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Четвертое заседание круглого стола по вопросам корпоративного управления в России

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Рис 1 Акционеры, участники и сопряженные признаки
Сопряженные признаки, содействующие:


Уровень сопряженных признаков

Управлению с участием заинтересованных лиц

Управлению внешними акционерами

Национальный
Культура доверия

Институты права и налогообложения предпочитают стабильность участия в собственности (Baums, 1993, стр. 154)
Культура индивидуального оппортунизма

Институты права и налогообложения предпочитают ликвидность акций (Roe, 1997, стр. 18)

Отраслевой
Отрасли с длительным производственным циклом, требующие долгосрочных инвесторов (Baums, 1993, стр. 182)
Отрасли с коротким производственным циклом, требующие краткосрочных инвесторов и низких уровней инвестиций (Franks & Meyer, 1997, стр.45)

Отраслевой
Технологически сложные отрасли: непрозрачность операции и их отслеживание несвязанными внешними инвесторами – дорогостоящее предприятие(Bolton & Von Thadden, 1998, стр. 4)

Отрасли с обычным технологическим циклом, прозрачными операциями, понятными для несвязанных внешних инвесторов (Noteboom, 1999, стр. 858)

Предприятие
Инновация процесса, усовершенствование продукции

(Hitt, Ireland и Hoskisson, 1995, стр. 276-7)
Инновация процесса, постепенное усовершенствование продукции

(Hitt, Ireland и Hoskisson, 1995, стр. 276-7)

Предприятие
Фаза расширения: потребность в крупных новых инвестициях (Franks & Mayer, 1997, стр. 45)
Фаза сужения: потребность в корректирующем разукрупнении (Franks & Mayer, 1997, стр. 44)

Таблица 1: Участие заинтересованных лиц в собственности российских приватизированных предприятий, 1993 - 1997: сравнение (% доли в собственности)


Владельцы
Earle

Et al.1

(%)

(1994)
Buck

Et al.

(%)2

(1994)
Blasi

et al3 (%)

(1996)
Jones4

(%)

(1996)
Wright, et al5 (%)

(1996)
Buck et al6

(%)

(1997)
Aukutsionek et al7

(%)

(1997)
Filatotchev et al8

(%)

(1999)
Dolgopyatova9

(%)

(1999)

Инсайдеры
69
66
58
59
59
55
52
46
42

Руководители
21
19
18
13
12
16
15
14
11

Работники
48
47
40
46
47
39
37
32
31

«Аутсайдеры»
20
14
32
27
31
39
39
47
50

Крупные
-
11
26
15
23
26
25
28
30

Мелкие
-
3
6
12
8
13
14
19
20

Государство
11
20
9
14
10
6
7
7
8

Выборка (кол-во предприятий)
214
171
357
111
314
105
139
150
200