• Keine Ergebnisse gefunden

Corporateboards:practicesandtendenciesforBulgaria Nedelchev,Miroslav MunichPersonalRePEcArchive

N/A
N/A
Protected

Academic year: 2022

Aktie "Corporateboards:practicesandtendenciesforBulgaria Nedelchev,Miroslav MunichPersonalRePEcArchive"

Copied!
8
0
0

Wird geladen.... (Jetzt Volltext ansehen)

Volltext

(1)

Corporate boards: practices and tendencies for Bulgaria

Nedelchev, Miroslav

17 February 2015

Online at https://mpra.ub.uni-muenchen.de/64546/

MPRA Paper No. 64546, posted 25 May 2015 05:43 UTC

(2)

ɄɈɊɉɈɊȺɌɂȼɇɂȻɈɊȾɈȼȿɉɊȺɄɌɂɄɂɂɌȿɇȾȿɇɐɂɂɁȺ ȻɔɅȽȺɊɂə

ɞɨɰɞ - ɪɆɢɪɨɫɥɚɜɇɟɞɟɥɱɟɜ

1

CORPORATE BOARDS: PRACTICES AND TENDENCIES FOR BULGARIA

assoc. prof. Miroslav Nedelchev, PhD

2

Ɋɟɡɸɦɟɉɪɚɤɬɢɤɢɬɟɧɚɤɨɪɩɨɪɚɬɢɜɧɢɬɟɛɨɪɞɨɜɟɫɚɮɨɤɭɫɧɚɜɧɢɦɚɧɢɟ ɡɚ ɚɧɚɥɢɡɚɬɨɪɢɬɟ ɩɪɟɡ ɩɨɫɥɟɞɧɨɬɨ ɞɟɫɟɬɢɥɟɬɢɟ Ⱦɢɧɚɦɢɤɚɬɚ ɜɴɜ ɜɴɧɲɧɚɬɚ ɫɪɟɞɚ ɨɩɪɟɞɟɥɢ ɧɟɨɛɯɨɞɢɦɨɫɬɬɚ ɨɬ ɪɟɮɨɪɦɢ ɜ ɤɨɪɩɨɪɚɬɢɜɧɨɬɨ ɭɩɪɚɜɥɟɧɢɟ ɂɧɫɬɢɬɭɰɢɨɧɚɥɧɢɹɬɧɚɬɢɫɤɢɧɨɜɢɬɟɢɡɢɫɤɜɚɧɢɹɧɚɡɚɢɧɬɟɪɟɫɨɜɚɧɢɬɟɥɢɰɚɤɴɦ ɩɪɚɤɬɢɤɢɬɟ ɧɚ ɛɨɪɞɨɜɟɬɟ ɩɪɨɦɟɧɢɯɚ ɬɪɚɞɢɰɢɢ ɢ ɟɜɨɥɸɰɢɹ ɤɴɦ ɤɨɧɜɟɪɝɟɧɰɢɹ ɢ ɪɟɜɨɥɸɰɢɹ

Ʉɥɸɱɨɜɢɞɭɦɢɤɨɪɩɨɪɚɬɢɜɧɨɭɩɪɚɜɥɟɧɢɟɤɨɪɩɨɪɚɬɢɜɧɢɛɨɪɞɨɜɟ

Resume: Practices of corporate boards are the focus of researchers in the last decade. The dynamics of external environment determined necessity of reforms in corporate governance. Institutional pressure and new requirements of stakeholders to practices of boards have changed traditions and evolution to convergence and revolution.

Keywords:corporate governance, corporate boards JEL:G34

ɉɨɫɥɟɞɧɨɬɨɞɟɫɟɬɢɥɟɬɢɟɨɱɟɪɬɚɤɨɪɩɨɪɚɬɢɜɧɨɬɨɭɩɪɚɜɥɟɧɢɟɤɚɬɨɨɫɧɨɜɟɧ ɮɚɤɬɨɪ ɡɚ ɪɚɡɜɢɬɢɟɬɨ ɧɚ ɢɤɨɧɨɦɢɤɚɬɚ ɢ ɨɛɳɟɫɬɜɨɬɨ Ⱦɨɩɭɫɧɚɬɢɬɟ ɝɪɟɲɤɢ ɨɬ ɤɨɦɩɚɧɢɢɬɟ ɨɩɪɟɞɟɥɢɯɚ ɩɨɪɟɞɢɰɚ ɨɬ ɦɟɪɤɢ ɡɚ ɩɨɞɨɛɪɹɜɚɧɟ ɧɚ ɩɪɚɤɬɢɤɢɬɟ ɩɨ ɤɨɪɩɨɪɚɬɢɜɧɨ ɭɩɪɚɜɥɟɧɢɟ ȼɴɡɧɢɤɧɚɥɨ ɤɚɬɨ ɜɴɬɪɟɲɟɧ ɜɴɩɪɨɫ ɤɨɪɩɨɪɚɬɢɜɧɨɬɨ ɭɩɪɚɜɥɟɧɢɟɫɬɚɧɚɜɨɞɟɳɚɬɨɱɤɚɜɞɧɟɜɧɢɹɪɟɞɧɚɜɴɧɲɧɢɚɧɚɥɢɡɚɬɨɪɢ

ȼɡɚɢɦɨɨɬɧɨɲɟɧɢɹɬɚ Äɩɪɢɧɰɢɩɚɥɚɝɟɧɬ³ ɞɨɜɟɞɨɯɚ ɞɨ ɫɴɜɩɚɞɚɧɟ ɧɚ ɢɧɬɟɪɟɫɢɬɟ ɦɟɠɞɭ ɬɹɯ ɡɚ ɨɬɱɢɬɚɧɟ ɧɚ ɤɪɚɬɤɨɫɪɨɱɧɚ ɩɟɱɚɥɛɚ ɇɟɡɚɜɢɫɢɦɨ ɨɬ

ɧɚɥɢɱɢɟɬɨ ɧɚ ɜɴɧɲɧɢ ɭɱɚɫɬɧɢɰɢ ɜ ɤɨɪɩɨɪɚɬɢɜɧɨɬɨ ɭɩɪɚɜɥɟɧɢɟ ɜɴɬɪɟɲɧɢɬɟ ɩɪɨɛɥɟɦɢ ɫɟ ɩɪɟɧɟɫɨɯɚ ɢ ɩɨɟɯɚ ɨɬ ɜɴɧɲɧɚɬɚ ɫɪɟɞɚ ɉɪɟɞɩɪɢɟɬɢɬɟ ɞɟɣɫɬɜɢɹ ɡɚ ɩɨɞɨɛɪɹɜɚɧɟɧɚɩɪɚɤɬɢɤɢɬɟɩɨɤɨɪɩɨɪɚɬɢɜɧɨɭɩɪɚɜɥɟɧɢɟɡɚɫɹɝɚɬɜɫɢɱɤɢɭɱɚɫɬɧɢɰɢ ɚɤɰɢɨɧɟɪɢɪɴɤɨɜɨɞɢɬɟɥɢɧɚɞɡɨɪɧɢɨɪɝɚɧɢɢɟɤɫɩɟɪɬɫɱɟɬɨɜɨɞɢɬɟɥɢ

ɋɴɜɪɟɦɟɧɧɢɬɟ ɩɪɨɟɤɬɢ ɩɨ ɤɨɪɩɨɪɚɬɢɜɧɨ ɭɩɪɚɜɥɟɧɢɟ ɛɟɥɟɠɚɬ ɧɚɣɝɨɥɟɦɢ ɩɪɨɦɟɧɢ ɜ ɩɪɚɤɬɢɤɢɬɟ ɧɚ ɛɨɪɞɨɜɟɬɟ ɂɧɫɬɢɬɭɰɢɨɧɚɥɧɢɹɬ ɧɚɬɢɫɤ ɢ ɨɫɴɜɪɟɦɟɧɟɧɢɬɟ

Ɇɟɠɞɭɧɚɪɨɞɧɨɜɢɫɲɟɛɢɡɧɟɫɭɱɢɥɢɳɟ

,QWHUQDWLRQDO%XVLQHVV6FKRRO

(3)

ɢɡɢɫɤɜɚɧɢɹ ɧɚ ɡɚɢɧɬɟɪɟɫɨɜɚɧɢɬɟ ɥɢɰɚ ɞɨɜɟɞɨɯɚ ɟɜɨɥɸɰɢɹɬɚ ɜ ɩɪɚɤɬɢɤɢɬɟ ɞɨ ɪɟɜɨɥɸɰɢɹ > @ ɇɚɰɢɨɧɚɥɧɢɬɟ ɬɪɚɞɢɰɢɢ ɨɬɱɢɬɚɬ ɧɚɣɝɨɥɹɦɚ ɞɢɧɚɦɢɤɚ ɤɴɦ ɤɨɧɜɟɪɝɟɧɰɢɹ ɡɚ ɩɪɚɤɬɢɤɢɬɟ ɧɚ ɛɨɪɞɨɜɟɬɟ ɫɴɫɬɚɜ ɧɚ ɛɨɪɞɚ ɡɚɜɢɲɟɧɨ ɧɢɜɨ ɧɚ ɚɧɝɚɠɢɪɚɧɨɫɬ ɧɚ ɡɚɢɧɬɟɪɟɫɨɜɚɧɢɬɟ ɥɢɰɚ ɢ ɭɩɪɚɜɥɟɧɢɟ ɧɚ ɪɢɫɤɚ ȼɴɧɲɧɢ ɮɚɤɬɨɪɢ ɨɤɚɡɚɯɚ ɤɨɦɛɢɧɢɪɚɧ ɟɮɟɤɬ ɱɪɟɡ ɢɡɢɫɤɜɚɧɢɹ ɡɚ ɭɜɟɥɢɱɟɧɚ ɩɪɨɡɪɚɱɧɨɫɬ ɡɚ ɦɟɧɢɞɠɴɪɫɤɢɬɟɩɪɚɤɬɢɤɢɢɚɤɬɢɜɧɚɪɟɝɭɥɚɬɨɪɧɚɫɪɟɞɚ

Ȼɨɪɞɴɬ ɟ ɟɞɢɧ ɨɬ ɧɚɣɜɚɠɧɢɬɟ ɦɟɯɚɧɢɡɦɢ ɜ ɫɴɜɪɟɦɟɧɧɢɬɟ ɤɨɦɩɚɧɢɢ Ɉɩɪɟɞɟɥɹɧɟɬɨ ɧɚ ɩɪɚɤɬɢɤɢɬɟ ɧɚ ɛɨɪɞɚ ɟ ɨɬ ɨɫɨɛɟɧɨ ɡɧɚɱɟɧɢɟ ɡɚ ɪɚɡɜɢɬɢɟɬɨ ɧɚ ɤɨɦɩɚɧɢɹɬɚ ɩɨɪɚɞɢ ɪɚɡɩɨɥɚɝɚɧɟ ɧɚ ɩɪɚɜɚɬɚ ɩɪɢ ɜɡɟɦɚɧɟ ɧɚ ɪɟɲɟɧɢɹ ɢ ɨɬɝɨɜɨɪɧɨɫɬɬɚɡɚɪɟɲɟɧɢɹɬɚ

ȼ ɤɨɪɩɨɪɚɬɢɜɧɨɬɨ ɭɩɪɚɜɥɟɧɢɟ ɛɨɪɞɨɜɟɬɟ ɢɡɩɴɥɧɹɜɚɬ ɞɜɨɣɫɬɜɟɧɚ ɪɨɥɹ Ɉɬ ɟɞɧɚ ɫɬɪɚɧɚ ɫ ɰɟɥ ɡɚɳɢɬɚ ɢɧɬɟɪɟɫɢɬɟ ɧɚ ɤɨɦɩɚɧɢɹɬɚ ɛɨɪɞɨɜɟɬɟ ɭɩɪɚɠɧɹɜɚɬ ɤɨɧɬɪɨɥ ɜɴɪɯɭ ɢɡɩɴɥɧɢɬɟɥɧɨɬɨ ɪɴɤɨɜɨɞɫɬɜɨ Ɉɬ ɞɪɭɝɚ ɫɬɪɚɧɚ ɬɟ ɢɡɜɴɪɲɜɚɬ ɩɪɟɞɫɬɚɜɢɬɟɥɧɚɮɭɧɤɰɢɹɦɟɠɞɭɤɨɦɩɚɧɢɹɬɚɢɧɟɣɧɚɬɚɜɴɧɲɧɚɫɪɟɞɚ>@

ȼɚɠɧɨɫɬɬɚ ɧɚ ɤɨɪɩɨɪɚɬɢɜɧɢɬɟ ɛɨɪɞɨɜɟ ɪɟɮɥɟɤɬɢɪɚ ɜ ɲɢɪɨɤɚ ɚɤɚɞɟɦɢɱɧɚ ɥɢɬɟɪɚɬɭɪɚ ɢ ɜɴɜ ɮɨɤɭɫɚ ɧɚ ɧɚɞɡɨɪɧɢɬɟ ɨɪɝɚɧɢ ɉɨɪɚɞɢ ɞɨɫɬɴɩɧɨɫɬ ɧɚ ɞɚɧɧɢ ɢ ɫɪɚɜɧɢɦɨɫɬɩɨɝɨɥɹɦɚɬɚɱɚɫɬɨɬɥɢɬɟɪɚɬɭɪɚɬɚɡɚɛɨɪɞɨɜɟɬɟɟɤɨɧɰɟɧɬɪɢɪɚɧɚɜɴɪɯɭ ɢɡɫɥɟɞɜɚɧɢɹɡɚɤɨɦɩɚɧɢɢɨɬɋȺɓɊɚɡɧɨɨɛɪɚɡɢɟɬɨɧɚɩɪɚɤɬɢɤɢɧɚɛɨɪɞɚɜȿɋɟɨɬ ɨɫɨɛɟɧɨ ɡɧɚɱɟɧɢɟ ɡɚɳɨɬɨ ɦɧɨɝɨ ɨɬ ɪɟɝɭɥɚɬɨɪɧɢɬɟ ɩɪɟɞɥɨɠɟɧɢɹ ɜɴɡɧɢɤɧɚɯɚ ɫ ɧɚɱɚɥɨɬɨ ɧɚ ɤɪɢɡɚɬɚ ɡɚ ɩɪɨɦɹɧɚ ɜ ɩɪɚɤɬɢɤɢɬɟ ɧɚ ɟɜɪɨɩɟɣɫɤɢ ɛɨɪɞɨɜɟ ɇɚɣ ɚɦɛɢɰɢɨɡɧɢɬɟ ɩɪɟɞɥɨɠɟɧɢɹ ɫɚ ɧɚɫɨɱɟɧɢ ɤɴɦ ɪɟɮɨɪɦɢɪɚɧɟ ɧɚ ɛɨɪɞɨɜɟɬɟ ɧɚ ɮɢɧɚɧɫɨɜɢ ɩɨɫɪɟɞɧɢɰɢ ɩɨɪɚɞɢ ɬɹɯɧɚɬɚ ɡɧɚɱɢɦɨɫɬ ɡɚ ɪɚɡɜɢɬɢɟɬɨ ɧɚ ɢɤɨɧɨɦɢɤɚɬɚɢ ɨɛɳɟɫɬɜɨɬɨ

ɉɪɚɤɬɢɤɢɬɟɩɨɤɨɪɩɨɪɚɬɢɜɧɨɭɩɪɚɜɥɟɧɢɟɫɚɪɚɡɧɨɨɛɪɚɡɧɢɧɚɦɚɤɪɨɧɢɜɨɬɴɣ ɤɚɤɬɨ ɨɬɞɟɥɧɢɬɟ ɞɴɪɠɚɜɢ ɫɟ ɪɚɡɥɢɱɚɜɚɬ ɩɨ ɬɟɪɢɬɨɪɢɚɥɧɨ ɭɫɬɪɨɣɫɬɜɨ ɠɢɡɧɟɧ ɫɬɚɧɞɚɪɬ ɩɨɥɢɬɢɱɟɫɤɚ ɢ ɢɤɨɧɨɦɢɱɟɫɤɚ ɢɫɬɨɪɢɹ ȼ ɢɤɨɧɨɦɢɱɟɫɤɨɬɨ ɪɚɡɜɢɬɢɟ ɛɨɪɞɨɜɟɬɟ ɫɬɚɜɚɬ ɭɱɚɫɬɧɢɰɢ ɜ ɤɨɪɩɨɪɚɬɢɜɧɨɬɨ ɭɩɪɚɜɥɟɧɢɟ ɫɥɟɞɫɬɜɢɟ ɧɚ ɩɪɟɯɜɴɪɥɹɧɟ ɧɚ ɤɨɧɬɪɨɥɧɢɬɟ ɩɪɚɜɚ ɨɬ ɞɴɪɠɚɜɚɬɚ ɧɚ ɚɤɰɢɨɧɟɪɢɬɟ ɉɪɨɦɹɧɚɬɚ ɜ ɨɬɝɨɜɨɪɧɨɫɬɬɚɧɚɚɤɰɢɨɧɟɪɢɬɟɨɬɧɟɨɝɪɚɧɢɱɟɧɚɞɨɨɝɪɚɧɢɱɟɧɚɢɦɞɚɜɚɨɫɧɨɜɚɧɢɟɞɚ ɭɱɚɫɬɜɚɬ ɩɪɢ ɢɡɛɨɪɚ ɧɚ ɫɴɫɬɚɜɚ ɢ ɩɪɚɤɬɢɤɢɬɟ ɧɚ ɛɨɪɞɨɜɟɬɟ ɉɴɪɜɢɬɟ ɛɨɪɞɨɜɟ ɡɚɞɴɥɠɢɬɟɥɧɨ ɫɚ ɜɤɥɸɱɜɚɥɢ ɫɚɦɨ ɚɤɰɢɨɧɟɪɢ ɧɚ ɤɨɦɩɚɧɢɹɬɚ ɤɚɬɨ ɫɴɫɬɚɜɴɬ ɟ ɨɬɪɚɡɹɜɚɥ ɫɴɨɬɧɨɲɟɧɢɟɬɨ ɦɟɠɞɭ ɦɚɠɨɪɢɬɚɪɧɢɬɟ ɚɤɰɢɨɧɟɪɢ ɂɫɬɨɪɢɱɟɫɤɚɬɚ ɞɢɧɚɦɢɤɚ ɧɚ ɤɨɪɩɨɪɚɬɢɜɧɨɬɨ ɭɩɪɚɜɥɟɧɢɟ ɩɪɨɮɟɫɢɨɧɚɥɢɡɢɪɚ ɞɟɣɧɨɫɬɬɚ ɧɚ ɛɨɪɞɨɜɟɬɟ ɤɨɹɬɨ ɫɟ ɩɪɟɯɜɴɪɥɹ ɧɚ ɜɴɧɲɧɢ ɥɢɰɚ ɡɚ ɨɝɪɚɧɢɱɟɧ ɩɟɪɢɨɞɨɬ ɟɞɧɚ ɝɨɞɢɧɚɡɚɚɧɝɥɨɫɚɤɫɨɧɫɤɢɬɟɞɴɪɠɚɜɢɢɨɬɩɟɬɝɨɞɢɧɢɡɚɤɨɧɬɢɧɟɧɬɚɥɧɢɬɟɞɴɪɠɚɜɢ

ɉɪɟɡ ɤɴɫɧɨɬɨ ɋɪɟɞɧɨɜɟɤɨɜɢɟ ɜ ȿɜɪɨɩɚ ɫɟ ɧɚɥɚɝɚ ɩɪɚɤɬɢɤɚɬɚ ɡɚ ɤɨɥɟɤɬɢɜɧɨ ɭɩɪɚɜɥɟɧɢɟ Ɍɨ ɜɤɥɸɱɜɚɥɨ ɩɪɟɞɫɬɚɜɢɬɟɥɧɨ ɬɹɥɨ ɡɚ ɨɛɳɟɫɬɜɟɧɢ ɢɧɫɬɢɬɭɰɢɢ ± ɝɪɚɞɫɤɢɫɴɜɟɬɢɩɚɪɥɚɦɟɧɬɢɩɪɨɮɟɫɢɨɧɚɥɧɢɝɢɥɞɢɢɰɴɪɤɜɚɬɚ>@Ɂɚɱɥɟɧɨɜɟɧɚ ɩɪɟɞɫɬɚɜɢɬɟɥɧɨɬɨ ɬɹɥɨ ɫɟ ɢɡɛɢɪɚɥɢ ɫɨɰɢɚɥɧɨɡɧɚɱɢɦɢ ɥɢɰɚ ɫ ɝɨɥɹɦ ɨɛɳɟɫɬɜɟɧ ɚɜɬɨɪɢɬɟɬ

ɉɴɪɜɢɬɟ ɤɨɪɩɨɪɚɬɢɜɧɢ ɫɬɪɭɤɬɭɪɢ ɨɬ ɏ9ȱ ɜ ɤɨɪɚɛɨɩɥɚɜɚɬɟɥɧɢ ɝɢɥɞɢɢ ɬɴɪɝɨɜɫɤɢɛɚɧɤɢɢɧɹɤɨɢɮɨɪɦɢɧɚɦɨɧɨɩɨɥɡɚɢɡɜɴɪɲɜɚɧɟɧɚɜɴɧɲɧɚɬɴɪɝɨɜɢɹɧɟ ɜɤɥɸɱɜɚɥɢɛɨɪɞɨɜɟɢɫɟɭɩɪɚɜɥɹɜɚɥɢɨɬɪɴɤɨɜɨɞɢɬɟɥɢɧɚɪɢɱɚɧɢɝɭɛɟɪɧɚɬɨɪɢɌɟɫɚ

(4)

ɢɦɚɥɢ ɩɪɚɜɚ ɧɚɞɯɜɴɪɥɹɳɢ ɫɴɜɪɟɦɟɧɧɢɬɟ ɩɪɟɞɫɬɚɜɢ ɡɚ ɪɴɤɨɜɨɞɢɬɟɥɢ ɜɤɥ ɞɢɩɥɨɦɚɬɢɱɟɫɤɢ ɢɦɭɧɢɬɟɬ ɢ ɧɹɤɨɢ ɞɚɧɴɱɧɢ ɩɪɚɜɨɦɨɳɢɹ ɇɚɡɧɚɱɚɜɚɧɟɬɨ ɢɦ ɫɚ ɢɡɜɴɪɲɜɚɥɨ ɫ ɭɤɚɡ ɧɚ ɫɸɡɟɪɟɧɚ ɨɤɬɪɨɢɪɚɧɟ Ɍɟɯɧɢɬɟ ɮɭɧɤɰɢɢ ɫɚ ɨɝɪɚɧɢɱɟɧɢ ɞɨ ɨɩɪɟɞɟɥɹɧɟɧɚɬɴɪɝɨɜɫɤɢɬɟɦɪɟɠɢɡɚɩɥɚɜɚɧɟɢɞɨɫɬɚɜɤɢ

ɉɪɨɦɢɲɥɟɧɚɬɚ ɪɟɜɨɥɸɰɢɹ ɏ9ȱȱȱ ɜ ɩɪɨɦɟɧɹ ɩɪɚɤɬɢɤɢɬɟ ɧɚ ɛɨɪɞɚ ɩɨɪɚɞɢ ɪɚɡɪɚɫɬɜɚɧɟ ɧɚ ɞɟɣɧɨɫɬɬɚ ɧɚ ɤɨɦɩɚɧɢɢɬɟ ɋɟɦɟɣɧɚɬɚ ɫɨɛɫɬɜɟɧɨɫɬ ɩɪɟɞɨɫɬɚɜɹ ɭɩɪɚɜɥɟɧɢɟɬɨ ɧɚ ɜɴɧɲɧɢ ɡɚ ɮɚɦɢɥɢɹɬɚ ɥɢɰɚ ɤɚɬɨ ɧɚɣɱɟɫɬɨ ɫɚ ɛɢɥɢ ɢɡɛɢɪɚɧɢ ɫɥɭɠɢɬɟɥɢ ɫ ɧɚɣɝɨɥɹɦ ɫɬɚɠ ɜ ɤɨɦɩɚɧɢɹɬɚ Ʉɨɧɬɪɨɥɴɬ ɜɴɪɯɭ ɪɴɤɨɜɨɞɢɬɟɥɢɬɟ ɫɟ ɢɡɜɴɪɲɜɚɥ ɨɬ ɫɟɦɟɣɧɢɹ ɛɨɪɞ ɢɥɢ ɨɬ ɩɪɨɮɟɫɢɨɧɚɥɧɢ ɝɢɥɞɢɢ ɤɨɢɬɨ ɦɨɝɚɬ ɞɚ ɫɟ ɩɪɢɟɦɚɬɤɚɬɨɩɪɟɞɲɟɫɬɜɟɧɢɤɧɚɞɜɭɫɬɟɩɟɧɧɚɬɚɫɢɫɬɟɦɚɧɚɭɩɪɚɜɥɟɧɢɟ

ȼ ɤɪɚɹ ɧɚ ɏȱɏ ɜ ɜ ɠɟɥɟɡɨɩɴɬɧɢɬɟ ɤɨɦɩɚɧɢɢ ɫɟ ɭɫɬɚɧɨɜɹɜɚ ɟɞɧɨɫɬɟɩɟɧɧɚɬɚ ɫɢɫɬɟɦɚ ɧɚ ɭɩɪɚɜɥɟɧɢɟ Ɂɚ ɟɮɟɤɬɢɜɧɨ ɭɩɪɚɜɥɟɧɢɟ ɧɚ ɫɨɛɫɬɜɟɧɨɫɬɬɚ ɫɚ ɛɢɥɢ ɧɚɡɧɚɱɚɜɚɧɢ ɞɨɤɚɡɚɧɢ ɢɧɞɭɫɬɪɢɚɥɰɢ ɢ ɬɴɪɝɨɜɰɢ Ʉɨɧɬɪɨɥɴɬ ɜɴɪɯɭ ɛɨɪɞɚ ɫɟ ɭɩɪɚɠɧɹɜɚɥ ɨɬ ɭɩɴɥɧɨɦɨɳɟɧɢ ɨɬ ɞɴɪɠɚɜɚɬɚ ɥɢɰɚ ɫ ɰɟɥ ɫɩɚɡɜɚɧɟ ɧɚ ɮɢɫɤɚɥɧɚɬɚ ɞɢɫɰɢɩɥɢɧɚ ɂɫɬɨɪɢɹɬɚ ɨɬɛɟɥɹɡɜɚ ɧɚɥɢɱɢɟ ɧɚ ɤɨɧɮɥɢɤɬ ɦɟɠɞɭ ɢɧɬɟɪɟɫɢɬɟ ɧɚ ɨɬɞɟɥɧɚɤɨɦɩɚɧɢɹɢɢɧɬɟɪɟɫɢɬɟɧɚɨɛɳɟɫɬɜɨɬɨɁɚɩɨɱɜɚɧɚɡɧɚɱɚɜɚɧɟɧɚɤɨɧɬɪɨɥɟɧ ɨɪɝɚɧ ɱɟɫɬɨ ɧɚɪɢɱɚɧ ÄɄɨɦɢɬɟɬ³ ɡɚ ɫɴɜɟɬɜɚɧɟ ɧɚ ɛɨɪɞɚ ɩɪɢ ɜɡɟɦɚɧɟ ɧɚ ɪɟɲɟɧɢɟ ɢ ɪɟɜɢɡɢɹɜɴɪɯɭɞɨɤɭɦɟɧɬɚɰɢɹɬɚɢɧɟɞɜɢɠɢɦɚɬɚɫɨɛɫɬɜɟɧɨɫɬ

Ɉɬ ɝ ɞɴɪɠɚɜɧɚɬɚ ɩɨɥɢɬɢɤɚ ɧɚ Ƚɟɪɦɚɧɢɹ ɡɚ ɤɨɧɤɭɪɟɧɰɢɹ ɫ Ɏɪɚɧɰɢɹ ɢ Ⱥɧɝɥɢɹ ɭɬɜɴɪɠɞɚɜɚ ɞɜɭɫɬɟɩɟɧɧɚɬɚ ɫɢɫɬɟɦɚ Ɍɹ ɜɤɥɸɱɜɚ ɭɩɪɚɜɢɬɟɥɟɧ ɫɴɜɟɬ ɫɴɫɬɚɜɟɧ ɨɬ ɢɧɞɭɫɬɪɢɚɥɰɢ ɢ ɧɚɞɡɨɪɟɧ ɫɴɜɟɬ ɜ ɤɨɣɬɨ ɭɱɚɫɬɜɚɥɢ ɩɪɟɞɫɬɚɜɢɬɟɥɢ ɧɚ ɞɴɪɠɚɜɧɢ ɨɪɝɚɧɢ ɤɨɧɬɪɨɥɢɪɚɳɢ ɚɤɰɢɨɧɟɪɢ ɢ ɤɪɟɞɢɬɢɪɚɳɢ ɛɚɧɤɢ Ɏɭɧɤɰɢɹɬɚ ɧɚ ɞɴɪɠɚɜɚɬɚɤɚɬɨɦɨɧɢɬɨɪɧɚɞɤɨɦɩɚɧɢɢɬɟɟɩɪɟɯɜɴɪɥɟɧɚɧɚɧɚɞɡɨɪɧɢɹɫɴɜɟɬɤɨɣɬɨ ɨɬ ɝ ɡɚɩɨɱɜɚ ɞɚ ɧɚɡɧɚɱɚɜɚ ɱɥɟɧɨɜɟɬɟ ɧɚ ɭɩɪɚɜɢɬɟɥɧɢɹ ɫɴɜɟɬ ɜɦɟɫɬɨ ɨɛɳɨɬɨ ɫɴɛɪɚɧɢɟɧɚɚɤɰɢɨɧɟɪɢɬɟ

ȼ ɛɴɥɝɚɪɫɤɚɬɚ ɢɫɬɨɪɢɹ ɤɨɪɩɨɪɚɬɢɜɧɢɬɟ ɛɨɪɞɨɜɟ ɛɟɥɟɠɚɬ ɫɜɨɟɬɨ ɧɚɱɚɥɨ ɨɬ ɩɴɪɜɢɹ Ɍɴɪɝɨɜɫɤɢ ɡɚɤɨɧ ɝ ȿɞɢɧɫɬɜɟɧɚɬɚ ɫɢɫɬɟɦɚ ɧɚ ɭɩɪɚɜɥɟɧɢɟ ɛɢɥɚ ɞɜɭɫɬɟɩɟɧɧɚɬɚɨɛɳɨɫɴɛɪɚɧɢɟɧɚɚɤɰɢɨɧɟɪɢɬɟɩɪɨɜɟɪɢɬɟɥɟɧɫɴɜɟɬɢɭɩɪɚɜɢɬɟɥɟɧ ɫɴɜɟɬɍɱɚɫɬɢɟɬɨɧɚɦɚɠɨɪɢɬɚɪɧɢɚɤɰɢɨɧɟɪɢɜɭɩɪɚɜɢɬɟɥɧɢɫɴɜɟɬɢɫɟɨɫɴɳɟɫɬɜɹɥɨ ɧɚ ɩɪɨɩɨɪɰɢɨɧɚɥɟɧ ɩɪɢɧɰɢɩ ɫ ɦɨɬɢɜɚ ɡɚ ɩɨɝɨɥɹɦɚ ɡɚɢɧɬɟɪɟɫɨɜɚɧɨɫɬ ɩɪɢ ɭɩɪɚɜɥɟɧɢɟɬɨ ȼ ɪɟɞɤɢ ɫɥɭɱɚɢ ɦɢɧɨɪɢɬɚɪɧɢ ɚɤɰɢɨɧɟɪɢ ɫɟ ɹɜɹɜɚɥɢ ɱɥɟɧɨɜɟ ɧɚ ɭɩɪɚɜɢɬɟɥɧɢɫɴɜɟɬɢɩɪɟɞɢɦɧɨɡɚɪɚɞɢɟɤɫɩɟɪɬɧɢɬɟɢɦɤɚɱɟɫɬɜɚ

ȼ ɧɚɣɧɨɜɚɬɚ ɢɫɬɨɪɢɹ ɧɚ Ȼɴɥɝɚɪɢɹ Ɍɴɪɝɨɜɫɤɢɹɬ ɡɚɤɨɧ ɝ ɞɨɩɭɫɤɚ ɮɪɟɧɫɤɚɬɚ ɫɢɫɬɟɦɚ ɢɡɛɨɪ ɦɟɠɞɭ ɟɞɧɨɫɬɟɩɟɧɧɚ ɢ ɞɜɭɫɬɟɩɟɧɧɚ ɫɢɫɬɟɦɚ ɧɚ ɭɩɪɚɜɥɟɧɢɟ ȼ ɦɨɦɟɧɬɚ ɨɛɳɨ ɬɪɢɧɚɞɟɫɟɬ ɞɴɪɠɚɜɢɱɥɟɧɤɢ ɧɚ ȿɋ ɫɚ ɩɪɢɟɥɢ ɮɪɟɧɫɤɚɬɚ ɫɢɫɬɟɦɚ Ȼɴɥɝɚɪɢɹ Ⱦɚɧɢɹ ɂɬɚɥɢɹ Ʌɢɬɜɚ Ʌɸɤɫɟɦɛɭɪɝ ɉɨɪɬɭɝɚɥɢɹ Ɋɭɦɴɧɢɹ ɋɥɨɜɟɧɢɹ ɍɧɝɚɪɢɹ Ɏɢɧɥɚɧɞɢɹ Ɏɪɚɧɰɢɹ ɏɨɥɚɧɞɢɹ ɏɴɪɜɚɬɫɤɚ ɉɪɟɞɩɨɱɢɬɚɧɢɹɬɚɤɴɦɟɞɧɨɫɬɟɩɟɧɧɚɬɚɢɥɢɞɜɭɫɬɟɩɟɧɧɚɬɚɫɢɫɬɟɦɚɧɚɭɩɪɚɜɥɟɧɢɟɧɟ ɜɨɞɢ ɞɨ ɭɜɟɥɢɱɚɜɚɧɟ ɧɚ ɫɴɫɬɚɜɚ ɧɚ ɛɨɪɞɚ ± ɤɨɦɩɚɧɢɢɬɟ ɨɬ ȿɋ ɫ ɞɜɭɫɬɟɩɟɧɧɚ ɫɬɪɭɤɬɭɪɚɢɦɚɬɫɪɟɞɧɨɨɬɱɥɟɧɨɜɟɏɨɥɚɧɞɢɹɞɨɱɥɟɧɨɜɟȽɟɪɦɚɧɢɹɤɨɟɬɨɧɟ ɟɩɨɜɢɫɨɤɨɨɬɤɨɥɤɨɬɨɩɪɢɟɞɧɨɫɬɟɩɟɧɧɚɬɚɫɢɫɬɟɦɚɜɋȺɓ>@

Ʉɨɪɩɨɪɚɬɢɜɧɢɬɟ ɛɨɪɞɨɜɟ ɢɡɩɴɥɧɹɜɚɬ ɤɥɸɱɨɜɚ ɪɨɥɹ ɜ ɤɨɪɩɨɪɚɬɢɜɧɨɬɨ ɭɩɪɚɜɥɟɧɢɟ ɩɨɪɚɞɢ ɤɨɟɬɨ ɫɚ ɪɟɝɭɥɢɪɚɧɢ ɨɬ ɞɪɭɠɟɫɬɜɟɧɨɬɨ ɩɪɚɜɨ ɢ ɤɨɞɟɤɫɢ ɩɨ

(5)

ɤɨɪɩɨɪɚɬɢɜɧɨ ɭɩɪɚɜɥɟɧɢɟ >@ ɇɟɡɚɜɢɫɢɦɨ ɨɬ ɨɛɳɚɬɚ ɨɫɧɨɜɚ ɡɚ ɩɪɚɜɢɥɚ ɧɚ ɛɨɪɞɚ ɨɫɬɚɜɚɬɡɧɚɱɢɦɢɪɚɡɥɢɱɢɹɌɟɩɪɨɢɡɥɢɡɚɬɨɬɫɬɪɭɤɬɭɪɚɬɚɧɚɚɤɰɢɨɧɟɪɧɢɹɫɴɫɬɚɜɨɬ ɢɫɬɨɪɢɱɟɫɤɨɬɨ ɩɨɥɢɬɢɱɟɫɤɨɬɨ ɢ ɫɨɰɢɚɥɧɨɬɨ ɪɚɡɜɢɬɢɟ ɨɬ ɩɪɟɞɫɬɚɜɹɧɟɬɨ ɧɚ ɩɟɪɫɨɧɚɥɚ ɜ ɛɨɪɞɚ ɋ ɜɴɡɧɢɤɜɚɧɟɬɨ ɧɚ ɞɜɢɠɟɧɢɟɬɨ ɤɴɦ ɤɨɞɟɤɫɢ ɩɨ ɤɨɪɩɨɪɚɬɢɜɧɨ ɭɩɪɚɜɥɟɧɢɟ ɫɟ ɨɱɟɪɬɚɜɚ ɹɫɧɚ ɬɟɧɞɟɧɰɢɹ ɤɴɦ ɤɨɧɜɟɪɝɟɧɰɢɹ ɡɚ ɦɢɧɢɦɚɥɧɢɬɟ ɢɡɢɫɤɜɚɧɢɹɤɴɦɛɨɪɞɨɜɟɬɟ

ȼ Ȼɴɥɝɚɪɢɹ ɤɚɤɬɨ ɜ ɩɨɜɟɱɟɬɨ ɞɴɪɠɚɜɢ ɨɬ ɂɡɬɨɱɧɚ ȿɜɪɨɩɚ ɧɚɦɢɪɚɬ ɩɪɢɥɨɠɟɧɢɟ ɪɚɡɥɢɱɧɢ ɩɪɚɤɬɢɤɢ ɧɚ ɤɨɪɩɨɪɚɬɢɜɧɢ ɛɨɪɞɨɜɟ Ɋɚɡɧɨɨɛɪɚɡɢɟɬɨ ɟ ɨɩɪɟɞɟɥɟɧɨɨɬɢɫɬɨɪɢɱɟɫɤɨɬɨɢɩɪɚɜɧɨɧɚɫɥɟɞɫɬɜɨɤɚɤɬɨɢɨɬɢɡɛɨɪɚɧɚɩɪɚɜɟɧɩɪɟɡ ɩɪɟɯɨɞɧɢɹɩɟɪɢɨɞ>@Ɉɫɧɨɜɧɢɬɟɮɚɤɬɨɪɢɩɪɢɨɩɪɟɞɟɥɹɧɟɧɚɬɢɩɚɧɚɩɪɚɤɬɢɤɢɬɟ ɧɚɛɨɪɞɚɫɚ

ɇɚɰɢɨɧɚɥɧɨɫɬ ɧɚ ɤɚɩɢɬɚɥɚ ɉɪɢ ɤɨɦɩɚɧɢɢ ɫ ɱɭɠɞɟɫɬɪɚɧɟɧ ɤɚɩɢɬɚɥ ɫɟ ɩɪɢɥɚɝɚ ɞɜɭɫɬɟɩɟɧɧɚ ɫɢɫɬɟɦɚ ɧɚ ɭɩɪɚɜɥɟɧɢɟ ɫ ɨɝɥɟɞ ɡɚɳɢɬɚ ɢɧɬɟɪɟɫɢɬɟ ɧɚ ɚɤɰɢɨɧɟɪɢɬɟɡɚɪɟɲɚɜɚɧɟɧɚɚɝɟɧɬɫɤɢɹɤɨɧɮɥɢɤɬȼɩɪɚɤɬɢɤɚɬɚɤɴɦɬɨɡɢɫɥɭɱɚɣɫɟ ɨɬɧɚɫɹɬ ɞɴɳɟɪɧɢ ɞɪɭɠɟɫɬɜɚ ɧɚ ɮɢɧɚɧɫɨɜɢ ɩɨɫɪɟɞɧɢɰɢ Ʉɨɦɩɚɧɢɢɬɟ ɫ ɛɴɥɝɚɪɫɤɢ ɤɚɩɢɬɚɥɩɪɢɥɚɝɚɬɟɞɧɨɫɬɟɩɟɧɧɚɫɢɫɬɟɦɚɧɚɭɩɪɚɜɥɟɧɢɟ

ɇɚɱɢɧɧɚɜɴɡɧɢɤɜɚɧɟɁɚɯɨɥɞɢɧɝɨɜɢɝɪɭɩɢɢɩɪɢɜɚɬɢɡɢɪɚɧɢɤɨɦɩɚɧɢɢɩɪɢ ɤɨɢɬɨ ɡɚɜɢɫɢɦɨɫɬɬɚ ɨɬ ɢɫɬɨɪɢɱɟɫɤɨɬɨ ɪɚɡɜɢɬɢɟ SDWK GHSHQGHQFH ɟ ɝɨɥɹɦɚ ɫɟ ɩɪɢɥɚɝɚ ɞɜɭɫɬɟɩɟɧɧɚ ɫɢɫɬɟɦɚ ɧɚ ɭɩɪɚɜɥɟɧɢɟ ɉɪɚɤɬɢɤɢɬɟ ɩɪɢ ɧɨɜɨɫɴɡɞɚɞɟɧɢ ɤɨɦɩɚɧɢɢɩɨɤɚɡɜɚɬɧɚɥɢɱɢɟɧɚɟɞɧɨɫɬɟɩɟɧɧɚɫɢɫɬɟɦɚɧɚɭɩɪɚɜɥɟɧɢɟ

ɋɬɚɬɭɬ ɧɚ ɤɨɦɩɚɧɢɹɬɚ ɋɴɜɪɟɦɟɧɧɢɬɟ ɩɪɟɞɩɨɱɢɬɚɧɢɹ ɫɚ ɡɚ ɩɪɟɦɢɧɚɜɚɧɟ ɤɴɦ ɟɞɧɨɫɬɟɩɟɧɧɚ ɫɢɫɬɟɦɚ ɧɚ ɭɩɪɚɜɥɟɧɢɟ ɡɚ ɤɨɦɩɚɧɢɢ ɢɡɥɢɡɚɳɢ ɧɚ ɮɨɧɞɨɜɚɬɚ ɛɨɪɫɚɄɨɬɢɪɚɧɟɬɨɧɚɮɨɧɞɨɜɚɬɚɛɨɪɫɚɜɨɞɢɞɨɡɚɦɟɫɬɜɚɧɟɧɚɧɚɞɡɨɪɧɢɹɫɴɜɟɬɨɬ ɮɨɧɞɨɜɚɬɚ ɛɨɪɫɚ ɢ ɫɜɴɪɡɚɧɢɬɟ ɫ ɧɟɹ ɮɢɧɚɧɫɨɜɢ ɚɧɚɥɢɡɚɬɨɪɢɩɪɢ ɭɩɪɚɠɧɹɜɚɧɟ ɧɚ ɤɨɧɬɪɨɥɧɢɬɟ ɮɭɧɤɰɢɢ ɉɪɢ ɨɬ ɩɭɛɥɢɱɧɢɬɟ ɤɨɦɩɚɧɢɢ ɜ Ȼɴɥɝɚɪɢɹ ɫɚ ɩɪɢɟɥɢ ɟɞɧɨɫɬɟɩɟɧɧɚ ɫɢɫɬɟɦɚ ɩɨɪɚɞɢ ɩɨɞɨɛɪɚɬɚ ɜɴɡɦɨɠɧɨɫɬ ɡɚ ɧɚɡɧɚɱɚɜɚɧɟ ɢ ɨɫɜɨɛɨɠɞɚɜɚɧɟɧɚɝɥɚɜɧɢɹɢɡɩɴɥɧɢɬɟɥɟɧɞɢɪɟɤɬɨɪ>@

ɊɚɡɦɟɪɢɨɛɯɜɚɬɧɚɞɟɣɧɨɫɬɬɚɄɨɦɩɚɧɢɢɫɞɢɜɟɪɫɢɮɢɰɢɪɚɧɚɩɪɨɞɭɤɰɢɹɢ ɲɢɪɨɤɝɟɨɝɪɚɮɫɤɢɨɛɯɜɚɬɩɪɢɥɚɝɚɬɞɜɭɫɬɟɩɟɧɧɚɬɚɫɢɫɬɟɦɚɧɚɭɩɪɚɜɥɟɧɢɟɈɬɞɪɭɝɚ ɫɬɪɚɧɚɤɨɦɩɚɧɢɢɫɨɝɪɚɧɢɱɟɧɨɛɯɜɚɬɢɞɟɣɧɨɫɬɩɪɢɥɚɝɚɬɟɞɧɨɫɬɟɩɟɧɧɚɫɢɫɬɟɦɚɧɚ ɭɩɪɚɜɥɟɧɢɟ Ɍɭɤ ɫɥɟɞɜɚ ɞɚ ɫɟ ɨɬɧɟɫɟ ɢ ɫɟɤɬɨɪɚ ɧɚ ɞɟɣɧɨɫɬ ɩɪɢ ɮɢɧɚɧɫɨɜɢɬɟ ɩɨɫɪɟɞɧɢɰɢ ɫɢɫɬɟɦɚɬɚ ɟ ɞɜɭɫɬɟɩɟɧɧɚ ɞɨɤɚɬɨ ɩɪɢ ɤɨɦɩɚɧɢɢɬɟ ɨɬ ɪɟɚɥɧɢɹ ɫɟɤɬɨɪ± ɟɞɧɨɫɬɟɩɟɧɧɚɫɢɫɬɟɦɚ

ɋɴɜɪɟɦɟɧɧɚɬɚ ɩɪɚɤɬɢɤɚ ɧɚ ɦɟɠɞɭɧɚɪɨɞɧɨ ɧɢɜɨ ɨɬɱɢɬɚ ɞɜɚ ɩɪɨɰɟɫɚ ± ɧɚ ɤɨɧɜɟɪɝɟɧɰɢɹ ɢ ɧɚ ɞɢɜɟɪɝɟɧɰɢɹ ɋɛɥɢɠɚɜɚɧɟɬɨ ɧɚ ɩɪɚɤɬɢɤɢɬɟ ɫɟ ɩɪɨɜɟɠɞɚ ɩɨ ɨɬɧɨɲɟɧɢɟɧɚɛɨɪɞɨɜɟɬɟɞɨɤɚɬɨɩɪɢɚɤɰɢɨɧɟɪɢɬɟɫɟɡɚɩɚɡɜɚɬɩɪɚɤɬɢɤɢɬɟɫɴɨɛɪɚɡɧɨ ɚɤɰɢɨɧɟɪɧɚɬɚ ɫɬɪɭɤɬɭɪɚ Ʉɨɧɜɟɪɝɟɧɰɢɹɬɚ ɩɪɢ ɩɪɚɤɬɢɤɢɬɟ ɧɚ ɛɨɪɞɨɜɟɬɟ ɜ ȿɋ ɟ ɩɨɪɚɞɢ ɧɚɬɢɫɤɚ ɨɬ ɤɨɧɤɭɪɟɧɰɢɹɬɚ ɩɨɞɤɪɟɩɚɬɚ ɧɚ ɩɪɚɜɢɬɟɥɫɬɜɚ ɢ ɢɧɫɬɢɬɭɰɢɨɧɚɥɧɢ ɢɧɜɟɫɬɢɬɨɪɢ Ʉɨɧɜɟɪɝɟɧɰɢɹɬɚ ɟ ɩɨɜɢɞɧɚ ɜ ɧɚɰɢɨɧɚɥɧɢɬɟ ɤɨɞɟɤɫɢ ɩɨ ɤɨɪɩɨɪɚɬɢɜɧɨ ɭɩɪɚɜɥɟɧɢɟɨɬɤɨɥɤɨɬɨɜɭɫɬɚɜɢɬɟɧɚɤɨɦɩɚɧɢɢɬɟ

ɉɪɚɤɬɢɤɢɬɟɧɚɛɨɪɞɨɜɟɬɟɜȿɋɛɟɥɟɠɚɬɢɡɜɟɫɬɧɚɯɚɪɦɨɧɢɡɚɰɢɹɧɨɜɫɟɨɳɟɫɟ ɧɚɛɥɸɞɚɜɚɬɪɚɡɦɢɧɚɜɚɧɢɹɩɨɨɬɧɨɲɟɧɢɟɧɚ>@

ɫɴɨɬɧɨɲɟɧɢɟɧɚɛɪɨɹɧɚɜɴɧɲɧɢɬɟɞɢɪɟɤɬɨɪɢɜɛɨɪɞɚ

(6)

ɧɟɡɚɜɢɫɢɦɨɫɬɧɚɩɪɟɞɫɟɞɚɬɟɥɹɧɚɤɨɦɢɬɟɬɢɬɟɫɧɚɞɡɨɪɧɢɮɭɧɤɰɢɢ ɢɡɢɫɤɜɚɧɢɹɤɴɦɨɛɪɚɡɨɜɚɧɢɟɬɨɢɨɩɢɬɚɧɚɩɪɟɞɫɟɞɚɬɟɥɹɧɚɛɨɪɞɚ ɩɪɚɜɚɡɚɧɨɦɢɧɢɪɚɧɟɧɚɪɴɤɨɜɨɞɢɬɟɥɢɬɟ>YLL@

ɭɱɚɫɬɢɟɧɚɫɥɭɠɢɬɟɥɢɬɟɩɪɢɜɡɟɦɚɧɟɧɚɪɟɲɟɧɢɹ

ɉɟɪɫɩɟɤɬɢɜɢɬɟɡɚɩɪɚɤɬɢɤɢɬɟɧɚɛɨɪɞɨɜɟɜȻɴɥɝɚɪɢɹɫɚɫɴɨɛɪɚɡɟɧɢɫɬɟɡɢɜ ȿɋ

Ɂɚɫɢɥɜɚɧɟ ɧɚ ɡɚɞɴɥɠɟɧɢɟɬɨ ɡɚ ɨɬɱɟɬɧɨɫɬ ɧɚ ɛɨɪɞɨɜɟɬɟ ɋɥɟɞ ɩɴɥɧɨɩɪɚɜɧɨɬɨ ɱɥɟɧɫɬɜɨ ɧɚ Ȼɴɥɝɚɪɢɹ ɜ ȿɋ ɩɪɚɤɬɢɤɢɬɟ ɧɚ ɛɨɪɞɨɜɟɬɟ ɫɟ ɨɬɱɢɬɚɬ ɜ Ƚɥɨɛɚɥɧɢɹ ɢɧɞɟɤɫ ɡɚ ɤɨɧɤɭɪɟɧɬɨɫɩɨɫɨɛɧɨɫɬ ɋɜɟɬɨɜɧɢɹɬ ɢɤɨɧɨɦɢɱɟɫɤɢ ɮɨɪɭɦ ɪɚɡɝɥɟɠɞɚ ɟɮɟɤɬɢɜɧɨɫɬɬɚ ɧɚ ɤɨɪɩɨɪɚɬɢɜɧɢɬɟ ɛɨɪɞɨɜɟ ɤɚɬɨ ɨɬɱɟɬɧɨɫɬ ɧɚ ɪɴɤɨɜɨɞɢɬɟɥɢɬɟɩɪɟɞɛɨɪɞɚɢɚɤɰɢɨɧɟɪɢɬɟɁɚɩɨɫɥɟɞɧɢɬɟɲɟɫɬɝɨɞɢɧɢɩɨɤɚɡɚɬɟɥɹɬ ɡɚȻɴɥɝɚɪɢɹɟɫɩɚɞɧɚɥɨɬɬɚɩɨɡɢɰɢɹɝ>@ɞɨɦɚɩɨɡɢɰɢɹɝ

> @ ɉɪɟɩɨɪɴɤɢɬɟ ɧɚ ȿɜɪɨɩɟɣɫɤɚɬɚ ɤɨɦɢɫɢɹ ɫɚ ɚɤɰɢɨɧɟɪɢɬɟ ɞɚ ɛɴɞɚɬ ɧɚɫɴɪɱɚɜɚɧɢɞɚɩɪɢɫɴɫɬɜɚɬɧɚɨɛɳɢɬɟɫɴɛɪɚɧɢɹɢɞɚɭɩɪɚɠɧɹɜɚɬɪɚɡɭɦɧɨɩɪɚɜɚɬɚ ɫɢɧɚɝɥɚɫɡɚɤɨɧɬɪɨɥɧɚɞɪɴɤɨɜɨɞɢɬɟɥɢɬɟ>@

Ʉɨɧɬɪɨɥ ɜɴɪɯɭ ɜɴɡɧɚɝɪɚɠɞɟɧɢɹɬɚ ɧɚ ɪɴɤɨɜɨɞɢɬɟɥɢɬɟ ɋɥɟɞɜɚ ɞɚ ɫɟ ɨɬɞɟɥɢɩɨɝɨɥɹɦɨɜɧɢɦɚɧɢɟɧɚɪɨɥɹɬɚɧɚɢɧɫɬɢɬɭɰɢɨɧɚɥɧɢɬɟɢɧɜɟɫɬɢɬɨɪɢɡɚɞɚɜɚɧɟ ɧɚɨɬɱɟɬɩɨɜɴɩɪɨɫɢɫɜɴɪɡɚɧɢɫɜɴɡɧɚɝɪɚɠɞɟɧɢɹɬɚɐɟɥɬɚɟɧɚɦɚɥɹɜɚɧɟɧɚÄɚɩɟɬɢɬɚ ɤɴɦ ɪɢɫɤ³ ɡɚ ɤɪɚɬɤɨɫɪɨɱɧɢ ɪɟɡɭɥɬɚɬɢ ɢ ɪɴɤɨɜɨɞɢɬɟɥɢɬɟ ɞɚ ɟ ɦɚɬɟɪɢɚɥɧɨ ɡɚɢɧɬɟɪɟɫɨɜɚɧɨɬɛɴɞɟɳɟɬɨɧɚɤɨɦɩɚɧɢɹɬɚ

ȼ ɦɧɨɝɨ ɞɴɪɠɚɜɢ ɫɩɨɫɨɛɧɨɫɬɬɚ ɧɚ ɛɨɪɞɚ ɟɮɟɤɬɢɜɧɨ ɞɚ ɧɚɛɥɸɞɚɜɚ ɜɴɡɧɚɝɪɚɠɞɟɧɢɟɬɨ ɧɚ ɢɡɩɴɥɧɢɬɟɥɧɢɬɟ ɞɢɪɟɤɬɨɪɢ ɩɪɟɩɨɪɴɱɚɧɨ ɨɬ ɉɪɢɧɰɢɩɢɬɟ ɩɨ ɤɨɪɩɨɪɚɬɢɜɧɨɭɩɪɚɜɥɟɧɢɟɧɚɈɂɋɊɩɪɟɞɫɬɚɜɥɹɜɚɤɥɸɱɨɜɚɩɪɨɦɹɧɚɜɩɪɚɤɬɢɤɚɬɚɢ ɨɫɬɚɜɚɟɞɢɧɨɬɰɟɧɬɪɚɥɧɢɬɟɟɥɟɦɟɧɬɢɡɚɞɟɛɚɬɚɩɨɤɨɪɩɨɪɚɬɢɜɧɨɭɩɪɚɜɥɟɧɢɟ>@

ȿɫɬɟɫɬɜɨɬɨɧɚɬɨɜɚɩɪɟɞɢɡɜɢɤɚɬɟɥɫɬɜɨɨɬɢɜɚɢɡɜɴɧɧɢɜɨɬɨɡɚɜɴɡɧɚɝɪɚɠɞɟɧɢɟɬɨɧɚ ɢɡɩɴɥɧɢɬɟɥɧɢɱɥɟɧɨɜɟɢɞɢɪɟɤɬɨɪɢɡɚɳɨɬɨɬɨɜɚɟɮɨɤɭɫɴɬɧɚɩɨɜɟɱɟɩɨɥɢɬɢɱɟɫɤɢ ɞɢɫɤɭɪɫ ɞɚ ɨɪɢɟɧɬɢɪɚ ɤɚɤ ɚɧɝɚɠɢɦɟɧɬɢɬɟ ɡɚ ɜɴɡɧɚɝɪɚɠɞɟɧɢɟɬɨ ɢ ɦɨɬɢɜɢ ɬɟ ɫɟ ɭɟɞɧɚɤɜɹɜɚɬɫɞɴɥɝɨɫɪɨɱɧɢɬɟɢɧɬɟɪɟɫɢɧɚɤɨɦɩɚɧɢɹɬɚ

- Ȼɪɨɣ ɧɚ ɧɟɢɡɩɴɥɧɢɬɟɥɧɢɬɟ ɱɥɟɧɨɜɟɜ ɧɚɞɡɨɪɧɢɹ ɫɴɜɟɬ ɢɥɢ ɫɴɜɟɬɚ ɧɚ ɞɢɪɟɤɬɨɪɢɬɟ ɇɟɡɚɜɢɫɢɦɨɫɬɬɚ ɧɚ ɛɨɪɞɚ ɫɴɨɬɧɨɲɟɧɢɟɬɨ ɧɚ ɞɢɪɟɤɬɨɪɢɬɟ ɤɨɢɬɨ ɫɚ ɨɩɪɟɞɟɥɟɧɢ ɤɚɬɨ ɧɟɡɚɜɢɫɢɦɢ ɧɟɢɡɩɴɥɧɢɬɟɥɧɢ ɞɢɪɟɤɬɨɪɢ ɫɟ ɟ ɭɜɟɥɢɱɢɥɚ ɤɚɤɬɨ ɜ ȿɋɬɚɤɚɢɜɋȺɓɧɨɧɢɜɚɬɚɧɚɧɟɡɚɜɢɫɢɦɨɫɬɫɚɩɨɜɢɫɨɤɢɜɋȺɓɨɬɤɨɥɤɨɬɨɜ ȿɋ>@ȼɚɪɢɚɰɢɢɬɟɜɪɚɡɦɟɪɚɧɚɛɨɪɞɚɫɚɩɪɨɞɢɤɬɭɜɚɧɢɨɬɪɚɡɦɟɪɚɧɚ ɤɨɦɩɚɧɢɹɬɚ ɢ ɤɥɚɫɢɮɢɤɚɰɢɹɬɚ ɧɚ ɩɪɨɦɢɲɥɟɧɨɫɬɬɚ Ɇɚɥɤɢɬɟ ɤɨɦɩɚɧɢɢ ɧɚɦɚɥɹɜɚɬ ɤɚɤɬɨ ɪɚɡɦɟɪɚ ɧɚ ɛɨɪɞɚ ɬɚɤɚ ɢ ɧɟɡɚɜɢɫɢɦɨɫɬɬɚ ɧɚ ɛɨɪɞɚ Ɍɚɤɢɜɚ ɩɪɨɦɟɧɢ ɫɚ ɫɜɴɪɡɚɧɢɫɤɨɦɩɚɧɢɢɫɴɫɫɥɚɛɢɪɟɡɭɥɬɚɬɢɤɨɢɬɨɩɪɨɦɟɧɹɬɫɜɨɹɛɨɪɞɡɚɞɚɭɜɟɥɢɱɚɬ ɮɨɤɭɫɚɢɞɚɩɨɞɨɛɪɹɬɟɤɫɩɟɪɬɧɨɫɬɬɚɦɭ

ɁɚȻɴɥɝɚɪɢɹɛɪɨɹɬɧɚɧɟɢɡɩɴɥɧɢɬɟɥɧɢɬɟɱɥɟɧɨɜɟɟɩɪɟɞɜɢɞɟɧɜɢɡɢɫɤɜɚɧɢɹɬɚ ɧɚɡɚɤɨɧɚɟɞɢɧɫɬɜɟɧɨɡɚɩɭɛɥɢɱɧɢɬɟɞɪɭɠɟɫɬɜɚɉɪɢɬɹɯɦɢɧɢɦɭɦɨɬɫɴɫɬɚɜɚɧɚ ɧɚɞɡɨɪɧɢɹɫɴɜɟɬɫɴɜɟɬɚɧɚɞɢɪɟɤɬɨɪɢɬɟɬɪɹɛɜɚɞɚɫɚɜɴɧɲɧɢɱɥɟɧɨɜɟ

ɋɴɡɞɚɜɚɧɟ ɧɚ ɤɨɦɢɬɟɬɢ ɫ ɧɚɞɡɨɪɧɢ ɮɭɧɤɰɢɢ ɉɪɟɩɨɪɴɤɢɬɟ ɧɚ ȿɜɪɨɩɟɣɫɤɚɬɚ ɤɨɦɢɫɢɹ ɫɚ ɡɚ ɞɨɩɴɥɜɚɧɟ ɧɚ ɧɚɰɢɨɧɚɥɧɢɬɟ ɤɨɞɟɤɫɢ ɫ ɬɪɢ ɤɥɸɱɨɜɢ

(7)

ɤɨɦɢɬɟɬɚ ɩɨ ɧɨɦɢɧɚɰɢɢ ɩɨ ɜɴɡɧɚɝɪɚɠɞɟɧɢɟ ɢ ɩɨ ɨɞɢɬ Ʉɨɦɢɬɟɬɢɬɟ ɩɨ ɨɞɢɬ ɫɟ ɢɡɢɫɤɜɚɬ ɩɨ ɡɚɤɨɧ ɡɚ ɤɨɦɩɚɧɢɢ ɤɨɢɬɨ ɢɡɜɴɪɲɜɚɬ ɞɟɣɧɨɫɬ ɜ ɨɛɳɟɫɬɜɟɧ ɢɧɬɟɪɟɫ ɍ ɧɚɫ ɩɨ ɡɚɤɨɧɨɞɚɬɟɥɟɧ ɩɴɬ ɫɚɦɨ ɡɚ ɬɴɪɝɨɜɫɤɢɬɟ ɛɚɧɤɢ ɢ ɡɚɫɬɪɚɯɨɜɚɬɟɥɧɢɬɟ ɞɪɭɠɟɫɬɜɚɫɟɢɡɢɫɤɜɚɧɚɥɢɱɢɟɧɚɤɨɦɢɬɟɬɩɨɨɞɢɬɚɢɤɨɦɢɬɟɬɩɨɜɴɡɧɚɝɪɚɠɞɟɧɢɟɬɨ

ɍɱɚɫɬɢɟ ɧɚ ɫɥɭɠɢɬɟɥɢɬɟ ɜ ɭɩɪɚɜɥɟɧɢɟɬɨ ɧɚ ɤɨɦɩɚɧɢɹɬɚ ɇɚɩɪɢɦɟɪ ɜ Ƚɟɪɦɚɧɢɹ ɩɨ ɡɚɤɨɧɨɞɚɬɟɥɟɧ ɩɴɬ ɟ ɩɪɟɞɜɢɞɟɧɨ ɢɡɢɫɤɜɚɧɟɬɨ ɟɞɢɧ ɨɬ ɱɥɟɧɨɜɟɬɟ ɧɚ ɧɚɞɡɨɪɧɢɹɫɴɜɟɬɡɚɞɴɥɠɢɬɟɥɧɨɞɚɫɟɢɡɛɢɪɚɨɬɫɥɭɠɢɬɟɥɢɬɟȼȻɴɥɝɚɪɢɹɫɴɝɥɚɫɧɨ Ɍɴɪɝɨɜɫɤɢɹ ɡɚɤɨɧ ɟ ɩɪɟɞɜɢɞɟɧɚ ɫɢɬɭɚɰɢɹ ɩɪɢ ɤɨɹɬɨ ɟɞɢɧ ɨɬ ɫɥɭɠɢɬɟɥɢɬɟ ɢɦɚ ɜɴɡɦɨɠɧɨɫɬɞɚɭɱɚɫɬɜɚɜɨɛɳɨɬɨɫɴɛɪɚɧɢɟɧɚɚɤɰɢɨɧɟɪɢɬɟɫɴɫɫɴɜɟɳɚɬɟɥɟɧɝɥɚɫ

ɍɱɚɫɬɢɟɧɚɦɢɧɨɪɢɬɚɪɧɢɬɟɚɤɰɢɨɧɟɪɢɜɛɨɪɞɚɉɨɫɬɢɝɚɫɟɱɪɟɡɢɡɛɢɪɚɧɟ ɧɚ ɱɥɟɧ ɧɚ ɧɚɞɡɨɪɧɢɹ ɫɴɜɟɬ ɢɥɢ ɧɚ ɫɴɜɟɬɚ ɧɚ ɞɢɪɟɤɬɨɪɢɬɟ ɨɬ ɦɢɧɨɪɢɬɚɪɧɢɬɟ ɚɤɰɢɨɧɟɪɢ ɉɨ ɬɨɡɢ ɧɚɱɢɧ ɫɟ ɩɪɟɞɨɫɬɚɜɹ ɜɴɡɦɨɠɧɨɫɬ ɡɚ ɡɚɳɢɬɚ ɧɚ ɩɪɚɜɚɬɚ ɢ ɢɧɬɟɪɟɫɢɬɟɧɚɦɢɧɨɪɢɬɚɪɧɢɬɟɚɤɰɢɨɧɟɪɢ

Ɋɚɡɧɨɨɛɪɚɡɹɜɚɧɟɧɚɫɴɫɬɚɜɚɧɚɛɨɪɞɨɜɟɬɟɩɨɩɪɨɮɟɫɢɹɧɚɰɢɨɧɚɥɧɨɫɬɢ ɩɨɥɨɜɚ ɩɪɢɧɚɞɥɟɠɧɨɫɬ Ⱦɨɤɚɬɨ ɩɚɡɚɪɢɬɟ ɫɬɚɜɚɬ ɬɪɚɧɫɧɚɰɢɨɧɚɥɧɢ ɬɟɯɧɢɬɟ ɭɩɪɚɜɥɟɧɫɤɢ ɫɬɪɭɤɬɭɪɢ ɨɫɬɚɜɚɬ ɧɚɰɢɨɧɚɥɧɢ ɉɨɝɨɥɹɦɨɬɨ ɪɚɡɧɨɨɛɪɚɡɢɟ ɫɪɟɞ ɱɥɟɧɨɜɟɬɟ ɧɚ ɛɨɪɞɨɜɟɬɟ ɳɟ ɩɨɞɨɛɪɢ ɤɚɱɟɫɬɜɨɬɨ ɧɚ ɞɟɛɚɬɢɬɟ ɢ ɩɪɨɰɟɫɢɬɟ ɧɚ ɜɡɟɦɚɧɟɧɚɪɟɲɟɧɢɟ

Ɋɚɡɞɟɥɹɧɟ ɧɚ ɮɭɧɤɰɢɢɬɟ ɧɚ ɩɪɟɞɫɟɞɚɬɟɥ ɧɚ ɛɨɪɞɚ ɢ ɧɚ ɝɥɚɜɟɧ ɢɡɩɴɥɧɢɬɟɥɟɧ ɞɢɪɟɤɬɨɪ ɇɨɪɦɚɬɢɜɧɢ ɢɡɢɫɤɜɚɧɢɹ ɡɚ ɨɬɞɟɥɹɧɟ ɧɚ ɮɭɧɤɰɢɢɬɟ ɧɚ ɩɪɟɞɫɟɞɚɬɟɥɹɧɚɛɨɪɞɚɢɝɥɚɜɧɢɹɢɡɩɴɥɧɢɬɟɥɟɧɞɢɪɟɤɬɨɪɫɚɜɴɜɟɞɟɧɢɟɞɢɧɫɬɜɟɧɨ ɡɚɡɚɫɬɪɚɯɨɜɚɬɟɥɧɢɢɩɟɧɫɢɨɧɧɨɨɫɢɝɭɪɢɬɟɥɧɢɤɨɦɩɚɧɢɢ>@

Ⱥɤɬɢɜɧɨ ɭɱɚɫɬɢɟ ɧɚ ɢɧɫɬɢɬɭɰɢɨɧɚɥɧɢɬɟ ɢɧɜɟɫɬɢɬɨɪɢ Ɍɨ ɜɤɥɸɱɜɚ ɝɨɥɟɦɢɬɟ ɚɤɰɢɨɧɟɪɢ ɞɚ ɩɭɛɥɢɤɭɜɚɬ ɩɨɥɢɬɢɤɚɬɚ ɫɢ ɡɚ ɝɥɚɫɭɜɚɧɟ Ɍɨɜɚ ɨɡɧɚɱɚɜɚ ɤɨɧɬɪɨɥɢɪɚɳɢɬɟɚɤɰɢɨɧɟɪɢɹɫɧɨɞɚɩɨɫɨɱɚɬɞɚɥɢɩɪɟɫɥɟɞɜɚɬɩɟɱɚɥɛɚɢɥɢɫɨɰɢɚɥɧɢ ɢɧɬɟɪɟɫɢ

ɉɪɚɤɬɢɤɢɬɟ ɧɚ ɤɨɪɩɨɪɚɬɢɜɧɢɬɟ ɛɨɪɞɨɜɟ ɨɩɪɟɞɟɥɹɬ ɫɬɟɩɟɧɬɚ ɧɚ ɪɚɡɜɢɬɢɟ ɧɚ ɩɚɡɚɪɧɢɬɟ ɩɪɢɧɰɢɩɢ ɤɚɤɬɨ ɢ ɧɢɜɨɬɨ ɧɚ ɤɨɧɜɟɪɝɟɧɰɢɹ ɋɴɜɪɟɦɟɧɧɢɬɟ ɬɟɧɞɟɧɰɢɢ ɛɟɥɟɠɚɬɫɛɥɢɠɚɜɚɧɟɧɚɩɪɚɤɬɢɤɢɬɟɩɨɨɬɧɨɲɟɧɢɟɧɚɨɬɱɟɬɧɨɫɬɬɚɧɚɛɨɪɞɨɜɟɬɟɤɴɦ ɚɤɰɢɨɧɟɪɢɢɡɚɢɧɬɟɪɟɫɨɜɚɧɢɥɢɰɚ

Ȼɴɥɝɚɪɫɤɚɬɚ ɩɪɚɤɬɢɤɚ ɫɥɟɞɜɚ ɬɟɧɞɟɧɰɢɢɬɟ ɜ ȿɋ ɫ ɨɬɱɢɬɚɧɟ ɧɚ ɫɬɟɩɟɧɬɚ ɧɚ ɩɪɢɥɚɝɚɧɟ ɧɚ ɞɨɛɪɢɬɟ ɩɪɚɤɬɢɤɢ ɇɚɣɝɨɥɟɦɢ ɩɪɨɦɟɧɢ ɢ ɫɛɥɢɠɚɜɚɧɟ ɤɴɦ ɟɜɪɨɩɟɣɫɤɢɬɟɩɪɚɤɬɢɤɢɢɦɚɩɪɢɛɨɪɞɨɜɟɬɟɧɚɮɢɧɚɧɫɨɜɢɩɨɫɪɟɞɧɢɰɢ±ɤɨɦɩɚɧɢɢɫɴɫ ɡɚɞɝɪɚɧɢɱɧɚɞɟɣɧɨɫɬɢɫɱɭɠɞɟɫɬɪɚɧɧɚɫɨɛɫɬɜɟɧɨɫɬ

ɂɡɩɨɥɡɜɚɧɚɥɢɬɟɪɚɬɭɪɚ

>@ &KDOOHQJLQJ ERDUG SHUIRUPDQFH (XURSHDQ &RUSRUDWH *RYHUQDQFH 5HSRUW +HLGULFN 6WUXJJOHV,QWHUQDWLRQDO,QF

(8)

>@ &RPPLVVLRQ UHFRPPHQGDWLRQ &RPSOHPHQWLQJ 5HFRPPHQGDWLRQV (&DQG(&DVUHJDUGVWKHUHJLPHIRUWKHUHPXQHUDWLRQRIGLUHFWRUV RIOLVWHGFRPSDQLHV

>@'DYLHV3.+RSW51RZDN*YDQ6ROLQJH&RUSRUDWH%RDUGVLQ/DZDQG 3UDFWLFH$&RPSDUDWLYH$QDO\VLVLQ(XURSH2[IRUG8QLYHUVLW\

>@ )HUUHLUD ' 7 .LUFKPDLHU &RUSRUDWH ERDUGV LQ (XURSH VL]H LQGHSHQGHQFH DQG JHQGHU GLYHUVLW\ ,Q %RDUGV DQG 6KDUHKROGHUV LQ (XURSHDQ /LVWHG &RPSDQLHV )DFWV&RQWH[WDQG3RVW&ULVLV5HIRUPV&DPEULGJH8QLYHUVLW\3UHVVSS

>@*HUQHU%HXHUOH&33DHFK(6FKXVWHU'LUHFWRUV¶'XWLHVDQG/LDELOLW\LQWKH (8(XURSHDQ&RPPLVVLRQ'*0DUNW

>@ *HYXUW] ) 7KH KLVWRULFDO DQG SROLWLFDO RULJLQV RI WKH FRUSRUDWH ERDUG RI GLUHFWRUV+RIVWUD/DZ5HYLHZ9RO

>@ 2UJDQLVDWLRQ IRU (FRQRPLF &RRSHUDWLRQ DQG 'HYHORSPHQW :KLWH 3DSHU RQ

&RUSRUDWH*RYHUQDQFHLQ6RXWK(DVW(XURSH

>@ 2UJDQLVDWLRQ IRU (FRQRPLF &RRSHUDWLRQ DQG 'HYHORSPHQW %RDUG 3UDFWLFHV ,QFHQWLYHVDQG*RYHUQLQJ5LVNV

>@3RUWHU0.O6FKZDE7KH*OREDO&RPSHWLWLYHQHVV5HSRUW±:RUOG (FRQRPLF)RUXP*HQHYD

>@3ULFHZDWHUKRXVH&RRSHUV$QQXDO&RUSRUDWH'LUHFWRUV6XUYH\

>@6FKZDE.O7KH*OREDO&RPSHWLWLYHQHVV5HSRUW±:RUOG(FRQRPLF )RUXP*HQHYD

>@ 8JULQRYD =GU &RUSRUDWH *RYHUQDQFH 4XHVWLRQQDLUH IRU WKH 8,$ &RUSRUDWH

&RPPLVVLRQPHHWLQJ8QLRQ,QWHUQDWLRQDOHGHV$YRFDWV3DULV

>@:RUOG%DQN&RUSRUDWH*RYHUQDQFH&RXQWU\$VVHVVPHQW%XOJDULD5HSRUWRQ WKHREVHUYDQFHRIVWDQGDUGVDQGFRGHV526&

Referenzen

ÄHNLICHE DOKUMENTE

Productivity growth, increased labour demand, and a significant decline in the unemployment rate should result in higher real wages and higher real income.. The increase

The article analyses the redistributive effect attained by personal income tax, social security contributions and social benefits in Slovenia and Croatia.. The redistributive

Globalization, the spatial divergence, compels financial intermediaries to adopt common practices in corporate governance functional and formal convergence [23, 43].. The

Such conflict of interests put governments and foreign banks in a situation known as the prisoner's dilemma: a banking group, which first withdraw its financial capital

Интересите на банковите мениджъри и на надзорните органи от изпращащата държава съвпаднаха в изтегляне на средствата, за да защитят

Using a detailed database on Slovenian ownership, we apply a spatial econometric approach to detect any ownership-based wage spillovers, while accounting for different standard

Корпоративното управление на непублични компании не зависи само от дейността, но и от държавата, за да се възползва от икономии от мащаба.. Въпросът е как

This article tries to fill this gap by relating the retirement decisions of Slovenian men and women to traditional forward-looking variables such as social security