123

Becrnnx CHIY. Cep. 8. 2005. Btn. 1 (X 8)

C A. B. An6xan, 2003
. B. Buun
TEOPETHHECKHE ACHEKTM AIEHTCKOH HPOBAEMM
B KOPHOPAHHH
B cfafue paccuafpueaefcn feopefueckan ocuoea cyecfeoeauun areuf-
ckux uspepek e kopnopafueuo cpepe. Auanusupyefcn noruka cfauoene-
uun areufcko feopuu kopnopafueuoro ynpaeneuun. Hpueopnfcn nounfue u
knaccuqukaun areufckux uspepek. Ofpenuuoe euuuauue ypennefcn qe-
uoueuy coeueeuun qyuku areufa u npuuunana e opuou cyLekfe kop-
nopafueuLx ofuomeuu. B pauuo paofe eeopufcn nounfue ynpaeneuun
areufckuuu uspepkauu, a fake paefcn knaccuqukaun uexauusuoe kop-
nopafueuoro ynpaeneuun, cuuakux ypoeeuu areufckux uspepek.
B 1932 i. nimna n cne+ pa6o+a A. Bepne n n. Mnnsa Conpexennan
iopnopann n nac+nan co6c+nennoc+i |Beile, Means, 1932], n io+opon an+o-
pi ionc+a+nponann qai+ o+enennn qyninn ynpannnmmnx o+ qyninn
co6c+nennnion n ioxnannnx c pacninennon c+pyi+ypon ainonepnoio ia-
nn+ana. B 1937 i. P. Koys n cnoex penonmnonnox nccneonannn Hpnpoa
qnpxi |Coase, 1937] yiasan na cymec+nonanne +pancainonnix nsepnei,
nsepnei no coc+annennm n ncnonnennm ion+pai+on, a +aine ninnnyn +eo-
pnm o +ox, n+o nm6an qnpxa cymec+nye+ c enim xnnnxnsann +pancain-
onnix nsepnei, a pasxepi qnpxi sanncn+ o+ nosxonnoc+en ionoxnn na
+nx nsepniax. +n ne inaccnnecine pa6o+i nononnnn nanano aninen-
mnx nccneonannnx na +exy iopnopa+nnnoio ynpannennn n cnnsannix c
nnx aien+cinx nsepnei.
CTAHOBAEHHE AIEHTCKOH TEOPHH KOPHOPATHBHOIO YHPABAEHHR
\c+panenne ainonepon o+ ynpannennn iopnopannxn nnnne+cn noinn-
nix cnec+nnex pasnn+nn iopnopa+nnnon qopxi co6c+nennoc+n. Honnnenne
n pasnn+ne nnc+n+y+a npnnnenennn nnemneio iann+ana ny+ex xnccnn ainn
6ino o6ycnonneno n+opon npoximnennon penonmnen, yipynnennex npo-
nsnoc+na, ieoipaqnnecion icnancnen, 6ic+pix poc+ox npoximnennoc+n.
Hapamnnanne xacm+a6on ioxxepnecinx npenpnn+nn no+pe6onano npnnne-
nennn snann+eninix o6+exon qnnanconoio iann+ana, n+o xoino 6i+i o-
124
c+niny+o ny+ex o6+ennennn qnnanconix pecypcon xnoinx ionoxnnecinx
cy6+ei+on. Poc+ nncna noc+anmnion qnnanconoio iann+ana n, iai cnec+nne,
coipamenne onn ynac+nn ianoio ns nnx n o+eninoc+n npnnenn i +oxy, n+o
nnnnnyaninoe o+cnennnanne ianec+na ynpannennn nnnec+nponannix iann-
+anox c+ano ionoxnnecin neenecoo6pasnix n opoioc+onmnx xeponpnn-
+nex no npnnnne nicoinx +pancainonnix nsepnei. Kpoxe +oio, 6onimoe
nncno noc+anmnion iann+ana, o6naammnx pasnnnnon inannqnianen n pac-
npeenennix ieoipaqnnecin, cnpononponano poc+ nsepnei, cnnsannix c
npoeccox npnnn+nn pemennn. annie npenocinin cenann ionoxnnecin
onpanannix eneinponanne qyninn no npnnn+nm pemennn npoqeccno-
naninix xenenepax, o+nenammnx sa onepa+nnnoe ynpannenne iann+anox,
cqopxnponannix ns ninaon ynac+nnion npenpnn+nn |Kaonnnion, 2001].
Eme onnx qai+opox, o6ycnonnnmnx o+enenne ynpannennn o+ qn-
nancnponannn, nnnnoci +aioe npncymee pinonnon ionoxnie nnnenne, iai
pasenenne +pya, cnenannsann. Cnenannsann ynpannennecioio +pya
npenonaiae+, no ipannen xepe, nac+nnnoe o+enenne ynpannennn o+ qnnan-
cnponannn, ane npn nannnnn ennoio noc+anmnia iann+ana. B cn+yann co
xnoinxn nc+onnniaxn qnnancnponannn nienenne qyninn onepa+nnnoio
ynpannennn nnnne+cn nens6ennix. Hnixn cnonaxn, ycnonnenne nponsno-
c+nennix npoeccon nee+ i neo6xonxoc+n nicoioio yponnn ioxne+ennn
n ynac+nn n ynpannennn cnenannc+on-xenenepon: nonnnne+cn mexnc-
cmpyxmypu
1
, npo+nnoc+onman co6c+nennniax iann+ana npenpnn+nn.
B pesyni+a+e pasenennn qyninn co6c+nennnia n ynpannnmmeio nos-
nniae+ uncpuucnnu ucuempu (asymmeiic infoimaion): cn+yann,
npn io+opon ynpannnmmne npenpnn+nex nynme nnnec+opon (noc+anmnion
iann+ana) nnqopxnponani o nononennn en n ioxnannn. Bnepnie ynenie
saionopnnn o6 nnqopxanonnon acnxxe+pnn na no+pe6n+eniciox pinie n
ione 1960-x ii., a nepnon pa6o+on n +ox nanpannennn nnnnoci nccneona-
nne n. Aiepnoqa |Akeilof, 1970]. Axepniancinn ynenin npenononnn, n+o
na neio+opix +nnax pinia (nccneonancn pinoi noepnannix an+oxo6n-
nen) ianec+no ionipe+noio +onapa nsnec+no +oniio npoany. Taine +onapi
Aiepnoq nasnan nnxonaxn: nx ianec+no nenisn nonn+i, ne nonpo6onan.
Hsepnin na nonynenne nnqopxann nnnnm+cn onnx ns ocnonnix
ioxnonen+on +pancainonnix nsepnei. Hocioniiy ycnnnn no nonynennm
nnqopxann nxem+ eny, noc+oniiy ionoxnnecioxy cy6+ei+y 6inae+ ni-
iono o6xon+icn nenonnon nnqopxanen, ne +pa+nci na yxenimenne ne-
onpeenennoc+n. Caxa no ce6e nenonno+a nnqopxann eme ne nopasyxenae+
1
Texnoc+pyi+ypa - +o o6+ennenne nicmnx nn, npnnnxammnx ynpannen-
necine pemennn n ion+ponnpymmnx pyiononmne noc+i n iopnopannx. Honn+ne
nneeno . Ien6pen+ox |Galbiaih, 1967].
125
nnqopxanonnon acnxxe+pnn: nnqopxann xone+ 6i+i panno nenonnon
nn ncex ionoxnnecinx cy6+ei+on. Onaio name nceio onn inacc ionoxn-
necinx cy6+ei+on o6naae+ 6onee nonnon nnqopxanen, nex pyion, nnixn
cnonaxn, nnqopxann pacnpeenena acnxxe+pnnno. Ha +onapnix n no+pe6n-
+enicinx piniax nonynenne nnqopxann o ianec+ne c+on+ opoio; no+oxy
npenocinia o +ox, n+o noiyna+enn n npoani pacnonaiam+ onnaionon nn-
qopxanen o6 ynac+nymmnx n ceniax +onapax, c+anonn+cn nenpnexnexon.
B peaninox xnpe cymec+nye+ xnoio pinion, na io+opix nonynenne +onnon
nnqopxann n o+nomennn ianec+na npoanaexix +onapon (npeoc+annnexix
ycnyi) o6xon+cn oc+a+onno opoio n ane ne nceia nosxonno. Onnx ns
+ainx pinion nnnne+cn pinoi iopnopa+nnnoio ynpannennn.
Hnqopxanonnan acnxxe+pnn npnnon+ i nosnninonennm nnnennn,
nsnec+noio iai ne:uecnpumntu cmcp (adveise selecion). B ycnonnnx acnx-
xe+pnn nnqopxann noc+anmni, o6naammnn nynmen nnqopxanen, c+pe-
xn+cn cnnsn+i ianec+no noc+annnexix +onapon n ycnyi. Ananoinnno xene-
nepi qnpxi ni+am+cn xnnnxnsnpona+i ycnnnn no ynpannennm n cnynae
neoc+a+onnon ocneoxnennoc+n noc+anmnion iann+ana.
pyinx nannix cnec+nnex pasenennn qyninn co6c+nennnia n ynpan-
nnmmeio nnnne+cn c+pexnenne co6c+nennnion sainmnn+i nc:ntu xcnmpuxm
(complee coniac) na ynpannenne nnnec+nponannix iann+anox. Ho nonnix
ion+pai+ox nopasyxenae+cn coinamenne, io+opoe npeycxa+pnnae+ nce nos-
xonnie napnan+i pasnn+nn co6i+nn n peinaxen+npye+ enc+nnn xenenepon
n pasnnnnix cn+yannx. Honnin ion+pai+ ionoxnnecin neenecoo6pasen no
npnnnne snann+eninix sa+pa+ na eio nanncanne n o+cnennnanne. Ho+oxy na
npai+nie npnxennm+cn nenonnie ion+pai+i, peinaxen+npymmne ocnonnie
xoxen+i nsanxoo+nomennn noc+anmnion iann+ana n ynpannenen.
Tainx o6pasox, o+enenne ynpannennn o+ co6c+nennoc+n n neo6xon-
xoc+i eneinponannn ynpannennecinx qyninn npoqeccnonaninix xene-
nepax, nnqopxanonnan acnxxe+pnn n nenonno+a ion+pai+on noponam+
aien+ciym npo6nexy n iopnopann.
eenmcxu npc:eu (agency pioblem) n iopnopa+nnnox ynpannennn
npec+annne+ co6on npo+nnopenne nn+epecon xenenepon n noc+anmnion ia-
nn+ana, io+opoe nosnniae+ no npnnnne o+cy+c+nnn c+pexnennn xenenepon i
xaicnxnsann oxoon na nnnec+nponannie cpec+na. Coinacno +eope+nne-
cinx npenociniax, xenenepi, o6naammne cepunuuenncu puucnu:tnc-
cmtm (bounded iaionaliy)
2
, c+pexn+cn i ynennnennm co6c+nennoio 6naioco-
2
onymenne n +eopnn +pancainonnix nsepnei o noneennn ionoxnnecinx
aien+on, io+opie n cnny o+cy+c+nnn oc+a+onnon nnqopxann n na ocnone co6c+nen-
nix npec+annennn cinonni i npnnn+nm neon+nxaninix pemennn. Konennn oipa-
nnnennon panonaninoc+n ninnny+a I. Canxonox |Simon, 1947].
126
c+onnnn sa cne+ nnnec+opon. annoe npenononenne o noneennn xenenepon
nnnne+cn inmnenix n nocn+ nasnanne ynpue:enuecxcec cnncpmynusu (ma-
nageiial oppoiunism) |Williamson, 1983, p. 47]. 3aana noc+anmnion iann+ana
sainmnae+cn n noc+poennn +aion cnc+exi nsanxoenc+nnn, io+opan c+nxynn-
ponana 6i xenenepon i nan6onee qqei+nnnoxy ynpannennm nnonennixn
cpec+naxn n nannynmnx nn+epecax nnnec+opon. Ho onpeenennm axepnian-
cinx ynenix, +eopnn iopnopa+nnnoio ynpannennn nsynae+ cnoco6i, c noxo-
mim io+opix noc+anmnin qnnanconoio iann+ana o6ecnennnam+ nosnpa+-
noc+i nponsneennix nnnec+nnn |Shleifei, Vishny, 1997, p. 737].
Bonpoci iopnopa+nnnix o+nomennn n nac+n aien+cion npo6nexi n
ionoxnnecion nayie nccneym+cn n paxiax ueenmcxcu mecpuu, nnn mecpuu
ueenmcxux cmncwenuu (agency heoiy). Hpnxepox iopnopa+nnnix o+nome-
nnn cnyna+ o+nomennn ainonepa n xenenepa, ipen+opa n nonyna+enn
ipen+a n p. Ocnonnie onymennn +eopnn aien+cinx o+nomennn npec+an-
neni n +a6n. 1. Hen+paninix npox aien+cion +eopnn nnnne+cn xoeni nsa-
nxoo+nomennn npnnnnan-aien+, coinacno io+opon onn ionoxnnecinn
cy6+ei+ (npnnnnan) nopynae+ sa onpeenennoe nosnaipanenne pyioxy
(aien+y) enc+nona+i o+ eio nxenn n n nn+epecax xaicnxnsann 6naiococ+o-
nnnn npnnnnana. Aien+cian +eopnn c+pon+cn na npenononennn, n+o aien-
+i, nann+ie npnnnnanaxn, enc+nym+ c enim ynennnennn nonesnoc+n nn
ce6n, a ne nn npnnnnana. +o nponcxon+ n cn+yann, ioia nocnec+nnn
ionoxnnecinx enc+nnn aien+on nona+cn na nx nnenn ne nonnoc+im; cyme-
c+nennan nac+i +nx nocnec+nnn npnxon+cn na onm npnnnnana, +. e.
aien+ enn+ pnci cnoen en+eninoc+n c npnnnnanox.
Konqnni+ nn+epecon aien+on n npnnnnanon nosnniae+ n ycnonnnx
nnqopxanonnon acnxxe+pnn n nenonnix ion+pai+on. Hnqopxanonnan
acnxxe+pnn nopasyxenae+, n+o aien+ o6naae+ nnqopxanonnix npenxy-
mec+nox no cpannennm c npnnnnanox; eio en+eninoc+i ne noae+cn npn-
xoxy ion+ponm co c+oponi npnnnnana, a no ionennix pesyni+a+ax nenos-
xonno cyn+i o ianec+ne npnnn+ix pemennn. Hpnnnnan ne n coc+onnnn
yc+anonn+i, 6inn nn napymeni aien+ox nsn+ie na ce6n o6nsa+enic+na,
a +aine oc+onepno oenn+i enc+nnn aien+a n nx nocnec+nnn. Ho+oxy
nenosxonno coc+ann+i +aion ion+pai+, no io+opoxy nosnaipanenne aien+a
nanpnxym sannceno 6i o+ eio ycnnnn. Tex ne xenee, ecnn o6n+icn npnxon
nsanxocnnsn xeny enc+nnnxn aien+a n oc+niny+ixn pesyni+a+axn, ne
nceia oiasyexo, n ninx nn+epecax onn 6inn conepmeni. Hanpnxep, peann-
sann opoioc+onmeio nnnec+nnonnoio npoei+a xone+ 6i+i ocymec+nne-
na iai c enim nonynennn snann+eninon qnnanconon o+ann n 6yymex, +ai
n c naxepennex nsnneni nnnnym niioy. Bce ne ecnn npec+ann+i ion+pai+,
n io+opox nponncani nce nosxonnie enc+nnn aien+a, nx nosxonnie no-
cnec+nnn n yiasano, n ninx nn+epecax onn xoiy+ 6i+i conepmeni, +o non-
127
nin ion+pai+ no-npennexy neoc+nnnx no npnnnne nicoinx sa+pa+ na eio
coc+annenne n o+cnennnanne. Hoxnxo +oio, aien+, iai npannno, ne o6naae+
oc+a+onnix o6+exox co6c+nennix cpec+n nn noipi+nn no+ennaninix
y6i+ion o+ npnnnxaexix nx pemennn.
Tu:uu 1
Ocnonnme onymennn xeopnn arenxcrnx oxnomennn
onymennn o nn1epax1nnnon cpee
Acu++empu
uuqop+auu
Hyumax ocneonennocri o cnryannn n xopnopannn
enexepon-arenron nsnyrpn, ue cocrnennnxon-npnnnnnanon
nsnne, oycnonnnnaer eicorym cmeneui uuqop+auouuo
acu++empuu
Heonpeoe.euuocmi
Mnoxecrno ]axropon, nnnxmmnx na arenrcxne
nsanoornomennx, oxcnxmr eicorym cmeneui
ueonpeoe.euuocmu
C.oruocmi e
us+epeuuu
Orcyrcrnne rountx opnenrnpon nx onenxn xauecrna
ynpannenuecxnx ycnyr npnnonr x eicoro cmeneuu
c.oruocmu e us+epeuuu
onymennn o noneennn
Onnopmyuus+
Heorpannuennoe crpenenne enexepon-arenron x
yonnernopennm nnuntx nnrepecon sa cuer oprannsannn n
ymep nnrepeca cocrnennnxon-npnnnnnanon
Oepauu:euua
pauoua.iuocmi
Orpannuennax cnoconocri uenoneuecxoro pasya x npnnxrnm
onrnanintx ynpannenuecxnx pemenn
Bocnpumue pucra
Bcnecrnne nnepcn]nxannn nopr]enx cnonx axrnnon
cocrnennnxn-npnnnnnant onee cxnonnt x pncxy, ue arenrt-
enexept
Aien+cian +eopnn nnnne+cn onnx ns nanpannennn neonnc+n+yno-
naninon ionoxnnecion +eopnn. Honan nnc+n+ynonaninan +eopnn cqop-
xnponanaci n 60-70-e ii. XX n. Hpexe+ox nccneonannn c+ana nnc+n+yno-
naninan c+pyi+ypa nponsnoc+na, n+o oiasanoci nosxonnix 6naioapn
nponninonennm n ionoxnneciym +eopnm +ainx nonn+nn, iai +pancain-
onnie nsepnin, npana co6c+nennoc+n, ion+pai+nie o+nomennn. Heo-
nnc+n+ynonaninan +eopnn npo+nnonoc+annna ce6n neoinaccnnecion oi-
+pnne, io+opon, no xnennm O. \nninxcona, npncyma npenxymec+nenno
mexnc:ceuuecxu cpuenmuu (npenonaiae+cn, n+o o6xen conepmae+cn xino-
nenno n 6es nsepnei, n+o sainmnennie ion+pai+i c+poio ninonnnm+cn n
ipanni ionoxnnecinx opiannsann npeonpeennm+cn xapai+epox nc-
nonisyexon +exnonoinn). B o+nnnne o+ +oio nonan nnc+n+ynonaninan +eo-
pnn ncxon+ ns cpeunusuucnnc-xcnmpuxmncu nepcnexmuet - na nepnin
128
nnan ninniam+cn nsepnin, conpononammne nsanxoenc+nne ionoxn-
necinx aien+on.
Ho xnennm M. nencena, cqopxnponannci na noxoa i pasnn+nm
aien+cion +eopnn, onnx ns io+opix nnnne+cn, no eio onpeenennm, ncsumue-
nu ueenmcxu mecpu (posiive heoiy of agency), pyinx - mecpu cmncwe-
nuu npununu:-ueenm (piinciple-agen lieiauie) |Jensen, 1983]. O6a noxoa
nccneym+ ion+pai+nie nsanxoo+nomennn xeny c+oponaxn, c+pexnmnxncn
i xaicnxnsann cnoen niioi, n n o6onx npenonaiae+cn, n+o aien+cine ns-
epnin (nsepnin nsanxoo+nomennn npnnnnan-aien+) xnnnxnsnpym+cn
nepes oc+nnenne ioxnpoxncca, nocpec+nox coc+annennn nsanxoniionix
ion+pai+on. Tainx o6pasox, n o6onx noxoax paccxa+pnnae+cn nosxonnoc+i
nanncannn Hape+o-on+nxaninix ion+pai+on
3
. Onaio noxoi pasnnnam+-
cn no neio+opix inmnenix xoxen+ax. Hccneonannn +eopnn o+nomennn
npnnnnan-aien+ nxem+ xa+exa+nneciym nanpannennoc+i, ionen+pnpy-
m+cn na xoennponannn n enam+ aien+ na nnnnnnn npenon+ennn c+opon
no ion+pai+y, nc+oiax neonpeenennoc+n n nnqopxanonnon acnxxe+pnn
|Haiiis, Raviv, 1978; Holmsiom, 1979; Ross, 1973; Spence, Zeckhausei, 1971].
Hosn+nnnan aien+cian +eopnn npononeye+ nexa+exa+nnecinn cn+yanon-
nin noxo n yenne+ 6onimoe nnnxanne nsynennm ionipe+nix cn+yann,
nnnnnnm ion+pai+nix +exnonoinn, qnsnnecioio n nenonenecioio iann+ana
|Fama, Jensen, 1983; Jensen, Meckling, 1976; Myeis, 1977; Smih, Wainei, 1979].
B 1992 i. '. Xnnn n T. nonc |Hill, Jones, 1992] cqopxynnponann ueenm-
cxym mecpum suunmepecceunntx cmcpcn (sakeholdei-agency heoiy), io+opan
qai+nnecin npec+annne+ co6on conxemenne npenocinoi aien+cion +eopnn
n +eopnn sann+epeconannix c+opon
4
. An+opi annoio noxoa cnn+am+, n+o
xenenep n cnonx enc+nnnx onnen pyionoc+nona+icn ne +oniio nn+epeca-
xn noc+anmnion iann+ana, no n ncex c+opon, n paccxa+pnnam+ ioxnannm iai
ce+i ion+pai+on xeny xenenxen+ox n sann+epeconannixn c+oponaxn.
Tainx o6pasox, n pesyni+a+e pasenennn qyninn co6c+nennnia n ynpan-
nnmmeio o6pasonanoci nonoe nanpannenne n ionoxnnecion nayie - aien+-
cian +eopnn, - io+opoe paccxa+pnnae+ iopnopa+nnnie o+nomennn nepes
npnsxy xoenn npnnnnan-aien+, ie aien+, o6naammnn oipannnennon
3
Tepxnn on+nxaninoc+i no Hape+o nnoia ncnonisye+cn iai cnnonnx +epxn-
na qqei+nnnoc+i no Hape+o. qqei+nnnoc+i no Hape+o oc+niae+cn n +ex cnyna-
nx, ioia pecypci pacnpeeneni +ainx o6pasox, n+o nni+o ne xone+ nonynn+i niio-
y 6es +oio, n+o6i pyinx ne 6in nanecen ymep6.
4
3ann+epeconannie c+oponi - nnnnni, ipynni nnn opiannsann, nnnn-
mmne na npnnn+ne ynpannennecinx pemennn n ioxnannn n nonepnennie nosen-
c+nnm npnnn+ix pemennn. Hoxnxo ainonepon n xenenepon n ponn sann+epeco-
nannix c+opon, iai npannno, nic+ynam+ pa6o+nnin, no+pe6n+enn, noc+anmnin, iocy-
apc+nennie opiani, o6mec+no.
129
panonaninoc+im n c+pexnennex nsnneni nnnnym niioy, ynpannne+ co6-
c+nennoc+im, io+opym onepne+ exy npnnnnan, ne nxemmnn nosxonnoc+n
sainmnennn c nnx nonnoio ion+pai+a. B cn+yann, ioia nonnie ion+pai+i
xeny npnnnnanox n aien+ox ne xoiy+ 6i+i coc+anneni, a nx ncnonnenne
nenisn npoion+ponnpona+i 6es nsepnei, nosnniam+ aien+cian npo6nexa n
cnnsannie c nen ueenmcxue uscepxu (agency coss).
HOHRTHE H KAACCH4HKAHHR AIEHTCKHX H3EPEK
Aien+cine nsepnin npec+annnm+ co6on +e no+epn, io+opie nece+
ioxnannn ncnec+nne ionqnni+a nn+epecon co6c+nennnion n ynpannenen.
Ecnn o6pa+n+icn i +epxnnonoinn, +o +n no+epn nnnnm+cn nxenno nsepn-
iaxn, a ne pacxoaxn n sa+pa+axn. Ho onpeenennm B. Konanena,
pacxoi ec+i onnanennie nnn nonenamne onna+e ai+nni sa ncinmnenn-
ex enennix cpec+n; sa+pa+i ec+i nanncnennn nnn pacxoi, cnncannie
n o+ne+nox nepnoe c enim ninnnennn ionennoio qnnanconoio pesyni+a-
+a |Konanen, 2001, c. 149]. '+o iacae+cn nsepnei, +o B. Konanen onpeenne+
nx iai cnnonnx sa+pa+, onaio c neio+opixn o+nnnnnxn: Hoxnxo sa-
+pa+, nxemmnx c+onxoc+nym oeniy, nsepnin ninmnam+ +aine n neia-
+nnnie nocnec+nnn, c+onxoc+nan oenia io+opix xone+ o+cy+c+nona+i
noo6me nn6o 6i+i ncinmnn+enino cy6+ei+nnnon. Kai nnno ns inaccn-
qniann, +epxnn nsepnin n nonnon xepe o+panae+ cy+i aien+cinx no-
+epi (pnc. 1).
Puc. 1. Knaccnqniann aien+cinx nsepnei
Bnepnie inaccnqnianm aien+cinx nsepnei npenonnnn M. nencen n
\. Meinnni |Jensen, Meckling, 1976, p. 310]. Onn pasennnn aien+cine nsepnin
na +pn coc+annnmmne. Hepnan coc+annnmman - +o uscepxu xcnmpc: co
c+oponi npnnnnana (monioiing coss): pacxoi na nanncanne ion+pai+on n
130
ion+poni na nx ncnonnennex, ycnnnn no nasopy n oenie en+eninoc+n
aien+a. B+opan coc+annnmman - uscepxu cuccepunuuenu co c+oponi
aien+a (bonding coss): pacxoi na iapan+nm +oio, n+o aien+ ne npenpnxe+
onpeenennix enc+nnn n ymep6 npnnnnany, n npo+nnnox cnynae - iox-
nencnpye+ nanecennie no+epn. Hoxnxo nsepnei ion+ponn npnnnnana n
nsepnei caxooipannnennn aien+a, nosnniae+ onpeenennoe pasnoinacne xen-
y pemennnxn, npnnnxaexixn aien+axn, n on+nxaninixn pemennnxn, io-
+opie xaicnxnsnponann 6i 6naiococ+onnne npnnnnana. Coipamenne 6naio-
coc+onnnn npnnnnana n +ox cnynae, io+opoe npec+annne+ co6on nsepnin
ynymennix nosxonnoc+en, nasinam+ uscepxuu pucxccenu (iesidual loss)
n o+nocn+ i +pe+ien coc+annnmmen aien+cinx nsepnei.
Aien+cine nsepnin xonno pasenn+i +aine na npte n xcceennte.
Hpnxie aien+cine nsepnin ninmnam+ nsepnin ion+ponn n nsepnin ca-
xooipannnennn. Hpnxepox nsepnei ion+ponn (na aien+ox co c+oponi
npnnnnana) nnnnm+cn pacxoi na nponeenne ainonepnoio co6pannn n
coepnanne Cone+a npei+opon. B ianec+ne npnxepa nsepnei caxooipann-
nennn (nsepnei na exonc+panm aien+ox eio o6poconec+noc+n) nic+y-
nam+ pacxoi na nny+pennnn ayn+ ioxnannn, c+paxonanne pncion n +. .
Kocnennie aien+cine nsepnin - +o oxoi, no+epnnnie n pesyni+a+e
neconepmenc+na ion+ponn na enc+nnnxn aien+on n nenonno+i ion+pai+on.
K iocnennix nsepniax o+nocn+cn nsepnin pacxonennn (nsepnin yny-
mennix nosxonnoc+en), io+opie nnnnm+cn cnec+nnex onnop+ynnc+nne-
cinx yc+pexnennn aien+on n ionqnni+a nn+epecon ynac+nnion iopnopa-
nn. B +a6n. 2 npnneena npnxepnan +nnonoinn aien+cinx nsepnei.
Aien+cine nsepnin npnnnnnm+ npe ne +oniio iopnopann n ee nnne-
c+opax, no n neio+opix cnynanx xoiy+ nanec+n snann+eninin ymep6 n ncexy
ionoxnnecioxy coo6mec+ny. Aien+cine nsepnin o6mec+na nponnnnm+cn
n +ex oipoxnix no+epnx, io+opie nece+ o6mec+no no npnnnne ipaxa ipynnix
iopnopann. +n nsepnin o6mec+na xonno npnnncnn+i i aien+cinx, no-
cioniiy onn nnnnm+cn npnxix cnec+nnex qnnanconix xaxnnann pyiono-
n+enen iopnopann. 3noyno+pe6nennn xenenxen+a, qanicnqniann qnnan-
conon o+ne+noc+n, sanimenne oxoon yne npnnenn i 6anipo+c+ny neymnx
xnponix ioxnannn, +ainx iai Qwes, WoildCom, Global Ciossing, n+o nonnei-
no sa co6on ynoninenne +icnn cnynamnx, nanniy na qononix piniax n o6-
mnn cna, peeccnm n ionoxnie. \mep6 nn ionoxnin n enox o+ noo6-
nix 6anipo+c+n oipoxen n c +pyox noae+cn oenie. Hocne nepei
iopnopa+nnnix ciananon i nmnm 2002 i. axepniancine iopnopann sa non-
ioa, c nnnapn no nmni 2002 i., noemenenn na 840 xnp onn. Ecnn cpannn+i
nmni 2002 i. c xap+ox 2000 i. (nepno nnia nneicon NASDAQ Composie n
Dow Jones), +o nnnec+opi axepniancinx iopnopann no+epnnn ac+ponoxn-
neciym cyxxy n 6 +pnn onn.! |Tpyonm6on, 2002].
131
Tu:uu 2
Tnnonornn arenxcrnx naepwer
Hpnume nsepaxn
Hsepaxn uonn1opnnra
3ampami ua opeauusaum npoeeoeuu Ooeeo coopauu aruouepoe
3ampami ua cooeprauue Coeema oupermopoe
3ampami ua cooeprauue peeusuouuo ro+uccuu
3ampami ua eeoeuue peecmpa aruouepoe
Hsepaxn cauoorpannuennn
3ampami ua euympeuuu ayoum ropnopauu
3ampami ua cmpaxoeauue pucroe
Kocnennme nsepaxn (nsepaxn pacxoaennn)
Hpueu.eeuu
+eueor+euma
Hcnonisonanne cpecrn xopnopannn n nnuntx nenxx,
upesepnoe norpenenne: pocxomnte o]nct,
xopnoparnnnte caonert n r. .
Conpomue.euue pacuu-
peuum ranuma.iuo oasi
Hpornnoecrnne npnnneuennm nonoro xannrana ns-sa
onacennx norepn nnnxnnx
Conpomue.euue c+eue
pyroeoocmea
Hpornnoecrnne nay nonoro xnann]nnnponannoro
nepconana ns-sa onacennx norepn paouero ecra
Conpomue.euue eieoo-
uo+y c.uuum u.u
.ureuoauu
Hpornnoecrnne ntronoy cnnxnnm nnn nnxnnannn
xonannn ns-sa onacennx norepn paouero ecra
Bopioa sa e.acmi Bopia sa xonrponi na xonanne, ornnexammax or
ocnonntx saau ynpannennx n npenxrcrnymmax
+]]exrnnnoy ]ynxnnonnponannm xonannn
1paucqepmuie eui Hcnonisonanne cnyxenoro nonoxennx npn
ycranonnennn sannxenntx nen na ornycxaeym
npoyxnnm n ntope xonrparenra, xoropt xnnxercx
xonannx, npnnanexamax enexenry
Hueecmupoeauue e
uenpuoi.iuie npoermi
Ocymecrnnenne nnnecrnnn n saneoo nentronte
npoexrt necro ntnnar axnnonepa c nenim nsnneuennx
ntro or paort c enexntn noroxan
Heonpaeoauui pocm
ro+nauuu
Pacmnpenne xonannn n ymep nnrepeca
cocrnennnxon (nyre nornomenn nnn oprannsannn
nontx nanpannenn nsneca), ne ocrnrammee nyxno
cnneprnn, no ynennunnammee snaunocri n pasept
nosnarpaxennx enexenra
Hsoeprru ooecmea Horepn, xoropte necer omecrno (n acmraax
rocyapcrna) n pesynirare oocrpennx xon]nnxra
nnrepecon n, xax cnecrnne, paspymennx xopnopann
132
Haynnie nccneonannn n o6nac+n aien+cinx nsepnei nosnonnnn iny6-
ne nsynn+i pasnnnnie acnei+i ion+pai+nix nsanxoo+nomennn n no-no-
noxy nsinnny+i na +eopnm opiannsanonnix c+pyi+yp. '+o6i nynme no-
nn+i xnoioo6pasne qopx oionopnix nsanxoo+nomennn, neo6xonxo
nsynn+i npnpoy aien+cinx nsepnei n pasnnnnix opiannsannx. K. da-
xa n M. nencen pasnnnam+ +eopnm noc+poennn opiannsann, ocnoni-
nanci na pasnnnnnx n cymnoc+n aien+cinx nsepnei |Fama, Jensen, 1983].
Onn cnn+am+, n+o ainonepnie ioxnannn, nac+nie qnpxi, +onapnme-
c+na, naenie qoni, nenpn6ininie opiannsann pasnnnam+cn no cnoco-
6y naxonennn 6ananca xeny niioaxn o+ pasenennn co6c+nennoc+n n
ynpannennn n aien+cinxn nsepniaxn. Ananns aien+cinx nsepnei nc-
nonisonancn npn paccxo+pennn ni6opa opiannsanonnon c+pyi+ypi n
c+paxonannn |Mayeis, Smih, 1981; 1986]. On +aine ncnonisonancn npn
nccneonannn onpeennmmnx qai+opon c+pyi+ypi iann+ana ioxnannn
|Jensen, Meckling, 1976; Myeis, 1977], ycnonnn ninycia iopnopa+nnnix o6-
nniann |Smih, Wainei, 1979], onpeennmmnx qai+opon nnsnnionon n
qpannansnnionon nonn+nin ioxnannn |Smih, Wakeman, 1983; Biickley,
Daik, 1987], c+nxynon pasnn+nn nepapxnnecinx c+pyi+yp nny+pn opiann-
sann |Zimmeimann, 1979; Fama, Jensen, 1983], onpeennmmnx qai+opon
cnc+exi nosnaipanennn nicmeio xenenxen+a iopnopann |Smih, Was,
1982]. Ananns aien+cinx nsepnei ciipan +aine en+paninym poni n pas-
nn+nn nosn+nnnc+cion +eopnn 6yxian+epcioio yne+a |Was, Zimmeimann,
1986].
Bennnnna aien+cinx nsepnei npn nn noae+cn +onnoxy nsxepennm.
O+nocn+enino necnonno oenn+i n o+cnen+i npnxie aien+cine nsepn-
in: sa+pa+i na opiannsanm nsanxoenc+nnn c+pyi+ypi iopnopa+nnnoio
ynpannennn n +. . '+o iacae+cn ymep6a, nanocnxoio iocnennixn nsepn-
iaxn, +o nponec+n eio oeniy npai+nnecin nenosxonno. Hanpnxep, iainx
o6pasox paccxa+pnna+i sa+pa+i na c+pon+enic+no conpexennoio sannn io-
nonnoio oqnca iopnopann: iai 6esnosnpa+nie no+epn nnn iai nnnec+nnn,
nnnnmmne na nxnn ioxnannn n sainmnenne nonix ion+pai+on: B ycnonn-
nx pasnn+oio qononoio pinia nannynmnx nnnia+opox iocnennix aien+-
cinx nsepnei, ciopee nceio, 6ye+ o+nocn+eninoe nsxenenne iann+annsa-
nn ioxnannn, ynn+inammee o6mne +enennn pinia. Aien+cine nsepnin
nipanam+cn n cnnnennn iann+annsann qnpxi, n+o npnnon+ i no+epe
nnonennix cpec+n co6c+nennniaxn n nanocn+ oipoxnin ymep6 ee peny+a-
nn. Ecnn ioxnannn ne nnnne+cn o+ipi+on iopnopanen nnn pasnn+in
qononin pinoi o+cy+c+nye+, +o neo6xonxo ocymec+nnn+i o6+ei+nnnym
oeniy nsxenennn qnnanconix noiasa+enen ioxnannn nn onpeenennn ee
ani+epna+nnnix nsepnei.
133
AIEHT H HPHHHHHAA B OHOM AHHE
Oco6oe nnnxanne n ionoxnnecion +eopnn yenne+cn nnnennm conxe-
mennn qyninn ynpannnmmeio n co6c+nennnia, aien+a n npnnnnana. Bic-
mnn xenenxen+ nac+o nnaee+ onen n ynpannnexon ioxnannn n cnny nc-
+opnnecinx npnnnn nn6o iai nexen+ ioxnencanonnoio naie+a. \nenie
nnenn n o6opo+ ne inno+esi, npenononnn ne xoenn noneennn xene-
nepa iai onenoio co6c+nennnia: inno+esa o ionnepiennn nn+epecon (con-
veigence of ineiess) |Jensen, Meckling, 1976] n inno+esa o6 oionanmnxcn
xenenepax (enienchmen hypohesis) |Moick, Shleifei, Vishny, 1988].
C+onxoc+i ioxnannn, iai cnn+am+ an+opi inno+esi o ionnepiennn nn-
+epecon, sanncn+ o+ c+pyi+ypi ainonepnoio iann+ana, ecnn ioxnannn ne nc-
nonisye+ saexnie cpec+na nn qnnancnponannn. Ho c+pyi+ypon ainonep-
noio iann+ana nonnxae+cn onn ipynnoio ainonepa, io+opin ononpexenno
nnnne+cn xenenepox ioxnannn. B cnoen pa6o+e an+opi paccxa+pnnam+, iai
nnnne+ npoana onn n ioxnannn, npnnanenanmen onoxy co6c+nennniy, na
c+onxoc+i +on ioxnannn. \xenimenne onn co6c+nennoc+n c+nxynnpye+ i
npncnoennm nce 6onimeio ionnnec+na pecypcon ioxnannn n nne nnnnix ni-
io. C+pexnenne xenenepa-co6c+nennnia ynennnn+i no+pe6nenne neenen-
nix 6nai n cnynae npoann onn ioxnannn c+oponnnx ainonepax no6yn-
ae+ nx ion+ponnpona+i eio noneenne. Ecnn 6i ion+poni na enc+nnnxn
xenenepa nnneio ne c+onn, n n pesyni+a+e npoann onn ioxnannn xene-
nep-co6c+nennni ne ynennnnn 6i nnnnoe no+pe6nenne n paxiax ioxnannn,
+o npoanaexan onn oennnanaci 6i, ncxon ns c+onxoc+n ioxnannn n pyiax
onoio co6c+nennnia. Onaio ion+poni +pe6ye+ sa+pa+, n pinoi, xapai+epn-
syexin panonaninixn onnannnxn, oenn+ ioxnannm, npnnanenamym
necioniinx co6c+nennniax, nnne. Ho+oxy no xepe yxenimennn onn co6-
c+nennnia-xenenepa n ee iann+ane ioxnannn emenee+. Bnemnne ainonepi
6yy+ ycnnnna+i ion+poni na xenenepox-co6c+nennniox o +ex nop, noia
sa+pa+i na ion+poni ne npenicn+ niio o+ yxenimennn nnnnoio no+pe6ne-
nnn xenenepox-co6c+nennniox n paxiax ioxnannn. B cn+yann, ioia ion-
+poni nosxonen n niioen, ioxnannn 6ye+ c+on+i 6onime, nex n cn+yann,
ioia ion+poni nenosxonen, onaio xenime, nex ioia ioxnannn npnnane-
nn+ onoxy xenenepy-co6c+nennniy. Tainx o6pasox, inno+esa o ionnepien-
nn nn+epecon coc+on+ n nee, n+o nex 6oniman onn ipynnoio ainonepa-
xenenepa n iann+ane ioxnannn, +ex xenee niiono exy o+nneia+i pecypci
ioxnannn na nnnnoe no+pe6nenne.
Onaio ynenie ninnnynn n pyiym +eopnm - inno+esy o6 oionan-
mnxcn xenenepax. +a inno+esa 6asnpye+cn na npnsnannn +oio qai+a, n+o
cpen xexannsxon, ncnnnnnnpymmnx xenenxen+, nan6onee qqei+nnna
yiposa npane6noio noinomennn ioxnannn. Cxicn oianinannn coc+on+
134
n +ox, n+o o6naanne xenenepaxn 6onimon onen n ioxnannn sa+pynne+
npane6noe noinomenne. Ecnn onn oionannci, +. e. cyxenn sannae+i o-
c+a+onno necoxon onen n ioxnannn, +o nx ncnnnnna ocna6nne+cn: nx ne
yiponae+ nn no+epn pa6o+i, nn y+pa+a conaninoio nononennn. Kpoxe +o-
io, cymec+nym+ onacennn, n+o oianinanne no+aninnae+ xenenepon i
npesxepnon oc+oponnoc+n n npnnn+nn ynpannennecinx pemennn, n+o xo-
ne+ npnnec+n i cnnnennm +exnon pasnn+nn ioxnannn. Menenepi ne c+pe-
xn+cn i nonciy npn6ininix npoei+on, +pe6ymmnx npnnonennn ononnn-
+eninix ycnnnn n npno6pe+ennn nonix snannn. Onn ns6eiam+ nnnec+nnn
n pncionannie npenpnn+nn n naynnie nccneonannn, necxo+pn na nx nos-
xonnin no+ennan, onacanci nonec+n nnnnie no+epn n cnynae neyann.
Axepniancine ionoxnc+i npenpnnnnn noni+iy nponepn+i, iaion ns
qqei+on - ionnepiennn nn+epecon nnn oianinanne - oiasinae+ nan-
6onimee nosenc+nne |Moick, Shleifei, Vishny, 1988]. Hccneonannn noiasann,
n+o pasnie qqei+i xapai+epni nn pasnnnnix yponnen ionen+pann ia-
nn+ana. An+opi nccneonann sanncnxoc+i xeny snanennex ioqqnnen+a
To6nna (Tobin`s Q)
3
n onen xenenepon n iann+ane ioxnannn. Binn npoana-
nnsnponani annie no 370 ioxnannnx ns cnncia Foiune 300. \nenie yc+a-
nonnnn, n+o npn poc+e onn xenenepon o+ 0 o 3% pinonnan c+onxoc+i
ioxnannn pac+e+, sa+ex c poc+ox onn o 23% - naae+, a no+ox - cnona
pac+e+. An+opi nccneonannn nonaiam+, n+o poc+ c+onxoc+n ioxnannn o+pa-
nae+ ycnnenne ionnepiennn nn+epecon, a naenne - ycnnenne oionanno-
c+n. Tainx o6pasox, coinacno annoxy nccneonannm, qqei+ oionanmnx-
cn xenenepon oxnnnpye+ nn ioxnannn, ie onn xenenepon ione6ne+cn
xeny 3 n 23%. Heo6xonxie ycnonnn nn nosxonnoc+n oiona+icn cnnino
ioppennpym+ c ynennnennex co6c+nennoc+n xenenepon o+ 3 o 23%. Ecnn
onn xenenepon oc+niae+ 23%, +o onn yne non+n nonnoc+im oionannci.
+o osnanae+, n+o yponeni oionannoc+n npn 23% n npn nm6on 6onimen
onn ainn n pyiax xenenepon non+n onnaionin, n qqei+ cnnnnnn nn+e-
pecon xenenepon n ainonepon nannnae+ oxnnnpona+i (pnc. 2).
B nocneymmex nccneonannn n. Maiionnen n I. Cepnec nonynnnn
(+aine na ocnone annix axepniancinx ioxnannn) necioniio nnie pesyni+a-
+i |McConnell, Seivaes, 1990]. O+pna+eninoe nosenc+nne, oiasinaexoe oia-
ninannex xenenxen+a, o6napynnnae+cn, coinacno nx pacne+ax, nnmi n cn-
+yannx, ioia ynpannnmmexy nepconany npnnanenn+ ne xenee 30-60% ncex
3
Q P/C - +o o+nomenne pinonnon iann+annsann ioxnannn P i c+onxoc+-
non oenie ee nnc+ix ai+nnon C, paccnn+annon no +eiymnx pinonnix enax. Ecnn
Q > 1, +o y ioxnannn nonnnne+cn c+nxyn i nnnec+nnnx; ecnn Q < 1, +o ioxnannn ne-
pec+ae+ nnnec+npona+i; emenne npno6pec+n ai+nni nocpec+nox cnnnnnn, a ne no-
iynin nonix ai+nnon.
135
ainn iopnopann. Cxonie ninoi cenann X. Lop+ n K. Knsn, nccneonan-
mne nnnnnne ainonepnon co6c+nennoc+n xenenepon na qqei+nnnoc+i
qyninonnponannn aninnncinx ioxnannn |Shoi, Keasey, 1999].
Puc. 2. 3anncnxoc+i xeny snanennex ioqqnnen+a To6nna n onen xenenepon
n iann+ane iopnopann
Ocnonnym npnnnny pacxonennn pesyni+a+on annix nccneonannn o+-
xe+nn C. Koyn |Kole, 1993]. eno n +ox, n+o n nepnonananinox nccneonannn
ncnonisonanaci ni6opia, ninmnamman nnmi nan6onee ipynnie qnpxi, +o-
ia iai c+a+nc+nnecian ni6opia, io+opon nonisonannci an+opi nocneymmnx
nccneonannn, nacnn+inana cnime +icnnn, n +ox nncne nexano cpennx no
pasxepy, ioxnannn. A n ioxnannnx, ne o+nocnmnxcn i nncny ipynnix, nono-
nn+eninym ioppennnm xeny ioqqnnen+ox To6nna n onen ainonep-
non co6c+nennoc+n, npnnanenamen xenenepax, xonno 6ino na6nma+i na
mnpoiox nanasone snanennn. Coepna+enino +o xoino 6i nn+epnpe+npo-
na+icn cneymmnx o6pasox: n caxix ipynnix iopnopannx, n io+opix xon-
no na6nma+i nan6onimym c+eneni pacninennn ainonepnon co6c+nennoc+n,
cymec+nenno nnne oiasinae+cn n +o+ nopoi, sa io+opix xenenep iai nna-
ene ainn xone+ peannsona+i xexannsxi ainonepnoio ion+ponn.
YHPABAEHHE AIEHTCKHMH H3EPKAMH
Hocioniiy xnoine ioxnannn c+aninnam+cn c aien+cion npo6nexon n
onnop+ynnc+nnecinx noneennex xenenxen+a, ai+yaninon nnnne+cn saa-
na cnnnennn ionqnni+a nn+epecon n xnnnxnsann qqei+a aien+cinx ns-
epnei. Aien+cine nsepnin, nosnniammne n npoecce iopnopa+nnnoio
ynpannennn, nanocn+ 6onimon ymep6 ioxnannnx n, iai cnec+nne, xoiy+
136
saxenn+i pasnn+ne o+pacnen n ionoxnin n enox. Aien+cine nsepnin
neo6xonxo nonnnn+i onpeenennon noinie, npn +ox cneye+ n naynn+icn
ion+ponnpona+i nx nennnnny.
Paspa6o+ia onpeenennix cxex no on+nxnsann aien+cinx nsepnei n
npnxenenne +nx paspa6o+oi na npai+nie npec+annnm+ npoecc ynpannennn
aien+cinxn nsepniaxn |Konanen, An6xan, 2001]. Co6c+nenno npoecc ynpan-
nennn nopasyxenae+ nannnne ynpannnmmeio cy6+ei+a, ynpannnexoio o6+-
ei+a n nnc+pyxen+apnn, c noxomim io+opoio ocymec+nnne+cn ynpannenne.
B annox cnynae n ianec+ne o6+ei+a nic+ynam+ nny+pniopnopa+nnnoe nsan-
xoenc+nne n cnnsannie c nnx aien+cine nsepnin. Poni cy6+ei+a ninonnn-
m+ ne c+oponi: iocyapc+nennie opiani n nnnec+opi iopnopann. Iocyap-
c+no iai nnc+n+y+, npnsnannin samn+n+i ipanan o+ nm6oio nponsnona,
n +ox nncne o+ nponsnona xenenxen+a ioxnannn, nnocn+ cymec+nennin
nina n ynpannenne aien+cinxn nsepniaxn, paspa6a+inan npannna, io+opix
nonnnnm+cn iopnopa+nnnie o+nomennn n io+opie samnmam+ ainonepon
n ipen+opon iopnopann. Caxn nnnec+opi +aine c+pexn+cn i peannsann
enc+nennoio ion+ponn na cnonxn nnnec+nnnxn, o+cnennnan en+eninoc+i
iopnopa+nnnoio xenenxen+a. Mexannsxi, ncnonisyexie cy6+ei+axn ynpan-
nennn nn oc+nnennn +pe6yexoio qqei+a, npec+annnm+ co6on nnc+pyxen-
+apnn no ynpannennm aien+cinxn nsepniaxn.
\npannenne aien+cinxn nsepniaxn qai+nnecin cnon+cn i noc+po-
ennm qqei+nnnon cnc+exi nsanxoenc+nnn c+opon nny+pn iopnopann.
nn+eninoe npexn cnn+anoci, n+o conpexennie xacm+a6i pacninennoc+n
iann+ana ne nosnonnm+ yonne+nopn+enino pema+i aien+ciym npo6nexy.
Hocnenne nccneonannn oiasinam+, n+o nosxonnoc+n ynpannennecioio
onnop+ynnsxa oipannneni. B iopnopannx enc+nye+ enin na6op nny-
+pennnx n nnemnnx xexannsxon (no nanpannennm nosenc+nnn), ncnnnn-
nnpymmnx noneenne xenenxen+a n nn+epecax noc+anmnion iann+ana.
K +nnnnnix enympennu exunusu o+nocn+cn:
ynac+ne xenenepon n ainonepnox iann+ane ynpannnexix iopno-
pann;
ynnsia nosnaipanennn xenenepon c coc+onnnex en n iopno-
pann;
ion+poni co c+oponi Cone+a npei+opon iopnopann;
npeo6naanne ipynnoio ainonepa n iopnopann;
ion+poni co c+oponi ipen+opon n xexannsx 6anipo+c+n.
Lain no cepnnnannm onnop+ynnc+nnecioio noneennn ynpannnmmnx
neo6nsa+enino oipannnnnam+cn paxiaxn caxon iopnopann. Heia+nnnan
peainn ynac+nnion pinia c+ann+ npeen snoyno+pe6nennnx xenenxen+a.
nnnenne iypca ainn ninnnne+ neioxne+en+noc+i ynpannnmmnx n cosa-
e+ ocnony nn enewnux exunusce ion+ponn:
137
ptncx xunumu:u - naenne iypca ainn yxymae+ ycnonnn, na io-
+opix pyionoc+no iopnopann xone+ npnnneni ononnn+eninin
iann+an;
ptncx mpycu - naenne iypca ainn nnnne+cn nnoxnx cninanox ne
+oniio nn ninemnnx, no n nn 6yymnx pa6o+oa+enen xenenepa;
ptncx xcpncpumuencec xcnmpc: - naenne iypca ainn enae+
ioxnannm 6onee neiinx o6+ei+ox nn noinomennn, sa io+opix
o6inno cneye+ cxena pyionoc+na.
Bnemnne xexannsxi oiasinam+ nan6onimee nnnnnne n ycnonnnx pasnn-
+oio qononoio pinia. Cymec+nonanne enc+nymmeio qononoio pinia,
nync+nn+eninoio i nononennm en n iopnopann, ninnnne+ neioxne+en+-
noc+i xenenxen+a n cnynn+ onnx ns ocnonnix nnemnnx xexannsxon ion-
+ponn, opnen+npymmnx xenenepon na noepnanne npn6ininoc+n ioxna-
nnn na yponne, yonne+nopnmmex +pe6onannnx qononoio pinia.
Bonimnnc+no nccneona+enen n o6nac+n iopnopa+nnnoio ynpannennn
npnxon+ i cneymmexy ninoy: xo+n nonnin ion+poni sa enecoo6pas-
noc+im n o6ocnonannoc+im ynpannennecinx enc+nnn xenenepon nenos-
xonen, nce ne conoiynnoe nnnnnne ncnnnnnnpymmnx nny+pennnx n
nnemnnx qai+opon nosnonne+ nicmexy pyionoc+ny n enox enc+nona+i
n nn+epecax iopnopann n co6c+nennnion ee pecypcon |Caqponon, Bonion,
2001].
Ani+epna+nnnoe pasenenne xexannsxon iopnopa+nnnoio ynpannennn
na opiannsanonno-npanonie n ionoxnnecine ynn+inae+ cy6+ei+ nosen-
c+nnn (iocyapc+no n noc+anmnin iann+ana) na xenenxen+ iopnopann.
Opeunusuucnnc-npuecete exunust cnnsani c qyninonnponannex o+na-
nennon c+pyi+ypi iopnopa+nnnoio ynpannennn n nannnnex saionoa+eni-
c+na, peiynnpymmeio npanoo+nomennn cy6+ei+on iopnopa+nnnoio ynpan-
nennn. xcncuuecxue exunust nxem+ o+nomenne i caxoc+on+eninix
cnoco6ax pemennn npo6nexi ion+ponn na qqei+nnnoc+im iopnopann
caxnxn nnnec+opaxn.
Opiannsanonno-npanonie xexannsxi, nocnmne npnnyn+eninin nn
ynac+nnion iopnopann xapai+ep, ninmnam+:
peiynnponanne iopnopa+nnnix nsanxoo+nomennn co c+oponi iocy-
apc+na, +. e. npnnn+ym saionoa+enic+nox c+pyi+ypy iopnopa+nn-
noio ynpannennn;
na6op saionoa+eninix xep no samn+e npan nnnec+opon.
ionoxnnecine xexannsxi cosam+ ycnonnn, npn io+opix xenenxen-
+y ionoxnnecin neniiono enc+nona+i n ymep6 nn+epecax noc+anmnion
iann+ana. Cpen nnx:
npeo6naanne ipynnoio ainonepa n iopnopann;
cymec+nonanne pinia iopnopa+nnnoio ion+ponn;
138
npncy+c+nne onionoio qnnancnponannn n c+pyi+ype iann+ana iop-
nopann;
nannnne c+pyi+ypi ioxnencanonnoio naie+a nicmeio xenen-
xen+a.
Ocnonnie xexannsxi iopnopa+nnnoio ynpannennn, npec+annennie
pasnon inaccnqnianen, xonno o6+ennn+i n xa+pny (+a6n. 3).
Tu:uu 3
Maxpnna uexannauon ropnopaxnnnoro ynpannennn
Bny1pennne Bnemnne
Oprannsannonno-
npanonme
crpyxrypa xopnoparnnnoro
ynpannennx
saxonoarenicrno no
samnre npan nnnecropon
3xonounuecxne
npeonaanne xpynnoro
axnnonepa n xopnopannn
npncyrcrnne onra n
crpyxrype xannrana
xonencannonnt naxer
ntcmero enexenra
ptnox xannrana
ptnox rpya
ptnox xopnoparnnnoro
xonrponx

3AKAKHEHHE
B pesyni+a+e pasnn+nn n ycnonnennn nponsnoc+nennix npoeccon
nosnnina neo6xonxoc+i mnpoioxacm+a6noio qnnancnponannn ioxxepne-
cinx npenpnn+nn, n+o 6ino oc+nnnxo +oniio sa cne+ npnnnenennn cpec+n
ns pasnnnnix nc+onnnion. Pacninennoc+i noc+anmnion iann+ana o6ycno-
nnna nosnninonenne inacca npoqeccnonaninix xenenepon n nnc+n+y+a
iopnopa+nnnoio ynpannennn. Henonno+a ion+pai+on xeny noc+anmniaxn
iann+ana n ynpannnmmnxn, nnqopxanonnan acnxxe+pnn n c+pexnenne
xenenxen+a i nsnnenennm nnnnon niioi npnnenn i nosnninonennm
aien+cion npo6nexi, nnnnmmencn npexe+ox nsynennn aien+cion +eopnn.
Aien+cine nsepnin, nosnniammne no npnnnne ionqnni+a nn+epecon aien-
+on n npnnnnanon, coc+on+ ns nsepnei xonn+opnnia, caxooipannnennn n
pacxonennn, a +aine enn+cn no xapai+epy nosenc+nnn na npnxie n ioc-
nennie, a no o6+ei+y nosenc+nnn - na naammne na ioxnannm nn6o na
o6mec+no n enox. Hsxepenne nennnnni aien+cinx nsepnei nnnne+cn
cnonnon saanen n nn o+ipi+on iopnopann name nceio ocymec+nnne+cn
nepes onpeenenne nnaxnin ee iann+annsann. Ocnonnan npnnnna aien+-
cion npo6nexi ipoe+cn n onnop+ynnsxe xenenxen+a iopnopann. B cn+y-
ann conxemennn qyninn ynpannnmmeio n co6c+nennnia na6nmam+ na
qqei+a: ionnepiennm nn+epecon, ioia ioxnannn ninipinae+ o+ npncy+-
c+nnn xenenepa-co6c+nennnia, n oianinanne xenenepa, ecnn nanecenne
ymep6a iapan+nponano. Hpai+nia iopnopa+nnnoio ynpannennn paspa6o+ana
139
na6op xexannsxon, io+opie sac+annnm+ xenenxen+ enc+nona+i n nn+epe-
cax ynpannnexon nx ioxnannn. O6menpnnn+an inaccnqniann nopasenn-
e+ xexannsxi no nanpannennm nosenc+nnn na noneenne xenenxen+a
iopnopann na nny+pennne n nnemnne. Bosxonna n nnan inaccnqniann c
+onin spennn cy6+ei+a nosenc+nnn, ninmnamman opiannsanonno-npano-
nie n ionoxnnecine xexannsxi. Hpn +ox paspa6o+ia n npnxenenne xe-
xannsxon iopnopa+nnnoio ynpannennn nn cnnnennn oc+po+i aien+cion
npo6nexi paccxa+pnnam+cn n ianec+ne npoecca ynpannennn aien+cinxn ns-
epniaxn.
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C+a+in noc+ynnna n peainm 24 non6pn 2004 i.