci i paccxorpenni cymecrnyimnx ionnennnn, neo6xo(nxo
orxernri, nro n paxiax pasnnrnn necpuu npue cc6cneennccnu
8
Ipoccxan,
Xapr n Myp Grossman, Hart, 1986; Hart, Moore, 1990] npnxo(nr i sainine-
nni o rox, nro n pesynirare pinonnoio nepepacnpe(enennn npan co6crnen-
nocrn nan6onee nponnixn oiasinaircn re crpyirypi, ioropie o61e(nnn-
ir qairopi, n nan6onimen crenenn (ononnnimne (pyi (pyia. Hpn orox
co6crnennniox qnpxi craner nna(enen nan6onee cnennqnnnoio pecypca,
nennocri ioropoio n nan6onimen crenenn sanncnr or npo(onennn cyme-
crnonannn ioannnnn, rai iai nxenno on 6y(er ioron sannarnri xaicnxani-
nyi neny sa npano ionrponnponari ioxan(y Alchian, Woodward, 1988,
p. 70]. B orox cnynae pacnpe(enenne npan co6crnennocrn cnnraercn nan6onee
ycronnnnix (nn npo(onennn corpy(nnnecrna. Bino( ananoinnen nonynen-
noxy n reopnn rpancainnonnix ns(epei. O(naio xorenoci 6i o6parnri
nnnxanne na ror qair, nro n peaninon oio-noxnnecion cpe(e pe(io xono
nanrn no(rnep(enne (annon innorese, ioi(a ncn qnpxa na 100% npnna(ne-
nr nna(eniny nan6onee cnennqnnnoio airnna.
Bne(enne n ananns cu: e:unu (pcver) pus:unmx cneuxxc:epce nnnnercn
pasnnrnex reopnn aienrcinx ornomennn. Hepnixn, iro sarponyn nonpoc o cn-
nax nnnnnnn, 6inn Ipoccxan n Xapr Grossman, Hart, 1986], a raie Xapr n
Myp Hart, Moore, 1990]. Cnanana orn anropi ncronnniox cnn nnnnnnn cnnrann
npano co6crnennocrn na qnsnnecine airnni
9
. O(naio co npexenex onn npn-
mnn i saininenni, nro pacnpe(enenne cnn nnnnnnn n qnpxe cnnsano c cyme-
crnonannex ocraronnix npan ionrponn. Ocnonnan poni cnni nnnnnnn cno(nrcn
i crnxynnponanni n samnre cnennqnnnix nnnecrnnnn n qnpxy
10
. Tainx o6-
pasox, nex 6onime nenonnora ionrpaira, rex nime poni ocraronnix npan ion-
rponn, a snannr, n cnni nnnnnnn. B (aninenmex Xapr n Myp Hart, Moore, 1994]
nnenn n ananns nonnrne nepeionopnan cnna nnnnnnn (bargaining power) npe(-
npnnnxarenn, ioropin o6na(aer neinx nenonenecinx iannranox.
Panan n 3nnianec n(yr (anime n pasnnnair 6onee o6myi reopni cnn
nnnnnnn nnyrpn qnpxi, n, cne(onarenino, 6onee o6myi reopni opiannsa-
nnn Rajan, Zingales, 1998]. Ocnonnon npnnnnon nannnnn cnn nnnnnnn onn
cnnrair (ocryn nnn, (pyinxn cnonaxn, cnoco6nocri pa6orari c ipnrnnecin
8
B ee paxiax qnpxa rpairyercn iai nynoi npan co6crnennocrn na xarepnani-
nie n nexarepnaninie airnni Posanona, 2002]. Bxecre c rex oro - o61e(nnenne ai-
rnnon, naxo(nmnxcn n conxecrnon co6crnennocrn Zingales, 2000]. B raiox cnynae
cronxocri ioxnannn onpe(ennercn cronxocrii iox6nnannn cocrannnimnx ee airn-
non Kparioe noco6ne qnnanconoio xene(epa, 2001].
9
rnx 3nnianec apiyxenrnpyer ro o6cronrenicrno, nro qnpxa n reopnn npan
co6crnennocrn paccxarpnnaercn iai na6op airnnon, naxo(nmnxcn n conxecrnon co6-
crnennocrn Rajan, Zingales, 2001; Zingales, 2000], o nex peni mna panee.
10
Hnnecrnnnn, ioropie npairnnecin ne nxeir cronxocrn nne (annon ioxnannn.
99
nanixn (nn qnpxi pecypcaxn. Hpnnex repxnn pecypc nonnxaercn nxn
n caxox mnpoiox cxicne oroio cnona: n ianecrne raionix xoiyr nicrynari
iai n(en, rai n ni(n. Cne(yer orxernri, nro Panan n 3nnianec n cnoen pa6o-
re (ocrniair cpasy (nyx nenen: c o(non croponi, onn ni(ennir nanocri
(ocryna i cnennqnnnix airnnax, a c (pyion - necioniio cnnair snann-
xocri nna(ennn co6crnennocrii qnpxi.
Manepc n cnoex nccne(onannn Myers, 2000] ne ocranannnnaercn na
onncannn cnn nnnnnnn - on niraercn cxo(ennponari nipy, n ioropon n
nncan(epi, n nnemnne co6crnennnin (outsider`s investors) crpexnrcn (en-
crnonari ncininnrenino n cnonx nnrepecax, xaicnxnsnpyn nnmi cnon niio-
(i. Hccne(onareni npnxo(nr i pn(y nanix saininennn, ioropie n caron
qopxe xoiyr 6iri cqopxynnponani cne(yimnx o6pasox:
Hannnne n pacnopnennn ioxnannn nnemnnx airnnon onpe(ennercn
rex, cnoco6ni nn reiymne (nnn(en(i y6e(nri co6crnennnion n ne-
necoo6pasnocrn nnnecrnponari n renenne iai xnnnxyx eme o(noio
qnnanconoio nepno(a.
[nn ycnemnoio qyninnonnponannn qnpxi neo6xo(nxo ionnnecrn-
ponanne nncan(epaxn n ayrcan(epaxn. Hncan(epi xoiyr npn orox
nnnecrnponari ne (eniiaxn, a rex, nro onn pa6orair sa xenimyi
nnary, nex onn xoinn 6i nonynari na oripirox pinie.
1npxi, nie 6y(ymee 6naiononynne sanncnr or nenonenecioio qai-
ropa n npnnnrnn pncia, xoiyr crari ny6nnnnon ioxnannen c rex,
nro6i coiparnri cnny nnnnnnn nnemnnx co6crnennnion.
3anacryi 6inaer (ocraronno cnono onpe(ennri qair nnnecrnpona-
nnn, nooroxy nnemnne co6crnennnin (onni nerio orcnennari pac-
npe(enenne onepannonnix (enenix noroion xe(y onepannonnixn
ns(epiaxn, nnnecrnnnnxn n nosnaipa(ennex nncan(epax. Hxenno
raion xonnropnni ne(er i aienrcinx ns(epiax (n ne nao6opor!).
Cne(yer no(nepinyri, nro n reopnn aienrcinx ornomennn npn noni-
mennn cnennqnnnocrn xene(epcinx (nncan(epcinx) pecypcon nospacraer
n rpe6yexan (onn ainnn ioxnannn (nn o6ecnenennn ionnepiennnn nnrepe-
con c ainnonepaxn (nnemnnxn co6crnennniaxn) n, cne(onarenino, xaicn-
xnsannn cronxocrn ioxnannn. Anannsnpyn xo(eni Manepca, xono npnnrn
i a6conirno npornnonononix pesynirarax: npn nonimennn cnennqnnno-
crn pecypcon nncan(epon nx (onn n co6crnennocrn ioxnannn, rpe6yexan (nn
coxpanennn ycronnnnocrn 6nsneca, xoer cnnaricn. ro nponcxo(nr ns-sa
roio, nro n xo(enn ininenan poni orno(nrcn ionrponi na( (ocrynox i cne-
nnqnnnix nenonenecinx pecypcax
11
. Bnaio(apn oroxy ionrponi nncan(epi
11
Ho(rnep(enne n(en Panana n 3nnianeca Rajan, Zingales, 2001] npe(cranneno
nime.
100
xoiyr sa6npari ce6e npairnnecin nci cos(annyi cnonxn ycnnnnxn cro-
nxocri, 6es neo6xo(nxocrn saipennennn oroio npana nepes (oni n ainno-
nepnox iannrane qnpxi. Bnemnne co6crnennnin ionrponnpyir roniio
qnsnnecine airnni, (onn cronxocrn n ioxnannn ioropix yxenimaercn c
pocrox cnennqnnnocrn pecypcon nncan(epon. B nroie nnemnnx co6crnen-
nniax (ocraercn nnmi (enenin noroi n pasxepe rpe6yexon (oxo(nocrn
na nnoennie cpe(crna.
3AKAKHEHHE
Ho(ne(ex neioropie nroin, nosnonnimne oneprnri nepcneirnny (ani-
nenmnx nccne(onannn n anannsnpyexon npe(xernon o6nacrn. Ocnonnoe
nnnxanne n pa6orax, nocnnmennix nsynenni crpyiryp naccnna ioxnannn
(crpyirypi iannrana n crpyirypi npan co6crnennocrn), y(ennercn anannsy
qairopon, nnnnimnx na onrnxaninoe coornomenne co6crnennix n saex-
nix cpe(crn. Bonpoci onrnxaninocrn crpyirypi ainnonepnoio iannrana n
nnx, iai npannno, ne paccxarpnnaircn. Mnoine ynenie orxenair, nro (nn
cos(annn o6men reopnn crpyirypi iannrana ioxnannn neo6xo(nxo ynnri-
nari nnnnnne cnennannsnponannix nexarepnaninix nenonenecinx airnnon,
ioropie xoiyr npnna(neari nncan(epax qnpxi. Hecxorpn na ro nro oror
nn( airnnon n conpexennox xnpe npno6peraer nce 6onimee snanenne, cepi-
esnie nccne(onannn no ninnnenni eio cnennqnin ne npono(nnnci. Heioro-
pie reopnn, paspa6orannie n paxiax neonncrnrynnonaninoio no(xo(a, pac-
cxarpnnair nonpoci pacnpe(enennn crpyirypi ainnonepnoio iannrana,
o(naio npn orox ne sarpainnaercn nonpoc o rox, iaian (onn ainnn ioxna-
nnn (onna npnna(neari roxy nnn nnoxy crenixon(epy (nn coxpanennn
ycronnnnoio qyninnonnponannn qnpxi, ecnn nce onn o6na(air inineni-
xn cnennqnnecinxn nexarepnaninixn airnnaxn. B pn(e pa6or ni(enena
nanocri coxpanennn ycronnnnocrn 6nsneca npn cnoex pasnnrnn sa cner ns-
xenennn crpyirypi co6crnennocrn ioxnannn, npn orox n nnx ne y(ennercn
(ocraronnoio nnnxannn roxy, ioi(a n n iainx nponopnnnx (onno nponc-
xo(nri raioe nsxenenne. H naionen, npairnnecin orcyrcrnyir nonirin
npone(ennn xacmra6nix oxnnpnnecinx nccne(onannn, nanpannennie na
ananns crenenn cnn nnnnnnn crenixon(epon n nx nsanxocnnsen co crpyiry-
pon iannrana n crpyirypon co6crnennocrn ioxnannn.
Anxepaxypa
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Crarin nocrynnna n pe(ainni 28 qenpann 2006 i.