, LL.M.

*
1.

,

,

. ,
:
1)
;
2)
;
3)

;
4)
.
,
.
,
() ().
,
.

.
.
,
*

:
,
, (2007).

235


.1

.2


.3
,
.4
:
,

.5
. ,
,
.6

( )

.


.
1
2

, ,
, , 1995., . 95.
:
,
. :
, International Finance Corporation, , 2007., . 27, 2.
()
() . Frank H.
Easterbrook & Daniel R. Fischel, Corporate Control Transactions, Yale Law Journal,
. 91 1982. , . 700.
Michael C. Jensen & William H. Meckling, Theory of the Firm: Managerial Behavior,
Agency Costs and Ownership Structure, The Journal of Financial Economics, . 3
1976. , . 308.
: Henry Hansmann & Reinier Kraakman, Agency Problems and Legal Strategies,
: Reinier R. Kraakman, Paul Davies, Henry Hansmann, Gerard Hertig, Klaus J. Hopt,
Hideki Kanda & Edward B. Rock, The Anatomy of Corporate Law A Comparative and
Functional Approach, Oxford University Press, 2005., . 21.
,
. - ,
. ,
, , ,
1998., . 128-129.

236


.7

.8
,

.
2.

,
.

( ), .
, , ,
, ,
,
. ,
,
. ,
,
,

.

.
,
, .

7
8

: Michael C. Jensen & William H. Meckling,

. , . 308-310.

.
,
.
(. ), (,
, ), (, ). ,
(, )
(
, , , ).
, .

. : Stephen M.
Bainbridge, Corporation Law and Economics, Foundation Press, New York, 2002., .
36, 22.

237


:9
1) ;
2)
;
3) ( / )

.
,

.
, .
,

.10 ,

.



.11 ,


. ,

.
,

( ,
).12

9
10

11

12

: Frank H.
Easterbrook & Daniel R. Fischel, . , . 700.
: Paul L. Davies, The Board of Directors: Composition, Structure, Duties and
Powers, Company Law Reform in OECD Countries A Comparative Outlook of
Current
Trends,
,
2000.,
.
2-3,

:
www.oecd.org/dataoecd/21/30/1857291.pdf.
: Henry Hansmann & Reinier Kraakman, What is Corporate Law, : Reinier R.
Kraakman, Paul Davies, Henry Hansmann, Gerard Hertig, Klaus J. Hopt, Hideki Kanda &
Edward B. Rock, . , . 2.
: Paul L. Davies, . , . 2.

238

3.

)

.

, ,
.13
.
.

. 1932. Bearle
Means
. ,

,
,
.
,

, - .14
,
, ,
.15
,
, ,
,
.16
,
,
.17
13

14
15

16
17

,
. ,
, , . 11-12/95,
. 19.
Adolf A. Berle & Gardiner C. Means, The Modern Corporation and Private Property,
Harcourt, Brace & World, Inc., New York, 1968., . 66-111.
Amnon Mandelbaum, Economic Aspects of Takeovers Regulation with Particular
Reference to New Zealand, : John Farrar, Takeovers Institutional Investors and the
Modernization of Corporate Laws, Oxford University Press, 1993., . 205.
: Frank H. Easterbrook & Daniel R. Fischel, . , . 700.

,

239


.18
, ,
.

: 1. ;
2. ; 3.
. ,

. , ,
,
,
. ,
,
.19 ,
,
.20
, , ,
,

.
,

18

19

20

. (free
rider) ,
,
. ,
,
, . ,
, , , ,
, , , 2003., . 15.
,
. Thomas Clarke,
International Corporate Governance a Comparative Approach, Routledge, 2007.,
. 24.
: Lucian Arye Bebchuk & Jesse M. Fried, Pay Without Performance The
Unfulfilled Promise of Executive Compensation, Harvard University Press, 2004., .
16.

. ,
;


...
. James D. Cox, Thomas
Lee Hazen & F. Hodge ONeal, Corporations, Aspen Law & Business, 1997., . 38.

240

 ,
.
,
.
,
,
.


.21
)


,
(), .
,
.
, .

conditio sine qua non ,
.
,
.22
, ,
: 1)
; 2)
.23 .
, ,
. ,


.24 ,

21

22
23
24

(The Combined Code on Corporate

Governance) 2006.
,
.
: Paul L. Davies, . , . 4-5.
: ,
. Thomas Clarke, . , . 24.
: , , , ,
, . , . 13.

241


.25

,
:
1)
; 2)
(
) ;
3) ;
4) ; 5)

; 6)
.
1)


.
.


. ,
, , (
, ).
,
ex ante ,

.26

. ,
, .

.27

25
26

27

: Davis Scharfstein, The Disciplinary Role of Takeovers, Review of Economic

Studies, . LV 1988. , . 186.
:
( , . 1 2006. , :
), . 155-162.
,
. : Peter Roosenboom & Tjalling van der
Goot, Takeover Defenses and IPO Firm Value in the Netherlands, 2003., ERIM Report

242

,
,


( ,
, ,

, , .).28


. ex post

,
.

, ,
.


.
:
;
;

;
(
); /
; ;
.


, .
,
,
.

,

,

28

Series
Reference
No.
ERS-2003-049-ORG,

:
http://ssrn.com/abstract=423660, . 10.
: , . 163-169.

243

 ,

,

.29

,
.30
2)

.

ex ante
.
,
.
.
.

.
(
, ,
),
.


,31

.32
,
. , ,
,
29
30

31

32

: , . 14, 15, 18, 103-111.

,
. : Henry Hansmann & Reinier
Kraakman, Agency Problems and Legal Strategies, . 26.
: Jennifer G. Hill & Charles M. Yablon, Corporate Governance and Executive
Remuneration: Rediscovering Managerial Postitional Conflict, Vanderbilt University
Law
School,
Working
Paper
Number
03-02,

:
http://ssrn.com/abstract=375240, . 13.
Frank H. Easterbrook & Daniel R. Fischel, . , . 700.

244

 .

. ,

, .
,
.
,
.33
3)

,

.

:
,

,
;

;34
;
.35
,

,
33
34

35

: Paul L. Davies, . , . 10.

, ,
, ,
. Reinier Kraakman, Disclosure and Corporate
Governance: an Overview Essay, : Guido Ferrarini, Klaus J. Hopt, Jaap Winter & Eddy
Wymeersch, Reforming Company Law and Takeover Law in Europe, Oxford University
Press, 2004., . 100.

... . Paul G. Mahoney,
Mandatory Disclosure as a Solution to Agency Problems, University of Chicago Law
Review, . 62 1995. , . 1048.
:
, . 299-315; Report of the High Level Group of Company Law Experts on a
Modern Regulatory Framework for Company Law in Europe ( :
) 4.11.2002. , . 45-47.

245

.


.36
,

.

,

.37
,
, .
,
,
.
, ,
.
, ,
.

.

.
(
,
).

,

( ,



).
,
(
36
37

: , . 59.
,

, : James D. Cox, Thomas Lee Hazen & F. Hodge ONeal, Corporations,
. 41.

246

). ,
,
,
.
4)
,
,
. ,
,

.

:


.
(1)
.

.
,
.

,
,
() .

,
.
,

.
,
,
,
. (
), , ,
,
.
(2)

247

 .
,
.
.
,

,
,38


.39
5)
,
,
, .

,
.40

.41 ,
,

.42
.

38

39

40
41
42

. ,
, ,
,
(). : , . 325(4-6); , . 243-244.
( , . 46
2006. ) ,

(. 38(3-4)).
: Henry Hansmann & Reinier Kraakman, Agency Problems and Legal Strategies,
. 26; James D. Cox, Thomas Lee Hazen & F. Hodge ONeal, Corporations, . 39.
: Lucian Arye Bebchuk & Jesse M. Fried, Executive Compensation as an Agency
Problem, . 1.
: Kevin J. Murphy, Executive Compensation",
1998., : http://ssrn.com/abstract=163914, . 26-30.

248

 ,
.43


(
).
( )
( ).44


.45 ()
.46

.47

,
.

,
.
,
.48

,
.49

43

44

45
46

47

48
49

: Lucian Arye Bebchuk, Jesse M. Fried & David I. Walker, Managerial Power and
Rent Extraction in the Design of Executive Compensation, The University of Chicago
Law Review, . 69 2002. , . 761-762.
: Guido Ferrarini & Niamh Moloney, Executive Remuneration and Corporate
Governance in the EU: Convergence, Divergence, and Reform Perspectives : Guido
Ferrarini, Klaus J. Hopt, Jaap Winter, Eddy Wymeersch, Reforming Company and
Takeover Law in Europe, Oxford University Press, 2004., . 273.
: OECD Principles of Corporate Governance 2004. , . 61; ,
. 237.
: Yu Guanghua, The Regulation of Executive Regulation: An Agency Perspective,
: http://users.austlii.edu.au/clta/docs/pdf/2006-conf-papers/yu.pdf, .
1.
: Charles M. Yablon & Jennifer G. Hill, Timing Corporate Disclosures to
Maximize Performance-Based Remuneration: A Case of Misaligned Incentives? Wake
Forest Law Review, . 35 2000. , . 85.
: Brian R. Cheffins, Company Law: Theory, Structure, and Operation, Clarendon
Press, Oxford, 1997., . 654.
Michael C. Jensen, Kevin J. Murphy & Eric G. Wruck, Remuneration: Where We've
Been, How We Got to Here, What are the Problems, and How to Fix Them, 2004.,

249

.50

,

( ,
,


).51
,

.
6)
,
,52
- .

,
.
,
.
,
.53

50

51

52

53

Harvard NOM Working Paper No. 04-28; ECGI - Finance Working Paper No. 44/2004,
: http://ssrn.com/abstract=561305, . 22.
: Lucian Arye
Bebchuk & Jesse M. Fried, Pay Without Performance The Unfulfilled Promise of
Executive Compensation, Harvard University Press, 2004.; Lucian Arye Bebchuk, Jesse
M. Fried & David I. Walker, . , . 783-795.
: Commission Recommendation of 14 December 2004 fostering an appropriate
regime for remuneration of directors of listed companies, Official Journal L 385/55 29.
12. 2004. ; , . 65-66.
: Michael C. Jensen & Richard S. Ruback, The Market for Corporate Control: The
Scientific Evidence, Journal of Financial Economics, . 11 1983. ,
: http://ssrn.com/abstract=244158, . 2.
: Frank H. Easterbrook & Daniel R. Fischel, The Economic Structure of Corporate
Law, Harvard University Press, 1991., . 171-174; Frank H. Easterbrook & Daniel R.
Fischel, Auctions and Sunk Costs in Tender Offers, Stanford Law Review, . 35
1982. , . 2; Gregory R. Andre, Tender Offers for Corporate Control: A
Critical Analysis and Proposals for Reform, Delaware Journal of Corporate Law, . 12
1987. , . 865.

250

 ,
.
,
,
.
( ,
,
,
, .),
( ,
,
,

, .).

.
4.

)
,
,
, .

.54
, .

-
. ,
.
,
,

.55
54

55

: Clas Bergstrom, Peter Hogfeldt, Jonathan R. Macey & Per Samuelsson, The
Regulation of Corporate Acquisitions: A Law and Economics Analysis of European
Proposals for Reform, Columbia Bussiness Law Review, . 1995 1995. , .
505-507.
-
,
... ,
. Klaus J. Hopt,

251

 .
,
.56 ,

, .
,
.57

,
.
,
.


,
.58 ,
:59
1)
,
;
2)
;
3)

;

56

57

58

59

Comparative Company Law, : Mathias Reimann & Reinhard Zimmermann (eds.),

The Oxford Handbook of Comparative Law, Oxford, 2006., . 1166.

. : John C. Coates IV,
Ownership, Takeovers and EU Law: How Contestable Should EU Corporations Be?, :
Guido Ferrarini, Klaus J. Hopt, Jaap Winter & Eddy Wymeersch, Reforming Company
Law and Takeover Law in Europe, Oxford University Press, 2004., . 698.
: Jose M. Garrido & Angel Rojo, Institutional Investors and Corporate
Governance: Solution or Problem?, : Klaus J. Hopt & Eddy Wymeersch, Capital
Markets and Company Law, Oxford University Press, 2003., . 433.
...

,
. , (
), ,
, 2005., . 292.
: Robert W. Hamilton, The Law of Corporations, West Group, St. Paul, Minn.,
2000., . 347-348.

252

4)
( ,
, a ,
);
5) .
,


.
)

: ,

, .



.60
,
.61
,
, :62
1) .


.63
2) .

60
61

62

63

: OECD Principles of Corporate Governance 2004. , . 20.

,
. : Eddy Wymeersch, Some Recent Trends and
Developments in Company Law, Financial Law Institute, Working Paper Series, WP
2001-07, 2001., . 8.
:
, . , . 292-310; ,
,
, . 1-4/2005, . 77-83; ,
, , . 1-4/2005,
.89-96.
. 13 :
...

253

 .64 ,
, ,
.65 , /

,66
.67
3) .
, ,

.68
:
, , ,
, ,
, ,
, .69

.70

.71
4)
.
.

.

.72
64

65
66
67
68
69
70

71
72

. : , (,
, ), , . 1-4/2005, . 10.
: , . 114; Paul L. Davies, . , . 13.
: , . 31(1)(2).
: Robert W. Hamilton, . , . 373-375.
: OECD Principles of Corporate Governance, . 18.
: , . 15.

,

.
: 2006. , II; 1992.
, II; , . 1.1-1.2; , II.

, ,
,
. : , . 309(4, 6).

254


,

.73


,
.74

.75
,
.

.76
5) .
(
) ,
.77
,
.
,
,
,
.
,
( )
( ,

73
74
75

76

77

: Paul L. Davies, . , . 13.

: , . 327(2)(2); , . 174, 178.

,
. : Marcus Lutter & Brigitte Lammers, Hostile
Takeovers: Possibilities and Limitations according to German Law, : J. M. M. Maeijer
& K. Geens, Defensive Measures against Hostile Takeovers in the Common Market,
Martinus Nijhoff Publishers, 1990., . 128; ,
, , . 5-8/2000, . 214.
,
,
(. 294(1)).

(. 30(1)(2)).
: Henry Hansmann & Reinier Kraakman, Agency Problems and Legal Strategies,
. 25.

255

 ),
.78
,
.
,
,
(
),
.

( ),
.
,
-
.79

.80
6)
.

.
.


( ,
, ,
, ,
, .).


, .
, ,
78
79

80

: , . 444-445.
,

. : Directive 2004/25/EC of the European Parliament and of the Council
of 21 april 2004 on takeover bids ( : ), Official
Journal L 142 30. 4. 2004. , . 15-16.
: , . 109-110;
, (Proposal for a Directive of the European Parliament and of the Council
amending Council Directive 77/91/EEC, as regards the formation of public limited
liability companies and the maintenance and alteration of their capital), 21.9.2004.
, , (8) . 39(a-b); ,
, , . 5-8/2007, . 198-200.

256

 .81
( ,
, ,
, .),

.82
,

.83

.84
5.

)

( )
.85
, ,
, , , , ,
, ,
.
,
, .
,
, ,

,
.
81
82

83
84

85

, ()
, .11/2002, . 16.


. : Model Business Corporation Act 1984. , . 14.30
, . 346.
: , (
), . 295-296.
:
(
, . 47 2006. ), . 220-222.
( )
,
.

257



. ,
.
,
(
, , ,
),
, ,
,
( ,
, ).


.
,


.
, .86
)


.87
1)

: ,
/ ,

.
(1) .

.
,
.88
86

87
88

:

, , , , ,
. : , . 32(1); , . 113.
: Paul L. Davies, . , . 15.
.

258


:

,89

90

.91 ,

, .
(2) /
.
/
.92
(

) (
/
).93

, .94

/ ,
.
,

89

90
91
92
93
94

: , . 23(2); (Aktiengesetz,
: AktG) 1965. , . 71(1); (Companies Act,
: CA) 1985. , . 153(4)(c); (Companies
Act, : ComA) 1963. , . 60(13)(b);
( : CC) 1978. , . L 225-216(2);
(Bekendtgrelse af lov om aktieselskaber, : BA)
1973. ( 1996. ), . 115(2);
( : ) 1993. ( 2003.
), . 234(1); Zakon o gospodarskih drubah ( : ZGD)
1993. ( 2001. ), . 241(2);
( , . 6 2002. , :
), . 60(9); , . 190(2,3).
: , . 19(3); , . 222(4)(2).
: , . 237(4-5).

: , , , , 1998., . 392.
: , ,
, , 1999., . 336-337.
: OECD Principles of Corporate Governance, . 47.

259

 .95

( , )
,
.96
(3) .

.97
,
.98
(4) .
(
)
.

,99 (
) .

,
.
2)
,
,
.

.100

95
96
97

98

99

100

50 .
: ( , . 24/2005, 61/2005), . 205.
: , . , . 401-402.
,
( ,
).


. : , . 400(10), 410(3).
,

(. 153).
quid pro quo
. : Gerard Hertig & Hideki Kanda, Creditor

260


.
.

:

,

;101

( , ),

vice versa;

;102


, , ,

;
( ,
)

( , );

;103
ex ante ex post
;

,
.104

101

102

103

Protection, : Reinier R. Kraakman, Paul Davies, Henry Hansmann, Gerard Hertig,

Klaus J. Hopt, Hideki Kanda & Edward B. Rock, . , . 72.
: Peter O. Mlbert, A Synthetic View of
Different Concepts of Creditor Protection, or: A High-Level Framework for Corporate
Creditor Protection, European Business Organization Law Review, . 7 2006.
, . 375-377.
,
. : Gerard
Hertig & Hideki Kanda, . , . 71.
: Peter O. Mlbert, . , . 370-371.

261


.
.

,
.
( ,
,
) (
).105

:
(1) .
conditio sine qua non
.
,
ex ante ,

.106 ,
:
( , ),107
( , ),
.108
(2) ,
.
, ,

.109

,
.110 ,
104
105
106
107
108
109

110

: Francesco Denozza, Different Policies for Corporate Creditor Protection,

European Business Organization Law Review, . 7 2006. , . 410-411.
: Gerard Hertig & Hideki Kanda, . , . 72-73.
: Peter O. Mlbert, . , . 379.
: , . 295298.
: Peter O. Mlbert, . , . 380.
: Luca Enriques & Martin Gelter, Regulatory Competition in European Company
Law and Creditor Protection, European Business Organization Law Review, . 7
2006. , . 422.
Second Council Directive 77/91/EEC of 13 December 1976 on co-ordination of
safeguards which, for the protection of the interests of members and others, are required
by Member States of companies within the meaning of the second paragraph of Article 58

262


.
,
( , )
.
, .

()

. ,

.111
(3) .
: ,

,
; ,

,
.112

.113
(4) .
,
,
,

.
,
, : ,

;114 ,

111

112
113
114

of the Treaty, in respect of the formation of public limited liability companies and the
maintenance and alteration of their capital, with a view to making such safeguards
equivalent, Official Journal L 026 31.1.1977. .
,
, : , . 86-89;
, , . 200-203.
: Gerard Hertig & Hideki Kanda, . , . 75.

: , . 94-100.
: ,
( ),
, . 5-8/2004, . 693-696.

263


;115 ,

;116 ,

.117
(5) . ,

.118
(6) .

(
) ,
.119
, ( ,
) de facto
,

.120
(7) .

,
.
,

.121
115

116

117
118
119
120

121

,

, .
wrongful trading. : Paul
Davies, Directors Creditor-Regarding Duties in Respect of Trading Decisions Taken in
the Vicinity of Insolvency, European Business Organization Law Review, . 7 2006.
, . 315-329.
,
. : , . 86.

. : , . 232.
(. 113)
, ... ...
: , . 15.
: Gerard Hertig & Hideki Kanda, . , .
93; , (
), . 106-107.
: , . 11(5), 12, 395, 417.

264

6.

.
.
,
, ,

,
, ,
.
, ratio


.


.

,
.
,
.


,
,
, .

265