Миркин Я.М. Рынок ценных бумаг

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 , 

 ,     . 

,    ,    

.



    ,   

 ()

 ()   

.   ,       

,  ,   ,

, , .

      : )

     , )

 (« – ») , ) 

    ,  

,  , ) 

    , )    

).

    .   

, ,

, . , 

 .

:

 =  + 

World Bank Glossary. - Washington: The World Bank. - 1991. - p. 43.

  ( 1 )

,   - -  (

1 ).

       (

,  ), 

  ,  ,  ,

     , 

, . (.  1)

  .

 1

















  – :

- (,      

). 

 - ,  (, )

-  –    , 

      

    .       

,       ,    ,

  ,    



- (,     

) – )  – , )

  – ,  

 , )   – , 

        

 ( ,   

, , .)

- (, )   

 ,    (   -

        

),    (  

  ,    

, 

 )    

,  - )

-  -  

   (     

    ,  , 

,    ) 

  () –  

   ,    

 ;  

    ,  ,

    ,  

 ,   , 

,  ,    

; 

-      – )

  (, 



 ), )  

, , 

,      

,  ,  – ,

), ) 

  (,  

     , 

 ( –   ,   

),  ( – 

), )   ( – ,

       

), ) ,   ,  

      , ,

,



,       , 

 (, ), , 

  ,    , 

 ,   , ,  

, ,  ,    ,

   .), )  

    , 

, , ).



 90-.

 90-       

  ,      

      . 

         

, , 

    .   

   ,    

      -

.

  1997 .      

 . ,   

 ,     

 (. . 1.1),      

.

 1.1*



 

1993 .



1994 .



1995 .



1997 .





1023 2734 3176 5045

 % 100 100 100 100

,  %

— 





62,0 51,8 50,9 50,2

— 

, 



23,9 35,3 36,8 36,9

* 1993 .  1994 ., 

1995 .,  1996—1997 .

   1997 . -  1998 .   

 ,   , ,  

, .

      

 1995 . (), 1997 . () 

 1998 - 1999 . (,    (. . 1.2).

       

 -  () , 

     (. . 1.2),   

     ( 110

,  100  ( 1999 .)  

    .).  

».

 1.2



,  , , .

 1995

)

1997

)

1999

)

2000

)

2001

)

 (),

%   , 1.09.95 = 100,



100



 1995)

572



 –

6.10.97)

98 189 260

  



, . .*

5-8 60- 65  20 45-47 70-72

    , .

.**

0.2

. – .)

16.7 –17.0 5.7 23.5 29.0 – 29.3

 ,  

, .*

n 

n  



70-80



260-300

100- 120

160-180

350-400

50 –60

310-350

300-350

30-35

280-320

370-400

30-35

340-370

  - 

 (), 

, .***

3176

 1995)

5045

 1997)

1628

 1999)

924

 2000)

618

  ,

   

  ( 

), , .

2295

 1995)

1764 1375 1320 1320

 2001)

   

 ,  

  90% 

, .

)

, ,  ().

**1995- -  1995 .

*** – , 

 (, , ).

   -  ( 90%  

), -  (2-5%),  (),  () 

 ().



  

.  , , 

 ,    

  ,     ,  

, 

     . , ,  

,         

   ,   , 

, ,  «» 

         

.       

  1.3.

 1.3*





 -



  

 (, ), %,  1995 .

 - 0.2 0.5 3.4 4.3

 36.4 29.6 22.2 19.4 14.6

 ,

   ( .

,   

)

44.3 50.1 22.5 3.9 20.0

,

. . 

19.3

0.2

20.1

2.3

54.8

13.3

73.3

4.0

61.1

10.3

,  1996 .

  

 / , % 117.2 151.0 60.0 38.5 28.4

, % ( 1998 .)**

10.47 13.30  51.35 28.15

  / 

, %

67.2 86.4 198.5 266.0 479.0

  

   

  / 

 , %

33.1 44.4 122.8 148.8 285.6

  

   

 BIS / 

 , %

137.0 41.7 153.7 210.0 279.7

 

,     

 (1998)

2278 1957 1838 914 741



, %***

26.0 53.0  /  70.0 76.0

*Deutsches Aktieninstitut e.V. DAI - Factbook 2000 (Section 08.6-4); FIBV Annual Reports, IFC Emerging Stock Markets Factbooks, IMF – IFS,

BIS Quarterly Review: International Banking and Financial Market Developments.

** ,  “

” (. : .

      :      /  

     . – .:     , 2001. – . 81).

, “        ,  

 

” (. . . 81).          (. 82), 

: Muus Christian K. Non-voting shares in France: An empirical analysis of the voting premium. – Frankfurt: Johann Wolfgang Goethe

University, 1998.

*** : White William R. The Coming Transformation of Continental European Banking? - Basle: Bank for International Developments. –

Working Papers 54. – 1998, June. – p. 28.

 ,     ,

     («shareholder

capitalism»), 



   ,   ,

    «stakeholder capitalism» (

»).

    .  -

       

      

;      

;  

 . 

      . 

        

   ,   

 .     

,   (  

  ,  , 

  ,    ). 

      

, .

      

  ().    

, , 

 ,  ,    

  .    

, ,       

.  

 ().

  ,

     . 

; 

        ;

       

   ,    

.  – ,

 – 

  .      

   ,    . 

       

         

,     

,   ,    ,  –

).

    .   

      

 ; 

    ;

       

 . , 

        

. 

, 

, , .

 , , 

   ,      

 ,    

 , .

     

 «» , 

, «  »).   

   ,   ,  

 .       

  ,     

.

     

, ) , 

.     - 

  – ,  ,   ,  

 .      

 .   ,    

   (, , ),   

  (



 ,       

).    (, 

 ,  )    ,

   .    ,

   ,   

.



   ,    

 ,    

, , 

       

. ,  ,      

.

 90-.  

, 

   ,     -

, 

 ,     ,   

.    

     , ,   ,

      , 

, 

.         

   1998 . 79%

 ,  )

, c 1992 . 

       

(Finanzeplatz Deutschland) () 

International Federation of Stock Exchanges Annual Report 1998.- Paris: FIBV.-1999.- p.68