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sakorporacio

samarTlis krebuli

II
sakorporacio, sabanko da
ekonomikuri samarTlis instituti
(Tsu, iuridiuli fakulteti)

gamomcemloba `meridiani~
Tbilisi 2014
sarCevi
uak (udc) 342.393
s-195 (????????????)

Sesavali.................................................................................................................................................. 4

naSromSi gamoyenebuli ucxoenovani Semoklebani................. 9

akaki qiria.........................................................................................................................................13
samarTlis ekonomikuri analizi da misi meTodologiuri sazRvrebi

giorgi maxarobliSvili............................................................................................. 55
saaqcio sazogadoebis ZiriTadi struqturuli elementebi

nona zubitaSvili...............................................................................................................130
partnioris garicxva SezRuduli pasuxismgeblobis sazogadoebidan

nino jibuti..................................................................................................................................195
finansuri krizisi da cvlilebebi sareitingo kompaniaTa samarTalSi

salome jibuti...................................................................................................................... 269


finansuri krizisi da investorTa interesebis dacvis
samarTlebrivi sistemis uzrunvelyofa

© gamomcemloba `meridiani~, 2014

© i. burduli

ISBN 978-9941-10-458-9 (????????????????)

3
S e sa v a l i kuri interaqciisaTvis. Sesabamisad, man aucileblad unda SeinarCunos
sakuTari TviTmyofadoba da damoukidebloba, raTa samarTlis Rireb-
ulebiT sistemasTan konfliqtis dros, rac am ori segmentis bunebrivi
gasuli saukunis erT-erTma gamoCenilma mecnierma samarTalSi revo- midrekilebaa, SenarCunebul iqnes „samarTlis Teoriasa da meTodologi-
luciuri midgoma daamkvidra. samarTlis ekonomikuri analizi gaxda is asTan misi TavisTavadoba“.2 mokled, sakorporacio samarTlis krebulis
meTodi, romelze dayrdnobiTac mravali iuristi konkretuli samar- meore tomi swored am sakiTxiT gvinda daviwyoT. akaki qirias qarTveli
Tlebrivi norma-debulebis axsna-ganmartebas Seecada. samarTali, ise mkiTxveli icnobs amave krebulis pirveli tomidan. igi qarTvel axal-
rogorc arasdros, daukavSirda ekonomikur mecnierebas da iqca misi gazrda mkvlevarTa im nawils miekuTvneba, romelic cdilobs sakorpora-
kombinirebuli Seswavlisa da ganxilvis sagnad. pozneris es „ideolo- cio (ekonomikur) samarTalSi mecnieruli kvlevis is interdisci plin-
gia“ gansakuTrebiT Seexo sakorporacio samarTals, romelic globalur uri diagrama gamoiyenos, rac korporaciul–samarTlebrivi sakiTxebis
ekonomikur garemoSi arnaxulad viTardeba. misi roli fasdaudebelia axsnas, normaTa interpretirebas ufro racionalurs da „ekonomikurad
da igi sul ufro da ufro mWidro kavSirurTierTobiT dinamikas av- efeqtians“ gaxdis. amitom winamdebare wignis pirvelive Tema samarT-
lens ekonomikur mecnierebasTan. „sakorporacio samarTlis ekonomikuri lis ekonomikur analizs da mis meTodologiur safuZvlebs daeTmoba.
da samarTlebrivi, praqtikuli da dogmatur-Teoriuli aspeqtebis kom- Cveni institutis saqmianobis erT–erTi segmentic, kvlevis interdis-
binireba, ukve didi xania, gascda iuridiuli mecnierebis cargvals da igi ci plinuri meTodis gamoyenebis Sedegad, sakorporaciosamarTlebrivi
interdisci plinur ganzomilebaSi hi perbolas warmoadgens“.1 es fraza sakiTxebis ekonomikuri aspeqtebis damuSavebaa. darwmunebuli var, es
kidev erTxel adasturebs Tezas imis Sesaxeb, rom Tanamedrove sakor- waadgeba qarTul sasamarTlo praqtikasa da kautelarul iurispruden-
poracio, gansakuTrebiT ki kapitaluri ti pis sazogadoebis samarTlis cias normaTa konstruqciebis ukeT gagebasa da gaazrebaSi.
Seswavla, misi yvela SigniT moqceuli Tu gareT arsebuli institutiTa krebulis Semdegi nawili ekonomikuri urTierTobis monawile erT-
da qveinstitutiT, warmoudgenelia ekonomikuri mecnierebis garkveuli erT yvelaze mniSvnelovan subieqts – saaqcio sazogadoebas exeba. bi-
speqtris Seswavlis, kvlevisa da gamoyenebis gareSe. swored amitom, gan- znes saqmianobis es samarTlebrivi forma saxelmwifos organizaciuli
viTarebul korporaciul-samarTlebriv reJimebSi, sul ufro da ufro ekonomikis ZiriTadi taqtis mimcemia. Sesabamisad, misi substanciis, arsis,
SeiniSneba am ori segmentis erTmaneTTan daaxlovebisa da Sezrdis misi struqturuli „anbanis“, ti pologiuri bunebis Sedarebis WrilSi
tendencia. es gansakuTrebiT damaxasiaTebelia mZafri da ganviTarebuli misi sxva samarTlebrivi formisagan gamijvnis sakiTxebi giorgi max-
kapitalisturi urTierTobis, kapitalisturi wyobis dasavluri qvey- arobliSvilis mier Sesrulebul TemaSia (saaqcio sazogadoebis struq-
nebisaTvis, ramdenadac misi erT-erTi centraluri amocana swored imis turuli elementebi) gamokvleuli. avtors qarTveli mkiTxveli kar-
dadgenaSi mdgomareobs, Tu rogor iqneba SesaZlebeli samarTlis norme- gad icnobs gamoqveynebuli statiebidan da sakorporacio samarTlis
bze ekonomikuri efeqturobis gamoyeneba, moxdeba ra meTodologiuri krebulis pirveli tomidan. igi, ramdenime xania, saaqcio sazogadoebis
TvalsazsirisiT am princi pebis integrireba normaTa konstruqciebSi. da, zogadad, kapitaluri ti pis organizaciuli warmonaqmnebis restruq-
es ki SesaZleblobas miscems (an unda misces) kerZosamarTlebrivi urT- turizaciis sakiTxebze muSaobs, raSic aseve ekonomikur meTods iyenebs.
ierTobis konkretul subieqts sakiTxs ekonomikurobis kuTxiT miudges. saaqcio sazogadoebis struqtura mas ganxiluli aqvs organizaciuli
adamianic xom „ekonomikuri arsebaa“ da misi nabijebic umeteswilad marTvis konteqstSi. saaqcio korporaciis organizaciuli maxasiaTe-
ekonomikuri efeqtianobis paradigmiT aris ganpirobebuli. Sesabamisad, blebi swored rom korporaciuli marTvis WrilSi, mis kvalobaze unda
nebismier iuridiul sakiTxs SeiZleba hqonoda ekonomikuri Semxebloba iqnes gamokvleuli. winaaRmdeg SemTxvevaSi SesaZloa saxeze iyos misi
da igi am ukanaskneliT axsniliyo. Tumca, aucilebelad aris gasaT- funqciuri aRreva sxva samarTlebriv formebTan, rac arc politikur–
valiswinebeli erTi mniSvnelovani faqtori: aris SemTxvevebi, rodesac samarTlebrivad da arc ekonomikurad ar iqneba gamarTlebuli. qarTuli
samarTlis esa Tu is princi pi SeiZleba miuRebeli aRmoCndes ekonomi- sakorporacio kanonmdeblobis erT-erT naklad dResdReobiT swored
es meCveneba. deregulireba ar unda gaxdes biznes organizaciaTa Soris
1
ix. maxarobliSvilis disertacia: „kapitalur sazogadoebaTa struqturaSi funda-
menturi cvlilebebis ganxorcieleba korporaciul-samarTlebriv qmedebaTa (SeZena,
Serwyma) safuZvelze~, (xelnaweris saxiT), gv. 10. 2
amave krebulSi: qiria, samarTlis ekonomikuri analizi.

4 5
ti pologiuri demarkaciuli xazis absoluturad moSlis sawindari. Cemi gansxvavebuli poziciisa, mniSvnelovania, rom sakiTxi originalurad
sakorporacio samarTali ki Tavisi funqciiT swored ekonomikur seg- aris danaxuli, rac naSromisadmi kidev ufro met interess aRZravs.
mentebSi (da ara mxolod) moqmedi komerciuli saqmianobiT dakavebuli krebulis meore tomi sareitingo samarTalTan, ufro swored, sare-
socialuri warmonaqmnebis, maTi ti pebis dadgenis samarTalia. itingo kompaniaTa samarTalTan da investorTa dacvis momowesrigebel
nona zubitaSvili sakorporacio, sabanko da ekonomikuri samarTlis samarTalTan dakavSirebuli sakiTxebis gadmocemiT sruldeba. Taname-
(Tsu) institutis axali wevria. winamdebare krebulSi mas SemoTavaze- drove globalur ekonomikur samyaroSi da gansakuTrebiT globaluri
buli aqvs qarTuli sakorporacio samarTlisaTvis metad aqtualuri da safinanso kapitalis bazrebze sareitingo kompaniebi xSir SemTxvevaSi
Zalze praqtikuli sakiTxis irgvliv msjeloba – partnioris garicxva gadamwyvet rols asruleben. aqciisa Tu wilis sabazro–sakurso fasi
SezRuduli pasuxismgeblobis sazogadoebidan. saqarTvelos uzenaes sa- bevrad aris damokidebuli im faqtorebze, romlebic nawilobriv obi-
samarTlos 2001 wlidan moyolebuli dRemde araerTi gadawyvetile- eqturi, nawilobriv ki subieqturi SefasebiT aris determinirebuli.
ba aqvs miRebuli aRniSnul sakiTxTan dakavSirebiT. es kidev erTxel Sefaseba samoqalaqo, ekonomikuri brunvis monawile subieqtis mier
warmoaCens am Temis aqtualobas da sxvadasxva konteqstSi ganxilvis ganxorcielebuli kvlevis Sedegia, rac racionalur, obieqtur, miuker-
aucileblobas. amas isic adasturebs, rom sasamarTlo praqtikac, miuxe- Zoebel, faqtebis sworad aRnusxvis wesrigze unda iyos dafuZnebuli.
davad imisa, rom mainc SesaZlebelia erTiani konturebis formireba, es ki mniSvnelovania, raTa korporacia am Sefasebis Sedegad obieqturad
metnaklebad mravalferovania. am mravalferovnebas aseve „mewarmeTa Ses- iqnes gaSuqebuli da gamoiricxos mis mimarT yovelgvari avzraxuli
axeb“ kanonSi ganxorcielebuli cvlilebebic ganapirobebs, romelic qmedeba. Tumca amis absoluturi ganeitraleba, albaT, SeuZlebelia. nino
partnioris garicxvis sakiTxs sxvadasxva etapze (konceptualur–samar- jubuti sareitingo kompaniaTa samarTalSi cvlilebis sakiTxs finans-
Tlebrivi TvalsazrisiT) sxvadasxvanairad „wyvets“. sityva gadawyveta uri, globaluri bazrebis krizis konteqstSi mimoixilavs. gamomdinare
Segnebula iqneba Casmuli brWyalebSi, ramdenadac 2008 wlis reformis iqidan, rom aqamde qarTul iuridiul realobaSi am sakiTxebis Ses-
Sedegad da mas Semdeg, rac mewarmeTa kanoni absoluturi dispoziciuri axeb ar yofila msjeloba, avtori cdilobs warmoaCinos is dogmaturi
mowesrigebis reJimze gadavida, kanoni aRniSnul sakiTxs TiTqmis ar safuZvlebi, rac aucilebelia msgavsi Temebis gagebisTvis: warmodgenilia
aregulirebs. aman ki sadavo samarTlebriv urTierTobaSi SesaZlebelia sareitingo kompaniaTa samarTlebrivi sistemis, sareitingo samarTlis,
sakiTxis araerTgvarovan gagebas daudos dasabami. ra aris partnioruli rogorc damoukidebeli korpusis safuZvlebi; mocemulia sareitingo
urTierTobis samarTlebrivi arsi, ra (ufleba) – movaleoba akisria kompaniaTa regulirebis formebi, romelic gansxvavebulia msoflio eko-
sazogadoebis wevrs sazogadoebasTan mimarTebaSi, ra sanqcia SeiZleba nomikur krizisamde da globaluri safinanso krizisis Semdeg. Tu
iqnes gamoyenebuli „urCi“, valdebulebis damrRvevi partnioris mimarT, krizisamde TviTregulirebad, SeiZleba iTqvas „mouwesrigebel“ mowes-
SeiZleba Tu ara valdebulebis darRveviT (valdebulebiT-samarTlebrivi rigebas hqonda adgili, krizisis Semdgom periodSi es midgoma Seicvala
sanqciis gamoyenebiT) determinirebul iqnes korporaciul-samarTlebri- da regulirebisaken da misi gamkacrebisken iqna aRebuli gezi. marTalia,
vi Sedegi, rac partnioris statusis dakargvis tolfasi xdeba; rodis saqarTveloSi sareitingo kompaniebi jer-jerobiT ar arsebobs, Tumca
da ra moculobiT unda iqnes gamoyenebuli samoqalaqosamarTlebri- naSromSi mocemuli informacia friad saintereso unda iyos qarTveli
vi regulaciebi xelSekrulebis moSlis konteqstSi am specifikuri mkiTxvelisTvis.
sakiTxis gadawyvetisas, gamoyenebul unda iqnes Tu ara gafrTxilebiTi krebulis bolo Temas, garkveul prizmaSi, kvlav ekonomikur krizisTan
vada samoqalaqo kodeqsis Sesabamisad partnioris garicxvisas, maSin, aqvs Sexeba. sakiTxi investorebis dacvis samarTlis kvlevazea bazirebu-
rodesac, rogorc wesi, aseTi vada sazogadoebidan partnioris garicxvis li da krizisze, rogorc „axal gamowvevaze“ reagirebis samarTlebriv-
gansakuTrebuli korporaciuli Taviseburebis gaTvaliswinebiT mraval ekonomikur sakiTxebs warmoaCens. investori korporaciaSi erT-erTi
qveyanaSi swored korporaciul specifikur kanonmdeblobaSia mocemuli. mTavari figuraa. amitom mas gansakuTrebuli midgoma esaWiroeba. es
aman ki SesaZloa kolizia Seqmnas ganmartebis samoqalaqosamarTliseul midgoma misi uflebebis dacvis uzrunvelyofiT unda iqnes garantireb-
da sakorporaciosamarTliseul gagebas Soris. mokled, es im sakiTxTa uli, risi ekonomikuri efeqtic korporaciaSi Cadebuli qonebis maqsimi-
wyebaa, romelTac krebulis am TemaSi ixilavs mkiTxveli. CemTvis, miuxe- zacia iqneba. Sesabamisad sakiTxi, Tu ratom aris investoris dacva ase
davad avtoris mier gamoTqmul zogierT mosazrebasTan dakavSirebiT mniSvnelovani, Tu rogor SeiZleba am dacvis funqciis uzrunvelmyofi

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samarTlebrivi meqanizmebis Seqmna, krebulis aRniSnul (bolo) nawilSia abreviatura
warmodgenili, rasac salome jibuti isev finansuri krizisis mimox-
ilvis fonze akeTebs. unda iTqvas, rom nino da salome jibutebi, Cveni
institutis axali SenaZenia. rogorc warmatebuli studentebi Cveni da
qarTul enaze
ucxouri (britaneTi, germania) universitetebisa, isinic mowadinebulni
arian samarTlebrivi sakiTxebi ekonomikurs daukavSiron, rac, rogorc
araerTgzis iTqva, Tanamedrove sakorporacio samarTlebriv kvlevebs aSS amerikis SeerTebuli Statebi
ufro aRrmavebs da gacilebiT Rirebuls qmnis.
ix. ixileT
irakli burduli mag. magaliTad
Tbilisi, 2013 Sead. SeadareT
Sps SezRuduli pasuxismgeblobis sazogadoeba
sas saqarTvelos sakonstitucio sasamarTlo
ss saaqcio sazogadoeba
sus saqarTvelos uzenaesi sasamarTlo
ter. termini

ucxo enaze

Art. Article

Ed. Edition

EEC European Economic Community

GmbH Gesellschaft mit beschränkter Haftung

LLC Limited Liability Company

MBCA Model Business Corporation Act

PECL Principles of European Contract Law

RULLCA Revised Uniform Limited Liability Company Act

Sec. Section

UCC Uniform Commercial Code


Vol. Volume
8 9
BörsG Börsengesetz AnSVG Anlegerschutzverbesserungsgesetz
germaniis birJebis kanonis kanoni investorTa dacvis gaumjobesebis Sesaxeb

ESA European Supervisory Authorities BKR Zeitschrift für Bank- und Kapitalmarktrecht
evropul sazedamxedvelo organo sabanko- da kapitalis bazris samarTlis Jurnali

EIOPA European Insurance and Occupational Pensions Authority CFPA Consumer Financial Protection Agency
evropis sadazRveo da arasaxelmwifoebriv momxmarebelTa finansuri dacvis saagento
sapensio saqmianobaze sazedamxedvelo organo
ECOFIN The Economic and Financial Affairs Council
EBA European Banking Authority ekonomikuri da finansuri sakiTxebis evropuli
evropis bankebis sazedamxedvelo organoSi sabWo
moqmedi evropis sazedamxedvelo komisia
ESRB European Systemic Risk Board
ESMA European Securities and Markets Authority sistemuri riskebis evropuli komiteti
evropis fasiani qaRaldebisa da bazrebis
sazedamxedvelo organo FSAP Financial Services Action Plan
finansuri momsaxurebis samoqmedo gegma
ESFS European System of Financial Supervisors
evropis finansuri sazedamxedvelo sistema IMF International Monetary Fund
saerTaSoriso savaluto fondi
IOSCO International Organisation of Security Comission
fasiani qaRaldebis komisiebis saerTaSoriso KID Key Informatino Document
organizacia. sakvanZo informaciis dokumenti

LSE London Stock Exchange KWG Kreditwesengesetz


fasiani qaRaldebic londonis birJa kanoni sakredito dawesebulebebis sistemis Sesaxeb

NRSRO Nationally recognized statistical rating organizations MiFID Markets in Financial Instrument Directive
nacionalurad aRiarebuli statistikuri finansuri bazris direqtiva
sareitingo organizaciebi
NJW Die Neue Juristische Wochenschrift
S&P Standard & Poor’s axali yovelkvireuli iuridiuli Jurnali
sareitingo-kompania `standard & puri”
RAFSA The Restoring American Financial Stability Act of 2010
WpPG Wertpapiersprospektgesetz  amerikis finansuri stabilurobis aRdgenis 2010
germaniis fasiani qaRaldebis prospeqtis kanoni wlis kanoni

10 11
RZP Rabels Zeitschrift für ausländisches und internationales
Privatrecht
 ucxouri da saerTaSoriso kerZo samarTlis Jur-
nali

SA Securities Act from 1933


1933 kanoni fasiani qaRaldebis Sesaxeb

SEA Securities Exchange Act from 1934


 1934 wlis kanoni fasiani qaRaldebis da safondo
birJebis Sesaxeb

SIPC Securities Investor Protection Corporation


fasiani qaRaldebis investorTa dacvis korporacia

WpHG Gesetz über den Wertpapierhandel (Wertpapierhandelsge-


setz)
kanoni fasiani qaRaldebiT vaWrobis Sesaxeb

WM Wertpapier – Mitteilungen
fasiani qaRaldebis Jurnali

ZRP Zeitschrift für Rechtspolitik


samarTlis politikis Jurnali

12
akaki qiria LL.M.oec. (Jena)*

samarTlis ekonomikuri analizi da


misi meTodologiuri sazRvrebi

_____________
* ienis fridrix Sileris universitetis ekonomikuri samarTlis magistri; 2010 wli-
dan amave universitetis iuridiuli fakultetis doqtoranti samoqalaqo, savaWro, sa-
korporacio, SedarebiTi da saerTaSoriso kerZo samarTlis kaTedraze (xelmZRvaneli:
prof. valter baieri)

13
Sesavali I. Sesavali
I. Sesavali. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
II. samarTlis ekonomikuri analizis koncepti. . . . . . . . . . . . . . . 17 me-20 saukunis 60-70-iani wlebis dasavlur, gansakuTrebiT, SeerTe-
buli Statebis samarTlis mecnierebaSi SturmiT SeiWra samarTlis
1. samarTlis ekonomikuri analizis istoriuli fesvebi. . . . . . . 17 ekonomikuri analizi (Law and Economics), rogorc iuridiuli analizis
1.1. paradigmis filosofiuri safuZvlebi..................................................... 17 meTodi. axali paradigmis simZimis wertili mdebareobda imis dadgenaSi,
1.2. kousisa da kalabrezis pirveli kvlevebi .........................................19 Tu ra adgili ukaviaT samarTlebriv normebs subieqtTa ekonomikur in-
1.3. riCard posneri da samarTlis ekonomikuri analizis recepcia teraqciaSi da ra Sedegebi moaqvT (an unda mohqondeT) maT ekonomikuri
aSS-Si .................................................................................................................................21 efeqtianobis TvalsazrisiT. samarTlis ekonomikuri analizis programa
2. samarTlis ekonomikuri analizis Teoriuli komponentebi – SegviZlia sami generaluri varaudiT SevajamoT1:
ekonomikuri paradigma. . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 1. 
adamiani ekonomikuri sargeblianobis princi piT xelmZRvanelobs
2.1 meTodologiuri individualizmi............................................................... 23 – is racionaluri arsebaa da mogebis (sargeblis) maqsimirebas
2.2 resursTa simwire ............................................................................................24 cdilobs. am pirobebSi samarTlebrivi restriqciebi ekonomikur
2.3 „homo ekonomikusis` qcevis modeli....................................................... 25 brunvaze garkveul zegavlenas axdenen. ekonomikuri analizis mTa-
vari amocana samarTlebrivi normebisa da gadawyvetilebebis Sede-
3. efeqtianobis kriteriumebi. . . . . . . . . . . . . . . . . . . . . . . 26
gebis prognozirebaa. es prognozi ki racionaluri qcevis mod-
4. normatiuli da pozitiuri ekonomikuri analizi . . . . . . . . . 28 elidan unda amodiodes.
5. Sualeduri Sejameba . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2. ekonomikurad efeqtiania samarTlebrivi danawesi, Tu misi moq-
medebis Sedegma sazogadoebis keTildReoba gazarda. sayovelTao
III. samarTlis ekonomikuri analizis kritika . . . . . . . . . . . . . . 31 keTildReobis definireba ki keTildReobis ekonomikuri mec-
1. ekonomikuri paradigmis kritika. . . . . . . . . . . . . . . . . . . . 31 nierebis mier SemuSavebuli kriteriumebiT unda moxdes.
1.1. sakuTari sargeblis empiriuli „problemebi`................................... 32 3. samarTalSemoqmedebiTi institutebis mTeli jaWvi, kanonSemoqmede-
1.2 SezRuduli racionaloba (Bounded rationality).........................35 bidan samarTlis kazuistur gamoyenebamde, sazogadoebis keTil-
1.2.1 preferenciebis arastabiluroba ............................................................ 36 dReobis, anu ekonomikuri efeqtianobis maqsimas unda moergos.
1.2.2 evristika vs. racionaluri maqsimireba.............................................39 programa sakmaod naTelia da meTodologiurad imdenad sufTa, rom
1.3 tranzaqciis xarjebis Teoria......................................................................41 misi gamocda samarTlis sistemis yvela dargze da institutzea Sesa-
Zlebeli. Tumca, socialuri interaqciis axsnis nebismieri universaluri
2. ekonomikuri analizis Tavsebadoba samarTlis Teoriasa da
modeli, romelic erTi disci plinis meTodologiur wiaRSi aRmocendeba,
meTodologiasTan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
an fsevdo-interdisci plinuria, Seicavs mniSvnelovan safrTxes – mas
IV. daskvnis nacvlad: samarTlis ekonomikuri analizi da yuradRebis miRma rCeba gare-disci plinuri faqtorebi, romlebic kv-
sakorporacio samarTali. . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 levis konkretul obieqts axasiaTebs. imis garda, rom adamianis qcevis
axsnis ekonomikuri modeli bevris mier monotonur Teoriad aRiqmeba,
literatura:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
mis gavrcelebas, xSir SemTxvevaSi, iuristebisa da ekonomistebis mxri-
dan interdisci plinaruli dialogis mimarT fobiuri damokidebulebac
aferxebs. gansakuTrebiT iuristebi Tvlian, rom samarTlis ekonomi-
kuri analizi „imperialisturi` Teoriaa da iuridiuli mecnierebis
meTodologiur avtonomiurobas emuqreba.
samarTlis ekonomikuri analizis ZiriTadi konceptualuri kon-
1
Eidenmüller, Effizienz als Rechtsprinzip, 3. Aufl., 2005, S. 4.

14 15
turebis gasagebad aucilebelia misi warmoSobisa da ganviTarebis pi- II. samarTlis ekonomikuri analizis koncepti
robebis istoriul konteqstSi ganxilva (II 1). samarTlisa da ekonomi-
kis meTodologiuri TanamSromlobis safuZvlebi (II 2), ekonomikuri 1. samarTlis ekonomikuri analizis istoriuli fesvebi
da eTikuri TvalsazrisiT, garkveul kritikas imsaxurebs (III), xolo
iuristebisTvis mTavari gansaxilveli sakiTxia _ ekonomikuri analizis 1.1. paradigmis filosofiuri safuZvlebi
samarTalSi damkvidrebul RirebulebiT sistemasTan konfliqtis garda
_ misi Tavsebadoba samarTlis Teoriasa da meTodologiasTan (IV). ratom unda iyos ekonomikuri efeqtianoba marTlwesrigis fundamen-
bolos ki mokled mimovixilav ekonomikuri mecnierebebis mniSvnelobas turi princi pi? – am kiTxvaze pasuxis gacema aucilebelia samarTlis
samewarmeo samarTlisTvis (V). ekonomikuri analizis normatiuli legitimaciisTvis. Tumca, Cems mier
arCeuli meToduri instrumentebidan gamomdinare, am statiis mizani ar
aris diskusiis am mimarTulebiT ganviTareba. Sesabamisad, refleqsias
mkiTxvels mivandob da, am saqmeSi mcire daxmarebis mizniT, mxolod eko-
nomikuri analizis sabaziso filosofiuri poziciebisa da maTi kriti-
kis aRwerilobiT Semovifarglebi.
ZiriTadi filosofiuri debuleba am mxriv bentamiseuli klasikuri
utilitarizmi da misi modificirebuli variantebia. bentamis mier Cam-
oyalibebul utilitarizmis moZRvrebas abstraqtul-normatiuli elf-
eri aqvs. aq analizis ZiriTad obieqts, zogadad, qmedeba (individisa da
saxelmwifosi) warmoadgens. qmedebis noramtiuli (eTikuri) Sefaseba
bentamTan xdeba imis mixedviT, Tu ramdenad aris is sargeblis momtani.
sargebeli ki obieqtis Tvisebaa, mianiWos individs siamovneba da bed-
niereba, an xeli SeuSalos mwuxarebisa da ubedurebis gancdis warmo-
Sobas2. bentamma Tavadve Seicno warmodgenili definiciis spekulaciuri
xasiaTi da scada sargeblis ti pologiuri katalogis Seqmna3, raTa
racionalurad wvdomadi gaexada misi hedonisturi eTikis centraluri
cneba – sargebeli (siamovneba da bedniereba). es mcdeloba bentamis naS-
romebis mTavari motivia – is socialuri organizaciis miseul xedvas
sargeblis zemoT ganxilul princi pze afuZnebs.
Tu klasikur utilitarizmSi normatiuli Sefasebis mTavari obi-
eqti qmedeba iyo, Tanamedrove utilitarizmi („wesebis utilitarizmi`4)
amas uaryofs, radgan individs sargebelisa da zianis mravalricxovan
alternativas Soris arCevanis gakeTeba drois SezRudul monakveTSi
uwevs. qmedebis temporaluri da xarisxobrivi areali SezRudulia.
2
Bentham, An Introduction to the Principles of Morals and Legislation, ch. I sec. III.
3
„…1. The pleasures of sence, 2. The pleasures of wealth, 3. The pleasures of skill, 4. The
pleasures of amity, 5. The pleasures of good name, 6. The pleasures of power, 7. The pleasures
of piety, 8. The pleasures of benevolence, 9. The pleasures of malevolence, 10. The pleasures of
memory, 11. The pleasures of imagination, 12. The pleasures of expectation, 13. The pleasures
dependent on association, 14. The pleasures of relief.”, Bentham, An Introduction to the Prin-
ciples of Morals and Legislation, ch. V.
4
Höffe, Einführung in die utilitaristische Ethik, 1992, S. 28-41.

16 17
amitom SeuZlebelia TiToeul individs konkretul SemTxvevaSi „swori` sargeblod gadawydeba, unda daisvas daskvniTi kiTxva, rasac, Cemi azriT,
gadawyvetilebis miReba movTxovoT. doqtrinam individs unda miawodos am moZRvrebis legitimaciisTvis centraluri mniSvneloba aqvs: ratom
naTeli da martivi direqtivebi, romlebic mas sargebelsa da zians unda iyos yvela sazogadoebrivi instituti sargeblis sayovelTao
Soris swori arCevanis gakeTebaSi daexmareba, anu unda gaobieqturdes maqsimirebaze orientirebuli? ratom aris cxra bedniereba erT ube-
sargeblis kriteriumebi5. swored aq ikveTeba samarTlis roli. man unda durebaze mniSvnelovani da, aqedan gamomdinare, ratom aris sayovelTao
misces qcevas normatiuli saxe. Tumca ibadeba kiTxva: SesaZlebelia bednierebis maqsima erTaderTi swori pozicia, rogorc es Tavad utili-
erTi fundamentaluri normis arseboba, romlis safuZvelzec TiToeuli taristebma Seudarebeli TavdajerebulobiT irwmunes? faqtia, rom es
konkretuli SemTxvevis gadawyvetas SevZlebT?6 Tu bunebiTi samarTlis kiTxvebi maT pasuxgaucemeli datoves, rac maT ideebze TavdasxmisTvis
momxreebi, an kelzenis normatiuli pozitivizmis mimdevrebi, msgavs Ses- did sivrceebs gvixsnis. samarTlis ekonomikuri analizis Zireuli kri-
aZleblobas uSveben, Tanamedrove marTlwesrigebSi realoba gansxvavebu- tikac swored utilitarizmis susti wertilebis erTgvari eTikur-
lad gamoiyureba – samarTlis sistema Sedgeba danawesTa simravlisgan, normatiuli reviziaa. iq ubralod sargeblis (bednierebis) maqsimireba
romelTa analizis Sedegad erTiO generaluri, fundamenturi normis an dayvanilia ekonomikur efeqtianobamde. anu centraluri kiTxvaa _ ra-
princi pis povna SeuZlebelia7. tom efeqtianoba?11
samarTlis ekonomikur analizsa da Tanamedrove utilitarizms So-
ris msgavseba maTi miznebis korelaciaSi mdgomareobs. orive moZRvre-
bas aqvs pretenzia generaluri normis wamoyenebaze. amavdroulad, am 1.2. kousisa da kalabrezis pirveli kvlevebi
normebis miznebi, nawilobriv, identuria. utilitarizmis mTavari amo-
savali wertili sargeblis maqsimirebaa, xolo samarTlis ekonomikuri ekonomikuri meTodebis gamoyeneba samarTalSi SeerTebul StatebSi
analizi ekonomikur efeqtianobaze saubrobs. pirveli meoreze komple- gasuli saukunis 50-ian wlebamde didi xniT adre daiwyo, magram es exe-
qsuri cnebaa8. magram es maT ideologiur naTesaobas eWvqveS ar ayenebs. boda mxolod antitrastis samarTlebriv instituts (misi gamokveTi-
utilitarizmi erT-erTi yvelaze kritikulad danaxuli filoso- lad ekonomikuri daniSnulebidan gamomdinare)12. am analizs sistem-
fiuri poziciaa. yvela sawinaaRmdego poziciis mimoxilva am formatSi uri xasiaTic ar gaaCnda – is ar warmoadgenda antitrastis zust
SeuZlebelia. yuradRebas gavamaxvileb iuristebisa da ekonomistebi- da sistematur dakvirvebas ekonomikuri mecnierebis mier SemuSavebuli
saTvis saintereso sam kritikul punqtze9: 1. eWvqveS dgeba sargeblis meTodologiuri iaraRis saSualebiT.
cnebis zogadabstraqtuli xasiaTis dasaSveboba, radgan rTulia sargeb- iurisprudenciaSi ekonomikuri azrovnebis damkvidreba meoce sauku-
lis interpersonaluri Sedareba. robinsis azriT, Sedarebis mecnierul nis samocian wlebSi TiTqmis paralelurad gamoqveynebuli ori princi-
bazisze ganxorcieleba SeuZlebelia10; 2. normatiuli TvalsazrisiT puli statiiT daiwyo: ronald kousis „The Problem of Social Cost`13 da
iuristebisTvis gansakuTrebiT sainteresoa utilitarizmis kritika gvido kalabrezis „Some Thougts on Risk Distribution and the Law of Torts`14.
adamianis uflebebisa da Tavisuflebebis dogmaturi poziciidan. sa- am publikaciebs Soris SemTxveviTi kavSiri mogvianebiT gaxda naTeli.
davoa, Tavsebadia Tu ara utilitaristulad mowyobili sazogadoebis saqme imaSia, rom 1950-ian wlebSi imata ekonomikaSi saxelmwifos regu-
Rirebulebebi Tanamedrove demokratiuli sazogadoebis Zireul faseu- latoruli Carevis analitikurma kritikam. saxelmwifos ekonomikuri
lobebTan _ adamianis ganusxvisebel ZiriTad uflebebTan da Tavisufle- intervencionizmi aSS-Si 19-e saukunis bolos gaZlierda. saxelmwifo
bebTan; 3. maSinac ki, Tu pirveli ori problema utilitaristebis sa- komisiebma maSin sarkinigzo kompaniebi amoiRes mizanSi. mogvianebiT, es
5
Urmson, The Interpretation of the Philosophy of J. S. Mill, S. 35 ff.; Brandt, Ethical Theory, kontroli gavrcelda eleqtro, kavSirgabmulobis da satransporto
S. 253 ff. kompaniebze. zedamxedveloba moicavda konkurenciis wesebsa da kapi-
6
Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 176.
7
Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 176. 11
samarTlis ekonomikuri analizis kritika ix. III.
8
Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 186 f. 12
Posner, The Economic Approach to Law, Texas Law Revier 53 (1975), 757.
9
Sead. Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 187 ff. 13
Coase, The Problem of Social Cost, Journal of Law & Economics 3 (1960), 1.
10
Robbins, Interpersonal Comparisons of Utility: A Comment, in: The Economic Journal 48 14
Calabresi, Some Thougts on Risk Distribution and the Law of Torts, Yale Law Journal 70
(1938), 635-641. (1961), 499.

18 19
talis moZraobis kontrols. yovelive es e.w. „New Deal`-is epoqaSi is skolas 4 larze naklebs ver SesTavazebs, anu imaze naklebs, rasac
kidev ufro gamkacrda da gavrcelda kapitalis bazrebzec, rogorc skola rok-baris akrZalvis SemTxvevaSi moigebda. orivesTvis sargeb-
1920-iani wlebis bolos mZvinvare „didi depresiis` pasuxad SemuSave- lis momtani gamosavali mdgomareobs 15 lariani marJis gayofaSi. maT
buli ekonomikuri da socialuri reformebis paketi15. SeuZliaT es 15 lari nebismieri proporciiT gainawilon: magaliTad,
kousi Tavis statiaSi ekonomistis poziciidan akritikebs piguseu- bars SeuZlia skolas 5 lari gadauxados. aseTi morigebis SemTxvevaSi
li „keTildReobis ekonomikis~ (welfare economics) safuZvlebs, romlis
16
orive mxare ixeirebs. ufro maRali sargeblis miReba aseT situaciaSi
mixedviTac bazris mavne efeqtis gamosworeba da resursebis efeqtiani mxolod kontrahentis moxerxebulobaze da molaparakebis xelovnebazea
alokaciis uzrunvelyofa saxelmwifos amocanaa. kerZod, pigu moiTxovda damokidebuli.
socialurad motivirebuli gadasaxadis SemoRebas (e.w. „pigus gadasaxa- aseT gadawyvetas sami mTavari Teoriuli winapiroba aqvs: 1. orive
di`), radgan, misi azriT, warmoebis procesSi mewarme socialur xarjebs mxare homo ekonomikusia, anu racionalurad wyvets problemebs; 2. sa-
warmoSobs (mag. garemos zians ayenebs) da am xarjebis eqsternalizebas, davo samarTlebrivi pozicia Tavisuflad gasxvisebadi, anu mimoqcevadi
anu mesame pirebisaTvis gadakisrebas cdilobs, rasac resursebis arae- sikeTea da 3. tranzaqciis xarjebi nulis tolia19.
feqtian gadanawilebamde mivyavarT. mewarmis dabegvriT ki es uaryofiTi kousisgan gansxvavebiT, kalabrezi iuristia da misi poziciis dan-
efeqti aRmoifxvreba17. iSnuleba samarTlebrivi pasuxismgeblobis iseTi sistemis Seqmnaa, sadac
kousis SexedulebiT, msgavsi midgoma efeqtian gadawyvetas ver ga- individi kargad aris daculi da am dacvis xarjebi optimirebulia20.
napirobebs. alokaciis negatiuri efeqtis aRmofxvras Tavad bazari kalabrezis analizis obieqti calkeuli Statebis deliqturi samar-
uzrunvelyofs tranzaqciis xajebis ararsebobis pirobebSi. Tu tranza- Tali iyo. misi azriT, zogierTi deliqturi samarTaldarRvevis dros
qciis xarjebi nulis tolia, mxarebis kerZoavtonomiuri samarTlebrivi bralis princi ps mivyavarT damrRvevis mier xarjebis mesame pirebisT-
interaqcia, romelic garigebis dadebisken aris mimarTuli, gamoiRebs vis gadakisrebamde. amitom bralis princi pi unda moixsnas, ganisazRv-
sasurvel Sedegs – moxdeba resursis orive mxarisTvis misaRebi da, maSa- ros riskebis klasebi da dawesdes kompensaciis garkveuli zRvari. es
sadame, efeqtiani gadanawileba. amgvarad, kousi decentraluri gadawyve- yvelaferi unda Seivsos sisxlis samarTlebrivi prevenciis sistemiT,
tis momxrea18. rac efeqtian Sedegebs gamoiRebs21.
kousis Teoremis sailustraciod moviyvan erT magaliTs: warmovidgi- es iyo pirveli fragmentuli, magram imavdroulad gzamkvlevi mcd-
noT, rom komerciuli fortepianos skolis gverdiT gaixsna rok-bari. elobebi ekonomikis da samarTlis dakavSirebisa. 1970-iani wlebidan am
rok-bari 17 saaTze iReba da dilamde mZime metalis hangebs afrqvevs. kavSirma sistemuri xasiaTi miiRo da SeerTebuli Statebis iuridiuli
musikis skola ki 9-dan 20 saaTamde muSaobs. anu rok-barisa da skolis mecnierebisa da praqtikis erT-erT centralur meTodad iqca.
paraleluri muSaoba 3 saaTs grZeldeba (17-20 sT). am xnis ganmav-
lobaSi skolaSi gakveTilebis Catareba, rok-baridan gamosuli xmauris
gamo, SeuZlebelia. Sedegad, skola am 3 saaTSi 4 laris zarals ganic- 1.3. riCard posneri da samarTlis ekonomikuri analizis
dis, xolo rok-baris mogeba 15 laria. warmovidginoT, rom sasamarTlom recepcia aSS-Si
rok-bars skolisTvis xelis SeSla aukrZala. kiTxva: Sedegi efeqtiania?
uapelacio akrZalvis SemTxvevaSi an erTi waagebs, an meore, anu erTi amerikelma iuristma riCard posnerma 1970-iani wlebis dasawyis-
mxarisTvis status kvo ar Seicvleba – an bari izaralebs 15 lars, an Si kousiseuli kalkulaciis safuZvlebis samarTlis mTels sistemaze
skola _ 4 lars. alternatiuli gamosavali mxareTa morigebaa. rok- analitikuri gavrceleba moiTxova. posneri aris samarTlis ekonomi-
bari Tanaxma iqneba xelis SeSlisTvis skolas kompensacia gadauxados.
19
Sead. Krimphove, Aspekte der „neuen ökonomischen Theorie des Rechts“, in: Rechtstheorie
15
Schanze, Ökonomische Analyse des Rechts in den U.S.A., in: Assmann/Kirchner/Schanze 32 (2001), 497, 500.
(Hrsg.), Ökonomische Analyse des Recht, 1993, S. 10 f. 20
Schanze, Ökonomische Analyse des Rechts in den U.S.A., in: Assmann/Kirchner/Schanze
16
Pigou, The Economics of Welfare 1920 (Nachdruck: NY 2005). (Hrsg.), Ökonomische Analyse des Recht, 1993, S. 12.
17
Pigou, part. II ch. VIII § 12. 21
Schanze, Ökonomische Analyse des Rechts in den U.S.A., in: Assmann/Kirchner/Schanze
18
Coase, The Problem of Social Cost, Journal of Law & Economics 3 (1960), 6-8. (Hrsg.), Ökonomische Analyse des Rechts, 1993, S. 2.

20 21
kur analizSi sistemurad Sedgenili pirveli saxelmZRvanelos avtor- 2. samarTlis ekonomikuri analizis Teoriuli
ic22. misive redaqtorobiT gamodioda `Journal of Legal Studies~, romelic, komponentebi – ekonomikuri paradigma
`Journal of Law and Economics~-Tan erTad, axali paradigmis recepciaSi
mTavar adgils ikavebda. samarTlis ekonomikuri analizi amodis neoklasikuri ekonomikis
posneri, kousis kvaldakval, cdilobs, daamtkicos, rom xarjisa da mier gamomuSavebuli maqsimebidan da varaudebidan, romlebic erT, das-
sargeblis ekonomikur gaangariSebaze dafuZnebuli midgoma qcevis al- rulebul koncepts qmnian. es koncepti moicavs Semdeg elementebs: 1.
ternatiul sistemebs warmoSobs. amave dros, aucilebeli ar aris tran- meTodologiuri individualizmi, 2. resurTa simwire da gadawyvetilebis
zaqciis xarjebis nulamde dayvana, aramed saWiroa maTi optimireba23. Teoria, 3. homo ekonomikusis qcevis modeli.
samarTlis daniSnuleba ar aris qcevis konstruqciis Seqmna, aramed
aramarTlzomieri qmedebisTvis damrRvevis mier gadasaxdeli fasis (ara
monetaruli gagebiT!) daweseba. Tan es fasi unda ganisazRvos ise, rom 2.1 meTodologiuri individualizmi
resursTa alokaciis efeqtianoba ar dairRves. samarTlebrivi danawe-
sebis am kriteriumiT Sefaseba, posneris azriT, SesaZlebelia samarTlis Tavdapirvelad, yuradReba unda gamaxvildes neoklasikuri da ax-
yvela dargSi, anu samarTlis sistemis im sferoebSic, romlebic ekonomi- ali institucionaluri ekonomikis elementarul varaudze, romelic
kur urTierTobebs ar aregulireben24. meTodologiuri individualizmis saxeliT aris cnobili. meTodolo-
samarTlis ekonomikuri analizi SeerTebuli Statebis samarTlis giuri individualizmi gveubneba, rom ekonomikaSi samecniero analizis
wamyvan skolebSi 1970-iani wlebidan analizisa da swavlebis domi- ZiriTadi sagani individebis qmedebaa. koleqtiuri neba (sawarmosi an
nantur mimarTulebad iqca. jer kidev 1973 wels amerikis samarTlis saxelmwifosi) ar arsebobs, radgan misi wyaro individis neba da indi-
skolebis asociaciis (AALS) mier Catarebulma gamokiTxvam cxadyo, rom videbs Soris nebelobiTi komunikaciis safuZvelze miRweuli SeTanx-
aSS-s samarTlis skolebSi ekonomikuri analiziT 147 profesori iyo mebaa27. Sesabamisad, ver iarsebebs koleqtivis neba, an misi abstraqtuli
dakavebuli, xolo harvardis, kolumbiis, Cikagos, miCiganis, pensilvaniis, interesi28. es paradigma samarTlisTvis sainteresoa ara mxolod indi-
kornelis, virjiniisa da stenfordis samarTlis skolebma samarTlis vidis qcevis analizis kuTxiT, aramed socialuri organizaciebis samar-
ekonomikuri analizi iuridiuli fakultetis kurikulumis ganuy- Tlebrivi bunebis dadgenis mxrivac.
ofel nawilad aqcies25. ramdenime weliwadSi es maCveneblebi gaormagda. Tumca mTavari sargebeli, romelic meTodologiurma individual-
totaluri recepcia Seexo ara mxolod sauniversiteto kaTedrebsa izmma samarTals SeiZleba misces, adamianis qcevis maregulirebeli sub-
da iuridiul literaturas, aramed realur samarTalwarmoebaSic ga- sistemebis analizia. adamianis qceva varirebs SemTxvevidan SemTxvevamde
dainacvla. Tu evropaSi mosamarTle jer kidev Sors dgas samarTlis imis mixedviT, Tu ra sargeblis miReba SeiZleba konkretul situaciaSi
ekonomikuri analizisgan, rogorc samarTlis ganmartebis centraluri sxva individisgan, masTan kompromisis pirobebSi. samarTlis mecniere-
princi pisgan, StatebSi mis mTavar sistematikoss, riCard posners, Tavad bam unda dasvas kiTxva, Tu ramdenad aqvs azri saqcielis prevenciul
eWira xelSi mosamarTlis CaquCi26. kontrols, Tu aseTi imperativebi erTmaneTTan samarTlebriv urTier-
TobaSi myof mraval individTagan xels arc erTs aZlevs?29 magaliTad:
yvela karteli per se cudia? yvela saaqcio sazogadoebas 50 000 evro
unda hqondes aqtivSi dafuZnebis dros? deliqturi pasuxismgeblobis
22
Posner, Economic Analisys of Law, 1 A., 1972. winapiroba ganzraxva unda iyos? ratom ar SeiZleba mxareebma Tavad
23
Posner, The Economic Approach to Law, Texas Law Review 53 (1975), 757; Schwintowski, daadginon SezRudvebi sakuTari preferenciebis Sesabamisad? – am anal-
Ökonomische Theorie des Rechts, JZ 1998, 581, 582. izSi samarTals ekonomikisa da sxva socialuri mecnierebebis daxmareba
24
Posner, Economic Analysis of Law, Part. I (chapter 1, 2). ar avnebda. sxva sakiTxia, Tu ramdenad aris samarTlisTvis ekonomi-
25
Lovett, Economic Analysis and Its Role in Legal Education, Journal of Legal Education 26
(1974), 385 – citirebis wyaro: Schanze, Ökonomische Analyse des Rechts in den U.S.A., 27
Sead. Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 24.
in: Assmann/Kirchner/Schanze (Hrsg.), Ökonomische Analyse des Rechts, 2. Aufl., 1993, S. 4 f. 28
Schwintowski, Ökonomische Theorie des Rechts, JZ 1998, 581, 584.
26
U.S. Court of Appeals fort he Seventh Circuit. 29
Sead. Schwintowski, Ökonomische Theorie des Rechts, JZ 1998, 581, 584.

22 23
kuri paradigma generaluri norma, anu marTlwesrigis mTavari princi pi30, individebis qmedebebs, ekonomikuri brunvis institucionalur CarCoebs,
magram is, rom interdisci plinaruli midgoma samarTlis mecnierebas informaciis xelmisawvdomobas da a.S35. subieqti, romelic fexburTis
meTodebiT amdidrebs, udavoa31. abonements amjobinebs mis xelT arsebul havais sagzurs, SeiZleba Seiz-
Rudos mocemuli garemoebebiT – Tu abonementis fasi imdenad maRalia,
rom subieqts sxvaobis gadaxdis resursi ar gaaCnia, misi preferencia
2.2 resursTa simwire daukmayofilebeli darCeba. igive Sedegs miviRebT, Tu abonementebi maRa-
li moTxovnis gamo bazridan gaqra da misi SeZena meorad bazarzec ver
ekonomikis centrSi dgas resursTa simwiris princi pi. garemoeba, xerxdeba da a.S.
rom individis moTxovnileba usazRvroa, xolo misi dakmayofilebis sa-
Sualebebi – resursebi – SezRuduli, dRis wesrigSi ayenebs individis
mxridan garkveuli arCevanis gakeTebis aucileblobas. ekonomika ikvlevs 2.3 „homo ekonomikusis` qcevis modeli
subieqtTa qmedebis kanonzomierebebs, romlebic mimarTulia SezRuduli
resursebis pirobebSi sakuTari moTxovnilebis dakmayofilebisken32. in- imisaTvis, rom subieqtma SezRuduli resursebis samyaroSi misTvis
dividi iZulebulia, rom mis xelT arsebuli resursebi sakuTari pref- yvelaze misaRebi arCevani gaakeTos, saWiroa qcevis garkveuli kanon-
erenciebis Sesabamisad gamoiyenos. man unda gaakeTos arCevani mocemul zomiereba. neoklasikurma ekonomikam wamoayena adamianis qcevis modeli,
alternativebs Soris. romelic ori princi puli varaudisgan Sedgeba da ekonomikuri paradig-
individis am arCevans marTavs ori garemoeba: 1. preferenciebi, anu mis fundaments qmnis: 1. yoveli individis mizania sargeblis miReba da
arCevanis subieqturi motivebi da 2. restriqciebi, anu obieqturi Sez- 2. dasaxuli miznis misaRwevad individi yvelaze optimalur alterna-
Rudulobebi, romlebic zRudaven individis arCevans da moqmedebis Ta- tivas irCevs, anu racionalurad moqmedebs (Rational Choice Approach)36.
visuflebas33. interdisci plinarul literaturaSi es modeli „homo ekonomikusis
preferenciebs individi Tavad adgens. is sakuTari RirebulebiTi modelis` saxeliTac aris cnobili37.
sistemis safuZvelze amjobinebs erT sikeTes meores, an orives mesame adamianis qcevis axsnis ekonomikuri modeli, pirvel rigSi, mikroeko-
urCevnia da a.S. viRacisTvis ganaTleba ufro mniSvnelovania, vidre nomikisTvis aris saintereso38. mikroekonomikis ZiriTad sagans bazarze
havaize dasveneba. sxva individi ki orive sikeTes sayvareli safexburTo calkeuli subieqtebis qcevis analizi warmoadgens. mikroekonomikis
klubis saSinao matCebze dasaswreb wliur abonementSi siamovnebiT centrSi racionaluri aqtori (sawarmo, momxmarebeli) dgas, romelic
gacvlida. miuxedavad imisa, preferencia interpersonalurad Sedarebadi, sargeblis/mogebis maqsimirebas cdilobs. Tumca homo ekonomikusi didi
anu mdgradi sididea, Tu cvladi, is adamianis ekonomikuri arCevanis xania gascda mikroekonomikis farglebs da socialur da qcevis mec-
dafiqsirebaSi udavod did rols asrulebs34. magaliTad, adamiani, ro- nierebebSi zogierTma avtorma mas adamianis universaluri qcevis mod-
melic flobs havaize dasasvenebel sagzurs, magram stadionis wliuri elis statusi mianiWa, maT Soris, politikur TeoriaSic (Public Choice)39.
abonementis floba urCevnia, savaraudod, mocemul sikeTeebs gacvlis. subieqtis racionaluri miswrafeba sakuTari sargeblis gamravlebi-
Tumca arseboben garemoebebi, romlebic zRudaven individis moq- sken aris, erTi mxriv, misi preferenciebisa da, meore mxriv, obieq-
medebis sivrces, misgan damoukidbeli mizezebis gamo. es SezRudva ar gu- 35
Towfhig/Petersen, Ökonomische Methoden im Recht, 2010, S. 26.
lisxmobs mxolod resursTa simwiris mocemulobas, aramed moicavs sxva 36
Lüdemann, Die Grenzen des homo oeconomicus und die Rechtswissenschaft, in: Engel u.a.
30
ix. samarTlis ekonomikuri analizis kritika (III). (Hrsg.), Recht und Verhalten, 2007, S. 12; Kirchgässner, Homo Economicus, 2. Aufl., 2000, S.
31
samarTalsa da ekonomikas Soris interdisci plinaruli TanamSromlobis epis- 2 f.
temologiuri aspeqtebis Sesaxeb ix. Kirchner, Ökonomische Analyse des Rechts. Inter- 37
Wieland, Die Bedeutung der Figur des „homo oeconomicus“ für das Recht, in: Haft u.a. (Hrsg.),
disziplinäre Zusammenarbeit von Ökonomie und Rechtswissenschaft, in: Assmann/Kirchner/ Festschrift für Ernst-Joachim Lampe zum 70. Geburtstag, Berlin 2003, S. 371 ff.
Schanze, Ökonomische Analyse des Rechts, 2. Aufl., 1993, S. 62 ff. 38
Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 29.
32
Domschke/Scholl, Grundlagen der Betriebswirtschaftslehre, 3. Aufl., 2005, S. 1. 39
Becker, The Economic Approach to Human Behaviour, 1976; Buchanan, Good Economics –
33
Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 25. Bad Law, in: Virginia Law Review 60 (1974), 483; Buchanan, Markets, States and the Extent of
34
Sead. Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 25 f. Morals, in: American Economic Review 68 (1978), 364.

24 25
turad arsebuli restriqciebis funqcia40. individis qcevis varireba efeqtianoba azrisgan daclili cnebaa, radgan is, ZiriTadad, samarTliano-
damokidebulia am ori sididis urTierTmimarTebaze. davuSvaT, subieqtma bis cnebiT operirebs45. efeqtianobis Tanamedrove gageba keTildReobis
konkretul dros (t1) A-alternativas amjobina B-alternativa, xolo ekonomikis mier mowodebuli kategoriaa, romlis safuZvelSi ori prin-
garkveuli drois Semdeg (t2) gadawyvetileba radikalurad Secvala. ci pi devs: 1. sayovelTao keTildReobis princi pi, rogorc calkeuli
es garemoeba misi iracionalurobis maCvenebeli ar aris. es cvlileba individis gadawyvetilebis funqcia – individis gadawyvetileba maSin
preferenciebisa da restriqciebis aramdgradobaze miuTiTebs: adamianis aris efeqtiani, rodesac amiT sayovelTao keTildReoba matulobs da
arCevanis subieqturi motivebi SeiZleba Seicvalos, iseve rogorc re- 2. preferenciebis avtonomiurobis princi pi – yoveli individi sa-
striqciebi – gadawyvetilebis miRebis obieqturi CarCo-pirobebi. im kuTar keTildReobas Tavad gansazRvravs46. mocemuli princi pebi miznad
SemTxvevaSi, Tu preferenciebi ucvleli iqneboda, arCevanis cvaloba- isaxaven efeqtianobis obieqturi, Rirebulebebisgan gaTavisuflebuli
dobis mizezad mxolod obieqturi pirobebis Secvla unda migveCnia41. sazomebis Camoyalibebas. aseTi efeqtianobis kriteriumi SemogvTavaza
nebismier SemTxvevaSi homo ekonomikusis Teoriuli modeli gveubneba, vilfredo paretom, xolo misi alternativa Seqmnes nikolas kaldorma
rom yvela subieqti mocemuli A1 A2 A3…An alternatividan amoarCevs da jon hiqsma.
iseTs, romelic mas met sargebels moutans. paretos kriteriumis (paretos efeqtianoba) mixedviT, mdgomareoba
amave dros, arCevani sargebelis maqsimirebis sasargeblod, ar aris A upiratesia mdgomareoba B-ze, Tu A minimum erT subieqts ayenebs
moraluri kategoria, anu moraluri Rirebulebebis TvalsazrisiT, homo ukeTes mdgomareobaSi vidre B da, amave dros, amiT sxva subieqtebis
ekonomikusis modeli sruliad neitraluri modelia42. is ubralod mdgomareoba ar uaresdeba47. igulisxmeba, rom Tu bazarze resursTa
pozitiurad aRwers imas, Tu rogor iqceva individi sinamdvileSi arCev- gadanawilebisas, X da Y subieqtebi moaxdenen nebayoflobiT gacvlas,
anis gakeTebis dros. modelis moralurad neitralur relsebze gaday- miviRebT efeqtian Sedegs, radgan orive miiRebs Tavis sargebels sxva
vanas xeli Seuwyo varaudma, rom subiqtis altruistuli qmedeba ar subieqtis mdgomareobis gauaresebis gareSe.
gamoricxavs sakuTari sargeblianobis motivs43. Tu X individi Tavs zemoT moyvanili gadanawileba aRwers pareto-superiors. efeqtiano-
cudad grZnobs Y-is cudad yofnis gamo da mas exmareba, amiT is sa- bis mocemuli kriteriumi anti paternalistur saxelwifo politikas,
kuTar, Tundac emociur, sargebels ixveWs, anu sakuTari sargeblianobis anu bazris meqanizmis regulaciebisgan damoukideblad funqcionire-
Teoremis winapiroba sulac ar aris sargeblis monetaruli odenobis bas moiTxovs. sinamdvileSi saxelwifos mier nebismieri politikis
gansazRvra44. gatareba, iqneba es ekonomikuri, socialuri Tu samarTlebrivi, iwvevs
samarTlis mecnierebas homo ekonomikusis modelze dayrdnobiT Ses- paretos kriteriumis safuZvlebis moSlas. SeuZlebelia saxelwifos
aZlebloba eZleva moaxdinos individTa qcevis ex post analizi, anu ana- mier gamocemuli maregulirebeli aqti minimum erT adresats ar ayeneb-
lizis mizania, daadginos, Tu rogor gavlenas axdens esa Tu is norma des gauaresebul pirobebSi48. amitom paretos efeqtianoba realobisgan
misi adresatis qcevaze. sakmaod Sors dgas.
am problemas kaldor-hiqsis kriteriumi pasuxobs, romlis mixedviT,
3. efeqtianobis kriteriumebi A-mdgomareoba im SemTxvevaSic ajobebs B-mdgomareobas, rodesac subi-
eqtis sargebels sxva subieqtis dazaraleba mohyveba Sedegad. Tumca
samarTlis ekonomikuri analizi, gansakuTrebiT, misi normatiuli winapiroba aseTia: sargebeli imdenad maRali unda iyos, rom mis mimRebs
nawili, subieqtis (homo ekonomikusis) pozitiuri qcevis safuZvel- dazaralebulebisTvis kompensaciis gadaxda SeeZlos49. zemoT moyvanil
ze, samarTlis normebis efeqtianobis dadgenas da araefeqtiani normis
efeqtianiT Canacvlebas cdilobs. dogmatikaSi Cafluli iuristisTvis 45
ix. IV.
46
Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 47.
40
ix. I 2.2. 47
Assmann, Die Transformationsprobleme des Privatrechts und die Ökonomische Analyse des
41
Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 32. Rechts, in: Assmann/Kirchner/Schanze (Hrsg.), Ökonomische Analyse des Rechts, 1993, S. 40.
42
Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 27. 48
Eidenmüller, Effiziez als Rechtsprinzip, 2005, S. 49.
43
Becker, The Economic Approach to Human Behaviour, 1976, 317. 49
Schwintowski, Juristische Methodenlehre, 2005, S. 155; Towfigh/Petersen, Ökonomische
44
Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 27. Methoden im Recht, 2010, S. 33.

26 27
rok-barisa da skolis magaliTSi50 kaldor-hiqsis efeqtianoba apriori qtis mixedviT, individualuri mewarme da personaluri sazogadoebebis
damyarebulia, radgan rok-baris mogeba imdenad aRemateba skolis zarals, partniorebi samewarmeo saqmianobidan warmoSobili valdebulebebisTvis
rom kompensaciis gadaxda problemas ar warmoadgens. amave dros, mniS- pasuxs ageben piradad, mTeli Tavisi qonebiT. pozitiur ekonomikur anal-
vneloba ar aqvs, sargeblis mimRebi kompensacias faqtobrivad gadaixdis, izs ainteresebs mocemuli normebis gavlena mewarmeTa qcevaze – rogor
Tu ara. mTavaria, rom aseTi opcia hi poTeturad aris dasaSvebi. mokled, warmarTavdnen isini saqmianobas piradi pasuxismgeblobis gamoricxis
kaldor-hiqsis kriteriumiT, efeqtiania Sedegi, rodesac erTi subieqtis pirobebSi? samoqalaqo kodeqsis 549-e muxli damqiravebels ukrZalavs
sargebeli mis mier sxva subieqtebisTvis miyenebul zarals aRemateba. qveqiravnobas gamqiraveblis Tanxmobis gareSe – rogor moiqceva am
normis pirobebSi sazRvargareT droebiT mimavali racionaluri damqi-
ravebeli? rogor moiqceoda is sxva SemTxvevaSi? saqarTvelos sisxlis
4. normatiuli da pozitiuri ekonomikuri analizi samarTlis kodeqsis 117-e muxlis I nawili janmrTelobis ganzrax mZime
dazianebisTvis awesebs Tavisuflebis aRkveTas samidan xuT wlamde –
samarTlis ekonomikuri analizis maxasiaTeblebisa da miznebis aR- rogor Seicvleboda am danaSaulis statistika ufro dabali an ufro
weris kvaldakval unda gavmijnoT misi pozitiuri da normatiuli maRali sanqciis pirobebSi? rogorc xedavT, SesaZlebelia samarTlis
forma. samarTlis pozitiuri ekonomikuri analizi dakavebulia mo- nebismieri subsistemis analizi xarj-sargeblis ekonomikur kalkula-
qmedi samarTlis empiriuli da analitikuri kvleviT, anu is aRwers ciaze dayrdnobiT.
samarTlebrivi danawesebis ekonomikur efeqtebs, maT zegavlenas normaTa rac Seexeba normatiul analizs, aq gvWirdeba keTildReobis eko-
adresatebis qcevaze da gamoimuSavebs prognozebs Secvlili norma- nomikis mier efeqtianobis winaswar definirebuli kriteriumebi, raTa
tiuli bazis ekonomikuri Sedegebis Sesaxeb51. samarTlis ekonomikuri movaxdinoT ekonomikuri procesebisa da maTi cvlilebebis Sefaseba55.
analizisTvis samarTlebrivi institutebi socialuri fenomenia, ro- imisaTvis, rom dadgindes marixuanas moxmarebis dasjadobis efeqtianoba,
melic marTavs sazogadoebriv interaqcias da awesebs qcevis garkveul saWiroa, erTi mxriv, dasjadobisa da, meore mxriv, dekriminilaciis xarj-
standartebs. ekonomika ki instrumentia, romelic samarTlis, rogorc sargeblianobis dapirispireba. amave dros, mniSvneloba ar aqvs imas,
socialuri movlenis, swor aRweras, gagebasa da Sefasebas uwyobs xels. Tu ramdenad aris marixuanas moxmarebis dekriminalizacia eTikurad
ekonomikas ar SeuZlia qcevis standartebis daweseba (es samarTlis swori, an sazogadoebis RirebulebaTa wesrigSi ra safexurze dgas
sferoa), magram ekonomists SeuZlia ganmartos iuridiul normaTa Ri- ekonomikuri efeqtianobis princi pi56. mTavari is aris, rom normatiuli
rebuleba sazogadoebisTvis, gaakritikos isini an miuTiTos maT dadebiT ekonomika iuridiuli mecnierebisTvis analizis sasargeblo meTodia.
efeqtze52. normis, rogorc qcevis standartis, anu garkveuli qmedebisTvis gadasax-
samarTlis pozitiuri ekonomikuri analizi, meToduri TvalsazrisiT, deli sazRauris ganmarteba da gamoyeneba xarj-sargeblianobis analizis
pozitiur ekonomikasTan korelirebs. pozitiuri ekonomikis sagani eko- gareSe, hgavs maRali koncentraciis antibiotikis permanentulad da
nomikuri procesebis axsnaa. fasisa da moTxovnis analizis dros, pozi- brmad miRebas arakompetenturi TviTdiagnozis safuZvelze.
tiuri ekonomika cdilobs, axsnas, Tu ra gavlenas axdens fasis cvlile-
ba moTxovnaze53. aq pozitiuri ekonomika iyenebs ekonomikuri paradigmis
princi pebs54. samarTlis pozitiuri ekonomikuri analizi zustad igive 5. Sualeduri Sejameba
princi piT axdens samarTlebrivi normebis ekonomikur lustracias. mag-
aliTad, saqarTvelos mewarmeTa Sesaxeb kanonis me-3 muxlis I da III pun-
samarTlis ekonomikuri analizi samarTlis politikaSi axali in-
50
I 1.2. terdisci plinaruli meTodia, romelic SeerTebul StatebSi gasuli
51
Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 4. saukunis 60-iani wlebidan Camoyalibda, rogorc mecnierebis reaqcia
52
Sead. Posner, Recht und Ökonomie: Eine Einführung, in: Assmann/Kirchner/Schanze (Hrsg.),
Ökonomische Analyse des Rechts, 1993, S. 92. 55
Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 21.
53
Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 21. 56
Posner, Recht und Ökonomie: Eine Einführung, in: Assmann/Kirchner/Schanze (Hrsg.), Öko-
54
I 2. nomische Analyse des Rechts, 1993, S. 92.

28 29
ekonomikaSi saxelmwifos regulatorul intervencionizmze. III. samarTlis ekonomikuri analizis kritika
samarTlis ekonomikuri analizis mTavari safuZveli ekonomikuri
paradigmaa, romlis mixedviTac mwiri resursebis samyaroSi myof adami-
ans sakuTari moTxovnilebebis dasakmayofileblad mraval alternati- samarTlis ekonomikuri analizis kritika SesaZlebelia ori ZiriTa-
ul SesaZleblobas Soris arCevanis gakeTeba uwevs. arCevanis gakeTebis di poziciidan: 1. endogenuri, sakuTriv ekonomikuri da qcevis Semswav-
dros subieqti misTvis yvelaze misaReb gadawyvetilebas iRebs, anu leli mecnierebebis da 2. eqsogenuri, eTikur-samarTlebrivi poziciidan.
racionalurad moqmedebs. sargeblis maqsimirebisken swrafva da racio- pirvel SemTxvevaSi samarTlis ekonomikuri analizis konceptis eWvqveS
naluri arCevanis gakeTeba individis qcevis princi pia. is mudam xarjisa dayeneba xdeba Tavad homo ekonomikusis qcevis modelis mimarT daeWve-
da sargeblis Tanafardobis gaangariSebas axdens. igive kanonzomierebebs biT. es kritika pozitiuria da svams generalur kiTxvas, Tu ramdenad
eqvemdebareba individis damokidebuleba samarTlebrivi normebis mimarT. Seesabameba subieqtTa realuri qceva ekonomikur paradigmaSi aRweril
normas (akrZalvis gagebiT) is uyurebs rogorc xarjs, safasurs, ro- homo ekonomikusis qcevis models. aq gvaintersebs ara subieqtTa qcevis
melic man unda gadaixados garkveuli qcevisTvis. marTlwesrigi qcevis motivebis normatiul-eTikuri Sefaseba, aramed ekonomikuri racionaliz-
normatiul standartebs ayalibebs, romelzec individebi ekonomikuri mi da misi sazRvrebi. meore SemTxvevaSi kritika samarTlebriv-eTikuri
paradigmis mier SemoTavazebuli qcevis modelis Sesabamisad reagire- xasiaTisaa. samarTali ekonomikur paradigmas sakuTari ZalebiT Seutevs
ben. amitom ekonomikis princi pebi marTlwesrigis kvlevisTvis noyieri iq, sadac qmedebis normatiuli Sefasebaa saWiro. anu samarTals ar
meTodologiuri niadagia. SeuZlia daadginos, sinamdvileSi individi racionalurad da sakuTari
samarTlis pozitiuri ekonomikuri analizis sagania subieqtebis sargebelis gamravlebis motiviT iqceva Tu ara. samarTals aintere-
reagireba moqmed samarTlebriv normebsa da standartebze. xolo samar- sebs homo ekonomikusis modelis Tavsebadoba Tanamedrove demokratiul
Tlis normatiuli ekonomikuri analizi samarTlebriv normebs zoma- sazogadoebebSi gabatonebul individis xatTan – konstituciiT garan-
vs keTildReobis ekonomikis mier SemuSavebuli resursebis efeqtiani tirebuli ufleba-Tavisuflebebis matarebel adamianTan. meore mxriv,
alokaciis kriteriumebiT. iuristebis kritikuli SeniSvnebi SeiZleba exebodes samarTlis eko-
nomikuri analizis adgils iuridiul meTodologiaSi, anu unda Semow-
mdes, samarTlis ekonomikuri analizis iuridiuli normis ganmartebis
savaldebulo kriteriumad aRiarebis SesaZlebloba samarTlis Teor-
iisa da meTodologiis aqtualuri mdgomareobis gaTvaliswinebiT.

1. ekonomikuri paradigmis kritika

dazustebisTvis: am nawilSi kritika exeba ara samarTlis ekonomikur


analizs, rogorc iurudiuli analizis meTods, aramed mis safuZvels
– neoklasikuri ekonomikuri paradigmis mier SemoTavazebul racio-
nalurobis models (Rational Choice). anu aq ar unda veZeboT pasuxi
kiTxvaze, Tu ramdenad Rirebulia samarTlis analizisTvis ekonomikuri
Teoriebisa da meTodebis gamoyeneba, aramed ganvixilav neoklasikuri
ekonomikis ZiriTadi daSvebisTvis (princi pSi SeuzRudavi racionaloba)
Behavioral Law and Economics-is57 mier miTiTebul sazRvrebs. homo eko-
nomikusis „yovlisSemZleobaSi` daeWvebis safuZvels gvaZlevs axali
57
Korobkin/Ulen, Law and Behavioral Science: Removing the Rationality Assumption from Law
and Economics, in: California Law Review 88 (2000), 1053 ff.

30 31
institucionaluri ekonomikis zogierTi daSvebac, romelTagan tranza- TxvevaSi SesaZlebelia subieqtTa qcevebis axsna da prognozireba.
qciis xarjebis Teoria unda gamovyoT. Tumca homo ekonomikusis modelis epistemologiuri vargisianoba
damokidebulia mis mizanze. Tu modelireba subieqtTa realuri qce-
vis axsnas emsaxureba, maSin unda vaRiaroT, rom is realobas bolomde
1.1. sakuTari sargeblis empiriuli „problemebi~ adekvaturad ver asaxavs. magram Tu homo ekonomikusis modeli moma-
vlis prognozirebas isaxavs miznad, mis Teoriul sargeblianobas ver
neoklasikuri standartuli modelis mimarT qcevis ekonomikas uarvyofT. neoklasikuri modelis erTerTi mTavari damcveliMmilton
princi puli uTanxmoeba aqvs. kritika, pirvel rigSi, sakuTari sargeblis fridmani swored am ukanasknel punqts usvams xazs. misi azriT, aucile-
cnebas exeba. aq unda movaxdinoT diferenciacia sakuTari sargeblis beli ar aris, rom Teoriebi realobas zustad aRbeWdavdnen. maTi mec-
sust da Zlier konceptebs Soris58. susti koncepti (misi definiciuri nieruli Rirebuleba konkretuli, dawvrilebiTi informaciis gareSe
varianti) „sakuTar sargebelSi` rogorc monetarul, iseve altru- momavlis prognozis SesaZleblobaSi mdgomareobs63.
istul motivebs moiazrebs. am koncefciis mixedviT, individi mogebis Tumca, axsna ufro mniSvnelovania, vidre prognozi64. realobis
maqsimirebas cdilobs ara mxolod misi fuladi rezervebis gamravlebis axsnis gareSe prognozi usafuZvlo hi poTezaa, romlis empiriuli gad-
TvalsazrisiT, aramed sargebels iRebs keTilsindisieri qmedebidanac, amowmeba rTulia. SesaZloa, miviRoT uapelacio maqsimebi daaxloebiT
radgan es ukanaskneli mis preferencias Seesabameba59. susti koncepti am stilSi: `qveynis Tavdacvas da ekologiur usafrTxoebas bazari daa-
formalurad uvargisia. mas mecnieruli Rirebuleba ar gaaCnia, radgan regulirebs~, `bazarze srulyofili konkurencia damyardeba~, `resursTa
mecnieruli meTodebiT Sedaveba SeuZlebelia60. es modeli subieqtis efeqtian alokacias bazari uzrunvelyofs~ da a.S. msgavsi argumen-
qcevis axsnisa da prognozirebisTvis myar baziss ver gvaZlevs. mas tireba ki impliciturad eyrdnoba bazris aqtorebis qcevis warsulSi
mxolod ex post SeuZlia individis nebismieri qmedeba sakuTari intere- da realur droSi gakeTebul dakvirvebas.
sebidan nakarnaxev qcevad gaasaRos, Tan ise, rom racionaluri kritiki- eqsperimentuli ekonomika gviCvenebs, rom gadawyvetilebis miRebis
sTvis nebismieri meTodi Caketilia. winaSe mdgomi subieqtis qceva, xSir SemTxvevaSi, ar aris mimarTuli
Mamitom kritikisTvis sargeblis ekonomikurad operacionalizebadi sakuTari sargeblis gamravlebisken. ekonomikur urTierTobebSi indi-
varianti unda avirCioT. am mxriv aRsaniSnavia mosalodneli sargeblis vidTa qcevaze dakvirvebis standartuli magaliTia e. w. `diqtato-
koncefcia (Expected Utility), romlis asaxva SesaZlebelia Semdeg for- ris TamaSi~65. am laboratoriuli eqsperimentis piroba martivia: kom-
mulaSi: piuteris saSualebiT erTmaneTs ukavSirdeba ori monawile (A da B),
EU=p1U(x1) + p2U(x2) + … pnU(xn),61 romlebic erTmaneTs ar icnoben. eqsperimentis dros da Semdegac anon-
sadac EU warmoadgens mosalodnel sargebels, cvladebi EU(x1) … imuroba daculia. A monawile wamyvani figuraa, romlis gankarguleba-
EU(xn) gamoxataven calkeul sargebels, xolo p asaxavs albaTobis Sic garkveuli odenobis Tanxaa (mag. 20 evro). mas SeuZlia es Tanxa
subieqtur Sefasebas. neoklasikuri modeli gveubneba, rom racionaluri nebismieri proporciiT gaunawilos B-s, anu mas imis uflebac aqvs, rom
subieqti mosalodneli variantebidan amoirCevs iseTs, romelic misT- 20 evro mTlianad daitovos. B-s SeuZlia SeTavazebuli Tanxa miiRos,
vis yvelaze optimaluria. mosalodneli sargeblis mocemuli modeli an uaryos. is gadanawilebaze veraviTar gavlenas ver moaxdens. amis Ses-
sargeblis „Zlieri` kocnefciis safuZvelia im pirobiT, Tu sargeblis axeb orive mxare informirebulia. interaqtiuli dialogi monawileebs
cneba mogebis monetarul maqsimirebaze iqneba orientirebuli62. am Sem- Soris gamoricxulia. A, rogorc homo ekonomikusi, neoklasikuri mod-
58
Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.),
elis mixedviT, daitovebs maqsimalur Tanxas (an B-s erT cents Ses-
Recht und Verhalten, 2007, S. 67.
59
Becker, The Economic Approach to Human Behaviour, 1976, 317. Recht und Verhalten, 2007, S. 69.
60
Korobkin/Ulen, Law and Behavioral Science: Removing the Rationality Assumption from 63
Friedman, The Methodology of Positive Economics, Chicago, 1953, 3.
Law and Economics, in: California Law Review 88 (2000), 1060. 64
Mathis, Effizienz statt Gerechtigkeit?, 2009, S. 42; Scriven, Explanations, Predictions and
61
Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Law, in: Feigl/Grover, Minnesota Studies in the Prilosophy of Science, 170, 176.
Recht und Verhalten, 2007, S. 68. 65
eqsperimentebis dawvrilebiTi aRwera ix. Englerth, Behavioral Law and Economics –
62
Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 70 ff.

32 33
Tavazebs), radgan eqsperimentis pirobaSi amis damabrkolebeli araviTari mopasuxeebad daajgufes. orive mxare aRWurves saWiro informaciiT
garemoeba ar arsebobs. aseve B, romelsac gadanawilebaze gavlena ar da daavales erTmaneTTan morigeba. amave dros, sTxoves mosalodneli
aqvs, miiRebs nebismier SeTavazebas, radgan mas mxolod ori arCevani sargebelis winaswari Sefaseba im SemTxvevisTvis, Tu morigeba Sedegs
aqvs – an SemoTavazebuli TanxiT gamdidreba, an nuliT dakmayofileba. ver gamoiRebda da davis gadawyveta mosamarTles mouwevda. aRmoCnda,
sinamdvileSi, wlebis manZilze sxvadasxva kulturul garemoSi Catare- rom sargeblis molodini da, Sesabamisad, daTmobaze wasvlis mzadyofna
bulma am eqsperimentma aCvena, rom A-s oferti erT cents bevrad aRe- eqsperimentis monawile mxareebma maTTvis miniWebuli rolis Sesabamisad
mateba. gadanawilebis saSualo maCvenebeli 67:37 procentia. A-s mxri- gamoavlines. mosarCeleebis azriT, mosamarTle maT mniSvnelovnad met
dan yvelaze xSiri SeTavazeba Tanxis Tanabrad, 50% _ 50% ganawileba Tanxas miakuTvnebda, vidre es mopasuxeebs egonaT. Sesabamisad, monawile-
iyo. es maCveneblebi verc Rarib qveynebSi Catarebulma analogiurma Ta morigebisTvis mzadyofnis maCvenebeli gansxvavebulad gadanawilda.
eqsperimentma Secvala66. mosarCeleTa mxridan meti sargeblis miRebis molodini samomrigeblo
cxadia, Sedegi miuTiTebs imaze, rom individebi arCevans xSir SemTx- molaparakebebis dros konsensusis miRwevis damabrkolebel garemoebad
vevaSi ara racionaluri, aramed emociuri motivebiT akeTeben. maT pref- iqca. efeqtiani gadawyvetis nacvlad miviReT gadaWarbebuli molodinis
erenciebs mxolod materialuri anazRaureba ar warmoadgens. individi subieqturi aRqma.
iseT viTarebaSic, rodesac mis reputacias safrTxe ar emuqreba, altru- neoklasikuri ekonomikis mier damkvidrebuli homo ekonomikusis
istul arCevans akeTebs. faqtia, rom zemoT aRweril eqsperimentSi A-s akademiuri modeli, romelic gvixatavs individis saxes, romelic stabi-
kontrahentisTvis Tanxis ganawileba arc monetarul sargebels moutans luri preferenciebis pirobebSi mogebis gamravlebisken iswrafvis, sru-
da arc imaterialurs (mag. reputacia). aq saqme gvaqvs solidarobasTan, lyofil informacias flobs, sakuTar gadawyvetilebebs racionalurad
Tan sruliad ucxo individis mimarT. es solidaroba, savaraudod, gan- awon-dawonis da misTvis sasargeblo gadawyvetilebas emociisgan Tavi-
pirobebulia qvelmoqmedi individis warsuli gamocdilebiT. sxva indi- sufali iRebs71, sul cota, am ukanasknel komponentSi mcdari aRmoCnda.
vidis mxridan warsulSi keTilsindisierad mopyrobam mas ucxo adamia- realoba ufro kompleqsuria, vidre es erT romelime modelSi aisaxeba.
nis mimarT keTilsindisieri saqcielisken ubiZga67. Tumca es ar niSnavs adamianis gadawyvetilebebSi emocia mcire rols ar TamaSobs72. refle-
imas, rom homo ekonomikusi homo moralisia68. realobaze dakvirdveba qsiisTvis erTi kiTxviT davasruleb: ratom utoveben adamianebi ofici-
homo ekonomikusis mxolod ambivalenturobas asabuTebs. monetaruli ants zedmet fuls restoranSi, romelSi misvlasac isini momavalSi ar
interesi da keTilsindisierebis mosazrebebi individSi Tanaarseboben gegmaven?73
da gadawyvetilebis miRebis dros urTierTzegavlenis efeqts avlenen
(Self-serving Bias)69.
eqsperimentiT simulirebuli realoba zustad xsnis zemoT gan- 1.2 SezRuduli racionaloba (Bounded rationality)
viTarebul mosazrebas70. eqsperimentSi, romlis monawileebsac qone-
brivi davis imitireba unda moexdinaT, studentebi mosarCeleebad da qcevis da eqsperimentuli ekonomikis kritikis sagania ara mxolod
sakuTari sargeblis neoklasikuri ekonomikis mier SemoTavazebuli
66
Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), definicia, aramed adamianis SeuzRudavi racionalobis Sesaxeb wamoy-
Recht und Verhalten, 2007, S. 71.
67
Sead. Rabin, Incorporating Fairness into Game Theory and Economics, in: American Econom-
ics Review 8 (1993), 1281.
68
Sead. Jansen, Homo Sentimentalis – Emotionaler Kapitalismus, in: Brand eins, Theorie- 71
Schäfer/Vater, Behavioral Finance: Eine Einführung, Finanz Betrieb 2002, 739, 741.
Kolumne „Merkwürdigkeiten aus den Manegen des Managements“, 10/2011, S. 156-157. 72
germaniaSi maqs plankis sazogadoebasTan arsebuli ekonomikis instituti wlebis
69
Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), ganmavlobaSi ikvlevs individTa qcevis kanonzomierebebs. eqsperimentuli ekonomikis
Recht und Verhalten, 2007, S. 75. mier germaniaSi Catarebuli kvlevebi igives adastureben. ix. Grötker, Ein Spiel fürs
70
eqsperimentis aRwera ix. Babcock/Loewenstein/Issacharoff/Camerer, Biased Judgements Leben, MaxPlanckForschung 1/09, 80 ff.
of Fairness in Bargaining, in: American Economic Review 85 (1995), 1337, citirebulia: Englerth, 73
Jolls/Sunstein/Thaler, A Behavioral Approach to Law and Economics, Stanford Law Review
Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und 50 (1998), 1491, citirebis wyaro: Englerth, Behavioral Law and Economics – eine kritische
Verhalten, 2007, S. 76 – mixedviT. Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 77.

34 35
enebuli varaudic74. am varauds, SezRuduli racionalobis Teoriis75 lis arastabilurobiT80. Tu vityviT, rom yvela calkeuli alternativis
mixedviT, ori mTavar winaRoba gaaCnia: 1. preferenciebis arastabiluri mosalodneli sargebeli konstanturi sididea, maSin mocemuli alter-
xasiaTi da 2. gadawyvetilebisTvis saWiro inputis SezRuduli da- nativebis Tanmimdevrobas da struqturas gadawyvetilebaze araviTari
muSavebis unari. gavlena ar eqneba – individi airCevs alternativas yvelaze maRali mo-
salodneli sargebliT81. empiriuli kvlevebi ki sxva suraTs gviCvenebs.
1.2.1 preferenciebis arastabiluroba adamianebi A-alternativas amjobineben B-alternativas, rodesac maTi
Sedarebis SesaZlebloba gaaCniaT. Tu maT am alternativebis cal-calke
Sefaseba uwevT, SesaZloa, arCevani sapirispiro iyos82. eqsperimentis
adamianis kognitiuri SesaZleblobebi SezRudulia. mis mier misaRe-
monawileebs sTxoves aerCiaT Semdeg or alternativas Soris: SeerTe-
bi gadawyvetilebebi nakarnaxevia drois garkveul monakveTSi arsebuli
buli Statebis erT regionSi avtokatastofebSi yovelwliurad 600
mocemulobebiTa da danaxuli realobis subieqturi aRqmiT76. am triv-
adamiani iRupeba. pirveli alternativa am cifrs 570 SemTxvevamde Seam-
ialur dakvirvebas arc standartuli modelis mimdevrebi uaryofen,
cirebs da 12 milioni dolari jdeba. meore alternativis mixedviT ki
magram gvTavazoben fiqcias, romelic realobis gamartivebisa da momav-
msxverplis ricxvi 500-mde Semcirdeba, Tumca am proeqtis Rirebuleba
lisTvis saWiro prognozebis gakeTebaSi unda dagvexmaros – marTalia,
55 milioni dolaria. eqsperimetSi monawileTa umravlesobam meore
adamiani kompiuteri ar aris, magram SesaZlebelia misi qcevis gamartive-
alternativa arCia. rodesac eqsperimentis sxva monawileebs meore al-
buli modelireba imisaTvis, rom qceva prognozirebadi gaxdes77. ivar-
ternativis Rirebuleba daumales da sTxoves, rom Rirebuleba Tavad
audeba, rom individi mocemuli alternativebidan yovelTvis optimal-
ganesazRvraT, didma nawilma Rirebulebad 55 milion dolarze gacile-
urs amoirCevs. am postulatidan, anu racionaluri arCevnidan uxeSi
biT naklebi daasaxela83.
gadacdoma bazris mxridan Sesabamis reaqcias gamoiwvevs. bazari TviT-
standartuli modelis mixedviT racionaluri gadawyvetileba or
seleqciis evoluciur princi ps eqvemdebareba, anu iracionalur aqtors
arCevans Soris mesame arCevniT mani pulirebuli ar aris. magaliTad, Tu
gariyavs da mas racionaluriT Caanacvlebs78. pozitiuri ekonomikis es
myidvels arCevani uwevs 800 da 1000 larian kompiuters Soris, is
postulati efuZneba preferenciis stabilurobis varauds. standartul
umetes SemTxvevaSi 800 larians airCevs. es varaudi ar iTvaliswinebs
modelSi preferencia eqsogenuri, anu sargeblis maqsimirebis problema-
adamianebis fsiqologiur aversias ukiduresobebis mimarT (extremeness
tikisgan damoukidebeli fenomenia, ris gamoc is ar icvleba (an Znelad
aversion)84. Tu igive mocemulobaSi gamyidveli potenciur myidvels 800
icvleba). qcevis ekonomika ki empiriul kvlevebze dayrdnobiT askvnis:
da 1000 larian kompiuterTan erTad SesTavazebs mesamesac, romlis
preferencia aris konkretul droSi mocemuli procesis, mocemulobis
fasi 1500 laria, myidveli saSualo variants, anu 1000 larians airCevs,
da konteqstis produqti79. amitom is cvalebadia.
radgan es misTvis garkveuli kompromisia or ukiduresobas Soris (`ux-
preferenciebis cvalebadoba ganpirobebulia mosalodneli sargeb-
arisxosa~ da `Zalian xarisxians~, magram amavdroulad Zvirs Soris).
74
TvalsaCinoebisTvis ix. Lüdemann, Die Grenzen des homo oeconomicus und die Rechtswis-
is, rom adamianebi saSualo arCevanisken tendireben, maT racionaluro-
senschaft, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 20 f. ba-iracionalurobaze konkretuls arafers gveubneba. es movlena mx-
75
Simon, Theories of Bounded Rationality, in: C. B. McGuire, Roy Radner (Hrsg.), Decision and olod imas gvaCvenebs, rom preferenciebis sistema arCevanis konteqstzea
Organisation, 1972, 161; Simon, A Behavioral Model of Rational Choice, in: Journal of Econom-
ics 1955, 99; Kahneman, Maps of Bounded Rationality: Psichology of Behavioral Economics, in: 80
ix. III 1.1.
The American Economic Review 93 (2003), 1449. 81
Englerth, Behavioral Law and Economics – eine kritische Einführung, in: in: Engel u.a. (Hrsg.),
76
Sdr. Englerth, Behavioral Law and Economics – eine kritische Einführung, in: in: Engel u.a. Recht und Verhalten, 2007, S. 78.
(Hrsg.), Recht und Verhalten, 2007, S. 78. 82
Sunstein, Behavioral Law and Economics: A Progress Report, in: American Law and Econom-
77
Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 177 f. ics Review 1 (1999), 119, citirebis wyaro: Englerth, Behavioral Law and Economics – eine
78
Alchian, Uncertainty, Evolution, and Economic Theory, in: Journal of Political Economy 58 kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 78.
(1950), 211, 213 ff. 83
Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.),
79
Sunstein, Behavioral Law and Economics: A Progress Report, in: American Law and Econom- Recht und Verhalten, 2007, S. 79.
ics Review 1 (1999), 117, citirebis wyaro: Englerth, Behavioral Law and Economics – eine 84
Fox/Tversky, Ambiguity Aversion and Comparative Ignorance, in: Tversky (ed.), Preference,
kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 78. Belief, and Similarity, 2004, 777 ff.

36 37
damokidebuli85. nativa, mocemul orientirTan SedarebiT, momgebiania, umetesoba risks
preferenciebis stabilurobis varaudSi eWvs aRvivebs dakvirveba gaurbis; (2) riskis aRniSnuli preferenciebi piriqiT fiqsirdeba im
kidev or fenomenze. pirvels SeiZleba `mflobelobis efeqti~ (endow- SemTxvevebSi, rodesac saqme mcire mniSvnelobis mogeba-wagebasTan gvaqvs.
ment effect) vuwodoT, xolo meores – `dakargvis SiSi~ (loss aversion)86. adamianTa umravlesoba riskiania, Tu saqme momgebian alternativas exeba,
mflobelobis efeqti aris ti puri maCvenebeli qceviTi anomaliisa, xolo wamgebiani alternatovebis mimarT maT aversiuli damokidebuleba
romelic fiqsirdeba individebis mier preferenciebis gansazRvris da aqvT; (3) adamianebis umetesoba garkveuli raodenobis zarals orjer
racionaluri alternativis Ziebis kognitiur procesSi. Catarebulma metad ganicdis, vidre igive raodenobis mogeba gauxardeboda.91
eqsperimentebma87 daadastures, rom adamianTa umravlesoba mis sakuTre- kousis Teorema, romlis mixedviTac tranzaqciis xarjebis gan-
baSi arsebul uflebas Tu nivTs ufro metad afasebs, vidre sxvis ulebis pirobebSi nebismieri nivTi Tu ufleba bazarze avtomaturad
sakuTrebaSi arsebul igive uflebas an nivTs. amave dros, rac ufro aRmoCndeba imis xelSi, romelic mas sxvaze metad afasebs, marTalia,
didxans imyofeba nivTi mflobelobaSi, miT ufro uWirs mflobels princi pSi, ar gabaTilda, magram cxadia, prospeqtis Teoriam resursTa
masTan ganSoreba. am fenomenTan mWidro kavSirSia danakargis mimarT efeqtiani gadanawilebis kousiseuli sqemaSi manamade gauTvaliswine-
aversiulobis fenomeni. adamianebs uWirT gariskva da status kvoTi beli fsiqologiuri restriqciebi aRmoaCina, rac konstanturi prefer-
kmayofildebian88. magaliTad, Tu adamians mivcemT 1000 dolars da Sem- enciebis arsebobas eWvqveS ayenebs.
deg davayenebT arCevanis winaSe: an 500 dolariani danamati an 1000
dolariani mogeba 50 %-iani albaTobiT, is umetes SemTxvevaSi ueWvel
500 dolars airCevs (eqsperimentSi monawileTa 84 %-ma es opcia 1.2.2 evristika vs. racionaluri maqsimireba
airCia)89. Tu adamianebis didi nawili modelirebul garemoSi amJRavnebs
SiSs danakargis mimarT, SeiZleba vivaraudoT, rom realuri arCevanis damajerebloba racionaluri gadawyvetilebis TeoriaSi sargeb-
dros zaralis mimarT es aversiuloba gacilebiT didi iqneba. lis maqsimirebis postulatsac aklia. aqamde davinaxeT, rom adamianebis
am da sxva dakvirvebebidan miRebul Semecnebebs amerikelma mkvleva- umetesobas, neoklasikuri modelis sapirispirod, arc `sakuTari in-
rebma kanemanma da tverskim e.w. `prospeqtis TeoriaSi~ (prospect theory) teresi~ ahyavs egoistur xarisxSi da sakuTar preferenciebSi garkvevac
mouyares Tavi90, romelic racionaluri gadawyvetilebis standartul uWirs92. Tumca im SemTxvevebSic, rodesac adamianebi sakuTari moneta-
Teorias (rational choice theory) daupirispirda. prospeqtis Teoria ar ruli interesebis Sesabamisad iqcevian da zustad ician, ra surT, isini
arRvevs neoklasikuri modelis varaudebs destruqciuli meTodebiT, kidev erTi rTuli gadawyvetilebis winaSe dgebian, Tu rogor daikmayo-
aramed avsebs maT da gvTavazobs erTgvar alternativas: (1) individis filon moTxovnileba maqsimaluri sargebliT. magaliTad, konkretuli
mier misaRebi gadawyvetileba damokidebulia garkveul aTvlis wertil- nivTis SeZenis msurveli misTvis sarfian gadawyvetas bazarze infor-
ze, rogorc orientirze. es orientiri status kvos warmoadgens, anu maciis saSualebiT eZebs93. informacia ki imdenia, rom misi mopoveba,
neitraluri wertilia. Tu asarCevi alternativa, mocemul orientirTan aRqma da damuSaveba did resursTan aris dakavSirebuli. informaciis
SedarebiT, wamgebiania, umravlesoba riskiani xdeba, xolo Tu alter- usasrulod Zieba da yvela alternativis Sedareba, bevr SemTxvevaSi,
SeuZlebelia an Tavad aris iracionaluri qceva, rasac racionaluri
85
Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 187. gadawyvetis modelis mimdevrebic aRiareben94. Tumca isini am garemoebas
86
Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.),
restriqciad afaseben, anu SezRudulobad, romelic gadawyvetilebis
Recht und Verhalten, 2007, S. 84 f.
87
Kahneman/Knetsch/Thaler, Experimental Tests oft he Endowment Effect and the Coase Theo-
rem, in: Journal of Political Economy 98 (1990), 1325 ff. 91
Kahneman, Maps of Bounded Rationality: Psychology for Behavioral Economics, in: The
88
Engel, Verhaltenswissenschaftliche Analyse: eine eine Gebrauchsanweisung für Juristen, in: American Economic Review 93 (2003), 1454 ff; Englerth, Behavioral Law and Economics – eine
Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 367. kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 87.
89
Korobkin/Ulen, Law and Behavioral Science, in: California Law Review 88 (2000), 1110 ff. 92
ix. III, 1.1, 1.2.1.
90
Kahneman/Tversky, Prospect Theory: An Analysis of Decision Under Risk, in: Econometrica 93
Sead. Kirchgässner, Homo Oeconomicus, 2000, S. 27.
47 (1979), 263 ff; Kahneman/Tversky, The Framing of Decisions and the Psychology of Choice, 94
Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.),
in: Science 211 (1981), 453 ff. Recht und Verhalten, 2007, S. 90.

38 39
mimRebma tranzaqciis xarjad unda gaataros da daiTvalos, Tu ra xelmisawvdomobis evristikasTan axlo kavSirSia reprezentaciulo-
momentamde uRirs informaciis moZieba da alternativebis Sedareba. bis evristika, romelic aRwers stereoti pizirebis fenomens. adamianebi
standartuli Teoria swored am punqtSi awydeba sakuTar sazRvrebs. is, xSirad movlenebs kategoriebad anawileben, anu yvela axal movlenas
marTalia, problemas sworad aRwers da mas adekvaturadac pasuxobs, ma- Sesatyvis stereoti ps uZebnian da am stereoti pisTvis damaxasiaTebel
gram mxolod nawilobriv. Riad rCeba sakiTxi, Tu sad gadis efeqtiano- zogad niSnebs miaweren, rac apriori gamoricxavs sxvagvari statisti-
bis zRvari informaciis da mogebis maqsimirebisTvis saWiro sxva in- kuri albaTobis daSvebas. magaliTad, kiTxvaze, Tu vin SeiZleba iyos
putis Zieba-mopovebis procesSi. racionaluri gadawyvetis standartul linda (1) bankis TanamSromeli Tu (2) bankis TanamSromeli, romelic
Teorias arc im SemTxvevebisTvis wamouyenebia sakuTari kriteriumebi, qalTa uflebebs icavs, eqsperimentis monawileTa umetesobam meore al-
rodesac individis mier informaciis Ziebasa da damuSavebas efeqtiani ternativiT upasuxa. ra Tqma unda, es arCevani mcdaria, radgan pirveli
gadawyveta ver moaqvs95. SemTxveva meoris logikuri Semadgenelia da, amdenad, ufro savaraudo
pasuxgaucemel kiTxvebze isev qcevis ekonomika refleqtirebs. misi ver iqneba. aq adamianebi daabnia meore savaraudo pasuxSi mocemulma
mimdevrebi migviTiTeben im garemoebaze, rom adamianebi kompleqsuri prob- gansazRvrebam, radgan saxeli linda SeerTebul StatebSi feministi qa-
lemebis gadaWris dros kognitiur teqnikas mimarTaven da gamartive- lis stereoti ps miewereba100.
buli modelebiT sargebloben, rasac fsiqologebi evristikas (Heuristic) qcevis ekonomikis mxridan homo ekonomikusis standartuli mod-
uwodeben96. kanemani da tverski, gansakuTrebiT, xelmisawvdomobis evris- elis zemoT aRwerili kritika sayuradReboa iuristebisTvis im SemTx-
tikas (availability heuristic) da reprezentaciulobis evristikas (repre- vevebSi, rodesac saqme samarTlis politikis mxridan qcevis normire-
sentativeness heuristic) usvamen xazs97. xelmisawvdomobis evristika niSnavs, basTan gvaqvs. rodesac saubaria normis regulatorul efeqtze, unda
rom adamianebi gadawyvetilebis misaRebad saWiro informacias maTTvis gaanalizdes misi adresatebis hi poTeturi qceva normis moqmedebis
xelmisawvdomi, warsulidan SemorCenili, daleqili codnis saSualebiT pirobebSi. Tu qcevis analizi homo ekonomikusis standartuli modelis
aanalizeben. warsulSi miRebul informacias zedmeti mniSvneloba eni- mier warmodgenil adamianis xats daeyrdnoba, miviRebT gaTvlebs im nak-
Weba, rasac martiv Secdomebamde mivyavarT. kanemanisa da tverskis mier lovanebebiT, romlebic homo ekonomikusis standartuli modelis sust
momzadebuli eqsperimentis monawileebs daevalaT inglisur teqstSi mxareebTan korelireben. Tu, magaliTad, x qcevisTvis y sanqcia aris
–ing sufiqsiani sityvebis daTvla98. amave dros maT imave teqstSi unda gansazRvruli (an dagegmilia misi gansazRvra), standartuli modelis
daeTvalaT is sityvebic, romelTa boloswina aso n iyo. eqsperimentis generaluri varaudi, rom sanqciis sididis proporciulad akrZaluli
Sedegma aCvena, rom monawileebma ufro meti –ing sufiqsiani sityva qcevis albaToba Semcirdeba, aqsiomad ver miiReba qcevis ekonomikis mier
daafiqsires, vidre iseTi, romlis boloswina aso n iyo, maSin rodesac ganxiluli adamianis kognitiuri restriqciebis gaTvaliswinebiT.
pirveli SemTxveva meoris Semadgeneli nawilia. amas Semdegi axsna aqvs:
inglisurenovan monawileebs axsendebodaT inglisuri gramatikis wesi,
romelic –ing daboloebian sityvebis warmoebas gvaswavlis, maSin rode- 1.3 tranzaqciis xarjebis Teoria
sac sityvis boloswina asoebis identificirebisTvis wesebi naklebad
xelmisawvdomia99. zemoT aRwerili kognitiur-fsiqologiuri restriqciebi unda Se-
vavsoT obieqturi SezRudulobebiT, romlebic bazarze, nebayoflobi-
95
Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.),
Recht und Verhalten, 2007, S. 91.
Ti gacvlis pirobebSi, optimaluri Sedegebis miRebas xels uSlian,
96
ix. Kahneman/Tversky, Judgment under Uncertainty: Heiristics and Biases, in: Science 185 rac neoklasikuri ekonomikuri paradigmis mier arasakmarisad iyo Tem-
(1974), 1124 ff. atizirebuli. saqme exeba instituciebs, anu bazris sistemas, qcevis
97
Kahneman/Tversky, Judgment under Uncertainty: Heiristics and Biases, in: Science 185 formalur CarCoebs (kerZo da sajaro samarTali), qcevis araformalur
(1974), 1124 – 1128. CarCoebs da ama Tu im sazogadoebaSi mocemul kulturul sivrces101.
98
Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.),
Recht und Verhalten, 2007, S. 93; Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S.
179. 100
Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 180.
99
Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 179. 101
Erlei/Leschke/Sauerland, Neue Institutionenökonomik, 2. Aufl., 2007, S. 22.

40 41
zemoT CamoTvlili mocemulobebi resursTa alokaciaze did gavle- xarjebi, romelbic sam ZiriTad jgufad SeiZleba daiyos: 1. xelSek-
nas axdenen, radgan wesebis damkvidrebuli sistema bazris monawileTa rulebis momzadebis xarjebi (Ziebisa da informaciis mopovebisTvis
qcevas garkveul institucionalur CarCoebSi aqcevs. axali institu- saWiro resursebi viwro gagebiT), 2. xelSekrulebis dadebis xarjebi
cionaluri ekonomikis, rogorc kvlevis programis, saganic bazarze in- (molaparakebisa da gadawyvetilebis xarjebi) da 3. saxelSekrulebo
stitucionaluri mocemulobebisa da tranzaqciebze maTi zegavlenis valdebulebebis kontrolisa da samarTlebrivi daxmarebis xarjebi (mag.
analizia102. xarisxis, valdebulebis droulad Sesrulebis kontroli da a.S.)109.
kvlevis am mimarTulebas safuZveli daudo ronald kousis 1937 rac Seexeba sawarmo tranzaqciis xarjebs, unda ganvasxvavoT: 1. sawarmos
wels gamocemulma publikaciam `The Nature of the Firm~103. kousis statia struqturis Seqmnis, SenarCunebisa da SecvlisTvis saWiro resursebi
koncentrirebulia sawarmos, rogorc xelSekrulebaTa sistemis, rogorc da 2. cvladi tranzaqciis xarjebi _ informaciis mopovebis, damuSavebi-
integrirebuli, centralizebuli erTeulis da, amavdroulad, bazris aq- sa da resursTa Sidasawarmo gadaadgilebisTvis saWiro xarjebi110.
toris bunebis analizze. mTavari kiTxva aseTia: ratom arseboben sawar- xarjTa mTeli es sistema sxva araferia, Tu ara erTgvari samgza-
moebi, maSin rodesac sabazro ekonomika, neoklasikuri gagebiT, decen- vro bileTi im wertilamde, sadac bazris meqanizmma (fasis meqanizm-
traluri koordinaciis (Tavisufali sabazro fasi, rogorc umTAvresi ma) monawile subieqtebis koordinireba unda ganaxorcielos. kousis
koordinatori) da individualuri tranzaqciebis princi pze unda iyos TeoremaSi daxatulia samyaro msgavsi xarjebis gareSe, rac imTaviTve
dafuZnebuli? sawarmo xom Tavad aris centralizebuli tranzaqciebi- ararealuri varaudia, rasac kousi Tavadac aRiarebs. Tu tranzaqciis
sken mimarTuli, xolo sawarmos SigniT mimdinare procesebs ara `uxi- xarjebis kalkulacias movaxdenT, kousis Teorema ki ar gabaTildeba,
lavi xeli~, aramed menejmenti marTavs? sawarmos fenomens kousi xsnis aramed mxolod Sedegi Seicvleba: resursTa gadaadgileba efeqtiania
sabazro meqanizmis gamoyenebis xarjebiT104. amiT kousma safuZveli dau- im SemTxvevaSic, rodesac tranzaqciis xarjebi mocemulia, magram maTi
do moZRvrebas tranzaqciis xarjebis Sesaxeb, Tumca pirvelad msgavsi abstrahirebis SemTxvevaSic pozitiuri saldo rCeba. Tumca, Tu tran-
termini 1960-iani wlebis bolos iqna gamoyenebuli105. zaqciis xarjebis sidide ar iZleva efeqtiani alokaciis saSualebas,
imisaTvis, rom moxdes tranzaqciis xarjebis definireba, unda rCeba sami SesaZlebloba: monawile mxareebis gaerTianeba erT sawarmoSi,
SevTanxmdeT, Tu ra igulisxmeba TviTon cneba tranzaqciaSi. uiliamso- saxelmwifo regulacia an deregulirebul mdgomareobaSi datoveba111. am
nis definiciiT, tranzaqcia aris qonebrivi sikeTis gadacema, romelic samidan erTi variantis generaluri upiratesobis dadgena SeuZlebelia.
teqnikurad gayofad fazebad xdeba: mTavrdeba aqtivobis erTi faza da amisaTvis unda Semowmdes tranzaqciis xarjebis sidide konkretul Sem-
iwyeba meore106. aq igulisxmeba resursebis (fizikuri gagebiT) gadacema. TxvevaSi112. samarTlis roli gamoixateba sanivTo uflebebis (Property
es SeiZleba moxdes rogorc sawarmos SigniT, aseve bazarze, ris gamoc Rights) Tavdapirvel gadanawilebaSi. iq sadac tranzaqciis xarji nulze
tranzaqciebi Sida (sawarmo) da gare (sabazro) tranzaqciebad unda didia, sanivTo uflebebis samarTlebriv gadanawilebas kontrahentebis
davyoT107. maTi erTerTi damaxasiaTebeli niSani aris is, rom tranzaqcia mier dagegmil gacvlaSi, maT Soris, xarjebis eqsternalizeba-inter-
ufasod ver ganxorcieldeba. is garkveuli resursi Rirs. tranzaqciis nalizebis kuTxiT, arsebiTi mniSvneloba aqvs113. amis sailustraciod
xarji aris ekonomikuri sistemis gamoyenebisTvis gadasaxdeli `war- sarkinigzo kompaniisa da fermeris cnobil magaliTs moviSvelieb114.
moebis xarji~108. ufro konkretulad: sabazro tranzaqciebs axlavs warmovidginoT, rom sarkinigzo gzis irgvliv damuSavebuli miwis na-
kveTebi mdebareobs. xSiria SemTxvevebi, rodesac matareblebis moZraobis
102
Erlei/Leschke/Sauerland, Neue Institutionenökonomik, 2. Aufl., 2007, S. 41.
103
Coase, The Nature of the Firm, in: Economica 4 (1937), 386. sus Non-Market Allocation, 1969, 12.
104
Coase, The Nature of the Firm, in: Econometrica 4 (1937), 390-391. 109
Richter/Furubotn, Neue Institutionenökonomik, 1. Aufl., 1996, S. 51.
105
Arrow, The Organization of Economic Activity: Issues Pertinent tot he Choice of Market ver- 110
Richter/Furubotn, Neue Institutionenökonomik, 1. Aufl., 1996, S. 53.
sus Non-Market Allocation, 1969, S. 12; tranzaqciis xarjebis Teoriis istoriis Sesaxeb 111
Coase, The Problem of Social Cost, in: The Journal of Law and Economics 1960, 15 ff;
ix. Klaes, The History of the Concept of Transaction Costs: Neglected Aspects, in: Journal of the Mathis, Effizienz statt Gerechtigkeit?, 2003, S. 80.
History of Economic Thought 22 (2000), 191. 112
Coase, The Problem of Social Cost, in: The Journal of Law and Economics 1960, 16 ff.
106
Williamson, The Economic Institutions of Capitalism, 1985, S. 1. 113
dawvrliebiT ix. Mathis, Effizienz statt Gerechtigkeit?, 2003, S. 81 ff.
107
Richter/Furubotn, Neue Institutionenökonomik, 1. Aufl., 1996, S. 49. 114
Polinsky, Economic Analysis as a Potentially Defective Product: A Buyer´s Guide to Posner´s
108
Arrow, The Organization of Economic Activity: Issues Pertinent to the Choice of Market ver- Economic Analysis of Law, Harvard Law Review 87 (1974), 1660.

42 43
dros warmoqnmili naperwkali xanZars iwvevs da fermerTa sakuTrebas • t
 ranzaqciis xarjebis sididis gamo, resursTa gacvlis SeuZle-
anadgurebs. aq sanivTo uflebebis konfiguracias princi puli mniSvn- blobis SemTxvevaSi, sabazro meqanizmis simulireba118.
eloba ar gaaCnia im SemTxvevaSi, Tu tranzaqciis xarji nulis tolia.
Tu rkinigza flobs zianis miyenebis samarTlebriv uflebas, es rki-
nigzis Rirebulebas gazrdis (davuSvaT, 100 dolariT) da, Sesabamisad, 2. ekonomikuri analizis Tavsebadoba samarTlis
Seamcirebs fermeris kuTvnili miwis nakveTis Rirebulebas (davuSvaT, Teoriasa da meTodologiasTan
50 dolariT), radgan fermeri iZulebulia, rom rkinigzis xazis ir-
gvliv mdebare miwebi daumuSavebeli datovos, an xanZris Sedegad miy- 1966 wels Tavis berlinur moxsenebaSi cnobilma germanelma iurist-
enebul zians Seurigdes. erTi subieqtis maRali mogeba, anu mogeba, rom- ma karl larencma kidev erTxel daamsxvria miTi samarTalmcodneobis,
lis pirobebSic dazaralebulis kompensireba Teoriulad SesaZlebelia, rogorc mecnierebis, gamousadegarobisa da misi meTodologiuri sidux-
amyarebs apriori pareto-optimums. martivad: rkinigzis Rirebulebis Wiris Sesaxeb119. larenci samarTalmcodneobis sam funqcias usvams xazs:
100 dolariani mateba, saerTo ekonomikuri efeqtianobis TvalsazrisiT, 1. samarTlis ganmarteba, 2. samarTlis ganviTareba, rac dauregulire-
fermeris qonebis 50 dolariT gaufasurebas sjobs. Tu uflebebi piriq- beli sivrceebis Sevsebas gulisxmobs da 3. marTlwesrigis sistemuri
iT iqneba gadanawilebuli, anu fermers eqneba sarkinigzo kompaniisgan erTianobis uzrnvelyofa, anu samarTlebriv danawesTa saerTo, sistem-
zianis moTxovnis ufleba, es rkinigzis Rirebulebas 100 dolariT Seam- uri logikis Zieba120. cxadia, rom larencisTvis samarTlis mecnierebis
cirebs, xolo fermeris miwis Rirebulebas 50 dolariT gazrdis. aseT am programul manifestSi pozitiuri samarTali iuridiuli analizis
viTarebaSi sarkinigzo kompania Seecdeba, rom fermerisgan es ufleba 50 erTaderTi oboeqti ar aris, aramed pozitiuri samarTlis kvleva misi
dolarze Zvirad gamoisyidos, rac orive mxarisTvis momgebiani iqneba. realuri sarCulis codnasac gulisxmobs. realuri sarCuli ki cxovre-
es magaliTi kidev erTxel115 aRwers kousis Teoremas, romelic gveu- baa, romelic normatiulad unda mowesrigdes. magaliTad, iuristma, ro-
bneba, rom tranzaqciis xarjebis ganulebis pirobebSi sanivTo ufle- melic kartelebisa da konkurenciis samarTliT aris dakavebuli, unda
bebis Tavdapirvel gadanawilebas resursTa efeqtiani gadaadgilebisTvis icodes ra dgas kartelis ukan, rogor da ratom iqmneba karteli da ra
araviTari mniSvneloba ar aqvs. pareto-optimumi bazarze TavisTavad aris srulyofili sabazro konkurencia121.
damyardeba116. tranzaqciis xarjebis arsebobam ki SesaZloa bazari zog sWirdeba samarTalcodneobas kvleviT programaSi sxva socialuri
sferoSi Seaferxos, an saerTod moSalos. rkinigzisa da fermeris mag- mecnierebebis, pirvel yovlisa, ekonomikis daxmareba? Tu ufro ukana
aliTs davubrundeT: davuSvaT, informaciis mopovebisa da SeTanxmebis safexurze gadavinacvlebT, bevri iuristisTvis iracionaluri SiSis-
xarjebi 120 dolaria. aseT SemTxvevaSi sarkinigzo kompania da fermeri momgvreli kiTxva unda davsvaT: aqvs Tu ara mosamarTles, samarTlis
ver morigdebian, radgan tranzaqciis xarjebis sidide maT Soris ufle- ganmartebisa da dadgenisas, samarTlis ekonomikuri analizis, rogorc
biT vaWrobas ekonomikur azrs ukargavs. amitom aq uflebebis sastarto ganmartebis meTodis, gamoyenebis ufleba?122 aq gradualurad unda gavmi-
konfiguracia efeqtiani alokaciisTvis gadamwyveti faqtoria117. jnoT ekonomikuri analizi: marTwesrigis im nawilSi, romelic eko-
zemoTqmulidan gamomnidare, SegviZlia, samarTlis amocana ekonomi- nomikuri urTierTobebis kanalizirebas axdens, ekonomikuri analizis
kuri analizis perspeqtividan ase SevajamoT: gamoyeneba, regulirebis sagnis logikidan gamomdinare, dasaSvebi da
• ekonomikuri efeqtianobis maqsimireba;
• tranzaqciis xarjebis minimireba; 118
Veljanovski, The Coase Theorems and the Economic Theory of Market and Law, in: Kyklos,
Bd. 35, 1982, S. 68, citirebis wyaro: Mathis, Effizienz statt Gerechtigkeit?, 2003, S. 82.
115
ix. I 1.2. 119
Larenz, Über die Unentbehrlichkeit der Jurisprudenz als Wissenschaft, 1966.
116
Sead. Posner, Recht und Ökonomie: Eine Einführung, in: Assmann/Kirchner/Schanze (Hrsg.), 120
Larenz, Über die Unentbehrlichkeit der Jurisprudenz als Wissenschaft, 1966, S. 13.
Ökonomische Analyse des Rechts, 1993, S. 86. 121
Coing, Grundzüge der Rechtsphilosophie, 3 Aufl., 1976, S. 346.
117 122
problema naTlad aris gaSuqebuli miCel polinskis mier sadazRvevo da sajaro germaniaSi dRemde aqtualuria karl-hainc feceris legendaruli, TiTqmis ukon-
sikeTeebis bazris magaliTze: Polinsky, Economic Analysis as a Potentially Defective Prod- trolo sibraziT motivirebuli statia ekonomikuri analizis samarTlis princi-
uct: A Buyer´s Guide to Posner´s Economic Analysis of Law, Harvard Law Review 87 (1974), pebTan Seusabamobis Sesaxeb: Fezer, Aspekte einer Rechtskritik an der economic analysis of law
1671-1674. und am property rights approach, JZ 41 (1986), 817 ff.

44 45
aucilebeli meTodi unda iyos123. Tumca, iuristTa gildiis mZlavri IV. daskvnis nacvlad: samarTlis ekonomikuri
winaaRmdegobaa ekonomikuri analizis recepcias Sexvda saxelmwifo da analizi da sakorporacio samarTali
sajaro samarTlis institutebSi. iuristebis gansakuTrebul skefsiss
iwvevs ekonomikuri Teoriis gamoyeneba konstituciis analizSi124. amis
axsna SeiZleba im garemoebiT, rom aq ekonomikuri analizi samarT- ekonomikis meTodologiuri eqspansia momgebiania sakorporacio
lis fundamentur princi pebs exeba, rac aferxebs iuristTa mzadyof- samarTlisTvis, rogorc ekonomikis samarTlis erTerTi centraluri
nas interdisci plinaruli gaxsnilobis mimarT. samarTlis Teoriisa dargisTvis. am formatis eqskursSi mxolod seleqtiurad aris Sesa-
da filosofiis centraluri cnebebi, samarTlianoba da swori samar- Zlebeli sakorporacio samarTlis im problematuri sakiTxebis CamoT-
Tali, arapozitivisti iuristebis cnobierebaSi is maqsimebia, romeleb- vla, romelTa gaanalizebac ekonomikuri mecnierebis instrumentebiT
sac samarTali unda eswrafvodes, miuxedavad imisa, rom samarTlianobis gaadvildeboda130. Sevecdebi, gamovyo ramdenime aseTi sakiTxi, romlebic
cnebis Sinaarsis abstrahirebis yvela mcdeloba dRemde uSedego aR- aqtualur qarTul diskursSi gansakuTrebul yuradRebas unda imsax-
moCnda, radgan is intersubieqturi kategoriaa125 da, amasTan, misi gao- urebdes.
bieqtureba gadauWreli amocanaa. mecnieruli meTodebiT SeuZlebelia sakorporacio samarTlis centralur gamowvevas menejmentisa da
samarTlis filosofiis kiTxvaze pasuxis gacema, Tu rogori unda iyos mewilis urTierToba warmoadgens, rac Principle-Agent-problemis sax-
samarTliani samarTali126. samarTlis Teoriis wiaRidanAaRmocenebul eliT aris cnobili131. menejmentisa da mewilis urTierToba saxelSek-
samarTlis meTodologias logikuri meTodebiT SeuZlia samarTlis rulebo bunebisaa132. rogorc yvela xelSekruleba, aqac vawydebiT
dadgenis, misi ganmartebisa Tu sistematurad gamarTuli samarTalSemo- arasrulyofili xelSekrulebis problematikas, anu informaciis asime-
qmedebis uzrunvelyofa semantikisa da hermenevtikis wyalobiT. Tumca triulobis pirobebSi orive mxarisTvis optimaluri interesTa balan-
mas ar SeuZlia dagvexmaros samarTlebrivi normebis efeqtebis gage- sis miRweva saxelSekrulebo praqtikaSi rTuli amocanaa. konfliqtis
baSi. ekonomikuri Teoria SesaZlebels xdis samarTlis kvantificirebas sarCuls sakuTrebisa (wili) da gankargvis (menejmenti) uflebebis da-
da kvalificirebas, rac samarTals mecnierulad gadamowmebad kvlevis Soreba qmnis. kontrahentebis interesi korporaciul struqturaSi imde-
obieqtad aqcevs127. amiT samarTlis dadgena da kvleva daubrundeba nad diversificirebulia, rom TiToeuli mxarisTvis sasurveli Sedegis
im socio-politikur da ekonomikur konteqsts128, romlis farglebSic miRweva saxelSekrulebo Tavisuflebis pirobebSi maRal tranzaqciis
is iqmneba da viTardeba. iuristi ar unda gaeqces samarTlis aRqmas xarjebTan aris dakavSirebuli. menejmenti swrafad iZens sainformacio
socio-ekonomikuri organizaciis instrumentad. amdenad, SeuZlebelia upiratesobas da cdilobs am foris Tavis sasargeblod realizebas,
ar iqnas danaxuli samarTlisa da ekonomikis funqcionaluri urTierT- anu oportunistuli qcevisken ixreba133. sakorporacio samarTlis amo-
mimarTeba129. canaa msgavsi oportunizmis CaxSoba da mavne eqsternalizmebis Sez-
Rudva, iqneba es sainformacio modelis daxvewiT, korporaciis marTvel
123
Sead. Roth, Zur „economic analysis“ der beschränkten Haftung, ZGR 1986, 371. da makontrolebel organoebs Soris uflebamosilebaTa dabalansebiT
124
Lüdemann, Die Grenzen des homo oeconomicus und die Rechtswissenschaft, in: Engel (Hrg.),
Tu monitoringis efeqtiani meqanizmebis SeqmniT. am miznis miRwevis
Recht und Verhalten, 2007, S. 9.
125
Zippelius, Juristische Methodenlehre, 10. Aufl., 2006, S. 16. instrumentalur modelebs axali institucionaluri ekonomika gva-
126
Krimphove, Rechtstheoretische Aspekte der „neuen Ökonomischen Theorie des Rechts“, Zlevs, romlis sami ZiriTadi sveti _ tranzaqciis xarjebis ekonomika,
Rechtstheorie 32 (2001), 513.
127
Krimphove, Aspekte der „neuen ökonomischen Theorie des Rechts“, Rechtstheorie 32 (2001),
513. 130
ufro dawvrilebiT: Fleischer, Grundfragen der ökonomischen Theorie im Gesellschafts-
128
samarTlis politikisa da socialuri konteqstis urTierTmimarTebis Sesaxeb ix. und Kapitalmarktrecht, ZGR 2001, 1 ff.
Engel, Rationale Rechtspolitik und ihre Grenzen, JZ 2005, 581 ff. 131
Ross, The Economic Theory of Agency: The Principal´s Problem, The American Economic
129
ix. Schwintowski, Das Konzept funktionaler Interdependenz zwischen Ökonomie und Recht, Review63 (1973), 134; Eisenhardt, Agency Theory: An Assessment and Review, The Academy
in: Rechtstheorie 23 (1992), 35 ff; Krüger, Einheit der Welt – Vielheit der Wissenschaften, in: of Management Review 14 (1989), 57.
Kocka (Hrsg.), Interdisziplinarität, 1998, S. 106 ff; Grundmann, Methodenpluralismus als Auf- 132
Cheung, The Contractual Nature of The Firm, Journal of Law and Economics 26 (1983), 1.
gabe – zur Legalität von ökonomischen und rechtsethischen Argumente in Auslegung und Recht- 133
Fleischer, Grundfragen der ökonomischen Theorie im Gesellschafts- und Kapitalmarktrecht,
sanwendung, in: RabelsZ 66 (1997), 423 ff. ZGR 2001, 7-8.

46 47
xelSekrulebis Teoria da sanivTo uflebebis Teoria134 _ sakorpora- safuZvelia, kanonmdeblis TviTmizani ar aris da arc bunebiTi samar-
cio samarTalSi organizaciuli struqturis kvlevis mTavari Teori- Tlis princi pia. misi saxiT saqme gvaqvs funqcionalur institut-
uli safuZveli unda gaxdes. Tan, romelsac mxolod ekonomikuri safuZveli gaaCnia. Ria kapitalur
agenturis problemasTan mWidro kavSirSia samewarmeo korporaciaSi sazogadoebebSi SezRuduli pasuxismgebloba ramdenime ekonomikuri mo-
interesTa orientiris gansazRvris problema. aq gvaqvs ori mTavari tiviT aris nakarnaxevi138: 1. SezRuduli pasuxismgebloba inicirebulia
dapirispirebuli midgoma: 1. kontinentalur-evropuli Stakeholder Value- menejmentisa da mesakuTris daSorebis moTxovniT, rac profesionaluri
paradigma, rodesac sawarmos Rirebulebis maqsimireba xdeba ara mxolod biznes-praqtikis danergvis SesaZleblobas iZleva, radgan profesional
masTan uSualod dakavSirebuli Sida interesTa jgufebis, aramed sawar- menejerebs sawarmos marTvaSi specialuri codnis gamoyenebis saSualeba
mosTan irib kavSirSi myofi jgufebisTvisac (dasaqmebuli, kreditori, eqmnebaT; 2. mcirdeba kontrolis xarjebi – rac ufro mcire TanxiT
momxmarebeli, mimwodebeli, saxelmwifo da a.S.) da 2. anglo-amerikuli aris SemosazRvruli mewilis riski, miT ufro naklebia misi motivacia,
Shareholder Value-paradigma, rodesac menejmentma sawarmos Rirebulebis gaakontrolos menejmenti; 3. Tanamewileebis kontroli saWiro ar aris,
maqsimireba mxolod partniorebis sasargeblod unda moaxdinos135. arCev- radgan erTi partnioris qceva meoris pasuxismgeblobas ar gamoiwvevs;
ani am or midgomas Soris mniSvnelovnad cvlis sawarmos mmarTveli 4. piradi pasuxismgeblobis gamoricxva SesaZlebels xdis wilis Tavi-
rgolis samarTlebriv uflebamosilebas da rols. pirvel SemTxvevaSi sufal gadacemas da am gziT kapitalis bazridan sawarmoSi damatebiTi
menejmentis qcevis kanonismier disci plinirebas didi mniSvneloba aqvs, invesiciebis mozidvas; 5. SesaZlebeli xdeba diversificirebuli sain-
radgan makontrolebel pirTa wre gacilebiT farToa, rac kontrolis vesticio portfelebis Seqmna, anu ramdenime sawarmos wilis floba, rac,
xarjebs zrdis. meore SemTxvevaSi ki dgas xarjebis eqsternalizebis erTi mxriv, investorTa risks amcirebs da, meore mxriv, zrdis menej-
safrTxe, magram menejment-partnioris urTierTobis daregulireba bi- mentis mxridan riskiani proeqtebis realizebis SesaZleblobas.139 imave
lateralurad aris SesaZlebeli. Tu romeli modeli unda iqnas arCeu- mosazrebebiT aranakleb efeqtiania SezRuduli pasuxismgebloba kon-
li, amaze samarTals, eTikuri maqsimebis dawesebis garda, misi meTodolo- cernul struqturaSi. am samarTlebrivi figuris normatiuli analizis
giuri struqturidan gamomdinare, pasuxi ar moepoveba. aq isev axali mTavari safuZveli kreditorTa dacvis mizniT damkvidrebuli gamWoli
institucionaluri ekonomika unda moviSvelioT, kerZod – „sawarmos pasuxismgeblobis institutia, anu gamonaklisi, romelic gamijvnis prin-
Teoria`136, romelic svams kiTxvebs: ratom arsebobs sawarmo? rogor ci ps ugulvebelyofs riskis kreditorebisTvis gadakisrebis akrZalvis
ganviTarda is evoluciurad? rogori unda iyos samarTlis reagireba motiviT. Tumca, am figuris winapirobebi mraval marTlwesrigSi bundo-
sawarmoSi sakuTrebisa da kontrolis gamijvnaze? ra maqsimebi unda vania da mas dazusteba sWirdeba. am analizSi ki iuristebs fasdaudebel
boWavdes menejmentis qcevas da vis winaSea is angariSvaldebuli?137 samsaxurs gauwevs axali institucionaluri ekonomikis kidev erTi
sakorporacio samarTlis kvlevaSi, korporaciuli marTvis prin- Teoria140, romelic samarTlis ekonomikur analizad (viwro gagebiT)
ci pebTan erTad, umniSvnelovanesia SezRuduli pasuxismgeblobis in- zemoT ukve movixsenie da romlis safuZvelic kousis Teoremaa141.
stituti da misi samarTlebrivi bunebis dadgena. e.w. „gamijvnis prin- sakorporacio samarTlis politikis kidev erTi gamowveva sawarmoTa
ci pi`, romelic SezRuduli pasuxismgeblobis institutis Teoriuli dafinansebis problematikaa, kerZod _ sagarantio kapitalis, material-
134
Richter/Furubotn, Neue Institutionenökonomik, 1. Aufl., 1996, S. 35. 138
Fleischer, Grundfragen der Ökonomischen Theorie im Gesellschafts- und Kapitalmarktrecht,
135
Jensen, Value Maximization, Stakeholder Theory, and the Corporate Objektive Function, ZGR 2001, 17.
Journal of Applied Corporate Finance 2001, 8; Schmidt/Weiß, Shareholder vs. Stakeholder: Öko- 139
ix. gzamkvlevi statiebi SezRuduli pasuxismgeblobis ekonomikuri analizis Ses-
nomische Fragen, in: Hommelhoff/Hopt/von Werder (Hrsg.), Handbuch Corporate Governance, axeb: Adams, Eigentum, Kontrolle und beschränkte Haftung, in: Ott/Schäfer (Hrsg.), Ökono-
2. Aufl. 2009, S. 161 ff; Fleischer, Shareholder vs. Stakeholder: Aktienrechtliche Fragen, in: mische Probleme des Zivilrechts, 1991, S. 193 ff; Easterbrook/Fischel, Limited Liability and the
Hommelhoff/Hopt/von Werder (Hrsg.), Handbuch Corporate Governance, 2. Aufl. 2009, S. 185 Corporation, The University of Chicago Law Review 52 (1985), 89; Forbes, Limited LIability
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Coase, The Nature of the Firm, Economica 4 (1937), 386; Demsetz, The Firm in Economic 2 (1986), 163 ff.
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Fleischer, Grundlagen der ökonomischen Theorie im Gesellschafts- und Kapitalmarktrecht,
137
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ZGR 2001, 23. 141
I 1.2; I 2.

48 49
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54 55
giorgi maxarobliSvili*

saaqcio sazogadoebis ZiriTadi


struqturuli elementebi

_____________
* Tsu-is iuridiuli fakulteti, asistent-profesori; sakorporacio, sabanko da eko-
nomikuri samarTlis institutis wevri.

56 57
Sinaarsi 2.1.2.2. kapitalis struqturisa da misi formirebis ekonomikuri
aspeqtebi...........................................................................................................................114
2.2. kontroli, rogorc ss-is mewiles sakuTrebis struqturidan
I. Sesavali. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 gamomdinare ufleba................................................................................................... 117
II. saaqcio sazogadoebis arsi da misi gansazRvris ZiriTadi 2.2.1. kontrolisa da sakuTrebis gamijvna................................................ 117
kriteriumebi. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 2.2.2. kontrolis kontroli: aqcionerTa aqtivizmis strategiuli
aspeqtebi...........................................................................................................................119
1. saaqcio sazogadoeba, rogorc koncentrirebuli kapitalis
organizebuli marTvis samarTlebrivi konstruqcia. . . . . . . . . . 62 V. daskvna. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
2. saaqcio sazogadoebis arsis ganmsazRvreli organuli niSnebi. 65 bibliografia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
2.1. ss-is arsis samarTlebrivi mocemuloba.............................................. 65
2.2. ss-is substanciis ganmsazRvreli organuli elementebi.......... 66
2.2.1. samarTlebrivi `pirovnuloba~................................................................. 66
2.2.2. pasuxismgeblobis SezRudva..................................................................... 68
2.2.3. marTvis centralizeba................................................................................. 70
2.2.4. wilTa gasxvisebis samarTlebrivi reJimi....................................... 72
2.2.5. kapitalis aqciebad dayofa...................................................................... 74
III. saaqcio sazogadoebaTa ti pologiuri gamijvna. . . . . . . . . . . . 76
1. ss-is ti pologiuri klasificirebis safuZveli. . . . . . . . . . 76
2. `daxuruli~ ss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
3. angariSvaldebuli (`sajaro~) ss . . . . . . . . . . . . . . . . . . . 83

IV. saaqcio sazogadoebis struqturuli elementebi . . . . . . . . . . 89


1. ss-is struqturuli elementebi organizaciuli marTvis
konteqstSi. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
1.1. `zemdgomi organo~..............................................................................................90
1.2. `nebis aRmsrulebeli~ organo...................................................................94
1.3. sazedamxedvelo organo..................................................................................98
1.4. auditi - institucionaluri organo?!............................................... 99
2. ss-is struqturuli elementebi Sinaarsobrivi genezisis
strategiul konteqstSi . . . . . . . . . . . . . . . . . . . . . . . . . . 103
2.1. kapitali.................................................................................................................104
2.1.1. kapitalis klasobrivi determinacia.................................................104
2.1.2. kapitalis struqtura............................................................................... 108
2.1.2.1. kapitalis struqturisa da misi formirebis samarTlebri-
vi aspeqtebi ..................................................................................................................110

58 59
I. Sesavali bul pirTa10 socialuri sargeblianobis (da maT mimarT socialuri
pasuxismgeblobis)11 kuTxiT, Camoyalibebuli subieqtis samarTlebrivi
Tanamedrove ekonomikis aRmavlobisa da stabilurobis SenarCu- formaa.12 sakorporacio samarTlis (viwro gagebiT) subieqtTa So-
nebis erT-erTi safuZveli sakorporacio samarTlebrivi regulaciebia. ris interestTa solidaroba13 ss-is taqsonomiis arsis srulfaso-
korporaciuli `marTlwesrigi~ aerTianebs kapitalur da amxanagur vani gagebiT miiRweva.14 ss-is, rogorc mewarme subieqtis, erTiani
sazogadoebaTa ti pologiur formebs.1 sakorporacio samarTlis prin- suraTis Seqmna, ori gansxvavebuli, magram, konkretul pirobebsa da
ci puli funqcia samewarmeo ekonomikuri saqmianobis ganmaxorciele- gansazRvrul segmentebSi, urTierTmfaravi mimarTulebis analiziTaa
beli subieqtebis samarTlebriv-organizaciuli formiT uzrunvelyo- SesaZlebeli. pirveli mimarTulebis mocemuloba ss-is sruqturuli
faa (`momaragebaa~).2 msxvili kapitalis, zogadad ki, materialuri elementebis organizaciul WrilSi analiziT yalibdeba, xolo meore
dovlaTis, efeqturi marTvis garxorcielebis instrumentalur meqa- – ss-is struqturuli elementebis organuli niSnebis strategiul
nizms kapitalur sazogadoebaTa procesualuri funqcionireba war- konteqstSi ganxilviT. orive mimarTulebis sinTezi ss-is ZiriTadi
moadgens.3 Tavis mxriv, kapitalis koncentraciis ori ZiriTadi or- struqturuli erTeulebis naTel kontrasts Seqmnis. Tavis mxriv, ss-
ganizaciul samarTlebrivi formidan,4 kvlevis sagans mxolod erTi, is Sinaarsobrivi struqturis TiToeuli elementis detaluri aRwera
saaqcio sazogadoeba,5 warmoadgens. pirTa implicitur Tu eqsplici- korporaciaTa restruqturizaciis safuZvelTa15 analitikuri kvle-
tur saxelSekrulebo gaerTianebis6 bazisze Seqmnili organizacia,7 vis Sedegebis sazogadoebis struqturul erTeulebze pirdapir- Tu
istoriul perspeqtivaSi,8 aqcionerTa interesebisa9 da dainterese- arapirdapirproporciulad asaxvis hi poteTur winapirobas warmoad-
gens. Sedegad, korporaciaTa struqturuli elementebis gansazRvra
1
Cox, Hazen, Business Organizations Law, 3th ed., 2011, P. 1-53. strategiulad mniSvnelovani funqciuri datvirTvis matarebelia
2
ix. Armour, Hansmann., Kraakman, What is Corporate Law? in: The Anatomy of Corporate
Law, 2nd edition, 2009, P. 2. samewarmeo ekonomikur saqmianobasTan dakavSirebiT, ix. max-
dasaxuli miznis misaRwevad.
arobliSvili, mewarme subieqtTa dogmatur-Teoriuli gamijvna kapitalur sazogadoe-
baTa sawyisebze, `samarTlis Jurnali~, #2, 2011, gv. 101; Cox, Hazen, O’Neal, Corporations,
1998,chap. 2, P. 1; Berle, Means, The Modern Corporation and Private Property, rev. ed., 1968, P.
3-46; Lindahl,, Carter, Corporate Concentracion and Public Police, 1959, P. 12-14, 42-44.
3
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 2.
4
igulisxmeba SezRuduli pasuxismgebloba (Sps) da saaqcio sazogadoeba (ss).
5
naSromSi ss-is urTierTCanacvlebad terminad gamoiyeneba `korporacia~. amis Sesa-
Zleblobas saqarTvelos `mewarmeTa Sexaeb~ kanoni iZleva. ix. saqarTvelos `mewarmeTa
Sesaxeb~ kanoni, me-6 muxlis me-4 punqti. qarTvel kanonmdebels ss-Tan mimarTebiT,
amerikuli modeli aqvs SerCeuli. mis analogs inglisSi ~Company~ warmoadgens,
romelic mxolod qarTuli Sps-s mimarT SeiZleba iqnes gamoyenebuli. eti pologiuri
sxvaobisTvis, ix. Conald, Corporations in Perspective, 1976, P. 136-138; Freund, The Legal ern Corporation, Journal of Corporation Law, Vol. 34, 2008, P. 99-152; Smythe, Shareholder De-
Nature of Corporations, 2000 (1897), P. 7. korporaciiis Camoyalibebis genezisi aqciisa da mocracy and the Economic Purpose of the Corporation, Lee L. Rev., 2006, P. 2-18; Falaschetti,
saaqcio kompaniis terminologias ukavSirdeba. maTi sinonimebad gamoyeneba, istoriul Shareholder Democracy and Corporate Governance, Law, Business & Economics Paper No. 08-
peerspeqtivaSic, adekvaturia. ix. Gevurtz, Corporation Law, 2th ed., 2010, P. 113-114. 14, 2008, P. 1-24; Fairfax, Shareholder Democracy, 2011, P. 7-161.
6
Easterbrook, Fischel, The Corporate Contract, in: Corporate Law and Economic analysis, (edit. 10
Stout, Bad and not-so-bad arguments for shareholder primacy, Southern California L. Rev., vol.
Bebchuk), 1990, P. 194-200. Sead. Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 75, 2002, P. 1189-1209; Carney, From Stakeholders to Stockholders: A View from Organizational
34-38. Theory, 1997, P. 1-41.
7
Hasnmann, Ownership of Enterprise, 1996, P. 18-20. 11
Hamilton, The law of Corporations, 2000, P. 69-72; Barnea, Rubin, Corporate social respon-
8
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.1, 2006, P. 2-27. sibility as a conflict between shareholders, 2006, P. 1-33.
9
Shareholders value, shareholder primacy da shareholders democracy-is zrdisa da realur 12
Conald, Corporations in Perspective, 1976, P. 126-139.
kapitalistur urTierTobebSi ganviTareba-daxvewas moicavda. ix. Blair, Shareholder 13
Easterbrook, Fischel, The Corporate Contract, 1990, P. 200-211.
Value, Corporate Governance and Corporate Performance: A Post-Enron Reassessment of the 14
Conald, Corporations in Perspective, 1976, P. 124-126. zogadad: Drucker, Concept of the
Conventional Wisdom, in: Corporate governance and capital flows in a global economy, 2003, P. Corporation, 1946.
56-65; Bratton, Wachter, Shareholder Primacy’s Corporatist Origins: Adolf Berle and The Mod- 15
Gaughan, Mergers, Aqcuisitions and Corporate Restructurings, 5th ed. 2011, P. 21.

60 61
II. saaqcio sazogadoebis arsi da misi taturi da kvantituri segmentebis deskrifciuli analizi,26 samarT-
gansazRvris ZiriTadi kriteriumebi lebrivi konstruqciis gareSe, gamoricxulia.27 samarTlebrivi formis
aucileblobas ekonomikuri stabilurobis moTxovna ganapirobebs. eko-
1. saaqcio sazogadoeba, rogorc koncentrirebuli nomikuri urTierTobebi TviTregulirebad sistemas warmoadgens, magram
kapitalis16 organizebuli marTvis samarTlebrivi es ar niSnavs, rom gansaxorcielebeli qmedebebi individTa mier winaswar
konstruqcia ar igegmeba.28 am kuTxiT, kapitalisturi urTierTobebis konkurentunari-
anobasa da ganviTarebas martivi marketinguli formula udevs safuZv-
pirTa gaerTianeba Tu `organizaciuli warmonaqmni~ iqmneba indi- lad: saWiroa ekonimikuri aqtivobis samarTlebriv wesrigSi moqceva, anu
vidTa interesebis erToblivad gansaxorcieleblad.17 organizaciuli `kapitalisturi uwesrigobisTvis~ normatiuli regulirebis `miwode-
warmonaqmnis safuZvlad miCneulia, erTi mxriv, savaWro urTierTobebis ba~ - sakorporacio samarTlis ZiriTadi funqcia xom samewarmeo saqmi-
ganviTareba18 da, meore mxriv, socialuri moTxovnilebebi, romelTa re- anobis ganmaxorcielebeli subieqtebis organizaciul-samarTlebrivi
alizacia socialuri wesrigisa da instituciuri formis mqone gansa- formiT uzrunvelyofaa.29 mokled, sxva sityvebiT rom iTqvas, `Teoria~30
kuTrebuli warmonaqmnebis transformaciiT miiRweva.19 is (organizacia) unda emsaxurebodes `praqtikas~.31 32
konkretuli sferos momwesrigebeli instrumentia.20 korporacia orga- korporacia, rogorc samarTlebrivi kategoria, iuridiul doqtri-
nizaciuli gaerTianebis subti ps warmoadgens, romelic marTlwesrigis naSi sxvadasxva Teoriisa33 Tu sasamarTlo gadawyvetilebebis34 bazisze
koniunqturul CarCoebSi iuridiuli piris sakanonmdeblo konstruq- Camoyalibebuli, normatiulad deklarirebuli kapitalis marTvis orga-
ciis gamoyenebiT eqceva.21 korporacia yalibdeba ori an meti piris mier nizebuli instrumentia. pirTa da qonebis gaerTianebis organizebuloba
konkretuli qonebrivi sikeTis akumulaciis safuZvelze saxelmwifos samarTlis wesrigis mier aris SemoTavazebuli. is (organizebuloba),
legitimaciis (registraciis) Sedegad.22 warmoiSoba specifikuri gaer-
Tianeba, romelsac, faqtobrivad, ormagi buneba aqvs: is, erTi da imave 26
Posner, The Economic Analysis of Law, 2007, P. 429-453.
dros, aris rogorc wevrTa gaerTianeba, ise – wevrebisgan damoukidebeli 27
Posner, The Economic Analysis of Law, 2007, P. 391-397.
samarTlis subieqti.23 samarTalmcodneTa paralelurad, ekonomistebi 28
Coase, The Nature of the Firm, Economica, New Series, Vol. 4, No. 16. 1937, P. 387.
Tanamedrove korporaciebs socialur garTianebebad da ekonomikuri aq-
29
Armour, Hansmann., Kraakman, What is Corporate Law? 2nd ed., 2009, P. 2.
30
mocemuli SemTxvevisTvis igulisxmeba samarTlebrivi regulireba.®
tivobebis koleqtiuri marTvis bunebis mqone subieqtad Tvlian.24 am 31
anu, ekonomikuri aqtivobis Sedegad miRebul procesebs.
mxriv, firmis finansuri ekonomikis arsis,25 rogorc korporaciis kvali- 32
Schrader, The Corporation as Anomaly, 1993, P. 9.
33
The Concession Theory; Fiction Theory; The License Theory; The Agreggate Theory; Entity
16
mimdinare Tavis miznebisTvis `kapitali~ igulisxmeba ekonomikuri gagebiT da is Theory, Nexus-of-Contracts Theory. ix. Coase, The Nature of the Firm, Economica, New Series,
utoldeba sazogadoebis qonebas. Vol. 4, No. 16. 1937, P. 386-405; Jensen, Meckling, The Theory of the Firm: Managerial Behavior,
17
kereseliZe, kerZo samarTlis uzogadesi sistemuri cnebebi, 2009, gv. 160. Agency Costs, and Ownership Structure, 3 J. Fin. Econ., 1976; Bainbridge, The Board Of Direc-
18
burduli, saaqcio samarTlis safuZvlebi, tomi I, 2010, gv. 31-44. tors as Nexus-of-Contracts, A Critique of Gulati, Klein & Zolt’s “Connected Contracts” model,
19
bregvaZe, organizaciis Teoriis safuZvlebi: sociologiuri moZRvreba korporaci- School of Law, Research paper No. 02-05, 2002, P. 16-25; Hamilton, The Law of Corporations,
uli sistemebis Sesaxeb wignSi: Tanamedrove sakorporacio samarTlis Teoriuli da 5th ed, 2000, P. 50-62. Eisenberg, The Conception that the Corporation is a Nexus of Contracts,
praqtikuli sakiTxebi, 2009, gv. 9-12. and the Dual Nature of the Firm, 24 J. Corp. L., 1998-1999, P. 822-823; French, Mayson, Ryan,
20
bregvaZe, organizaciis Teoriis safuZvlebi, 2009, gv. 13. Company Law, 26th ed., 2009-2010, P. 153-160; Radin, The endless problem of corporate per-
21
ix. Gevurtz, Corporation Law, 2000, P. 19; Cox, Hazen, Treatise on The Law of Corporations, sonality, 32 Colum L Rev, 1932, P. 665, miTiTebulia: French, Mayson, Ryan, Company Law,
3th ed., Vol. 1, 2010, P. 145-150. Sead: kereseliZe, kerZo samarTlis uzogadesi sistemuri 26th ed., 2009-2010; Backer, Comparative Corporate Law, 2002, P. 323; Presser, Piercing the
cnebebi, 2009, gv. 163. Corporate Veil, 2011, P. 12-26; Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev.
22
Hamilton, The Law of Corporations, 2000, P. 46; Phillips, Reapraising the Real Entity Theory ed., vol.1, 2006, P. 45-47. qarTulad: kereseliZe, kerZo samarTlis uzogadesi sistemuri
of the Corporation, 21 Fla. St. U.L. Rev., 1994, P. 1062. Sead: kereseliZe, kerZo samarTlis cnebebi, 2009, gv. 160-166; Wanturia, Sesavali samoqalaqo kodeqsis zogad nawilSi,
uzogadesi sistemuri cnebebi, 2009, gv. 166-167. 2000, gv. 206-214; maxarobliSvili, mewarme subieqtTa dogmatur-Teoriuli gamijvna
23
French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 152. kapitalur sazogadoebaTa sawyisebze, `samarTlis Jurnali~, #2, 2011, gv. 106-116;
24
Schrader, The Corporation as Anomaly, 1993, P. 1. 34
Trustees of Dartmouth College v. Woodward (1819) 17 US (4 Wheat) 518; Welton v. Saffery
25
xaraiSvili, CavleiSvili, firmis finansuri ekonomika, 2009, gv. 5-11. (1897) AC 299.

62 63
regulatoruli definiciebiT, ayvanili da ganmtkicebulia preskrif- 2. saaqcio sazogadoebis arsis ganmsazRvreli organuli
ciul ierarqiaSi ex ante da ex post normebiT. samewarmeo ekonomikuri niSnebi
saqmianobis organizebul warmarTvas imperatiuli regulireba udevs
safuZvlad. Sesabamisad, `momaval~ mewarme subieqtTa saqmianobis mar-
Tvis struqturul konstruqtirebas kanoni numerus clausus princi pis
2.1. ss-is arsis samarTlebrivi mocemuloba
saSualebiT akeTebs.35 Sedegad, samewarmeo saqmianoba dasaSvebia mxolod
mewarmeTa Sesaxeb kanoniT gansazRvruli samarTlebrivi formebis36 samarTali individTa mier samarTlianobis SegrZnebiT dadgenili
gamoyenebiT.37 mewrmeTa Sesaxeb kanoni gansazRvravs mewarme subieqtTa princi pebi da wesebia.41 is aris zogadsavaldebulo, gansazRvruli we-
zRvrul odenobas, xolo samewarmeo saqmianobis dawyebis iniciators sebis damdgeni, romelsac axasiaTebs moqmedebis pretenzia.42 samarTali
SemoTavazebul samarTlebriv formebSi arCevanis saSualebas utovebs. identificirebul dakonkretebas sxvadasxva mimarTulebaSi ganicdis.
aqedan gamomdinare, korporaciis organizebuloba SeiZleba ganimartos, misi erT-erTi regulirebis obieqti korporaciuli urTierTobebia.
rogorc kanoniT gansazRvruli samarTlebrivi formiT samewarmeo saqmi- sakorporacio samarTlis, rogorc organizaciuli samarTlis nawilis,
anobis ganxorcielebis dasaSveboba zogadi uflebaunarianobiT,38 romlis wesrigis areali iwyeba mewarme subieqtTa samarTlebrivi formebis Sida
(samarTlebrivi formis) organizaciuli struqturisa da meqanizmebis organizaciuli segmentiT43 da sruldeba dainteresebul pirTa44 farTo
centralizebuli marTvis saSualebas kanoni,39 implicituri Tu eqs- speqtriT.45 subieqtTa Sidaorganizaciuloba diferencirdeba dogmatu-
plicituri normebis gamoyenebiT, iZleva.40 rad gansazRvrul mewarme subieqtTa samarTlebriv formebs Soris. maT-
gan mniSvnelovani, interesis sferodan gamomdinare, ss-is, rogorc samar-
Tlis jerarsuli movlenis, specifikaciis gamovlena, misTvis saxasiaTo
niSnebis miniWeba da maTi urTierTgamijnulobaa, rac xels Seuwyobs
ss-is arsis determinacias. ss kapitalistur urTierTobebSi erTgvari
`ekonomikuri fenomenia~46, romelsac aqvs saxasiaTo Sida organuli niS-
nebi.47 es niSnebi, Tavis mxriv, qmnian mis (ss-is) substanciur cnebas.48

41
ix. kereseliZe, kerZo samarTlis uzogadesi sistemuri cnebebi, 2009, gv. 1.
35
Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, mesame gamocema, 2002, gv. 13. 42
xubua, samarTlis Teoria, 2004, gv. 39.
36
mewarmeTa Sesaxeb kanoni, me-2 muxlis pirveli punqti. 43
ix. Schneeman, The Law of Corporations and Other Business Organizations, 5th ed., 2008,
37
Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, 2002, gv. 13. P. 245-281, 337-393. Sead. Sengelia, saaqcio sazogadoebis organizaciisa da funqcioni-
38
ix. zoiZe, evropuli kerZo samarTlis recefcia saqarTveloSi, 2005, gv. 215-220; rebis samarTlebrivi safuZvlebi, 2002, gv. 24- 36.
Wanturia, Sesavali, 2000, gv. 224-241; burduli, saaqcio samarTlis safuZvlebi, 2010, 44
Carney, From Stakeholders to Stockholders: A View from Organizational Theory, Working
gv. 116-117. aseve: Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. Paper Series, 1997, P. 1-41; Mallin, Corporate Governance, 2007, P. 49-58.
221-243. 45
Davies, Introduction to company law, 2010, P. 3-4.
39
mewarmeTa Sesaxeb kanonis 2008 wlis cvlilebebis ganxorcielebis Semdgomi re- 46
`ekonomikuri fenomenis~ saxelwodebiT profesori rolf kni peri axasiaTebs sawar-
daqciis mixedviT, ZiriTadad, normaTa TiTqmis absoluturi umravlesoba dispoziciur mos, xolo sawarmosa da mewarme subieqtis pragmatuli diferencirebis ararsebobis
xasiaTs atarebs da farTo SesaZleblobas tovebs mewarme subieqtTa kerZo avtonomiis pirobebSi, isini, iuridiul literaturaSi, urTierTCanacvlebad terminad gamoiyeneba.
ganxorcielebis kuTxiT, xolo, radgan partniorTaTvis nebis gamoxatvis saSualebas Sesabamisad, SesaZlebelia ss `ekonomikuri fenomenis~ saxelwodebiTac iqnes moxse-
sazogadoebis wesdeba warmoadgens, logikuria, rom kanonis gverdiT, Sida organizaci- niebuli. ix. cercvaZe, sawarmos cneba kerZo samarTalSi, Jurnali `samarTali, #11-12,
uli urTierTobebis momwesrigebel `normad~, sazogadoebis wesdebac moiazrebodes. 2002, gv. 60; Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, 2002, gv. 12- 14.
Sead. O’Neals, Thompson, Close Corporations and LLCs: Law and Practice, 3th ed., 2011, P. Sead. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 118-126.
15-19. 47
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 115-116; Wanturia, korporaciuli
40
kapitaluri sazogadoeba organizaciuli warmonaqmnia, organizacia ki - implici- marTva da xelmZRvanelTa pasuxismgebloba sakorporacio samarTalSi, 2006, gv. 77-78.
tur da eqsplicitur normaTa sistema, e.i. korporacias, rogorc samarTlis subieqts, 48
Sead. zoiZe, mewarmis cneba da misi Teoriul-praqtikuli mniSvneloba. sakuTrebis
implicitur da eqsplicitur normaTa erToblioba aregulirebs. Sead: bregvaZe, orga- uflebis Taviseburebani korporaciul sazogadoebebSi, wignSi: Tanamedrove sakorpora-
nizaciis Teoriis safuZvlebi, 2009, gv. 12-17. cio samarTlis Teoriuli da praqtikuli sakiTxebi, 2009, gv. 67.

64 65
2.2. ss-is substanciis ganmsazRvreli organuli elementebi subieqtobas iZens.60 is aris gaerTianeba, romelsac SeuZlia flobdes
qonebas, gamovides mesame pirebTn aqtiur da pasiur samarTlebriv
TiTqmis yvela iurisdiqciaSi, korporacias gaaCnia fundamenturad urTierTobaSi,61 iyos misi wevrebisgan gancalkevebuli da sakuTari
msgavsi samarTlebrivi niSnebi.49 es niSnebia: samarTalsubieqtoba anu saxeliT moqmedebdes62 nebismier urTierTobaSi.63 korporacia humanoi-
iuridiul pirad aRiareba, mesame pirTa winaSe mewileTa pasuxismge- dur saxes moklebuli,64 magram individTa struqturizebuli erTobis
blobis SezRuduloba, wilTa (Tavisufali) gasxvisebadoba, centrali- Seqmnis korpusia.65 is aris uflebebisa da movaleobebis matarebeli
zebuli marTvis sistema da kapitalis, romelic investoris sakuTre- gaerTianeba,66 romelic individualizmis praqtikul demonstrirebas
bas warmoadgens, wilebad dayofa.50 arsebobs mewarme subieqtTa sxva dadgenili organoebis, ZiriTadad, direqtoratis saSualebiT axorcie-
formebi,51 romlesac ar aqvT am elementebidan erTi ar meti niSani.52 lebs.67 iuridiuli piris statusi mis wevrTagan gamijvnis postula-
ss-is organul arss swored xuTive elementis erTi subieqtis mimarT tia.68 aRniSnuli saxasiaTo elementebi normatiulad deklarirebul
Tanadrouli arseboba ganapirobebs.53 aRsaniSnavia, rom koncentrirebuli subieqts ayalibebs.69 saxelmwifo legimitirebas akeTebs organizaci-
msxvili kapitalis marTva ekonomikur urTierTobebSi, ZiriTadad, yvela isTvis, romelic, Tavis mxriv, Tanxmdeba sajaro interesebis ganxor-
niSnis mqone organizaciuli warmonaqmnis54 safuZvelze55 xorcieldeba.56 cielebaze.70 uflebamosilebaTa realizirebas wesdebaze dayrdnobiT
axorcielebs, romelic partniorTa da sazogadoebis Soris an kor-
poraciasa da saxelmwifos Soris dadebul xelSekrulebis saxeobas
2.2.1. samarTlebrivi `pirovnuloba~ warmoadgens.71 Sedegad, sazogadoebis samarTlis calke subieqtad
aRiareba or Tanmdev Sedegs moicavs. pirveli, ss emijneba aqcionerebs
pirveli da mniSvnelovani, samarTalsubieqtobaa.57 mas ganapiro- (mesakuTreebs)72, mmarTvel organoebs (pirebs), dainteresebul pirebsa
bebs organizaciuli gaerTianebis iuridiuli piris samoselSi mo- da kreditorebs.7374 meore, korporacia xasiaTdeba homogenurobiT, ro-
qceva.58 organizaciul gaerTianebas qmnis aqcionerTa erToblioba,59 melic mas, rogorc gancalkevebul `patrimoniad~ ganixilavs.75 es
romelic iuridiuli piris statusis ZaliT damoukidebel samarTal- ukanaskneli niSnavs, rom mkveTri demarkaciuli xazi gadis sazoga-
doebis qonebasa da sazogadoebis damfuZnebel, wilTa mesakuTre76
49
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 1.
50
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 1, 5. 60
Davies, Introduction to company law, 2010, P. 9.
51
Freer, The law of Corporations, 6th ed., 2011, P. 8-34. 61
Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 5.
52
Ribstein, Why Corporations? Berkley Bus. L. J. 183, 2004, P. 3-4. 62
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.1, 2006, P. 2-6.
53
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 13. 63
Shade, Business Assosiations, 3th ed., 2010, P. 5.
54
zemoaRniSnul niSnebSi, kvlevis konteqstualuri miznebidan gamomdinare, SezRuduli 64
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.1, 2006, P. 45-67.
pasuxismgeblobis sazogadoeba ar jdeba kapitaluri sazogadoebis xuTive saxasiaTo 65
Warren, Corporate Adventages Without Incorporation, 1929, P. 15. Sead. Cox, Hazen, Treatise
organuli elementiT, ris gamoc misi analitikuri ganxilva, gansxvavebiT ss-gan, kvle- on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 7-13.
vis sagnis miRma rCeba. 66
Dewey, The Historic Backgraund of Corporate Legal Personality, 35 Yale L.J., 1926, P. 655,656.
55
Posner, The Economic Analysis of Law, 2007, P. 393-397. 67
ix. Marcum v. Wengert, 40 S.W.3d., ARK. 2001, P. 230-239.
56
Shade, Business Assosiations, 3th ed., 2010, P. 6. Tumca, es, garkveulwilad, damokidebulia 68
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 4.
samewarmeo saqmianobis saxeobaze. rig SemTxvevebSi, sxva samarTlebrivi formis gamoy- 69
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 6.
enebiT `moqmedeba~ SeiZleba ufro mizanSewonili iyos. ix. Pinto, Branson, Understanding 70
Backer, Comparative Corporate Law, 2002, P. 324.
Corporate Law, 3rd edition, 2009, P. 6-9. 71
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 211-220.
57
~Legal personality,” “Corporate Entity,” “Personality”. ix. Cox, Hazen, Treatise on The Law 72
Pinto, Branson, Understanding Corporate Law, 3rd ed., 2009, P. 7.
of Corporations, 3th ed., Vol. 1, 2010, P. 3; Shade, Business Assosiations, 3th ed., 2010, P. 5,6. 73
Davies, Introduction to company law, 2010, P. 9.
58
am SemTxvevaSi saubroben saxelwifo legitimaciaze. ix: burduli, saaqcio samarTlis 74
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.1, 2006, P. 32-35, 64-
safuZvlebi, 2010, gv. 117; kereseliZe, kerZo samarTlis uzogadesi sistemuri cnebebi, 75.
2009, gv. 166-167; Pinto, Branson., Understanding Corporate Law, 3rd ed., 2009, P. 13-14. 75
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P.6.
59
Sead. Eisenberg, The Conception That the Corporation is a Nexus of Contracts, and the Dual 76
`pirvelad~ partniorsa da `Semosul~ partniors Soris samarTlebrvi sxvaobis
Nature of the Firm, 24 J. Corp. L. 1998-1999, P. 819-836. Sesaxeb, ix. burduli, qonebrivi urTierToba saaqcio sazogadoebaSi, 2008, gv. 57-58.

66 67
pirebis pirad qonebriv sikeTesTan77 anu xdeba qonebrivi ufleba- generirebiT, SezRuduli pasuxismgebloba90 niSnavs ara korporaciis
movaleobebis (ga)danawileba.78 pasuxismgeblobis SezRudvas, aramed mewileTa pasuxismgeblobis Sez-
Rudvas mesame pirTa winaSe.91 kreditorebis moTxovnis dakmayofilebis
diapazoni SezRudulia korporaciis qonebiT92 da aranairi moTxovnis
2.2.2. pasuxismgeblobis SezRudva wayenebis ufleba sazogadoebis mesakuTreTa winaSe ar aqvs.93 aqcioneri
pasiur investirebas akeTebs: is iRebs investirebuli kapitalidan narCen
korporaciis samarTalsubieqtobis konceftualuri buneba pasux- sargebels menejmentis mier Sesrulebuli saqmianobisTvis warmoSobili
ismgeblobis resursTa SezRudvaSi povebs gamoxatulebas.79 investo- yovelgvari pasuxismgeblobisgan Tavisufal reJimSi.94 sxvanairad, ss-
risTvis kapitaluri sazogadoebis formiT samewarmeo saqmianobis is pasuxismgebloba SeuzRudavia.95 is, mesame pirTa winaSe, pasuxs agebs
dawyebis substanciur motivators80 SezRudul pasuxismgeblobasa da mTeli Tavisi qonebiT, SeuzRudavad.96 97 pasuxismgeblobis SezRudvis
gancaklevebul `iuridiuli piris~ statuss Soris arsebuli kavSiri doqtrinaluri funqcionireba piris mier sazogadoebisTvis gadacemuli
warmoadgens.81 iuridiuli piris statusiT SeZenili samarTalsubieq- qonebis da, Sesabamisad, korporaciis mier am qonebis miRebis momentidan
toba SezRuduli pasuxismgeblobis82 fasilitatoris rolSi gamodis.83 iwyeba.98
is aris sakorporacio samarTlis ara mxolod `pirvel princi pad~ miC- SezRuduli pasuxismgeblobis princi pis korporaciisTvis aucileb-
neuli elementi,84 romelic misi arsebobis mTavar koncefcias Seicavs,85 el saxasiaTo niSnad kvalificireba ekonomistTa da samarTalmcod-
aramed aRiarebulia kapitalizmis, rogorc disci plinuri urTierTo- neTa Soris mkacri kritikuli debatebis sagania.99 paralelurad,
bebis, qvakuTxedad.86 90
Ferran, Principles of Corporate Finance Law, 2008, P. 18-20.
pasuxismgeblobis SezRudvis princi pis gamoyenebiT mewarme subi- 91
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 9-10.
eqtis riskebis diversificireba, ufro swored, misi mTliani transferi 92
Backer, Comparative Corporate Law, 2002, P. 981.
sawarmos mesakuTre subieqtidan mesame pirebze xdeba. aqcioneri kapi- 93
es aris sazogadoebis mesakuTreTa piradi qonebis dacvis meqanizmi, e.w. Owner
talis diversificirebuli portfolios SeqmniT, investiruli qonebis shielding. amis sapirwoned, arsebobs ss-is qonebis partniorTa piradi kreditorebis
moTxovnisgan daculobis meqanizmi, romelic cnobilia ~Entity shielding”-is saxeliT. ix.
dakargvis riski minimaluramde dahyavs.87 es SeiZleba iyos deliqti- Hansmann, Kraakman, Squire, Law and Rise of the Firm, 2006, P. 2-19.
dan warmoSobili an/da saxelSekrulebo urTierTobis Sedegad damd- 94
Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 6.
gari pasuxismgebloba,88 romlis Seusruleblobis riskis matarebeli, 95
ix. Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 40. Tu, ra Tqma
korporaciis mier valdebulebis an pasuxismgeblobis SesrulebisT- unda, saxeze ar aris gamWoli pasuxismgeblobis doqtrinis gamoyenebis winapirobebi.
vis arasakmarisi qonebis arsebobis SemTxvevaSi, mesame piria.89 procesis ix. Presser, Piercing the Corporate Veil, 2011, P. 6-109; Backer, Comparative Corporate Law,
2002, P. 982-995; ix: burduli, sawesdebo kapitali da misi funqciebi, wignSi: Tanamedrove
sakorporacio samarTlis Teoriuli da praqtikuli sakiTxebi, 2009, gv. 236-261;
77
Hansmann, Kraakman, Squire, Law and Rise of the Firm, 2006, P. 1-7. gulaSvili, korporaciuli safarvelis gaWolva, rogorc kreditorTa dacvis gansa-
78
Hansmann, Kraakman, The Essential Role of Organizational Law, Yale L. J., 2000, P. 4-14. kuTrebuli RonisZieba mSobel-Svilobil kompaniaTa urTierTobis konteqstSi, wignSi:
79
Wheeler, Corporations & The Third Way, 2002, P. 73. sakorporacio samarTlis krebuli, I, (red. irakli burduli), 2011, gv. 69-109. Sead.
80
Presser, Piercing the Corporate Veil, 2011, P. 7. French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 128-142.
81
Limited liability. 96
ix. mewarmeTa Sesaxeb kanoni, 51-e muxlis pirveli punqti.
82
Gevurtz, Corporation Law, 2010, P. 26. 97
aqve aRsaniSnavia, rom Serwymis da SeZenis Sedegad ss-is SezRudul pasuxismge-
83
Davies, Introduction to company law, 2010, P. 10. blobaSi cvlilebebis ganxorcieleba faqtobrivad SeuZlebelia organizaciul-samar-
84
Dodd, The Evolution of Limited Liability in American Industry: Massachusetts, 61 Harv. L. Tlebrivi formis Secvlis gareSe. SezRuduli pasuxismgeblobis Secvla SesaZlebelia
Rev., 1948, P. 1351. ara M&A-is safuZvelze, aramed iseTi sagamonakliso doqtrinaze dayrdnobiT, rogor-
85
Ribstein, Limited Liability and Theories of the Corporations, 50 Md. L. Rev., 1991, P. 80. ic aris gamWoli pasuxismgebloba (piercing the corporate veil). ix. Schwarez, Collapsing
86
Blumberg, Limited Liability and Corporate Groups, 11 J. Corp. L., 1986, P. 572-611. Corporate Structure: Resolving the Tension Between Form and Substance, 2004, P. 4-5; Presser,
87
Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 43. Piercing the Corporate Veil, 2011, P. 34-99.
88
`gamWoli pasuxismgeblobis princi pis~ moqmedebis dawyebis erT-erT aspeqts aRniS- 98
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 367-371.
nuli ori SemTxveva warmoadgens. ix. Presser, Piercing the Corporate Veil, 2011, P. 86-99. 99
Posner, The Economic Analysis of Law, 2007, §14.3; Bainbrige, Abolishing Veil Pircing, 26
89
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 375. Iowa J. Corp. L., 2001, P. 479 et seq; Easterbrook, Fischel, Limited Liability and Corporations,

68 69
sisxlissamarTlebrivi aspeqtebic iwevs wina planze. kerZod, korpo- bloba warmomadgenlis daniSvnaSia,106 romelsac gawerili an gauwereli
raciis `pirovnuloba~, romelic gancakevebulia mesakuTreTa marTvisa uflebamosilebaTa farglebi, romelSic korporacia unda waradginos
Tu qonebisgan, pasuxismgebloba SezRudulia. sisxlisamarTlebrivi pa- mesame pirTa winaSe, saknonmdeblo/saxelSekrulebo doneze ganesazRvre-
suxismgeblobis Seracxva mentalur elements moicavs, rac niSnavs, rom baT.107 ukanasknel SemTxvevaSi sazogadoeba gamodis rogorc xelSemkvre-
subieqti unda iyos mens rea (danaSaulebrivi ganzraxvis mqone (guilty li mxare mesame pirebTan urTierTobaSi,108 romelic sazogadoebis mesa-
mind)).100 logikuria, rom is mimarTulia naturalur individTa wi- kuTreebisa da menejerebisgan gancalkevebulia.109 sazogadoebis Nexus for
naSe da misi Seracxva `gonebrivi mentalitetis~ armqone pirisTvis, contract moqmedebas winapirobad uflebamosil pirTa, romelTac SeuZliaT
sadavoa. Sesabamisad, Tu korporaciis mesakuTreni Caidenen sisxlisamar- sazogadoebis saxeliT imoqmedon,110 sakanonmdeblo doneze anu kanoniT
Tlebriv umarTlobas korporaciis samarTlebrivi formis gamoyenebiT, gaTvaliswineba aqvs.111 sakorporacio samarTali, korporaciebTan daka-
xdeba sawarmos, mens rea miznebisTvis, misi maformirebeli humanoiduri vSirebiT, sazogadoebis warmomdgen organod bords miiCnevs, romelsac
komponentebis agregatad gadaqceva, ris Sedegadac, korporacia, rogorc delegirebuli aqvs ss-is kapitalis marTvis uflebamosileba.112 marTvis
pirovneba (pirdapiri gagebiT) danaSaulis obieqturad Seracxvis subi- uflebamosilebis delegireba aqcionerebis kompetenciur arealSia.113
eqtia da misi wevrebi, pasuxismgeblobis SezRudvis princi piT korpo- isini investirebuli kapitalis mejeruli unarebisa da gamocdilebis
raciuli safarvlis qveS veRar isargebleben. pasuxismgeblobisa da mqone pirebis saSualebiT marTvis centralizebul modelze gadadian,
individualizmis urTierTmimarTebiT korporaciis pasuxismgeblobis romelic dabandebuli kapitalis maqsimaluri optimizirebisken iqneba
aspeqtebi identifikaciis Teoriis101 induqciuri analizis Sedegia.102 mimarTuli,114 miuxedavad imisa, rom sazogadoebis marTvis uflebamosile-
baTa delegireba Zalauflebis borotad gamoyenebis SesaZleblobas qm-
nis.115 Sesabamisad,korporacia moqmedebs direqtorTa (sabWos) meSveobiT.116
2.2.3. marTvis centralizeba bordi, Tavis mxriv, aRmasrulebel menejers irCevs, romelic angariSval-
debuli xdeba bordis winaSe. aRsaniSnavia, rom aSS-s bordSi Semavali
kapitalizirebul mewarme subieqts mesame pirebTan samarTlebriv direqtori sazogadoebis mesame pirebTan warmomdgen default subieqtad
urTierTobaSi Sesvlis individualuri, bunebiTi warmonaqmnis berketi ar moiazreba. is aris samewarmeo saqmianobis `koordinatori~,117 romelic
ar gaaCnia. magram gaaCnia organuli warmoSobis marTvis meqanizmebi. ma- mxolod maSin aris uflebamosili konkretul urTierTobaSi gamovides
Tze korporaciis marTvis uflebamosilebis delegirebiT iqmneba kidev korporaciis saxeliT, Tu am uflebamosilebis delegireba bordis mier
erTi substanciuri elementi. es aris centralizebuli menejmenti.103 moxdeba.118 am mxriv, qarTul realobaSi, uflebamosilebis delgireba da
koporacia, xelSekrulebaTa erTobliobis Teoriidan104 gamomdinare, mra- delegantis etimologia nebis kerZo avtonomiis farglebSia moqceuli
valxrivi garigebis safuZvelze warmoqnili sazogadoebaa, romelic, erT-
nebianobis SemTxvevaSi, awesrigebs xelSemkvrel mxareTa (partniorTa) 106
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.1, 2006, P. 76.
Sidaorganizaciul urTierTobebs, Tumca mas, rogorc iuridiul pirs, es- 107
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 458-468.
aWiroeba mesame pirebTan samarTlebriv urTierTobebSi Sesvla e.i. unda 108
am SemTxvevaSi saxezea “Nexus for contract”.
gaaCndes qmedunarianoba.105 qmedunarianobis aqtiuri gamoyenebis SesaZle- 109
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 6.
110
organulis Teoriis mixedviT.
111
zoiZe, evropuli kerZo samarTlis recefcia saqarTveloSi, 2005, gv. 218.
52 U.Chi. L. Rev., 1985, P. 89 et seq. 112
Davies, Introduction to company law, 2010, P. 12- 14.
100
Smith, Hogan, Criminal Law, 8th ed., London, 1996, P. 56. miTiTebulia: Wheeler, Corpora- 113
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P.489-503.
tions & The Third Way, 2002. 114
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 16.
101
e.w. The Identification Theory. 115
Bratton, Wachter, Shareholder Primacy’s Corporatist Origins: Adolf Berle and The Modern
102
ix. Wheeler, Corporations & The Third Way, 2002, P. 74. Corporation, The Journal of Corporation Law, 2008, P. 99.
103
Centralized management an Delegated management with a board structure. ix. Cox, Hazen, 116
Schneeman, The Law of Corporations and Other Business Organizations, 5th ed., 2008, P.
Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 15, 458. 338.
104
Nexus of contract. 117
Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 5.
105
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 114. 118
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 469,470.

70 71
da mxareTa mier ganisazRvreba yovel konkretul SemTxvevaSi.119 finansur instrumentebTan. wili gamoixateba aqciiT, romelic fasiani
ss-Si menejments, xSirad, ucxo organos uwodeben. yalibdeba `prin- qaRaldia.128 korporaciulad mowyobili organizacia uflebosilia
ci pal-agentis~ urTierToba,120 ramdenadac sazogadoebis xelmZRvanelo- (power)129 sxvadasxva saxisa da klasis fasiani qaRaldis gamoSvebaze.130
bis ufleba mesame pirebs gadaecema, gansxvavebiT amxanagobisgan, sadac fasiani qaRaldis saxis gansazRvris unari, korporaciis ekonomikur
sawarmos marTvis funqcia TiToeul wevrs aqvs da, sakuTari organos aqtivobas moqnils xdis. mas SeuZlia sabazro mdgomareobis analizis,
koncefciidan gamomdinare, maT es funqcia ar SeiZleba srulad Camo- konkretuli investoris moTxovnilebisa da sawarmos kapitaliza-
erTvaT.121 mokled, am elementis fundamenturi arsi mdgomareobs ss- ciis urTierTmimarTebiTi Tanafardobis gamoTvlis Sedegad miiRos
is kapitaldambandeblebis mier maTive investirebuli qonebis marTvis gadawyvetileba optimaluri Sinaarsobrivi postulatebis Semcveli fa-
uflebis mesame organosTvis delegirebaSi.122 siani qaRaldis gamoSvebis Sesaxeb, anu `moargos~ arsebul mdgomareobas
saWiroebisamebr.131
2.2.4. wilTa gasxvisebis samarTlebrivi reJimi Tu korporaciis uflebamosileba, awarmoos gansxvavebuli saxisa da
klasis aqcia, zrdis mis finansur moqnilobas, Tavis mxriv, aqcionerisT-
vis miniWebuli wilTa gasxvisebis SesaZlebloba gadamwyveti strate-
`Ria~ korporaciebSi wilTa Tavisufali mimoqceva123 biznesis keTebis
giuli mniSvnelobisaa, romelic investors sainvesticio portfolios
sasurvel samarTlebriv formad aqcevs mas.124 wilTa gasxvisebis Sesa-
cvalebad sabazro pirobebTan morgebis saSualebas aZlevs.132
Zlebloba da aqciis gankargvis meTodologiur-proceduruli specifi-
wilTa Tavisufali gasxvisebis samarTlebrivi reJimi pirdapir-
kacia sazogadoebis kidev erTi fundamenturad mniSvnelovani niSania,
proporciulad aisaxeba korporaciis funqcionirebis xangZlivobaze.133
rac ss-s sxva samewarmeo saqmianobis ganmaxorcielebeli subieqtebisgan
wilTa gasxviseba korporaciis, rogorc iuridiuli kategoriis kon-
ganasxvavebs.125 korporaciuli sistemis, rogorc kapitalis mozidvis
struqciaze gavlenas ar axdens.134 wilis gasxviseba aqcioneris Secvlas
meqanizmis, upirvelesi funqcionaluri koncefcia investiciis likvi-
gulisxmobs. ss-is arseboba ki ar aris damokidebuli wevrTa cvli-
durobis xarisxobrivi maCvenebelia. pasuxismgeblobis SezRudvis ar-
lebaze. Sesabamisad, aqcioneris mier aqciaTa (wilTa) nawilobrivi Tu
sebobis miuxedavad, investoris marketinguli xedva da korporaciis
sruli gasxviseba ar axdens gavlenas sazogadoebis arsebobaze,135 magram
stagnaciuri ekonomikuri mdgomareobis Secnoba deinvestirebisa da sxva
ganapirobebs kapitalis an aqcionerTa struqturis cvlilebas.136 ss-is
kompaniaSi kapitalis reinvestirebis basizs warmoadgens.126 misi Tavidan
acilebis berketi aqciis, rogorc fasiani qaRaldis kapitalis bazarze 128
Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 55,56.
brunvaunarian samarTlebriv bunebaSi, mdgomareobs.127
129
ix. Parkinson, Corporate Power and Responsibility, 1993, P. 3-50; Cox, Hazen, Treatise on
The Law of Corporations, 3th ed., Vol. 1, 2010, P. 221-227.
wilTa samarTlebrivi reJimi irib kavSirSia korporaciis moqnil 130
mag., “scotch whiskey”, “cosmetics”, “earthworms”, “beavers”, “muskrats”, “rabbits”,
“chinchillas”, “cattle embryos”, “fishing boats”, “vacuum cleaners”, “cemetery lots”, “coin
119
ix. mewarmeTa Sesaxeb kanoni, me-9 muxlis pirveli punqti. operated telephones”, “master recording contracts”, “pooled litigation funds”, “fruit trees” da
120
Cox, Hazen, Business Organizations Law, 2011, P. 48. sxva. ix. Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 38-40.
121
ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 112-113. 131
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 16.
122
Jensen, Meckling, The Theory of the Firm: Managerial Behavior, Agency Costs, and Owner- 132
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P.11.
ship Structure, Journal of Financial Economics, October, 1976, Vol. 3, No. 4, P. 305-360. kor- 133
wilTa gasxviseba da uwyveti arseboba korporaciis saxasiaTo elementebia. ix.
poraciaSi sakuTrebisa da kontrolis gamijvnis safuZvlad aRiarebulia berlisa da Cox, Hazen, Business Organizations Law, 3th ed., 2011, P. 7-9. maTi erTmaneTisgan gamijnu-
minsis naSromi, ix. Berle, Means, The Modern Corporation and Private Property, 1932; Armour, lad ganxilva mecnierTa `gemovnebazea~ damokidebuli. isini, garkveul pirobebSi erT
Gordon, The Berle-Means Corporation in the 21st Century, 2008,P. 1-35; Pinto, Branson, Under- konteqstSi, zogjer ki, gancalkevebiT ganixilebian. mocemul SemTxvevaSi upiratesoba
standing Corporate Law, 3rd ed., 2009, P. 97-99. wilTa Tavisufal gasxvisebadobis reJims mieniWa, radgan uwyveti xasiaTi yovelTvis
123
Transferability of shares. ix. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. aqcionerTa cvalebadobasTan an/da maT gardacvalebasTan aris dakavSirebuli, rac,
ed., vol.11, 2011, P. 34,35. sabolo jamSi, wilis gasxvisebas an `daTmobas~, korporaciis mewiles Secvlas niSnavs.
124
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 16. 134
Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 6,7.
125
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P.11. 135
ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 116.
126
Manne, Our Two Corporation Systems: Law and Economics, 53 Va. L. Rev., 1967, P. 257-264. 136
Parsnos, Titman, Capital Structure and Corporate Strategy, 2007, P. 2-50; Ferran, Principles
127
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 37,38. of Corporate Finance Law, 2008, P. 24.

72 73
wilTa gasxviseba, romelic sazogadoebis SeZena-Serwymis dros xdeba, Semdgom mdgomareobas misi wilebad, kerZod, nominaluri Rirebulebis
aris is erT-erTi elementi, romelic arsebiT gavlenas axdens korpo- mqone aqciebad146 dayofa warmoadgens. Senatanis xelSekruleba korpo-
raciis struqturaze, upiratesad ki, kapitalisa da aqcionerTa struq- raciul-samarTalebriv garigebas warmoadgens, romelic sazogadoebis
turaze. amitom, ss-Si wilTa gadacemaunarianoba kvlevis konkretul wevrobasa da piris korporaciuli `mosasxamiT Semosvas~147 ganapiro-
samizne segments warmoadgens. amasTan, wilTa gasxviseba ss-is marTvis bebs.148 sazogadoebis wevris statusi ki partniors uflebas149 aniWebs
kuTxiTac momgebiania:137 korporaciuli marTvis sinergiuli efeqtisa138 sazogadoebisgan miiRos sawarmos mogebidan kuTvnili aqciebis propor-
da shareholders value-s zrdis xelSemwyobi faqtoria arasasurveli Tu ciuli wili.150 zogadad, wilze uflebamosileba, romelic investoris
menejmentis gadawyvetilebiT ukmayofilo aqcioneris mier sazogadoebis mier ganxorcielebuli investiciis Sedegs warmoadgens, SeiZleba ori
datovebis SesaZlebloba.139 mokled, korporaciis aqciaTa gasxvisebis mimarTulebiT ganimartos. pirveli, partniors SeiZleba mieniWos kor-
samarTlebrivi reJimi gansazRvrulia sakanonmdeblo doneze,140 xolo poraciis kontrolis ufleba, rac damokidebuli iqneba aqciaTa saxeze,151
misi gankargva xorcieldeba saxasiaTo proceduris dacviT da Tvise- da, meore, miiRos mogeba dividendis saxiT.152 gamoikveTa Sedegi: kapitalis
brivi specifikurobiT141 gamoirCeva.142 wilebad dayofa substanciuri determinantia korporaciulad mowyobi-
li mewarme subieqtis Sinaarsobriv-funqciuri niSnebis ganmartebisa da
2.2.5. kapitalis aqciebad dayofa sazogadoebasTan partnioris statusiT dakavSirebuli piris ufleba-
movaleobaTa farglebis dadgenisTvis.
dabolos, kapitalis wilebad (aqciebad) dayofa korporaciulad ss-is, rogorc samarTlebrivi formis organuli niSnebis ganxilva
mowyobili samewarmeo sazogadoebis endogenuri warmonaqmnia. kapitalis, restruqturizaciis arsis, misi ganxorcielebisa da Sedegebis anal-
iqneba is saaqcio Tu sasesxo fasiani qaRaldebiT moziduli kapitali,143 izisTvis proceduruli jaWvis Semadgenel aucilebel rgols warmoad-
Sesatanebis Setanis144 an kontribuciis gadaxdis gziT formirebis145 gens. Tumca, korporaciaTa struqturuli cvlilebis adresati obieq-
137
Davies, Introduction to company law, 2010, P. 19. tur dakonkretebas moiTxovs, raTa naTeli gaxdes Tu rogori ti pis
138
ix. Gilson, The Law and Finance of Corporate Acquisitions, 1986, P. 387-400; Frensch, The kapitaluri sazogadoebis struqturaSi ganxorcielebuli cvlilebebis
Social Side of Mergers and Acquisitions, 2007, P. 32-42. ganxilvas isaxavs naSromi miznad. logikuri gagrZeleba ss-is ti polo-
139
Appraisal Remedy. ix. Palmiter, Corporations, 2006, P. 623-637. mewarmeTa Sesaxeb kanonis giaTa funqciur klasifikaciaSi mdgomareobs.
aqcioneris aRniSnul uflebas pirdapir iTvaliswinebs, 531-es muxlis pirveli punqti.
140
French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 222. mewarmeTa Sesaxeb kan-
onis 51-e muxlis me-4 punqti da 52-e muxli.
141
arsebobs aqciaTa gasxvisebis pirveladi da meoradi bazari, romelTac funqcioni-
rebis Taviseburebani gaaCniaT. ix. svanaZe, sanaZe, xizaniSvili, mZinariSvili, lorTqi- 146
juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 21-24.
faniZe, axobaZe, gogiSvili, sabirJo saqme da fasiani qaRaldebis bazari, 1998, gv. 180-252; 147
burduli, Senatanis ganuxorcieleblobis samarTlebrivi Sedegi, 2010, gv. 23.
French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 225-232. Sead. Hazen, The Law 148
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 180-185.
of Securities Regulation, 6th ed., 2009, P. 67,68. 149
French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 166-171.
142
aqciis (wilis) gadacema jer kidev ar niSnavs mis Tavisufal gankargvas. sazoga- 150
Davies, Introduction to company law, 2010, P. 79-80.
151
doebis wesdeba SesaZlebelia sazogadoebis aqciaTa gasxvisebis mimarT konkretul wi- imis mixedviT, es aqcia iqneba xmis uflebis mqone Tu aseTi uflebis gareSe. aq-
napirebebs adgendes. korporaciis ti pologiuri funqcia kidev erTi niuansia, romelic ciis, rogorc fasiani qaRaldis saxesTan dakavSirebiT, ix. svanaZe, sanaZe, xizaniSvili,
aqciaTa gankargvis proceduras, ss-is ti pis mixedviT, gansxvavebuli samarTlebrivi mZinariSvili, lorTqifaniZe, axobaZe, gogiSvili, sabirJo saqme da fasiani qaRaldebis
regulirebis arealSi aqcevs. wilis Tavisufali gankargvis SezRudva `daxuruli~ bazari, 1998, gv. 59-62; aseve, ix. Hazen, The Law of Securities Regulation, 6th ed., 2009, P.
korporaciis saxasiaTo elementia, ramdenadac aqtiuri mewilis Tavisufali gasvla 55,56. aqciis samarTlebriv bunebasTan dakavSirebiT, ix. Ferran, Principles of Corporate
arasasurveli Sedegebis gamomwvevi SeiZleba gaxdes. ix. O’Neals, Thompson, Close Cor- Finance Law, 2008, P. 147-179;
porations and LLCs: Law and Practice, 3th ed., 2006, ch.7, P. 4-43. 152
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 14. sakiTxi exeba di-
143
Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 7. videndis gacemis Sesaxeb menejmentis mier miRebul gadawyvetilebas, radgan wminda
144
Sesatanis xelSekrulebisa da misi ganuxorcieleblobis SedegebTan dakavSirebiT, mogebis arsebobis SemTxvevaSic ki misi partniorTa Soris ganawileba menejmentis
ix. burduli, Senatanis ganuxorcieleblobis samarTlebrivi Sedegi: utopiuri Sexed- gadawyvetilebazea damokidebuli (mewarmeTa Sesaxeb kanonis me-8 muxli). amasTan, me-
uleba ss-dan partnioris garicxvis Sesaxeb, samarTlis Jurnali, #1-2, 2010, gv. 18-53. warmeTa Sesaxeb kanonis 52-e muxlis pirveli punqtis bolo winadadebis mixedviT,
145
Ferran, Principles of Corporate Finance Law, 2008, P. 85-116. dividendis uciloblad gacemis Sepireba baTilia.

74 75
III. saaqcio sazogadoebaTa ti pologiuri aqciaTa gasxvisebadoba159 sazogadoebis menejmentis nebisgan an/da sazoga-
gamijvna doebis Sida dokumentebis (wesdebis, Sinaganasesis) danawesisgan160 Tavisu-
fal an maTze damokidebul gankargvaSic moiazreba.161 rogorc wesi, rodesac
saqme safondo birJaze registrirebul anu listingSi gatarebul ss-s
1. ss-is ti pologiuri klasificirebis safuZveli
fasian qaRaldebs exeba, kotirebuli sazogadoebis162 aqciebis gasxviseba
aranair SezRudvas ar moicavs,163 garda kapitalis bazarze wilebis orga-
msxvili ekonomikuri Rirebulebisa da maRali likvidurobis Semcve- nizebuli brunvisTvis saxasiaTo proceduruli SezRudvebisa.164 procedu-
li kapitalis organizebuli marTvis yvelaze xelsayrel samarTlebriv ruli sakiTxebi ki fasiani qaRaldebis samarTlis regulirebis obieqtia,
formad, Tanamedrove msoflioSi, saaqcio sazogadoeba (korporacia) romelic cnobilia `lurji cis~ (“Blue Sky” Law) samarTlis saxeliT.165
miiCneva. ekonomikuri stabiluroba da kapitalis marTvis strategia paralelurad, aqciaTa xelmisawvdomoba, ufro swored, aqciaze wvdomis
moiTxovs saaqcio sazogadoebis, rogorc erTi organizaciuli formis samarTlebrivi meqanizmi, romelic safondo birJasa da arasafondo brunvis
Sida subti pebad `daSlas~. maT ti pologiur sxvaobas ori urTierTgan- sferos Soris lavirebs, aqciaTa gankargvis Tavisuflebis xarisxTan erTad,
sxvavebuli safuZveli aqvs, romelic, sistemaTa pragmatuli diferenci- kapitalur sazogadoebebs tipologiurad mijnavs erTmaneTisgan.166
rebis pirobebSi, aseve, gansxvavebulia.153 meore safuZvlad aRiarebuli ss-is raodenobrivi maCvenebeli. ra-
pirvel safuZvlad aRiarebulia aqciaTa gansxvisebis samarTlebrivi odenobrioba ki or kategorias moicavs: partniorTa ricxobriv da
reJimi, romelic konkretdeba wilis (aqciis) Tavisufali154 Tu SezRuduli
gasxvisebis SesaZleblobamde.155 aqciaTa Tavisufali gankargva, erT-erT Sem-
TxvevaSi, gasxvisebis organizebuli marTvis regulirebadi proceduruli 159
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 11.
160
moTxovnebis dacviT, safondo birJis156 saSualebiT157 xorcieldeba.158 amasTan, magaliTad, aqciebis gasxvisebaze sazogadoebis Tanxmobis daweseba an/da upiratesi
Sesyidvis uflebis gansazRva. ix. Ferran, Principles of Corporate Finance Law, 2008, P. 24,
153
magaliTiad, amerikis SeerTebul StatebSi korporaciebis diferencirebas kapitalis 157; Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 3, 2010, P. 34-36. parale-
da partniorTa raodenobrivi maCvenebeli udevs safuZvlad. ix. Wanturia, korporaci- lurad, arsebobs samosamarTlo praqtikaSi Tavisufali gasxvisebis rogorc SezRudvis,
uli marTva, 2006, gv. 77-81; Pinto, Branson, Understanding Corporate Law, 3rd edition, ise gaxvisebis namdvilobis SemTxvevebic. SezRudvis SemTxvevisTvis, ix. Cox, Hazen,
2009, P. 105-106; O’Neals, Close Corporations, 1998, ch.1, P. 4-6; O’Neals, Thompson, Close Treatise on The Law of Corporations, 3th ed., Vol. 3, 2010, P. 36-46. gasxvisebis namdvilobis
Corporations and LLCs, 3th ed., 2004, ch.1, P. 5,6. aSS-gan gasxvavebiT, germanuli saaqcio sasamarTlo dadasturebis SemTxvevisTvis, ix. O’Neals, Thompson, Close Corporations and
samarTali pirdapir gansazRvravs ss-is daxurul da Ria saaqcio sazogadoebad kla- LLCs, 3th ed., 2004, ch.7, P. 31-40.
sifikaciis niSnebs. ix. Hommelhoff, AG 1995, 529 ff; Claussen, AG 1995, 163 ff, miTiTe- 161
ix. O’Neals, Close Corporations, 1998, ch.7, P. 18-52. Sead. Davies, Introduction to com-
bulia: qiria, sakorporacio samarTlis sistema saqarTveloSi, wignSi: sakorporacio pany law, 2010, P. 19-21.
samarTlis krebuli, 2011. 162
Sead. French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 201-202.
154
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 34,35. 163
mewarmeTa Sesaxeb kanonis 52-e muxlis me-2 punqti safondo birJaze daregistri-
155
ix. O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 5; Conard, rebul yovel konkretul aqciaTa klasze, romelic iTvleba sajaro fasian qaRaldad
Corporation in Perspective, 1976, P. 161,162. Sead. Ribstein, Why Corporations? Berkley Bus. da misi gasxvisebis Tavisuflebis SezRudvis SeuZleblobaze imperatiulad miuTiTebs.
L. J. 183, 2004, P. 1 et seq. 164
ix. svanaZe, sanaZe, xizaniSvili, mZinariSvili, lorTqifaniZe, axobaZe, gogiSvili, sabirJo
156
safondo birJa standartuli finansuri instrumentebiT savaWro regulirebad saqme da fasiani qaRaldebis bazari, 1998, gv. 46-56, 180 da momdevnoni. aseve, ix. Hazen,
funqcionirebadi organizebuli bazaria, romelic Seqmnilia fasiani qaRaldebis ba- The Law of Securities Regulation, 6th ed., 2009, P. 66-107, 309-343.
zris profesionali monawileebis mier. ix. svanaZe, sanaZe, xizaniSvili, mZinariSvili, 165
ix. Palmiter, Corporations, 2006, P. 81-82. `lurji cis~ regulireba 1911 wels aSS-Si,
lorTqifaniZe, axobaZe, gogiSvili, sabirJo saqme da fasiani qaRaldebis bazari, 1998, gv. kanzas StatSi sakanonmdeblo doneze iqna SemoRebuli, romeli fasiani qaRaldebiT-
198. aseve, ix. Hazen, Broker-Dealer Regulation, 2th ed., 2011, P. 1-63; Steinberg, Understandin vaWrobis daregulirebas isaxavda miznad. terminologiuri genezisi momdinareobs
Security Law, 5th ed., 2009, P. 115-173, 389-405. aqcionerTa ekonomikur-samarTlebrivi mdgomareobidan, romelic safondo birJaze spe-
157
saqarTveloSi safondo birJis regulirebas `fasiani qaRaldebis bazris Sesaxeb~ kulaciuri garigebebiT dazarebuli aqcionerebis dacvis meqanizmebis gaZlierebas isax-
kanoni moicavs. avda miznad, ramdenac, mewileebs TavianTi fasiani qaRaldebis garda, araferi gaaCndaT:
158
Tumca, SesaZloa sazogadoeba ar iyos safondo birJaze registrirebuli da aqciaTa maT ukan iyo mxolod `wyali~ da `lurji caa~. ix. Cox, Hazen, Business Organizations
bona fide gankargvis SemzRudveli normebi, partniorTa SeTanxmebiT, wesdebiT an Sinaga- Law, 3th ed., 2011, P. 732; Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 305-308;
nawesiT ar iqnes dadgenili. ix. Cox, Hazen, O’Neal, Corporations, 1998, ch.14, P. 30-33; Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 168-172.
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 3, 2010, P. 30-34. 166
ix. Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 55,56.

76 77
kapitalis ekonomikur maCvenebels.167 qarTul sinamdvileSi, kanonism- Raldebis bazris Sesaxeb~ kanoni.175 mewarmeTa da fasiani qaRaldebis
ieri minimaluri sawesdebo kapitalis gauqmebam aralicenzirebadi168 bazris Sesaxeb kanonis kombinirebuli ganmarteba ss-is ti pologi-
samewarmeo saqmianobis samarTlebriv formas kapitalis savaldebulod uri klasifikaciis safuZvlad aqcionerTa raodenobriv maCvenebelsac
arsebobis kriteriumi safuZvelTa katalogidan `gamoacala~. Sesabam- moicavs.176 mokled, partniorTa raodenoba gansazRvravs ss-is marTvis
isad, ss-is ti pologiur klasificirebas kapitalis moculobis stigma, sistemur models, sistemuri midgoma – marTvis struqturas, marTvis
saqarTvelos magaliTze, ver daedeba safuZvlad.169 gansxvavebiT kapi- struqtura - ti pologiur diferencirebas, ti pologiuri klasifika-
talis raodenobrivi maCveneblisa, partniorTa ricxvi (raodenoba), saqa- cia – mis funqcionalur datvirTvas, romelic ss-is partniorTaTvis
rTveloSi daregistrirebuli ss-is organizaciulobis da, Sesabamisad, kapitalis mozidvis meTodebsa da Rirebulebaze (fasze) aisaxeba.
ti pologiur qvesaxeebad dayofis substanciuri funqciis materebe- zemoaRniSnuli ori elementi ss-is ti pologiuri sxvaobis Ziri-
lia. kerZod, mewarmeTa Sesaxeb kanoni ss-is marTvis monistur da du- Tad safuZvlad moiazreba, romlis mixedviT ganasxvaveben `daxurul~177
alistur sistemaTa Soris arCevanis gakeTebis saSualebas iZleva.170 da `Ria~ (sajaro) saaqcio sazogadoebebs.178 ti pologiuri zRvris
amasTan, imperatiulad gansazRvravs dualisturi modelis `arCevis~ damdgeni kriteriumebis detaluri analizi ss-is ori sxvadasxva
winapirobebs, romelTagan erT-erTi swored partniorTa raodenobaa: ekonomikur-funqciuri datvirTvis matarebel saxeobaTa ganxilvisas
Tu partniorTa raodenoba aRemateba 100-s, maSin sameTvalyureo sab- dasruldeba.
Wos Seqmna savaldebuloa.171 aqcionerTa raodenoba ara marto ss-is
marTvis modelis SerCevis `Tavisuflebis~ diapazons gansazRvravs,172 2. `daxuruli~ ss
aramed ss-is ti pologiaSi konkretul subti ps gamoyofs aqcevs ra
aseT sazogadoebas `angariSvaldebuli sawarmos~ dogmatur cnebaSi. saaqcio sazogadoebaTa or ZiriTad subti pad klasifikaciis pirvel
angariSvaldebuli sawarmos cnebaSi partniorTa raodenobrivi maCvene- da umniSvnelovanes safuZvlad aqciaTa gasxvisebis proceduruli meqa-
bliT ss-is determinacia mxolod erT pirobazea damokidebuli – ss-s nizmi gvevlineba. aqciaTa gadacemis (gankargvis) unari jer kidev ar
aqciaTa ganTavseba, minimum, sajaro SeTavazebis173 gziT174 unda hqondes niSnavs misi Tavisufali gasxvisebis SesaZleblobas.179 is SeiZleba
ganxorcielebuli, romlis SesaZleblobasac ganamtkicebs `fasiani qa- damokidebuli iyos sazogadoebis Tanxmobaze (e.w. vinkulireba),180 Tumca,
SezRudva gonivruli da safuZvliani unda iyos.181 aqcioneris likvi-
167
ix. O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 4,5. aseve, ix. duri ufleba ss-is aqciebis Sesyidvasa da mis Semdgom, aseve, Tavisufal
Wanturia, korporaciuli marTva, 2006, gv. 77 da momdevno.
168 175
xazgasma ganapiroba saqarTveloSi arsebuli licenzirebadi samewarmeo saqmianobis `fasiani qaRaldebis bazris Sesaxeb~ kanonis me-9 muxlis pirveli punqti.
ganmaxorcielebel subieqtTa, ZiriTadad, sabanko seqtoris warmomadgenelTaTvis minim- 176
Sead. qiria, sakorporacio samarTlis sistema saqarTveloSi, 2011, gv. 43,50,51.
aluri sawesdebo kapitalis moTxovnis arsebobam. 177
aRsaniSnavia, rom aSS-Si ganasxvaveben “closed” da “closely held” korporaciebs. pirve-
169
gansxvavebiT aSS-s samarTlebrivi sistemisgan. magaliTad, delaveris sakorporacio lis Sinaarsobrivi determinacia moicavs im Sesacnob elementebs, romlis mixedviTac,
samarTlis mixedviT, partniorTa zRvruli odenoba, aqciaTa Tavisufali gankargvis sazogadoeba `daxurulia~ mesame pirTaTvis wilobrivi SeZenis an samewarmeo saqmiano-
SezRudva da safondo firJaze sajaro vaWrobisgan Tavis aridebis debulebebs wesdeba bis biznes mimarTulebis dauflebisTvis, xolo `Sesasvleli karis Caketva~ aqcioner-
unda Seicavdes. es pirdapir sakanonmdeblo donezea gansazRvruli, rogorc korpora- Ta SeTanxmebiT an dafuZnebis dokumentSia gaTvaliswinebuli. rac Seexeba “closely
ciaTa diferencirebis safuZveli. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th held” korporacias, etimologiuri definicia mesame pirTa mimarT imis mauwyebelia, rom
ed., vol. 3, 2010, P. 3-5. korporacia mocemul periodSi aqcionerTa konkretul raodenobazea fokusirebuli da
170
mewarmeTa Sesaxeb kanonis 55-e muxlis pirveli punqti. gansazRvravs, rom raodenobrivad mcire aqcionerebi hyavs. ix. O’Neals, Thompson, Close
171
ss-is ti pologiuri analizi kritikul WrilSi, ix. qiria, sakorporacio samarTlis Corporations and LLCs, 3th ed., 2004, ch.1, P. 14.
sistema saqarTveloSi, 2011, gv. 50-51. 178
ss-is istoriuli genezisis Sesaxeb, ix. burduli, saaqcio samarTlis safuZvlebi,
172
Sead. O’Neals, Close Corporations, 1998, ch. 1, P. 12. 2010, gv. 31-109. aseve, ix. Conard, Corporation in Perspective, 1976, P. 132-152; Cox, Hazen,
173
sajaro SeTavazebis ganmarteba, ix. jibuti, yoranaSvili, `fasiani qaRaldebis bazris O’Neal, Corporations, 1998,ch. 2, P. 1-33.
Sesaxeb~ saqarTvelos kanonis komentari, 2004, gv. 76. 179
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 11.
174
sajaro SeTavazebis ganxorcielebis dasaSvebobis sakanonmdeblo regulireba me- 180
Davies, Introduction to company law, 2010, P. 21; Ferran, Principles of Corporate Finance
warmeTa Sesaxeb kanonis 52-e muxlis 11 da fasiani qaRaldebis bazris Sesaxeb kanonis Law, 2008, P. 157-158.
me-9 muxlis pirvel punqtSia mocemuli. 181
Shade, Business Assosiations, 3th ed., 2010, P. 148.

78 79
gankargvaSi, mdgomareobs, xolo gasxvisebis SemzRudveli normebis182 ar nioris exit right-is193 ex post194 regulirebiT, SezRudulia.195
arseboba aqcioneris likviduri uflebis maqsimizirebis indikatoria,183 `daxuruli~ ss-is saxasiaTo atributebs Soris,196 aRsaniSnavia kor-
rac, Tavis mxriv, sazogadoebis kapitalis mozidvis simartives uwyobs poraciuli marTvis sakiTxebi.197 aqcionerTa simciresa da wilTa Tavi-
xels, radgan aqcia sawarmos dafinansebis instrumentaluri funqciis sufali gankargvis SemzRudvel normebTan erTad, kompaniis menejmentis
materebelicaa.184 `daxurul~ ss-Si, kapitalis bazris wvdomis Sez- SemadgenlobiTi formireba substanciur rols TamaSobs. `daxurul~
Rudvis gamo,185 aqcioneri investirebuli portfolios Secvlis unars, korporaciaSi menejmentSi monawileobas aqcionerebic Rebuloben. isi-
faqtobrivad, moklebulia.186 meore mxriv, sensitiuria partniorTa ra- ni direqtoratis ZiriTad personals warmoadgenen.198 aqcionerTa-mesa-
odenoba. `daxuruli~ saaqcio sazogadoeba aqcionerTa mcire ricxovno- kuTreTa da direqtor-menejerTa Soris gamyofi zRvari, faqtobrivad
biT gamoirCeva.187 mas gaaCnia aqcionerTa mier menejmentis kontro- ar arsebobs.199 korporaciis menejmenti da mesakutreni substanciurad
lis Zlieri struqtura,188 gansxvavebiT Ria ss-is `centralizebuli identurni arian.200 aqcionerebi an Tavad arian direqtorebi an/da kom-
menejmentisgan~.189 aSS-s sakanonmdeblo sivrceSi `daxurul~ saaqcio paniis menejments iseTi xarisxiT akontroleben, rom isini ufro meti
sazogadoebas amxanaguri ti pis sazogadobas uTanabreben partniorTa uflebamosilebiTa da direqtivebis micemiT gamoirCevian, vidre aRmas-
simciris190 gamo.191 Tumca misi ZiriTadi saxasiaTo niSani aqcionerTa rulebeli menejerebi an direqtorebi.201 xSirad aqcionerebi kontrolis
survilsa (akontrolon sazogadoebis partniorTa identoba sazoga- maqsimaluri maCveneblis utilizirebas TanamdebobaTa kombinirebuli
doebaSi Semosvla gasvlis meqanizmis kontroliT) da sakuTrebis ucxo variantiT aRweven: isini direqtorad yofnis paralelurad, aRmasrule-
`xelisgan~ gancalkevebiT `SenaxvaSi~ mdgomareobs.192 am dros saxezea beli menejeris Tanamdebobasac iTavseben.202
agency problem, Tumca misi gadaWris samarTlebrivi strategia, part- `daxuruli~ korporaciisTvis dadebiTi aspeqti, rom wevrTa cva-
lebadoba maqsimalurad kontroldeba. `Caketili~ ti pologiuri xa-
siaTi `mtruli~ satendero SeTavazebis ganxorcielebas SeuZlebels
xdis.203 Tumca, dadebiTi postulatebi uaryofiT Sedegebsac warmo-
182
Pinto, Branson., Understanding Corporate Law, 3rd edition, 2009, P. 233-234. Sead. Palmiter, Sobs.204 kapitalis mozidva safindo birJidan an kapitalis meoradi
Corporations, 2006, P. 346. bazridan `daxurul~ sazogadoebaSi ar xdeba. es dadebiTia. magram
183
Palmiter, Corporations, 2006, P. 345-346. investoris ganzraxva investirebuli fuladi saxsrebis diversifici-
184
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 265.
185
ix. Posner, The Economic Analysis of Law, 2007, P. 423-425.
rebis Sesaxeb, sisruleSi moyvana Zalian garTulebulia ori mizeziT.205
186
ix. Gilson, The Law and Finance of Corporate Acquisitions, 1986, P. 354. pirveli, korporaciis aqciaTa realuri Rirebuleba da misi gadafasebaa.
187
Hamilton, The Law of Corporations, 2000, P. 2, 343. kapitalis bazari aqciis Rirebulebis dadgenis saukeTeso saSualebaa,
188
Sead. Moll, Shareholder Oppression & Dividend Policy in the Close Corporation, 60 WASH.
& LEE L. REV. 2003, P. 841-924. 193
Hamilton, The Law of Corporations, 2000, P. 343-344.
189
Moll, Ragazzo, The Law of Closely Held Corporation, 2009, P. 1-2. 194
Armour, Hansmann, Kraakman, Agency Problems and Legal Strategies, in: The Anatomy of
190
magaliTad, delaveris sakorporacio samarTali `daxurul~ korporaciad Tvlis, Corporate Law, 2nd edition, 2009, P. 44-45.
romelsac 30 aqcionerze naklebi mewile hyavs. ix. Del. Code §342(a)(1)(3). 195
Armour, Hansmann, Kraakman, Agency Problems and Legal Strategies, 2009, P. 44-45.
191
daxuruli ss-is amxanagobasTan GgaTanabrebis kriteriumad wilis sazogadoebaSi 196
ix. Clark, Corporate law, 1986, P. 24-30.
partnioris Sesvlaze sazogadoebis Tanxmobaze damokidebulebas miiCneven ss-gan 197
ix. Gilson, The Law and Finance of Corporate Acquisitions, 1986, P. 353.
erTi gansxvavebiT: daxurul ss-Si aqciaTa gasxviseba anu sazogadoebis datovebis 198
Balotti, Finkelstein, The Delaware Law of Corporations & Business Organizations, 3th ed.,
strategiis gamoyenebiT uflebis likviduroba SeuzRudavia (Tavisufali) Default 1997 (2007), ch. 14, P. 6.
Rule-is mixedviT, Tu sazogadoebis `kontsituciaSi~ sxva ram ar aris gansazRvru- 199
Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 228.
li. mas, xSirad, `daregistrirebul amxanogobas~ uwodeben (incorporated partnership). 200
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 1, 2010, P. 112.
ix. Pinto, Branson., Understanding Corporate Law, 3rd ed., 2009, P. 313; Easterbrook, 201
ix. Cox, Hazen, O’Neals, Corporations, 1999, ch. 14, P. 17-23.
Fischel, The Economic Structure of Corporate Law, 1991, P. 249-252; Clark, Corporate law, 202
ix. O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 35-42.
1986, P. 25; Balotti, Finkelstein, The Delaware Law of Corporations & Business Organiza- 203
Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 56.
tions, 3th ed., 1997 (2007), ch. 14, P. 7. Sead.. Moll, Ragazzo, The Law of Closely Held 204
`daxuruli~ korporaciis problemuri sakiTxebis Sesaxeb, ix. Gevurtz, Corporate
Corporation, 2009, P. 2-4. Law, 20a0, P. 471-551.
192
Pinto, Branson., Understanding Corporate Law, 3rd edition, 2009, P. 313. 205
Gevurtz, Corporation Law, 2010, P. 541.

80 81
romlis ar arseboba potenciuri tranzaqciis dadebis Rirebulebas sazogadoebis or ZiriTad formasa da maT Soris subti pebad CaSlaSi
zrdis. investoris deinvestirebis ganzraxvaze sazogadoebis Tanxmo- gamoixateba, rac, rogorc dogmatur-Teoriul, ise praqtikul daniSnule-
bis arsebobis SemTxvevaSi, mas uxdeba ZvriadRirebuli molaparakebis biT arss, bundovans xdis. es ukanaskneli ki kapitalur sazogadoebaTa
(vaWrobis) warmoeba, ramac, SesaZloa, wilis Rirebulebis fluqtua- struqturaSi cvlilebebis ganxorcielebis miznobrivi obieqtis da-
cia gamoiwvios. kapitalis bazarze wvdomis arqonis diqotomiis meore konkretebis valdebulebas warmoSobs.
nawili, dividendis gankargvisa da anazRaurebis sakiTxTa konfliqtis paralelurad, struqturuli cvlilebebis ganxorcielebas, ZiriTa-
warmoqmnaSi mdgomareobs. magaliTad, Tu investors mocemul momentSi dad, sazogadoebis kapitalis bazriT dafinanseba215 ganapirobebs, romelic
naRdi fulis miReba surs da menejmenti Seayovnebs dividendis gace- aqcionerTa investiciis ganxorcielebis martiv da swraf saSualebas
mis gadawyvetilebis miRebas, aman, SesaZloa, invetoris interess mniS- warmoadgens. aseT SemTxvevaSi xdeba aqcionerTa pirovnuli Tu raode-
vnelovani zarali miayenos, warmoiSoba `princi pal-agentis~ konfliqti, nobrivi cvalebadoba ganusazRvreli xarisxiT, rac pirdapir aisaxeba,
rac, saboloo jamSi, sazogadoebis keTildReobaze, sauaresod, aisaxeba.206 rogorc sazogadoebis struqturaze, ise kapitalis struqturasa da
saqarTvelos kanonmdebloba207 ss-is ti pologiuri sxvaobis ganmsaz- menejmentze. Sedegad, naSromis mizani kapitalur sazogadoebaTa samwev-
Rvrel calkeul elementebs ramdenime adgilas iZleva.208 sakanonmdeblo rovani miznobrivi jgufidan (Sps, `daxuruli~ ss da `Ria~ ss) mxolod
doneze misi pirdapiri regulireba, gansxvavebiT aSS-s sakanonmdeblo erT, `Ria~ (sajaro) ss-ze konkretdeba.
sivrcisa,209 ar arsebobs. Tumca mewarmeTa Sesaxeb kanonSi arsebuli ss-
is momwesrigebeli normebis default miznobriv-teleologiuri ganmarteba
swored rom `daxuruli~ ti pis ss-s Seesabameba.210 sakanonmdeblo real- 3. angariSvaldebuli (`sajaro~) ss
izmi Teoriul analizs arTulebs, rom aRaraferi iTqvas mis praqtikul
Sedegebze. 2008 wlis cvlilebebis211 `amerikuli suliskveTebis~ fonze, saaqcio sazogadoebis meore qvesaxeoba, rogorc kapitalis mozid-
sadac kapitalur sazogadoebaTa, ZiriTadad, ori gamovlineba arsebobs,212 vis yvelaze gavrcelebuli klasikuri ti pi e.w. `sajaro~216 saaqcio
qarTvelma kanonmdebelma SeinarCuna germanul sakorporacio sivrce- sazogadoebaa. zogadi, Sesabamisad, martivi ganmartebis Tanaxmad, sajaroa
Si arsebuli SezRuduli pasuxismgeblobis sazogadoeba, amasTan, wina
planze wamoswia `daxuruli~ ti pis ss-is struqturuli elementebi.213 rom fasiani qaRaldebis bazris Sesaxeb kanonis me-9 muxlis pirveli punqti Sps-s,
rogorc iuridiul pirs safondo birJaze wilebiT vaWrobis Teoriul SesaZleblobas
Seiqmna erTi funqciur-ekonomikuri substanciis matarebeli kapitalis aZlevs, es Sps-s, rogorc kanonmdeblis xelovnuri qmnilebis (Sina)arsobriv datvirT-
organizebuli marTvis ori arsobrivad gansxvavebuli samarTlebrivi vas mainc ver Secvlis). ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 266-268;
forma.214 kanonmdeblis dualisturi damokidebuleba kapitaluri ti pis aseve, ix. O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 35; Posner,
The Economic Analysis of Law, 2007, P. 423.
206
ix. Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P.230-234. 215
Tumca ar gamoiricxeba kerZo molaparakebis gziT dadebuli tranzaqciebi, rodesac
207
igulisxmeba mewarmeTa da fasiani qaRaldebis bazris Sesaxeb kanonebi. Semsyidveli molaparakebas uSualod aqcionerTan (ZiriTadad sakontrolo paketis
208
mewarmeTa Sesaxeb kanonis 51-e muxlis me-2, me-3, me-4, 52-e muxlis me-2 da 55-e mqonesTan) awarmoebs da Tanxmdeba Sesyidvis fasze. ix. Schuster, Efficiency in Private
muxlis pirveli punqtebi. Control Sales – The Case of Mandatory Bids, 2010, P. 2.
209
ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 3, 2010, P. 5-11. 216
ss-is `Ria~ (sajaro) da `daxurulis~ ganmartebas saqarTvelos kanonmdebloba ar
210
Sead. qiria, sakorporacio samarTlis sistema saqarTveloSi, 2011, gv. 52. moicavs. es aris anglo-amerikuli da, nawilobriv, kontinenturi evropis sakanonmde-
211
mewarmeTa Sesaxeb kanonSi 2008 wlis 14 martis cvlilebebi da damatebebi. blo doneze gansazRvruli gamovlineba, romelic klasificirdeba zemoaRniSnul or
212
“Closely Held” da “Publicly Held” Corporation. Tumca ganasxvaveben `daxurul~ biznes ti pad. ix. Balotti, Finkelstein, The Delaware Law of Corporations & Business Organizations,
saqmianobas, romlis ganxorcieleba LLC-is formiTac aris SesaZlebeli. ix. O’Neals, 3th ed., 1997 (2007), ch. 14, P. 2-4; Conald, Corporations in Perspective, 1976, P. 161-165; Cox,
Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 15-34. Hazen, O’Neals, Corporations, 1999, vol. I. ch.1, P. 50-52. amis sapirwoned, qarTuli kanon-
213
Sead. Palmiter, Corporations, 2006, P. 441 et seq. mdebloba, mewarmeTa Sesaxeb kanonis me-13 muxlis me-2 da 55-e muxlis pirvel pun-
214
aSS-s sakanondeblo realobaSi arsebuli “Closely Held” korporacia qarTuli Sps qtebSi `Ria~ sazogadoebas, potenciurad, angariSvaldebul sazogadoebasTan aTanabrebs,
mimarT did msgavsebas iCens. ix. Wanturia, korporaciuli marTva, 2006, gv. 78. Tumca, xolo angariSvaldebuli sawarmos ganmartebas fasiani qaRaldebis Sesaxeb kanonis
Sps samarTlebriv bunebas, romelic kapitalis wilebad da ara aqciebad dayofaSi me-9 muxlis pirvel punqtze gadamisamarTeba iZleva. naSromis miznebisTvis, ZiriTadad,
mdgomareobs, gverdi ver aevleba. maT Soris fundamenturi mijna swored safondo gamoyenebul iqneba angariSvaldebuli sazogadoeba, rogorc `sajaro~ sazogadoebis
birJaze Sps wilisa da ss-is aqciis brunvaunarianobaSi mdgomareobs (miuxedavad imisa, qarTuli Sesatyvisi.

82 83
ss, romlis aqciebic, kapitalis bazarze ganTavsebis (IPO) meTodiT,217 proxy)223 saSualebiT arealizireben.224 misi investicia fasiani qaRal-
pirTa ganusazRvreli wris mimarT sajaro vaWrobisTvis aris SeTavaze- debia, romelic investoris an mesame piris sakuTrebaSia.225 maTi sajaro
buli, rac nebismier dainteresebul pirs218 saSualebas aZlevs aqciebis vaWroba kapitalis organizebuli bazris gavliT xorcieldeba.226 kor-
Ria bazarze SeZenis gziT miaRwios investirebadi kapitalis diver- poraciis `Riaoba~ xom kapitalis bazarze daregistrirebuli kompaniis
sificirebas da gaxdes sazogadoebis aqcioneri.219 ss-is `daxurul~ aqciaTa brokeris an dileris saSualebiT SeZenas niSnavs.227 `sajaro~
da `sajaro~ sazogadoebad dayofis umniSvnelovanes elements aqciaTa korporaciis homogenurobis xazgasmaa is, rom bazris stabilurobis,
gankargvis Tavisufleba gansazRvravs. Tu ss-s aqciebi safondo birJaze monawileTa usafrTxoebisa da ekonomikuri mdgomareobis simyarisTvis
sajaro vaWrobisTvis aqvs gatanili, anu korporacia fasiani qaRaldebis mkacr regulatorul mowesrigebas eqvemdebareba.228 gansakuTrebiT axali
bazris listingSia gatarebuli, iwodeba an listed kompaniad an sajaro aTaswleulis dasawyisSi enronis, adelfiasa da uordkomis kolafsis229
kompaniad,220 xolo sazogadoeba, romlis sakuTari kapitali aqciebis sax- Semdgom,230 romlis gamoZaxils sarbanes-oqsleis aqti warmoadgens.231
iT safondo birJaze savaWrod gatanil fasian qaRaldTa kategoriaSia221 simkacre finansuri angariSgebis gayalbebis (Semosavlebis maCveneblis,
Setanili – kotirebul kompaniad.222 es aris Tanamedrove sakorporacio sabalanso monacemebis araswori gadanawileba, pasivebis aqtivebis balan-
da fasiani qaRaldebis bazris samarTlis dogmaturi aqsioma. sze aRricxva da a.S.) praqtikuli Sedegebis adekvaturi reaqcia iyo.232
`Ria~ korporacia aqcionerTa simravliT gamoirCeva., ris gamoc, da- finansuri monacemebis gayalbeba yvela gakotrebuli kompaniis identuri
nawevrebuli aqcionerebi Tavian xmis uflebas warmomadgenlis (e.w. saxasiaTo niSniT gamoirCeva: isini ganicdian ~nova effect”-s (masiur zr-
das). es aris safinanso angariSgebisa da monacemebis prima facie, rom-
lis realobasTan Serwymis Sedegad, korporacia kotrdeba.233 msxvili
217
ix. Booth, Financing the Corporation, 2010, P. 708-796; Macey, Corporate Governance, 2008, korporaciis uaryofiT mxares, uecari kolafsis safrTxesaTan erTad,
P. 127-130. aseve, ix. jibuti, yoranaSvili, `fasiani qaRaldebis bazris Sesaxeb~ saqarT-
velos kanonis komentari, 2004, gv. 76.
gamkacrebuli, kapitalis bazarze yvela qmedebis rudinuli, detaluri
218
rogorc wesi, es pirebi safondo birJaze registrirebuli licenzirebuli sabro- gaTvlis, gaxsnilobis savaldebulo moTxovnisa da maTi daucveloba-
kero kompanebi arian. ix. Hazen, Securities Regulation, 6th ed., 2009, P. 103-107, 553-638. darRvevis represiuli regulaciebi warmoadgens.234
saqarTveloSi sabrokero kompaniaTa licenzirebas axorcielebs erovnuli banki. ix. qarTul sakorporacio samarTalSi `sajaro~ ss mniSvnelovan adgils
`fasiani qaRaldebis bazris Sesaxeb~ kanonis me-20 muxlis pirveli punqtis a) qve-
punqti.
219
Pinto, Branson., Understanding Corporate Law, 3rd edition, 2009, P. 92; Armour, Hansmann., 223
ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 2, 2010, P. 530-544.
Kraakman, What is Corporate Law? 2009, P. 12; Bevans, Business Organizations and Corporate 224
Hamilton, Freer, The Law of Corporations, 6th ed., 2011, P. 235.
Law, 2007, P. 249-250; French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 195 et seq. 225
Hamilton, Freer, The Law of Corporations, 6th ed., 2011, P. 236.
ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 126-127. 226
Booth, Financing the Corporation, 2010, P. 684-707.
220
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 12. 227
Conard, Corporation in Perspective, 1976, P. Conard, Corporation in Perspective, 1976, P.
221
fasiani qaRaldebis klasebsa da kategoriebTan dakavSirebiT, ix. burduli, saaqcio 163.
samarTlis safuZvlebi, 2010, gv. 332-355; janjalia, aqciaTa klasebi, korporaciuli 228
Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 255-271.
marTva, yovelkvartaluri biuleteni, (IFC), #14, 2008, gv. 22-25. aseve, ix. Hazen, The 229
Skeel, Icarus and American Corporate Regulation, in: After Enron, (edit. Armour, McCahey),
Law of Securities Regulation, 6th ed., 2009, P. 38-40. 2006, P. 129-154.
222
French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 201-202. Sead. svanaZe, sanaZe, 230
Hamilton, Freer, The Law of Corporations, 6th ed., 2011, P. 242-244.
xizaniSvili, mZinariSvili, lorTqifaniZe, axobaZe, gogiSvili, sabirJo saqme da fasiani 231
Moeller, Sarbanes-Oxley Internal Controls, 2008, P. 14-53; Sheppey, McGill, Sarbanes-Oxley,
qaRaldebis bazari, 1998, gv. 209, 213-214. ufro konkretulad, listed kompaniis SemTx- 2007, P. 3-19.
vevaSi Tavad firma, rogorc iuridiuli piri, registrirebulia safondo birJaze, gansx- 232
Bratton, Rules, Principles, and the Accounting Crisis in the United States, in: After Enron,
vavebiT meore, anu kotirebis SemTxvevisgan, rodesac, rogorc wesi, korporacias fasiani (edit. Armour, McCahey), 2006, P. 265-291.
233
qaRaldebi (ZiriTadad, aqciebi) Suamavlis, magaliTad, sabrokero kompaniis meSveobiT amis kidev erTi klasikuri magaliTi parmalatis saqmea, romelmac 2003 wlis
kapitalis bazarze sajaro vaWrobisTvis gatanil fasian qaRaldTa kategoriaSi aqvs 27 dekembers mcdari finansuri monacemebis gamomJRavnebis Semdgom valdebulebis
`ganTavsebuli~. miuxedavad amisa, zemoaRniSnuli gasnxvaveba pirobiTia da is ss-is Sesrulebis SeuZleblobis Sedegad, bankrotad gamoacxada korporacia. ix. Ferrarini,
kidev erT ti pologiur qvesaxeobad `CaSlas~ ar iwvevs. am dros, saubari SeiZleba, Giudici, Fiunancial Scandals and the Role of Private Enforcement: The Parmalat Case, in: After
maqsimum, firmis finansebis safondo birJaze gatanisa da marTvis meqanizmebs Soris Enron, (edit. Armour, McCahey), 2006, P. 162-174.
sxvaobaze iyos. 234
Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 271-303.

84 85
jer-jerobiT ver ikavebs.235 ekonomikuri funqciiis realizebas gansaz- valdebuleba moicavs kompaniis biznesangariSs, finansur angariSgebebs,
Rvravs kapitalis bazris funqcionirebadi evolucia da ara – stag- auditis daskvnebs da sxva informacias.241
nacia. Tanamedrove birJebze damkvidrebuli Teoriuli Tu praqtikuli ss-is angariSvaldebuli sawarmos kategoriuli kuTvnileba misi
codna, organizebuli bazris mravalsaukunovani ganviTarebis Sedegia. es marTvis sistemis dispoziciur regulirebas emijneba. mewarmeTa Sesaxeb
ganviTareba Tanamedrove samewarmeo samarTalSi sakanonmdeblo regula- kanoni sawarmos angariSvaldebulebas dualisturi sistemis `arCevis~
ciebSi povebs asaxvas. kapitalis bazarze `qcevis wesebis~ regulirebis alternativad ganixilavs.242 angariSvaldebuleba `sajaro~ ss-is ter-
fundaments `wesebis~ Semsrulebel subieqtTa determinacia warmoad- minoglogiur TanxvedraSia. Sedegad, Tu sazogadoeba angariSvaldebulia,
gens. es ukanaskneli sakorporacio samarTlisa da kapitalis bazris maSasadame, is marTvis orsafexuriani sistemis243 `mimdevaria~, rac aq-
samarTlis kombinirebuli regulirebis sferos ganekuTvneba. cionerTa dasacavad Seqmnil konkretul standartebs moicavs.244 magram
qarTul samarTlebriv sivrceSi sakanonmdeblo donezea ganmarte- Sebrunebuli varianti ar moqmedebs. mewarmeTa kanoniT ss-is orsafexu-
buli `angariSvaldebuli sawarmos~ cneba.236 angariSvaldebuli sawarmo, riani sistemis SerCevis SemTxvevaSi, magaliTad, aqcionerTa raodenoba245
fasiani qaRaldebis bazris Sesaxeb kanonis Tanaxmad, Ad hoc Setyobinebis Tu 100-s aRemateba, ss-is marTva dualisturi modeliT unda gagrZeldes,
valdebulebiT,237 utoldeba `Ria~, sajaro~ ss-s anglo-amerikuli gage- rac, Tavis mxriv, ar niSnavs mis angariSvaldebul sawarmod gardaqmnas.
biT.238 safondo birJaze daregistrirebuli ss eqceva fasiani qaRal- amisTvis, ss-m garkveuli winapirobebi unda daakmayofilos.246 saxezea
debis samarTlis regulirebis qveS.239 aseTi ti pis ss-m unda gadalaxos ss-is funqciur-Sinaarsobrivi ganmarteba: fasiani qaRaldebis bazris
organizaciuli, samarTlebrivi da regulirebad bazarze arsebuli Sesaxeb kanoniT `Ria~, `sajaro~ da angariSvaldebuli ss, maTi funqci-
moTxovnadi dabrkoleba, raTa kompaniam moi povos fasiani qaRaldebis uri datvirTvidan gamomdinare, urTierTCanacvlebad terminad SeiZleba
investorisTvis SeTavazebis ufleba. is unda Seesabamebodes fasiani iqnes gamoyenebuli. qarTuli kanonmdebloba arc mewarmeTa da arc fa-
qaRaldebis brunvasTan dakavSirebul wesebs. man unda uzrunvelyos gam- siani qaRaldebis kanonSi ss-is `Ria~ an `sajaro~ sazogadoebis formiT
Wvirvalobis saTanado done da sajarooba yvela mniSnvelovani movlenis pirdapir ar moixseniebs. amitom, saaqcio sazogadoebis ti pologiuri
Sesaxeb informaciis drouli gamJRavnebiT.240 informaciis gamJRavnebis sxvaobis SesamCnevi kontrastis Sesaqmnelad, umjobesia, gamoyenebul iqnes
`angariSvaldebuli~ ss. rac Seexeba marTvis sistemur models, is ver
235
2012 wlis 28 martis mdgomareobiT, saqarTvelos safondo birJaze 135 kompaniis
fasiani qaRaldia daSvebuli ssb-is savaWro sistemaSi, romlis srulma sabazro kapi- Teoriuli da praqtikuli sakiTxebi, 2009, gv. 453-463.
talizaciam 0.8 miliards miaRwia, xolo dRiurma brunvam 11.9 aTas lars. aRniSnuli 241
Sheppey, McGill, Sarbanes-Oxley, 2007, P. 65-93.
informacia xelmisawvdomia Semdeg internet misamarTze: [ www.gse.ge ] [12.04.2012]. 242
mewarmeTa Sesaxeb kanonis 55-e muxlis pirveli punqti.
Seadare aSS-Si arsebul viTarebas. Pinto, Branson., Understanding Corporate Law, 3rd ed., 243
erTsafexurian da orsafexurian sistemasTan dakavSirebiT, ix. Wanturia, korporaci-
2009, P. 92. uli marTva, 2006, gv. 107 da momdevnoni. aseve, ix. Hopt, Modern Company and Capital
236
fasiani qaRaldebis bazris Sesaxeb kanonis me-9 muxlis pirveli punqti. Market Problems: Improving European Corporate Governance after Enron, 2007, P. 1-58; Hopt,
237
Wanturia, korporaciuli marTva, 2006, gv. 287-293. The German Two-Tier Board: Experience, Theories, Reforms, 1998, P. 227-258; Ghezzi, Malber-
238
inglisurTan dakavSirebiT, ix. French, Mayson, Ryan, Company Law, 26th ed., 2009- ti, Corporate Law Reforms in Europe: The Two-Tier Model and the One-Tier Model of Corporate
2010, P. 195 et seq., xolo amerikulTan mimarTebiT, ix. Hamilton, The Law of Corporations, Governance in the Italian Reform of Corporate Law, 2007, P. 2-69.
2000, P. 376 et seq. 244
Rock, Shareholder Eugenics in the Public Corporation, Res. pap. No.11-26, 2011, P. 3 et seq.
239
Palmiter, Corporations, 2006, P. 345-351; Ferran, Principles of Corporate Finance Law, 2008, 245
aqcionerTa raodenoba kidev erT SemTxvevaSia gadamwyveti mniSvnelobis mqone:
P.409 et seq. rodesc ss-is aqcionerTa raodenoba aRemateba 50-s, ss valdebulia aqciaTa reestri
240
sazogadoebis saqmianobis gamWvirvalobis, sajaroobisa da gaxsnilobis erT-erTi awarmoos damoukidebeli registratoris meSveobiT. ix. mewarmeTa Sesaxeb kanonis 51-e
pirveli unificirebuli regulatori evropis sabWos pirveli sakorporacio samarT- muxlis mesame punqti. aseT SemTxvevaSic saubroben ss-is `sajaroobaze~. ix. Wanturia,
lebrivi direqtivaa. ix. First Council Directive 68/151/EEC of 9 March 1968 on co-ordina- korporaciuli marTva, 2006, gv. 104-105. Tumca, iseve rogorc korporaciuli marTvis
tion of safeguards which, for the protection of the interests of members and others, are required dualisturi modelis arCevis 100 aqcioneriani hi poteTuri zRvari ver gansazRvravs
by Member States of companies within the meaning of the second paragraph of Article 58 of the ss-is klasificirebas `Ria~ ss-ad, ise damoukidebeli registratoris savaldebulo
Treaty, with a view to making such safeguards equivalent throughout the Community, OJ L 65, arsebobis 50 partnioriani winapiroba ar unda iyos sakmarisi korporaciis angariS-
14.3.1968. direqtivis qarTul enaze mimoxilvisTvis, ix. Wanturia, evropis sakorpo- valdebul sawarmod SeracxvisaTvis. Sead. qiria, sakorporacio samarTlis sistema
racio samarTlebrivi direqtivebisa da dadgenilebebis mniSvneloba qarTuli sakor- saqarTveloSi, 2011, gv. 50.
246
poracio samarTlis kodifikaciisTvis, wignSi: Tanamedrove sakorporacio samarTlis ix. III 1.

86 87
gaxdeba ss-is rogorc `Ria~ ss-is determinanti. winaaRmdeg SemTxvevaSi, IV. saaqcio sazogadoebis struqturuli
`daxuruli~ ss gautoldeboda `sajaro~ ss-s, es ki nonsesia. elementebi
mokled, angariSvaldebuli ss fasiani qaRaldebis gamoSvebis da misi
organizebul bazarze brunvis normatiulad gaTvaliswinebuli samar- 1. ss-is struqturuli elementebi organizaciuli marTvis
Tlebrivi formaa. fasiani qaRaldebis gamoSvebas, finansur bazarTan konteqstSi
advili wvdomis garda, mravali mizezi gaaCnia. maTgan aRsaniSnavia kor-
poraciaTa Serwyma, SeZena (STanTqma) da kompaniis erToblivi kapitalis
moculobaSi sasesxo wilis Semcireba, investiciebis dabandeba sawar- erTia ss-is arsis ganmsazRvreli substanciuri niSnebi, misi subti-
moo saqmianobaSi da a.S. es yvelaferi ki korporaciis struqturuli pebad klasificireba, am klasifikaciis ekonomikur-funqciuri datvirTva
restruqturizaciis safuZvelia. naSromis kvlevis samizne obieqts da, meore, aseTi ti pis sazogadoebaTa Sidaorganizaciuli saqmianobis
swored angariSvaldebuli (`Ria~) saaqcio sazogadoeba, misi struqtu- struqturuli elementebis diferencireba uflebamosilebaTa verti-
ruli elementebi da masSi cvlilebebis ganxorcieleba warmoadgens. kalur Tu horizontalur247 WrilSi ganxilviT. struqturuli el-
ementebis ganzomilebaTa lavireba damokidebulia misi ganxilvis orien-
tirebze. vertikalur konteqstSi, rogorc wesi, moiazreba ss-is marTvis
is ZiriTadi organoebi, romlebic sawarmos strategiuli mimarTule-
bebis uSualo samewarmeo `cxovrebaSi~ ganxorcielebas uzrunvelyofen.
ss-is analizi horizontalur Semxeblobas misi, rogorc kapitalis
koncentraciis, kapitalis formirebis wyarosa da misi formirebis
struqturuli elementebis Sinaarsobriv segmentSi iCens. organizaci-
uli gaerTianebis korporaciulad mowyobis strategiuli Sinaarso-
brivi elementi sakuTrebis, misi marTvisa da kontrolis gancalkevebaSi
moiazreba, rac `Ria~ ss-is umniSvnelovanesi stigmaa.
angariSvaldebuli ss-is organizaciuli struqturuli elementebis
formirebis kuTxiT, Tanamedrove sakorporacio samarTlebriv sistemeb-
Si, marTvis organizaciuli uzrunvelyofa sami divergensuli modeliT
xorcieldeba.248 arsebul sistemaTagan aqcenti, ZiriTadad, dualistur

247
organizaciuli marTvis kuTxiT uflebamosilebaTa `horizontalur~ da `ver-
tikalur~ konteqtsSi ganxilva pirobiTi zRvris damdgeni ganzomilebiTi sxvao-
baa. orive mimarTuleba, konkretuli segmentebiT, masStabur konvergenciaSi poulobs
gamoxatulebas. gansakuTrebiT aRsaniSnavia `vertikaluri~ urTierToba, radgan du-
alisturi sistemis dros funqcionirebad organoebs Soris ar arsebobs ierarqiuli
urTierTdaqvemdebareba, isini warmoadgenen Tanasworuflebian, urTierTdamokidebul
organoebs. ix. Wanturia, korporaciuli marTva, 2006, gv. 126. urTierTdaqvemdebarebul
kavSirs kontrolis meqnizmi, magaliTad, direqtoratis Semadgenlobis gadarCeva da
xelSekrulebis Sewyveta, ar warmoSobs. ix. Cox, Hazen, Treatise on The Law of Corpora-
tions, 3th ed., Vol. 2, 2010, P. 2, 86-94.
248
anglo-amerikuli samarTlis sistemisTvis damaxasiaTebelia e.w. unitaruli anu
marTvis erTsafexuriani modeli; kontinenturi evropisTvis, ZiriTadad, miRebulia du-
alisturi anu marTvis orsafexuriani modeli. arsebobs marTvis mesame, e.w. hibriduli
sistema, romlis arCevanis SesaZleblobas evropis rigi qveynebi iZlevian, aseve, evropis
kavSiris samarTalebriv sivrceSi arsebuli evropis saaqcio sazogadoebis marTvis
modelic iTvaliswinebs arCevanis SesaZleblobas, iseve rogorc saqarTvelos mewarme-

88 89
sistemaze gakeTdeba.249 dualisturi sistemis, organizaciuli kuTxiT, zustad aris gawerili,254 romlis Sevseba an/da gadanawileba sawesdebo
struqturuli elementebis samwevrovani organuli dayofa250 aqcioner- SeTanxmebis Tavisuflebis CarCoSi eqceva.255
Ta saerTo krebis, sameTvalyureo sabWosa da aRmasrulebeli (direq- sawarmos `konstituciis~ debulebebis xelmowerisas256 iwyeba indi-
torTa) sabWos kuTxiT diferencirdeba.251 vidisTvis aqcioneris statusis miniWebis procesi. mocemul etapze, aq-
cioneri korporaciis `umaRlesi~ organos damakompleqtebeli funqciiT
Semoifargleba. saerTo kreba formirdeba257 aqcioneris (wevris) statu-
1.1. `zemdgomi organo~ sis mopovebisTanave.258 sazogadoebis wevrad gaxdomas wilTa sawesdebo
gadanawileba da aqciis miReba259 (SeZeniT)260 ganapirobebs,261 riTic piri
organizaciuli marTvis vertikalur WrilSi, Sida struqturuli sazogadoebasTan gansazRvrul samarTlebriv urTierTobaSi eqceva.262
elementebis pirvel rgols, ss-is kapitaliT uzrunvelmyof pirTa252 samarTlebrivi urTierToba warmoiSoba aqciaTa gansazRvruli wilis
gaerTianebis Sedegad Camoyalibebuli organo warmoadgens. korporaci- miRebaze Seanxmebis Sedegad. wilis miReba sazogadoebasa da aqcioners
uli marTvis struqturaSi am safexurs aqcionerTa saerTo kreba ika- Soris aqciis gacemis xelSekrulebis safuZvelze xdeba,263 romelic
vebs. is kompaniis marTvis umaRlesi organoa.253 misi kompetencia kanoniT sanacvlod, aqcioneris mxridan, garkveul Setanaunariani obieqtebiT kon-
Ta Sesaxeb kanoni (garda mewarmeTa Sesaxeb kanonis 55-e muxlis pirveli punqtis sag-
tribucias264 moiTxovs sazogadoebis winaSe.265 wilis mesakuTre subi-
amonakliso SemTxvevisa). ix. Wanturia, korporaciuli marTva, 2006, gv. 109-110, 146-150;
Wanturia, evropis saaqcio sazogadoeba (Societas Europea) – universaluri modeli Tu Corporations, 3th ed., vol. 2, 2010, P. 2. Sead. Gevurtz, Corporate Law, 2010, P. 195.
sakanonmdeblo kompilacia, Jurnali `adamiani da konstitucia~ #4, 2004, gv. 90-100. 254
mewarmeTa Sesaxeb kanonis 54-e muxlis me-6 punqti. Sead. Wanturia, korporaciuli
249
qarTuli kanonmdebloba dualisturi modelis `gayolas~, imperatiulad, yvela an- marTva, 2006, gv. 112.
255
gariSvaldebul ss-s sTxovs. ix. mewrmeTa Sesaxeb kanoni, 55-e muxlis pirveli punqti. mewarmeTa Sesaxeb kanoni 54 da 55-e muxlebi marTvis organoTa Soris kompeten-
250
iuridiul doqtrinaSi arsebuli korporaciuli marTvis modelur midgomaTa dife- ciaTa gadanawilebis sakanonmdeblo `nebarTvas~ iTvaliswinebs.
rencireba SeiZleba fiqtiurad CaiTvalos. am mosazrebas Semdegi safuZvlis gamo 256
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 166.
257
aqvs arsebobis ufleba: unitaruli sistemis mqone marTvis modelis dros, aqcionerTa SeiZleba am etaps saerTo krebis `de faqto~ formireba ewodos. mis determi-
mier formirebuli bordi kidev iSleba subti pebad: is, Tavisi kompetenciis farglebSi, nacias ganapirobebs organizaciuli erTobis samewarmeo reestrSi daregistrirebamde
irCevs menejers (aRmasrulebel oficers, prezidents), romelic yoveldRiur saqmiano- winare sazogadoebis etapis arseboba, rodesac, wesdebaze xelmomwer pirTa organizaci-
bas warmarTavs mesame pirebTan urTierTobaSi da angariSvaldebulia bordis winaSe. ul krebaze xdeba wesdebis formireba, xelmZRvanelobiTi da warmomadgenlobiTi ufle-
xolo bordi biznes saqmianobis ZiriTad strategiebsa da politikas gansazRvravs da bamosilebiT aRWurvil pirTa gansazRvra, saaqcio kapitalis aqciebad dayofa dasxva
angariSvaldebulia aqcionerTa saerTo krebis winaSe. maT Soris erTgvari dabalanse- sakiTxebis gadawyveta. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 1, 2010,
buli urTierToba yalibdeba. ix. Calder, Corporate Governance, 2008, P. 70,71. struqtu- P. 185-198; Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P. 5-8.
258
rul organoTa kompetenturi balansi, faqtobrivad, dualisturi modelis identuria. samarTlebrivi (mo)qmedeba, romlis saSualebiTac piri aqcioneris wevris srul
Sesabamisad, unitaruli sistemis marTvis samweevrovani organizaciuli struqtura, status moi povebs, Senatanis xelSekrulebis Sesruleba, anu daTqmuli Sesatanis Se-
kontinenturi evropis orsafexuriani modelis modeluri niSnebis gansxvavebul praq- tanaa. kapitalur sazogadoebaSi Sesatanis Setanas, Semtani pirisTvis, ori Tanmdevi
tikul interpretacias warmoadgens. Sead. Cox, Hazen, Treatise on The Law of Corpora- Sedegi mosdevs: wevris statusi mopoveba da SezRuduli pasuxismgeblobis SeZena. ix.
tions, 3th ed., vol. 2, 2010, P. 2,3; Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. burduli, Senatanis ganuxorcieleblobis samarTlebrivi Sedegi, samarTlis Jurnali,
ed., vol.5, 2011, P. 576-637. miuxedavad ganviTarebuli msjelobisa, marTvis modelTa So- #1-2, 2010, gv. 22 da momdevno, 36 da momdevno. Sead. Cox, Hazen, Treatise on The Law of
ris sxvaoba samarTlebriv sistemaTa divergensuli bunebis Sedegia. amitom, maT Soris Corporations, 3th ed., vol. 2, 2010, P. 311-313.
259
pragmatul sxvaobas gverdi verc am ganmartebiT aevleba. aqciis (wilis) miReba korporaciasa da aqcioners Soris dadebuli saxelSek-
251
Wanturia, korporaciuli marTva, 2006, gv. 126-140. mmarTvelobis organoebTan daka- rulebo bunebis Semcvelia, romlis debulebebi kompaniis wesdebaSi an SinaganawesSia
vSirebiT, ix. janjalia, mmarTvelobis organoebi saaqcio sazogadoebaSi – ukanaskneli gansazRvruli. ix. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11,
sakanonmdeblo cvlilebebis mimoxilva, (IFC), #13, 2008, gv. 16-18. aseve, ix. Cox, Hazen, 2011, P. 35-37.
Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 2-4. 260
ix. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 165.
252
aqcioneri an mewile (stockholder an shareholder). isini urTierTCanacvlebadi termi- 261
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 311,312.
nebia, Tumca maT Soris niuansirebuli sxvaoba arsebobs. ix. Fletcher, Fletcher Cyclopedia 262
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 355-359.
of the Law of Corporations, rev. ed., vol.11, 2011, P. 40-47. Sead. Fairfax, Shareholder Democ- 263
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 312.
racy, 2011, P. 156-158. 264
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 321-326.
253
amitom, mas `zemdgom~ organosac uwodebvn. ix. Cox, Hazen, Treatise on The Law of 265
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 322-327.

90 91
eqts warmoeSoba sami klasis ufleba, rogorc sazogadoebasTan korpo- umTavres kompetencias, rogorc Shareholder democracy-is gamovlinebas,280
raciul-samarTlebrivi kavSiris Sedegi.266 wevris statusis mqone piri, sameTvalyureo sabWos Seqmna,281 misi wevrebis daniSnva-gamowveva, sazoga-
aqcioneri267 uflebebis ganxorcielebas268 marTvis umaRlesi organos doebis wesdebaSi cvlilebebis Setana da iseT mniSvnelovan sakiTxebze
meSveobiT axorcielebs,269 romelic korporaciul marTvaSi mniSvnelovan gadawyvetilebis miReba ganekuTvneba, rogoricaa sazogadoebis likvida-
funqciur rols asrulebs.270 cia, reorganizacia, Serwyma da SeZenaa.282283 yvela sakiTxi aqciidan gamom-
ganasxvaveben aqcioneris mmarTvelobiT da qonebriv uflebebs.271 aq- dinare xmis uflebis284 realizirebas ukavSirdeba285 da mimarTulia (an
cioneris uflebaTa klasis taqsonomia or ZiriTad kategoriaSi klasi- unda iyos) sargeblis maqsimizirebisken.286
ficirdeba: individualuri da erToblivi qmedebiT uflebaTa praqtikul mokled, aqcionerTa saerTo kreba, rogorc unitaruli ise dual-
realizirebad. pirveli jgufis magaliTad, SesaZlebelia, informaciis isturi sistemisTvis, saxasiaTo marTvis umniSvnelovanesi organizaci-
gamoTxovis ufleba272 da misi gamoyenebis dasaxeleba.273 saxezea aqcio- uli elementia, romlis formireba, garkveulwilad, kapitalis struq-
neris individualizmi. uflebaTa klasis demonstrirebis meore jgufs turazea287 damokidebuli. kapitalis struqturas kapitalizirebis
aqcionerTa erToblivi, konsesualuri gadawyvetilebis miReba ganekuT- wyaro gansazRvravs,288 romelic pirdapir asaxvas povebs mesakuTreTa
vneba, romelic xmis uflebis aqtiuri gamoyenebis274 Sedegs warmoad- struqturaze. kompaniasTan dakavSirebul pirTa289 diferencirebuli
gens.275 `umaRlesi~ organos arsi aqcioneris uflebamosilebaTa kolab- panorama uflebriv kategoriaTa cvalebadobas iwvevs, rac, `Ria~ ss-
oraciul gamoyenebasa da korporaciis struqturuli organos (saerTo Si – aqcionerTa da kapitalis struqturis cvlilebas ganapirobebs.290
krebis) saxeliT gadawyvetilebis miRebaSi gamoixateba.276 ukanasknelis erT-erT safuZvls mesame piris (momavali aqcioneris)
erToblivi qmedebiT gansaxorcielebel kompetenciaTa Soris277 gan- sazogadoebaSi korporaciul-samarTlebrivi qmedebis – SeZena-Serwymis
sakuTrebul uflebamosilebas sameTvalyureo sabWos wevrTa arCeva/dan- gziT Sesvla warmoadgens.291 SeZenis tranzaqciis TiTqmis yvela strate-
iSvna da direqtoratis formireba278 miekuTvneba.279 aqcionerTa saerTo gia aqcionerTa nebis avtonomiis farglebSi realizirdeba.292 Sesabamisad,
kreba amtkicebs wliur angariSs da finansur angariSgebebs, gare audi- TiToeulis cal-calke da mTlianad, yvela aqcioneris erToblivi neba293
tors, mogebisa da zaralis ganawilebas. Tumca, aqcionerTa saerTo krebis
280
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P. 483.
281
Hamilton, The law of Corporations, 2000, P. 231-232.
266
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 452. Sead. bur- 282
Wanturia, korporaciuli marTva, 2006, gv. 112. Sead. IV 2.2.
duli, saaqcio samarTlis safuZvlebi, 2010, gv. 359-369. 283
ix. Fairfax, Shareholder Democracy, 2011, P. 15-17.
267
ix. Bevans, Business Organizations and Corporate Law, 2007, P. 210-212. 284
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P. 149-168.
268
Gevurtz, Corporate Law, 2000, P. 210-220; Schneeman, The Law of Corporations and Other 285
Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 63-70.
Business Organizations, 5th ed., 2008, P. 364-366; Bevans, Business Organizations and Corpo- 286
investirebuli qonebis ekonomikuri brunvidan maqsimaluri sargeblis miRebis
rate Law, 2007, P. 214. kuTxiT Shareholder democracy-is gamoyenebis sakiTxi samecniero wreebSi skepticizms
269
zogadad, ix. Velasco, The Fundamental Rights of the Shareholder, 40 U.C. Davis L. Rev., warmoSobs. ix. Fairfax, Shareholder Democracy, 2011, P. 35-45. problema mdgomareobs
2006, P. 407 et seq. aqcionerTa uflebamosilebis farTo ganzomilebaSi. menejmentSi monawilebis an ze-
270
Montagnon, The Role of Shareholder, in: The Business Case of Corporate Governance, (edit. gavlenis moxdenis potenciuri SesaZlebloba aqcioners Sanss aZlevs, rom, upiratesad,
Rushton), 2008, P. 85-99. piradi sargeblis maqsimizirebisken mimarTos Zalaufleba da ar gamoiyenos korpo-
271
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 359-369. Sead. Cox, Hazen, Treatise raciis saerTo Semosavlebis zrdis kondiciebis Sesaqmnelad. ix. Bratton, Wachter, The
on The Law of Corporations, 3th ed., vol. 2, 2010, P. 452-454. Case Against Shareholder Epowerment, 158 U. Pa. L. Rev. , 2010, P. 663-725.
272
Gevurtz, Corporation Law, 2010, P. 212-221. 287
French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 414.
273
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 454-456. 288
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 385-388.
274
Fairfax, Shareholder Democracy, 2011, P. 17-26. 289
Fairfax, Shareholder Democracy, 2011, P. 156-158.
275
Gevurtz, Corporation Law, 2010, P. 200. 290
Sead. burduli, qonebrivi urTierToba saaqcio sazogadoebaSi, 2007, gv. 186-192.
276
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 478-482. 291
maxarobliSvili, sakorporacio-samarTlebriv kombinaciaTa Taviseburebani sawar-
277
ix. Calder, Corporate Governance, 2008, P. 126. moTa Serwymis procesSi, wignSi: sakorporacio samarTlis krebuli, (red. burduli),
278
Fairfax, Shareholder Democracy, 2011, P. 12-15. 2011, gv. 287-319.
279
mewarmeTa Sesaxeb kanonis 54-e muxlis me-6 punqtis v) qvepunqti. Sead. Cox, Hazen, 292
Gevurtz, Corporation Law, 2010, P. 195.
Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 2. 293
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P. 483-511.

92 93
da korporaciuli gadawyvetilebis miReba SeZena/Serwymis substanciur ime saSualebiT aris SesaZlebeli. pirveli, direqtoratis gamoxatuli
elements da sawarmoSi fundamenturi cvlilebis ganxorcielebis bazi- (gawerili) kompetenciis wyaro sakanonmdeblo regulacia an sawesdebo
sur qmedebas warmoadgens.294 struqturuli cvlileba, romelsac SeZe- Canaweria.300 gawerili kompetenciis meore saxis deklarirebis wyaro
nis tranzaqcia iwvevs, aqcionerTa mmarTvelbiTi uflebamosilebisa da konkretul direqtorTan (warmomadgenelTan) dadebuli xelSekrulebaa,
sazogadoebis kontrolis korporaciuli uflebis praqtikuli uti- romlis kompetencia `zemodgom~ organosTan erTad, sazedamxedvelo or-
lizirebidan gamomdinareobs. ganosac gaaCnia.301 kompetenciis mesame kategriaSi iseT uflebamosile-
baTa katalogi moiazreba, romelic avtorizirebuli kompetenciis
Tanxmleb uflebaTa mTel rig wyebas Seicavs.302 rac Seexeba meoTxe kat-
1.2. `nebis aRmsrulebeli~ organo egorias, misi formireba SesaZlebelia iseTi uflebamosilebaTa kaskadiT,
romelic xelmZRvaneli piris sazogadoebasTan korporaciul-samarT-
`zemdgom organos~ invetirebuli kapitalis maqsimizirebis miRw- lebrivi kavSiridan uciloblad gamomdinareobs (apperent power).303 mas
eva kvalificiuri marketinguli da samarTlebrivi Tvalsawieris mqone SeiZleba nagulisxmebi/dauwereli (implied) kompetenciac ewodos.304 nam-
individebiT dakompleqtebuli organo sWrideba. misi arCeva/daniSnva dvili kompetencia (actual) princi palis mier gacemuli avtorizire-
`umaRlesi~ organos dauwerel kompetncias ganekuTvneba.295 `zemdgomi~ buli mandatia. gamoxatuli uflebamosileba namdvili avtorizirebuli
organos wevrTa xmis umravlesobis mxardaWeriT, rogorc wesi, formird- kompetenciis saxea, romelic samarTlebrivi Zalis matarebel normatiul
eba samewarmeo saqmianobis marTvis ganmaxorcielebeli savaldebulo Tu saxelSekrulebo dokumentebSia gawerili. saerTo jamSi, namdvili
organo direqtoratis saxiT.296 kompetencia aerTianebs rogorc gawerili kompetencias, ise nagulisxmev
direqtorTa sabWo korporaciuli marTvis sistemaSi centralur uflebamosilebas. dawerili kompetencia princi palis mier gacemuli
rols asrulebs. is aris korporaciis makontrolebeli mTavari orga- instruqcia/direqtividan pirdapir momdinareobs. implicituri kompe-
no.297 gamomdinare iqidan, rom dualisturi modelisTvis damaxasiaTebe- tencia avtorizirebuli uflebamosilebis samarTlebrivi garemoebebiT
lia zedamxedvelobiTi da menejmentis ganmaxorcielebeli organoebis gamyarebuli (dadasturebuli) uflebamosilebaa, romelic princi palma
gancalkevebuloba, direqtorTa sabWo gansakuTrebuli kompteneciiT298 xelmZRvanel pirs samewarmeo saqmianobasTan pirdapir dakavSirebul sub-
aris aRWurvili.299 uflebamosilebaTa saxeobaTa deklarireba ramden- stanciuri sakiTxebis gadasawyvetad impliciturad ganusazRvra.305
294
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P. 9-11.
es uflebamosileba, rogorc wesi, sxva organoTa kompetenciaTagan
295
ix. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2006, P. 58. mkveTrad gamijnulia.306 miuxedavad direqtorTa sabWos uSualo mmarTv-
296
Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, 2002, gv. 423-424. qarTuli elobiTi funqciuri datvirTvisa, is mainc ar aris marTvis sxva organoTa
realobisgan gansxvavebiT, aSS-Si, korporaciis nebis aRmsrulebel organod (aRmas-
rulebeli) menejerebi (CEO) arian. ix. Fletcher, Fletcher Cyclopedia of the Law of Corpo-
rations, rev. ed., vol.2, 2006, P. 302-313.
297
Macey, Corporate Governance, 2008, P. 51.
298
kompetenciis swored aseTi masStabi Seiqmna e.w. Principal–Agent–is problemis 2009, gv. 60-68. Sead. Davies, Introduction to company law, 2010, P. 108-110.
safuZveli. ix. Fama, Jensen, Agency Problems and Residual claims, Journal of Law &Eco- 300
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2011, P. 360-362.
nomics, Vol. XXVI, 1983, P. 2-27; Armour, Hansmann, Kraakman, Agency Problems and Legal 301
mewarmeTa Sesaxeb kanoni, 55-e muxlis me-7 punqti.
Strategies, 2009, P. 35-55; Bhuiyan, Biswas, Agency Problem and the Role of Corporate Gover- 302
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2011, P. 362-366.
nance Revisited, The Bangladesh Accountant, Vol. 52, No. 25, 2008, P. 1-19. 303
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2011, P. 368,369.
299 304
Tumca, mewarmeTa Sesaxeb kanoni direqtoris uflebamosilebaTa katalogs ar gansaz- analogiuri Sinaarsis niSansvetis matarebelia Semdegi sasamarTlo gadawyvetileba:
Rvravs. Sesabamisad, induqciis princi piT, rac sameTvalyureo sabWos da aqcionerTa Max v. Allright Corp., 930 P2d 1010 (Azir App 1997).
saerTo krebis eqskluziur kompetenciaSi ar Sedis, misi erTpirovnuli gadawyvetis 305
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2011, P. 357-359.
306
uflebamosileba direqtrorTa sabWos aqvs, Tumca 2008 wlis 14 martis cvlilebebis Tumca, mewarmeTa Sesaxeb kanonis 55-e muxlis 72 sapirispiros SesaZleblobasac
Semdeg, direqtorTa uflebamosilebaTa farglebis gansazRvra sameTvalyureo sabWos iZleva. uflebamosilebaTa aRrevasTan e.w. `kompetenciis kompetenciasTan” da mis
diskreciul kompetenciaSi Sevida. mewarmeTa Sesaxeb kanonis 56-e muxlis me-2 punqti. kritikul analizTan dakavSirebiT, ix. janjalia, mmarTvelobis organoebi saaqcio
ix. `mewarmeTa Sesaxeb~ kanonis Taobaze mosamarTleTa samuSao Sexvedris Sedegad sazogadoebaSi – ukanaskneli sakanonmdeblo cvlilebebis mimoxilva, yovelkvartaluri
miRebuli rekomendaciebi da masalebi, saqarTvelos uzenaesi sasamarTlo, IFC, Tbilisi, biuleteni `korporaciuli marTva, (IFC), #13, 2008, gv. 16-18.

94 95
miTiTebebis307 Semsrulebeli Tu maTi aRmasrulebeli.308309 xelmZRvaneli avtorizirebuli (nebadarTuli) aqciebis gacema.318 es mas kompaniis fun-
organo uflebamosilebas damoukideblad da sakuTari pasuxismgeblobiT damentur struqturul elementebSi cvlilebis Setanis irib kompeten-
axorcielebs. Sesabamisad, aRmasrulebeli sabWo aris ara `nebis aRmas- cias ganekuTvneba.319 Sesabamisad, is ss-is organizaciuli marTvis funda-
rulebeli~ organo, aramed `nebis aRmsrulebeli~ organo,310 rogorc es mentur subieqts warmoadgens. erTi sawarmos mier meores mierTebam an
qarTul iuridiul literaturaSia gaanalizebuli.311 312 SeZenam, albaTobis maRali xarisxiT, SesaZloa, Tavad direqtorTa sabWos
korporaciaTa SeZena (Serwyma) direqtors Tu direqtorTa sabWos struqturuli cvlileba gamoiwvios.
gansakuTrebul mniSvnelobas sZens. iseTi SeZenis tranzaqciis dasadebad, dasasrul, korporaciul kombinaciaSi direqtoratis CarTuloba
romelic aqcionerTa xmis uflebis susti koncentraciebis Seqmnas ar gardauvalia. tranzaqciaSi monawileoba korporaciuli qmedebebis ganx-
ganapirobebs, rogorc post-tranzaqciul Sedegs da Serwyma aqciebis orcielebis gareSe gamoricxulia. dagegmil an gansaxorcielebel qmedeba
gacvliT, ar moiTxovs aqcionerTa krebis gadawyvetilebis arsebobas. Sesaxeb marTvis organoTa Soris asimetruli informacia direqtoratis
is direqtoTa sabWos default kompetencias miekuTvneba.313 aseTi ti pis kognitur gavlenaze miuTiTebs.320 qmedebisa da informaciis disbalanis
SeZena/Serwymis tranzaqciis finansuri uzrunvelyofa direqtoratis prevencirebas princi pal-agentis urTierTobis klasobrioba axdens: es
kompetencias ganekuTvneba.314 sxva SemTxvevaSi, aqcionerTa krebis Tanx- urTierToba fiduciuria. Sesabamisad, struqturul cvlilebaTa dageg-
mobis gareSe korporaciis qonebrivi gansxviseba an aqciebis Sesaxeb mareba-ganxorcielebis dros, wina planze, direqtorTa fiduciuri mova-
dadebuli tranzaqcia, uflebamosilebis gadametebiT dadebul garigebad leobebi321 da maTi qcevis masStabi wamoiwevs.322 fiduciuri movaleobis
CaiTvleba.315 aseTi garigebis ratificireba, Tu is kompaniis interesebSi darRveva interesTa konfliqtis warmoSobis bazisia, garda im SemTx-
jdeba da kanonieria, aqcionerTa saerTo krebis kompetenciaSi Sedis.316 vevisa, rodesac “arm’s length” SeZenas aqvs adgili, rodesac direqtori
nebismier SemTxvevaSi, eqsplicitur Tu implicitur kompetenciaTa korporaciis saukeTeso interesebidan gamomdinare moqmedebs.323
erToblivi masStabi imdenad didia,317 rom korporaciis struqturul Tavis mxriv, farTo uflebamosilebiT aRWurvil direqtorTa sab-
elementTa modificirebis mimarTulebis ganmsazRvrel erT-erT mniS- Wos mizanmimarTulad zomieri kontroli sWirdeba disbalansis ex ante
vnelovan struqturul elements direqtori da direqtorTa sabWo regulirebisa da kompetenciaTa balansis SesanarCuneblad. am mxriv,
warmoadgens. direqtorats, M&A-is tranzaqciuli miznebisTvis, SeuZlia `xelisuflebis danawilebis~ princi pidan gamomdinare, `nebis aRmsrule-
beli~ organos makontrolebeli funqcia de lege ferenda, dualisturi
307
Wanturia, korporaciuli marva, 2006, gv. 113.
308
es direqtorTan dadebuli sasamsaxure xelSekrulebis samarTlebrivi bunebidanac
sistemis monisturi sistemisgan gammijnavi zedamxedvelobis organos,
gamomdinareobs. ix. lazaraSvili, sasamsaxure xelSekruleba sawarmos direqtorTan, anu sameTvalyureo sabWos kompetencias miekuTvneba.324
wignSi: Tanamedrove sakorporacio samarTlis Teoriuli da praqtikuli sakiTxebi,
2009, gv. 309-328.
309
aSS-s korporaciaTa bordi or mniSvnelovani funqciiT gamoirCeva. pirveli e saris
menejerTa monitoringis funqcia. meore kategriaSi korporaciis saqmianobis ZiriTadi
tendenciebisa da mimarTulebi gansazRvra da dagegmareba. ix. Macey, Corporate Gover-
nance, 2008, P. 53-68. 318
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2011, P. 620-623.
310
Sead. Hamilton, The law of Corporations, 2000, P.232-235; Gevurtz, Corporate Law, 2000, Sead. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 406-408.
P. 186-195. 319
Sead. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2006, P. 638-
311
ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 138; Wanturia, korporaciuli 642.
marTva, 2006, gv. 170. 320
ix. Macey, Corporate Governance, 2008, P. 69-89.
312
Sead. Dravis, Independent Director’s Guidebook, 2007, P. 8,9. 321
magaliTad, sawarmos e.w. `mtruli SeZenis~ dros direqtorTa mier TavdacviTi
313
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2006, P. 642. RonisZiebebis gatarebis movaleoba. ix. Wanturia, korporaciuli marTva, 2006, gv. 231-
314
M.B.C.A. §11.04, Official Comment, 2009. magram, is korporaciis qonebrivi gasxvisebis 233.
kompetenciaSi SezRudulia. ix. Fletcher, Fletcher Cyclopedia of the Law of Corporations, 322
French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 467 et seq.
rev. ed., vol.2, 2006, P. 643,644. 323
Steinberg, Enhancing Corporate Governance In The Mergers and Acquisitions Context, in:
315
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 3A, 2011, P.161-166. Corporate Governance Post-Enron, (edit. Norton, Rickford), 2006, P. 152-154.
316
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 1, 2010, P. 499-501. 324
saubaria sawarmos xelmZRvaneli organos saqmianobis kontrolze da ara sazoga-
317
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 43-48. doebis saqmianobis kontrolze. ix. Wanturia, korporaciuli marTva, 2006, gv. 130.

96 97
1.3. sazedamxedvelo organo rul cvlilebaze e.i. ss-is SeZena da Serwyma, arapirdapir, sameTvalyureo
sabWos sistematizaciazec axdens gavlenas. Tavis mxriv, sameTvalyureo
Tu aqcionerTa saerTo krebis `umTavres~ funqcias sameTvalyureo sabWos funqcia sazogadoebis mier dasadeb tranzaqciaTa dadasture-
sabWos wevrebis formireba Seadgens, zedamxedvelobis organos Ziri- baSi gamoixateba. is, Tu wesdebiT sxva ram ar aris gaTvaliswinebuli,
Tad mizans direqtorTa sabWos wevrTa arCeva,325 maTTan xelSekrulebis aqcionerTa saerTo krebasTan erTad, fundamenturi korporaciuli cv-
dadeba-Sewyveta da saqmianobis kontroli warmoadgens.326 sameTvaly- lilebaze Tanxmobis/dadasturebis gamcemi organoa. sazedamxdvelo or-
ureo sabWo ss-is struqturaSi erTgvari damakavSirebeli rgolia an- ganos hibriduli saxe aqvs. is formirebulia aqcionerTa da direqorTa
gariSvaldebulebisa da zedamxedvelobis funqciidan gamomdinare. aR- sabWos damoukidebeli wevrebiT, romelic erTmaneTs abalanseben.335 misi
masrulebeli organos anu bordis struqtura anglo-amerikuli da funqciiuri datvirTva gansakuTrebiT izrdeba angariSvaldebuli ss-is
kontinenturi evropis samarTlis qveynebSi gansxvavebulia.327 saqarT- mimarT, radgan is aseTi sawarmos savaldebulo organod imperatiulad
veloSi dafuZnebuli angariSvaldebuli sawarmo kontinenturi evropis aris dadgenili. miuxedavad normatiulad dadgenili gancalkevebuli
dualisturi marTvis dogmaturi elementebis matarebelia.328 sameTvaly- struqturuli erTeulobisa, zedamxedvelobis organos kompetenciis
ureo sabWo pasuxismgebelia kompaniis strategiis, biznesprioritetebis delegireba sawesdebo doneze xdeba. wesdebis Sedgena an masSi cvli-
warmarTvisa da dadgenisTvis, wliuri finansuri angariSebis momzadebasa lebebis Setana aqcionerTa saerTo krebis uflebamosilebaa. Sesabamisad,
da damowmebaze.329330 makontrolebeli organo moqmedebs kompaniis in- nebismieri struqturuli cvlilebis ex ante gansazRvra da mowesrigeba
teresebidan gamomdinare, akontrolebs sazogadoebis marTvas, finansuri `zemdgomi~ organos eqskluziur uflebamosilebad rCeba. ss-is struq-
kontrolis sistemebsa da e.w. Shareholder Value-s zrdis331 kondiciebs. turuli cvlileba sameTvalyureo sabWoze garkveul pirobSi axdens
sawarmos marTva-gamgeobis kontrolis efeqturi marTva damoukidebeli gavlenas. ss-is ti pologiuri modificireba (angariSvaldebuli ss-is
da profesionali sameTvalyureo sabWos332 Tanmdevia, romelic korpo- delistingi) pirveli safuZvelia. mis paralelurad, korporaciis kon-
raciuli marTvis xarisxobriv maCvenebelze aisaxeba.333 sameTvalyureo trolis Secvla sameTvalyureo sabWos subieqtTa da, SesaZlebelia,
sabWos struqturuli334 cvlileba damokidebulia aqcionerTa struqtu- kompetenciaTa restruqturizacias daedos safuZvlad. is ss-is orga-
nizaciuli struqturuli erTeulia, romelic qarTuli angariSvalde-
325
amasTan, sabWos wevrebi, orsafexuriani marTvis sistemis Sinaarsidan gamomdinare, ar buli sawarmos savaldebulo organos warmoadgens. logikuria, kompani-
SeiZleba iyvnen direqtorebi, gansxvavebiT aSS-s sakanonmdeblo realobisa, sadac bordi
aRmasrulebeli menejerebiTa da direqtorebiT aris dakompleqtebuli. qarTuli re-
aSi ganxorcielebuli nebismieri cvlileba, cvlilebis xarisxobrivi da
aloba sapirispiro SesaZleblobasac iTvaliswinebs. mewarmeTa Sesaxeb kanonis 55-e ti pologiuri maCveneblis mixedviT, saTanado asaxvas povebs sazedamxed-
muxlis me-2 punqti. Sead. Wanturia, korporaciuli marTva, 2006, gv. 131. velo organoze.
326
mewarmeTa Sesaxeb kanonis 55-e muxlis me-7 da me-8 punqtebi.
327
Davies, Board Structure in the UK and Germany: Convergence or Continuing Divergence?,
2001, P. 1-24. 1.4. auditi - institucionaluri organo?!
328
Hopt, The German Two-Tier Board: Experience, Theories, Reforms in: Comparative Cor-
porate Governance (eds. Hopt, Kanda, Roe, Wymeersch and Prigge), 1998, P. 227-258. Sead.
Gevurtz, Corporate Law, 2000, P. 178-194. mewarme subieqtis organizaciuli marTva da mmarTvelobiTi saqmi-
329
mewarmeTa Sesaxeb kanonis 55-e muxlis me-7 punqti. anobis kontroli (rogorc farTo, ise viwro gagebiT) da misi ganxor-
330
analogiuria, rac direqtoratis funqciaa aSS-Si. Sead. Macey, Corporate Governance, cielebis meqanizmebi organizaciuli samarTlis regulirebis erT-erT
2008, P. 51-68. obieqtia. `nebis aRmsrulebel~ organos, kompleqsuri korporaciuli
331
ix. hopti, korporaciuli marTva evropaSi: regulirebis axali modeli da `rbili
samarTali~, `samarTlis Jurnali~ #1, 2009, gv. 230. marTvis meqanizmis srulfasovani ganxorcielebis, persperqtiuli rCev-
332
amisaTvis arsebobs Sefaseba, rogorc sameTvalyureo sabWos idealti pur organod ebisa da samewarmeo saqmianobasTan dakavSirebuli problemuri sakiTxebis
Camoyalibebis ganmsazRvreli qmedeba. ix. bakli, Sefaseba – pirveli nabiji sameTvaly-
ureo sabWos dasaxvewad, yovelkvartaluri biuleteni #5, IFC, 2004, gv. 9-11.
333
hopti, korporaciuli marTva evropaSi: regulirebis axali modeli da `rbili 335
mewarmeTa
������������������������������������������������������������������������������
Sesaxeb kanonSi arsebuli Canaweri pirdapir miuTiTebs, rom sameTvaly-
samarTali~, `samarTlis Jurnali~ #1, 2009, gv. 229-232. ureo sabWoSi SesaZlebelia iyvnen direqtorebi, magram ara umravlesobaSi. ix. me-
334
Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, 2002, gv. 399-403. warmeTa Sesaxeb kanonis, 55-e muxlis me-2 punqti.

98 99
gadawyvetisTvis, qvestruqturuli organoebi esaWiroeba.336 korporaci- savaldebulo struqturuli erTeulia.344 is axorcielebs sazogadoe-
uli marTvis gaumjobesebis, finansuri monitoringisa da riskebis mene- bis Sida kontrols,345 mimoixilavs finansuri da operaciuli informa-
jmentis erTgvari `analitikuri~ struqturuli elementi, aRmasrule- ciis integrirebulobis maCvenebels, romelic riskis menejmentis insti-
beli organos komitetebia.337 tucionalur berketad aris Camoyalibebuli.346 auditis savaldebulo
ss-s struqturis sistemuri analizi sazogadoebis safinanso da Sesruleba sakanonmdeblo donezea dawesebuli aSS-Si funqcionirebadi
ekonomikuri saqmianobis zedamxedveloba-kontrolsac moicavs.338 safi- `Ria~ korporaciebisTvis.347348
nanso kontroli teqnikurad ori mimarTulebiT SeiZleba ganxorciel- sakanonmdeblo regulaciebis paralelurad, auditis komiteti ko-
des. pirveli, Sida auditoris339 da, meore, gare auditoris daniSvna- rporaciuli marTvis saukeTeso praqtikasa da korporaciuli marTvis
mowveviT.340 maTi Sesruleba rTul da xangrZliv procedurul jaWvs kodeqsebis samarTlebrivi mowesrigebis arealSia moqceuli,349 romelic
moicavs.341 amasTan, auditis saxe da subieqtebi erTmaneTisgan gansxvave- damoukideblobis maRali xarisxis mqone komiteti unda iyos.350 korpo-
bulia. raciuli marTvis kodeqsebi angariSvaldebuli sazogadoebisTvis audi-
Sida auditi amowmebs korporaciis menejmentis finansur sakiTxebs, tis komitetis nebayoflobiT Seqmnas sasurvel qmedebad akvalificire-
kontrolis gadanawilebas da balanss. mis sapirwoned, gare auditori, ben.351
aanalizebs da ganixilavs Sida auditis mier Catarebul Semowmebas da auditis komitetis ZiriTadi funqciebi, rogorc sakanonmdeblo do-
mis Sesabamisobas adgens korporaciis mimdinare da arsebul realur md- neze, ise korporaciuli marTvis kodeqsiT aris gawerili.352 auditis
gomareobasTan.342 Sida auditis Catareba sazogadoebis auditis komite- komiteti unda (a) uwevdes ss-s gare auditis Catarebis Sesaxeb reko-
tis kompetenciaa. rac Seexeba gare auditors, is damoukidebeli iurid- mendacias; (b) zedamxedvelobdes gare auditoruli kompaniis anazRau-
iuli piris statusis matarebeli auditoruli kompaniaa. korporaciis rebis, auditis Catarebis/mowvevis xelSekrulebis debulebebsa da mis
finansuri moxsenebis/angariSis Sesrulebis procesis, Sida kontrolisa (gare auditis) damoukideblobis sakiTxebs; (g) Tvalyurs adevnebdes
da gare auditorTa damoukideblobis sazedamxedvelo funqciis matare- da amowmebdes korporaciis marTvis sistemis aRmasrulebel pirTa dan-
beli, korporaciis institucionaluri elementi, auditis komitetia.343 iSvna/gaTavisuflebas; (d) asrulebdes auditorsa da direqtorats So-
auditis komiteti, kapitalis bazris standartebiT, korporaciis ris damakavSirebel funqcias; (e) amowmebdes yvela auditis Sedegebs
da menejmentis reagirebas ganxorcielebuli auditis Sedegebze; (v)
336
Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 133-136.
337
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 2A, 2009, P. 7-22.
amowmebdes gare auditoris mier Sesrulebul nebismier finansur doku-
338
miuxedavad imisa, rom korporaciuli marTvis saukeTeso praqtika `Ria~ ss-Si sab- mentaciasa da mis Tanxmleb masalas da (z) Sida da gare auditorebTan
Wos komitetebisa da korporaciuli mdivnis arsebobas moicavs, is, ZiriTadad, sabanko erTad detalurad mimoixilavdes korporaciis Sida kontrolis balan-
seqtorSi funqcionirebad ss-s exeba, sabanko saqmianoba ki naSromis Sinaarsobriv kon- sisa da adekvaturobis sakiTxebs.353354
teqstTan konvergencias ar ganicdis. Sesabamisad, sabanko saqmianobis ganmaxorciele-
bel mewarme subieqtTaTvis marTvis damxmare institucionaluri organoebisa da maTi 344
ix. NYSE Listed Co. Manuals §303.01., SEC Rule 10A-3.
(qarTuli) korporaciuli marTvis kodeqsis analitikuri midgoma ar iqneba SemoTava- 345
Hamilton, Rasmussen, Guide To Internal Controls, 2007, P. 15.
zebuli. dResdReobiT ki, arasabanko seqtorSi moqmed ss-s ar gaaCniaT korporaciuli 346
Sheppey, McGill, Sarbanes-Oxley, 2007, P. 114.
marTvis kodeqsi. komitetebis arsebobasTan mimarTebiT, Sead. Wanturia, korporaciuli 347
ix. Moeller, Sarbanes-Oxley Internal Controls, 2008, P. 152-154; Hamilton, Freer, The law
marTva, 2006, gv. 116-117. of Corporations, 6th ed., 2011, P. 243.
339
Sida kontrolis sistemis Sesaxeb debulebebis moZieba sabanko seqtoris mareguli- 348
gansxvavebiT inglisuri Company Act-gan. ix. Calder, Corporate Governance, 2008, P.
rebel kanonqvemdebare aqtebsa da korporaciuli marTvis kodeqsSia SesaZlebelia. mag., 122.
korporaciuli marTvis kodeqsi komerciuli bankebisaTvis, $6., saqarTvelos erovnuli 349
saqarTvelos korporaciuli marTvis kodeqsi komerciuli bankebisaTvis, $6. The
bankis prezidentis 2001 wlis 28 dekembris 318 brZaneba `komerciul bankebSi Sida American Law Institute’s Principles of Corporate Governance (ALI Principles), §3.05.
auditis moTxovnebis Sesaxeb wesis damtkicebis Taobaze~. 350
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 2A, 2009, P. 13.
340
gare auditori finansuri angariSgebisa da sabuRaltro aRricxvis auditoruli 351
mag., ix. ALI Principles of Corporate Governance, §3A.02.
kompaniebia. ix. Sheppey, McGill, Sarbanes-Oxley, 2007, P.127. 352
aSS-s ALI Principles analogiur mowesrigebas Seicavs inglisuri kompaniaTa samar-
341
Hamilton, Rasmussen, Guide To Internal Controls, 2007, P. 75-87. Tali. ix. Calder, Corporate Governance, 2008, P. 123-125.
342
Sheppey, McGill, Sarbanes-Oxley, 2007, P. 114-145. 353
ALI Principles of Corporate Governance, §3A.03.
343
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 2A, 2009, P. 12. 354
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 2A, 2009, P. 14.

100 101
aSS-s msgavsad da inglisisgan gansxvavebiT,355 qarTul samarTlebriv SeZena-Serwymis post-tranzaqciul efeqtsa da sinergizmis warmoSo-
sivrceSi, angariSvaldebul ss-s auditis ganxorcieleba, sakanonmdeblo bas `Ria~ ss-is auditi mniSvnelovanwilad uwyobs xels. ufro metic,
doneze, imperatiul moTxovnaTa siaSia Setanili.356 ss-Si, romelsac 100- auditi (rogorc gare, ise Sida) korporaciuli kombinaciis Sesrulebis
ze meti aqcioneri hyavs, gare auditis Catareba aucilebelia.357 qarTve- umniSvnelovanes rgols warmoadgens. is tranzaqciis warmatebulobis,
li kanonmdebeli auditis damoukideblobis postulatebsac awesebs. riskis Sefasebisa da perspeqtivebis kompetentur analitikur xedvas
mewarmeTa Sesaxeb kanonis Tanaxmad, safinanso da ekonomikuri saqmianobis warudgens sazogadoebis menejments. wardgenili daskvna direqtoratsa
kontroli mxolod sazogadoebisa da misi partniorebisgan samarT- da aqcionerTa saerTo krebas informirebuli gadawyvetilebis miRebis
lebrivad da ekonomikurad damoukidebel auditors SeiZleba miendos.358 erT-erT prekondicias warmoadgens. es ki niSnavs, rom safinanso kontro-
rac Seexeba auditoris mowvevas, amis Sesaxeb mewarmeTa Sesaxeb lis ganmaxorcielebeli auditori ss-is sturuqturul organizaciul
kanonSi ori bundovani daTqma arsebobs. kerZod, zogad nawilSi kanon- konteqstSi jdeba da is institucionalurad mniSvnelovani funqciis
mdebeli auditoris mowvevas sameTvalyureo sabWos kompetencias matarebeli struqturuli erTeulia.
miakuTvnebs,359 Tumca ss-is maregulirebel kerZo nawilSi, mis, auditoris
arCevis uflebamosilebas aqcionerTa saerTo krebas aniWebs.360 Seqmnili 2. ss-is struqturuli elementebi Sinaarsobrivi
koliziuri samarTlebrivi mdgomareoba kerZo nawilSi mocemuli regu- genezisis strategiul konteqstSi
lirebis sasargeblod unda gadawydes. Sedegad, auditoris daniSvnis
eqskluziuri da default uflebamosileba aqcionerTa krebas gaaCnia.361 es ss-is organizaciulobis maformirebeli substanciuri niSnebis, rom-
ki gare auditoris, rogorc kompaniis organizaciuli marTvis erT-erT lebic ss-is organoebis saxiT yalibdeba, strategiuli ganviTareba misi
Semadgenel organod362 ganxilvis myar safuZvels warmoadgens.363 mas Sinaarsobrivi struqturuli elementebis kombinirebulad deskrifci-
niSnavs/iwvevs aqcionerTa saerTo kreba.364 ul-analitikuri analiziT miiRweva. mmarTvelobis organoTa Camoyali-
zemoaRniSnulidan gamomdinare, auditoris, rogorc angariSvalde- bebis determinantad ss-is arsis ganmsazRvrel niSnebs Soris kavSirebis
buli ss-is organizaciuli struqturis Semadgeneli subieqturi el- korporaciul-samarTlebriv urTierTobebad Seracxva unda iqnes miC-
ementis cvlileba, SesaZloa, ss-is SeZenis an Serwymis korporaciuli neuli. erTi SexedviT, aseTi urTierTgamijnuloba pirobiTi Cans, Tumca,
qmedebis ganxorcielebaze, rogorc Sedegze, iyos damokidebuli. Camoyalibebis, sakuTrebisa da kontrolis gamijvnis specifika mis calke
355
Calder, Corporate Governance, 2008, P. 122. ganxilvas argumentirebul saxes sZens. sakiTxi exeba sakuTrebis struq-
356
samwuxarod es mxolod gare auditis Catarebas exeba. ss-is arc erTi ti pologi- turas, mis strategiul Camoyalibebas, Seqmnis ekonomikur safuZvlebs;
isTvis, auditis komitetis savaldebuloba, mewarmeTa Sesaxeb kanoniT, ar aris dawese- kompetenciaTa danawilebasa da kontrols; kontrolis meqanizmebsa da
buli. (unda vnaxo kapitalis bazris wesebi, rogori aris an rame moTxovna aris Tu
ara auditis komitetis arsebobasTan dakavSirebiT.).
subieqtebs.
357
ix. mewarmeTa Sesaxeb kanonis me-13 muxlis me-2 punqti. korporaciis restruqturizaciis dros ganasxvaveben portfolios
358
mewarmeTa Sesaxeb kanonis me-13 muxlis me-2 punqtis meore winadadeba. restruqturizaciasa365 da finansur restruqturizacias,366 romelTagan
359
mewarmeTa Sesaxeb kanonis me-13 muxlis me-2 punqtis meore winadadeba. ukanaskneli kapitalis struqturis cvlilebas exeba. mimdinare TavSi,
360
mewarmeTa Sesaxeb kanonis 54-e muxlis me-6 punqtis i) qvepunqti. swored kapitalis struqturuli elementebis Semadgenloba da maTi
361
gansxvavebiT aSS-gan, sadac auditis komitetis Seqmna bordis kompetencias gane-
kuTvneba, Tu wesdebiT sxva ram ar aris gaTvaliswinebuli. M.B.C.A. §8.25(a), Official 365
portfolios restruqturizacia cvlis aqcionerebsa da kreditorebs Soris ar-
Comment, 2009. sebul saxelSekrulebo urTierTobas firmis ZiriTadi fardobiTi da salikvidacio
362
is (gare auditori) SesaZlebelia, finansuri monitoringis konteqstSi, ganxilul Rirebulebis Secvlis saSualebiT. ix. Renneboog, Szilagyi, Corporate Restructuring and
iqnes garigebiTsamarTlebrivi safuZvliT warmoSobil (Semdgar) `ucxo organod~. Bondholder Wealth, 2006, P. 7.
363 366
sameTvalyureo sabWosgan gansxvavebiT, romelic xelmZRvaneli organos saqmianobis gansxvavebiT portfolios cvlilebisgan, finansuri restruqturizacia pirdapir
makontrolebeli funqciis matarebelia, gare auditori mTlianad sazogadoebis safi- aisaxeba kapitalis struqturaze. am dros saubroben, korporaciis sakontrolo pa-
nanso da ekonomikuri saqmianobis `zedamxedvelobiTi funqciiT~ aRWurvili piria. ketis SeZenis umetesi nawilis sesxiT dafinansebaze, e.w. Leveraged Buy out (LBO) da
364
auditoris arCevasTan mimarTebiT detalur regulirebas Seicavda mewarmeTa Ses- msgavs meTodebze. ix. Renneboog, Szilagyi, Corporate Restructuring and Bondholder Wealth,
axeb kanonis 2005-2008 wlamde redaqcia. Sead. Wanturia, niniZe, mewarmeTa Sesaxeb 2006, P. 11. aseve: Vigari, Conflict of Interest of Target Company’s Directors and Shareholders in
kanonis komentari, 2002, gv. 227, 384-387, 441-444. Leveraged Buy-outs, ECFR, Vol. 4 No. 3, 2007, P. 347-369.

102 103
korelacia ganixileba. kapitalis struqturis klasificireba finansur qonebis ekonomikuri marTvaa.372 `kapitali~ korporaciulad mowyobili
saSualebaTa divergensul bunebasa da maT (am saSualebaTa) safuZvelze organizaciuli gaerTianebis mimarT gamoyenebadi terminia, romelic aq-
formirebuli kapitalidan warmoSobil samarTlebriv statuss qvemde- cionerTa mxridan gaRebuli fulis, qonebisa da materialuri dovlaTis
bare ufleba-movaleobaTa katalogidan momdinareobs. finansur saSuale- akumulirebas gamoxatavs da samewarmeo saqmianobis ganxorcielebis im
baTa kuTxiT gamoiyofa kapitalis struqturis formirebis sakuTari da miznobriv fonds warmoadgens, risTvisac korporacia iqna formirebu-
`ucxo~ (nasesxebi)367 saSualebebi, xolo maTgan gamomdinare ufleba-mov- li.373 kapitalis kontribuciis implicituri sapasuxo qmedeba sazoga-
aleobaTa kuTxiT – valdebulebis Sesrulebis368 moTxovnis (rigiTobis) doebis mier aqciaTa gacemaa.374
`upiratesi~ da `Cveulebrivi~ ufleba.369 gaerTianebuli materialuri miuxedavad imisa, rom ekonomistebi kapitals biznesis qonebas
sikeTis marTvisa da kontrolis funqciuri gamijvna, kapitalis saxe- uTanabreben, `kapitalis~ samarTlebrivi dedaarsi375 samewarmeo saqmi-
obaTa da arsis wvdomis gareSe, ati pur Sedeges gamoiRebda. kapitalis, anobis mesakuTreTa erTsulovani TanxmobiT gaerTianebuli investiciis
rogorc korporaciis strategiuli niSnis ganxilva, kontrolis meqa- maCvenebelSia (raodenobaSia).376
nizmisa da saSualebis samarTlebrivi safuZvlTa epilogiT dasruldeba. kapitalis Sesaxeb arsebul koncefciaTa rangireba myar da `TviT-
regulirebad~ koncefciad SeiZleba ganxorcieldes. pirveli SemTxvevis
mocemuloba sakanonmdeblo doneze377 gansazRvrul minimalur sawesdebo
2.1. kapitali kapitalis378 koncefcias exeba, xolo meore SemTxvevaSi – sazogadoebis
2.1.1. kapitalis klasobrivi determinacia370 kapitalis gansazRvris SemzRudavi379 normebis380 ar arsebobas.381382 sawes-
debo kapitalis arsi wilis nominaluri Rirebulebis mqone aqciebad
dayofaSi mdgomareobs. nominalis dadgenas ori ZiriTadi funqciuri
ss-is finansuri warmatebis magnituda kapitalis bazris xelsayreli mxare aqvs. pirveli, is aucilebelia aqcionerTa mier korporaciisTvis
koniunqturis pirobebSi firmis restrospeqtuli371 da perspeqtiuli gadasaxdeli minimaluri Tanxis gansazRvrisTvis.383 garda amisa, aqciis
(prognozuli) analizis safuZvelze xorcieldeba. kapitalis struq- minimaluri nominaluri Rirebulebis gansazRvra, romliTac formirebu-
turuli elementebis da misi gansazRvris samarTlebriv-ekonomikuri lia sawesdebo kapitali, korporaciis dividendis politikis erTgvari
aspeqtebis ganxilvamde, mizanSewonilia, kapitalis saxeobaTa samarT- direqtivis mimcemia.384 dividendis ganawilebis385 wyaros korporaci-
lebrivi mimoxilva, romelic ss-is kapitalis arsis srulfasovani wv- 372
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 11, 2011, P. 10. Sead.
domis siRrmes gansazRvravs.
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 354.
uzogadesi ganmartebiT, kapitali korporaciis mier, mogebis misaRebad, 373
Booth, Financing the Corporation, 2010, P. 6-7.
374
ix. United Grocers, Ltd. v. United States, 186 F Supp 724.
375
kapitali mravali sasamarTlos ganmartebis sagnad iqca. ix. Randall v. Bailey, 23
367
qarTul iuridiul literaturaSi damkvidrebulia `ucxo~ kapitalis cneba, ro- N.Y.S.2d. 173, 179 (Sup. Ct. 1940).
melic nasesxebi kapitalis identuri srulad ar aris: ucxo kapitali ufro farTo 376
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 351.
cnebiTi kategoriaa, romelic ara marto nasesxeb kapitals, aramed mesame piris sa- 377
Booth, Financing the Corporation, 2010, P. 288-294.
kuTrebaSi arsebul wilobriv (ara sasesxo) sakuTrebasac moicavs. ix. Jensen, Meckling, 378
Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, 2002, gv. 59-60.
The Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, 3 J. Fin. 379
igulisxmeba kapitalis formirebi minimaluri odenoba.
Econ., 1976, P. 53. Sead. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 243-244. naS- 380
Pinto, Branson., Understanding Corporate Law, 3rd ed., 2009, P. 74.
romis miznebisTvis, isini SeiZleba urTirTCanacvlebad terminebad iqnes gamoyenebuli. 381
burduli, sawesdebo kapitali da misi funqciebi, 2009, gv. 209 da momdevnoni.
368
iqneba es Cveulebrivi samoqalaqo-saxelSekrulebo urTierTobidan gamomdinare Tu 382
saqarTveloSi sawesdebo kapitalis evoluciis Sesaxeb, ix. burduli, saaqcio samar-
korporaciuli, likvidaciis etapze arsebuli moTxovna. Tli safuZvlebi, 2010, gv. 93 da momdevnoni.
369
Hamilton, The Law of Corporations, 2000, P. 211. 383
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 350-352.
370
ramdenadac naSromis mizans kapitalis klasificirebul saxeobaTa detaluri kvl- 384
Booth, Financing the Corporation, 2010, P. 300-302.
385
eva da analizi ar warmoadgens, mimdinare paragrafSi mocemulia sakorporacio samar- dividendis aqciebiT gacemis an aqciaTa gayofisTvis utilizireba specifikur mov-
TalSi damkvidrebul kapitalis saxeobaTa zogadi mimoxilva, rac, Tavis mxriv, naSromis lenas warmoadgens. misi ganxorcieleba, sazogadoebis menejments pirdapir namatidan
miznis miRwevis damxmare saSualebas warmoadgens. ar SeuZlia. direqtorma unda ganaxorcielos namatis, iqneba es gamomuSavebuli Tu
371
ganvlil periodSi sameurneo saqmianobis Sedegebis analizi. kapitalnamati, kapitalizacia, anu namatis saangariSo gadacema koproraciis sakuTari

104 105
is saSemosavlo namati warmoadgens.386 namati es aris is ekonomikuri veli kapitali,398 naCvenebi kapitalic ewodeba.399 Tavis mxriv, saaqcio
maCvenebeli, romliTac qonebis wminda Rirebuleba aRemateba kapitals.387 kapitalis mTel dasaSveb odenobas `nebadarTul kapitals~ uwodeben.400
qonebis wminda Rirebulebaa is, riTic aqtivi aRemateba pasivs.388 divi- Tumca es ar niSnavs, rom mocemuli sidide Sevsebulia partniorTa mier,
dendis gacemis winapirobaTa Semowmeba finansur dokumentTa analizSi anu xelmowerili kapitali401 ar niSnavs mis upirobod Sesrulebas.402
mdgomareobs.389 misi dadgena sabalanso monacemTa bazisze xdeba: Tu xelmowerili (gacxadebuli) kapitalis aqciebze aqcioneris uflebis
valddebulebaTa jami aRemateba fiqsirebul da arafiqsirebul aqtivebs mopovebisTvis gadaxdili Tanxis Sedegad formirebul kapitals ganaRde-
damatebuli sawesdebo kapitalis jams, saxeze ar aris namati, Sesabam- buli, gadaxdili kapitali (paid up share capital) ewodeba.403 gadaxdis
isad, dividendis gacemis wyaro sazogadoebas ar gaaCnia.390 kapitalis sanacvlod miRebul aqciebs `ganTavsebuli aqciebi~, xolo gamoSvebul,
namatis, sawesdebo kapitalis, nominaluri Rirebulebisa da dividendis magram jer srulad an nawilobriv daufaravi (gadauxdeli, gaunaRde-
gacemis SezRudvas Soris kavSiris kapitalis mniSvnelobas naTalad beli) aqciebis404 Semcvel kapitals - `pirobadebuli~, called up share
warmoaCens.391 capital ewodeba,405 romelic sawarmos potenciur kapitals Seadgens.406407
koncefciaTa cvalebadoba kapitalis struqturis, aqedan gamomdin- naTelia, rom kapitalis Tavdapirveli raodenobrivi maCvenebeli, re-
are, kapitalis saxeobaTa cvlilebaze aisaxeba.392 kapitalis saxeobaTa alurad ganxorcielebuli Tu potenciurad, konkretul garemoebebze
klasificirebaze misi formirebis finansur instrumentTa cvalebadobac damokidebuli kapitalis Sesruleba (formireba) kapitalis saxeobaTa
axdens gavlenas. Tu sazogadoebis kapitali yalibdeba Sida saxsrebis Soris terminologiur marginalur diferencirebas iwvevs, romlis arsic,
akumulirebis safuZvelze, iqmneba sakuTari kapitalis mocemuloba;393 Teoriul-praqtikuli kuTxiT, xSir SemTxvevaSi, arsebiTi mniSvnelobis
Tu saxezea sasesxo saSualebiT kapitalis formireba, iqmneba ucxo Semcvelia. maTi homogenizmis ganmapirobebli ki `kapitalis~, rogorc
kapitali,394 xolo Tu hibridul variantze gamaxvildeba yuradReba, war- sistemuri cnebis qveS gaerTianebaa.408 nebismieri saxiT investirebu-
modgeba sakuTari kapitalis Semcveli sesxis safuZvelze formirebuli li materialuri dovlaTi, araqonebrivi da qonebrivi sikeTe, romelic
kapitali.395 ukve formirebuli (gansazRvruli) kapitalis saxelwo- ss-is samewarmeo saqmianobis seriozulobisa da ganxorcielebis eko-
debiTi sxvaoba misi raodenobrivi da faqtobrivad ganxorcielebuli nomikuri SesaZleblobis determinantia, kapitali ewodeba.409 kapitalis
niSnidan momdinareobs. partniorTa mier SeTanxmebiT396 dadgenili kap- niuansirebul klasobriv CaSla Sesrulebis meqanizmebis, Senatanis ganx-
italis raodenoba397 sawesdebo kapitalia. mas sxvagvarad Tavdapir- orcielebis etapisa da akumulirebuli Tanxmebis warmoSobis wyaros
398
burduli, sawesdebo kapitali da misi funqciebi, 2009, gv. 221 da momdevnoni.
399
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 238. Sead. burduli, sawesdebo
kapitalis balansze. kompaniis balansSi kapitalis momateba direqtorats samarT- kapitali da misi funqciebi, 2009, gv. 226-228.
400
lebriv SesaZleblobas aZlevs aqciebis saxiT dividendis gacemaze. sapirisporo qmede- mas sxvagvarad gacxadebuli kapitalic ewodeba.
bas (arakapitalizirebuli namatis aqciebis dividendad gacemas) kapitalis bazarze 401
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 354-358.
arsebuli regulaciebi krZalavs. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th 402
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 239.
ed., vol. 3, 2010, P. 548-541. 403
Ferran, Principles of Corporate Finance Law, 2008, P. 101.
386
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 520-522. 404
saubaria iseT aqciebze, romelic gamoSvebulia, anu sazogadoebis mier miRebul iqna
387
ix. Del. Code Ann. tit. 8, §154. gadawyvetileba aqciaTa konkretuli raodenobis gamoSvebaze (issued shares), magram misi
388
Booth, Financing the Corporation, 2010, P. 303. miRebis sanacvlo Sesruleba, magaliTad, gadaxda, partnioris mier, jer ar Sesrule-
389
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 352-353. bula, anu aqciaze ufleba warmoSobilia (outstanding shares), magram misi mesakuTris
390
Booth, Financing the Corporation, 2010, P. 303-305. mier srulad ar aris gadaxdili aqciis Rirebuleba. Sead. Fletcher, Fletcher Cyclopedia
391
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 507-561. of the Law of Corporations, rev. ed., vol. 11, 2011, P. 38-40.
392
juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 151. 405
Ferran, Principles of Corporate Finance Law, 2008, P. 102.
393
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 11, 2011, P. 11. 406
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 239.
394
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 237, 243. 407
zemoaRniSnuli ori saxeobis gamoxatuleba `mewarmeTa Sesaxeb~ kanonis 59-e mux-
395
juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 80-82. lis pirvel punqtSia gatarebuli.
396
Sead. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 11, 2011, P. 408
Sead. Booth, Financing the Corporation, 2010, P. 7.
35-37. 409
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 11, 2011, P. Sead.
397
Sead. Gevurtz, Corporation Law, 2th ed., 2010, P. 113. Booth, Financing the Corporation, 2010, P. 7.

106 107
mixedviT klasificirdeba. msgavsi klasifikacia kapitalis zogad de- ganviTarebis procesSi.415 amisaTvis, aucilebelia optimaluri kapitalis
terminaciaze, terminologiuri diferencirebis miuxedavad, arsebiT gav- struqturis uzrunvelyofa. ukanasknelis Seqmnis safuZveli material-
lenas ar axdens.410 uri dovlaTis mozidvis gansxvavebul meqanizmebSi416 mdgomareobs.417
kapitalis struqtura, korporaciis mikuTvnebis formis mixed-
viT, warmoadgens sakuTari da nasesxebi finansuri instrumentebis
2.1.2. kapitalis struqtura Tanafardobas,418 romelic gamoiyeneba samewarmeo saqmianobis procesSi.419
wminda samarTlebrivi gagebiT, kapitalis formireba investoris inves-
korporaciis kapitalizacia, finansuri struqtura da permanentuli ticiis ekonomikuri realizaciis Sedegia. kapitalis struqturis de-
dafinanseba, fasiani qaRaldebis gamoSvebazea damokidebuli. permanen- terminanti ki misi formirebis saSualebaTa (investiciebis) wyaroa. ko-
tuli dafinanseba moicavs rogorc Cveulebirv aqciebs, ise privilegire- rporaciis finansuri struqtura damyarebulia saqmianobisTvis saWiro
bul aqciebsa da obligaciebs, romelic grZelvadiani sesxis kategorias kapitalis mozidvasa da moziduli kapitalis ekonomikuri cirkuli-
ganekuTvneba.411 rebis Sedegad miRebuli Semosavlebis mewileTa Soris ganawilebaze.420
sazogadoebis biznes saqmianobisTvis saWiro kapitalis mozid- dividendis ganawilebaze uflebis damdgeni investoris sakuTrebis
vis gansxvavebuli proceduruli meqanizmebi kapitalis struqturis struqturaa.421 Tumca, kapitalis struqtura gansazRvravs ra korpo-
formirebis mimarTulebis mimcemia. korporaciis saqmianobis formirebis raciis strategiasa da masTan dakavSirebul pirebTan urTierTobebs,422
pirobebi damokidebulia kapitalis struqturaze.412 kapitalis struq- arapirdapir zegavlenas mewiles sakuTrebis struqturazec axdens.423
tura, rogorc ekonomikuri, ise samarTlebrivi gagebiT, aris korporaciis kapitalis struqturis korporaciuli strategia424 sazogadoebis si-
mier biznesis warmarTvisTvis moziduli saxsrebis erToblioba, romelic cocxlisunarianobis anu xangrZlivi saqmianobis indikatoria.425
damokidebulia formirebis saSualebebsa da wyaroebze.413 korporaciis kapitalis struqturasa da korporaciaTa dauflebas Soris pirda-
mier gamoyenebuli kapitalis struqtura gansazRvravs misi saqmianobis piri kavSiri arsebobs, romelic gamomdinareobs Corporate Control The-
ara mxolod finansur, aramed operatiul, investiciur aspeqts da gav-
lenas axdens misi saqmianobis Sedegebze.414 aseve, gansazRvravs finansuri 415
kakulia, baxtaZe, TuTberiZe, korporaciis finansebi, 2006, gv. 274.
mdgradobisa da gadaxdisunarianobis dones, rac, saboloo jamSi, ayali- 416
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 234.
bebs momgebianobisa da riskebis sasurvel Tanafardobas korporaciis
417
Bessler, Drobetz, Kazemieh, Factors Affecting Capital Structure Decision, 2011, P. 17-37.
418
Booth, Financing the Corporation, 2010, P. 7.
419
Sead. juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 233.
410
Booth, Financing the Corporation, 2010, P. 6-7. 420
Gevurtz, Corporate Law, 2000, P. 112. gasacemi dividendi kombinirebul damokideb-
411
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 385. ulebas iCens ss-is wminda mogebis maCvenebelsa da menejmentis gadawyvetilebaze, anu
412
kapitalis struqtura, rogorc wesi, gamoiyeneba ekonomikur samecniero liter- ekonomikur-samarTlebriv faqtorebze. samarTlerivi diskreciis damdgeni `mewarmeTa
aturaSi, mis erTgvar samarTlebriv `analogad~ moiazreba sakuTrebis struqtura e.w. Sesaxeb~ kanonis me-8 muxlia. rac Seexeba wminda mogebas, is pirdapirproporciuladaa
Ownership Structure an finansuri struqtura, e.w. Financial Structure. Tumca maT Soris damokidebuli kapitalis struqturaze. ix. Frank, Goyal, Profits and Capital Structure,
substanciuri Sinaarsobrivi sxvaobac arsebobs. ix. Jensen, Meckling, The Theory of the 2009, P. 1-16.
Firm: Managerial Behavior, Agency Costs, and Ownership Structure, 3 J. Fin. Econ., 1976, P. 421
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 14-15.
53. Sead. Hansmann, Ownership of the Firm, in: Corporate Law and Economic analysis, (edit. 422
Parsons, Titman, Capital Structure and Corporate Strategy, 2007, P. 3.
Bebchuk), 1991, P. 283-288; Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 423
magaliTad, ss-m Secvala kapitalis nominaluri Rirebulebis mqone aqciaTa kla-
14-15. Tumca, kapitalis struqtura, ekonomistTa gagebiT, gansxvavebulia finansuri sobrivi politika strategiuli mimarTulebis cvlilebis safuZvelze da moaxdina
struqturisgan. es ukanaskneli moicavs mewarme subieqtSi yvela moTxovnas/valdeb- aqciaTa konversia, konsolidacia an misgan gamomdinare sxva uflebrivi restruqtur-
ulebas, romelic moklevadian procentian sesxebsa da gadasaxdel finansur angariSebs izacia. Sead. La Rocca, Capital Structure and Corporate Strategy, 2011, P. 44-49.
moicavs (account payable), im fonze, rodesac ekonomistebi kapitals industriul 424
La Rocca, Capital Structure and Corporate Strategy, 2011, P. 41-56. am dros SesaZlebelia
ekonomikur cirkulaciaSi myof mTel qonebas uwodeben. ix. Klein, Coffee, Business Orga- saubari korporaciis mxridan kapitalis dacvisken mimarTul an misi dacvisTvis Ses-
nization and Finance, 2007, 10th ed., P. 352. Sead. Gevurtz, Corporation Law, 2000, P. 112-116. rulebul strategiul sakanonmdeblo Tu TviTregulirebad qmedebaTa erTobliobaze.
413
Baker, Martin, Capital Structure and Corporate Financing Decitions: Valuation, Strategy and juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 21 da momdevnoni, 118 da
ix, ­
Risk Analysis for Creating Long-Term Shareholder Value, 2011, P. 1. momdevnoni.
414
Moradoglu, Sivaprazad, Capital Structure and Returns, 2011, P. 75-90. 425
Parsons, Titman, Capital Structure and Corporate Strategy, 2007, P. 2-10.

108 109
ory-dan. korporaciuli kontrolis Teoriis mixedviT, korporaciuli korporacia statikurad gansazRvravs ori saxis `fasiani qaRaldis~433
dauflebis etapze, kapitalis struqtura post-tranzaqciul Sedegebze meSveobiT sazogadoebis dawyebiTi, Tavdapirveli434 kapitalis mozid-
arsebiT gavlenas axdens. mas pirdapiri efeqti aqvs menejmentsa da gare vas. am ukanasknelidan pirveli, ss-is Sidaorganuli, anu damfuZnebel
investorTa Soris xmis uflebaTa gadanawilebaze.426 partniorTagan sazogadoebis dafinansebis meqanizmSi mdgomareobs, rac,
Tavis mxriv, kapitalis formirebis heterogenuli wyaroebi misi samarTlebrivad, wevris statusis mopovebiT sruldeba. dafinansebis
struqturis or indiferentul marginalur aspeqts ayalibebs. pirveli, aseT saxes `sakuTari, Sida saxsrebiT~ finansuri struqturis Seqm-
es aris kapitalis struqturis samarTlebrivi mocemuloba, romelic nas435 uwodeben, xolo mis safuZvelze mozidul kapitals – sakuTar
korporaciis finansuri struqturis tolfasia da logikur ganviTare- kapitals.436437 wesdebis mixedviT,438 sakuTari kapitali439 xarisxdeba or
bas kapitalis provaiderTa sakuTrebis struqturaze povebs. meore, es ZiriTad fasian qaRaldad: Cveulebriv da privilegirebul aqciad.440
aris kapitalis struqturuli elementebis (da misi Camoyalibebis) eko- am etapze ikveTeba dafinansebis saSualebis pirvel meqanizmsa (equi-
nomikuri aspeqtebi, romelic samarTlis ekonomikuri analizis Sesaxeb ty financing) da moziduli kapitalis gansazRvruli Rirebulebisa da
arsebul samecniero literaturaSi or ZiriTad Teoriamde427 konkret- uflebebis mqone aqciebad dayofas Soris kavSiri: equity financing-i mim-
deba. wodebeli pirisTvis uzrunvelyofs mewarme subieqtTan korporaciul
samarTlebriv urTierTobas da misgan (wevrobidan) gamomdinare ufleba-
movaleobebs,441 romelic iwyeba wevris statusis SeZeniT da mTavrdeba
2.1.2.1. kapitalis struqturisa da misi formirebis samarTlebrivi misi SewyvetisTanave.442 kapitalis struqturi formirebis aRniSnuli
aspeqtebi meToduri strategia qonebrivi sikeTis riskian investicias warmoad-
gens.443
kapitalis struqturis formireba warmoebs misi TiToeuli Semad-
geneli nawilis TaviseburebaTa gaTvaliswinebiT. ss-Si aseT Tavise- sazogadoebisa da misi wevris kavSiris korporaciul-samarTlebriv
burebas sargeblisa da Zalauflebis ganawileba warmoadgens, romelic urTierTobad Seracxva_ ar Seracxva ss-is kapitalis struqturis
sazogadoebis finansuri struqturidan gamomdinareobs.428 kapitaluri formirebis meqanizmTa klasifikatoris rolsac TamaSobs. yvela an-
ti pis sazogadoebis finansuri mxare aqcionerTa SeTanxmebis sagania. gariSvaldebuli ss-is mdgradi kapitalis struqturis Semadgeneli
SeTanxmebis miRweva, romliTac aqcionerebis sazogadoebis angariSze Ta- nawilia sesxi.444 kerZod, meore SemTxvevaSi, rodesac saubaria kapitalis
vianTi Senatanebis gadacemas isaxaven miznad, korporciul samarTlebriv struqturirebis arakorporaciul-samarTlebrivi saxsrebis gamoyenebiT
aqtSi, kerZod, wesdebaSi formirdeba.429 wesdebiT gaTvaliswinebuli kapi- ganxorcielebaze, korporaciasa da kapitalis mimwodebels Soris ko-
talis formirebis ZiriTadi sazrisi misi eqvivalenturi sakuTrebis rporaciulsamarTlebrivi urTierTobis nacvlad, rogorc wesi, samoqa-
struqturis Seqmnaa.430 kapitalis formirebis procesSi monawile piri
wilis SeZeniT xdeba sazogadoebis partniori.431 partniorTa sawesdebo
433
e.w. `equity~ securities da `debt~ securities.
434
Sead. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 151.
SeTanxmebis etapze xdeba (a) ss-is dafinansebis saSualebebsa da (b) mo- 435
equity financing.
ziduli kapitalis saTanado Rirebulebisa da uflebebis mqone sxvadasx- 436
equity capital.
va klasis aqciaze (fasian qaRaldze) Sejereba.432 pirvel SemTxvevaSi, 437
magaliTad, debt-sa da equity-is gamijvnisTvis, ix. Booth, Financing the Corporation,
2010, P. 10-14, 602-605; Hariton, Distinguishing Between Equity and Debt in the Financial En-
vironment, 49 Tax L. Rev., 1994, P. 499-501.
426
Moradoglu, Sivaprazad, Capital Structure and Returns, 2011, P. 82. 438
Gevurtz, Corporate Law, 2000, P. 117.
427
e.w. The Pecking Order Theory da The Static Trade off Theory. ix. IV 2.1.1.2. 439
ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 237-243.
428
Gevurtz, Corporate Law, 2000, P. 113. 440
Hamilton, The Law of Corporations, 2000, P. 211.
429
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 180 da momdevnoni. 441
Gevurtz, Corporate Law, 2000, P. 118-120.
430
Gevurtz, Corporate Law, 2000, P.114. 442
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 357-359.
431
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 235. 443
Lind, Schwarz, Lathrope, Rosenberg, Fundamentals of Corporate Taxation, 8th ed., 2012, P.
432
Lind, Schwarz, Lathrope, Rosenberg, Fundamentals of Corporate Taxation, 8th ed., 2012, P. 121.
114. 444
Booth, Financing the Corporation, 2010, P. 589.

110 111
laqo-samarTlebrivi, ufro konkretulad, valdebulebiT-samarTlebrivi (debt financing) da moziduli kapitalis gansazRvruli Rirebulebisa da
kavSiria saxeze.445 mxedvelobaSia sasesxo valdebulebiTi urTierToba uflebebis mqone aqciebad dayofas Soris kavSiri: es, ZiriTadad, sasesxo
sazogadoebasa da mesame pirs Soris ucxo kapitalis mozidvis Taoba- valdebulebiT urTierTobaSi gamoxateba,458 romelic, upiratesad, korpo-
ze.446 mesame pirebTan valdebulebiT mboWav samarTlebriv urTierTobaSi raciasa da mesame pirs Soris arsebobs.459
SesvliT kapitalis mozidvas, zogadad, aqcionerTa krebis gadawyvetile-
ba ar sWirdeba.447 mocemul SemTxvevas kapitalis struqturis `ses- investoris kapitalis formirebis finansur instrumentTa xelmi-
xis~ saSualebiT formireba ewodeba.448 Debt financing-is dros,449 kor- sawvdomi speqtri profilirebulia. korporacias SeuZlia SesTavazos
poraciasa da kapitalis mimwodebel mesame pirebs (ZiriTadad sabanko investors nebismieri wyobis, uflebrivi struqturisa da pirobis
da sadazRvevos seqtors) Soris450 yalibdeba valdebulebiTi451 da ara matarebeli fasiani qaRaldi. 460 finansur instrumenta Sinaarsobrivi
korporaciul-samarTlebrivi urTierToba.452 Tu korporaciis kapitalis determinaciis avtonomiuri gansazRvris SesaZlebloba finansebis mo-
Sida saxsrebiT dafinansebas partniorisTvis SezRuduli pasuxismge- zidvis saSualebebs elastiur saxes aniWebs. misi klasikuri gamov-
blobis mopovebis dadebiTi Tavisebureba axasiaTebs,453 sasesxo dafi- lineba hibriduli dafinansebis instrumentis praqtikuli realizebaa,
nansebas obligaciis454 mflobelisTvis korporaciis likvidaciis anda romelsac ori kombinirebuli saxasiaTo debuleba ganapirobebs. pirveli,
valdebulebis Sesrulebis etapze,455 privilegirebuli aqciis msgavsad, sasesxo kapitalis mozidva sagadasaxado miznebisTvis, romelsac ormagi
upirates uflebaaRmWurvel finansur instrumentad gamodis.456 Sede- dabegvris Tavidan aridebis motive gaaCnia.461 xolo meore, sakuTari kapi-
gad, meore etapze457 ikveTeba dafinansebis saSualebis meore meqanizmsa talis mozidviT samewarmeo saqmianobis ganxorcielebis ekonomikuri
berketis Seqmna, romelic regulatoruli, finansuri reitingebisa da
445
Sead. French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 342-347. safinanso angariSgebis miznebisTvis optimizirebul strategiul saSu-
446
burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 243-244.
447
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 386.
alebas warmoadgens.462 hibriduli dafinansebis instrumentis praqtiku-
448
debt financing. ix. Ferran, Principles of Corporate Finance Law, 2008, P. 313 et seq. li gamoyeneba, rogorc wesi, msxvili korporaciis safinanso arsenalSia.
449
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 388-391. aRsaniSnavia, rom privilegirebuli aqcia, xSirad, sasesxo da sakuTari
450
am dros sabanko seqtori erTgvari Suamavlis rols TamaSobs fuladi nakadis kapitalis hibridul variantad ganixileba.463
provaidersa da korporacias Soris. ix. Ferran, Principles of Corporate Finance Law, 2008,
P. 54.
451
saqme exeba sasesxo dafinansebis iseT saxeobas, rogoric aris obligacia, romelic sakorporacio samarTlebriv WrilSi, kapitalis struqtura sazoga-
SesaZloa sesxis xelSekrulebiT aqciebSi konvertirebadi fasian qaRaldad gardaqmnis
perspeqtiviT sargeblobdes. ix. Renneboog, Szilagyi, Corporate Restructuring and Bond- saaqcio sazogadoebaSi, 2010, gv. 80-83.
holder Wealth, 2006, P. 1-17; Hamilton, The Law of Corporations, 2000, P. 215-219; Gevurtz, 458
Tu sesxis xelSekrulebiT sasesxo fasiani qaRaldi aqciebSi konvertirebadi ar
Corporate Law, 2000, P. 142-146; Bevans, Business Organizations and Corporate Law, 2007, P. aris. aRniSnuli meqanizmiT, aseve saaqcio ofcionis gziT gazrdil kapitals pirobiT
254; Ferran, Principles of Corporate Finance Law, 2008, P. 511 et seq. kapitals uwodeben. ix. juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 95-
452
Ferran, Principles of Corporate Finance Law, 2008, P. 54-56. 96.
453
Pinto, Branson., Understanding Corporate Law, 3rd ed., 2009, P. 73. 459
samarTlis komentaturul literaturaSi gatarebulia azri, rom korporaciis
454
obligaciaTa saxeebisTvis, ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., sasesxo da sakuTari kapitaliT dafinansebas Soris iuridiuli zRvari, faqtobrivad
vol. 3, 2010, P. 391-401; Quindry, Bonds and Bondholders, vol. 1, 2002, P. 2-76. ar arsebobs da msjelobis sagnad qceuli demarkaciuli xazi da mis Sedegad Camoya-
455
Lind, Schwarz, Lathrope, Rosenberg, Fundamentals of Corporate Taxation, 8th ed., 2012, P. libebuli samarTlebrivi sxvaoba, gamijvnis bundovani standartebis gamoyenebis Sedegs
121-135. warmoadgens. ix. Lind, Schwarz, Lathrope, Rosenberg, Fundamentals of Business Enterprise
456
Gevurtz, Corporate Law, 2000, P. 139-142. Taxation, 3th ed., 2005, P. 474.
457
arsebobs ss-is kapitalis struqturis formirebis mesame, hibriduli variantic: 460
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 387.
rodesac sazogadoebis dafinanseba xdeba sesxis xelSekrulebis safuZvelze, xolo 461
Booth, Financing the Corporation, 2010, P. 8; Lind, Schwarz, Lathrope, Rosenberg, Funda-
am sesxis gamcemi korporaciis aqcioneri piria; sakorporacio samarTalSi mas hi- mentals of Corporate Taxation, 8th ed., 2012, P. 115.
bridul safinanso instruments uwodeben, romelic zemoaRniSnuli orive dafinansebis 462
Lind, Schwarz, Lathrope, Rosenberg, Fundamentals of Corporate Taxation, 8th ed., 2012, P.
saSualebaTa Semadgenel elementTa kombinirebul variants warmoadgens. es aris e.w. 135.
shareholder loans. ix. Gevurtz, Corporate Law, 2000, P. 147-152. qarTulad: burduli, saaq- 463
ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 387; Booth,
cio samarTlis safuZvlebi, 2010, gv. 235-236; 244-245. Sead. juReli, kapitalis dacva Financing the Corporation, 2010, P. 9.

112 113
doebis finansuri struqturis eqvivalentia,464 romelic samarTlebriv Teoriis mixedviT,472 maSin realur sabazro urTierTobebSi unda ar-
perspeqtivaSi, kapitalis mozidvis saSualebebSi diferencirdeba, rac, sebobdes misi relevnaturobis473 dadgenis kriteriumebic.474 am kri-
Tavis mxriv, kapitalis saxeobaTa mravalferovnebas ganapirobebs. ss- teriumebis Semajamebel meTodad, ekonomistebis mier, gamoyenebul iqna
is kapitalis struqturis samarTlebrivi aspeqtebi fasian qaRaldTa kapitalis struqturis gansazRvris The Pecking Order Theory475 da The
klasobriv da maTi sxvaobis safuZvelze gamijnul aqciaTa saxeebamde Static Trade off Theory476, romelic, Sinaarsobrivad,477 modiliani-mileris
daiyvaneba.465 Teoremidan momdinareobs.478 Trade off Theory-is amosavali debuleba479
mdgomareobs imaSi, rom korporacia wyvets sazogadoebis kapitalis
ss-is kapitalis struqturis samarTlebrivi bazisis paralelurad, ra nawili unda iqnes sasesxo finansuri instrumentebiT moziduli
aranakleb mniSvnelovania kapitalis struqturis Seqmnis ekonomikuri da ra nawili – sakuTari (Sida) kapitalis gziT momatebuli. aRniS-
elementebi, ramdenadac ukanasknels bazrisa da bazarze funqcionirebadi nuli Teoriis mixedviT, firmis optimaluri kapitalis struqturis
korporaciis ganviTarebis strategiuli midgoma da am midgomis reali- Seqmna aucileblad moicavs sasesxo dafinansebas.480 gansxvavebiT Trade
zebadi Sedegebi gansazRvraven. off Theory-gan,481 Pecking Order Theory482 korporaciis kapitalis mozid-
vis upirates saSualebad Sida resursebsa da finansebs moiazrebs.483
`uaryofiTi Tanafardobis~ Teoriis midevnebisas, sazogadoeba amjobinebs
2.1.2.2. kapitalis struqturisa da misi formirebis ekonomikuri Sida dafinansebas gare saxsrebis mozidvas, Tu is awarmoebs fasiani qa-
aspeqtebi Raldebis emisias.484
kapitalis struqturis formirebis ekonomikuri determinanti, iseve
kapitalis struqturis Sinaarsobrivi elementebis gansazRvra, eko- rogorc samarTlebrivis dros, moziduli kapitalis saSualebebi485 da
nomikuri kuTxiT,466 sakvanZo sakiTxia. kapitalis optimaluri struq- am saSualebaTa ganmsazRvrel kriteriumebze dafuZnebuli Teoriebia.486
tura467 warmoadgens korporaciis sakuTari da ucxo finansuri in-
strumentebis iseT Tanafardobas, romlis drosac uzrunvelyofilia
472
Cheremushkin, Capital Structure Irrelevance: The Modigliani-Miller Model, 2011, P. 151-169.
473
Frydenberg, Theory of Capital Structure – A Review, 2004, P. 3.
korporaciis sabazro Rirebulebis maqsimizacia.468 amis sapirwoned,469 474
Welch, The Determinant of Capital Structure, 2002, P. 7-10; Parsons, Titman, Capital Struc-
arsebobs azri, rom kapitalis struqturas, gamarTulad funqcioni- ture and Corporate Strategy, 2007, P. 8-10.
rebadi bazris monawile firma da misi Rirebulebis zrda kapitalis 475
e.w. `uaryofiTi Tanafardobis~ Teoria.
struqturaze ar aris damokidebuli, e.w. Modigliani-Miller-is Theory.470 476
e.w. `statikuri kompromisis~ Teoria.
maT gansazRvres ramdenime Sinaarsobrivi elementi kapitalis struqtu-
477
Sead. Timmer, Undesrtanding The Fed Model, Capital Structure, and Then Some, 2012, P. 1,
4-10.
ris ararelevanturi bunebis Sesaxeb misi Rirebulebis zrdis etapze.471 478
Frydenberg, Theory of Capital Structure – A Review, 2004, P. 9-25.
magram, Tu kapitalis struqtura ararelevanturia modiliani-mileris 479
Moradoglu, Sivaprazad, Capital Structure and Returns, 2011, P. 78-79.
480
Frydenberg, Theory of Capital Structure – A Review, 2004, P. 7.
464
Sead. Klein, Coffee, Business Organization and Finance, 2007, 10th ed., P. 352-354. 481
Frank, Goyal, Profits and Capital Structure, 2009, P. 3-5.
465
juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 233-235. 482
Moradoglu, Sivaprazad, Capital Structure and Returns, 2011, P. 79-80.
466
kapitalis struqturis analizi iuridiul doqtrinaSi, rogorc wesi, ekonomikur 483
Frank, Goyal, Testing The pecking Order Theory of Capital Structure, 2000, P. 1-10.
dogmatur-Teoriul codnazea damyarebuli. Sead. Ferran, Principles of Corporate Finance 484
Frydenberg, Theory of Capital Structure – A Review, 2004, P. 23-24.
Law, 2008, P. 62-65. Sesabamisad, mimdinare paragrafSi, swored, aseTi analizia SemoTava- 485
rogorc wesi, damkvidrebulia sxvadasxva kompaniaSi kapitalis struqturis gansx-
zebuli. Sead. Ferran, Principles of Corporate Finance Law, 2008, P. 62-65. vavebis ganmapirobebeli sami mTavari hi poTeza: tranzaqciaTa Rirebulebis, asimetruli
467
Frydenberg, Capital Structure Theories and Empirical Tests: An Overwiev, 2011, P. 129-139. informaciisa da sagadasaxado reJimis hi poTeza. ix. Frydenberg, Theory of Capital Struc-
468
Mao, Interaction of the Debt Agency Problems and Optimal Capital Structure: Theory and ture – A Review, 2004, P. 8-12; Klein, Coffee, Business Organization and Finance, 2007, 10th ed.,
Evidence, 2002, P. 1-3, 11-21. P. 380-382.
469
Frydenberg, Capital Structure Theories and Empirical Tests: An Overwiev, 2011, P. 139-141. 486
ekonomikur literaturaSi arsebobs sasesxo dafinansebis TeoriaTa erTgvari
470
Modigliani-Miller Theorem. Modigliani, Miller, The Cost of Capital, Corporation Finance ierarqiuli klasifikacia. magaliTad, kapitalis struqturis Teoriis qve Teoriad
and The Theory of investments, 1958, P. 261-297. statikuri kompromisis Teoria ganixileba, xolo am ukanasknelis subti pad - e.w.
471
Frydenberg, Theory of Capital Structure – A Review, 2004, P. 3. `sasesxo dafinansebis pozitiuri Teoria~ (Positive Theory of Debt Financing), anu sax-

114 115
amasTan, myarad argumentirebul pozicias warmoadgens, rom kapitalis gamoikveTa kapitalis, rogorc ss-is struqturuli elementis
struqturis formirebis mZlavri ganmapirobebeli faqtori korpora- strategiuli niSnis arsobrivi maxasiTeblebidan ori mniSvnelovani
ciis finansuri gasaWiri da aramyari sabazro mdgomareobaa,487 romelic elementi: kapitalis struqtura da misi dagegmarebis strategiul kri-
pirdapir kavSirSia firmis masStabebTan.488 finansuri sirTule gadaWras teriumTa rangireba samarTlebriv da ekonomikur aspeqtTa kuTxiT da,
moiTxovs.489 es ki sazogadoebas gare kapitalis mozidvisken ubiZgebs meore, kapitalis formirebis sxvadasxva saSualebaTa gamoyenebiT ra-
sasesxo dafinansebis (mag., Leveraged Buy Out-is dros) saSualebis490 da odenobrivi Tu faqtobrivi ganxorcielebis kriteriumTa bazisze kapi-
ceteris paribus (sxva msgavsi)491 meTodis gamoyenebis gziT,492 rac, Tavis talis saxeobaTa klasificireba.
mxriv, korporaciis dasaqmebulTa doneze, saxelfaso ganakveTebze, gayid- ss-is Sinaarsobrivad meore strategiul elements, kapitalTan er-
vebis donesa da, rac MmTavaria, firmis saqonlis sabazro Rirebulebaze, Tad, warmoadgens kontroli, romelic aqcionerTa sakuTrebasa da menej-
korporaciis ekonomikur miznebze493 aisaxeba.494 mentis, ucxo organos mier misTvis gadacemuli qonebis marTvis process
kapitalis struqturirebis saSualebebi garkveuli Taviseburebe- Soris balansis SemanarCunebeli umTavresi meqanizmia.
biTac xasiaTdeba. korporaciis sakuTari kapitalis buneba gamoixateba
misi mozidvis simartiveSi, ramdenadac gadawyvetileba miiReba mxolod
mesakuTreebisa da menejerebis mier; mogebis warmoqmnis maRali SesaZle- 2.2. kontroli, rogorc ss-is mewiles sakuTrebis struqturidan
blobiT, ramdenadac misi gamoyenebisas saWiro ar aris sasesxo procen- gamomdinare ufleba
tis gadaxda; aseve, korporaciis finansuri mdgradobisa da gadaxdisu-
narianobis uzrunvelyofiT grZelvadian periodSi.495 rac Seexeba ucxo,
nasesxebi kapitalis Taviseburebebs, is gamoirCeva mozidvis sakmaod 2.2.1. kontrolisa da sakuTrebis gamijvna
farTo SesaZleblobebiT giraos an Tavdebobis arsebobisas da korpora-
ciis finansuri potencialis zrdis uzrunvelmyofi xasiaTiT. dabolos, Tanamedrove korporaciis cenrtaluri saxasiaTo elementi sa-
nasesxebi kapitali gamoirCeva finansuri rentabelobis matebis unariT, kuTrebisa da kontrolis korporaciul urTierTobaSi monawile sx-
romelic miiRweva `sagadasaxado efeqtis~496 gamoyenebis xarjze.497 vadasxva subieqtis xelSi moqcevaa.499 is damaxasiaTebelia `Ria~ korpo-
sabolood, korporaciis kapitalis struqturis gansazRvris sx- raciebisTvis, sadac sakuTreba (aqcionerTa) da kontroli (menejmenti)
vadasxva faqtobrivi Tu Sinaarsobrivi elementis detaluri analizis erTmaneTisgan gancalkevebulia.500 sakuTrebisa da kontrolis501 gamijv-
miuxedavad, `kapitalis struqtura jer kidev gamoucnob, enigmatikur nas adolf berlisa da gardian minsis fundamenturi naSromi502 udevs
movlenad rCeba~ (Capital Structure Remains Enigmatic).498 safuZvlad,503 romelic dodisa da berlis debatebis bazisze Seiqmna.504
kontrolis uflebas korporaciis mesakuTreTa sakuTrebis struqtu-
ezea Teoria-TeoriaSi. ix. Frydenberg, Theory of Capital Structure – A Review, 2004, P. 8. ra warmoSobs.505 paralelurad, korporaciuli kontroli urTierTobaa:
487
Miglo, Trade-Off, Pecking Order, Signaling and Market Timing Models, 2011, P. 171-185. es aris menejments, aqcionersa da korporacias Soris fiduciuri kavSi-
488
Parsons, Titman, Capital Structure and Corporate Strategy, 2007, P. 8-18.
489
Sanyal, Economic, Regulatory and Industry Effects on Capital Structure, 2011, P. 211-228. Review, 2004.
490
Parsons, Titman, Capital Structure and Corporate Strategy, 2007, P. 3. 499
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 481.
491
Renneboog, Szilagyi, Corporate Restructuring and Bondholder Wealth, 2006, P. 11. 500
ix. Posner, The Economic Analysis of Law, 2007, P. 409.
492
mag., korporaciuli obligaciebis gamoSvebis gziT. ix. Ferran, Principles of Corporate 501
kontrolis definicia mocemulia aSS-s fasiani qaRaldebis federalur kanonSi: “
Finance Law, 2008, P. 511 et seq. The term control (including icontrolling, controlled by and under common control with) means
493
Smythe, Shareholder Democracy and The Economic Purpose of The Corporation, 2006, P. a possession, direct or indirect, of the power to direct or cause the direction of the management
2-18. and policies of a person, whether through the ownership of voting securities, by contract, or oth-
494
Parsons, Titman, Capital Structure and Corporate Strategy, 2007, P. 4. erwise”).ix. SEC Rule 405.
495
sakuTari kapitali xom kreditorTa winaSe pasuxismgeblobis moculobis masStabia. 502
Berle, Means, The Modern Corporation and Private Property, 1932.
496
rac sruldeba mogebaze gadasaxadis gadaxdisas dasabegri bazidan mis momsaxure- 503
Armour, Gordon, The Berle-Means Corporation in 21st Century, 2008, P. 6.
baze gaweuli danaxarjebis amoRebiT. 504
Bratton, Wachter, Shareholder Primacy’s Corporatist Origins: Adolf Berle and The Modern
497
kakulia, baxtaZe, TuTberiZe, korporaciis finansebi, 2006, gv. 274-277. Corporation, The Journal of Corporation Law, 2008, P. 100 et seq., 122-135.
498
Chiriniko, Anuja R. Singha, 2000, miTiTebulia: Frydenberg, Theory of Capital Structure – A 505
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 14.

116 117
ri.506 korporaciis sakuTrebis struqtura SeiZleba iyos koncentri- cias.516 am dros dgeba princi pal-agents Soris warmoSobili fiduciur
rebuli507 an danawilebuli,508 mimofantuli,509 romelic ramdenime urT- urTierTobaTa517 darRvevis safrTze.518 farTo kompeteciiT aRWurvili
ierTgansxvavebuli monawilis interess aerTianebs.510 mcire aqcioners `nebis aRmsrulebeli~ organo,519 droTa ganmavlobaSi, sxvadasxva norma-
msxvili korporaciis menejmentSi monawilebis interesi wilis pro- tiuli regulaciebiT dabalansda da metnakleb kontrols daeqvemde-
porciulad mcire aqvs. mis sakuTrebaSi arsebuli sainvesticio port- bara. miuxedavad sakontrolo regulaciebisa da korporaciuli marTvis
folio imdenad diversificirebulia sxvadasxva kompaniaSi investirebis normebis gamkacrebisa, aRmasrulebeli organos makontrolebel da mesa-
meSveobiT, rom mas romelime konkretuli sawarmos marTvaSi pirdapiri kuTreTa `rwmenis gasamyarebel~ mTavar strategiad, rom is (menejmenti)
monawileobis sakmarisi interesi ar gaaCnia. aqcioneri aris pasiuri moqmedebs sargeblis gaumjobesebis miznebidan gamomdinare, bazris gav-
invetori,511 romelsac, kreditoris msgavsad, kompaniis mimarT gaaCnia fi- lena kontrolze da aqcionerTa aqtivizmi rCeba.520
nansuri interesi da ara menejeruli interesi.512 es aris aqcionerTa kontroli korporaciaSi finansuri monawileobis ti pologiidan
aqtivizmis sapirispiro – menejerialisturi apaTea.513 Sesabamisad, aqcio- gamomdinareobs. misi warmoSoba sazogadoebis kapitalizaciis saSu-
neri `qiraobs~ warmomadgenels aRmasrulebeli organos saxiT, romelic alebazea damokidebuli. kapitali investirebuli unda iyos sakuTari
mis mier dabandebul kapitals yoveldRiur operaciul organizebasa kapitalis jgufidan, romelic wevris statusis mopovebas ganapirobebs.
da kontrols gauwevs.514 menejmentis mier marTuli korporacia sarge- korporaciisTvis gaRebuli kontribucia subieqts sawarmoSi finans-
blis maqsimizirebisken mimarTul samarTalsubieqts warmoadgens, sadac uri monawileobisa da kontrolis meqanizmis warmoSobas ganapirobebs,
sakuTrebisa da kontrolis gamijvnas erTi mTavari problematika axasi- gansxvavebiT sasesxo dafinansebisa, sadac finansuri da sakontroli
aTebs. es aris mesakuTreTa darwmuneba, rom misi warmomadgeneli (menej- monawileoba erTmaneTisgan substanciurad gamijnulia.521 nebismier Sem-
menti) yvelafers akeTebs sargeblis maqsimizirebisTvis.515 am etapze pa- TxvevaSi, firmis sakuTreba ori ZiriTadi segmentisgan Sedgeba: kontro-
siur investors safrTxe or ganzomilebaSi emuqreba. pirveli, araswori lis (menejmentis saSualebiT) realizirebisa da darCenili (naSTuri)
menejmentis Sedegad sargeblis miuRebloba da investiciisTvis safrTx- mogebis miRebisgan.522
is Seqmna. aRniSnuli safrTxe nakleb seriozuli ekonomikuri Sedegebis
matarebelia. mas ar axasiaTebs piradi daintereseba, Tumca mcdarma mene-
jerulma gadawyvetilebam, SesaZloa, korporacia gakotrebamde miiyvanos.
2.2.2. kontrolis kontroli: aqcionerTa aqtivizmis523 strategiuli
gansakuTrebiT uaryofiTi Sedegebis matarebelia, rodesac menejmenti aspeqtebi
kompetenturia, magram piradi dainteresebis farglebSi marTavs korpora-
sazogadoebis struqtura aris path dependence, rasac sxvadasxva
qyveynaSi funqcionirebad sazogadoebaTa industrialur-teqnologiuri
506
Bayne, The Philosophy of Corporate Control, 1986, P. 99. landSafti da sakorporacio samarTlebrivi regulaciebi524 gansaz-
507
makontrolebeli aqcioner(eb)is (Blockholder an Controling shareholders) arsebobis
SemTxvevaSi. ix. Armour, Gordon, The Berle-Means Corporation in 21st Century, 2008, P. 8-13.
508
mcire aqcionerTa simravlis (Dispersed Ownership) SemTxvevaSi, rodesac koncen- 516
Posner, The Economic Analysis of Law, 2007, P. 410-411.
trirebulad makontrolebeli piri ar arsebobs, rasac ganapirobebs firmis sidide. 517
Sead. Bayne, The Philosophy of Corporate Control, 1986, P. 109, 125-154.
ix. Demsetz, Lehn, The Structure of Corporate Ownership: Causes and Consequences, Journal of 518
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 481-483.
Political Economy, 1985, P. 1155 et seq. 519
Bayne, The Philosophy of Corporate Control, 1986, P. 110.
509
Bebchuk, Roe, A Theory of Path Dependence in Corporate Ownership and Governance, 1999, 520
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 485-513.
P. 1. 521
Booth, Financing the Corporation, 2010, P. 592.
510
Easterbrook, Fischel, The Corporate Contract, in: Corporate Law and Economic analysis, 522
Hasnmann, Ownership of Enterprise, 1996, P. 35.
Edit. Lucian Arye Bebchuk, 1991, P. 188. 523
aqtivizmi, misi klasikuri ganmartebiT, aqcioneris survilsa da qmedebas niSnavs,
511
Parkinson, Corporate Power and Responsibility, 1993, P. 54. hqondes gansakuTrebuli funqciuri da strategiuli datvirTva korporaciuli mar-
512
Posner, The Economic Analysis of Law, 2007, P. 410. Tvis procesSi. mimdinare paragrafSi is kontrolis meqanizmTa gamoyenebis WrilSia
513
Fairfax, Shareholder Democracy, 2011, P. 148. ganxiluli. ix. Fairfax, Shareholder Democracy, 2011, P.146-149.
514
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 482. 524
Bebchuk, Roe, A Theory of Path Dependence in Corporate Ownership and Governance, 1999,
515
Sead. Parkinson, Corporate Power and Responsibility, 1993, P. 56. P. 3 et seq.

118 119
Rvraven.525 sakorporacio samarTali investoris sakuTrebaSi arsebuli da menejments Soris Sida saxelSekrulebo (bylaw) doneze ganxorciel-
sazogadoebis organizebuli marTvis fasilitatoria.526 des. aqcionerTa kompetencia Sida samarTlebrivi urTierTobis momwes-
sakuTrebiTi urTierTobebis dedaarsi mesakuTris mier qonebis kon- rigebel dokumentSi cvlilebis Setanaze vrceldeba, romelic, SesaZloa,
trolsa da mflobelobaSi mdgomareobs.527 mesakuTreTa sakuTrebis gamoyenebul iqnes direqtorTa kontrolis meqanizmad. SinaganawesiT,
uflebis praqtizireba, korporaciis samarTlebrivi formiT ekonomikuri romelsac iRebs aqcionerTa saerTo kreba, dadgindeba is kompetenciebi,
saqmianobis ganxorcielebis miznisTvis, ucxo organosTvis investirebu- anazRaurebis saxe/raodenoba, aRmasrulebel pirTa daniSvnisa da gaTavisu-
li qonebis marTvisa da gankargvis uflebamosilebis gadacemas niSnavs.528 flebis winapirobebi da maTi kvalifikacia, romlis mixedviTac unda ix-
sxva sityvebiT, xdeba sakuTrebaze kontrolis, romelic mis gankargvasac elmZRvanelon direqtorebma. kontrolis aRniSnuli meqanizmi Sinaganawesis
moicavs, mesame pirisTvis, ara mesakuTresTvis gadacema.529 sazogadoebis direqtoratisTvis savaldebulo xasiaTis arsebobidan gamomdinareobs.539
kontrolis kompetencia fiduciuria da misi piradi interesebisTvis TeoriaSi, kontrolis uflebis540 realizeba narCeni Semosavlebis541
gamoyenebisa da menejmentis oportunistuli qmedebis Sansebs zrdis.530 maqsimizirebisken aris mimarTuli.542 strategiulad, misi praqtikuli
logikuria, rom aqcionerTa sakuTrebis makontrolebel organos kon- transplantacia korporaciuli marTvis ti pologiuri strategiis gam-
trolis korporaciuli berketebi da uflebamosileba unda gaaCndes. oyenebiT miiRweva.543 kapitalis organizebuli marTvis procesis kon-
suraTis generirebiT, saxezea kontrolis kontroli. trolis yvela aspeqtis partniorTa SeTanxmebiT ex ante gaTvaliswineba
marTvis organizebuloba kapitaldambadeblis kontrolis uflebis531 kontrolis miznobrivi Sedegebis dadgomas xels ar SeuSlis.544 menej-
meqanizmTa simravles ganapirobebs.532 kontrolis sakuTrebisgan gan- mentis kontrolis efeqturi realizacis samarTlebrivi aspeqtebi ki
calkeveba `princi pal533-agentis~534 interestTa potenciur konfliqts ramdenime segmentSi gamoixateba.545
warmoSobs, romelic, Tavis mxriv, mesakuTreTa (aqcionerTa) kapitalis pirveli, es aris mesakuTreTa mier monitoringis ganxorcieleba in-
uSualo makontrolebelze (menejtmentze)535 zedamxedvelobis Rireb- formirebulobis safuZvelze, romelic konkretul danaxarjebTan aris
ulebaze536 axdens gavlenas.537 arsebobs menejmentis diskreciis kontro-
lis saxelSekrulebo da sakanonmdeblo meqanizmebi.538 539
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Volume 2, 2010, P. 581-583.
540
pirveli, kontrolis meqanizmTa dadgena SesaZlebelia aqcionerebsa kontrolis mopoveba da masSi gadaxdili premium Tanxa gansxvavebuli da gansa-
kuTrebuli mniSnvelobis sakiTxia. ix. Booth, Financing the Corporation, 2010, P. 115-121.
525
Armour, Gordon, The Berle-Means Corporation in 21st Century, 2008, P. 8-10. arsebobs berlis mier ganviTarebuli kontrolis `korporaciuli aqtivebis/qonebis~
526
Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 14. Teoria, romlis mixedviTac, yovelgvari premium Rirebuleba, romelic myidvelis mier
527
ix. Bayne, The Philosophy of Corporate Control, 1986, P. 103. TiToeul aqciaze iqneba gadaxdili sabazro fasTan mimarTebiT aris korporaciis aq-
528
Posner, The Economic Analysis of Law, 2007, P. 409. tivi. Sesabamisad, Tu sadme unda iqnes ganTavsebuli aseTi premium Rirebuleba, maSin
529 P
arkinson, Corporate Power and Responsibility, 1993, P. 56. is unda wavides korporaciis aqtivebSi/qonebaSi. ix. Cox, Hazen, Treatise on The Law of
530
Hasnmann, Ownership of Enterprise, 1996, P. 37-38. Corporations, 3th ed., Vol. 2, 2010, P. 326-334. aseve, ix. Schuster, Efficiency in Private Control
531
investoris sakuTrebis struqtura or: kontrolisa da `darCenili~ moTxovnis Sales – The Case of Mandatory Bids, 2010, P. 2-42; Sepe, Rogers, Private Sale of Corporate
(residual claims) realizirebis uflebas iZleva. ix. Hansmann, Ownership of the Firm, Control: Why The European Mandatory Bid Rule is Inefficient, 2010, P. 3-54; Cox, Hazen, Busi-
in: Corporate Law and Economic analysis, Edit. Lucian Arye Bebchuk, 1991, P. 283; Fama, Jen- ness Organizations Law, 3th ed., 2011, P. 288-294; Easterbrook, Fischel, The Economic Struc-
sen, Agency Problems and Residual Claims, 1998, P. 1-27; La Porta, Lopez-de-Silanes, Shleifer, ture of Corporate Law, 1991, P. 126-129; Bayne, The Philosophy of Corporate Control, 1986, P.
Vishny, Agency Problems and Dividend Policies Around the World, 1997, P. 1-22; mimdinare 157-289. sakontrolo paketis premium Rirebulebis ganawilebis mravali sasamarTlo
TavSi mxolod pirvel maTgania ganxiluli. gadawyvetilebidan erT-erTi yvelaze cnobilia Perlman v. Feldemann 219 F. 2d 173 (2d
532
magaliTad, ix. Fairfax, Shareholder Democracy, 2011, P. 29-114. Cir. 1955). aseve, SegiZliaT ixiloT korporaciuli kontrolis Sesaxeb berlis origi-
533
Hansmann, Kraakman, The Essential Role of Organizational Law, 2000, P. 21-24. naluri naSromebi: Berle, Price of Power: Sale of Corporate Control, 50 Cornell L. Q. 628
534
Principal–Agent Problem. (1965); Berle, Control in Corporate Law, 58 Colum. L. Rev. 1212 (1958).
535
Posner, The Economic Analysis of Law, 2007, P. 409. 541
residual earnings.
536
Agency Cost, romelis sakuTrebis Rirebulebis erT-erTi Semadgeneli nawilia. ix. 542
Hansmann, Ownership of the Firm, 1991, P. 284.
Hansmann, Ownership of Enterprise, 1996, P. 36-49. 543
Davies, Introduction to company law, 2010, P. 112-115.
537
Jensen, Meckling, The Theory of the Firm: Managerial Behavior, Agency Costs, and Owner- 544
Hansmann, Ownership of the Firm, 1991, P. 284 et seq. Sead. Armour, Hansmann, Kraakman,
ship Structure, 3 J. Fin. Econ., 1976, P. 305 et seq. Agency Problems and Legal Strategies, 2009, P. 44-45.
538
Parkinson, Corporate Power and Responsibility, 1993, P. 73-96. 545
Parkinson, Corporate Power and Responsibility, 1993, P. 58-63.

120 121
dakavSirebuli.546 centralizebuli menejmentidan gamomdinare, aqcioneri kategoriidan, ganekuTvneba korporaciaTa Serwyma da SeZena, ramdenadac
amjobinebs misi sakuTrebis (kapitalis) kvalificiuri menejerisgan mar- aqcionerTa struqtura ganapirobebs kontrolis uflebriv realizacias,
Tvas, xolo marTvis procesze zedamxedveloba firmis, ufro swored, mene- xolo aqcionerTa struqturis modifikacia pirdapiraa damokidebuli
jmentis saqmianobis Sesaxeb informaciis gamoTxovaSi547 mdgomareobs.548 korporaciul kombinaciebze.556 es ukanaskneli ki kapitalur sazogadoe-
sakuTrebis operaciuli marTvis, biznes gegmebisa da strategiebis Ses- baTa struqturuli cvlilebebis dawyebis safuZvelia.
axeb informaciis miRebis ufleba, aqcionerTa umniSvnelovanes sakon- kontrolis mesame strategiasTan mimarTebiT, gancalkevebiT aRsan-
trolo berkets warmoadgens. iSnavia, xmis micemis saSualebiT mani pulireba kontrolis praqtikuli
kontrolis meore segmenti aris marTvis strategia,549 romelic relizirebisTvis.557 is ukavSirdeba princi palis kontrolis saSuale-
aqcionerisTvis iZleva menejmentis saqmianobis kontrolis baziss da bebs, romelic xmis uflebaTa sxvadasxva kombinaciiT miiRweva. maTgan
centralizebuli menejmentis formirebis korporaciul uflebas war- gamosayofia e.w. sindikaturi SeTanxmeba aqcionerebs Soris maTi sakon-
moadgens. formirebis uflebis gamoyeneba sameTvalyureo sabWos an/da trolo xmis uflebis uzrunvelsayofad;558 xmis micemis piramiduli
direqtoratis wevrTa arCeva-daniSvnisa da maTi gaTavisuflebis meqa- strategia, rodesac xdeba erTi an ramdenime holdinguri kompaniis559
nizmis saSualebiT xorcieldeba.550 es aris ZalauflebiTi urTierTq- gamoyeneba Svilobili sawarmos sakontrolo aqciebis flobisTvis; Cveu-
medeba, romelsac ormxrivi xasiaTi gaaCnia: erT monawile pirs meores lebrivi aqciebis kalasificireba xmis uflebis mqone da xmis uflebis
monawilis qcevaze zegavlenis moxdena mxolod arapirdapir SeuZlia.551 armqone aqciebad, romelTagan xmis uflebis mqone aqciaTa ZiriTadi
swored kontrolis arapirdapiri meqanizmis amoqmedebaa relevanturi nawili `menejmentis aqciaTa~ mcire saxeobaSia ganTavsebuli; menejmen-
`aqcionerTa demokatiisTvis~. tis saxelSekrulebo urTierToba mSobel an afilirebul560 korpora-
kontrolTan dakavSirebuli mesame strategiuli midgoma misi praq- ciasTan; dabolos, direqtorTa klasificireba yovelwliuri aramdgradi
tikuli ganxorcielebis pirdapir meqanizmSi mdgomareobs. sakiTxi exeba (saeWvo) arCevnebis saSualebiT.561
partniorTa krebis mier gadawyvetilebis miRebis,552 inicirebisa da `ve-
tos~ uflebas.553 aqcionerTa mxridan gadawyvetilebis miRebaSi pirda- 556
aqcionerTa struqtura damokidebulia maT sakuTrebaSi arsebul aqciaTa saxeobasa
piri monawileobis ufleba an gadasawyveti sakiTxis dablokva kor- da am aqciebidan gamomdinare uflebebze, romelTagan, upiratesad, xmis uflebis arsebo-
poraciis fundamenturi struqturuli cvlilebebis ganxorcielebis baa mniSvnelovani – kontrolis ufleba xom ss-Si xmis uflebis mqone aqciaTa wilo-
brivi sakuTrebis procentulobaSi gamoixateba?! magaliTisTvis, Sead. Pinto, Branson.,
SemzRudveli da, Sesabamisad, kontrolirebadi faqtoria.554 fundamen- Understanding Corporate Law, 3rd ed., 2009, P. 279-283.
turi korporaciuli cvlileba SeiZleba iyos iseTi Sida cvlileba, ro- 557
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 438-440.
goricaa wesdebaSi cvlilebebis Setana da likvidacia-reorganizacia, da 558
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 378-381.
559
`gare~ cvlileba, rogoric aris erTi ss-is mier meores SeZena an maTi holdingur kompaniad, rogorc wesi, miCneulia iseTi korporacia, romelic Seqmnilia
Serwyma.555 interesis sferos, korporaciis struqturul cvlilebaTa specialurad imisTvis, rom SeiZinos da flobdes wilebs (aqciebs) sxva korporaciaSi
sainvesticio miznebisTvis am wilTa realuri gankargvis, kontrolis uflebiT Tu
546
Hansmann, Ownership of the Firm, 1991, P. 290. mis gareSe. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 1, 2010, P. 413.
547
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Volume 2, 2010, P. 454-462. 560
korporaciebi, romlebic xmis uflebis mqone aqciaTa saerTo kontrolis meqanizmiT
548
Davies, Introduction to company law, 2010, P. 271-273. arian dakavSirebulni erTmaneTTan da funqcionireben rogorc erTi sistemis an sawar-
549
Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 378-392. mos Semadgeneli nawilni, afilirebuli korporaciebi ewodeba. ix. Cox, Hazen, Treatise
550
Armour, Gordon, The Berle-Means Corporation in 21st Century, 2008, P. 10-11. on The Law of Corporations, 3th ed., vol. 1, 2010, P.414. amasTan, aSS-s fasiani qaRaldebis
551
Bratton, Wachter, Shareholder Primacy’s Corporatist Origins: Adolf Berle and The Modern federaluri kanoni pirdapir ganmartavs, rom `afilirebuli an subieqti afilirebuli
Corporation, 2008, P. 119. konkretul pirTan (subieqtTan) niSnavs pirs, romelic erTi an ramdenime Suamavlis
552
kontrolis es segmenti iuridiul doqtrinaSi savsebiT samarTlianad aris aRiare- saSualebiT pirdapir an arapirdapir akontrolebs an kontroldeba specialurad
buli formalur kontrolad, rodeasc xmis micema xdeba direqtorTa sabWos asarCevad gansazRvruli piris mier an saerTo kontrols eqvemdebareba aRniSnul konkretul
an fundamenturi cvlilebebis gansaxorcieleblad aqcionerTa saerTo krebaze. ix. subieqtTan erTad (“An affilitate of, or person affilitate with, a specified person shall mean a
Hansmann, Ownership of Enterprise, 1996, P. 11. person that directly, or indirectly through one or more intermediaries, controls or is controlled
553
Armour, Hansmann, Kraakman, Agency Problems and Legal Strategies, 2009, P. 38 et seq. by, or is under common control with, the specified person”). ix. SEC Rule 501 (b), 17 C.F.R.
554
Hansmann, Ownership of the Firm, 1991, P. 290. §230.501 (b) (2008).
555
Palmiter, Corporations, 2006, P. 595-614. 561
Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Volume 2, 2010, P. 570-580.

122 123
V. daskvna b i b l i o g r a f i a

saaqcio sazogadoebis struqturuli elementebi gadamwyveti mniS- qarTul enaze:


vnelobis funqciuri datvirTvis matarebeli midgomaa restruqtur-
izaciis procesis Sedegebis srulfasovnad warmoCenis, kompetenturi bakli, kolin, Sefaseba – pirveli nabiji sameTvalyureo sabWos dasax-
analizisa da obieqturi SefasebisTvis. misi Sinaarsobrvi mxaris ma- vewad, yovelkvartaluri biuleteni #5, (IFC), Tbilisi, 2004.
formirebel strategiul elementTa ZiriTadi areali moicavs ekonomi- bregvaZe, laSa, organizaciis Teoriis safuZvlebi: sociologiuri
kuri saqmianobis dawyebadaucilebel kapitals misive struqturuli moZRvreba korporaciuli sistemebis Sesaxeb, Tanamedrove sakorporacio
elementebiTa da ss-is kapitalis provaiderTa mxridan kontrols, misive samarTlis Teoriuli da praqtikuli sakiTxebi, Tbilisi, 2009.
ganxorcielebis meqanizmebiT. am kuTxiT, ss-is struqturaSi funda- burduli, irakli, saaqcio samarTlis safuZvlebi, tomi I, Tbilisi,
menturi cvlilebebis ganxorcielebis obieqtis identificireba misi 2010.
elementebis klasifikaciis aucileblobas gansazRvravs. zemoaRniSnuli
burduli, irakli, sawesdebo kapitali da misi funqciebi, Tanamedrove
kvlevis Sedegebis mixedviT, ss-is struqturuli elementebi erTmane-
sakorporacio samarTlis Teoriuli da praqtikuli sakiTxebi, Tbilisi,
Tisgan imijneba organizaciuli marTvisa da Sinaarsoobrivad strate-
2009.
giul aspeqtTa or sxvadasxva mimarTulebaSi. pirveli es aris ss-is
organizebuli marTvis organuli mocemuloba, romelic warmodgenilia burduli, irakli, qonebrivi urTierToba saaqcio sazogadoebaSi,,
aqcionerTa saerTo krebis, sameTvalyureo sabWosa da direqtoratis Tbilisi, 2008.
saxiT. pirvelisgan gansxvavebiT, meore mimarTulebis mocemulobas qmnis, burduli, irakli, Senatanis ganuxorcieleblobis samarTlebrivi
ss-Tvis strategiulad saxasiaTo ori TanabarmniSvnelovani elementi, Sedegi: utopiuri Sexeduleba ss-dan partnioris garicxvis Sesaxeb,
kapitalisa da kontrolis saxiT. mimdinare kvlevis Sedegebsa da kapi- samarTlis Jurnali, #1-2, Tbilisi, 2010.
talur sazogadoebaTa struqturul cvlilebaTa ganxorcielebas So- gulaSvili, nikoloz, korporaciuli safarvelis gaWolva, rogorc
ris damakavSirebeli xazi ss-is restruqturizaciis ganxorcielebis kreditorTa dacvis gansakuTrebuli RonisZieba mSobel-Svilobil kom-
meTodur SeZena-Serwymis562 sarealizacio efeqtis samizne obieqtze ga- paniaTa urTierTobis konteqstSi, sakorporacio samarTlis krebuli, I,
dis. sxva sityvebiT, aRniSnuli kvlevis mizani korporaciaTa SeZena-Ser- (red. irakli burduli), Tbilisi, 2011.
wymis samarTlebriv-ekonomikuri Sedegebis asaxvis samizne elementebis zoiZe, besarion, evropuli kerZo samarTlis recefcia saqarTveloSi,
moniSvnaSi mdgomareobda. miznis miRweva ss-is ZiriTadi struqturuli Tbilisi, 2005.
elementebis deskrifciuli analiziT gaxda SesaZlebeli. zoiZe, besarion, mewarmis cneba da misi Teoriul-praqtikuli mniS-
vneloba. sakuTrebis uflebis Taviseburebani korporaciul sazogadoe-
bebSi, Tanamedrove sakorporacio samarTlis Teoriuli da praqtikuli
sakiTxebi, Tbilisi, 2009.
kakulia, revaz/baxtaZe, lela/TuTberiZe, goCa, korporaciis finansebi,
Tbilisi, 2008.
kereseliZe, daviT, kerZo samarTlis uzogadesi sistemuri cnebebi,
Tbilisi, 2009.
562
am SemTxvevaSi ara mxolod korporaciis, rogorc sawarmos SeZenaze SeiZleba yura- lazaraSvili, lali, sasamsaxure xelSekruleba sawarmos direqtor-
Rebis gamaxvileba, aramed sazogadoebaSi kontrolis, igive sakontrolo monawileobis
Tan, Tanamedrove sakorporacio samarTlis Teoriuli da praqtikuli
SeZenazec. ix. Dyck, Zingales, Private Benefits of Control: An International Comparision, 2001,
P. 1-39; Schuster, Efficiency in Private Control Sales – The Case of Mandatory Bids, 2010, P. sakiTxebi, Tbilisi, 2009.
2-42; Sepe, Rogers, Private Sale of Corporate Control: Why The European Mandatory Bid Rule maxarobliSvili, giorgi, mewarme subieqtTa dogmatur-Teoriuli
is Inefficient, 2010, P. 3-54.

124 125
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Tbilisi, 2011. modeli da `rbili samarTali~, `samarTlis Jurnali~ #1, Tbilisi, 2009.
maxarobliSvili, giorgi, aqcionerebsa da dainteresebul pirebs So-
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`mewarmeTa Sesaxeb~ kanonis Taobaze mosamarTleTa samuSao Sexve-
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130 131
nona zubitaSvili *

partnioris garicxva SezRuduli


pasuxismgeblobis sazogadoebidan

_____________
* samarTlis magistri, Tsu-s iuridiuli fakultetis doqtoranti.

132 133
sarCevi gadawyvetileba wilis kompensaciis Taobaze...................................... 174

I. Sesavali.................................................................................................................................................................. 134 4. garicxvis sasarCelo warmoeba sasamarTloSi. arbitraJis


SesaZlo gansjadoba................................................................................. 176
II. partnioruli urTierTobis arsi, partniorTa SeTanxmeba, rogorc
garigeba............................................................................................................................................................................136 VI. partnioris garicxvis mimarTeba sakuTrebis uflebasTan.....................179
1. partnioruli urTierTobis samarTlebrivi kategoria................ 137 1. sakuTrebis uflebis zogadi mimoxilva.......................................... 179
1.1 partnioruli urTierTobis saxelSekrulebo safuZvlebi na- 2. sakuTrebis ,,CamorTmevis~ legitimuroba....................................... 180
cionaluri kanonmdeblobis mixedviT............................................... 138 3. partnioris garicxvasa da wilze sakuTrebis uflebis
1.2 partnioruli urTierTobis saxelSekrulebo safuZvlebi aSS-s `CamorTmevis” konstituciur-samarTlebrivi safuZvlebi................ 181
samarTlis mixedviT............................................................................. 140
1.2.1 korporacia, rogorc `nexus of contracts~..........................................141 VII. daskvna..................................................................................................................................................................186
III. partnioris valdebulebebi sazogadoebis winaSe.............................................. 143 bibliografia.............................................................................................................................................................186
1. partnioris ZiriTadi valdebuleba – Sesatanis ganxorcieleba.....144
1.1 fuladi da arafuladi Sesatanebi.............................................. 145
1.2 momsaxurebis gaweva, samuSaos Sesruleba................................. 147
2. partnioris damatebiTi valdebulebebi........................................... 150
2.1 fiduciuri movaleobebis SedarebiTsamarTlebrivi aspeqtebi
(aSS-s magaliTze)................................................................................. 152
2.1.1 erTgulebis movaleoba (duty of loyalty)....................................153
2.2 keTilsindisierebisa da `samarTliani qmedebis” movaleoba
(good faith and fair dealing), rogorc damoukidebeli standarti.. 155
3. damokidebulia Tu ara fiduciur movaleobaTa moculoba
partnioris wilobriv monawileobaze?................................................ 160
4. partniorTa SeTanxmebiT regulirebis ararsebobis SemTxveva... 161

IV. partnioris mier valdebulebis darRveva..................................................................163


1. partnioris mier ZiriTadi valdebulebis darRveva..................... 163
2. partnioris mier fiduciuri movaleobis darRveva, rogorc
garicxvis materialuri safuZveli....................................................... 164
3. partnioris piradi pasuxismgebloba................................................ 166

V. sazogadoebidan partnioris garicxvis procedura...........................................168


1. garicxvis uflebis gamoyenebis winapirobebi................................. 170
2. partnioris garicxva: paraleli xelSekrulebis moSlasTan...... 173
3. saerTo krebis gadawyvetileba partnioris garicxvis Sesaxeb

134 135
I. Sesavali Tu ara partnioris garicxva da Sedegad sazogadoebaSi wilis dakargva
sakuTrebis CamorTmevas da ramdenad konstituciuria igi?
saqarTveloSi sawarmoTa yvelaze gavrcelebul organizaciul wignis winamdebare nawilis mizania sakanonmdelo reguli-rebisa
samarTlebriv formas SezRuduli pasuxismgeblobis sazogadoeba war- da sasamarTlo praqtikis analizis gziT, Sps-dan partnio-ris garicx-
moadgens.1 amavdroulad, ,,mewarmeTa Sesaxeb~ saqarTvelos kanoni2 sru- vis safuZvlebisa da procedurebis sistematizacia. Sesabamisad, kvleva
lyofilad ar aregulirebs sazogadoebaSi warmoSobil urTierTobaTa efuZneba sakanonmdelo regulirebisa da iuridiuli doqtrinis sa-
rig mniSvnelovan aspeqtebs. aseTia, magaliTad, sazogadoebidan part- samarTlo praqtikaSi ganzogadebis analizs. naSromSi gamoyenebulia
nioris garicxvis sakiTxi, romlis mowesrigebac mTlianad sasamarTlo SedarebiTsamarTlebrivi kvlevis meTodi.
praqtikazea mindobili. ,,mewarmeTa Sesaxeb~ kanoni uTiTebs partnioris zemoaRniSnuli sakiTxebis analizis Sedegad, partnioris garicx-
garicxvis mxolod erT safuZvelze – partnioris mier sazogadoebaSi vis samarTlebrivi regulireba erTian CarCoSi moeqceva da praqtikaSi
Sesatanis ganuxocieleblobaze.3 ar arsebobs norma, romelic ganaz- wamoWril kiTxvebs upasuxebs.
Rvravda partnioris sxva valdebulebebs.4 Tumca saqarTvelos uzenaesi
sasamarTlos erTgvarovanma praqtikam daadgina, rom sazogadoebis part-
niorebs Sor­is urTierTobam SeiZleba warmoSvas garicxvis sxva safuZv-
lebic. magaliTad, partnioris mier sazogadoebis interesebis winaaRmdeg
iseTi qmedebis Cadena, romlis Sedegadac SeuZlebeli xdeba sazogadoe-
bis wevrebs Soris partnioruli urTierTobis SenarCuneba.5
sasamarTlo praqtikis arsebobis miuxedavad, partnioris garicxv-
asTan mimarTebiT Cndeba araerTi kiTxva. kerZod, rogor unda moxdes
partnioris garicxva, Tuki partnioris valdebulebebi da garicxvis
safuZvlebi araa SeTanxmebuli wesdebiT? ra saxis valdebulebebi akis-
riaT partniorebs erTmaneTis Tu sazogadoebis mimarT? SeiZleba Tu
ara partniors daekisros pasuxismgebloba (garicxvis saxiT) iseTi
valdebulebis darRvevisaTvis, romelic pirdapir araa gaTvaliswinebu-
li kanonmdeblobiT? damokidebulia Tu ara partnioris valdebulebaTa
moculoba sazogadoebaSi mis wilobriv monawileobaze? warmoadgens
1
saqarTvelos statistikis erovnuli samsaxuris oficialur saitze (http://www.-
geostat.ge/?action=page&p_id=238&lang=geo) ganTavsebuli bolo monacemebiT, 2011 wlis
seqtembris Tvis mdgomareobiT, saqarTveloSi registrirebuli iyo 96532 kome-rci-
uli iuridiuli piri, saidanac Sps-is raodenoba 90766 Seadgens.
2
gamoqveynebulia saqarTvelos parlamentis uwyebebi, 1994 weli, #21-22.
3
aRsaniSnavia, rom kanonSi ar aris gamoyenebuli ter. `garicxva.” me-3 muxlis me-7
punqti uTiTebs, rom Senatanis ganxorcilebis vadis uSedegod gasvlis SemTxvevaSi,
partniori, romelmac ar ganaxorciela gadaxda kargavs wils kapitalSi. wilis da-
kargva ki partniorobidan amoricxvas gulisxmobs.
4
Sead. mewarmeTa Sesaxeb saqarTvelos kanonis me-9 muxlis pirveli da me-6 punqtebi,
romlis Tanaxmadac, Sps-is direqtori valdebulia keTilsindisierad gauZRves sazoga-
doebis saqmeebs, kerZod, zrunavdes ise, rogorc zrunavs analogiur Tanamdebobaze da
analogiur pirobebSi myofi Cveulebrivi, saRad moazrovne piri. ,,mewarmeTa Sesaxeb~
kanoni ar Seicavs msgavs danawess Sps-is partnioris mimarT.
5
ix. sus, 2007 wlis 13 martis ganCineba #as-556-939-06, aseve sus, 2009 wlis 09
noemberis ganCineba #as-812-1099-09.

136 137
II. partnioruli urTierTobis arsi, partniorTa mimarT.11 magaliTad, Donahue v. Rodd Electrotype Co. of New England saqmeze
SeTanxmeba,6 rogorc garigeba sasamarTlom daadgina, rom partniorebs daxurul korporaciebSi akis-
riaT arsebiTad igive fiduciuri movaleobebi, rac amxanagobis wevrebs.12
SezRuduli pasuxismgeblobis sazogadoeba iqmneba mogebis miRebis
mizniT.7 partniorTa individualur da saerTo mizanTa Tanxvedra gansaz- 1. partnioruli urTierTobis samarTlebrivi kategoria
Rvravs partnioruli urTierTobis arss. magaliTad, `A” da `B”-m dades
partnioruli SeTanxmeba da daafuZnes Sps `X”. orive partniors aqvs damkvidrebuli mosazrebiT, partnioruli urTierToba korpo-raci-
urTierTndoba, rom TiToeuli ise miiRebs monawileobas sazogadoe- ulsamarTlebrivi urTierTobaa. Tumca es urTierToba aseve moicavs
bis saqmianobaSi (mag. droulad ganaxorcielebs Sesatans, ar miiTvisebs valdebulebiT-saxelSekrulebo elementebsac. partnioris mier sazoga-
sazogadoebis kuTvnil korporaciul SesaZleblobebs), rom sakuTari doebis interesebis sawinaaRmdego qmedebis Cadena, saqarTvelos sasamarT-
qmedebiT saerTo miznis miRwevas ar Seuqmnis safrTxes. Tuki partni- lo praqtikiT erTmniSvnelovnad ganixileba partnioris mier sazoga-
oruli urTierToba ar iqneba SeboWili ndobidan gamomdinare movaleo- doebis winaSe nakisri valdebulebis darRvevad. evropul doqtrinaSi
bebiT, saerTo miznis ganxorcieleba SeuZlebeli gaxdeba. aRiarebulia, rom sazogadoebis miznis dacva TiToeuli partnioris
ndobis elementi ganmsazRvreli faqtoria aSS-s sasamarTlo praq- statusidan gamomdinareobs da korporaciis yoveli wevris sazrunavs
tikiT,romelic am kuTxiT partniorul urTierTobas uTanabrebs trastis warmoadgens.13 zogadad, valdebulebis warmoSobis safuZveli, am ti pis
urTierTobas. magaliTad, kaliforniis Statis uzenaesma sasamarTlom urTierTobaSi, SeiZleba iyos kanoni an partniorTa SeTanxmeba.14 ,,me-
Leff v. Gunter-is saqmeze miuTiTa Semdegi: `partniorebi erTmaneTis mimarT warmeTa Sesaxeb~ kanoni ar gansazRvravs partnioris amgvar movaleobas
arian mindobili pirebi (trustees)...sazogadoebis saqmianobis procesSi
partniori valdebulia imoqmedos keTilsindisierad danarCen partnio- ix. Wanturia l., korporaciuli marTva da xelmZRvanelTa pasuxismgebloba sakorpo-
rebTan mimarTebiT”.8 xolo AB Group v. Werthur–is saqmeSi sasamarTlom racio samarTalSi, 2006, 78.
fiduciuri movaleobiT `datvirTuli” qmedebebi gaafarTova da aRniSna, 11
S. Mark Curwin, Fiduciary Duties and the Minnesota Limited Limited Liability Company: Suf-
rom `partnioris fiduciuri movaleobebi vrceldeba partniorTa Soris ficient Protection of Memebers Interests? William Mitchell Law Review , 1993 [19 Wm. Mitchell
L. Rev. 98], 2; Mary Siegel, Fiduciary Duty Myths in Close Corporate Law, Delaware Journal of
urTierTobaTa yvela aspeqtsa da tranzaqciaze”.9 es midgoma gamoiyeneba, Corporate Law, 2004 [29 Del. J. Corp. L. 377] 4; Daniel S. Kleinberger, The Closely Held Busi-
rogorc amxanagobis (partnership), aseve SezRuduli pasuxismgeblobis ness Through the Entity-Aggregate Prism Wake Forest Law Review, 2005 [40 Wake Forest L.
kompaniis (LLC)10 da daxuruli korporaciebis (closely held corporation) Rev. 827], 1; aseve, saqmeebi, Cardullo v. Landau, 105 N.E.2d 843, 845 (Mass. 1952); Durfee v.
Durfee & Canning, Inc., 80 N.E.2d 522, 527 (Mass. 1948).
Donahue v. Rodd Electrotype Co. of New England, Inc saqze masaCusetsis Statis uzenaesma
6
winamdebare naSromSi ter. `partniorTa SeTanxmeba~ gamoiyeneba `wesdebis~ sinonimad. 12

sasamarTlom daadgina: `Because of the fundamental resemblance of the close corporation to the
7
mewarmeTa Sesaxeb saqarTvelos kanoni, me-2 muxlis, 1-li punqti.
8
Leff v. Gunter (1993) 33 C3d 508, 514, 18 CR 777; mindobili pirebis princi pi gamoyene- partnership, the trust and confidence, which are essential to this scale and manner of enterprise,
bulia aseve saqmeSi BT-I v Equiatble Life Assur. Soc’y (1999), 75 CA 4th 1406, 89 CR2d 811. and the inherent danger to minority interests in the close corporation, we hold that stockholders
9
AB Group v.Werthur (1997) 75 CA 4th 1022, 69 CR 2d 652. in the close corporation owe one another substantially the same fiduciary duty in the operation
10
LLC aerTianebs rogorc korporaciis, aseve amxanagobis organizaciul-samarTlebriv of the enterprise that partners owe to one another. In our previous decisions, we have defined the
elementebs. korporaciis msgavsad, LLC-is wevrebis piradi pasuxismgebloba SezRudu- standard of duty owed by partners to one another as the `utmost good faith and loyalty.” Cardullo
lia, amxanagobis msgavsad ki, yvela wevrs aqvs kompaniis marTvis garantirebuli v. Landau, 329 Mass. 5, 8 (1952). DeCotis v. D’Antona,350 Mass. 165, 168 (1966). Stockhold-
ufleba, Tu samoqmedo xelSekrulebiT (operating agreement) sxvagvarad ar aris dadge- ers in close corporations must discharge their management and stockholder responsibilities in
nili, ix., Thomas R Hurst, William A Gregory, Cases and Materials on Corporations, Cincinnati, conformity with this strict good faith standard. They may not act out of avarice, expediency or
Ohio,1999, 63; aseve, Rebecca J. Huss, Revamping Veil Piercing for all Limited Liability Enti- self-interest in derogation of their duty of loyalty to the other stockholders and to the corporation“
ties: Forcing the Common Law Doctrine into the Satutory Age, Cincinnati Law Review, 2001 ix., Donahue v. Rodd Electrotype Co. of New England, Inc. 328 N.E.2d 505 (1975).
[70 U. Cin. L. Rev. 95] 2; Claire Moore Dickerson, Equilibrium Destabilized: Fiduciary Duties 13
burduli i., Senatanis ganuxorcieleblobis samarTlebrivi Sedegi: utopiuri Sexed-
under the Uniform Limited Liability Company Act, Stetson Law Review, 1995, [25 Stetson L. uleba ss-dan partnioris garicxvis Sesaxeb, ,,samarTlis Jurnali~ #1-2, 2010, 23.
Rev. 417], 3; winamdebare naSromSi, partnioris movaleobaTa identifikacia xdeba LLC-s 14
kerZo samarTlebriv urTierTobebSi valdebulebis warmoSobis safuZveli SeiZleba
magaliTze, im daTqmiT, romL LLC-is wevris movaleobebi daxuruli koporaciis part- iyos: xelSekruleba, deliqti, usafuZvlo gamdidreba an/da kanoni, saqarTvelos samoqa-
nioris movaleobaTa identuria. daxuruli korporacia ki qarTuli Sps-s analogiaa laqo kodeqsi (SemdgomSi `sk”) 317-e muxlis pirveli nawili;

138 139
da arc keTilsindisierebis standarts awesebs.15 keTilsindisierebis lebrivi mdgomareoba sazogadoebaSi. partiorTa SeTanxmeba warmoadgens
princi pi gaTvaliswinebulia saqarTvelos samoqalaqo kodeqsSi. kerZod, kerZosamarTlebriv garigebas. Tumca problemuria am garigebis xelSek-
kodeqsis me-8 muxlis mesame nawilSi, romlis Tanaxmadac kerZosamarT- rulebad kvalifikaciis sakiTxi.
lebrivi urTierTobis monawileni valdebulni arian keTilsindisierad xelSekruleba aris ormxrivi garigeba.20 Sesabamisad, sakiTxi, war-
ganaxorcielon TavianTi uflebebi da movaleobebi. amasTave, aRniSnuli moadgnes Tu ara partniorTa SeTanxmeba xelSekrulebas, unda gadawydes
muxlis Tanaxmad, kerZosamarTlebrivi urTierTobis subieqtia nebis- ormxrivi garigebis kriteriumebis partniorTa SeTanxmebisTvis misad-
mieri fizikuri da iuridiuli piri. Sesabamisad, keTilsindisierebis agebis gziT. garigeba ormxrivia, roca saxezea mxareTa urTierTanmxvedri
princi pi gamoiyeneba mTeli kerZo samarTlis mimarT.16 Tavis mxriv, nebis gamovlena.21 amdenad, ormxrivi garigebis makvalificirebeli kri-
kerZosamarTlebrivi urTierToba samewarmeo urTierTobasac moicavs.17 teriumia Sinaarsobrivad urTierTmfaravi nebis gamovlena – konsesusi22
amdenad, keTilsindisierebis movaleobis Sps-is partniorTa mimarT da ara savaldebulod ori xelSemkvreli mxaris arseboba.23 partnior-
gavrcelebis safuZvlad SeiZleba saqarTvelos samoqalaqo kodeqsi gan- Ta mier SeTanxmebis dadebisas saxezea partniorTa urTierTTanmxve-
vixiloT. partnioris fiduciuri movaleobis warmoSobis safuZvels ki dri nebis gamovlena, rac mas aqcevs ormxriv garigebad da, Sesabamisad,
partniorTa SeTanxmeba warmoadgens, romelsac am urTierTobaSi valde- xelSekrulebad. Tumca, saWiroa ganvasxvavoT partniorTa SeTanxmeba da
bulebiT-saxelSekrulebo elementebi Semoaqvs. masSi cvlilebis Setanis Sesaxeb partniorTa gadawyvetileba, radganac
swored es qmnis problemas. ,,mewarmeTa Sesaxeb~ kanonis me-91 muxlis
Sesabamisad, SeTanxmebaSi cvlilebis Setanaze uflebamosilia partnior-
1.1 partnioruli urTierTobis saxelSekrulebo safuZvlebi
Ta saerTo kreba. cvlilebebi Seitaneba saerTo krebis gadawyvetilebis
nacionaluri kanonmdeblobis mixedviT safuZvelze, anu mravalmxrivi garigebis Sedegad.24 amdenad, Tuki part-
niorTa SeTanxmebas ganvixilavT xelSekrulebad, xolo yovel Semdgom
Sps iqmneba partniorTa nebis gamovlenis – SeTanxmebis Sedegad.18
cvlilebas - mravalxmriv garigebad, saxeze ar iqneba xelSekrulebis
nebis gamovlenis konstatacia partniorTa SeTanxmebiT xdeba. garigebis
makvalificirebeli kriteriumi - urTierTTanmxvedri neba, radganac
sakanonmdeblo definicias saqarTvelos samoqalaqo kodeqsis 50-e mux-
gadawyvetileba SeiZleba miRebul iqnes xmaTa umravlesobiT. cvlile-
li iZleva, romlis Tanaxmadac, `garigeba aris calmxrivi, ormxrivi an
bebi da damatebebi SeTanxmebis ganuyofeli nawilia. Sesabamisad, saerTo
mravalmxrivi nebis gamovlena, romelic mimarTulia samarTlebrivi urT-
jamSi, partniorTa SeTanxmebis mimarT ikargeba konsesusis kriteriumi.
ierTobis warmoSobis Secvlis an Sewyvetisaken.”19 Sps-is SemTxvevaSic,
amdenad, nacionaluri sakanonmdeblo regulirebis pirobebSi partnior-
partniorTa neba mimarTulia konkretuli samarTlebrivi Sedegis dad-
Ta SeTanxmebis xelSekrulebad kvalifikacia ver xerxdeba.
gomisaken. ,,mewarmeTa Sesaxeb~ kanoni mravlad Seicavs dispoziciur
normebs. Sesabamisad, SeTanxmebis dadebiT, partniorebi gamoxataven ne-
bas, gansazRvron sakuTari ufleba-movaleobebi, kanonis dispoziciuri
norma gardaqmnan imperatiulad da amgvarad SeiboWon sakuTari samarT-
15
Sead., aSS-s samarTliT, daxuruli korporaciis partniorebs, iseve rogorc LLC-is
wevr-partniorebs, akisriaT keTilsindisierebisa da samarTliani qmedebis movaleoba
ix., S. Mark Curwin, Fiduciary Duties and the Minnesota Limited Limited Liability Company: 20
Wanturia l., samoqalaqo samarTlis zogad nawili, Tbilisi 2011, 302; saqarTvelos
Sufficient Protection of Memebers Interests? William Mitchell Law Review Fall, 1993 [19 Wm. samoqalaqo kodeqsis komentari wigni pirveli, Tbilisi, 2002, 169.
Mitchell L. Rev. 98], 2. 21
iqve, Wanturia l., 303.
16
ioseliani a., keTilsindisierebis princi pi saxelSekrulebo samarTalSi (SedarebiT- 22
saqarTvelos samoqalaqo kodeqsis komentari, wigni mesame, Tbilisi 2001, 84.
23
samarTlebrivi gamokvleva); qarTuli samarTlis mimoxilva – specialuri gamocema mag., erToblivi saqmianobis (amxanagobis) xelSekruleba, romelsac SeiZleba orze
2007, 18. bevrad meti monawile hyavdes, warmoadgens xelSekrulebas, anu ormxriv garigebas.
17
kereseliZe d., kerZo samarTlis uzogadesi sistemuri cnebebi, Tbilisi 2009, 82. Tumca, rodesac vsaubrobT urTierTanmxvedri nebis gamovlenaze, minimum ori mxare
18
mewarmeTa Sesaxeb kanoni, me-3 muxlis me-4¹ punqti. mainc unda arsebobdes.
19
`nebis gamovlenisa” da `garigebis” cnebebis Sesaxeb ix. kereseliZe d., kerZo samarT- 24
partniorTa gadawyvetileba warmoadgnes mravlmxriv garigebas. ix., Wanturia l.,
lis uzogadesi sistemuri cnebebi, Tbilisi, 2009, 232-242. samoqalaqo samarTlis zogad nawili, Tbilisi 2011, 304.

140 141
1.2 partnioruli urTierTobis saxelSekrulebo safuZvlebi aSS-s Inv. Co. v. Sparks sasamarTlom daadgina, rom yvela saxis xelSekruleba
samarTlis mixedviT mis monawileebs akisrebs keTilsindisierebisa da samarTliani qmedebis
movaleobas.32 aRniSnul saqmeSi, sasamarTlom keTilsindisiereba ganmar-
aSS-s sakorporacio samarTliT, LLC-is farglebSi, partnioruli ta, rogorc xelSekrulebis Sedegis (party’s right to receive the fruits of
urTierToba warmoiSoba SeTanxmebis (operating agreement) safuZvelze, a contract) miRebis uflebis uzrunvelsayofi meqanizmi.33 amdenad, aSS-s
saxelSekrulebo Tavisuflebis farglebSi,25 romelic SeiZleba daidos, doqtrinaSi arsebuli azrTa sxvadasxvaobis miuxedavad, partnioruli
rogorc werilobiT, aseve. zepiri formiTac.26 urTierTobis saxelSekrulebo safuZvlebi sasamarTlo praqtikiTaa
doqtrinaSi araa erTgvarovani midgoma imis Sesaxeb, warmoadgens Tu aRiarebuli.34
ara es SeTanxmeba xelSekrulebas. Tumca is mkvlevarebic ki, romlebic
uaryofen SeTanxmebis saxelSekrulebo xasiaTs, Tanxmdebian, rom sax- 1.2.1 korporacia, rogorc `nexus of contracts~
elSekrulebo keTilsindisierebis ZiriTadi princi pi vrceldeba part-
niorTa SeTanxmebazec.27 saxelSekrulebo Teoriis mimdevrebi uTiTeben, Teoria `nexus of contracts”35 korporacias ganixilavs ormxrivad ma-
rom korporacia fuZndeba da saqmianobas axorcilebs xelSekrulebis valdebulebeli SeTanxmebebis (reciprocal arrangement/contract) erToblio-
safuZvelze, korporaciis saqmianobaSi monawile yvela piri (part- bad.36 Sesabamisad, gansazRvravs, rom partniorebs korporaciis mimarT
niorebi, direqtorebi, sxva dasaqmebulebi) moqmedebs xelSekrulebis mxolod saxelSekrulebo moTxovnebi aqvT. Tumca es ar niSnavs imas,
safuZvelze.28Amkvlevarebi aRniSnaven, rom aseTi korporaciuli xelSek- rom korporacia xelSekrulebaa an rom korporacia ar arsebobs. ufro
rulebebi mniSvnelovnad gansxvavdeba Cveulebrivi xelSekrulebisgan, piriqiT, koncefcia `nexus of contracts” korporacias ganixilavs samar-
ris gamoc urTierTobebis garkveuli aspeqtebis regulirebas axdens Tlebriv fiqciad, romelic emsaxureba, rogorc birTvi - `nexus” - part-
saxelmwifo.29 saxelSekrulebo Teoriis kidev erT argumentad miiCneva niorTa saxelSekrulebo urTierTobebs.
is, rom sazogadoebis partniorebi SeboWilni arian keTilsindisierebis Teoriis sust mxared ganixileba partnioris upiratesobis (share-
movaleobiT.30 keTilsindisiereba ki, Tavis mxriv, saxelSekrulebo samar- holder primacy) princi pi, romelic korporaciis miznad, partnioris
Tlis cnebaa. samewarmeo urTierTobaSi misi gavrcelebis safuZveli ki keTildReobis uzrunvelyofas miiCnevs.37 `shareholder primacy” princi p-
partniorTa SeTanxmebaa.31 aRsaniSnavia, rom aSS-s sasamarTlo praqti- Tan dakavSirebiT, aseve arsebobs Sexeduleba, rom korporacia ara mx-
kac emxroba saxelSekrulebo Teorias. magaliTisTvis, saqmeze Malibu olod partniorebis keTildReobis miRwevis saSualebaa, aramed emsax-
ureba dasaqmebulebis, kreditorebisa da zogadad, sazogadoebis saerTo
25
B. Todd Bailey, Rick d. Bayley, The Idaho Limited Liabiliy Company; In Search of the Per-
fect Entity, Idaho Law Review, 1994, [31 Idaho, L. Rev], 4; Stephan Lamb, Vice Chancellor of
Delawere Court of Chancery , Unreported case: Walker v. Resource Co, Limited, L.L.C. No. 32
`As a general rule, every contract is subject to an implied covenant of good faith and fair deal-
1843-S Delaware Journal of Corporate Law 2002 [27 Del. J. Corp. L. 463], 9. ing, under which both parties to a contract promise not to intentionally or purposely do anything
26
RULLCA (2006) 110; ix. http://www.law.upenn.edu/bll/archives/ulc/ullca/2006act_final. which will destroy or injure the other party’s right to receive the fruits of a contract”, Malibu Inv.
pdf Co. v. Sparks, 996 P.2d 1043, 1048 (Utah 2000).
27
Puala J. Dalley, The Law of Partner Expulsions: Fiduciary Duty and Good Faith, Cardozo Law 33
iqve, Malibu Inv. Co. v. Sparks.
Review, 1999, [Vol 21-181], 193. 34
Vincent M. Roche, `Bashing the Corporate Shield”: The Untenable Evisceration of Freedom of
28
Henry N. Butler, Larry E. Ribstein, Opting Out of Fiduciary Duties: a Response to the Anti- Contract in the Corporate Context, The Journal of Corporation Law, 2003 [28 Iowa J. Corp. L.
Contractarians, Washington Law Review, 1990 [65 Wash. L. Rev. 1], 2. 289], 3.
29
iqve, 2; 35
`Nexus of contracts” koncefcia pirvelad gamoqveynda 1976 wels naSromSi: Michael
30
Stan Johnson, Duties Under the Utah Revised Limited Liability Company Act: Analysis of a Jensen and William Meckling, The Theory of the Firm, Managerial Behavior, Agency Costs and
Statutory Conflict, Utah Law Review 2002 [Utah L. Rev. 551], 4. Ownership Structure, Journal of Financial Economics, October, 1976, V. 3, No. 4.
31
Restatement (Second) of Contracts, (1981) Sec. 205: `every contract imposes upon each party 36
Melvin A. Eisenberg, Team Production in Business Organizations: The Conception That the
a duty of good faith and fair dealing in its performance and its enforcement” xelmisawvdo- Corporation is a Nexus of Contracts, and the Dual Nature of the Firm, The Journal of Corporation
mia: http://lexinter.net/LOTWVers4/restatement_(second)_of_contracts.htm; analogiur stan- Law, 1999 [24 Iowa J. Corp. L. 819], 2.
darts awesebs UCC 2005, Sec. 304: `yvela kontraqti an/da valdebuleba gulisxmobs 37
Julian Velasco, The Fundamental Rights of the Shareholder, Davis Law Review, 2006 [40 U.C.
keTilsindisierebis movalebas” xelmisawvdomia: http://www.law.cornell.edu/ucc/1/ Davis L. Rev. 407], 15.

142 143
keTildReobas.38 Teoria `nexus of contracts” ki gamoricxavs romelime III. partnioris valdebulebebi sazogadoebis
mxaris upiratesobas, msgavsad saxelSekrulebo samarTlisa, romelic winaSe
individTa Tanasworobis safuZvelze ar aniWebs upiratesobas magaliTad,
gamyidvels an piriqiT, myidvels.39 amdenad, cneba `nexus of contracts” da- sazogadoebidan partnioris garicxvis pirvel winapirobas warmoad-
kavSirebulia korporaciis imgvar gagebasTan, romlis Tanaxmadac, yvela gens partnioris mier valdebulebis darRveva.40 amdenad, prima facie,
dainteresebuli piri Tanaswor safuZvelze unda moqmedebdes. unda ganisazRvros Tu ra valdebulebebi akisria Sps-is partniors
da vis mimarT (konkretulad sazogadoebis Tu danarCen partnior-
Ta mimarT). yvelaze zogadi klasifikaciiT partnioris valdebule-
bebi SeiZleba daiyos ZiriTad da damatebiT valdebulebad. ZiriTadi
da, amavdroulad, kanoniT gawerili erTaderTi valdebulebaa Sesatanis
ganxorcieleba. Tumca, saqarTvelos uzenaesi sasamarTlos erTgvarovani
praqtikis safuZvelze SeiZleba davaskvnaT, rom Sesatanis ganxorcieleba
ar warmoadgens partnioris erTaderT valdebulebas. partniorebs aseve
ekisrebaT e.w. ,,ndobidan gamomdinare valdebulebebi,”41 rac iuridiul
doqtrinaSi fiduciuri movaleobebis saxeliTaa cnobili. sazogadoebis
partniorebs, SeTanxmebis farglebSi, SeuZliaT gansazRvron fiduciuri
movaleobebis masStabi. Tumca damatebiT movaleobeobaTa gansakuTreb-
uli niSanTviseba isaa, rom partniorTa mier maTze SeTanxmeba, rom arc
moxdes, keTilsindisieri qcevis standarti mainc iarsebebs, radganac
partnioris amgvari movaleobis arsebobas Tavad partnioruli urTier-
Toba (rogorc kerZosamarTlebrivi urTierToba) ganapirobebs.42
winamdebare TavSi, sakanonmdelo regulirebis, sasamarTlo praqtiki-
sa da iuridiuli doqtrinis Sejerebis safuZvelze ganxilulia part-
nioris konkretuli valdebulebebi, romelTa darRvevam SeiZleba gamoi-
wvios partnioris garicxva sazogadoebidan. Tavdapirvelad, ganxilulia
Sesatanis ganxorcielebis valdebuleba, ris farglebSic gamijnulia
Sesatanis saxeebi. Semdgomi qveTavebi exeba damatebiT valdebulebebs.
gamijnulia movaleobaTa ori jgufi: fiduciuri, keTilsindisierebisa
da `samarTliani qmedebis” movaleobebi.

38
Frank H. Easterbrook, Daniel R. Fischel, Contractual Freedom in Corporate Law: Articles &
Comments; The Corporate Contract, Columbia Law Review, 1989, [89 Colum. L. Rev. 1416], l;
Lewis A. Kornhauser, Contractual Freedom in Corporate Law: Articles & Comments; The Nexus
of Contracts Approach to Corporations: A Comment on Easterbook and Fotschel, Columbia Law 40
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2009 wlis 06 noembris
Review, 1989, [89 Colum. L. Rev. 1449], 2; Lucian Arye Bebchuk, A Contractual Freedom in Cor- ganCineba #as-812-1099-09 Sps `eka”-s saqmeze.
porate Law, Columbia Law Review, 1989, [89 Colum. L. Rev. 1395], 2; William W. Bratton, The 41
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2007 wlis 24 ivlisis
New Economic Theory of the Firm: Critical Perspectives from History, Stanford Law Review, gadawyvetileba #as-390-741-07 Sps `jorjian earveisi”-s saqmeze; aseve sus, 2007
1989, [41 Stan. L. Rev. 1471], 2. wlis 13 martis ganCineba #as-556-939-06, Sps telekompania `Tanamgzavris” saqmeze.
39
William W. Bratton, The `Nexus of Contracts” Corporations: A Critical Appraisal, Cornell Law 42
Paula J. Dalley, To Whom It May Concern, Fiduciary Duties and Business Associations, Dela-
Review, 1989, [74 Cornell L. Rev. 407], 2. ware Journal of Corporate Law 2001, [26 Del. J. Corp. L. 515], 2.

144 145
1. partnioris ZiriTadi valdebuleba – Sesatanis iqnes xmaTa umravlesobiT.51 Sesabamisad, kapitalis gazrda partnioris
ganxorcieleba garicxvis xelovnur saSualebad iqceva, Tuki konkretul SemTxveva-
Si, umravlesobis mier uflebis borotad gamoyenebas aqvs adgili da,
sazogadoebis dafuZnebisas partniorebi unda SeTanxmdnen wilebis magaliTad, arsebuli garemoebebi cxadyofen, rom umciresobaSi myofi
ganawilebaze da daTqvan kapitalSi maTi Sesatanebis odenoba.43 Gganxor- partniori ver ganaxorcielebs damatebiT Sesatans. unda aRiniSnos,
cielebuli Senatanis mesakuTre xdeba sazogadoeba. Sesabamisad, Sesata- rom aseT SemTxvevaSi sazogadoebas mtkicebis ­­­tvirTi ­­­Seumsubuqdeba,
nis ganxorcilebis vadis gadacilebis SemTxvevaSi, Sesrulebis moTxov- radganac Sesatanis ganxorcielebis valdebulebis darRvevisas garicx-
nis ufleba sazogadoebas ekuTvnis.44 unda aRniSnos, rom `mewarmeTa vis moTxovnis samarTlebrivi dasabuTeba ufro advilia, vidre gasar-
Sesaxeb” kanonis me-3 muxli saTaurSi uTiTebs Sesatanze, xolo me-5 icxi partnioris mxridan sazogadoebisTvis zianis miyenebis damtkiceba.
punqti iyenebs termins ,,Senatani.” Tumca ufro swori iqneboda Tavad Tumca, yovel konkretul SemTxvevaSi, calke msjelobis sagania, ramde-
muxlSic termin ,,Sesatanis” gamoyeneba, radganac Sesatani Senatanad nad akmayofilebs ­­keTilsindisierebis movaleobas partnioris garicxvis
iqceva mxolod ganxorcielebis Semdeg.45 `mewarmeTa Sesaxeb” kanonis aseTi meqanizmis gamoyeneba.
Tanaxmad, ,,Senatani” SeiZleba iyos materialuri da aramaterialuri Tavis mxriv, Sesatani SeiZleba iyos ZiriTadi da damatebiTi. Ziri-
qoneba, samuSaos Sesruleba an/da momsaxurebis gaweva. Sesatanebis TiTq- Tad Sesatans warmoadgens partniorTa­­­ ­­­SeTanxmebiT gansazRvruli Sesa-
mis analogiur saxeebs vxvdebiT aSS-s samarTalSic.46 tani. xolo kapitalis gazrdis an sxva ekonomikuri Sedegis miRwevis
Sesatanebi sazogadoebis kapitalis formirebis mniSvnelovani meqa- mizniT­, saerTo krebis gadawyvetilebiT gansazRvruli Sesatani – dam-
nizmia. Tavis mxriv, sazogadoebis kapitali kreditorTa dacvis berke- atebiTs. Sesatanis ganxorcieleba unda moxdes partniorTa SeTanxmebiT,
tia. gansakuTrebiT ki sawesdebo kapitali, romelic kreditorTa sa- xolo damatebiTi Sesatanis - partniorTa gadawyve­­ tilebiT gansazRvrul
sargeblod `dacul sagarantio fondad” ganixileba.47 aRniSnulis gamo, vadaSi. Tuki partniori dadgenil vada­­ Si ar Seasrulebs an Seasrulebs,
Sesatanis mimarT vrceldeba zogadi kriteriumi - Sesatani unda iyos magram arajerovnad saxeze iqneba partnioris mier valdebulebis darRveva.
gamoyenebadi sazogadoebisTvis, anu mas unda gaaCndes garkveuli eko-
nomikuri Rirebuleba. Setanaunarian obieqtebad miiCneva samoqalaqo
1.1 fuladi da arafuladi Sesatanebi
urTierTobebSi brunvaunariani obieqtebi,48 romelTa ekonomikuri Rire-
bulebis dadgenac SesaZlebelia.49 materialuri qonebis saxiT, sazogadoebis kapitalSi Sesatanis for-
sazogadoebis partniorebi uflebamosilni arian sazogadoebis saqmi- miT Seitaneba fuladi saxsrebi (fuladi Sesatani) moZravi da uZ-
anobis nebismier etapze miiRon gadawyvetileba sazogadoebis kapitalis ravi qoneba (sanivTo Sesatani).52 Tuki Sesatans warmoadgens fuli,
gazrdis Sesaxeb.50 unda aRiniSnos, rom kapitalis gazrda SeiZleba iqces
51
partnioris garicxvis xelovnur saSualebad, Tumca SezRuduli gamoy- aRsaniSnavia, ,,mewarmeTa Sesaxeb” kanonis erT-erTi bolo cvlilebac - mesame muxlis
enebiT. kapitalis gazrdis Sesaxeb gadawyvetileba SeiZleba miiRebul me-5² punqti, romlis Tanaxad, ,,Tu wesdebis/partniorTa SeTanxmebis cvlileba auqmebs
partnioris registrirebul uflebas, an mas iseT valdebulebas akisrebs, romelic
pirdapir da uSualo gavlenas axdens mis registrirebul uflebaze, partnioris Tanx-
43
mewarmeTa Sesaxeb kanoni, me-3 muxlis me-5 puntqi. mobis gareSe amgvari cvlilebis Setana dauSvebelia.” registrirebul uflebas, pirvel
44
iqve, me-9 prima muxlis me-6 punqti. rigSi, warmoadgens sakuTrebis ufleba. normis sityvasityviTi ganmartebiT, partnioris
45
burduli i., qonebrivi urTierToba saaqcio sazogado­ebaSi (gansakuTrebiT misi Camo- garicxva (romlis Sedegicaa partnioris Tanxmobis gareSe, wilze sakuTrebis uflebis
yalibebis procesSi qarTuli da avstri­uli sama­r­­­­Tlis magaliTze), Tbilisi 2008, 117. gauqmeba), aseve damatebiTi Senatanebis dakisreba (romelTa ganuxo-rcieleblobam Sei-
46
RULLCA (2006) Sec. 402: `Contribution may consist of tangible or intangible property or oth- Zleba gamoiwvios garicxva da amdenad, warmoadgens iseT valdebulebas, romelmac
er benefit to a limited liability company, or a series thereof, including money, services performed, SeiZleba gavlena moaxdinos registrirebul uflebaze) dauSvebelia Tavad partnioris
promissory notes, other agreements to contribute money or property, and contracts for services to Tanxmobis gareSe. Tumca, aseTi ganmarteba winaaRmdegobaSi modis zogadad garicxvis
be performed”. ix. aseve MBCA §6.21. institutTan da arsebul sasamarTlo praqtikasTan. amdenad, savaraudoa, rom norma
47
juReli g., kapitalis dacva saaqcio sazogadoebaSi, Tbilisi, 2010, 55. exeba sxvagvar uflebebs, magaliTad, rogoricaa wilis upiratesad Sesyidvis ufleba,
48
sk, 147-e da 152-e muxlebi. sameTvalyureo sabWoSi wevris savaldebulod wardgenis ufleba da sxva, romelic
49
Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, 2002, 48. SeiZleba iqnes gaTvaliswinebuli wesdebiT da registrirebuli reestrSi.
50
mewarmeTa Sesaxeb kanoni, me-9 ˡ muxlis me-6 punqti. 52
Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, 2002, 46.

146 147
damkvidrebuli praqtikis Sesabamisad, igi Seitaneba sazogadoebis sa- warmoSobis dasaxelebiT sargeblobis ufleba da a.S. aseve warmoadgenen
banko angariSsze. rac Seexeba moZrav/uZrav qonebas da aramaterialur Setanaunarian obieqtebs.59 Sesatanis gadacemis xelSekrulebis forma
qonebriv sikeTeebs, am SemTxvevaSi Sesatanis ganxorcieleba - qonebis am SemTxvevaSic damokidebulia Sesatanis saxeze. magaliTad, ,,saavtoro
sazogadoebisTvis gadacema unda moxdes damoukidebeli xelSekrulebis da momijnave uflebebis Sesaxeb~ kanoni gansazRvravs, rom saavtoro
safuZvelze (Sesatanis gadacemis xelSekruleba).53 Sesatanis gadacemis uflebis gadacemis safuZvelia xelSekruleba, romelic, Tavis mxriv,
xelSekruleba rig SemTxvevaSi formasavldebuloa. Fformis gansazRvri- formasavaldebuloa da unda diados werilobiTi formiT.60
sas gadamwyvetia is, Tu rogor xdeba konkretul qonebaze sakuTrebis Tuki Sesatanis saxes warmoadgens partnioris kuTvnili moTxovnis
uflebis gadasvla. magaliTad, uZrav qonebaze sakuTrebis ufleba war- ufleba mesame piris mimarT, Sesatanis ganxorcieleba unda moxdes sazoga-
moiSoba sajaro reestrSi registraciis momentidan, xolo sajaro re- doebasa da partniors Soris moTxovnis daTmobis werilobiTi xelSek-
estrSi uflebis registraciis safuZveli ki Sesabamisi werilobiTi rulebis safuZvelze. aRsaniSnavia, rom am SemTxvevaSi mesame piris Tanxmoba
xelSekrulebaa.54 amdenad, Tuki Sesatans warmoadgens uZravi qoneba, Sesa- ar moiTxoveba.61 gavrcelebuli Sexedulebis Tanaxmad, ar aqvs mniSvneloba
tanis ganxorcielebis xelSekruleba unda daidos werilobiTi formiT, vis mimarT arsebobs moTxovna. amis gamo ki SesaZlebelia, Sesatanad gamoy-
sazogadoebaze sakuTrebis uflebis gadasvla ki daregistrirdes sa- enebul iqnes Tavad sazogadoebis mimarT arsebuli moTxovnebi.62 magali-
jaro reestrSi. mxolod amis Semdeg CaiTvleba Sesatani ganxorciele- Tad, kompensaciis anda ganawilebuli dividendis moTxovnis ufleba. Tumca,
bulad. miiCneva, rom sawarmo SeiZleba gamoyenebul iqnes arafulad aseT SemTxvevaSi saqme gvaqvs moTxovnaTa urTierTgaqviTvasTan, vidre
(sanivTo) Sesatanad.55 moTxovnis daTmobasTan. moTxovnis uflebis moTxovnis adresatisTvis
Sesatanis gadacemis xelSekruleba calmxrivad mavaldebulebeli daTmobiT moTxovna wydeba, SeuZlebelia piri iyos erTi da imave moTxov-
ormxrivi garigebaa, radganac, erTi mxriv, avaldebulebs partniors ganax- nis uflebis, rogorc mesakuTre, aseve adresati (anu moTxovnis ufleba
orcielos Senatani, xolo, meore mxriv, aniWebs sazogadoebas Sesrulebis gaaCndes sakuTari Tavis mimarT). amdenad, sazogadoebis mimarT arsebuli
moTxovnis uflebas (anu sazogadoebis mxridan sapasuxo Sesrulebis moTxovnis uflebis Sesatanad gamoyenebis SemTxvevaSi, sazogadoebasa da
valdebulebas ar gulisxmobs).56 partniors Soris unda daidos urTierTmoTxovnaTa gaqviTvis Sesaxeb Se-
aramaterialuri qonebis saxiT, sazogadoebis kapitalSi xelSek- Tanxmeba.63 urTierTmoTxovnaTa gaqviTvis dros, urTierTobis monawileni
rulebis safuZvelze SeiZleba moTxovnebisa da aramaterialuri qone- erTmaneTis mimarT erTdroulad warmoadgenen kreditorsac da mova-
brivi sikeTeebis Setana. maT ganekuTvneba, moTxovnebi (rogorc saxelSek- lesac.64 amdenad, urTierTmoTxovnaTa gaqviTvis SemTxvevaSi, partnioris
rulebo aseve, kanonismieri valdebulebiTi urTierTobidan gamomdinare Sesatani CaiTvleba ganxorcielebulad, xolo sazogadoebis valdebuleba
mag., usafuZvlo gamdidrebidan warmoSobili moTxovnis uflebebi), wile- partnioris mimarT Sesrulebulad.
bi, aqciebi, fasiani qaRaldebi, saavtoro da momijnave uflebebi, sax-
elSekrulebo (mag., ijaris ufleba da ara ijaris sagani)57 da sanivTo 1.2 momsaxurebis gaweva, samuSaos Sesruleba
uflebebi (mag., aRnagoba). aseve frenSaizingis xelSekrulebis saganic
ganixileba Setanaunarian obieqtad.58 miiCneva, rom saavtoro uflebebi, momsaxurebis gaweva da samuSaos Sesruleba, rogorc Sesatanis saxe,
samrewvelo sakuTreba, sasaqonlo niSnebi, safirmo saxelwodeba, adgil- warmoadgens sakanonmdeblo siaxles.65 ,,mewarmeTa Sesaxeb~ kanoni ar
53
burduli i., saaqcio samarTlis safuZvlebi tomi I, 181. 59
Bayer in Schmidt/Lutter, AktG, (2008), $ 27, Rn. 13.
54 60
sk, 183-e muxli. ,,saavtoro da momijnave uflebebis Sesaxeb~ saqarTvelos kanoni, gamoqvey. saqarT-
55
sawarmos Senatanad gamoyeneba ukavSirdebda sawarmos reorganizaciisa da gardaqmnis velos sakanonmdeblo macne 1999 w. #28(35), 35-e muxlis pirveli punqti da 42-e
sakiTxebs. dawvrilebiT, ix. burduli i., qonebrivi urTierToba saaqcio sazogadoebaSi muxlis pirveli punqti.
61
(gansakuTrebiT misi Camoyalibebis procesSi) qarTuli da avstriuli samarTlis mag- sk, muxlis 199-e muxlis pirveli nawili.
aliTze, Tbilisi 2008, 131-133. 62
Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, Tbilisi 2002, 50.
56
iqve, burduli i., 119, 122. 63
sk, 442-e muxli.
57
Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, Tbilisi 2002, 49. 64
saqarTvelos samoqalaqo kodeqsis komentari, wigni III, Tbilisi 2001, 546.
58
burduli i., qonebrivi urTierToba saaqcio sazogadoebaSi (gansakuTrebiT misi Camo- 65
,,mewarmeTa Sesaxeb~ kanonis me-3 muxlSi SenatanTan dakavSirebiT cvlileba 14.03.2008
yalibebis procesSi) qarTuli da avstriuli samarTlis magaliTze, Tbilisi 2008, 130. wels Sevida.

148 149
awesebs maTi gamijvnis kriteriums. Tumca, momsaxurebis gaweva da samuS- samuSaos Sesrulebas. gavrcelebulia azri, rom momsaxurebis gaweva
aos Sesruleba SeiZleba gaimijnos. kerZod, ganxvavebaa im `produqtSi”, da samuSaos Sesruleba gulisxmobs mesame piris mxridan Sesruleba-
romelic unda miiRos sazogadoebam. momsaxurebis gawevisas Sesatani, anu sac. Aaseve arsebobs azri, rom mesame piris mxridan Sesruleba sZens
sazogadoebis mier misaRebi `produqti”, procesia (magaliTad, sazoga- momsaxurebis gawevasa da samuSaos Sesrulebas `Setanunarianobas.”69
doebisTvis finansuri an iuridiuli momsaxurebis gaweva), xolo samuS- rogorc aRvniSne, momsaxurebis gaweva da samuSaos Sesruleba, warmoad-
aos Sesrulebis – konkretuli Sedegi (magaliTad, nardobis xelSek- gens sakanonmdeblo siaxles. Sesabamisad, maTi arsis dadgenis mizniT,
rulebidan gamomdinare nivTis Seqmna). pirvel rigSi, unda ganisazRvros kanonmdeblis neba. momsaxurebis gaw-
iuridiul literaturaSi ar aris erTgvarovani midgoma imis Tao- evisa da samuSaos Sesrulebis Sedegis sazogadoebis kapitalSi moxve-
baze, Tu ramdenad warmoadgens momsaxurebis gaweva da samuSaos Ses- dra, sakanonmdeblo cvlilebamdec iyo SesaZlebeli. kerZod, partnioris
ruleba Setanaunarian obieqts. msgavsad ararsebuli nivTebisa da sa- mier mesame pirTan dadebuli momsaxurebis xelSekrulebidan gamomdin-
momavlo moTxovnebisa, miiCneva, rom korporaciaSi momsaxurebis gaweva are moTxovnis uflebis sazogadoebisTvis daTmobis gziT. amavdroulad,
da samuSaos Sesruleba ar warmoadgens arafuladi Sesatanis saTanado cvlilebamde SeuZlebeli iyo, Sesatanad partnioris mier piradad mom-
obieqts.66 aRniSnuli midgoma gamomdinareobs evropis sabWos II di- saxurebis gaweva/samuSaos Sesruleba. aRniSnulidan gamomdinare, unda
reqtividan, romlis Tanaxmadac, ss-Si kapitali unda Seivsos realuri davaskvnaT, rom momsaxurebis gawevasa da samuSaos SesrulebaSi, kanon-
(xelSesaxebi) ekonomikuri Rirebulebis mqone qonebiT, momsaxurebis mdebeli gulisxmobs partnioris mier piradad Sesrulebas. winaaRmdeg
gaweva da samuSaos Sesruleba ki, evropaSi gabatonebuli SexedulebiT, SemTxvevaSi sakanonmdeblo cvlilebas ekargeba azri. amasTan, momsax-
ar warmoadgens aseTi qonebis nawils.67 amdenad, evropuli sakorporacio urebis gawevis an samuSaos Sesrulebis valdebuleba, konkretul Sem-
samarTali, aSS-sgan gansxvavebiT, ar ganixilavs momsaxurebis gawevas Se- TxvevaSi Tavisi Sinaarsidan gamomdinare, Tavadac SeiZleba moiazrebdes
tanaunarian obieqtad.68 piradad Sesrulebis valdebulebas. magaliTad, sazogadoebis partniori
Enacionaluri kanonmdeblobiT calsaxadaa gaTvaliswinebuli Sesa- `A” kvalificiuri finansistia. SeTanxmebiT ganisazRvra, rom `A”-s
tanis saxed momsaxurebis gaweva da samuSaos Sesruleba. Tumca kanon- Sesatani sazogadoebaSi iqneba mis mier sazogadoebisaTvis finansuri
mdebloba ar iZleva pasuxs kiTxvaze, gulisxmobs Tu ara Sesatanis momsaxurebis gaweva. aseT SemTxvevaSi, mesame piris mxridan ver moxdeba
es kategoriebi partnioris mier piradad momsaxurebis gawevasa Tu Sesatanis ganxorcieleba, radganac sazogadoebam samuSaos Sesruleba
daukavSira partnioris pirad SesaZleblobebsa da profesionalizms da
66
burduli i., qonebrivi urTierToba saaqcio sazogadoebaSi (gansakuTrebiT misi am gziT individualuri niSniT gansazRvra Sesatani.
Camoyalibebis procesSi) qarTuli da avstriuli samarTlis magaliTze, Tbilisi 2008, sainteresoa, moiTxovs Tu ara sazogadoebis mier Sesatanis miReba
133-138. momsaxurebis gawevis/samuSaos Sesrulebis Sesaxeb sazo-gadoebasa da
67
`The subscribed capital may be formed only of assets capable of economic assessment. However, partniors Soris xelSekrulebis arsebo-bas.Ggamomdinare iqidan, rom
an undertaking to perform work or supply services may not form part of these assets.” Art.7, Sec-
ond Council Directive 77/91/EEC of 13 December 1976, Official Journal L 026, 31/01/1977, 0001-
momsaxurebis/samuSaos Sesrulebis kategoriis xelSekrulebebi, ZiriTa-
0013 http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31977l0091:EN:HTML dad, araa formasavaldebulo, sazogadoebasa da partniors Soris weri-
68
MBCA §6.21(b): The board of directors may authorize shares to be issued for consideration lobiTi xelSekrulebis dadeba aucilebeli ar aris. sakmarisia, Sesa-
consisting of any tangible or intangible property or benefit to the corporation, including cash, tanze SeTanxmebis arseboba. Tumca, mtkicebis tvirTvis gaadvilebisTvis,
promissory notes, services performed, contracts for services to be performed, or other securities miza-nSewonilia momsaxurebis faqtobrivad ganxorcielebis Semdeg,
of the corporation”. aRniSnul normaze ABA-s oficialuri komentaris Tanaxmad, xSirad
uZrav qonebas an sargebels gaaCnia igive ekonomikuri Rirebuleba, rac fulad kon-
sazogadoebasa da partniors Soris Sesabamisi miReba_Cabarebis aqtis
tribucias. Sesabamisad, direqtorTa bordis mier samewarmeo gansjis Sedegad unda gaformeba.
dadgindes konkretul SemTxvevaSi, ra saxis Sesatani iqneba yvelaze xelsayreli ko-
rporaciisTvis. amdenad, aSS-is samarTali Sesatanad saxed iTvaliswinebs nebismier
moZarv/uZrav qonebas, sargebels maT Soris momsaxurebis gaweva/samuSaos Sesrulebas,
im daTqmiT rom konkretul SemTxvevaSi adekvaturi kontribuciis SerCeva bordis
pasuxismgeblobis sferoSi moeqceva. xelmisawvdomia: http://www.americanbar.org/groups/
business_law.html 69
burduli i., saaqcio samarTlis safuZvlebi, tomi I, Tbilisi, 2009, 213.

150 151
2. partnioris damatebiTi valdebulebebi duciuri movaleobis darRveva mimarTuli iyos sazogadoebis sazianod.73
magaliTad, Tuki partniorma miiTvisa sazogadoebis qoneba an konkuren-
partnioris damatebiT valdebulebas warmoadgens keTilsindis- cia gauwia sazogadoebas, aseT SemTxvevaSi, aSS-s samarTliT, calsaxad
ierebisa da fiduciuri movaleobebis dacva. qarTuli kanonmdeblobiT, saxezea fiduciuri movaleobis darRveva. danarCen partniorebs Seu-
kerZosamarTlebrivi urTierTobis subieqtis – sazogadoebis partnioris ZliaT sasamarTlo warmoebis gziT miaRwion am partnioris garicxvas.
mimarT keTilsindisierebis princi pis gavrcelebis safuZvelia samoqa- im SemTxvevaSi ki, Tu partniorma Caidina analogiuri qmedeba, oRond ara
laqo kodeqsis me-8 muxli. rac Seexeba partnioris fiduciur movaleo- sazogadoebis, aramed meore partnioris winaaRmdeg, maSin es ukanaskneli
bebs nacionalouri kanonmdebloba maT ar iTvaliswinebs. amavdroulad, garicxvis moTxovnas safuZvlad ver daudebs fiduciuri movaleobis
saqarTvelos uzenaesi sasamarTlos erTgvarovanma praqtikam warmoaCina, darRvevas.
rom garda ZiriTadi valdebulebisa, Sps-is partniorebs sazogadoe- qarTuli sasamarTlo praqtikac am mimarTulebiT ganviTarda. saqa-
bis mimarT ndobidan gamomdinare movaleobebic akisriaT.70 aRniSnuli rTvelos uzenaesma sasamarTlom araerTgzis miuTiTa, rom partnioris
ki, partniorebs sazogadoebis interesebis dacvas avaldebulebs. fi- garicxvis safuZvelia gasaricxi partnioris mxridan sazogadoebis in-
duciuri movaleoba ganimarteba, rogorc sxvisi interesebis Sesabamisi teresebis aSkarad sawinaaRmdego qmedeba.74 Tumca qarTuli sasamarTlo
qmedebis movaleoba.71 swored es aspeqti ganasxvavebs fiduciur mova- praqtika ar mijnavas konkretul fiduciur movaleobebs da Semoifar-
leobas keTilsindisierebis princi pisgan, razec saubari iqneba winamde- gleba qmedebis zogadi keTilsindisierebis standartiT SefasebiT. roca
bare Tavis 2.2 qveTavSi. mosarCele (sazogadoeba) apelirebs im garemoebaze, rom partnioruli
damatebiT movaleobebTan mimarTebiT erT-erTi problemuri sakiTxia urTierTobis SenarCuneba SeuZlebelia, magram ver adasturebs mopa-
misi adresatis gansazRvra. amerikul doqtrinaSi gavrcelebuli mosaz- suxis (gasaricxi partnioris) mier konkretuli valdebulebis dar-
rebiT, fiduciuri movaleobebi partiorebs sazogadoebis mimarT akis- Rvevas, saqarTvelos sasamarTloebi partnioris garicxvis moTxovnas ar
riaT (swored sazogadoeba miiCneva beneficiarad).72 magram es ar niSnavs, akmayofileben. aRniSnulze arsebobs saqarTvelos uzenaesi sasamarTlos
rom fiduciuri movaleobebis yovelgvari darRveva warmoSobs part- ergvarovani praqtika, romlis Tanaxmadac, partniorebs Soris pirovnuli
nioris garicxvis SesaZleblobas. garicxvisTvis aucilebelia, rom fi- konfliqtis arsebobisas mxareebs SeuZliaT gamoiyenon warmomadgenloba
70
da am gziT ganagrZon erToblivi saqmianoba.75
sus, 2007 wlis 24 ivlisis gadawyvetileba #as-390-741-07.
71
`A duty to act for someone else’s benefit, while subordinating one’s personal interests to that of
winamdebare TavSi ganxilulia, konkretuli fiduciuri movaleo-
the other person” Black’s Law Dictionary, 6th Ed., 625, 1990, aseve Pepper v. Litton, 308 U.S. bebi, romlebic gamijnulia keTilsindisierebis movaleobisgan. aseve,
295, 311 (1939) saqmeze aSS-s uzenaesma sasamarTlom daadgina, mas vinc imyofeba ndobiT aSS-s magaliTze Camoyalibebulia im fiduciur movaleobaTa katalogi,
urTierTobaSi, ar aqvs ufleba: sakuTari ineteresi daayenos meore mxaris interesebze romelTa darRvevam SeiZleba gamoiwvios partnioris garicxva.
maRla; ise marTos saqme, rom daarRvios patiosnebis saerTo standarti, isargeblos
Sida informaciiT an domimanturi mdgomareobiT Tavis sasargeblod; daaRvios `samar-
Tliani TamaSis” (fair play) wesebi da korporaciis gamoyenebiT arapirdapir Caidinos
iseTi qmedeba, rasac pirdapir ver ganaxorcielebs. mas aseve ar aqvs ufleba piradi
sargeblisaTvis da aqcionerebis an kreditorebis sazianod gamoiyenos Zalaufleba,
miuxedavad imisa, Tu ramdenad absoluturia misi Zalaufleba sazogadoebaSi da ramde-
nad akmayofilebs formalur moTxovnebs. aseTi Zalaufleba eqvemdebareba samarTlian
SezRudvas, igi ar SeiZleba gamoyenebul iyos, upiratesobis mosapoveblad, gasaricxad 73
Puala J. Dalley, The Law of Partner Expulsions: Fiduciary Duty and Good Faith, Cardozo Law
an zianis misayeneblad. aqve sasamarTlom miuTiTa samarTlianobis rolze Sida kor- Review, 1999 [Vol 21-181], 193.
poraciul urTierTobebSi, aRniSna ra: `Where there is a violation of those principles, equity 74
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2009 wlis noembris
will undo the wrong or intervene to prevent its consummation”. ganCineba #812-1099-09 Sps `eka”-s saqmeze; sus, 2010 wlis 17 maisis ganCineba #as-
Notch View Assocs. v. Smith, 615 A.2d 676, 680 (N.J. Super. Ct. Laiw Div. 1992); Pace v. Perk, 185-176-2010 Sps `pegasi”-s saqmeze; sus, 2007 wlis 12 oqtombris ganCineba #as-614-
440 N.Y.S.2d 710, 716 (App. Div. 1981). 951-07 Sps `sairxe”-s saqmeze; 2007 wlis 13 martis ganCineba #as-556-939-06 Sps
72
Tammy Savidge Moore, The Policy of Opting-Out of the Fiduciary Duties in a Limited Liabil- telekompania `Tanamgzavri”-s saqmeze.
ity Company: Mcconnell v. Hunt Sports Enterprises, 725 N.E.2D 1193 (OHIO CT. APP. 1999), 75
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2009 wlis 23 Tebervlis
South Texas Law Review, 2000 [42 S. Tex. L. Rev. 183], 3. ganCineba #as-1075-1245-08 Sps `argo”-s saqmeze.

152 153
2.1 fiduciuri movaleobebis SedarebiTsamarTlebrivi aspeqtebi (aSS-s sierebis sakiTxi wamoiWreba maSin, roca piri asrulebs raime qmedebas.
magaliTze) aRniSnulidan gamomdinare, miiCneva, rom fiduciuri movaleoba unda Ses-
ruldes keTilsindisierad.82
aSS-s doqtrinaSi fiduciuri movaleobebis sxadasxva klasifika- zemoxsenebuli midgomebi, wminda Teoriuli msjelobis sagania. praq-
cia gvxvdeba. arsebiTi sakiTxia: moicavs Tu ara erTgulebis fiduci- tikuli mniSvneloba ki imas aqvs, rom keTilsindisierebis saxleSek-
uri movaleoba saxelSekrulebo keTilsindisierebisa da samarTliani rulebo princi pi, iseve vrceldeba partniorTa mimarT, rogorc erT-
qmedebis movaleobas? Tu es ukanaskneli damoukidebeli kategoriis mov- gulebis fiduciuri movaleobebi. Tumca maT Soris aris konceptualuri
aleobaa. mkvlevarTa nawili keTilsindisierebis princi ps erTgulebis gansxavebac, razec qvemoT iqneba saubari.
movaleobis Semadgenel nawilad ganixilavs da miiCnevs, rom fiduciuri
movaleobebi keTilsindisierebisa da samarTliani qmedebis movaleobaze
farTo standarts awesebs.76 meore nawili, keTilsindisierebis princi ps 2.1.1 erTgulebis movaleoba (duty of loyalty)
miiCnevs damoukidebel movaleobad, romelic partniors akisria ara
sazogadoebis, aramed partniorTa mimarT.77 mesame nawili ki, partnioris erTgulebis movaleoba, daxurul korporaciebSi, iseve rogorc amx-
fiduciur movaleobad erTgulebis movaleobasTan erTad, gulmodgine- anagobebSi, ukrZalavs partniors dados garigeba sakuTar TavTan, aseve
obis movaloebasac ganixilavs da keTilsindisierebis princi ps maT avaldebulebs mas, ar Seqmnas iseTi situacia, romelic safrTxes Seuqm-
Semadgenel komponentad ganixilavs.78 gulmodgineobis movaleoba, Tavis nis sazogadoebis da, Sesabamisad, sxva partniorebis interesebs.83 aRniS-
mxriv, gulisxmobs partnioris movaleobas, ar Caidinos ganzraxi marTl- nulidan gamomdinare, erTgulebis movaleoba aerTianebs damatebiT oTx
sawinaaRmdego qmedeba an uxeSi gaufrTxilebloba sazogadoebis winaaR- komponents:
mdeg.79 unda aRiniSnos, rom RULLCA awesebs, rogorc erTgulebis, aseve (a) angriSvaldebuleba (duty to account) - partniori angariSval-
gulmodgineobis movaleobasac.80 rogorc vxedavT, gulmodgineobis mova- debulia sazogadoebis winaSe, nebismieri sargeblisaTvis, romelic mi-
leoba gamoirCeva martivi konstruqciiT, ris gamoc winamdebare qveTa- iRo sazogadoebis saqmianobis ganxorielebis procesSi an sazogadoe-
vis farglebSi, fiduciur movaleobebTan mimarTebiT ZiriTadi aqcenti bis qonebis, informaciis an/da sazogadoebis kuTvnili SesaZleblobis
gakeTebulia erTgulebis fiduciur movaleobaze. keTilsindisierebis gamoyenebis gziT.84 sazogadoeba uflebamosilia mosTxovos partniors
normatiuli Sinaarsidan gamomdinare, unda davaskvnaT, rom igi iwyebs mo- amgavarad miRebuli sargeblis (fuladi saxsrebis an qonebis) sazoga-
qmedebas, roca piri axorcielebs uflebas/valdebulebas.81 keTildsindi- doebisaTvis dabruneba. aRniSnuli gamomdinareobs aSS-s precedentuli

76
Sandra K. Miller, What Standards of Conduct Should Apply to Members and Managers of poses upon each party a duty of good faith and fair dealing in its performance and its enforcement”
Limited Liability Companies? St. John’s Law Review, 1994 68 St. John’s L. Rev. 21,6, Deborah Sec. 205, Restatement (Second) on Contracts. analogiurad, sk-s me-8 muxlis me-3 nawili
A. DeMott, Beyond Metaphor: An Analysis of Fiduciary Obligation, Duke Law Journal [1988 adgens: `samarTlebrivi urTierTobis monawileni valdebulni arian keTilsindisierad
Duke L.J. 879], 2. ganaxorcielon Tavisi uflebebi da movaleobebi.” amdenad, keTilsindisierebis mova-
77
John C. Coffee, Contractual Freedom in Cirporate Law; Articles & Comments: The Mandatory/ leobis amoqmedeba damokidebulia individis mier qmedebis ganxorcielebaze. uflebis
Enabling Balance in Corporate Law:An essay on the Judicial Role, Columbia Law Review 1989 ganxorcieleba da valdebulebis Sesruleba individis qmedebas gulismxmobs, romelSic
[89 Colum. L. Rev. 1618], 1. ar moiazreba marTlsawinaaRmdego qmedeba. marTalia, uflebis ganxorcielebas/valdeb-
78
Paula J. Dalley, To Whom It May Concern: Fiduciary Duties and Business Associations, Dela- ulebis Sesrulebas SeiZleba mohyves marTlsawi-naaRmdego Sedegi, Tumca Tavad ufleba
ware Journal of Corporate Law 2001 [26 Del. J. Corp. L. 515] 3; Edward Gartenberg, Tiffany an valdebuleba ver iqneba marTlsawi-naRmdego.
King, Fiduciary Duties in Partnerships and Limited Liability Companies under California Law, 82
`Fiduciary duties are substantive obligations which must be honored in good faith in the same
California Business Law Practitioner, 2003, 95. way that contractual obligations must be honored in good faith” ix. David Rosenberg, Making
79
iqve, Edward Gartenberg, Tiffany King, 98. Sense if Good Faith in Delaware Corporate Fiduciary Law: A Contractarian Approach, Delaware
80
RULCA (2006), Sec. 409; Journal of Corporate Law 2004 [29 Del. J. Corp. L. 491, 8.
81
`Each party must act in accordance with good faith and fair dealing.” Art.1:201 PECL, 83
Paula J. Dalley, To Whom It May Concern: Fiduciary Duties and Business Associations, Dela-
xelmisawvdomia:http://frontpage.cbs.dk/law/commission_on_european_contract_law/ ware Journal of Corporate Law 2001 [26 Del. J. Corp. L. 515] 3.
PECL%20engelsk/engelsk_partI_og_II.htm. `Every contract or duty within this Act imposes an 84
Edward Gartenberg, Tiffany King, Fiduciary Duties in Partnerships and Limited Liability Com-
obligation of good faith in its performance or enforcement,” Sec. 1-203, UCC; `Every contract im- panies under California Law, California Business Law Practitioner, 2003, 95.

154 155
samarTlidan, romlis Tanaxmadac, partniors ar aqvs ufleba sxva part- aqvs materialuri mniSvneloba sazogadoebis saqmianobisaTvis.91 AaseTi
niorTa Tanxmobis gareSe, miiRos raime saxis sargebeli sazogadoebis informaciis arasruli gamJRavneba an araswori interpretacia, romlis
SesaZleblobebis gamoyenebiT.85 yovel konkretul SemTxvevaSi imis Semow- mizanicaa danarCeni partniorebis SecdomaSi Seyvana, miiCneva fiduciuri
meba, ekuTvnoda Tu ara SesaZlebloba korporacias, xdeba Semdegi testiT: movaleobis darRvevad.92 delaveris uzenasma sasamarTlom Lynch v. Vickers
1. warmoiSva Tu ara sadao korporaciuli SesaZlebloba sazogadoebis Energy Corp. saqmeze daadgina, rom umravlesobaSi myof partniorebs, di-
uflebebis an/da interesebis gamoyenebiT; 2. warmoiSva Tu ara sadao reqtorebis msgavsad, akisriaT movaleoba srulad gaamJRavnon informa-
korporaciuli SesaZlebloba sazogadoebis saqmianobis farglebSi 3. cia im tranzaqciis Sesaxeb, romelic umciresobaSi myof partniorebasac
SeeZlo Tu ara sadao korporaciul SesaZleblobas komerciuli upi- exebaT da SeiZleba gavlena moaxdinos maT interesebsa da uflebebze.93
ratesobis an sargebelis motana sazogadoebisTvis.86 Sesabamisad, swori iqneba Tuki davaskvniT, rom informaciis gamJRavnebis
partniors ekrZaleba sazogadoebasTan konkurencia.87 partniors movaleoba vrceldeba yvela im xelSekrulebasTan mimarTebiT, romelic
ekrZaleba sazogadoebis danarCeni wevrebis winaswari Tanxmobis gareSe, ideba sazogadoebis saxeliT da romliTac sazogadoeba kisrulobs
sazogadoebis xarjze, sargebelis miReba iseTi tranzaqciebis ganxor- garkveuli saxis valdebulebas, radganac aseTi xelSekrulebis Seus-
cilebis gziT, romelic dakavSirebulia sazogadoebis saqmianobasTan an ruleblobis SemTxvevaSi, ziani miadgeba sazogadoebas, rac sabolood,
gulisxmobs sazogadoebis qonebis gamoyenebas.88 ­­­­­­­­­­­­­­­­­­­sazogadoebis partniorebze aisaxeba.
(b) sakuTar TavTan garigebis dadebis akrZalva (duty to refrain from
self-dealing) - gamomdinareobs warmomadgenlobis princi pidan. kerZod, mi-
2.2 keTilsindisierebisa da `samarTliani qmedebis” movaleoba (good
iCneva, rom partniori aris sazogadoebis warmomadgeneli (agenti), ro-
melic unda moqmedebdes sazogadoebis (princi palis) sasargeblod.89
faith and fair dealing), rogorc damoukidebeli standarti
(g) konkurenciis akrZalva (duty not to compete) - sakuTar TavTan
aSS-s samarTalSi ar arsebobs keTilsindisierebis erTiani definicia,
garigebis dadebis akrZalvis msgavsad, es princi pic gamomdinareobs war-
gansakuTrebiT ki sakorporacio samarTlis WrilSi. keTilsindisierebis
momadgenlobiTi - agentisa da princi palis urTierTobis specifiki-
amgvari ganmarteba arc qarTul samarTalSi gvxvdeba. gavrcelebuli
dan. agents (partniors), akisria zogadi valdebuleba, pirvel rigSi,
mosazrebiT `keTilsindisiereba normatiuli kategoriaa, misi konce-
imoqmedos Tavisi princi palis sasargeblod da aicilos interesTa
fcia imiT gamoixateba, rom igi ara ubralod eTikuri da moraluri
konfliqti sazogadoebasTan. msjelobis sagania is, Tavisufldeba Tu
princi pia, romelsac yvela metnaklebad ganviTarebuli samarTlebrivi
ara partniori am movaleobisgan sazogadoebidan gasvlis SemTxvevaSi.
sistema Tavis TavSi aRiarebs, aramed samarTlebrivi doqtrinaa, romlis
miiCneva, rom konkurenciis akrZalvis moTxovna wyvets moqmedebas part-
safuZvelzec mxareebs yovel konkretul SemTxvevaSi SeiZleba warmoeS-
nioris sazogadoebidan gasvlasTan erTad.90
vaT uflebebi da valdebulebebi, an uari eTqvaT uflebis dacvaze.”94
(d) informaciis srulad gamJRavnebis movaleoba (duty of disclosure)
tradiciulad, sakorporacio samarTalSi keTilsindisierebis prin-
- partniori valdebulia srulad gaamJRavnos informacia, romelsac
ci pi miiCneoda erTgulebis fiduciuri movaleobis Semadgenel kompo-
nentad.95 Sesabamisad, erTgulebis movaleobas gaaCnda ormagi datvirTva,
85
Fraster v Boguki (1988) 203 CA3d 604, 250 CR 41; Ferry v McNeil (1963) 214 CA2d 411, 29 91
Reed v. Robilio, 400 F.2d 730, 733 (6th Cir. 1968); Miller v. Miller, 700 S.W.2d 941, 946 (Tex.
CR 577 Ct. App. 1985); Tennant v. Dunlop, 33 S.E. 620, 623 (Va. 1889). Courtney v. Waring, 237 Cal.
86
Matthew R. Salzwedel, A Contractual Theory of Corporate Opportunity and a Proposed Statute, Rptr. 233, 239 (Ct. App. 1987); Malkus v. Gaines, 434 So. 2d 957, 961 (Fla. Dist. Ct. App. 1983);
Pace Law Review, Volume 23, Issue 1, Winter 2002, 3. Noss v. Abrams, 787 S.W.2d 834, 838 (Mo. Ct. App. 1990);
87
Rutheford B. Campbell, The `New” Fiduciary Standards Under the Revised Uniform Limited 92
Puritan Medical Ctr., Inc. v. Cashman, 596 N.E.2d 1004, 1010 (Mass. 1992).
Liability Company Act, Maine Law Review 2009 [61 Me. L. Rev. 27], 9. 93
Lynch v. Vickers Energy Corporation, 351 A.2d 570 (1976)
88
Stan Johnson, Duties Under the Utah Revised Limited Liability Company Act: Analysis of a 94
vaSakiZe g., keTilsindisiereba saqarTvelos samoqalaqo kodeqsis mixedviT-abstraq-
Statutory Conflict, Utah Law Review , 2002 [Utah L. Rev. 551], 8. cia Tu moqmedi samarTali, ,,qarTuli samarTlis mimoxilva’’, 10/2007-10, 18.
89
Edward Gartenberg and Tiffany King, Fiduciary Duties in Partnerships and Limited Liability 95
Newburger, Loeb & Co. v. Gross, 563 F.2d 1057, 1078 (2d Cir. 1977), Wilkes v. Springside
Companies under California Law, California Business Law Practitioner Fall, 2003, 96; Nursing Home, Inc., 353 N.E.2d 657, 662 (Mass. 1976) (sasamarTlom daadgina, rom wilis
90
iqve, 96; mesakuTreebi valdebulni arian ganaxorcielon wevrobidan gamomdinare saqmianoba,

156 157
erTi mxriv, emsaxureboda sazogadoebis saqmianobisa da interesebis dac- tom, keTilsindisierebis Sefasebis kriteriumad gamoiyeneba `gonivruli
vas, xolo, meore mxriv. keTilsindisierebis princi pis saxiT, icavda Tavad molodini.” sasamarTlo yovel konkretul SemTxvevaSi adgens Tu ra iyo
partniorebs erTmaneTisgan.96 Tumca, avtorTa nawili Sejerda poziciaze, partniorTa molodini samoqmedo xelSekrulebidan gamomdinare da am
rom keTilsindisierebis princi pi ver iqneba erTgulebis movaleobis molodins usadagebs movaleobis damrRvevi partnioris qmedebas. Tuki
Semadgeneli elementi, radganac, aSS-s samarTalSi erTgulebis movaleoba qmedeba, misi winmswrebi faqtebis gaTvaliswinebiT, ar aris partnioru-
aris sakorporacio samarTlis fundamenturi cneba, xolo keTilsindi- li urTierTobidan gamomdinare gonivrulad mosalodneli, miiCneva, rom
sierebis princi pi – saxelSekrulebo samarTlis.97 keTilsindisierebis keTilsindisierebis movaleoba darRveulia.101
`damoukideblobas” ganapirobebs ori argumenti. pirveli: miiCneva rom aSS-Si keTilsindisierebisa da samarTliani qmedebis movaleoba
fiduciuri movaleoba icavs sazogadoebas partnioris qmedebisgan, xolo saxelSekrulebo samarTlis cnebad miiCneva.102 amitomac, komentator-
keTilsindisiereba Tavad partniors, sxva partniorTa qmedebisgan. Se- ebis nawili miiCnevs, rom korporaciul urTierTobebSi misi gavrceleba,
sabamisad, fiduciuri movaleobis SemTxvevaSi, beneficiaria sazogadoeba, fiduciuri movaleobis dakisrebis alternativaa.103 Aam pozicias up-
xolo keTilsindisierebis SemTxvevaSi – partniori. meore: keTilsindi- irispirdeba mosazreba, romlis Tanaxmadac, keTilsindisierebis mova-
sierebis movaleoba ar gamoricxavs partnioris mier sakuTari intere- leoba ver uzrunvelyofs sazogadoebis interesebis efeqtur dacvas,
sebisTvis `patiosnad” (honestly) upiratesobis miniWebas,98 maSin, roca ris gamoc saWiroa fiduciur movaleobaTa dakisreba, raTa partniorebi
fiduciuri movaleoba yovelTvis gulisxmobs sazogadoebis saukeTeso konkretuli qmedebis ganxorcielebisas, pirvel rigSi, iTvaliswinebdnen
interesebisadmi piradi interesebis daqvemdebarebas.99 sazogadoebis interesebs. aSS-s sasamarTlo praqtikiT dadgenilia, rom
zemoaRniSnulidan gamomdinare, uaxles kvlevebSi keTilsindisiereba keTilsindisierebisa da samarTliani qmedebis movaleoba moiTxovs
ganixileba ara rogorc tradiciuli fiduciuri movaleobis Semad- partniorisgan ar moi povos usamarTlo, usafuZvlo upiratesoba sxva
geneli komponenti, aramed, rogorc damoukidebeli movaleoba.100 yovel partniorTa mimarT.104 maSin, roca fiduciuri movaleoba avaldebulebs
konkretul SemTxvevaSi partnioris keTilsindisierebis Sefaseba xdeba imoqmedos mxolod sazogadoebis saukeTeso interesebis Sesabamisad.105
partniorTa `gonivruli molodinis” (reasonable expectations) safuZvel- rac Seexeba keTilsindisierebisa da `samarTliani qmedebis” mova-
ze. keTilsindisierebisa da samarTliani qmedebis movaleobas partnior- leobis gamijvnas, miiCneva, rom keTilsindisiereba gulismxobs piris
Ta samoqmedo SeTanxmeba, rogorc xelSekruleba, moiazrebs. swored ami- patiosnebasa (honesty) da `Sinagan samarTlianobas” (fairness in mind),
rac subieqturi kriteriumia.106 `samarTliani qmedeba” ki – obieqturi
keTilsindisierebis iseTive standartis Sesabamisad, rogorc, amxanaguri ti pis sazoga- kriteriumia da gulismoxmobs am samarTlianobis gaTvaliswinebasa da
doebis wevrebi) aseve, Mary Siegel, Fiduciary Duty Myths in Close Corporate Law, Delaware gamovlenas konkretuli qmedebisas.107
Journal of Corporate Law 2004 [29 Del. J. Corp. L. 377] 7; Charles W. Murdock, The Evolution
of Effective Remedies for Minority Shareholders and its Impact Upon Valuation of Minority 101
Robert C. Art, Shareholder rights and Remedies in case of Corporations: Opression, Fiduciary
Shares, 1990, Notre Dame Law Review [65 Notre Dame L. Rev. 425], 4. Duties, and Reasonable expectations, The Journal of Corporation Law, 2003, [28 Iowa J. Corp.
96
Jeff Swartz, Good Faith in Partner Expulsion: Application of a Contract Law Paradigm, Chap- L. 317], 9.
man Law Review, Fall, 2005 [Chap. L. Rev.1], 2. 102
Jeff Swartz, Good Faith in Partner Expulsion: Application of a Contract Law Paradigm, Chap-
97
iqve, 1. man Law Review, Fall, 2005 [Chap. L. Rev.1], 1.
98
`Contract party is free to act in its own interest so long as it performs as promised” ix. William 103
Sandra K. Miller, What Standards of Conduct Should Apply to the Members and Managers of
Goren, Looking for Law in All the Wrong Places: Problems in Applying the Implied Covenant Limited Liability Companies? St. John’s Law Review Winter, 1994 [68 St. John’s L. Rev. 21],7.
of Good Faith Performance, University of San Francisco Law Review, 2003 [37 U.S.F. L. Rev. 104
Steelman v. Mallory, 716 P.2d 1282, 1285-86 (Idaho 1986); PJ Acquisition Corp. v. Skoglund,
257], 3. 453 N.W.2d 1, 22 (Minn. 1990); Weiner Inv. Co. v. Weiner, 804 P.2d 1211, 1212 (Or. Ct. App.
99
John C. Coffee, Contractual Freedom in Corporate Law; Articles & Comments: The Manda- 1991); Giannotti v. Hamway, 387 S.E.2d 725, 731 (Va. 1990).
tory/Enabling Balance in Corporate Law: An essay on the Judicial Role, Columbia Law Review 105
Edward Gartenberg and Tiffany King, Fiduciary Duties in Partnerships and Limited Liability
1989 [89 Colum. L. Rev. 1618], 1. Companies under California Law, California Business Law Practitioner Fall, 2003, 98.
100
Gibbs v. Breed, Abbott & Morgan, 710 N.Y.S.2d 578, 581 (N.Y. App. Div. 2000) (sasamarTlom 106
`Honesty is supposed to be a subjective standard” ix. Steven J. Burton, Good faith in article 1
daadgina rom partniorebi arian mindobili pirebi da rogorc mindobil pirebs akis- and 2 of the U.C.C. the Practice View, William and Marry Law Review, Vol. 35, Issue 4, 3.
riaT keTilsindisierebis movaleoba); aseve, ix. Gigax v. Repka, 615 N.E.2d 644, 649-50 107
`Good faith means honesty and fairness in mind, which are subjective concepts .... `Fair deal-
(Ohio Ct. App. 1992). ing” means observance of fairness in fact, which is an objective test ~ is. Harry Flechtner Com-

158 159
partniorTa SeTanxmebis mimarT vrceldeba saxelSekrulebo Tavisu- dabados gansakuTrebiT qarTul da aSS-s samarTlSi kerZod, rogorc
flebis princi pi.108 Sesabamisad, samoqmedo SeTanxmebiT SeiZleba gaTval- ukve aRvniSne, aSS-Si keTilsindisierebis princi pi gamomdinareobs part-
iswinebul iyos fiduciuri movalebebi.109 amavdroulad, SeTanxmebiT Sei- niorTa samoqmedo xelSekrulebidan. fundamentur princapadaa aRiare-
Zleba Semcirdes an/da gaizardos fiduciuri movaleobebis moculoba.110 buli, rom xelSekruleba (da zogadad kerZosamarTlebrivi urTierToba)
magaliTad, RULLCA iTvaliswinebs wevr-partniorTa uflebamosilebas, TavisTavad gulisxmobs keTilsindisierebisa da samarTliani qmedebis
Secvalon aqtiT gansazRvuli movaleobebi, im daTqmiT, rom eseTi cvli- movaleobas, romlis moculobis Secvla mxareTa saxelSekrulebo av-
leba Seesabameba keTilsindisierebis princi ps.111 tonomias scildeba. analogiurad, nacionaluri samarTlis mixedviT,
saWiroa, gaimijnos fiduciuri da saxelSekrulebo keTilsindis- keTilsindisierebis princi pi vceldeba kerZo samarTlebriv urTierTo-
ierebisa da samarTliani qmedebis movaleobebi. am or standarts So- bebze SeuzRudavad.
ris gansxvaveba aris is, rom saxelSekrulebo Tavisuflebis fargleb- konceptualuri gansxvaveba keTilsindisierebasa da fiduciur mova-
Si, fiduciuri movaleobebis moculoba mxareTa SeTanxmebiT SeiZleba leobas Soris aris is, rom keTilsindisiereba ar gamoricxavs individis
Seicvalos,112 keTilsindisierebisa da samarTliani qmedebis movaleoba ki mier sakuTari interesisaTvis keTilsindisierad upiratesobis miniWebas,
vrceldeba erTiani standartiT, radganac misi moqmedebis speqtris Sem- maSin, roca erTgulebis fiduciuri movaleoba yovelTvis gulisxmobs
cireba mxareTa Tavisuflebis sferoSi ar eqceva.113 arsebobs mosazreba, upirvelesad beneficiaris interesebis Sesabamis qmedebas da Sesabamisad,
rom keTilsindisierebis movaleobis moculoba Sps-Si damokidebulia piradi interesebis daqvemdebarebas. movaleoba/valdebuleba darRveulad
sazogadoebis realur struqturaze, anu partniorTa piradi kavSirebsa ar iTvleba, mxolod imitom, rom partniori moqmedebda sakuTari intere-
da TanamSromlobis xarisxze.114 am poziciis siswore SeiZleba eWvi sebis Sesabamisad, im daTqmiT, rom aseTi qmedeba iyo keTilsindisieri.115
amitomac, keTilsindisierebis movaleobis darRvevis SemTxvevaSi, piri
paring the General Good Faith Provisions of the PECL and the UCC: Appearance and Reality,
Pace International Law Review, 2001, Vol. 13 Issue 2, 8.
pasuxismgebelia meore mxarisTvis miyenebuli zianisaTvis, xolo fi-
108
David L Cohen, Theories of the Corporation and the Limited Liability Company: How should duciuri movaleobis darRvevis SemTxvevaSi, zianTan erTad pasuxs agebs
Courts and Legislatures Articulate Rules for Piercing the Veil, Fiduciary Responsibility and Se- im sargeblisaTvis, romelic fiduciuri movaleobis darRvevis Sedegad
curities Regulation for the Limited Liability Company? Oklahoma Law Review, 1998 [51 Okla. naxa.116 Aaseve unda aRiniSnos, rom garicxvis miznebisaTvis beneficiars,
L. Rev. 42], 6. anu fidiciuri movaleobis adresats warmoadgens Tavad sazogadoeba, da
109
Henry N. Butler, Larry E. Ribstein, The Contract Clause and the Corporation, Brooklyn Law
Review, 1989 [55 Brooklyn L. Rev. 767], 3; Rachel L. Sharp, Deadlock and Dissenters’ Rights in
ara konkretuli partniori an partniorTa jgufi.117
Kentucky Limited Liability Companies: Contractual, Statutory and Judicial Solutions Brandeis Aamdenad, rom SevajamoT, fiduciuri movaleoba keTilsindisierebis
Law Journal, 2007 [45 Brandeis L.J. 415], 5. princi pisgan aris nawarmoebi, Tumca amavdroulad, keTilsindisiereba
110
Elizabeth S. Miller, Thomas E. Rutledge, The Duty of Finest Loyalty and Reasonable Deci- damoukidebeli standartia. pirvel rigSi, misi moqmedebis speqtris Sem-
sions: The Business Judgment Rule in Unincorporated Business Organizations? Journal of Cor- cireba mxareTa SeTanxmebiT dauSvebelia, gansxvavebiT fiduciuri mova-
porate Law 2005 [30 Del. J. Corp. L. 343],7.
111
RULLCA (2006) Sec. 409.
leobisgan. meore, keTilsinidisierebis movaleoba, fiduciurisgan gan-
112
Jeffrey N. Gordon, Contractual Freedom in Corporate Law: Articles & Comments; The Man- sxvavebiT arsebiTad sxva valdebulebas akisrebs partniors. kerZod,
datory structure of Corporate Law; Columbia Law Review, 1989 [89 Colum. L. Rev. 1549], 27. keTilsindisiereba ar moiTxovs partniorisgan, rom yoveli konkretuli
113
Stan Johnson, Duties Under the Utah Revised Limited Liability Company Act: Analysis of qmedebisas sazogadoebis interesebs mianiWos upiratesoba. keTilsindi-
a Statutory Conflict, Utah Law Review, 2002 [Utah L. Rev. 55], 10. unda aRiniSnos, rom am siereba ar avaldebulebs individs, rom upiratesoba mianiWos sxvis
kuTxiT aSS-s saxelSekrulebo samarTali gansxvavdeba evropuli saxelSekrulebo
samarTlisgan, Sead., `Each party must act in accordance with good faith and fair dealing.The 115
Mark J. Loewenstein, The Diverging Meaning of Good Faith, Delaware Journal of Corporate
parties may not exclude or limit this duty” PECL, Art. 1-201 da `The obligations of good faith, Law 2009 [34 Del. J. Corp. L. 433], 6.
diligence, reasonableness and care prescribed by this Act may not be disclaimed by agreement but 116
`Corporate fiduciaries do not have a special duty to a particular corporate constituency, includ-
the parties may by agreement determine the standards by which the performance of such obliga- ing creditors. Rather, they have fiduciary and care duties to their principal, the corporation.” ix.
tions is to be measured if such standards are not manifestly unreasonable”. Sec. 1-102(3) U.C.C. Remus D. Valsan, Moin A. Yahya, Shareholders, Directors and Creditors’ Fiduciary Duties, A law
114
II germanul-qarTuli simpoziumi sakorporacio samarTalSi, keTilsindisieri and Finance Approach, Virginia Law & Business Review 2007 [2 Va. L. & Bus. Rev. 1] 7.
xelmZRvanelobis movaleobebi da pasuxismgebloba saaqcio sazogadoebaSi, qarTuli da 117
Paula J. Dalley, To Whom It May Concern, Fiduciary Duties and Business Associations, Dela-
germanuli samarTlis mixedviT, Tbilisi 2003, 278. ware Journal of Corporate Law 2001, [26 Del. J. Corp. L. 515], 2.

160 161
interesebs. Sesabamisad, igi ar gamoricxavs partnioris mier sakuTari sazianod, man danarCen partniorebs unda gadauxados Sesabamisi kompen-
ineteresebisTvis samarTlianad upiratesobis miniWebas, maSin, roca, fi- sacia. Ddominantad iTvleba partniori an erTad moqmed partniorTa
duciuri movaleoba partniorisgan moiTxovs, pirvel rigSi, sazogadoe- jgufi, romelsac aqvs praqtikuli SesaZlebloba, gadamwyveti zegavlena
bis saukeTeso interesebis Sesabamis qmedebas. moaxdinos partniorTa krebis kenWisyris Sedegebze.” aRniSnuli norma,
aRmWurveli xasiaTis ufroa (aniWebs umciresobaSi myof partniors kom-
pensaciis moTxovnis uflebas) vidre amkrZalavi. igi ar akisrebs domi-
3. damokidebulia Tu ara fiduciur movaleobaTa nantur mdgomareobaSi myof partniors valdebulebas, rom sazogadoebis
moculoba partnioris wilobriv monawileobaze? saxeliT gadawyvetilebis miRebisas ixelmZRvanelos sazogadoebis in-
teresebiT. piriqiT, kompensaciis gacemis sanacvlod dominant partniors
miiCneva, rom konkretuli fiduciuri movaleobebi, saqmis konkretu- aniWebs realur SesaZleblobas imoqmedos sazogadoebis sazianod da am
li garemoebidan gamomdinare, ufro didi moculobiT vrceldeba umrav- gziT moi povos piradi sargebeli. aRniSnulis gamo, am normis formuli-
lesobaSi myof partniorebze.118 am midgomas safuZvelad udevs saerTo reba saWiroebs sakanonmdeblo cvlilebas, imgvarad, rom Camoyalibdes a)
samarTlis fundamenturi princi pi, romlis Tanaxmad, mas visac gaaCnia dominanti partnioris konkretuli valdebuleba, ar gamoiyenos Tavisi
Zalaufleba sxva piris qonebis mimarT da am gziT SeuZlia gavlena mdgomareoba sazogadoebis sazianod; b) sazogadoebisaTvis zianis miy-
moaxdinos mis interesebze, akisria, fiduciuri movaleobebi, am Zalau- enebis SemTxvevaSi moxdes uzenaesi sasamarTlos praqtikiT dadgenili
flebis gamoyenebis SezRudvis mizniT.119 ramdenadac domimantur mdgo- partnioris pasuxismgeblobis (garicxvis) gaTvaliswinebac. aRniSnulis
mareobaSi myofi partniori `akontrolebs” sazogadoebas, mas akisria garda, miTiTebuli normis dispozicia, aseve Seicavs xarvezss, razec sau-
fiduciuri movaleobebi ufro didi moculobiT, vidre umciresobaSi baria winamdebare naSomis IV da V TavebSi.
myofs. Tumca es ar niSnavs, rom umciresobaSi myofi partniori Ta-
visufalia fiduciuri movaleobisgan. amgvari midgoma gaumarTlebeli
iqneboda. rogorc sasamarTlo praqtikam gviCvena, umciresobaSi myofma 4. partniorTa SeTanxmebiT regulirebis ararsebobis
partniormac SeiZleba daarRvios fiduciuri movaleobebi.120 dominan- SemTxveva
ti partnioris mimarT fiduciuri movaleobis ufro farTo standar-
tis daweseba ganpirobebulia materialuri mosazrebebiT,121 radganac mas saqarTvelos sasamarTlo praqtikiT dadgenilia, rom partnioris
ufro meti SesaZlebloba aqvs uaryofiTi gavlena moaxdinos sazoga- garicxva sazogadoebidan, sasarCelo warmoebis gziTaa SesaZlebeli, miux-
doebis keTildReobaze. evadad imisa, gaTvaliswinebulia Tu ara partnioris garicxvis ufleba
mniSvnelovania, ,,mewarmeTa Sesaxeb~ kanonis me-3 muxlis me-10 pun- da winapirobebi partniorTa SeTanxebiT.122 aRniSnuli gamomdinareobs
qtis danawesi, romlis Tanaxmadac `Tu sawarmos dominantma partniorma iqidan, rom partniorTa SeTanxmebis mimarT moqmedebs saxelSekrulebo
ganzrax gamoiyena Tavisi dominanturi mdgomareoba am sazogadoebis Tavisuflebis princi pi.123 amavdroulad, movaleobaTa ar gansazRvra, ar
auqmebs, sazogadoebis saerTo krebis im damatebiT uflebebs, romelic
118
Charles W. Murdock, The Evolution of Effective Remedies for Minority Shareholders and its sazogadoebis dafuZnebidan an/da marTvidan gamomdinare gaaCnia part-
Impact upon Valuation of Minority Share. Notre Dame Law Review , 1990 [65 Notre Dame L.
nioris mimarT. rogorc ukve aRiniSna, partniorebs Tavisuflad Seu-
Rev. 425], 5.
119
Paula J. Dalley, The Misguided Doctrine of Stockholder Fiduciary Duties, Hoftsra Law Re- ZliaT gansazRvron fiduciur movaleobaTa konkretuli saxeebi da maTi
view, [Vol. 33:175], 177. darRvevis SemTxvevaSi, daaweson pasuxismgebloba garicxvis saxiT.
120
magaliTad: sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2011 wlis 23 gansxvavebulia situacia, rodesac partniorTa SeTanxmeba partniorTa
maisis gadawyvetileba #as-577-545-2011 Sps `Cargalis wyaroebi”-s saqmeze. am saqmeSi
122
sawesdebo kapitalis 20%-is mflobelma partniorma sazogadoebaze gaasxvisa Tavisi sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2001 wlis 9 martis
uZravi qoneba, xolo Semdgom aRniSnuli qoneba kanonsawinaaRmdego gziT dairegis- ganCineba # 3k/303-01 Sps `pegasi”-is saqmeze.
trira isev sakuTar Tavze, riTac ziani miayena sazogadoebas. 123
Elizabeth S. Miller, Thomas E. Rutledge, The Duty of Finest Loyalty and Reasonable Deci-
121
Paula J. Dalley, The Misguided Doctrine of Stockholder Fiduciary Duties, Hoftsra Law Re- sions: The business Judgment rule in Unincorporatrd Business Organizations? 2005 [30 Del. J.
view, 2004, [Vol. 33:175], 197. Corp. L. 34], 7.

162 163
fiduciur movaleobebsa da maTi darRvevis Sedegebs ar iTvaliswinebs. IV. partnioris mier valdebulebis darRveva
aseT SemTxvevaSi. sazogadoebis mtkicebis tvirTi (onus probundi), mZim-
deba radganac uwevs imis mtkiceba, rom partniorebi SeboWilni arian partnioris mier Sesatanis ganuxorcielebloba iseve, rogorc fi-
aramarto keTilsindisierebis princi piT, aramed konkretuli fiduciuri duciuri movaleobis darRveva warmoadgens partnioris garicxvis ma-
movaleobebiT, romelTa darRvevac iwvevs partnioris pasuxismgeblobas terialur winapirobas. winamdebare TavSi ganxiluli iqneba, Tu ra
garicxvis saxiT, miuxedavad imisa, rom aseT movaleobasa da pasuxismge- momentidan xdeba sazogadoeba uflebamosili miiRos gadawyvetileba
blobas ,,mewarmeTa Sesaxeb” kanoni ar akisrebs da es arc SeTanxmebiTaa partnioris garicxvis Sesaxeb, aseve, sakmarisia Tu ara garicxvisaTvis
gaTvaliswinebuli. partnioris mier mxolod movaleobis darRvevis faqtis arseboba.
aSS-Si, rogorc wesi, werilobiTi SeTanxmebis arsebobisas sasamarT-
lo gadawyvetilebas iRebs samoqmedo SeTanxmebis safuZvelze . SeTanx-
1. partnioris mier ZiriTadi valdebulebis darRveva
mebiT regulirebis ararsebobis SemTxvevaSi, sasamarTlo iyenebs msgavs
normebs (rogoricaa, magaliTad, LLC-is modeluri kanoni - RULLCA)
Sesatanis ganxorcieleba unda moxdes SeTanxmebul vadaSi. Tuki
da pirvandeli mdgomareobis gaTvaliswinebiT adgens imas, Tu raze Se-
partniori daTqmul vadaSi ar axorcielebs Sesatans, saxezea valde-
Tanxmdebodnen mxareebi, Tuki SeTanxmebis dadebisas wamoiWreboda sa-
bulebis darRveva. valdebulebis darRveva (ipso facto) ar warmoSobs
davo sakiTxi.124 Sesabamisad, fiduciuri movaleobis gavrcelebas, Tuki
garicxvis uflebas. `paqta sunt servanda” (valdebuleba unda Sesrul-
is ar aris gaTvaliswinebuli partniorTa SeTanxmebiT, sasamarTlo
des) gamoxatavs im `Sualeds”, rac valdebulebis Seusruleblobas/ara-
gadawyvetilebas miiRebs mxareTa pirvandeli nebis gansazRvris safuZ-
jerovan Sesrulebasa da garicxvas (rogorc valdebulebis darRvevis
velze.
gamo ex ante pasuxismgebloba) Soris arsebobs. Tavdapirvelad gansaz-
Rvrul vadaSi Sesatanis ganuxorcieleblobis SemTxvevaSi sazogadoe-
bam partniors unda mosTxovos valdebulebis Sesruleba da dauwesos
gonivruli vada. aRniSnul msjelobas amarTlebs isic, rom ,,mewarmeTa
Sesaxeb~ kanoni saerTo krebas aniWebs uflebas, partniorebs mosTxo-
vos Sesatanis ganxorcieleba.125 moTxovnis ufleba ki warmoiSoba mas
Semdeg, rac partniori gadaacilebs Tavdapirvel vadas. amdenad, krebam
unda miiRos gadawyvetileba Sesatanis moTxovnis Sesaxeb, rac gulisx-
mobs ganxorcilebisTvis damatebiTi vadis gansazRvrasac. damatebiTi
vadis uSedegod gasvlis Semdgom warmoeSoba krebas ufleba miiRos
gadawyvetileba partnioris garicxvis Sesaxeb. `mewarmeTa Sesaxeb~ saqa-
rTvelos kanoni, rogorc lex special, ar awesebs damatebiT vadas. ami-
tomac, SeiZleba rogorc analogia legis, gavrceldes samoqalaqo kodeqsis
399-e muxlis meore nawili, romlis Tanaxmadac, grZelvadiani xelSek-
rulebis moSlisaTvis, Tuki moSlis erT-erTi safuZveli valdebulebis
darRvevacaa, aucilebelia 405-e muxliT dadgenili winapirobebis dac-
va. es pozicia gansakuTrebul datvirTvas iZens Sesatanis gadacemis
xelSekrulebis samarTlebrivi bunebis WrilSi. Tuki Sesatanis ga-
dacemis xelSekruleba valdebulebiTsamarTlebrivi kategorisaa, maSin
misgan gamomdinare uflebebic valdebulebiTsamarTlebrv mowesrigebas
unda daeqvemdebaros. Tumca es ar aris erTaderTi pozicia. special-
124 125
iqve, 12. ,,mewarmeTa Sesaxeb~ kanonis me-91 muxlis me-6 punqtis `b” qvepunqti.

164 165
istTa nawili mxars uWers kanonis teleologiuri meTodiT ganmarte- winaswar SeTaxmebuli wesiT. amdenad, partniori valdebulia imoqmedos
bas, romlis Tanaxmadac, is faqti, rom kanonmdebelma,,mewarmeTa Sesaxeb~ sazogadoebis interesebis Sesabamisad. swored es valdebuleba war-
kanonis 2008 wlis reformiT gaauqma specialuri damatebiTi vada moadgens sazogadoebis dafuZnebidan gamomdinare partnioris uzogades
cxadyofs imas, rom damatebiTi vadis daweseba ar aris savaldebulo valdebulebas, romelic unda Sesruldes keTilsindisierad. nebismieri
winapiroba garicxvis miznebisTvis. calsaxaa mxolod is, rom sawesdebo fiduciuri movaleobis darRveva gulisxmobs sazogadoebis interesebis
avtonomiis farglebSi SesaZlebelia damatebiTi vadis dawesebac. aseT sawinaaRmdego qmedebas. Tumca yovel konkretul SemTxvevaSi, calke Se-
SemTxvevaSi ki, damatebiTi vadis uSedegod gasvla iqceva garicvis wina- fasebis sagania qmedebis Sedegad damdgari ziani.
pirobad, miuxedavad imisa, rom ,,mewarmeTa Sesaxeb” kanoni am winapirobas partnioris mier fiduciuri movaleobis darRvevis Sefasebisas gamo-
ar iTvaliswinebs. sayenebeli testi moiTxovs ufro detalur Sefasebas, vidre direqto-
ris qmedebis Sefaseba samewarmeo gansjis wesis (business judgment rule)
safuZvelze.127 samewarmeo gansjis wesi, rogorc sasamarTlo ganxilvis
2. partnioris mier fiduciuri movaleobis darRveva, standarti, icavs direqtoris gadawyvetilebas sasamarTlo Carevisgan.
rogorc garicxvis materialuri safuZveli misi gamoyeneba gulisxmobs, mxolod gadawyvetilebis miRebis safuZv-
lebis Sefasebas, da Tuki daculia samewarmeo gansjis wesi, sasamarT-
partnioris mier fiduciuri movaleobis darRveva, Sesatanis ganux- lo ar moaxdens Tavad gadawyvetilebis sisworis an mizanSewonilobis
orcieleblobisgan gansxvavebiT, moiTxovs gansakuTrebul Sefasebas. Se- Semowmebas.128 partnioris mier fiduciuri movaleobis darRvevis Se-
faseba unda moxdes rigi kriteriumebis gaTvaliswinebiT. pirvel rigSi, fasebisas ki mowmdeba ara mxolod partnioris gadawyvetilebis/qmedebis
unda dadgindes konkretulad romeli fiduciuri movaleoba daarRvia safuZvlebi, aramed aseTi gadawyvetilebis/qmedebis sisworec da Sedegic.
partniorma, raTa ganisazRvros vis mimarT arsebuli movaleoba dairRva. fiduciuri movalebis darRvevis Sefasebisas aSS-is sasamarTlo
unda Semowmdes, moqmedebda Tu ara sazogadoebis interesebis Sesabamisad, xelmZRvanelobs Semdegi kriteriumebiT: 1. ra saxis darRvevaa saxeze?
da Tu ara, maSin ra ziani miadga sazogadoebas. darRveuli fiduciuri 2. aris Tu ara darRveuli movaleoba, wevrobidan gamomdinare, sazoga-
movaleobis partnioris mimarT gavrcelebas unda moeZebnos samarT- doebis winaSe nakisri movaleoba, anu aris Tu ara movaleobis adresati
lebrivi safuZveli. Tuki movaleoba gaTvaliswinebuli iyo SeTanxmebiT, sazogadoeba? 3. ramdenad keTilsindisierad da samarTlianad moqmedebda
maSin samarTlebrivi safuZveli iqneba partniorTa SeTanxmeba. im Sem- partniori? 4. miayena Tu ara movaleobis darRvevam sazogadoebas ziani?
TxvevaSi, Tuki patniorTa SeTanxmebiT ar aris gaTvaliswinebuli aseTi Tuki partniori arRvevs fiduciur movaleobas danarCeni partniorebis
movaleoba, maSin movaleobis darRvevis erTaderTi safuZveli iqneba mimarT da aseTi qmedebiT saerTo jamSi ziani ar adgeba sazogadoebas,
keTilsindisierebis Sinaarsis imgvari ganmarteba, romelic gaamarTlebs maSin miiCneva, rom ar arsebobis garicxvisTvis sakmarisi materialuri
pasuxismgeblobis dakisrebas. aseT SemTxvevaSi, gadamwyveti iqneba, ara safuZveli.129
konkretulad fiduciuri movaleobis gansazRvra, aramed sazogadoebis analogiuri midgoma gvxvdeba saqarTvelos uzenaesi sasamarTlos
dafuZnebidan gamomdinare zogadi valdebulebis gansazRvra. Aam valde- erTgvarovan praqtikaSic. Sps `argos” saqmeze 2009 wels miRebuli
bulebis gansazRvrisaTvis amosavali wertilia, sazogadoebis mizani da gadawyvetilebiT, dadgenil faqtobriv garemoebad iqna miCneuli, rom
partnioruli urTierTobis arsi, rogorc am miznis miRwevis saSualeba. partniori Zaladobda danarCen partniorebze, rogorc fizikurad, aseve
komerciuli sazogadoeba iqmneba mogebis miRebis mizniT. mogebas iRebs 127
Tommas M. Madden, Do Fiduciary Duties of Managers and Members of Limited Liability
sazogadoeba, romelsac, rogorc wesi, sameurneo wlis bolos part- Companies Exist as with Majority Shareholders of Closely Held Corporation, Duquesne Bussi-
niorebi inawileben, TavianTi wilebis Sesabamisad.126 saqmianobis aseTi ness Law Journal [Vol: 12:211], 2010, 226.
konstruqcia partniorisgan moiTxovs, ar Selaxos sazogadoebis mizani 128
Gries Sports Enters., Inc. v. Cleveland Browns Football Co., 496 N.E.2d 959, 963 (Ohio 1986)
Resolution Trust Corp. v. Dean, 854 F. Supp. 626, 636 (D. Ariz. 1994); FDIC. v. Stahl, 854 F.
da usamarTlod ar miiRos iseTi mogeba, romelic sazogadoebis orga-
Supp. 1565, 1571 (S.D. Fla. 1994); Paramount Communications v. QVC Network, 637 A.2d 34,
nizaciul-samarTlebrivi formidan gamomdinare unda ganawilebuliyo 46 (Del. 1993).
129
Puala J. Dalley, The Law of Partner Expulsions: Fiduciary Duty and Good Faith, Cardozo
126
mewarmeTa Sesaxeb kanonis me-8 muxli. Law Review, [Vol 21-181] 1999, 190.

166 167
moralurad. bunebrivia, aseTi qmedebebi ar Seesabameba partniorTa daekisros individuluri pasuxismgebloba sazogadoebis kreditorebis
gonivrul molodins. magram, sasamarTlom miiCnia, rom aseTi qmedeba mainc sasargeblod.134 sazogadoebaze kontroli gadamwyveti kriteriumia in-
ar qmnis misi garicxvisa da sakuTrebis (wilze) CamorTmevis legitimur dividualuri pasuxismgeblobis dakisrebisTvis. domimantobis gansaz-
safuZvels, radganac am qmedebis Sedegad sazogadoebisaTvis zianis miy- Rvra xdeba Semdegi sam-komponentiani testis safuZvelze: pirveli rigSi,
enebis faqti ar dasturdeba.130 xdeba kontrolis dadgena. kontrolSi moiazreba aramarto wilobri-
Sesabamisad, fiduciuri movaleobis darRveva, rogorc garicxvis ma- vi monawileoba, aramed gadawyvetilebis miRebaze zegavlenis moxdenis
terialuri safuZveli, moiazrebs sazogadoebisaTvis zianis miyenebis yovelgvari SesaZlebloba. meore komponenti gulisxmobs imis Sefasebas,
faqtis arsebobasac. Tuki sazogadoebisTvis zianis miyenebis faqti Tu rogor gamoiyena partniorma dominanturi mdgomareoba (magaliTad,
ver dasturdeba, maSin fiduciuri movaleoba ar iTvleba darRveulad. motyuebiT an movaleobaTa darRveviT). mesame komponentis Tanaxmad, unda
partniori uflebamosili ar aris, miiRos mogeba sazogadoebis xarjze, Semowmdes, xom ar aris saxeze partniorisaTvis zianis momtani TaRli-
radganac aseTi mogeba aisaxeba sazogadoebis zaralze. Tuki partnio- Turi, araswori qmedeba.135
rebi sazogadoebis miRma erTmaneTTan deben xelSekrulebas, romelic ar Apiradi pasuxismgeblobis ganxilvisas saWiroa, ganimartos `me-
aris dakavSirebuli sazogadoebis saqmianobasTan, erT-erTi partnioris warmeTa Sesaxeb~ kanonis me-3 muxlis me-8 punqts, romelic dominan-
mier am xelSekrulebis arakeTilsindisieri darRveva, Tundac aRniSnu- ti partnioris pirad pasuxismgeblobas awesebs sazogadoebis danarCen
lis Semdeg SeuZlebeli gaxdes partnioruli urTierTobis SenarCuneba, partniorTa sasargeblod. `mewarmeTa Sesaxeb~ kanonis sityvasityviTi
ver gaxdeba sazogadoebidan partnioris garicxvis safuZveli. ganmartebis safuZvelze, unda davaskvnaT, rom dominanti partniorisaT-
vis pasuxismgeblobis dakisreba xdeba mxolod sazogadoebis danarCen
partniorTa sasargeblod da ara mesame pirTa – sazogadoebis kredi-
3. partnioris piradi pasuxismgebloba torTa sasargeblod. amdenad, `mewarmeTa Sesaxeb~ kanoni ar warmoadgens
aSS-is samarTalSi ganviTarebul partnioris piradi pasuxismgeblobis
sakorporacio samarTlis fundamenturi princi pis Tanaxmad, part- princi pis analogs. aRniSnuli norma pirdapir uTiTebs moTxovnis
niori pasuxs ar agebs sazogadoebis valdebulebebisTvis.131 aRniSnul uflebis subieqtze – partniorze. Tumca normis dispozicia ar iZleva
princi ps safuZvlad udevs sazogadoebis, rogorc damoukidebeli subi- imis gansazRvris SesaZleblobas, nebayoflobiTi kompensaciis argacemis
eqtis – iuridiuli piris gancalkevebuloba misi partniorebisgan. miiC- SemTxvevaSi rogor unda moxdes partnioris mier kompensaciis moTxov-
neva, rom `damfuZnebeli (partniori) da mis mier dafuZnebuli sazoga- nis davis warmoeba. kerZod, damoukideblad Tu sazogadoebis saxeliT
doeba samoqalaqo brunvis sruliad damoukidebeli subieqtebia.”132 sarCelis wardgenis gziT. aRniSul kiTxvas pasuxi gaecema winamdebare
pasuxismgeblobis SezRudvis princi pis paralelurad rig dasav- naSromis V Tavis me-5 qveTavSi.
lur qveynebSi ganviTarda partnioris piradi pasuxismgeblobis prin-
ci pi.133 kerZod, dominantur mdgomareobaSi myof partniors SeiZleba
130
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2009 wlis 23 Teberv-
lis ganCineba #1075-1245-08.
131
Fredric J. Bendremer, Delaware LLCs and Veil Piercing: Limited Liability has its Limitations,
Fordham Journal of Corporate & Financial Law 2005 [10 Fordham J. Corp. & Fin. L. 385], 2. forniis uzenaesma sasamarTlom 1921 wels, saqmeze, Minifie v. Rowley, 187 Cal. 481, 202
132
saqarTvelos sakonstitucio sasamarTlos 2006 wlis 13 ivlisis gadawyvetileba P. 673, 676 (1921).
#1/2/378 134
J. William Callison , Rationalizing Limited Liability and Veil Piercing, The Business Lawyer
133
safuZvelia Teoria `alter ego”, romelic ar gansxvavebs partniorebs sazogadobisgan May, 2003 [58 Bus. Law. 1063], 2; `Veil Piercing” qarTul iur. literaturaSi: `gamWoli
ix. Stephen M. Bainbridge, Abolishing Veil Piercing, The Journal of Corporation Law 2001 [26 pasuxismgebloba”. ix burduli i., sawesdebo kapitali da misi funqciebi, Tanamedrove
Iowa J. Corp. L. 479], 4; Daniel J. Morrissey, Piercing All the Veils: Applying an Established sakorporacio samarTlis Teoriuli da praqtikuli sakiTxebi, Tbilisi 2009, 236, aseve
Doctrine to a New Business Order, The Journal of Corporation Law 2007 [32 Iowa J. Corp. L. Георгий Джугели, Ответственность Акционеров за Обязанности Корпорации – Нарушение
529], 1; Kevin M. Warsh, Corporate Spinoffs and Mass Tort Liability, Columbia Business Law Корпоративной оболочки, Южнокавказский Юридический Журнал, 03/2012, 57.
Review 1995 [Colum. Bus.. L. Rev. 675], 7; `alter ego” Teoria pirvelad gamoiyena kali- 135
iqve, burduli i., 254.

168 169
V. sazogadoebidan partnioris garicxvis Kkanoni uTiTebs, rom sazogadoebis kreba, uflebamosilia gamoiyenos is
procedura damatebiTi uflebebi, romlebic mas gaaCnia sazogadoebis dafuZnebidan
an/da marTvidan gamomdinare partnioris mimarT.140 saqarTvelos uzen-
aesi sasamarTlo ki swored damatebiT uflebaSi moiazrebs partnioris
partnioris garicxva aris ukiduresi RonisZieba, rac dasaSvebia mx-
garicxvis uflebas.141
olod gansakuTrebul SemTxvevaSi da igi unda efuZnebodes gasaricxi
calke msjelobis sagania, warmoadgens Tu ara garicxvis ufleba im
partnioris kanonisa da sazogadoebis interesebis aSkarad sawinaaRmdego
uflebas, romelic sazogadoebis dafuZnebidan an/da marTvidan gamomdin-
qmedebas, ris Sedegadac SeuZlebeli xdeba partnioruli urTierTobis
areobs. sazogadoeba iqmneba mogebis miRebis mizniT, Sesabamisad sazoga-
SenarCuneba.136 partnioris mier kanonieri moqmedebis ganxorcielebis
doebis dafuZnebasTan erTad partniorebmi kisruloben valdebulebas,
gamo sazogadoebaSi konfliqturi situaciis Seqmna ar SeiZleba kanon-
imoqmedon imgvarad, rom sazogadoebis mizans ar Seeqmnas safrTxe. mar-
ieri moqmedebis ganmaxorcielebels Seeracxos.137
Talia, amgvari valdebulebis konstatacias ar axdens `mewarmeTa Ses-
sazogadoebis saziano qmedeba, ipso facto, ar warmoSobs garicxvis
axeb~ kanoni, magram es valdebuleba sazogadoebis dafuZnebidan da misi
uflebis gamoyenebis sakmaris safuZvels. saqarTvelos uzenaesma sa-
miznidan gamomdinareobs. Aamdenad, Tuki erT-erTi partniori safrTxes
samarTlom erT-erT saqmeze daadgina: `partnioris garicxva nebismier
uqmnis sazogadoebis miznis miRwevas, amoqmeddeba danarCeni partniorebis
dros da nebismieri safuZvliT dauSvebelia. igi SesaZlebelia im Sem-
movaleoba, uzrunvelyon sazogadoebis dacva am safrTxisgan. swored
TxvevaSi, rodesac am partniorTan erTad SeuZlebelia sazogadoebis
am `movaleobis” Sesrulebis meqanizmia partnioris garicxvis uflebis
Semdgomi saqmianobis gagrZeleba.”138 aRsaniSnavia, rom aSS-is precedentu-
gamoyeneba. amdenad, partnioris garicxvis ufleba aris sazogadoebis
li samarTlis mixedviT, amgvari situaciis Sefasebisas `SeuZleblobis”
dafuZnebidan gamomdinare partniorTa damatebiTi ufleba. aRniSnulidan
nacvlad gamoiyeneba kriteriumi `gonivrulad arapraqtikuli.”139 erTo-
gamomdinare, partnioris garicxvis ufleba ekuTvnis sazogadoebis saer-
blivi saqmianobis gagrZelebis arapraqtikulobis kriteriumiT Sefaseba,
To krebas. kreba gadawyvetilebas iRebs xmaTa umravlesobiT, gasaricx
sazogadoebis miznis SenarCunebas ufro realurs gaxdis. partniorul
partniors ki xmis ufleba ar aqvs.142
urTierTobaSi warmomadgenlobis gamoyeneba yovelTvis ar uzrunvelyofs
sainteresoa,warmoadgens Tu ara partnioris garicxvis uflebis ganx-
partniorTa Soris pirovnuli konfliqtis gadaWras. amitom mizanSe-
orcieleba sazogadoebis valdebulebas rodesac naTelia, rom damrRvevi
wonilia, rom saqarTvelos sasamarTloebmac, partnioruli urTierTo-
partnioris sazogadoebaSi darCenis SemTxvevaSi, sazogadoebis saqmiano-
bis Sefaseba moaxdinon imis mixedviT, Tu ramdenad praqtikuli iqneba
bis gagrZeleba, da, Sesabamisad, miznis miRweva SeuZlebeli iqneba. `me-
sazogadoebisTvis partniorebs Soris saqmiani urTierTobis SenarCuneba.
warmeTa Sesaxeb~ kanoni garicxvis uflebis paralelurad sazogadoebis
partnioris mier iseTi marTlsawinaaRmdego qmedebis Cadena, ro-
likvidaciis SesaZleblobasac iTvaliswinebs.143 amdenad, Tuki damrRvev
melic ar aris dakavSirebuli sazogadeobis ineteresebTan an saqmiano-
partniorTan erTad sazogadoebis saqmianobis ganxorcieleba SeuZlebe-
basTan, ver gaxdeba sazogadoebidan misi garicxvis safuZveli. mxolod
lia, partniorebs warmoeSobaT ori alternativa: pirveli, garicxon urCi
sazogadoebis winaSe nakisri movaleobis darRveva warmoadens garicxvis
partniori; meore, ganaxorcielon sazogadoebis likvidacia, ris Semde-
materialur safuZvels.
gac daafuZneben axal sazogadoebas ukve am partnioris monawileobis
`mewarmeTa Sesaxeb~ kanoni ar awesebs garicxvis pirdapir uflebas.
gareSe. meore alternativa naklebad xelsayrelia, roca sazogadoeba
136
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2009 wlis 2 noembris damkvidrebulia bazarze. Sesabamisad, Zlieri kompaniis SemTxvevaSi, Tuki
gadawyvetileba #as-812-1099-09 Sps `eka”-s saqmeze. partnioris darCena laxavs sazogadoebis mizans, erTaderT saSualebas
137
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2001 wlis 14 seqtem- partnioris garicxva warmoadgens. miuxedavad amisa, garicxvis uflebis
beris ganCineba # 3k/787-01 Sps `jgirTa”-s saqmeze.
138
sus, 2007 wlis 24 ivlisis gadawyvetileba #as-390-741-07 Sps `jorjian earveis”- 140
,,mewarmeTa Sesaxeb~ me-91 muxlis, me-6 punqtis `b” qvepunti.
is saqmeze. 141
sus, 2007 wlis 24 ivlisis gadawyvetileba #as-390-741-07, aseve 2008 wlis 23
139
Meghan Gruebner, Delaware’s Answer to Management Deadlock in the Limited Liability Tebervlis gadawyvetileba #as-1075-1245-08.
Company: Judicial Dissolution, The Journal of Corporation Law Spring, 2007 [32 Iowa J. Corp. 142
Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, 2002, 287.
L. 641], 3. 143
,,mewarmeTa Sesaxeb~ kanoni, me-14 muxlis pirveli punqti.

170 171
gamoyeneba nebismier SemTxvevaSi eqceva danarCen partniorTa nebis Tavi- mayofilebs keTilsindisierebis standarts, Tuki garicxul partniors
suflebis sferoSi da ar ganixileba sazogadoebis SenarCunebis mizniT ar mieca SesaZlebloba daecva sakuTari Tavi (procesualuri preten-
gansaxorcielebel savaldebulo qmedebad. zia), anda ar arsebobda garicxvis legitimuri safuZveli (materialuri
aSS-is samarTliT daxurul korporaciaSi partniorTa Soris ar- pretenzia).147 amdenad, keTilsindisierebis princi pi moiTxovs, rom part-
sebuli personaluri konfliqtidan gamosavali SeiZleba iyos korpo- niorebma ar gamoiyenon garicxvis ufleba borotad, mxolod im mizniT,
raciidan partnioris nebayoflobiTi gasvla (withdrawal), partnioris rom daeuflon gasaricxi partnioris wils da amgvarad, miiRon piradi
garicxva (expultion) an sazogadoebis likvidacia (dissolution). aRsaniSnavia, sargebeli (self gain) an qonebrivi upiratesoba (gain a bussiness or property
rom germaniaSi iseve, rogorc aSS-Si sazogadoebidan nebayoflobiT gas- advantage). aSS-is sasamarTloebi garicxvis keTilsindisierebis Sefase-
vlisa da nebis gareSe (in invitum) garicxvis uflebaTa dadgena moxda bas axdenen Semdegi testis safuZvelze: 1. garicxva gamarTlebuli unda
sasamarTlo praqtikiT.144 iyos legitimuri samewarmeo mizniT (justified by the legitimate business rea-
sons) 2. garicxva ar unda iyos motivirebuli piradi interesebiT (self
gain/bussiness or property advantage).148
1. garicxvis uflebis gamoyenebis winapirobebi saqarTvelos uzenaesi sasamarTlos erTgvarovani praqtikiT, dadge-
nilia, rom partnioris garicxvisTvis ar aris sakmarisi garicxvis mate-
rogorc ukve aRvniSne, partnioris damatebiT movaleobebs ormagi rialuri safuZvlis – partnioris mier keTilsindisierebis movaleobis
daniSnuleba gaaCnia. kerZod, fiduciuri movaleobebi icavs sazogadoebas mxolod darRveva, zianis arsebobis gareSe.149
partniorebis qmedebebisgan, keTilsindisierebis movaleoba ki – Tavad saerTo krebis gadawyvetileba garicxvis proceduris mxolod
partniors danarCen partniorTa qmedebisgan.145 es ki niSavs imas, rom pirveli safexuria. partnioris amoSla partniorTa rigebidan unda
partnioris garicxva unda moxdes keTilsindisierebis farglebSi. zoga- moxdes sazogadoebis saregistracio monacemebSi Sesabamisi cvlilebis
di princi piT, xelSekrulebis/SeTanxmebis yvela monawiles akisria val- registraciis safuZvelze. saqarTvelos samewarmeo da arasamewarmeo
debuleba imoqmedos samarTlianad da keTilsindisierad.146 analogiurad (arakomerciuli) iuridiuli pirTa reestri, amonaweridan partnioris
moqmedebs es princi pi partniorTa SeTanxebis mimarTac. Sesabamisad, Se- amoSlas or SemTxvevaSi axorcielebs: 1. roca wardgenilia xelSek-
Tanxmebis erTi monawilis arakeTilsindisieri qmedeba ar aTavisuflebs ruleba (wilis nasyidobis an wilis daTmobis), ris safuZvelzec part-
meore mxares keTilsindisieri qmedebis movaleobisgan. swored amitom, niori gadis sazogadoebidan an 2. sasamarTlos gadawyvetileba. Sesabam-
sazogadoebis saxeliT moqmedma partniorebma garicxva unda moaxdinon isad, mxolod saerTo krebis gadawyvetilebiT sazogadoeba ver moaxdes
keTilsindisierad. is faqti, rom partnioris garicxvas safuZvlad ude- partnioris garicxvas da cvlilebis registracias uflebamosil or-
vs misi mxridan sazogadoebis intresebis sawinaRmdego arakeTilsindis- ganoSi.
ieri qmedeba, garicxvas, ipso facto, ar aniWebs keTilsindisieri qmedebis garicxvis winapirobebi SeiZleba daiyos or jgufad. pirveli, mate-
statuss. aRniSnulis safuZvlad SeiZleba ganvixloT princi pi `ex dolo rialuri winapirobebi aerTianebs garicxvis uflebis warmomSob safuZ-
malo non oritum actio” (a right of action cannot arise out of fraud). aSS-is vlebs. xoloMmeore, proceduruli winapirobebi – uSualod garicxvis
precendetuli samarTliT dadgenilia, rom partnioris garicxva ar ak- ganxorcielebis safuZvlebs.
materialuri winapirobebia: 1. partnioris mier sazogadoebis winaSe
144
germaniis GmbH-is kanoni (1892) partniorebs Soris piradi konfliqtis gadawyve- movaleobis darRveva, rac gulisxmobs sazogadoebis ineteresebis sawi-
tis erTaderT saSualebad sazogadoebis likvidacias iTvaliswinebda, `The Company
may be dissolved by a court desition in case it becomes impossible to accomplish the purpose of
naaRmdego qmedebis Cadenas, ris Sedegadac partniorebs Soris saqmiani
the company or when there are other substantional causes (wichtige Grund) for the dissolution urTierTobis gagrZeleba SeuZlebelia; 2. sazogadoebisaTvis zianis miy-
resulting from the condition of the Company” Sec. 61. GmbH Law, ix. Hugh T. Scogin Jr, Withd-
rowal and Expultion in Germany: A Comparative Perspective on the `Close Corporation Problem, 147
Holman v. Coie, 522 P.2d 515, 519 (Wash. Ct. App. 1974).
Michigan Journal of International Law, 1993, [15 Mich. J. Int’L. 127], 4. 148
Jeff Schawrtz, Good Faith in Partner Expusion: Application of a Contract Law Paradigm,
145
Jeff Schawrtz, Good Faith in Partner Expusion: Application of a Contract Law Paradigm, Chapman Law Review, 2005 [9 Chap. L.Rev.1], 4.
Chapman Law Review, 2005 [9 Chap. L.Rev.1], 2. 149
sus,samewarmeo da gakotrebis saqmeTa palatis 2009 wlis 09 noemberi gadawyvetile-
146
Restatement (Second) of Contracts, (1981) Sec. 205; UCC Sec. 1-203. ba #as-812-1099-09, Sps `eka”-s saqmeze.

172 173
enebas. 3. pirvel or winapirobas Soris mizezobrivi kavSiris arseboba. 2. partnioris garicxva: paraleli xelSekrulebis
partniorTa krebis gadawyvetileba partnioris garicxvis Sesaxeb moSlasTan
pirdapir ar iwvevs sazogadoebidan mis garicxavs. es SeiZleba iyos
safuZveli, raTa sazogadoebam sarCeliT mimarTos sasamarTlos part- xelSekrulebaze uari calmxrivi nebis gamovlenaa da aerTianebs,
nioris garicxvis Taobaze. gadawyvetilebas partnioris sazogadoebidan rogorc xelSekrulebidan gasvlas, aseve xelSekrulebis moSlas.
garicxvis Sesaxeb iRebs sasamarTlo. partnioris garicxvis sakiTxis xelSekrulebidan gasvlisgan gansxvavebiT, moSla gamoiyeneba gZelva-
udavo warmoebis wesiT gadawyveta dauSvebelia. partnioris garicxva diani urTierTobis mimarT rogorc wesi ar warmoSobs restituciis
SesaZlebelia mxolod sasarCelo warmoebis gziT.150 Sesabamisad, pro- uflebas.156 evropul samarTalSi, xelSekrulebis moSlis ganxorcieleba
ceduruli winapirobebia: 1. saerTo krebis mier garicxvis Taobaze xdeba meore mxarisaTvis Setyobinebis safuZvelze.157 sazogadoeba iqmneba
gadawyvetilebis miReba;151 2. sazogadoebis mier sarCelis Setana sa- partniorTa nebis gamovlenis – SeTanxmebis Sedegad. amdenad, partnior-
samarTloSi, partnioris garicxvis moTxovniT; 3. garicxvis materi- uli urTierTobis warmoSobis safuZvelia SeTanxmeba. Sesabamisad, part-
aluri safuZvlis arsebobis SemTxvevaSi sasamarTlos mier sarCelis nioruli urTierTobis Sewyveta gulisxmobs partniorTa SeTanxmebis
dakmayofileba; 4. sasamarTlos gadawyvetilebis safuZvelze uflebamo- Sewyvetas. partnioruli urTierToba grZelvadiani urTierTobaa. Sesa-
sil organoSi sazogadoebis saregistracio monacemebSi cvlilebebis bamisad, Sewyveta, partniorTa SeTanxmebis moSliT unda ganxorcieldes.
registracia.152 rogorc araerTgzis aRiniSna, garicxva, saboloo jamSi, unda moxdes
RULLCA, ,,mewarmeTa Sesaxeb~ kanonis msgavsad, iTvaliswinebs part- sasarCelo warmoebis gziT. Sesabamisad, am kuTxiT mniSvnelovania davis
nioris garicxvis Sesaxeb gadawyvetilebis xmaTa umravlesobiT miRe- sagnis swori gansazRvra. xelSekrulebis moSla warmoadgens calmxriv
bas.153 Aaseve gansazRvravs, rom partnioris garicxva xdeba sasamarTlos miRebasavaldebulo nebis gamovlenas,158 ris gamoc xelSekrulebis moSla
brZanebiT, sazogadoebis sarCelis safuZvelze. garicxvis safuZvelia, mxareTa nebis Tavisuflebis sferoSi eqceva. nebis gamovlenaze, raime
Tuki partniori 1. eweoda an eweva marTlawinaaRmdego saqmianobas, ramac saxiT, maT Soris sasamarTlo gziT zemoqmedeba dauSvebelia. swored
gavlena moaxdina an SeiZleba moaxdinos sazogadoebis interesebze; 2. amitom, sasamarTloSi davis sagani ver gaxdeba xelSekrulebaze uari
ganzrax an araerTgzis daarRvia an arRvevs samoqmedo SeTanxmebas, anda (gasvla an moSla). sasamarTlo Semoifargleba xelSekrulebidan gas-
RULLCA-Ti gaTvaliswinebul fiduciur movaleobebs; 3. eweoda an vlis an moSlis winapirobebis SemowmebiT, isic im SemTxvevaSi, Tuki
eweva iseT saqmianobas, romlis gaTvaliswinebiTac gonivrulad ara- am uflebis gamoyenebas sadavod xdis meore mxare. msgavsebas vxvdebiT
praqtikulia am partniorTa saqmiani urTierTobis gagrZeleba.154 Uunda partnioris garicxvasTan mimarTebiT, radganac am SemTxvevaSic, saxezea
aRiniSnos, rom germanul samarTalSi, partnioris garicxvis material- sasamarTlos mier imis Semowmeba, Tu ramdenad marTlzomierad moxda
uri winapirobaa mniSvnelovani safuZveli - `wichtige Grund” – `substan- garicxvis uflebis gamoyeneba.
tional basis”, romelic personalur faqtorebs ukavSirdeba da SeiZleba aSS-s sasamarTlo praqtikiT dadgenilia, rom garicxva unda moxdes
warmoiSvas partnioris pirovnulobidan gamomdinare. Sesabamisad, ufro gasaricxi partniorisaTvis winaswari Setyobinebis gagzavnis safuZvel-
farTo cnebaa, vidre fiduciuri movaleobebi.155 ze. Setyobinebis ar gagzavna miiCneva garicxvis procesualuri safuZv-
lis darRvevad.159
150
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2001 wlis 23 ianvris
gadawyvetileba # 3k\841, Sps `astra diRomi”-is saqmeze. 156
maWariZe m., xelSekrulebidan gasvla da xelSekrulebis moSla – gansxvaveba da
151
aRniSnuli moiazrebs sazogadoebis partniorTa saerTo krebis mier garicxvis `dam- samarTlebrivi Sedegebi (saqarTvelosa da germaniis samarTlis mixedviT), ,,qarTuli
atebiTi uflebis” keTilsindisierad ganxorcielebas. samarTlis~ mimoxilva, specialuri gamocema 2008, 156.
152 157
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2011 wlis 21 ivlisis germanul samarTalSi, iseve rogorc frangul samarTalSi, grZelvadiani xelSek-
gadawyvetileba #as-1060-1090-2011. rulebis moSlisaTvis ar aris saWiro valdebulebis darRvevis arseboba, Tumca
153
RULLCA (2006) Sec., 602. aucilebelia winaswari Setyobinebis gagzavna ix. Guiding Principles of European Contract
154
iqve, 602. Law, http://www.legiscompare.com/IMG/pdf/19._Guiding_Principles.pdf
155
Hugh T. Scogin Jr, Withdrowal and Expultion in Germany: A Comparative Perspective on the 158
Todua m., vilemsi h., valdebulebiTi samarTali, 2006, 54, xelmisawvdomia: http://www.
`Close Corporation Problem, Michigan Journal of International Law, 1993, [15 Mich. J. Int’L. legaleducation.ge/gal_videos/gl_11_vald.samartali.pdf
127], 4; 159
Jeff Schawrtz, Good Faith in Partner Expusion: Application of a Contract Law Paradigm,

174 175
winaswari Setyobineba da damatebiTi vadis gansazRvra gansa- saciis gacemisas mTavari princi pi unda iyos sazogadoebis kapitalis
kuTrebul datvirTvas iZens, Tuki saxezea Sesatanis vadis gadacileba. dacva. kompensacia SeiZleba iyos fuladi anda moxdes naturiT.162 Tumca
vadis gadacileba yovelTvis ar gulisxmobs valdebulebis Sesrulebis kompensacia ar gulisxmobs, rom partniors daubrundeba mis mier gancx-
SeuZlebelobas. amitomac, Tuki Sesrulebis SeuZleblobas ar aqvs ad- orcielebuli Senatani. Senatani SeiZleba iyos uZravi qoneba, romelic
gili, sazogadoebisaTvis ufro xelsayreli unda iyos SesrulebisTvis mniSvnelovan funqcias asrulebs sazogadoebis saqmianobaSi. Sesabamisad,
damatebiTi vadis daweseba, vidre garicxvis xangZlivi sasamarTlo war- es Senatani partniors ver daubrundeba. Senatani SeiZleba iyos, magali-
moebis dawyeba. Tad, 1 milioni lari, magram partnioris wili kapitalSi mxolod 20%.
gansxvavebuli viTarebaa, rodesac saxezea fiduciuri movaleobis garicxuli partniori miiRebs 20%-iani wilis Rirebulebis adekvatur
darRveva. Tuki am darRvevis Sedegad sazogadoebas miadga ziani, damate- kompensacias, romlis odenobac da saxe ar aris damokidebuli mis mier
biTi vadis daweseba yovelgvar azrs iqneboda moklebuli. Tumca, weril- ganxorcielebuli Senatanis/Senatanebis odenobaze. sazogadoeba araa
obiTi gafrTxileba, mainc unda ganxorcieldes iqamade, sanam sazogadoe- valdebuli wilis kompensaciis saxiT daubrunos partnioris sawes-
ba miiRebs partnioris garicxvis Sesaxeb gadawyvetilebas. aRniSnulis debo kapitalSi Setanili arafuladi Senatani, anda fuladi Senatani
aucilebloba gamomdinareobs iqidan, rom partnioris garicxva iwvevs igive odenobiT. Senatani sazogadoebis kapitalis nawilia da, Sesabamis-
garicxuli partnioris sakuTrebis uflebis dakargvas wilze. Sesabam- ad, sazogadoebis sakuTreba. sabazro ekonomikis pirobebSi sazogadoebam
isad, partniorisaTvis winaswar unda iyos ganWvretadi garicxvis Sesa- mogebasTan erTad, aseve SeiZleba ganicados zaralic, ris gamoc icvleba
Zlo Sedegi. gansakuTrebiT im pirobebSi, roca kanonmdebloba am Sedegis kapitalis odenoba da Sesabamisad, wilis Rirebulebac.
ganWvretis SesaZleblobas ar iZleva. kompensacia unda iyos partnioris wilis Rirebulebis adekvaturi.
partnioris garicxva unda ganvixiloT, rogorc sazogadoebis sax- amdenad, mizanSewonilia, rom saerTo krebam kompensaciis gansazRvras
eliT moqmed partniorTa nebis gamovlena. aseTi nebis gamovlena, ms- safuZvlad daudos gasaricxi partnioris wilis Sefasebis Sesaxeb kom-
gavsad xelSekrulebis moSlisa miReba- savaldebuloa. aRniSnuli ki petenturi daskvna. Kkompensaciis gacemiT, sazogadoebis kapitali mc-
gulisxmobs imas, rom gasaricx partniors, garicxvis procedurebis irdeba. amitomac, strategiulad unda gaiTvalos, ra saxis kompensaciis
dawyebamde, unda miuvides sazogadoebis saxeliT moqmed partniorTa neba gacema iqneba sazogadoebisTvis yvelaze naklebad saziano. doqtrinaSi
misi garicxvis Sesaxeb.160 gavrcelebulia azri, rom wilis kompensacia, sazogadoebidan gasvlis Sem-
TxvevaSi dauSvebelia, Tuki amiT safrTxe eqmneba sazogadoebis kapitals
anda mTlianad sakuTrebas.163 Tumca garicxvis SemTxvevaSi, kompensacia
3. saerTo
­­­ krebis gadawyvetileba partnioris garicxvis aucileblad unda ganxorcieldes. garicxva warmoadgens sakuTrebis da-
Sesaxeb. gadawyvetileba wilis kompensaciis Taobaze kargvas. kompensaciis gareSe partnioris garicxva gamoiwvevs darCenili
partniorebis usafuZvlo gamdidrebas, radganac garicxuli partnioris
rogorc ukve aRiniSna,partnioris garicxvis Taobaze gadawyvetilebis wilis gadanawilebiT maTi qoneba gaizrdeba, sapasuxo `Sesrulebis” ga-
miRebaze uflebamosilia sazogadoebis saerTo kreba. krebaze reSe. SesaZlebelia kompensaciis gacema ar moxdes dauyovnebliv, Tumca
gadawyvetileba miiReba xmaTa umravlesobiT, xolo gasaricx partniors misi odenoba unda dadgindes partniorTa gadawyvetilebiT. garicxul
ar aqvs xmis ufleba.161 partniors yovelTvis unda hqondes kompensaciis garantirebuli
partnioris garicxvis Sesaxeb gadawyvetilebis miRebis Semdeg aseve moTxovnis ufleba. moTxovna garantirebuli iqneba, Tuki masze iarsebebs
miRebul unda iqnes saerTo krebis gadawyvetileba wilis kompensaciis partniorTa gadawyvetileba. Tumca sxva sakiTxTa msgavsad, arc es pozi-
Taobaze. Ggamomdinare iqidan, rom garicxva iwvevs wilze sakuTrebis ciaa ualternativo. arsebobs aseve mosazrebac, rom garicxva ar iwvevs
uflebis dakargvas, igi unda moxdes kompensaciis sanacvlod. kompen- kompensaciis gacemis valdebulebas, usafuZvlo gamdidrebis normebis
gavrceleba ki garicxvidan gamomdinare urTierTobebSi ar unda moxdes.
Chapman Law Review, 2005 [9 Chap. L.Rev.1], 3.
160
`nebis gacxadebisa~ da `nebis misvlis~ Sesaxeb ix. kereseliZe d., kerZo samarTlis
uzogadesi sistemuri cnebebi, Tbilisi 2009, 244-248. 162
Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, Tbilisi 2002, 282.
161
,,mewarmeTa Sesaxeb” kanoni, me-91 muxlis me-3 punqti. 163
iqve, 283.

176 177
4. garicxvis sasarCelo warmoeba sasamarTloSi. partnioris garicxvis Sesaxeb davas, saqarTvelos saapelacio sasamarT-
arbitraJis SesaZlo gansjadoba lo ar moaxdens aseTi saarbitraJo gadawyvetilebis cnobas. Sesabamisad,
gadawyvetilebis aRsruleba – cvlilebis registracia da garicxuli
mas Semdeg, rac saerTo krebaze partniorebi miiReben gadawyvetilebas partnioris amoSla maregistrirebel organoSi ver moxdeba.168
garicxvis Sesaxeb, sazogadoebam unda Seitanos sarCeli sasamarTloSi amdenad, arsebuli samarTlebrivi regulirebis farglebSi, partnior-
gasaricxi partnioris winaaRmdeg. Sesabamisad, aseT davaSi, mosarCeles is garicxva mxolod sasamarTloSi sasarCelo warmoebis sagania. gan-
warmoadgens sazogadoeba, xolo mopasuxes – gasaricxi partniori. Ggar- sxvavebiT wilis kompensaciis Sesaxeb davisgan, romelic qonebrivi davaa
icxvis sasarCelo warmoebis aucilebloba dadnilia saqarTvelos sa- da eqceva arbitraJis kompetenciaSi.
samarTlo praqtikiT. amis garda, sazogadoebidan partnioris garicxvis gansxvavebuli midgomaa aSS-s samarTalSi, sadac partnioris garicx-
erT-erT davaze, saqarTvelos uzenaesma sasamarTlom, damatebiT miuTiTa, va aseve SeiZleba moaxdinos arbitraJma. magaliTad, saqmeze Duke v. Gra-
rom ”garicxvis sasarCelo warmoebisas sasamarTlo dacva unda iyos ham partniori sazogadoebidan garicxa arbitraJma, mopasuxem (garicx-
sruli, rac gulisxmobs ara mxolod piris SesaZleblobas mimarTos sa- ulma partniorma) gaasaCivra arbitraJis gadawyvetileba sasamarTlSi.
samarTlos, aramed sasamarTlos valdebulebas, gamoitanos samarTliani sasamarTlom ki daadgina, rom arbitraJi uflebamosili iyo ganexila
da dasabuTebuli gadawyvetileba. sasamarTlo valdebulia Seafasos, partnioris garicxvis saqme, radganac mxareTa Soris arsebobda saarbi-
ramdenad uflebamosili iyo sazogadoeba gaericxa partniori”.164 traJo SeTanxmeba, xolo Statis saarbitraJo kanonmdebloba ar krZala-
sainteresoa, ra kategoriis davas warmoadgens sazogadoebidan part- vda am kategoriis saqmeebis ganxilvas.169
nioris garicxva. saqarTvelos uzenaesi sasamarTlos erTggvarovani mniSvnelovania gaimijnos, Tu vis ekuTvnis garicxvis moTxovnis
praqtikiT, partnioris garicxva araqonebriv davas miekuTvneba. kerZod, ufleba, radganac swored es gansazRvras saTanado mosarCeles gasar-
davis sagania, partnioris sakuTrebis ufleba wilze. wilad ki miiCneva icxi partnioris winaaRmdeg davaSi. Tuki mosarCele eseT davaSi ar
ara sawesdebo kapitalSi Senatanis odenoba, aramed im uflebebisa da iqneba moTxovnis namdvili subieqti, sasamarTlo ar daakmayofilebs sar-
movaleobebis erToblioba, romelic pirs aqvs Sps-s wevrobidan gamom- Cels. zogadad, partnioris winaaRmdeg davaSi moTxovnis uflebis subi-
dinare.165 Agaricxvis davas, qonebriv xasiaTs sZens wilis kompensaciis eqti SeiZleba iyos, rogorc sazogadoeba, aseve danarCeni partniorebi.
moTxovna, romelic garicxvis Semdgom garicxuli partnioris sapasuxo moTxovnis uflebis subieqtis gansazRvra damokidebulia im konkretul
moTxovnas warmoadgens. kompensaciis moTxovnis ufleba warmoiSoba mas movaleobaze, romlis darRvevamac warmoSva moTxovnis ufleba. kerZod,
Semdeg, rac sasamarTlo ganaxorcielebs partnioris garicxvas. Sesabam- unda dadgindes, Tu vis mimarT ekisra darRveuli movaleoba gasaricx
isad, garicxul partniorsa da sazogadoebas Soris kompensaciis Tao- partniors. magaliTad, Sesatanis moTxovnis ufleba ekuTvnis sazoga-
baze dava warmoadgens garicxvisgan damoukidebel warmoebas. A doebas. Sesabamisad, Sesatanis ganuxorcieblobis safuZvliT partnioris
arbitraJis Sesaxeb saqarTvelos kanoni gansazRvravs, arbitraJis garicxvis moTxovnis uflebac calsaxad sazogadoebas ekuTvnis.170
gansjad saqmeebs da Semoifargleba mxolod qonebrivi davebiT.166 aRin- aRniSulTan mimarTebiT saWiroa ,,mewarmeTa Sesaxeb~ kanonis me-3
iSnuli ki gamoricxavs arbitraJis kompetencias garicxvis davaze. im muxlis me-8 punqtiT gaTvaliswinebuli kompensaciis moTxovnis uflebis
SemTxvevaSi, Tuki partniorTa SeTanxmebiT dadgindeba, rom partniorebs ganxilva. aRniSnuli normis Tanaxmad, `Tu sawarmos dominantma part-
Soris warmoSobili dava romelime konkretuli arbitraJis gansjadia,
168
es saarbitraJo SeTanxmeba iqneba baTili, radganac igi ewinaaRmdegeba arbitraJis Sesaxeb saqarTvelos kanoni, muxli 45.1. `a.b”, aseve saqarTvelos samoqa-
kanons.167 Tuki arbitraJi sasarCelo warmoebis gziT mainc gadawyvetvs laqo saproceso kodeqsis 256²³-e muxli; saarbitraJo SeTanxmebis baTilobis safuZ-
vliT gadawyvetilebis cnobaze uars aseve iTvaliswinebs, ucxoeTis saarbitraJo
gadawyvetilebaTa cnobisa da aRsrulebis Sesaxeb 1958 wlis saerTaSoriso konvencia,
164
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2010 wlis 22 ivlisis muxli II (“niu-iorkis” konvencia); saqarTvelosTvis ZalaSia saqarTvelos parlamen-
gadawyvetileba as-1157-1419-09, Sps `aieti”-is saqmeze. tis 1994 wlis 3 Tebervlis dadgenilebiT.
165
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2000 wlis 30 agvistos 169
Duke v. Graham, 2007 UT 31, 158, P3d 540 (2007) .
gadawyvetileba # 3k/421, Sps `ai di em forin paueri”-s saqmeze. 170
Robert B. Thompson, The Shareholder’s Cause of Action for Oppression, The Business Law-
166
arbitraJis Sesaxeb saqarTvelos kanoni, 1-li muxlis me-2 nawili; yer, 1993, [48 Bus. Law. 699], 11, Deniel, S. Kleinberger, Direct versus Derivative and the Law
167
iqve, me-9 muxlis pirveli punqti. of Limited Liability Company, Baylor Law Review, 2006, [58 Baylor L. Rev. 63], 2.

178 179
niorma ganzrax gamoiyena Tavisi dominanturi mdgomareoba am sazoga- VI. partnioris garicxvis mimarTeba sakuTrebis
doebis sazianod, man danarCen partniorebs unda gadauxados Sesabamisi uflebasTan
kompensacia.” normis sityvasityviTi ganmartebis safuZvelze, moTxovnis
uflebis subieqti aris partniori. erTi SexedviT, dominanti part-
partnioris garicxva gulisxmobs garicxuli partnioris mier wil-
nioris mxridan zianis miyenebis SemTxvevaSi, dazaralebuli partniori
ze sakuTrebis uflebis dakargvasa da danarCen partniorTa mier mis
uflebamosilia, idavos dominanti partnioris winaaRmdeg sazogadoebi-
wilze sakuTrebis mopovebas.AaRsaniSnavia, rom termins `sakuTrebis Cam-
sgan damoukideblad, sakuTari saxeliT. Tumca, miTiTebuli normis Si-
orTmeva” saqarTvelos uzenaesi sasamarTlos gadawyvetilebaSic vxvdeb-
naarsSi aris konceptualuri Secdoma.Anormis analizidan gamomdinare,
iT, kerZod Sps `argo”-s saqmeze 2009 wels miRebul gadawyvetilebaSi
dominanturi mdgomareobis mxolod sazogadoebis sazianod gamoyenebis
ikiTxeba: `cemisa da ZaladobisTvis msjavrdebis faqti ... ar SeiZleba
SemTxvevaSi warmoeSoba dominant partniors kompensaciis gacemis val-
gamxdariyo sazogadoebis partniorobidan garicxvisa da misTvis sa-
debuleba. Sesabamisad, norma zianis anazRaurebis moTxovnis warmoSo-
kuTrebis (sazogadoebaSi wilis) CamorTmevis safuZveli.“171 aRniSnulis
bas ukavSirebs sazogadoebisaTvis zianis miyenebas. aRniSnulis gamo ki,
garda, saqarTvelos uzenaesi sasamarTlo garicxvas araqonebriv davad
kompensaciis moTxovnis ufleba unda ekuTvnodes sazogadoebas da ara
ganixilavs, rac aseve adasturebs imas, rom garicxvis SemTxvevaSi, davis
partniors. amis garda, qarTuli sakorporacio samarTali, iseve rogorc
sagania ufleba (sakuTrebis ufleba wilze, rac wevrobis uflebasac
saqarTvelos sasamarTlo praqtika, sazogadoebas, rogorc iuridiul pirs,
ganapirobebs) da ara qoneba.
ganixilvas partniorisgan gancalkevebulad. Aam fundamenturi midgomis
amdenad, Cndeba kiTxva, warmoadgens Tu ara mewarmeTa Sesaxeb saqa-
gamo ki ufro met gaurkvevlobas iwvevs dasaxelebuli norma, romlis
rTvelos kanoniT gaTvaliswinebuli garicxvis uflebis gamoyeneba sa-
Tanxmadac, sazogadoebis saziano qmedebis Cadenis SemTxvevaSi ziani unda
kuTrebis CamorTmevas da Tu ki, maSin ramdenad konstituciuria ZiriTa-
aunazRaurdes ara sazogadoebas, aramed partniors. amdenad, swori iqneba
di uflebis amgvari SezRudva.
Tuki davaskvniT, rom dominantur mdgomareobaSi myofi partniorisgan
kompensaciis moTxovnis uflebac unda ganxorcildes sazogadoebis sax-
eliT, kompensacia unda miiRos sazogadoebam, radganac, moTxovnis ufleba 1. sakuTrebis uflebis zogadi mimoxilva
ekuTvnis swored sazogadoebas.
“sakuTrebis ufleba waruvali da uzenaesi adamianuri Rirebulebaa,
sayovelTaod aRiarebuli ZiriTadi uflebaa.”172 sakuTrebis uflebis
mniSvneloba udavoa, Tumca igi ar miekuTvneba absoluturad uzrun-
velyofil da SeuzRudav uflebaTa jgufs. saqarTvelos konstitu-
ciis mixedviT, aucilebeli sazogadoebrivi saWiroebisaTvis dasaSvebia
sakuTrebis uflebis SezRudva kanoniT gansazRvrul SemTxvevaSi da
dadgenili wesiT, aseve aucilebeli sazogadoebrivi saWiroebisaTvis sa-
kuTrebis CamorTmeva dasaSvebia kanoniT pirdapir dadgenil SemTxvevebSi
sasamarTlos gadawyvetilebiT an organuli kanoniT dadgenili gadaude-
beli aucileblobisas da mxolod saTanado anazRaurebiT.173
saqarTvelos konstitucia ganamtkicebs sakuTrebis uflebas, Tumca
amavdroulad, ar iZleva sakuTrebis cnebis definicias. sakuTrebis defi-
171
sus, 2009 wlis 23 Tebervlis gadawyvetileba #as-1075-1245-08; ix. aseve, sus,
gadawyvetileba #as-764-715-2010 `partnioris sazogaoebidan gasaricxa, anu misTvis
sakuTrebis CamosarTmevad, aucilebelia sasamarTlos gadawyvetileba”.
172
saqarTvelos sakonstitucio sasamarTlos 1997 wlis 21 ivlisis gadawyvetileba
#1/51.
173
saqarTvelos konstitucia, 21-e muxli.

180 181
nicias vxdebiT saqarTvelos samoqalaqo kodeqsSi, romelic sakuTrebas gulisxmobs, rom sakuTreba wilze aseve avaldebulebs partniors, ar
ganmartavs rogorc qonebis (nivTis) mflobelobis, sargeblobisa da gan- gamoiyenos sazogadoebis wevroba sazogadoebis, danarCen partniorTa
kargvis uflebaTa erTobliobas.174 miiCneva, rom kerZo samarTlis yvela da kreditorTa sazianod. xolo im SemTxvevaSi, Tu sakuTrebas wilze,
subieqti imavdroulad aris sakuTrebis uflebis subieqtic.175 AaR- rac ganapirobebs mis wevrobas sazogadoebaSi gamoiyenebs sazogadoebis
saniSnavia, saqarTvelos sakonstitucio sasamarTlos gadawyvetilebebi, sazianod, igi mzad unda iyos iseTi negatiuri SedegisaTvis, rogoricaa
romelTa Tanaxmadac aqcia sakuTrebis uflebis obieqtia.176ASesabamisad, sazogadoebidan garicxva da Sedegad sakuTrebis CamorTmeva.
sruliad marTebuli iqneba Tuki davaskvniT, rom wili, rogorc aramete- ZiriTadi uflebiT dacul sferoSi Careva da sakuTrebis xelyo-
rialuri qonebrivi sikeTe, aqciis msgavsad, aseve warmoadgens sakuTrebis fa saxezea saxelmwifos mxridan, rodesac arsebobs arakonstituciuri
uflebiT dacul sikeTes. kanoni.182 amasTan, SesaZlebelia es kanoni kerZosamarTlebrivi subieqtebis
urTierTobasac awesrigebdes (rogorc mewarmeTa Sesaxeb kanonis Sem-
2. sakuTrebis ,,CamorTmevis~ legitimuroba TxvevaSi). legitimurobis Sefasebisas gamoiyeneba Tanazomierebis prin-
ci pi.183 Tanazomierebis princi pis funqcia, Tavis mxriv, dapirispirebul
saqarTvelos sakonstitucio sasamarTlos mier dadgenili praq- interesebs Soris samarTliani urTierTobis imgvari uzrunvelyofaa,
tikiT, sakuTrebis CamorTmeva dasaSvebia mxolod mkacrad gansazRvruli rom umniSvnelo Rirebulebis sikeTes ar Seewiros ufro didi Rireb-
winapirobebis arsebobisas: a) sazogadoebrivi saWiroebisTvis b) kanoniT ulebis mqone sikeTe.
pirdapir gaTvaliswinebul SemTxvevebSi g) sasamarTlos gadawyvetile- saxelmwifos mier sakuTrebis uflebis SezRudvis konstituciuri
biT d)saTanado anazRaurebiT.177 amasTanave, saqarTvelos konstitucia gamarTleba, saboloo jamSi, Tanazomierebis princi pzea damokidebuli.
gansazRvravs, rom sakuTrebis CamorTmevis SemTxvevaSi, kompensacia unda Tu sakuTrebis uflebis SezRudvis mizniT saxelmwifos mier gamoce-
iyos `winaswari, sruli da samarTliani.”178 iuridiul literaturaSi muli normatiuli aqti Tanazomierebis princi ps akmayofilebs, maSin
gavrcelebulia azri, rom sakuTrebis Rirebuleba (anu kompensaciis misi konstituciuroba uzrunvelyofilia.184
odenoba) saqmis faqtobrivi garemoebebidan yovel konkretul SemTvevaSi
damoukideblad unda ganisazRvros.179 3. partnioris garicxvasa da wilze sakuTrebis uflebis
sakuTrebis ufleba datvirTulia socialuri funqciiT. sakuTrebis `CamorTmevis” konstituciur-samarTlebrivi safuZvlebi
uflebis SezRudvis aucileblobac upirvelesad ganpirobebulia sa-
kuTrebis socialur funqciiT.180 sakuTreba mesakuTres avaldebulebs, saqarTvelos uzenaesma sasamarTlom erTmniSvnelovnad daadgina, rom
igi datvirTulia zomieri da aucilebeli funqciiT.181 aRniSnuli ki partnioris garicxva warmoadgens ukidures RonisZiebas da misi gamoy-
174
sk, 170-e muxli. eneba dasaSvebia mxolod im SemTxvevaSi, rodesac sazogadoebis saqmiano-
175
Wanturia l., uZravi nivTebis sakuTreba, SedarebiTi samarTlebrivi kvleva germanuli bis gagrZeleba gasaricx partniorTan erTad SeuZlebelia. Sesabamisad,
samarTlis magaliTze, me-2 gamocema, Tbilisi, 2001, 85. garicxvis uflebis realizeba xdeba mxolod maSin, roca legitimuri
176
saqarTvelos sakonstitucio sasamarTlos 2007 wlis 18 maisis gadawyvetileba miznis – samewarmeo saqmianobis gagrZelebis miRweva sxva saSualebiT
#2/1-370, 382, 390, 402, 405, aseve 1999 wlis 21 dekembris gadawyvetileba #2/85/1.
177
saqarTvelos sakonstitucio sasamarTlos 1996 wlis 30 dekembris gadawyvetileba
SeuZlebelia. garicxva xdeba ,,mewarmeTa Sesaxeb~ kanonis me-9¹ mux-
#1-2-14/19, ix. aseve konstantine kublaSvili, 172. lis me-6 punqtis safuZvelze, romelic krebas aniWebs uflebamosile-
178
saqarTvelos konstitucia, 21-e muxli. bas miiRos gadawyvetileba Semdeg sakiTxze: `im damatebiTi uflebis
179
saqarTvelos konstituciis komentari adamianis ZiriTadi uflebebi da Tavisufle- gamoyeneba, romelic sazogadoebis dafuZnebidan an sazogadoebis mar-
bebi, Tbilisi, 2005 weli, 155. Tvidan gamomdinare aqvs direqtoris an/da partnioris mimarT.” sab-
180
saqarTvelos sakonstitucio sasamarTlos 1997 wlis 21 ivlisis gadawyvetileba
#1/51 `sakuTrebis uflebis ganxorcielebam ar unda daarRvios sxvaTa uflebebi
olood ki garicxva da wilze sakuTrebis uflebis `CamorTmeva” xdeba
da Tavisuflebebi, xolo sakuTrebiT sargebloba imavdroulad unda emsaxurebodes
saerTo keTildReobas”. 182
iqve, zoiZe b., 98.
181
zoiZe b., sakonstitucio kontroli da RirebulebaTa wesrigi saqarTveloSi, Tbili- 183
kublaSvili k., ZiriTadi uflebebi, 2003, 180.
184
si, 2007, 91. iqve, 181.

182 183
sasamarTlos gadawyvetilebiT. sakuTrebisMuflebis SezRudvis dros VII. daskvna
aucilebelia, rom dapirispirebul interesebs Soris damyardes samar-
Tliani balansi.185 garicxvis SemTxvevaSic, sakuTrebis uflebis CamorT- ganxorcielebuli kvlevis Sedegad SeiZleba Camoyalibdes ramden-
meva gamowveulia sakuTrebis uflebis socialuri funqciiT, radganac ime ZiriTadi debuleba, romelic pasuxobs naSromSi dasmul problemur
sazogadoebis miznis SenarCuneba ufro didi RirebulebiTi sikeTea, sakiTxebs. kerZod:
Tavisi materialuri SedegebiT, vidre partnioris sakuTrebis ufleba • 
partnioris garicxva sazogadoebidan SesaZlebelia ori Zi­ ri­Tadi
wilze, romelic abstraqtuli sikeTea. kerZod, wilis ukan unda idges safuZvliT: pirveli, partnioris mier Sesatanis gan­ xor­cielebis
garkveuli qoneba, raTa mas ekonomikur Rirebuleba SesZenos. sxvagvarad, valdebulebis darRveva. Mmeore, partnioris mi­er sazogadoebis sa-
wils materialuri Rirebuleba ar gaaCnia. amonaweri mewarmeTa da ziano qmedebis Cadenis SemTxveva, ris Se­de­gadac SeuZlebeli xdeba
arasamewarmeo (arakomerciuli) iuridiuli pirebis reestridan, ro- partniorul urTierTobis Senar­ Cuneba. orive safuZveli ganix-
melic Seicavs partniorTa wilobrivi monawilebis Sesaxeb informacias, ileba partnioris mier sazo­ga­doebis wevrobidan gamomdinare val-
adasturebs, mxolod partnioris Sps-Si wevrobas da ar warmoadgens fa- debulebis dar­Rvevad. Sesabamisad, saWiroa partnioris valdebule-
sian qaRalds.186 amavdroulad, wilad miiCneva ara (sawesdebo) kapitalSi baTa identifi­ kacia. aRniSnulisTvis ki amosavalia partnioruli
Senatanis odenoba, aramed im uflebebisa da movaleobebis erToblioba, urTier­To­bis arsis gansazRvra. partnioruli urTierToba gansak­
romelic pirs aqvs Sps-s wevrobidan gamomdinare.187 uTre­buli xarisxis ndobaze damyarebuli urTierTobaa. swored
amdenad, partnioris garicxvis uflebis gamoyeneba da Sesabamisad urTierTobis aseTi xasiaTi ganapirobebs partnioris fiduciuri
wilze sakuTrebis uflebis `CamorTmeva” eqceva sakuTrebis uflebis movaleobebis arsebobas. partnioris valdebule­bebi iyofa or jg-
legitimuri SezRudvis farglebSi. Tumca, saqarTvelos sakanonmdeblo ufad, ZiriTad da damatebiT valdebule­bad. ZiriTad valdebulebas
regulireba am kuTxiT moiTxovs daxvewas. kerZod, garicxvis legitimu- warmoadgens Senatanis ganxor­ cie­
leba, xolo damatebiT valdeb-
roba udavo iqneba, Tuki kanoniT iqneba gaTvaliswinebuli garicxvis ulebas - keTilsindisierebisa da fiduciur movaleobaTa dacva.
materialuri safuZvlebi – partnioris movaleobebi da maTi darRvevis • 
Sesatanis funqcia sazogadoebis kapitalis formirebaa. Sesabamisad,
Sedegi, garicxvis procedurebi da kompensaciis pirobebi. Sesatanis yvela saxis (fuladi, arafuladi momsaxurebis gaweva,
samuSaos Sesruleba) mimarT vrceldeba erTi ZiriTadi krite-
riumi - Sesatans unda gaaCndes ekono­ mi­
ku­
ri Rirebuleba. miuxe-
davad imisa, rom iuridiul litera­ tu­raSi sadavoa momsaxurebis
gawevisa da samuSaos Sesrule­ bis Setanaunarianobis simyare, isini
calsaxad gaTvaliswinebulia saqarTvelos kanonmdeblobiT da, Se-
sabamisad, legitimuria aseTi Sesatanebis gamoyenebac. kanoni ar
mijnavs momsaxu­ rebis gawevasa da samuSaos Sesrulebas, Tumca maT
Soris gansxvaveba aris im saboloo `produqtSi”, romelic unda
miiRos sazogadoebam. kerZod, momsaxurebis gawevisas Sesatani, anu
sazogadoebis mier misaRebi `produqti” aris procesi (magali-
Tad, sazogadoebis sasargeblod gawuli finansuri an iuridi­ uli
momsaxureba), xolo samuSaos Sesrulebisas – konkretuli Sedegi
(magaliTad, nardobis xelSekrule­ bidan gamomdinare damzadebuli
185
nivTi);
sakuTrebis ufleba da samarTliani sasamarTlos ufleba, saerTaSoriso samecniero-
• 
partnioris damatebiT movaleobas warmoadgens: a) fiduciuri mov-
praqtikuli konferenciis masalebi, Tbilisi 2005, 17.
186
Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, Tbilisi, 2002, 272. aleobebis dacva; b) keTilsindisierebis movaleobis dacva, rac
187
sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2000 wlis 30 agvistos sruliad damoukidebeli standartia;
gadawyvetileba # 3k/421, Sps `ai di em forin paueri”-s saqmeze.

184 185
• konceptualuri gansxvaveba fiduciursa da keTilsindisiere­ bis vis winapirobebi dayofilia or jgufad:
movaleobas Soris moqmedebis speqtrSia. kerZod, fiduc­ iur mova- materialur winapirobebi: a) sazogadoebis winaSe nakisri valde-
leobebze SeTanxmeba partniorTa saxelSekrulebo Tavisuflebis bulebis darRveva (Sesatanis ganuxorcielebloba, sazogadoebis miznis
sferoSi eqceva, ris gamoc, misi moqmedebis speqtris Semcireba an/ Selaxva, ris Sedegadac SeuZlebeli xdeba partnioruli urTierTobis
da gazrda SesaZlebelia partniorTa SeTanxmebiT. keTilsindis- SenarCuneba); b) sazoga­ doebisTvis zianis miyeneba. g) pirvel da meore
ierebis movaleoba ki damoukideblad mboWavi standartia, rom- winapirobas Soris mizezobrivi kavSiris arseboba.
lisgan gaTavisuflebac srulad an nawilobriv mxareTa nebis av- proceduruli winapirobebi: a) sazogadoebis saerTo krebis mier
tonomiis sferoSi ar eqceva. partnioris garicxvis Taobaze gadawyvetilebis miReba; b) sazogadoebis
• partnioris mimarT keTilsindisierebis movaleoba vrcel­ deba im- mier sarCelis Setana sasamarTloSi, partnioris garicxvis moTxovniT;
isda miuxedavad, aris Tu ara is gaTvaliswinebuli partniorTa g) garicxvis materialuri safuZvlis arsebobis SemTxvevaSi sasamarT-
SeTanxmebiT. aRniSnulis samarTlebrivi safuZ­ velia saqarTvelos los mier sarCelis dakmayofileba; d) maregistrirebel organoSi cvl-
samoqalaqo kodeqsis me-8 muxlis mesame nawili, xolo aSS-s samar- ilebis registracia (garicxuli partnioris amoSla partniorTa rige-
TalSi - princi pi, romlis Tanaxma­ dac, yvela xelSekruleba Ta- bidan, misi wilis aRicxva sazogadoebis danarCen partniorebze).
visTavad moiazrebs keTilsin­disi­erebisa da ,,samarTliani qmedebis” • 
gasaricxi partnioris arakeTilindisieri qmedeba ar aTavisuflebs
movaleobas. danarCen partniorebs keTilsidnisierebis movaleobisgan. amitom,
• keTilsindisiereba gulismxobs piris patiosnebasa (honesty) da garicxva unda moxdes keTilsindisierad. aRniSnuli moiTxovs, rom
Sinagan samarTlianobas (fairness in mind), rac subieqturi kriteri- partniorebma ar gamoiyenon garicxvis ufleba borotad, mxolod
umia. aRniSnulisgan gansxvavebiT, `samarTliani qme­deba” obieqturi im mizniT, rom daeuflon gasaricxi partnioris wils da amagvarad,
kriteriumia da gulisxmobs individis mier konkretuli qmedebi- miiRon piradi sargebeli an qonebrivi upiratesoba.
sas Sinagani samarTlianobis gaTvalis­ winebasa da gamovlenas. • 
yovel konkretul SemTxvevaSi, garicxvis sasarCelo warmoebisas
• keTilsindisierebis movaleoba darRveulad ar CaiTvleba mxolod sasamarTlom unda Seamowmos, ramdenad keTilsindisierad moxda
imitom, rom partniori moqmedebda sakuTari interesebis Sesabam- partniorebis mier garicxvis uflebis gamoyeneba. SefasebisTvis,
isad, im daTqmiT, rom aseTi qmedeba iyo keTilsindisieri. amitomac, SemoTavazebulia aSS-s midgoma da Semowmebis orkomponentiani
aSS-s samarTliT keTilsindisie­ rebis movaleobis darRvevis Sem- testi: 1. gamarTlebulia Tu ara garicxva legitimuri samewarmeo
TxvevaSi, piri pasuxis­mgebelia meore mxarisTvis miyenebuli zian- mizniT (justified by the legitimate business reasons) 2. xom ar aris
isaTvis, xolo fiduciuri movaleobis darRvevis SemTxvevaSi, zian- garicxva motivirebuli danarCeni partniorebis piradi intere-
Tan erTad pasuxs agebs im sargeblisaTvis, romelic fiduciuri sebiT, piradi sargeblis an qonebrivi upiratesobis mosapoveblad
movaleobis darRvevis Sedegad miiRo. (self gain/bussiness or property advantage).
• keTilsindisierebis Sefasebis kriteriumad SemoTavazebulia part- • 
garicxva iwvevs garicxuli partnioris sakuTrebis uflebis da-
niorTa `gonivruli molodinis” (reasonable expectations) gansaz- kargvas wilze. Sesabamisad, sakuTrebis uflebis amgvari SezRudvis
Rvra. Tuki fiduciuri movaleobebis gaTvaliswineba ar moxda konstituciuroba moiTxovs rom garicxva moxdes a) sasamarTlos
partnioruli SeTanxmebiT, aseT SemTxvevaSi Semo­Ta­vazebulia aSS-s gadawyvetilebis safuZvelze; b) kompensaciis sanacvlod. kompensa-
sasamarTlos midgoma, romelic kon­ kretuli saqmis garemoebebidan ciis moculoba ar aris damokidebuli Senatanis saxesa da odeno-
gamomdinare Tavad adgens, Tu raze SeTanxmdebodnen partniorebi, baze. garicxul partnioris kompensaciis moTxovnis ufleba war-
Tuki es sakiTxi samoqmedo SeTanxebis dadebisas warmoiWreboda. D moiSoba garicxvis Semdgom, ris gamoc, es moTxovna damoukidebeli
• miuxedavad imisa, rom dominant partniors ufro meti SesaZ­ warmoebaa. kompensaciis moTxovnis ufleba warmoadgens garicxvis
lebloba aqvs, rom sazogadoebis wevroba piradi sargeb­ lisaTvis sapasuxo moTxovnis uflebas.
da sazogadoebis sazianod gamoiyenos, fidu­ciuri movaleobebi yve-
la partnioris mimarT Tanabrad vrceldeba.
• partnioris garicxvis proceduris sistematizaciis mizniT, garicx-

186 187
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I. saqarTvelos sasamarTloebis gadawyvetilebebi


II. sxva qveynis sasamarTloebis gadawyvetilebebi
1. saqarTvelos sakonstitucio sasamarTlos 1996 wlis 30 dekem-
1. AB Group v.Werthur 75 CA 4th 1022, 69 CR 2d 652 (1997);
bris gadawyvetileba #1-2-14/19;
2. BT-I v Equiatble Life Assur. Soc’y 75 CA 4th 1406, 89 CR2d 811 (1999)
2. saqarTvelos sakonstitucio sasamarTlos 1997 wlis 21 ivlisis
3. Cardullo v. Landau, 105 N.E.2d 843, 845 (Mass. 1952);
gadawyvetileba #1/51;
4. Courtney v. Waring, 237 Cal. Rptr. 233, 239 (Ct. App. 1987);
3. saqarTvelos sakonstitucio sasamarTlos 1999 wlis 21 dekem-
5. Donahue v. Rodd Electrotype Co. of New England, Inc. 328 N.E.2d 505
bris gadawyvetileba #2/85/1;
(1975);
4. saqarTvelos sakonstitucio sasamarTlos 2007 wlis 18 maisis
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5. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2000
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wlis 30 agvistos gadawyvetileba # 3k/421;
9. Ferry v McNeil 214 CA2d 411, 29 CR 577 (1963);
6. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2001
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wlis 23 ianvris gadawyvetileba # 3k\841;
11. Giannotti v. Hamway, 387 S.E.2d 725, 731 (Va. 1990);
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wlis 9 martis ganCineba # 3k/303-01;
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8. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2001
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wlis 14 seqtemberis ganCineba # 3k/787-01;
14. Gries Sports Enters., Inc. v. Cleveland Browns Football Co., 496 N.E.2d
9.  sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2010
959, 963 (Ohio 1986);
wlis 22 ivlisis gadawyvetileba as-1157-1419-09;
15. Holman v. Coie, 522 P.2d 515, 519 (Wash. Ct. App. 1974);
10.  sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2007
16. Leff v. Gunter 33 C3d 508, 514, 18 CR 777 (1993);
wlis 13 martis gadawyvetileba # as-556-939-06;
17. Lynch v. Vickers Energy Corporation, 351 A.2d 570 (1976);
11. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2007
18. Malkus v. Gaines, 434 So. 2d 957, 961 (Fla. Dist. Ct. App. 1983);
wlis 24 ivlisis gadawyvetileba #as-390-741-07;
19. Mcconnell v. Hunt Sports Enterprises, 725 N.E.2D 1193 (OHIO CT. APP.
12. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2007
1999),
wlis 12 oqtombris gadawyvetileba #as-614-951-07;
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13.  sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2009
21. Minifie v. Rowley, 187 Cal. 481, 202 P. 673, 676 (1921);
wlis 09 noemberi gadawyvetileba #as-812-1099-09;
22. Newburger, Loeb & Co. v. Gross, 563 F.2d 1057, 1078 (2d Cir. 1977),
14.  sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2009
23. Noss v. Abrams, 787 S.W.2d 834, 838 (Mo. Ct. App. 1990);
wlis 23 Tebervlis gadawyvetileba #as-1075-1245-08;
24. Notch View Assocs. v. Smith, 615 A.2d 676, 680 (N.J. Super. Ct. Law
15.  sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2010
Div. 1992);
wlis 17 maisis gadawyvetileba #as-185-176-2010;
25. Pace v. Perk, 440 N.Y.S.2d 710, 716 (App. Div. 1981);
16.  sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2011
26. Paramount Communications v. QVC Network, 637 A.2d 34, 46 (Del.

194 195
1993);
27. Pepper v. Litton, 308 U.S. 295, 311 (1939);
28. PJ Acquisition Corp. v. Skoglund, 453 N.W.2d 1, 22 (Minn. 1990);
29. Puritan Medical Ctr., Inc. v. Cashman, 596 N.E.2d 1004, 1010 (Mass.
1992);
30. Reed v. Robilio, 400 F.2d 730, 733 (6th Cir. 1968);
31. Resolution Trust Corp. v. Dean, 854 F. Supp. 626, 636 (D. Ariz. 1994);
32. Steelman v. Mallory, 716 P.2d 1282, 1285-86 (Idaho 1986);
33. Tennant v. Dunlop, 33 S.E. 620, 623 (Va. 1889);
34. Weiner Inv. Co. v. Weiner, 804 P.2d 1211, 1212 (Or. Ct. App. 1991);
35. Wilkes v. Springside Nursing Home, Inc., 353 N.E.2d 657, 662 (Mass.
1976);

sxva masalebi

1. Black’s Law Dictionary, 6th edition, West Publishing,1990;


2. 
saqarTvelos statistikis erovnuli samsaxuris oficialur
saiti: http://www.geostat.ge/

196
nino jibuti*

finansuri krizisi da cvlilebebi


sareitingo kompaniaTa samarTalSi

_____________
* Tsu iuridiuli fakultetis doqtoranti, LLM humboldtis universiteti berlini

197
sa r C e v i 3.1.3. sareitingo kompaniebis pasuxismgebloba evropaSi.................. 240
3.1.4. sareitingo kompaniebis pasuxismgebloba germanuli samarTlis
Sesavali. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 mixedviT.......................................................................................................................... 240
3.1.4.1 saxelSekrulebo da deliqturi pasuxismgebloba................ 240
Temis aqtualoba. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200
3.1.4.2 prospeqtis pasuxismgebloba.................................................................. 241
I. sareitingo kompaniebis samarTlebrivi sistemis safuZvlebi . . . . . . . 203 3.1.4.3 birJebis samarTlebrivi prospeqtis pasuxismgebloba......... 241
1. sareitingo kompaniebis samarTali, rogorc damoukidebeli 3.1.4.4 zogadi samoqalaqo samarTlebrivi prospeqtis pasuxismge-
samarTali da misi mniSvneloba . . . . . . . . . . . . . . . . . . . . . . 203 bloba ............................................................................................................................. 244
2. sareitingo kompaniebi . . . . . . . . . . . . . . . . . . . . . . . . . 204 3.2 sareitingo kompaniebis damoukidebloba da interesTa konfliq-
2.1 periodi sareitingo kompaniebamde......................................................... 204 ti....................................................................................................................................... 244
2.2 sareitingo kompaniebis warmoSoba da ganviTareba: istoriuli ga- 3.2.1 evropis sareitingo kompania....................................................................249
mocdileba....................................................................................................................... 206 4. sareitingo kompaniebis saqmianobis samarTlebrivi regulireba
3. reitingi. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 saqarTveloSi. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252
3.1. reitingi, rogorc informaciis axali wyaro....................................... 212 4.1 bankebi.........................................................................................................................253
3.2. reitingis ganmarteba ..................................................................................... 213 4.2 saqarTvelos suverenuli reitingi.......................................................255
3.3 reitingis saxeebi................................................................................................. 215 4.3 saqarTvelos rkinigza........................................................................................256
3.3.1 grZelvadiani da moklevadiani reitingi............................................... 216 daskvna. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257
3.3.2. emisiis da emitentis reitingi................................................................. 216
bibliografia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261
3.3.3. Sida da gare moxmarebis reitingi.......................................................... 217
3.3.4. nebayoflobiTi da dakveTis safuZvelze Sedgenili reitingi.218
3.3.5. reitingis sxva saxeebi..................................................................................218
3.4. reitingis subieqti da reitingis Sedgenis procesi.......................219
3.4.1. dakveTis safuZvelze Sedgenili reitingi....................................... 220
3.4.2. reitingi emitentis dakveTis gareSe................................................... 221
3.5 reitingi, rogorc sareitingo kompaniebis saqmianobis Sedegi... 222
4. reitingis upiratesoba . . . . . . . . . . . . . . . . . . . . . . . . . 223
II. sareitingo kompaniebis regulirebis reforma. . . . . . . . . . . . . 224
1. sareitingo kompaniebis regulirebis reformis miznebi. . . . . . 224
2. sareitingo kompaniebis samarTali krizisamde evropasa da aSS-Si.226
3. sareitingo kompaniebis samarTlebrivi reforma evropasa da aSS-Si
krizisis Semdeg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229
3.1 sareitingo kompaniebis pasuxismgebloba.............................................234
3.1.1 sareitingo kompaniis arakeTilsindisieri qmedeba ..................237
3.1.2 sareitingo kompaniebis pasuxismgebloba amerikis SeerTebul
StatebSi..........................................................................................................................238

198 199
Sesavali ufro matulobs, Tumca am sakiTxis mecnieruli damuSavebis done sa-
reitingo kompaniebis mniSvnelobisa da rolis araadekvaturia. qarTul
Temis aqtualoba enaze samarTlebriv literaturaSi sareitingo kompaniebis samarTalTan
dakavSirebiT arc erTi specialuri gamokvleva ar arsebobs. sareit-
bolo msoflio finansuri krizisi kacobriobis istoriaSi up- ingo kompaniebis samarTlis Seswavlas, miT umetes finansuri krizisis
recendento iyo, rogorc Tavisi masStabiT, ise SinaarsiTa da xasiaTiT. periodSi, garda Teoriulisa, aqvs didi praqtikuli mniSvneloba. jer
mas xSirad adareben 1929 wlis did depresias. sinamdvileSi maT Soris erTi, finansuri krizisis aqtiuri fazis gavlis miuxedavad sareitingo
mniSvnelovani gansxvaveba arsebobs. kompaniebis Tema kvlav aqtualuria, ar wydeba maT mimarT sxvadasxva do-
umTavresi gansxvaveba mdgomareobs imaSi, rom globalurma krizis- nis skandalebi. magaliTad, saberZneTis xelisuflebam 2010-2011 wlebSi
ma sxvadasxva masStabiT, pirdapir, Tu iribad zegavlena moaxdina ro- qveyanaSi ganviTarebul safinanso problemebi sajarod sareitingo kom-
gorc msoflios yvela qveyanaze, ise msoflios yvela moqalaqeze, misi paniebis arakeTilganwyobil qcevas daabrala. meore, krizisis Sedegad ki
sacxovrebeli adgilisa da saqmianobis miuxedavad. msoflio krizisis ar Sesustda, aramed gaizarda sareitingo kompaniebis gavlena finansuri
Sinaarsi da xasiaTi globalizaciis konteqstma gansazRvra. `didi depre- sistemebis funqcionirebaSi rogorc mTlianad msoflioSi, ise calkeul
siisagan~ gansxvavebiT ar darCenila krizisisgan daculi arc erTi qveynebSi. maT Soris saqarTveloSic. sareitingo kompaniebis moRvaweoba
teritoria (maT Soris is qveynebi, romelic Tavdapirvelad TiTqos saqarTveloSi gaaqtiurda swored finansuri krizisisa da mis Semdgom
gadaurCa mis pirdapir damangrevel zemoqmedebas. magaliTad: CineTi, in- periodSi. am dros saqarTvelom miiRo suverenuli reitingi, ganaTavsa
doeTi). msoflio krizisi globalur xasiaTs atarebda da yvela misi evrobondebi. qarTul kanonmdeblobaSi sareitingo kompaniebis saqmiano-
gamovlineba aisaxa msoflioze. Sokis momgvreli mTel am istoriaSi baze specialuri normebi ar moqmedebs. sakiTxis SeswavliT Seiqmneba
aRmoCnda is, rom faqtobrivad `finansuri miwisZvra~ verc erTma in- safuZveli qarTuli kanonmdeblobis am mimarTulebiT ganviTarebisaTvis.
teleqtualurma centrma, nacionalurma, Tu saerTaSoriso institutma, yovelive naTqvami gansazRvravs winamdebare naSromis aqtualobas.
ver iwinaswarmetyvela da ver moaxdina misi prevencia. dRes krizisis winamdebare naSromis mizania sareitingo kompaniebis samarTlis re-
gamomwvevi mizezebis analizi da Sefaseba inarCunebs aqtualobas. fi- formis Seswavla finansuri krizisis zegavleniT.
nansuri krizisis gamomwvev faqtorebs Soris sareitingo kompaniebis kvlevis miznis misaRwevad naSromSi gadawyvetilia Semdegi amocanebi:
saqmianobasac ganixilaven. eseni arian kompaniebi, romlebic finansur _ naCvenebia sareitingo bazris da sareitingo kompaniebis warmoSo-
bazarze did rols TamaSoben. maT mier Sedgenili reitingebi mra- bisa da dRevandeli saxiT Camoyalibebis etapebi;
vali gadawyvetilebis miRebis winapiroba, Tu safuZvelia. yovelive aman _ axsnilia produqtis `reitingis~, reitingis subieqtebisa da re-
xeli Seuwyo finansur bazarze sareitingo kompaniebis Zalauflebis itingis Sedgenis procesis arsi;
mopovebas. Tu globalur krizisamde sareitingo kompaniebi mxolod _ daxasiaTebulia reitingis saxeebi;
fasiani qaRaldebis komisiebis saerTaSoriso organizaciis (IOSCO) _ mocemulia sareitingo kompaniebis regulirebis istoria finansur
qcevis kodeqsis regulirebas eqvemdebarebodnen, dRes TiToeuli sax- krizisamde;
elmwifo cdilobs sxvadasxva meqanizmebiT moaxdinos maTi saqmianobis _ gaanalizebulia sareitingo kompaniebis regulirebis reformis
regulireba. unda aRiniSnos, rom reformebis miuxedavad jer kidev ar ZiriTadi mimarTulebebi krizisis Semdeg aSS, evropis kavSirsa da ger-
arsebobs erTi samarTlebrivi dokumenti, romelic sareitingo kom- maniaSi;
paniebTan dakavSirebul yvela sakiTxs daaregulirebda. swored maTi _ warmodgenilia saqarTveloSi sareitingo kompaniebis moqmedebisa
saqmianobis mowesrigebaSi arsebuli samarTlebrivi vakuumis gamo sa- da qarTul samarTalSi maT Sesaxeb arsebuli mdgomareobis daxasiaTeba;
reitingo kompaniebTan dakavSirebuli sakiTxebi umetesad politikuri _ Catarebulia SedarebiT-samarTlebrivi analizi sareitingo kom-
skandalebis an politikuri diskusiebis formas iRebs da iSviaTad paniebisaTvis regulirebis normebis (registracia, pasuxismgebloba da
wamoadgens sasamarTlo ganxilvis sagans. finansur bazarze sareitingo sxva) mixedviT.
kompaniebis gansakuTrebuli rolis gamo maTi Seswavlis interesi sul kvlevis Teoriuli safuZveli, ZiriTadad, amerikeli da germaneli
mecnierebis naSromebia. naSromis wyaros aSS-s, evropis kavSiris, ger-

200 201
maniisa da saqarTvelos kanonmdebloba da sxva oficialuri masalebia. I. sareitingo kompaniebis samarTlebrivi sistemis
agreTve, saerTaSoriso sareitingo kompaniebis, safondo birJebis inter- safuZvlebi
net gverdebze gamoqveynebuli informacia.
kvlevisas gamoyenebulia zogad-mecnieruli meTodebi. kvlevis mizne- 1. sareitingo kompaniebis samarTali, rogorc
bidan gamomdinare, ZiriTadad, gamoyenebulia SedarebiT-samarTlebrivi damoukidebeli samarTali da misi mniSvneloba
analizi da istoriul-logikuri meTodi.
sareitingo kompaniebis samarTali rogorc aseTi praqtikulad ar-
sebobs, Tumca ar arsebobs sistemurad Camoyalibebuli saxiT. jer kidev
1992 wels gaCnda idea ,,reiting-samarTlis~ Seqmnis Sesaxeb. es idea
imiT sabuTdeboda, rom finansur bazarze sareitingo kompaniebis gav-
lenis SemTxvevaSi Sesabamisi maregulirebeli normebi ar arsebobda.
Sesabamisad kanonmdeblis swrafi reagireba iyo saWiro.1 amdenad, sa-
reitingo kompaniebis maregulirebeli normebis Seqmnis sakiTxi idga
maTi Camoyalibebis im etapze, rodesac finansur bazarze maTi gavlena
,,SesaZlo faqtad~ ganixileboda. dRes, rodesac finansur bazarze sare-
itingo kompaniebis gavlena realobad iqca, jer kidev ar aris Seqmnili
sareitingo kompaniebis saqmianobis yvela sferos maregulirebeli er-
Tiani meqanizmebi. miuxedavad imisa, rom gavida ukve or aTwleulze meti,
rac dadga sakiTxi sareitingo kompaniebis samarTlis Seqmnis Taobaze,
am mimarTulebiT praqtikulad cota ram gakeTda. dReisaTvis yvelafers
fragmentuli maregulirebeli normebis saxe aqvs. Tumca, procesis Se-
Cereba SeuZlebelia: rogorc sakredito bazrisa da bankebis warmoSo-
bam ganapiroba sabanko samarTlis ganviTareba da fasiani qaRaldebisa
da birJebis warmoSobam xeli Seuwyo kapitalis bazris Camoyalibebas,
ise moxdeba reitinis bazrisa da sareitingo kompaniebis ganviTarebis
safuZvelze sareitingo kompaniebis samarTlis Camoyalibeba. momavalSi
samarTlis axal mimarTulebas `reiting-samarTali~, Tu `sareitingo
kompaniebis samarTali~ ewodeba amas ukve dro gadawyvets. sareitingo
kompaniebis samarTlis safuZvlad SegviZlia reitingis Sedgena, misi
realizacia da reitingis gamoyenebis safuZvelze warmoSobili urTier-
Tobebi ganisazRvros. amJamad sareitingo kompaniebis ganviTareba iseT
fazaSi Sevida, rodesac maTi samarTlis Seqmna gardauvalia. amas mow-
mobs kompaniebis warmoSoba-ganviTarebis istoriac.

1
Ebenroth/Daum, WM 1992, Sonderbeilage Nr. 5, S. 2-23 (22).

202 203
2. sareitingo kompaniebi deli gagebiT, ukve me-13 saukunidan arseboben.6 gavrcelebuli mosazre-
biT, sityva `banki~, pirvelad, genuaSi gamoiyenes. Tavdapirvelad bankirebs
sareitingo kompaniebi da maTi reitingi, anu gadaxdisunarianobis uwodebdnen bazris moedanze patara magidebTan msxdom pirebs, romlebic
Sefaseba, umniSvnelovanes rols TamaSobs ekonomikur urTierToba. monetebis gadacvliT umartives safinanso operaciebs axorcielebdnen.7
aqedan gamomdinare, maTi saqmianoba finansur bazarze xSirad xdeba kri- saaqcio sazogadoebebis CamoyalibebisTanave warmoiSva fasiani qaRal-
tikis obieqti. ra Tqma unda sareitingo kompaniebma Zalaufleba erT debiT spekulacia, romelic sxvadasxva dros sxvadasxva ZaliT mJRavnde-
dReSi ar moixveWes. amaSi maT sxvadasxva faqtorebma Seuwyves xeli. boda. Tumca yvelgan, sadac ki warmoiSva saaqcio sazogadoebis ti pis
mniSvnelovania gavigoT, Tu ra iyo sareitingo kompaniebamde da rogor gaerTianeba, gaCnda am gaerTianebis funqcionirebisa da dacvis normebis
movidnen isini dRemde. aucilebloba. Sesabamisad es sfero regulirebas saWiroebda. me-19
saukunis Sua xanebSi bankebis regulireba e.w. centraluri bankebis meS-
veobiT daiwyo (1848-safrangeTSi 1874 w. germaniaSi-raixsbanki 1876 w.8,
2.1 periodi sareitingo kompaniebamde 1913w.-aSS-Si), Tumca kapitalis bazari mainc specialuri regulirebis
gareSe moqmedebda.9
logika iTxovs gairkves Tu ra iyo pirvelad: kvercxi, Tu qaTami, me-19 saukunis pirvel naxevarSi aSS-is ekonomika swrafad vi-
magram istoriulad ver xerxdeba amis dadgena. sul sxva situaciaa sa- Tardeba. aSS-s ekonomikis swraf ganviTarebas Tan mohyva safondo baz-
reitingo kompaniebisa da misi obieqtis, fasiani qaRaldebis, mimarTebis ris kidev ufro swrafi ganviTareba. Tumca saaqcio sazogadoebis ganvi-
dros. aq aucileblad unda gairkves Tu rodis Camoyalibda sareitingo Tarebis process me-19 saukunis meore naxevramde sareitingo saqmianoba
kompaniebi da qronologiurad ra mimarTebaSi arian isini maTi obieqtis ar gamouwvevia. aSS-s ekonomika, gansakuTrebiT sarkinigzo mSenebloba,
warmoSobasTan, rogoria sareitingo kompaniebisa da fasiani qaRldebis iyo ucxoeli investorebisaTvis Zalian mimzidveli iyo, magram inves-
Tavdapirveli mimarTeba. aseve saWiroa, daisvas sakiTxi imasTan dakav- torebi awydebodnen problemebs. kerZod riskebis Sesaxeb informacia
SirebiT, Tu ramden xans iarseba fasiani qaRaldebis bazarma sareitingo maTTvis xelmisawvdomi ar iyo. erT-erTma ucxourma investorma, ingli-
kompaniebis gareSe da ra Secvala sareitingo kompaniebis `gamogonebam~ sis bankma, aSS-s federalur xazinas rkinigzis kompaniebSi investici-
masSi. ebis ganxorcielebisaTvis kompaniebis finansuri angariSebis warmodgena
movlenebi SeiZleba qronologiurad dalagdes. jer warmoiSva fa- sTxova, romelic Sefasebuli unda yofiliyo damoukidebeli eqspertis
siani qaRaldebis bazari da Semdeg `gaCnda~, `gamoigones~ sareitingo mier. am moTxovnis mizans informaciuli disbalansis aRmofxvra war-
kompaniebi. saaqcio sazogadoeba ar warmoadgens me-19 saukunis gamogone- moadgenda.10 investiciebis ganxorcielebis dros informaciis asimetria
bas.2 gavrcelebuli mosazrebiT, pirveli saaqcio sazogadoeba inglisSi problemad iqca. aseTma simptomebma niSani misces momzadebuli gonebis
Camoyalibda. yovelive es ki ekonomikis ganviTarebam, axali sawarmo adamianebs samoqmedod, rasac pirveli sareitingo kompaniis Seqmna mohyva.
saSualebebis Camoyalibebam da sazRvao-sanaosno saqmis gaumjobesebam es ki ganxorcielda aSS-Si henri varnum puris mier mecxramete saukunis
ganapiroba.3 germaniaSi pirveli saaqcio sazogadoeba 1682 wels Camoy- meore naxevarSi.11
alibda saxelwodebiT-,,savaWro kompania gvineis sanapiroze4~.5 aqciaTa amrigad, fasiani qaRaldebis bazarma pirvel sareitingo gamokvleve-
vaWrobisTvis Seqmnili organizebuli instituti, anu kapitalis bazari bamde sam-samnaxevar saukuneze met xans iarseba. rogor viTardebodnen
mogvianebiT Seiqmna. dadasturebulia, rom pirveli sabirJo platforma 6
Schwintowski, Bank- und Kapitalmarktrecht, München 2007, S. 2.
me-17 saukuneSi amsterdamSi Camoyalibda. sabanko warmonaqmnebi dRevan- 7
Sengelia, sazRvargareTis qveynebis safinanso samarTali. Tbilisi 2004, gv. 154.
8
Sengelia, safinanso samarTali.Tbilisi 2004, gv. 369.
9
Смит, Происхождение центральных банков. Институт Национальной Модели Экономики,
2
Pohlmann, Das Aktienrecht des 19. Jahrhunderts, Baden-Baden 2007, S. 17. Москва, 1996. http://www.finansy.ru/book/bank/001vsmit/index.htm.
3
burduli, qonebrivi urTierToba saaqcio sazogadoebaSi, Tbilisi universitetis gamom- 10
Развитие рейтинговых агентств: от бума железнодорожного строительства в США в
cemloba 2008w, gv. 25. середине XIX века  до ипотечного кризиса, 2007 г., http://www.bankdelo.ru/rating/index.
4
~Handels-Company auf den Küsten von Guinea~. php?page=13.
5
Raguss, Der Vorstand einer Aktiengesellschaft, Verlag Berlin Heidelberg 2005, S. 4. 11
A History of Standards & Poors. http://www.standardandpoors.com/about-sp/timeline/en/us/.

204 205
sareitingo kompaniebi da ra cvlilebebi Seitanes reitingebma kapi- John Moody & Company: henri varnum puris msgavsad, odnav mogvi-
talis bazris cxovrebaSi? anebiT, industriuli da sxva saxis fasiani qaRaldebis Sefaseba daiwyo
jon mudim. 1900 wels Moody’s Seudga- ,,mudis gzamkvlevi industriuli
da sxva saxis fasiani qaRaldebis Sesaxeb~22 gamoSvebas. 1909 wlidan
2.2 sareitingo kompaniebis warmoSoba da ganviTareba: istoriuli man garda sawarmoTa Sesaxeb informaciis gamoqveynebisa, daiwyo, agreTve,
gamocdileba sarkinigzo-obligaciebis analizis safuZvelze daskvnebis gamotana da
rCevebis micema.23
CrdiloeT amerikuli kapitalis bazris sididem da struqturam ,,fasiani qaRaldebis bazarze fasiani qaRaldebisa da sawarmos kre-
sareitingo kompaniebis warmoSoba da maTi swrafi ganviTareba ganapi- ditunarianobis damoukidebeli Sefasebebis istoriaSi henri varnum
roba.12 ,,reitingi kompleqsuri situaciebis, instituciebis standar- purisa da jon mudis saagentoebma udidesi wvlili Seitanes.~24 jer
tuli Sefasebis Sedegad miRebul informaciaTa erTianoba da didi xnis kidev 1909 wels Seafasa Moody’s 1.500 rkinigzis sesxi im sistemiT,
tradicia gaaCnia~.13 sareitingo kompania kerZo, mogebaze orientirebuli romelic dRemde SenarCunebulia. istoriulad pirveli reitingebi aSS-
sawarmoa da saTaves iRebs anglo-amerikul sivrceSi.14 `klasikur sare- s rkinigzis 250 obligacias mieniWa.25 droTa ganmavlobaSi sareitingo
itingo kompaniebad~ miiCneva- Standart&Poor’s15 da Moody’s16.17 kompaniebis ricxvi da maTi saqmianobis sfero gaizarda, ris safuZvel-
Standart & Poor’s: rogorc ukve aRiniSna, pirveli reitingis Sedgena zec reitingis miniWeba daiwyo sxvadasxva qveynis obligaciebzec, maT
henri varnum puris saxelTan aris dakavSirebuli. man dainaxa informa- Soris inglisis, germaniis, CineTis da a.S. Fitch warmoadgenda pirvel
ciis asimetriuloba investorsa da kompaniebs Soris, Caatara rkinigzis sareitingo kompanias, romelmac 1922 wels moaxdina rogorc kerZo, ise
sferoSi kompaniaTa gamokiTxva. gamokiTxvis safuZvelze Seqmna pirveli sajaro emitentebis sesxebis Sefaseba.26 me-20 saukunis 20-iani wlebis
kreditunarianobis reitingebi, romlebsac SemdgomSi misi redaqtorobiT dasasruls reitings ukve flobda aSS-s fasiani qaRaldebis bazarze
gamocemul JurnalSi `amerikis sarkinigzo Jurnali~ aqveynebda.18 empiri- mimoqcevaSi myofi yvela fasiani qaRaldi.27
uli dakvirvebiT aRmoCnda, rom maRali reitingis mqone kompaniebi met 1929-1933 wlebis finansuri krizisis dros momxdarma faqtebma sa-
investiciebs moizidavdnen, maT Soris sazRvargareTis safondo birJe- reitingo kompaniebis avtoritetis amaRleba ganapiroba. erTis mxriv, maT
bzec, vidre dabali reitingis mqone kompaniebi.19 henri varnum purma Ta- SeZles gamoecnoT didi depresiis moaxloeba da ramdenime TviT adre
visi sawarmo `Poor’s Publishing~ 1860 wels daarsa da daiwyo amerikuli gaafrTxiles saSiSroebis Sesaxeb investorebi. Tumca, maTi gafrTxileba
sawarmoebisa da proeqtebis finansuri informaciebis gamoqveyneba evro- ar iqna miRebuli da mainc dadga cnobili `Savi samSabaTi~.28 meores
paSi. 1906 wels Camoyalibda kompania- `Standards Statistics Bureu~, romel- mxriv, 1929-1933 wlebis finansuri krizisis Sedegad aSS-s safon-
mac daiwyo amerikuli sawarmoebis Sesaxeb informaciis gavrceleba20 do birJaze yvela savalo fasiani qaRaldis mesamedze valauvaloba
Sesabamisi anazRaurebis safasurad.21 dafiqsirda, magram maT Soris TiTqmis ar iyo iseTi fasiani qaRaldi,
romelsac sainvesticio klasis reitingi hqonda miniWebuli.29 Sedegad,
12
Everling in Bueschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 5.
13
Bruckner-Hammerschmied, Basel II, Wien 2003 , S. 85. 22
,,Moody’s Manual of Industrial and Miscellaneous Securities“.
14
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (657). 23
Bruckner-Hammerschmied, Basel II, Wien 2003, S. 85-86.
15
sareitingo `kompania-standart & pursi~ 24
Bruckner-Hamerschmied, Basel II, Wien 2003, S. 85.
16
sareitingo `kompania-mudi~ 25
Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика
17
Rüsberg, Banken-Rating, Wiesbaden 1992, S. 173. диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 73.
18
,,American Railroad Journal~. 26
Hoffmann, Bonitätsbeurteilung durch Credit Rating, Berlin 1991, S. 25.
19
Развитие рейтинговых агентств: от бума железнодорожного строительства в США 27
Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика
в середине XIX века  до ипотечного кризиса 2007 г.http://www.bankdelo.ru/rating/index. диссертация . кандидата экономических наук : 08.00.10 Москва, 2002, стр. 74.
php?page=13. 28
Развитие рейтинговых агентств: от бума железнодорожного строительства в США
20
Bruckner-Hammerschmied, Basel II, Wien 2003, S. 85. в середине XIX века  до ипотечного кризиса 2007 г. http://www.bankdelo.ru/rating/index.
21
Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика php?page=13.
диссертация . кандидата экономических наук : 08.00.10 Москва, 2002, стр. 73. 29
Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика

206 207
imis miuxedavad, rom sareitingo kompaniebi kerZo, mogebaze orientire- briv maCveneblad iqna aRTqmuli, Tumca amas pozitiur SedegebTan erTad,
bul sawarmoebs warmoadgenen, kapitalis bazarze reitingebma iZule- negatiuri faqtoric Tan axlda.
biTi funqcia SeiZines.30 didi depresiis Semdeg aSS-s maregulirebelma me-20 saukunis 70-iani wlebidan moxda finansuri bazris global-
organoebma reitingebis, rogorc fasiani qaRaldebis regulirebis in- izacia. am periodSi sareitingo kompaniebma uari Tqves dafinansebis Zvel
strumentad gamoyeneba daiwyes. bankebsa da sadazRvevo kompaniebs mieTi- sistemaze, anu analitikuri saqmianobis Sedegad miRebul Semosavalze.
TaT, rom investiciebi mxolod sainvesticio klasis fasian qaRaldebSi pirvelad Moody’s da S&P dauweses emitententebs sareitingo saqmi-
ganexorcielebinaT.31 es mimarTuleba kidev ufro gaZlierda gasuli anobaze gadasaxadi (15,000 aSS dolaramde).36 dRes ,,sareitingo kom-
saukunis 70-ian wlebSi, rodesac fasiani qaRaldebisa da birJebis aSS-s paniebi TavianT gadasaxadebs, ZiriTadad, emitentebisgan miRebuli TanxiT
federalurma komisiam (SEC) gamosca miTiTeba, rom sadazRvevo da sapen- faraven~.37 maTi Semosavali ori komponentisgan Sedgeba: pirvel kompo-
sio fondebs mxolod is fasiani qaRaldebi unda SeesyidaT, romelsac nents miekuTvneba ,,saabonento gadasaxadi~, romelic gadaixdevineba re-
eqnebodaT erovnul siaSi Setanili sareitingo kompaniebis mier32 mini- itingis gamoqveynebisaTvis.Emisi moculoba damokidebulia informaciis
Webuli sainvesticio reitingi.33 es tendencia mniSvnelovania, radgan raodenobaze da Sesabamisad meryeobs. meore komponenti moicavs honor-
swored am saxelmwifo danawesebis safuZvelze moi poves sareitingo ars, romelsac emitenti sareitingo kompanias uxdis da, damatebiT xarjs,
kompaniebma gavlena finansur bazrebze. konkretulad ki, am danawesebma romelic reitingis yovelwliuri gadamowmebisTvis gadaixdevineba.38
gazarda reitingisadmi ndoba. 2008 wels aSS-Si SEC-is mier dadge- Semdeg modis periodi, rodesac safuZveli eyreba sareitingo kom-
nili sul cota 44 danawesi arsebobda, romelic reitingis gamoyenebas paniebs sxvadasxva qveyanaSi. sareitingo kompaniebis zrdas maT So-
iTvaliswinebda. qveynebisTvis, rogoric aris belgia, poloneTi, kanada da ris konkurenciis zrda mohyva. daiwyo reitingebis miniWeba i poTekiT
a.S gawerili iyo, rom konkretul investors dabali reitingis mqone datvirTul sertifikatebze, obligaciebze, aseve sxvadasxva finansur
finansuri instrumentebis yidvis dros winaswari Tanxmoba unda mieRo instrumentebze da evropis bazarze mimoqcevaSi myof fasian qaRalde-
da aseve aekrZalaT investiciebis dabali reitingebis mqone finansur bze. amrigad, SeiZleba iTqvas, rom sareitingo kompaniebma 70-ian wleb-
instrumentebSi ganxorcieleba.34 Si amerikis nacionaluri sazRvrebi sabolood datoves da msoflio
xSirad reitingis savaldebuloobasTan dakavSirebuli kanonis da- dai pyres. dReisaTvis isini msoflio masStabiT moqmedeben da maTTvis
nawesebi gavlenas axdendnen emitentis mier miRebul gadawyvetilebe- ar arsebobs moqmedebis farglebi.39
bze. reitingis savaldebuloobiT TiTqos reitingis finansur bazarze 80-ian wlebSi sareitingo kompaniebis agresiulma politikam maTi
implementacia iyo gamiznuli, Tumca amiT gamowveulma realobam molo- saqmianobis mimarT eWvi dabada. eWvqveS dadga sakiTxi- SeZlebdnen Tu
dins gadaaWarba. maregulireblebi miiCnevdnen, rom sareitingo kompaniebi ara isini gaZlierebuli konkurenciis pirobebSi standartebis dac-
momxmareblisgan aRiarebas mxolod maSin miaRwevdnen, rodesac reitingi vas. es eWvi gansakuTrebiT 1997-1998 wlebSi dasavleT-aziisa da sxva
bazris monawileTagan aRqmuli iqneboda, rogorc gadaxdisunarianobis qveynebis finanasurma ryevebma gaaZliera. imis miuxedavad, rom mravali
Sefasebis obieqturi, damajerebeli da aqtualuri saSualeba.35 maTi sareitingo kompania dafuZnda, meoce saukunis 90-ian wlebSi sareitingo
es molodini gamarTlda. sareitingo kompaniebma mniSvnelovani roli bazarze oligopolia Camoyalibda.40 aseTi bazari Semdegnaerad xasiaT-
SeiZines fasiani qaRaldebis bazarze reitingebic absolutur xarisxo- deba: bazarze reitingis mimwodebeli didi sareitingo kompaniebi cotaa,
romlebic did raodenoba patara sareitingo kompaniebs konkurentad ar
диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 73. miiCneven da arc raime saSiSroebas xedaven maTSi. gansakuTrebiT maSin,
30
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (658).
31
Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика
диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 74. 36
Андрианова, Людмила Николаевна. Рейтинг ценных бумаг : Основы теории и практика
32
Moody’s, S&P, Fitch. диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 74.
33
Развитие рейтинговых агентств: от бума железнодорожного строительства в США в 37
Müller in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 330.
середине XIX века  до ипотечного кризиса 2007 г.http://www.bankdelo.ru/rating/index. 38
Eckart , Zeitschrift für das gesamte Kreditwesen 10/1995, S. 510-513 (512).
php?page=13. 39
Möllers, JZ 18/2009, S. 861-871(863).
34
Eckart, Zeitschrift für das gesamte Kreditwesen 10/1995, S. 510-513 (510). 40
Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика
35
Müller in Büschgen/Everling,, Handbuch Rating, S. 331. диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 76-77.

208 209
rodesac patara sareitingo kompaniebi mxolod konkretul regionebSi damokidebuli msoflio finansuri sistemis stabiluroba.48
moqmedeben, an mxolod konkretuli produqtis Sefasebas axdenen.41 2002 1997-1999 wlebis msoflio krizisis pirobebSi sareitingo kom-
wels, mas Semdeg, rac mudis prezidents da aRmasrulebel direqtors paniebis ndoba Seirya. reitingebi ufro xSirad izrdeboda, vidre mc-
kiTxes Moody’s-sa da S&P urTierTdamokidebulebis Sesaxeb, man upa- irdeboda. Tanac cvlilebebi xorcieldeboda ekonomikur da finansur
suxa- „Cveni damokidebuleba msgavsia koka-kolisa da pepsis damokideb- sinamdvilesTan SedarebiT didi dagvianebiT. sareitingo kompaniebisadmi
ulebis, Tumca gansxvaveba mdgomareobs imaSi, rom Cven ar gavcemT Cvens ndobaze gavlena iqonia aseve im faqtma, rom maT ver SeZles 2008 wels
biujets imisaTvis, rom Cven Segvejibron. emitentebs da investorebs ukve dawyebul krizisze reagireba da misi reitingebSi gamoxatva. sare-
orives unda „mosazreba“.42 am ukanaskneliT man xazi gausva orive kom- itingo kompaniebma maTi „mosazreba“ krizisis dasawyisSi ki ar gamox-
paniis monopolias. oligopoliuri bazris Sedegad wamyvani sareitingo ates, aramed daelodnen movlenebis ganviTarebas. am dros, reitingebis
kompaniebi karnaxobdnen bazars TavianT pirobebs, rogorc reitingis ucvlelobis gamo emitentebma da investorebma ifiqres, rom saqme hqon-
Sedgenis xarisxis, ise anazRaurebis odenobis Sesaxeb. Moody’s-sa da daT droebiT cvlilebebTan da miiRes iseTi gadawyvetileba, romelmac
S&P di polia didxans ar gagrZelebula. 1997 wlidan maTi di polia krizisi ufro gaamwvava. yovelive amas xeli ar SeuSlia sareitingo
bazarze axali sareitingo kompaniis Fitch-is Semosvlam daangria43 da kompaniebisaTvis sareitingo saqmianobis ganxorcielebaSi, marTalia ndo-
dRes ganixilebian rogorc `did sameuli~.44 dReisaTvis es sami sa- ba Seirya, magram kompaniebis roli finansur bazarze kvlav izrdeboda.
reitingo kompania warmoadgens wamyvan sareitingo kompanias, romlebic Sedegad gaizarda moTxovna individualuri riskebis Sefasebaze.49
sareitingo bazris 90% moicaven45 da msoflios masStabiT mevaleTa, didi xnis ganmavlobaSi mefobda sareitingo kompaniebis dereguli-
debitorTa 90% procentis Sefasebas axdenen.46 rebis idea, Tumca 90-iani wlebidan sareitingo kompaniebis dareguli-
1997 wels aziis finansuri krizisis47 winaswar ver gansazRvris rebis Sesaxeb daiwyo diskusia. regulirebis mTavar mizans sxvadasxva
gamo sareitingo kompaniebisadmi kritika gaisma rogorc investorebis, dros sxvadasxva ram warmoadgenda. dRes, maregulirebels msoflios
ise emitentebis mxridan. pirvelebi sayvedurobdnen, rom droze ver aR- masStabiT, amoZravebs erTi mizani: Seamciros sareitingo kompaniebis
moaCines emitentebis mdgomareobis gauareseba, meoreni ki ukmayofilebas gavlena da Zalaufleba. sareitingo kompaniebis reformis ganxilvamde,
gamoTqvamdnen imis gamo, rom droze ar moxda reitingebis daweva, ris mizanSewonilia, ufro konkretulad gairkves, Tu ras warmoadgens reit-
gamoc ver moaswres antikrizisuli RonisZiebebis gatareba, romlis ingi da rogor xdeba misTvis saboloo saxis micema.
Sedegad maTi mdgomareoba gauaresda. sareitingo kompaniebTan dakav-
SirebiT 1997 wlis krizisma msoflios ramdenime gakveTili AaCvena: 1.
sareitingo kompaniebma ori mniSvnelovani Secdoma dauSves: arasworad
Seafases finansuri produqtis riskebi da ver SeamCnies situaciis 3. reitingi
gauareseba. 2. krizisma aCvena, rom ramodenime did sareitingo kompanias
SeuZlia bazarze gavlenis moxdena da garkveulwilad maT qmedebebzea mniSvnelovania reitingis Sinaarsis garkveva, radgan es warmoadgens
sareitingo kompaniebis samarTlis sagania. aqve unda Sevexo reitingis
subieqtebs, misi Sedgenis process da bolos im pozitiur niSnebs, romelic
41
Everling in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 6. reitings axasiaTebs.
42
Ohne Autor, Lukrative Geschäfte für eine tolerierte Oligarchie, Zeitschrift für das gesamte
Kreditwesen 11/2003, S. 563.
43
Däubler, BB 9/2003, S. 429-434 (430).
44
mesxia, sareitingo biznesis gavlena msoflio ekonomikur krizisze. socialuri
ekonomika 1(13)/2011, gv. 62-68 (63).
45
Blaurock, ZGR 5/2007, S. 603-653 (603-604).
46
Ohne Autor, Ratingagentur-Hängepatie oder Hängeparty?, Zeitschrift für das gesamte Kredit- 48
Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика
wesen 17/2007, S. 891-892 (891). диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 79-80.
47
Saccomanni, Managing International Financial Instability. Cheltenham,UK. Northampton, 49
Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика
MA, USA 2008, S. 23. диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 77.

210 211
3.1. reitingi, rogorc informaciis axali wyaro Semcirebaa.58 gableris bankebis leqsikonis mixedviT reitingis fun-
qcia mdgomareobs SemdegSi: ,,reitingma grZelvadiani obligaciis, an
sanam sareitingo kompaniebi Camoyalibdeboda da sanam iseTi fenome- moklevadiani fasiani qaRaldis myidvelisaTvis investiciis riskis si-
ni, rogoric aris reitingi warmoiSoboda, gadaxdisunarianobis Sefaseba dide naTeli unda gaxados~.59 informaciis didi nawili, romelsac sa-
wliuri analizis safuZvelze xdeboda. fasiani qaRaldebis bazarze in- reitingo kompaniebi reitingis Sedgenis dros iyeneben, individualu-
formaciis mniSvnelovan wyaros buRaltruli aRricxva warmoadgenda.50 rad gadawyvetilebis mimRebisaTvis xelmisawvdomi ar aris. reitingis
buRaltruli aRricxva sameurneo subieqtis finansuri informaciis gamoyenebiT ki gadawyvetilebis miRebis procesSi arapirdapir iRebs
Segrovebis, gazomvis, damuSavebisa da gadacemis sistemaa. ,,igi enaa, rom- monawileobas iseTi informacia, romelic reitingis gareSe saerTod
lis meSveobiTac informacia mis momxmareblebs gadaecema~.51 reitingebsa gamouyenebeli iqneboda.60
da wliur angariSebs Soris gansxvaveba mdgomareobs imaSi, rom wliuri dRes auditoruli samuSaoebi, sabuRaltro aRricxva da stand-
angariSebi, reitingebisgan gansxvavebiT, ar eqvemdebareba gamoqveynebas. artebi, romlebic gadaxdisunarianobis Sefasebas axdenen, emitentis md-
klasikuri reitingi aSS-Si Camoyalibebuli meTodia. gadaxdisuna- gomareobis Sefasebis dros, faqtobrivad, ukana planzea gadaweuli.
rianobis Sefasebis es meTodi am saqmeSi specializirebuli sareitingo reitingebis gamoyeneba, xSirad, kritikis qveS eqceva, Tumca am kriti-
kompaniebis mier xorcieldeba da kreditunarianobis sandoobasa da kis fonze reitingebis bazari ganagrZobs ganviTarebas. reitingi aris
xarisxs asaxavs.52 reitings aseve ganixilaven, rogorc kompaniis ob- bunebrivad Seqmnili fenomeni da misi samarTlebriv sistemaSi moqcevaa
ligaciebis xarisxis sajaro maCvenebels.53 droTa ganmavlobaSi reit- saWiro. is, rom dRes sareitingo kompaniebis samarTali jer kidev
ingi emitentebis Sesaxeb informaciis mTavari wyaro gaxda, rac, albaT, ar aris Camoyalibebuli, garkveulwilad reitingis iseTi ganmartebis
misi simartiviT aixsneba. faqtiurad reitingma Caanacvla informaci- ararsebobiT aris ganpirobebuli, romelic reitingis samarTlebriv Car-
is miRebis yvela sxva wyaro. Seqmnis dRidan reitingis daniSnulebas CoSi Casmis SesaZleblobas mogvcemda.
swored informaciis xelmisawvdomoba, xolo mizans gadawyvetilebebis
miRebis efeqtianobis gazrda warmoadgens.54
reitingi gvevlineba informaciis axal wyarod imdenad, ramdena- 3.2. reitingis ganmarteba
dac is akmayofilebs rogorc emitentis, ise investoris informaciul
moTxovnebs: investors reitingi saSualebas aZlevs didi sawarmoe- imis miuxedavad, rom, erTi SexedviT, „reitingi“ gasagebad martivia,
bisa da saxelmwifoebis reitingebiT miiRos informacia sawarmos, sax- praqtikaSi ar arsebobs „reitingis“ erTiani ganmarteba. gadaxdisuna-
elmwifos fasiani qaRaldebis kreditunarianobisa da qveynis riskebis rianobis riski, anu sawarmos gadaxdisunarianobis Sefaseba, aris reit-
Sesaxeb.55 aqedan gamomdinare reitingi investorisaTvis marTebuli ingebis ZiriTadi amocana.61
gadawyvetilebis miRebis mniSvnelovan instrumentad iqca.56 emitents anglo-amerikul salaparako enaSi cneba „reitingi“ sxvadasxva Si-
ki saSualebas aZlevs miniWebuli reitingis safuZvelze Sedareba naarsiT ixmareba. `misi mniSvneloba sakmarisia imisaTvis, rom aRiniSnos
moaxdinos sxva sawarmosTan teritoriuli SezRudvis gareSe.57 reit- safexburTo gundebis klasifikaciidan dawyebuli satelevizio gadace-
ingis umTavresi amocana kapitalis bazarze informaciis asimetriis mebis SefasebebiT damTavrebuli“.62 cneba- „reitingi“, rogorc raodeno-
brivi, ekonomikuri faqtebis klasifikacia 1850 wels aSS-Si Camoyalib-
50
Ясус, Новые стандарты раскрытия информации на рынке ценных бумаг.Хозяйство и
право 3/2011, gv. 79. da.63 zogadad reitingis qveS gaigeba simbolebi, an simboloebis dadgenili
51
xarabaZe, buRaltruli aRricxvis safuZvlebi, gamomcemloba ,,biznes-kurieri~, 2002, gv. Skalis semanturi erTianoba, romelic gamoxatavs specializirebuli
15.
52
Homolka in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 677. 58
Habersack, ZHR 169/2005, S. 185-211 (186).
53
Schnabel in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 307. 59
Gabler Banklexicon, 11.Aufl, Germany 1995, S. 1285.
54
Sönnichsen in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 433. 60
Sönnichsen in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 433-434.
55
Homolka in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 678. 61
Deipenbrock, WM 6/2005, S. 261-268 (261).
56
Wenzel, WM 36/1996, S. 1605-1611 (1610). 62
Sönnichsen in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 430.
57
Rehberg/Voges, WM 33/2004 , S. 1605-1616 (1605). 63
Sönnichsen Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 430.

212 213
institutebis, sareitingo kompaniebis azrs im emitentis ekonomikur warmoadgens, romelsac oficialuri saxe ar aqvs da samarTlebrivi
SesaZleblobebze, romlebmac fasian qaRaldebTan dakavSirebuli gadaxda datvirTva ar eniWeba. ,,reitingis~ oficialur ganmartebas TviTon sa-
mTlianad da droulad unda ganaxorcielos. am ganmartebis safuZvelze reitingo kompaniebi gvaZleven. maT mier mocemul ganmartebaSi reitingi
vaskvni, rom reitingi erT konkretul fasian qaRaldTan aris dakav- aris `azri~ emitentis arsebuli mdgomareobis Sesaxeb, kerZod ki imis
Sirebuli, aqedan gamomdinare vlaparakoT emisiis reitingze.64 amis sawi- Taobaze, SeZlebs Tu ara emitenti dadgenil vadaSi procentebisa da
naaRmdegod arsebobs aseve emitentis reitingi65, romelic warmoadgens gadasaxadebis gadaxdas mTlianad da droulad.71 sareitingo kompaniebis
konkretuli erTianobis zogad gadaxdisunarianobis Sefasebas.66 xelmZRvanelebs Rrmad swamT `reitingis~ zemoTxsenebuli ganmartebis
reitingebi gansazRvraven gadaxisunarianobis SesaZleblobas savalo da xSirad miuTiTeben imaze, rom sareitingo kompaniebis ,,sircxvilis
valdebulebis arsebobis mTeli periodis ganmavlobaSi. amasTan mniSvn- magidaze~ dayeneba maT mimarT arasamarTlian damokidebulebas gamoxat-
eloba ar aqvs, es periodi erTi dRe grZeldeba, Tu 30 welze met xans.67 avs. ase magaliTad, Moody’s-s xelmZRvanels reimond makdaniels72 miaCnia,
reitingis Sedgenis dros reitingis Semdeg definicias eniWeba upirete- rom finansuri krizisis dros investorebi reitingebs investiciebis
soba: ,,reitingi aris fasian- da kapitalis bazarze SemoTavazebuli ganxorcielebisas gadamwyvet mniSvnelobas ar aniWebdnen, rac reitingis
momsaxureba, romelic sabazro partniorebisagan damoukidebeli oferen- maT mier SemoTavazebuli ganmartebiT iyo ganpirobebuli sakredito
tebis mier aRiarebuli formiTa da Sesabamisi xarisxiT aris Sedgenili reitingi ar warmoadgens mowodebas investiciebis ganxorcielebaze.73
da romelsac emitentebi dadgenili sazRauris safuZvelze iZenen.“68 albaT, ar iqneba gadametebuli Tu vityviT, rom es mosazreba ufro
xSirad midis kamaTi imis Sesaxeb reitingi Sefasebis Sedegia, Tu Tavis gamarTlebis xasiaTs atarebs da garkveulwilad mowyvetilia
Tavis TavSi moicavs reitingis Sedgenis mTel processac. amasTan da- realobisgan.
kavSirebiT sxvadasxva midgoma arsebobs. zogi reitings Semdegnairad amrigad ar arsebobs erTi konkretuli ganmarteba, amitomac samar-
ganmartavs: `reitingi Zalian zogadad niSnavs Sefasebas niSnis miniWe- Tlebrivi normebis gamoyeneba reitingebze rTulia. arsebobs didi ba-
biT“; `cneba `reitingi“-s TqmiT vgulisxmobT Sefasebis processac, ro- zari, sadac adamianebi maT „mier gamoTqmuli azrebiT“ vaWroben. am
melic saboloo Sefasebamde misvlas xdis SesaZlebels~; `farTo gagebiT „mosazrebebis“ safuZvelze uamravi gadawyvetilebis miReba xdeba. azris
„reitingi“ warmoadgens fasiani qaRaldebisa da sawarmos yovelmxriv gamoxatva yovelTvis subieqtis sferoSi rCeba (mniSvneloba ar aqvs is
Sefasebas“.69 bolos ki moxda SeTanxmeba reitingis Semdeg ganmarte- iuridiuli, Tu fizikuri piria) da amitom SeuZlebelia misi konkre-
baze: `reitingi warmoadgens ekonomikuri mdgomareobis Sefasebis Sedegs, tuli samarTlebrivi normebis qveS ganxilva. dReisaTvis mravali reit-
romelic aranumeraciuli simbolebis saSualebiT gamoixateba da cv- ingis saxeoba da masTan dakavSirebuli urTierTobebi warmoiSva.
lad mdgomareobas Seesabameba, eqvemdebareba periodul aqtualizacias
gadawyvetilebis miRebaze uflebamosili piris mxridan, romelic amav-
droulad reitingis mwarmoebeli ar aris.~70 es ganmarteba gansxvavdeba 3.3 reitingis saxeebi
zemoT mocemuli ganamartebebisgan imiT, rom reitingi aris warmodge-
nilia rogorc Sefasebis Sedegi da ara rogorc mTeli Sefasebis pro- jon mudis mier Seqmnili reitingis sistema, ZiriTadad, dRe-
cesis aRmniSvneli termini. sac arsebobs, Tumca bolo aTwleulebis manZilze axali finansuri
aRsaniSnavia is faqti, rom `reitingis~ zemoT mocemuli yvela produqtebis warmoSobam xeli Seuwyo axali reitingis saxeobebis Se-
ganmarteba literaturaSi, mecnierebis mier Camoyalibebul ganmartebas qmnasac. saWiroa, rom institucionalurma investorebma icodnen reitin-
gis Zireuli princi pebi da gaecnon reitingis axal saxeebs.74 reitingi
64
e.w.-Issue Rating. Semdeg saxeebad iyofa.
65
e.w.-Issuer Rating.
66
Strunz, WM 3/2004, S. 115-120 (115). 71
Kohn, Financial Institutions and Markets, New York Oxford 2004, S. 397.
67
Berblinger in Büschgen /Everling, Handbuch Rating, Wiesbaden 1996, S. 31. 72
Raymond McDaniel
68
Schmidt in Büschgen / Everling, Handbuch Rating, Wiesbaden 1996, S. 271. 73
Ohne Autor, EU verschärft Tempo bei Finanzregulierung.spiegel-online. 02. Juni 2010. http://
69
Sönnichsen in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 430. www.spiegel.de/wirtschaft/soziales/0,1518,698369,00.html.
70
Sönnichsen in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 431. 74
Berblinger in Büschgen, Hans/Everling,Oliver:Handbuch Rating,Wiesbaden 1996, S. 33.

214 215
3.3.1 grZelvadiani da moklevadiani reitingi 3.3.3. Sida da gare moxmarebis reitingi

grZelvadiani reitingebi eniWeba iseT obligaciebs, romelTa xan- reitings adgenen ara mxolod sareitingo kompaniebi, rogoric aris
grZlivobac erT wels aRemateba. grZelvadiani reitingis miniWeba xdeba Moody’s, S&P, an Fitch, aramed bankebic. reitingis adresatebis diferen-
yvela saxis grZelvadian finansur instrumentze, magaliTad, sesxze. re- cirebiT miviRebT reitingis iseT saxeebs, rogoric aris Sida da gare
itingis es saxe prognozs akeTebs imis Sesaxeb, Tu rodis da ra simZimiT reitingebi.81
aris mosalodneli gadaxdisunarianobis dadgoma. Sedegad reitingi in- amrigad, ganasxvaveben Sida reitings, romelsac adgens banki da ro-
vestorisaTvis uzrunvelyofs SesaZleblobas winaswar gansazRvros melic ZiriTadad Sida miznebisTvis dgeba82 da gare moxmarebis reitingi,
relatiuri da ara absoluturi gadaxdisunarianobis xelis SemSleli romelsac damoukidebeli, kerZo sawarmo sareitingo kompania83 adgens da
faqtorebi. moklevadiani reitingi eniWeba fasian qaRalds, romlis xan- romelTa gamoqveynebac, rogorc wesi, xdeba.84USida da gare reitingebs
grZlivobac ar aRemateba erT wels.75 am saxis reitingis miniWeba xdeba Soris mTavari gansxvaveba imaSi mdgomareobs, rom bankebi gadaxdisunari-
mxolod moklevadian moTxovnebze bankebSi, an sawarmoebSi.76 grZelva- anobis riskis Sefasebas kreditis amRebis, movaleebis aqtualuri mdgo-
diani reitingebisgan gansxvavebiT, moklevadiani reitingebi prognozs mareobis Sefasebis safuZvelze axdenen.85 aqedan gamomdinare, am saxis re-
ukeTeben mxolod gadaxdisunarianobis dadgomis SesaZleblobas da ara itingebis aqtualizacia ekonomikur ciklSi iSviaTad xdeba. sareitingo
SesaZlo gadauxdelobis simZimes.77 moklevadiani obligaciebi, valde- kompaniebi ki sawarmos gadaxdisunarianobas mTeli ciklis ganmavlobaSi
bulebiTi urTierTobebi, rogorc wesi, ufro xSirad eqvemdebareba axdenen, anu gadaxdisunarianoba ekonomikuri ciklis erTiani moTxovnis
gadaxdas, vidre grZelvadiani instrumentebi.78 fonze xdeba. movalis aqtualuri mdgomareoba am SemTxvevaSic miiReba
mxedvelobaSi Semcirebis tendenciis masStabis gansazRvrisaTvis. reit-
ingisaTvis yvelaze metad mniSvnelovania movalis mdgomareoba movle-
3.3.2. emisiis da emitentis reitingi nebis yvelaze cudi ganviTarebis SemTxvevaSi.86
kidev erTi gansxvaveba Sida moxmarebisa da gare moxmarebis re-
grZelvadiani da moklevadiani reitingebis gverdiT mniSvnelovania itingebs Soris mdgomareobs sakredito valdebulebaSi (mag: sabanko
emisiisa da emitentis reitingebs Soris arsebuli gansxvavebis aRniSvna. krediti, sesxi). gare moxmarebis reitingi gaicema da gamoqveyndeba is-
emisiis reitingi asaxavs movalis SesaZleblobas moaxdinos konkretu- eTi kreditorebisaTvis, romlebic sakredito bazarze moqmedeben, an am
li sesxidan, samarTlebrivi valdebulebidan gamomdinare kreditisa da bazarze moqmedebas apireben. aqedan gamomdinare, potenciur kreditors
masTan dakavSirebuli procentis dafarva.79 emitentis reitingi emisiis SesaZlebloba aqvs warmoidginos suraTi sesxis emitentebis gadax-
reitingisgan gansxvavebiT, gansazRvravs emitentis finansuri instru- disunarianobis Sesaxeb. amis sawinaaRmdegod, Sida moxmarebis reitingebi
mentis klass. moklevadiani reitingis magaliTs rogorc wesi, emitentis gaicema mxolod bankebze, centralur bankebze an sxva sawarmoze Sesa-
reitings warmoadgens. `emitentis reitingi izRudeba mxolod faqto- Zlo, an arsebuli sakredito urTierTobebis safuZvelze.87 rogorc wesi,
brivad Sedgenili, emitirebuli, samarTlebrivad damoukidebeli erTiano-
biT. is avtomaturad ar warmoadgens jgufSi myofi yvela erTianobis
81
Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank- controlling Rating, Gesam-
tbanksteuerung und Basel II, Düsseldorf 2005, S. 35.
reitings.~80 82
Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank- controlling Rating, Gesam-
tbanksteuerung und Basel II, Düsseldorf 2005, S .35.
83
Blaurock,ZGR 5/2007, S. 603-653 (604).
84
Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank- controlling Rating, Gesam-
75
Berblinger in Büschgen, Hans/Everling, Handbuch Rating, Wiesbaden 1996, S. 33-35. tbanksteuerung und Basel II, Düsseldorf 2005, S. 35.
76
Strunz,WM 3/2004, S. 115-120 (118). 85
amas droSi arsebul filosofias uwodeben. point-in-time philosophy
77
Berblinger in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 36. 86
Research, Interne Ratings-die Erfahrungen amerikanischer Grossbanken; Zeitschrift für das
78
Berblinger in Büschgen /Everling, Handbuch Rating, Wiesbaden 1996, S. 36. gesamte Kreditwesen 3/1999, S. 152-154 (152).
79
Berblinger in Büschgen /Everling, Handbuch Rating, Wiesbaden 1996, S. 34. 87
Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank- controlling Rating, Gesam-
80
Berblinger in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 34 tbanksteuerung und Basel II, Düsseldorf 2005, S. 35.

216 217
mcire sawarmoebisaTvis gare reitingebis gamoyeneba ar Rirs reitingis lenas axdens ekonomikuri subieqtis mxolod konkretuli sferosadmi
SedgenisaTvis saWiro danaxarjebis gamo.88 kuTvnileba sawarmos individualur riskebze.95 droTa ganmavlobaSi
Camoyalibda reitingis kidev erTi saxe „simarTlis reitingi96“, romlis
daniSnulebasac mogvianebiT ganvixilav.97
3.3.4. nebayoflobiTi da dakveTis safuZvelze Sedgenili reitingi

gare moxmarebis reitingebi iyofa nebayoflobiT da dakveTis safuZ- 3.4. reitingis subieqti da reitingis Sedgenis procesi
velze Sedgenil reitingebad. dakveTis safuZvelze reitingis Sedgena89
niSnavs, rom gare moxmarebis reitingi movalis SekveTis safuZvelze reitingis subieqts warmoadgenen reitingis mimRebebi. eseni arian
dgeba.90 am saxis reitingis gverdiT arsebobs nebayoflobiTi reitingi, adresatebi, romlebzec vrceldeba kreditis riski da masSi asaxuli
romelic investorebis interesebis gaTvaliswinebiT,91 an kidev TviTon yvela detaluri informacia.98 sareitingo saqmianobaSi monawileoben
sareitingo kompaniebis iniciativiT dgeba.92 fizikuri pirebi, kompaniebi, saxelmwifoebi, saerTaSoriso da sxva or-
ganizaciebi. Tvlian, rom reitingis ar qona bazris monawiles emi-
3.3.5. reitingis sxva saxeebi tentis cud kreditunarianobaze miuTiTebs. kompaniisaTis reitingze
uaris Tqma gamarTlebulia im SemTxvevaSi, rodesac kompaniis faqto-
reitingis sxva saxeebs Soris ganixileba reitingebi, romlebic brivi mdgomareoba imaze ufro cudia, vidre bazris monawilis mier
eniWeba qveynebs da konkretul sferoebs. qveynis reitings suverenuli misTvis dadgenili arasaxarbielo Sefaseba.99 rodesac emitenti reit-
reitingi ewodeba. mas didi mniSvneloba aqvs ucxouri investiciebisaT- ings ukveTavs, sareitingo kompaniebis winaSe iRebs valdebulebas wa-
vis. qveynis riskis Sefasebis dros mxedvelobaSi miiReba Sesafasebeli rudginos kreditunarianobis SefasebisaTvis saWiro yvela dokumentebi
qveynis ekonomikuri mdgomareoba, romelic pirdapir axdens gavlenas, da mniSvnelovani informacia. aqedan gamomdinare, reitingi Seicavs iseT
erTi mxriv, investiciebis mozidvaze da, meore mxriv, sabanko sistemaze.93 informacias, romelic sawarmos gareT moqmedi finansuri analitikosebi-
qveynis reitings samive wamyvani sareitingo kompania adgens. amasTan sTvis miuwvdomelia.100
,unda aRiniSnos, rom misi Sedgena martivi procesi ar aris. magaliTad: reitingis Sedgenis procesi ori nawilisgan Sedgeba. pirveli nawili
S&P -Si reitingis Sedgenas 5 analitikosi axorcielebs. isini amowmeben warmoadgens Sefasebis mosamzadebel stadias, meore nawili ki moicavs
qveynis inflaciis tempebs, umuSevarTa raodenobas, qveynis valebs a.S.94 TviTon Sefasebis process. Sefasebis obieqtisa da Sefasebis miznebis
qveynebisTvis miniWebuli reitingebisgan gansxvavebiT, romelic mTe- gansazRvra Sefasebis mosamzadebeli nawilis pirvel stadiaa. TviTon
li mosaxleobis ekonomikuri mdgomareobis Sefasebas exeba, sferosaT- Sefasebis procesi gansxvavebulia yvela sareitingo kompaniisaTvis da
vis reitingis miniWebis dros mxedvelobaSi miiReba sxvadasxva sferos yvela emisiisaTvis, Tumca maT erTi safuZveli aqvT.101 reitingis Sed-
riskis faqtoris didi speqtri. am saxis reitingi aCvenebs, Tu ra gav- genis procesisaTvis damaxasiaTebelia sareitingo kompaniebisa da emi-
tents Soris mWidro TanamSromloba. swored es TanamSromloba dgas
sareitingo kompaniebis saqmianobis modelis kritikis epicentrSi.102
88
Strunz, WM 3/ 2004, S. 115-120 (119-120).
89
sareitingo kompaniebis anazRaurebasTan dakavSirebiT vrclad Tavi II, qveTavi 3.2-~sa- 95
Müller in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 335.
reitingo kompaniebis damoukidebloba da interesTa konfliqti~, gv. 38. 96
„Das Wahrheitsrating~
90
Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank-controlling Rating, Gesam- 97
kerZod: Tavi II, qveTavi 3 - „sareitingo-kompaniebis samarTlebrivi reforma evropasa
tbanksteuerung und Basel II, Düsseldorf 2005, S. 35. da aSS-Si krizisis Semdeg“, gv. 25.
91
Däubler, BB 9/2003, S. 429-434 (429). 98
Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank- Controlling Rating, Gesam-
92
Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank- controlling Rating, Gesam- tbanksteuerung und Basel II, Düsseldorf 2005, S. 35.
tbanksteuerung und Basel II, Düsseldorf 2005, S. 35. 99
Everling in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 9.
93
jibuti, qveynis riskis Sefaseva kompozituri indeqsis meSveobiT. banki 2002.5/13, gv. 100
Berblinger in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 55.
41-49 (41-42). 101
Leffers in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 356.
94
Teevs, EU sagt Rating-Giganten den Kampf an.Spiegel-online. 02. Juni 2010. http://www.spie- 102
Morkötter/Westerfeld, Zeitschrift für das gesamte Kreditwesen 6/2008, S.393-396 (393). Dazu
gel.de/wirtschaft/soziales/0,1518,698291,00.html. wird es als Problem in dem Kapitel „Unabhängigkeit und Vermeidung der Interessenkonflikte“

218 219
rogorc iTqva, erTmaneTisgan ganasxvaveben nebayoflobiT da dakveTis reitingSi. informaciis mopovebis Semdeg iwyeba Sekrebili monacemebis
safuZvelze Sedgenil reitingebs. reitingebi dgeba emitentebis, inves- analizi. gadawyvetilebis miRebis kriteriumebs TviTon sareitingo
torebis didi jgufebis dakveTis safuZvelze, an sareitingo kompaniebis kompaniebi adgenen. Sesabamisad, is gansxvavebulia sxvadasxva sareitingo
iniciativiT. reitingis Sedgenis procesi gansxvavebulia nebayoflobiTi kompaniebisTvis.
da dakveTis safuZvelze Sedgenili reitingebis dros, amitom mizanSe- analistikosebis mier monacemTa analizis safuZvelze gakeTebuli
wonili TiToeulis cal-calke ganxilva. daskvnebi gadaecema sareitingo komitets, romelic sabolood iRebs
gadawyvvetilebas niSnis miniWebis Sesaxeb. sanam gadawyvetileba gamo-
3.4.1. dakveTis safuZvelze Sedgenili reitingi qveyndeba, sareitingo kompania da emitenti kvlav xvdebian erTmaneTs.
am dros xdeba emitentis informireba imis Taobaze, Tu ra Sedegamde
iseT SemTxvevebSi, rodesac reitingi emitentis dakveTis safuZvel- mivida sareitingo kompania, anu ra gadawyvetileba iqna miRebuli da
ze dgeba sareitingo kompaniasa da emitents Soris103 ideba xelSekrule- ras efuZneba is. emitents eZleva SesaZlebloba damatebiTi infor-
ba. sareitingo-xelSekrulebis dros mxareTa uflebebi da movaleobebi maciis wardgeniT pozitiuri gavlena moaxdinos reitingze. erTxel
aris Semdegi: emitentis umTavres valdebulebas warmoadgens honoraris gamoqveynebuli reitingi eqvemdebareba egredwodebuli „sazedamxedvelo
gadaxda, reitingisaTvis saWiro yvela saxis dokumentisa da saWiroebis jgufebis“ mier gadamowmebas.106
SemTxvevaSi damatebiTi informaciis wardgenis valdebuleba. sareitingo
kompaniam ki unda Seadginos obieqturad swori reitingi, unda izrunos 3.4.2. reitingi emitentis dakveTis gareSe
reitingis Sedgenis procesis saimedoobaze da aqvs reitingebis gamo-
qveynebis valdebuleba. amrigad, sawarmosTvis reitingis Seqmna moiTxovs praqtikaSi am saxiT Sedgenili reitingi gamonakliss warmoad-
reitingis Sedgenis procesSi mis aqtiur monawileobas. gens.107 nebayoflobiT reitings sareitingo kompaniebi Zalian iSviaTad
reitingis Sedgenis idealuri procesi Semdegnairad gamoiyureba:104 adgenen.108
rogorc wesi, reitings ukveTavs da Sesabamis gasamrjelos ixdis am SemTxvevaSi saxeze ar gvaqvs saxelSekrulebo urTierToba sa-
TviTon emitenti. sajaro informacias sawarmos Sesaxeb agrovebs sare- reitingo kompaniasa da emitents Soris. sareitingo kompania nebayo-
itingo-komiteti, romelic sxvadasxva sferos analitikosebisgan aris flobiT, damoukideblad adgens reitings. aseve emitents ar ekisreba
dakompleqtebuli. maTi SerCeva emitentis saqmianobis sferos mixedviT reitingis SedgenisaTvis saWiro yvela dokumentis wardgenisa da infor-
xdeba. reitingis Sedgenis dros damkveTsa da sareitingo kompanias So- maciis gacemis valdebuleba. emitenti valdebuli ar aris waradginos,
ris TanamSromlobas didi mniSvneloba eniWeba. an xelmisawvdomo gaxados isini.109 Sesabamisad sareitingo kompaniebi
sareitingo kompaniebi saboloo gadawyvetilebamde mTeli rigi iyeneben mxolod sajarod xelmisawvdom informacias, amitom xarisxo-
specifikuri informaciebis analizis safuZvelze midian. pirvelad ra- brivi kriteriumebi gauTvaliswinebeli rCeba.110 Sesabamisad, dakveTis
odenobrivi monacemebis Sefaseba xdeba: brunva, naRdi fulis moZraoba, gareSe Sedgenili reitingis Secdomis xarisxi ufro maRalia. rogorc
sakuTari kapitalis wili erTobliv kapitalSi da a.S. aseve mxedv- ukve aRiniSna, am saxiT reitingis Sedgena gamonaklis SemTxvevebSi xdeba,
elobaSi miiReba xarisxobrivi kriteriumebic, rogoric aris sawarmos magram Tu xdeba, emitents arafris gakeTeba ar SeuZlia imisaTvis, rom
kultura da komunikaciebi, Sidaorganizacia da menejmenti.105 anali-
tikosebs SeuZliaT kompaniis xelmZRvanelobasTan gasaubrebis safuZ- 106
Blaurock, ZGR 5/2007, S. 603-653 (605).
velze Seiqmnan warmodgena kompaniis Sida saqmianobis perspeqtivebsa 107
SeiZleba iTqvas, rom sareitingo kompaniebs nebayoflobiT Sedgenili reitingebis
da strategiebze, romelic xarisxobrivi faqtorebis saxiT aisaxeba mimarT negatiuri damokidebulebac ki hqondaT. Tumca mogvianebiT vnaxavT, rom am saxis
reitingebisadmi damokidebuleba droTa ganmavlobaSi Seicvala, magram aman ar Secvala ar-
diskutiert. sebuli praqtika. reitingebis umravlesoba swored dakveTis safuZvelze Sedgenili reit-
103
Ebenroth/Daum,WM 1992, Sonderbeilage Nr.5, S. 2-23 (7). ingTa kategorias miekuTvneba.
104
Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank-Controlling Rating, Gesam- 108
Strunz, WM 3/2004, S. 115-120 (116).
tbanksteuerung und Basel II, Düsseldorf 2005, S. 22. 109
Ebenroth/Koos in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 488.
105
Blaurock, ZGR 5/2007, S. 603-653 (604-605). 110
Blaurock, ZGR 5/2007, S. 603-653 (605).

220 221
aRkveTos misi reitingis nebayoflobiTi Sedgena. es ki imas niSnavs, 4. reitingis upiratesoba
rom emitenti ,,nolens volens~111 valdebulia iTanamSromlos sareitingo
kompaniebTan, raTa Tavidan aicilos cudi da arasasargeblo reitingi. miuxedavad imis, rom reitingSi dReisaTvis bevri uaryofiTi mx-
arsebobs sareitingo kompaniebisaTvis SesaZlebloba, rom sakuTari mo- aris danaxva SeiZleba, unda aRiniSnos aseve reitingis dadebiTi mxarec,
qmedebebis safuZvelze TviTon Seqmnan TavianTi davaleba da aiZulon romelic mas momxmareblebisaTvis gaaCnia. upirvelesyovlisa sareit-
emitentebi maTTan TanamSromlobaze. es kidev erTxel usvams xazs sare- ingo kompaniebis mier miniWebuli reitingi gasagebia yvelasaTvis da ar
itingo kompaniebis Zalauflebas. saWiroebs enis, an kidev sxva raime specialur codnas117, gansxvavebiT
im monacemebisa, romelic asaxulia kompaniis saqmianobis Sesaxeb anga-
3.5 reitingi, rogorc sareitingo kompaniebis saqmianobis Sedegi riSSi.118 amitom reitingi gansakuTrebiT did rols TamaSobs ucxoeli
investorebisaTvis, romlebic, rogorc wesi, ar icnoben angariSebis
sareitingo kompaniebis saqmianobis Sedegs warmoadges reitingi, Canawerebs. reitingi warmoadgens gadaxdisunarianobis Sefasebis Zalzed
romelic Semdgom kvalificirdeba, rogorc sainvesticio an spekulaci- efeqtian meTods. is gamosaxulia mxolod erTi simboloTi da lapara-
uri, arasainvesticio donis reitingebad. sainvesticio dones miekuTvneba kis gareSe komunikaciis saSualebas iZleva.119 sareitingo kompaniebis
is fasiani qaRldebi, romelTa reitingic S&P mixedviT BBB-ze, xolo Sefasebebi mniSvnelovania aseve bevri insvestorisTvisac, romelic dros
Moody’s-s reitingis Skalis mixedviT Baa-ze naklebi ar aris. aseve ara- ar kargavs imisaTvis, rom TviTon moaxdinos emitentebis gadaxdisuna-
sainvesticio dones miekuTvneba is fasiani qaRaldebi, romelTa reitingic rianobis Sefaseba.120 imis miuxedavad, rom riskebze Cveulebriv saubro-
S&P mixedviT BBB-ze, xolo Moody’s reitingis Skalis mixedviT AA-ze ben, ar unda dagvaviwydes, rom yoveli investicia, romelic mimarTulia
naklebia. TiToeul sareitingo kompanias Tavisi reitingis Skala gaaCnia momavlisken mTel rig riskebTan aris dakavSirebuli. reitings gaaCnia
da TviTon isini adgenen mas.112 yvelaze maRali reitingis kategorias didi mniSvneloba emitentebisaTvis, gansakuTrebiT naklebad cnobili
warmoadgens AAA-dan BBB-mde reitingi, aseve Aaa-dan Bbb-–mde, xolo emitentebisaTvis. maT reitingi investiciebis mozidvaSi exmareba.121 emi-
yvelaze dabali reitingi iwyeba BBB-dan D-mde, an Bbb-dan C-mde.113 mag- tentebisTvis kargi reitingi bazarze karg SeRwevas gulisxmobs.122 re-
aliTad: Fitch -sTvis AAA reitingi niSnavs, rom gadaxdisuunarobis Sesa- itingebis gamoyenebis dros emitentebisaTvis mTavar motivs warmoadgens
Zlebloba wlis ganmavlobaSi udros 0,061 %-s. yvelaze dabal Sefasebas emisiis saerTaSoriso aRiareba da imijis gaumjobeseba,123 rac karg reit-
Fitch-Si warmoadgens CC da gakotrebis SesaZlebloba 37,73%-s Seadgens.114 ings yovelTvis mohyveba. kargi reitingi, rogorc seriozulobis mow-
Tu rogor midian sareitingo kompaniebi TavianT saboloo `ganaCe- moba drodadro anaTebs aseve sawarmos sxva mxareebsac.124 bankebisTvis,
namde~ da ra kriteriumebiT gamoxataven mas mxolod erTi simboloTi iseve rogorc samrewvelo sawarmosTvis, reitings Seudareblad didi
kompaniebis profesiul saidumloebas warmoadgens. reitingis Sedgenis mniSvneloba gaaCnia, radgan reputacia da ndoba maT `umniSvnelovanes
procesis dasrulebis Semdeg dgeba sareitingo angariSi, romelic Sei- kapitals~ warmoadgens.125 bolos, reitingi xels uwyobs momxmarebelTa
cavs cnobebs im informaciis Sesaxeb, rac safuZvlad daedo sareitingo ndobis gazrdas.
kompaniebis gadawyvetilebas, Tumca ar Seicavs informacias imis Sesaxeb,
Tu rogor iqna Sefasebuli TiToeuli faqtori da ra gavlena moaxdina
man saboloo gadawyvetilebaze.115 ra Tqma unda, amiTi reitingis gamWvir-
teresTa konfliqti~, gv. 38.
valoba mcirdeba. aRniSnuli sakiTxi mogvianebiT iqneba ganxiluli.116 117
Müller in Büschgen /Everling, Handbuch Rating, Wiesbaden 1996, S. 340.
118
Wenzel, WM 36/1996, S. 1605-1611(1610).
111
,,unda Tu ar unda~ 119
Brink in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 277.
112
Blaurock, ZGR 5/2007, S. 603-653 (604). 120
Behrenwaldt in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 293-294.
113
Horst in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 338. 121
Behrenwaldt in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 293-294.
114
Grundmann/Hofmann/Möslein(Hrsg.), Finanzkrise und Wirtschaftsordnung, Berlin 2009, S. 122
Wenzel, WM 36/1996, S. 1605-1611 (1609).
45. 123
Wenzel, WM 36/1996, S. 1605-1611 (1610).
115
Leffers in Büschgen/Everling, Handbuch Rating,Wiesbaden 1996, S. 363. 124
Leffers in Büschgen/Everling, Handbuch Rating,Wiesbaden 1996, S. 362.
116
konkretulad ki TavSi II, qveTavi 3.2- saeitingo-kompaniebis damoukidebloba da in- 125
Leffers in Büschgen/Everling, Handbuch Rating,Wiesbaden 1996, S. 362.

222 223
II. sareitingo kompaniebis regulirebis reforma fasiani qaRaldebis SefasebisTvis.
• sareitingo kompaniebis pasuxismgebloba.127
globalur finansuri krizisma sareitingo kompaniebisadmi damokide- globaluri finansuri krizisis dros arsebuli mdgomareoba ga-
buleba sagrZnoblad Secvala. am damokidebulebam asaxva pova kompaniebis suli wlebisgan gansxvavdeboda imiT, rom krizisis dasrulebis Semdeg
regulirebis mizniT ganxorcielebul reformebSi. iqidan gamomdinare, sareitingo kompaniebis Tema aqtualuri darCa da daviwyebas ar mieca.
rom regulirebis mizniT ganxorcielebuli RonisZiebebi TavianTi xasi- ufro metic, aqtiurad daiwyo diskusia imis Sesaxeb unda moxdes Tu
aTiTa da masStabiT mkveTrad gansxvavdeba krizisis Semdgomi RonisZie- ara sareitingo kompaniebis saqmianobis daregulireba da Tu ki, ma-
bebisgan, reformebze saubris dros amomaval wertilad swored global- Sin rogor. diskusia am Temaze mimdinareobda saerTaSoriso masSta-
uri finansuri krizisi unda aviRoT. Sesabamisad, ganvasxvaveb sareitingo biT da sxvadasxva doneze.128 2006 wels amerikis prezidentma jorj
kompaniebis regulirebis or etaps: msoflio finansur krizisamde da buSma xeli moawera sareitingo kompaniebis reformis129 Sesaxeb aqts.130
krizisis Semdeg. amasTan, Sedarebis mizniT ganxilulia mxolod amerikis am aqtis mizans warmoadgenda investorebis dacvis mizniT reitingis
SeerTebul Statebsa da evropas. ar vexebi saqarTvelos imdenad, ram- xarisxis amaRleba.131 reformebis Tavdapirveli miznebi gansxvavebuli
denadac saqarTveloSi sareitingo kompaniebi ar arseboben. Sesabamisad, iyo dRevandelisgan. aSS-Si sareitingo kompaniebis reformisas aqcenti
arc maTi maregulirebeli normebia miRebuli.126 investorebis dacvaze keTdeboda, evropis kavSiris mizans ki sareit-
ingo kompaniebTan reitingebis, rogorc anglo-amerikuli movlenis, maTi
samarTlis sistemaSi maqsimalurad umtkivneulo implementacia iyo.
1. sareitingo kompaniebis regulirebis reformis miznebi male kontinentur evropaSi didi eWvi gaCnda reitingebis mimarT da
Riad daiwyo laparaki imis Sesaxeb, rom sareitingo kompaniebma didi da
XX saukunis bolos, finansuri krizisis periodSi didi kritika negatiuri roli iTamaSes ara marto finansuri krizisis dros, aramed
gamoiTqva sareitingo kompaniebis mimarT da aqtiurad daiwyo saubari evrozonis winaaRmdeg mowyobil SeTqmulebaSic Cabmulebi iyvnen da
maTi regulirebis aucileblobaze. Tumca yovelTvis, rodesac krizisi xeli Seuwyves evros dacemas. indeqsebis dacema evropul bazrebze da
gadaivlida sareitingo kompaniebis Temac daviwyebas eZleoda. igive evros kursis mniSvnelovani vardna dolarTan mimarTebaSi gamowveul
moxda 2007 wlis finansuri krizisis dros. gansxvaveba mdgomareob- iqna imiT, rom 2010 wlis 28 aprils sareitingo kompaniam S&P saber-
da imaSi, rom zogi sareitingo kompaniebs rogorc krizisis gamomwvev ZneTis reitingi, romelic didi xnis ganmavlobaSi BBB+ iyo, BB+-mde,
mTavar, zogi ki erT-erT mizezad ganixilavda. sareitingo kompaniebis portugaliis reitingi A+ dan A-mde, xolo espaneTis 28 aprils AA+-
gadawyvetilebebma sxvadasxva problema warmoSves, romelic dResac dan Aa-mde dawies. eWvi im faqtma gaamwvava, rom am qveynebis reitingebi
problemad rCeba da kidev erTxel usvams xazs maTi samarTlis Seqmnis gauaresda maTi makroekonomikuri indikatorebis gaumjobesebis fonze.
aucileblobas. krizisis Sedegad sareitingo kompaniebis saqamianobaSi dRes reformebis mizans sareitingo kompaniebis finansul bazarze Za-
gamovlinda mravali naklovaneba. kerZod: lauflebisa da gavlenis Semcirebaa.
• interesTa konfliqtis gauTvaliswinebloba: 2008 wlis ivlisSi
Fitch-ma Tavis angariSSi aRniSna, rom sareitingo kompaniebis umravle-
soba interesTa konfliqtis Sesaxeb arsebuli miTiTebebs ubralod
ignorirebas axdenda da momxmarebels Seusabamod afasebda.
• Seufereblad maRali reitingi: sareitingo kompaniebi akeTebdnen 127
Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://
yvelafers imisaTvis, rom fasiani qaRaldebi ufro saimedo gamoCeniliyo, www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.
vidre sinamdvileSi. amas maRali reitingis miniWebiT aRwevdnen. 128
EU-Kommission, Vorschlag für eine Verordnung des Europäischen Parlaments und des Rates
• sareitingo kompaniebis Semosavali: emitentebi ixdian sakuTari über Ratingagenturen, 12.11.2008.
129
,,The Credit Rating Agencies Reform Act of 2006~.
126
sareitingo kompaniebis roli saqarTveloSi ganxilulia mogvianebiT. kerZod Tavi II, 130
Leone, Bush signs Rating Agency Reform Act, October 2, 2006. http://www.cfo.com/article.
qveTavi 4.-~sareitingo kompaniebis saqmianobis samarTlebrivi regulireba saqarTveloSi~, cfm/7991492.
gv. 45. 131
Deipenbrock, WM 48/2007, S. 2217-2223 (2217).

224 225
2. sareitingo kompaniebis samarTali krizisamde evropasa bi.139 Tu sakredito dawesebulebas undoda gare reitingis gamoyeneba,
da aSS-Si saWiro iyo, rom reitingis mimniWebeli sareitingo kompania oficialu-
rad aRiarebuli yofiliyo Fitch-is mier.140 bazel II-is mixedviT, sa-
globalur finansur krizisamde aSS-Si, iseve rogorc evropaSi, reitingo kompaniebs unda daekmayofilebinaT garkveuli moTxovnebi:141
gabatonebuli iyo deregulirebis idea. globalur krizisamde evropis obieqturoba, damoukidebloba, gamWvirvaloba, unda moexdinaT reitingis
kavSiri sareitingo kompaniebis saxelmwifos mier regulirebis winaaR- Sedgenis dros gamoyenebuli meTodebis, wyaros da miRebuli reitingis
mdegi iyo.132 evropis mosazreba sareitingo kompaniebis regulirebasTan gamoqveyneba.
dakavSirebiT didi xnis ganmavlobaSi iyo Semdegi: ,,isini TavianT saqmi- aSS-Si sareitingo kompaniebi didi xnis ganmavlobaSi saxelmwifos
anobas TviTon daaregulireben. isini mTlianad TavianT reputaciaze mxridan aranair regulirebas ar iyvnen daqvemdebarebulebi. aqedan gamom-
arian damokidebulni. investorebi da emitentebic mxolod sando da dinare, maT saqmianobaze zedapiruli, mcire sazedamxedvelo kontroli
seriozul saqmian gamocdilebas eyrdnobian da aRiareben. es standarti xorcieldeboda. aSS-Si, iseve rogorc TiTqmis yvela qveyanaSi, sareitin-
sakmarisia da saxelmwifos mier Carevas ar saWiroebs.~133 2008 wels am go kompaniebis mimarT kanoni minimalur moTxovnebs awesebda, raTa dacu-
praqtikis Sesaxeb nobelis premiis mflobelma jozef Stiglicma Tqva: li yofiliyo konkurentunarianoba da maTi saqmianobis gamWvirvalobis
`Cven ganvlili finansuri krizisis dros viswavleT, rom bazari TviTon garantia. kanonebis am danawesebis ukan idga azri, rom bazars mxolod
ver daregulirdeba, Tumca 80 wlis ganmavlobaSi amis Segneba sadRac maSin SeeZlo saukeTesod funqcionireba, rodesac kapitalis dambande-
daikarga.~134 sareitingo kompaniebi krizisamde mxolod IOSCO-s mier beli ukeTesad iyo informirebuli da hqonda SesaZlebloba arCevani
dadgenili qcevis kodeqsiT iyvnen SeboWilni.135 es warmoadgenda zoga- gaekeTebina sxvadasxva sareitingo kompanias Soris. normis magaliTad,
dad Camoyalibebul normebs, romelic awesebda minimalur moTxovnebs romelic moiTxovda sareitingo kompaniebs Soris konkurentunariano-
reitingis xarisxze, zedamxedvelobasa da reitingebis Sesabamisobaze.136 bis SenarCunebas SeiZleba 2006 wels miRebuli sareitingo kompaniaTa
sareitingo kompaniebisaTvis es normebi Sesasruleblad nebayoflobiTi reformis Sesaxeb aqti SeiZleba moviyvanoT142. am ukanaskneliT SEC-ma
iyo. maT SeeZloT ar daecvaT es normebi da amasTan ar iyvnen val- Tavis Tavze aiRo sareitingo kompaniebis saqmianobaze sazedamxedvelo
debulni aexsnaT, Tu ratom ar icavndnen maT.137krizisamde yvelaferma funqciis ganxorcieleba.143
Seuwyo xeli sareitingo kompaniebis reputaciis amaRlebas. 2003 wlis Semdeg modis periodi, rodesac garkveul sareitingo kompaniebs
25 seqtembers IOSCO-m Tavis princi pebSi xazi gausva sareitingo kom- amerikis SEC-is mier araoficialuri gziT mieniWaT `nacionalurad aRi-
paniebis did mniSvnelobas.138 arebuli statistikuri sareitingo organizaciebi~(NRSRO)-is statu-
krizisamde sareitingo kompaniebis regulirebaSi didi roli iTa- si144 da mxolod aseTi sareitingo kompaniebis mier miRebuli reitingebi
maSes bazel II-is danawesebma. bazel II-is mixedviT imisaTvis, rom gare iqna aRiarebuli.145 Tavdapirvelad 130 sareitingo kompaniidan mxolod
sareitingo kompania sazedamxedvelo organos mier yofiliyo aRiarebu- xuTma146 miiRo es statusi.147 NRSRO-statuss sareitingo kompaniebi-
li, sareitingo kompaniebs unda daekmayofilebinaT garkveuli moTxovne- saTvis didi mniSvneloba aqvs, radgan es statusi kompaniebisTvis reit-

139
Bruckner-Hammerschmied, Basel II, Wien 2003, S. 95.
132
EU-Kommission, C59/02, Die Mitteilung der Kommission über Ratingagenturen,11.3.2006, 140
RL2006/48/EG,Art.8.
http://www.jura.uni-augsburg.de/fakultaet/lehrstuehle/moellers/materialien/5_kapitalmarktrecht/ http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2006:177:0001:0001:DE:PDF.
credt_rating_agencies/pdf/Mitteillung_der_Kommission.pdf . 141
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (658).
133
Möllers, JZ 18.September 2009, S. 861-871 (863). 142
Credit Rating Agency Reform Act 2006.
134
Schäfer, Der Crash des Kapitalismus, Frankfurt/Main 2009, S. 28. 143
Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010.
135
IOSCO, Statement of Principles regarding of Credit Rating Agencies, September 2003, http:// http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.
www.iosco.org/library/pubdocs/pdf/IOSCOPD151.pdf. 144
NRSRO- Nationally recognized statistical rating organizations.
136
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (658). 145
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (659).
137
Langohr/Langohr, The Rating Agencies and their Credit Ratings, England 2008 , S. 471. 146
Moody, S&P, Fitch, S.M Best, Dominion Bond Rating Service.
138
IOSCO, Statement of Principles regarding of Credit Rating Agencies, September 2003. http:// 147
Leone, Bush signs Rating Agency Reform Act, October 2, 2006.
www.iosco.org/library/pubdocs/pdf/IOSCOPD151.pdf. http://www.cfo.com/article.cfm/7991492.

226 227
ingis bazarze mTavar bariers warmoadgens. 2006 wlis sareitingo kom- 3. sareitingo kompaniebis samarTlebrivi reforma
paniebis reformebis aqtis safuZvelze am statusis miReba ufro advili evropasa da aSS-Si krizisis Semdeg
gaxda. 2006 wlis sareitingo kompaniebis reformebis aqtis momxreebi
amboben, rom man reitingis xelmisawvdomobisa da reitingis xarisxis globaluri finansuri krizisis Semdeg, logikuri iyo, reformebis
gaumjobeseba gamoiwvia, radgan es aqti NRSRO-statusis mqone sare- gatareba iseT seqtorebSi, romlebmac didi roli iTamaSes finansuri
itingo kompaniebisagan moiTxovda iseTi informaciis Riaobas rogoric krizisis dadgomaSi. amitom, sareitingo kompaniebs finansuri seqtoris
aris informacia Sesafasebeli obieqtis, interesTa konfliqtebisa da regulirebaSi centraluri adgili uWiravT. aSS-i da evropis kavSirSi
reitingis miRebis procesis. amasTan, am aqtSi Caiwera, rom yvela sare- reformebis gatareba erTmaneTisgan damoukideblad mimdinareobs. aqedan
itingo kompania, rogorc NRSRO-statusis mqone unda daregistrire- gamomdinare, Znelia imaze msjeloba, Tu ramdenad harmoniulia sare-
buliyo SEC-Si. dReisaTvis mxolod aTi148 sareitingo kompania flobs itingo kompaniebis saqmianobis regulirebis mizniT ganxorcielebuli
NRSRO-statuss.149 meqanizmebi. faqti erTia, rom evropa erTi nabijiT CamorCeba aSS-s. mag-
rogorc ukve aRiniSna, gabatonebuli iyo mosazreba, rom sareitingo aliTad, evropaSi mxolod krizisis Semdeg ganisazRvra, rom sareitingo
kompaniebisaTvis TviTregulireba maTi regulirebis yvelaze efeqtian kompaniebs evropis bazrebze SemosvlisaTvis Tanxmoba esaWiroebodaT,
da karg saSualebas warmoadgenda imisaTvis, rom reitingi mudmivad rom saWiro iyo maTi registracia. aSS-Si ki registraciis Sesaxeb
cvalebadi bazrebis pirobebSi sakmarisad damajerebeli da moqnili normebi jer kidev krizisamde arsebobda. es gasakviri ar aris, Tu
yofiliyo. TviTregulirebis mowinaaRmdegeebi Tvlidnen, rom swored gaviTvaliswinebT imas, rom sareitingo kompaniebis samSoblos swored
am TviTregulirebam gamoiwvia wina da bolo globaluri finansuri aSS warmoadgens.
krizisic. finansuri krizisis Semdeg mTel msoflioSi saswaulebri- finansuri krizisis periodSi kompaniaTa mdgomareoba Semdegnaerad
vi siswrafiT gaizarda finansuri seqtoris regulirebis gaZlierebis gamoiyureboda: sareitingo kompaniebi S&P, Moody’s da Fitch batonobdnen
momxreebi. evropis kavSirSic Seicvala damokidebuleba sareitingo sareitingo bazarze, maT epyraT bazris 95%, paralelurad arsebo-
kompaniebis mimarT da daiwyo saubari sareitingo kompaniebis regis- bas ganagrZobda asamde sareitingo kompania, romlebic sxvadasxva saxis
traciisa da maTze gaZlierebuli zedamxedvelobis aucileblobaze.150 finansuri instrumentebis SefasebiT iyvnen dakavebulebi, moqmedebdnen
2008 wels yofilma germaniis kanclerma helmut Smidtma regulirebis romelime konkretul sferoSi da saqmianobas axorcielebdnen nacio-
saWiroebis Sesaxeb ganacxada- ,,zustad iseve, rogorc zRvaSi, an sahaero nalur, an saerTaSoriso masStabiT.152 saareitingo kompaniebis reforma
transportSi, aris saWiro sifrTxilis zomebis miReba, ise esaWiroeba Seexo rogorc kompaniaTa saqmianobas, ise maT produqts.
globalur kapitalis bazars regulireba, raTa katastrofis safrTxe 2008 wlis 12 noembers evropis kavSirSi ganxorcielda sareitingo
Semcirdes. es aris danawesi windaxeduli, saRi gonebis.~151 finansuri kompaniebis sistemuri Sefaseba. evropis parlamentisa da evropis sabWos
krizisis fonze sareitingo kompaniebma evropaSi da SeerTebul Stateb- mier SemuSavebul iqna maTi maregulirebeli normatiuli dokumentis
Si sul sxva donis yuradReba mii pyres. miRebis winadadeba. am dokumentSi sareitingo kompaniebTan dakavSirebiT
mTvari SeniSvnebi Semdegia:
• sworad ar iyo Sefasebuli struqturirebadi kreditis riskebi;
• gamomJRavnda sareitingo kompaniebis Sefasebis meTodebisa da mod-
148
eseni arian: A.M. Best Company, Inc., DBRS Ltd. , Egan-Jones Rating Company , Fitch, Inc., elebis sisuste;
Japan Credit Rating Agency, Ltd. , Kroll Bond Rating Agency, Inc. (f/k/a LACE Financial Corp.), • sareitingo kompaniebi moqmedeben oligopoliur bazarze;
Moody’s Investors Service, Inc. Rating and Investment Information, Inc. , Realpoint LLC, Stan-
dard & Poor’s Ratings Services SEC:Credit Rating Agencies-NRSROs. http://www.sec.gov/an- • cudi komunikacia sareitingo kompaniebsa da misi produqtis momx-
swers/nrsro.htm. mareblebs Soris;
149
Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. • interesTa konfliqtis SesaZleblobebi reitingis Sedgenis dros;
http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml. • IOSCO-s princi pebi, kerZod ki is, rom es princi pebi efuZneba
150
Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010.
http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml. 152
Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010.
151
Schäfer, Der Crash des Kapitalismus, Frankfurt/Main 2009, S. 259. http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.

228 229
TviTregulirebas, rac ar iyo sakmarisi gamovlenili naklovanebebis dadgenilebis darRvevis SemTxvevaSi.160
aRmosafxvrelad; 2010 weli warmatebuli weli gamodga evropis sazedamxedvelo
• aSS-i 2007 wlis zafxulidan sareitingo kompaniebi eqvemdebareba kavSiris Seqmnis sakiTxSi da SemuSavebul iqna evropis finansuri
nacionalur registracias, regulirebas, zedamxedvelobas da konkuren- zedamxedvelobis axali modeli.161 Sedga gamocdili eqspertebisagan
tunariani garemos SenarCunebisaTvis msgavsi normebis SemoReba aucile- dakompleqtebuli jgufi. maTi amocana iyo, evropis sazedamxedvelo
belia evropis kavSirSi.153 sistemis Seqmnis Sesaxeb winadadebebis, rCevebis momzadeba, rac sab-
gadawyda koncentracia momxdariyo 4 ZiriTad mizanze: interesTa olood 2009 wlis 25 Tebervals ganxorcielda. Semdgom safexurad
konfliqti, Sefasebis meTodebi-reitingis SemuSavebis meTodi unda gaum- miznad daisaxa axali evropuli sazedamxedvelo arqiteqturis Seqmna.162
jobesebuliyo, informasiis Riaoba, registracia da zedamxedveloba. Camoyalibda evropis finansuri sazedamxedvelo sistema (ESFS). is aer-
TiToeuli maTganis mixedviT SemuSavda winadadebebi.154 Tianebs nacionalur sazedamxedvelo organoebs, romlebic, Tavis mxriv,
2009 wlis 14 ivniss evropis parlamentma da evrosabWom miiRo axlad Seqmnil evropul sazedamxedvelo organoebTan TanamSromloben
sareitingo kompaniebis maregulirebeli normatiuli dokumenti `Regu- (ESA). saubaria im axal organoebze, romlebic sami organos reorga-
lation on Credit Rating Agencies~.155 es aris pirveli dadgenileba, ro- nizaciis safuZvelze Camoyalibda. sareitingo kompaniebTan mimarTebaSi
melic evropis kavSiris masStabiT sareitingo kopaniebis registra- mniSvnelovania mxolod erTi: evropis fasiani qaRaldebisa da bazrebis
cias moiTxovda.156 amave dadgenilebiT gaTvaliswinebul iqna kompaniebze sazedamxedvelo organo (ESMA).163
zedamxedvelobis daweseba. sareitingo kompaniebis registracia da Sem- Sedegad evropis sabWom gadawyvita, rom sareitingo kompaniebis
dgom misi zedamxedveloba daevala wevri saxelmwifoebis nacionalur zedamxedveloba unda ganaxorcielon evropis sazedamxedvelo orga-
sazedamxedvelo organoebs. am dadgenilebamde, evropis kavSirSi aranairi noebma (ESA), maTi registracia daevala evropis fasiani qaRaldebis
specialuri norma ar moqmedebda sareitingo kompaniebis zedamxedvelo- sazedamxedvelo organos (ESMA). amasTan, masac mieniWa sazedamxed-
basTan dakavSirebiT, Tumca zedamxedvelobis ganxorcielebis valdeb- velo funqciebi da uflebamosileba gamoiTxovos registracia, an regu-
uleba gamomdinareobda IOSCO-s qcevis kodeqsis safuZvelze.157 wevri lirebis mizniT droebiT SeaCeros reitingebis Sedgena.164 sareitingo
saxelmwifoebi valdebulni iyvnen 2010 wlis 7 ivnisisaTvis daedginaT kompaniebis zedamxedvelobas ESMA 2011 wlis 1 ianvridan Seudga.165
Sesabamisi sazedamxedvelo organo. am valdebulebis Sesrulebis mizniT, 2011 wels evropis parlamentma da sabWom miiRo axali dadgenileba166,
germaniaSi 2010 wlis 15 Tebervals parlamentSi Setanil iqna inicia- romlis safuZvelzec garkveuli saxis cvlilebebi iqna Setanili evro-
tiva kanonis gamocemis Sesaxeb, romelsac 6 maiss miiRes.158kanoniT ger-
maniaSi sazedamxedvelo saqmianoba daevala BaFin-s (finansuri momsax- 160
Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates von 16. Septem-
urebis zedamxedvelobis federaluri organo).159 zedamxedvelobasTan ber 2009 über die Ratingagenturen, Artikel 36.
erTad wevri qveynebis kompetenciaSi gadavida, aseve, sanqciebis daweseba http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:302:0001:0031:DE:PDF.
161
Partsch, Die Harmonisierung der Europäischen Finanzaufsicht, ZBB 22/2010, S. 72-76(73).
153
EU-Kommission, Vorschlag für eine Verordnung des Europäischen Parlaments und des Rates 162
Gesetzentwurf der Bundesregierung von 15.02.2010, S. 8.
über Ratingagenturen, 12.11.2008, S. 2-3. http://dip21.bundestag.de/dip21/btd/17/007/1700716.pdf
154
EU-Kommission, Vorschlag für eine Verordnung des Europäischen Parlaments und des Rates 163
Kommission der europäischen Gemeinschaft: Vorschlag für eine Verordnung des Europäisch-
über Ratingagenturen, 12.11.2008, S. 3. en Parlaments und des Rates zur Einrichtung einer Europäischen Wertpapieraufsichtsbehörde;
155
Verordnung (EG) No 1060/2009 des europäischen Parlaments und des Rates über Ratinga- KOM(2009) 503; Brüssel 23.09.2009, S. 3.
genturen, 16 September 2009. http://ec.europa.eu/internal_market/finances/docs/committees/supervision/20090923/
156
Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http:// com2009_503_de.pdf.
www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml. 164
Kommission der europäischen Gemeinschaft, Vorschlag für eine Verordnung des Europäisch-
157
Cortez/Schön, Zeitschrift für das gesamte Kreditwesen 5/ 2010, S. 226-229 (227). en Parlaments und des Rates zur Einrichtung einer Europäischen Wertpapieraufsichtsbehörde;
158
Die Bundesregierung, Klare Regeln für Ratingagenturen. 04.06.2010. KOM(2009) 503; Brüssel 23.09.2009, S. 13.
http://www.bundesregierung.de/nn_1274/Content/DE/Artikel/2010/01/2010-01-13-aufsicht-ue- http://ec.europa.eu/internal_market/finances/docs/committees/supervision/20090923/
ber-ratingagenturen.html. com2009_503_de.pdf.
159
Gesetzentwurf der Bundesregierung von 15.02.2010, S. 8. 165
Cortez/Schön, Zeitschrift für das gesamte Kreditwesen 5/ 2010, S. 226-229 (228).
http://dip21.bundestag.de/dip21/btd/17/007/1700716.pdf. 166
Regulation (EU) No 513/2011 of the European parliament and of the Council of 11 May 2011.

230 231
pis parlamentisa da sabWos 2009 wlis sareitingo kompaniebis Sesaxeb • unda gazardon Ria informaciis moculoba;
miRebul dadgenilebaSi. cvlilebebi Sevida, ZiriTadad, zedamxedvelobis • unda warmoadginon angariSebi yvelaze msxvili klientebisagan
kuTxiT da gaiwera is uflebamosilebebi, rac axlad Seqmnil evropis miRebuli Semosavlebis Sesaxeb;
fasiani qaRaldebisa da bazrebis sazedamxedvelo organos (ESMA) gaaC- • unda uzrunvelyon, rom komisiaSi warmoadginon detaluri infor-
nia.167 macia Sefasebuli kompaniebis sareitingo istoriis Sesaxeb;
dRes finansur bazarze sareitingo kompaniebis gavlenis gaTval- • regularulad unda warmoadginon wliur angariSebi da angariSe-
iswinebiT logikuria, davsvaT Semdegi kiTxvebi: ris miRwevas cdiloben bi interesTa konfliqtebis Sesaxeb da sxv.
maregulireblebi sareitingo kompaniebze gaZlierebuli zedamxedvelo- aSS-i 2009 wels Seiqmna finansuri krizisis gamoZiebis komisia.
bis dawesebiT? zedamxedvelobis safuZvelze sareitingo kompaniebis komisiis mizans msoflio krizisis adgilobrivi da globaluri mize-
dakarguli avtoritetis dabruneba xom ar unda moxdes, raTa `ukeT zebis gamokvleva evaleboda aSS-Si. 2011 wlis 27 ianvars komisiam
SefuTuli~ finansuri produqtebi kvlav gaiyidos? reitingebis mniS- Tavisi daskvna warmoudgina prezidents, kongressa da amerikel xalxs.
vnelobis ufro gazrda xom ar aris axali regulirebis namdvili komisiam daadgina, rom kriziss Tavidan acileba SesaZlebeli iyo. man
mizani? saerTod gvWirdeba sareitingo kompaniebis reputaciis aRdgena? mniSvnelovani da farTod gavrcelebuli xarvezebi i pova finansur reg-
iqneb umjobesia, rom yvelaferi gavakeToT imisTvis, rom sareitingo ulirebaSi; aRniSnuli dokumentiT oficialurad damtkicda sareitingo
kompaniebis mniSvneloba Semcirdes da ara piriqiT? iqneb fasiani qaRal- kompaniebis negatiuri roli finansuri krizisis dros.171
debis Sefasebis dros didi mniSvneloba reitings aRar unda mieniWos?168 logikuria, davsvaT kiTxva ra damokidebuleba aqvT sareitingo kom-
reitingi gaCnda, rogorc kerZo iniciativa da misi gamoyeneba didi xnis paniebs maT mier ganxorcielebuli maregulirebeli RonisZiebebis mimarT?
ganmavlobaSi Tavisufali iyo. iqneb, umjobesia, rom dResac Tavisufali pasuxi martivad JRers- negatiuri. rac ufro aqtiurad daiwyo maTi
iyos misi moxmareba da visac fasiani qaRaldebis yidvisas reitingze saqmianobis regulirebis reformaze zrunva, miT ufro aqtiurad daiwyes
dayrdnoba unda, daeyrdnos kidec. sareitingo kompaniebma reitingebis daweva. germaniis erT-erTi Jurnali
2009 wlis 17 ivniss aSS prezidentma baraq obamam gamoacxada aSS-s `Manager-magazine~-i reformebis dasawyisSi miuTiTebda evropis komisiis
finansuri regulirebis sistemis reformis gegma.169 es gegma revolu- survilze Seemcirebina sami wamyvani sareitingo kompaniis gavlena fi-
ciurad moinaTla. masSi sareitingo kompaniebTan dakavSirebiT gansaz- nansur bazarze. `Manager-magazine~-i iqve aRniSnavda, rom mas, vinc sareit-
Rvrulia, rom saxelmwifo organoebma TavianT saqmianobaSi sareitingo ingo kompaniebis winaaRmdeg wasvlas gadawyvetda amis didi perspeqtiva ar
kompaniebis Sefasebebis gamoyenebis minimizeba unda moaxdinon. prezi- hqonda, radgan dRis bolos sareitingo kompaniebi reitingebis SemcirebiT
dents eWvs qveSac ki ar dauyenebia sareitingo kompaniebis muSaobis sapasuxo qmedebas ganaxorcielebdnen. asec moxda da sareitingo kompaniebma
mTavari princi pi, anu is, rom reitings yidulobs emitenti. faqtobrivad, reitingebis masiuri daweva daiwyes. reformebis fonze pirveli `Sokis-
am gegmaSi baraq obamam gamoxata sareitingo kompaniebze zedamxedvelo- momgvreli~ reitingebis dawevas briuselis reitingis `stabiluri~-dan
bis gaZlierebisa da amave dros maTi status-qvos SenarCunebis poli- `negatiur~-ze Semcireba warmoadgenda. `Sokismomgvreli~ iyo imdenad, ram-
tikuri neba. denadac es ganxorcielda swored im dRes, rodesac evropis komisiam sare-
imave wels, 2009 wlis seqtemberSi SEC-ma miiRo gadawyvetileba itingo kompaniebze gaZlierebuli kontrolis idea wamoayena. swored re-
sareitingo kompaniebze zedamxedvelobis gaZlierebis Sesaxeb.170 miznis formebma ganapiroba reitingis axali saxis `simarTlis reitingi~-s Seqmna.
misaRwevad dadginda, rom sareitingo kompaniebma: aRniSnulis reitingis idea mdgomareobs analitikosebis mier partiebis,
167
zedamxedvelobasTan dakavSirebiT ix. 3.2 sareitingo kompaniebis zedamxedveloba.
mTavrobisa da sxva politikuri institutebis `sandoobis~ SefasebaSi.
168
Zeise, Ende der Party - Die Explosion im Finanzsektor und die Krise der Weltwirtschaft, Köln `sacdeli Sefaseba~ Fitch-ma ganaxorciela da briuselis politikosebs
2009, S. 170. reitingi-“B“ mianiWa, rac sandoobis saSualo xarisxis maCvebels warmoad-
169
Eckert/Schäpitz, Obama macht Fed zur Superpolizei des Kapitals, 18 Juni 2009. genda. sareitingo kompaniebi amayoben am inovaciiT da axali produqtis
http://www.welt.de/finanzen/article3951469/Obama-macht-Fed-zur-Superpolizei-des-Kapitals. mTavar daniSnulebas politikur arenaze gamWvirvalobis SeqmnaSi xedaven,
html.
170
U.S Securities and Exchange Comission, Putting Investors first 2009 Performance and 171
Financial Crisis Inquiry Commission, Homepage,
Accountability Report, S. 13. http://www.sec.gov/about/secpar/secpar2008.pdf. http://cybercemetery.unt.edu/archive/fcic/20110310172443/http://fcic.gov/.

232 233
rac, upirvelesad, amomrCevlebisTvis, sazogadoebisTvis aris mniSvnelovani. kis Sefasebis absolutur saSualebas, rom fasiani qaRaldebis Sefase-
gamWvirvalobis Seqmna ki, maTi azriT, mxolod sareitingo kompaniebs, anu ba mxolod sxva fasian qaRaldebTan mimarTebaSi aris SesaZlebeli. amis
damoukidebel mesame pirebs SeuZliaT.172 Semdeg safexurad isini reitings miuxedavad, gavrcelebulia warmodgena, rom reitingi absolutur xarisxo-
uweven iseT qveynebs, rogoric aris portugalia173, espaneTi, saberZneTi174. briv standarts Seadgens. aseTi Sexeduleba SeiZleba reitingis araswori
evropis qveynebs mohyva aSS-sa da iaponiis reitingebis Semcireba.175 gagebis, an reitingis alternativis ararsebobiT iqnes gamowveuli.180 re-
gabatonebuli iyo azri imis Sesaxeb, rom aSS sareitingo kompaniebisaT- itingebi aCveneben, Tu ra moxdeba momavalSi. saWiroa investorebs ganem-
vis xelmiuwvdomel ekonomikur Zalas warmoadgenda. Tumca 2011 wlis 11 artoT, rom, rodesac saqme exeba fasiani qaRaldebis bazarze saSualo,
aprils aSS-m dakarga `absoluturi kreditunarianobis mqone msoflio an grZelvadian periodze gaTvlil gadawyvetilebebs am prognozis saim-
Zalis~ statusi, rodesac S&P qveynis gadaxdisunarianobis perspeqtivebi edooba dabalia. TiToeulma investorma unda icodes, rom maTTvis ris-
`negatiurad~ Seafasa. eqspertebis azriT, yovelive es niSnavs imas, rom ki yovelTvis iarsebebs. sxva SemTxvevaSi SeiZleba masiurad gavrceldes
aSS-s droTa ganmavlobaSi ufro gauWirdeba valebis gadaxda.176 S&P–ma STabeWdileba, rom investicia fasian qaRaldSi reitingiT AAA ufro
`gabeduli nabijiT~ kidev erTxel gausva xazi sareitingo kompaniebis kargia, vidre investicia fasian qaRaldSi reitingiT BBB. Teoriulad
Zalauflebas mTel msoflioSi. aSS-s aseT Sefasebaze birJebis reaqciam es asec aris, Tumca mxolod maSin, rodesac Sefasebebi obieqturia, rode-
ki naTeli gaxada, rom savaluto bazris batonebi sareitingo kompaniebi sac reitingis miniWebis Semdeg situacia ucvleli darCeba, an sareit-
arian177. aSS-s msgavsad iqna Sefasebuli iaponiis gadaxdisunarianobis ingo kompania dauyovnebliv cvlilebas ganaxorcielebs reitingSi da a.S.
perspeqtivebi da `stabiluri~-dan `negatiur~-ze iqna Camoyvanili.178 globaluri finansuri krizisis Sedegebis kritikis dros xSirad
reformis mcdelobis miuxedavad xSirad eWvs qveS dgeba gatare- amboben, rom sareitingo kompaniebma riskebis winaswar Secnoba ver moax-
buli RonisZiebebis efeqtianobis xarisxi. gansakuTrebiT, sareitingo erxes da Zalian gvian moaxdines maTze reagireba. amasTan, warmoiSoba
kompaniebis mier ganxorcielebul araswor SefasebebTan mimarTebaSi.179 kiTxva, pasuxi unda agon Tu ara sareitingo kompaniebma arasworad
Sedgenili reitingebisaTvis?.181 globaluri finansuri krizisis dros
davinaxeT, rom `investorebi xSirad uyureben ara finansur produqts,
3.1 sareitingo kompaniebis pasuxismgebloba aramed brmad endobian AAA-reitings~.182 rogorc wesi, sareitingo
kompaniebi maT mier dadebul xelSekrulebaSi miuTiTeben, rom maTi re-
regulirebis gareT darCa sareitingo kompaniebis pasuxismgeblobis itingi mxolod da mxolod rogorc mosazreba ise unda iqnes gagebuli.
sakiTxi, romelic reitingebTan mimarTebaSi dResac centralur proble- amrigad isini aranair garantias ar iZlevian imisa, rom maTi Sefasebebi
bas warmoadgens. reitingis momxmarebelTa raodenoba dRiTidRe matulobs, swori aRmoCndeba.183 msgavs definicias gvaZlevs IOSCO-s qcevis kod-
Tumca rogorc Cans bevrma ar icis, rom reitingi ar warmoadgens ris- eqsic. konkretulad gveubneba, rom reitingi warmoadgens azrs gadax-
disunarianobis Sesaxeb, romelic gamoxatulia winaswar dadgenili da
172
Rottwilm, S&P ratet EU-Kommissare mit „B-“.manager-magazine online, 04. Juni 2010.
http://www.manager-magazin.de/politik/artikel/0,2828,698564,00.html.
gansazRvruli reitinguli sistemiT.~184
173
avtoris gareSe,, Rating-Agentur stuft Portugal herab.spiegel-online, 13. Juli 2010. http:// udides energo kompaniasTan- ,,enronTan~185 dakavSirebuli skandalis
www.spiegel.de/wirtschaft/unternehmen/0,1518,706247,00.html.
174
avtoris gareSe, Noch ein Ramschrating für Griechenland.manager-magazine online, 15. 180
Serflin/Badack/Jeiter in Büschgen /Everling, Handbuch Rating, Wiesbaden 1996, S. 647.
Juni 2010. http://www.manager-magazin.de/finanzen/artikel/0,2828,700691,00.html. 181
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (667).
175
avtoris gareSe, Japans Schuldenberg schockiert Finanzprofis.spiegel-online, 28. Januar 182
IFF (Institute of International Finance, Interim Report of the IIF Committee on Market Best
2011. http://www.spiegel.de/wirtschaft/unternehmen/0,1518,742106,00.html. Practices, April 2008, Nr. 86. http://www.iasplus.com/crunch/0804iifbestpractices.pdf.
176
Teevs, USA müssen von sparsamen Briten lernen.spiegel-online. 19. April 2011. http://www. 183
magaliTad:
spiegel.de/wirtschaft/soziales/0,1518,758039,00.html. http://www.moodys.com/moodys/cust/AboutMoodys/AboutMoodys.aspx?topic =copyright.
177
Volkery, Im Teufelskreis der Schuldenrichter.spiegel-online. 12. Juni 2011. http://www.spiegel. 184
IOSCO, Code of Conduct fundamentals for Credit Rating Agencies, Introduction, Terms, S.
de/wirtschaft/unternehmen/0,1518,767868,00.html. 3. `an opinion regarding the creditworthiness of an entity, a credit commitment, a debt or debt-
178
avtoris gareSe, Rating-Agentur zweifelt an Japans Kreditwürdigkeit.spiegel-online. 27. like security or an issuer of such obligations, expressed using an established and defined ranking
April 2011.http://www.spiegel.de/wirtschaft/soziales/0,1518,759165,00.html. system~
179
Haar, ZBB 3/2009, S. 177-187 (182). 185
aqubardia, ekonomikuri krizisis finansuri da politikuri mdgeneli. Tbilisi

234 235
Semdeg intensiurad daiwyo diskusia reitingis Sedgenis procesis xarisxi- 3.1.1 sareitingo kompaniis arakeTilsindisieri qmedeba
sa da emitentebisa da investorebis samarTlebrivi dacvis Sesaxeb.186
imis miuxedavad, rom sareitingo kompaniebis pasuxismgebloba arc sanam konkretulad vityode, Tu rogor wydeba aSS-Si da germaniaSi
aSS-i da arc evropaSi ar aris daregulirebuli187 da miuxedavad imi- sareitingo kompaniebis pasuxismgeblobasTan dakavSirebuli problemebi,
sa, rom germaniaSi aqtiurad mimdinareobs sareitingo kompaniebisaTvis saWiroa gavarkvioT, saerTod rodis SegviZlia visaubroT sareitingo
pasuxismgeblobis damakisrebeli normebi Zieba, realoba Semdegnaerad kompaniebis pasuxismgeblobis Sesaxeb.
gamoiyureba: sareitingo kompaniebis winaaRmdeg aRZruli yvela saqme Tavdapirvelad unda aRiniSnos, rom keTilsindisieri qmedeba Si-
mosarCeleebisTvis dRemde uSedegod mTavrdeba.188 raSi mdgomareobs naarsobrivi TvalsazrisiT gamoricxulia, radgan reitingis Sedgenis
problema? ratom ver asabuTeben sasamarTloebi sareitingo kompaniebis procesi sareitingo kompaniebis profesiuli saidumloebaa da, aqedan
pasuxismgeblobas?189 erTi SexedviT, es Zalian problemuri kiTxvaa, Tum- gamomdinare, Znelia maTi eWvqveS dayeneba.195 amitom sareitingo kompaniis
ca masze pasuxi martivia. sareitingo kompaniebis samarTlebrivi safuZ- pasuxismgeblobaze SeiZleba visaubroT maSin, rodesac is daarRvevs
vlebi 2006 wlis sareitingo kompaniebis reformebis aqtSi gaiwera.190 swori reitingis SedgenisaTvis dadgenil normebs. aq SeiZleba iseTi
am aqtis teqsti pirdapir miuTiTebs,191 rom kerZo moTxovnis safuZveli ZiriTadi princi pebi ganxilva, rogoric aris: gamWvirvaloba, xarisxi,
ar SeiZleba warmoiSvas192 da yvelas (damkveTsac da mesame pirebsac) reitingis Sedgenis procesis damajerebloba, keTilsindisieri Sesrule-
SeuZliaT moTxovnis safuZvlad am aqtis moyvana.193 praqtikaSi amas jer ba.196 sareitingo kompaniebis keTilsindisieri qmedebis Sesaxeb Canawers
ar gamouwvevia sareitingo kompaniebis pasuxismgebloba. mivediT pasux- vxvdebiT rogorc IOSCO-s qcevis wesebSi197, ise bazel II-Si198 gare sare-
amde: dRemde ar arsebobs iseTi pasuxismgeblobis damakisrebeli normebi, itingo kompaniad aRiarebisTvis gaweril winapirobebSi, romelic iTval-
romlebic araswori reitingebisaTvis sareitingo kompaniebis pasux- iswinebs zedamxedvelobisa da reitingebis SesabamisobaSi moyvanis val-
ismgeblobas SesaZlebels gaxdida. ar SeuZliaT, Tu ar undaT saer- debulebebs.199 sareitingo kompaniebis kritikis dros miuTiTeben, rom:
TaSoriso maregulireblebs aseTi normebis Seqmna? es kiTxva dRemde `didi sareitingo kompaniebi xSirad swored IOSCO-s qcevis wesebis im
pasuxgaucemelia. Tumca SegviZlia vivaraudoT, Tu ratom ikaveben mareg- danawesebs arRvevdnen, romlebic iTvaliswineben reitingebis Sesabamiso-
ulireblebi sareitingo kompaniebis reformaSi maTi pasuxismgeblobis baSi moyvanasa da masze zedamxedvelobas.~200 am valdebulebaTa darRveva
sakiTxis CarTvisgan Tavs. eqspertebi miiCneven, rom Tu evropis kavSir- gansakuTrebiT leman brazerssa201 da enronis202 gakotrebis dros gax-
Si sareitingo kompaniebs araswori reitingebisTvis pasuxismgeblobas da SesamCnevi, radgan samive wamyvanma sareitingo kompaniam reitingebis
daakisreben, sareitingo kompaniebi muqaras Seasruleben da evropis im zedamxedveloba da maTi realobasTan SesabamisobaSi moyvana droulad
qveynebis reitingebs kidev ufro Seamcireben, romlebsac valebis maRali ar ganaxorcieles. Sedegad, leman brazersis gakotrebis bolo dRee-
maCvenebeli aqvT. Sedegad, investorebi zurgs Seaqcevdnen aseT qveynebs. bamde sainvesticio kategoriis reitings flobda. yovelive es xdeboda
am qveynebis ukan ki, ZiriTadad portugaliasa da saberZneTs gulisxmoben, maSin, rodesac jer kidev 2008 wlis maisis bolodan cnobili iyo, rom
romelTa reitingebic samive wamyvani sareitingo kompaniebis mier unask- kompaniis rekorduli vali daaxloebiT 613 miliard dolars Seadgen-
nel periodSi faqtiurad sul Semcirebas ganicdis.194 da.203 2008 wlis 15 seqtembers amerikis sainvesticio banki leman braz-

2009, gv. 20.


186
Habersack, ZHR 169(2005), S. 185-211(200). 195
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660).
187
Schweinitz, WM 21/2008, S. 953-959 (954). 196
Habersack, ZHR 169(2005), S. 185-211 (200-201).
188
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (667). 197
IOSCO, Code of Conduct Fundamentals for Credit Rating Agencies, Punkt 1.9 und 1.10, S. 6.
189
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (664). http://www.iosco.org/library/pubdocs/pdf/IOSCOPD180.pdf.
190
Schweinitz, WM 21/2008, S. 953-959 (954). 198
SolvVO, §53 Ziff.4. http://www.buzer.de/gesetz/7511/a147509.htm.
191
Schweinitz, WM 21/2008, S. 953-959 (954). 199
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660).
192
Credit Agency Reform Act 2006, S. 10. 200
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660).
193
Schweinitz, WM 21/2008, S. 953-959 (954). 201
Lehman-Brothers
194
Ohne Autor, Ratingagenturen wollen Pleiteländer boykottieren.spiegel-online. 31. März 2011. 202
Enron
http://www.spiegel.de/wirtschaft/unternehmen/0,1518,754360,00.html. 203
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660).

236 237
ers gakotrda.204 swored es dRe iTvleba finansuri krizisis kulmina- noboda raime konkretul normas, romelic reitingis xarisxsa da reit-
ciad.205 amasTan, unda gaviTvaliswinoT is faqti, rom saqme exeboda ara ingis gamoyenebis Sedegebs aregulirebda. isini mxolod abstraqtulad
marto leman brazersis, rogorc erT-erTi did sainvesticio kompaniis asabuTebdnen TavianT moTxovnas da miuTiTebdnen Sedegze, romelic sa-
beds, aramed didi bankebis bedsac, romlebis 2008 wlis 14 seqtembers reitingo kompaniebis arakompetenturi da daudevari qmedebebis Sedegad
niu-iorkis federalur sarezervo sistemaSi movidnen da saqmianobas dadga. erT-erT cnobil saqmeSi County of Orange vs. The McGraw Hill
leman brazersTan erTad axorcielebdnen.206 Companies, Orange County-im210, mosarCelem SeZlo sareitingo kompaniis
gadaxdisunarianobis Sefaseba ar aris moqnili da ar SeuZlia gaus- S&P-is braleulobis nawilobriv dasabuTeba. mosarCele damajerebeli
wros dros. aseTi iyo enronis istoria. sareitingo kompaniebma icodnen da udavo damadasturebeli sabuTebi warmoadgina imisa, rom aRniSnuli
kompaniis problema, Tumca reitingebis Semcireba ar moxda da kompa- sareitingo kompania amoralurad iqceoda. aseT SemTxvevebSi mosarCele
nia gakotrebamde 4 dRiT adre umaRles reitings flobda. realurad valdebulia daamtkicos, rom sareitingo kompaniam icoda reitingis
kapitalis bazarze ki enronis obligaciebi, rogorc didi riskisa da araadekvaturobis Sesaxeb, an sareitingo kompaniam uxeSi gaufrTxile-
procentis matarebel obligaciebad iyideboda.207 blobis gamo ver SeamCnia reitingis arasworoba, araadekvaturoba. mo-
sarCelem ver SeZlo sareitingo kompaniis bralis dasabuTeba.211
zogierT gadawyvetilebaSi sareitingo kompaniebi, Jurnalistebis ms-
3.1.2 sareitingo kompaniebis pasuxismgebloba amerikis SeerTebul gavsad, sityvis Tavisuflebisa da presis Tavisuflebis princi pis Sesa-
StatebSi bamisad arian daculebi. amerikis sasamarTlos zogierT gadawyvetile-
bebSi ki pirdapir Caiwera, rom reitingebi ar arian yidvaze mrCeveli
aSS-i sareitingo kompaniebis sawinaaRmdegod sasamarTloSi mesame funqciis matareblebi. Sesabamisad, es sareitingo kompaniebis pasuxismge-
investorebis uamravi sarCeli Sevida. isini iTxovdnen zianis anazRau- blobas gamoricxavs. amerikis sasamarTloebi TiTqos midrekilni arian
rebas, romelic maT araswori reitingis Sedegad miadgaT. aRsaniSnavia is imisken, rom sareitingo kompaniebs pasuxismgebloba ar daakisron.212
faqti, rom arc erT sarCelSi ar iyo miTiTebuli moTxovnis safuZveli. praqtikaSi aSS-Si mesame investorebTan pasuxismgeblobis masStabad,
sxva sityvebiT rom vTqvaT, arc erTi sarCeli ar Seicavda konkretul rogorc wesi, uxeSi gaufrTxilebloba gvevlineba.213 2010 wels gamoS-
normaze miTiTebas, romliTac mosarCele zianis anazRaurebis valdeb- vebul ,,The Wall Street Refor Act~-i (“vol stritis reformebis
ulebas daamtkicebda.208 2009 wlis Semodgomaze aSS ohaios Statis aqti~) Seicavs investorebis uflebas aRZran kerZo sarCeli nacionalur
prokurorma sarCeli Seitana sami wamyvani sareitingo kompaniis: S&P, doneze aRiarebuli sareitingo kompaniebis winaaRmdeg im SemTxvevaSi, Tu
Fitch, Moody’s winaaRmdeg. prokuroris gancxadebiT, samive sareitingo aseTi sareitingo kompaniebi fasiani qaRaldis Sefasebis dros `uxeSi
kompania obligaciebs xelovnurad Seqmnil reitingebs aniWebda, riTac gaufrTxileblobiT~ moqmedebdnen da `uxeSi gaufrTxileblobiT~ ganx-
Statis sapensio fondma 457 milioni dolaris odenobis danakargi gani- orcielebuli qmedeba warmoadgens `mniSvnelovan faqtors~, romelmac
cada. sarCelSi reitingis Sedgenis meTodi da kompaniebis anazRaurebis gamoiwvia investoris ekonomikuri danakargebi.214 praqtikaSi amis damt-
princi pi iyo kiTxvis niSnis qveS dayenebuli da gakritikebuli. ohaios kiceba sirTuleebTan aris dakavSirebuli. didi pauzis Semdeg SEC-ma
Stati iyo erT-erTi im Statebidan, romlebmac sarCeli sareitingo gadawyvita wamyvani sareitingo kompaniebis winaaRmdeg sarCelis Setana,
kompaniebis winaaRmdeg Seitanes.209 sareitingo kompaniebis winaaRmdeg kerZod, Standard & Poor’s (S&P) da  Moody’s winaaRmdeg.215 Tumca es
Setanili arc erTi sarCeli, moTxovnis safuZvelTan erTad, ar eyrd- 210
County of Orange vs. McGrew Hill Companies INC.; United State District Court for the Cen-
tral District of California; No – SA CV 96-765-GLT.
204
Die Mega-Insolvenz. http://www.spiegel.de/thema/insolvenz_lehman_brothers_2008/. 211
Schweinitz, WM 21/2008, S. 953-959 (954).
205
Hauptursachen der Finanzkrise. 212
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (664).
http://www.spiegel.de/wirtschaft/unternehmen/0,1518,648271,00.html. 213
Schweinitz, WM 21/2008, S. 953-959 (954).
206
Schäfer, Der Crash des Kapitalismus. Frankfurt / Main 2009. S. 188. 214
Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://
207
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660). www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.
208
Schweinitz, WM 21/2008, S. 953-959 (954). 215
Ohne Autor, US-Börsenaufsicht will Rating-Riesen verklagen.spiegel-online. 17. Juni 2011.
209
США против рейтингов: http://interfax.ru/business/txt.asp?id=111780. http://www.spiegel.de/wirtschaft/unternehmen/0,1518,769070,00.html.

238 239
jer mxolod ideis donezea. saerTo jamSi, SeiZleba, iTqvas, rom amerikis dac swori reitingi unda iqnes miRebuli, dgeba sareitingo kompaniis
SeerTebul Statebs cudi reitingisaTvis sareitingo kompaniebis pasux- pasuxismgeblobis sakiTxi. proceduruli normebis qveS gaigeba iseTi
ismgeblobis Sesabamisi normebis ararsebobis gamo, ar ZaluZs reitingis mniSvnelovani princi pebi, rogoricaa xarisxi, gamWvirvaloba, sareitingo
xarisxis uzrunvelyofa.216 kompaniebis damoukidebloba da reitingis Sedgenis procesis sandoo-
ba, romelic, Tavis mxriv, reiting-xelSekrulebidan gamomdinareobs da
3.1.3. sareitingo kompaniebis pasuxismgebloba evropaSi. Sesabamisad deliqtur-samarTlebrivad mniSvnelovania. problema mdgo-
mareobs mizezobriv kavSirSi valdebulebis darRvevasa da reitingis
maSin rodesac aSS-Si garkveuli raodenobis sarCeli Sevida sa- Sedgenis procesis safuZvelze damdgari Sedegis SesabamisobaSi. aqedan
samarTloSi sareitingo kompaniebis winaaRmdeg, evropaSi am mxriv gan- gamomdinareobs kiTxva, unda agon Tu ara pasuxi sareitingo kompaniebma
sxvavebuli mdgomareobaa. evropaSi sasamarTloSi jer ar Sesula arc proceduruli normebis darRvevis gamo. radgan praqtikaSi Znelia val-
erTi saqme sareitingo kompaniebis winaaRmdeg. iqidan gamomdinare, rom debulebis darRvevasa da reitingis Sedgenis procesis safuZvelze
germaniaSi yvelaze metad cdiloben sareitingo kompaniebis pasuxismge- damdgari Sedegs Soris mizezobrivi kavSiris damtkiceba, Sesabamisad
blobis xelCasaWidi normebis moZebnas, naSromSi ganxilulia mxolod sareitingo kompaniebs zianis anazRaureba ar ekisrebaT.218
germanul samarTali. sareitingo kompaniebs saxelSekrulebo pasuxismgebloba ver dae-
kisrebaT mas da emitentebs Soris saxelSekrulebo urTierTobis
219
gaurkvevlobis gamo.
3.1.4. sareitingo kompaniebis pasuxismgebloba germanuli samarTlis
amrigad, sareitingo kompaniebis pasuxismgeblobis dasasabuTeblad
mixedviT ar gamogvadgeba pasuxismgeblobisaTvis klasikuri deliqturi da sax-
elSekrulebo normebi.220
germanul samarTalSi intensiurad mimdinareobs mcdeloba sareit-
ingo kompaniebis pasuxismgeblobis dasasabuTeblad, Tumca dRemde yvela
mcdeloba uSedegod dasrulda. yvela mcdeloba erT Sedegamde midis 3.1.4.2 prospeqtis pasuxismgebloba
sareitingo kompaniebis pasuxismgebloba Teoriulad ki, magram praqti-
kulad SeuZlebelia. germaniaSi aseve ganixilaven sareitingo kompaniebis prospeqtis pa-
suxismgeblobis maregulirebeli normebis safuZvelze sareitingo kom-
paniebis pasuxismgeblobis problemis gadaWris SesaZleblobas.221 pros-
3.1.4.1 saxelSekrulebo da deliqturi pasuxismgebloba. peqtis pasuxismgeblobis qveS yvelaze xSirad kanoniT specialurad
daregulirebul SemTxvevebsa da amasTan sasamarTlo praqtikaSi ganvi-
rogorc zemoT ukve aRvniSneT sareitingo kompaniasa da reitingis
Tarebul zogad samoqalaqo-samarTlebriv prospeqtis pasuxismgeblobas
SemkveTs Soris ideba xelSekruleba. germaniaSi mecnierTa Soris reit-
ganixilaven.222
ing-xelSekrulebis Sesaxeb sxvadasxva mosazreba arsebobs, Tumca yvela
erT daskvnamde midis, rom sareitingo xelSekrulebis gansakuTrebuli
bunebidan gamomdinare, germaniis samoqalaqo kodeqsiT gaTvaliswinebul 3.1.4.3 birJebis samarTlebrivi prospeqtis pasuxismgebloba
romelime xelSekrulebasTan misi gaigiveba SeuZlebelia. imis miuxedavad,
rom daudgenelia ra xelSekruleba ideba mxareebs Soris, Tanxmdebian, emisiis prospeqti warmoadgens fasian qaRaldebTan dakavSirebul
rom sareitingo kompaniebis rogorc deliqturi, ise saxelSekrulebo savaldebulo ,,sareklamo-sainformacio xasiaTis~ sajaro dokuments.223
pasuxismgebloba gamoricxulia.217 konkretulad ki Semdegi mizezebis 218
Habersack, ZHR 169/2005, S. 185-211 (200-201).
gamo: 219
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (664).
rodesac proceduruli normebi aris darRveuli, romlis Sedega- 220
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (664).
221
Wenzel, WM 34/1996, S. 1605-1611 (1611).
216
Haar, ZBB 3 /2009, S. 177-187 (184). 222
Ebenroth/ Koos in Büschgen /Everling, Handbuch Rating. Wiesbaden 1996, S. 497.
217
Habersack, ZHR 169/2005, S. 185-211 (203). 223
jibuti/yoranaSvili, ,,fasiani qaRaldebis bazris Sesaxeb~ saqarTvelos kanonis ko-

240 241
rodesac unda moxdes fasiani qaRaldis sajarod SeTavazeba, maSin Cndeba prospeqtis pasuxismgeblobis adresatebs warmoadgenen isini, romlebmac
prospeqtis Sedgenis valdebuleba.224 prospeqtis gamoqveyneba aris fa- prospeqtze pasuxismgebloba aiRes da isini, romlTa xelidanac ukve
siani qaRaldebis organizebul bazarze gamoyenebis winapiroba. rogorc Sedgenili prospeqti gamoqveynda.231 amasTan, investoris mxridan prospeq-
wesi, prospeqts mxolod samarTlebriv safuZvelze adgenen, rodes saqme tze pasuxismgelobis aReba SesamCnevi da gasagebi unda iyos.232 prospeq-
exeba birJebze daSvebas. `sajarod SeTavazebis dros prospeqti gamoi- tze pasuxismgeblobis aReba xdeba prospeqtis xelmoweris safuZvelze,
yeneba, rogorc gasayidi dokumenti, romliTac investorebis interesebis an yvela im piris saSualebiT, romlebic fasiani qaRaldebis prospeqtis
dakmayofileba unda moxdes.~225 samarTlebrivi danawesebi prospeqtis kanonis me-5 paragrafis me-4233 abzacis Sesabamisad prospeqtis Sinaarsze
Sedgenis, miRebisa da gamoqveynebis Sesaxeb mocemulia germaniis fasiani zepirad, garkveviT aiRes pasuxismgebloba.234
qaRaldebis prospeqtis Sesaxeb kanonSi (WpPG)226, Tumca is ar Seicavs ismis kiTxva: xom ar SeiZleba prospeqtis pasuxismgeblobis gavrcele-
regulirebas specialur kanonismieri prospeqtis pasuxismeblobis Ses- ba sareitingo kompaniebis saqmianobaze? imisaTvis, rom sareitingo
axeb, romlebic ganmtkicebulia germaniis birJebis kanonis (BörsG) 44 da kompaniebma birJebis samarTlebrivi prospeqtis pasuxismgeblobis Sesa-
Semdegi muxlebi. da germaniis prospetis gayidvebis kanonis (VerkPros- bamisad agon pasuxi, saWiroa saxeze iyos Semdegi garemoebebi: upirveles
pG) me-13 muxlSi227, romelic xarveziani prospeqtis SemTxvevaSi ger- yovlisa saWiroa, rom reitingi birJebze damSveb prospeqtSi gamoqveyn-
maniis birJebis kanonis 44-47 muxlebis gamoyenebaze miuTiTebs.228 44-e des, amasTan prospeqti sareitingo kompaniebis mier unda iyos Sedge-
da Semdegi muxlebis mixedviT germaniis birJebis kanonis prospeqtis nili da maT mier gamocemuli. rogorc wesi, reitingebis gamoqveyneba
pasuxismgebloba dgeba im SemTxvevaSi, rodesac fasiani qaRaldebis Sesa- sareitingo kompaniebis publikaciebSi xdeba da ara birJebze damSveb
faseblad prospeqtSi mocemuli mniSvnelovani monacemebi araswori, an prospeqtSi. aqedan gamomdinare, sareitingo kompaniebi pasuxs ver ageben.
arasrulyofilia.229 monacemebSi unda gavigoT rogorc yvela saxis mo- iseT SemTxvevebSi, rodesac reitingis gamoqveyneba xdeba prospeqtSi,
nacemi, ise is faqtebi da prognozebi, romlebsac, Tavis mxriv, prospeqtis sareitingo kompaniebi pasuxs ageben mxolod maSin, rodesac isini gansaz-
pasuxismgeblobasTan mivyavarT. faqtebi maSin aris araswori, rodesac Rvrul pirTa wres miekuTvnebian. anu prospeqti Sesabamisi sareitingo
isini prospeqtis gamoqveynebis droisaTvis simarTles ar Seesabameba. kompaniis mier unda iyos gamocemuli. rogorc zemoT ukve aRvniSne,
amasTan, arasworia iseTi Sefasebebi da prognozebi, romlebic faqtebiT germaniis birJebis kanonis 44-e paragrafis 1 abzacis 1 winadadebis 1
aris gamyarebuli.230 da me-2 nomris mixedviT pirTa wres miekuTvnebian mxolod isini, vinc
monacemTa arasworoba, iseve rogorc maTi arasrulyofileba ar aris prospeqts adgenen da TavianTi xelmoweriT, an mTeli jgufiT iReben
sakmarisi. saxeze unda iyos mizezobrivi kavSiri, anu fasiani qaRaldi prospeqtis Sinaarsze pasuxismgeblobas. sareitingo kompaniebi ar mie-
SeZenil unda iyos prospeqtis safuZvelze da pasuxismgeblobis adre- kuTvnebian am pirTa wres, Sesabamisad, maTi pasuxismgebloba am kuTxiT
sats xelT unda hqondes amis mtkicebuleba. germaniis birJebis kanonis gamoricxulia.235
44-e paragrafis 1 abzacis 1 winadadebis 1 da me-2 nomris mixedviT
mentari, Tbilisi 2004, gv. 31.
224
Kümpel, Kapitalmarktrecht, Eine Einführung. Berlin 2004, S. 129.
225
Grunewald/Schlitt, Einführung in das Kapitalmarktrecht, 2. Aufl., München 2009, S. 201.
226
Grunewald/Schlitt, Einführung in das Kapitalmarktrecht, 2. Aufl., München 2009, S. 201.
227
§13 :Haftung bei fehlerhaftem Prospekt-~ 1) Sind für die Beurteilung der Wertpapiere, die 231
Grunewald/Schlitt, Einführung in das Kapitalmarktrecht, 2. Aufl, München 2009, S. 226.
nicht zum Handel an einer inländischen Börse zugelassen sind, oder der Vermögensanlagen im 232
Schwark, Kapitalmarktrechts-Kommentar, München 2004, S. 484.
Sinne des§ 8f Abs.1 wesentliche Angaben in einem Prospekt im Sinne des Wertpapierprospekt- 233
§ 5 Prospekt: ~.... (4) Der Prospekt muss Namen und Funktionen, bei juristischen Personen
gesetzes oder in einem Verkaufsprospekt unrichtig oder unvollständig, so sind die Vorschriften oder Gesellschaften die Firma und den Sitz der Personen oder Gesellschaften angeben, die für
der §§ 44 bis 47 des Börsengesetzes mit folgender Maßgabe entsprechend anzuwenden...~. Verk- seinen Inhalt die Verantwortung übernehmen; er muss eine Erklärung dieser Personen oder Ge-
ProspG. sellschaften enthalten, dass ihres Wissens die Angaben richtig und keine wesentlichen Umstände
228
Grunewald/Schlitt, Einführung in das Kapitalmarktrecht, 2. Auf., München 2009, S. 203. (44 ausgelassen sind...~. WpPG.
ff. BörsenG, 13 VerkProspG) 234
Grunewald/ Schlitt, Einführung in das Kapitalmarktrecht, 2. Aufl., München 2009, S. 226 , So
229
Siller, Kapitalmarktrecht, München 2006, S. 93. auch Holzborn, WpPG- Kommentar, Berlin 2008, S. 140.
230
Grunewald/Schlitt, Einführung in das Kapitalmarktrecht, 2. Aufl, München 2009, S. 224. 235
Ebenroth/Daum, WM 1992,Sonderbeilage Nr. 5, S. 2-23(15).

242 243
3.1.4.4 zogadi samoqalaqo samarTlebrivi prospeqtis pasuxismgebloba raodenobis zrdac ganapirobebda. reitingis meTodebis kritikas mohyva
kritika reitingis Sedgenis dros interesTa konfliqtis warmoSobaze.
zogadi samoqalaqo samarTlebrivi prospeqtis pasuxismgeblobis konkretulad, kritikas iwvevda sareitingo kompaniebis axlo damokide-
dros problema Cndeba TviTon terminidan gamomdinare- ,,prospeqtis buleba im bankebTan da emitentebTan, romelTa fasiani qaRaldebis
pasuxismgebloba~. Tu romeli publikaciebi moiazreba am cnebis qveS da Sefasebisas isini axdendnen. miiCnevdnen, rom interesTa konfliqtis
romeli maTgani eqvemdebareba prospeqtis pasuxismgeblobas, sakamaToa. warmoSoba, aseTi urTierTobis dros, gardauvali iyo.
prospeqti farTo gagebiT moicavs ,,bazarTan dakavSirebul werilobiT rogorc wesi, reitingi emitentebis gancxadebis safuZvelze dgeba.
deklaracias~.236 imis miuxedavad, rom reitingi bazarTan dakavSirebul winaT es ase ar iyo. rodesac reitingi yovelgvari gancxadebis gareSe
konkretuli emisiebis werilobiT deklaracias Seadgens, es publikacia aris Sedgenili, advilia imis gageba, rom reitingis saboloo momxmareb-
investorebis informacias warmoadgens. sareitingo kompaniebi Segvi- els sazogadoebis wevri warmoadgens. amis sawinaaRmdegod gancxadebis
Zlia birJebis sainformacio msaxurebis, ekonomikuri publicistebis an safuZvelze Sedgenili reitingis dros naklebad gasagebia Tu vis em-
kapitalis dabandebis Sesaxeb mrCevlebis msgavsad ganvixiloT, romlebic saxureba sareitingo kompania: investiciis ganmaxorcielebel sazoga-
investorTa informaciis bazarze damoukidebeli saqmianobiT msaxuro- doebas, Tu imas vinc mas fuls uxdis. sareitingo kompaniis Semosavali
ben.237 rogorc wesi, sareitingo kompaniebi prospeqtis pasuxismgeblobis metwilad Sedgeba gadasaxadebisgan, romelsac emitentebi reitingisT-
qveS ar xvdebian, radgan reitingi prospeqtSi saerTod ar aris moce- vis ixdian. 98% reitingebisa, rac ki dRes msoflios masStabiT dge-
muli. amasTan reitingis ubralo gamoqveyneba ar uTanabrdeba prospeqts. ba, swored emitentebis-reitings warmoadgens da emitentebis dakveTiT
mniSvnelovania isic, rom reitingis prospeqtSi xsenebis dros pirdapir aris Sedgenili. emitentebs ar eSiniaT ,,Rating shopping~240- Si Carevis.
ar igulisxmeba, rom sareitingo kompaniam prospeqtis SedgenaSi raime Sesabamisad sareitingo kompaniebi cdiloben damkveTi maRali reitingiT
monawileoba miiRo. amrigad sareitingo kompaniebs am kuTxiT ver da- Seafason, im imediT, rom ufro metis surviliT aRsavse `kmayofili
vakisrebT pasuxisgeblobas.238 Sedegad SegviZlia vTqvaT, rom sareit- klienti~ ukan dabrundeba. marTalia, sareitingo kompaniebi dResdReiso-
ingo kompaniebi zogad samoqalaqo samarTlebriv prospeqtis pasuxismge- biT miuTiTeben, rom dakveTis gareSe Sedgenili reitingisadmi damokide-
blobis safuZvelzec ar ageben pasuxs. buleba Seicvales da surT swored am saxis reitingebis Sedgena ganax-
orcielon241, magram realurad yovelive es jer kidev survilis doneze
rCeba.
3.2 sareitingo kompaniebis damoukidebloba da interesTa konfliqti sareitingo kompaniebma aseve daiwyes kompaniebisTvis konsulta-
ciis gaweva imasTan dakavSirebiT, Tu rogor unda gaaumjobeson da
sareitingo kompaniebTan dakavSirebiT kidev erT mniSvnelovan prob- rogor daimsaxuron ufro maRali reitingi.242isini bankebs finans-
lemas warmoadgens erTi SexedviT Zalian martivi moTxovna sareitingo uri instrumentebis SefuTvasTan dakavSirebiT rCevebs aZlevdnen. eseni
kompaniis damoukideblobasa da reitingis Sedgenis procesSi war- iyvnen bankebi, romlebic TavianTi reitingebisTvis fuls uxdidnen maT.
239
moSobil interesTa konfliqtTan dakavSirebiT. msoflio finansuri kritikosebi am urTierTobas adareben maTematikis maswavleblisa da
krizisis Semdeg reitingis Sedgenis meTodebi xSirad eqceoda kriti- moswavlis urTierTobas, rodesac maswavlebeli moswavleebs saklaso
kis qveS. 2007 wlis agvistoSi SEC-ma intensiurad daiwyo reitingis davalebebis gakeTebaSi exmareba da amasTan erTad ukvirs, Tu ratom ar
meTodebisa da sami wamyvani sareitingo kompaniis saqmianobis Semowmeba. ician moswavleebma sworad angariSi.243 ra Tqma unda, aseT pirobebSi
2008 wlis ivlisSi ki Tavisi Sedegebi dado. man aRniSna, rom sareitin-
go kompaniebi 2002 wlidan ufro kompleqsurebi gaxdnen da sareitingo 240
,,reitingis yidva~.
saqmianobis miznebi sagrZnoblad gaizarda. amas sareitingo kompaniebis 241
Ohne Autor, Rating-Riese will Bonität auch ohne Auftrag prüfen.
Spiegel-online.27.Januar 2011.http://www.spiegel.de/wirtschaft/unternehmen/0,1518,741899,00.
236
Ebenroth/Daum, WM 1992,Sonderbeilage Nr. 5, S. 2-23(15). html.
237
Ebenroth/Koos in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 498. 242
Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://
238
Ebenroth/Daum, WM 1992, Sonderbeilage Nr. 5, S. 2-23 (16). www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.
239
Habersack, ZHR 169/2005, S. 185-211 (195). 243
Schäfer, Der Crash des Kapitalismus, Frankfurt/Main 2009, S. 280.

244 245
interesTa konfliqtis warmoSoba gardauvalia. malul profesiul saidumlos.248 sareitingo kompaniebis Sefasebebis
maSin, rodesac investorebs egonaT, rom sareitingo kompaniebis saqmi- safuZvelze bazarze gamWvirvaloba ar aris, radgan gaurkvevelia, Tu ra
anoba damoukidebeli da yovelgvari interesTa konfliqtisgan Tavisu- safuZvelze iqna esa Tu is reitingi miRebuli. sareitingo kompaniebi
fali iyo, SEC -ma Tavis moxsenebaSi naTlad aRniSna, rom es yovelTvis aranair informacias ar iZlevian reitingis xarisxobriv aspeqtTan daka-
ase ar iyo. niu-iork taimsis Jurnalistis joS rosneris mixedviT, vSirebiT, romelsac reitingi Seicavs. Sesabamisad, SeiZleba vilaparakoT,
didi xnis ganmavlobaSi sami wamyvani sareitingo kompania sainvesticio rom reitingi subieqturia, rom is subieqtur elementebs Seicavs. es
fondebsa da hedj-fondebs konsultacias uwevda imaze, Tu rogor unda subieqturi elementebi ki saerTo jamSi sareitingo kompaniebis saboloo
momxdariyo sxvadasxva donis finansuri produqtis iseTi ganviTareba, reitingSi poveben gamovlinebas. nawilobriv, reitingis subieqturobiT
rom maT kargi SefasebisTvis mieRwiaT. Sedegad, rodesac damkveTi sare- SeiZleba avxnaT gamWvirvalobis ar arseboba, romelsac, xSir SemTxvevaSi,
itingo kompaniis rCevas mihyveboda, sareitingo kompania mzad iyo, misT- rTul finansur Sedegamde mivyavarT.249 yovelive amas mohyveba is, rom
vis maRali reitingi mieniWebina. am praqtikam sareitingo kompaniebis mani pulaciis Sesaxeb eWvi gaizrdeba, rasac, wesiT, sareitingo kompaniis
rCeva Zvirfasi da mniSvnelovani gaxada. instrumentis reitingisadmi ndobis dacema unda mohyves. praqtikulad
sareitingo kompaniebi interesTa konfliqtis Tavidan acilebas cdi- es dRes xdeba Tu ara sakiTxavia, magram Teoriulad es namdvilad ase
lobdnen imiT, rom isini sakonsultacio da Semfasebel ganyofilebas unda iyos. sasurvelia, meti gamWvirvaloba, rac gamoricxavs yoveli
erTmaneTisgan yofdnen.244 interesTa konfliqtis Tavidan acileba sx- konkretuli reitingi mani pulirebas.250
vadasxva saxiT ganxorcielda. aSS-Si potenciuri interesTa konfliqtis ukve 2008 wels evropis parlamentisa da evrosabWos rCevaSi sare-
Tavidan aridebis mizniT sareitingo kompaniebs aekrZalaT maT mier Sesa- itingo kompaniebisaTvis dadgenilebis gamocemis Taobaze uamravi norma
fasebeli emitentebisTvis rCevis micema.245 2009 wlis aprilSi SEC-ma eTmoboda reitingis Sedgenis procesis gamWvirvalobas.251 imisaTvis, rom
gamoaqveyna sareitingo kompaniebisaTvis dadgenili normebis cvlile- sareitingo kompaniebis gamWvirvaloba gazrdliyo, isini valdebulebi
bebi, romelic exeboda yvela sareitingo kompanias, romelsac surda aRi- iyvnen:
arebuli yofiliyo NRSRO-od. axali danawesebi sareitingo kompaniebi- 1. uzrunveleyoT mTlianad reitingis Sedgenis Sida procesis gam-
sgan moiTxovda reitingis Sedgenis procesSi warmoSobili interesTa Wvirvaloba.
konfliqtis gamovlenasa da aRkveTas. amasTan sareitingo kompaniebi 2. struqturirebadi finansuri produqtis reitingi cnobili unda
valdebulni iyvnen ezrunaT, rom maT mier miRebuli Sefasebebi raime gav- gaexadaT.
lenis qveS ar moqceuliyvenen. `vol-stritis reformebis aqti~246 ufro 3. sareitingo kompaniis SesaZleblobebis statistika unda See-
Sors wavida da NRSRO-sgan moiTxova reitingis Secvlis TariRisa da muSavebinaT.252
drois gamoqveyneba, raTa amiT investorebisTvis SesaZlebeli yofiliyo 4. sareitingo kompaniebi valdebulni iyvnen iseTi mniSvnelovani
nacionalur doneze aRiarebuli sareitingo kompaniebis erTianobisa da informacia, rogoric aris interesTa konfliqti, meTodebi, reitingis
SesaZleblobebis Sefaseba. amasTan, yvela reitingis gamoqveynebasTan er- Sedgenis safuZvlebi, gamoeqveynebinaT.253
Tad unda gamoqveynebuliyo is informaciac, rac misi miRebis dros iqna sareitingo kompaniebisaTvis dawesebuli informaciasTan dakavSire-
gamoyenebuli.247 buli normebi mocemulia ,,IOSCO Code of Conduct Fundamental~-Si,
interesTa konfliqtis Tavidan acileba aseve gazrdili gamWvir-
valobiT iqna gaTvaliswinebuli. reitingi rogor midis Tavis saboloo
248
Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660).
249
Wenzel, WM 36/1996, S. 1605-1611 (1610).
saxemde warmoadgens sareitingo kompaniebis kargad SefuTul da da- 250
Deipenbrock, WM 25/2009, S. 1116-1174 (1171).
251
Deipenbrock, WM 25/2009, S. 1165-1174 (1171).
244
Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010, http:// 252
Arbeitsdokument der Kommissionsdienststellen zum Vorschlag für eine Verordnung des Eu-
www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml. ropäischen Parlaments und des Rates über Ratingagenturen-Zusammenfassung der Folgenab-
245
Haar, ZBB 3 / 2009, S. 177-187 (183). schätzung, Nr. 5.1.3.
246
,,The Wall Street Reform Act~. http://ec.europa.eu/internal_market/securities/docs/agencies/resume_impact_assesment_de.pdf.
247
Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http:// 253
EU-Kommission, Vorschlag für eine Verordnung des Europäischen Parlaments und des Rates
www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml. über Ratingagenturen, 12.11.2008, Artikel 9, Anhang 1, Abschnitt E.

246 247
romlis Sesabamisadac isini valdebulni arian istoriulad adevnon lebels niSnisTvis fuls uxdis ufaso swavlebis dros.~261 2008 wlis
Tvali reitingebs da mudmivad akeTon maTze moxsenebebi.254 es danawesebi dekemberSi SEC-ma Tavis axal regulirebaSi gansazRvra, rom sareitingo
sareitingo kompaniebTan dakavSirebiT evropis dadgenilebaSic aisaxa da kompaniebi uflebamosilni aRar arian moaxdinon struqturirebuli fi-
maT daevalaT gamWvirvalobis Sesaxeb yovelwliuri moxsenebebis gamo- nansuri produqtis Sefaseba, Tu sareitingo kompaniebma maT SefuTvaSi,
qveyneba. amasTan, aekrZalaT sakonsultacio saqmianobis gaweva maT mier SedgenaSi monawileoba miiRes.262
Sesafasebeli pirebis mimarT.255 dRevandeli praqtika gakritikebulia ara mxolod literaturaSi,
ra Tqma unda, interesTa konfliqtTan dakavSirebiT zemoT CamoTv- aramed investorebis mxridanac. ase magaliTad legendarulma inves-
lili normebi mniSvnelovania, Tumca potenciuri interesTa konfliqti torma varen bafetma erTxel ganacxada, rom rogorc biznesis mflobels
yovelTvis iarsebebs iqamde mainc, sanam emitenti sareitingo kompanias sareitingo kompaniebis dafinansebis wyaro sZulda, Tumca ukeTes al-
reitings ukveTavs deviziT- ,,vinc ixdis, musikasac is ukveTavs.~256 in- ternativas ver xedavda.263 varen bafetma, romelic mudis did aqcioners
teresTa konfliqtTan dakavSirebuli axali normebi interesTa kon- warmoadgens, problemis mogvarebis Taviseuli versia ar wamoayena. man
fliqti Semcirebas da ara mis aRmofxvras emsaxureba.257 sareitingo kompaniebis roli finansuri krizisis dros Semdegnairad
sareitingo kompaniebTan dakavSirebiT kidev erT problemas warmoad- daaxasiaTa da ganacxada, rom sareitingo kompaniebma, iseve rogorc sx-
gens maTi anazRaurebis sakiTxi da Sesabamisad sareitingo-kompaniebis vebma, dauSves Secdomebi.264
damoukidebloba. rogorc cnobilia, sareitingo kompaniebi 70-ian dan dRes iseT qveynebs, rogoric aris iaponia da germania, saxelmwifo
80-ian wlebamde, ZiriTadad, aSS-s masStabiT arsebobdnen da maTi Se- regulaciis saSualebiT undaT moaxdinon amerikuli fesvebis mqone
mosavlis mniSvnelovan wyaros analitikuri masalebis realizaciidan sareitingo kompaniebis Zalauflebis SezRudva. am mizniT isini na-
miRebuli Semosavali iyo. droTa ganmavlobaSi maTi Semosavlis wyaro cionaluri sareitingo kompaniis dafuZnebas uWeren mxars.265 germaniis
Seicvala da is emitentebisgan reitingebisTvis gadaxdili Tanxa gaxda. kancleri angela merkeli miekuTvneba imaT, vinc sareitingo kompaniebis
am praqtikis Sedegi ase gamoiyureba: sareitingo kompaniebi imaTze arian dauyovnebliv reformas emxrobian da amasTan evropis sareitingo kom-
ekonomikurad damokidebulebi, vinc maT reitings ukveTavs. SeiZleba paniis daarsebis momxrea, raTa Semcirdes amerikis oligopoluri mdgo-
iTqvas, rom reitingis yovel safexurs Tavisi Rirebuleba gaaCnia.258 mareoba sareitingo bazarze.266
`damkveTi aRirebs reitingis Sedgenis procesis subieqturobas, Segnebu-
lad yidulobs subieqtur reitings da akritikebs mxolod im SemTx- 3.2.1 evropis sareitingo kompania
vevaSi, Tu Tavs arasaTanadod kargad Sefasebulad miiCnevs.~259 aqtual-
uria sakiTxi- dasaSvebi unda iyos Tu ara is, rom reitingis damkveTi 1997 wlis krizisis Semdeg germaniaSi gaCnda idea evropis sare-
sakuTari reitingisTvis ixdis.260 itingo kompaniis Seqmnis Sesaxeb. aseTi kompaniis dafuZnebis saWiroeba
xSirad akritikeben evropis komisiis sareitingo kompaniebis Ses- imiT iyo axsnili, rom investorebi patara da mcire biznesis Sesaxeb
axeb 2009 wlis dadgenilebas, radgan is centraluri problemebis informacias ar flobdnen, radgan investorTa umravlesoba sareitingo
gadaWras ar emsaxureba. ufro metic dadgenilebis did naklad miiCneva kompaniis produqts reitings ar flobda. axali koncefcia sTavazobda
is faqti, rom sareitingo kompaniebi Zireulad ucvlelni darCnen da
maTi saqmianoba jer kidev ise gamoiyureba, TiTqos `moswavle maswav- 261
Cortez/Schön, Zeitschrift für das gesamte Kreditwesen 5/ 2010, S. 226-229 (227-228).
262
Grundmann/Hofmann/Möslein(Hrsg.), Finanzkrise und Wirtschaftsordnung,Berlin 2009, S.
254
IOSCO, Code of Conduct Fundamentals for Credit Rating Agencies, Nr. 3.8. http://www.cnbv. 113.
gob.mx/recursos/iosco10.pdf. 263
Curus, Buffett Defends How Rating Agencies Are Paid, Dealbook 2.06.2010.
255
Cortez/Schön, Zeitschrift für das gesamte Kreditwesen 5/ 2010, S. 226-229 (227-228). http://dealbook.blogs.nytimes.com/2010/06/02/buffett-defends-how-rating-agencies-are-paid/.
256
Möllers, JZ 18/2009, S. 861-871 (865). ,,Wes’ Brot ich ess’, des’ Lied ich sing~. 264
avtoris gareSe,, EU will Rating-Oligopol knacken.manager-magazine online.03.Juni 2010.
257
Möllers, JZ 18/2009, S. 861-871 (865). http://www.manager-magazin.de/finanzen/artikel/0,2828,698582,00.html.
258
avtoris gareSe, Rating-Macht über die Märkte, Zeitschrift für das gesamte Kreditwesen 265
Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://
12/1994, S. 580. www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.
259
Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 650. 266
Zeise, Ende der Party. Die Explosion im Finanzsektor und die Krise der Weltwirtschaft, Köln
260
Habersack, ZHR 169 (2005), S. 185-211 (195). 2009, S. 170.

248 249
momxmarebels xelmisawvdom sareitingo momsaxurebas bazarze. misi Se- mareobaSi myofi firmebis gavleniT aris ganpirobebuli.271
qmnis moTxovna ufro da ufro izrdeba.267 dRes evropis sareitingo evropis sareitingo kompaniis Seqmnis ideas pizitiurad afaseben
kompaniis Seqmna sareitingo kompaniebTan dakavSirebuli problemebis evropaSi, Tumca gamoTqvamen varauds, rom amiT sareitingo kompaniebTan
mogvarebis gzad268 miaCniaT. Tvlian, rom evropis misi SeqmniT wamyvani dakavSirebuli mTavari problemebi ar mogvardeba. miiCneven, rom maregu-
amerikuli sareitingo kompaniebis gavlena Semcirdeba, rom evropis sare- lirebeli normebi aRar unda daeyrdnos sareitingo kompaniebis riskebis
itingo kompania SeZlebs konkurencia gauwios maT da daangrios ologo- Sefasebas, raTa yvelam gaigos, rom reitingi mxolod da mxolod ubralo
poliuri bazari. azris gamoTqmas warmoadgens. arian iseTebic, romlebsac miaCniaT, rom
bremenis landesbankis analitikosma- folker helmaierma Tavisi evropis sareitingo kompaniis Camoyalibeba sareitingo kompaniebs Soris
pozitiuri damokidebuleba daafiqsira evropis sareitingo kompaniis konkurenciis gazrdas Seuwyobs xels. amasTan, is did rols iTamaSebs
SeqmnasTan dakavSirebiT. misi azriT, sami wamyvani sareitingo kompania evropasa da amerikas Soris arsebuli disbalansis dasrulebaSi.272
warmoadgens amerikis finansuri sistemis politikur nawils da Se- evropis sareitingo kompaniis SeqmnasTan dakavSirebul diskusia-
sabamisad mis interesebs emsaxurebian. evropis sareitingo kompaniis Si safrangeTis centraluri bankis ufrosma kristian noiarma273 sare-
Seqmna mas gardauvlad miaCnia, raTa evropa gaTavisuflebuliyo am in- itingo kompaniis alternatiuli organos Seqmnis sruliad axleburi
stitutebis gavlenisgan.269 idea wamoayena. konkretulad man wamoayena winadadeba, rom sareitingo
mesame didi sareitigo kompania Fitch sareitingo bazarze gabatonebu- kompaniebis saqmianobis ganxorcielebis ufleba gadasuliyo kreditis
li oligopoluri mdgomareobis Sesustebis mizniT evropis sareitingo damzRvevis xelSi, rogoric aris magaliTad germanuli ,,Tochter Eul-
kompaniis Seqmnas eWvis TvaliT uyurebs. is miiCnevs, rom sareitingo er Hermes~, an franguli ,,Coface~.274 mas miaCnia, rom isini saamisod
bazarze oligopoluri mdgomareobis dangeva faqtiurad SeuZlebelia Sesabamis codnasa da gamocdilebas floben, radgan kreditis damzRvevi
im garemoebis gamo, rom mudisa da S&P-is Zalaufleba Zalian didia. sareitingo kompaniis msgavsad kreditis xarisxs afasebs. amasTan, isini
Fitch-is azriT, evropis sareitingo kompaniis SeqmniT am ori kompaniis valdebulni iqnebian cudi reitingebisTvis pasuxi agon da gadaixadon
gavlena bazarze ar Seicvleba. Sesabamisad, evropis sareitingo kompa- Sesabamisi konpensacia. es ki pasuxismgeblobis problemas moxsnida.
nia konkurencias gauwevs mxolod sxva patara sareitingo kompaniebs, am ideas germaniis finansTa ministri volfgang Soibe275 pozitiurad
magram Moody’s da S&P-is mier is konkurentad ar iqneba aRqmuli. gamoexmaura.276evropis sareitingo kompaniis statusis miniWebisaTvis
Fitch-is gancxadebiT, misTvisac Znelia am ori didi kompaniis bazarze ganacxadi frangulma kompaniam `Coface~-ma da germanulma `Feri~-m gaa-
gabatonebuli mdgomareobis Secvla. imis miuxedavad, rom is bevr sfer- keTes. `Coface~-i warmoadgens organizacias, romelsac iuridiuli piris
oSi igive raodenobis reitingebs gamoscems, misi mogeba Moody’s mogebis adgilsamyofeli aqvs parizSi, msoflios masStabiT 6600 TanamSromeli
naxevars Seadgens.270 da 2009 wels mis wliur brunvas 1,56 miliardi evro Seadgenda.277
albaT, evropis sareitingo kompanias wamyvani sareitingo kompaniebis `Feri~-i warmoadgens Bad Homburg-Si278 moqmed kompanias, romelic ger-
konkurenciis gaweva gauZneldeba TviTon oligopoliuri bazris bune- 271
Ciqava, ekonomikuri Teoriis mokle kursi, Tbilisi ~marji~ 2006, gv. 223.
bidan gamomdinare. oligopoliuri bazris modelis erT-erT ZiriTad 272
Mallien, Europäische Ratingagentur keine Lösung. Handelsplatt 02.06.2010. http://www.
maxasiaTebels warmoadgens bazarze gabatonebuli firmebis potenciuri handelsblatt.com/politik/international/top-oekonom-gustav-horn-europaeische-ratingagentur-
konkurentebis SeRwevis sirTule, rac uSualod monopoliur mdgo- keine-loesung;2593224.
273
Cristian Noyar
274
avtoris gareSe,, EU will Rating-Oligopol knacken.manager magazine online.03.Juni 2010.
267
Cortez/Schön, Zeitschrift für das gesamte Kreditwesen 5/ 2010, S. 226-229 (228). http://www.manager-magazin.de/finanzen/artikel/0,2828,698582,00.html.
268
Gottschalck, Götterdämmerung für die Rating-Riesen.manager-magazine. 23. Februar 2011. 275
Wolfgang Schäube.
http://www.manager-magazin.de/finanzen/artikel/0,2828,746097,00.html. 276
avtoris gareSe,, Noyer‘s Rating-Alternative: Euler-Hermes, Coface und Co., Wirtschafts-
269
avtoris gareSe, Diskussion:Braucht Europa eine eigene Ratingagentur?. Manager -magazin blatt 02.06.2010.http://www.wirtschaftsblatt.at/home/international/wirtschaftspolitik/423457/
online. 01. Juni 2010. http://www.manager-magazin.de/finanzen/artikel/0,2828,697925,00.html index.do).
270
Cünnen/ Knipper/ Handelsblatt, Fitch sieht keine Chancen für rein europäische Ratingagentur, 277
avtoris gareSe,, Europäer wollen Macht der US-Rating-Riesen brechen.spiegel-online. 28.
Handelsblatt 08.10.2003. http://www.handelsblatt.com/unternehmen/banken-versicherungen/ Juli 2010. http://www.spiegel.de/wirtschaft/unternehmen/0,1518,708984,00.html.
fitch-sieht-keine-chancen-fuer-rein-europaeische-ratingagentur;675128. 278
mdebareobs hesenSi.

250 251
maniis masStabiT axorcielebs saxelmwifoebisa da 800-mde sferos ingo kompaniebi da saerTod risTvis aris saWiro reitingebis miniWeba,
Sefasebas.279 sakiTxavia. erTi ram naTelia, rom reitingebis floba 2008 wlidan
evropis sareitingo kompaniis SeqmnisaTvis Sesaferisi droa saWiro. siaxles ar warmoadgens, Tumca amas ar mohyolia saqarTveloSi sareit-
misi mxardaWerisa da daCqarebulad SemoRebis mxardaWeris miuxedavad ingo kompaniebis dafuZneba. dRes saqarTveloSi reitings floben bankebi,
germaniis kancleri angela merkeli Tvlis, rom evros krizisis aseT TviTon qveyana-saqarTvelo da `saqarTvelos rkinigza~.
pirobebSi evropis sareitingo kompaniis Seqmnis dro ar aris.280

4.1 bankebi
4. sareitingo kompaniebis saqmianobis samarTlebrivi
regulireba saqarTveloSi
rogorc ki gaCnda motivacia imisa, rom reitingis gamoyeneba aucile-
belia raRac finansuri sakiTxebis gadasawyvetad, gaCnda misi praqtikac.
msoflio finansurma krizisma gansxvavebulad imoqmeda msoflios saqarTveloSi pirveli reitingebi bankebs mieniWaT. dRes saqarTveloSi
sxvadasxva qveyanaze. gavlenis masStabs gansazRvravda qveynis integri- cxrameti licenzurebuli sabanko dawesebuleba moqmedebs, romelTagan
rebuloba msoflio ekonomikur procesebSi, rac qveyanaSi transnaciona- mxolod oTxs aqvs miniWebuli reitingi. kerZod: 1) ,,Tibisi~ banki Se-
luri kompaniebis arsebobas, mezobeli qveynebis mdgomareobasa da qveynis fasebulia Moody’s-isa da Fitch-is mier, Sesabamisad reitingiT B1 da
ekonomikis eqsport-importze damokidebulebas gulisxmobs.281 SeiZleba B+.285 2) ,,vi-Ti-bi~ banki Sefasebulia mxolod Fitch-is mier da mini-
iTqvas, rom saqarTveloSi krizisi ufro adre daiwyo vidre msoflioSi, Webuli aqvs ВВ-.286 3) ,,prokredit~ banks 2010 wlis 6 agvistos aseve
amas ganapirobebda sxvadasxva faqtori, maT Soris mTavari roli ruseT- Fitch-ma mianiWa reitingi ВВ-.287 4) bolos ,,saqarTvelos banki~, romelic
saqarTvelos xuT dRian oms uWiravs.282 Mmsoflio krizisiT gaCnda zemoTxsenebuli bankebis identur reitings flobs.
undoblobis momenti, rac investiciuri aqtiurobis SemcirebaSi gamoix- unda aRiniSnos, rom saqarTvelos bankebidan yvelaze did warmate-
ata.283 amasTan, kidev ufro gaizarda umuSevarTa raodenoba.284 bas swored ,,saqarTvelos bankma~ miaRwia da misi fasiani qaRaldebi
globalur finansur krizisamde saqarTveloSi sareitingo kom- 2006 wlis noemberSi londonis birJis (LSE) savaWro sisitemaSi iqna
paniebis mimarT damokidebuleba arc praqtikaSi da arc kanonmdeblobaSi daSvebuli (kodi-BGEO). krizisma aqciis fasze sagrZnoblad imoqmeda.
ar SeimCneoda. sareitingo kompaniebis Tema aqtiurad wamoiWra finansuri amas mowmobs is faqti, rom londonis birJaze 2006 wlis 31 dekembers
krizisis periodSi. saqarTvelos kanonmdebloba erTeuli Canawerebis erTi aqciis fasi 22,5 dolari, 2007 wlis 31 dekembers 29,538 dolari
garda ar Seicavs sareitingo kompaniebis maregulirebeli normebis iyo, 2008 wlis 31 dekembers ki sagrZnoblad daeca 4,14 dolaramde.
Canawerebs. saqarTveloSi adgili aqvs SemTxvevas, rodesac praqtika krizisis Semdeg fasi ganagrZobs zrdas, Tumca jer ver miaRwia lon-
ufro mdidaria, vidre kanonmdebloba. ramdenad gaTviTcnobierebulia donis birJaze daSvebis droisaTvis arsebul Rirebulebas. 2011 wlis
sazogadoeba imaSi, Tu ras warmoadgens reitingi, ras saqmianoben sareit- 31 martis mdgomareobiT aqciis fass 19,85 dolari warmoadgend.288 ro-
gorc Cans miuxedavad imisa, rom saqarTvelos banks miniWebuli hqonda
279
Böschen, Feri will auch Unternehmen beurteilen.manager-magazine online.23.September reitingi misma investorebma mainc ver aiciles Tavidan aqciebis kursis
2010. http://www.manager-magazin.de/finanzen/artikel/0,2828,718974,00.html.
vardna.
280
avtoris gareSe,, Merkels Euro-Deal verärgert Unionspolitiker.spiegel-online. 18. Juni 2011.
http://www.spiegel.de/wirtschaft/soziales/0,1518,769198,00.html. finansuri krizisis periodSi, iseve rogorc mis Semdeg sareitingo
281
pavliaSvili, mimdinare ekonomikuri krizisis xasiaTi da Taviseburebani. socialuri kompaniebis saqmianobasTan dakavSirebiT specialuri instituti qarTul
ekonomika 1(13)/2011, gv. 30-37 (30).
282
jibuti, globalizacia-ucodneli codna. socialuri ekonomika 1(13)/2011, gv. 55-58. 285
http://www.tbcbank.com.ge/ir/main.php?id=49&lang=eng.
(57). 286
http://ge.vtb.com.ge/about/raitings/.
283
baraTaSvili, saqarTvelo msoflio finansuri krizisis fonze. socialuri eko- 287
http://www.procreditbank.ge/index.php?item_id=31&component=STATIC_CONTENT &me
nomika 1(13)/2011, gv. 52-53 (52). nu _id=14&sub_menu_id=54.
284
tyeSelaSvili/didiSvili, konomikuri krizisis daZlevis ZiriTadi mimarTulebebi 288
http://www.bog.ge/ir/index.php?&params=eF5LtDKyqi62MrFSyknMS1eyLgbylVLzQAyg
saqarTveloSi. socialuri ekonomika 1(13)/2011, gv. 59-61 (59). WEFieipYzMxKqTgjsSg1vqAoMzk1PjEvJT43sSg7tSQ%2BObFAyboWAA1bFzk%3D.

252 253
kanonmdeblobaSi Semotanili ar yofila. saqarTvelos erovnuli bankis axeb~ erovnuli banks avalebs saerTaSoriso sareitingo kompaniaTa
mier finansuri seqtoris megaregulatoris funqciis SeZenis Semdeg nusxisa da reitingis donis dadgenas. reitingis donis damdgeni do-
(2009 w.), saqarTvelos kanonSi ,,erovnuli bankebis Sesaxeb~ Sevida Se- kumenti ki ZalaSi aRar aris, Sesabamisad saqme gvaqvs samarTlebriv
sabamisi cvlilebebi, magram sareitingo kompaniebis Sesaxeb raime norma vakuumTan.
mocemuli ar aris. ,,komerciuli bankebis saqmianobi Sesaxeb~ saqarT- reitingis odenobasTan erTan aranakleb sainteresoa ganviTarebuli
velos kanonSi, maSin rodesac saqarTveloSi ucxoeTis bankis filialis qveynebis is sia, romelsac saqarTvelos erovnuli bankis prezidentis
gaxsnazea saubari, Semodis reitingis aucileblobis gamoyenebis sakiTxi. N 16/01-Si aris mocemuli. aRniSnuli sia moicavs evrokavSiris qvey-
kerZod, saqarTveloSi ucxouri bankis filialis gaxsna dasaSvebia, Tu nebis srul Semadgenlobas da damatebiT gansazRvravs kide 16 qveyanas.292
is daakmayofilebs ,,sando bankis~ statuss. sando bankad ki miiCneva saqarTvelos erovnuli bankis mier dadgenili sia, romelic konkretul
banki kanonis 1 muxlis ,,p~ qvepunqtis mixedviT.289 aRniSnuli muxlis kriteriumebze ar aris dayrdnobili, rbilad rom vTqvaT, gaugebaria, miT
Sesabamisi punqtis mixedviT, ucxour sando banks warmoadgens ganviTare- umetes, rom arsebobs praqtika ganviTarebuli qveynebis CamonaTvalis
buli qveynebis banki, ,,romelsac aqvs kompetenturi saerTaSoriso sare- OECD-is qveynebis mixedviT Sedgenisa.
itingo organizaciis mier miniWebuli, garkveuli donis an masze maRali
reitingi.~ amasTan imave muxlis mixedviT kompetenturi saerTaSoriso
sareitingo kompaniaTa nusxas, iseve rogorc reitingis dones TviTon 4.2 saqarTvelos suverenuli reitingi.
erovnuli banki adgens. kompetentur sareitingo kompanias saqarTvelos
erovnuli bankis prezidentis 2007 wlis 26 aprilis N105 brZanebis290 qveynis reitingi es aris sareitingo kompaniis mier qveynis gadax-
mixedviT sami wamyvani sareitingo kompania: Moody’s, Fitch da S&P war- disunarianobis Sefaseba. es aris investorebisaTvis riskis maCvenebeli.
moadgenen. saqarTvelom pirveli reitingi 2008 wels miiRo. pirveli suverenuli
sainteresoa sakiTxi reitingis odenobasTan dakavSirebiT. zemoTx- sakredito reitingi saqarTvelos Fitch-ma mianiWa da Seafasa B+-iT,
senebuli brZanebis mixedviT ganviTarebuli qveynebis banki ucxouri rac `kreditunarianobis mniSvnelovnad arasakmaris dones~ warmoadgens.
`sando bankis~ statusiT sargeblobis uflebas moi povebs im SemTxvevaSi, Fitch-i yovel wliurad aniWebs saqarTvelos suverenul reitngs, Tumca
Tu mas Fitch-isgan da S&P-sgan AA, xolo mudisgan☺reitingi aqvT mini- B+-ze maRali reitingi jer ar miuniWebia. Fitch-Tan erTad saqarTvelos
Webuli.291 albaT, im fonze rom saqarTvelos suverenuli reitingi B+ Sefasebas 2008 wlidan S&P-ic axorcielebs. 2008-2009 wlebSi man
Seadgens, saqarTveloSi moqmedi 19 bankidan mxolod 4 flobs reitings, saqarTvelos suverenuli reitingi B-Ti Seafasa, 2011 wels ki reitingi
danarCeni ki saerTod reitingis gareSe arsebobs, ar iqneba gadametebuli B-dan B+-mde gazarda. 2011 wlis 4 ivliss maT ricxvs mesame wamyvani
Tu vityviT, rom saqarTvelos ufro maRali da mkacri moTxovnebi aqvs sareitingo kompania Moody’s SeuerTda. saqarTvelosTvis Moody’s-is
ucxo qveynebis safinanso institutebis mimarT, vidre rezidentebisadmi. mier miniWebuli reitingi ar gansxvavdeba danarCeni ori sareitingo
es arRvevs samewarmeo subieqtebisadmi Tanabari damokidebulebis prin- kompaniis reitingisagan da B+-s Seadgens. unda aRiniSnos is faqti,
ci ps maTi warmoSobis miuxedavad. rom qveynis SigniT konkretuli institutis Sefasebis dros amomaval
mogvianebiT erovnulma bankma erovnuli bankis prezidentis N105 wertilad qveynis suverenuli reitingi gvevlineba. Ees imas niSnavs, rom
brZaneba gaauqma saqarTvelos erovnuli bankis prezidentis 2010 wlis ar SeiZleba qveynis SigniT arsebul nebismier instituts mieniWos imaze
22 oqtombris N132/01 brZanebiT. dRes am mxriv realoba Semdegnaerad maRali reitingi, vidre qveynis suverenuli reitingia.
gamoiyureba: saqarTvelos kanoni `komerciuli bankebis saqamianobis Ses- Tavdapirvelad saqarTvelosaTvis reitingis saWiroeba evroobliga-
ciebis ganTavsebis mizniT aixsneboda. ra Tqma unda reitingis gareSec
289
,,saqarTvelos kanoni komerciuli bankebis saqmianobis Sesaxeb, ~m. 1, p. ~p~. SeiZleba fasiani qaRaldebis ganTavseba, magram arsebobs imis saSiSroeba,
290
saqarTvelos erovnuli bankis prezidentis brZaneba N 105. 2007 wlis 26 aprili: rom aseT SemTxvevaSi investorebi metad daizRveven Tavs da fasian
,,kompetenturi saerTaSoriso sareitingo organizaciaTa nusxisa da maT mier miniWebu-
292
li reitingebis doneebis mixedviT sando bankis statusis dadgenis Taobaze debulebis esenia: aSS, kanada, korea, iaponia, hongkongi, israelis saxelmwifo, singapuris samefo,
damtkicebis Sesaxeb.~ danarTi. bahreinis samefo, Sveicariis konfederacia, dubais saamiro, islandiis respublika, lix-
291
http://www.nbg.gov.ge/index.php?m=339&newsid=562. tenSteinis samTavro, norvegiis samefo, axali zelandia, avstraliis Tanamegobroba.

254 255
qaRaldebSi mxolod Zalian dabal fass gadaixdian. saqarTvelom 2008 pirobiT. (kuponi-9,875%, weliwadSi orjer gadaxdiT).298 dReisaTvis
wels ganaTavsa 500 milioni dolari evroobligaciebSi. `saqarTvelos rkinigza~ erTaderTi arasabanko korporaciaa, romelsac
saqarTvelos reitingi warmoadgens iseTi saxis reitings, romelic gaaCnia saerTaSoriso reitingi. gamomdinare saqarTvelos valdebule-
dakveTis safuZvelze aris Sedgenili, anu am konkretul SemTxvevaSi bebidan evrosabWos winaSe, rom moxdeba evropis samarTlis sistemasTan
saqarTvelo gamodis emitentis rolSi, romelic sakuTari reiting- harmonizacia mizanSewonili iqneba iseTi regulirebebis gatareba sare-
isTvis ixdis fuls. sainteresoa, anazRaurebis sakiTxi, konkretulad itingo kompaniebis mimarT saqarTveloSi, rac evropaSi xdeba.
sainteresoa Tu ramdeni ujdeba saqarTvelos msoflios wamyvani sare-
itingo kompaniebis momsaxureba. saqarTvelos biujetSi gaTvaliswinebu- daskvna
lia xarjebi sareitingo momsaxurebisaTvis. pirveli reitingi saqarT-
velom 2008 wels miiRo. saqarTvelos finansTa saministros xarjebSi sareitingo kompaniebs as welze meti xnis istoria gaaCniaT, Tumca
2008 wlis saxelmwifo biujetSi (Tavi V - saqarTvelos saxelmwifo dRemde ar arsebobs erTiani samarTlebrivi norma, romelic maT saqmi-
biujetis asignebebi) suverenuli reitingisa da sagareo valis marTva anobas moawesrigebda. mxolod ukanasknel or aTwleulSi daiwyo fiqri
da refinansirebisaTvis (25 01 07) gaTvaliswinebuli iqna 5,9 milioni sareitingo kompaniebisaTvis samarTlebrivi safuZvlis Seqmnis Sesaxeb,
lari293. 2009 wlis biujetis gegma mxolod qveynis suverenul reit- Tumca es mxolod koncefciis doneze ganxorcielda. rogorc winaT
ingTan dakavSirebuli xarjebisaTvis 400 aTas lari (23 01 06)294, xolo sakredito bazrisa da bankebis warmoSobam xeli Seuwyo sabanko samarT-
2010 wlis gegmaSi 350 aTasi lari iyo gaTvaliswinebuli (23 01 08)295. lis Camoyalibebas, ise Camoyalibdeba sareitingo kompaniebis samarTali
faqtobrivma sabiujeto xarjebma qveynis suverenuli reitingisaTvis sareitingo kompaniebis bazris ganviTareba-CamoyalibebasTan erTad. sa-
Seadgines: 2008 wels- 2865 aTasi lari, 2009 wels- 14742 aTasi lari, reitingo kompaniebis samarTlis safuZvlebi SeiZleba ganisazRvros re-
2010 wels- 350 aTasi lari. 2011 wlis saxelmwifo biujetis gegmaSi itingis SedgeniT, misi realizebiTa da reitingis gamoyenebis procesSi
reitingisaTvis 400 aTasi lari iyo gaTvaliswinebuli.296 warmoSobili urTierTobebiT.
dRes sareitingo kompaniebi ganviTarebis iseT fazaSi iyofebian,
4.3 saqarTvelos rkinigza rodesac maTi momawesrigebeli erTiani normebis Camoyalibeba gardauva-
lia. sareitingo kompaniebis warmoSobis istoriidan advilia imis dan-
2010 wlis 10 maiss Fitch-ma S.p.s. `saqarTvelos rkinigzas~ reitingi axva, Tu ramdenad mniSvnelovani gaxda maTTvis erTiani maregulirebeli
mianiWa B+. 2011 wlis 27 ivniss Fitch-ma ganmeorebiT Seafasa `saqarT- normebis Seqmna. isini TavianT saqmianobaSi myarad arian dakavSirebulni
velos rkinigza~ da igive reitingi mianiWa.297 rogorc ukve aRvniSne, fasiani qaRaldebis bazarTan, amitom fasiani qaRaldebis bazris arseboba
sakredito reitingis zeda zRvars yovelTvis saxelmwifos suverenuli arsebiTia sareitingo kompaniebis arsebobisTvis. sareitingo kompaniebi
reitingi gansazRvravs, Tumca `saqarTvelos rkinigzis~ SemTxvevaSi amas warmoiSvnen spontanurad, rodesac investorebsa da kompaniebs Soris
emateba isic, rom misi 100%-i mflobeli saxelmwifoa. amasTan obliga- informaciuli asimetria problema gaxda. mniSvnelovania is, rom maTi
ciis mflobelebs SeuZliaT moiTxovon droze adre gadaxda, Tu `saqa- saqmianoba maTi arsebobis saukuneze meti xnis ganmavlobaSi ar moq-
rTvelos rkinigzaSi~ saxelmwifos wili 50%-ze naklebi gaxdeba. `saqa- ceula saxelmwifo regulirebisa da zedamxedvelobis qveS.
rTvelos rkinigzam~ sadebiuto kuponiani evroobligaciebi 250 milioni gasuli saukunis dasawyisidan 70-80-ian wlebamde isini ZiriTadad
aSS dolaris odenobiT (Tbilisis SemovliTi rkinigzis mSeneblobis aSS-s nacionalur farglebSi funqcionirebdnen. maTi Semosavlis wyaro
mizniT) ganaTavsa 2010 wlis 22 ivliss 2015 wlisaTvis gamosyidvis analitikuri masalis realizacia iyo. 1970-80-ian wlebSi Camoyalibda
globaluri fasiani bazari da masTan erTad msoflio sareitingo ba-
zari. am droisaTvis sareitingo kompaniebis Semosavlis mTavari wyaro
293
http://mof.gov.ge/budget/by_yar/2008. emitentebisagan momsaxurebisaTvis miRebuli anazRaureba gaxda. reit-
294
http://mof.gov.ge/budget/by_yar/2009.
295
http://mof.gov.ge/4069.
ingebis bazarze konkurenciis zrdam sareitingo momsaxurebis saxeebi
296
http://mof.gov.ge/4161.
297
http://railway.ge/?web=0&action=news&lang=geo&npid=190. 298
http://railway.ge/?web=0&action=page&p_id=208&lang=geo.

256 257
zrda gamoiwvia: garda fasiani qaRaldebisa, reitingebis miniWeba daiwyo ganmartebis ararsebobas, romlis gamoyenebac samarTlis sistemaSi iqne-
institutebze da qveynebze. boda SesaZlebeli. sxvadasxva mosazreba arsebobs imis Sesaxeb Tu ras
reitings iTxovda rogorc nacionaluri, ise saerTaSoriso masStabze warmoadgens reitingi. am yvelafris miRma, realur cxovrebaSi moqmedebs
Camoyalibebuli samarTlebrivi normebi. am praqtikis Sedegad ki re- uzarmazari bazari, sadac adamianebi maTi `gamoTqmuli azriT~ vaWroben.
itingi sxvadasxva gadawyvetilebebisTvis da moqmedebebisTvis saval- reitingis saxiT uamravi produqti iyideba, romelTa safuZvelzec fi-
debulo gaxda. oficialurad reitingi warmoadgens rogorc naciona- nansur bazarze sxvadasxva gadawyvetilebis miReba xdeba. azris gamox-
lur ise internacionalur bazarze Sesvlis winapirobas. sabuRaltro atva yovelTvis rCeba subieqtis sferoSi da amitom Znelia misi raime
Canawerebis gverdiT reitingis moTxovnis Sedegad investorTa umrav- konkretuli samarTlebrivi normis qveS moqceva. ase iyo krizisamde da
lesobam daiwyo dokumentebisa da subieqtur Sefasebaze dayrdnobili krizisis Semdeg.
reitingis erTnairad ndoba. droTa ganmavlobaSi sareitingo kompaniebma krizisis dros gamovlenili naklovanebebis aRmosafxvrelad miznad
moi poves uzarmazari avtoriteti da Zalaufleba, romelic maT Sesa- iqna dasaxuli sareitingo-kompaniebis regulirebis dros Semdeg aspeqte-
Zleblobas aZlevs gavlena moaxdinon msoflio finansuri ganviTarebis bze yuradRebis gamaxvileba: 1. interesTa konfliqti. 2. reitingis Sed-
mimarTulebaze da bevri qveynis politikur midgomaze. aseTma midgomam, genis meTodi. 3. gamWvirvaloba. 4. registracia da zedamxedveloba.
msoflio bazarze gamosul amerikul sareitingo kompaniebs misca isto- dasawyisidanve Canda, rom axali reguliaciebi ar iqneboda sakmarisi
riuli upiratesoba da 1970-iani wlebidan maT uWiravT oligopoluri iseTi sistemis SeqmnisaTvis, romelic momavali finansuri krizisis
mdgomareoba bazarze, amasTan evropis bazarzec. winaswar Secnobisa da Sesabamisi prevenciuli RonisZiebebis gatarebis
me-20 saukunis finansuri krizisis dros sareitingo kompaniebis saSualebas mogvcemda. rogorc Cans sareitingo kompaniebis dRevandeli
mimarT yovelTvis ismoda kritika. yovelTvis miuTiTebdnen, rom saWiro reformac ver gadawyvets arsebul problemebs. axali danawesebiT sa-
iyo maTi maregulirebeli normebis Seqmna, Tumca krizisis dasrulebis reitingo kompaniebis mniSvneloba ufro izrdeba. danawesebi, romelic
Semdeg, aRniSnul problemas male iviwyebdnen. 1999 wels amasTan da- exeba potenciur interesTa konfliqts ra Tqma unda mniSvnelovania,
kavSirebiT nobelis premiis mflobelma pol krugmanma (Paul Krugman) magram interesTa konfliqti iarsebebs yovelTvis, sanam emitentebi sa-
ganacxada: `msoflio finansuri sistemis reformis wyurvilma amjera- kuTar reitingebs ukveTaven da sakuTari reitingebisTvis ixdian. axali
dac male Caiara mTavrobam da saerTaSoriso organizaciebma araferi danawesebiT interesTa konfliqti mxolod Semcirdeba da ar aRmoifx-
ar gaakeTes imisTvis, rom ZiriTadi, fuZemdebluri wesebi SeecvalaT. vreba.301 yuradRebis gareSea datovebuli uSualod momxmarebeli: erTi
amitom arsebobs imis didi albaToba, rom Cven kidev sxva krizisebsac mxriv emitenti da meore mxriv investori im produqtis xarisxTan
gadavitanT~299. dakavSirebiT, rac mas sareitingo kompaniis mier miewoda. unda Seiqmnas
sareitingo kompaniebis Zala da gavlena dRemde SenarCunebulia. aSS- samarTlebrivi safuZvlebi reitingisgan dazRvevisaTvis, an araswori
Si da evrokavSirSi 2007-2008 wlebis krizisis gakveTilebi sxvanairad reitingisaTvis pasuxismgeblobisaTvis. Tavidan unda iqnas aSorebuli
iqna aRqmuli. wina wlebis msgavsad sareitingo kompaniebTan dakavSire- situacia, rodesac araswori reitingiT SeiZleba dazaraldes emitenti,
biT istoria amjeradac ganmeorda im gansxvavebiT, rom maTi kritika investori, magram ara sareitingo kompania. saWiroa, SemuSavdes reitin-
amjerad ufro mkacri iyo. bevri miiCnevda, rom sareitingo kompaniebs gis warmoebis saerTaSoriso standarti. sareitingo kompaniebis mimarT
didi wvlili miuZRvodaT globaluri finansuri krizisis dadgomaSi, mosalodneli da ganxorcielebuli cvlilebebi gvaCveneben, rom saqme
zogi ki maT krizisis gamomwvevi mizezebis TavSi ayenebda.300 kritikis gvaqvs mxolod kosmetikur cvlilebebTan, romlebic sareitingo kom-
paralelurad reitingis bazari ganagrZobda ganviTarebas. naTelia, rom paniebis mdgomareobas safuZvlianad ar cvlian da globaluri ganviTa-
reitingi bunebrivad Seqmnili produqtia da amitom mniSvnelovania rebis konteqsts jer kidev ar iTvaliswineben.
reitingis arsis Rrma analizi da misi CarTva samarTlis sistemaSi. is, globalurma finansurma krizisma naTlad dagvanaxa, rom evropuli
rom dRes jer kidev ar aris sareitingo kompaniebis samarTali gan- da amerikuli ekonomika mWidrod aris dakavSirebuli erTmaneTTan da
viTarebuli, unda davabraloT upirveles yovlisa reitingis erTiani Sesabamisad samarTlebrivi reformac harmoniulad unda ganxorciel-
299
Schäfer, Der Crash des Kapitalismus, Frankfurt/Main 2009, S. 121.
300
Münchau, Vorbeben, München 2008, S. 40. 301
Möllers, JZ 18/2009, S. 861-871 (865).

258 259
des. Tumca unda aRiniSnos, rom axali regulaciebi arc ise efeqtiania. b i b l i o g r a f i a
jer kidev bevri xarvezi arsebobs. mimaCnia, rom saWiro Camoyalibdes
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