99

2004 BECTHHK CAHKT-HETEPBVPICKOIO VHHBEPCHTETA Cep. 8. Btn. 4 (X 32)

KRACCHKA TEOPHH
KOPHOPATHBHOO YHPABREHHH
. B. Byxeu:ce
TEOPHR 4HPMM H TEOPHR KOPHOPATHBHOIO YHPABAEHHR
(npencnonne i paseny)
B paofe auanusupyefcn uecfo knaccuecko cfafuu euceua u Mek-
nuura 1976 r. e paseufuu nouuuauun ponu areufcko nponeuu u paspa-
ofke kouuenuuu coepeueuuo kopnopauuu. Take npueopnfcn ykasa-
uun, onerakue paofy uap usyeuueu sfo cfafuu, u ocypaefcn
suaeuue pauuoro uanpaeneuun uccnepoeauu pnn cfauoeneuun poc-
cuckux kopnopauu kak oprauusauuouuo uuuoeauuu pnn uaue
cfpauu.
BBEEHHE
Pa6o+a Manina [nencena n \nninxa Meinnnia |[nencen, Meinnni,
2004], ony6nnionannan n opninnane n 1976 i., xone+ 6i+i c nonnon yne-
pennoc+im o+necena i inaccnie +eopnn iopnopa+nnnoio ynpannennn n +eopnn
qnpxi. Hpai+nnecin nm6an aiaexnnecian ny6nniann no +on +exa+nie,
nimeman nosne, ne +oniio coepnn+ ccinin na annym pa6o+y, no n ne-
qopxaninix o6pasox ncnonisye+ ee coepnanne nnn nonexnsnpye+ c nnx.
Hepnan nononnna 1970-x ii. xapai+epnsonanaci ai+nnnixn nonciaxn
nonon napanixi ionoxnnecion +eopnn, pacmnpnmmen paxin neoinac-
cnnecioio xnnc+pnxa n nosnonnmmen pema+i saann, nosnniammne n pe-
aninoc+n. B +o npexn nonnnnnci pasnnnnie ne+nn +eopnn nnqopxan-
onnon acnxxe+pnn: cninannsnponanne Manina Cnenca, pinoi nnxonon
[nopna Aiepnoqa, +eopnn pncia [noseqa C+ninna. Hn+epec i o+pacne-
non opiannsann n xoennponannm qnpxi nsny+pn npnnen Onnnepa \nni-
nxcona i eio innie Pinin n nepapxnn 1973 i., ns io+opon nipocna nceu
uncmumyucnu:tnu oxcncuxu (New Insiuional Economics), nen xannqec+ -
xonoipaqnn ionoxnnecine nnc+n+y+i iann+annsxa - nonnnncn na e-
C A.B.Byxnanon, 2004
100
cn+i ne+ nosne. dnpxa nepec+ana paccxa+pnna+icn iai nepnin nmni, onn-
cinaexin nponsnoc+nennon qyninen, cnnsinammen annie na nxoe n
nixoe, io+opie nensnec+no iai nepexaninam+cn nny+pn. Binn no-nac+o-
nmexy nponn+ani pa6o+i Ponania Koysa, nannoe xec+o 6ino o+neeno
nnc+n+y+ax, npany n ion+pai+ax.
B +nx ycnonnnx n nonnnnaci c+a+in [nencena n Meinnnia, n io+opon
6in npenonen nonin nsinn na qnpxy nepes ion+pai+noe onncanne nsan-
xoo+nomennn xeny ocnonnixn nnnnnaxn, sann+epeconannixn n qnp-
xe: co6c+nennniaxn, +on-xenenepox n ipen+opaxn. C+a+in, o+pasnn oco-
6ennoc+n +oio nepexonoio npexenn, oiasanaci npesninanno nonynnpnon
y cnenannc+on no nonon nnc+n+ynonaninon ionoxnie. O+xe+nx, n+o
n qynaxen+aninox o6sope conpexennoio coc+onnnn annon +eopnn |dypy-
6o+n, Pnx+ep, 2004] 6onimoe xec+o yeneno nepeciasy ocnonnix nen pa6o-
+i [nencena n Meinnnia.
Pa6o+a o6nnino n+npye+cn n n ny6nniannx no xcpncpumuency
ynpue:enum. Kopnopa+nnnoe ynpannenne ne o6pasye+ o+eninym ncnnnnny.
Ono nponnsinae+ ncm +eopnm qnpxi n +eopnm ynpannennn opiannsanen,
nocioniiy anannsnpye+ (iai c nosn+nnnon, +ai n c nopxa+nnnon c+oponi)
coo+nomenne xeny nnac+im n ynpannennex n qnpxe. Conpexennoe nonn-
xanne iopnopa+nnnoio ynpannennn +pe6ye+ ynec+i nsanxoo+nomennn qnp-
xi co c+enixonepaxn (sann+epeconannixn c+oponaxn), +ai iai xnoine
nnemnne c+enixonepi onpeennm+ ycnex qnpxi na pinie npoyi+a (no-
c+anmnin n noiyna+enn), n+o, n cnom onepei, nnnne+ na ennoc+i qnpxi
nn co6c+nennnion, no na +y ennoc+i nnnnm+ n pyine c+enixonepi, na-
npnxep no+ennaninie nnnec+opi, iocyapc+no n +. n.
Pa6o+a [nencena n Meinnnia nnnne+cn ipynnix ninaox n onn
ns nannenmnx acnei+on iopnopa+nnnoio ynpannennn - npo6nexy cmce:e-
nu cccmeennccmu cm xcnmpc:, +. e. n ananns nsanxoenc+nnn xeny co6-
c+nennniaxn n xenenepox
1
. Caxa no ce6e npo6nexa ne 6ina nona. Hc+o-
pnm iopnopa+nnnoio ynpannennn n +epxnnax o+enennn o6inno ney+ o+
xonoipaqnn A. Bepne n [n. Mnnsa Conpexennan iopnopann n nac+nan
co6c+nennoc+i |Beile, Means, 1932].
2
B +on pa6o+e y+nepnae+cn, n+o +n-
1
Mi nnmex xenenep n ennc+nennox nncne, +ai iai n pa6o+e anannsnpye+cn
(c noxomim qyninn nonesnoc+n) noneenne ennc+nennoio +on-xenenepa. Pac-
cxo+penne enc+nnn nne-npesnen+on ioxnannn n nnnennix xenenepon no+pe6o-
nano 6i conepmenno pyion +exnnin n nonnnnnoci 6i necixa o+nnnnon noinie.
2
O+xe+nx, n+o nnipaq n |[nencen, Meinnni, 2004] onosnanno yiasinae+ na
Aaxa Cxn+a iai ionoxnc+a-inaccnia, io+opin ne+io cqopxynnponan cymec+no
npo6nexi o+enennn. Cioniio-nn6yi cepiesnie conpexennie ionoxe+pnnecine
nccneonannn c+pyi+ypi co6c+nennoc+n nanannci nnmi n 1990-eii., ioia ninnn-
noci, n+o +esnc o nqqysnoc+n ne nepen ceionn n 6onimnnc+ne c+pan.
101
nnnnan iopnopann n CLA xapai+epnsye+cn pacninennix (nqqysnix,
diffused) coc+anox co6c+nennnion. +o osnanae+, n+o iopnopann nxee+ xno-
nec+no ainonepon, npnnex ipynnie naie+i nnnnm+cn peioc+im. Taian
ionqniypann co6c+nennoc+n noponae+ nn co6c+nennnion neo6xonxoc+i
eneinpona+i xnoine npana no ynpannennm iopnopanen xenenepax. Mexa-
nnsxi eneinponannn n ion+ponn pesyni+a+on en+eninoc+n xenenepon nn-
nnm+cn coepnannex iopnopa+nnnoio ynpannennn n npai+nneciox acnei+e.
Hpo6nexa o+enennn c+ana o+npannon +onion +eope+nnecioio nccneonannn
[nencena n Meinnnia, io+opoe onn caxn nasnann nosn+nnnon +eopnen
aien+cinx sa+pa+. Ho-nnnxoxy, +epxnn nosn+nnnoc+i onn nonnxann iai
paccxo+penne caxoio o6meio cnynan xoennponannn noneennn nnnnnon,
6es o+cinin i ionipe+nix qopxax pemennn nnn ocna6nennn aien+cion npo-
6nexi, n+o onn nocnpnnnxann iai nopxa+nnnin noxo n cnny +oio, n+o
cax ni6op nnc+pyxen+a pemennn npo6nexi n +ox cnynae oiasinancn nop-
xa+nnnix. C +aion nosnnen xonno nocnopn+i, nocioniiy +epxnn nosn-
+nnnin n ionoxnnecion +eopnn osnanae+ nponepnexin, a ne npnnn-
xaexin na nepy. Hopxa+nnnie pa6o+i iai pas onyciann nosn+nnnym
nponepiy. Bonpoc o +ox, n iaiox cxicne xonno ionopn+i o nosn+nnnon npo-
nepie pa6o+i [nencena n Meinnnia, xi paccxo+pnx n cneymmex pasene.
Heocna6enammnn nn+epec i pa6o+e [nencena n Meinnnia, 6esycnonno,
cnnsan c +ex, n+o an+opi noc+ponnn cnoe nsnonenne na npoonnennn nen
Koysa o npnnnnax cymec+nonannn qnpxi. Coinacno Koysy n ocnone cyme-
c+nonannn qnpxi nenn+ qai+ nannnnn mpuncuxucnntx uscepex. [nencen
n Meinnni ionen+pnpym+ cnoe nnnxanne na cnenaninox +nne +pancai-
nonnix nsepnei - ueenmcxux uscepxux, nosnniammnx n cnnsn c o+e-
nennex co6c+nennoc+n o+ ynpannennn. Hpn +aion noc+anonie co6c+nennni
paccxa+pnnae+cn iai npununu:, a xenenep iai nann+in nx ueenm, io+o-
pin, onaio, xone+ nxe+i enn, ne nnonne connaammne c nn+epecox co6-
c+nennnia. +o pacxonenne nasinae+cn ueenmcxcu npc:ecu n nnnne+cn
coepna+eninix nc+onnniox aien+cinx nsepnei. An+opi anannsnpym+
nny+pennmm c+pyi+ypy aien+cinx nsepnei, n+o npnnon+ nx i paccxo+pe-
nnm xcnmpuxmce, nnnix n nennnix, xeny co6c+nennniaxn, ipen+opaxn n
xenenepaxn. dnpxa nic+ynae+ iai ccecxynnccmt xcnmpuxmce xeny yia-
sannixn c+oponaxn.
3
O neio+opon oipannnennoc+n +aion qopxynnponin
xi cianex nnne, no caxa noc+anonia 6ina nnonepnon.
Tpancainonnie nsepnin n nsynenne ion+pai+on - +o nxenno +e
ne nannenmne +exi, io+opie cenann pa6o+y [nencena n Meinnnia c+oni
nannon nn c+anonnennn nonon nnc+n+ynonaninon ionoxnin.
3
Konqniypann ion+pai+on sanncn+ o+ ionqniypann co6c+nennoc+n, iai +o
noiasano na pne xoenen n pa6o+e.
102
O+xe+nx, n+o pa6o+a nnnne+cn nnc+o +eope+nnecion. Hecxo+pn na na-
nnnne qopxyn n nac+nix nponsnonix, pa6o+a no cymec+ny nep6anina n
nn cnoeio nonnxannn +pe6ye+ +oniio anannsa ipaqnion, na io+opix o6+-
ncnnm+cn paccxa+pnnaexie xoenn ionqniypann co6c+nennoc+n n qnpxe.
Caxn qopxyni, onennno, ne xoiy+ 6i+i npenpameni n nen+o ionipe+noe
n xnnpnnecin nponepnexoe, n+o nnnne+cn +nnnnnix nn oxcncuxu mpunc-
uxucnntx uscepex (Tiansacion Coss Economics), ie 6onimnnc+no nenn-
nnn ne nxee+ onepanonaninoio cnoco6a nsxepennn (n +ox sainmnae+cn
ono ns cymec+nennix o+nnnnn o+ xoenen xnnc+pnxa, io+opie, iai npa-
nnno, xoiy+ npe+enona+i na ionoxe+pnneciym nponepiy). +o ne osnana-
e+, n+o xi nxeex eno c xe+aqnsnion, - ianec+nennie ninoi onyciam+
xnnpnneciym nponepiy; xi nepnexcn i annoxy nonpocy nnne.
B namen nnonon c+a+ie xi paccxo+pnx neio+opie (ns neo6ospnxoio
xnonec+na) cnnsn pa6o+i [nencena n Meinnnia c 6onee nosnnxn nccne-
onannnxn iai +eope+nnecioio, +ai n xnnpnnecioio nnana. Kpoxe +oio,
xi o6cynx +epxnnonoinnecine nonpoci, nosnnimne n cnnsn c nepenoox
na pyccinn nsii, a +aine yianex neio+opie nc+onnnin, io+opie xoiy+
noxoni n n+ennn +on nenpoc+on c+a+in. Mi saiannnnaex c+a+im ipa+-
inx o6cynennex c+anonnennn iopnopa+nnnon qopxi n Poccnn, nocnmnx
npnnnnnaninin noc+anononnin xapai+ep.
PABOTA EHCEHA H MEKAHHIA B HCTOPHHECKOH HEPCHEKTHBE
Bonee ne+nep+n neia npomno c xoxen+a nixoa pa6o+i [nencena n Mei-
nnnia. 3a +o npexn n ion+eic+e pasnn+nn +eopnn qnpxi cqopxnponanoci ne-
cioniio nonix ncnnnnn, ninmnan nonym nnc+n+ynonaninym ionoxniy n
c+pa+einnecinn xenenxen+. Hepnan ocnoninae+cn na nonn+nn +pancainn.
B+opon +pai+ye+ noneenne qnpxi n ioniypen+non cpee. Eio conpexennan
pecypcnan ionennn paccxa+pnnae+ ioxnannm iai xnonec+no cnnsannix
pecypcon, a ne xnonec+no cnnsannix nnnixn nnn nennnixn ion+pai+axn
nnnnnon. +n acnei+i 6inn nonnoc+im onymeni n noxoe [nencena n
Meinnnia, n+o enae+ nn+epecnix cpannenne ninoon pasnnnnix +eopnn.
Teope+nnecioe cpannenne noc+poennn +eopnn qnpxi na 6ase +eopnn
+pancainonnix nsepnei n +eopnn aien+cinx nsepnei 6ino nponeeno
O. \nninxconox |Williamson, 1988, p. 373]:
Aren1cxan 1eopnn
3xonounxa 1pancax-
nnonnmx nsepaex
Ennnna anannsa nnnnn rpancaxnnx
Inannmn axnen1 ? cnenn]nunocri axrnnon
Inannan nponeua c nsepaxaun ocrarounte norepn nnoxax aanrnpyeocri
Kon1pax1m npoexrnponanne ex ante ynpannenne ex post

103
Paccxo+penne [nencenox n Meinnniox qnpxi nepes nnnnnyaninoe
noneenne npnnnnana n aien+on nisinano ipn+niy co c+oponi pasnnnnix
ionen+yaninix nna+qopx. \nninxcon noiasinae+ xnoionncnennie npenxy-
mec+na +pancainonnoio noxoa. B nac+noc+n, npo6nexa ni6opa onionoio
qnnancnponannn cnnsinae+cn npene nceio co cnenqnnnoc+im cosanaexix
ai+nnon (npn nnsion cnenqnnnoc+n oni niinnn+ 6onee peannc+nnecion
nosxonnoc+im, nex npn nicoion). C +onin ne spennn aien+cion +eopnn npn-
nnenenne onia nceia cnnnae+ aien+cine nsepnin, +ai iai yxenimae+ cno-
6onin enennin no+oi, io+opix pacnopnnae+cn xenenep.
B ianec+ne nenocpec+nennoio npoonnennn paccxa+pnnaexon c+a+in
xonno yiasa+i ny6nnianm |Jensen, Meckling, 1979]. Hosne onncannm qnp-
xi nepes enc+nnn nnnnnon 6in nocnnmen eme pn ny6nniann an+opon
|Jensen, 1994; Jensen, Meckling, 1994]. O+xe+nx, n+o +n ny6nniann nonepi-
nnci cepiesnon ipn+nie co c+oponi +aioio nnnoio +eope+nia qnnancon,
iai M. Bpennan |Biennan, 1994]. Bpennan o+nepiae+ iaine-nn6o xnnpnne-
cine no+nepnennn ionoxnnecion xoenn nenoneia REMM (Resouiceful
Evaluaive Maximizing Man), nneennon [nencenox nn onncannn noneennn
nnnnnon (cx. +aine |dypy6o+n, Pnx+ep, 2004, c. 3]). B onpeenennox cxicne
+a ipn+nia 6nnsia ipn+nie co c+oponi nonon nnc+n+ynonaninon iono-
xnin, o io+opon xi ynoxnnynn nime.
O+xe+nx, n+o npai+nnecin ononpexenno c ny6nnianen [nencena
n Meinnnia nonnnnaci c+a+in |Leland, Pyle, 1977], n io+opon nn o6+nc-
nennn npnnnenennn onia ncnonisonannci acnxxe+pnn nnqopxann n +e-
opnn cninannsnponannn - onoi, io+opie xoinn 6i+i npnxeneni n
paxiax nsynennn aien+cion npo6nexi, no ne 6inn saenc+nonani [nen-
cenox n Meinnniox.
B cepenne 1980-x ii. +eopnn qnnancon nponosinacnna xaicnxnsanm
ennoc+n qnpxi ocnonnon saanen qnnanconoio xenenxen+a, n+o npn-
neno cnanana i nonnnennm opnen+nponannoio na ennoc+i xenenxen+a
(value-based managemen), a sa+ex n opnen+nponannoio na ennoc+i xapie-
+nnia (value-based maikeing). B cnnsn c +nx nonnnnnci nonie nsxepn+enn
qqei+nnnoc+n pa6o+i xenenxen+a, io+opie ne +oniio npenaiam+cn, no
n ncnonisym+cn nn c+nxynnponannn xenenepon n pemennn aien+cion
npo6nexi (EVA, BSC n +. n.). Kpoxe +oio, na nonin yponeni nonnnnci
xnnpnnecine nccneonannn, n+o nosnonnno ninnn+i peanino cymec+ny-
mmne n xnpe ionqniypann iopnopa+nnnon co6c+nennoc+n. Henpepinno
nymne ona sa pyion nonni cnnnnnn n noinomennn o6pa+nnn nnnxanne
na coo+nomenne c+pyi+ypi co6c+nennoc+n n cnoco6on xo+nnann xenene-
pon, c onon c+oponi, n cinonnoc+n i cnnnnnnx - c pyion, a +aine i py-
inx iopnopa+nnnix pec+pyi+ypnsannx, n nac+noc+n i niiyny c noxomim
onionoio qnnancnponannn (LBO, leveiaged buy-ou).
104
B 6onee nosnen nsnec+non c+a+ie [nencena |Jensen, 1989] 3aia+ ny6-
nnnnon iopnopann nxenno LBO npec+annne+cn an+opy qopxon, c noxomim
io+opon 6ye+ npeoonena opoioc+onman aien+cian npo6nexa, c io+opon
c+aninnae+cn ny6nnnnan iopnopann.
4
dnnancnpye+cn +aian qnpxa non+n nc-
inmnn+enino sa cne+ onia, nianaexoio ipynnixn nnc+n+ynonaninixn nn-
nec+opaxn, cnnsinammnxn xenenepon nec+inxn ion+pai+nixn o6nsa+eni-
c+naxn, n ne nnnne+cn ny6nnnnon. [nencen nonexnnecin y+nepnae+, n+o ecnn
cymec+nonanmnn n xoxen+ nanncannn c+a+in +pen LBO coxpann+cn n 6yy-
mex, +o n 2003 i. (+. e. n npomnox ioy) 6ye+ npoana n nac+nie pyin no-
cnennn ny6nnnnan iopnopann. +oio, iai xi +enepi snaex, ne cnynnnoci.
Texnnia LBO nosnonne+ cosa+i ns o+ipi+oio ainonepnoio o6mec+na nac+-
nym qnpxy, n io+opon n ianec+ne npnnnnanon nic+ynam+ ipen+opi,
a qnpxa conepmenc+nye+cn xenenepaxn, nxemmnxn c+nxyn n xaicnxnsa-
nn ennoc+n qnpxi, +ai iai no ion+pai+y nx 6ye+ npnnanena+i snann-
+eninan onn co6c+nennoc+n. Taian opiannsanonnan qopxa enc+nn+enino
nosnonne+ ocna6n+i aien+ciym npo6nexy n ns6ena+i xnoinx nsepnei,
cnnsannix c npanonon qopxon o+ipi+oio ainonepnoio o6mec+na. Onaio
npomemne 13 ne+ noiasann, n+o xo+n LBO n nnnne+cn pacnpoc+panennon
qopxon pec+pyi+ypnsann, no ny6nnnnie iopnopann no-npennexy oxn-
nnpym+. +a neyana n ncnonisonannn nonn+nn aien+cinx nsepnei nn npe-
ciasannn 6yymnx qopx c+pyi+ypi co6c+nennoc+n noiasinae+, n+o ioniy-
pen+nan cn+yann xnoio cnonnee n ninmnae+ pyine nnipenen+i.
B nocnenne 10-13 ne+ nonnnnoci xnoio nonix +eope+nnecinx n xnn-
pnnecinx nccneonannn no npo6nexe, paccxa+pnnaexon n c+a+ie [nencona n
Meinnnia. B cnny oipannnennoc+n o6+exa c+a+in xi ninyneni oc+ano-
nn+icn nnmi na onon, no oneni nannon nnnnn nccneonannn - anannse
npo6nexi nnepcnqniann en+eninoc+n ioxnannn. Aien+cian +eopnn y+-
nepnae+ cneymmee. Co6c+nennni xone+ o6n+icn nnepcnqniann sa
cne+ nnepcnqniann cnonx qnnanconix ai+nnon n coo+ne+c+nnn c +eopnen
nop+qenn. Menenep +aine c+pexn+cn i nnepcnqniann cnoeio pncia, no
nn neio nosxonnoc+i nnepcnqniann oipannnnnae+cn nnepcnqnianen
en+eninoc+n ioxnannn, n+o npnnon+ i nonnnennm ioninoxepa+nix qopx.
Hpn +ox aien+cian +eopnn onosnanno cnn+ae+, n+o noo6nan nnepcnqn-
iann cnnnae+ ennoc+i ioxnannn.
B |Behel, Liebeskind, 1993] annan +pai+onia nnepcnqniann onon-
nne+cn nneennixn an+opaxn enewnuu o6+ncnennnxn (enviionmenal
explanaions) iopnopa+nnnix pec+pyi+ypnsann. Hocnenne nonao6nnnci
4
An+op npenonn+ae+ nepenon+i public iai ny6nnnnin, n cnny +oio, n+o
peni ne+ o6 o+ipi+oc+n nn mnpoion ny6nnin (o6mec+na) iai n cxicne nosxonno-
c+n nnaennn, +ai n n cxicne nonynennn nnqopxann.
105
nx nn anannsa npoecca pec+pyi+ypnsann n CLA, io+opie nxenn xec+o n
1980-x ii. Peni ne+ o cepiesnix o6menanonaninix nsxenennnx n saiono-
a+enic+ne: ynpomennn paspemn+eninix npannn n npoeyp nn iopnson-
+aninix cnnnnnn (nosxonnoc+i ncnonisonannn cnonx inmnenix ioxne-
+ennn npn cnnnnnnx), cnnnenne c+anin nanoioo6nonennn nnnenon y
qnsnnecinx nn (n+o osnanae+ cnnnenne ennoc+n nn ainonepon ninm-
nennn n ioxnannm npeeninix no npn6ininoc+n nponsnoc+n), cnnnenne
nanoionix 6apiepon na nponninonenne nnoc+pannix ioxnannn n CLA
(ynennnenne ioniypennn) n p. An+opi +ec+npym+ na npec+ann+eninix
annix inno+esi, ni+eiammne ns o6+ncnennn qqei+a nnepcnqniann,
npenaiaexie aien+cion +eopnen, n+o ae+ nosxonnoc+i iocnennon nosn-
+nnnon nponepin caxon +eopnn. Bce inno+esi qopxynnpym+cn n +epxnnax
c+pyi+ypi co6c+nennoc+n, a nxenno paccxa+pnnam+cn co6c+nennnin-nncan-
epi, nnaenii ipynnix naie+on (blockholdeis), nnc+n+ynonaninie nn-
nec+opi. Hanpnxep, xenenepi, nnnnmmnecn co6c+nennniaxn-nncanepa-
xn, iai npannno, yne cosann qqei+nnnym qnpxy, no+oxy
Innoxeaa 1 inacn+, n+o uncuucepcxce e:ucenue cmpuume:tnc xcppe:upc-
eunnc c xc:uuecmec pecmpyxmypusuuu.
\nennnenne nncanepcion onn co6c+nennoc+n ananoinnnix o6pasox
onnno cnoco6c+nona+i ynynmennm qqei+nnnoc+n nepes pec+pyi+ypnsa-
nm. Coo+ne+c+nenno,
Innoxeaa 2 y+nepnae+, n+o yee:uuenue uncuucepcxcu cc:u cc:nc nc:c-
ume:tnc xcppe:upceumt c xc:uuecmec pecmpyxmypusuuu.
Hoxonne paccynennn npnnon+ +aine i cneymmnx inno+esax.
Innoxeaa 3. Hu:uuue xpynncec uxucnepu cmpuume:tnc xcppe:upyem c
xc:uuecmec pecmpyxmypusuuu.
Innoxeaa 4. Hcxynxu uxucnepc xpynncec nuxemu uxuu e xcnunuu,
xcmcpu punee xupuxmepusceu:uct cuysnt pucnpece:enue cccmeennc-
cmu, nc:cume:tnc xcppe:upyem c xc:uuecmec pecmpyxmypusuuu.
Innoxeaa 5. Hu:uuue xpynncec uncmumyucnu:tncec uxucnepu cmpuu-
me:tnc xcppe:upyem c xc:uuecmec pecmpyxmypusuuu.
Innoxeaa 6. Yee:uuenue cc:u uncmumyucnu:tntx uxucnepce nc:cu-
me:tnc xcppe:upyem c xc:uuecmec pecmpyxmypusuuu.
B pesyni+a+e +ec+nponannn nincnnnoci, n+o nepno cneymmee y+nepn-
enne: nannnne nnn npno6pe+enne ipynnoio co6c+nennnia nononn+enino
nnnnno na ionnnec+no pec+pyi+ypnsann. Hannnne nncanepon nnn nnc+n-
+ynonaninix co6c+nennnion ne oiasano snannxoio c+a+nc+nnecioio q-
qei+a na ai+nnnoc+i, cnnsannym c pec+pyi+ypnsanen. Tainx o6pasox, In-
no+esi 1, 2, 3 n 6 ne no+nepnnnci. Inno+esa 4 no+nepnnaci, a Inno+esa 3
oiasanaci ninonnennon c +onnoc+im o nao6opo+. +o osnanae+, n+o aien+-
cion +eopnn, caxon no ce6e, oiasanoci neoc+a+onno nn o6+ncnennn peani-
106
nix nnnennn n ionoxnie - a nn +oio n cosanannci nonie +eopnn. An-
+opi c+a+in |Behel, Liebeskind, 1993] noiasinam+, onaio, n+o, npnnneian n
iox6nnann c aien+cion +eopnen ynoxnny+oe nime nnemnee o6+ncnenne,
xonno a+i nn+epnpe+anm nonynennoxy c+a+nc+nnecioxy pesyni+a+y.
Teope+nnecioe nccneonanne npo6nexi pasnnnnn xeny aien+cion +e-
opnen n ionoxnion +pancainonnix nsepnei 6ino npoonneno n |Koch-
hai, 1996]). Pasnnnne n napanixe, npnnonmee i pasnix ninoax, n sna-
nn+eninon xepe cnnsano c pasnnnnex n nonnxannn, n+o naxon+cn no
ynpannennex (goveinance) n qnpxe. Coinacno aien+cion +eopnn [nencena
n Meinnnia, +o - cno6onin no+oi enennix cpec+n (fiee cash flow),
n+o coo+ne+c+nye+ qnnanconoxy noxoy, coinacno conpexennon ionennn
c+pa+einnecioio xenenxen+a, +o - ynnianinie pecypci n cnoco6noc+n
qnpxi. Hpn anannse nnepcnqniann nannix cnonc+nox nnnne+cn c+eneni
cnnsannoc+n xeny co6on pasnnnnix nac+en nnepcnqnnponannon qnp-
xi. Hen qnnanconon nnepcnqniann sainmnae+cn no nnonennn n xano-
ioppennponanie (n neane - neioppennponannie) pyi c pyiox ai+nni.
+a npoeypa cnnnae+ pnci, no ononpexenno yxenimae+ ennoc+i qnp-
xi. Tainx o6pasox, n nnepcnqnnponannon n coo+ne+c+nnn c +nx npnn-
nnox iopnopann, a n +aion nnepcnqniann sann+epeconan xenenep, no
ne co6c+nennni, o+eninie nponsnoc+na onnni 6i+i cna6o cnnsannixn
(nnsion onnna 6i+i c+eneni cnnsn - degiee of ielaedness). Hpn nicoion
one onia ycnnnnae+cn ion+poni na xenenepox, no+oxy exy +pyno 6y-
e+ ocymec+nn+i noo6noio poa enc+nnn. Cneona+enino, aien+cian +e-
opnn y+nepnae+, n+o nepna
Innoxeaa A. B upe xcouuenm cc:e - cccmeenntu xunumu: nc-
:cume:tnc cesun cc cmenentm cesu ecy npcusecccmeuu.
ionoxnia +pancainonnix nsepnei y+nepnae+, n+o nex nime cne-
nqnnnoc+i ai+nnon, +ex nime onn co6c+nennoio qnnancnponannn. \ne-
nnnenne c+enenn cnnsn xeny nponsnoc+naxn ynennnnnae+ cnenqnnnoc+i
ai+nnon no cpannennm co cnynaex nnepcnqniann nepes o6+ennenne ne-
cnnsannix nponsnoc+n. O+cma npo+nnonononnan
Innoxeaa B. B upe xcouuenm cc:e - cccmeenntu xunumu:
cmpuume:tnc cesun cc cmenentm cesu ecy npcusecccmeuu.
B |Kochhai, 1996] yiasan pn nc+onnnion, io+opie am+ xnnpn-
necine no+nepnennn Inno+esi B. B +on ne pa6o+e paccxo+pen eme pn
inno+es, cnnsannix c nnepcnqnianen n cinonnoc+im iopnopann i
LBO. Bo ncex cnynanx npenocxoc+no nxem+ ninoi ionoxnin +pancai-
nonnix nsepnei.
Ciasannoe ne yxanne+ ponn c+a+in [nencena n Meinnnia - ynoxnny-
+ie pesyni+a+i n xnoine pyine neynoxnny+ie ponnnci n nonexnie c nx
pa6o+on.
107
HHTAEM EHCEHA H MEKAHHIA
C+a+in [nencena n Meinnnia, iai n 6onimnnc+no pa6o+ nepnonpoxo-
en, ne nnnne+cn npoc+ix n+ennex. Tpynoc+n enn+cn na: 1) nonn+nnnie,
ioia cxicn nnoni nnonxix nonn+nn ne nnonne ncen; 2) +exnnnecine, ioia
an+opi npenonaiam+ snanne xa+epnana, ne nxonmeio n o6innie +pe6ona-
nnn; 3) nnninnc+nnecine, ioia ne neiio nan+n noxonmne pyccine +epxnni.
O+xe+nx, n+o nnninnc+nnecine +pynoc+n nac+o ynnpam+cn n nonn+nnnie,
+ai iai nepeno naynnon nn+epa+ypi +pe6ye+ nonnxannn cxicna, a ne ni6o-
pa noxonmeio +epxnna ns cnonapn. O6pa+nx nnnxanne nn+a+enn na +o, n+o
nm6on nepeno c+a+en annoio yponnn nn+ennei+yaninon +pynoc+n no cy-
mec+ny nnnne+cn nn+epnpe+anen xa+epnana nepenonniox n peai+opox.
Cxicn +epxnnon n o6+ex nonn+nn xennnnci na npo+nnennn npomemen co
nn ny6nniann ne+nep+n neia. Onn nn+a+enn 6yy+ sann+epeconani n nepe-
noe n ioxxen+apnn, +onno coo+ne+c+nymmnx npexenn nanncannn c+a+in,
n+o6i nne+i npannninym nepcnei+nny, nn+an nce xnonec+no nepenoon c+a-
+en no annon +exa+nie. [pyine xo+enn 6i nonynn+i conpexennym nn+epnpe-
+anm. Mi ne cxonex o6cnynn+i nepnix, +ai iai neo6xonxoio xnonec+na
nepenoon, cenannix c onon o6men nosnnn, ne cymec+nye+. Hc+opni no-
non nnc+n+ynonaninon ionoxnin onnen pa6o+a+i c nc+onnniaxn na nsi-
ie opninnana. Tainx o6pasox, xi noni+aexcn a+i nn+epnpe+ann, ncxon ns
namnx ceionnmnnx snannn o npexe+e.
Hannex c npoc+ix :uneeucmuuecxux +pynoc+en. Hen+paninoe xec+o
n ionoxnie n qnnancax sannxae+ nonn+ne, nasinaexoe na aninnnciox
nsiie value. Ha pycciox nsiie nan6onee pacnpoc+panen nepeno +oio
+epxnna iai c+onxoc+i |Bpennn, Manepc, 2004]. Onaio nynen nepeno
eme n nn +epxnna cos. Am6on o6+ei+, n annon c+a+ie qnpxa, xone+
paccxa+pnna+icn npn oennnannn c nyx c+opon. C onon c+oponi, xi xo-
nex cnpocn+i, n+o npnnece+ o6naanne +nx o6+ei+ox n 6yymex. +o +o,
n+o nasinae+cn value n onnno nepenon+icn iai ennccmt, no+oxy n+o os-
nanae+ +y nonesnoc+i, io+opym npnnece+ nax o6naanne o6+ei+ox. Hniaio-
io nopxa+nnnoio xe+oa onpeenennn ennoc+n ne cymec+nye+. B xnipo-
ionoxnie nac+o paccxa+pnnae+cn cy6+ei+nnnan ennoc+i, ocnonannan na
nnnnnyaninix npenon+ennnx n ne ynn+inamman qai+opi npexenn n
neonpeenennoc+n. O+ anc+pnncion mioni ne+ 6onee iny6oioe nonnxanne
ennoc+n, n io+opox ynn+inam+cn qai+opi npexenn n neonpeenennoc+n.
Hocnennn noxo qopxannsonan n ccxccnc emcce oenin, pasnn+ox +eo-
pnen qnnancon (seci onn+i ne+ ennoio aniopn+xa - +o xone+ 6i+i nc-
ion+nponannin c yne+ox neonpeenennoc+n enennin no+oi, i nexy xone+
6i+i cenana nonpania na peaninie onnoni n +. n.).
Hxee+cn n sumpumntu emcc: cioniio nao sa+pa+n+i cpec+n na co-
sanne annoio o6+ei+a cennac, ecnn ena+i +o caxoxy. Toniio n +eopnn ne-
108
nnnnni, paccnn+annie n coo+ne+c+nnn c +nxn nyxn xe+oaxn, conna-
am+.
3
Ha npai+nie ne coo+ne+c+nymmne nennnnni nceia pasnnnni. Ec+e-
c+nenno cnn+a+i, n+o oxonin xe+o npnnon+ i ennccmu, a pacxonin
(ynn+inam+cn sa+pa+i) - i cmcuccmu o6+ei+a.
[enc+nn+enino, ioia xi cnpamnnaex n xaiasnne: Cioniio +o c+on+:
nnn - n 6nsnec-nepeionopax - Kaiona c+onxoc+i +on qnpxi:, xi nxeex
n nny ne 6yymne niioi, a sa+pa+i, io+opie npne+cn nponsnec+n npn no-
iynie. Onaio nxenno ananns ennoc+n nnnne+cn ocnonon nn ionoxnne-
cioio paccynennn n nn npnnn+nn npoei+on iann+anonnonennn. B npoei+ax
nananinie nnonennn 6yy+ cmcuccmtm npoei+a (invesmen cos), a nonynen-
nie oxoi cosay+ ennccmt npoei+a (a ne eme ony c+onxoc+i, nonnxa-
exym conepmenno n pyiox cxicne!). K conanennm, n pyccionsinnon nn+epa-
+ype cnonnnaci npai+nia nepenoon, ioia value nasinam+ c+onxoc+im n
ipn+niym+ +ex, i+o nepenon+ +epxnn cos of capial iai c+onxoc+i iann-
+ana (+o yne nponsneennie nnn nnannpyexie sa+pa+i na npnnnenenne ia-
nn+ana, snann+, enc+nn+enino c+onxoc+i). Hononenne ycyiy6nne+cn +ex, n+o
npai+nin +aine yno+pe6nnm+ +epxnn c+onxoc+i qnpxi.
B poccnncinx ycnonnnx +a +epxnnonoinn o+nac+n o+panae+ peaninin
npoecc enoo6pasonannn na ioxnannn, npn io+opox ncnonisym+cn +oniio
nponsneennie sa+pa+i n ocnonnie cpec+na nponsnoc+na - npn +ox ne-
xa+epnaninie ai+nni, nipammne oipoxnym poni n pasnn+ix c+panax, npai-
+nnecin ne nxem+ snanennn. Ha npai+nie +o cnnsano c +ex, n+o +ainxn ne-
xa+epnaninixn ai+nnaxn, iai na+en+i, 6pni, +exnnnecine nnnonann,
io+opie coxpannm+cn npn nepexoe o+ co6c+nennnia i co6c+nennniy nesa-
nncnxo o+ cxeni ioxani xenenepon, poccnncine ioxnannn npai+nnecin
ne nnaem+. Hexa+epnaninie ai+nni, cnnsannie c nny+pennnxn pecypcaxn
qnpxi, +ainxn iai iopnopa+nnnan iyni+ypa, xopomnn xenenxen+, snannn
pa6o+nnion, innen+cian 6asa, ianani nc+pn6imnn, neiio xoiy+ 6i+i y+e-
pnni npn npnxoe nonoio co6c+nennnia, ecnn nmn yny+ ns qnpxi. B pas-
nn+ix c+panax +n nenonenecine pecypci cnnsinam+cn c noxomim pas-
nnnnix c+nxynon n ion+pai+on. Ho+oxy nx enecoo6pasno ynn+ina+i n
ennoc+n qnpxi. B Poccnn +o ne +ai, no+oxy +n pecypci, iai npannno,
cnpanennno ninaam+ ns pacne+a. O+cma n nonynae+cn, n+o n Poccnn en-
noc+i n c+onxoc+i cy+i ono n +o ne. +o+ qai+, onaio, ne xone+ npe+en-
ona+i na qynaxen+aninoe snanenne - +o npexennan cn+yann n 6nsnec-
oenie ioxnannn.
3
dai+opi, ncnonisyexie npn cosannn o6+ei+a, nepeoennnam+cn n coo+ne+-
c+nnn c 6yymnxn oxoaxn o+ neio. 3axe+nx, n+o nocioniiy qai+opi ncnonisym+cn
n pasnix ennx, +o nn onpeenennn en nynno pemn+i saany o6meio pannonecnn n
nnaxnie, +ai iai nao ynn+ina+i 6yymne oxoi.
109
Pacnpoc+paneno +aine cneymmee xnenne: nyc+i ennoc+i ncnonisy-
e+cn n xnipoionoxnie, a n qnnancax, iai caxoc+on+eninon ncnnnnne,
nyc+i 6ye+ c+onxoc+i. +o nenepno: qnnanci nnnnm+cn nac+im ionoxn-
necion +eopnn. C+a+in [nencena n Meinnnia iai pas noiasinae+, n+o no-
xo c pasenennex na ionoxniy n qnnanci ne ioppei+en: an+opi paccxa+-
pnnam+ xnipoionoxnneciym ennoc+i, no nxem+ eno c qnnanconixn
no+oiaxn n oeniaxn.
B ianec+ne nocneneio onoa nn npai+nion n peioxenym sayxa+icn,
nanpnxep, na +ex, n+o n aninnncion +epxnnonoinn ec+i +epxnn biand-
name capial - xunumu: poncu, npec+annnmmnn co6on c+onxoc+i nnnec-
+nnn (sa+pa+) n cosanne 6pna (cx. Inoccapnn n: |dypy6o+n, Pnx+ep,
2004, c. 609], ie cnenanino nonepiny+o, n+o peni ne+ o sa+pa+ax, a ne o
ennoc+n), n biand equiy (value of biand name) - ennccmt uxmuece
mcpececu upxu (6pna)
6
, npec+annnmman co6on ononnn+eninym en-
noc+i, io+opym npnnocn+ ioxnannn nponsnoc+no 6pnnponannon npoyi-
nn no cpannennm c ne6pnnponannon.
[nonc+nennoc+i: nonex enm n cioniio c+on+ - onnna nxe+i aei-
na+noe nnninnc+nnecioe o+panenne. Cnonapn ne nnnnm+cn seci o6pasox
nnn onoox, +ai iai xexannnecin qnicnpym+ nan6onee yno+pe6n+eninin
napnan+. [nn nsxenennn n cnonape neo6xonxo nsxenenne cnonoyno+pe6ne-
nnn n nsiie.
Bonpoc o +ox, iaioni iopnn nnnennn, n pesyni+a+e io+opoio ns pyc-
cioio nsiia ninano cnono ennoc+i iai c+poinn ionoxnnecinn +ep-
xnn, 6in npoanannsnponan nsnec+nix cnenannc+ox no xnipoionoxnie
n nc+opnn poccnncion ionoxnnecion xicnn B. M. Ianinepnnix |Ianine-
pnn, 1993]. Hpnnnna - n ianonnsnponannox nepenoe Kann+ana K. Mapi-
ca. Hasna+i npn6anonnym c+onxoc+i npn6anonnon ennoc+im, iai +o
n 6ino na caxox ene y Mapica, 6ino onennnix pennsnonnsxox.
7
Acno
ne, onaio, n+o iann+annc+, no Mapicy, xo+en npncnon+i npn6anonnym
6
\iasannoe pasnon+enne npnnon+ i npnxix omn6iax n nepenoax. Hanpn-
xep, n nepenoe yne6nnia H. Jcu:t. Mapie+nni, opnen+nponannin na c+onxoc+i.
CH6.: Hn+ep, 2001, ie c+onxoc+i, ionenno, osnanae+ ennoc+i, ne +o nisinae+ oc-
nonnym +pynoc+i: nasnanne inani 7 Building Biand Equiy nepeneeno iai dopxn-
ponanne xaponnoio iann+ana. Onaio, iai 6ino o+xeneno, xaponnin iann+an osna-
nae+ sa+pa+i na cosanne 6pna (ic+a+n, nx c+pyi+ypa n nponopnn npesninanno
nanni n +pe6ym+ cepiesnoio anannsa), +oia iai [onn (Doyle) ionopn+ o ennoc+n
(ai+nnon) 6pna.
7
O+xe+nx, n+o n nepenoax Kann+ana, ninonnennix o 1917 i., onnxn an+o-
paxn ncnonisonancn +epxnn ennoc+i, a pyinxn - c+onxoc+i. Bi6op n nonisy
c+onxoc+n, nnnxo, nponsomen n cnnsn c +pyonon +eopnen c+onxoc+n, coinacno
io+opon ennoc+i cosananaci ncinmnn+enino sa cne+ sa+pa+ +pya.
110
ennoc+i, a ne nsn+i na ce6n o6anonnie sa+pa+i: n nocnenex cnynae on
6in 6i qnnan+ponox.
Honn+ne ennoc+n (value) nnnne+cn en+paninix n c+a+ie [nencena
n Meinnnia napny c nonn+nex nsepnin nnn sa+pa+i (coss). Tepxnn
expendiuie nepenonncn iai pacxoi. +nx coinamennn xi c+poio npn-
epnnnannci npn nepenoe.
Cenaex +enepi saxenannn coepna+eninoio xapai+epa no nonpocy o
nonnxannn +epxnna ennoc+i n c+a+ie [nencena n Meinnnia. B nen no-
c+onnno ionopn+cn o ennoc+n n nsxenennn ennoc+n neio-nn6o, nex o6na-
am+ pasnnnnie nnnnni, cnnsannie c iopnopanen ion+pai+nixn o+-
nomennnxn. Hpn +ox nxee+cn n nny nxenno ennoc+i c +onin spennn
6yymen nepcnei+nni. [nn +oio n+o6i ns6ena+i xoeninix xoxen+on, cnn-
sannix c yne+ox nsxenennn ennoc+n no npexenn, ni6opox c+anin ncion-
+nponannn, neonpeenennoc+im no+oia nna+enen, c io+opixn an+opi npo-
c+o ne cyxenn 6i cnpann+icn, onn enam+ npenononenne, n+o nn ianon
ennoc+n, nc+penammencn n pa6o+e, nosxonna ceionnmnnn necewennu
cenxu. +a oenia nosnonne+ nponsnon+i nsxepenne ennoc+en n sa+pa+ n
ennnax, nasnannix nxn +eiymne onnapi (cuiien dollais), io+opie, na-
npnxep, o+noneni no nep+nianinon ocn na ncex pncyniax, npnneennix
n pa6o+e. Tainx o6pasox, an+opi onyciam+ neonpeenennoc+i, no npeno-
naiam+, n+o cpenee snanenne ncex oennnaexix nennnnn +onno nsnec+no,
n+o n osnanae+ necxemennoc+i. Pas6poc noipyi cpeneio, +. e. poni neonpe-
enennoc+n, o6cynae+cn +oniio n n. 4.1. Bo ncex oc+aninox an+opi o+ ne-
onpeenennoc+n no cymec+ny a6c+painponannci.
O+xe+nx +aine nepeno +epxnna equiy, io+opin, iai npannno, nepe-
nonncn iai co6c+nennin iann+an, a ne iai ainonepnin iann+an, xo+n
no xnoinx cnynanx n annon pa6o+e +o pasnnnne n ne 6ino cymec+nen-
nix.

+o cnnsano, no-nepnix, c +ex, n+o [nencen n Meinnni a6c+painpona-

nnci o+ ionipe+nix cnoco6on npnnnenennn co6c+nennoio iann+ana. Bo-n+o-
pix, n qnnancax, n paxiax anannsa onionoio qnnancnponannn o6inno
ncnonisym+ +epxnnonoinm co6c+nennin iann+an (equiy) n onionie
o6nsa+enic+na (deb). Tai iai n pa6o+e ponn onionoio qnnancnponannn
yeneno snann+eninoe xec+o, +o xi oc+anonnnnci na +epxnnonoinn, o6in-
non nn pa6o+ no qnnancax, a ne no xenenxen+y.
An+opi no xnoinx cnynanx ionopn+ o co6c+nennnie-xenenepe co 100%-x
nnaennex qnpxi, a sa+ex nnmy+ o npoane equiy ay+canepax. dnpxa c onnx
co6c+nennniox ne nnnne+cn ainonepnix o6mec+nox. +o ona ns npnnnn nameio
nepenoa +epxnna equiy. O+xe+nx, n+o an+opi ninopnpym+ nsepnin nepexoa
qnpxi ns onon npanonon qopxi n pyiym, a +aine +o, n+o ny6nnnnan qnpxa oe-
nnnae+cn, iai npannno, nime, nex nac+nan.
111
Hepenex +enepi i ocnonnon cccepume:tncu +pynoc+n - paccxo+pe-
nnm nonn+nn aien+cinx nsepnei n +on qopxe, n io+opon ono nneeno an-
+opaxn n n. 1.4. Han6onee n+npyexoe n xnponon nn+epa+ype xec+o pa6o-
+i - +o pas6nenne aien+cinx nsepnei na +pn ioxnonen+i. Hxenno +o
xec+o nnnne+cn caxix +pynix nn nonnxannn, ecnn xi enc+nn+enino xo-
+nx yncnn+i, iaioe ionipe+noe coepnanne c+on+ sa +epxnnox. 3eci ne-
o6xonxi iai +epxnnonoinnecine (nnninnc+nnecine) pas+ncnennn, +ai n
coepna+eninoe o6cynenne, nocioniiy an+opi, i conanennm, ciyni na
ionipe+niy, a cnocin npoe 16-n, ie ynoxnnae+cn +onmnna ionpon, iai nio-
6i nannan nn xenenepa niioa, ion+cn ciopee nn npoqeccnonaninoio
ianyc+nnia, xo+n xoiy+ oiasa+icn nannixn nn c+pan c nepexonon iono-
xnion +nna Poccnn, ie i ynpannennm sanac+ym npnmnn nmn, iyni+ypno
ne io+onie i ninonnennm +on qyninn.
B n. 1.4 ana xapai+epnsann aien+cinx nsepnei iai cyxxi 1) pacxo-
on npnnnnana na xonn+opnni; 2) cnnsinammnx pacxoon aien+a (xene-
nepa); 3) oc+a+onnix no+epi. B +eic+e cpasy n npnxo yiasano na +o, n+o xo-
nn+opnni n oc+a+onnie no+epn nnnnm+cn sa+pa+axn npnnnnana. Cxicn
+nx nonn+nn ncen c caxoio nanana. Cnonnee no xnoinx o+nomennnx o6-
c+on+ eno c nonn+nex cesteumwux pucxccce n cesteumwux uscepex
(bonding expendiuie, bonding coss). Bo-nepnix, xo+n onpeenenne nonn+nn
ano nexenenno nocne eio nepnoio ynoxnnannn, ono anee neonoipa+no, n
ne 6es npo+nnopennn y+onnne+cn. Bo-n+opix, nxee+cn npo6nexa c aeina+-
nix pyccinx nepenoox +epxnna (npn +ox n c+a+ie ncnonisym+cn eme n
+epxnni bonding n bonding aciviies). B-+pe+inx, cpasy ne ncno, n+o
nxee+cn n nny n ionipe+nie, a +o xemae+ ni6pa+i noxonmnn pyccinn
+epxnn. B-ne+nep+ix, +pe6ye+ pas+ncnennn, na ioio ne +n sa+pa+i naam+
n ionennox cne+e.
Hpononxin naxn nnne ananns npnsnan nponcnn+i peaninin cxicn
inaccnqniann aien+cinx nsepnei, ne y+pa+nn npn +ox nx +eope+nio-io-
noxnnecioe coepnanne. Hecxo+pn na o6nnne n+nponannn, +aioio poa
ananns, nacioniio nax nsnec+no, eme ne npononncn n nn+epa+ype. Onon
ns enen nnnne+cn +aine nenanne npn6nnsn+i nsnaiaexoe i o6pasy ximne-
nnn cnenannc+a no xenenxen+y.
Hannex c +oio, n+o n pyccion nn+epa+ype npn nepenoax n+a+ ns c+a-
+in [nencena n Meinnnia yne cnonnnaci npai+nia ncnonisonannn +epxn-
non sanoionie nsepnin nn bonding coss n sanoionie iapan+nn nn
bonding |iiep+ccon, 2001]. C nnninnc+nnecion +onin spennn nosxonni
+pn nepenoa +epxnna bonding coss: sanoionie nsepnin, c+paxonie
nsepnin, cnnsinammne nsepnin. Hepnie na nepenoa osnanam+ co-
epna+enino npn6nnsn+enino ono n +o ne. Hocnennn nepeno nan6onee
6nnsoi +oxy, iai cnono bonding nepenon+cn n xnoionncnennix iox6nna-
112
nnx, osnanammnx +exnnnecine nonn+nn, n +o+ nepeno nnnne+cn nan6onee
mnpoinx n in6inx n nn+epnpe+ann.
B saionoa+enic+ne CLA o bonding coss ionopn+ n +on cn+yann, io-
ia sainmnamman ion+pai+ c+opona +pe6ye+ c+paxoniy nnn sanoi na cnynan
no+epi o+ enc+nnn nnn eqon+a ion+pai+opa. Hanoionin ioeic nosnonne+
cnncina+i +n sa+pa+i c nanoioo6naiaexon 6asi. Cnei+p npnxennxoc+n +o-
io nonn+nn napinpye+ o+ ninonnennn ipynnix iocyapc+nennix saiason
ioxnannnxn o sanoia co c+oponi xa+epnanino-o+ne+c+nennix nn npn nan-
xe na pa6o+y, n+o onyciae+cn +pyonix saionoa+enic+nox. Tainx o6pasox,
n ionipe+nie bonding coss - +o, enc+nn+enino, sanoionie nsepnin.
'ex ne nnnnm+cn bonding coss n +eope+nnecion c+a+ie [nencena n
Meinnnia: B n. 1.4 an+opi onosnanno nnmy+, n+o bonding coss nnnnm+cn
sa+pa+axn aien+a (enennixn nnn neenennixn), io+opie onnni iapan-
+npona+i, n+o on ne 6ye+ npnnnxa+i enc+nnn, npo+nnopenamne nn+epecax
npnnnnana. +o, na nepnin nsinn, ionopn+ o6 aeina+noc+n nepenoa sa-
noionie nsepnin. Mnoine pa6o+nnin opiannsann nponsnon+ sa+pa+i
cnoeio npexenn n cnonx enei na noepnanne coo+ne+c+nymmeio nnemneio
nna, na ononnn+eninoe o6pasonanne no npoqnnm en+eninoc+n qnpxi n
+. n. (xo+n no xnoinx cnynanx enennie sa+pa+i +oio poa 6epe+ na ce6n
opiannsann). C+a+in [nencena n Meinnnia, onaio, nocnnmena ne nsyne-
nnm o6men npo6nexi npnnnnan-aien+, ie n ianec+ne aien+a xone+ pac-
cxa+pnna+icn ianin cnynamnn ioxnannn, a xec+y +on-xenenepa n pe-
mennn +on npo6nexi. 3ayxaexcn, snaex nn xi npnxepi iopnopann,
ie ienepaninie npei+opa oc+annnm+ iaine-+o cyxxi enei nnn ai+nni n
sanoi cnoeio nosxonnoio onnop+ynnc+nnecioio noneennn: He snaex:! B ia-
iox-+o cxicne +ai xone+ nponcxon+i, no sanoiox +o xonno nasna+i
+oniio n ianec+ne o6pasnon innep6oni. Bosxonno, o sanoie n ianiniax y-
xann +e, i+o npenonnn nepeno sanoionie nsepnin. Hanpnxep, sa6o+a
xenenepa o cnoen peny+ann nnnne+cn npnxepox bonding coss - +o,
iai npannno, neenennie nsepnin xenenepa.
B n. 2.4 cpen paccxo+pennn noinin pa6o+i xnipoionoxnnecion xo-
enn n nopasene Ananns cnnsinammnx nsepnei neonnanno ae+cn
y+onnenne nonn+nn bonding coss, io+opoe +enepi ninmnae+ n nsepnin
ny6nnnnoio ayn+a. Hy6nnnnin ayn+, onaio, onnannnae+cn qnpxon iai
mpnnnecinx nnox n +ex caxix nonn+cn na co6c+nennnion. Onaio xon-
no +pai+ona+i cymec+nonanne ayn+a iai oipannnenne yc+pexnennn xe-
nenepa, npnnonmeio i eio (a ne qnpxi) ani+epna+nnnix nsepniax,
no o +aion nn+epnpe+ann n c+a+ie nnno ne ionopn+cn. Hocioniiy n pyinx
xec+ax an+opi o+nocn+ ayn+ i nsepniax xonn+opnnia, +o xonno ninn-
ny+i inno+esy, n+o an+opi paccxa+pnnam+ ayn+ c nyx c+opon: iai nsepn-
in xonn+opnnia (ion+ponn) npnnnnana n iai ani+epna+nnnie nsepnin
113
xenenepa, nnnnmmnecn cnnsinammnxn nsepniaxn. Hpn +ox an+opi
cpasy ne o+xenam+, n+o cnnsinammne nsepnin ne +oniio xemam+ nopo-
na+i xenenepy, no n oipannnnnam+ eio nosxonnoc+n npnnec+n nonisy
qnpxe, n+o osnanae+ nsepnin qnpxi (npnnnnana), io+opie nanpamnna-
e+cn o+nec+n i oc+a+onnix no+epnx. Pesyni+a+i ayn+a onnni yc+anonn+i
ne c+oniio co6nmenne xenenepox qopxaninix npoeyp (xonn+opnni),
cioniio noiasa+i nnemnnx nnnec+opax, n+o ena n ioxnannn ny+ xopomo.
Ha +o xoiy+ 6i+i no+paneni snann+eninie pecypci xenenepa, npnnex
nac+o c nanecennex npea qnpxe (oqqmopi, nne6ananconie cne+a, xaxnna-
nn c ionconnanen o+ne+noc+n; n Poccnn +o nasinae+cn cxexaxn). Bi-
coian nna+a ayn+opy xone+ oiasa+icn qopxon nsn+in. Xo+n n mpnnne-
ciox cxicne cnynan Enion eme aneio ne sanepmen, no ec+i ocnonannn
nonaia+i, n+o xi nxeex seci eno c npnxepox nonnoio cnei+pa +ainx ns-
epnei, io+opie nonnoc+im pasopnnn ioxnannm. Tainx o6pasox, xi nn-
nx, n+o n onox enc+nnn - ayn+e - xi naxonx nce +pn nna aien+-
cinx nsepnei, npnnex naam+ onn n ocnonnox na npnnnnana. Hsepnin
xenenepa n paxiax qnpxi cnon+cn i neenennix nsepniax, cnnsannix
c nponeennex opiannsanonnix xeponpnn+nn. Mone+ 6i+i, no ananoinn
c anannsox nsepnei o+ 6anipo+c+na, neo6xonxo nienn+i nsepnin
o+ pacipi+nn nesaionnix onepann, npnnonmnx i ipynnix m+paqax
n nn+eninix cpoiax +mpexnoio sainmnennn. An+opi, onaio, +ai aneio
ne ny+.
B n. 4.2 an+opi onn+i nosnpamam+cn i +oxy, n+o onn nxem+ n nny no
bonding coss n cnnsn c epna+ennxn o6nniann, ie yiasinae+cn na +o,
n+o xenenepy c+on+ nx nopo6nee nnqopxnpona+i o enax qnpxi n na-
nn+i nnemneio nesanncnxoio ayn+opa (onn+i sa+pa+i mpnnnecioio nna).
B cnocie 48 n cnnsn c +nx ne yiasinae+cn +aine na nsepnin o+ ninmne-
nnn n npocnei+ xnccnn o6nniann onpeenennix oipannnennn na en+eni-
noc+i qnpxi n xenenepa. +o, +ex ne xenee, onn+i nsepnin mpnnne-
cioio nna, a +oia yxenimenne 6oia+c+na co6c+nennnion.
Ecnn xenenepy am+ naie+ ainn ioxnannn ([nencen n Meinnni nac-
+o o+nocn+ ioxnencanonnie ninna+i i nsepniax xonn+opnnia, cx. cnoc-
iy 9, no onn ne y+onnnm+ nx qopxy) nnn eio nencnonnie naionnennn xpa-
nn+cn n nne ainn ioxnannn n nencnonnox qone ioxnannn, +o +o, no
namexy xnennm, npnxep bonding coss. Kc+a+n, seci n 6yymex xoiy+
nosnniny+i n no+epn xenenepa, no +o ne xenne+ +oio qai+a, n+o neno-
cpec+nenno pacxoi 6inn ocymec+nneni npnnnnanox. Acno, n+o +n sa-
+pa+i nponsnon+ npnnnnan n naene cosa+i c+nxyn i ynennnennm
ennoc+n qnpxi c noxomim cnnsinannn nac+n 6oia+c+na aien+a c nennnn-
non co6c+nennoio 6oia+c+na (seci onn+i n nepenocnox cxicne xonno io-
nopn+i o sanoie).
114
O+xe+nx, n+o xi ne coinacni c nn+epnpe+anen +epxnna bonding
coss n Inoccapnn xonoipaqnn |dypy6o+n, Pnx+ep, 2004, c. 610], ie 6es ncn-
ioio ioxxen+apnn npoc+o n+npye+cn nepnoe no nonnnennm ns o6+ncnennn
annoio +epxnna n c+a+ie [nencena n Meinnnia, ninopnpyn +o, n+o anee
an+opi o6pamam+cn i +oxy nonpocy eme nani, nocinnan ianin pas,
n+o +o nxenno +o, n+o xi nxeex n nny no bonding coss.
Mi nnenn, n+o n 6onimnnc+ne ionipe+nix cnynaen sanoi n nnnox nne
o+cy+c+nye+. B +o ne npexn na6nmae+cn cn+yann, ioia xenenep, nnoia
no nnnna+nne npnnnnana, a nnoia n o6pononino, nainainae+ na ce6n
neio+opie (cnnsinammne) oipannnennn, +. e. cn+yann ananoinnna nepenoy
cnnsinammnn, ncnonisymmexycn no xnoinx +exnnnecinx +epxnnax c npn-
naia+eninix bonding. Hpec+annne+cn, n+o ciasannoe nime onpaninae+
name nsxenenne nepenoa +epxnna bonding coss c sanoionie nsepnin
na cnnsinammne nsepnin. Mi naxonx noepniy namen nosnnn +ai-
ne n c+a+ie caxoio [nencena |Jensen, 1989], ie no inaionox o bond
onosnanno nxee+cn n nny cnnsinanne xenenxen+a (n noneenneciox
nnane) npn LBO nicoion onen n 6yymex co6c+nennox iann+ane.
Hpn anannse sa+pa+, cnnsannix c ayn+ox, xi yne nnenn, iai +pyno
pasenn+i nx na ioxnonen+i n ninnn+i, i+o nx nece+. Menenep, iai npa-
nnno, ocymec+nnne+ cnnsinammne nsepnin nnmi n +exnnneciox cxicne,
no sa cne+ qnpxi, +. e. n n+oie - sa cne+ npnnnnana. B neio+opix cnynanx
on sa+pannnae+ cnoe npexn n +anan+, necn neenennie sa+pa+i, no ionen-
nin pesyni+a+ nac+o nnene+ yxenimenne (nnoia ia+ac+poqnnecioe) 6oia+-
c+na npnnnnana. Hpnneennoe o6cynenne noiasinae+, n+o i pasenennm
na nsepnin xonn+opnnia n cnnsinammne nsepnin n o+necenne cnnsina-
mmnx nsepnei na cne+ xenenepa nao o+nocn+icn c onpeenennon oc+o-
ponnoc+im, +ai iai npo+nnopennn xi nanex yne n caxon pa6o+e. +o, o-
naio, ne nnnne+ na cnpanennnoc+i noinin ocnonnix paccynennn.
B ionipe+nie xi cnn+aex o6pasonon xonqnianm inaccnqniann
aien+cinx sa+pa+, npnneennym n |Bpnixx, Ianencin, 1997, c. 21] (ne oio-
nopennie nnne ncnpannennn n nepenoe cenani an+opox npn cnepie c
opninnanox): Cymec+nym+ +pn nannenmne ia+eiopnn aien+cinx sa+pa+:
1) pacxoi na ocymec+nnenne xonn+opnnia en+eninoc+n xenenepon,
nanpnxep, sa+pa+i na nponeenne ayn+opcinx nponepoi; 2) pacxoi na
cosanne opiannsanonnon c+pyi+ypi, oipannnnnammen nosxonnoc+i ne-
nena+eninoio noneennn xenenepon, nanpnxep, nneenne n coc+an cone+a
npei+opon nnemnnx nnnec+opon; 3) ani+epna+nnnie sa+pa+i, nosnnia-
mmne n +ex cnynanx, ioia ycnonnn, yc+anonnennie ainonepaxn, nanpn-
xep, o6nsa+eninoe ionoconanne no onpeenennix nonpocax, oipannnnna-
m+ enc+nnn xenenepon no ynennnennm 6oia+c+na ainonepon. B +ox
onpeenennn, onaio, ynymena nannan nn +eopnn nac+i oc+a+onnix no-
115
+epi (iesidual loss), cnnsannan c pasnnnnex enenix yc+anonoi npnnnna-
na n aien+a.
Paccxo+pnx, naione, pn mexnuuecxux +pynoc+en, nosnniammnx npn
n+ennn c+a+in. Ecnn ocnonnoe npo pa6o+i xonno nonn+i nocne o6innoio
nonnoio iypca xnipoionoxnin, +o 6onee +onine paccynennn ns o6nac+n
qnnancon o cnx nop ne o6ecneneni pyccionsinnon nn+epa+ypon. Honone-
nne c nponnny+on nn+epa+ypon no +eopnn qnnancon na pycciox nsiie ne
nsxennnoci n nynmym c+opony co npexenn ny6nniann |Byxnanon, 2003],
no+oxy nn nonnoio nonnxannn coo+ne+c+nymmnx pasenon (npene nceio
nn. 4.1 n 6) xonno nopeioxenona+i +oniio axepniancine yne6nnin xainc-
+epcioio yponnn, nanpnxep |Copeland, Weson, 1992]. Oco6o o+xe+nx inany 3
n +on innie, ie qopxynnpye+cn mecpu cccmcnuu u npecncumenuu (Sae-
Piefeience Theoiy), io+opan neo6xonxa nn xoeninoio nonnxannn ion-
ennn nonno+i qnnanconoio pinia (n. 6.7). Hponnny+oe nsnonenne
cx. n |Duffie, 2001; Huang, Lizenbeigei, 1988]. Honynnpnoe nsnonenne xa-
+epnana o6 onnonax, neo6xonxoe nn nonnxannn n. 4.1, xonno nan+n
n |[neppoy, 2003]. Kpa+ioe o6cynenne noxoa, nsnonennoio n n. 4.1, cx. n
|Byxnanon, 2004].
Heqopxaninoe onpeenenne nc:ncmt qnnanconoio pinia osnanae+, n+o
nm6on enennin no+oi, ienepnpyexin n ionoxnie (n nac+noc+n, no+oi
npn6inen qnpxi), xone+ 6i+i nonynen iai iox6nnann (nop+qeni) ne-
cioniinx ennix 6yxai. Ecnn na pinie xnoio qnnanconix nnc+pyxen+on, +o
+o +pe6onanne npn6nnnenno ninonneno. Ecnn na pinie xano qnnanconix
nnc+pyxen+on, iai, nanpnxep, n Poccnn, +o annoe +pe6onanne ne ninonneno.
O+cy+c+nne cnonc+na nonno+i xemae+ nponeennm oennnannn c noxomim
qynaxen+aninoio npnnnna o+cy+c+nnn ap6n+pannix nosxonnoc+en.
Hs nsxenennn, cenannix npn nepenoe, o+xe+nx sanono nocc+anonnen-
nym an+opox +nx c+poi 6n6nnoipaqnm, io+opan n opninnane coepnana
xnoionncnennie npo6eni, a +aine neio+opie y+onnennn n n. 4.1 o npnxe-
nennn onnonon, ie y an+opon 6inn nesnann+eninie +epxnnonoinnecine
neaiiypa+noc+n.
KOPHOPATHBHAR 4OPMA OPIAHH3AHHH KAK HHHOBAHHR B POCCHH
Kopnopa+nnnan qopxa opiannsann oiasanaci nonon qopxon nn co-
npexennon Poccnn. Kai ynpannennecian nnnonann ona 6ina nnepena
cnepxy n paxiax xacconon npnna+nsann (na ocnonannn saiona o npnna+n-
sann, a ne ocosnannoio ni6opa). B cnnsn c +nx nosnnina npo6nexa aan-
+ann i annoxy nonmec+ny. B Poccnn cennac nacnn+inae+cn 6onee 60 +ic.
ainonepnix o6mec+n, n ianox ns io+opix nxee+cn aien+cian npo6nexa n
caxix pasnoo6pasnix cnonx nponnnennnx. Pncinex o+xe+n+i, n+o xnoine
nnnnni paso6pannci n +ox, iai nsnneia+i onnop+ynnc+nneciym niioy
116
ns cnoeio nononennn, +oia iai onn caxn n nx ioxnannn noia ne naynnnnci
nonisona+icn npenxymec+naxn iopnopa+nnnon qopxi, npene nceio qop-
xi o+ipi+oio ainonepnoio o6mec+na (OAO), nn npnnnenennn iann+ana.
[o cnx nop nce onpoci poccnncinx xenenepon yiasinam+ na 6anioncinn
oni iai ocnonnon nc+onnni nnemneio qnnancnponannn. +o osnanae+,
n nac+noc+n, n+o ne nepexon+ nepeianin cpec+n ns nicoionpn6ininix
o+pacnen o6inammeio ioxnneica n o6pa6a+inammym npoximnennoc+i.
Taioio poa nnnenne nxee+ xec+o +oniio npn neoc+a+ie onepnn i nosnn-
iammnx npn nnnec+nnnx ion+pai+nix o+nomennnx.
Caxa qopxa iopnopann (OAO), aponannan npenpnn+nnx saionox,
nnnne+cn npnxepox peaninoio onnona |Byxnanon, 2004], io+opix noia
oneni nexnoine yxem+ nonisona+icn. Hxenno OAO nnnne+cn onnonox
(nosxonnoc+im) nn npnnnenennn nnemneio iann+ana (npene nceio sa-
exnoio, npnnex npnnnenennoio na o+ipi+ox pinie), poc+a c noxomim no-
inomennn (ioia ainn OAO, nxemmeio snann+eninym iann+annsanm,
ncnonisym+cn iai pyine eniin), niionix nnec+nnn, cnnsannix c ni-
enennex nenpoqnninix nponsnoc+n, ncnonisonannn xexannsxa LBO (ni-
iyna sa cne+ onionix cpec+n) c nepexoox ns ny6nnnnon qopxi n nac+-
nym n +. . Hpai+nnecin nnneio ns +oio ne npnxenne+cn. Onaio ncninn
onnon, n +ox nncne peaninin, c+on+ enei. Hsepnin na ny6nnnnoc+i
onnni npnnon+i i nepexoy o+ qopxi OAO i qopxax neny6nnnnon
ioxnannn. Tai n nponcxon+ n pasnn+ix ionoxniax, ie c+onxoc+i onno-
na 6i+i OAO ninmnae+ snann+enino 6onee nicoine sa+pa+i na ayn+, nn-
c+n+y+i iopnopa+nnnoio ynpannennn, noepnanne +opionnn n io+nponoi
ainn na 6npne, n +ox nncne nn samn+i o+ nepynenm6noio noinomennn.
Mnoine poccnncine OAO noo6me ne nxem+ pinonnon ennoc+n. B Poc-
cnn nnnennn o+ OAO, io+opie ne yxem+ nonisona+icn npenxymec+naxn
cnoen npanonon qopxi, i nac+nix qnpxax ne saxe+no.
B +o ne npexn nenisn ne o+xe+n+i, n+o neymne poccnncine iopnopa-
nn nonnxam+, neio onn xo+n+, n ai+nnno no66npym+ sa conepmenc+nona-
nne ipanancioio saionoa+enic+na, ninmnan ononnennn i saionax o6 AO,
ninna+e nnnenon n +. . Hepnie poccnncine ioxnannn conepmnnn ne-
qopxaninie nepnnnnie ny6nnnnie pasxemennn ainn (IPO). +o ae+ oc-
nonanne naen+icn, n+o sa+pony+an n c+a+ie [nencena n Meinnnia npo6ne-
xa+nia n ciopox 6yymex c+ane+ nonesnon nn poccnncinx ioxnannn.
Anxepaxypa
Bpeu:u P., Muuepc C. Hpnnnni iopnopa+nnnix qnnancon / Hep. c anin. 7-io nsa-
nnn. M., 2004.
Bpuexe K., Iunencxu B. dnnanconin xenenxen+: Honnin iypc. B 2 +. / Hep. c anin.
CH6., 1997.
117
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