Миркин Я.М. Рынок ценных бумаг

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n        ,

:

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



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

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

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

.)

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

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

,      



       (

  ,   ,  

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

.)

n     ,  

,  ,    (

 ,     

, - .)

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

-      

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



 (corporate governance). 

       

 .    

,   (corporate governance) 

,      ,

  ,      

.

       

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

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

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

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

   ,    

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

.

      

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

  »  

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

.

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

    . ,

,  1998 . 65% 

  ()  35%    

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

.

   1998 .   

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

. 

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

 (. . 1.20 ).

 1.20*





1999 2000 2001





 

,  

  

, %

100

(8.2 .

.)

129 159 174 238 478 522 483

(39.5 .

.)

   

, . .

499 832 1483 3518 3525 5027 4930

)

4959

  

 

 ,

. .

118 147 613 1068 1086 1945 3563 1878

 

  / 0.236 0.177 0.413 0.304 0.308 0.387 0.723 0.379



              . 

, .

  2 . 1999 .  3

. 2000 .  4.8 ,   17.6 ,  

   (      )  10.1 .

.



 10.1:

1.?

2.?

3.      ,   

.

4.

?

 10.2:

1.

2.       

?

3.?

4.  , 

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

 10.3:

1.       

?

2.       



3.?

4.    ,    

  (corporate governance) 

.



. . . – .: 

, 1994. – 349 .

 .    :   ,

   . – .: ,   

, 2002. – 623 .

 .     :   

. – .: , 1995. – 536.

    .    

. .: , ,   .;  . , ;

.- .: ,1998.- 352 .

 .   :    

 /      – .:   

, 2000. – 312 .

. : .-.:,

, 1997.- 326 .

., ., . : . .- .: ,

1997.



 , ,    

), ,

,      , 

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

  ,   

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

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

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

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

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

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

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

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

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

, , ,

,  ,  ,

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

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

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

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

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

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

,  ,  ,  

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

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

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

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

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

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

  ,   , 

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

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

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

.



 -   ,    

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

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

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

 -  ,    

 () 

 ( )   

      

).

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

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

     .   

    –   

       

 () 

 –. ,  –

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

.

  -    

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

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

     .  

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

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

  , ,  

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

 – ,  

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

 

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

    ,    

.

 ()  - , 

 ,    ,   

 )      

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

, .

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

.

  –   , 

      ()  

  (, ).  , 

   

 - .

 -  ,     

.

   –  ,  

.    , . 

, . 

 ( ),     

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

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

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

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

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

      

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

, .

 2. 



    ( ), 

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

,    .   

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

 ,  , ,  

 (– ).

    ,   . 

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

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

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

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

. , 

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

.

2.1. 



   ,    ,

  –   –  .

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

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

,    .   –

  ,   ,  

 – .

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

 ( ,   

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

).

 ( – )  

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

 .     

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

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



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

,       , 

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

     –  

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

 .

    –    

,       

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

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

).  ,    -   

, - 

, .

      ,

, 

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

 (. 1 . 2)

 1





 



   

   



 





  



 





 





   





 







 



      

 2





 



  ()









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







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

-  - 

 , , . , 

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

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

  ,   

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

.        c 

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

), , 

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

 (

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

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

   ,      

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

   ,  ,

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

.

   .   – 

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

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

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

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

.

10-20   ,  5-

10%   ,     ,

 60-80%  (. 2.1).

 2.1*



 1998 . -  25 .

. 

 1998 . -  5 .

. 

 

,



, %



,



, %

 

, 

, %



,



, %

 1998

5.7 60.5 20



20 . .



20 . .

 1998

7.7

 1999

11.3

 2000

27.0

9.8

 2001

20.8

6.6

71.8

83.3

90.8

67.4

85.2

58.0

.

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

  ( –  ), 

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

  : , , 

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

,  ,  

.