Jon Krause

Невыполненное обещание создания глобальных стандартов управления

Кембридж. Следом за глобальным финансовым крахом прошлого года сегодня появилось широко распространённое признание того, что недостаточная защита инвесторов может значительно повлиять на развитие фондовых рынков и экономик, а также на работу отдельных фирм. Усиленный акцент на улучшение корпоративного управления создал спрос на надежные стандарты оценки управления акционерными компаниями открытого типа во всем мире. Чиновники Всемирного банка и финансовые экономисты приложили значительные усилия для разработки таких стандартов.

Идея создания единых мировых критериев для оценки управления акционерных компаний открытого типа, несомненно, привлекательна. Как инвесторы, так и компании открытого типа работают во все более интегрируемом глобальном рынке капитала. Однако поиск единых глобальных стандартов управления проходит в неправильном направлении.

За последнее десятилетие глобальные стандарты управления, в основном разработанные в США, все больше использовались, чтобы оценить, как страны и компании во всем мире защищают миноритарных инвесторов. Однако эти усилия не предусмотрели фундаментальных различий между контролируемыми компаниями, у которых есть контролирующий акционер, и фирмами, в собственности которых участвуют многие, у которых нет такого контролера. В то время как фирмы общественной собственности доминируют на рынках капитала в США и Великобритании, контролируемые компании доминируют в большинстве других стран.

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