В чьих интересах должны действовать менеджеры коммерческих корпораций?

Георгий Викторович  Цепов

Авторы

Георгий Викторович Цепов

Аннотация

Статья посвящена проблеме соотношения частных и публичных интересов во внутренней деятельности коммерческих корпораций. Развитие человеческого общества привело к специализации труда и объединению производственных ресурсов: средства многих оказались под управлением избранных. Используя свое положение, контролирующие лица коммерческих корпораций могут извлекать экономические выгоды за счет других участников, работников, контрагентов корпораций и общества в целом. Принятие на себя крупными корпорациями чрезмерных экономических рисков вызывает системные экономические кризисы, причиняющие вред гражданам, напрямую не вовлеченным в коммерческую деятельность. Указанные проблемы породили вопрос о социальной ответственности бизнеса, или, иначе говоря, о том, в чьих интересах должны действовать менеджеры коммерческих корпораций. Проанализировав основные теории юридических лиц, сложившиеся в СССР и западных странах, автор в своем исследовании опирается на контрактную теорию корпорации и теорию транзакционных издержек. Поскольку будущие результаты деятельности корпорации неизвестны, то контракты с участниками корпорации не могут быть полностью детерминированными. В отличие от договорных кредиторов инвесторы, вкладывающие средства в уставный капитал, не имеют возможности торговаться о цене предоставленных корпорации ресурсов. Поэтому до наступления определенных юридических фактов у участника нет имущественных требований к корпорации, а существует лишь защищенная законом «надежда». Именно данное качество позволяет отграничить корпоративные отношения от вещно-правовых и обязательственных отношений. Специфика корпоративных отношений определяет то, что менеджеры коммерческих корпораций не должны осуществлять свою деятельность вопреки правомерным общим интересам членов корпорации. Наделение менеджеров правом, а тем более обязанностью действовать в публичных интересах вопреки интересам участников противоречит природе корпорации.

Ключевые слова:

корпорация, менеджеры, интерес, социальная ответственность, контрактная теория корпорации, транзакционные издержки

Скачивания

Данные скачивания пока недоступны.

Биография автора

Георгий Викторович Цепов

кандидат юридических наук, адвокат

Библиографические ссылки

Agarkov M. M. Tsennost’ chastnogo prava [The value of private law]. Pravovedenie, 1992, iss. no. 2, pp. 25–41. (in Russian)

Asknaziy S.I. Ob osnovaniiakh pravovykh otnoshenii mezhdu gosudarstvennymi sotsialisticheskimi organizatsiiami [On the Grounds of Legal Relationships between the State-Owned Socialist Organisations]. Uchenye zapiski Leningradskogo iuridicheskogo instituta [Annales of Leningrad Law Institute], 1947, iss. IV. Leningrad, 1947, pp. 5–47. (in Russian)

Augensicht V.A. Volia i voleiz”iavlenie (ocherki teorii, filosofii i psikhologii prava) [Will and Expression of the Will (Studies on Theory, Philosophy and Psychology of Law)]. Dushanbe, 1983. 256 p. (in Russian)

Bainbridge S. M. Corporate Law. New York, 2009. 508 p.

Berle A. A. Corporate Powers as Powers in Trust. 1931. 44 Harvard L. Rev., pp. 1049–1047.

Berle A.A. For Whom Managers are Trustees: A Note. 1932. 45 Harvard L.Rev., pp. 1365–1372.

Berle A.A., Means G.C. The Modern Corporation and Private Property. New York, 1967. 380р.

Blagov Yu.E. Genezis kontseptsii korporativnoi sotsial’noi otvetstvennosti [The Genesis of the Corporate Social Responsibility Concept. Vestnik of Saint Petersburg University. Series 8. 2013, iss. 2, pp. 3–24. (in Russian)

Bratus’ S. N. Iuridicheskie litsa v sovetskom grazhdanskom prave [Legal Entities in the Soviet Civil Law]. Moscow, 1947. 364 p. (in Russian)

Bratus’ S. N. Sub”ekty grazhdanskogo prava [Subjects of civil law]. Moscow, 1950. 367 p. (in Russian)

Bushev A. Yu. O kriteriiakh otsenki reshenii direktorov kommercheskikh organizatsii: ot detal’noi reglamentatsii k otsenochnym poniatiiam [On the Criteria of Assessment of Decisions of Directors in Business Entities: from the Detailed Regulation towards Evaluation Conceptions]. Vestnik of Saint Petersburg University. Series 14. Pravo, 2013, iss. 3, pp. 32–48. (in Russian)

Butler H. N. The contractual theory of the corporation. George Mason Law Review, 1989, vol. 11, no. 4, pp. 99–123.

Cheffins B. R. Corporate Ownership and Control. Oxford, New York, 2008. 423 p.

Cherepakhin B.B. [Bodies and agents of legal entity]. Uchenye zapiski VNIISZ [Scientific notes. All-union scientific research institute of the Soviet legislation]. Moscow, 1968, issue 14, pp. 131–139. (in Russian)

Cherepakhin B.B. [On the question of private and public law]. Cherepakhin B.B. Trudy po grazhdanskomu pravu [Works on civil law]. Moscow, 2001, pp. 96–121. (in Russian)

Coase R. The Nature of the Firm. Economica. New Series, 1937, vol.4, iss.1, pp. 386–405.

Cooter R., Freedman B. J. The Fiduciary Relationship: Its Economic Character and Legal Consequences. 66 N. Y. U. L. Rev. (1991), pp. 1045–1075.

Dodd E. M. For Whom are Corporate Managers Trustees? (1932) 45 Harvard L. Rev., pp. 1145–1163.

Easterbrook F.H., Fischel D.R. The Economic Structure of Corporate Law. Cambridge, 1996. 370 р.

Fama E.F. Agency Problems and the Theory of the Firm. The Journal of Political Economy, 1980, vol. 88, no. 2, pp. 288–307.

Fama E.F., Jensen M.C. Separation of Ownership and Control. Journal of Law and Economics, 1983, vol. 26, no. 2, pp. 301–325.

Friedman M. Kapitalizm i svoboda [Capitalism and Freedom]. Moscow, 2006. 240 p. (in Russian)

Friedman M. The Social Responsibility of Business is to Increase its Profits. The New York Times Magazine, September 13, 1970.

Gaughan P.A. Sliianiia, pogloshcheniia i restrukturizatsiia kompanii [Mergers, acquisitions, and corporate restructurings]. Moscow, 2006. 741 p. (in Russian)

Gregori P.R. Politicheskaia ekonomiia stalinizma [The Political Economy of Stalinism]. Moscow, 2008. 399 p. (in Russian)

Hayek F.von. Pravo, zakonodatel’stvo i svoboda [The Law, the Legislation and the Freedom]. Мoscow, 2006. 644 p. (in Russian)

Hayek F.А. The Use of Knowledge in Society. The American Economic Review, vol. 35, no. 4 (Sep., 1945), pp. 519–530.

Ioffe O.S. [Pravootnoshenie po sovetskomu grazhdanskomu pravu]. Ioffe O.S. Izbrannye trudy po grazhdanskomu pravu [Selected Works on Civil Law. P.1]. Moscow, 2000. 777 p. (in Russian)

Ioffe O.S. [Razvitie zivilisticheskoy misly v SSSR]. Izbrannye trudy po grazhdanskomu pravu [Selected Works on Civil Law]. Moscow, 2000. 777 p. (in Russian)

Kaminka A. I. Aktsionernye kompanii [Joint-Stock Companies. Vol. 1]. Saint Petersburg, 1902. 512 p. (in Russian)

Keay A. Tackling the Issue of the Corporate Objective: An Analysis of the United Kingdom’s ‘Enlightened Shareholder Value Approach». Sydney L., rev., vol.29, no.4. Dec 2007, pp. 577–612.

Klausner M. The Contractarian Theory of Corporate Law: A Generation Later. Journal of Corporation Law, 2006, vol. 31, iss. 3, pp. 779–797.

Kozlova N.V. Pravosub”ektnost’ iuridicheskogo litsa [Legal Personality of a Legal Entity]. Moscow, 2005. 476 p. (in Russian)

Krasavchikov O.A. Sushchnost’ iuridicheskogo litsa [The Essence of the legal entity]. Sovetskoe gosudarstvo i pravo [State and Law], 1976, iss. no.1, pp.47–55. (in Russian)

Kulagin M. I. Izbrannye trudy [Selected Works]. Moscow, 1997. 330 p. (in Russian)

Lenin V.I. O zadachakh Narkomiusta v usloviiakh novoi ekonomicheskoi politiki. Pis’mo D. I. Kurskomu [On the Tasks of the People’s Commissariat for Justice under the New Economic Policy. Letter to D. I. Kursky]. Lenin V. I. Polnoe sobranie sochinenii [Works]. Volume 4. Moscow, 1970. 725 p. (in Russian)

Mises L.von. Chelovecheskaia deiatel’nost’ [Human Action]. Chelyabinsk, 2004. 878 p. (in Russian)

Nurtdinova A. Sotsial’naia otvetstvennost’ biznesa: pravovye aspekty ekonomicheskoi kontseptsii [Social Responsibility of Business: Legal Aspects of the Economic Concept]. Zhurnal rossiiskogo prava [Journal of Russian Law], 2014, iss. no. 3, pp. 30–46. (in Russian)

Pokrovski I.A. Osnovnye problemy grazhdanskogo prava [Main Problems of Civil Law]. Moscow, 1998. 353 p. (in Russian)

Posner R. A. Ekonomicheskii analiz prava [Economic Analysis of Law]. In 2 vol, vol. 1. Saint Petersburg, 2004. 544 p. (in Russian)

Posner R. A. Ekonomicheskii analiz prava [Economic Analysis of Law]. In 2 vol, vol. 2. Saint Petersburg, 2004. 464 p. (in Russian)

Prigozhin I.and Stengers I. Poriadok iz khaosa: Novyi dialog cheloveka s prirodoi [Order out of Chaos]. Moscow, 1986. 432 p. (in Russian)

Rakhmilovich V. A. [About a so-called substratum of the legal entity]. Problemy sovershenstvovaniia sovetskogo zakonodatel’stva. Trudy VNIISZ [Problems of improvement of Soviet legislation. Works of All-Union Research Institute of Soviet Legislation]. Vol. 29. Moscow, 1984. P. 107–118. (in Russian)

Rosenberg D. Making Sense of Good Faith in Delaware Corporate Fiduciary Law: A Contractarian Approach. 29 Del. J. Corp. (2004), pp. 491–516.

Rudyk N.B. Konglomeratnye sliianiia i pogloshcheniia: Kniga o pol’ze i vrede neprofil’nykh aktivov [Conglomerate mergers and acquisitions: a book about benefit and detriment of non-core assets]. Moscow, 2006. 224 p. (in Russian)

Schumpeter J. Teoriia ekonomicheskogo razvitiia. Kapitalizm, sotsializm i demokratiia [Theory of Economic Development. Capitalism, Socialism and Democracy]. Moscow, 2008. 864 p. (in Russian)

Schwarcz S. L. Excessive Corporate Risk-Taking and the Decline of Personal Blame. Emory L. J., 2015, vol. 65, pp. 533–580.

Shershenevich G.F. Kurs Torgovogo prava [Course in Trade Law]. St. Petersburg, 1908, vol. 1. 516 p. (in Russian)

Smith A. Issledovanie o prirode i prichinakh bogatstva narodov [An Inquiry into the Nature and Causes of the Wealth of Nations]. Moscow, 2006. 224 p. (in Russian)

Stalin I. V. [The Economic Situation of the Soviet Union and the Policy of the Party]. Stalin I. V. Sobranie sochinenii [Works]. Vol. 8, p. 406. (in Russian)

Stalin I.V. [Report to the Seventeenth Party Congress on the Work of the Central Committee of the C.P.S.U.(B)]. Stalin I.V. Sobranie sochinenii [Works]. Vol.13. 423 p. (in Russian)

Stalin I.V. Ekonomicheskie problemy sotsializma v SSSR [Economic Problems of Socialism in the USSR]. 1952. 94 p. (in Russian)

Stewart F.Jr. Berle’s Conception of Shareholder Primacy: Forgotten Perspective for Reconsideration During the Rise of Finance, 34 Seattle University L.Rev., 2011, pp. 1457–1493.

Sukhanov E.A. Sravnitel’noe korporativnoe pravo [Comparative Corporate Law]. Moscow, 2014. 456 p. (in Russian)

Syrodoyeva O. N. Aktsionernoe pravo SShA i Rossii (sravnitel’nyi analiz) [Company law of the USA and Russia (the comparative analysis)]. Moscow, 1996. 112 p. (in Russian)

Tolstoy Yu. K. [Essays on the scientific activities of O. S. Ioffe]. Tolstoy Yu. K. Iz perezhitogo [From the experience]. Мoscow, 2011. 384 p. (in Russian)

Tolstoy Yu. K. [Towards the development of the theory of the legal entity at the present stage]. Problemy sovremennogo grazhdanskogo prava: sb. statei pamiati S. N. Bratusia [Problems of modern civil law. A collection of articles in memory of S. N. Bratus’]. Moscow, 2000. 383 р. (in Russian)

Tolstoy Yu. K. Soderzhanie i grazhdansko-pravovaia zashchita prava sobstvennosti v SSSR [Content and civil protection of property rights in the USSR]. Leningrad, 1955. 219 p. (in Russian)

Tsepov G.V. Aktsionernye obshchestva: teoriia i praktika [Joint Stock Companies. Theory and Practice]. Moscow, 2008. 200 p. (in Russian)

Tsepov G.V. Mozhno li sudit’ za glupost’? Delovoe suzhdenie i ego ob”ektivnaia otsenka [Is It Possible to Judge Anyone for a Folly? Business Judgment and Its Objective Evaluation]. Zakon [Statute], 2015, no. 12, pp. 159–178. (in Russian)

Tsepov G.V. Mozhno li sudit’ za alchnost’? Otvetstvennost’ kontroliruiushchikh lits kommercheskoi korporatsii pered kreditorami za priniatie chrezmernogo predprinimatel’skogo riska pri ugroze nesostoiatel’nosti [Is it possible to judge for greed? Liability of controlling persons of commercial corporation toward their creditors for taking an excessive business risk in the vicinity of insolvency]. Zakon [Statute], 2016, no. 8, pp. 98–120. (in Russian)

Tsepov G.V. Razmyshleniia po voprosam korporativnogo prava [Considerations About the Issues of Relative Corporate Law]. Gosudarstvo i pravo [State and Law], 2014, no. 12, pp. 63–68. (in Russian)

Tsepov G.V. Sovershenstvovanie pravovogo regulirovaniia deiatel’nosti nabliudatel’nykh sovetov publichnykh aktsionernykh obshchestv v svete modernizatsii aktsionernogo zakonodatel’stva [Improvement of legal regulation of activities of Supervisory boards of public companies in light of the company law modernization]. Zakon [Statute], 2010, no. 5, pp. 63–75. (in Russian)

Ulen T. S. Teoriia ratsional’nogo vybora v ekonomicheskom analize prava [Rational Choice Theory in Law and Economics]. Vestnik grazhdanskogo prava [Civil Law Review], 2011, no. 3 (11), pp. 275–315. (in Russian)

Venediktov A.V. [Gosudarstvennaya sotsialisticheskaya sobstvennost]. Venediktov A. V. Izbrannye trudy po grazhdanskomu pravu [Selected Works on Civil Law]. Vol. 2. Moscow, 2004. 557 p. (in Russian)

Venediktov A. V. [O gosudarstvennoy sobstvennosti v SSSR i organizatsii upravlenia eju]. Venediktov A.V. Izbrannye trudy po grazhdanskomu pravu [Selected Works on Civil Law]. Vol. 2. Moscow, 2004. 557 p. (in Russian)

Venediktov A.V. [Pravovaja priroda gosudarstvennih predpriyatiy]. Venediktov A.V. Izbrannye trudy po grazhdanskomu pravu [Selected Works on Civil Law]. Vol. 1. Moscow, 2004. 463 p. (in Russian)

Vyshinsky A.Ya. [Voprosy gosudarstva i prava v trudax tovarischa Stalina]. Vyshinsky A. Ya. Voprosy teorii gosudarstva i prava [Problems of the Theory of State and Law]. Moscow, 1949. 419 p. (in Russian)

Williamson O. Ekonomicheskie instituty kapitalizma [The Economic Institutions of Capitalism]. Saint Petersburg, 1996. 702 p. (in Russian)

Williamson O.E. Povedencheskie predposylki sovremennogo ekonomicheskogo analiza [Behavioral Assumptions of modern economic analysis]. Thesis, 1993, iss.3, pp. 39–49. (in Russian)