no - national security archive
TRANSCRIPT
HH BHHe1lKHR
TEOPETHIECKHE OCHOBbi IlPHBATH3AQHH
rOCynAPCTBEHHbIX DPEnnPHHTH9 B nOCTCOBETCKHX 3KOHOMHKAX
OnblT rOCytlapCTBeHHblX npetlpHATHA (rn) B X03S1ACTBaX
COBeTCKoro THna (XCT) a TaJalte npetlnpHSITHA rocytlapcmeHshy
Horo ceKTopa B pa3BHBaIOIQHXCSI CTpaHax H Ha 3anatle BO MHOshy
rOM cnOCO~CTBOBan nyqmeMY nOHHMaHHIO qaCTHOA CO~shyCTBeHHOCTH KaK pemalOIqero 34gtcpeKTHBHOrO cpaKTopa C03tlashy
IOIqero ~narOCOCTOSlHHe H cnocodcTBYIOIqero POCTY npOH3shy
BOtlCTBa BUCHO OTMeTHTb qTO OCTOpO)KHble onpetleneHHSI 34gtshy
cpeKTHBHblA C03tlaIOIqHA dnarOCOCTOSlHHe B npHMeHeHHH
K pOCTY BblnyCKa npOtlYKllHH - npSlMoe nocnetlCTBHe HTOrOB
CPYHKllHOHHPOBaHHSI XCT no B03HHKHOBeHHSI TaKHX X03S1ACTB
pOCT paCCMaTPHBaRCSI KaK cpaKTOp no onpetleneHHIO C03tlashy
IOIQHA dnarOCOCTOSlHHe OnblT XCT npHBen K nyqmeA OlleHKe
ponH qacTHoA CO~CTBeHHOCTH B O(SHOBneHHH X03S1ACTBa a
TaK)Ke KaK eIqe OtlHorO HCTOqHHKa pOCTa ~narOCOCTOSlHHa
nOCpetlCTBOM pacmHpeHHSI cneKTpa COllHanbHblX B03MO)Kshy
HOCTeA
no 3THM tlBYM npHqHHaM K KOTOPblM tlO~aBHnHCb O~IqHA YatlOK H HetlaBHHA Kpax x03S1Acm COBeTCKoro THna OTCbInshy
KH K HCTOPHH tlnSi nOtlTBep)KtleHHSI npeHMYIqeCTB pblHKa H
qaCTHOA CO~CTBeHHOCTH nonyqHnH tlOCTaTOqHOe nOtlshy
TBep)KtleHHe n03TOMY HH)Ke ~ytlYT npetlCTaBneHbl nHmb TeshyopeTHlleCKHe aprYMeHTbl B nonb3Y qaCTHOro npetlnpHshy
HHMaTenbCTBa H eo ipso B nOnamp3Y npHBaTH3allHH
npetlCTaBnSleTcSI qTO TeOpeTHqecKHe tlOBOtlbl He cnatiee
HCTOpHqeCKHX OtlHaKO OHH ~onbme B HOBHHKY H nOSTOMY
eIqe He nonyqHnH tlOCTaTOqHOrO npH3HaHHSI aKatleMHqeCKOA
H nOnHTHqecKoA SnHTbI KpOMe Toro MHorOO~pa3Hble apryshy
MeHTbI BbltlBHranHCb B pa3nHqHbiX otinacTSIx SKOHOMHshy
qecKoA TeopHH H TeopeTHqeCKOe otiocHOBaHHe npHBaTH3allHH
He tibInO CBetleHO B etlHHOe llenoe B HaCTOSlIqeA CTaTbe tle-
JJaeTCSI nOnblTKa paCCMOTpeTb paJRHqHble 3neMeHTbI TeopHH
HMeHHo C sToA TOqKH 3peHHSI npoqenaHHoe B HeA HccnetlOBaHHe
cocpetlOTOqeHO Ha cpaBHHTenbHOM aHaRH3e Pa3nHqHblX CPOPM
npetlnpHHHMaTenbCKoA coticTBeHHoCTH H aHaRH3 npOBetleH B
OCHOBHOM Ha ypoBHe npetlnpHSITHSI a He SKOHOMHqeCKOA
CHCTeMbi B llenOM
npHMeHSIeMblA 3qeCb cpaBHHTenbHLIA nOtlXOtl TpetiyeT
TOqHoro onpetleneHHSI Toro qTO cpaBHHBaeTCSI H B KaKHX
paMKax 3qeCb Hcnonb30BaH cpaBHHTeJJbHO-HHCTHTYllHOshy
HanhHblA nol(XOq no lleM3ellyl COOTBeTCTBeHHO Bbltiop ocyshy
IqeCTBnSleTCSI Me)Ktly aJJbTepHaTHBHblMH peanbHblMH HHshy
CTHTYTaMH a He Me)Kqy HtleaRbHblMH H CYIqeCTBYIOIqHMH (a
nOTOMY HeCOBepmeHHblMH) ABTOP CTapaeTca H3tieraTb
notlxoqa KOTOPblA neM3ell Ha3bIBaeT HHPBaHHblM
napaMeTpbl conOCTaBneHHa peanbHblX HHCTHTYTOB
(qaCTHble npeqnpHSITHSI rn npetlnpHSITHSI PYKOBOtlHMble
patioTHHKaMH H T q) YCTaHOBneHbI no HX cnOCO(SHOCTH C03tlashy
BaTb tinarococTOSlHHe KaK 3a cqeT nyqmero pa3MeIqeHHSI peshy
CYPCOB TaK H 3a CqeT pacmHpeHHSI cneKTpa COllHanbHblX
B03MO)KHOCTeA npH cpaBHeHHH yqHTblBaeTCSI TaK)Ke BnHSlHHe
rocytlapCTBa Ha scpcpeKTHBHOCTb npeqnpHSITHA Pa3HblX CPOPM cotiCTBeHHOCTH
PaHHHe apryMeHTbl B bull QHCKYCCHH 0 pacqeTaxmiddot
BnepBble qeTkO ccpopMynHpoBaHHble tlOBOtlbl B nonb3Y
qaCTHOrO npetlnpHSITHSI Kak OCHOBHOA SlqeAKH 3cpcpekTHBshy
HoA SkOHOMHKH tiLIJJH npHBeqeHbI B 3HaMeHHToA (XOTSI B
OCHOBHOM HenpaBHnbHO BOcnpHHSlTOA) tlHCKYCCHH 0 pacqeshy
Tax HJRaraeMOA HH)Ke B OCHOBHOM no patioTe J1aByaAel bull
J1lOtlBHr CPOH MH3ec Y)Ke B 1923 r KPHTHKOBaR SlKO(Sbi Bnashy
qenblleB npetlCTaBJJSlIOIqHX tlenapTaMeHTbI lleHTpanbHoro
nnaHOBoro opraHa kOTopble no cxeMe XeAMaHa BeqYT
Me)Ktly co~oA O~MeH kaK ecnH tibl OHH tibInH BnatlenbllaMH
CpetlCTB npOH3BOtlCTBa CornaCHO MH3ecy OHH ocyshy
IqeCTBnSlIOT KynnlO-npOtla)KY KaK ecnH ~bI OHH tibinH cotishy
CTBeHHHKaMH HO HX nOBeqeHHe He aBJJaeTCSI nOBetleHHeM
peanbHblX CO(SCTBeHHHkOB
npOllecc lleHoo~pa30BaHHa OCHOBaH Ha kOHkypeHllHH
64 65
lIaCTHbiX npeollnpHHHMaTeneR nOJollHee B 1936 r B JaMeTKax 0laquoS
HCKyccTBeHHblx pbIHKax MHJec ollOKaJblBaJI liTO HeB03MOllCHO
OTollenHTb PbIHOK HerO lleHooGpa3yromyro IIlYHKllHIO OT IIlYHKshy
llHOHHPOBaHHH o(SmeCTBa OCHOBaHHoro Ha lIacTHoR cO(SCTBeHshy
HOCTH Ha cpeollcTBa npOH3BOollCTBa H noollllepKHBan ponb
CTHMynoB
cJlBHlICymeR cHnoR Bcero npollecca KOTOPblR nOBbimaeT
pblHollHble lleHbI lIlaKTopoB npOHJBoollcTBa HBneTCH HeycTaHHoe
CTpeMJ1eHHe lIaCTH KanHTaJIHCTOB H npeollnpHHHMaTeneR K MaKshy
cHMH3allHH npH(SblnH 5eJ TaKHX lIaCTHbiX cO(SCTBeHHHKOB
PblHOK TepHeT rnaBHylO npYllCHHY npHBoollHmylO ero B olleRshy
CTBHe H noollollepllCHBalOmyro ero IIlYHKllHOHHpOBaHHe 5
CnOCO(SHOCTb nOollollepllCHBaTb nOBceollHeBHYIO ollenOBYIO
PYTHHY - npeollen Toro liTO MorYT npeollnOllCHTb HCKYCshy
CTBeHHble pblHKH C KaK ecnH (SbI nnaHOBHKaMH npeollnpHshy
HMlIHBOCTb HHBecTHllHH Hrpa Ha (SHpllCe HeoTollenHMbI OT
lIacTHoR coISCTBeHHOCTH MH3ec ollonYCKan liTO nnaHOBHKHshy
MeHeollllCepbl MorYT alllllleKTHBHo BocnpOH3BOollHTb PYTHHY
(npeollnonOllCeHHe OKaaaBmeeCH lIpe3MepHO OnTHMHCTHlIHbIM
KaK 3T0 (SYolleT nOKaaaHO B cneollyromeM pa3ollene) OollHaKO ollOshyKa3b1BaJI OH HrpaTb B (SH3Hec H HHBecTHllHH HeB03MOllCHO
5HpllCeBHKH H HHBeCTopbl pHCKyroT COlaquoSCTBeHHblM COCTOHshy
HHeM co(ScTBeHHoR cYollb(SoR bullbull Y nnaHOBHKOB B HX CTpeMshy
neHHH nonyqHTb pecypCbI TaKHX npo(SneM HeT
B aTOM OTHomeHHH MH3eC (Sbln npeollTelleR COBpeMeHshy
HoR TeopHH npaBa CO(SCTBeHHOCTH CornaCHO 3TOR TeopHH
cnYlKallHe o(SmeCTBeHHoro ceKTopa He HeCYT Bcex H3llepllCeK H
He MorYT nonYlIHTb Bcex Bbirooll OT cBoeR olleHTenbHOCTH
CHCTeMa HaKa3aHHR H B03HarpallColleHHR B o(SmeCTBeHHOM
ceKTope cna(So cTHMynHpyeT npHHHMalOmHX pemeHHH CTpeshy
MHTbCH K ollOCTHlICeHHIO 3IIlllleKTHBHblX peaynbTaTOB I
napannenbHO MH3ecy CXOollHYIO CHCTeMY OlleHKH OTshy
HOCHTenbHoR 311lllleKTHBHoCTH paJnHlIHbIX 1Il0PM colaquoScTBeHshy
HOCTH npeollnaranH PO(S(SHHCT H XaReK PO(S(SHHC nonbshy
30BanCH nOllTH ToR lICe TepMHHonorHeR rOBopH 0 COshy
llHanHCTHlIecKHX MeHeollllCepax HrpalOllHX B KOHKypeHllHIO
H 0 HeoGXOollHMOCTH nOCTOHHHO BblXOollHTb aa npeollenbl PYTHHshy
HbiX 3aollall OollHaKO HepYTHHHble JaollallH Tpe(SyroT npeollOCTaBshy
neHHH npaBa co(ScTBeHHOCTH MHOllCeCTBY npeollnpHHHMaTeneR
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liTO COBepmeHHO HeCOBMeCTHMO C lleHTpanH3allHeR co(sshy
CTBeHHoCTH H KOHTpOneM lleHTpa
XaReK TaKlICe xapaKTepH30Ban cHcTeMY rne cOllHanHshy
CTHlIecKHe MeHeollllCepbI He nnaTHT aa CBOH omH(SKH KaKlIHCshy
Tyro HnnI03HIOIO K YlICe llHTHPOBaHHblM aprYMeHTaM 0(S OTshy
CYTCTBHH CTHMynoB 311lllleKTHBHoro 3KOHOMHlIeCKoro noshy
BeolleHHH OH ollo(SaBHn ollOBOoll 0 pacceHHHOM 3HaHHH XOTH
HylICHbie 3HaHHH cymeCTByroT npH OTCYTCTBHH KOHKypeHllHH
lleHTpanbHbIR nnaHOBbIR opraH He MOllCeT HcnOnb30BaTb HX
311lIlleKTHBHo PacceHHHoe 3HaHHe npOHBnfleTCfI lIepe3
KOHKypeHllHIO H 1Il0pMHpyeTcH B pe3ynbTaTe lleHbl ll
TaK paHHHe nonOllCeHHH IIlHnocolllHH HaYKH KaK pOCTa cyMMbl
3HaHHR (CM aaKnlOlIHTenbHblR pa30llen CTaTbH) CTanH npHshy
naraTb K npoGneMaM 3KOHOMHKH ynop ollenaJICH Ha TO liTO
lIaCTHaH Te middotpacceHHHaH colaquoScTBeHHOCTb - ycnoBHe 3IIl1lleKshy
THBHoro Hcnonb30BaHHH pacceHHHoro 3HaHHfI
3THMH YKaaaHHHMH Ha KopeHHble HeollOCTaTKH anbTepHashy
THBHblX 3KOHOMHlIeCKHX CHCTeM (lleHTpanH30BaHHoro nnashy
HHpOBaHHH H PblHOllHoro COllHanH3Ma) H o(SmeCTBeHHoR
CO(SCTBeHHOCTH B o(SmeM-TO npeHe(SperanH KaK caMH yqacTshy
HHKH ollHCKYCCHH 0 paClIeTax TaK H nonHTHKH nepBble
HHKorolla He KacanHCb Bonpoca 0 pa3nHlIHfIX B CHCTeMe
CTHMynoB npH lIacTHoR H npH o(SmeCTBeHHoR CO(SCTBeHHOCshy
TH K Bonpocy 0 pacceHHHoM H HeollocTynHOM nnfl lleHTpashy
nH30BaHHOrO nnaHHpOBaHHH 3HaHHH HMelOmeMCH y MHOllCeshy
CTBa YllaCTHHKoB PblHOllHOR olleHTenbHOCTH He o(SpamaJIHCb
H nOllTH HHKTO He nOHHn npaBHnbHO CYTb ollHCKYCCHH
MHorHe TeopeTHKH laquoSblnH y(SellColleHbI liTO ollHCKYCCHfI 0
paClIeTaxmiddot ollOKa3ana omH(SollHOCTb 83rnflollOB MH3eca B Bonshy
poce 0 TeoPeTHlIecKOR MOollenH lleHoolaquoSpa30BaHHfI npH COllHshy
anH3Me (CM (SH(SnHorpaIllHIO y JIaByaRegtIZ B HeKOTObiX
pa(SOTax cymecTBoBaHHe lleHTpanHJOBaHHOro nnaHHpoBashy
HHH B CCCP paCCMaTpHBanOCb KaK HCTopHlIeCKHR apryMeHT
npoTHB OCHOBHoro Te3Hca MH3eca TaK 3nnHoT collenaJI BbiBon
liTO lIaCTHaH coGCTBeHHOCTb HbIHe He ClIHTaeTCH nOrHlIecKH
HeOlaquoSXOollHMOR CHCTeMoRbullbullbull ollnH npOBeolleHHH 3KOHOMHshy
lIeCKHX paClIeTOB13 MOllCHO H ollOJ1l1CHO CnpOCHTb liTO TaKOe
3KOHOMHlIeCKHR paClIeT B OTnHlIHe HanpHMep OT paClIeTa (Syxshy
raJJTepCKOrO HJlH HHlICeHepHoro OollHaKO HHKTO H3 YllaCTHHKOB
ollHCKYCCHH TaKOrO Bonpoca He O(SCYllCollaJI
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ElIle (SOnbmee BneliaTneHHe MHHMbIe ycnexH COBeTCKOrO
nnaHHpOBaHHR npOH3BenH Ha npaKTHKOB (B TO BpeMR elIle He
3al(aBanHCb BonpOCOM 0 4gtHKTHBHOM xapaKTepe UH4gtP ny(SnHshy
KOBaBmHXCR COBeTaMH H lIpyrHMH KOMMYHHCTHliecKHMH pe)((Hshy
MaMH) KaK H rOCYlIapCTBeHHOe BMemaTenbCTBO B X03AACTBa
3aI1aQHbIX CTpaH B XOlie BORHbI OISlIIecmeHHaR Co(SCTBeHHOCTb
B c4gtepe npOH3BOnCTBa TOBaPOB npeliCTaBnRnaCb He TOnbKO
aaKOHHoR B 3KOHOMHlIecKOM CMbIcne - 3HTY3HaCTbI lIa)((e noshy
naranH liTO OHa cnoco(ScmyeT co(SnlOneHHIO npaBHn 4gtHHaHshy
COBoR nOnHTHKH onpellenReMOR npaBHTenbCTBoM HeKoTopbIe
lIa)((e BbICKa3blBanH BecbMa npOTHBOpellHBYJO Mblenb liTO rn o(SorHanH lIaCTHbIe npelinpHRTHR no 34gt4gteKTHBHOCTH H
nHmb HeMHOrHe H3MeHHnH CBOH npe)((HHe CY)((lIeHHR14
bull
DepBbIe lIeTBepTb BeKa nocne BTOpoR MHPOBOR BoRMbI
sonpoc 0 npasax CO(SCTBeHHOCTH HaxollHnCR lIYTb nH He Ha
O(SOllHHe 3KOHOMHlIecKHX lIHCKYCCHR TaK BnHRTenbHblR Hceneshy
1I0BaTenb 1II0H4gtHnllls nonoBHHY KHHrH nOCBRTHn pa3nHlIHRM
CHCTeM nnaHHpOBaHHR Ha 3anaQe H nHmb HecKonbKo CTpaHHU
oTBen sonpocy 0 co(ScmeHHOCTH MHome nHcanH B TO Bpeshy
MR 0 HacTynneHHH 3pbI KOnneKTHBHCTCKOR 3KOHOMHKH OllshyHaKO C TelleHHeM BpeMeHH pa3nHlIHbIe CTOPOHbI 3KOHOMHshy
lIecKoR TeopHH aanO)((eHHOR MH3ecoM XaReKoM PO(S(SHHshy
COM H npyrHMH nonYllHnH 1I0nonHHTenbHbie nOliTBep)((shy
neHHR DepeMeHbI B 3KOHOMHlIeCKoR lIeRCTBHTenbHOCTH H
BOCnpHRTHe 3THX nepeMeH (liTO npaBlia npoHcxollHno H8Cshy
KOnbKO MenneHHee) o(SnerllHnH pacnpocTpaHeHHe 3THX apryshy
MeHToB B aKaQeMHlI8CKHX H nOnHTHlI8CKHX KPyrax
PacnonozeHHe npeADPHSTHA H pecypcoB cpaaHHTenbHWa
aHaJIH3
B HaCTORlIleM pa311ene cpaBHHBaeTCR cnoco(SHOCTb C03shy
naBaTb (SnarOCOCTORHHe nocpellcTBoM pacnpelieneHHR peshy
CypCOB BcnenCTBHe oco(Soro nOnO)((eHHR npelinpHRTHR B
XCT npo(SneMa pacnpelieneHHR pecypcoB CTaHOBHTCR OCoshy
(SeHHo OCTpoR C 3THM Conpfl)((eHO peanbHoe HCnonb30BaHHe
p8CypCOB nocne HX pacnpelieneHHR H S03HHKalOIIIHe oTClOlia
pa3nHlIHR B pOCTe (SnarOCOCTORHHR Ha npelinpHRTHRX Haxoshy
QRIIIHXCR B o(SlIIeCTBeHHoR CO(SCTBeHHoCTH HO BXOllRIIIHX B
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pa3nHlIHble 3KOHOMHlIeCKHe CHCTeMbI OliHaKo OCHOBHaR
aprYMeHTaUHR OCHOBaHa Ha pa3nHlIHRX B opraHH3aUHH
npellPHRTHR B paMKaX PbIHOliHOR CHCTeMbI
3Ta aprYMeHTaUHR HCXOllHT B OCHOBHOM H3 TeopHH
npaB co(ScTBeHHoCTH H CMe)((HbIX C HeR o(SnacTeR HeOHHshy
CTHTYUHOHanbHoR 3KOHOMHlI8CKOR TeopHH no 3rrepTcoHyll
HaHnyqmeR HCXOliHOR TOliKOR npeliCTasnReTCR npellnO)((eHHe
fleHceHa H MeKnHHra l7 cpaBHHBaTb HTorH lIeRTenbHOCTH
npelinpHRTHR C OllHHaKOBbIMH nOTpe(SHOCTRMH B MaTepHanax
H TeXHonorHH K HeOKnaCCHlieCKoR npOH3BOllcTBeHHoR
4gtYHKQHH cnellYeT 1I0(SasHTb TaKHe napaMeTpbI KaK CTpYKTYPa
npaB CO(SCTBeHHOCTH (H npaBO 3aKnlOlIeHHR KOHTpaKTOB)
KaK npaBHnbHO OTMelialOT aBTOPbl -He TaK y Ba)((HO 3HaTb
liTO CYIIl8CTByeT 4gtH3HlI8CKaR B03MO)((HOCTb npoH3BeCTH 100 ellHHHU HeKoero TOBapa npH lIaHHbIx aaTpaTax ecnH B CHCshy
TaMe HH y Koro HeT CTHMYnOB clienaTb 3TOII Pa3nHlIHR B
cTHMynax B pa3nHlIHblx CTpYKTypax npaB cO(SCTBeHHOCTH
C0311alOT HHble npo(SneMbI onpellenRIOIIIHe pe3ynbTaTbI
lIeRTenbHOCTH npelinpHRTHR DPH HX aHanH3e B OCHOBHOM
HCDOnamp3yeTCR QHTHpOBaHHaR pa(SoTa HeHceHa H MeKnHHra
PemalOlIleR RBnReTCR npo(SneMa KOHTpOnR Te nOliKoHshy
TpOnbHOCTH BnalienbUY 4gtYHKUHOHHP0BaHHR 4gtHPMbI liMeHshy
HO 311ecb (Sonbme Bcero BHlIHbI npeHMYlIlecTBa lIaCTHbIX
4gtHPM Hall nlO(SoR HHoR 4gtOPMoR CO(SCTBeHHOCTH B lIaCTHbIX
4gtHpMax ynpaBnReMbIX HHlIHBHlIyanbHbIMH BnalienbuaMH
B napTHepCKHX 4gtHpMax H B KOMnaHHRX C orpaHHlIeHHoR
OTBeTCTBeHHOCTbIO YliaeTCR H3(Se)((aTb npo(SneM B03HHKaIOIIIHX
npH oTlieneHHH CO(SCTBeHHOCTH OT KOHTpOnR 5narococshy
TORHHe BnalienbueB-MeHell)((epOB nonHOCTblO 3aBHCHT OT
npHHHMaeMbIX HMH pemeHHR (OliHaKO C YBenHlIeHHeM lIHena
napTHepOB HnH aKUHOHepOB B03HHKaeT npo(SneMa COBM8CTshy
HoR co(SCTBeHHOCTH CM HH)((e)
B aKQHOHepHbIX KOMnaHHRX (nO aMepHKaHCKoR TepMHHOshy
norHH - KopnOpaUHRX) CO cBoRcTBeHHbIM HM mHpOKHM
paCCeRHHeM lIaCTHoR CO(SCTBeHHOCTH nORBnReTCR npo(Sshy
neMa KOHTpOnR BcnellcTBHe oTlieneHHR cO(SCTBeHHoCTH
OT ynpaBneHHR Docne BbIxolia B CBeT pa(SOTbI 5epne H
MHHcait B TeopeTHlI8CKHX lIHCKYCCHRX CTanH lIenaTb ynop
Ha BbICOKHe H311ep)((KH aKUHOHepOB H3-3a Heo(SxollHMOCTH
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KOHTJ)O]UI 3a MeHe~lKepaMH aKQHOHepHbIX KOMllaHHA O~HaKO ~onee n03~HHe TeOpeTHqeCKHe HCCne~OBaHHB nOCTaBHnH
BonpOC HaO~pOT OHH nO~qepKHBalOT pOnb KOHKypeHTHblX
pbIHKOB OrpaHHqHBalOIIHX MeHe~lKepOB npeCne~OBaHHeM
KaKHX-nH~ HHbIX QeneA KpOMe pOCTa ~narOCOCTOBHHB ~epshylKaTeneA aKQHA H3~eplKKH OrpaHHqeHHB npecne~OBaHHB
HHbIX QeneA onpe~enBlOTCB B HeOHHCTHTYQHOHanbHOA nHTeshy
paType no-pa3HoMy KaK YKnOHqHBOe nOBe~eHHeZO KaK
npo~neMa areHTau HnH KaK onnopTyHHCTHqeCkOe nOBeshy
~eHHe - Bce OHH COkpaIlalOTCB B ycnoBHBX aKTHBHoro
pbIHka aKQHA nOKa QeHbI akLlHA OTJ)alKaIOT ~eACTBHTenbHyIO
OQeHKY npe~nonaraeMbIX ~y~yIIHx nocne~cTBHA TekYIleA
MeHe~lKepcKoA nOnHTHkH pbIHOqHaB OQeHka orpu~aeT ~epshy
lKaTeneA aKQMA OT C03~aHHB TaKOA CHTYaQHH Kor~a MeHe~shy
epbI MeHbme 3a~OTBTCB 0 ~narOCOCTOBHHH aKQHOHepOBzz
ECnH B03HHKaeT BneqaTneHHe qTO pemeHHB MeHe~lKepa
HaHOCBT yIlep~ peHTa(SenbHOCTH 4lHPMbI aTO MOICeT BbI3shy
BaTb QenHyIO peaKQHIO npo~uy aKLlHA He~OBonbHbIMH aKQHshy
OHepaMH 3a qeM nocne~yeT na~eHHe QeH Ha akQHH (HX
npe~nOlKeHHe npeBbICHT cnpOC) nepeXBaT aKQHA HOBOA
rpynnoA ~eplKaTeneA H nepeTpBCka COCTaBa MeHe~lKepOB
OqeBH~HO qTO y KOHkpeTHbIX PbIHkOB CYIleCTBYeT TeHshy
~eHQHB pa(SOTaTb B3aHMOCBBJaHHO npH OTCYTCTBHH B03shy
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Ma pacnpeneneHH1I a nOTOMY (HnH TaK)[(e H nOTOMY)
lITO OHa C03naeT 1S0nee ISnarOnpHBTHble ycnoBH1I nn1l HOshy
BOBBeneHHR H TeM paCmHp1leT BbllSop TOBaPOB npennaraeshy
MbIX oISIQeCTBY
11 3neCb KaK H npH aHanH3e pacnpeneneHH1I pecypCOB B
pamHlIHblX HHCTHTYQHOHanbHblX CTpYKTYpax 1S0nbmYlO lIaCTb
aprYMeHToB olSeCnellHBaeT TeOpH1I npaB colScTBeHHocTH
OnHaKo no HaCT01lIQerO BpeMeHH TaKOrO pona aHaJJH3 npOBOshy
nHnC1I B OCHOBHOM nn1l conOCTaBneHH1I 3KOHOMHlIeCKHX
CHCTeM a He npennpHilTHR B TO BpeMR KaK asTOP 3THX CTpOK
npHBOnHT nOBOnbl B nonb3Y npHBaTH3aQHH KaK pa3 Ha
YPOBHe npennpH1ITHR TaK KaK nOBOnbI B nOJlb3Y PblHOllshy
HoR CHCTeMbl yxlte nOCTaTOllHO OISocHOBaHbl40
npaBO Ha HOBOBBeneHHe B PbIHOllHOR CHCTeMe ropuno
mHpe HlSo TaM Ka)[(nblR HMeeT npaso 3aH1ITbC1I HOBOBBene-
HHRMH Torna KU B X0311RCTBaX COBeTCKoro THna H B IOroshy
cnaBCkoR 3J(OHOMHKe OCHOBaHHoR Ha palSOlleM caMoynshy
paBneHHH CYIQeCTBYIOT MHorOllHCneHHble OrpaHHlIeHH1I
TaKoR aKTHBHOCTH B XCT H pa(SollHe H MeHen)[(epbl rocyshy
llapCTBeHHblX npennpH1ITHR HMelOT npaso npellJlaraTb TO HnH
HHoe HOBOBBeneHHe HO He OCyIQeCTBJlBTb ero B IOrOCJIaBHH
OCyIQeCTBJl1ITb HOBOBBeneHH1I MorYT KOnJleKTHBbl IIIHpM C
pa(SollHM CaMoynpasneHHeM HO He OTnenbHbIe pa(SoTHHKH HX
EcnH Y KOro-TO n01lBJl1IeTCR Hne1l TO HeolSxonHMO ylSenHTb
KOJlJleKTHB npHHBTb ee - TYT TaKHM oISPa30M 3aTparHBaeTC1I
eIlle OnHa TeMa cpaBHHTenbHoro aHaJlH3a kOTOpaR ISYneT
paCCMOTpeHa naJJee - CKOPOCTb BBeneHH1I HOBOBBeneHHR
CnOCOiJHOCTb K HOBOBBeneHH1IM - 3T0 eIQe OllHH napashy
MeTp cpaBHeHH1I CHCTeM no neROBHlIY 3TOT nOKa3aTenb
TO)[(e Bblme B PblHOllHOR CHCTeMe JllOlSoR olSnanaTenb
xopomeR HzteH MOJl(eT nolSbITb pecypCbl Ha IIIHHaHCOBOM PblHshy
Ke no lleHe OTpa)[(alOIQeR PblHOllHYIO OlleHKY nepcneKTHB
HneH (BKnlOlIa1l PHCK HOBOBBeneHH1I) B XCT pecypcbl
pacnpeneJlRIOTCR no pemeHHIO QeHTpa H no QeHe HH)[(e Pblshy
HOllHOR - B iIIopMe cydcHnHH HnH 3aRMa non HH3KHR npolleHT
HO nonYlIHTb HX MorYT JlHmb YTBep)[(neHHble MeHen)[(epbl
rocynapcTBeHHblx npennpHRTHR H HHKTO 1S0nee B IOroshy
CJIaBHH nOnO)[(eHHe HHoe HO OHO He HaMHOrO nYlIme KOJlshy
neKTHBbl pa(SoTHHKOB IIIHpM C pa(SollHM CaMoynpaBneHHeM He
TOnbKO HMelOT npaBO Ha nonyqeHHe IIIHHaHCOBbIX pecYPCOB
HO H neRCTBHTeJlbHO MorYT HX nOnyqHTb OnHaKO 3Ta B03shy
MOJl(HOCTh Cepbe3HO OrpaHHlIeHa CaMoR npHponoR IIIHpMbl C
palSOllHM caMoynpaBJleHHeM CHCTeMa CTHMynHpoBaHH1I B
HeR oCTasn1leT CJlHmKOM ManYlO lIaCTb npHlSbIJlH nnR nanbshy
HeRmero paCmHpeHHR npOH3BOnCTBa - no OTHOCHTCR KaK K
nOnOJlHHTeJlbHbIM KAnHTaJlOBnO)[(eHHRM TaK H K KanHshy
TanOBnO)f(eHHRM B COlleTaHHH C HOBOBBeneHHeM (CM npeshy
nblllYIQHR punen) n03TOMY lSaHKOBCKa1l CHCTeMa 1IBJl1IeTCR
TaM nOllTH enHHCTBeHHblM HCTOllHHKOM cpenCTB nJl1l
OCYIQeCTBneHH1I HOBOBBeneHHR Torna KaK B kanHTaJIHCTHshy
lIeCKOR PblHOllHOR 3KOHOMHKe TaKHMH HCTOllHHkaMH MorYT
ISbiTb KpOMe lSaHkOBCKoro KpenHTa H HepacnpeneneHHa1l
npHlSbInb H BbInYCK aKQHR HnH lleHHbIX ISYMar H oISpaIQeHHe
K cneQHanbHbIM HHCTHTYTaM no iIIHHaHCHpOBaHHIO HOBOshy
84 85
BBeQeHHR K TOMY )((e (SaHKH B IOrOCJIaBHH npHHaQJIe)((aT
peCnY(SJIHKaHCKHM H MeCTHbIM opraHaM BJIaCTH a TaK)((e
npeQnpHRTHRM npHqeM nOCJIeQHHe RBJIRIOTCR rJIaBHbIMH
nOJIyqaTeJIRMH JaRMOB npH TaKHX O(SCTORTeJIbCTBaX (SaHshy
KOBCKHe KpeQHTbI BbIQaIOTCR He HCXOQR H3 B03MO)((HOro
yseJIHqeHHR npH(SbIJIH (C yqeTOM pHCKa) a HCXOQR H3 HHTeshy
peCOB BJIaQeJIbLteB (SaHKOB 3TH HHTepeCbI H O)((HQaeMbIe
OT HOBOBBeQeHHR npH(SbIJIH He O(SRJaTeJIbHO COBnaQaIOT B
oco(SeHHOCTH B YCJIOBHRX rapaHTHpOBaHHoro BbI)((HBaHHR
qHPMbI C pa(SoqHM CaMoynpaBJIeHHeM
no KJIaCCHqHKaLtHH neROBHqabull QOKuaTeJIbCTBO npeshy
HMy~ecTB npHBaTH3aLtHH npOBOQR aHaJIH3 Ha ypOBHe
npeQnpHRTHR MO)((HO HaqaTb C CHCTeMbI CTHMyJIOB K
HOBOBBeQeHHRM npH pa3JIHqHbIX qopMax co(SCTBeHHOCTH B
cpeQe PblHOqHOR 3KOHOMHKH CaMbIe CHJIbHbIe CTHMyJIbl - Y
HHQHBHQyaJIbHOrO BJIaQeJIbLta qaCTHOR qHPMbl KOTOPbIR
HMeeT npaBO Ha BeCb qHCTbIR QOXOQ H nOTOMY CTpeMHTCR
(SoJIbme Bcero npeBpaTHTb HQelO (CO(SCTBeHHYIO HJIH qblO-TO)
B npOQyKT HJIH npOLtecc napTHepCKHe qHPMbI H KOMnaHHH
C OrpaHHqeHHOR OTBeTCTBeHHOCTblO QeRCTBYIOT TaK )((e
KaK H HHQHBHQYaJIbHbIR BJIaQeJIeLt eCJIH TOqHO onpeQeJIeshy
HbI HX npaBa Ha qHCTbIR QOXOQ
HeCKOJIbKO nO-HHOMY O(SCTOHT QeJIO B aKLtHOHepHOR KOMshy
naHHH H(SO BJIaQeHHe 3QeCb HOCHT paCCeRHHbIR xapaKTep
H OTQeJIeHO OT qYHKLtHH ynpaBJIeHHR OQHaKO H 3Qecb BJIHshy
RHHe KOHKypeHTHblX PbIHKOB YCHJIHBaeT CTHMyJIbI MeHeQshy
)((epOB MeHeQ)((ep BocnpHHHMaeT cHruaJI 0 npeHM~ecTBax
HOBOBBeQeHHR QByMR nyTRMH B KpaTKOCpOqHOR nepcneKshy
THBe OH nOJIyqaeT B03Harpa)((QeHHe laquo(SOHYC) 3a nOBbImeHHe
QOXOQHOCTH qHPMbI B QOJIrocpoqHOR nepcneKTHBe OH
YJIyqmaeT B03MO)((HOCTH CBoero npOQBH)((eHHR TaK KaK
PbIHOK LteHHbIX (SYMar nOCTORHHO npOBOQHT OLteHKY npeQshy
npHRTHR no HlMeHeHHRM LteH HX aKLtHR H COOTBeTCTBYIO~e
CHruaJIbI YJIaBJIHBaIOTCR Ha pbIHKe MeHeQ)((epOB
B cnyqae MeHeQ)((epOB aKLtHOHepHblX KOMnaHHR pa(SoTaIOT
He TOJIbKO nOJIO)((HTeJIbHbIe HO H OTPHQaTeJIbHbIe CTHMYJIbI
npOQOJI)((HTeJIbHaR HH3KaR QOXOQHOCTb qHPMbl KOTopaR
Mo)((eT npOHCXOQHTb OT TRrH K pynme K cnoKoRHoR )((H3shy
HH K HeCnemHOCTH B pa(SOTe nepeBOQHTCR Ha R3bIK CHH)((eshy
HHR LteH aKLtHR qTO nOBblmaeT nepcneKTHBY nepexoQa
IIlHPMbI B QpyrHe PYleH - H nOTepH MeHeQ)((epOM pa(SoTbI B TaKHX O(SCTORTeJIbCTBaX QJIR MeHeQ)((epOB MO)((eT CTaTb
yrp030R HaJIHqHe pbIHKa TpYQa J1MeeTCR onaCHOCTb He
TOJIbKO yTpaTbI QOJI)((HOCTH TO )((e MO)((eT CJIyqHTbCR H
B OTHOmeHHH (SYQ~X xopomo OnJIaqHBaeMblX nOCTOB TalCUM
0(Spa30M COqeTaHHe CHCTeMbI CTHMYJIOB H xopomo qYHshy
KLtHOHHpylO~HX PblHKOB (pblHKa LteHHblX (SYMar pbIHKa
TpYQa QJIR MeHeQ)((epOB pbIHKa QJIR nepeKynKH qHPM)
npeBpa~aeT H aKLtHOHepHylO KOMnaHHIO B 3qqeKTHBHYIO
CTPYleTYPY BHeQpeHHR HOBOBBeQeHHR
3Toro He npOHCXOQHT OQHaKO Ha npeQnpHRTHRX
HaxoQR~XCR B O(S~ecTBeHHoR co(SCTBeHHOCTH Y MeHeQ)((epOB
3QeCb MeHbme CTHMYJIOB K HOBOBBeQeHHRM qeM K HHBecTHshy
LtHRM B pacmHpeHHe CBOHX npeQnpHRTHR B nOCJIeQHeM
CJIyqae no no MeHbmeR Mepe QaeT HM B03MO)((HOCTb CTaTb
MeHeQ)((epaMH (SOJIee KpynHoR qHPMbI H TeM nOBbICHTb H
CBoR CTaTyC H CBOH QOXOQbI B CJIyqae BHeQpeHHR HOBOshy
BBeQeHHR pa3Mepbl npeQnpHRTHR MoryT He YBeJIHqHTbCR
H BbIrOQbl MeHeQ)((epa OT HOBOBBeQeHHR (SyQYT MeHbme qeM
BbIrOQbl OT PYTHHbl cnoKoRHoR )((H3HH HecnemHoR pa(SOTbI
KpOMe Toro (SyQyqH (SlOpOKpaTHqeCKHMH HUHaqeHLtaMH
MeHeQ)((epbI npeQnpHRTHR o(S~eCTBeHHoro ceKTopa He
nOJIyqalOT BblroQ OT pbIHKa TpYQa QJIR MeHeQ)((epOB H He
nOQBepraIOTCR yrp03e CO CTOPOHbI pbIHKa nepeKYnKH qHpM
npeQCTaBJIRIO~He a(SCTpaKTHOrO BJIaQeJIbLta nOJIHTHKH
H (SlOpOKpaTbI TO)((e MaJIO JaHHTepeCOBaHbl B HOBOBBeQeshy
HHRX He CJIeQyeT QYMaTb qTO OHH JaHHTepeCOBaHbl XOTR (SbI
B nOBblmeHHH QOXOQHOCTH qHpM TeXHOJIOrHqeCKHR nporshy
pecc (KaK CHMBOJI npeCTH)((a) MO)((eT (SblTb Ba)((HOR LteJIblO
CTpeMJIeHHR K HOBOBBeQeHHRM HO 3TO He HMeeT CBR3H C
Tpe(SOBaHHRMH pbIHKa TaKoro pOQa HOBOBBeQeHHR MoryT
HHorQa Qa)((e CHH)((aTb peHTa(SeJIbHOCTb qHPM KaK CBHshy
QeTeJIbCTByeT onbIT He TOJIbKO rOCYQapCTBeHHbIX npeQnpHshy
RTHR B XCT HO H rn Ha 3anane - B TaKHX CJIyqUX pO)((Qashy
IOTCR (SeJIble CJIOHbl BpoQe CaMOJIeTa KOHKOPQ
B aTOM OTHOmeHHH qHpMa C pa(SOqHM CaMoynpaBJIeHHeM
HaxOQHTCR B He JIyqmeM nOJIO)((eHHH KaK H B CJIyqae C HHshy
BeCTHLtHRMH (CM npeQbIQ~HR pa3QeJI) pa(SOTHHK-HOBaTOp
86 87
noneH y6enHTb CBOHX TOBapHmeA no pa60Te HHnH pa60shy
qHA COBeT B OHnaeMblX BbIronax HOBOBBeneHHR npH
3TOM OH 3HaeT qTO nocne Bcex CBOHX YCHnHA OH nonyqHT
nHmb lIN OHnaeMoro B03HarpaneHHR (rne N - qHCnO
pa60THHkOB 41HpMbI) npHHqHn 3neCb COCTOHT B TOM qTO
TonbkO konnekTHB HMeeT H npaBO H B03MOHOCTb ocyshy
mecTBnRTb HOBOBBeneHHR 3TO CBRJaHO C np06neMoA COBMeCTshy
HoA co6CTBeHHOCTH H cymeCTBeHHO ocna6nReT CTHMYnbl K HOBOBOOneHHRM
OnHaKO He TOnhkO aHTHCTHMYnbl C03naJOT nOMeXH B pa60Te
41HpMbI C pa60qHM caMoynpaBneHHeM CHCTeMa npaB c06shy
CTBeHHOCTH BnHReT H Ha OHnaeMbIe CpOkH OTnaqH H Ha
xapakTep HOBOBBeneHHR npHeMneMOrO nnR TakoA 41HpMbl
BpeMeHHoA ropH30HT 3necb BeCbMa nHMHTHpOBaH pa60THHkH
npHeMnJOT B OCHOBHOM TakHe HOBOBBeneHHR CpOk OTnaqH
kOTOPblX He npeBblmaeT npennonaraeMoro nepHona pa60Tbl
Ha npennpHRTHH 60nbmHHcTBa Tex kTO npHHHMaeT 3TO
pemeHHe TakHM 06paaOM H3 06cyneHHR HCknJOqaJOTCR
TakHe HOBoBBeneHHR kOTopbIe MoryT nOBblCHTb TekymYJO
qeHY 41HpMbl HO HenpHeMneMbI no CPOKaM OTnaqH MorYT
OKaJaTbCR HenpHeMneMbIMH H TakHe HOBOBBeneHHR KOTopble
nosneKYT CHHeHHe nOxona Ha OnHoro pa60THHka
CnenyeT OTMeTHTb qTO H Y MeHenepa 41HpMbI C pa60shy
qHM caMoynpasneHHeM kOToporo Ha3HaqaeT pa60qHA COBeT
Toe MeHbme CTHMYnOB K HOBOBBeneHHRM qeM y ero Konshy
nerH H3 qaCTHOA 41HpMbI OH He MoeT Bocnonb30BaTbCR
BblrOnaMH OT HOBOBBeneHHR Ha pbIHKe MeHenepOB nepshy
CneKTHBbI nOBblmeHHR ero OnnaTbI B naHHoA 41HpMe HnH noshy
nyqeHHR nyqme OnnaqHBaeMOro nOCTa B npyroA 41HpMe He
3aBHCRT OT JaperHCTpHp0BaHHbIX H3MeHeHHA qeH aKQHA ero
41HPMbl TaK KaK TaKOrO pona nOkaJaTenH He perHCTpHpyshy
JOTCR B JOrOCnaBCKHX 41HpMax C pa60qHM CaMoynpasneHHeM
HeT TOqHO onpeneneHHbIX paaneneHHbIX H B03MOHblX nnR
nepenaqH npaB c06CTBeHHOCTH nonoeHHe MeHenepa anecb
JaBHCHT OT rOnOCOBaHHR KOnneKTHBa H OH noneH npHcnoshy
C06HTb CBOH npennoeHHR K npennOqTeHHRM Tex kTO ero
HaHHMaeT Bce 3TO nenaeT 41HpMY C pa60qHM caMoynpaBneshy
HHeM cna6blM KOHKypeHToM Ha pblHke HOBoBBeneHHA
B 41HpMe THna ESOP npaBa c06cTBeHHocTH onpeneneshy
88
Hbl H 3TO C03naeT y BnanenbqeB-pa60THHKOB CTHMynbl k
HOBoBBeneHHRM CXOnHbIe C cymecTBYJOmHMH B qaCTHOM
napTHepcTBe H B KOMnaHHH C OrpaHHqeHHOA OTBeTCTBeHshy
HOCTbJO Pa60THHKH oqeHHBaJOT kaKHe BbIrOnbI npHHeceT
HM HOBOBBeneHHe HCXOnR H3 Toro qTO BnaneHHe aKshy
qHRMH npononaeTCR H nocne npeKpameHHR pa60Tbl B 41HpMe
(BlUIJOqaR yxon Ha neHcHJO) OnHaKO HekoTopbIe HOBoBBeneshy
HHR MoryT OKaJaTbCR nnR HHX HenpHeMneMblMH HanpHMep
ecnH OHH pe3ko COKpamaJOT qHcneHHocTb pa60TaJOmHX (CM
B npenhInymeM pa3nene KOMMeHTapHA 0 cTHMYnax k HHBecshy
THQHRM)
OnHaKO MeHenepbl B kOMnaHHRX THna ESOP He Bcerna
nonyqaJOT Bbirony OT HOBOBBeneHHA TaK kaK TaKHe 41HpMbI
OTHOCRTCR k JaKPbITOMY THny HTorH HX neRTenbHOCTH He
ny6nHKYJOTCR mHpOkO H nOTOMY nocnyHOA cnHCOK TakHX
MeHenepOB He Tak qeTKO nOKYMeHTHpOBaH Kak y MeHenshy
epOB qaCTHhtX aKqHoHepHbIX KOMnaHHA KpOMe Toro noshy
n06HO MeHenepaMH 41HpM C pa60qHM caMoynpaBneHHeM
OHH 06R3aHbI npHcnoc06HTbCR k CHCTeMe CTHMynoB npHshy
eMneMoA nnR pa60THHkOB-BnanenhqeB n03TOMY y MeHenshy
epOB B 41HpMax THna ESOP cTpeMneHHe k HOBOBBeshy
neHHRM MeHbme B cpaBHeHHH C TeM kOTopoe rOTOBbI nposhy
RBHTb MeHenepht qaCTHbIX 41HpM OHH nHWb CTpeMRTCR He
nOBeCTH neno no CTonKHOBeHHR C pa60THHkaMH-BnanenhqaMH
K Cka3aHHOMY cnenYeT n06aBHTb eme OnHH napaMeTp
cpaBHHTenbHoro aHanH3a HOBOBBeneHHA HX coqHanbshy
HYJO oqeHky 3Ta oqeHKa MoeT 6bITb CnenaHa nHWb nYTeM
cpaBHeHHR B03MOHOCTeA pa3HbIX CHCTeM B aTOM OTHomeshy
HHH kanHTAnHCTHqecKaR pbIHOqHaR 3KOHOMHKa OCHOBaHHaR
Ha qaCTHOA co6CTBeHHOCTH pemHTenbHO npeBOCXOnHT Bce
npyrHe anbTepHaTHBbI Kak OTMeqaeT nenHKaH41 bull KanHshy
TanHCTHqeCKaR CHCTeMa pa3nHqaeT BblXOnRmHX Ha PblHOk
HOBOBBeneHHA rOTOBblX 41HHaHcHpoBaTb HOBOBBeneHHR
H rOTOBbIX HX nOkynaTb B HTore B KanHTAnHCTHqeckoA pbIshy
HOqHOA 3kOHOMHke 3HaqHTenbHO MeHbme maHCOB npHHRTHR
omH60qHOrO pemeHHR 0 HOBOBBeneHHH HeenH B nJ060A
HHOA AnbTepHaTHBHOA CHCTeMe r ne TaKOe paaneneHHe HnH
HenonHO (JOrocnaBCKaR 3kOHOMHka C pa60qHM caMoynpaBshy
neHHeM) HnH Bo06me He cymeCTByeT (XCT) no TeM e npHshy
89
lIHHaM KanHTaJlHCTHlIeCKaR 3KOHOMHKa npeBOcxollHT ranoshy
TeTHlIecKYJO PbIHOllHYIO 3KOHOMHKY OCHoBaHHYIO Ha rn Te
middotpblHOllHblR COuaaJlH3M
nOllBOllR HTorH MO)KHO CKa3aTb liTO cpaBHHTeJlbHblR
aHaJlH3 3KOHOMHlIeCKHX CHCTeM YKa3blBaeT Ha RBHOe npeshy
BOCXOllCTBO PbIHOllHOR CHCTeMbl nepell JlIO(SoR HepblHOllHOR
CHCTeMoR BBHIlY pacmHpeHHR cneKTpa COUHaJlbHblX B03shy
MO)KHOCTeR OTKpbIBaIOIllHXCR lIepe3 HOBOBBelleHHR CpaBshy
HHTeJlbHblR aHaJlH3 npellnpHRTHR ($HpMbI) TaK)Ke YKa3b1BaeT
liTO lIaCTHble $HpMbI O(SJlMaIOT rOpa31l0 (SoJlbmHMH CTHMYJlaMH
K HOBOBBelleHHRM TaKHM 0(Spa30M OnTHMaJlbHOR RBJlReTCR
He Jl1o($aJl PbIHOllHaR 3KOHOMHKa a KanHTaJlHCTHlIeCKoe
PblHOllHoe X03RRCTBO B KOTOPOM rOCnOllCTBYIOT lIaCTHble
$HpMbI HMeHHO 3TOT BHIl 3KOHOMHKH npeBOCXOllHT no
IlaHHOMY napaMeTpy Bce IlPyrHe HHCTHTYUHOHaJlbHble
CHCTeMbI
4gtHPMIII H rOCYIlapCTBO
npellnpHRTHR OTJlHlIaIOIllHeCR no $opMaM CO(SCTBeHshy
HOCTH HO IleRCTBYIOIllHe B paMKax PblHOllHOR 3KOHOMHKH
MO)KHO COnOCTaBHTb eIlle no OllHOMY napaMeTpY - no B03shy
IleRCTBHIO Ha HTorH HX X03RRcTBOBaHHR rOCYIlapCTBa
npellCTaBJlReMOrO nOJlHTHKaMH H (SlOpOKpaTaMH TaKoe B03shy
IleRCTBHe He(Seapa3JlHlIHO no OTHomeHHIO K $opMe co(ScTBeHshy
HOCTH B $HpMe HeO(SXOllHMO pUYMeeTCR OTMeTHTb liTO
OHO He(Se3pUJlHlIHO H k caMOMY xapaKTepy 3KOHOMHlIecshy
koR CHCTeMbl (0(S 3TOM - B KOHue pUIleJlamp) Ho rJlaBHoe
liTO HHTepecyeT Hac 31leCb - 3TO cpaBHHTeJlbHblR aHaJlH3
$HpM TakoR aHaJlH3 MO)KHO npOBeCTH C HcnOJlb30BaHHeM
Tpex THnOB aprYMeHTaUHH pupa(SOTaHHbIX npHBep)KeHshy
uaMH pa3HblX 3KOHOMHlIeCkHX TeopHR nepBblR THn apryshy
MeHTaUHH HCXOllHT Kak H (SOJlbmHHCTBO npHBelleHHblX
Bblme IlOBOllOB H3 TeopHH npaB co(ScTBeHHOCTH JlOBOllbl 3TOR
TeopHH nOllllepKHBalOT CJla(SOCTb CTHMYJlOB IlOCTH)KeHHR
(SOJlee 3$$eKTHBHbIX nOKa3ampTeJleR kOrlla pemeHHe 3ampBHCHT
OT rocYIlapCTBeHHblX HHCTPYKUHR KaK R Y)Ke nOllllepkHshy
BaJl B CaMOM HallaJle Te kTO npHHHMaeT pemeHHR OT HMeHH
rOCYIlapCTBa (SYIlb TO nOJlHTHkH HJlH (SlOpOkpaTbl He RBJlRshy
90
IOTCR CO(SCTBeHHHKaMH peCypCOB OHH HX JlHmb KOHTPOJlHshy
pYJOT H nOTOMY He nOJlYlIaJOT (SOJlbmHX Bblroll OT CBOHX peshy
meHHR HO H He CTpMalOT OT H31lep)KeK CBR3aHHblX C HHMH41
TaKaR CTpYKTypa mTpa$OBB03Harpa)KIleHHR He cnoco(Sshy
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TaKoR aKTHBHOCTH B XCT H pa(SollHe H MeHen)[(epbl rocyshy
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TO)[(e Bblme B PblHOllHOR CHCTeMe JllOlSoR olSnanaTenb
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HO H neRCTBHTeJlbHO MorYT HX nOnyqHTb OnHaKO 3Ta B03shy
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palSOllHM caMoynpaBJleHHeM CHCTeMa CTHMynHpoBaHH1I B
HeR oCTasn1leT CJlHmKOM ManYlO lIaCTb npHlSbIJlH nnR nanbshy
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nblllYIQHR punen) n03TOMY lSaHKOBCKa1l CHCTeMa 1IBJl1IeTCR
TaM nOllTH enHHCTBeHHblM HCTOllHHKOM cpenCTB nJl1l
OCYIQeCTBneHH1I HOBOBBeneHHR Torna KaK B kanHTaJIHCTHshy
lIeCKOR PblHOllHOR 3KOHOMHKe TaKHMH HCTOllHHkaMH MorYT
ISbiTb KpOMe lSaHkOBCKoro KpenHTa H HepacnpeneneHHa1l
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peCnY(SJIHKaHCKHM H MeCTHbIM opraHaM BJIaCTH a TaK)((e
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OT HOBOBBeQeHHR npH(SbIJIH He O(SRJaTeJIbHO COBnaQaIOT B
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no KJIaCCHqHKaLtHH neROBHqabull QOKuaTeJIbCTBO npeshy
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npeQnpHRTHR MO)((HO HaqaTb C CHCTeMbI CTHMyJIOB K
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cpeQe PblHOqHOR 3KOHOMHKH CaMbIe CHJIbHbIe CTHMyJIbl - Y
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B nOBblmeHHH QOXOQHOCTH qHpM TeXHOJIOrHqeCKHR nporshy
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88
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89
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90
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DPHMEtlAHHSI
1H Demsetz Infonnation and Efficiency Another Viewpoint - Jourshynal of Law and Economics 121 1969
2 D Lavoie Rivalry and Central Planning The Socialist Calculation Debate Reconsidered Cambridge Cambridge University Press 1985
3 E Heimann Mehrwert und Gemeinwirtschaft Kritische und positive Beitraege zur Theorie des Sozialismus Berlin Robert Engelmann 1922
4 L von Mises Neue Beitraege zum Problem der sozialistischen Wirtschaftsrechnung Archiv fuer Sozialwissenschaftund Sozialpolitik 51 1923 pp 488-500 L von Mises Socialism An Economic and Sociological Analysis London Jonathan Cape 1936
5 L von Mises Socialism pp 137-138
6 S Pejovich The Economics of Property Rights Toward a Theory of Comparative Systems Dordrecht Kluver 1990 p 33
7 L Robbins The Great Depression New York Macmillan 1934
8 F von Hayek The Use of Knowledge in Society - American Economic Review 351945 pp 519-530
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101
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nonHHTenbHoe nOllTBep)IClleHHe npH aHanH3e patloTbl
npellnpHHTHR B XCT nOCKonbKY CHCTeMa CTHMYnOB notly)ICshy
llaeT HX nonpocTY llaBaTb 3aBblmeHHbie OTqeTbl 0 BbmYCKe
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npennpH1ITHR TaK nn1l CHCTeMbI B QenOM I1HbIMH CnOBaMH Ha
npennpH1ITH1IX B XCT nOnHTHKa YKJIOHeHH1I palSOTHHKOB IIIHpMbl
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npolSneMbI pacnpeneneHH1I pecypcoB H no cnocolSHOCTH K
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nHnC1I B OCHOBHOM nn1l conOCTaBneHH1I 3KOHOMHlIeCKHX
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npHBOnHT nOBOnbl B nonb3Y npHBaTH3aQHH KaK pa3 Ha
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palSOllHM caMoynpaBJleHHeM CHCTeMa CTHMynHpoBaHH1I B
HeR oCTasn1leT CJlHmKOM ManYlO lIaCTb npHlSbIJlH nnR nanbshy
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TaM nOllTH enHHCTBeHHblM HCTOllHHKOM cpenCTB nJl1l
OCYIQeCTBneHH1I HOBOBBeneHHR Torna KaK B kanHTaJIHCTHshy
lIeCKOR PblHOllHOR 3KOHOMHKe TaKHMH HCTOllHHkaMH MorYT
ISbiTb KpOMe lSaHkOBCKoro KpenHTa H HepacnpeneneHHa1l
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101
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HO H neRCTBHTeJlbHO MorYT HX nOnyqHTb OnHaKO 3Ta B03shy
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palSOllHM caMoynpaBJleHHeM CHCTeMa CTHMynHpoBaHH1I B
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nOnOJlHHTeJlbHbIM KAnHTaJlOBnO)[(eHHRM TaK H K KanHshy
TanOBnO)f(eHHRM B COlleTaHHH C HOBOBBeneHHeM (CM npeshy
nblllYIQHR punen) n03TOMY lSaHKOBCKa1l CHCTeMa 1IBJl1IeTCR
TaM nOllTH enHHCTBeHHblM HCTOllHHKOM cpenCTB nJl1l
OCYIQeCTBneHH1I HOBOBBeneHHR Torna KaK B kanHTaJIHCTHshy
lIeCKOR PblHOllHOR 3KOHOMHKe TaKHMH HCTOllHHkaMH MorYT
ISbiTb KpOMe lSaHkOBCKoro KpenHTa H HepacnpeneneHHa1l
npHlSbInb H BbInYCK aKQHR HnH lleHHbIX ISYMar H oISpaIQeHHe
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84 85
BBeQeHHR K TOMY )((e (SaHKH B IOrOCJIaBHH npHHaQJIe)((aT
peCnY(SJIHKaHCKHM H MeCTHbIM opraHaM BJIaCTH a TaK)((e
npeQnpHRTHRM npHqeM nOCJIeQHHe RBJIRIOTCR rJIaBHbIMH
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OT HOBOBBeQeHHR npH(SbIJIH He O(SRJaTeJIbHO COBnaQaIOT B
oco(SeHHOCTH B YCJIOBHRX rapaHTHpOBaHHoro BbI)((HBaHHR
qHPMbI C pa(SoqHM CaMoynpaBJIeHHeM
no KJIaCCHqHKaLtHH neROBHqabull QOKuaTeJIbCTBO npeshy
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npeQnpHRTHR MO)((HO HaqaTb C CHCTeMbI CTHMyJIOB K
HOBOBBeQeHHRM npH pa3JIHqHbIX qopMax co(SCTBeHHOCTH B
cpeQe PblHOqHOR 3KOHOMHKH CaMbIe CHJIbHbIe CTHMyJIbl - Y
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He TOJIbKO nOJIO)((HTeJIbHbIe HO H OTPHQaTeJIbHbIe CTHMYJIbI
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CTPYleTYPY BHeQpeHHR HOBOBBeQeHHR
3Toro He npOHCXOQHT OQHaKO Ha npeQnpHRTHRX
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B nOBblmeHHH QOXOQHOCTH qHpM TeXHOJIOrHqeCKHR nporshy
pecc (KaK CHMBOJI npeCTH)((a) MO)((eT (SblTb Ba)((HOR LteJIblO
CTpeMJIeHHR K HOBOBBeQeHHRM HO 3TO He HMeeT CBR3H C
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86 87
noneH y6enHTb CBOHX TOBapHmeA no pa60Te HHnH pa60shy
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pa60THHkOB 41HpMbI) npHHqHn 3neCb COCTOHT B TOM qTO
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Toe MeHbme CTHMYnOB K HOBOBBeneHHRM qeM y ero Konshy
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3aBHCRT OT JaperHCTpHp0BaHHbIX H3MeHeHHA qeH aKQHA ero
41HPMbl TaK KaK TaKOrO pona nOkaJaTenH He perHCTpHpyshy
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HeT TOqHO onpeneneHHbIX paaneneHHbIX H B03MOHblX nnR
nepenaqH npaB c06CTBeHHOCTH nonoeHHe MeHenepa anecb
JaBHCHT OT rOnOCOBaHHR KOnneKTHBa H OH noneH npHcnoshy
C06HTb CBOH npennoeHHR K npennOqTeHHRM Tex kTO ero
HaHHMaeT Bce 3TO nenaeT 41HpMY C pa60qHM caMoynpaBneshy
HHeM cna6blM KOHKypeHToM Ha pblHke HOBoBBeneHHA
B 41HpMe THna ESOP npaBa c06cTBeHHocTH onpeneneshy
88
Hbl H 3TO C03naeT y BnanenbqeB-pa60THHKOB CTHMynbl k
HOBoBBeneHHRM CXOnHbIe C cymecTBYJOmHMH B qaCTHOM
napTHepcTBe H B KOMnaHHH C OrpaHHqeHHOA OTBeTCTBeHshy
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HM HOBOBBeneHHe HCXOnR H3 Toro qTO BnaneHHe aKshy
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(BlUIJOqaR yxon Ha neHcHJO) OnHaKO HekoTopbIe HOBoBBeneshy
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ecnH OHH pe3ko COKpamaJOT qHcneHHocTb pa60TaJOmHX (CM
B npenhInymeM pa3nene KOMMeHTapHA 0 cTHMYnax k HHBecshy
THQHRM)
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nonyqaJOT Bbirony OT HOBOBBeneHHA TaK kaK TaKHe 41HpMbI
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MeHenepOB He Tak qeTKO nOKYMeHTHpOBaH Kak y MeHenshy
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89
lIHHaM KanHTaJlHCTHlIeCKaR 3KOHOMHKa npeBOcxollHT ranoshy
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90
IOTCR CO(SCTBeHHHKaMH peCypCOB OHH HX JlHmb KOHTPOJlHshy
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pacnpelleJleHHR peCYPCOB) TeM (SoJlbme HX (SYIleT HCnOJlbshy
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CBOHX HHTepecax a He B HHTepecax o(SIllecTBa 3TH apryshy
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DPHMEtlAHHSI
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18 TaM)((e
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26 B Ward The Firm in Illyria Market Syndicalism - American Economic Review 48 September 1958 pp 566-589
27 Employee Share Ownership Plan - npeanpHRTHe BO ananeHHH ero pa(SOTHHkoB
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35 MC Jensen W1 Meckling Rights and Production
36 AA Alchian H Demsetz Production Infonnation Costs
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38 NRosenbergLE Birdzell How the WestGrew Rich TheEconomic Transformation of the Industrial World New York Basic Books
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HO H neRCTBHTeJlbHO MorYT HX nOnyqHTb OnHaKO 3Ta B03shy
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palSOllHM caMoynpaBJleHHeM CHCTeMa CTHMynHpoBaHH1I B
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nOnOJlHHTeJlbHbIM KAnHTaJlOBnO)[(eHHRM TaK H K KanHshy
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nblllYIQHR punen) n03TOMY lSaHKOBCKa1l CHCTeMa 1IBJl1IeTCR
TaM nOllTH enHHCTBeHHblM HCTOllHHKOM cpenCTB nJl1l
OCYIQeCTBneHH1I HOBOBBeneHHR Torna KaK B kanHTaJIHCTHshy
lIeCKOR PblHOllHOR 3KOHOMHKe TaKHMH HCTOllHHkaMH MorYT
ISbiTb KpOMe lSaHkOBCKoro KpenHTa H HepacnpeneneHHa1l
npHlSbInb H BbInYCK aKQHR HnH lleHHbIX ISYMar H oISpaIQeHHe
K cneQHanbHbIM HHCTHTYTaM no iIIHHaHCHpOBaHHIO HOBOshy
84 85
BBeQeHHR K TOMY )((e (SaHKH B IOrOCJIaBHH npHHaQJIe)((aT
peCnY(SJIHKaHCKHM H MeCTHbIM opraHaM BJIaCTH a TaK)((e
npeQnpHRTHRM npHqeM nOCJIeQHHe RBJIRIOTCR rJIaBHbIMH
nOJIyqaTeJIRMH JaRMOB npH TaKHX O(SCTORTeJIbCTBaX (SaHshy
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OT HOBOBBeQeHHR npH(SbIJIH He O(SRJaTeJIbHO COBnaQaIOT B
oco(SeHHOCTH B YCJIOBHRX rapaHTHpOBaHHoro BbI)((HBaHHR
qHPMbI C pa(SoqHM CaMoynpaBJIeHHeM
no KJIaCCHqHKaLtHH neROBHqabull QOKuaTeJIbCTBO npeshy
HMy~ecTB npHBaTH3aLtHH npOBOQR aHaJIH3 Ha ypOBHe
npeQnpHRTHR MO)((HO HaqaTb C CHCTeMbI CTHMyJIOB K
HOBOBBeQeHHRM npH pa3JIHqHbIX qopMax co(SCTBeHHOCTH B
cpeQe PblHOqHOR 3KOHOMHKH CaMbIe CHJIbHbIe CTHMyJIbl - Y
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npeBpa~aeT H aKLtHOHepHylO KOMnaHHIO B 3qqeKTHBHYIO
CTPYleTYPY BHeQpeHHR HOBOBBeQeHHR
3Toro He npOHCXOQHT OQHaKO Ha npeQnpHRTHRX
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CJIyqae no no MeHbmeR Mepe QaeT HM B03MO)((HOCTb CTaTb
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B nOBblmeHHH QOXOQHOCTH qHpM TeXHOJIOrHqeCKHR nporshy
pecc (KaK CHMBOJI npeCTH)((a) MO)((eT (SblTb Ba)((HOR LteJIblO
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86 87
noneH y6enHTb CBOHX TOBapHmeA no pa60Te HHnH pa60shy
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pa60THHkOB 41HpMbI) npHHqHn 3neCb COCTOHT B TOM qTO
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Toe MeHbme CTHMYnOB K HOBOBBeneHHRM qeM y ero Konshy
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HeT TOqHO onpeneneHHbIX paaneneHHbIX H B03MOHblX nnR
nepenaqH npaB c06CTBeHHOCTH nonoeHHe MeHenepa anecb
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HHeM cna6blM KOHKypeHToM Ha pblHke HOBoBBeneHHA
B 41HpMe THna ESOP npaBa c06cTBeHHocTH onpeneneshy
88
Hbl H 3TO C03naeT y BnanenbqeB-pa60THHKOB CTHMynbl k
HOBoBBeneHHRM CXOnHbIe C cymecTBYJOmHMH B qaCTHOM
napTHepcTBe H B KOMnaHHH C OrpaHHqeHHOA OTBeTCTBeHshy
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HM HOBOBBeneHHe HCXOnR H3 Toro qTO BnaneHHe aKshy
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(BlUIJOqaR yxon Ha neHcHJO) OnHaKO HekoTopbIe HOBoBBeneshy
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ecnH OHH pe3ko COKpamaJOT qHcneHHocTb pa60TaJOmHX (CM
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THQHRM)
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nonyqaJOT Bbirony OT HOBOBBeneHHA TaK kaK TaKHe 41HpMbI
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MeHenepOB He Tak qeTKO nOKYMeHTHpOBaH Kak y MeHenshy
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89
lIHHaM KanHTaJlHCTHlIeCKaR 3KOHOMHKa npeBOcxollHT ranoshy
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90
IOTCR CO(SCTBeHHHKaMH peCypCOB OHH HX JlHmb KOHTPOJlHshy
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CBOHX HHTepecax a He B HHTepecax o(SIllecTBa 3TH apryshy
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DPHMEtlAHHSI
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18 TaM)((e
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26 B Ward The Firm in Illyria Market Syndicalism - American Economic Review 48 September 1958 pp 566-589
27 Employee Share Ownership Plan - npeanpHRTHe BO ananeHHH ero pa(SOTHHkoB
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33 TaM1laquoe
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101
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KOHTponH KOTOPbIR cnocotIeH npOBepHTb Bce BHllbl npollYKshy
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OKono 1 MnH qenOBeK Ii HecMOTpH Ha apMHIO KOHTpOnepoB
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nonHHTenbHoe nOllTBep)IClleHHe npH aHanH3e patloTbl
npellnpHHTHR B XCT nOCKonbKY CHCTeMa CTHMYnOB notly)ICshy
llaeT HX nonpocTY llaBaTb 3aBblmeHHbie OTqeTbl 0 BbmYCKe
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npennpH1ITHR TaK nn1l CHCTeMbI B QenOM I1HbIMH CnOBaMH Ha
npennpH1ITH1IX B XCT nOnHTHKa YKJIOHeHH1I palSOTHHKOB IIIHpMbl
COlleTaeTCilCnOnHTHKORYKJIOHeHH1InpennpHilTH1InOOTHOmeHHIO
K OISIQeCTBY KaK alSCTpaKTHoM snanenbQyM
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npolSneMbI pacnpeneneHH1I pecypcoB H no cnocolSHOCTH K
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Ma pacnpeneneHH1I a nOTOMY (HnH TaK)[(e H nOTOMY)
lITO OHa C03naeT 1S0nee ISnarOnpHBTHble ycnoBH1I nn1l HOshy
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OnHaKo no HaCT01lIQerO BpeMeHH TaKOrO pona aHaJJH3 npOBOshy
nHnC1I B OCHOBHOM nn1l conOCTaBneHH1I 3KOHOMHlIeCKHX
CHCTeM a He npennpHilTHR B TO BpeMR KaK asTOP 3THX CTpOK
npHBOnHT nOBOnbl B nonb3Y npHBaTH3aQHH KaK pa3 Ha
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paCCMOTpeHa naJJee - CKOPOCTb BBeneHH1I HOBOBBeneHHR
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palSOllHM caMoynpaBJleHHeM CHCTeMa CTHMynHpoBaHH1I B
HeR oCTasn1leT CJlHmKOM ManYlO lIaCTb npHlSbIJlH nnR nanbshy
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TaM nOllTH enHHCTBeHHblM HCTOllHHKOM cpenCTB nJl1l
OCYIQeCTBneHH1I HOBOBBeneHHR Torna KaK B kanHTaJIHCTHshy
lIeCKOR PblHOllHOR 3KOHOMHKe TaKHMH HCTOllHHkaMH MorYT
ISbiTb KpOMe lSaHkOBCKoro KpenHTa H HepacnpeneneHHa1l
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101
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palSOllHM caMoynpaBJleHHeM CHCTeMa CTHMynHpoBaHH1I B
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TaM nOllTH enHHCTBeHHblM HCTOllHHKOM cpenCTB nJl1l
OCYIQeCTBneHH1I HOBOBBeneHHR Torna KaK B kanHTaJIHCTHshy
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ISbiTb KpOMe lSaHkOBCKoro KpenHTa H HepacnpeneneHHa1l
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no KJIaCCHqHKaLtHH neROBHqabull QOKuaTeJIbCTBO npeshy
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npeQnpHRTHR MO)((HO HaqaTb C CHCTeMbI CTHMyJIOB K
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88
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DPHMEtlAHHSI
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18 TaM)((e
19 AA Berle GC Means The Modem Corporation and Private Property New York Macmillan1932
20 AA Alchian H Demsetz Production Infonnation Costs and Economic Organization - American Economic Review 62 5 1972
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22 S Pejovich The Economics of Property bull p 61
23 L de Alessi On the Nature and Consequences of Private and Public Enterprise - Minnesota Law Review 671 1982 E Furubotn The Long-Run Analysis of the Labor-Managed Finn - American Economic Review66 1976ppl04-123EFurubotnSPejovich Property Rights and the Behavior of the Finn in a Socialist State the Example of Yugoslavia - 8 E Furubotn S Pejovich eds The Economics of Property Rights Cambridge MA Ballinger 1974 MC Jensen W J Meckling Rights and Production
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2S MC Jensen WJ Meckling Rights and Production
26 B Ward The Firm in Illyria Market Syndicalism - American Economic Review 48 September 1958 pp 566-589
27 Employee Share Ownership Plan - npeanpHRTHe BO ananeHHH ero pa(SOTHHkoB
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30 L de Alessi On the Naturebullbull
31 MC Jensen WJ Meckling Rights and Production
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33 TaM1laquoe
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35 MC Jensen W1 Meckling Rights and Production
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38 NRosenbergLE Birdzell How the WestGrew Rich TheEconomic Transformation of the Industrial World New York Basic Books
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46 T Peters Get Innovative or Get Dead - California Management Review 33 IFallI990
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lITO OHa C03naeT 1S0nee ISnarOnpHBTHble ycnoBH1I nn1l HOshy
BOBBeneHHR H TeM paCmHp1leT BbllSop TOBaPOB npennaraeshy
MbIX oISIQeCTBY
11 3neCb KaK H npH aHanH3e pacnpeneneHH1I pecypCOB B
pamHlIHblX HHCTHTYQHOHanbHblX CTpYKTYpax 1S0nbmYlO lIaCTb
aprYMeHToB olSeCnellHBaeT TeOpH1I npaB colScTBeHHocTH
OnHaKo no HaCT01lIQerO BpeMeHH TaKOrO pona aHaJJH3 npOBOshy
nHnC1I B OCHOBHOM nn1l conOCTaBneHH1I 3KOHOMHlIeCKHX
CHCTeM a He npennpHilTHR B TO BpeMR KaK asTOP 3THX CTpOK
npHBOnHT nOBOnbl B nonb3Y npHBaTH3aQHH KaK pa3 Ha
YPOBHe npennpH1ITHR TaK KaK nOBOnbI B nOJlb3Y PblHOllshy
HoR CHCTeMbl yxlte nOCTaTOllHO OISocHOBaHbl40
npaBO Ha HOBOBBeneHHe B PbIHOllHOR CHCTeMe ropuno
mHpe HlSo TaM Ka)[(nblR HMeeT npaso 3aH1ITbC1I HOBOBBene-
HHRMH Torna KU B X0311RCTBaX COBeTCKoro THna H B IOroshy
cnaBCkoR 3J(OHOMHKe OCHOBaHHoR Ha palSOlleM caMoynshy
paBneHHH CYIQeCTBYIOT MHorOllHCneHHble OrpaHHlIeHH1I
TaKoR aKTHBHOCTH B XCT H pa(SollHe H MeHen)[(epbl rocyshy
llapCTBeHHblX npennpH1ITHR HMelOT npaso npellJlaraTb TO HnH
HHoe HOBOBBeneHHe HO He OCyIQeCTBJlBTb ero B IOrOCJIaBHH
OCyIQeCTBJl1ITb HOBOBBeneHH1I MorYT KOnJleKTHBbl IIIHpM C
pa(SollHM CaMoynpasneHHeM HO He OTnenbHbIe pa(SoTHHKH HX
EcnH Y KOro-TO n01lBJl1IeTCR Hne1l TO HeolSxonHMO ylSenHTb
KOJlJleKTHB npHHBTb ee - TYT TaKHM oISPa30M 3aTparHBaeTC1I
eIlle OnHa TeMa cpaBHHTenbHoro aHaJlH3a kOTOpaR ISYneT
paCCMOTpeHa naJJee - CKOPOCTb BBeneHH1I HOBOBBeneHHR
CnOCOiJHOCTb K HOBOBBeneHH1IM - 3T0 eIQe OllHH napashy
MeTp cpaBHeHH1I CHCTeM no neROBHlIY 3TOT nOKa3aTenb
TO)[(e Bblme B PblHOllHOR CHCTeMe JllOlSoR olSnanaTenb
xopomeR HzteH MOJl(eT nolSbITb pecypCbl Ha IIIHHaHCOBOM PblHshy
Ke no lleHe OTpa)[(alOIQeR PblHOllHYIO OlleHKY nepcneKTHB
HneH (BKnlOlIa1l PHCK HOBOBBeneHH1I) B XCT pecypcbl
pacnpeneJlRIOTCR no pemeHHIO QeHTpa H no QeHe HH)[(e Pblshy
HOllHOR - B iIIopMe cydcHnHH HnH 3aRMa non HH3KHR npolleHT
HO nonYlIHTb HX MorYT JlHmb YTBep)[(neHHble MeHen)[(epbl
rocynapcTBeHHblx npennpHRTHR H HHKTO 1S0nee B IOroshy
CJIaBHH nOnO)[(eHHe HHoe HO OHO He HaMHOrO nYlIme KOJlshy
neKTHBbl pa(SoTHHKOB IIIHpM C pa(SollHM CaMoynpaBneHHeM He
TOnbKO HMelOT npaBO Ha nonyqeHHe IIIHHaHCOBbIX pecYPCOB
HO H neRCTBHTeJlbHO MorYT HX nOnyqHTb OnHaKO 3Ta B03shy
MOJl(HOCTh Cepbe3HO OrpaHHlIeHa CaMoR npHponoR IIIHpMbl C
palSOllHM caMoynpaBJleHHeM CHCTeMa CTHMynHpoBaHH1I B
HeR oCTasn1leT CJlHmKOM ManYlO lIaCTb npHlSbIJlH nnR nanbshy
HeRmero paCmHpeHHR npOH3BOnCTBa - no OTHOCHTCR KaK K
nOnOJlHHTeJlbHbIM KAnHTaJlOBnO)[(eHHRM TaK H K KanHshy
TanOBnO)f(eHHRM B COlleTaHHH C HOBOBBeneHHeM (CM npeshy
nblllYIQHR punen) n03TOMY lSaHKOBCKa1l CHCTeMa 1IBJl1IeTCR
TaM nOllTH enHHCTBeHHblM HCTOllHHKOM cpenCTB nJl1l
OCYIQeCTBneHH1I HOBOBBeneHHR Torna KaK B kanHTaJIHCTHshy
lIeCKOR PblHOllHOR 3KOHOMHKe TaKHMH HCTOllHHkaMH MorYT
ISbiTb KpOMe lSaHkOBCKoro KpenHTa H HepacnpeneneHHa1l
npHlSbInb H BbInYCK aKQHR HnH lleHHbIX ISYMar H oISpaIQeHHe
K cneQHanbHbIM HHCTHTYTaM no iIIHHaHCHpOBaHHIO HOBOshy
84 85
BBeQeHHR K TOMY )((e (SaHKH B IOrOCJIaBHH npHHaQJIe)((aT
peCnY(SJIHKaHCKHM H MeCTHbIM opraHaM BJIaCTH a TaK)((e
npeQnpHRTHRM npHqeM nOCJIeQHHe RBJIRIOTCR rJIaBHbIMH
nOJIyqaTeJIRMH JaRMOB npH TaKHX O(SCTORTeJIbCTBaX (SaHshy
KOBCKHe KpeQHTbI BbIQaIOTCR He HCXOQR H3 B03MO)((HOro
yseJIHqeHHR npH(SbIJIH (C yqeTOM pHCKa) a HCXOQR H3 HHTeshy
peCOB BJIaQeJIbLteB (SaHKOB 3TH HHTepeCbI H O)((HQaeMbIe
OT HOBOBBeQeHHR npH(SbIJIH He O(SRJaTeJIbHO COBnaQaIOT B
oco(SeHHOCTH B YCJIOBHRX rapaHTHpOBaHHoro BbI)((HBaHHR
qHPMbI C pa(SoqHM CaMoynpaBJIeHHeM
no KJIaCCHqHKaLtHH neROBHqabull QOKuaTeJIbCTBO npeshy
HMy~ecTB npHBaTH3aLtHH npOBOQR aHaJIH3 Ha ypOBHe
npeQnpHRTHR MO)((HO HaqaTb C CHCTeMbI CTHMyJIOB K
HOBOBBeQeHHRM npH pa3JIHqHbIX qopMax co(SCTBeHHOCTH B
cpeQe PblHOqHOR 3KOHOMHKH CaMbIe CHJIbHbIe CTHMyJIbl - Y
HHQHBHQyaJIbHOrO BJIaQeJIbLta qaCTHOR qHPMbl KOTOPbIR
HMeeT npaBO Ha BeCb qHCTbIR QOXOQ H nOTOMY CTpeMHTCR
(SoJIbme Bcero npeBpaTHTb HQelO (CO(SCTBeHHYIO HJIH qblO-TO)
B npOQyKT HJIH npOLtecc napTHepCKHe qHPMbI H KOMnaHHH
C OrpaHHqeHHOR OTBeTCTBeHHOCTblO QeRCTBYIOT TaK )((e
KaK H HHQHBHQYaJIbHbIR BJIaQeJIeLt eCJIH TOqHO onpeQeJIeshy
HbI HX npaBa Ha qHCTbIR QOXOQ
HeCKOJIbKO nO-HHOMY O(SCTOHT QeJIO B aKLtHOHepHOR KOMshy
naHHH H(SO BJIaQeHHe 3QeCb HOCHT paCCeRHHbIR xapaKTep
H OTQeJIeHO OT qYHKLtHH ynpaBJIeHHR OQHaKO H 3Qecb BJIHshy
RHHe KOHKypeHTHblX PbIHKOB YCHJIHBaeT CTHMyJIbI MeHeQshy
)((epOB MeHeQ)((ep BocnpHHHMaeT cHruaJI 0 npeHM~ecTBax
HOBOBBeQeHHR QByMR nyTRMH B KpaTKOCpOqHOR nepcneKshy
THBe OH nOJIyqaeT B03Harpa)((QeHHe laquo(SOHYC) 3a nOBbImeHHe
QOXOQHOCTH qHPMbI B QOJIrocpoqHOR nepcneKTHBe OH
YJIyqmaeT B03MO)((HOCTH CBoero npOQBH)((eHHR TaK KaK
PbIHOK LteHHbIX (SYMar nOCTORHHO npOBOQHT OLteHKY npeQshy
npHRTHR no HlMeHeHHRM LteH HX aKLtHR H COOTBeTCTBYIO~e
CHruaJIbI YJIaBJIHBaIOTCR Ha pbIHKe MeHeQ)((epOB
B cnyqae MeHeQ)((epOB aKLtHOHepHblX KOMnaHHR pa(SoTaIOT
He TOJIbKO nOJIO)((HTeJIbHbIe HO H OTPHQaTeJIbHbIe CTHMYJIbI
npOQOJI)((HTeJIbHaR HH3KaR QOXOQHOCTb qHPMbl KOTopaR
Mo)((eT npOHCXOQHTb OT TRrH K pynme K cnoKoRHoR )((H3shy
HH K HeCnemHOCTH B pa(SOTe nepeBOQHTCR Ha R3bIK CHH)((eshy
HHR LteH aKLtHR qTO nOBblmaeT nepcneKTHBY nepexoQa
IIlHPMbI B QpyrHe PYleH - H nOTepH MeHeQ)((epOM pa(SoTbI B TaKHX O(SCTORTeJIbCTBaX QJIR MeHeQ)((epOB MO)((eT CTaTb
yrp030R HaJIHqHe pbIHKa TpYQa J1MeeTCR onaCHOCTb He
TOJIbKO yTpaTbI QOJI)((HOCTH TO )((e MO)((eT CJIyqHTbCR H
B OTHOmeHHH (SYQ~X xopomo OnJIaqHBaeMblX nOCTOB TalCUM
0(Spa30M COqeTaHHe CHCTeMbI CTHMYJIOB H xopomo qYHshy
KLtHOHHpylO~HX PblHKOB (pblHKa LteHHblX (SYMar pbIHKa
TpYQa QJIR MeHeQ)((epOB pbIHKa QJIR nepeKynKH qHPM)
npeBpa~aeT H aKLtHOHepHylO KOMnaHHIO B 3qqeKTHBHYIO
CTPYleTYPY BHeQpeHHR HOBOBBeQeHHR
3Toro He npOHCXOQHT OQHaKO Ha npeQnpHRTHRX
HaxoQR~XCR B O(S~ecTBeHHoR co(SCTBeHHOCTH Y MeHeQ)((epOB
3QeCb MeHbme CTHMYJIOB K HOBOBBeQeHHRM qeM K HHBecTHshy
LtHRM B pacmHpeHHe CBOHX npeQnpHRTHR B nOCJIeQHeM
CJIyqae no no MeHbmeR Mepe QaeT HM B03MO)((HOCTb CTaTb
MeHeQ)((epaMH (SOJIee KpynHoR qHPMbI H TeM nOBbICHTb H
CBoR CTaTyC H CBOH QOXOQbI B CJIyqae BHeQpeHHR HOBOshy
BBeQeHHR pa3Mepbl npeQnpHRTHR MoryT He YBeJIHqHTbCR
H BbIrOQbl MeHeQ)((epa OT HOBOBBeQeHHR (SyQYT MeHbme qeM
BbIrOQbl OT PYTHHbl cnoKoRHoR )((H3HH HecnemHoR pa(SOTbI
KpOMe Toro (SyQyqH (SlOpOKpaTHqeCKHMH HUHaqeHLtaMH
MeHeQ)((epbI npeQnpHRTHR o(S~eCTBeHHoro ceKTopa He
nOJIyqalOT BblroQ OT pbIHKa TpYQa QJIR MeHeQ)((epOB H He
nOQBepraIOTCR yrp03e CO CTOPOHbI pbIHKa nepeKYnKH qHpM
npeQCTaBJIRIO~He a(SCTpaKTHOrO BJIaQeJIbLta nOJIHTHKH
H (SlOpOKpaTbI TO)((e MaJIO JaHHTepeCOBaHbl B HOBOBBeQeshy
HHRX He CJIeQyeT QYMaTb qTO OHH JaHHTepeCOBaHbl XOTR (SbI
B nOBblmeHHH QOXOQHOCTH qHpM TeXHOJIOrHqeCKHR nporshy
pecc (KaK CHMBOJI npeCTH)((a) MO)((eT (SblTb Ba)((HOR LteJIblO
CTpeMJIeHHR K HOBOBBeQeHHRM HO 3TO He HMeeT CBR3H C
Tpe(SOBaHHRMH pbIHKa TaKoro pOQa HOBOBBeQeHHR MoryT
HHorQa Qa)((e CHH)((aTb peHTa(SeJIbHOCTb qHPM KaK CBHshy
QeTeJIbCTByeT onbIT He TOJIbKO rOCYQapCTBeHHbIX npeQnpHshy
RTHR B XCT HO H rn Ha 3anane - B TaKHX CJIyqUX pO)((Qashy
IOTCR (SeJIble CJIOHbl BpoQe CaMOJIeTa KOHKOPQ
B aTOM OTHOmeHHH qHpMa C pa(SOqHM CaMoynpaBJIeHHeM
HaxOQHTCR B He JIyqmeM nOJIO)((eHHH KaK H B CJIyqae C HHshy
BeCTHLtHRMH (CM npeQbIQ~HR pa3QeJI) pa(SOTHHK-HOBaTOp
86 87
noneH y6enHTb CBOHX TOBapHmeA no pa60Te HHnH pa60shy
qHA COBeT B OHnaeMblX BbIronax HOBOBBeneHHR npH
3TOM OH 3HaeT qTO nocne Bcex CBOHX YCHnHA OH nonyqHT
nHmb lIN OHnaeMoro B03HarpaneHHR (rne N - qHCnO
pa60THHkOB 41HpMbI) npHHqHn 3neCb COCTOHT B TOM qTO
TonbkO konnekTHB HMeeT H npaBO H B03MOHOCTb ocyshy
mecTBnRTb HOBOBBeneHHR 3TO CBRJaHO C np06neMoA COBMeCTshy
HoA co6CTBeHHOCTH H cymeCTBeHHO ocna6nReT CTHMYnbl K HOBOBOOneHHRM
OnHaKO He TOnhkO aHTHCTHMYnbl C03naJOT nOMeXH B pa60Te
41HpMbI C pa60qHM caMoynpaBneHHeM CHCTeMa npaB c06shy
CTBeHHOCTH BnHReT H Ha OHnaeMbIe CpOkH OTnaqH H Ha
xapakTep HOBOBBeneHHR npHeMneMOrO nnR TakoA 41HpMbl
BpeMeHHoA ropH30HT 3necb BeCbMa nHMHTHpOBaH pa60THHkH
npHeMnJOT B OCHOBHOM TakHe HOBOBBeneHHR CpOk OTnaqH
kOTOPblX He npeBblmaeT npennonaraeMoro nepHona pa60Tbl
Ha npennpHRTHH 60nbmHHcTBa Tex kTO npHHHMaeT 3TO
pemeHHe TakHM 06paaOM H3 06cyneHHR HCknJOqaJOTCR
TakHe HOBoBBeneHHR kOTopbIe MoryT nOBblCHTb TekymYJO
qeHY 41HpMbl HO HenpHeMneMbI no CPOKaM OTnaqH MorYT
OKaJaTbCR HenpHeMneMbIMH H TakHe HOBOBBeneHHR KOTopble
nosneKYT CHHeHHe nOxona Ha OnHoro pa60THHka
CnenyeT OTMeTHTb qTO H Y MeHenepa 41HpMbI C pa60shy
qHM caMoynpasneHHeM kOToporo Ha3HaqaeT pa60qHA COBeT
Toe MeHbme CTHMYnOB K HOBOBBeneHHRM qeM y ero Konshy
nerH H3 qaCTHOA 41HpMbI OH He MoeT Bocnonb30BaTbCR
BblrOnaMH OT HOBOBBeneHHR Ha pbIHKe MeHenepOB nepshy
CneKTHBbI nOBblmeHHR ero OnnaTbI B naHHoA 41HpMe HnH noshy
nyqeHHR nyqme OnnaqHBaeMOro nOCTa B npyroA 41HpMe He
3aBHCRT OT JaperHCTpHp0BaHHbIX H3MeHeHHA qeH aKQHA ero
41HPMbl TaK KaK TaKOrO pona nOkaJaTenH He perHCTpHpyshy
JOTCR B JOrOCnaBCKHX 41HpMax C pa60qHM CaMoynpasneHHeM
HeT TOqHO onpeneneHHbIX paaneneHHbIX H B03MOHblX nnR
nepenaqH npaB c06CTBeHHOCTH nonoeHHe MeHenepa anecb
JaBHCHT OT rOnOCOBaHHR KOnneKTHBa H OH noneH npHcnoshy
C06HTb CBOH npennoeHHR K npennOqTeHHRM Tex kTO ero
HaHHMaeT Bce 3TO nenaeT 41HpMY C pa60qHM caMoynpaBneshy
HHeM cna6blM KOHKypeHToM Ha pblHke HOBoBBeneHHA
B 41HpMe THna ESOP npaBa c06cTBeHHocTH onpeneneshy
88
Hbl H 3TO C03naeT y BnanenbqeB-pa60THHKOB CTHMynbl k
HOBoBBeneHHRM CXOnHbIe C cymecTBYJOmHMH B qaCTHOM
napTHepcTBe H B KOMnaHHH C OrpaHHqeHHOA OTBeTCTBeHshy
HOCTbJO Pa60THHKH oqeHHBaJOT kaKHe BbIrOnbI npHHeceT
HM HOBOBBeneHHe HCXOnR H3 Toro qTO BnaneHHe aKshy
qHRMH npononaeTCR H nocne npeKpameHHR pa60Tbl B 41HpMe
(BlUIJOqaR yxon Ha neHcHJO) OnHaKO HekoTopbIe HOBoBBeneshy
HHR MoryT OKaJaTbCR nnR HHX HenpHeMneMblMH HanpHMep
ecnH OHH pe3ko COKpamaJOT qHcneHHocTb pa60TaJOmHX (CM
B npenhInymeM pa3nene KOMMeHTapHA 0 cTHMYnax k HHBecshy
THQHRM)
OnHaKO MeHenepbl B kOMnaHHRX THna ESOP He Bcerna
nonyqaJOT Bbirony OT HOBOBBeneHHA TaK kaK TaKHe 41HpMbI
OTHOCRTCR k JaKPbITOMY THny HTorH HX neRTenbHOCTH He
ny6nHKYJOTCR mHpOkO H nOTOMY nocnyHOA cnHCOK TakHX
MeHenepOB He Tak qeTKO nOKYMeHTHpOBaH Kak y MeHenshy
epOB qaCTHhtX aKqHoHepHbIX KOMnaHHA KpOMe Toro noshy
n06HO MeHenepaMH 41HpM C pa60qHM caMoynpaBneHHeM
OHH 06R3aHbI npHcnoc06HTbCR k CHCTeMe CTHMynoB npHshy
eMneMoA nnR pa60THHkOB-BnanenhqeB n03TOMY y MeHenshy
epOB B 41HpMax THna ESOP cTpeMneHHe k HOBOBBeshy
neHHRM MeHbme B cpaBHeHHH C TeM kOTopoe rOTOBbI nposhy
RBHTb MeHenepht qaCTHbIX 41HpM OHH nHWb CTpeMRTCR He
nOBeCTH neno no CTonKHOBeHHR C pa60THHkaMH-BnanenhqaMH
K Cka3aHHOMY cnenYeT n06aBHTb eme OnHH napaMeTp
cpaBHHTenbHoro aHanH3a HOBOBBeneHHA HX coqHanbshy
HYJO oqeHky 3Ta oqeHKa MoeT 6bITb CnenaHa nHWb nYTeM
cpaBHeHHR B03MOHOCTeA pa3HbIX CHCTeM B aTOM OTHomeshy
HHH kanHTAnHCTHqecKaR pbIHOqHaR 3KOHOMHKa OCHOBaHHaR
Ha qaCTHOA co6CTBeHHOCTH pemHTenbHO npeBOCXOnHT Bce
npyrHe anbTepHaTHBbI Kak OTMeqaeT nenHKaH41 bull KanHshy
TanHCTHqeCKaR CHCTeMa pa3nHqaeT BblXOnRmHX Ha PblHOk
HOBOBBeneHHA rOTOBblX 41HHaHcHpoBaTb HOBOBBeneHHR
H rOTOBbIX HX nOkynaTb B HTore B KanHTAnHCTHqeckoA pbIshy
HOqHOA 3kOHOMHke 3HaqHTenbHO MeHbme maHCOB npHHRTHR
omH60qHOrO pemeHHR 0 HOBOBBeneHHH HeenH B nJ060A
HHOA AnbTepHaTHBHOA CHCTeMe r ne TaKOe paaneneHHe HnH
HenonHO (JOrocnaBCKaR 3kOHOMHka C pa60qHM caMoynpaBshy
neHHeM) HnH Bo06me He cymeCTByeT (XCT) no TeM e npHshy
89
lIHHaM KanHTaJlHCTHlIeCKaR 3KOHOMHKa npeBOcxollHT ranoshy
TeTHlIecKYJO PbIHOllHYIO 3KOHOMHKY OCHoBaHHYIO Ha rn Te
middotpblHOllHblR COuaaJlH3M
nOllBOllR HTorH MO)KHO CKa3aTb liTO cpaBHHTeJlbHblR
aHaJlH3 3KOHOMHlIeCKHX CHCTeM YKa3blBaeT Ha RBHOe npeshy
BOCXOllCTBO PbIHOllHOR CHCTeMbl nepell JlIO(SoR HepblHOllHOR
CHCTeMoR BBHIlY pacmHpeHHR cneKTpa COUHaJlbHblX B03shy
MO)KHOCTeR OTKpbIBaIOIllHXCR lIepe3 HOBOBBelleHHR CpaBshy
HHTeJlbHblR aHaJlH3 npellnpHRTHR ($HpMbI) TaK)Ke YKa3b1BaeT
liTO lIaCTHble $HpMbI O(SJlMaIOT rOpa31l0 (SoJlbmHMH CTHMYJlaMH
K HOBOBBelleHHRM TaKHM 0(Spa30M OnTHMaJlbHOR RBJlReTCR
He Jl1o($aJl PbIHOllHaR 3KOHOMHKa a KanHTaJlHCTHlIeCKoe
PblHOllHoe X03RRCTBO B KOTOPOM rOCnOllCTBYIOT lIaCTHble
$HpMbI HMeHHO 3TOT BHIl 3KOHOMHKH npeBOCXOllHT no
IlaHHOMY napaMeTpy Bce IlPyrHe HHCTHTYUHOHaJlbHble
CHCTeMbI
4gtHPMIII H rOCYIlapCTBO
npellnpHRTHR OTJlHlIaIOIllHeCR no $opMaM CO(SCTBeHshy
HOCTH HO IleRCTBYIOIllHe B paMKax PblHOllHOR 3KOHOMHKH
MO)KHO COnOCTaBHTb eIlle no OllHOMY napaMeTpY - no B03shy
IleRCTBHIO Ha HTorH HX X03RRcTBOBaHHR rOCYIlapCTBa
npellCTaBJlReMOrO nOJlHTHKaMH H (SlOpOKpaTaMH TaKoe B03shy
IleRCTBHe He(Seapa3JlHlIHO no OTHomeHHIO K $opMe co(ScTBeHshy
HOCTH B $HpMe HeO(SXOllHMO pUYMeeTCR OTMeTHTb liTO
OHO He(Se3pUJlHlIHO H k caMOMY xapaKTepy 3KOHOMHlIecshy
koR CHCTeMbl (0(S 3TOM - B KOHue pUIleJlamp) Ho rJlaBHoe
liTO HHTepecyeT Hac 31leCb - 3TO cpaBHHTeJlbHblR aHaJlH3
$HpM TakoR aHaJlH3 MO)KHO npOBeCTH C HcnOJlb30BaHHeM
Tpex THnOB aprYMeHTaUHH pupa(SOTaHHbIX npHBep)KeHshy
uaMH pa3HblX 3KOHOMHlIeCkHX TeopHR nepBblR THn apryshy
MeHTaUHH HCXOllHT Kak H (SOJlbmHHCTBO npHBelleHHblX
Bblme IlOBOllOB H3 TeopHH npaB co(ScTBeHHOCTH JlOBOllbl 3TOR
TeopHH nOllllepKHBalOT CJla(SOCTb CTHMYJlOB IlOCTH)KeHHR
(SOJlee 3$$eKTHBHbIX nOKa3ampTeJleR kOrlla pemeHHe 3ampBHCHT
OT rocYIlapCTBeHHblX HHCTPYKUHR KaK R Y)Ke nOllllepkHshy
BaJl B CaMOM HallaJle Te kTO npHHHMaeT pemeHHR OT HMeHH
rOCYIlapCTBa (SYIlb TO nOJlHTHkH HJlH (SlOpOkpaTbl He RBJlRshy
90
IOTCR CO(SCTBeHHHKaMH peCypCOB OHH HX JlHmb KOHTPOJlHshy
pYJOT H nOTOMY He nOJlYlIaJOT (SOJlbmHX Bblroll OT CBOHX peshy
meHHR HO H He CTpMalOT OT H31lep)KeK CBR3aHHblX C HHMH41
TaKaR CTpYKTypa mTpa$OBB03Harpa)KIleHHR He cnoco(Sshy
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9 L Robbins The Great
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18 TaM)((e
19 AA Berle GC Means The Modem Corporation and Private Property New York Macmillan1932
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DPHMEtlAHHSI
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101
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HaXOllHIQeRcH B otlIQeCTBeHHoR cotlcTBeHHOCTH H B $HpMe
C patlOqHM CaMoynpaBneHHeM IOrocnaBCKoro THna OllHaKO
llPyrHe XapaKTepHble qepTbi $HpMbl THna ESOP - 3aKPbITblR
xapaKTep cotlcTBeHHOCTH TeCHaH CBH3b Me)ICllY patloToR B
$HpMe H npaBOM cotlcTBeHHOCTH Ha ee aKUHH -- CHH)lCalOT
ee 3$$eKTHBHOCTb no cpaBHeHHIO C llPyrHMH $opMaMH
qaCTHOrO npellnpHHHMaTenbCTBa llo CHX nop aHanH3 pa3nHqHbIX HHCTHTYUHOHanbHblX
YCTpoRCTB $HpM npOBOllHnCH (3a HCKnlOqeHHeM OllHorO
qaCTHoro cnyqaH) B paMKax CYIQeCTBYIOIQeR PbIHOqHOR 3KOshy
HOMHKH (HnH llnH IOrocnaBCKoro npHMepa nceBllopbIHOqshy
HoR 3KOHOMHKH) llnH nonHOThI KapTHHbI 3TH peanbHO CYIQeshy
CTBYIOIQHe CTpYKTypbl cnellyeT cpaBHHTb C rOCYllapCTBeHshy
HblMH npellnpHHTHHMH B X03HRcTBe COBeTCKoro THna
OCTaBnHH B CTopOHe HCTOpHqeCKHe aprYMeHTbI KOTopble
npHBOllHT TeopHH cpaBHHTenbHblX 3KOHOMHqeCKHX CHCTeM
npH paCCMOTpeHHH npotlneM npellnpHHTHR HaXOllHIQHXshy
CH B otlIQeCTBeHHoR cotlcTBeHHOCTH B paMKax PblHOqHOR
3KOHOMHKH OTMeTHM ITO no cpaBHeHHIO C HHMH rocYllapshy
CTBeHHble npellpHHTHH B XCT CTpallalOT He TonbKO OT TPYllshy
HOCTeR CBH3aHHbIX C npotlneMOR KOHTpOnH HO H OT TpYllshy
HOCTeR onpelleneHHH nOKa3aTeneR lleHTenbHOCTH npH OTshy
CYTCTBHH pbIHKa32
TaM rlle B03Harpa)IClleHHe 3aBHCHT OT OTqeTHOCTH
nepellaHHoR no HaqanbCTBY a He OT otlbeMa ctlblTa Ha pblHKe
HeHMOBepHO B03paCTalOT 3aTpaTbI Ha yqeT npH CHCTeMe
CTHMynoB HMelOIQHXCH B KOHKYPHpYIOIQHX $HPMaX MHO)ICeshy
CTBO MaHHnynHUHR C OTqeTHOCTblO 0 BbmYCKe np0llYKUHH
KOTopble OCYIQeCTBnHIOT npellnpHHTHH B XCT llOKnallbiBaH
o 3aBblmeHHOM no cpaBHeHHIO C peanbHOCTblO otlbeMe
BbmYCKa CTaHOBHTCH nonpoCTY HeB03MO)ICHbIM liCTOpHqeCshy
KH BO BCHKOM cnyqae CO BpeMeHH C03llaHHH HanorOBoR
CHCTeMbl Y npellnpHHHMaTeneR CKopee B03HHKaeT HCKYshy
meHHe 3aHH)lCaTb OT1leTbi He)ICenH 3aBbimaTb qTOtlbl nnaTHTb
MeHbme HanorOB llnH TaKHX $HPM B03MO)ICHbl nHmb MaHHshy
nynHUHH CKa)ICeM YXYllmeHHH KaqeCTBa npOllYKUHH tle3
COOTBeTCTBYIOIQerO CHH)lCeHHH ueH Ha Hee HO 3TO B03MO)ICHO
nHmb B KpaTKOM BpeMeHHOM ropH30HTe nalleHHe nOTpeshy
tlHTenbCKoR oueHKH CHH)lCeHHe ctlblTa npHtlblneR H COOTshy
BeTCTBeHHO ueH Ha aKUHH MorYT npHBeCTH K nepeshy
TpHCKe npaBneHHH (tle30THoCHTenbHO K TOMY npOH30RlleT
nH npH 3TOM npHXOll HOBOR rpynnbl aKUHOHepOB) -- H Bce
3TO HeH3tle)ICHO nOnO)ICHT KOHeu npaKTHKe xapaKTepHoR
llnH XCT
npH OTCYTCTBHH pblHKa H3llep)ICKH yqeTa paCTYT
tlecnpellenbHO TeOpeTHqecKH HeotlxOllHM TaKoR MexaHH3M
KOHTponH KOTOPbIR cnocotIeH npOBepHTb Bce BHllbl npollYKshy
UHH Ha Bcex npeanpHHTHHX -- cpaBHHBaTb otlbeM nposhy
llYKUHH (nnaHOBbIR OTqeTHbIR H $aKTHqeCKHR) CTPYKTYPY
BblnYCKa np0llYKUHH cnnaHOBYIO OTqeTHYIO H $aKTHqecKYIO)
KaqeCTBO Bcex $aKTopOB npOH3BOllCTBa (BKnlOqaH TeXHOshy
nOrHqeCKHe TpetloBaHHH) H Tll Ii Bce 3TO -- anH MHnnHOshy
HOB BHllOB np0llYKUHH (B CCCP -- npHMepHo 20-25 MHnnHshy
OHOB) 3aTpaTbI Ha TaKoR KOHTponb He MO)ICeT BbIllep)ICaTb
HHKaKoe X03JIRCTBO OrpOMHbl aa)ICe paCXOllbl Ha qaCTHqHblR
KOHTponb TaKoro pOlla TaK B CCCP B KOHTpone 3a Kaqeshy
CTBOM np0llYKUHH TonbKO nOTpetlHTenbcKHX TOBaPOB 3aHHTO
OKono 1 MnH qenOBeK Ii HecMOTpH Ha apMHIO KOHTpOnepoB
Ha Bcex 3Tanax OT npellnpHHTHH ll0 P03HHqHOR ToproBnH
KaqeCTBO COBeTCKHX nOTpetlHTenbcKHx TOBapOB oTBpashy
THTenbHO -- OHH BepoHTHo xYllmHe B MHpe33
HeTPYllHo nOHHTb ITO B XCT lla)ICe ecnH pecypcbl
pacnpelleneHbl 3$$eKTHBHO (ITO MO)ICeT npOH30RTH CKopee
cnyqaRHO He)ICenH no nnaHyn ) Y npellnpHHTHR He nOHBshy
nHeTCH cTHMynoB K aOCTH)lCeHHIO MaKCHManbHoro BbIshy
nYCKa npOllYKUHH npHHUHn HeHceHa H MeKnHHra3Sbull ynoshy
MHHYTblR B Haqane HaCTOHIQerO pa3llena HaXOllHT ll0shy
nonHHTenbHoe nOllTBep)IClleHHe npH aHanH3e patloTbl
npellnpHHTHR B XCT nOCKonbKY CHCTeMa CTHMYnOB notly)ICshy
llaeT HX nonpocTY llaBaTb 3aBblmeHHbie OTqeTbl 0 BbmYCKe
npOllYKUHH a He CTpeMHTbCH K peanbHOMY YBenHqeHHIO
BblnYCKa OHH nOCTOHHHO HcnblTbIBalOT lle$HUHT pecypCOB
HY)lCHOrO THna B HY)lCHOM MeCTe H B HY)lCHOe BPeMH li3-3a
OTCYTCTBHH KOHKypeHTHblX PbIHKOB Ha rOCYllapCTBeHHblX
82 83
npennpH1ITH1IX pe3KO B03paCTalOT nOCpellHHlIeCKHe paCXOllbI
TAKHM 01Spa30M C TOllKH 3peHH1I TeOpHH npennpH1ITH1I B XCT
MOryT ISbITb npHlIHCJIeHbI K caMOM HH3KOMY KJlaccy HHCTHshy
TYQHOHanbHbIX CTpYKTYP HenOCTaTKH KOTOPbIX BbITeKaIOT
H3 npolSneM KOHTpOn1l XapaKTepHblX KaK nn1l OTnenbHblX
npennpH1ITHR TaK nn1l CHCTeMbI B QenOM I1HbIMH CnOBaMH Ha
npennpH1ITH1IX B XCT nOnHTHKa YKJIOHeHH1I palSOTHHKOB IIIHpMbl
COlleTaeTCilCnOnHTHKORYKJIOHeHH1InpennpHilTH1InOOTHOmeHHIO
K OISIQeCTBY KaK alSCTpaKTHoM snanenbQyM
CpaBHHTenbHAR 3tfJllleKTHBHoCTamp npennpHRTHR H COllHshy
aJlbHhle B03MOHOCTH
3111111eKTHBHocTb pa3HbIX THnOB npennpHHHMaTenbCKHX
HHCTHTyTOB cnenyeT CpaBHHBaTb He TonbKO B y3KHX PaMKax
npolSneMbI pacnpeneneHH1I pecypcoB H no cnocolSHOCTH K
YBenHlIeHHIO BbmycKa onHHaKOBoR nponYKQHH37bull Bnashy
rOCOCT01lHHe MO)[(eT H3MepBTbC1I He TonbKO 1S0nbmHM olSaeshy
MOM TOBapOB H ycnyr Toro )[(e accopTHMeHTa HO H no
mHpOTe B03MO)[(HOCTeR BbllSopa31 HnH no BbIOKeHeHY no
pacmHpeHHIO cneKTpa COHanbHblX B03MO)[(HOCTeR3t OnHa
CHCTeMa HHCTHTYTOB npeBocXOnHT npyrYlO He nOTOM (HnH He
TOnbKO nOTOMYgt lITO OHa npennaraeT 1S0nbme ToR )[(e CaMoR
npOnYKQHH Te BcnenCTBHe nYllmeR palSOTbl MexaHH3shy
Ma pacnpeneneHH1I a nOTOMY (HnH TaK)[(e H nOTOMY)
lITO OHa C03naeT 1S0nee ISnarOnpHBTHble ycnoBH1I nn1l HOshy
BOBBeneHHR H TeM paCmHp1leT BbllSop TOBaPOB npennaraeshy
MbIX oISIQeCTBY
11 3neCb KaK H npH aHanH3e pacnpeneneHH1I pecypCOB B
pamHlIHblX HHCTHTYQHOHanbHblX CTpYKTYpax 1S0nbmYlO lIaCTb
aprYMeHToB olSeCnellHBaeT TeOpH1I npaB colScTBeHHocTH
OnHaKo no HaCT01lIQerO BpeMeHH TaKOrO pona aHaJJH3 npOBOshy
nHnC1I B OCHOBHOM nn1l conOCTaBneHH1I 3KOHOMHlIeCKHX
CHCTeM a He npennpHilTHR B TO BpeMR KaK asTOP 3THX CTpOK
npHBOnHT nOBOnbl B nonb3Y npHBaTH3aQHH KaK pa3 Ha
YPOBHe npennpH1ITHR TaK KaK nOBOnbI B nOJlb3Y PblHOllshy
HoR CHCTeMbl yxlte nOCTaTOllHO OISocHOBaHbl40
npaBO Ha HOBOBBeneHHe B PbIHOllHOR CHCTeMe ropuno
mHpe HlSo TaM Ka)[(nblR HMeeT npaso 3aH1ITbC1I HOBOBBene-
HHRMH Torna KU B X0311RCTBaX COBeTCKoro THna H B IOroshy
cnaBCkoR 3J(OHOMHKe OCHOBaHHoR Ha palSOlleM caMoynshy
paBneHHH CYIQeCTBYIOT MHorOllHCneHHble OrpaHHlIeHH1I
TaKoR aKTHBHOCTH B XCT H pa(SollHe H MeHen)[(epbl rocyshy
llapCTBeHHblX npennpH1ITHR HMelOT npaso npellJlaraTb TO HnH
HHoe HOBOBBeneHHe HO He OCyIQeCTBJlBTb ero B IOrOCJIaBHH
OCyIQeCTBJl1ITb HOBOBBeneHH1I MorYT KOnJleKTHBbl IIIHpM C
pa(SollHM CaMoynpasneHHeM HO He OTnenbHbIe pa(SoTHHKH HX
EcnH Y KOro-TO n01lBJl1IeTCR Hne1l TO HeolSxonHMO ylSenHTb
KOJlJleKTHB npHHBTb ee - TYT TaKHM oISPa30M 3aTparHBaeTC1I
eIlle OnHa TeMa cpaBHHTenbHoro aHaJlH3a kOTOpaR ISYneT
paCCMOTpeHa naJJee - CKOPOCTb BBeneHH1I HOBOBBeneHHR
CnOCOiJHOCTb K HOBOBBeneHH1IM - 3T0 eIQe OllHH napashy
MeTp cpaBHeHH1I CHCTeM no neROBHlIY 3TOT nOKa3aTenb
TO)[(e Bblme B PblHOllHOR CHCTeMe JllOlSoR olSnanaTenb
xopomeR HzteH MOJl(eT nolSbITb pecypCbl Ha IIIHHaHCOBOM PblHshy
Ke no lleHe OTpa)[(alOIQeR PblHOllHYIO OlleHKY nepcneKTHB
HneH (BKnlOlIa1l PHCK HOBOBBeneHH1I) B XCT pecypcbl
pacnpeneJlRIOTCR no pemeHHIO QeHTpa H no QeHe HH)[(e Pblshy
HOllHOR - B iIIopMe cydcHnHH HnH 3aRMa non HH3KHR npolleHT
HO nonYlIHTb HX MorYT JlHmb YTBep)[(neHHble MeHen)[(epbl
rocynapcTBeHHblx npennpHRTHR H HHKTO 1S0nee B IOroshy
CJIaBHH nOnO)[(eHHe HHoe HO OHO He HaMHOrO nYlIme KOJlshy
neKTHBbl pa(SoTHHKOB IIIHpM C pa(SollHM CaMoynpaBneHHeM He
TOnbKO HMelOT npaBO Ha nonyqeHHe IIIHHaHCOBbIX pecYPCOB
HO H neRCTBHTeJlbHO MorYT HX nOnyqHTb OnHaKO 3Ta B03shy
MOJl(HOCTh Cepbe3HO OrpaHHlIeHa CaMoR npHponoR IIIHpMbl C
palSOllHM caMoynpaBJleHHeM CHCTeMa CTHMynHpoBaHH1I B
HeR oCTasn1leT CJlHmKOM ManYlO lIaCTb npHlSbIJlH nnR nanbshy
HeRmero paCmHpeHHR npOH3BOnCTBa - no OTHOCHTCR KaK K
nOnOJlHHTeJlbHbIM KAnHTaJlOBnO)[(eHHRM TaK H K KanHshy
TanOBnO)f(eHHRM B COlleTaHHH C HOBOBBeneHHeM (CM npeshy
nblllYIQHR punen) n03TOMY lSaHKOBCKa1l CHCTeMa 1IBJl1IeTCR
TaM nOllTH enHHCTBeHHblM HCTOllHHKOM cpenCTB nJl1l
OCYIQeCTBneHH1I HOBOBBeneHHR Torna KaK B kanHTaJIHCTHshy
lIeCKOR PblHOllHOR 3KOHOMHKe TaKHMH HCTOllHHkaMH MorYT
ISbiTb KpOMe lSaHkOBCKoro KpenHTa H HepacnpeneneHHa1l
npHlSbInb H BbInYCK aKQHR HnH lleHHbIX ISYMar H oISpaIQeHHe
K cneQHanbHbIM HHCTHTYTaM no iIIHHaHCHpOBaHHIO HOBOshy
84 85
BBeQeHHR K TOMY )((e (SaHKH B IOrOCJIaBHH npHHaQJIe)((aT
peCnY(SJIHKaHCKHM H MeCTHbIM opraHaM BJIaCTH a TaK)((e
npeQnpHRTHRM npHqeM nOCJIeQHHe RBJIRIOTCR rJIaBHbIMH
nOJIyqaTeJIRMH JaRMOB npH TaKHX O(SCTORTeJIbCTBaX (SaHshy
KOBCKHe KpeQHTbI BbIQaIOTCR He HCXOQR H3 B03MO)((HOro
yseJIHqeHHR npH(SbIJIH (C yqeTOM pHCKa) a HCXOQR H3 HHTeshy
peCOB BJIaQeJIbLteB (SaHKOB 3TH HHTepeCbI H O)((HQaeMbIe
OT HOBOBBeQeHHR npH(SbIJIH He O(SRJaTeJIbHO COBnaQaIOT B
oco(SeHHOCTH B YCJIOBHRX rapaHTHpOBaHHoro BbI)((HBaHHR
qHPMbI C pa(SoqHM CaMoynpaBJIeHHeM
no KJIaCCHqHKaLtHH neROBHqabull QOKuaTeJIbCTBO npeshy
HMy~ecTB npHBaTH3aLtHH npOBOQR aHaJIH3 Ha ypOBHe
npeQnpHRTHR MO)((HO HaqaTb C CHCTeMbI CTHMyJIOB K
HOBOBBeQeHHRM npH pa3JIHqHbIX qopMax co(SCTBeHHOCTH B
cpeQe PblHOqHOR 3KOHOMHKH CaMbIe CHJIbHbIe CTHMyJIbl - Y
HHQHBHQyaJIbHOrO BJIaQeJIbLta qaCTHOR qHPMbl KOTOPbIR
HMeeT npaBO Ha BeCb qHCTbIR QOXOQ H nOTOMY CTpeMHTCR
(SoJIbme Bcero npeBpaTHTb HQelO (CO(SCTBeHHYIO HJIH qblO-TO)
B npOQyKT HJIH npOLtecc napTHepCKHe qHPMbI H KOMnaHHH
C OrpaHHqeHHOR OTBeTCTBeHHOCTblO QeRCTBYIOT TaK )((e
KaK H HHQHBHQYaJIbHbIR BJIaQeJIeLt eCJIH TOqHO onpeQeJIeshy
HbI HX npaBa Ha qHCTbIR QOXOQ
HeCKOJIbKO nO-HHOMY O(SCTOHT QeJIO B aKLtHOHepHOR KOMshy
naHHH H(SO BJIaQeHHe 3QeCb HOCHT paCCeRHHbIR xapaKTep
H OTQeJIeHO OT qYHKLtHH ynpaBJIeHHR OQHaKO H 3Qecb BJIHshy
RHHe KOHKypeHTHblX PbIHKOB YCHJIHBaeT CTHMyJIbI MeHeQshy
)((epOB MeHeQ)((ep BocnpHHHMaeT cHruaJI 0 npeHM~ecTBax
HOBOBBeQeHHR QByMR nyTRMH B KpaTKOCpOqHOR nepcneKshy
THBe OH nOJIyqaeT B03Harpa)((QeHHe laquo(SOHYC) 3a nOBbImeHHe
QOXOQHOCTH qHPMbI B QOJIrocpoqHOR nepcneKTHBe OH
YJIyqmaeT B03MO)((HOCTH CBoero npOQBH)((eHHR TaK KaK
PbIHOK LteHHbIX (SYMar nOCTORHHO npOBOQHT OLteHKY npeQshy
npHRTHR no HlMeHeHHRM LteH HX aKLtHR H COOTBeTCTBYIO~e
CHruaJIbI YJIaBJIHBaIOTCR Ha pbIHKe MeHeQ)((epOB
B cnyqae MeHeQ)((epOB aKLtHOHepHblX KOMnaHHR pa(SoTaIOT
He TOJIbKO nOJIO)((HTeJIbHbIe HO H OTPHQaTeJIbHbIe CTHMYJIbI
npOQOJI)((HTeJIbHaR HH3KaR QOXOQHOCTb qHPMbl KOTopaR
Mo)((eT npOHCXOQHTb OT TRrH K pynme K cnoKoRHoR )((H3shy
HH K HeCnemHOCTH B pa(SOTe nepeBOQHTCR Ha R3bIK CHH)((eshy
HHR LteH aKLtHR qTO nOBblmaeT nepcneKTHBY nepexoQa
IIlHPMbI B QpyrHe PYleH - H nOTepH MeHeQ)((epOM pa(SoTbI B TaKHX O(SCTORTeJIbCTBaX QJIR MeHeQ)((epOB MO)((eT CTaTb
yrp030R HaJIHqHe pbIHKa TpYQa J1MeeTCR onaCHOCTb He
TOJIbKO yTpaTbI QOJI)((HOCTH TO )((e MO)((eT CJIyqHTbCR H
B OTHOmeHHH (SYQ~X xopomo OnJIaqHBaeMblX nOCTOB TalCUM
0(Spa30M COqeTaHHe CHCTeMbI CTHMYJIOB H xopomo qYHshy
KLtHOHHpylO~HX PblHKOB (pblHKa LteHHblX (SYMar pbIHKa
TpYQa QJIR MeHeQ)((epOB pbIHKa QJIR nepeKynKH qHPM)
npeBpa~aeT H aKLtHOHepHylO KOMnaHHIO B 3qqeKTHBHYIO
CTPYleTYPY BHeQpeHHR HOBOBBeQeHHR
3Toro He npOHCXOQHT OQHaKO Ha npeQnpHRTHRX
HaxoQR~XCR B O(S~ecTBeHHoR co(SCTBeHHOCTH Y MeHeQ)((epOB
3QeCb MeHbme CTHMYJIOB K HOBOBBeQeHHRM qeM K HHBecTHshy
LtHRM B pacmHpeHHe CBOHX npeQnpHRTHR B nOCJIeQHeM
CJIyqae no no MeHbmeR Mepe QaeT HM B03MO)((HOCTb CTaTb
MeHeQ)((epaMH (SOJIee KpynHoR qHPMbI H TeM nOBbICHTb H
CBoR CTaTyC H CBOH QOXOQbI B CJIyqae BHeQpeHHR HOBOshy
BBeQeHHR pa3Mepbl npeQnpHRTHR MoryT He YBeJIHqHTbCR
H BbIrOQbl MeHeQ)((epa OT HOBOBBeQeHHR (SyQYT MeHbme qeM
BbIrOQbl OT PYTHHbl cnoKoRHoR )((H3HH HecnemHoR pa(SOTbI
KpOMe Toro (SyQyqH (SlOpOKpaTHqeCKHMH HUHaqeHLtaMH
MeHeQ)((epbI npeQnpHRTHR o(S~eCTBeHHoro ceKTopa He
nOJIyqalOT BblroQ OT pbIHKa TpYQa QJIR MeHeQ)((epOB H He
nOQBepraIOTCR yrp03e CO CTOPOHbI pbIHKa nepeKYnKH qHpM
npeQCTaBJIRIO~He a(SCTpaKTHOrO BJIaQeJIbLta nOJIHTHKH
H (SlOpOKpaTbI TO)((e MaJIO JaHHTepeCOBaHbl B HOBOBBeQeshy
HHRX He CJIeQyeT QYMaTb qTO OHH JaHHTepeCOBaHbl XOTR (SbI
B nOBblmeHHH QOXOQHOCTH qHpM TeXHOJIOrHqeCKHR nporshy
pecc (KaK CHMBOJI npeCTH)((a) MO)((eT (SblTb Ba)((HOR LteJIblO
CTpeMJIeHHR K HOBOBBeQeHHRM HO 3TO He HMeeT CBR3H C
Tpe(SOBaHHRMH pbIHKa TaKoro pOQa HOBOBBeQeHHR MoryT
HHorQa Qa)((e CHH)((aTb peHTa(SeJIbHOCTb qHPM KaK CBHshy
QeTeJIbCTByeT onbIT He TOJIbKO rOCYQapCTBeHHbIX npeQnpHshy
RTHR B XCT HO H rn Ha 3anane - B TaKHX CJIyqUX pO)((Qashy
IOTCR (SeJIble CJIOHbl BpoQe CaMOJIeTa KOHKOPQ
B aTOM OTHOmeHHH qHpMa C pa(SOqHM CaMoynpaBJIeHHeM
HaxOQHTCR B He JIyqmeM nOJIO)((eHHH KaK H B CJIyqae C HHshy
BeCTHLtHRMH (CM npeQbIQ~HR pa3QeJI) pa(SOTHHK-HOBaTOp
86 87
noneH y6enHTb CBOHX TOBapHmeA no pa60Te HHnH pa60shy
qHA COBeT B OHnaeMblX BbIronax HOBOBBeneHHR npH
3TOM OH 3HaeT qTO nocne Bcex CBOHX YCHnHA OH nonyqHT
nHmb lIN OHnaeMoro B03HarpaneHHR (rne N - qHCnO
pa60THHkOB 41HpMbI) npHHqHn 3neCb COCTOHT B TOM qTO
TonbkO konnekTHB HMeeT H npaBO H B03MOHOCTb ocyshy
mecTBnRTb HOBOBBeneHHR 3TO CBRJaHO C np06neMoA COBMeCTshy
HoA co6CTBeHHOCTH H cymeCTBeHHO ocna6nReT CTHMYnbl K HOBOBOOneHHRM
OnHaKO He TOnhkO aHTHCTHMYnbl C03naJOT nOMeXH B pa60Te
41HpMbI C pa60qHM caMoynpaBneHHeM CHCTeMa npaB c06shy
CTBeHHOCTH BnHReT H Ha OHnaeMbIe CpOkH OTnaqH H Ha
xapakTep HOBOBBeneHHR npHeMneMOrO nnR TakoA 41HpMbl
BpeMeHHoA ropH30HT 3necb BeCbMa nHMHTHpOBaH pa60THHkH
npHeMnJOT B OCHOBHOM TakHe HOBOBBeneHHR CpOk OTnaqH
kOTOPblX He npeBblmaeT npennonaraeMoro nepHona pa60Tbl
Ha npennpHRTHH 60nbmHHcTBa Tex kTO npHHHMaeT 3TO
pemeHHe TakHM 06paaOM H3 06cyneHHR HCknJOqaJOTCR
TakHe HOBoBBeneHHR kOTopbIe MoryT nOBblCHTb TekymYJO
qeHY 41HpMbl HO HenpHeMneMbI no CPOKaM OTnaqH MorYT
OKaJaTbCR HenpHeMneMbIMH H TakHe HOBOBBeneHHR KOTopble
nosneKYT CHHeHHe nOxona Ha OnHoro pa60THHka
CnenyeT OTMeTHTb qTO H Y MeHenepa 41HpMbI C pa60shy
qHM caMoynpasneHHeM kOToporo Ha3HaqaeT pa60qHA COBeT
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101
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101
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DPHMEtlAHHSI
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9796
DPHMEtlAHHSI
1H Demsetz Infonnation and Efficiency Another Viewpoint - Jourshynal of Law and Economics 121 1969
2 D Lavoie Rivalry and Central Planning The Socialist Calculation Debate Reconsidered Cambridge Cambridge University Press 1985
3 E Heimann Mehrwert und Gemeinwirtschaft Kritische und positive Beitraege zur Theorie des Sozialismus Berlin Robert Engelmann 1922
4 L von Mises Neue Beitraege zum Problem der sozialistischen Wirtschaftsrechnung Archiv fuer Sozialwissenschaftund Sozialpolitik 51 1923 pp 488-500 L von Mises Socialism An Economic and Sociological Analysis London Jonathan Cape 1936
5 L von Mises Socialism pp 137-138
6 S Pejovich The Economics of Property Rights Toward a Theory of Comparative Systems Dordrecht Kluver 1990 p 33
7 L Robbins The Great Depression New York Macmillan 1934
8 F von Hayek The Use of Knowledge in Society - American Economic Review 351945 pp 519-530
9 L Robbins The Great
10 F von Hayek ThePresentStateoftheDebate 1935 DepeneqaTaHO 8 Individualism and World Order Chicago University of Chicago Press 1948p 176
11 F von Hayek The Use of Knowledge in Society Economic Review 35 1945 pp 519-530
12 D Lavoie Rivalry and Central
13 JE Elliot Comparative Economic Systems Englewood Cliffs NJ Prentice-Hall 1973 p 211
98
14 RS Pryke Public Enterprise in Practice London MacGibbon and Kee 1971 RS Pryke The Nationalised Industries Policies and Perforshymance since 1968 London MacGibbon and Kee 1981
15 A Shonfield Modern Capitalism The Changing Balance of Private and Public Power London Oxford University Press 1965
16 T Eggertsson Economic Behaviour and Institutions Cambridge Cambridge University Press 1990
17 MC Jensen WJMeckling Rights and Production Functions An Application to Labor-Managed Finns and CO-detennination - Journal of Business 5241979
18 TaM)((e
19 AA Berle GC Means The Modem Corporation and Private Property New York Macmillan1932
20 AA Alchian H Demsetz Production Infonnation Costs and Economic Organization - American Economic Review 62 5 1972
21 MCJensen WJ Meckling TheoryoftheFinn Managerial Behavshyior Agency Costs and Ownership Structure - Journal of Financial Economics 3 4 1976
22 S Pejovich The Economics of Property bull p 61
23 L de Alessi On the Nature and Consequences of Private and Public Enterprise - Minnesota Law Review 671 1982 E Furubotn The Long-Run Analysis of the Labor-Managed Finn - American Economic Review66 1976ppl04-123EFurubotnSPejovich Property Rights and the Behavior of the Finn in a Socialist State the Example of Yugoslavia - 8 E Furubotn S Pejovich eds The Economics of Property Rights Cambridge MA Ballinger 1974 MC Jensen W J Meckling Rights and Production
24 T Eggertsson Economic Behavior
99
2S MC Jensen WJ Meckling Rights and Production
26 B Ward The Firm in Illyria Market Syndicalism - American Economic Review 48 September 1958 pp 566-589
27 Employee Share Ownership Plan - npeanpHRTHe BO ananeHHH ero pa(SOTHHkoB
28 EF Fama MCJensen Organizational Fonns and Investment Decisions -Journal of Financial Economics 14 11985
29 MC Jensen W1 Meckling Rights and Productionmiddot S Pejovich The Economics of Propertybull
30 L de Alessi On the Naturebullbull
31 MC Jensen WJ Meckling Rights and Production
32 J Szymanderski J Winiecki Dissipation de la rente managers et travailleurs dans Ie systeme sovietique les implications pour un changement du systeme - Revue detudes comparatives EastshyOuest20I1989
33 TaM1laquoe
34 J Winiecki Distorted Macroeconomics of Central Planning -Banca Nazionale del Lavoro Quarterly Review 157 June 1986
35 MC Jensen W1 Meckling Rights and Production
36 AA Alchian H Demsetz Production Infonnation Costs
37 S Pejovich FreedomPropertyRights and Innovation in Socialism - Cato Journal 1984 pp427-446
38 NRosenbergLE Birdzell How the WestGrew Rich TheEconomic Transformation of the Industrial World New York Basic Books
39 S Pejovich Freedom Property Rights
100
40 S Pejovich The Incentives to Innovate Under Alternative Property Rights - Cato Journal 1984 pp 427446 S Pejovich A Property Rights Analysis of the Yugoslav Miracle Center for Free Enterprise Texas AampM University mimeo 1989 S Pejovich Freedom Property Rights
41 P Pelikan Private Enterprise vs Government Control An Organizashytionally Dynamic Comparison Stockholm The Industrial Institute for Economic and Social Research Working paper mimeo January 1985
42 JM BuchananRD Tollisoneds Theory ofPublic Choice Political Applications of Economics Ann Arbor MI University of Michigan Press 1972
43 G TUllock The Politics of Bureaucracy Washington DC Public Mfairs Press 1965 G Tullock ed The Vote Motive London Institute of Economics Mfairs 1976 S Pejovich The Economics of Property Rights
44 M Olson TheLogic ofCollective Action Public Goods and aTheory ofGroups Cambridge MA Harvard University Press 1965 M Olson Evaluating Perfonnance in the Public Sector - B MMoss ed The Measurement of Economic and Social Perfonnance Studies in Income and Wealth Vol 38 New York Columbia Press 1973 M Olson Toward a More General Theory of Governmental Structure shyAmerican Economic Review 76 May 1986 pp 120-125
45 J Kornai Resource-Constrained versus Demand-Constrained Sysshytems -Econometrica 47 4 1979
46 T Peters Get Innovative or Get Dead - California Management Review 33 IFallI990
47 D Lavoie National Economic Planning What is Left Cambridge MA Ballinger 1985
48 G Eliasson Technological Competition and Trade in the Experimenshytally Organized Economy Stockholm Industrial Institute for Economic and Social Research Research Report No 32 1987
101
DPHMEtlAHHSI
1H Demsetz Infonnation and Efficiency Another Viewpoint - Jourshynal of Law and Economics 121 1969
2 D Lavoie Rivalry and Central Planning The Socialist Calculation Debate Reconsidered Cambridge Cambridge University Press 1985
3 E Heimann Mehrwert und Gemeinwirtschaft Kritische und positive Beitraege zur Theorie des Sozialismus Berlin Robert Engelmann 1922
4 L von Mises Neue Beitraege zum Problem der sozialistischen Wirtschaftsrechnung Archiv fuer Sozialwissenschaftund Sozialpolitik 51 1923 pp 488-500 L von Mises Socialism An Economic and Sociological Analysis London Jonathan Cape 1936
5 L von Mises Socialism pp 137-138
6 S Pejovich The Economics of Property Rights Toward a Theory of Comparative Systems Dordrecht Kluver 1990 p 33
7 L Robbins The Great Depression New York Macmillan 1934
8 F von Hayek The Use of Knowledge in Society - American Economic Review 351945 pp 519-530
9 L Robbins The Great
10 F von Hayek ThePresentStateoftheDebate 1935 DepeneqaTaHO 8 Individualism and World Order Chicago University of Chicago Press 1948p 176
11 F von Hayek The Use of Knowledge in Society Economic Review 35 1945 pp 519-530
12 D Lavoie Rivalry and Central
13 JE Elliot Comparative Economic Systems Englewood Cliffs NJ Prentice-Hall 1973 p 211
98
14 RS Pryke Public Enterprise in Practice London MacGibbon and Kee 1971 RS Pryke The Nationalised Industries Policies and Perforshymance since 1968 London MacGibbon and Kee 1981
15 A Shonfield Modern Capitalism The Changing Balance of Private and Public Power London Oxford University Press 1965
16 T Eggertsson Economic Behaviour and Institutions Cambridge Cambridge University Press 1990
17 MC Jensen WJMeckling Rights and Production Functions An Application to Labor-Managed Finns and CO-detennination - Journal of Business 5241979
18 TaM)((e
19 AA Berle GC Means The Modem Corporation and Private Property New York Macmillan1932
20 AA Alchian H Demsetz Production Infonnation Costs and Economic Organization - American Economic Review 62 5 1972
21 MCJensen WJ Meckling TheoryoftheFinn Managerial Behavshyior Agency Costs and Ownership Structure - Journal of Financial Economics 3 4 1976
22 S Pejovich The Economics of Property bull p 61
23 L de Alessi On the Nature and Consequences of Private and Public Enterprise - Minnesota Law Review 671 1982 E Furubotn The Long-Run Analysis of the Labor-Managed Finn - American Economic Review66 1976ppl04-123EFurubotnSPejovich Property Rights and the Behavior of the Finn in a Socialist State the Example of Yugoslavia - 8 E Furubotn S Pejovich eds The Economics of Property Rights Cambridge MA Ballinger 1974 MC Jensen W J Meckling Rights and Production
24 T Eggertsson Economic Behavior
99
2S MC Jensen WJ Meckling Rights and Production
26 B Ward The Firm in Illyria Market Syndicalism - American Economic Review 48 September 1958 pp 566-589
27 Employee Share Ownership Plan - npeanpHRTHe BO ananeHHH ero pa(SOTHHkoB
28 EF Fama MCJensen Organizational Fonns and Investment Decisions -Journal of Financial Economics 14 11985
29 MC Jensen W1 Meckling Rights and Productionmiddot S Pejovich The Economics of Propertybull
30 L de Alessi On the Naturebullbull
31 MC Jensen WJ Meckling Rights and Production
32 J Szymanderski J Winiecki Dissipation de la rente managers et travailleurs dans Ie systeme sovietique les implications pour un changement du systeme - Revue detudes comparatives EastshyOuest20I1989
33 TaM1laquoe
34 J Winiecki Distorted Macroeconomics of Central Planning -Banca Nazionale del Lavoro Quarterly Review 157 June 1986
35 MC Jensen W1 Meckling Rights and Production
36 AA Alchian H Demsetz Production Infonnation Costs
37 S Pejovich FreedomPropertyRights and Innovation in Socialism - Cato Journal 1984 pp427-446
38 NRosenbergLE Birdzell How the WestGrew Rich TheEconomic Transformation of the Industrial World New York Basic Books
39 S Pejovich Freedom Property Rights
100
40 S Pejovich The Incentives to Innovate Under Alternative Property Rights - Cato Journal 1984 pp 427446 S Pejovich A Property Rights Analysis of the Yugoslav Miracle Center for Free Enterprise Texas AampM University mimeo 1989 S Pejovich Freedom Property Rights
41 P Pelikan Private Enterprise vs Government Control An Organizashytionally Dynamic Comparison Stockholm The Industrial Institute for Economic and Social Research Working paper mimeo January 1985
42 JM BuchananRD Tollisoneds Theory ofPublic Choice Political Applications of Economics Ann Arbor MI University of Michigan Press 1972
43 G TUllock The Politics of Bureaucracy Washington DC Public Mfairs Press 1965 G Tullock ed The Vote Motive London Institute of Economics Mfairs 1976 S Pejovich The Economics of Property Rights
44 M Olson TheLogic ofCollective Action Public Goods and aTheory ofGroups Cambridge MA Harvard University Press 1965 M Olson Evaluating Perfonnance in the Public Sector - B MMoss ed The Measurement of Economic and Social Perfonnance Studies in Income and Wealth Vol 38 New York Columbia Press 1973 M Olson Toward a More General Theory of Governmental Structure shyAmerican Economic Review 76 May 1986 pp 120-125
45 J Kornai Resource-Constrained versus Demand-Constrained Sysshytems -Econometrica 47 4 1979
46 T Peters Get Innovative or Get Dead - California Management Review 33 IFallI990
47 D Lavoie National Economic Planning What is Left Cambridge MA Ballinger 1985
48 G Eliasson Technological Competition and Trade in the Experimenshytally Organized Economy Stockholm Industrial Institute for Economic and Social Research Research Report No 32 1987
101
2S MC Jensen WJ Meckling Rights and Production
26 B Ward The Firm in Illyria Market Syndicalism - American Economic Review 48 September 1958 pp 566-589
27 Employee Share Ownership Plan - npeanpHRTHe BO ananeHHH ero pa(SOTHHkoB
28 EF Fama MCJensen Organizational Fonns and Investment Decisions -Journal of Financial Economics 14 11985
29 MC Jensen W1 Meckling Rights and Productionmiddot S Pejovich The Economics of Propertybull
30 L de Alessi On the Naturebullbull
31 MC Jensen WJ Meckling Rights and Production
32 J Szymanderski J Winiecki Dissipation de la rente managers et travailleurs dans Ie systeme sovietique les implications pour un changement du systeme - Revue detudes comparatives EastshyOuest20I1989
33 TaM1laquoe
34 J Winiecki Distorted Macroeconomics of Central Planning -Banca Nazionale del Lavoro Quarterly Review 157 June 1986
35 MC Jensen W1 Meckling Rights and Production
36 AA Alchian H Demsetz Production Infonnation Costs
37 S Pejovich FreedomPropertyRights and Innovation in Socialism - Cato Journal 1984 pp427-446
38 NRosenbergLE Birdzell How the WestGrew Rich TheEconomic Transformation of the Industrial World New York Basic Books
39 S Pejovich Freedom Property Rights
100
40 S Pejovich The Incentives to Innovate Under Alternative Property Rights - Cato Journal 1984 pp 427446 S Pejovich A Property Rights Analysis of the Yugoslav Miracle Center for Free Enterprise Texas AampM University mimeo 1989 S Pejovich Freedom Property Rights
41 P Pelikan Private Enterprise vs Government Control An Organizashytionally Dynamic Comparison Stockholm The Industrial Institute for Economic and Social Research Working paper mimeo January 1985
42 JM BuchananRD Tollisoneds Theory ofPublic Choice Political Applications of Economics Ann Arbor MI University of Michigan Press 1972
43 G TUllock The Politics of Bureaucracy Washington DC Public Mfairs Press 1965 G Tullock ed The Vote Motive London Institute of Economics Mfairs 1976 S Pejovich The Economics of Property Rights
44 M Olson TheLogic ofCollective Action Public Goods and aTheory ofGroups Cambridge MA Harvard University Press 1965 M Olson Evaluating Perfonnance in the Public Sector - B MMoss ed The Measurement of Economic and Social Perfonnance Studies in Income and Wealth Vol 38 New York Columbia Press 1973 M Olson Toward a More General Theory of Governmental Structure shyAmerican Economic Review 76 May 1986 pp 120-125
45 J Kornai Resource-Constrained versus Demand-Constrained Sysshytems -Econometrica 47 4 1979
46 T Peters Get Innovative or Get Dead - California Management Review 33 IFallI990
47 D Lavoie National Economic Planning What is Left Cambridge MA Ballinger 1985
48 G Eliasson Technological Competition and Trade in the Experimenshytally Organized Economy Stockholm Industrial Institute for Economic and Social Research Research Report No 32 1987
101