sakorporacio samarTlis krebuli · midgoma misi uflebebis dacvis uzrunvelyofiT unda iqnes garantireb...

sakorporacio

samarTlis krebuli

sakorporacio, sabanko da

ekonomikuri samarTlis instituti

(Tsu, iuridiuli fakulteti)

gamomcemloba `meridiani~

Tbilisi 2014

II

3

© gamomcemloba `meridiani~, 2014

© i. burduli

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

uak (udc) 342.393 s-195 (????????????)

sarCevi

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

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S e s a v a l i

gasuli saukunis erT-erTma gamoCenilma mecnierma samarTalSi revo-luciuri midgoma daamkvidra. samarTlis ekonomikuri analizi gaxda is meTodi, romelze dayrdnobiTac mravali iuristi konkretuli samar-Tlebrivi norma-debulebis axsna-ganmartebas Seecada. samarTali, ise rogorc arasdros, daukavSirda ekonomikur mecnierebas da iqca misi kombinirebuli Seswavlisa da ganxilvis sagnad. pozneris es „ideolo-gia“ gansakuTrebiT Seexo sakorporacio samarTals, romelic globalur ekonomikur garemoSi arnaxulad viTardeba. misi roli fasdaudebelia da igi sul ufro da ufro mWidro kavSirurTierTobiT dinamikas av-lens ekonomikur mecnierebasTan. „sakorporacio samarTlis ekonomikuri da samarTlebrivi, praqtikuli da dogmatur-Teoriuli aspeqtebis kom-binireba, ukve didi xania, gascda iuridiuli mecnierebis cargvals da igi interdisciplinur ganzomilebaSi hiperbolas warmoadgens“.1 es fraza kidev erTxel adasturebs Tezas imis Sesaxeb, rom Tanamedrove sakor-poracio, gansakuTrebiT ki kapitaluri tipis sazogadoebis samarTlis Seswavla, misi yvela SigniT moqceuli Tu gareT arsebuli institutiTa da qveinstitutiT, warmoudgenelia ekonomikuri mecnierebis garkveuli speqtris Seswavlis, kvlevisa da gamoyenebis gareSe. swored amitom, gan-viTarebul korporaciul-samarTlebriv reJimebSi, sul ufro da ufro SeiniSneba am ori segmentis erTmaneTTan daaxlovebisa da Sezrdis tendencia. es gansakuTrebiT damaxasiaTebelia mZafri da ganviTarebuli kapitalisturi urTierTobis, kapitalisturi wyobis dasavluri qvey-nebisaTvis, ramdenadac misi erT-erTi centraluri amocana swored imis dadgenaSi mdgomareobs, Tu rogor iqneba SesaZlebeli samarTlis norme-bze ekonomikuri efeqturobis gamoyeneba, moxdeba ra meTodologiuri TvalsazsirisiT am principebis integrireba normaTa konstruqciebSi. es ki SesaZleblobas miscems (an unda misces) kerZosamarTlebrivi urT-ierTobis konkretul subieqts sakiTxs ekonomikurobis kuTxiT miudges. adamianic xom „ekonomikuri arsebaa“ da misi nabijebic umeteswilad ekonomikuri efeqtianobis paradigmiT aris ganpirobebuli. Sesabamisad, nebismier iuridiul sakiTxs SeiZleba hqonoda ekonomikuri Semxebloba da igi am ukanaskneliT axsniliyo. Tumca, aucilebelad aris gasaT-valiswinebeli erTi mniSvnelovani faqtori: aris SemTxvevebi, rodesac samarTlis esa Tu is principi SeiZleba miuRebeli aRmoCndes ekonomi-

1 ix. maxarobliSvilis disertacia: „kapitalur sazogadoebaTa struqturaSi funda-menturi cvlilebebis ganxorcieleba korporaciul-samarTlebriv qmedebaTa (SeZena, Serwyma) safuZvelze~, (xelnaweris saxiT), gv. 10.

kuri interaqciisaTvis. Sesabamisad, man aucileblad unda SeinarCunos sakuTari TviTmyofadoba da damoukidebloba, raTa samarTlis Rireb-ulebiT sistemasTan konfliqtis dros, rac am ori segmentis bunebrivi midrekilebaa, SenarCunebul iqnes „samarTlis Teoriasa da meTodologi-asTan misi TavisTavadoba“.2 mokled, sakorporacio samarTlis krebulis meore tomi swored am sakiTxiT gvinda daviwyoT. akaki qirias qarTveli mkiTxveli icnobs amave krebulis pirveli tomidan. igi qarTvel axal-gazrda mkvlevarTa im nawils miekuTvneba, romelic cdilobs sakorpora-cio (ekonomikur) samarTalSi mecnieruli kvlevis is interdisciplin-uri diagrama gamoiyenos, rac korporaciul–samarTlebrivi sakiTxebis axsnas, normaTa interpretirebas ufro racionalurs da „ekonomikurad efeqtians“ gaxdis. amitom winamdebare wignis pirvelive Tema samarT-lis ekonomikur analizs da mis meTodologiur safuZvlebs daeTmoba. Cveni institutis saqmianobis erT–erTi segmentic, kvlevis interdis-ciplinuri meTodis gamoyenebis Sedegad, sakorporaciosamarTlebrivi sakiTxebis ekonomikuri aspeqtebis damuSavebaa. darwmunebuli var, es waadgeba qarTul sasamarTlo praqtikasa da kautelarul iurispruden-cias normaTa konstruqciebis ukeT gagebasa da gaazrebaSi.

krebulis Semdegi nawili ekonomikuri urTierTobis monawile erT-erT yvelaze mniSvnelovan subieqts – saaqcio sazogadoebas exeba. bi-znes saqmianobis es samarTlebrivi forma saxelmwifos organizaciuli ekonomikis ZiriTadi taqtis mimcemia. Sesabamisad, misi substanciis, arsis, misi struqturuli „anbanis“, tipologiuri bunebis Sedarebis WrilSi misi sxva samarTlebrivi formisagan gamijvnis sakiTxebi giorgi max-arobliSvilis mier Sesrulebul TemaSia (saaqcio sazogadoebis struq-turuli elementebi) gamokvleuli. avtors qarTveli mkiTxveli kar-gad icnobs gamoqveynebuli statiebidan da sakorporacio samarTlis krebulis pirveli tomidan. igi, ramdenime xania, saaqcio sazogadoebis da, zogadad, kapitaluri tipis organizaciuli warmonaqmnebis restruq-turizaciis sakiTxebze muSaobs, raSic aseve ekonomikur meTods iyenebs. saaqcio sazogadoebis struqtura mas ganxiluli aqvs organizaciuli marTvis konteqstSi. saaqcio korporaciis organizaciuli maxasiaTe-blebi swored rom korporaciuli marTvis WrilSi, mis kvalobaze unda iqnes gamokvleuli. winaaRmdeg SemTxvevaSi SesaZloa saxeze iyos misi funqciuri aRreva sxva samarTlebriv formebTan, rac arc politikur–samarTlebrivad da arc ekonomikurad ar iqneba gamarTlebuli. qarTuli sakorporacio kanonmdeblobis erT-erT naklad dResdReobiT swored es meCveneba. deregulireba ar unda gaxdes biznes organizaciaTa Soris

2 amave krebulSi: qiria, samarTlis ekonomikuri analizi.

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tipologiuri demarkaciuli xazis absoluturad moSlis sawindari. sakorporacio samarTali ki Tavisi funqciiT swored ekonomikur seg-mentebSi (da ara mxolod) moqmedi komerciuli saqmianobiT dakavebuli socialuri warmonaqmnebis, maTi tipebis dadgenis samarTalia.

nona zubitaSvili sakorporacio, sabanko da ekonomikuri samarTlis (Tsu) institutis axali wevria. winamdebare krebulSi mas SemoTavaze-buli aqvs qarTuli sakorporacio samarTlisaTvis metad aqtualuri da Zalze praqtikuli sakiTxis irgvliv msjeloba – partnioris garicxva SezRuduli pasuxismgeblobis sazogadoebidan. saqarTvelos uzenaes sa-samarTlos 2001 wlidan moyolebuli dRemde araerTi gadawyvetile-ba aqvs miRebuli aRniSnul sakiTxTan dakavSirebiT. es kidev erTxel warmoaCens am Temis aqtualobas da sxvadasxva konteqstSi ganxilvis aucileblobas. amas isic adasturebs, rom sasamarTlo praqtikac, miuxe-davad imisa, rom mainc SesaZlebelia erTiani konturebis formireba, metnaklebad mravalferovania. am mravalferovnebas aseve „mewarmeTa Ses-axeb“ kanonSi ganxorcielebuli cvlilebebic ganapirobebs, romelic partnioris garicxvis sakiTxs sxvadasxva etapze (konceptualur–samar-Tlebrivi TvalsazrisiT) sxvadasxvanairad „wyvets“. sityva gadawyveta Segnebula iqneba Casmuli brWyalebSi, ramdenadac 2008 wlis reformis Sedegad da mas Semdeg, rac mewarmeTa kanoni absoluturi dispoziciuri mowesrigebis reJimze gadavida, kanoni aRniSnul sakiTxs TiTqmis ar aregulirebs. aman ki sadavo samarTlebriv urTierTobaSi SesaZlebelia sakiTxis araerTgvarovan gagebas daudos dasabami. ra aris partnioruli urTierTobis samarTlebrivi arsi, ra (ufleba) – movaleoba akisria sazogadoebis wevrs sazogadoebasTan mimarTebaSi, ra sanqcia SeiZleba iqnes gamoyenebuli „urCi“, valdebulebis damrRvevi partnioris mimarT, SeiZleba Tu ara valdebulebis darRveviT (valdebulebiT-samarTlebrivi sanqciis gamoyenebiT) determinirebul iqnes korporaciul-samarTlebri-vi Sedegi, rac partnioris statusis dakargvis tolfasi xdeba; rodis da ra moculobiT unda iqnes gamoyenebuli samoqalaqosamarTlebri-vi regulaciebi xelSekrulebis moSlis konteqstSi am specifikuri sakiTxis gadawyvetisas, gamoyenebul unda iqnes Tu ara gafrTxilebiTi vada samoqalaqo kodeqsis Sesabamisad partnioris garicxvisas, maSin, rodesac, rogorc wesi, aseTi vada sazogadoebidan partnioris garicxvis gansakuTrebuli korporaciuli Taviseburebis gaTvaliswinebiT mraval qveyanaSi swored korporaciul specifikur kanonmdeblobaSia mocemuli. aman ki SesaZloa kolizia Seqmnas ganmartebis samoqalaqosamarTliseul da sakorporaciosamarTliseul gagebas Soris. mokled, es im sakiTxTa wyebaa, romelTac krebulis am TemaSi ixilavs mkiTxveli. CemTvis, miuxe-davad avtoris mier gamoTqmul zogierT mosazrebasTan dakavSirebiT

Cemi gansxvavebuli poziciisa, mniSvnelovania, rom sakiTxi originalurad aris danaxuli, rac naSromisadmi kidev ufro met interess aRZravs.

krebulis meore tomi sareitingo samarTalTan, ufro swored, sare-itingo kompaniaTa samarTalTan da investorTa dacvis momowesrigebel samarTalTan dakavSirebuli sakiTxebis gadmocemiT sruldeba. Taname-drove globalur ekonomikur samyaroSi da gansakuTrebiT globaluri safinanso kapitalis bazrebze sareitingo kompaniebi xSir SemTxvevaSi gadamwyvet rols asruleben. aqciisa Tu wilis sabazro–sakurso fasi bevrad aris damokidebuli im faqtorebze, romlebic nawilobriv obi-eqturi, nawilobriv ki subieqturi SefasebiT aris determinirebuli. Sefaseba samoqalaqo, ekonomikuri brunvis monawile subieqtis mier ganxorcielebuli kvlevis Sedegia, rac racionalur, obieqtur, miuker-Zoebel, faqtebis sworad aRnusxvis wesrigze unda iyos dafuZnebuli. es ki mniSvnelovania, raTa korporacia am Sefasebis Sedegad obieqturad iqnes gaSuqebuli da gamoiricxos mis mimarT yovelgvari avzraxuli qmedeba. Tumca amis absoluturi ganeitraleba, albaT, SeuZlebelia. nino jubuti sareitingo kompaniaTa samarTalSi cvlilebis sakiTxs finans-uri, globaluri bazrebis krizis konteqstSi mimoixilavs. gamomdinare iqidan, rom aqamde qarTul iuridiul realobaSi am sakiTxebis Ses-axeb ar yofila msjeloba, avtori cdilobs warmoaCinos is dogmaturi safuZvlebi, rac aucilebelia msgavsi Temebis gagebisTvis: warmodgenilia sareitingo kompaniaTa samarTlebrivi sistemis, sareitingo samarTlis, rogorc damoukidebeli korpusis safuZvlebi; mocemulia sareitingo kompaniaTa regulirebis formebi, romelic gansxvavebulia msoflio eko-nomikur krizisamde da globaluri safinanso krizisis Semdeg. Tu krizisamde TviTregulirebad, SeiZleba iTqvas „mouwesrigebel“ mowes-rigebas hqonda adgili, krizisis Semdgom periodSi es midgoma Seicvala da regulirebisaken da misi gamkacrebisken iqna aRebuli gezi. marTalia, saqarTveloSi sareitingo kompaniebi jer-jerobiT ar arsebobs, Tumca naSromSi mocemuli informacia friad saintereso unda iyos qarTveli mkiTxvelisTvis.

krebulis bolo Temas, garkveul prizmaSi, kvlav ekonomikur krizisTan aqvs Sexeba. sakiTxi investorebis dacvis samarTlis kvlevazea bazirebu-li da krizisze, rogorc „axal gamowvevaze“ reagirebis samarTlebriv-ekonomikur sakiTxebs warmoaCens. investori korporaciaSi erT-erTi mTavari figuraa. amitom mas gansakuTrebuli midgoma esaWiroeba. es midgoma misi uflebebis dacvis uzrunvelyofiT unda iqnes garantireb-uli, risi ekonomikuri efeqtic korporaciaSi Cadebuli qonebis maqsimi-zacia iqneba. Sesabamisad sakiTxi, Tu ratom aris investoris dacva ase mniSvnelovani, Tu rogor SeiZleba am dacvis funqciis uzrunvelmyofi

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abreviatura

qarTul enaze

aSS amerikis SeerTebuli Statebi

ix. ixileT

mag. magaliTad

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

samarTlebrivi meqanizmebis Seqmna, krebulis aRniSnul (bolo) nawilSia 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 ucxouri (britaneTi, germania) universitetebisa, isinic mowadinebulni arian samarTlebrivi sakiTxebi ekonomikurs daukavSiron, rac, rogorc araerTgzis iTqva, Tanamedrove sakorporacio samarTlebriv kvlevebs ufro aRrmavebs da gacilebiT Rirebuls qmnis.

irakli burduliTbilisi, 2013

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BörsG Börsengesetz germaniis birJebis kanonis

ESA European Supervisory Authorities evropul sazedamxedvelo organo

EIOPA European Insurance and Occupational Pensions Authority evropis sadazRveo da arasaxelmwifoebriv sapensio saqmianobaze sazedamxedvelo organo

EBA European Banking Authority evropis bankebis sazedamxedvelo organoSi moqmedi evropis sazedamxedvelo komisia

ESMA European Securities and Markets Authority evropis fasiani qaRaldebisa da bazrebis sazedamxedvelo organo

ESFS European System of Financial Supervisors evropis finansuri sazedamxedvelo sistema

IOSCO International Organisation of Security Comission fasiani qaRaldebis komisiebis saerTaSoriso organizacia.

LSE London Stock Exchange fasiani qaRaldebic londonis birJa

NRSRO Nationally recognized statistical rating organizations nacionalurad aRiarebuli statistikuri sareitingo organizaciebi

S&P Standard & Poor’s sareitingo-kompania `standard & puri”

WpPG Wertpapiersprospektgesetz germaniis fasiani qaRaldebis prospeqtis kanoni

AnSVG Anlegerschutzverbesserungsgesetz kanoni investorTa dacvis gaumjobesebis Sesaxeb

BKR Zeitschrift für Bank- und Kapitalmarktrecht sabanko- da kapitalis bazris samarTlis Jurnali

CFPA Consumer Financial Protection Agency momxmarebelTa finansuri dacvis saagento

ECOFIN The Economic and Financial Affairs Council ekonomikuri da finansuri sakiTxebis evropuli sabWo

ESRB European Systemic Risk Board sistemuri riskebis evropuli komiteti

FSAP Financial Services Action Plan finansuri momsaxurebis samoqmedo gegma

IMF International Monetary Fund saerTaSoriso savaluto fondi

KID Key Informatino Document sakvanZo informaciis dokumenti

KWG Kreditwesengesetz kanoni sakredito dawesebulebebis sistemis Sesaxeb

MiFID Markets in Financial Instrument Directive finansuri bazris direqtiva

NJW Die Neue Juristische Wochenschrift axali yovelkvireuli iuridiuli Jurnali

RAFSA The Restoring American Financial Stability Act of 2010 amerikis finansuri stabilurobis aRdgenis 2010

wlis kanoni

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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

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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)

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I. Sesavali

me-20 saukunis 60-70-iani wlebis dasavlur, gansakuTrebiT, SeerTe-buli Statebis samarTlis mecnierebaSi SturmiT SeiWra samarTlis ekonomikuri analizi (Law and Economics), rogorc iuridiuli analizis meTodi. axali paradigmis simZimis wertili mdebareobda imis dadgenaSi, Tu ra adgili ukaviaT samarTlebriv normebs subieqtTa ekonomikur in-teraqciaSi da ra Sedegebi moaqvT (an unda mohqondeT) maT ekonomikuri efeqtianobis TvalsazrisiT. samarTlis ekonomikuri analizis programa SegviZlia sami generaluri varaudiT SevajamoT1:

1. adamiani ekonomikuri sargeblianobis principiT xelmZRvanelobs – is racionaluri arsebaa da mogebis (sargeblis) maqsimirebas cdilobs. am pirobebSi samarTlebrivi restriqciebi ekonomikur brunvaze garkveul zegavlenas axdenen. ekonomikuri analizis mTa-vari amocana samarTlebrivi normebisa da gadawyvetilebebis Sede-gebis prognozirebaa. es prognozi ki racionaluri qcevis mod-elidan unda amodiodes.

2. ekonomikurad efeqtiania samarTlebrivi danawesi, Tu misi moq-medebis Sedegma sazogadoebis keTildReoba gazarda. sayovelTao keTildReobis definireba ki keTildReobis ekonomikuri mec-nierebis mier SemuSavebuli kriteriumebiT unda moxdes.

3. samarTalSemoqmedebiTi institutebis mTeli jaWvi, kanonSemoqmede-bidan samarTlis kazuistur gamoyenebamde, sazogadoebis keTil-dReobis, anu ekonomikuri efeqtianobis maqsimas unda moergos.

programa sakmaod naTelia da meTodologiurad imdenad sufTa, rom misi gamocda samarTlis sistemis yvela dargze da institutzea Sesa-Zlebeli. Tumca, socialuri interaqciis axsnis nebismieri universaluri modeli, romelic erTi disciplinis meTodologiur wiaRSi aRmocendeba, an fsevdo-interdisciplinuria, Seicavs mniSvnelovan safrTxes – mas yuradRebis miRma rCeba gare-disciplinuri faqtorebi, romlebic kv-levis konkretul obieqts axasiaTebs. imis garda, rom adamianis qcevis axsnis ekonomikuri modeli bevris mier monotonur Teoriad aRiqmeba, mis gavrcelebas, xSir SemTxvevaSi, iuristebisa da ekonomistebis mxri-dan interdisciplinaruli 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.

Sesavali

I. Sesavali . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

II. samarTlis ekonomikuri analizis koncepti . . . . . . . . . . . . . . . 17

1. samarTlis ekonomikuri analizis istoriuli fesvebi . . . . . . . 17

1.1. paradigmis filosofiuri safuZvlebi .................................................... 171.2. kousisa da kalabrezis pirveli kvlevebi ........................................191.3. riCard posneri da samarTlis ekonomikuri analizis recepcia aSS-Si ................................................................................................................................21

2. samarTlis ekonomikuri analizis Teoriuli komponentebi – ekonomikuri paradigma . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

2.1 meTodologiuri individualizmi .............................................................. 232.2 resursTa simwire ............................................................................................242.3 „homo ekonomikusis` qcevis modeli ...................................................... 25

3. efeqtianobis kriteriumebi . . . . . . . . . . . . . . . . . . . . . . . 26

4. normatiuli da pozitiuri ekonomikuri analizi . . . . . . . . . 28

5. Sualeduri Sejameba . . . . . . . . . . . . . . . . . . . . . . . . . . .29

III. samarTlis ekonomikuri analizis kritika . . . . . . . . . . . . . . 31

1. ekonomikuri paradigmis kritika . . . . . . . . . . . . . . . . . . . . 31

1.1. sakuTari sargeblis empiriuli „problemebi` .................................. 321.2 SezRuduli racionaloba (Bounded rationality) ........................351.2.1 preferenciebis arastabiluroba ........................................................... 361.2.2 evristika vs. racionaluri maqsimireba ............................................391.3 tranzaqciis xarjebis Teoria .....................................................................41

2. ekonomikuri analizis Tavsebadoba samarTlis Teoriasa da meTodologiasTan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

IV. daskvnis nacvlad: samarTlis ekonomikuri analizi da sakorporacio samarTali . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

literatura: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

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II. samarTlis ekonomikuri analizis koncepti

1. samarTlis ekonomikuri analizis istoriuli fesvebi

1.1. paradigmis filosofiuri safuZvlebi

ratom unda iyos ekonomikuri efeqtianoba marTlwesrigis fundamen-turi principi? – am kiTxvaze pasuxis gacema aucilebelia samarTlis 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 tipologiuri 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 principze 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.

turebis gasagebad aucilebelia misi warmoSobisa da ganviTarebis pi-robebis istoriul konteqstSi ganxilva (II 1). samarTlisa da ekonomi-kis meTodologiuri TanamSromlobis safuZvlebi (II 2), ekonomikuri da eTikuri TvalsazrisiT, garkveul kritikas imsaxurebs (III), xolo iuristebisTvis mTavari gansaxilveli sakiTxia _ ekonomikuri analizis samarTalSi damkvidrebul RirebulebiT sistemasTan konfliqtis garda _ misi Tavsebadoba samarTlis Teoriasa da meTodologiasTan (IV). bolos ki mokled mimovixilav ekonomikuri mecnierebebis mniSvnelobas samewarmeo samarTlisTvis (V).

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sargeblod gadawydeba, unda daisvas daskvniTi kiTxva, rasac, Cemi azriT, am moZRvrebis legitimaciisTvis centraluri mniSvneloba aqvs: ratom unda iyos yvela sazogadoebrivi instituti sargeblis sayovelTao maqsimirebaze orientirebuli? ratom aris cxra bedniereba erT ube-durebaze mniSvnelovani da, aqedan gamomdinare, ratom aris sayovelTao bednierebis maqsima erTaderTi swori pozicia, rogorc es Tavad utili-taristebma Seudarebeli TavdajerebulobiT irwmunes? faqtia, rom es kiTxvebi maT pasuxgaucemeli datoves, rac maT ideebze TavdasxmisTvis did sivrceebs gvixsnis. samarTlis ekonomikuri analizis Zireuli kri-tikac swored utilitarizmis susti wertilebis erTgvari eTikur-normatiuli reviziaa. iq ubralod sargeblis (bednierebis) maqsimireba dayvanilia ekonomikur efeqtianobamde. anu centraluri kiTxvaa _ ra-tom efeqtianoba?11

1.2. kousisa da kalabrezis pirveli kvlevebi

ekonomikuri meTodebis gamoyeneba samarTalSi SeerTebul StatebSi gasuli saukunis 50-ian wlebamde didi xniT adre daiwyo, magram es exe-boda mxolod antitrastis samarTlebriv instituts (misi gamokveTi-lad ekonomikuri daniSnulebidan gamomdinare)12. am analizs sistem-uri xasiaTic ar gaaCnda – is ar warmoadgenda antitrastis zust da sistematur dakvirvebas ekonomikuri mecnierebis mier SemuSavebuli meTodologiuri iaraRis saSualebiT.

iurisprudenciaSi ekonomikuri azrovnebis damkvidreba meoce sauku-nis samocian wlebSi TiTqmis paralelurad gamoqveynebuli ori princi-puli statiiT daiwyo: ronald kousis „The Problem of Social Cost`13 da gvido kalabrezis „Some Thougts on Risk Distribution and the Law of Torts`14. am publikaciebs Soris SemTxveviTi kavSiri mogvianebiT gaxda naTeli. saqme imaSia, rom 1950-ian wlebSi imata ekonomikaSi saxelmwifos regu-latoruli Carevis analitikurma kritikam. saxelmwifos ekonomikuri intervencionizmi aSS-Si 19-e saukunis bolos gaZlierda. saxelmwifo komisiebma maSin sarkinigzo kompaniebi amoiRes mizanSi. mogvianebiT, es kontroli gavrcelda eleqtro, kavSirgabmulobis da satransporto kompaniebze. zedamxedveloba moicavda konkurenciis wesebsa da kapi-

11 samarTlis ekonomikuri analizis kritika ix. III. 12 Posner, The Economic Approach to Law, Texas Law Revier 53 (1975), 757.13 Coase, The Problem of Social Cost, Journal of Law & Economics 3 (1960), 1.14 Calabresi, Some Thougts on Risk Distribution and the Law of Torts, Yale Law Journal 70 (1961), 499.

amitom SeuZlebelia TiToeul individs konkretul SemTxvevaSi „swori` gadawyvetilebis miReba movTxovoT. doqtrinam individs unda miawodos naTeli da martivi direqtivebi, romlebic mas sargebelsa da zians Soris swori arCevanis gakeTebaSi daexmareba, anu unda gaobieqturdes sargeblis kriteriumebi5. swored aq ikveTeba samarTlis roli. man unda misces qcevas normatiuli saxe. Tumca ibadeba kiTxva: SesaZlebelia erTi fundamentaluri normis arseboba, romlis safuZvelzec TiToeuli konkretuli SemTxvevis gadawyvetas SevZlebT?6 Tu bunebiTi samarTlis momxreebi, an kelzenis normatiuli pozitivizmis mimdevrebi, msgavs Ses-aZleblobas uSveben, Tanamedrove marTlwesrigebSi realoba gansxvavebu-lad gamoiyureba – samarTlis sistema Sedgeba danawesTa simravlisgan, romelTa analizis Sedegad erTiO generaluri, fundamenturi normis an principis povna SeuZlebelia7.

samarTlis ekonomikur analizsa da Tanamedrove utilitarizms So-ris msgavseba maTi miznebis korelaciaSi mdgomareobs. orive moZRvre-bas aqvs pretenzia generaluri normis wamoyenebaze. amavdroulad, am normebis miznebi, nawilobriv, identuria. utilitarizmis mTavari amo-savali wertili sargeblis maqsimirebaa, xolo samarTlis ekonomikuri analizi ekonomikur efeqtianobaze saubrobs. pirveli meoreze komple-qsuri cnebaa8. magram es maT ideologiur naTesaobas eWvqveS ar ayenebs.

utilitarizmi erT-erTi yvelaze kritikulad danaxuli filoso-fiuri poziciaa. yvela sawinaaRmdego poziciis mimoxilva am formatSi SeuZlebelia. yuradRebas gavamaxvileb iuristebisa da ekonomistebi-saTvis saintereso sam kritikul punqtze9: 1. eWvqveS dgeba sargeblis cnebis zogadabstraqtuli xasiaTis dasaSveboba, radgan rTulia sargeb-lis interpersonaluri Sedareba. robinsis azriT, Sedarebis mecnierul bazisze ganxorcieleba SeuZlebelia10; 2. normatiuli TvalsazrisiT iuristebisTvis gansakuTrebiT sainteresoa utilitarizmis kritika adamianis uflebebisa da Tavisuflebebis dogmaturi poziciidan. sa-davoa, Tavsebadia Tu ara utilitaristulad mowyobili sazogadoebis Rirebulebebi Tanamedrove demokratiuli sazogadoebis Zireul faseu-lobebTan _ adamianis ganusxvisebel ZiriTad uflebebTan da Tavisufle-bebTan; 3. maSinac ki, Tu pirveli ori problema utilitaristebis sa-

5 Urmson, The Interpretation of the Philosophy of J. S. Mill, S. 35 ff.; Brandt, Ethical Theory, S. 253 ff.6 Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 176.7 Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 176. 8 Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 186 f. 9 Sead. Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 187 ff.10 Robbins, Interpersonal Comparisons of Utility: A Comment, in: The Economic Journal 48 (1938), 635-641.

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is skolas 4 larze naklebs ver SesTavazebs, anu imaze naklebs, rasac skola rok-baris akrZalvis SemTxvevaSi moigebda. orivesTvis sargeb-lis momtani gamosavali mdgomareobs 15 lariani marJis gayofaSi. maT SeuZliaT es 15 lari nebismieri proporciiT gainawilon: magaliTad, bars SeuZlia skolas 5 lari gadauxados. aseTi morigebis SemTxvevaSi orive mxare ixeirebs. ufro maRali sargeblis miReba aseT situaciaSi mxolod kontrahentis moxerxebulobaze da molaparakebis xelovnebazea damokidebuli.

aseT gadawyvetas sami mTavari Teoriuli winapiroba aqvs: 1. orive mxare homo ekonomikusia, anu racionalurad wyvets problemebs; 2. sa-davo samarTlebrivi pozicia Tavisuflad gasxvisebadi, anu mimoqcevadi sikeTea da 3. tranzaqciis xarjebi nulis tolia19.

kousisgan gansxvavebiT, kalabrezi iuristia da misi poziciis dan-iSnuleba samarTlebrivi pasuxismgeblobis iseTi sistemis Seqmnaa, sadac individi kargad aris daculi da am dacvis xarjebi optimirebulia20. kalabrezis analizis obieqti calkeuli Statebis deliqturi samar-Tali iyo. misi azriT, zogierTi deliqturi samarTaldarRvevis dros bralis princips mivyavarT damrRvevis mier xarjebis mesame pirebisT-vis gadakisrebamde. amitom bralis principi unda moixsnas, ganisazRv-ros riskebis klasebi da dawesdes kompensaciis garkveuli zRvari. es yvelaferi unda Seivsos sisxlis samarTlebrivi prevenciis sistemiT, rac efeqtian Sedegebs gamoiRebs21.

es iyo pirveli fragmentuli, magram imavdroulad gzamkvlevi mcd-elobebi ekonomikis da samarTlis dakavSirebisa. 1970-iani wlebidan am kavSirma sistemuri xasiaTi miiRo da SeerTebuli Statebis iuridiuli mecnierebisa da praqtikis erT-erT centralur meTodad iqca.

1.3. riCard posneri da samarTlis ekonomikuri analizis recepcia aSS-Si

amerikelma iuristma riCard posnerma 1970-iani wlebis dasawyis-Si kousiseuli kalkulaciis safuZvlebis samarTlis mTels sistemaze analitikuri gavrceleba moiTxova. posneri aris samarTlis ekonomi-

19 Sead. Krimphove, Aspekte der „neuen ökonomischen Theorie des Rechts“, in: Rechtstheorie 32 (2001), 497, 500. 20 Schanze, Ökonomische Analyse des Rechts in den U.S.A., in: Assmann/Kirchner/Schanze (Hrsg.), Ökonomische Analyse des Recht, 1993, S. 12. 21 Schanze, Ökonomische Analyse des Rechts in den U.S.A., in: Assmann/Kirchner/Schanze (Hrsg.), Ökonomische Analyse des Rechts, 1993, S. 2.

talis moZraobis kontrols. yovelive es e.w. „New Deal`-is epoqaSi kidev ufro gamkacrda da gavrcelda kapitalis bazrebzec, rogorc 1920-iani wlebis bolos mZvinvare „didi depresiis` pasuxad SemuSave-buli ekonomikuri da socialuri reformebis paketi15.

kousi Tavis statiaSi ekonomistis poziciidan akritikebs piguseu-li16 „keTildReobis ekonomikis~ (welfare economics) safuZvlebs, romlis mixedviTac bazris mavne efeqtis gamosworeba da resursebis efeqtiani alokaciis uzrunvelyofa saxelmwifos amocanaa. kerZod, pigu moiTxovda socialurad motivirebuli gadasaxadis SemoRebas (e.w. „pigus gadasaxa-di`), radgan, misi azriT, warmoebis procesSi mewarme socialur xarjebs warmoSobs (mag. garemos zians ayenebs) da am xarjebis eqsternalizebas, anu mesame pirebisaTvis gadakisrebas cdilobs, rasac resursebis arae-feqtian gadanawilebamde mivyavarT. mewarmis dabegvriT ki es uaryofiTi efeqti aRmoifxvreba17.

kousis SexedulebiT, msgavsi midgoma efeqtian gadawyvetas ver ga-napirobebs. alokaciis negatiuri efeqtis aRmofxvras Tavad bazari uzrunvelyofs tranzaqciis xajebis ararsebobis pirobebSi. Tu tranza-qciis xarjebi nulis tolia, mxarebis kerZoavtonomiuri samarTlebrivi interaqcia, romelic garigebis dadebisken aris mimarTuli, gamoiRebs sasurvel Sedegs – moxdeba resursis orive mxarisTvis misaRebi da, maSa-sadame, efeqtiani gadanawileba. amgvarad, kousi decentraluri gadawyve-tis momxrea18.

kousis Teoremis sailustraciod moviyvan erT magaliTs: warmovidgi-noT, rom komerciuli fortepianos skolis gverdiT gaixsna rok-bari. rok-bari 17 saaTze iReba da dilamde mZime metalis hangebs afrqvevs. musikis skola ki 9-dan 20 saaTamde muSaobs. anu rok-barisa da skolis 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-dis, xolo rok-baris mogeba 15 laria. warmovidginoT, rom sasamarTlom rok-bars skolisTvis xelis SeSla aukrZala. kiTxva: Sedegi efeqtiania? uapelacio akrZalvis SemTxvevaSi an erTi waagebs, an meore, anu erTi mxarisTvis status kvo ar Seicvleba – an bari izaralebs 15 lars, an skola _ 4 lars. alternatiuli gamosavali mxareTa morigebaa. rok-bari Tanaxma iqneba xelis SeSlisTvis skolas kompensacia gadauxados.

15 Schanze, Ökonomische Analyse des Rechts in den U.S.A., in: Assmann/Kirchner/Schanze (Hrsg.), Ökonomische Analyse des Recht, 1993, S. 10 f. 16 Pigou, The Economics of Welfare 1920 (Nachdruck: NY 2005). 17 Pigou, part. II ch. VIII § 12.18 Coase, The Problem of Social Cost, Journal of Law & Economics 3 (1960), 6-8.

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2. samarTlis ekonomikuri analizis Teoriuli

komponentebi – ekonomikuri paradigma

samarTlis ekonomikuri analizi amodis neoklasikuri ekonomikis mier gamomuSavebuli maqsimebidan da varaudebidan, romlebic erT, das-rulebul koncepts qmnian. es koncepti moicavs Semdeg elementebs: 1. meTodologiuri individualizmi, 2. resurTa simwire da gadawyvetilebis Teoria, 3. homo ekonomikusis qcevis modeli.

2.1 meTodologiuri individualizmi

Tavdapirvelad, yuradReba unda gamaxvildes neoklasikuri da ax-ali institucionaluri ekonomikis elementarul varaudze, romelic meTodologiuri individualizmis saxeliT aris cnobili. meTodolo-giuri individualizmi gveubneba, rom ekonomikaSi samecniero analizis ZiriTadi sagani individebis qmedebaa. koleqtiuri neba (sawarmosi an saxelmwifosi) ar arsebobs, radgan misi wyaro individis neba da indi-videbs Soris nebelobiTi komunikaciis safuZvelze miRweuli SeTanx-mebaa27. Sesabamisad, ver iarsebebs koleqtivis neba, an misi abstraqtuli interesi28. es paradigma samarTlisTvis sainteresoa ara mxolod indi-vidis qcevis analizis kuTxiT, aramed socialuri organizaciebis samar-Tlebrivi bunebis dadgenis mxrivac.

Tumca mTavari sargebeli, romelic meTodologiurma individual-izmma samarTals SeiZleba misces, adamianis qcevis maregulirebeli sub-sistemebis analizia. adamianis qceva varirebs SemTxvevidan SemTxvevamde imis mixedviT, Tu ra sargeblis miReba SeiZleba konkretul situaciaSi sxva individisgan, masTan kompromisis pirobebSi. samarTlis mecniere-bam unda dasvas kiTxva, Tu ramdenad aqvs azri saqcielis prevenciul 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 winapiroba ganzraxva unda iyos? ratom ar SeiZleba mxareebma Tavad daadginon SezRudvebi sakuTari preferenciebis Sesabamisad? – am anal-izSi samarTals ekonomikisa da sxva socialuri mecnierebebis daxmareba ar avnebda. sxva sakiTxia, Tu ramdenad aris samarTlisTvis ekonomi-

27 Sead. Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 24.28 Schwintowski, Ökonomische Theorie des Rechts, JZ 1998, 581, 584.29 Sead. Schwintowski, Ökonomische Theorie des Rechts, JZ 1998, 581, 584.

kur analizSi sistemurad Sedgenili pirveli saxelmZRvanelos avtor-ic22. misive redaqtorobiT gamodioda `Journal of Legal Studies~, romelic, `Journal of Law and Economics~-Tan erTad, axali paradigmis recepciaSi mTavar adgils ikavebda.

posneri, kousis kvaldakval, cdilobs, daamtkicos, rom xarjisa da sargeblis ekonomikur gaangariSebaze dafuZnebuli midgoma qcevis al-ternatiul sistemebs warmoSobs. amave dros, aucilebeli ar aris tran-zaqciis xarjebis nulamde dayvana, aramed saWiroa maTi optimireba23. 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 resursTa alokaciis efeqtianoba ar dairRves. samarTlebrivi danawe-sebis am kriteriumiT Sefaseba, posneris azriT, SesaZlebelia samarTlis yvela dargSi, anu samarTlis sistemis im sferoebSic, romlebic ekonomi-kur urTierTobebs ar aregulireben24.

samarTlis ekonomikuri analizi SeerTebuli Statebis samarTlis wamyvan skolebSi 1970-iani wlebidan analizisa da swavlebis domi-nantur mimarTulebad iqca. jer kidev 1973 wels amerikis samarTlis skolebis asociaciis (AALS) mier Catarebulma gamokiTxvam cxadyo, rom aSS-s samarTlis skolebSi ekonomikuri analiziT 147 profesori iyo dakavebuli, xolo harvardis, kolumbiis, Cikagos, miCiganis, pensilvaniis, kornelis, virjiniisa da stenfordis samarTlis skolebma samarTlis ekonomikuri analizi iuridiuli fakultetis kurikulumis ganuy-ofel nawilad aqcies25. ramdenime weliwadSi es maCveneblebi gaormagda. totaluri recepcia Seexo ara mxolod sauniversiteto kaTedrebsa da iuridiul literaturas, aramed realur samarTalwarmoebaSic ga-dainacvla. Tu evropaSi mosamarTle jer kidev Sors dgas samarTlis ekonomikuri analizisgan, rogorc samarTlis ganmartebis centraluri principisgan, StatebSi mis mTavar sistematikoss, riCard posners, Tavad eWira xelSi mosamarTlis CaquCi26.

22 Posner, Economic Analisys of Law, 1 A., 1972.23 Posner, The Economic Approach to Law, Texas Law Review 53 (1975), 757; Schwintowski, Ökonomische Theorie des Rechts, JZ 1998, 581, 582.24 Posner, Economic Analysis of Law, Part. I (chapter 1, 2).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., in: Assmann/Kirchner/Schanze (Hrsg.), Ökonomische Analyse des Rechts, 2. Aufl., 1993, S. 4 f.26 U.S. Court of Appeals fort he Seventh Circuit.

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individebis qmedebebs, ekonomikuri brunvis institucionalur CarCoebs, informaciis xelmisawvdomobas da a.S35. subieqti, romelic fexburTis 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 daukmayofilebeli darCeba. igive Sedegs miviRebT, Tu abonementebi maRa-li moTxovnis gamo bazridan gaqra da misi SeZena meorad bazarzec ver xerxdeba da a.S.

2.3 „homo ekonomikusis` qcevis modeli

imisaTvis, rom subieqtma SezRuduli resursebis samyaroSi misTvis yvelaze misaRebi arCevani gaakeTos, saWiroa qcevis garkveuli kanon-zomiereba. neoklasikurma ekonomikam wamoayena adamianis qcevis modeli, romelic ori principuli varaudisgan Sedgeba da ekonomikuri paradig-mis fundaments qmnis: 1. yoveli individis mizania sargeblis miReba da 2. dasaxuli miznis misaRwevad individi yvelaze optimalur alterna-tivas irCevs, anu racionalurad moqmedebs (Rational Choice Approach)36. interdisciplinarul literaturaSi es modeli „homo ekonomikusis modelis` saxeliTac aris cnobili37.

adamianis qcevis axsnis ekonomikuri modeli, pirvel rigSi, mikroeko-nomikisTvis aris saintereso38. mikroekonomikis ZiriTad sagans bazarze calkeuli subieqtebis qcevis analizi warmoadgens. mikroekonomikis centrSi racionaluri aqtori (sawarmo, momxmarebeli) dgas, romelic sargeblis/mogebis maqsimirebas cdilobs. Tumca homo ekonomikusi didi xania gascda mikroekonomikis farglebs da socialur da qcevis mec-nierebebSi zogierTma avtorma mas adamianis universaluri qcevis mod-elis statusi mianiWa, maT Soris, politikur TeoriaSic (Public Choice)39.

subieqtis racionaluri miswrafeba sakuTari sargeblis gamravlebi-sken aris, erTi mxriv, misi preferenciebisa da, meore mxriv, obieq-

35 Towfhig/Petersen, Ökonomische Methoden im Recht, 2010, S. 26. 36 Lüdemann, Die Grenzen des homo oeconomicus und die Rechtswissenschaft, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 12; Kirchgässner, Homo Economicus, 2. Aufl., 2000, S. 2 f. 37 Wieland, Die Bedeutung der Figur des „homo oeconomicus“ für das Recht, in: Haft u.a. (Hrsg.), Festschrift für Ernst-Joachim Lampe zum 70. Geburtstag, Berlin 2003, S. 371 ff.38 Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 29. 39 Becker, The Economic Approach to Human Behaviour, 1976; Buchanan, Good Economics – Bad Law, in: Virginia Law Review 60 (1974), 483; Buchanan, Markets, States and the Extent of Morals, in: American Economic Review 68 (1978), 364.

kuri paradigma generaluri norma, anu marTlwesrigis mTavari principi30, magram is, rom interdisciplinaruli midgoma samarTlis mecnierebas meTodebiT amdidrebs, udavoa31.

2.2 resursTa simwire

ekonomikis centrSi dgas resursTa simwiris principi. garemoeba, rom individis moTxovnileba usazRvroa, xolo misi dakmayofilebis sa-Sualebebi – resursebi – SezRuduli, dRis wesrigSi ayenebs individis mxridan garkveuli arCevanis gakeTebis aucileblobas. ekonomika ikvlevs subieqtTa qmedebis kanonzomierebebs, romlebic mimarTulia SezRuduli resursebis pirobebSi sakuTari moTxovnilebis dakmayofilebisken32. in-dividi iZulebulia, rom mis xelT arsebuli resursebi sakuTari pref-erenciebis Sesabamisad gamoiyenos. man unda gaakeTos arCevani mocemul alternativebs Soris.

individis am arCevans marTavs ori garemoeba: 1. preferenciebi, anu arCevanis subieqturi motivebi da 2. restriqciebi, anu obieqturi Sez-Rudulobebi, romlebic zRudaven individis arCevans da moqmedebis Ta-visuflebas33.

preferenciebs individi Tavad adgens. is sakuTari RirebulebiTi sistemis safuZvelze amjobinebs erT sikeTes meores, an orives mesame urCevnia da a.S. viRacisTvis ganaTleba ufro mniSvnelovania, vidre havaize dasveneba. sxva individi ki orive sikeTes sayvareli safexburTo klubis saSinao matCebze dasaswreb wliur abonementSi siamovnebiT gacvlida. miuxedavad imisa, preferencia interpersonalurad Sedarebadi, anu mdgradi sididea, Tu cvladi, is adamianis ekonomikuri arCevanis dafiqsirebaSi udavod did rols asrulebs34. magaliTad, adamiani, ro-melic flobs havaize dasasvenebel sagzurs, magram stadionis wliuri abonementis floba urCevnia, savaraudod, mocemul sikeTeebs gacvlis.

Tumca arseboben garemoebebi, romlebic zRudaven individis moq-medebis sivrces, misgan damoukidbeli mizezebis gamo. es SezRudva ar gu-lisxmobs mxolod resursTa simwiris mocemulobas, aramed moicavs sxva

30 ix. samarTlis ekonomikuri analizis kritika (III).31 samarTalsa da ekonomikas Soris interdisciplinaruli TanamSromlobis epis-temologiuri aspeqtebis Sesaxeb ix. Kirchner, Ökonomische Analyse des Rechts. Inter-disziplinäre Zusammenarbeit von Ökonomie und Rechtswissenschaft, in: Assmann/Kirchner/Schanze, Ökonomische Analyse des Rechts, 2. Aufl., 1993, S. 62 ff. 32 Domschke/Scholl, Grundlagen der Betriebswirtschaftslehre, 3. Aufl., 2005, S. 1.33 Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 25.34 Sead. Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 25 f.

26 27

efeqtianoba azrisgan daclili cnebaa, radgan is, ZiriTadad, samarTliano-bis cnebiT operirebs45. efeqtianobis Tanamedrove gageba keTildReobis ekonomikis mier mowodebuli kategoriaa, romlis safuZvelSi ori prin-cipi devs: 1. sayovelTao keTildReobis principi, rogorc calkeuli individis gadawyvetilebis funqcia – individis gadawyvetileba maSin aris efeqtiani, rodesac amiT sayovelTao keTildReoba matulobs da 2. preferenciebis avtonomiurobis principi – yoveli individi sa-kuTar keTildReobas Tavad gansazRvravs46. mocemuli principebi miznad isaxaven efeqtianobis obieqturi, Rirebulebebisgan gaTavisuflebuli sazomebis Camoyalibebas. aseTi efeqtianobis kriteriumi SemogvTavaza vilfredo paretom, xolo misi alternativa Seqmnes nikolas kaldorma da jon hiqsma.

paretos kriteriumis (paretos efeqtianoba) mixedviT, mdgomareoba A upiratesia mdgomareoba B-ze, Tu A minimum erT subieqts ayenebs ukeTes mdgomareobaSi vidre B da, amave dros, amiT sxva subieqtebis mdgomareoba ar uaresdeba47. igulisxmeba, rom Tu bazarze resursTa gadanawilebisas, X da Y subieqtebi moaxdenen nebayoflobiT gacvlas, miviRebT efeqtian Sedegs, radgan orive miiRebs Tavis sargebels sxva subieqtis mdgomareobis gauaresebis gareSe.

zemoT moyvanili gadanawileba aRwers pareto-superiors. efeqtiano-bis mocemuli kriteriumi antipaternalistur saxelwifo politikas, anu bazris meqanizmis regulaciebisgan damoukideblad funqcionire-bas moiTxovs. sinamdvileSi saxelwifos mier nebismieri politikis gatareba, iqneba es ekonomikuri, socialuri Tu samarTlebrivi, iwvevs paretos kriteriumis safuZvlebis moSlas. SeuZlebelia saxelwifos mier gamocemuli maregulirebeli aqti minimum erT adresats ar ayeneb-des gauaresebul pirobebSi48. amitom paretos efeqtianoba realobisgan sakmaod Sors dgas.

am problemas kaldor-hiqsis kriteriumi pasuxobs, romlis mixedviT, A-mdgomareoba im SemTxvevaSic ajobebs B-mdgomareobas, rodesac subi-eqtis sargebels sxva subieqtis dazaraleba mohyveba Sedegad. Tumca winapiroba aseTia: sargebeli imdenad maRali unda iyos, rom mis mimRebs dazaralebulebisTvis kompensaciis gadaxda SeeZlos49. zemoT moyvanil

45 ix. IV.46 Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 47. 47 Assmann, Die Transformationsprobleme des Privatrechts und die Ökonomische Analyse des Rechts, in: Assmann/Kirchner/Schanze (Hrsg.), Ökonomische Analyse des Rechts, 1993, S. 40.48 Eidenmüller, Effiziez als Rechtsprinzip, 2005, S. 49. 49 Schwintowski, Juristische Methodenlehre, 2005, S. 155; Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 33.

turad arsebuli restriqciebis funqcia40. individis qcevis varireba damokidebulia am ori sididis urTierTmimarTebaze. davuSvaT, subieqtma konkretul dros (t

1) A-alternativas amjobina B-alternativa, xolo

garkveuli drois Semdeg (t2) gadawyvetileba radikalurad Secvala.

es garemoeba misi iracionalurobis maCvenebeli ar aris. es cvlileba preferenciebisa da restriqciebis aramdgradobaze miuTiTebs: adamianis arCevanis subieqturi motivebi SeiZleba Seicvalos, iseve rogorc re-striqciebi – gadawyvetilebis miRebis obieqturi CarCo-pirobebi. im SemTxvevaSi, Tu preferenciebi ucvleli iqneboda, arCevanis cvaloba-dobis mizezad mxolod obieqturi pirobebis Secvla unda migveCnia41. nebismier SemTxvevaSi homo ekonomikusis Teoriuli modeli gveubneba, rom yvela subieqti mocemuli A

1 A

2 A

3…A

n alternatividan amoarCevs

iseTs, romelic mas met sargebels moutans. amave dros, arCevani sargebelis maqsimirebis sasargeblod, ar aris

moraluri kategoria, anu moraluri Rirebulebebis TvalsazrisiT, homo ekonomikusis modeli sruliad neitraluri modelia42. is ubralod pozitiurad aRwers imas, Tu rogor iqceva individi sinamdvileSi arCev-anis gakeTebis dros. modelis moralurad neitralur relsebze gaday-vanas xeli Seuwyo varaudma, rom subiqtis altruistuli qmedeba ar gamoricxavs sakuTari sargeblianobis motivs43. Tu X individi Tavs cudad grZnobs Y-is cudad yofnis gamo da mas exmareba, amiT is sa-kuTar, Tundac emociur, sargebels ixveWs, anu sakuTari sargeblianobis Teoremis winapiroba sulac ar aris sargeblis monetaruli odenobis gansazRvra44.

samarTlis mecnierebas homo ekonomikusis modelze dayrdnobiT Ses-aZlebloba eZleva moaxdinos individTa qcevis ex post analizi, anu ana-lizis mizania, daadginos, Tu rogor gavlenas axdens esa Tu is norma misi adresatis qcevaze.

3. efeqtianobis kriteriumebi

samarTlis ekonomikuri analizi, gansakuTrebiT, misi normatiuli nawili, subieqtis (homo ekonomikusis) pozitiuri qcevis safuZvel-ze, samarTlis normebis efeqtianobis dadgenas da araefeqtiani normis efeqtianiT Canacvlebas cdilobs. dogmatikaSi Cafluli iuristisTvis

40 ix. I 2.2.41 Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 32.42 Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 27.43 Becker, The Economic Approach to Human Behaviour, 1976, 317.44 Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 27.

28 29

qtis mixedviT, individualuri mewarme da personaluri sazogadoebebis partniorebi samewarmeo saqmianobidan warmoSobili valdebulebebisTvis pasuxs ageben piradad, mTeli Tavisi qonebiT. pozitiur ekonomikur anal-izs ainteresebs mocemuli normebis gavlena mewarmeTa qcevaze – rogor warmarTavdnen isini saqmianobas piradi pasuxismgeblobis gamoricxis pirobebSi? samoqalaqo kodeqsis 549-e muxli damqiravebels ukrZalavs qveqiravnobas gamqiraveblis Tanxmobis gareSe – rogor moiqceva am normis pirobebSi sazRvargareT droebiT mimavali racionaluri damqi-ravebeli? rogor moiqceoda is sxva SemTxvevaSi? saqarTvelos sisxlis samarTlis kodeqsis 117-e muxlis I nawili janmrTelobis ganzrax mZime dazianebisTvis awesebs Tavisuflebis aRkveTas samidan xuT wlamde – rogor Seicvleboda am danaSaulis statistika ufro dabali an ufro maRali sanqciis pirobebSi? rogorc xedavT, SesaZlebelia samarTlis nebismieri subsistemis analizi xarj-sargeblis ekonomikur kalkula-ciaze dayrdnobiT.

rac Seexeba normatiul analizs, aq gvWirdeba keTildReobis eko-nomikis mier efeqtianobis winaswar definirebuli kriteriumebi, raTa movaxdinoT ekonomikuri procesebisa da maTi cvlilebebis Sefaseba55. imisaTvis, rom dadgindes marixuanas moxmarebis dasjadobis efeqtianoba, saWiroa, erTi mxriv, dasjadobisa da, meore mxriv, dekriminilaciis xarj-sargeblianobis dapirispireba. amave dros, mniSvneloba ar aqvs imas, Tu ramdenad aris marixuanas moxmarebis dekriminalizacia eTikurad swori, an sazogadoebis RirebulebaTa wesrigSi ra safexurze dgas ekonomikuri efeqtianobis principi56. mTavari is aris, rom normatiuli ekonomika iuridiuli mecnierebisTvis analizis sasargeblo meTodia. normis, rogorc qcevis standartis, anu garkveuli qmedebisTvis gadasax-deli sazRauris ganmarteba da gamoyeneba xarj-sargeblianobis analizis gareSe, hgavs maRali koncentraciis antibiotikis permanentulad da brmad miRebas arakompetenturi TviTdiagnozis safuZvelze.

5. Sualeduri Sejameba

samarTlis ekonomikuri analizi samarTlis politikaSi axali in-terdisciplinaruli meTodia, romelic SeerTebul StatebSi gasuli saukunis 60-iani wlebidan Camoyalibda, rogorc mecnierebis reaqcia

55 Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 21.56 Posner, Recht und Ökonomie: Eine Einführung, in: Assmann/Kirchner/Schanze (Hrsg.), Öko-nomische Analyse des Rechts, 1993, S. 92.

rok-barisa da skolis magaliTSi50 kaldor-hiqsis efeqtianoba apriori damyarebulia, radgan rok-baris mogeba imdenad aRemateba skolis zarals, rom kompensaciis gadaxda problemas ar warmoadgens. amave dros, mniS-vneloba ar aqvs, sargeblis mimRebi kompensacias faqtobrivad gadaixdis, Tu ara. mTavaria, rom aseTi opcia hipoTeturad aris dasaSvebi. mokled, kaldor-hiqsis kriteriumiT, efeqtiania Sedegi, rodesac erTi subieqtis sargebeli mis mier sxva subieqtebisTvis miyenebul zarals aRemateba.

4. normatiuli da pozitiuri ekonomikuri analizi

samarTlis ekonomikuri analizis maxasiaTeblebisa da miznebis aR-weris kvaldakval unda gavmijnoT misi pozitiuri da normatiuli forma. samarTlis pozitiuri ekonomikuri analizi dakavebulia mo-qmedi samarTlis empiriuli da analitikuri kvleviT, anu is aRwers samarTlebrivi danawesebis ekonomikur efeqtebs, maT zegavlenas normaTa adresatebis qcevaze da gamoimuSavebs prognozebs Secvlili norma-tiuli bazis ekonomikuri Sedegebis Sesaxeb51. samarTlis ekonomikuri analizisTvis samarTlebrivi institutebi socialuri fenomenia, ro-melic marTavs sazogadoebriv interaqcias da awesebs qcevis garkveul standartebs. ekonomika ki instrumentia, romelic samarTlis, rogorc socialuri movlenis, swor aRweras, gagebasa da Sefasebas uwyobs xels. ekonomikas ar SeuZlia qcevis standartebis daweseba (es samarTlis sferoa), magram ekonomists SeuZlia ganmartos iuridiul normaTa Ri-rebuleba sazogadoebisTvis, gaakritikos isini an miuTiTos maT dadebiT efeqtze52.

samarTlis pozitiuri ekonomikuri analizi, meToduri TvalsazrisiT, pozitiur ekonomikasTan korelirebs. pozitiuri ekonomikis sagani eko-nomikuri procesebis axsnaa. fasisa da moTxovnis analizis dros, pozi-tiuri ekonomika cdilobs, axsnas, Tu ra gavlenas axdens fasis cvlile-ba moTxovnaze53. aq pozitiuri ekonomika iyenebs ekonomikuri paradigmis principebs54. samarTlis pozitiuri ekonomikuri analizi zustad igive principiT axdens samarTlebrivi normebis ekonomikur lustracias. mag-aliTad, saqarTvelos mewarmeTa Sesaxeb kanonis me-3 muxlis I da III pun-

50 I 1.2.51 Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 4.52 Sead. Posner, Recht und Ökonomie: Eine Einführung, in: Assmann/Kirchner/Schanze (Hrsg.), Ökonomische Analyse des Rechts, 1993, S. 92.53 Eidenmüller, Effizienz als Rechtsprinzip, 2005, S. 21.54 I 2.

30 31

III. samarTlis ekonomikuri analizis kritika

samarTlis ekonomikuri analizis kritika SesaZlebelia ori ZiriTa-di poziciidan: 1. endogenuri, sakuTriv ekonomikuri da qcevis Semswav-leli mecnierebebis da 2. eqsogenuri, eTikur-samarTlebrivi poziciidan. pirvel SemTxvevaSi samarTlis ekonomikuri analizis konceptis eWvqveS dayeneba xdeba Tavad homo ekonomikusis qcevis modelis mimarT daeWve-biT. es kritika pozitiuria da svams generalur kiTxvas, Tu ramdenad Seesabameba subieqtTa realuri qceva ekonomikur paradigmaSi aRweril homo ekonomikusis qcevis models. aq gvaintersebs ara subieqtTa qcevis motivebis normatiul-eTikuri Sefaseba, aramed ekonomikuri racionaliz-mi da misi sazRvrebi. meore SemTxvevaSi kritika samarTlebriv-eTikuri xasiaTisaa. samarTali ekonomikur paradigmas sakuTari ZalebiT Seutevs iq, sadac qmedebis normatiuli Sefasebaa saWiro. anu samarTals ar SeuZlia daadginos, sinamdvileSi individi racionalurad da sakuTari sargebelis gamravlebis motiviT iqceva Tu ara. samarTals aintere-sebs homo ekonomikusis modelis Tavsebadoba Tanamedrove demokratiul sazogadoebebSi gabatonebul individis xatTan – konstituciiT garan-tirebuli ufleba-Tavisuflebebis matarebel adamianTan. meore mxriv, 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 (principSi 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.

ekonomikaSi saxelmwifos regulatorul intervencionizmze. samarTlis ekonomikuri analizis mTavari safuZveli ekonomikuri

paradigmaa, romlis mixedviTac mwiri resursebis samyaroSi myof adami-ans sakuTari moTxovnilebebis dasakmayofileblad mraval alternati-ul SesaZleblobas Soris arCevanis gakeTeba uwevs. arCevanis gakeTebis dros subieqti misTvis yvelaze misaReb gadawyvetilebas iRebs, anu racionalurad moqmedebs. sargeblis maqsimirebisken swrafva da racio-naluri arCevanis gakeTeba individis qcevis principia. is mudam xarjisa da sargeblis Tanafardobis gaangariSebas axdens. igive kanonzomierebebs eqvemdebareba individis damokidebuleba samarTlebrivi normebis mimarT. normas (akrZalvis gagebiT) is uyurebs rogorc xarjs, safasurs, ro-melic man unda gadaixados garkveuli qcevisTvis. marTlwesrigi qcevis normatiul standartebs ayalibebs, romelzec individebi ekonomikuri paradigmis mier SemoTavazebuli qcevis modelis Sesabamisad reagire-ben. amitom ekonomikis principebi marTlwesrigis kvlevisTvis noyieri meTodologiuri niadagia.

samarTlis pozitiuri ekonomikuri analizis sagania subieqtebis reagireba moqmed samarTlebriv normebsa da standartebze. xolo samar-Tlis normatiuli ekonomikuri analizi samarTlebriv normebs zoma-vs keTildReobis ekonomikis mier SemuSavebuli resursebis efeqtiani alokaciis kriteriumebiT.

32 33

TxvevaSi SesaZlebelia subieqtTa qcevebis axsna da prognozireba. Tumca homo ekonomikusis modelis epistemologiuri vargisianoba

damokidebulia mis mizanze. Tu modelireba subieqtTa realuri qce-vis axsnas emsaxureba, maSin unda vaRiaroT, rom is realobas bolomde adekvaturad ver asaxavs. magram Tu homo ekonomikusis modeli moma-vlis prognozirebas isaxavs miznad, mis Teoriul sargeblianobas ver uarvyofT. neoklasikuri modelis erTerTi mTavari damcveliMmilton fridmani swored am ukanasknel punqts usvams xazs. misi azriT, aucile-beli ar aris, rom Teoriebi realobas zustad aRbeWdavdnen. maTi mec-nieruli Rirebuleba konkretuli, dawvrilebiTi informaciis gareSe momavlis prognozis SesaZleblobaSi mdgomareobs63.

Tumca, axsna ufro mniSvnelovania, vidre prognozi64. realobis axsnis gareSe prognozi usafuZvlo hipoTezaa, romlis empiriuli gad-amowmeba rTulia. SesaZloa, miviRoT uapelacio maqsimebi daaxloebiT am stilSi: `qveynis Tavdacvas da ekologiur usafrTxoebas bazari daa-regulirebs~, ̀ bazarze srulyofili konkurencia damyardeba~, ̀ resursTa efeqtian alokacias bazari uzrunvelyofs~ da a.S. msgavsi argumen-tireba ki impliciturad eyrdnoba bazris aqtorebis qcevis warsulSi da realur droSi gakeTebul dakvirvebas.

eqsperimentuli ekonomika gviCvenebs, rom gadawyvetilebis miRebis winaSe mdgomi subieqtis qceva, xSir SemTxvevaSi, ar aris mimarTuli sakuTari sargeblis gamravlebisken. ekonomikur urTierTobebSi indi-vidTa qcevaze dakvirvebis standartuli magaliTia e. w. `diqtato-ris TamaSi~65. am laboratoriuli eqsperimentis piroba martivia: kom-piuteris saSualebiT erTmaneTs ukavSirdeba ori monawile (A da B), romlebic erTmaneTs ar icnoben. eqsperimentis dros da Semdegac anon-imuroba daculia. A monawile wamyvani figuraa, romlis gankarguleba-Sic garkveuli odenobis Tanxaa (mag. 20 evro). mas SeuZlia es Tanxa nebismieri proporciiT gaunawilos B-s, anu mas imis uflebac aqvs, rom 20 evro mTlianad daitovos. B-s SeuZlia SeTavazebuli Tanxa miiRos, an uaryos. is gadanawilebaze veraviTar gavlenas ver moaxdens. amis Ses-axeb orive mxare informirebulia. interaqtiuli dialogi monawileebs Soris gamoricxulia. A, rogorc homo ekonomikusi, neoklasikuri mod-elis mixedviT, daitovebs maqsimalur Tanxas (an B-s erT cents Ses-

Recht und Verhalten, 2007, S. 69.63 Friedman, The Methodology of Positive Economics, Chicago, 1953, 3.64 Mathis, Effizienz statt Gerechtigkeit?, 2009, S. 42; Scriven, Explanations, Predictions and Law, in: Feigl/Grover, Minnesota Studies in the Prilosophy of Science, 170, 176. 65 eqsperimentebis dawvrilebiTi aRwera ix. Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 70 ff.

institucionaluri ekonomikis zogierTi daSvebac, romelTagan tranza-qciis xarjebis Teoria unda gamovyoT.

1.1. sakuTari sargeblis empiriuli „problemebi~

neoklasikuri standartuli modelis mimarT qcevis ekonomikas principuli uTanxmoeba aqvs. kritika, pirvel rigSi, sakuTari sargeblis cnebas exeba. aq unda movaxdinoT diferenciacia sakuTari sargeblis sust da Zlier konceptebs Soris58. susti koncepti (misi definiciuri varianti) „sakuTar sargebelSi` rogorc monetarul, iseve altru-istul motivebs moiazrebs. am koncefciis mixedviT, individi mogebis maqsimirebas cdilobs ara mxolod misi fuladi rezervebis gamravlebis TvalsazrisiT, aramed sargebels iRebs keTilsindisieri qmedebidanac, radgan es ukanaskneli mis preferencias Seesabameba59. susti koncepti formalurad uvargisia. mas mecnieruli Rirebuleba ar gaaCnia, radgan mecnieruli meTodebiT Sedaveba SeuZlebelia60. es modeli subieqtis qcevis axsnisa da prognozirebisTvis myar baziss ver gvaZlevs. mas mxolod ex post SeuZlia individis nebismieri qmedeba sakuTari intere-sebidan nakarnaxev qcevad gaasaRos, Tan ise, rom racionaluri kritiki-sTvis nebismieri meTodi Caketilia.

Mamitom kritikisTvis sargeblis ekonomikurad operacionalizebadi varianti unda avirCioT. am mxriv aRsaniSnavia mosalodneli sargeblis koncefcia (Expected Utility), romlis asaxva SesaZlebelia Semdeg for-mulaSi:

EU=p1U(x

1) + p

2U(x

2) + … p

nU(x

n),61

sadac EU warmoadgens mosalodnel sargebels, cvladebi EU(x1) …

EU(xn) gamoxataven calkeul sargebels, xolo p asaxavs albaTobis

subieqtur Sefasebas. neoklasikuri modeli gveubneba, rom racionaluri subieqti mosalodneli variantebidan amoirCevs iseTs, romelic misT-vis yvelaze optimaluria. mosalodneli sargeblis mocemuli modeli sargeblis „Zlieri` kocnefciis safuZvelia im pirobiT, Tu sargeblis cneba mogebis monetarul maqsimirebaze iqneba orientirebuli62. am Sem-

58 Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 67.59 Becker, The Economic Approach to Human Behaviour, 1976, 317. 60 Korobkin/Ulen, Law and Behavioral Science: Removing the Rationality Assumption from Law and Economics, in: California Law Review 88 (2000), 1060.61 Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 68.62 Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.),

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mopasuxeebad daajgufes. orive mxare aRWurves saWiro informaciiT da daavales erTmaneTTan morigeba. amave dros, sTxoves mosalodneli sargebelis winaswari Sefaseba im SemTxvevisTvis, Tu morigeba Sedegs ver gamoiRebda da davis gadawyveta mosamarTles mouwevda. aRmoCnda, rom sargeblis molodini da, Sesabamisad, daTmobaze wasvlis mzadyofna eqsperimentis monawile mxareebma maTTvis miniWebuli rolis Sesabamisad gamoavlines. mosarCeleebis azriT, mosamarTle maT mniSvnelovnad met Tanxas miakuTvnebda, vidre es mopasuxeebs egonaT. Sesabamisad, monawile-Ta morigebisTvis mzadyofnis maCvenebeli gansxvavebulad gadanawilda. mosarCeleTa mxridan meti sargeblis miRebis molodini samomrigeblo molaparakebebis dros konsensusis miRwevis damabrkolebel garemoebad iqca. efeqtiani gadawyvetis nacvlad miviReT gadaWarbebuli molodinis subieqturi aRqma.

neoklasikuri ekonomikis mier damkvidrebuli homo ekonomikusis akademiuri modeli, romelic gvixatavs individis saxes, romelic stabi-luri preferenciebis pirobebSi mogebis gamravlebisken iswrafvis, sru-lyofil informacias flobs, sakuTar gadawyvetilebebs racionalurad awon-dawonis da misTvis sasargeblo gadawyvetilebas emociisgan Tavi-sufali iRebs71, sul cota, am ukanasknel komponentSi mcdari aRmoCnda. realoba ufro kompleqsuria, vidre es erT romelime modelSi aisaxeba. adamianis gadawyvetilebebSi emocia mcire rols ar TamaSobs72. refle-qsiisTvis erTi kiTxviT davasruleb: ratom utoveben adamianebi ofici-ants zedmet fuls restoranSi, romelSi misvlasac isini momavalSi ar gegmaven?73

1.2 SezRuduli racionaloba (Bounded rationality)

qcevis da eqsperimentuli ekonomikis kritikis sagania ara mxolod sakuTari sargeblis neoklasikuri ekonomikis mier SemoTavazebuli definicia, aramed adamianis SeuzRudavi racionalobis Sesaxeb wamoy-

71 Schäfer/Vater, Behavioral Finance: Eine Einführung, Finanz Betrieb 2002, 739, 741.72 germaniaSi maqs plankis sazogadoebasTan arsebuli ekonomikis instituti wlebis ganmavlobaSi ikvlevs individTa qcevis kanonzomierebebs. eqsperimentuli ekonomikis mier germaniaSi Catarebuli kvlevebi igives adastureben. ix. Grötker, Ein Spiel fürs Leben, MaxPlanckForschung 1/09, 80 ff. 73 Jolls/Sunstein/Thaler, A Behavioral Approach to Law and Economics, Stanford Law Review 50 (1998), 1491, citirebis wyaro: Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 77.

Tavazebs), radgan eqsperimentis pirobaSi amis damabrkolebeli araviTari garemoeba ar arsebobs. aseve B, romelsac gadanawilebaze gavlena ar aqvs, miiRebs nebismier SeTavazebas, radgan mas mxolod ori arCevani aqvs – an SemoTavazebuli TanxiT gamdidreba, an nuliT dakmayofileba. sinamdvileSi, wlebis manZilze sxvadasxva kulturul garemoSi Catare-bulma am eqsperimentma aCvena, rom A-s oferti erT cents bevrad aRe-mateba. gadanawilebis saSualo maCvenebeli 67:37 procentia. A-s mxri-dan yvelaze xSiri SeTavazeba Tanxis Tanabrad, 50% _ 50% ganawileba iyo. es maCveneblebi verc Rarib qveynebSi Catarebulma analogiurma eqsperimentma Secvala66.

cxadia, Sedegi miuTiTebs imaze, rom individebi arCevans xSir SemTx-vevaSi ara racionaluri, aramed emociuri motivebiT akeTeben. maT pref-erenciebs mxolod materialuri anazRaureba ar warmoadgens. individi iseT viTarebaSic, rodesac mis reputacias safrTxe ar emuqreba, altru-istul arCevans akeTebs. faqtia, rom zemoT aRweril eqsperimentSi A-s kontrahentisTvis Tanxis ganawileba arc monetarul sargebels moutans da arc imaterialurs (mag. reputacia). aq saqme gvaqvs solidarobasTan, Tan sruliad ucxo individis mimarT. es solidaroba, savaraudod, gan-pirobebulia qvelmoqmedi individis warsuli gamocdilebiT. sxva indi-vidis mxridan warsulSi keTilsindisierad mopyrobam mas ucxo adamia-nis mimarT keTilsindisieri saqcielisken ubiZga67. Tumca es ar niSnavs imas, rom homo ekonomikusi homo moralisia68. realobaze dakvirdveba homo ekonomikusis mxolod ambivalenturobas asabuTebs. monetaruli interesi da keTilsindisierebis mosazrebebi individSi Tanaarseboben da gadawyvetilebis miRebis dros urTierTzegavlenis efeqts avlenen (Self-serving Bias)69.

eqsperimentiT simulirebuli realoba zustad xsnis zemoT gan-viTarebul mosazrebas70. eqsperimentSi, romlis monawileebsac qone-brivi davis imitireba unda moexdinaT, studentebi mosarCeleebad da

66 Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), 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-Kolumne „Merkwürdigkeiten aus den Manegen des Managements“, 10/2011, S. 156-157.69 Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 75.70 eqsperimentis aRwera ix. Babcock/Loewenstein/Issacharoff/Camerer, Biased Judgements of Fairness in Bargaining, in: American Economic Review 85 (1995), 1337, citirebulia: Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 76 – mixedviT.

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lis arastabilurobiT80. Tu vityviT, rom yvela calkeuli alternativis mosalodneli sargebeli konstanturi sididea, maSin mocemuli alter-nativebis Tanmimdevrobas da struqturas gadawyvetilebaze araviTari gavlena ar eqneba – individi airCevs alternativas yvelaze maRali mo-salodneli sargebliT81. empiriuli kvlevebi ki sxva suraTs gviCvenebs. adamianebi A-alternativas amjobineben B-alternativas, rodesac maTi Sedarebis SesaZlebloba gaaCniaT. Tu maT am alternativebis cal-calke Sefaseba uwevT, SesaZloa, arCevani sapirispiro iyos82. eqsperimentis monawileebs sTxoves aerCiaT Semdeg or alternativas Soris: SeerTe-buli Statebis erT regionSi avtokatastofebSi yovelwliurad 600 adamiani iRupeba. pirveli alternativa am cifrs 570 SemTxvevamde Seam-cirebs da 12 milioni dolari jdeba. meore alternativis mixedviT ki msxverplis ricxvi 500-mde Semcirdeba, Tumca am proeqtis Rirebuleba 55 milioni dolaria. eqsperimetSi monawileTa umravlesobam meore alternativa arCia. rodesac eqsperimentis sxva monawileebs meore al-ternativis Rirebuleba daumales da sTxoves, rom Rirebuleba Tavad ganesazRvraT, didma nawilma Rirebulebad 55 milion dolarze gacile-biT naklebi daasaxela83.

standartuli modelis mixedviT racionaluri gadawyvetileba or arCevans Soris mesame arCevniT manipulirebuli ar aris. magaliTad, Tu myidvels arCevani uwevs 800 da 1000 larian kompiuters Soris, is umetes SemTxvevaSi 800 larians airCevs. es varaudi ar iTvaliswinebs adamianebis fsiqologiur aversias ukiduresobebis mimarT (extremeness aversion)84. Tu igive mocemulobaSi gamyidveli potenciur myidvels 800 da 1000 larian kompiuterTan erTad SesTavazebs mesamesac, romlis fasi 1500 laria, myidveli saSualo variants, anu 1000 larians airCevs, radgan es misTvis garkveuli kompromisia or ukiduresobas Soris (`ux-arisxosa~ da `Zalian xarisxians~, magram amavdroulad Zvirs Soris). is, rom adamianebi saSualo arCevanisken tendireben, maT racionaluro-ba-iracionalurobaze konkretuls arafers gveubneba. es movlena mx-olod imas gvaCvenebs, rom preferenciebis sistema arCevanis konteqstzea

80 ix. III 1.1.81 Englerth, Behavioral Law and Economics – eine kritische Einführung, in: in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 78.82 Sunstein, Behavioral Law and Economics: A Progress Report, in: American Law and Econom-ics Review 1 (1999), 119, citirebis wyaro: Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 78.83 Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 79. 84 Fox/Tversky, Ambiguity Aversion and Comparative Ignorance, in: Tversky (ed.), Preference, Belief, and Similarity, 2004, 777 ff.

enebuli varaudic74. am varauds, SezRuduli racionalobis Teoriis75 mixedviT, ori mTavar winaRoba gaaCnia: 1. preferenciebis arastabiluri xasiaTi da 2. gadawyvetilebisTvis saWiro inputis SezRuduli da-muSavebis unari.

1.2.1 preferenciebis arastabiluroba

adamianis kognitiuri SesaZleblobebi SezRudulia. mis mier misaRe-bi gadawyvetilebebi nakarnaxevia drois garkveul monakveTSi arsebuli mocemulobebiTa da danaxuli realobis subieqturi aRqmiT76. am triv-ialur dakvirvebas arc standartuli modelis mimdevrebi uaryofen, magram gvTavazoben fiqcias, romelic realobis gamartivebisa da momav-lisTvis saWiro prognozebis gakeTebaSi unda dagvexmaros – marTalia, adamiani kompiuteri ar aris, magram SesaZlebelia misi qcevis gamartive-buli modelireba imisaTvis, rom qceva prognozirebadi gaxdes77. ivar-audeba, rom individi mocemuli alternativebidan yovelTvis optimal-urs amoirCevs. am postulatidan, anu racionaluri arCevnidan uxeSi gadacdoma bazris mxridan Sesabamis reaqcias gamoiwvevs. bazari TviT-seleqciis evoluciur princips eqvemdebareba, anu iracionalur aqtors gariyavs da mas racionaluriT Caanacvlebs78. pozitiuri ekonomikis es postulati efuZneba preferenciis stabilurobis varauds. standartul modelSi preferencia eqsogenuri, anu sargeblis maqsimirebis problema-tikisgan damoukidebeli fenomenia, ris gamoc is ar icvleba (an Znelad icvleba). qcevis ekonomika ki empiriul kvlevebze dayrdnobiT askvnis: preferencia aris konkretul droSi mocemuli procesis, mocemulobis da konteqstis produqti79. amitom is cvalebadia.

preferenciebis cvalebadoba ganpirobebulia mosalodneli sargeb-

74 TvalsaCinoebisTvis ix. Lüdemann, Die Grenzen des homo oeconomicus und die Rechtswis-senschaft, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 20 f.75 Simon, Theories of Bounded Rationality, in: C. B. McGuire, Roy Radner (Hrsg.), Decision and 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: The American Economic Review 93 (2003), 1449.76 Sdr. Englerth, Behavioral Law and Economics – eine kritische Einführung, in: in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 78. 77 Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 177 f. 78 Alchian, Uncertainty, Evolution, and Economic Theory, in: Journal of Political Economy 58 (1950), 211, 213 ff.79 Sunstein, Behavioral Law and Economics: A Progress Report, in: American Law and Econom-ics Review 1 (1999), 117, citirebis wyaro: Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 78.

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nativa, mocemul orientirTan SedarebiT, momgebiania, umetesoba risks gaurbis; (2) riskis aRniSnuli preferenciebi piriqiT fiqsirdeba im SemTxvevebSi, rodesac saqme mcire mniSvnelobis mogeba-wagebasTan gvaqvs. adamianTa umravlesoba riskiania, Tu saqme momgebian alternativas exeba, xolo wamgebiani alternatovebis mimarT maT aversiuli damokidebuleba aqvT; (3) adamianebis umetesoba garkveuli raodenobis zarals orjer metad ganicdis, vidre igive raodenobis mogeba gauxardeboda.91

kousis Teorema, romlis mixedviTac tranzaqciis xarjebis gan-ulebis pirobebSi nebismieri nivTi Tu ufleba bazarze avtomaturad aRmoCndeba imis xelSi, romelic mas sxvaze metad afasebs, marTalia, principSi, ar gabaTilda, magram cxadia, prospeqtis Teoriam resursTa efeqtiani gadanawilebis kousiseuli sqemaSi manamade gauTvaliswine-beli fsiqologiuri restriqciebi aRmoaCina, rac konstanturi prefer-enciebis arsebobas eWvqveS ayenebs.

1.2.2 evristika vs. racionaluri maqsimireba

damajerebloba racionaluri gadawyvetilebis TeoriaSi sargeb-lis maqsimirebis postulatsac aklia. aqamde davinaxeT, rom adamianebis umetesobas, neoklasikuri modelis sapirispirod, arc `sakuTari in-teresi~ ahyavs egoistur xarisxSi da sakuTar preferenciebSi garkvevac uWirs92. Tumca im SemTxvevebSic, rodesac adamianebi sakuTari moneta-ruli interesebis Sesabamisad iqcevian da zustad ician, ra surT, isini kidev erTi rTuli gadawyvetilebis winaSe dgebian, Tu rogor daikmayo-filon moTxovnileba maqsimaluri sargebliT. magaliTad, konkretuli nivTis SeZenis msurveli misTvis sarfian gadawyvetas bazarze infor-maciis saSualebiT eZebs93. informacia ki imdenia, rom misi mopoveba, aRqma da damuSaveba did resursTan aris dakavSirebuli. informaciis usasrulod Zieba da yvela alternativis Sedareba, bevr SemTxvevaSi, SeuZlebelia an Tavad aris iracionaluri qceva, rasac racionaluri gadawyvetis modelis mimdevrebic aRiareben94. Tumca isini am garemoebas restriqciad afaseben, anu SezRudulobad, romelic gadawyvetilebis

91 Kahneman, Maps of Bounded Rationality: Psychology for Behavioral Economics, in: The American Economic Review 93 (2003), 1454 ff; Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 87.92 ix. III, 1.1, 1.2.1.93 Sead. Kirchgässner, Homo Oeconomicus, 2000, S. 27.94 Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 90.

damokidebuli85. preferenciebis stabilurobis varaudSi eWvs aRvivebs dakvirveba

kidev or fenomenze. pirvels SeiZleba `mflobelobis efeqti~ (endow-ment effect) vuwodoT, xolo meores – `dakargvis SiSi~ (loss aversion)86. mflobelobis efeqti aris tipuri maCvenebeli qceviTi anomaliisa, romelic fiqsirdeba individebis mier preferenciebis gansazRvris da racionaluri alternativis Ziebis kognitiur procesSi. Catarebulma eqsperimentebma87 daadastures, rom adamianTa umravlesoba mis sakuTre-baSi arsebul uflebas Tu nivTs ufro metad afasebs, vidre sxvis sakuTrebaSi arsebul igive uflebas an nivTs. amave dros, rac ufro didxans imyofeba nivTi mflobelobaSi, miT ufro uWirs mflobels masTan ganSoreba. am fenomenTan mWidro kavSirSia danakargis mimarT aversiulobis fenomeni. adamianebs uWirT gariskva da status kvoTi kmayofildebian88. magaliTad, Tu adamians mivcemT 1000 dolars da Sem-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 airCia)89. Tu adamianebis didi nawili modelirebul garemoSi amJRavnebs SiSs danakargis mimarT, SeiZleba vivaraudoT, rom realuri arCevanis dros zaralis mimarT es aversiuloba gacilebiT didi iqneba.

am da sxva dakvirvebebidan miRebul Semecnebebs amerikelma mkvleva-rebma kanemanma da tverskim e.w. `prospeqtis TeoriaSi~ (prospect theory) mouyares Tavi90, romelic racionaluri gadawyvetilebis standartul Teorias (rational choice theory) daupirispirda. prospeqtis Teoria ar arRvevs neoklasikuri modelis varaudebs destruqciuli meTodebiT, aramed avsebs maT da gvTavazobs erTgvar alternativas: (1) individis mier misaRebi gadawyvetileba damokidebulia garkveul aTvlis wertil-ze, rogorc orientirze. es orientiri status kvos warmoadgens, anu neitraluri wertilia. Tu asarCevi alternativa, mocemul orientirTan SedarebiT, wamgebiania, umravlesoba riskiani xdeba, xolo Tu alter-

85 Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 187.86 Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), 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.88 Engel, Verhaltenswissenschaftliche Analyse: eine eine Gebrauchsanweisung für Juristen, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 367.89 Korobkin/Ulen, Law and Behavioral Science, in: California Law Review 88 (2000), 1110 ff.90 Kahneman/Tversky, Prospect Theory: An Analysis of Decision Under Risk, in: Econometrica 47 (1979), 263 ff; Kahneman/Tversky, The Framing of Decisions and the Psychology of Choice, in: Science 211 (1981), 453 ff.

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xelmisawvdomobis evristikasTan axlo kavSirSia reprezentaciulo-bis evristika, romelic aRwers stereotipizirebis fenomens. adamianebi xSirad movlenebs kategoriebad anawileben, anu yvela axal movlenas Sesatyvis stereotips uZebnian da am stereotipisTvis damaxasiaTebel zogad niSnebs miaweren, rac apriori gamoricxavs sxvagvari statisti-kuri albaTobis daSvebas. magaliTad, kiTxvaze, Tu vin SeiZleba iyos linda (1) bankis TanamSromeli Tu (2) bankis TanamSromeli, romelic qalTa uflebebs icavs, eqsperimentis monawileTa umetesobam meore al-ternativiT upasuxa. ra Tqma unda, es arCevani mcdaria, radgan pirveli SemTxveva meoris logikuri Semadgenelia da, amdenad, ufro savaraudo ver iqneba. aq adamianebi daabnia meore savaraudo pasuxSi mocemulma gansazRvrebam, radgan saxeli linda SeerTebul StatebSi feministi qa-lis stereotips miewereba100.

qcevis ekonomikis mxridan homo ekonomikusis standartuli mod-elis zemoT aRwerili kritika sayuradReboa iuristebisTvis im SemTx-vevebSi, rodesac saqme samarTlis politikis mxridan qcevis normire-basTan gvaqvs. rodesac saubaria normis regulatorul efeqtze, unda gaanalizdes misi adresatebis hipoTeturi qceva normis moqmedebis pirobebSi. Tu qcevis analizi homo ekonomikusis standartuli modelis mier warmodgenil adamianis xats daeyrdnoba, miviRebT gaTvlebs im nak-lovanebebiT, romlebic homo ekonomikusis standartuli modelis sust mxareebTan korelireben. Tu, magaliTad, x qcevisTvis y sanqcia aris gansazRvruli (an dagegmilia misi gansazRvra), standartuli modelis generaluri varaudi, rom sanqciis sididis proporciulad akrZaluli qcevis albaToba Semcirdeba, aqsiomad ver miiReba qcevis ekonomikis mier ganxiluli adamianis kognitiuri restriqciebis gaTvaliswinebiT.

1.3 tranzaqciis xarjebis Teoria

zemoT aRwerili kognitiur-fsiqologiuri restriqciebi unda Se-vavsoT obieqturi SezRudulobebiT, romlebic bazarze, nebayoflobi-Ti gacvlis pirobebSi, optimaluri Sedegebis miRebas xels uSlian, rac neoklasikuri ekonomikuri paradigmis mier arasakmarisad iyo Tem-atizirebuli. saqme exeba instituciebs, anu bazris sistemas, qcevis formalur CarCoebs (kerZo da sajaro samarTali), qcevis araformalur CarCoebs da ama Tu im sazogadoebaSi mocemul kulturul sivrces101.

100 Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 180.101 Erlei/Leschke/Sauerland, Neue Institutionenökonomik, 2. Aufl., 2007, S. 22.

mimRebma tranzaqciis xarjad unda gaataros da daiTvalos, Tu ra momentamde uRirs informaciis moZieba da alternativebis Sedareba. standartuli Teoria swored am punqtSi awydeba sakuTar sazRvrebs. is, marTalia, problemas sworad aRwers da mas adekvaturadac pasuxobs, ma-gram mxolod nawilobriv. Riad rCeba sakiTxi, Tu sad gadis efeqtiano-bis zRvari informaciis da mogebis maqsimirebisTvis saWiro sxva in-putis Zieba-mopovebis procesSi. racionaluri gadawyvetis standartul Teorias arc im SemTxvevebisTvis wamouyenebia sakuTari kriteriumebi, rodesac individis mier informaciis Ziebasa da damuSavebas efeqtiani gadawyveta ver moaqvs95.

pasuxgaucemel kiTxvebze isev qcevis ekonomika refleqtirebs. misi mimdevrebi migviTiTeben im garemoebaze, rom adamianebi kompleqsuri prob-lemebis gadaWris dros kognitiur teqnikas mimarTaven da gamartive-buli modelebiT sargebloben, rasac fsiqologebi evristikas (Heuristic) uwodeben96. kanemani da tverski, gansakuTrebiT, xelmisawvdomobis evris-tikas (availability heuristic) da reprezentaciulobis evristikas (repre-sentativeness heuristic) usvamen xazs97. xelmisawvdomobis evristika niSnavs, rom adamianebi gadawyvetilebis misaRebad saWiro informacias maTTvis xelmisawvdomi, warsulidan SemorCenili, daleqili codnis saSualebiT aanalizeben. warsulSi miRebul informacias zedmeti mniSvneloba eni-Weba, rasac martiv Secdomebamde mivyavarT. kanemanisa da tverskis mier momzadebuli eqsperimentis monawileebs daevalaT inglisur teqstSi –ing sufiqsiani sityvebis daTvla98. amave dros maT imave teqstSi unda daeTvalaT is sityvebic, romelTa boloswina aso n iyo. eqsperimentis Sedegma aCvena, rom monawileebma ufro meti –ing sufiqsiani sityva daafiqsires, vidre iseTi, romlis boloswina aso n iyo, maSin rodesac pirveli SemTxveva meoris Semadgeneli nawilia. amas Semdegi axsna aqvs: inglisurenovan monawileebs axsendebodaT inglisuri gramatikis wesi, romelic –ing daboloebian sityvebis warmoebas gvaswavlis, maSin rode-sac sityvis boloswina asoebis identificirebisTvis wesebi naklebad xelmisawvdomia99.

95 Englerth, Behavioral Law and Economics – eine kritische Einführung, in: Engel u.a. (Hrsg.), Recht und Verhalten, 2007, S. 91.96 ix. Kahneman/Tversky, Judgment under Uncertainty: Heiristics and Biases, in: Science 185 (1974), 1124 ff.97 Kahneman/Tversky, Judgment under Uncertainty: Heiristics and Biases, in: Science 185 (1974), 1124 – 1128.98 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. 99 Towfigh/Petersen, Ökonomische Methoden im Recht, 2010, S. 179.

42 43

xarjebi, romelbic sam ZiriTad jgufad SeiZleba daiyos: 1. xelSek-rulebis momzadebis xarjebi (Ziebisa da informaciis mopovebisTvis saWiro resursebi viwro gagebiT), 2. xelSekrulebis dadebis xarjebi (molaparakebisa da gadawyvetilebis xarjebi) da 3. saxelSekrulebo valdebulebebis kontrolisa da samarTlebrivi daxmarebis xarjebi (mag. xarisxis, valdebulebis droulad Sesrulebis kontroli da a.S.)109. rac Seexeba sawarmo tranzaqciis xarjebs, unda ganvasxvavoT: 1. sawarmos struqturis Seqmnis, SenarCunebisa da SecvlisTvis saWiro resursebi da 2. cvladi tranzaqciis xarjebi _ informaciis mopovebis, damuSavebi-sa da resursTa Sidasawarmo gadaadgilebisTvis saWiro xarjebi110.

xarjTa mTeli es sistema sxva araferia, Tu ara erTgvari samgza-vro bileTi im wertilamde, sadac bazris meqanizmma (fasis meqanizm-ma) monawile subieqtebis koordinireba unda ganaxorcielos. kousis TeoremaSi daxatulia samyaro msgavsi xarjebis gareSe, rac imTaviTve ararealuri varaudia, rasac kousi Tavadac aRiarebs. Tu tranzaqciis xarjebis kalkulacias movaxdenT, kousis Teorema ki ar gabaTildeba, aramed mxolod Sedegi Seicvleba: resursTa gadaadgileba efeqtiania im SemTxvevaSic, rodesac tranzaqciis xarjebi mocemulia, magram maTi abstrahirebis SemTxvevaSic pozitiuri saldo rCeba. Tumca, Tu tran-zaqciis xarjebis sidide ar iZleva efeqtiani alokaciis saSualebas, rCeba sami SesaZlebloba: monawile mxareebis gaerTianeba erT sawarmoSi, saxelmwifo regulacia an deregulirebul mdgomareobaSi datoveba111. am samidan erTi variantis generaluri upiratesobis dadgena SeuZlebelia. amisaTvis unda Semowmdes tranzaqciis xarjebis sidide konkretul Sem-TxvevaSi112. samarTlis roli gamoixateba sanivTo uflebebis (Property Rights) Tavdapirvel gadanawilebaSi. iq sadac tranzaqciis xarji nulze didia, sanivTo uflebebis samarTlebriv gadanawilebas kontrahentebis mier dagegmil gacvlaSi, maT Soris, xarjebis eqsternalizeba-inter-nalizebis kuTxiT, arsebiTi mniSvneloba aqvs113. amis sailustraciod sarkinigzo kompaniisa da fermeris cnobil magaliTs moviSvelieb114. warmovidginoT, rom sarkinigzo gzis irgvliv damuSavebuli miwis na-kveTebi mdebareobs. xSiria SemTxvevebi, rodesac matareblebis moZraobis

sus Non-Market Allocation, 1969, 12. 109 Richter/Furubotn, Neue Institutionenökonomik, 1. Aufl., 1996, S. 51.110 Richter/Furubotn, Neue Institutionenökonomik, 1. Aufl., 1996, S. 53.111 Coase, The Problem of Social Cost, in: The Journal of Law and Economics 1960, 15 ff; Mathis, Effizienz statt Gerechtigkeit?, 2003, S. 80.112 Coase, The Problem of Social Cost, in: The Journal of Law and Economics 1960, 16 ff.113 dawvrliebiT ix. Mathis, Effizienz statt Gerechtigkeit?, 2003, S. 81 ff.114 Polinsky, Economic Analysis as a Potentially Defective Product: A Buyer´s Guide to Posner´s Economic Analysis of Law, Harvard Law Review 87 (1974), 1660.

zemoT CamoTvlili mocemulobebi resursTa alokaciaze did gavle-nas axdenen, radgan wesebis damkvidrebuli sistema bazris monawileTa qcevas garkveul institucionalur CarCoebSi aqcevs. axali institu-cionaluri ekonomikis, rogorc kvlevis programis, saganic bazarze in-stitucionaluri mocemulobebisa da tranzaqciebze maTi zegavlenis analizia102.

kvlevis am mimarTulebas safuZveli daudo ronald kousis 1937 wels gamocemulma publikaciam ̀ The Nature of the Firm~103. kousis statia koncentrirebulia sawarmos, rogorc xelSekrulebaTa sistemis, rogorc integrirebuli, centralizebuli erTeulis da, amavdroulad, bazris aq-toris bunebis analizze. mTavari kiTxva aseTia: ratom arseboben sawar-moebi, maSin rodesac sabazro ekonomika, neoklasikuri gagebiT, decen-traluri koordinaciis (Tavisufali sabazro fasi, rogorc umTAvresi koordinatori) da individualuri tranzaqciebis principze unda iyos dafuZnebuli? sawarmo xom Tavad aris centralizebuli tranzaqciebi-sken mimarTuli, xolo sawarmos SigniT mimdinare procesebs ara `uxi-lavi xeli~, aramed menejmenti marTavs? sawarmos fenomens kousi xsnis sabazro meqanizmis gamoyenebis xarjebiT104. amiT kousma safuZveli dau-do moZRvrebas tranzaqciis xarjebis Sesaxeb, Tumca pirvelad msgavsi termini 1960-iani wlebis bolos iqna gamoyenebuli105.

imisaTvis, rom moxdes tranzaqciis xarjebis definireba, unda SevTanxmdeT, Tu ra igulisxmeba TviTon cneba tranzaqciaSi. uiliamso-nis definiciiT, tranzaqcia aris qonebrivi sikeTis gadacema, romelic teqnikurad gayofad fazebad xdeba: mTavrdeba aqtivobis erTi faza da iwyeba meore106. aq igulisxmeba resursebis (fizikuri gagebiT) gadacema. es SeiZleba moxdes rogorc sawarmos SigniT, aseve bazarze, ris gamoc tranzaqciebi Sida (sawarmo) da gare (sabazro) tranzaqciebad unda davyoT107. maTi erTerTi damaxasiaTebeli niSani aris is, rom tranzaqcia ufasod ver ganxorcieldeba. is garkveuli resursi Rirs. tranzaqciis xarji aris ekonomikuri sistemis gamoyenebisTvis gadasaxdeli `war-moebis xarji~108. ufro konkretulad: sabazro tranzaqciebs axlavs

102 Erlei/Leschke/Sauerland, Neue Institutionenökonomik, 2. Aufl., 2007, S. 41.103 Coase, The Nature of the Firm, in: Economica 4 (1937), 386.104 Coase, The Nature of the Firm, in: Econometrica 4 (1937), 390-391.105 Arrow, The Organization of Economic Activity: Issues Pertinent tot he Choice of Market ver-sus Non-Market Allocation, 1969, S. 12; tranzaqciis xarjebis Teoriis istoriis Sesaxeb ix. Klaes, The History of the Concept of Transaction Costs: Neglected Aspects, in: Journal of the History of Economic Thought 22 (2000), 191.106 Williamson, The Economic Institutions of Capitalism, 1985, S. 1.107 Richter/Furubotn, Neue Institutionenökonomik, 1. Aufl., 1996, S. 49.108 Arrow, The Organization of Economic Activity: Issues Pertinent to the Choice of Market ver-

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• tranzaqciis xarjebis sididis gamo, resursTa gacvlis SeuZle-blobis SemTxvevaSi, sabazro meqanizmis simulireba118.

2. ekonomikuri analizis Tavsebadoba samarTlis

Teoriasa da meTodologiasTan

1966 wels Tavis berlinur moxsenebaSi cnobilma germanelma iurist-ma karl larencma kidev erTxel daamsxvria miTi samarTalmcodneobis, rogorc mecnierebis, gamousadegarobisa da misi meTodologiuri sidux-Wiris Sesaxeb119. larenci samarTalmcodneobis sam funqcias usvams xazs: 1. samarTlis ganmarteba, 2. samarTlis ganviTareba, rac dauregulire-beli sivrceebis Sevsebas gulisxmobs da 3. marTlwesrigis sistemuri erTianobis uzrnvelyofa, anu samarTlebriv danawesTa saerTo, sistem-uri logikis Zieba120. cxadia, rom larencisTvis samarTlis mecnierebis am programul manifestSi pozitiuri samarTali iuridiuli analizis erTaderTi oboeqti ar aris, aramed pozitiuri samarTlis kvleva misi realuri sarCulis codnasac gulisxmobs. realuri sarCuli ki cxovre-baa, romelic normatiulad unda mowesrigdes. magaliTad, iuristma, ro-melic kartelebisa da konkurenciis samarTliT aris dakavebuli, unda icodes ra dgas kartelis ukan, rogor da ratom iqmneba karteli da ra aris srulyofili sabazro konkurencia121.

sWirdeba samarTalcodneobas kvleviT programaSi sxva socialuri mecnierebebis, pirvel yovlisa, ekonomikis daxmareba? Tu ufro ukana safexurze gadavinacvlebT, bevri iuristisTvis iracionaluri SiSis-momgvreli kiTxva unda davsvaT: aqvs Tu ara mosamarTles, samarTlis ganmartebisa da dadgenisas, samarTlis ekonomikuri analizis, rogorc ganmartebis meTodis, gamoyenebis ufleba?122 aq gradualurad unda gavmi-jnoT ekonomikuri analizi: marTwesrigis im nawilSi, romelic eko-nomikuri urTierTobebis kanalizirebas axdens, ekonomikuri analizis gamoyeneba, regulirebis sagnis logikidan gamomdinare, dasaSvebi da

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. 82.119 Larenz, Über die Unentbehrlichkeit der Jurisprudenz als Wissenschaft, 1966.120 Larenz, Über die Unentbehrlichkeit der Jurisprudenz als Wissenschaft, 1966, S. 13. 121 Coing, Grundzüge der Rechtsphilosophie, 3 Aufl., 1976, S. 346.122 germaniaSi dRemde aqtualuria karl-hainc feceris legendaruli, TiTqmis ukon-trolo sibraziT motivirebuli statia ekonomikuri analizis samarTlis princi-pebTan Seusabamobis Sesaxeb: Fezer, Aspekte einer Rechtskritik an der economic analysis of law und am property rights approach, JZ 41 (1986), 817 ff.

dros warmoqnmili naperwkali xanZars iwvevs da fermerTa sakuTrebas anadgurebs. aq sanivTo uflebebis konfiguracias principuli mniSvn-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, Seamcirebs fermeris kuTvnili miwis nakveTis Rirebulebas (davuSvaT, 50 dolariT), radgan fermeri iZulebulia, rom rkinigzis xazis ir-gvliv mdebare miwebi daumuSavebeli datovos, an xanZris Sedegad miy-enebul zians Seurigdes. erTi subieqtis maRali mogeba, anu mogeba, rom-lis pirobebSic dazaralebulis kompensireba Teoriulad SesaZlebelia, amyarebs apriori pareto-optimums. martivad: rkinigzis Rirebulebis 100 dolariani mateba, saerTo ekonomikuri efeqtianobis TvalsazrisiT, fermeris qonebis 50 dolariT gaufasurebas sjobs. Tu uflebebi piriq-iT iqneba gadanawilebuli, anu fermers eqneba sarkinigzo kompaniisgan zianis moTxovnis ufleba, es rkinigzis Rirebulebas 100 dolariT Seam-cirebs, xolo fermeris miwis Rirebulebas 50 dolariT gazrdis. aseT viTarebaSi sarkinigzo kompania Seecdeba, rom fermerisgan es ufleba 50 dolarze Zvirad gamoisyidos, rac orive mxarisTvis momgebiani iqneba.

es magaliTi kidev erTxel115 aRwers kousis Teoremas, romelic gveu-bneba, rom tranzaqciis xarjebis ganulebis pirobebSi sanivTo ufle-bebis Tavdapirvel gadanawilebas resursTa efeqtiani gadaadgilebisTvis araviTari mniSvneloba ar aqvs. pareto-optimumi bazarze TavisTavad damyardeba116. tranzaqciis xarjebis arsebobam ki SesaZloa bazari zog sferoSi Seaferxos, an saerTod moSalos. rkinigzisa da fermeris mag-aliTs davubrundeT: davuSvaT, informaciis mopovebisa da SeTanxmebis xarjebi 120 dolaria. aseT SemTxvevaSi sarkinigzo kompania da fermeri ver morigdebian, radgan tranzaqciis xarjebis sidide maT Soris ufle-biT vaWrobas ekonomikur azrs ukargavs. amitom aq uflebebis sastarto konfiguracia efeqtiani alokaciisTvis gadamwyveti faqtoria117.

zemoTqmulidan gamomnidare, SegviZlia, samarTlis amocana ekonomi-kuri analizis perspeqtividan ase SevajamoT:

• ekonomikuri efeqtianobis maqsimireba;• tranzaqciis xarjebis minimireba;

115 ix. I 1.2.116 Sead. Posner, Recht und Ökonomie: Eine Einführung, in: Assmann/Kirchner/Schanze (Hrsg.), Ökonomische Analyse des Rechts, 1993, S. 86.117 problema naTlad aris gaSuqebuli miCel polinskis mier sadazRvevo da sajaro sikeTeebis bazris magaliTze: Polinsky, Economic Analysis as a Potentially Defective Prod-uct: A Buyer´s Guide to Posner´s Economic Analysis of Law, Harvard Law Review 87 (1974), 1671-1674.

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IV. daskvnis nacvlad: samarTlis ekonomikuri

analizi da sakorporacio samarTali

ekonomikis meTodologiuri eqspansia momgebiania sakorporacio samarTlisTvis, rogorc ekonomikis samarTlis erTerTi centraluri dargisTvis. am formatis eqskursSi mxolod seleqtiurad aris Sesa-Zlebeli sakorporacio samarTlis im problematuri sakiTxebis CamoT-vla, romelTa gaanalizebac ekonomikuri mecnierebis instrumentebiT gaadvildeboda130. Sevecdebi, gamovyo ramdenime aseTi sakiTxi, romlebic aqtualur qarTul diskursSi gansakuTrebul yuradRebas unda imsax-urebdes.

sakorporacio samarTlis centralur gamowvevas menejmentisa da mewilis urTierToba warmoadgens, rac Principle-Agent-problemis sax-eliT aris cnobili131. menejmentisa da mewilis urTierToba saxelSek-rulebo bunebisaa132. rogorc yvela xelSekruleba, aqac vawydebiT arasrulyofili xelSekrulebis problematikas, anu informaciis asime-triulobis pirobebSi orive mxarisTvis optimaluri interesTa balan-sis miRweva saxelSekrulebo praqtikaSi rTuli amocanaa. konfliqtis sarCuls sakuTrebisa (wili) da gankargvis (menejmenti) uflebebis da-Soreba qmnis. kontrahentebis interesi korporaciul struqturaSi imde-nad diversificirebulia, rom TiToeuli mxarisTvis sasurveli Sedegis miRweva saxelSekrulebo Tavisuflebis pirobebSi maRal tranzaqciis xarjebTan aris dakavSirebuli. menejmenti swrafad iZens sainformacio upiratesobas da cdilobs am foris Tavis sasargeblod realizebas, anu oportunistuli qcevisken ixreba133. sakorporacio samarTlis amo-canaa msgavsi oportunizmis CaxSoba da mavne eqsternalizmebis Sez-Rudva, iqneba es sainformacio modelis daxvewiT, korporaciis marTvel da makontrolebel organoebs Soris uflebamosilebaTa dabalansebiT Tu monitoringis efeqtiani meqanizmebis SeqmniT. am miznis miRwevis instrumentalur modelebs axali institucionaluri ekonomika gva-Zlevs, romlis sami ZiriTadi sveti _ tranzaqciis xarjebis ekonomika,

130 ufro dawvrilebiT: Fleischer, Grundfragen der ökonomischen Theorie im Gesellschafts- und Kapitalmarktrecht, ZGR 2001, 1 ff.131 Ross, The Economic Theory of Agency: The Principal´s Problem, The American Economic Review63 (1973), 134; Eisenhardt, Agency Theory: An Assessment and Review, The Academy of Management Review 14 (1989), 57. 132 Cheung, The Contractual Nature of The Firm, Journal of Law and Economics 26 (1983), 1. 133 Fleischer, Grundfragen der ökonomischen Theorie im Gesellschafts- und Kapitalmarktrecht, ZGR 2001, 7-8.

aucilebeli meTodi unda iyos123. Tumca, iuristTa gildiis mZlavri winaaRmdegobaa ekonomikuri analizis recepcias Sexvda saxelmwifo da sajaro samarTlis institutebSi. iuristebis gansakuTrebul skefsiss iwvevs ekonomikuri Teoriis gamoyeneba konstituciis analizSi124. amis axsna SeiZleba im garemoebiT, rom aq ekonomikuri analizi samarT-lis fundamentur principebs exeba, rac aferxebs iuristTa mzadyof-nas interdisciplinaruli gaxsnilobis mimarT. samarTlis Teoriisa da filosofiis centraluri cnebebi, samarTlianoba da swori samar-Tali, arapozitivisti iuristebis cnobierebaSi is maqsimebia, romeleb-sac samarTali unda eswrafvodes, miuxedavad imisa, rom samarTlianobis cnebis Sinaarsis abstrahirebis yvela mcdeloba dRemde uSedego aR-moCnda, radgan is intersubieqturi kategoriaa125 da, amasTan, misi gao-bieqtureba gadauWreli amocanaa. mecnieruli meTodebiT SeuZlebelia samarTlis filosofiis kiTxvaze pasuxis gacema, Tu rogori unda iyos samarTliani samarTali126. samarTlis Teoriis wiaRidanAaRmocenebul samarTlis meTodologias logikuri meTodebiT SeuZlia samarTlis dadgenis, misi ganmartebisa Tu sistematurad gamarTuli samarTalSemo-qmedebis uzrunvelyofa semantikisa da hermenevtikis wyalobiT. Tumca mas ar SeuZlia dagvexmaros samarTlebrivi normebis efeqtebis gage-baSi. ekonomikuri Teoria SesaZlebels xdis samarTlis kvantificirebas da kvalificirebas, rac samarTals mecnierulad gadamowmebad kvlevis obieqtad aqcevs127. amiT samarTlis dadgena da kvleva daubrundeba im socio-politikur da ekonomikur konteqsts128, romlis farglebSic is iqmneba da viTardeba. iuristi ar unda gaeqces samarTlis aRqmas socio-ekonomikuri organizaciis instrumentad. amdenad, SeuZlebelia ar iqnas danaxuli samarTlisa da ekonomikis funqcionaluri urTierT-mimarTeba129.

123 Sead. Roth, Zur „economic analysis“ der beschränkten Haftung, ZGR 1986, 371.124 Lüdemann, Die Grenzen des homo oeconomicus und die Rechtswissenschaft, in: Engel (Hrg.), Recht und Verhalten, 2007, S. 9.125 Zippelius, Juristische Methodenlehre, 10. Aufl., 2006, S. 16.126 Krimphove, Rechtstheoretische Aspekte der „neuen Ökonomischen Theorie des Rechts“, Rechtstheorie 32 (2001), 513.127 Krimphove, Aspekte der „neuen ökonomischen Theorie des Rechts“, Rechtstheorie 32 (2001), 513.128 samarTlis politikisa da socialuri konteqstis urTierTmimarTebis Sesaxeb ix. Engel, Rationale Rechtspolitik und ihre Grenzen, JZ 2005, 581 ff.129 ix. Schwintowski, Das Konzept funktionaler Interdependenz zwischen Ökonomie und Recht, in: Rechtstheorie 23 (1992), 35 ff; Krüger, Einheit der Welt – Vielheit der Wissenschaften, in: Kocka (Hrsg.), Interdisziplinarität, 1998, S. 106 ff; Grundmann, Methodenpluralismus als Auf-gabe – zur Legalität von ökonomischen und rechtsethischen Argumente in Auslegung und Recht-sanwendung, in: RabelsZ 66 (1997), 423 ff.

48 49

safuZvelia, kanonmdeblis TviTmizani ar aris da arc bunebiTi samar-Tlis principia. misi saxiT saqme gvaqvs funqcionalur institut-Tan, romelsac mxolod ekonomikuri safuZveli gaaCnia. Ria kapitalur sazogadoebebSi SezRuduli pasuxismgebloba ramdenime ekonomikuri mo-tiviT aris nakarnaxevi138: 1. SezRuduli pasuxismgebloba inicirebulia menejmentisa da mesakuTris daSorebis moTxovniT, rac profesionaluri biznes-praqtikis danergvis SesaZleblobas iZleva, radgan profesional menejerebs sawarmos marTvaSi specialuri codnis gamoyenebis saSualeba eqmnebaT; 2. mcirdeba kontrolis xarjebi – rac ufro mcire TanxiT aris SemosazRvruli mewilis riski, miT ufro naklebia misi motivacia, gaakontrolos menejmenti; 3. Tanamewileebis kontroli saWiro ar aris, radgan erTi partnioris qceva meoris pasuxismgeblobas ar gamoiwvevs; 4. piradi pasuxismgeblobis gamoricxva SesaZlebels xdis wilis Tavi-sufal gadacemas da am gziT kapitalis bazridan sawarmoSi damatebiTi invesiciebis mozidvas; 5. SesaZlebeli xdeba diversificirebuli sain-vesticio portfelebis Seqmna, anu ramdenime sawarmos wilis floba, rac, erTi mxriv, investorTa risks amcirebs da, meore mxriv, zrdis menej-mentis mxridan riskiani proeqtebis realizebis SesaZleblobas.139 imave mosazrebebiT aranakleb efeqtiania SezRuduli pasuxismgebloba kon-cernul struqturaSi. am samarTlebrivi figuris normatiuli analizis mTavari safuZveli kreditorTa dacvis mizniT damkvidrebuli gamWoli pasuxismgeblobis institutia, anu gamonaklisi, romelic gamijvnis prin-cips ugulvebelyofs riskis kreditorebisTvis gadakisrebis akrZalvis motiviT. Tumca, am figuris winapirobebi mraval marTlwesrigSi bundo-vania da mas dazusteba sWirdeba. am analizSi ki iuristebs fasdaudebel samsaxurs gauwevs axali institucionaluri ekonomikis kidev erTi Teoria140, romelic samarTlis ekonomikur analizad (viwro gagebiT) zemoT ukve movixsenie da romlis safuZvelic kousis Teoremaa141.

sakorporacio samarTlis politikis kidev erTi gamowveva sawarmoTa dafinansebis problematikaa, kerZod _ sagarantio kapitalis, material-

138 Fleischer, Grundfragen der Ökonomischen Theorie im Gesellschafts- und Kapitalmarktrecht, ZGR 2001, 17.139 ix. gzamkvlevi statiebi SezRuduli pasuxismgeblobis ekonomikuri analizis Ses-axeb: Adams, Eigentum, Kontrolle und beschränkte Haftung, in: Ott/Schäfer (Hrsg.), Ökono-mische Probleme des Zivilrechts, 1991, S. 193 ff; Easterbrook/Fischel, Limited Liability and the Corporation, The University of Chicago Law Review 52 (1985), 89; Forbes, Limited LIability and the Development of the Business Corporation, Journal of Law, Economics & Organization 2 (1986), 163 ff.140 Fleischer, Grundlagen der ökonomischen Theorie im Gesellschafts- und Kapitalmarktrecht, ZGR 2001, 14 ff. 141 I 1.2; I 2.

xelSekrulebis Teoria da sanivTo uflebebis Teoria134 _ sakorpora-cio samarTalSi organizaciuli struqturis kvlevis mTavari Teori-uli safuZveli unda gaxdes.

agenturis problemasTan mWidro kavSirSia samewarmeo korporaciaSi interesTa orientiris gansazRvris problema. aq gvaqvs ori mTavari dapirispirebuli midgoma: 1. kontinentalur-evropuli Stakeholder Value-paradigma, rodesac sawarmos Rirebulebis maqsimireba xdeba ara mxolod masTan uSualod dakavSirebuli Sida interesTa jgufebis, aramed sawar-mosTan irib kavSirSi myofi jgufebisTvisac (dasaqmebuli, kreditori, momxmarebeli, mimwodebeli, saxelmwifo da a.S.) da 2. anglo-amerikuli Shareholder Value-paradigma, rodesac menejmentma sawarmos Rirebulebis maqsimireba mxolod partniorebis sasargeblod unda moaxdinos135. arCev-ani am or midgomas Soris mniSvnelovnad cvlis sawarmos mmarTveli rgolis samarTlebriv uflebamosilebas da rols. pirvel SemTxvevaSi menejmentis qcevis kanonismier disciplinirebas didi mniSvneloba aqvs, radgan makontrolebel pirTa wre gacilebiT farToa, rac kontrolis xarjebs zrdis. meore SemTxvevaSi ki dgas xarjebis eqsternalizebis safrTxe, magram menejment-partnioris urTierTobis daregulireba bi-lateralurad aris SesaZlebeli. Tu romeli modeli unda iqnas arCeu-li, amaze samarTals, eTikuri maqsimebis dawesebis garda, misi meTodolo-giuri struqturidan gamomdinare, pasuxi ar moepoveba. aq isev axali institucionaluri ekonomika unda moviSvelioT, kerZod – „sawarmos Teoria`136, romelic svams kiTxvebs: ratom arsebobs sawarmo? rogor ganviTarda is evoluciurad? rogori unda iyos samarTlis reagireba sawarmoSi sakuTrebisa da kontrolis gamijvnaze? ra maqsimebi unda boWavdes menejmentis qcevas da vis winaSea is angariSvaldebuli?137

sakorporacio samarTlis kvlevaSi, korporaciuli marTvis prin-cipebTan erTad, umniSvnelovanesia SezRuduli pasuxismgeblobis in-stituti da misi samarTlebrivi bunebis dadgena. e.w. „gamijvnis prin-cipi`, romelic SezRuduli pasuxismgeblobis institutis Teoriuli

134 Richter/Furubotn, Neue Institutionenökonomik, 1. Aufl., 1996, S. 35.135 Jensen, Value Maximization, Stakeholder Theory, and the Corporate Objektive Function, Journal of Applied Corporate Finance 2001, 8; Schmidt/Weiß, Shareholder vs. Stakeholder: Öko-nomische Fragen, in: Hommelhoff/Hopt/von Werder (Hrsg.), Handbuch Corporate Governance, 2. Aufl. 2009, S. 161 ff; Fleischer, Shareholder vs. Stakeholder: Aktienrechtliche Fragen, in: Hommelhoff/Hopt/von Werder (Hrsg.), Handbuch Corporate Governance, 2. Aufl. 2009, S. 185 ff.136 Coase, The Nature of the Firm, Economica 4 (1937), 386; Demsetz, The Firm in Economic Theory: A Quiet Revolution, The American Economic Review 87 (1997), 426.137 Fleischer, Grundfragen der ökonomischen Theorie im Gesellschafts- und Kapitalmarktrecht, ZGR 2001, 23.

50 51

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56 57

giorgi maxarobliSvili*

saaqcio sazogadoebis ZiriTadi

struqturuli elementebi

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

58 59

Sinaarsi

I. Sesavali . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

II. saaqcio sazogadoebis arsi da misi gansazRvris ZiriTadi kriteriumebi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

1. saaqcio sazogadoeba, rogorc koncentrirebuli kapitalis organizebuli marTvis samarTlebrivi konstruqcia . . . . . . . . . . 62

2. saaqcio sazogadoebis arsis ganmsazRvreli organuli niSnebi . 65

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 tipologiuri gamijvna . . . . . . . . . . . . 76

1. ss-is tipologiuri 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

2.1.2.2. kapitalis struqturisa da misi formirebis ekonomikuri

aspeqtebi ..........................................................................................................................114

2.2. kontroli, rogorc ss-is mewiles sakuTrebis struqturidan

gamomdinare ufleba .................................................................................................. 117

2.2.1. kontrolisa da sakuTrebis gamijvna ............................................... 117

2.2.2. kontrolis kontroli: aqcionerTa aqtivizmis strategiuli

aspeqtebi ..........................................................................................................................119

V. daskvna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124

bibliografia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

60 61

I. Sesavali

Tanamedrove ekonomikis aRmavlobisa da stabilurobis SenarCu-nebis erT-erTi safuZveli sakorporacio samarTlebrivi regulaciebia. korporaciuli `marTlwesrigi~ aerTianebs kapitalur da amxanagur sazogadoebaTa tipologiur formebs.1 sakorporacio samarTlis prin-ci puli funqcia samewarmeo ekonomikuri saqmianobis ganmaxorciele-beli subieqtebis samarTlebriv-organizaciuli formiT uzrunvelyo-faa (`momaragebaa~).2 msxvili kapitalis, zogadad ki, materialuri dovlaTis, efeqturi marTvis garxorcielebis instrumentalur meqa-nizms kapitalur sazogadoebaTa procesualuri funqcionireba war-moadgens.3 Tavis mxriv, kapitalis koncentraciis ori ZiriTadi or-ganizaciul samarTlebrivi formidan,4 kvlevis sagans mxolod erTi, saaqcio sazogadoeba,5 warmoadgens. pirTa implicitur Tu eqsplici-tur saxelSekrulebo gaerTianebis6 bazisze Seqmnili organizacia,7 istoriul perspeqtivaSi,8 aqcionerTa interesebisa9 da dainterese-

1 Cox, Hazen, Business Organizations Law, 3th ed., 2011, P. 1-53.2 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-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. etipologiuri sxvaobisTvis, ix. Conald, Corporations in Perspective, 1976, P. 136-138; Freund, The Legal Nature of Corporations, 2000 (1897), P. 7. korporaciiis Camoyalibebis genezisi aqciisa da saaqcio kompaniis terminologias ukavSirdeba. maTi sinonimebad gamoyeneba, istoriul peerspeqtivaSic, adekvaturia. ix. Gevurtz, Corporation Law, 2th ed., 2010, P. 113-114.6 Easterbrook, Fischel, The Corporate Contract, in: Corporate Law and Economic analysis, (edit. Bebchuk), 1990, P. 194-200. Sead. Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 34-38.7 Hasnmann, Ownership of Enterprise, 1996, P. 18-20.8 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.1, 2006, P. 2-27.9 Shareholders value, shareholder primacy da shareholders democracy-is zrdisa da realur kapitalistur urTierTobebSi ganviTareba-daxvewas moicavda. ix. Blair, Shareholder Value, Corporate Governance and Corporate Performance: A Post-Enron Reassessment of the Conventional Wisdom, in: Corporate governance and capital flows in a global economy, 2003, P. 56-65; Bratton, Wachter, Shareholder Primacy’s Corporatist Origins: Adolf Berle and The Mod-

bul pirTa10 socialuri sargeblianobis (da maT mimarT socialuri pasuxismgeblobis)11 kuTxiT, Camoyalibebuli subieqtis samarTlebrivi formaa.12 sakorporacio samarTlis (viwro gagebiT) subieqtTa So-ris interestTa solidaroba13 ss-is taqsonomiis arsis srulfaso-vani gagebiT miiRweva.14 ss-is, rogorc mewarme subieqtis, erTiani suraTis Seqmna, ori gansxvavebuli, magram, konkretul pirobebsa da gansazRvrul segmentebSi, urTierTmfaravi mimarTulebis analiziTaa SesaZlebeli. pirveli mimarTulebis mocemuloba ss-is sruqturuli elementebis organizaciul WrilSi analiziT yalibdeba, xolo meore – ss-is struqturuli elementebis organuli niSnebis strategiul konteqstSi ganxilviT. orive mimarTulebis sinTezi ss-is ZiriTadi struqturuli erTeulebis naTel kontrasts Seqmnis. Tavis mxriv, ss-is Sinaarsobrivi struqturis TiToeuli elementis detaluri aRwera korporaciaTa restruqturizaciis safuZvelTa15 analitikuri kvle-vis Sedegebis sazogadoebis struqturul erTeulebze pirdapir- Tu arapirdapirproporciulad asaxvis hi poteTur winapirobas warmoad-gens. Sedegad, korporaciaTa struqturuli elementebis gansazRvra strategiulad mniSvnelovani funqciuri datvirTvis matarebelia dasaxuli miznis misaRwevad.

ern Corporation, Journal of Corporation Law, Vol. 34, 2008, P. 99-152; Smythe, Shareholder De-mocracy and the Economic Purpose of the Corporation, Lee L. Rev., 2006, P. 2-18; Falaschetti, Shareholder Democracy and Corporate Governance, Law, Business & Economics Paper No. 08-14, 2008, P. 1-24; Fairfax, Shareholder Democracy, 2011, P. 7-161.10 Stout, Bad and not-so-bad arguments for shareholder primacy, Southern California L. Rev., vol. 75, 2002, P. 1189-1209; Carney, From Stakeholders to Stockholders: A View from Organizational Theory, 1997, P. 1-41.11 Hamilton, The law of Corporations, 2000, P. 69-72; Barnea, Rubin, Corporate social respon-sibility as a conflict between shareholders, 2006, P. 1-33.12 Conald, Corporations in Perspective, 1976, P. 126-139.13 Easterbrook, Fischel, The Corporate Contract, 1990, P. 200-211.14 Conald, Corporations in Perspective, 1976, P. 124-126. zogadad: Drucker, Concept of the Corporation, 1946.15 Gaughan, Mergers, Aqcuisitions and Corporate Restructurings, 5th ed. 2011, P. 21.

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II. saaqcio sazogadoebis arsi da misi

gansazRvris ZiriTadi kriteriumebi

1. saaqcio sazogadoeba, rogorc koncentrirebuli

kapitalis16 organizebuli marTvis samarTlebrivi

konstruqcia

pirTa gaerTianeba Tu `organizaciuli warmonaqmni~ iqmneba indi-vidTa interesebis erToblivad gansaxorcieleblad.17 organizaciuli warmonaqmnis safuZvlad miCneulia, erTi mxriv, savaWro urTierTobebis ganviTareba18 da, meore mxriv, socialuri moTxovnilebebi, romelTa re-alizacia socialuri wesrigisa da instituciuri formis mqone gansa-kuTrebuli warmonaqmnebis transformaciiT miiRweva.19 is (organizacia) konkretuli sferos momwesrigebeli instrumentia.20 korporacia orga-nizaciuli gaerTianebis subtips warmoadgens, romelic marTlwesrigis koniunqturul CarCoebSi iuridiuli piris sakanonmdeblo konstruq-ciis gamoyenebiT eqceva.21 korporacia yalibdeba ori an meti piris mier konkretuli qonebrivi sikeTis akumulaciis safuZvelze saxelmwifos legitimaciis (registraciis) Sedegad.22 warmoiSoba specifikuri gaer-Tianeba, romelsac, faqtobrivad, ormagi buneba aqvs: is, erTi da imave dros, aris rogorc wevrTa gaerTianeba, ise – wevrebisgan damoukidebeli samarTlis subieqti.23 samarTalmcodneTa paralelurad, ekonomistebi Tanamedrove korporaciebs socialur garTianebebad da ekonomikuri aq-tivobebis koleqtiuri marTvis bunebis mqone subieqtad Tvlian.24 am mxriv, firmis finansuri ekonomikis arsis,25 rogorc korporaciis kvali-

16 mimdinare Tavis miznebisTvis `kapitali~ igulisxmeba ekonomikuri gagebiT da is utoldeba sazogadoebis qonebas.17 kereseliZe, kerZo samarTlis uzogadesi sistemuri cnebebi, 2009, gv. 160.18 burduli, saaqcio samarTlis safuZvlebi, tomi I, 2010, gv. 31-44.19 bregvaZe, organizaciis Teoriis safuZvlebi: sociologiuri moZRvreba korporaci-uli sistemebis Sesaxeb wignSi: Tanamedrove sakorporacio samarTlis Teoriuli da praqtikuli sakiTxebi, 2009, gv. 9-12.20 bregvaZe, organizaciis Teoriis safuZvlebi, 2009, gv. 13.21 ix. Gevurtz, Corporation Law, 2000, P. 19; Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 145-150. Sead: kereseliZe, kerZo samarTlis uzogadesi sistemuri cnebebi, 2009, gv. 163.22 Hamilton, The Law of Corporations, 2000, P. 46; Phillips, Reapraising the Real Entity Theory of the Corporation, 21 Fla. St. U.L. Rev., 1994, P. 1062. Sead: kereseliZe, kerZo samarTlis uzogadesi sistemuri cnebebi, 2009, gv. 166-167.23 French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 152.24 Schrader, The Corporation as Anomaly, 1993, P. 1.25 xaraiSvili, CavleiSvili, firmis finansuri ekonomika, 2009, gv. 5-11.

taturi da kvantituri segmentebis deskrifciuli analizi,26 samarT-lebrivi konstruqciis gareSe, gamoricxulia.27 samarTlebrivi formis aucileblobas ekonomikuri stabilurobis moTxovna ganapirobebs. eko-nomikuri urTierTobebi TviTregulirebad sistemas warmoadgens, magram es ar niSnavs, rom gansaxorcielebeli qmedebebi individTa mier winaswar ar igegmeba.28 am kuTxiT, kapitalisturi urTierTobebis konkurentunari-anobasa da ganviTarebas martivi marketinguli formula udevs safuZv-lad: saWiroa ekonimikuri aqtivobis samarTlebriv wesrigSi moqceva, anu `kapitalisturi uwesrigobisTvis~ normatiuli regulirebis `miwode-ba~ - sakorporacio samarTlis ZiriTadi funqcia xom samewarmeo saqmi-anobis ganmaxorcielebeli subieqtebis organizaciul-samarTlebrivi formiT uzrunvelyofaa.29 mokled, sxva sityvebiT rom iTqvas, `Teoria~30 unda emsaxurebodes `praqtikas~.31 32

korporacia, rogorc samarTlebrivi kategoria, iuridiul doqtri-naSi sxvadasxva Teoriisa33 Tu sasamarTlo gadawyvetilebebis34 bazisze Camoyalibebuli, normatiulad deklarirebuli kapitalis marTvis orga-nizebuli instrumentia. pirTa da qonebis gaerTianebis organizebuloba samarTlis wesrigis mier aris SemoTavazebuli. is (organizebuloba),

26 Posner, The Economic Analysis of Law, 2007, P. 429-453.27 Posner, The Economic Analysis of Law, 2007, P. 391-397.28 Coase, The Nature of the Firm, Economica, New Series, Vol. 4, No. 16. 1937, P. 387.29 Armour, Hansmann., Kraakman, What is Corporate Law? 2nd ed., 2009, P. 2.30 mocemuli SemTxvevisTvis igulisxmeba samarTlebrivi regulireba.®31 anu, ekonomikuri aqtivobis Sedegad miRebul procesebs.32 Schrader, The Corporation as Anomaly, 1993, P. 9.33 The Concession Theory; Fiction Theory; The License Theory; The Agreggate Theory; Entity Theory, Nexus-of-Contracts Theory. ix. Coase, The Nature of the Firm, Economica, New Series, Vol. 4, No. 16. 1937, P. 386-405; Jensen, Meckling, The Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, 3 J. Fin. Econ., 1976; Bainbridge, The Board Of Direc-tors as Nexus-of-Contracts, A Critique of Gulati, Klein & Zolt’s “Connected Contracts” model, School of Law, Research paper No. 02-05, 2002, P. 16-25; Hamilton, The Law of Corporations, 5th ed, 2000, P. 50-62. Eisenberg, The Conception that the Corporation is a Nexus of Contracts, and the Dual Nature of the Firm, 24 J. Corp. L., 1998-1999, P. 822-823; French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 153-160; Radin, The endless problem of corporate per-sonality, 32 Colum L Rev, 1932, P. 665, miTiTebulia: French, Mayson, Ryan, Company Law, 26th ed., 2009-2010; Backer, Comparative Corporate Law, 2002, P. 323; Presser, Piercing the Corporate Veil, 2011, P. 12-26; Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.1, 2006, P. 45-47. qarTulad: kereseliZe, kerZo samarTlis uzogadesi sistemuri cnebebi, 2009, gv. 160-166; Wanturia, Sesavali samoqalaqo kodeqsis zogad nawilSi, 2000, gv. 206-214; maxarobliSvili, mewarme subieqtTa dogmatur-Teoriuli gamijvna kapitalur sazogadoebaTa sawyisebze, `samarTlis Jurnali~, #2, 2011, gv. 106-116; 34 Trustees of Dartmouth College v. Woodward (1819) 17 US (4 Wheat) 518; Welton v. Saffery (1897) AC 299.

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regulatoruli definiciebiT, ayvanili da ganmtkicebulia preskrif-ciul ierarqiaSi ex ante da ex post normebiT. samewarmeo ekonomikuri saqmianobis organizebul warmarTvas imperatiuli regulireba udevs safuZvlad. Sesabamisad, `momaval~ mewarme subieqtTa saqmianobis mar-Tvis struqturul konstruqtirebas kanoni numerus clausus principis saSualebiT akeTebs.35 Sedegad, samewarmeo saqmianoba dasaSvebia mxolod mewarmeTa Sesaxeb kanoniT gansazRvruli samarTlebrivi formebis36 gamoyenebiT.37 mewrmeTa Sesaxeb kanoni gansazRvravs mewarme subieqtTa zRvrul odenobas, xolo samewarmeo saqmianobis dawyebis iniciators SemoTavazebul samarTlebriv formebSi arCevanis saSualebas utovebs. aqedan gamomdinare, korporaciis organizebuloba SeiZleba ganimartos, rogorc kanoniT gansazRvruli samarTlebrivi formiT samewarmeo saqmi-anobis ganxorcielebis dasaSveboba zogadi uflebaunarianobiT,38 romlis (samarTlebrivi formis) organizaciuli struqturisa da meqanizmebis centralizebuli marTvis saSualebas kanoni,39 implicituri Tu eqs-plicituri normebis gamoyenebiT, iZleva.40

35 Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, mesame gamocema, 2002, gv. 13.36 mewarmeTa Sesaxeb kanoni, me-2 muxlis pirveli punqti.37 Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, 2002, gv. 13.38 ix. zoiZe, evropuli kerZo samarTlis recefcia saqarTveloSi, 2005, gv. 215-220; Wanturia, Sesavali, 2000, gv. 224-241; burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 116-117. aseve: Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 221-243.39 mewarmeTa Sesaxeb kanonis 2008 wlis cvlilebebis ganxorcielebis Semdgomi re-daqciis mixedviT, ZiriTadad, normaTa TiTqmis absoluturi umravlesoba dispoziciur xasiaTs atarebs da farTo SesaZleblobas tovebs mewarme subieqtTa kerZo avtonomiis ganxorcielebis kuTxiT, xolo, radgan partniorTaTvis nebis gamoxatvis saSualebas sazogadoebis wesdeba warmoadgens, logikuria, rom kanonis gverdiT, Sida organizaci-uli urTierTobebis momwesrigebel `normad~, sazogadoebis wesdebac moiazrebodes. Sead. O’Neals, Thompson, Close Corporations and LLCs: Law and Practice, 3th ed., 2011, P. 15-19.40 kapitaluri sazogadoeba organizaciuli warmonaqmnia, organizacia ki - implici-tur da eqsplicitur normaTa sistema, e.i. korporacias, rogorc samarTlis subieqts, implicitur da eqsplicitur normaTa erToblioba aregulirebs. Sead: bregvaZe, orga-nizaciis Teoriis safuZvlebi, 2009, gv. 12-17.

2. saaqcio sazogadoebis arsis ganmsazRvreli organuli

niSnebi

2.1. ss-is arsis samarTlebrivi mocemuloba

samarTali individTa mier samarTlianobis SegrZnebiT dadgenili principebi da wesebia.41 is aris zogadsavaldebulo, gansazRvruli we-sebis damdgeni, romelsac axasiaTebs moqmedebis pretenzia.42 samarTali identificirebul dakonkretebas sxvadasxva mimarTulebaSi ganicdis. misi erT-erTi regulirebis obieqti korporaciuli urTierTobebia. sakorporacio samarTlis, rogorc organizaciuli samarTlis nawilis, wesrigis areali iwyeba mewarme subieqtTa samarTlebrivi formebis Sida organizaciuli segmentiT43 da sruldeba dainteresebul pirTa44 farTo speqtriT.45 subieqtTa Sidaorganizaciuloba diferencirdeba dogmatu-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 èkonomikuri 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. 1.42 xubua, samarTlis Teoria, 2004, gv. 39. 43 ix. Schneeman, The Law of Corporations and Other Business Organizations, 5th ed., 2008, P. 245-281, 337-393. Sead. Sengelia, saaqcio sazogadoebis organizaciisa da funqcioni-rebis samarTlebrivi safuZvlebi, 2002, gv. 24- 36.44 Carney, From Stakeholders to Stockholders: A View from Organizational Theory, Working Paper Series, 1997, P. 1-41; Mallin, Corporate Governance, 2007, P. 49-58.45 Davies, Introduction to company law, 2010, P. 3-4.46 èkonomikuri fenomenis~ saxelwodebiT profesori rolf kniperi axasiaTebs sawar-mos, xolo sawarmosa da mewarme subieqtis pragmatuli diferencirebis ararsebobis pirobebSi, isini, iuridiul literaturaSi, urTierTCanacvlebad terminad gamoiyeneba. Sesabamisad, SesaZlebelia ss èkonomikuri fenomenis~ saxelwodebiTac iqnes moxse-niebuli. ix. cercvaZe, sawarmos cneba kerZo samarTalSi, Jurnali `samarTali, #11-12, 2002, gv. 60; Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, 2002, gv. 12- 14. Sead. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 118-126.47 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 115-116; Wanturia, korporaciuli marTva da xelmZRvanelTa pasuxismgebloba sakorporacio samarTalSi, 2006, gv. 77-78.48 Sead. zoiZe, mewarmis cneba da misi Teoriul-praqtikuli mniSvneloba. sakuTrebis uflebis Taviseburebani korporaciul sazogadoebebSi, wignSi: Tanamedrove sakorpora-cio samarTlis Teoriuli da praqtikuli sakiTxebi, 2009, gv. 67.

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2.2. ss-is substanciis ganmsazRvreli organuli elementebi

TiTqmis yvela iurisdiqciaSi, korporacias gaaCnia fundamenturad msgavsi samarTlebrivi niSnebi.49 es niSnebia: samarTalsubieqtoba anu iuridiul pirad aRiareba, mesame pirTa winaSe mewileTa pasuxismge-blobis SezRuduloba, wilTa (Tavisufali) gasxvisebadoba, centrali-zebuli marTvis sistema da kapitalis, romelic investoris sakuTre-bas warmoadgens, wilebad dayofa.50 arsebobs mewarme subieqtTa sxva formebi,51 romlesac ar aqvT am elementebidan erTi ar meti niSani.52 ss-is organul arss swored xuTive elementis erTi subieqtis mimarT Tanadrouli arseboba ganapirobebs.53 aRsaniSnavia, rom koncentrirebuli msxvili kapitalis marTva ekonomikur urTierTobebSi, ZiriTadad, yvela niSnis mqone organizaciuli warmonaqmnis54 safuZvelze55 xorcieldeba.56

2.2.1. samarTlebrivi `pirovnuloba~

pirveli da mniSvnelovani, samarTalsubieqtobaa.57 mas ganapiro-bebs organizaciuli gaerTianebis iuridiuli piris samoselSi mo-qceva.58 organizaciul gaerTianebas qmnis aqcionerTa erToblioba,59 romelic iuridiuli piris statusis ZaliT damoukidebel samarTal-

49 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 1.50 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 1, 5.51 Freer, The law of Corporations, 6th ed., 2011, P. 8-34.52 Ribstein, Why Corporations? Berkley Bus. L. J. 183, 2004, P. 3-4.53 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 13.54 zemoaRniSnul niSnebSi, kvlevis konteqstualuri miznebidan gamomdinare, SezRuduli pasuxismgeblobis sazogadoeba ar jdeba kapitaluri sazogadoebis xuTive saxasiaTo organuli elementiT, ris gamoc misi analitikuri ganxilva, gansxvavebiT ss-gan, kvle-vis sagnis miRma rCeba.55 Posner, The Economic Analysis of Law, 2007, P. 393-397.56 Shade, Business Assosiations, 3th ed., 2010, P. 6. Tumca, es, garkveulwilad, damokidebulia samewarmeo saqmianobis saxeobaze. rig SemTxvevebSi, sxva samarTlebrivi formis gamoy-enebiT ̀ moqmedeba~ SeiZleba ufro mizanSewonili iyos. ix. Pinto, Branson, Understanding Corporate Law, 3rd edition, 2009, P. 6-9.57 ~Legal personality,” “Corporate Entity,” “Personality”. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 3; Shade, Business Assosiations, 3th ed., 2010, P. 5,6.58 am SemTxvevaSi saubroben saxelwifo legitimaciaze. ix: burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 117; kereseliZe, kerZo samarTlis uzogadesi sistemuri cnebebi, 2009, gv. 166-167; Pinto, Branson., Understanding Corporate Law, 3rd ed., 2009, P. 13-14.59 Sead. Eisenberg, The Conception That the Corporation is a Nexus of Contracts, and the Dual Nature of the Firm, 24 J. Corp. L. 1998-1999, P. 819-836.

subieqtobas iZens.60 is aris gaerTianeba, romelsac SeuZlia flobdes qonebas, gamovides mesame pirebTn aqtiur da pasiur samarTlebriv urTierTobaSi,61 iyos misi wevrebisgan gancalkevebuli da sakuTari saxeliT moqmedebdes62 nebismier urTierTobaSi.63 korporacia humanoi-dur saxes moklebuli,64 magram individTa struqturizebuli erTobis Seqmnis korpusia.65 is aris uflebebisa da movaleobebis matarebeli gaerTianeba,66 romelic individualizmis praqtikul demonstrirebas dadgenili organoebis, ZiriTadad, direqtoratis saSualebiT axorcie-lebs.67 iuridiuli piris statusi mis wevrTagan gamijvnis postula-tia.68 aRniSnuli saxasiaTo elementebi normatiulad deklarirebul subieqts ayalibebs.69 saxelmwifo legimitirebas akeTebs organizaci-isTvis, romelic, Tavis mxriv, Tanxmdeba sajaro interesebis ganxor-cielebaze.70 uflebamosilebaTa realizirebas wesdebaze dayrdnobiT axorcielebs, romelic partniorTa da sazogadoebis Soris an kor-poraciasa da saxelmwifos Soris dadebul xelSekrulebis saxeobas warmoadgens.71 Sedegad, sazogadoebis samarTlis calke subieqtad aRiareba or Tanmdev Sedegs moicavs. pirveli, ss emijneba aqcionerebs (mesakuTreebs)72, mmarTvel organoebs (pirebs), dainteresebul pirebsa da kreditorebs.7374 meore, korporacia xasiaTdeba homogenurobiT, ro-melic mas, rogorc gancalkevebul `patrimoniad~ ganixilavs.75 es ukanaskneli niSnavs, rom mkveTri demarkaciuli xazi gadis sazoga-doebis qonebasa da sazogadoebis damfuZnebel, wilTa mesakuTre76

60 Davies, Introduction to company law, 2010, P. 9.61 Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 5.62 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.1, 2006, P. 2-6.63 Shade, Business Assosiations, 3th ed., 2010, P. 5.64 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.1, 2006, P. 45-67.65 Warren, Corporate Adventages Without Incorporation, 1929, P. 15. Sead. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 7-13.66 Dewey, The Historic Backgraund of Corporate Legal Personality, 35 Yale L.J., 1926, P. 655,656.67 ix. Marcum v. Wengert, 40 S.W.3d., ARK. 2001, P. 230-239.68 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 4.69 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 6.70 Backer, Comparative Corporate Law, 2002, P. 324.71 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 211-220.72 Pinto, Branson, Understanding Corporate Law, 3rd ed., 2009, P. 7.73 Davies, Introduction to company law, 2010, P. 9.74 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.1, 2006, P. 32-35, 64-75.75 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P.6.76 `pirvelad~ partniorsa da `Semosul~ partniors Soris samarTlebrvi sxvaobis Sesaxeb, ix. burduli, qonebrivi urTierToba saaqcio sazogadoebaSi, 2008, gv. 57-58.

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pirebis pirad qonebriv sikeTesTan77 anu xdeba qonebrivi ufleba-movaleobebis (ga)danawileba.78

2.2.2. pasuxismgeblobis SezRudva

korporaciis samarTalsubieqtobis konceftualuri buneba pasux-ismgeblobis resursTa SezRudvaSi povebs gamoxatulebas.79 investo-risTvis kapitaluri sazogadoebis formiT samewarmeo saqmianobis dawyebis substanciur motivators80 SezRudul pasuxismgeblobasa da gancaklevebul `iuridiuli piris~ statuss Soris arsebuli kavSiri warmoadgens.81 iuridiuli piris statusiT SeZenili samarTalsubieq-toba SezRuduli pasuxismgeblobis82 fasilitatoris rolSi gamodis.83 is aris sakorporacio samarTlis ara mxolod `pirvel principad~ miC-neuli elementi,84 romelic misi arsebobis mTavar koncefcias Seicavs,85 aramed aRiarebulia kapitalizmis, rogorc disciplinuri urTierTo-bebis, qvakuTxedad.86

pasuxismgeblobis SezRudvis principis gamoyenebiT mewarme subi-eqtis riskebis diversificireba, ufro swored, misi mTliani transferi sawarmos mesakuTre subieqtidan mesame pirebze xdeba. aqcioneri kapi-talis diversificirebuli portfolios SeqmniT, investiruli qonebis dakargvis riski minimaluramde dahyavs.87 es SeiZleba iyos deliqti-dan warmoSobili an/da saxelSekrulebo urTierTobis Sedegad damd-gari pasuxismgebloba,88 romlis Seusruleblobis riskis matarebeli, korporaciis mier valdebulebis an pasuxismgeblobis SesrulebisT-vis arasakmarisi qonebis arsebobis SemTxvevaSi, mesame piria.89 procesis

77 Hansmann, Kraakman, Squire, Law and Rise of the Firm, 2006, P. 1-7.78 Hansmann, Kraakman, The Essential Role of Organizational Law, Yale L. J., 2000, P. 4-14.79 Wheeler, Corporations & The Third Way, 2002, P. 73.80 Presser, Piercing the Corporate Veil, 2011, P. 7.81 Limited liability.82 Gevurtz, Corporation Law, 2010, P. 26.83 Davies, Introduction to company law, 2010, P. 10.84 Dodd, The Evolution of Limited Liability in American Industry: Massachusetts, 61 Harv. L. Rev., 1948, P. 1351.85 Ribstein, Limited Liability and Theories of the Corporations, 50 Md. L. Rev., 1991, P. 80.86 Blumberg, Limited Liability and Corporate Groups, 11 J. Corp. L., 1986, P. 572-611.87 Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 43.88 `gamWoli pasuxismgeblobis principis~ moqmedebis dawyebis erT-erT aspeqts aRniS-nuli ori SemTxveva warmoadgens. ix. Presser, Piercing the Corporate Veil, 2011, P. 86-99.89 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 375.

generirebiT, SezRuduli pasuxismgebloba90 niSnavs ara korporaciis pasuxismgeblobis SezRudvas, aramed mewileTa pasuxismgeblobis Sez-Rudvas mesame pirTa winaSe.91 kreditorebis moTxovnis dakmayofilebis diapazoni SezRudulia korporaciis qonebiT92 da aranairi moTxovnis wayenebis ufleba sazogadoebis mesakuTreTa winaSe ar aqvs.93 aqcioneri pasiur investirebas akeTebs: is iRebs investirebuli kapitalidan narCen sargebels menejmentis mier Sesrulebuli saqmianobisTvis warmoSobili yovelgvari pasuxismgeblobisgan Tavisufal reJimSi.94 sxvanairad, ss-is pasuxismgebloba SeuzRudavia.95 is, mesame pirTa winaSe, pasuxs agebs mTeli Tavisi qonebiT, SeuzRudavad.96 97 pasuxismgeblobis SezRudvis doqtrinaluri funqcionireba piris mier sazogadoebisTvis gadacemuli qonebis da, Sesabamisad, korporaciis mier am qonebis miRebis momentidan iwyeba.98

SezRuduli pasuxismgeblobis principis korporaciisTvis aucileb-el saxasiaTo niSnad kvalificireba ekonomistTa da samarTalmcod-neTa Soris mkacri kritikuli debatebis sagania.99 paralelurad,

90 Ferran, Principles of Corporate Finance Law, 2008, P. 18-20.91 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 9-10.92 Backer, Comparative Corporate Law, 2002, P. 981.93 es aris sazogadoebis mesakuTreTa piradi qonebis dacvis meqanizmi, e.w. Owner shielding. amis sapirwoned, arsebobs ss-is qonebis partniorTa piradi kreditorebis moTxovnisgan daculobis meqanizmi, romelic cnobilia ~Entity shielding”-is saxeliT. ix. Hansmann, Kraakman, Squire, Law and Rise of the Firm, 2006, P. 2-19.94 Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 6.95 ix. Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 40. Tu, ra Tqma unda, saxeze ar aris gamWoli pasuxismgeblobis doqtrinis gamoyenebis winapirobebi. 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; gulaSvili, korporaciuli safarvelis gaWolva, rogorc kreditorTa dacvis gansa-kuTrebuli RonisZieba mSobel-Svilobil kompaniaTa urTierTobis konteqstSi, wignSi: sakorporacio samarTlis krebuli, I, (red. irakli burduli), 2011, gv. 69-109. Sead. French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 128-142.96 ix. mewarmeTa Sesaxeb kanoni, 51-e muxlis pirveli punqti.97 aqve aRsaniSnavia, rom Serwymis da SeZenis Sedegad ss-is SezRudul pasuxismge-blobaSi cvlilebebis ganxorcieleba faqtobrivad SeuZlebelia organizaciul-samar-Tlebrivi formis Secvlis gareSe. SezRuduli pasuxismgeblobis Secvla SesaZlebelia ara M&A-is safuZvelze, aramed iseTi sagamonakliso doqtrinaze dayrdnobiT, rogor-ic aris gamWoli pasuxismgebloba (piercing the corporate veil). ix. Schwarez, Collapsing Corporate Structure: Resolving the Tension Between Form and Substance, 2004, P. 4-5; Presser, Piercing the Corporate Veil, 2011, P. 34-99.98 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 367-371.99 Posner, The Economic Analysis of Law, 2007, §14.3; Bainbrige, Abolishing Veil Pircing, 26 Iowa J. Corp. L., 2001, P. 479 et seq; Easterbrook, Fischel, Limited Liability and Corporations,

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sisxlissamarTlebrivi aspeqtebic iwevs wina planze. kerZod, korpo-raciis `pirovnuloba~, romelic gancakevebulia mesakuTreTa marTvisa Tu qonebisgan, pasuxismgebloba SezRudulia. sisxlisamarTlebrivi pa-suxismgeblobis Seracxva mentalur elements moicavs, rac niSnavs, rom subieqti unda iyos mens rea (danaSaulebrivi ganzraxvis mqone (guilty mind)).100 logikuria, rom is mimarTulia naturalur individTa wi-naSe da misi Seracxva `gonebrivi mentalitetis~ armqone pirisTvis, sadavoa. Sesabamisad, Tu korporaciis mesakuTreni Caidenen sisxlisamar-Tlebriv umarTlobas korporaciis samarTlebrivi formis gamoyenebiT, xdeba sawarmos, mens rea miznebisTvis, misi maformirebeli humanoiduri komponentebis agregatad gadaqceva, ris Sedegadac, korporacia, rogorc pirovneba (pirdapiri gagebiT) danaSaulis obieqturad Seracxvis subi-eqtia da misi wevrebi, pasuxismgeblobis SezRudvis principiT korpo-raciuli safarvlis qveS veRar isargebleben. pasuxismgeblobisa da individualizmis urTierTmimarTebiT korporaciis pasuxismgeblobis aspeqtebi identifikaciis Teoriis101 induqciuri analizis Sedegia.102

2.2.3. marTvis centralizeba

kapitalizirebul mewarme subieqts mesame pirebTan samarTlebriv urTierTobaSi Sesvlis individualuri, bunebiTi warmonaqmnis berketi ar gaaCnia. magram gaaCnia organuli warmoSobis marTvis meqanizmebi. ma-Tze korporaciis marTvis uflebamosilebis delegirebiT iqmneba kidev erTi substanciuri elementi. es aris centralizebuli menejmenti.103 koporacia, xelSekrulebaTa erTobliobis Teoriidan104 gamomdinare, mra-valxrivi garigebis safuZvelze warmoqnili sazogadoebaa, romelic, erT-nebianobis SemTxvevaSi, awesrigebs xelSemkvrel mxareTa (partniorTa) Sidaorganizaciul urTierTobebs, Tumca mas, rogorc iuridiul pirs, es-aWiroeba mesame pirebTan samarTlebriv urTierTobebSi Sesvla e.i. unda gaaCndes qmedunarianoba.105 qmedunarianobis aqtiuri gamoyenebis SesaZle-

52 U.Chi. L. Rev., 1985, P. 89 et seq.100 Smith, Hogan, Criminal Law, 8th ed., London, 1996, P. 56. miTiTebulia: Wheeler, Corpora-tions & The Third Way, 2002.101 e.w. The Identification Theory.102 ix. Wheeler, Corporations & The Third Way, 2002, P. 74.103 Centralized management an Delegated management with a board structure. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 15, 458.104 Nexus of contract.105 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 114.

bloba warmomadgenlis daniSvnaSia,106 romelsac gawerili an gauwereli uflebamosilebaTa farglebi, romelSic korporacia unda waradginos mesame pirTa winaSe, saknonmdeblo/saxelSekrulebo doneze ganesazRvre-baT.107 ukanasknel SemTxvevaSi sazogadoeba gamodis rogorc xelSemkvre-li mxare mesame pirebTan urTierTobaSi,108 romelic sazogadoebis mesa-kuTreebisa da menejerebisgan gancalkevebulia.109 sazogadoebis Nexus for contract moqmedebas winapirobad uflebamosil pirTa, romelTac SeuZliaT sazogadoebis saxeliT imoqmedon,110 sakanonmdeblo doneze anu kanoniT gaTvaliswineba aqvs.111 sakorporacio samarTali, korporaciebTan daka-vSirebiT, sazogadoebis warmomdgen organod bords miiCnevs, romelsac delegirebuli aqvs ss-is kapitalis marTvis uflebamosileba.112 marTvis uflebamosilebis delegireba aqcionerebis kompetenciur arealSia.113 isini investirebuli kapitalis mejeruli unarebisa da gamocdilebis mqone pirebis saSualebiT marTvis centralizebul modelze gadadian, romelic dabandebuli kapitalis maqsimaluri optimizirebisken iqneba mimarTuli,114 miuxedavad imisa, rom sazogadoebis marTvis uflebamosile-baTa delegireba Zalauflebis borotad gamoyenebis SesaZleblobas qm-nis.115 Sesabamisad, korporacia moqmedebs direqtorTa (sabWos) meSveobiT.116 bordi, Tavis mxriv, aRmasrulebel menejers irCevs, romelic angariSval-debuli xdeba bordis winaSe. aRsaniSnavia, rom aSS-s bordSi Semavali direqtori sazogadoebis mesame pirebTan warmomdgen default subieqtad ar moiazreba. is aris samewarmeo saqmianobis ̀ koordinatori~,117 romelic mxolod maSin aris uflebamosili konkretul urTierTobaSi gamovides korporaciis saxeliT, Tu am uflebamosilebis delegireba bordis mier moxdeba.118 am mxriv, qarTul realobaSi, uflebamosilebis delgireba da delegantis etimologia nebis kerZo avtonomiis farglebSia moqceuli

106 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.1, 2006, P. 76.107 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 458-468.108 am SemTxvevaSi saxezea “Nexus for contract”.109 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 6.110 organulis Teoriis mixedviT.111 zoiZe, evropuli kerZo samarTlis recefcia saqarTveloSi, 2005, gv. 218.112 Davies, Introduction to company law, 2010, P. 12- 14.113 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P.489-503.114 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 16.115 Bratton, Wachter, Shareholder Primacy’s Corporatist Origins: Adolf Berle and The Modern Corporation, The Journal of Corporation Law, 2008, P. 99.116 Schneeman, The Law of Corporations and Other Business Organizations, 5th ed., 2008, P. 338.117 Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 5.118 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 469,470.

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da mxareTa mier ganisazRvreba yovel konkretul SemTxvevaSi.119

ss-Si menejments, xSirad, ucxo organos uwodeben. yalibdeba `prin-cipal-agentis~ urTierToba,120 ramdenadac sazogadoebis xelmZRvanelo-bis ufleba mesame pirebs gadaecema, gansxvavebiT amxanagobisgan, sadac sawarmos marTvis funqcia TiToeul wevrs aqvs da, sakuTari organos koncefciidan gamomdinare, maT es funqcia ar SeiZleba srulad Camo-erTvaT.121 mokled, am elementis fundamenturi arsi mdgomareobs ss-is kapitaldambandeblebis mier maTive investirebuli qonebis marTvis uflebis mesame organosTvis delegirebaSi.122

2.2.4. wilTa gasxvisebis samarTlebrivi reJimi

`Ria~ korporaciebSi wilTa Tavisufali mimoqceva123 biznesis keTebis sasurvel samarTlebriv formad aqcevs mas.124 wilTa gasxvisebis Sesa-Zlebloba da aqciis gankargvis meTodologiur-proceduruli specifi-kacia sazogadoebis kidev erTi fundamenturad mniSvnelovani niSania, rac ss-s sxva samewarmeo saqmianobis ganmaxorcielebeli subieqtebisgan ganasxvavebs.125 korporaciuli sistemis, rogorc kapitalis mozidvis meqanizmis, upirvelesi funqcionaluri koncefcia investiciis likvi-durobis xarisxobrivi maCvenebelia. pasuxismgeblobis SezRudvis ar-sebobis miuxedavad, investoris marketinguli xedva da korporaciis stagnaciuri ekonomikuri mdgomareobis Secnoba deinvestirebisa da sxva kompaniaSi kapitalis reinvestirebis basizs warmoadgens.126 misi Tavidan acilebis berketi aqciis, rogorc fasiani qaRaldis kapitalis bazarze brunvaunarian samarTlebriv bunebaSi, mdgomareobs.127

wilTa samarTlebrivi reJimi irib kavSirSia korporaciis moqnil

119 ix. mewarmeTa Sesaxeb kanoni, me-9 muxlis pirveli punqti.120 Cox, Hazen, Business Organizations Law, 2011, P. 48.121 ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 112-113.122 Jensen, Meckling, The Theory of the Firm: Managerial Behavior, Agency Costs, and Owner-ship Structure, Journal of Financial Economics, October, 1976, Vol. 3, No. 4, P. 305-360. kor-poraciaSi sakuTrebisa da kontrolis gamijvnis safuZvlad aRiarebulia berlisa da minsis naSromi, ix. Berle, Means, The Modern Corporation and Private Property, 1932; Armour, Gordon, The Berle-Means Corporation in the 21st Century, 2008,P. 1-35; Pinto, Branson, Under-standing Corporate Law, 3rd ed., 2009, P. 97-99.123 Transferability of shares. ix. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 34,35.124 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 16.125 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P.11.126 Manne, Our Two Corporation Systems: Law and Economics, 53 Va. L. Rev., 1967, P. 257-264.127 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 37,38.

finansur instrumentebTan. wili gamoixateba aqciiT, romelic fasiani qaRaldia.128 korporaciulad mowyobili organizacia uflebosilia (power)129 sxvadasxva saxisa da klasis fasiani qaRaldis gamoSvebaze.130 fasiani qaRaldis saxis gansazRvris unari, korporaciis ekonomikur aqtivobas moqnils xdis. mas SeuZlia sabazro mdgomareobis analizis, konkretuli investoris moTxovnilebisa da sawarmos kapitaliza-ciis urTierTmimarTebiTi Tanafardobis gamoTvlis Sedegad miiRos gadawyvetileba optimaluri Sinaarsobrivi postulatebis Semcveli fa-siani qaRaldis gamoSvebis Sesaxeb, anu `moargos~ arsebul mdgomareobas saWiroebisamebr.131

Tu korporaciis uflebamosileba, awarmoos gansxvavebuli saxisa da klasis aqcia, zrdis mis finansur moqnilobas, Tavis mxriv, aqcionerisT-vis miniWebuli wilTa gasxvisebis SesaZlebloba gadamwyveti strate-giuli mniSvnelobisaa, romelic investors sainvesticio portfolios cvalebad sabazro pirobebTan morgebis saSualebas aZlevs.132

wilTa Tavisufali gasxvisebis samarTlebrivi reJimi pirdapir-proporciulad aisaxeba korporaciis funqcionirebis xangZlivobaze.133 wilTa gasxviseba korporaciis, rogorc iuridiuli kategoriis kon-struqciaze gavlenas ar axdens.134 wilis gasxviseba aqcioneris Secvlas gulisxmobs. ss-is arseboba ki ar aris damokidebuli wevrTa cvli-lebaze. Sesabamisad, aqcioneris mier aqciaTa (wilTa) nawilobrivi Tu sruli gasxviseba ar axdens gavlenas sazogadoebis arsebobaze,135 magram ganapirobebs kapitalis an aqcionerTa struqturis cvlilebas.136 ss-is

128 Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 55,56.129 ix. Parkinson, Corporate Power and Responsibility, 1993, P. 3-50; Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 221-227.130 mag., “scotch whiskey”, “cosmetics”, “earthworms”, “beavers”, “muskrats”, “rabbits”, “chinchillas”, “cattle embryos”, “fishing boats”, “vacuum cleaners”, “cemetery lots”, “coin operated telephones”, “master recording contracts”, “pooled litigation funds”, “fruit trees” da sxva. ix. Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 38-40.131 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 1, 2010, P. 16.132 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P.11.133 wilTa gasxviseba da uwyveti arseboba korporaciis saxasiaTo elementebia. ix. Cox, Hazen, Business Organizations Law, 3th ed., 2011, P. 7-9. maTi erTmaneTisgan gamijnu-lad ganxilva mecnierTa `gemovnebazea~ damokidebuli. isini, garkveul pirobebSi erT konteqstSi, zogjer ki, gancalkevebiT ganixilebian. mocemul SemTxvevaSi upiratesoba wilTa Tavisufal gasxvisebadobis reJims mieniWa, radgan uwyveti xasiaTi yovelTvis aqcionerTa cvalebadobasTan an/da maT gardacvalebasTan aris dakavSirebuli, rac, sabolo jamSi, wilis gasxvisebas an `daTmobas~, korporaciis mewiles Secvlas niSnavs.134 Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 6,7.135 ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 116.136 Parsnos, Titman, Capital Structure and Corporate Strategy, 2007, P. 2-50; Ferran, Principles of Corporate Finance Law, 2008, P. 24.

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wilTa gasxviseba, romelic sazogadoebis SeZena-Serwymis dros xdeba, aris is erT-erTi elementi, romelic arsebiT gavlenas axdens korpo-raciis struqturaze, upiratesad ki, kapitalisa da aqcionerTa struq-turaze. amitom, ss-Si wilTa gadacemaunarianoba kvlevis konkretul samizne segments warmoadgens. amasTan, wilTa gasxviseba ss-is marTvis kuTxiTac momgebiania:137 korporaciuli marTvis sinergiuli efeqtisa138 da shareholders value-s zrdis xelSemwyobi faqtoria arasasurveli Tu menejmentis gadawyvetilebiT ukmayofilo aqcioneris mier sazogadoebis datovebis SesaZlebloba.139 mokled, korporaciis aqciaTa gasxvisebis samarTlebrivi reJimi gansazRvrulia sakanonmdeblo doneze,140 xolo misi gankargva xorcieldeba saxasiaTo proceduris dacviT da Tvise-brivi specifikurobiT141 gamoirCeva.142

2.2.5. kapitalis aqciebad dayofa

dabolos, kapitalis wilebad (aqciebad) dayofa korporaciulad mowyobili samewarmeo sazogadoebis endogenuri warmonaqmnia. kapitalis, iqneba is saaqcio Tu sasesxo fasiani qaRaldebiT moziduli kapitali,143 Sesatanebis Setanis144 an kontribuciis gadaxdis gziT formirebis145

137 Davies, Introduction to company law, 2010, P. 19. 138 ix. Gilson, The Law and Finance of Corporate Acquisitions, 1986, P. 387-400; Frensch, The Social Side of Mergers and Acquisitions, 2007, P. 32-42.139 Appraisal Remedy. ix. Palmiter, Corporations, 2006, P. 623-637. mewarmeTa Sesaxeb kanonis 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-faniZe, axobaZe, gogiSvili, sabirJo saqme da fasiani qaRaldebis bazari, 1998, gv. 180-252; French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 225-232. Sead. Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 67,68.142 aqciis (wilis) gadacema jer kidev ar niSnavs mis Tavisufal gankargvas. sazoga-doebis wesdeba SesaZlebelia sazogadoebis aqciaTa gasxvisebis mimarT konkretul wi-napirebebs adgendes. korporaciis tipologiuri funqcia kidev erTi niuansia, romelic aqciaTa gankargvis proceduras, ss-is tipis mixedviT, gansxvavebuli samarTlebrivi regulirebis arealSi aqcevs. wilis Tavisufali gankargvis SezRudva `daxuruli~ korporaciis saxasiaTo elementia, ramdenadac aqtiuri mewilis Tavisufali gasvla arasasurveli Sedegebis gamomwvevi SeiZleba gaxdes. ix. O’Neals, Thompson, Close Cor-porations and LLCs: Law and Practice, 3th ed., 2006, ch.7, P. 4-43.143 Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 7.144 Sesatanis xelSekrulebisa da misi ganuxorcieleblobis SedegebTan dakavSirebiT, ix. burduli, Senatanis ganuxorcieleblobis samarTlebrivi Sedegi: utopiuri Sexed-uleba ss-dan partnioris garicxvis Sesaxeb, samarTlis Jurnali, #1-2, 2010, gv. 18-53.145 Ferran, Principles of Corporate Finance Law, 2008, P. 85-116.

Semdgom mdgomareobas misi wilebad, kerZod, nominaluri Rirebulebis mqone aqciebad146 dayofa warmoadgens. Senatanis xelSekruleba korpo-raciul-samarTalebriv garigebas warmoadgens, romelic sazogadoebis wevrobasa da piris korporaciuli `mosasxamiT Semosvas~147 ganapiro-bebs.148 sazogadoebis wevris statusi ki partniors uflebas149 aniWebs sazogadoebisgan miiRos sawarmos mogebidan kuTvnili aqciebis propor-ciuli wili.150 zogadad, wilze uflebamosileba, romelic investoris mier ganxorcielebuli investiciis Sedegs warmoadgens, SeiZleba ori mimarTulebiT ganimartos. pirveli, partniors SeiZleba mieniWos kor-poraciis kontrolis ufleba, rac damokidebuli iqneba aqciaTa saxeze,151 da, meore, miiRos mogeba dividendis saxiT.152 gamoikveTa Sedegi: kapitalis wilebad dayofa substanciuri determinantia korporaciulad mowyobi-li mewarme subieqtis Sinaarsobriv-funqciuri niSnebis ganmartebisa da sazogadoebasTan partnioris statusiT dakavSirebuli piris ufleba-movaleobaTa farglebis dadgenisTvis.

ss-is, rogorc samarTlebrivi formis organuli niSnebis ganxilva restruqturizaciis arsis, misi ganxorcielebisa da Sedegebis anal-izisTvis proceduruli jaWvis Semadgenel aucilebel rgols warmoad-gens. Tumca, korporaciaTa struqturuli cvlilebis adresati obieq-tur dakonkretebas moiTxovs, raTa naTeli gaxdes Tu rogori tipis kapitaluri sazogadoebis struqturaSi ganxorcielebuli cvlilebebis ganxilvas isaxavs naSromi miznad. logikuri gagrZeleba ss-is tipolo-giaTa funqciur klasifikaciaSi mdgomareobs.

146 juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 21-24.147 burduli, Senatanis ganuxorcieleblobis samarTlebrivi Sedegi, 2010, gv. 23.148 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 180-185.149 French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 166-171.150 Davies, Introduction to company law, 2010, P. 79-80.151 imis mixedviT, es aqcia iqneba xmis uflebis mqone Tu aseTi uflebis gareSe. aq-ciis, rogorc fasiani qaRaldis saxesTan dakavSirebiT, ix. svanaZe, sanaZe, xizaniSvili, mZinariSvili, lorTqifaniZe, axobaZe, gogiSvili, sabirJo saqme da fasiani qaRaldebis bazari, 1998, gv. 59-62; aseve, ix. Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 55,56. aqciis samarTlebriv bunebasTan dakavSirebiT, ix. Ferran, Principles of Corporate Finance Law, 2008, P. 147-179; 152 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 14. sakiTxi exeba di-videndis gacemis Sesaxeb menejmentis mier miRebul gadawyvetilebas, radgan wminda mogebis arsebobis SemTxvevaSic ki misi partniorTa Soris ganawileba menejmentis gadawyvetilebazea damokidebuli (mewarmeTa Sesaxeb kanonis me-8 muxli). amasTan, me-warmeTa Sesaxeb kanonis 52-e muxlis pirveli punqtis bolo winadadebis mixedviT, dividendis uciloblad gacemis Sepireba baTilia.

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III. saaqcio sazogadoebaTa tipologiuri

gamijvna

1. ss-is tipologiuri klasificirebis safuZveli

msxvili ekonomikuri Rirebulebisa da maRali likvidurobis Semcve-li kapitalis organizebuli marTvis yvelaze xelsayrel samarTlebriv formad, Tanamedrove msoflioSi, saaqcio sazogadoeba (korporacia) miiCneva. ekonomikuri stabiluroba da kapitalis marTvis strategia moiTxovs saaqcio sazogadoebis, rogorc erTi organizaciuli formis Sida subtipebad `daSlas~. maT tipologiur sxvaobas ori urTierTgan-sxvavebuli safuZveli aqvs, romelic, sistemaTa pragmatuli diferenci-rebis pirobebSi, aseve, gansxvavebulia.153

pirvel safuZvlad aRiarebulia aqciaTa gansxvisebis samarTlebrivi reJimi, romelic konkretdeba wilis (aqciis) Tavisufali154 Tu SezRuduli gasxvisebis SesaZleblobamde.155 aqciaTa Tavisufali gankargva, erT-erT Sem-TxvevaSi, gasxvisebis organizebuli marTvis regulirebadi proceduruli moTxovnebis dacviT, safondo birJis156 saSualebiT157 xorcieldeba.158 amasTan,

153 magaliTiad, amerikis SeerTebul StatebSi korporaciebis diferencirebas kapitalis da partniorTa raodenobrivi maCvenebeli udevs safuZvlad. ix. Wanturia, korporaci-uli marTva, 2006, gv. 77-81; Pinto, Branson, Understanding Corporate Law, 3rd edition, 2009, P. 105-106; O’Neals, Close Corporations, 1998, ch.1, P. 4-6; O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 5,6. aSS-gan gasxvavebiT, germanuli saaqcio samarTali pirdapir gansazRvravs ss-is daxurul da Ria saaqcio sazogadoebad kla-sifikaciis niSnebs. ix. Hommelhoff, AG 1995, 529 ff; Claussen, AG 1995, 163 ff, miTiTe-bulia: qiria, sakorporacio samarTlis sistema saqarTveloSi, wignSi: sakorporacio samarTlis krebuli, 2011.154 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 34,35.155 ix. O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 5; Conard, Corporation in Perspective, 1976, P. 161,162. Sead. Ribstein, Why Corporations? Berkley Bus. L. J. 183, 2004, P. 1 et seq.156 safondo birJa standartuli finansuri instrumentebiT savaWro regulirebad funqcionirebadi organizebuli bazaria, romelic Seqmnilia fasiani qaRaldebis ba-zris profesionali monawileebis mier. ix. svanaZe, sanaZe, xizaniSvili, mZinariSvili, lorTqifaniZe, axobaZe, gogiSvili, sabirJo saqme da fasiani qaRaldebis bazari, 1998, gv. 198. aseve, ix. Hazen, Broker-Dealer Regulation, 2th ed., 2011, P. 1-63; Steinberg, Understandin Security Law, 5th ed., 2009, P. 115-173, 389-405.157 saqarTveloSi safondo birJis regulirebas `fasiani qaRaldebis bazris Sesaxeb~ kanoni moicavs.158 Tumca, SesaZloa sazogadoeba ar iyos safondo birJaze registrirebuli da aqciaTa bona fide gankargvis SemzRudveli normebi, partniorTa SeTanxmebiT, wesdebiT an Sinaga-nawesiT ar iqnes dadgenili. ix. Cox, Hazen, O’Neal, Corporations, 1998, ch.14, P. 30-33; Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 3, 2010, P. 30-34.

aqciaTa gasxvisebadoba159 sazogadoebis menejmentis nebisgan an/da sazoga-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 fasian qaRaldebs exeba, kotirebuli sazogadoebis162 aqciebis gasxviseba aranair SezRudvas ar moicavs,163 garda kapitalis bazarze wilebis orga-nizebuli brunvisTvis saxasiaTo proceduruli SezRudvebisa.164 procedu-ruli sakiTxebi ki fasiani qaRaldebis samarTlis regulirebis obieqtia, romelic cnobilia `lurji cis~ (“Blue Sky” Law) samarTlis saxeliT.165 paralelurad, aqciaTa xelmisawvdomoba, ufro swored, aqciaze wvdomis samarTlebrivi meqanizmi, romelic safondo birJasa da arasafondo brunvis sferos Soris lavirebs, aqciaTa gankargvis Tavisuflebis xarisxTan erTad, kapitalur sazogadoebebs tipologiurad mijnavs erTmaneTisgan.166

meore safuZvlad aRiarebuli ss-is raodenobrivi maCvenebeli. ra-odenobrioba ki or kategorias moicavs: partniorTa ricxobriv da

159 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 11.160 magaliTad, aqciebis gasxvisebaze sazogadoebis Tanxmobis daweseba an/da upiratesi Sesyidvis uflebis gansazRva. ix. Ferran, Principles of Corporate Finance Law, 2008, P. 24, 157; Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 3, 2010, P. 34-36. parale-lurad, arsebobs samosamarTlo praqtikaSi Tavisufali gasxvisebis rogorc SezRudvis, ise gaxvisebis namdvilobis SemTxvevebic. SezRudvis SemTxvevisTvis, ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 3, 2010, P. 36-46. gasxvisebis namdvilobis sasamarTlo dadasturebis SemTxvevisTvis, ix. O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.7, P. 31-40.161 ix. O’Neals, Close Corporations, 1998, ch.7, P. 18-52. Sead. Davies, Introduction to com-pany law, 2010, P. 19-21.162 Sead. French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 201-202.163 mewarmeTa Sesaxeb kanonis 52-e muxlis me-2 punqti safondo birJaze daregistri-rebul yovel konkretul aqciaTa klasze, romelic iTvleba sajaro fasian qaRaldad da misi gasxvisebis Tavisuflebis SezRudvis SeuZleblobaze imperatiulad miuTiTebs.164 ix. svanaZe, sanaZe, xizaniSvili, mZinariSvili, lorTqifaniZe, axobaZe, gogiSvili, sabirJo saqme da fasiani qaRaldebis bazari, 1998, gv. 46-56, 180 da momdevnoni. aseve, ix. Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 66-107, 309-343.165 ix. Palmiter, Corporations, 2006, P. 81-82. `lurji cis~ regulireba 1911 wels aSS-Si, kanzas StatSi sakanonmdeblo doneze iqna SemoRebuli, romeli fasiani qaRaldebiT-vaWrobis daregulirebas isaxavda miznad. terminologiuri genezisi momdinareobs aqcionerTa ekonomikur-samarTlebrivi mdgomareobidan, romelic safondo birJaze spe-kulaciuri garigebebiT dazarebuli aqcionerebis dacvis meqanizmebis gaZlierebas isax-avda miznad, ramdenac, mewileebs TavianTi fasiani qaRaldebis garda, araferi gaaCndaT: maT ukan iyo mxolod `wyali~ da `lurji caa~. ix. Cox, Hazen, Business Organizations Law, 3th ed., 2011, P. 732; Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 305-308; Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 168-172.166 ix. Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 55,56.

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kapitalis ekonomikur maCvenebels.167 qarTul sinamdvileSi, kanonism-ieri minimaluri sawesdebo kapitalis gauqmebam aralicenzirebadi168 samewarmeo saqmianobis samarTlebriv formas kapitalis savaldebulod arsebobis kriteriumi safuZvelTa katalogidan `gamoacala~. Sesabam-isad, ss-is tipologiur klasificirebas kapitalis moculobis stigma, saqarTvelos magaliTze, ver daedeba safuZvlad.169 gansxvavebiT kapi-talis raodenobrivi maCveneblisa, partniorTa ricxvi (raodenoba), saqa-rTveloSi daregistrirebuli ss-is organizaciulobis da, Sesabamisad, tipologiur qvesaxeebad dayofis substanciuri funqciis materebe-lia. kerZod, mewarmeTa Sesaxeb kanoni ss-is marTvis monistur da du-alistur sistemaTa Soris arCevanis gakeTebis saSualebas iZleva.170 amasTan, imperatiulad gansazRvravs dualisturi modelis `arCevis~ winapirobebs, romelTagan erT-erTi swored partniorTa raodenobaa: Tu partniorTa raodenoba aRemateba 100-s, maSin sameTvalyureo sab-Wos Seqmna savaldebuloa.171 aqcionerTa raodenoba ara marto ss-is marTvis modelis SerCevis `Tavisuflebis~ diapazons gansazRvravs,172 aramed ss-is tipologiaSi konkretul subtips gamoyofs aqcevs ra aseT sazogadoebas `angariSvaldebuli sawarmos~ dogmatur cnebaSi. angariSvaldebuli sawarmos cnebaSi partniorTa raodenobrivi maCvene-bliT ss-is determinacia mxolod erT pirobazea damokidebuli – ss-s aqciaTa ganTavseba, minimum, sajaro SeTavazebis173 gziT174 unda hqondes ganxorcielebuli, romlis SesaZleblobasac ganamtkicebs `fasiani qa-

167 ix. O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 4,5. aseve, ix. Wanturia, korporaciuli marTva, 2006, gv. 77 da momdevno.168 xazgasma ganapiroba saqarTveloSi arsebuli licenzirebadi samewarmeo saqmianobis ganmaxorcielebel subieqtTa, ZiriTadad, sabanko seqtoris warmomadgenelTaTvis minim-aluri sawesdebo kapitalis moTxovnis arsebobam.169 gansxvavebiT aSS-s samarTlebrivi sistemisgan. magaliTad, delaveris sakorporacio samarTlis mixedviT, partniorTa zRvruli odenoba, aqciaTa Tavisufali gankargvis SezRudva da safondo firJaze sajaro vaWrobisgan Tavis aridebis debulebebs wesdeba unda Seicavdes. es pirdapir sakanonmdeblo donezea gansazRvruli, rogorc korpora-ciaTa diferencirebis safuZveli. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 3-5. 170 mewarmeTa Sesaxeb kanonis 55-e muxlis pirveli punqti.171 ss-is tipologiuri analizi kritikul WrilSi, ix. qiria, sakorporacio samarTlis sistema saqarTveloSi, 2011, gv. 50-51. 172 Sead. O’Neals, Close Corporations, 1998, ch. 1, P. 12.173 sajaro SeTavazebis ganmarteba, ix. jibuti, yoranaSvili, `fasiani qaRaldebis bazris Sesaxeb~ saqarTvelos kanonis komentari, 2004, gv. 76.174 sajaro SeTavazebis ganxorcielebis dasaSvebobis sakanonmdeblo regulireba me-warmeTa Sesaxeb kanonis 52-e muxlis 11 da fasiani qaRaldebis bazris Sesaxeb kanonis me-9 muxlis pirvel punqtSia mocemuli.

Raldebis bazris Sesaxeb~ kanoni.175 mewarmeTa da fasiani qaRaldebis bazris Sesaxeb kanonis kombinirebuli ganmarteba ss-is tipologi-uri klasifikaciis safuZvlad aqcionerTa raodenobriv maCvenebelsac moicavs.176 mokled, partniorTa raodenoba gansazRvravs ss-is marTvis sistemur models, sistemuri midgoma – marTvis struqturas, marTvis struqtura - tipologiur diferencirebas, tipologiuri klasifika-cia – mis funqcionalur datvirTvas, romelic ss-is partniorTaTvis kapitalis mozidvis meTodebsa da Rirebulebaze (fasze) aisaxeba.

zemoaRniSnuli ori elementi ss-is tipologiuri sxvaobis Ziri-Tad safuZvlad moiazreba, romlis mixedviT ganasxvaveben ̀ daxurul~177 da `Ria~ (sajaro) saaqcio sazogadoebebs.178 ti pologiuri zRvris damdgeni kriteriumebis detaluri analizi ss-is ori sxvadasxva ekonomikur-funqciuri datvirTvis matarebel saxeobaTa ganxilvisas dasruldeba.

2. `daxuruli~ ss

saaqcio sazogadoebaTa or ZiriTad subtipad klasifikaciis pirvel da umniSvnelovanes safuZvlad aqciaTa gasxvisebis proceduruli meqa-nizmi gvevlineba. aqciaTa gadacemis (gankargvis) unari jer kidev ar niSnavs misi Tavisufali gasxvisebis SesaZleblobas.179 is SeiZleba damokidebuli iyos sazogadoebis Tanxmobaze (e.w. vinkulireba),180 Tumca, SezRudva gonivruli da safuZvliani unda iyos.181 aqcioneris likvi-duri ufleba ss-is aqciebis Sesyidvasa da mis Semdgom, aseve, Tavisufal

175 `fasiani qaRaldebis bazris Sesaxeb~ kanonis me-9 muxlis pirveli punqti.176 Sead. qiria, sakorporacio samarTlis sistema saqarTveloSi, 2011, gv. 43,50,51.177 aRsaniSnavia, rom aSS-Si ganasxvaveben “closed” da “closely held” korporaciebs. pirve-lis Sinaarsobrivi determinacia moicavs im Sesacnob elementebs, romlis mixedviTac, sazogadoeba `daxurulia~ mesame pirTaTvis wilobrivi SeZenis an samewarmeo saqmiano-bis biznes mimarTulebis dauflebisTvis, xolo `Sesasvleli karis Caketva~ aqcioner-Ta SeTanxmebiT an dafuZnebis dokumentSia gaTvaliswinebuli. rac Seexeba “closely held” korporacias, etimologiuri definicia mesame pirTa mimarT imis mauwyebelia, rom korporacia mocemul periodSi aqcionerTa konkretul raodenobazea fokusirebuli da gansazRvravs, rom raodenobrivad mcire aqcionerebi hyavs. ix. O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 14.178 ss-is istoriuli genezisis Sesaxeb, ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 31-109. aseve, ix. Conard, Corporation in Perspective, 1976, P. 132-152; Cox, Hazen, O’Neal, Corporations, 1998,ch. 2, P. 1-33.179 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 11.180 Davies, Introduction to company law, 2010, P. 21; Ferran, Principles of Corporate Finance Law, 2008, P. 157-158.181 Shade, Business Assosiations, 3th ed., 2010, P. 148.

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gankargvaSi, mdgomareobs, xolo gasxvisebis SemzRudveli normebis182 ar arseboba aqcioneris likviduri uflebis maqsimizirebis indikatoria,183 rac, Tavis mxriv, sazogadoebis kapitalis mozidvis simartives uwyobs xels, radgan aqcia sawarmos dafinansebis instrumentaluri funqciis materebelicaa.184 `daxurul~ ss-Si, kapitalis bazris wvdomis Sez-Rudvis gamo,185 aqcioneri investirebuli portfolios Secvlis unars, faqtobrivad, moklebulia.186 meore mxriv, sensitiuria partniorTa ra-odenoba. ̀ daxuruli~ saaqcio sazogadoeba aqcionerTa mcire ricxovno-biT gamoirCeva.187 mas gaaCnia aqcionerTa mier menejmentis kontro-lis Zlieri struqtura,188 gansxvavebiT Ria ss-is `centralizebuli menejmentisgan~.189 aSS-s sakanonmdeblo sivrceSi `daxurul~ saaqcio sazogadoebas amxanaguri tipis sazogadobas uTanabreben partniorTa simciris190 gamo.191 Tumca misi ZiriTadi saxasiaTo niSani aqcionerTa survilsa (akontrolon sazogadoebis partniorTa identoba sazoga-doebaSi Semosvla gasvlis meqanizmis kontroliT) da sakuTrebis ucxo `xelisgan~ gancalkevebiT `SenaxvaSi~ mdgomareobs.192 am dros saxezea agency problem, Tumca misi gadaWris samarTlebrivi strategia, part-

182 Pinto, Branson., Understanding Corporate Law, 3rd edition, 2009, P. 233-234. Sead. Palmiter, Corporations, 2006, P. 346.183 Palmiter, Corporations, 2006, P. 345-346.184 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 265.185 ix. Posner, The Economic Analysis of Law, 2007, P. 423-425.186 ix. Gilson, The Law and Finance of Corporate Acquisitions, 1986, P. 354.187 Hamilton, The Law of Corporations, 2000, P. 2, 343.188 Sead. Moll, Shareholder Oppression & Dividend Policy in the Close Corporation, 60 WASH. & LEE L. REV. 2003, P. 841-924.189 Moll, Ragazzo, The Law of Closely Held Corporation, 2009, P. 1-2.190 magaliTad, delaveris sakorporacio samarTali `daxurul~ korporaciad Tvlis, romelsac 30 aqcionerze naklebi mewile hyavs. ix. Del. Code §342(a)(1)(3).191 daxuruli ss-is amxanagobasTan GgaTanabrebis kriteriumad wilis sazogadoebaSi partnioris Sesvlaze sazogadoebis Tanxmobaze damokidebulebas miiCneven ss-gan erTi gansxvavebiT: daxurul ss-Si aqciaTa gasxviseba anu sazogadoebis datovebis strategiis gamoyenebiT uflebis likviduroba SeuzRudavia (Tavisufali) Default Rule-is mixedviT, Tu sazogadoebis `kontsituciaSi~ sxva ram ar aris gansazRvru-li. mas, xSirad, `daregistrirebul amxanogobas~ uwodeben (incorporated partnership). ix. Pinto, Branson., Understanding Corporate Law, 3rd ed., 2009, P. 313; Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 249-252; Clark, Corporate law, 1986, P. 25; Balotti, Finkelstein, The Delaware Law of Corporations & Business Organiza-tions, 3th ed., 1997 (2007), ch. 14, P. 7. Sead.. Moll, Ragazzo, The Law of Closely Held Corporation, 2009, P. 2-4.192 Pinto, Branson., Understanding Corporate Law, 3rd edition, 2009, P. 313.

nioris exit right-is193 ex post194 regulirebiT, SezRudulia.195 `daxuruli~ ss-is saxasiaTo atributebs Soris,196 aRsaniSnavia kor-

poraciuli marTvis sakiTxebi.197 aqcionerTa simciresa da wilTa Tavi-sufali gankargvis SemzRudvel normebTan erTad, kompaniis menejmentis SemadgenlobiTi formireba substanciur rols TamaSobs. `daxurul~ korporaciaSi menejmentSi monawileobas aqcionerebic Rebuloben. isi-ni direqtoratis ZiriTad personals warmoadgenen.198 aqcionerTa-mesa-kuTreTa da direqtor-menejerTa Soris gamyofi zRvari, faqtobrivad ar arsebobs.199 korporaciis menejmenti da mesakutreni substanciurad identurni arian.200 aqcionerebi an Tavad arian direqtorebi an/da kom-paniis menejments iseTi xarisxiT akontroleben, rom isini ufro meti uflebamosilebiTa da direqtivebis micemiT gamoirCevian, vidre aRmas-rulebeli menejerebi an direqtorebi.201 xSirad aqcionerebi kontrolis maqsimaluri maCveneblis utilizirebas TanamdebobaTa kombinirebuli variantiT aRweven: isini direqtorad yofnis paralelurad, aRmasrule-beli menejeris Tanamdebobasac iTavseben.202

`daxuruli~ korporaciisTvis dadebiTi aspeqti, rom wevrTa cva-lebadoba maqsimalurad kontroldeba. `Caketili~ tipologiuri xa-siaTi `mtruli~ satendero SeTavazebis ganxorcielebas SeuZlebels xdis.203 Tumca, dadebiTi postulatebi uaryofiT Sedegebsac warmo-Sobs.204 kapitalis mozidva safindo birJidan an kapitalis meoradi bazridan `daxurul~ sazogadoebaSi ar xdeba. es dadebiTia. magram investoris ganzraxva investirebuli fuladi saxsrebis diversifici-rebis Sesaxeb, sisruleSi moyvana Zalian garTulebulia ori mizeziT.205 pirveli, korporaciis aqciaTa realuri Rirebuleba da misi gadafasebaa. kapitalis bazari aqciis Rirebulebis dadgenis saukeTeso saSualebaa,

193 Hamilton, The Law of Corporations, 2000, P. 343-344.194 Armour, Hansmann, Kraakman, Agency Problems and Legal Strategies, in: The Anatomy of Corporate Law, 2nd edition, 2009, P. 44-45.195 Armour, Hansmann, Kraakman, Agency Problems and Legal Strategies, 2009, P. 44-45.196 ix. Clark, Corporate law, 1986, P. 24-30.197 ix. Gilson, The Law and Finance of Corporate Acquisitions, 1986, P. 353.198 Balotti, Finkelstein, The Delaware Law of Corporations & Business Organizations, 3th ed., 1997 (2007), ch. 14, P. 6.199 Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 228.200 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 1, 2010, P. 112.201 ix. Cox, Hazen, O’Neals, Corporations, 1999, ch. 14, P. 17-23.202 ix. O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 35-42.203 Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 56.204 `daxuruli~ korporaciis problemuri sakiTxebis Sesaxeb, ix. Gevurtz, Corporate Law, 20a0, P. 471-551.205 Gevurtz, Corporation Law, 2010, P. 541.

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romlis ar arseboba potenciuri tranzaqciis dadebis Rirebulebas zrdis. investoris deinvestirebis ganzraxvaze sazogadoebis Tanxmo-bis arsebobis SemTxvevaSi, mas uxdeba ZvriadRirebuli molaparakebis (vaWrobis) warmoeba, ramac, SesaZloa, wilis Rirebulebis fluqtua-cia gamoiwvios. kapitalis bazarze wvdomis arqonis diqotomiis meore nawili, dividendis gankargvisa da anazRaurebis sakiTxTa konfliqtis warmoqmnaSi mdgomareobs. magaliTad, Tu investors mocemul momentSi naRdi fulis miReba surs da menejmenti Seayovnebs dividendis gace-mis gadawyvetilebis miRebas, aman, SesaZloa, invetoris interess mniS-vnelovani zarali miayenos, warmoiSoba `principal-agentis~ konfliqti, rac, saboloo jamSi, sazogadoebis keTildReobaze, sauaresod, aisaxeba.206

saqarTvelos kanonmdebloba207 ss-is tipologiuri sxvaobis ganmsaz-Rvrel calkeul elementebs ramdenime adgilas iZleva.208 sakanonmdeblo doneze misi pirdapiri regulireba, gansxvavebiT aSS-s sakanonmdeblo sivrcisa,209 ar arsebobs. Tumca mewarmeTa Sesaxeb kanonSi arsebuli ss-is momwesrigebeli normebis default miznobriv-teleologiuri ganmarteba swored rom `daxuruli~ tipis ss-s Seesabameba.210 sakanonmdeblo real-izmi Teoriul analizs arTulebs, rom aRaraferi iTqvas mis praqtikul Sedegebze. 2008 wlis cvlilebebis211 `amerikuli suliskveTebis~ fonze, sadac kapitalur sazogadoebaTa, ZiriTadad, ori gamovlineba arsebobs,212 qarTvelma kanonmdebelma SeinarCuna germanul sakorporacio sivrce-Si arsebuli SezRuduli pasuxismgeblobis sazogadoeba, amasTan, wina planze wamoswia `daxuruli~ tipis ss-is struqturuli elementebi.213 Seiqmna erTi funqciur-ekonomikuri substanciis matarebeli kapitalis organizebuli marTvis ori arsobrivad gansxvavebuli samarTlebrivi forma.214 kanonmdeblis dualisturi damokidebuleba kapitaluri tipis

206 ix. Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P.230-234.207 igulisxmeba mewarmeTa da fasiani qaRaldebis bazris Sesaxeb kanonebi.208 mewarmeTa Sesaxeb kanonis 51-e muxlis me-2, me-3, me-4, 52-e muxlis me-2 da 55-e muxlis pirveli punqtebi.209 ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 3, 2010, P. 5-11.210 Sead. qiria, sakorporacio samarTlis sistema saqarTveloSi, 2011, gv. 52.211 mewarmeTa Sesaxeb kanonSi 2008 wlis 14 martis cvlilebebi da damatebebi.212 “Closely Held” da “Publicly Held” Corporation. Tumca ganasxvaveben `daxurul~ biznes saqmianobas, romlis ganxorcieleba LLC-is formiTac aris SesaZlebeli. ix. O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 15-34.213 Sead. Palmiter, Corporations, 2006, P. 441 et seq.214 aSS-s sakanondeblo realobaSi arsebuli “Closely Held” korporacia qarTuli Sps mimarT did msgavsebas iCens. ix. Wanturia, korporaciuli marTva, 2006, gv. 78. Tumca, Sps samarTlebriv bunebas, romelic kapitalis wilebad da ara aqciebad dayofaSi mdgomareobs, gverdi ver aevleba. maT Soris fundamenturi mijna swored safondo birJaze Sps wilisa da ss-is aqciis brunvaunarianobaSi mdgomareobs (miuxedavad imisa,

sazogadoebis or ZiriTad formasa da maT Soris subtipebad CaSlaSi gamoixateba, rac, rogorc dogmatur-Teoriul, ise praqtikul daniSnule-biT arss, bundovans xdis. es ukanaskneli ki kapitalur sazogadoebaTa struqturaSi cvlilebebis ganxorcielebis miznobrivi obieqtis da-konkretebis valdebulebas warmoSobs.

paralelurad, struqturuli cvlilebebis ganxorcielebas, ZiriTa-dad, sazogadoebis kapitalis bazriT dafinanseba215 ganapirobebs, romelic aqcionerTa investiciis ganxorcielebis martiv da swraf saSualebas warmoadgens. aseT SemTxvevaSi xdeba aqcionerTa pirovnuli Tu raode-nobrivi cvalebadoba ganusazRvreli xarisxiT, rac pirdapir aisaxeba, rogorc sazogadoebis struqturaze, ise kapitalis struqturasa da menejmentze. Sedegad, naSromis mizani kapitalur sazogadoebaTa samwev-rovani miznobrivi jgufidan (Sps, `daxuruli~ ss da `Ria~ ss) mxolod erT, `Ria~ (sajaro) ss-ze konkretdeba.

3. angariSvaldebuli (`sajaro~) ss

saaqcio sazogadoebis meore qvesaxeoba, rogorc kapitalis mozid-vis yvelaze gavrcelebuli klasikuri tipi e.w. `sajaro~216 saaqcio sazogadoebaa. zogadi, Sesabamisad, martivi ganmartebis Tanaxmad, sajaroa

rom fasiani qaRaldebis bazris Sesaxeb kanonis me-9 muxlis pirveli punqti Sps-s, rogorc iuridiul pirs safondo birJaze wilebiT vaWrobis Teoriul SesaZleblobas aZlevs, es Sps-s, rogorc kanonmdeblis xelovnuri qmnilebis (Sina)arsobriv datvirT-vas mainc ver Secvlis). ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 266-268; aseve, ix. O’Neals, Thompson, Close Corporations and LLCs, 3th ed., 2004, ch.1, P. 35; Posner, The Economic Analysis of Law, 2007, P. 423.215 Tumca ar gamoiricxeba kerZo molaparakebis gziT dadebuli tranzaqciebi, rodesac Semsyidveli molaparakebas uSualod aqcionerTan (ZiriTadad sakontrolo paketis mqonesTan) awarmoebs da Tanxmdeba Sesyidvis fasze. ix. Schuster, Efficiency in Private Control Sales – The Case of Mandatory Bids, 2010, P. 2.216 ss-is `Ria~ (sajaro) da `daxurulis~ ganmartebas saqarTvelos kanonmdebloba ar moicavs. es aris anglo-amerikuli da, nawilobriv, kontinenturi evropis sakanonmde-blo doneze gansazRvruli gamovlineba, romelic klasificirdeba zemoaRniSnul or tipad. ix. Balotti, Finkelstein, The Delaware Law of Corporations & Business Organizations, 3th ed., 1997 (2007), ch. 14, P. 2-4; Conald, Corporations in Perspective, 1976, P. 161-165; Cox, Hazen, O’Neals, Corporations, 1999, vol. I. ch.1, P. 50-52. amis sapirwoned, qarTuli kanon-mdebloba, mewarmeTa Sesaxeb kanonis me-13 muxlis me-2 da 55-e muxlis pirvel pun-qtebSi `Ria~ sazogadoebas, potenciurad, angariSvaldebul sazogadoebasTan aTanabrebs, xolo angariSvaldebuli sawarmos ganmartebas fasiani qaRaldebis Sesaxeb kanonis me-9 muxlis pirvel punqtze gadamisamarTeba iZleva. naSromis miznebisTvis, ZiriTadad, gamoyenebul iqneba angariSvaldebuli sazogadoeba, rogorc `sajaro~ sazogadoebis qarTuli Sesatyvisi.

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ss, romlis aqciebic, kapitalis bazarze ganTavsebis (IPO) meTodiT,217 pirTa ganusazRvreli wris mimarT sajaro vaWrobisTvis aris SeTavaze-buli, rac nebismier dainteresebul pirs218 saSualebas aZlevs aqciebis Ria bazarze SeZenis gziT miaRwios investirebadi kapitalis diver-sificirebas da gaxdes sazogadoebis aqcioneri.219 ss-is `daxurul~ da `sajaro~ sazogadoebad dayofis umniSvnelovanes elements aqciaTa gankargvis Tavisufleba gansazRvravs. Tu ss-s aqciebi safondo birJaze sajaro vaWrobisTvis aqvs gatanili, anu korporacia fasiani qaRaldebis bazris listingSia gatarebuli, iwodeba an listed kompaniad an sajaro kompaniad,220 xolo sazogadoeba, romlis sakuTari kapitali aqciebis sax-iT safondo birJaze savaWrod gatanil fasian qaRaldTa kategoriaSia221 Setanili – kotirebul kompaniad.222 es aris Tanamedrove sakorporacio da fasiani qaRaldebis bazris samarTlis dogmaturi aqsioma.

`Ria~ korporacia aqcionerTa simravliT gamoirCeva., ris gamoc, da-nawevrebuli aqcionerebi Tavian xmis uflebas warmomadgenlis (e.w.

217 ix. Booth, Financing the Corporation, 2010, P. 708-796; Macey, Corporate Governance, 2008, P. 127-130. aseve, ix. jibuti, yoranaSvili, `fasiani qaRaldebis bazris Sesaxeb~ saqarT-velos kanonis komentari, 2004, gv. 76.218 rogorc wesi, es pirebi safondo birJaze registrirebuli licenzirebuli sabro-kero kompanebi arian. ix. Hazen, Securities Regulation, 6th ed., 2009, P. 103-107, 553-638. saqarTveloSi sabrokero kompaniaTa licenzirebas axorcielebs erovnuli banki. ix. `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., Kraakman, What is Corporate Law? 2009, P. 12; Bevans, Business Organizations and Corporate Law, 2007, P. 249-250; French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 195 et seq. ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 126-127.220 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 12.221 fasiani qaRaldebis klasebsa da kategoriebTan dakavSirebiT, ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 332-355; janjalia, aqciaTa klasebi, korporaciuli marTva, yovelkvartaluri biuleteni, (IFC), #14, 2008, gv. 22-25. aseve, ix. Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 38-40. 222 French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 201-202. Sead. svanaZe, sanaZe, xizaniSvili, mZinariSvili, lorTqifaniZe, axobaZe, gogiSvili, sabirJo saqme da fasiani qaRaldebis bazari, 1998, gv. 209, 213-214. ufro konkretulad, listed kompaniis SemTx-vevaSi Tavad firma, rogorc iuridiuli piri, registrirebulia safondo birJaze, gansx-vavebiT meore, anu kotirebis SemTxvevisgan, rodesac, rogorc wesi, korporacias fasiani qaRaldebi (ZiriTadad, aqciebi) Suamavlis, magaliTad, sabrokero kompaniis meSveobiT kapitalis bazarze sajaro vaWrobisTvis gatanil fasian qaRaldTa kategoriaSi aqvs `ganTavsebuli~. miuxedavad amisa, zemoaRniSnuli gasnxvaveba pirobiTia da is ss-is kidev erT tipologiur qvesaxeobad `CaSlas~ ar iwvevs. am dros, saubari SeiZleba, maqsimum, firmis finansebis safondo birJaze gatanisa da marTvis meqanizmebs Soris sxvaobaze iyos.

proxy)223 saSualebiT arealizireben.224 misi investicia fasiani qaRal-debia, romelic investoris an mesame piris sakuTrebaSia.225 maTi sajaro vaWroba kapitalis organizebuli bazris gavliT xorcieldeba.226 kor-poraciis `Riaoba~ xom kapitalis bazarze daregistrirebuli kompaniis aqciaTa brokeris an dileris saSualebiT SeZenas niSnavs.227 `sajaro~ korporaciis homogenurobis xazgasmaa is, rom bazris stabilurobis, monawileTa usafrTxoebisa da ekonomikuri mdgomareobis simyarisTvis mkacr regulatorul mowesrigebas eqvemdebareba.228 gansakuTrebiT axali aTaswleulis dasawyisSi enronis, adelfiasa da uordkomis kolafsis229 Semdgom,230 romlis gamoZaxils sarbanes-oqsleis aqti warmoadgens.231 simkacre finansuri angariSgebis gayalbebis (Semosavlebis maCveneblis, sabalanso monacemebis araswori gadanawileba, pasivebis aqtivebis balan-sze aRricxva da a.S.) praqtikuli Sedegebis adekvaturi reaqcia iyo.232 finansuri monacemebis gayalbeba yvela gakotrebuli kompaniis identuri 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 korporaciis uaryofiT mxares, uecari kolafsis safrTxesaTan erTad, gamkacrebuli, kapitalis bazarze yvela qmedebis rudinuli, detaluri gaTvlis, gaxsnilobis savaldebulo moTxovnisa da maTi daucveloba-darRvevis represiuli regulaciebi warmoadgens.234

qarTul sakorporacio samarTalSi ̀ sajaro~ ss mniSvnelovan adgils

223 ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 2, 2010, P. 530-544.224 Hamilton, Freer, The Law of Corporations, 6th ed., 2011, P. 235.225 Hamilton, Freer, The Law of Corporations, 6th ed., 2011, P. 236.226 Booth, Financing the Corporation, 2010, P. 684-707.227 Conard, Corporation in Perspective, 1976, P. Conard, Corporation in Perspective, 1976, P. 163.228 Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 255-271.229 Skeel, Icarus and American Corporate Regulation, in: After Enron, (edit. Armour, McCahey), 2006, P. 129-154.230 Hamilton, Freer, The Law of Corporations, 6th ed., 2011, P. 242-244.231 Moeller, Sarbanes-Oxley Internal Controls, 2008, P. 14-53; Sheppey, McGill, Sarbanes-Oxley, 2007, P. 3-19.232 Bratton, Rules, Principles, and the Accounting Crisis in the United States, in: After Enron, (edit. Armour, McCahey), 2006, P. 265-291.233 amis kidev erTi klasikuri magaliTi parmalatis saqmea, romelmac 2003 wlis 27 dekembers mcdari finansuri monacemebis gamomJRavnebis Semdgom valdebulebis Sesrulebis SeuZleblobis Sedegad, bankrotad gamoacxada korporacia. ix. Ferrarini, Giudici, Fiunancial Scandals and the Role of Private Enforcement: The Parmalat Case, in: After Enron, (edit. Armour, McCahey), 2006, P. 162-174.234 Hazen, The Law of Securities Regulation, 6th ed., 2009, P. 271-303.

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jer-jerobiT ver ikavebs.235 ekonomikuri funqciiis realizebas gansaz-Rvravs kapitalis bazris funqcionirebadi evolucia da ara – stag-nacia. Tanamedrove birJebze damkvidrebuli Teoriuli Tu praqtikuli codna, organizebuli bazris mravalsaukunovani ganviTarebis Sedegia. es ganviTareba Tanamedrove samewarmeo samarTalSi sakanonmdeblo regula-ciebSi povebs asaxvas. kapitalis bazarze `qcevis wesebis~ regulirebis fundaments `wesebis~ Semsrulebel subieqtTa determinacia warmoad-gens. es ukanaskneli sakorporacio samarTlisa da kapitalis bazris samarTlis kombinirebuli regulirebis sferos ganekuTvneba.

qarTul samarTlebriv sivrceSi sakanonmdeblo donezea ganmarte-buli àngariSvaldebuli sawarmos~ cneba.236 angariSvaldebuli sawarmo, fasiani qaRaldebis bazris Sesaxeb kanonis Tanaxmad, Ad hoc Setyobinebis valdebulebiT,237 utoldeba `Ria~, sajaro~ ss-s anglo-amerikuli gage-biT.238 safondo birJaze daregistrirebuli ss eqceva fasiani qaRal-debis samarTlis regulirebis qveS.239 aseTi tipis ss-m unda gadalaxos organizaciuli, samarTlebrivi da regulirebad bazarze arsebuli moTxovnadi dabrkoleba, raTa kompaniam moipovos fasiani qaRaldebis investorisTvis SeTavazebis ufleba. is unda Seesabamebodes fasiani qaRaldebis brunvasTan dakavSirebul wesebs. man unda uzrunvelyos gam-Wvirvalobis saTanado done da sajarooba yvela mniSnvelovani movlenis Sesaxeb informaciis drouli gamJRavnebiT.240 informaciis gamJRavnebis

235 2012 wlis 28 martis mdgomareobiT, saqarTvelos safondo birJaze 135 kompaniis fasiani qaRaldia daSvebuli ssb-is savaWro sistemaSi, romlis srulma sabazro kapi-talizaciam 0.8 miliards miaRwia, xolo dRiurma brunvam 11.9 aTas lars. aRniSnuli informacia xelmisawvdomia Semdeg internet misamarTze: [ www.gse.ge ] [12.04.2012]. Seadare aSS-Si arsebul viTarebas. Pinto, Branson., Understanding Corporate Law, 3rd ed., 2009, P. 92.236 fasiani qaRaldebis bazris Sesaxeb kanonis me-9 muxlis pirveli punqti.237 Wanturia, korporaciuli marTva, 2006, gv. 287-293.238 inglisurTan dakavSirebiT, ix. French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 195 et seq., xolo amerikulTan mimarTebiT, ix. Hamilton, The Law of Corporations, 2000, P. 376 et seq.239 Palmiter, Corporations, 2006, P. 345-351; Ferran, Principles of Corporate Finance Law, 2008, P.409 et seq.240 sazogadoebis saqmianobis gamWvirvalobis, sajaroobisa da gaxsnilobis erT-erTi pirveli unificirebuli regulatori evropis sabWos pirveli sakorporacio samarT-lebrivi direqtivaa. ix. First Council Directive 68/151/EEC of 9 March 1968 on co-ordina-tion of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, with a view to making such safeguards equivalent throughout the Community, OJ L 65, 14.3.1968. direqtivis qarTul enaze mimoxilvisTvis, ix. Wanturia, evropis sakorpo-racio samarTlebrivi direqtivebisa da dadgenilebebis mniSvneloba qarTuli sakor-poracio samarTlis kodifikaciisTvis, wignSi: Tanamedrove sakorporacio samarTlis

valdebuleba moicavs kompaniis biznesangariSs, finansur angariSgebebs, auditis daskvnebs da sxva informacias.241

ss-is angariSvaldebuli sawarmos kategoriuli kuTvnileba misi marTvis sistemis dispoziciur regulirebas emijneba. mewarmeTa Sesaxeb kanoni sawarmos angariSvaldebulebas dualisturi sistemis àrCevis~ alternativad ganixilavs.242 angariSvaldebuleba `sajaro~ ss-is ter-minoglogiur TanxvedraSia. Sedegad, Tu sazogadoeba angariSvaldebulia, maSasadame, is marTvis orsafexuriani sistemis243 `mimdevaria~, rac aq-cionerTa dasacavad Seqmnil konkretul standartebs moicavs.244 magram Sebrunebuli varianti ar moqmedebs. mewarmeTa kanoniT ss-is orsafexu-riani sistemis SerCevis SemTxvevaSi, magaliTad, aqcionerTa raodenoba245 Tu 100-s aRemateba, ss-is marTva dualisturi modeliT unda gagrZeldes, rac, Tavis mxriv, ar niSnavs mis angariSvaldebul sawarmod gardaqmnas. amisTvis, ss-m garkveuli winapirobebi unda daakmayofilos.246 saxezea ss-is funqciur-Sinaarsobrivi ganmarteba: fasiani qaRaldebis bazris Sesaxeb kanoniT `Ria~, `sajaro~ da angariSvaldebuli ss, maTi funqci-uri datvirTvidan gamomdinare, urTierTCanacvlebad terminad SeiZleba iqnes gamoyenebuli. qarTuli kanonmdebloba arc mewarmeTa da arc fa-siani qaRaldebis kanonSi ss-is `Ria~ an `sajaro~ sazogadoebis formiT pirdapir ar moixseniebs. amitom, saaqcio sazogadoebis tipologiuri sxvaobis SesamCnevi kontrastis Sesaqmnelad, umjobesia, gamoyenebul iqnes àngariSvaldebuli~ ss. rac Seexeba marTvis sistemur models, is ver

Teoriuli da praqtikuli sakiTxebi, 2009, gv. 453-463.241 Sheppey, McGill, Sarbanes-Oxley, 2007, P. 65-93.242 mewarmeTa Sesaxeb kanonis 55-e muxlis pirveli punqti.243 erTsafexurian da orsafexurian sistemasTan dakavSirebiT, ix. Wanturia, korporaci-uli marTva, 2006, gv. 107 da momdevnoni. aseve, ix. Hopt, Modern Company and Capital Market Problems: Improving European Corporate Governance after Enron, 2007, P. 1-58; Hopt, The German Two-Tier Board: Experience, Theories, Reforms, 1998, P. 227-258; Ghezzi, Malber-ti, Corporate Law Reforms in Europe: The Two-Tier Model and the One-Tier Model of Corporate Governance in the Italian Reform of Corporate Law, 2007, P. 2-69.244 Rock, Shareholder Eugenics in the Public Corporation, Res. pap. No.11-26, 2011, P. 3 et seq.245 aqcionerTa raodenoba kidev erT SemTxvevaSia gadamwyveti mniSvnelobis mqone: rodesc ss-is aqcionerTa raodenoba aRemateba 50-s, ss valdebulia aqciaTa reestri awarmoos damoukidebeli registratoris meSveobiT. ix. mewarmeTa Sesaxeb kanonis 51-e muxlis mesame punqti. aseT SemTxvevaSic saubroben ss-is `sajaroobaze~. ix. Wanturia, korporaciuli marTva, 2006, gv. 104-105. Tumca, iseve rogorc korporaciuli marTvis dualisturi modelis arCevis 100 aqcioneriani hipoteTuri zRvari ver gansazRvravs ss-is klasificirebas `Ria~ ss-ad, ise damoukidebeli registratoris savaldebulo arsebobis 50 partnioriani winapiroba ar unda iyos sakmarisi korporaciis angariS-valdebul sawarmod SeracxvisaTvis. Sead. qiria, sakorporacio samarTlis sistema saqarTveloSi, 2011, gv. 50.246 ix. III 1.

88 89

gaxdeba ss-is rogorc `Ria~ ss-is determinanti. winaaRmdeg SemTxvevaSi, `daxuruli~ ss gautoldeboda `sajaro~ ss-s, es ki nonsesia.

mokled, angariSvaldebuli ss fasiani qaRaldebis gamoSvebis da misi organizebul bazarze brunvis normatiulad gaTvaliswinebuli samar-Tlebrivi formaa. fasiani qaRaldebis gamoSvebas, finansur bazarTan advili wvdomis garda, mravali mizezi gaaCnia. maTgan aRsaniSnavia kor-poraciaTa Serwyma, SeZena (STanTqma) da kompaniis erToblivi kapitalis moculobaSi sasesxo wilis Semcireba, investiciebis dabandeba sawar-moo saqmianobaSi da a.S. es yvelaferi ki korporaciis struqturuli restruqturizaciis safuZvelia. naSromis kvlevis samizne obieqts swored angariSvaldebuli (`Ria~) saaqcio sazogadoeba, misi struqtu-ruli elementebi da masSi cvlilebebis ganxorcieleba warmoadgens.

IV. saaqcio sazogadoebis struqturuli

elementebi

1. ss-is struqturuli elementebi organizaciuli marTvis

konteqstSi

erTia ss-is arsis ganmsazRvreli substanciuri niSnebi, misi subti-pebad klasificireba, am klasifikaciis ekonomikur-funqciuri datvirTva da, meore, aseTi tipis sazogadoebaTa Sidaorganizaciuli saqmianobis struqturuli elementebis diferencireba uflebamosilebaTa verti-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-

90 91

sistemaze gakeTdeba.249 dualisturi sistemis, organizaciuli kuTxiT, struqturuli elementebis samwevrovani organuli dayofa250 aqcioner-Ta saerTo krebis, sameTvalyureo sabWosa da aRmasrulebeli (direq-torTa) sabWos kuTxiT diferencirdeba.251

1.1. `zemdgomi organo~

organizaciuli marTvis vertikalur WrilSi, Sida struqturuli elementebis pirvel rgols, ss-is kapitaliT uzrunvelmyof pirTa252 gaerTianebis Sedegad Camoyalibebuli organo warmoadgens. korporaci-uli marTvis struqturaSi am safexurs aqcionerTa saerTo kreba ika-vebs. is kompaniis marTvis umaRlesi organoa.253 misi kompetencia kanoniT

Ta Sesaxeb kanoni (garda mewarmeTa Sesaxeb kanonis 55-e muxlis pirveli punqtis sag-amonakliso SemTxvevisa). ix. Wanturia, korporaciuli marTva, 2006, gv. 109-110, 146-150; Wanturia, evropis saaqcio sazogadoeba (Societas Europea) – universaluri modeli Tu sakanonmdeblo kompilacia, Jurnali `adamiani da konstitucia~ #4, 2004, gv. 90-100. 249 qarTuli kanonmdebloba dualisturi modelis `gayolas~, imperatiulad, yvela an-gariSvaldebul ss-s sTxovs. ix. mewrmeTa Sesaxeb kanoni, 55-e muxlis pirveli punqti. 250 iuridiul doqtrinaSi arsebuli korporaciuli marTvis modelur midgomaTa dife-rencireba SeiZleba fiqtiurad CaiTvalos. am mosazrebas Semdegi safuZvlis gamo aqvs arsebobis ufleba: unitaruli sistemis mqone marTvis modelis dros, aqcionerTa mier formirebuli bordi kidev iSleba subtipebad: is, Tavisi kompetenciis farglebSi, irCevs menejers (aRmasrulebel oficers, prezidents), romelic yoveldRiur saqmiano-bas warmarTavs mesame pirebTan urTierTobaSi da angariSvaldebulia bordis winaSe. xolo bordi biznes saqmianobis ZiriTad strategiebsa da politikas gansazRvravs da angariSvaldebulia aqcionerTa saerTo krebis winaSe. maT Soris erTgvari dabalanse-buli urTierToba yalibdeba. ix. Calder, Corporate Governance, 2008, P. 70,71. struqtu-rul organoTa kompetenturi balansi, faqtobrivad, dualisturi modelis identuria. Sesabamisad, unitaruli sistemis marTvis samweevrovani organizaciuli struqtura, kontinenturi evropis orsafexuriani modelis modeluri niSnebis gansxvavebul praq-tikul interpretacias warmoadgens. Sead. Cox, Hazen, Treatise on The Law of Corpora-tions, 3th ed., vol. 2, 2010, P. 2,3; Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P. 576-637. miuxedavad ganviTarebuli msjelobisa, marTvis modelTa So-ris sxvaoba samarTlebriv sistemaTa divergensuli bunebis Sedegia. amitom, maT Soris pragmatul sxvaobas gverdi verc am ganmartebiT aevleba.251 Wanturia, korporaciuli marTva, 2006, gv. 126-140. mmarTvelobis organoebTan daka-vSirebiT, ix. janjalia, mmarTvelobis organoebi saaqcio sazogadoebaSi – ukanaskneli sakanonmdeblo cvlilebebis mimoxilva, (IFC), #13, 2008, gv. 16-18. aseve, ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 2-4.252 aqcioneri an mewile (stockholder an shareholder). isini urTierTCanacvlebadi termi-nebia, Tumca maT Soris niuansirebuli sxvaoba arsebobs. ix. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 40-47. Sead. Fairfax, Shareholder Democ-racy, 2011, P. 156-158.253 amitom, mas `zemdgom~ organosac uwodebvn. ix. Cox, Hazen, Treatise on The Law of

zustad aris gawerili,254 romlis Sevseba an/da gadanawileba sawesdebo SeTanxmebis Tavisuflebis CarCoSi eqceva.255

sawarmos `konstituciis~ debulebebis xelmowerisas256 iwyeba indi-vidisTvis aqcioneris statusis miniWebis procesi. mocemul etapze, aq-cioneri korporaciis ̀ umaRlesi~ organos damakompleqtebeli funqciiT Semoifargleba. saerTo kreba formirdeba257 aqcioneris (wevris) statu-sis mopovebisTanave.258 sazogadoebis wevrad gaxdomas wilTa sawesdebo gadanawileba da aqciis miReba259 (SeZeniT)260 ganapirobebs,261 riTic piri sazogadoebasTan gansazRvrul samarTlebriv urTierTobaSi eqceva.262 samarTlebrivi urTierToba warmoiSoba aqciaTa gansazRvruli wilis miRebaze Seanxmebis Sedegad. wilis miReba sazogadoebasa da aqcioners Soris aqciis gacemis xelSekrulebis safuZvelze xdeba,263 romelic sanacvlod, aqcioneris mxridan, garkveul Setanaunariani obieqtebiT kon-tribucias264 moiTxovs sazogadoebis winaSe.265 wilis mesakuTre subi-

Corporations, 3th ed., vol. 2, 2010, P. 2. Sead. Gevurtz, Corporate Law, 2010, P. 195.254 mewarmeTa Sesaxeb kanonis 54-e muxlis me-6 punqti. Sead. Wanturia, korporaciuli marTva, 2006, gv. 112.255 mewarmeTa Sesaxeb kanoni 54 da 55-e muxlebi marTvis organoTa Soris kompeten-ciaTa gadanawilebis sakanonmdeblo `nebarTvas~ iTvaliswinebs.256 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 166.257 SeiZleba am etaps saerTo krebis `de faqto~ formireba ewodos. mis determi-nacias ganapirobebs organizaciuli erTobis samewarmeo reestrSi daregistrirebamde winare sazogadoebis etapis arseboba, rodesac, wesdebaze xelmomwer pirTa organizaci-ul krebaze xdeba wesdebis formireba, xelmZRvanelobiTi da warmomadgenlobiTi ufle-bamosilebiT aRWurvil pirTa gansazRvra, saaqcio kapitalis aqciebad dayofa dasxva sakiTxebis gadawyveta. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 1, 2010, P. 185-198; Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P. 5-8.258 samarTlebrivi (mo)qmedeba, romlis saSualebiTac piri aqcioneris wevris srul status moipovebs, Senatanis xelSekrulebis Sesruleba, anu daTqmuli Sesatanis Se-tanaa. kapitalur sazogadoebaSi Sesatanis Setanas, Semtani pirisTvis, ori Tanmdevi Sedegi mosdevs: wevris statusi mopoveba da SezRuduli pasuxismgeblobis SeZena. ix. burduli, Senatanis ganuxorcieleblobis samarTlebrivi Sedegi, samarTlis Jurnali, #1-2, 2010, gv. 22 da momdevno, 36 da momdevno. Sead. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 311-313.259 aqciis (wilis) miReba korporaciasa da aqcioners Soris dadebuli saxelSek-rulebo bunebis Semcvelia, romlis debulebebi kompaniis wesdebaSi an SinaganawesSia gansazRvruli. ix. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 35-37.260 ix. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 165.261 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 311,312.262 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 355-359. 263 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 312.264 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.11, 2011, P. 321-326.265 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 322-327.

92 93

eqts warmoeSoba sami klasis ufleba, rogorc sazogadoebasTan korpo-raciul-samarTlebrivi kavSiris Sedegi.266 wevris statusis mqone piri, aqcioneri267 uflebebis ganxorcielebas268 marTvis umaRlesi organos meSveobiT axorcielebs,269 romelic korporaciul marTvaSi mniSvnelovan funqciur rols asrulebs.270

ganasxvaveben aqcioneris mmarTvelobiT da qonebriv uflebebs.271 aq-cioneris uflebaTa klasis taqsonomia or ZiriTad kategoriaSi klasi-ficirdeba: individualuri da erToblivi qmedebiT uflebaTa praqtikul realizirebad. pirveli jgufis magaliTad, SesaZlebelia, informaciis gamoTxovis ufleba272 da misi gamoyenebis dasaxeleba.273 saxezea aqcio-neris individualizmi. uflebaTa klasis demonstrirebis meore jgufs aqcionerTa erToblivi, konsesualuri gadawyvetilebis miReba ganekuT-vneba, romelic xmis uflebis aqtiuri gamoyenebis274 Sedegs warmoad-gens.275 `umaRlesi~ organos arsi aqcioneris uflebamosilebaTa kolab-oraciul gamoyenebasa da korporaciis struqturuli organos (saerTo krebis) saxeliT gadawyvetilebis miRebaSi gamoixateba.276

erToblivi qmedebiT gansaxorcielebel kompetenciaTa Soris277 gan-sakuTrebul uflebamosilebas sameTvalyureo sabWos wevrTa arCeva/dan-iSvna da direqtoratis formireba278 miekuTvneba.279 aqcionerTa saerTo kreba amtkicebs wliur angariSs da finansur angariSgebebs, gare audi-tors, mogebisa da zaralis ganawilebas. Tumca, aqcionerTa saerTo krebis

266 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 452. Sead. bur-duli, saaqcio samarTlis safuZvlebi, 2010, gv. 359-369.267 ix. Bevans, Business Organizations and Corporate Law, 2007, P. 210-212.268 Gevurtz, Corporate Law, 2000, P. 210-220; Schneeman, The Law of Corporations and Other Business Organizations, 5th ed., 2008, P. 364-366; Bevans, Business Organizations and Corpo-rate Law, 2007, P. 214.269 zogadad, ix. Velasco, The Fundamental Rights of the Shareholder, 40 U.C. Davis L. Rev., 2006, P. 407 et seq.270 Montagnon, The Role of Shareholder, in: The Business Case of Corporate Governance, (edit. Rushton), 2008, P. 85-99.271 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 359-369. Sead. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 452-454.272 Gevurtz, Corporation Law, 2010, P. 212-221.273 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 454-456.274 Fairfax, Shareholder Democracy, 2011, P. 17-26.275 Gevurtz, Corporation Law, 2010, P. 200.276 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 478-482.277 ix. Calder, Corporate Governance, 2008, P. 126.278 Fairfax, Shareholder Democracy, 2011, P. 12-15.279 mewarmeTa Sesaxeb kanonis 54-e muxlis me-6 punqtis v) qvepunqti. Sead. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 2.

umTavres kompetencias, rogorc Shareholder democracy-is gamovlinebas,280 sameTvalyureo sabWos Seqmna,281 misi wevrebis daniSnva-gamowveva, sazoga-doebis wesdebaSi cvlilebebis Setana da iseT mniSvnelovan sakiTxebze gadawyvetilebis miReba ganekuTvneba, rogoricaa sazogadoebis likvida-cia, reorganizacia, Serwyma da SeZenaa.282283 yvela sakiTxi aqciidan gamom-dinare xmis uflebis284 realizirebas ukavSirdeba285 da mimarTulia (an unda iyos) sargeblis maqsimizirebisken.286

mokled, aqcionerTa saerTo kreba, rogorc unitaruli ise dual-isturi sistemisTvis, saxasiaTo marTvis umniSvnelovanesi organizaci-uli elementia, romlis formireba, garkveulwilad, kapitalis struq-turazea287 damokidebuli. kapitalis struqturas kapitalizirebis wyaro gansazRvravs,288 romelic pirdapir asaxvas povebs mesakuTreTa struqturaze. kompaniasTan dakavSirebul pirTa289 diferencirebuli panorama uflebriv kategoriaTa cvalebadobas iwvevs, rac, `Ria~ ss-Si – aqcionerTa da kapitalis struqturis cvlilebas ganapirobebs.290 ukanasknelis erT-erT safuZvls mesame piris (momavali aqcioneris) sazogadoebaSi korporaciul-samarTlebrivi qmedebis – SeZena-Serwymis gziT Sesvla warmoadgens.291 SeZenis tranzaqciis TiTqmis yvela strate-gia aqcionerTa nebis avtonomiis farglebSi realizirdeba.292 Sesabamisad, TiToeulis cal-calke da mTlianad, yvela aqcioneris erToblivi neba293

280 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P. 483.281 Hamilton, The law of Corporations, 2000, P. 231-232.282 Wanturia, korporaciuli marTva, 2006, gv. 112. Sead. IV 2.2.283 ix. Fairfax, Shareholder Democracy, 2011, P. 15-17.284 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P. 149-168.285 Easterbrook, Fischel, The Economic Structure of Corporate Law, 1991, P. 63-70.286 investirebuli qonebis ekonomikuri brunvidan maqsimaluri sargeblis miRebis kuTxiT Shareholder democracy-is gamoyenebis sakiTxi samecniero wreebSi skepticizms warmoSobs. ix. Fairfax, Shareholder Democracy, 2011, P. 35-45. problema mdgomareobs aqcionerTa uflebamosilebis farTo ganzomilebaSi. menejmentSi monawilebis an ze-gavlenis moxdenis potenciuri SesaZlebloba aqcioners Sanss aZlevs, rom, upiratesad, piradi sargeblis maqsimizirebisken mimarTos Zalaufleba da ar gamoiyenos korpo-raciis saerTo Semosavlebis zrdis kondiciebis Sesaqmnelad. ix. Bratton, Wachter, The Case Against Shareholder Epowerment, 158 U. Pa. L. Rev. , 2010, P. 663-725. 287 French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 414.288 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 385-388.289 Fairfax, Shareholder Democracy, 2011, P. 156-158.290 Sead. burduli, qonebrivi urTierToba saaqcio sazogadoebaSi, 2007, gv. 186-192.291 maxarobliSvili, sakorporacio-samarTlebriv kombinaciaTa Taviseburebani sawar-moTa Serwymis procesSi, wignSi: sakorporacio samarTlis krebuli, (red. burduli), 2011, gv. 287-319.292 Gevurtz, Corporation Law, 2010, P. 195.293 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P. 483-511.

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da korporaciuli gadawyvetilebis miReba SeZena/Serwymis substanciur elements da sawarmoSi fundamenturi cvlilebis ganxorcielebis bazi-sur qmedebas warmoadgens.294 struqturuli cvlileba, romelsac SeZe-nis tranzaqcia iwvevs, aqcionerTa mmarTvelbiTi uflebamosilebisa da sazogadoebis kontrolis korporaciuli uflebis praqtikuli uti-lizirebidan gamomdinareobs.

1.2. `nebis aRmsrulebeli~ organo

`zemdgom organos~ invetirebuli kapitalis maqsimizirebis miRw-eva kvalificiuri marketinguli da samarTlebrivi Tvalsawieris mqone individebiT dakompleqtebuli organo sWrideba. misi arCeva/daniSnva `umaRlesi~ organos dauwerel kompetncias ganekuTvneba.295 `zemdgomi~ organos wevrTa xmis umravlesobis mxardaWeriT, rogorc wesi, formird-eba samewarmeo saqmianobis marTvis ganmaxorcielebeli savaldebulo organo direqtoratis saxiT.296

direqtorTa sabWo korporaciuli marTvis sistemaSi centralur rols asrulebs. is aris korporaciis makontrolebeli mTavari orga-no.297 gamomdinare iqidan, rom dualisturi modelisTvis damaxasiaTebe-lia zedamxedvelobiTi da menejmentis ganmaxorcielebeli organoebis gancalkevebuloba, direqtorTa sabWo gansakuTrebuli kompteneciiT298 aris aRWurvili.299 uflebamosilebaTa saxeobaTa deklarireba ramden-

294 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.5, 2011, P. 9-11.295 ix. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2006, P. 58.296 Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, 2002, gv. 423-424. qarTuli 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 safuZveli. ix. Fama, Jensen, Agency Problems and Residual claims, Journal of Law &Eco-nomics, Vol. XXVI, 1983, P. 2-27; Armour, Hansmann, Kraakman, Agency Problems and Legal Strategies, 2009, P. 35-55; Bhuiyan, Biswas, Agency Problem and the Role of Corporate Gover-nance Revisited, The Bangladesh Accountant, Vol. 52, No. 25, 2008, P. 1-19.299 Tumca, mewarmeTa Sesaxeb kanoni direqtoris uflebamosilebaTa katalogs ar gansaz-Rvravs. Sesabamisad, induqciis principiT, rac sameTvalyureo sabWos da aqcionerTa saerTo krebis eqskluziur kompetenciaSi ar Sedis, misi erTpirovnuli gadawyvetis uflebamosileba direqtrorTa sabWos aqvs, Tumca 2008 wlis 14 martis cvlilebebis Semdeg, direqtorTa uflebamosilebaTa farglebis gansazRvra sameTvalyureo sabWos diskreciul kompetenciaSi Sevida. mewarmeTa Sesaxeb kanonis 56-e muxlis me-2 punqti. ix. `mewarmeTa Sesaxeb~ kanonis Taobaze mosamarTleTa samuSao Sexvedris Sedegad miRebuli rekomendaciebi da masalebi, saqarTvelos uzenaesi sasamarTlo, IFC, Tbilisi,

ime saSualebiT aris SesaZlebeli. pirveli, direqtoratis gamoxatuli (gawerili) kompetenciis wyaro sakanonmdeblo regulacia an sawesdebo Canaweria.300 gawerili kompetenciis meore saxis deklarirebis wyaro konkretul direqtorTan (warmomadgenelTan) dadebuli xelSekrulebaa, romlis kompetencia `zemodgom~ organosTan erTad, sazedamxedvelo or-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-egorias, misi formireba SesaZlebelia iseTi uflebamosilebaTa kaskadiT, romelic xelmZRvaneli piris sazogadoebasTan korporaciul-samarT-lebrivi kavSiridan uciloblad gamomdinareobs (apperent power).303 mas SeiZleba nagulisxmebi/dauwereli (implied) kompetenciac ewodos.304 nam-dvili kompetencia (actual) principalis mier gacemuli avtorizire-buli mandatia. gamoxatuli uflebamosileba namdvili avtorizirebuli kompetenciis saxea, romelic samarTlebrivi Zalis matarebel normatiul Tu saxelSekrulebo dokumentebSia gawerili. saerTo jamSi, namdvili kompetencia aerTianebs rogorc gawerili kompetencias, ise nagulisxmev uflebamosilebas. dawerili kompetencia principalis mier gacemuli instruqcia/direqtividan pirdapir momdinareobs. implicituri kompe-tencia avtorizirebuli uflebamosilebis samarTlebrivi garemoebebiT gamyarebuli (dadasturebuli) uflebamosilebaa, romelic principalma xelmZRvanel pirs samewarmeo saqmianobasTan pirdapir dakavSirebul sub-stanciuri sakiTxebis gadasawyvetad impliciturad ganusazRvra.305

es uflebamosileba, rogorc wesi, sxva organoTa kompetenciaTagan mkveTrad gamijnulia.306 miuxedavad direqtorTa sabWos uSualo mmarTv-elobiTi funqciuri datvirTvisa, is mainc ar aris marTvis sxva organoTa

2009, gv. 60-68. Sead. Davies, Introduction to company law, 2010, P. 108-110.300 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2011, P. 360-362.301 mewarmeTa Sesaxeb kanoni, 55-e muxlis me-7 punqti.302 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2011, P. 362-366.303 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2011, P. 368,369.304 analogiuri Sinaarsis niSansvetis matarebelia Semdegi sasamarTlo gadawyvetileba: Max v. Allright Corp., 930 P2d 1010 (Azir App 1997).305 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2011, P. 357-359.306 Tumca, mewarmeTa Sesaxeb kanonis 55-e muxlis 72 sapirispiros SesaZleblobasac iZleva. uflebamosilebaTa aRrevasTan e.w. `kompetenciis kompetenciasTan” da mis kritikul analizTan dakavSirebiT, ix. janjalia, mmarTvelobis organoebi saaqcio sazogadoebaSi – ukanaskneli sakanonmdeblo cvlilebebis mimoxilva, yovelkvartaluri biuleteni `korporaciuli marTva, (IFC), #13, 2008, gv. 16-18.

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miTiTebebis307 Semsrulebeli Tu maTi aRmasrulebeli.308309 xelmZRvaneli organo uflebamosilebas damoukideblad da sakuTari pasuxismgeblobiT axorcielebs. Sesabamisad, aRmasrulebeli sabWo aris ara `nebis aRmas-rulebeli~ organo, aramed `nebis aRmsrulebeli~ organo,310 rogorc es qarTul iuridiul literaturaSia gaanalizebuli.311 312

korporaciaTa SeZena (Serwyma) direqtors Tu direqtorTa sabWos gansakuTrebul mniSvnelobas sZens. iseTi SeZenis tranzaqciis dasadebad, romelic aqcionerTa xmis uflebis susti koncentraciebis Seqmnas ar ganapirobebs, rogorc post-tranzaqciul Sedegs da Serwyma aqciebis gacvliT, ar moiTxovs aqcionerTa krebis gadawyvetilebis arsebobas. is direqtoTa sabWos default kompetencias miekuTvneba.313 aseTi tipis SeZena/Serwymis tranzaqciis finansuri uzrunvelyofa direqtoratis kompetencias ganekuTvneba.314 sxva SemTxvevaSi, aqcionerTa krebis Tanx-mobis gareSe korporaciis qonebrivi gansxviseba an aqciebis Sesaxeb dadebuli tranzaqcia, uflebamosilebis gadametebiT dadebul garigebad CaiTvleba.315 aseTi garigebis ratificireba, Tu is kompaniis interesebSi jdeba da kanonieria, aqcionerTa saerTo krebis kompetenciaSi Sedis.316

nebismier SemTxvevaSi, eqsplicitur Tu implicitur kompetenciaTa erToblivi masStabi imdenad didia,317 rom korporaciis struqturul elementTa modificirebis mimarTulebis ganmsazRvrel erT-erT mniS-vnelovan struqturul elements direqtori da direqtorTa sabWo warmoadgens. direqtorats, M&A-is tranzaqciuli miznebisTvis, SeuZlia

307 Wanturia, korporaciuli marva, 2006, gv. 113.308 es direqtorTan dadebuli sasamsaxure xelSekrulebis samarTlebrivi bunebidanac gamomdinareobs. ix. lazaraSvili, sasamsaxure xelSekruleba sawarmos direqtorTan, 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. 53-68.310 Sead. Hamilton, The law of Corporations, 2000, P.232-235; Gevurtz, Corporate Law, 2000, P. 186-195.311 ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 138; Wanturia, korporaciuli marTva, 2006, gv. 170.312 Sead. Dravis, Independent Director’s Guidebook, 2007, P. 8,9.313 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2006, P. 642.314 M.B.C.A. §11.04, Official Comment, 2009. magram, is korporaciis qonebrivi gasxvisebis kompetenciaSi SezRudulia. ix. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2006, P. 643,644.315 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 3A, 2011, P.161-166.316 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 1, 2010, P. 499-501.317 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 2, 2010, P. 43-48.

avtorizirebuli (nebadarTuli) aqciebis gacema.318 es mas kompaniis fun-damentur struqturul elementebSi cvlilebis Setanis irib kompeten-cias ganekuTvneba.319 Sesabamisad, is ss-is organizaciuli marTvis funda-mentur subieqts warmoadgens. erTi sawarmos mier meores mierTebam an SeZenam, albaTobis maRali xarisxiT, SesaZloa, Tavad direqtorTa sabWos struqturuli cvlileba gamoiwvios.

dasasrul, korporaciul kombinaciaSi direqtoratis CarTuloba gardauvalia. tranzaqciaSi monawileoba korporaciuli qmedebebis ganx-orcielebis gareSe gamoricxulia. dagegmil an gansaxorcielebel qmedeba Sesaxeb marTvis organoTa Soris asimetruli informacia direqtoratis kognitur gavlenaze miuTiTebs.320 qmedebisa da informaciis disbalanis prevencirebas principal-agentis urTierTobis klasobrioba axdens: es urTierToba fiduciuria. Sesabamisad, struqturul cvlilebaTa dageg-mareba-ganxorcielebis dros, wina planze, direqtorTa fiduciuri mova-leobebi321 da maTi qcevis masStabi wamoiwevs.322 fiduciuri movaleobis darRveva interesTa konfliqtis warmoSobis bazisia, garda im SemTx-vevisa, rodesac “arm’s length” SeZenas aqvs adgili, rodesac direqtori korporaciis saukeTeso interesebidan gamomdinare moqmedebs.323

Tavis mxriv, farTo uflebamosilebiT aRWurvil direqtorTa sab-Wos mizanmimarTulad zomieri kontroli sWirdeba disbalansis ex ante regulirebisa da kompetenciaTa balansis SesanarCuneblad. am mxriv, `xelisuflebis danawilebis~ principidan gamomdinare, `nebis aRmsrule-beli~ organos makontrolebeli funqcia de lege ferenda, dualisturi sistemis monisturi sistemisgan gammijnavi zedamxedvelobis organos, anu sameTvalyureo sabWos kompetencias miekuTvneba.324

318 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2011, P. 620-623. Sead. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 406-408.319 Sead. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol.2, 2006, P. 638-642.320 ix. Macey, Corporate Governance, 2008, P. 69-89.321 magaliTad, sawarmos e.w. `mtruli SeZenis~ dros direqtorTa mier TavdacviTi RonisZiebebis gatarebis movaleoba. ix. Wanturia, korporaciuli marTva, 2006, gv. 231-233.322 French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 467 et seq. 323 Steinberg, Enhancing Corporate Governance In The Mergers and Acquisitions Context, in: Corporate Governance Post-Enron, (edit. Norton, Rickford), 2006, P. 152-154.324 saubaria sawarmos xelmZRvaneli organos saqmianobis kontrolze da ara sazoga-doebis saqmianobis kontrolze. ix. Wanturia, korporaciuli marTva, 2006, gv. 130.

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1.3. sazedamxedvelo organo

Tu aqcionerTa saerTo krebis `umTavres~ funqcias sameTvalyureo sabWos wevrebis formireba Seadgens, zedamxedvelobis organos Ziri-Tad mizans direqtorTa sabWos wevrTa arCeva,325 maTTan xelSekrulebis dadeba-Sewyveta da saqmianobis kontroli warmoadgens.326 sameTvaly-ureo sabWo ss-is struqturaSi erTgvari damakavSirebeli rgolia an-gariSvaldebulebisa da zedamxedvelobis funqciidan gamomdinare. aR-masrulebeli organos anu bordis struqtura anglo-amerikuli da kontinenturi evropis samarTlis qveynebSi gansxvavebulia.327 saqarT-veloSi dafuZnebuli angariSvaldebuli sawarmo kontinenturi evropis dualisturi marTvis dogmaturi elementebis matarebelia.328 sameTvaly-ureo sabWo pasuxismgebelia kompaniis strategiis, biznesprioritetebis warmarTvisa da dadgenisTvis, wliuri finansuri angariSebis momzadebasa da damowmebaze.329330 makontrolebeli organo moqmedebs kompaniis in-teresebidan gamomdinare, akontrolebs sazogadoebis marTvas, finansuri kontrolis sistemebsa da e.w. Shareholder Value-s zrdis331 kondiciebs. sawarmos marTva-gamgeobis kontrolis efeqturi marTva damoukidebeli da profesionali sameTvalyureo sabWos332 Tanmdevia, romelic korpo-raciuli marTvis xarisxobriv maCvenebelze aisaxeba.333 sameTvalyureo sabWos struqturuli334 cvlileba damokidebulia aqcionerTa struqtu-

325 amasTan, sabWos wevrebi, orsafexuriani marTvis sistemis Sinaarsidan gamomdinare, ar SeiZleba iyvnen direqtorebi, gansxvavebiT aSS-s sakanonmdeblo realobisa, sadac bordi aRmasrulebeli menejerebiTa da direqtorebiT aris dakompleqtebuli. qarTuli re-aloba sapirispiro SesaZleblobasac iTvaliswinebs. mewarmeTa Sesaxeb kanonis 55-e muxlis me-2 punqti. Sead. Wanturia, korporaciuli marTva, 2006, gv. 131.326 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. 1-24.328 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. 178-194.329 mewarmeTa Sesaxeb kanonis 55-e muxlis me-7 punqti.330 analogiuria, rac direqtoratis funqciaa aSS-Si. Sead. Macey, Corporate Governance, 2008, P. 51-68.331 ix. hopti, korporaciuli marTva evropaSi: regulirebis axali modeli da `rbili samarTali~, `samarTlis Jurnali~ #1, 2009, gv. 230.332 amisaTvis arsebobs Sefaseba, rogorc sameTvalyureo sabWos idealtipur organod 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 samarTali~, `samarTlis Jurnali~ #1, 2009, gv. 229-232.334 Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, 2002, gv. 399-403.

rul cvlilebaze e.i. ss-is SeZena da Serwyma, arapirdapir, sameTvalyureo sabWos sistematizaciazec axdens gavlenas. Tavis mxriv, sameTvalyureo sabWos funqcia sazogadoebis mier dasadeb tranzaqciaTa dadasture-baSi gamoixateba. is, Tu wesdebiT sxva ram ar aris gaTvaliswinebuli, aqcionerTa saerTo krebasTan erTad, fundamenturi korporaciuli cv-lilebaze Tanxmobis/dadasturebis gamcemi organoa. sazedamxdvelo or-ganos hibriduli saxe aqvs. is formirebulia aqcionerTa da direqorTa sabWos damoukidebeli wevrebiT, romelic erTmaneTs abalanseben.335 misi funqciiuri datvirTva gansakuTrebiT izrdeba angariSvaldebuli ss-is mimarT, radgan is aseTi sawarmos savaldebulo organod imperatiulad aris dadgenili. miuxedavad normatiulad dadgenili gancalkevebuli struqturuli erTeulobisa, zedamxedvelobis organos kompetenciis delegireba sawesdebo doneze xdeba. wesdebis Sedgena an masSi cvli-lebebis Setana aqcionerTa saerTo krebis uflebamosilebaa. Sesabamisad, nebismieri struqturuli cvlilebis ex ante gansazRvra da mowesrigeba `zemdgomi~ organos eqskluziur uflebamosilebad rCeba. ss-is struq-turuli cvlileba sameTvalyureo sabWoze garkveul pirobSi axdens gavlenas. ss-is tipologiuri modificireba (angariSvaldebuli ss-is delistingi) pirveli safuZvelia. mis paralelurad, korporaciis kon-trolis Secvla sameTvalyureo sabWos subieqtTa da, SesaZlebelia, kompetenciaTa restruqturizacias daedos safuZvlad. is ss-is orga-nizaciuli struqturuli erTeulia, romelic qarTuli angariSvalde-buli sawarmos savaldebulo organos warmoadgens. logikuria, kompani-aSi ganxorcielebuli nebismieri cvlileba, cvlilebis xarisxobrivi da tipologiuri maCveneblis mixedviT, saTanado asaxvas povebs sazedamxed-velo organoze.

1.4. auditi - institucionaluri organo?!

mewarme subieqtis organizaciuli marTva da mmarTvelobiTi saqmi-anobis kontroli (rogorc farTo, ise viwro gagebiT) da misi ganxor-cielebis meqanizmebi organizaciuli samarTlis regulirebis erT-erT obieqtia. `nebis aRmsrulebel~ organos, kompleqsuri korporaciuli marTvis meqanizmis srulfasovani ganxorcielebis, persperqtiuli rCev-ebisa da samewarmeo saqmianobasTan dakavSirebuli problemuri sakiTxebis

335 mewarmeTa Sesaxeb kanonSi arsebuli Canaweri pirdapir miuTiTebs, rom sameTvaly-mewarmeTa Sesaxeb kanonSi arsebuli Canaweri pirdapir miuTiTebs, rom sameTvaly-ureo sabWoSi SesaZlebelia iyvnen direqtorebi, magram ara umravlesobaSi. ix. me-warmeTa Sesaxeb kanonis, 55-e muxlis me-2 punqti.

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gadawyvetisTvis, qvestruqturuli organoebi esaWiroeba.336 korporaci-uli marTvis gaumjobesebis, finansuri monitoringisa da riskebis mene-jmentis erTgvari `analitikuri~ struqturuli elementi, aRmasrule-beli organos komitetebia.337

ss-s struqturis sistemuri analizi sazogadoebis safinanso da ekonomikuri saqmianobis zedamxedveloba-kontrolsac moicavs.338 safi-nanso kontroli teqnikurad ori mimarTulebiT SeiZleba ganxorciel-des. pirveli, Sida auditoris339 da, meore, gare auditoris daniSvna-mowveviT.340 maTi Sesruleba rTul da xangrZliv procedurul jaWvs moicavs.341 amasTan, auditis saxe da subieqtebi erTmaneTisgan gansxvave-bulia.

Sida auditi amowmebs korporaciis menejmentis finansur sakiTxebs, kontrolis gadanawilebas da balanss. mis sapirwoned, gare auditori, aanalizebs da ganixilavs Sida auditis mier Catarebul Semowmebas da mis Sesabamisobas adgens korporaciis mimdinare da arsebul realur md-gomareobasTan.342 Sida auditis Catareba sazogadoebis auditis komite-tis kompetenciaa. rac Seexeba gare auditors, is damoukidebeli iurid-iuli piris statusis matarebeli auditoruli kompaniaa. korporaciis finansuri moxsenebis/angariSis Sesrulebis procesis, Sida kontrolisa da gare auditorTa damoukideblobis sazedamxedvelo funqciis matare-beli, korporaciis institucionaluri elementi, auditis komitetia.343

auditis komiteti, kapitalis bazris standartebiT, korporaciis

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. 7-22.338 miuxedavad imisa, rom korporaciuli marTvis saukeTeso praqtika `Ria~ ss-Si sab-Wos komitetebisa da korporaciuli mdivnis arsebobas moicavs, is, ZiriTadad, sabanko seqtorSi funqcionirebad ss-s exeba, sabanko saqmianoba ki naSromis Sinaarsobriv kon-teqstTan konvergencias ar ganicdis. Sesabamisad, sabanko saqmianobis ganmaxorciele-bel mewarme subieqtTaTvis marTvis damxmare institucionaluri organoebisa da maTi (qarTuli) korporaciuli marTvis kodeqsis analitikuri midgoma ar iqneba SemoTava-zebuli. dResdReobiT ki, arasabanko seqtorSi moqmed ss-s ar gaaCniaT korporaciuli marTvis kodeqsi. komitetebis arsebobasTan mimarTebiT, Sead. Wanturia, korporaciuli marTva, 2006, gv. 116-117.339 Sida kontrolis sistemis Sesaxeb debulebebis moZieba sabanko seqtoris mareguli-rebel kanonqvemdebare aqtebsa da korporaciuli marTvis kodeqsSia SesaZlebelia. mag., korporaciuli marTvis kodeqsi komerciuli bankebisaTvis, $6., saqarTvelos erovnuli bankis prezidentis 2001 wlis 28 dekembris 318 brZaneba `komerciul bankebSi Sida auditis moTxovnebis Sesaxeb wesis damtkicebis Taobaze~.340 gare auditori finansuri angariSgebisa da sabuRaltro aRricxvis auditoruli kompaniebia. ix. Sheppey, McGill, Sarbanes-Oxley, 2007, P.127.341 Hamilton, Rasmussen, Guide To Internal Controls, 2007, P. 75-87.342 Sheppey, McGill, Sarbanes-Oxley, 2007, P. 114-145.343 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 2A, 2009, P. 12.

savaldebulo struqturuli erTeulia.344 is axorcielebs sazogadoe-bis Sida kontrols,345 mimoixilavs finansuri da operaciuli informa-ciis integrirebulobis maCvenebels, romelic riskis menejmentis insti-tucionalur berketad aris Camoyalibebuli.346 auditis savaldebulo Sesruleba sakanonmdeblo donezea dawesebuli aSS-Si funqcionirebadi `Ria~ korporaciebisTvis.347348

sakanonmdeblo regulaciebis paralelurad, auditis komiteti ko-rporaciuli marTvis saukeTeso praqtikasa da korporaciuli marTvis kodeqsebis samarTlebrivi mowesrigebis arealSia moqceuli,349 romelic damoukideblobis maRali xarisxis mqone komiteti unda iyos.350 korpo-raciuli marTvis kodeqsebi angariSvaldebuli sazogadoebisTvis audi-tis komitetis nebayoflobiT Seqmnas sasurvel qmedebad akvalificire-ben.351

auditis komitetis ZiriTadi funqciebi, rogorc sakanonmdeblo do-neze, ise korporaciuli marTvis kodeqsiT aris gawerili.352 auditis komiteti unda (a) uwevdes ss-s gare auditis Catarebis Sesaxeb reko-mendacias; (b) zedamxedvelobdes gare auditoruli kompaniis anazRau-rebis, auditis Catarebis/mowvevis xelSekrulebis debulebebsa da mis (gare auditis) damoukideblobis sakiTxebs; (g) Tvalyurs adevnebdes da amowmebdes korporaciis marTvis sistemis aRmasrulebel pirTa dan-iSvna/gaTavisuflebas; (d) asrulebdes auditorsa da direqtorats So-ris damakavSirebel funqcias; (e) amowmebdes yvela auditis Sedegebs da menejmentis reagirebas ganxorcielebuli auditis Sedegebze; (v) amowmebdes gare auditoris mier Sesrulebul nebismier finansur doku-mentaciasa da mis Tanxmleb masalas da (z) Sida da gare auditorebTan erTad detalurad mimoixilavdes korporaciis Sida kontrolis balan-sisa da adekvaturobis sakiTxebs.353354

344 ix. NYSE Listed Co. Manuals §303.01., SEC Rule 10A-3.345 Hamilton, Rasmussen, Guide To Internal Controls, 2007, P. 15.346 Sheppey, McGill, Sarbanes-Oxley, 2007, P. 114.347 ix. Moeller, Sarbanes-Oxley Internal Controls, 2008, P. 152-154; Hamilton, Freer, The law of Corporations, 6th ed., 2011, P. 243.348 gansxvavebiT inglisuri Company Act-gan. ix. Calder, Corporate Governance, 2008, P. 122.349 saqarTvelos korporaciuli marTvis kodeqsi komerciuli bankebisaTvis, $6. The American Law Institute’s Principles of Corporate Governance (ALI Principles), §3.05.350 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 2A, 2009, P. 13.351 mag., ix. ALI Principles of Corporate Governance, §3A.02.352 aSS-s ALI Principles analogiur mowesrigebas Seicavs inglisuri kompaniaTa samar-Tali. ix. Calder, Corporate Governance, 2008, P. 123-125.353 ALI Principles of Corporate Governance, §3A.03. 354 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 2A, 2009, P. 14.

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aSS-s msgavsad da inglisisgan gansxvavebiT,355 qarTul samarTlebriv sivrceSi, angariSvaldebul ss-s auditis ganxorcieleba, sakanonmdeblo doneze, imperatiul moTxovnaTa siaSia Setanili.356 ss-Si, romelsac 100-ze meti aqcioneri hyavs, gare auditis Catareba aucilebelia.357 qarTve-li kanonmdebeli auditis damoukideblobis postulatebsac awesebs. mewarmeTa Sesaxeb kanonis Tanaxmad, safinanso da ekonomikuri saqmianobis kontroli mxolod sazogadoebisa da misi partniorebisgan samarT-lebrivad da ekonomikurad damoukidebel auditors SeiZleba miendos.358

rac Seexeba auditoris mowvevas, amis Sesaxeb mewarmeTa Sesaxeb kanonSi ori bundovani daTqma arsebobs. kerZod, zogad nawilSi kanon-mdebeli auditoris mowvevas sameTvalyureo sabWos kompetencias miakuTvnebs,359 Tumca ss-is maregulirebel kerZo nawilSi, mis, auditoris arCevis uflebamosilebas aqcionerTa saerTo krebas aniWebs.360 Seqmnili koliziuri samarTlebrivi mdgomareoba kerZo nawilSi mocemuli regu-lirebis sasargeblod unda gadawydes. Sedegad, auditoris daniSvnis eqskluziuri da default uflebamosileba aqcionerTa krebas gaaCnia.361 es ki gare auditoris, rogorc kompaniis organizaciuli marTvis erT-erT Semadgenel organod362 ganxilvis myar safuZvels warmoadgens.363 mas niSnavs/iwvevs aqcionerTa saerTo kreba.364

zemoaRniSnulidan gamomdinare, auditoris, rogorc angariSvalde-buli ss-is organizaciuli struqturis Semadgeneli subieqturi el-ementis cvlileba, SesaZloa, ss-is SeZenis an Serwymis korporaciuli qmedebis ganxorcielebaze, rogorc Sedegze, iyos damokidebuli.

355 Calder, Corporate Governance, 2008, P. 122.356 samwuxarod es mxolod gare auditis Catarebas exeba. ss-is arc erTi tipologi-isTvis, auditis komitetis savaldebuloba, mewarmeTa Sesaxeb kanoniT, ar aris dawese-buli. (unda vnaxo kapitalis bazris wesebi, rogori aris an rame moTxovna aris Tu ara auditis komitetis arsebobasTan dakavSirebiT.).357 ix. mewarmeTa Sesaxeb kanonis me-13 muxlis me-2 punqti.358 mewarmeTa Sesaxeb kanonis me-13 muxlis me-2 punqtis meore winadadeba.359 mewarmeTa Sesaxeb kanonis me-13 muxlis me-2 punqtis meore winadadeba.360 mewarmeTa Sesaxeb kanonis 54-e muxlis me-6 punqtis i) qvepunqti.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 Comment, 2009. 362 is (gare auditori) SesaZlebelia, finansuri monitoringis konteqstSi, ganxilul iqnes garigebiTsamarTlebrivi safuZvliT warmoSobil (Semdgar) `ucxo organod~.363 sameTvalyureo sabWosgan gansxvavebiT, romelic xelmZRvaneli organos saqmianobis makontrolebeli funqciis matarebelia, gare auditori mTlianad sazogadoebis safi-nanso da ekonomikuri saqmianobis `zedamxedvelobiTi funqciiT~ aRWurvili piria.364 auditoris arCevasTan mimarTebiT detalur regulirebas Seicavda mewarmeTa Ses-axeb kanonis 2005-2008 wlamde redaqcia. Sead. Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, 2002, gv. 227, 384-387, 441-444.

SeZena-Serwymis post-tranzaqciul efeqtsa da sinergizmis warmoSo-bas `Ria~ ss-is auditi mniSvnelovanwilad uwyobs xels. ufro metic, auditi (rogorc gare, ise Sida) korporaciuli kombinaciis Sesrulebis umniSvnelovanes rgols warmoadgens. is tranzaqciis warmatebulobis, riskis Sefasebisa da perspeqtivebis kompetentur analitikur xedvas warudgens sazogadoebis menejments. wardgenili daskvna direqtoratsa da aqcionerTa saerTo krebas informirebuli gadawyvetilebis miRebis erT-erT prekondicias warmoadgens. es ki niSnavs, rom safinanso kontro-lis ganmaxorcielebeli auditori ss-is sturuqturul organizaciul konteqstSi jdeba da is institucionalurad mniSvnelovani funqciis matarebeli struqturuli erTeulia.

2. ss-is struqturuli elementebi Sinaarsobrivi

genezisis strategiul konteqstSi

ss-is organizaciulobis maformirebeli substanciuri niSnebis, rom-lebic ss-is organoebis saxiT yalibdeba, strategiuli ganviTareba misi Sinaarsobrivi struqturuli elementebis kombinirebulad deskrifci-ul-analitikuri analiziT miiRweva. mmarTvelobis organoTa Camoyali-bebis determinantad ss-is arsis ganmsazRvrel niSnebs Soris kavSirebis korporaciul-samarTlebriv urTierTobebad Seracxva unda iqnes miC-neuli. erTi SexedviT, aseTi urTierTgamijnuloba pirobiTi Cans, Tumca, Camoyalibebis, sakuTrebisa da kontrolis gamijvnis specifika mis calke ganxilvas argumentirebul saxes sZens. sakiTxi exeba sakuTrebis struq-turas, mis strategiul Camoyalibebas, Seqmnis ekonomikur safuZvlebs; kompetenciaTa danawilebasa da kontrols; kontrolis meqanizmebsa da subieqtebs.

korporaciis restruqturizaciis dros ganasxvaveben portfolios restruqturizaciasa365 da finansur restruqturizacias,366 romelTagan ukanaskneli kapitalis struqturis cvlilebas exeba. mimdinare TavSi, swored kapitalis struqturuli elementebis Semadgenloba da maTi

365 portfolios restruqturizacia cvlis aqcionerebsa da kreditorebs Soris ar-sebul saxelSekrulebo urTierTobas firmis ZiriTadi fardobiTi da salikvidacio Rirebulebis Secvlis saSualebiT. ix. Renneboog, Szilagyi, Corporate Restructuring and Bondholder Wealth, 2006, P. 7.366 gansxvavebiT portfolios cvlilebisgan, finansuri restruqturizacia pirdapir aisaxeba kapitalis struqturaze. am dros saubroben, korporaciis sakontrolo pa-ketis SeZenis umetesi nawilis sesxiT dafinansebaze, e.w. Leveraged Buy out (LBO) da msgavs meTodebze. ix. Renneboog, Szilagyi, Corporate Restructuring and Bondholder Wealth, 2006, P. 11. aseve: Vigari, Conflict of Interest of Target Company’s Directors and Shareholders in Leveraged Buy-outs, ECFR, Vol. 4 No. 3, 2007, P. 347-369.

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korelacia ganixileba. kapitalis struqturis klasificireba finansur saSualebaTa divergensul bunebasa da maT (am saSualebaTa) safuZvelze formirebuli kapitalidan warmoSobil samarTlebriv statuss qvemde-bare ufleba-movaleobaTa katalogidan momdinareobs. finansur saSuale-baTa kuTxiT gamoiyofa kapitalis struqturis formirebis sakuTari da ùcxo~ (nasesxebi)367 saSualebebi, xolo maTgan gamomdinare ufleba-mov-aleobaTa kuTxiT – valdebulebis Sesrulebis368 moTxovnis (rigiTobis) ùpiratesi~ da `Cveulebrivi~ ufleba.369 gaerTianebuli materialuri sikeTis marTvisa da kontrolis funqciuri gamijvna, kapitalis saxe-obaTa da arsis wvdomis gareSe, atipur Sedeges gamoiRebda. kapitalis, rogorc korporaciis strategiuli niSnis ganxilva, kontrolis meqa-nizmisa da saSualebis samarTlebrivi safuZvlTa epilogiT dasruldeba.

2.1. kapitali

2.1.1. kapitalis klasobrivi determinacia370

ss-is finansuri warmatebis magnituda kapitalis bazris xelsayreli koniunqturis pirobebSi firmis restrospeqtuli371 da perspeqtiuli (prognozuli) analizis safuZvelze xorcieldeba. kapitalis struq-turuli elementebis da misi gansazRvris samarTlebriv-ekonomikuri aspeqtebis ganxilvamde, mizanSewonilia, kapitalis saxeobaTa samarT-lebrivi mimoxilva, romelic ss-is kapitalis arsis srulfasovani wv-domis siRrmes gansazRvravs.

uzogadesi ganmartebiT, kapitali korporaciis mier, mogebis misaRebad,

367 qarTul iuridiul literaturaSi damkvidrebulia ùcxo~ kapitalis cneba, ro-melic nasesxebi kapitalis identuri srulad ar aris: ucxo kapitali ufro farTo cnebiTi kategoriaa, romelic ara marto nasesxeb kapitals, aramed mesame piris sa-kuTrebaSi arsebul wilobriv (ara sasesxo) sakuTrebasac moicavs. ix. Jensen, Meckling, The Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, 3 J. Fin. Econ., 1976, P. 53. Sead. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 243-244. naS-romis miznebisTvis, isini SeiZleba urTirTCanacvlebad terminebad iqnes gamoyenebuli.368 iqneba es Cveulebrivi samoqalaqo-saxelSekrulebo urTierTobidan gamomdinare Tu korporaciuli, likvidaciis etapze arsebuli moTxovna.369 Hamilton, The Law of Corporations, 2000, P. 211.370 ramdenadac naSromis mizans kapitalis klasificirebul saxeobaTa detaluri kvl-eva da analizi ar warmoadgens, mimdinare paragrafSi mocemulia sakorporacio samar-TalSi damkvidrebul kapitalis saxeobaTa zogadi mimoxilva, rac, Tavis mxriv, naSromis miznis miRwevis damxmare saSualebas warmoadgens.371 ganvlil periodSi sameurneo saqmianobis Sedegebis analizi.

qonebis ekonomikuri marTvaa.372 `kapitali~ korporaciulad mowyobili organizaciuli gaerTianebis mimarT gamoyenebadi terminia, romelic aq-cionerTa mxridan gaRebuli fulis, qonebisa da materialuri dovlaTis akumulirebas gamoxatavs da samewarmeo saqmianobis ganxorcielebis im miznobriv fonds warmoadgens, risTvisac korporacia iqna formirebu-li.373 kapitalis kontribuciis implicituri sapasuxo qmedeba sazoga-doebis mier aqciaTa gacemaa.374

miuxedavad imisa, rom ekonomistebi kapitals biznesis qonebas uTanabreben, `kapitalis~ samarTlebrivi dedaarsi375 samewarmeo saqmi-anobis mesakuTreTa erTsulovani TanxmobiT gaerTianebuli investiciis maCvenebelSia (raodenobaSia).376

kapitalis Sesaxeb arsebul koncefciaTa rangireba myar da `TviT-regulirebad~ koncefciad SeiZleba ganxorcieldes. pirveli SemTxvevis mocemuloba sakanonmdeblo doneze377 gansazRvrul minimalur sawesdebo kapitalis378 koncefcias exeba, xolo meore SemTxvevaSi – sazogadoebis kapitalis gansazRvris SemzRudavi379 normebis380 ar arsebobas.381382 sawes-debo kapitalis arsi wilis nominaluri Rirebulebis mqone aqciebad dayofaSi mdgomareobs. nominalis dadgenas ori ZiriTadi funqciuri mxare aqvs. pirveli, is aucilebelia aqcionerTa mier korporaciisTvis gadasaxdeli minimaluri Tanxis gansazRvrisTvis.383 garda amisa, aqciis minimaluri nominaluri Rirebulebis gansazRvra, romliTac formirebu-lia sawesdebo kapitali, korporaciis dividendis politikis erTgvari direqtivis mimcemia.384 dividendis ganawilebis385 wyaros korporaci-

372 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 11, 2011, P. 10. Sead. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 354.373 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 N.Y.S.2d. 173, 179 (Sup. Ct. 1940).376 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 351.377 Booth, Financing the Corporation, 2010, P. 288-294.378 Wanturia, niniZe, mewarmeTa Sesaxeb kanonis komentari, 2002, gv. 59-60.379 igulisxmeba kapitalis formirebi minimaluri odenoba.380 Pinto, Branson., Understanding Corporate Law, 3rd ed., 2009, P. 74.381 burduli, sawesdebo kapitali da misi funqciebi, 2009, gv. 209 da momdevnoni.382 saqarTveloSi sawesdebo kapitalis evoluciis Sesaxeb, ix. burduli, saaqcio samar-Tli safuZvlebi, 2010, gv. 93 da momdevnoni.383 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 350-352.384 Booth, Financing the Corporation, 2010, P. 300-302.385 dividendis aqciebiT gacemis an aqciaTa gayofisTvis utilizireba specifikur mov-lenas warmoadgens. misi ganxorcieleba, sazogadoebis menejments pirdapir namatidan ar SeuZlia. direqtorma unda ganaxorcielos namatis, iqneba es gamomuSavebuli Tu kapitalnamati, kapitalizacia, anu namatis saangariSo gadacema koproraciis sakuTari

106 107

is saSemosavlo namati warmoadgens.386 namati es aris is ekonomikuri maCvenebeli, romliTac qonebis wminda Rirebuleba aRemateba kapitals.387 qonebis wminda Rirebulebaa is, riTic aqtivi aRemateba pasivs.388 divi-dendis gacemis winapirobaTa Semowmeba finansur dokumentTa analizSi mdgomareobs.389 misi dadgena sabalanso monacemTa bazisze xdeba: Tu valddebulebaTa jami aRemateba fiqsirebul da arafiqsirebul aqtivebs damatebuli sawesdebo kapitalis jams, saxeze ar aris namati, Sesabam-isad, dividendis gacemis wyaro sazogadoebas ar gaaCnia.390 kapitalis namatis, sawesdebo kapitalis, nominaluri Rirebulebisa da dividendis gacemis SezRudvas Soris kavSiris kapitalis mniSvnelobas naTalad warmoaCens.391

koncefciaTa cvalebadoba kapitalis struqturis, aqedan gamomdin-are, kapitalis saxeobaTa cvlilebaze aisaxeba.392 kapitalis saxeobaTa klasificirebaze misi formirebis finansur instrumentTa cvalebadobac axdens gavlenas. Tu sazogadoebis kapitali yalibdeba Sida saxsrebis akumulirebis safuZvelze, iqmneba sakuTari kapitalis mocemuloba;393 Tu saxezea sasesxo saSualebiT kapitalis formireba, iqmneba ucxo kapitali,394 xolo Tu hibridul variantze gamaxvildeba yuradReba, war-modgeba sakuTari kapitalis Semcveli sesxis safuZvelze formirebuli kapitali.395 ukve formirebuli (gansazRvruli) kapitalis saxelwo-debiTi sxvaoba misi raodenobrivi da faqtobrivad ganxorcielebuli niSnidan momdinareobs. partniorTa mier SeTanxmebiT396 dadgenili kap-italis raodenoba397 sawesdebo kapitalia. mas sxvagvarad Tavdapir-

kapitalis balansze. kompaniis balansSi kapitalis momateba direqtorats samarT-lebriv SesaZleblobas aZlevs aqciebis saxiT dividendis gacemaze. sapirisporo qmede-bas (arakapitalizirebuli namatis aqciebis dividendad gacemas) kapitalis bazarze arsebuli regulaciebi krZalavs. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 548-541.386 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 520-522.387 ix. Del. Code Ann. tit. 8, §154.388 Booth, Financing the Corporation, 2010, P. 303.389 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 352-353.390 Booth, Financing the Corporation, 2010, P. 303-305.391 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 507-561.392 juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 151.393 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 11, 2011, P. 11.394 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 237, 243.395 juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 80-82.396 Sead. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 11, 2011, P. 35-37.397 Sead. Gevurtz, Corporation Law, 2th ed., 2010, P. 113.

veli kapitali,398 naCvenebi kapitalic ewodeba.399 Tavis mxriv, saaqcio kapitalis mTel dasaSveb odenobas `nebadarTul kapitals~ uwodeben.400 Tumca es ar niSnavs, rom mocemuli sidide Sevsebulia partniorTa mier, anu xelmowerili kapitali401 ar niSnavs mis upirobod Sesrulebas.402 xelmowerili (gacxadebuli) kapitalis aqciebze aqcioneris uflebis mopovebisTvis gadaxdili Tanxis Sedegad formirebul kapitals ganaRde-buli, gadaxdili kapitali (paid up share capital) ewodeba.403 gadaxdis sanacvlod miRebul aqciebs `ganTavsebuli aqciebi~, xolo gamoSvebul, magram jer srulad an nawilobriv daufaravi (gadauxdeli, gaunaRde-beli) aqciebis404 Semcvel kapitals - `pirobadebuli~, called up share capital ewodeba,405 romelic sawarmos potenciur kapitals Seadgens.406407 naTelia, rom kapitalis Tavdapirveli raodenobrivi maCvenebeli, re-alurad ganxorcielebuli Tu potenciurad, konkretul garemoebebze damokidebuli kapitalis Sesruleba (formireba) kapitalis saxeobaTa Soris terminologiur marginalur diferencirebas iwvevs, romlis arsic, Teoriul-praqtikuli kuTxiT, xSir SemTxvevaSi, arsebiTi mniSvnelobis Semcvelia. maTi homogenizmis ganmapirobebli ki `kapitalis~, rogorc sistemuri cnebis qveS gaerTianebaa.408 nebismieri saxiT investirebu-li materialuri dovlaTi, araqonebrivi da qonebrivi sikeTe, romelic ss-is samewarmeo saqmianobis seriozulobisa da ganxorcielebis eko-nomikuri SesaZleblobis determinantia, kapitali ewodeba.409 kapitalis niuansirebul klasobriv CaSla Sesrulebis meqanizmebis, Senatanis ganx-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 kapitali da misi funqciebi, 2009, gv. 226-228.400 mas sxvagvarad gacxadebuli kapitalic ewodeba.401 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 354-358.402 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 239.403 Ferran, Principles of Corporate Finance Law, 2008, P. 101.404 saubaria iseT aqciebze, romelic gamoSvebulia, anu sazogadoebis mier miRebul iqna gadawyvetileba aqciaTa konkretuli raodenobis gamoSvebaze (issued shares), magram misi miRebis sanacvlo Sesruleba, magaliTad, gadaxda, partnioris mier, jer ar Sesrule-bula, anu aqciaze ufleba warmoSobilia (outstanding shares), magram misi mesakuTris mier srulad ar aris gadaxdili aqciis Rirebuleba. Sead. Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 11, 2011, P. 38-40.405 Ferran, Principles of Corporate Finance Law, 2008, P. 102.406 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 239.407 zemoaRniSnuli ori saxeobis gamoxatuleba `mewarmeTa Sesaxeb~ kanonis 59-e mux-lis pirvel punqtSia gatarebuli.408 Sead. Booth, Financing the Corporation, 2010, P. 7.409 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 11, 2011, P. Sead. Booth, Financing the Corporation, 2010, P. 7.

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mixedviT klasificirdeba. msgavsi klasifikacia kapitalis zogad de-terminaciaze, terminologiuri diferencirebis miuxedavad, arsebiT gav-lenas ar axdens.410

2.1.2. kapitalis struqtura

korporaciis kapitalizacia, finansuri struqtura da permanentuli dafinanseba, fasiani qaRaldebis gamoSvebazea damokidebuli. permanen-tuli dafinanseba moicavs rogorc Cveulebirv aqciebs, ise privilegire-bul aqciebsa da obligaciebs, romelic grZelvadiani sesxis kategorias ganekuTvneba.411

sazogadoebis biznes saqmianobisTvis saWiro kapitalis mozid-vis gansxvavebuli proceduruli meqanizmebi kapitalis struqturis formirebis mimarTulebis mimcemia. korporaciis saqmianobis formirebis pirobebi damokidebulia kapitalis struqturaze.412 kapitalis struq-tura, rogorc ekonomikuri, ise samarTlebrivi gagebiT, aris korporaciis mier biznesis warmarTvisTvis moziduli saxsrebis erToblioba, romelic damokidebulia formirebis saSualebebsa da wyaroebze.413 korporaciis mier gamoyenebuli kapitalis struqtura gansazRvravs misi saqmianobis ara mxolod finansur, aramed operatiul, investiciur aspeqts da gav-lenas axdens misi saqmianobis Sedegebze.414 aseve, gansazRvravs finansuri mdgradobisa da gadaxdisunarianobis dones, rac, saboloo jamSi, ayali-bebs momgebianobisa da riskebis sasurvel Tanafardobas korporaciis

410 Booth, Financing the Corporation, 2010, P. 6-7.411 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 385.412 kapitalis struqtura, rogorc wesi, gamoiyeneba ekonomikur samecniero liter-aturaSi, mis erTgvar samarTlebriv `analogad~ moiazreba sakuTrebis struqtura e.w. Ownership Structure an finansuri struqtura, e.w. Financial Structure. Tumca maT Soris substanciuri Sinaarsobrivi sxvaobac arsebobs. ix. Jensen, Meckling, The Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, 3 J. Fin. Econ., 1976, P. 53. Sead. Hansmann, Ownership of the Firm, in: Corporate Law and Economic analysis, (edit. Bebchuk), 1991, P. 283-288; Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 14-15. Tumca, kapitalis struqtura, ekonomistTa gagebiT, gansxvavebulia finansuri struqturisgan. es ukanaskneli moicavs mewarme subieqtSi yvela moTxovnas/valdeb-ulebas, romelic moklevadian procentian sesxebsa da gadasaxdel finansur angariSebs moicavs (account payable), im fonze, rodesac ekonomistebi kapitals industriul ekonomikur cirkulaciaSi myof mTel qonebas uwodeben. ix. Klein, Coffee, Business Orga-nization and Finance, 2007, 10th ed., P. 352. Sead. Gevurtz, Corporation Law, 2000, P. 112-116.413 Baker, Martin, Capital Structure and Corporate Financing Decitions: Valuation, Strategy and Risk Analysis for Creating Long-Term Shareholder Value, 2011, P. 1.414 Moradoglu, Sivaprazad, Capital Structure and Returns, 2011, P. 75-90.

ganviTarebis procesSi.415 amisaTvis, aucilebelia optimaluri kapitalis struqturis uzrunvelyofa. ukanasknelis Seqmnis safuZveli material-uri dovlaTis mozidvis gansxvavebul meqanizmebSi416 mdgomareobs.417

kapitalis struqtura, korporaciis mikuTvnebis formis mixed-viT, warmoadgens sakuTari da nasesxebi finansuri instrumentebis Tanafardobas,418 romelic gamoiyeneba samewarmeo saqmianobis procesSi.419 wminda samarTlebrivi gagebiT, kapitalis formireba investoris inves-ticiis ekonomikuri realizaciis Sedegia. kapitalis struqturis de-terminanti ki misi formirebis saSualebaTa (investiciebis) wyaroa. ko-rporaciis finansuri struqtura damyarebulia saqmianobisTvis saWiro kapitalis mozidvasa da moziduli kapitalis ekonomikuri cirkuli-rebis Sedegad miRebuli Semosavlebis mewileTa Soris ganawilebaze.420 dividendis ganawilebaze uflebis damdgeni investoris sakuTrebis struqturaa.421 Tumca, kapitalis struqtura gansazRvravs ra korpo-raciis strategiasa da masTan dakavSirebul pirebTan urTierTobebs,422 arapirdapir zegavlenas mewiles sakuTrebis struqturazec axdens.423 kapitalis struqturis korporaciuli strategia424 sazogadoebis si-cocxlisunarianobis anu xangrZlivi saqmianobis indikatoria.425

kapitalis struqturasa da korporaciaTa dauflebas Soris pirda-piri kavSiri arsebobs, romelic gamomdinareobs Corporate Control The-

415 kakulia, baxtaZe, TuTberiZe, korporaciis finansebi, 2006, gv. 274.416 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 234.417 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. 233.420 Gevurtz, Corporate Law, 2000, P. 112. gasacemi dividendi kombinirebul damokideb-ulebas iCens ss-is wminda mogebis maCvenebelsa da menejmentis gadawyvetilebaze, anu ekonomikur-samarTlebriv faqtorebze. samarTlerivi diskreciis damdgeni `mewarmeTa Sesaxeb~ kanonis me-8 muxlia. rac Seexeba wminda mogebas, is pirdapirproporciuladaa damokidebuli kapitalis struqturaze. ix. Frank, Goyal, Profits and Capital Structure, 2009, P. 1-16.421 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 14-15. 422 Parsons, Titman, Capital Structure and Corporate Strategy, 2007, P. 3.423 magaliTad, ss-m Secvala kapitalis nominaluri Rirebulebis mqone aqciaTa kla-sobrivi politika strategiuli mimarTulebis cvlilebis safuZvelze da moaxdina aqciaTa konversia, konsolidacia an misgan gamomdinare sxva uflebrivi restruqtur-izacia. Sead. La Rocca, Capital Structure and Corporate Strategy, 2011, P. 44-49.424 La Rocca, Capital Structure and Corporate Strategy, 2011, P. 41-56. am dros SesaZlebelia saubari korporaciis mxridan kapitalis dacvisken mimarTul an misi dacvisTvis Ses-rulebul strategiul sakanonmdeblo Tu TviTregulirebad qmedebaTa erTobliobaze. ix, juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 21 da momdevnoni, 118 da momdevnoni.425 Parsons, Titman, Capital Structure and Corporate Strategy, 2007, P. 2-10.

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ory-dan. korporaciuli kontrolis Teoriis mixedviT, korporaciuli dauflebis etapze, kapitalis struqtura post-tranzaqciul Sedegebze arsebiT gavlenas axdens. mas pirdapiri efeqti aqvs menejmentsa da gare investorTa Soris xmis uflebaTa gadanawilebaze.426

Tavis mxriv, kapitalis formirebis heterogenuli wyaroebi misi struqturis or indiferentul marginalur aspeqts ayalibebs. pirveli, es aris kapitalis struqturis samarTlebrivi mocemuloba, romelic korporaciis finansuri struqturis tolfasia da logikur ganviTare-bas kapitalis provaiderTa sakuTrebis struqturaze povebs. meore, es aris kapitalis struqturuli elementebis (da misi Camoyalibebis) eko-nomikuri aspeqtebi, romelic samarTlis ekonomikuri analizis Sesaxeb arsebul samecniero literaturaSi or ZiriTad Teoriamde427 konkret-deba.

2.1.2.1. kapitalis struqturisa da misi formirebis samarTlebrivi aspeqtebi

kapitalis struqturis formireba warmoebs misi TiToeuli Semad-geneli nawilis TaviseburebaTa gaTvaliswinebiT. ss-Si aseT Tavise-burebas sargeblisa da Zalauflebis ganawileba warmoadgens, romelic sazogadoebis finansuri struqturidan gamomdinareobs.428 kapitaluri tipis sazogadoebis finansuri mxare aqcionerTa SeTanxmebis sagania. SeTanxmebis miRweva, romliTac aqcionerebis sazogadoebis angariSze Ta-vianTi Senatanebis gadacemas isaxaven miznad, korporciul samarTlebriv aqtSi, kerZod, wesdebaSi formirdeba.429 wesdebiT gaTvaliswinebuli kapi-talis formirebis ZiriTadi sazrisi misi eqvivalenturi sakuTrebis struqturis Seqmnaa.430 kapitalis formirebis procesSi monawile piri wilis SeZeniT xdeba sazogadoebis partniori.431 partniorTa sawesdebo SeTanxmebis etapze xdeba (a) ss-is dafinansebis saSualebebsa da (b) mo-ziduli kapitalis saTanado Rirebulebisa da uflebebis mqone sxvadasx-va klasis aqciaze (fasian qaRaldze) Sejereba.432 pirvel SemTxvevaSi,

426 Moradoglu, Sivaprazad, Capital Structure and Returns, 2011, P. 82.427 e.w. The Pecking Order Theory da The Static Trade off Theory. ix. IV 2.1.1.2.428 Gevurtz, Corporate Law, 2000, P. 113.429 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 180 da momdevnoni.430 Gevurtz, Corporate Law, 2000, P.114.431 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 235.432 Lind, Schwarz, Lathrope, Rosenberg, Fundamentals of Corporate Taxation, 8th ed., 2012, P. 114.

korporacia statikurad gansazRvravs ori saxis `fasiani qaRaldis~433 meSveobiT sazogadoebis dawyebiTi, Tavdapirveli434 kapitalis mozid-vas. am ukanasknelidan pirveli, ss-is Sidaorganuli, anu damfuZnebel partniorTagan sazogadoebis dafinansebis meqanizmSi mdgomareobs, rac, samarTlebrivad, wevris statusis mopovebiT sruldeba. dafinansebis aseT saxes `sakuTari, Sida saxsrebiT~ finansuri struqturis Seqm-nas435 uwodeben, xolo mis safuZvelze mozidul kapitals – sakuTar kapitals.436437 wesdebis mixedviT,438 sakuTari kapitali439 xarisxdeba or ZiriTad fasian qaRaldad: Cveulebriv da privilegirebul aqciad.440 am etapze ikveTeba dafinansebis saSualebis pirvel meqanizmsa (equi-ty financing) da moziduli kapitalis gansazRvruli Rirebulebisa da uflebebis mqone aqciebad dayofas Soris kavSiri: equity financing-i mim-wodebeli pirisTvis uzrunvelyofs mewarme subieqtTan korporaciul samarTlebriv urTierTobas da misgan (wevrobidan) gamomdinare ufleba-movaleobebs,441 romelic iwyeba wevris statusis SeZeniT da mTavrdeba misi SewyvetisTanave.442 kapitalis struqturi formirebis aRniSnuli meToduri strategia qonebrivi sikeTis riskian investicias warmoad-gens.443

sazogadoebisa da misi wevris kavSiris korporaciul-samarTlebriv urTierTobad Seracxva_ ar Seracxva ss-is kapitalis struqturis formirebis meqanizmTa klasifikatoris rolsac TamaSobs. yvela an-gariSvaldebuli ss-is mdgradi kapitalis struqturis Semadgeneli nawilia sesxi.444 kerZod, meore SemTxvevaSi, rodesac saubaria kapitalis struqturirebis arakorporaciul-samarTlebrivi saxsrebis gamoyenebiT ganxorcielebaze, korporaciasa da kapitalis mimwodebels Soris ko-rporaciulsamarTlebrivi urTierTobis nacvlad, rogorc wesi, samoqa-

433 e.w. `equity~ securities da `debt~ securities.434 Sead. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 151.435 equity financing.436 equity capital.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. 499-501.438 Gevurtz, Corporate Law, 2000, P. 117.439 ix. burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 237-243. 440 Hamilton, The Law of Corporations, 2000, P. 211.441 Gevurtz, Corporate Law, 2000, P. 118-120.442 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 357-359.443 Lind, Schwarz, Lathrope, Rosenberg, Fundamentals of Corporate Taxation, 8th ed., 2012, P. 121.444 Booth, Financing the Corporation, 2010, P. 589.

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laqo-samarTlebrivi, ufro konkretulad, valdebulebiT-samarTlebrivi kavSiria saxeze.445 mxedvelobaSia sasesxo valdebulebiTi urTierToba sazogadoebasa da mesame pirs Soris ucxo kapitalis mozidvis Taoba-ze.446 mesame pirebTan valdebulebiT mboWav samarTlebriv urTierTobaSi SesvliT kapitalis mozidvas, zogadad, aqcionerTa krebis gadawyvetile-ba ar sWirdeba.447 mocemul SemTxvevas kapitalis struqturis `ses-xis~ saSualebiT formireba ewodeba.448 Debt financing-is dros,449 kor-poraciasa da kapitalis mimwodebel mesame pirebs (ZiriTadad sabanko da sadazRvevos seqtors) Soris450 yalibdeba valdebulebiTi451 da ara korporaciul-samarTlebrivi urTierToba.452 Tu korporaciis kapitalis Sida saxsrebiT dafinansebas partniorisTvis SezRuduli pasuxismge-blobis mopovebis dadebiTi Tavisebureba axasiaTebs,453 sasesxo dafi-nansebas obligaciis454 mflobelisTvis korporaciis likvidaciis anda valdebulebis Sesrulebis etapze,455 privilegirebuli aqciis msgavsad, upirates uflebaaRmWurvel finansur instrumentad gamodis.456 Sede-gad, meore etapze457 ikveTeba dafinansebis saSualebis meore meqanizmsa

445 Sead. French, Mayson, Ryan, Company Law, 26th ed., 2009-2010, P. 342-347.446 burduli, saaqcio samarTlis safuZvlebi, 2010, gv. 243-244.447 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 386.448 debt financing. ix. Ferran, Principles of Corporate Finance Law, 2008, P. 313 et seq.449 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 388-391.450 am dros sabanko seqtori erTgvari Suamavlis rols TamaSobs fuladi nakadis 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 SesaZloa sesxis xelSekrulebiT aqciebSi konvertirebadi fasian qaRaldad gardaqmnis perspeqtiviT sargeblobdes. ix. Renneboog, Szilagyi, Corporate Restructuring and Bond-holder Wealth, 2006, P. 1-17; Hamilton, The Law of Corporations, 2000, P. 215-219; Gevurtz, Corporate Law, 2000, P. 142-146; Bevans, Business Organizations and Corporate Law, 2007, P. 254; Ferran, Principles of Corporate Finance Law, 2008, P. 511 et seq.452 Ferran, Principles of Corporate Finance Law, 2008, P. 54-56.453 Pinto, Branson., Understanding Corporate Law, 3rd ed., 2009, P. 73.454 obligaciaTa saxeebisTvis, ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 391-401; Quindry, Bonds and Bondholders, vol. 1, 2002, P. 2-76.455 Lind, Schwarz, Lathrope, Rosenberg, Fundamentals of Corporate Taxation, 8th ed., 2012, P. 121-135.456 Gevurtz, Corporate Law, 2000, P. 139-142. 457 arsebobs ss-is kapitalis struqturis formirebis mesame, hibriduli variantic: rodesac sazogadoebis dafinanseba xdeba sesxis xelSekrulebis safuZvelze, xolo am sesxis gamcemi korporaciis aqcioneri piria; sakorporacio samarTalSi mas hi-bridul safinanso instruments uwodeben, romelic zemoaRniSnuli orive dafinansebis saSualebaTa Semadgenel elementTa kombinirebul variants warmoadgens. es aris e.w. shareholder loans. ix. Gevurtz, Corporate Law, 2000, P. 147-152. qarTulad: burduli, saaq-cio samarTlis safuZvlebi, 2010, gv. 235-236; 244-245. Sead. juReli, kapitalis dacva

(debt financing) da moziduli kapitalis gansazRvruli Rirebulebisa da uflebebis mqone aqciebad dayofas Soris kavSiri: es, ZiriTadad, sasesxo valdebulebiT urTierTobaSi gamoxateba,458 romelic, upiratesad, korpo-raciasa da mesame pirs Soris arsebobs.459

investoris kapitalis formirebis finansur instrumentTa xelmi-sawvdomi speqtri profilirebulia. korporacias SeuZlia SesTavazos investors nebismieri wyobis, uflebrivi struqturisa da pirobis matarebeli fasiani qaRaldi. 460 finansur instrumenta Sinaarsobrivi determinaciis avtonomiuri gansazRvris SesaZlebloba finansebis mo-zidvis saSualebebs elastiur saxes aniWebs. misi klasikuri gamov-lineba hibriduli dafinansebis instrumentis praqtikuli realizebaa, romelsac ori kombinirebuli saxasiaTo debuleba ganapirobebs. pirveli, sasesxo kapitalis mozidva sagadasaxado miznebisTvis, romelsac ormagi dabegvris Tavidan aridebis motive gaaCnia.461 xolo meore, sakuTari kapi-talis mozidviT samewarmeo saqmianobis ganxorcielebis ekonomikuri berketis Seqmna, romelic regulatoruli, finansuri reitingebisa da safinanso angariSgebis miznebisTvis optimizirebul strategiul saSu-alebas warmoadgens.462 hibriduli dafinansebis instrumentis praqtiku-li gamoyeneba, rogorc wesi, msxvili korporaciis safinanso arsenalSia. aRsaniSnavia, rom privilegirebuli aqcia, xSirad, sasesxo da sakuTari kapitalis hibridul variantad ganixileba.463

sakorporacio samarTlebriv WrilSi, kapitalis struqtura sazoga-

saaqcio sazogadoebaSi, 2010, gv. 80-83.458 Tu sesxis xelSekrulebiT sasesxo fasiani qaRaldi aqciebSi konvertirebadi ar aris. aRniSnuli meqanizmiT, aseve saaqcio ofcionis gziT gazrdil kapitals pirobiT kapitals uwodeben. ix. juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 95-96.459 samarTlis komentaturul literaturaSi gatarebulia azri, rom korporaciis sasesxo da sakuTari kapitaliT dafinansebas Soris iuridiuli zRvari, faqtobrivad ar arsebobs da msjelobis sagnad qceuli demarkaciuli xazi da mis Sedegad Camoya-libebuli samarTlebrivi sxvaoba, gamijvnis bundovani standartebis gamoyenebis Sedegs warmoadgens. ix. Lind, Schwarz, Lathrope, Rosenberg, Fundamentals of Business Enterprise Taxation, 3th ed., 2005, P. 474.460 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 387.461 Booth, Financing the Corporation, 2010, P. 8; Lind, Schwarz, Lathrope, Rosenberg, Funda-mentals of Corporate Taxation, 8th ed., 2012, P. 115.462 Lind, Schwarz, Lathrope, Rosenberg, Fundamentals of Corporate Taxation, 8th ed., 2012, P. 135.463 ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 3, 2010, P. 387; Booth, Financing the Corporation, 2010, P. 9.

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doebis finansuri struqturis eqvivalentia,464 romelic samarTlebriv perspeqtivaSi, kapitalis mozidvis saSualebebSi diferencirdeba, rac, Tavis mxriv, kapitalis saxeobaTa mravalferovnebas ganapirobebs. ss-is kapitalis struqturis samarTlebrivi aspeqtebi fasian qaRaldTa klasobriv da maTi sxvaobis safuZvelze gamijnul aqciaTa saxeebamde daiyvaneba.465

ss-is kapitalis struqturis samarTlebrivi bazisis paralelurad, aranakleb mniSvnelovania kapitalis struqturis Seqmnis ekonomikuri elementebi, ramdenadac ukanasknels bazrisa da bazarze funqcionirebadi korporaciis ganviTarebis strategiuli midgoma da am midgomis reali-zebadi Sedegebi gansazRvraven.

2.1.2.2. kapitalis struqturisa da misi formirebis ekonomikuri aspeqtebi

kapitalis struqturis Sinaarsobrivi elementebis gansazRvra, eko-nomikuri kuTxiT,466 sakvanZo sakiTxia. kapitalis optimaluri struq-tura467 warmoadgens korporaciis sakuTari da ucxo finansuri in-strumentebis iseT Tanafardobas, romlis drosac uzrunvelyofilia korporaciis sabazro Rirebulebis maqsimizacia.468 amis sapirwoned,469 arsebobs azri, rom kapitalis struqturas, gamarTulad funqcioni-rebadi bazris monawile firma da misi Rirebulebis zrda kapitalis struqturaze ar aris damokidebuli, e.w. Modigliani-Miller-is Theory.470 maT gansazRvres ramdenime Sinaarsobrivi elementi kapitalis struqtu-ris ararelevanturi bunebis Sesaxeb misi Rirebulebis zrdis etapze.471 magram, Tu kapitalis struqtura ararelevanturia modiliani-mileris

464 Sead. Klein, Coffee, Business Organization and Finance, 2007, 10th ed., P. 352-354.465 juReli, kapitalis dacva saaqcio sazogadoebaSi, 2010, gv. 233-235.466 kapitalis struqturis analizi iuridiul doqtrinaSi, rogorc wesi, ekonomikur dogmatur-Teoriul codnazea damyarebuli. Sead. Ferran, Principles of Corporate Finance Law, 2008, P. 62-65. Sesabamisad, mimdinare paragrafSi, swored, aseTi analizia SemoTava-zebuli. Sead. Ferran, Principles of Corporate Finance Law, 2008, P. 62-65.467 Frydenberg, Capital Structure Theories and Empirical Tests: An Overwiev, 2011, P. 129-139.468 Mao, Interaction of the Debt Agency Problems and Optimal Capital Structure: Theory and Evidence, 2002, P. 1-3, 11-21.469 Frydenberg, Capital Structure Theories and Empirical Tests: An Overwiev, 2011, P. 139-141.470 Modigliani-Miller Theorem. Modigliani, Miller, The Cost of Capital, Corporation Finance and The Theory of investments, 1958, P. 261-297.471 Frydenberg, Theory of Capital Structure – A Review, 2004, P. 3.

Teoriis mixedviT,472 maSin realur sabazro urTierTobebSi unda ar-sebobdes misi relevnaturobis473 dadgenis kriteriumebic.474 am kri-teriumebis Semajamebel meTodad, ekonomistebis mier, gamoyenebul iqna kapitalis struqturis gansazRvris The Pecking Order Theory475 da The Static Trade off Theory476, romelic, Sinaarsobrivad,477 modiliani-mileris Teoremidan momdinareobs.478 Trade off Theory-is amosavali debuleba479 mdgomareobs imaSi, rom korporacia wyvets sazogadoebis kapitalis ra nawili unda iqnes sasesxo finansuri instrumentebiT moziduli da ra nawili – sakuTari (Sida) kapitalis gziT momatebuli. aRniS-nuli Teoriis mixedviT, firmis optimaluri kapitalis struqturis Seqmna aucileblad moicavs sasesxo dafinansebas.480 gansxvavebiT Trade 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 Sida dafinansebas gare saxsrebis mozidvas, Tu is awarmoebs fasiani qa-Raldebis emisias.484

kapitalis struqturis formirebis ekonomikuri determinanti, iseve rogorc samarTlebrivis dros, moziduli kapitalis saSualebebi485 da am saSualebaTa ganmsazRvrel kriteriumebze dafuZnebuli Teoriebia.486

472 Cheremushkin, Capital Structure Irrelevance: The Modigliani-Miller Model, 2011, P. 151-169.473 Frydenberg, Theory of Capital Structure – A Review, 2004, P. 3.474 Welch, The Determinant of Capital Structure, 2002, P. 7-10; Parsons, Titman, Capital Struc-ture and Corporate Strategy, 2007, P. 8-10.475 e.w. `uaryofiTi Tanafardobis~ Teoria.476 e.w. `statikuri kompromisis~ Teoria.477 Sead. Timmer, Undesrtanding The Fed Model, Capital Structure, and Then Some, 2012, P. 1, 4-10.478 Frydenberg, Theory of Capital Structure – A Review, 2004, P. 9-25.479 Moradoglu, Sivaprazad, Capital Structure and Returns, 2011, P. 78-79.480 Frydenberg, Theory of Capital Structure – A Review, 2004, P. 7.481 Frank, Goyal, Profits and Capital Structure, 2009, P. 3-5.482 Moradoglu, Sivaprazad, Capital Structure and Returns, 2011, P. 79-80.483 Frank, Goyal, Testing The pecking Order Theory of Capital Structure, 2000, P. 1-10.484 Frydenberg, Theory of Capital Structure – A Review, 2004, P. 23-24.485 rogorc wesi, damkvidrebulia sxvadasxva kompaniaSi kapitalis struqturis gansx-vavebis ganmapirobebeli sami mTavari hipoTeza: tranzaqciaTa Rirebulebis, asimetruli informaciisa da sagadasaxado reJimis hipoTeza. ix. Frydenberg, Theory of Capital Struc-ture – A Review, 2004, P. 8-12; Klein, Coffee, Business Organization and Finance, 2007, 10th ed., P. 380-382.486 ekonomikur literaturaSi arsebobs sasesxo dafinansebis TeoriaTa erTgvari ierarqiuli klasifikacia. magaliTad, kapitalis struqturis Teoriis qve Teoriad statikuri kompromisis Teoria ganixileba, xolo am ukanasknelis subtipad - e.w. `sasesxo dafinansebis pozitiuri Teoria~ (Positive Theory of Debt Financing), anu sax-

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amasTan, myarad argumentirebul pozicias warmoadgens, rom kapitalis struqturis formirebis mZlavri ganmapirobebeli faqtori korpora-ciis finansuri gasaWiri da aramyari sabazro mdgomareobaa,487 romelic pirdapir kavSirSia firmis masStabebTan.488 finansuri sirTule gadaWras moiTxovs.489 es ki sazogadoebas gare kapitalis mozidvisken ubiZgebs sasesxo dafinansebis (mag., Leveraged Buy Out-is dros) saSualebis490 da ceteris paribus (sxva msgavsi)491 meTodis gamoyenebis gziT,492 rac, Tavis mxriv, korporaciis dasaqmebulTa doneze, saxelfaso ganakveTebze, gayid-vebis donesa da, rac MmTavaria, firmis saqonlis sabazro Rirebulebaze, korporaciis ekonomikur miznebze493 aisaxeba.494

kapitalis struqturirebis saSualebebi garkveuli Taviseburebe-biTac xasiaTdeba. korporaciis sakuTari kapitalis buneba gamoixateba misi mozidvis simartiveSi, ramdenadac gadawyvetileba miiReba mxolod mesakuTreebisa da menejerebis mier; mogebis warmoqmnis maRali SesaZle-blobiT, ramdenadac misi gamoyenebisas saWiro ar aris sasesxo procen-tis gadaxda; aseve, korporaciis finansuri mdgradobisa da gadaxdisu-narianobis uzrunvelyofiT grZelvadian periodSi.495 rac Seexeba ucxo, nasesxebi kapitalis Taviseburebebs, is gamoirCeva mozidvis sakmaod farTo SesaZleblobebiT giraos an Tavdebobis arsebobisas da korpora-ciis finansuri potencialis zrdis uzrunvelmyofi xasiaTiT. dabolos, nasesxebi kapitali gamoirCeva finansuri rentabelobis matebis unariT, romelic miiRweva `sagadasaxado efeqtis~496 gamoyenebis xarjze.497

sabolood, korporaciis kapitalis struqturis gansazRvris sx-vadasxva faqtobrivi Tu Sinaarsobrivi elementis detaluri analizis miuxedavad, `kapitalis struqtura jer kidev gamoucnob, enigmatikur movlenad rCeba~ (Capital Structure Remains Enigmatic).498

ezea Teoria-TeoriaSi. ix. Frydenberg, Theory of Capital Structure – A Review, 2004, P. 8.487 Miglo, Trade-Off, Pecking Order, Signaling and Market Timing Models, 2011, P. 171-185.488 Parsons, Titman, Capital Structure and Corporate Strategy, 2007, P. 8-18.489 Sanyal, Economic, Regulatory and Industry Effects on Capital Structure, 2011, P. 211-228.490 Parsons, Titman, Capital Structure and Corporate Strategy, 2007, P. 3.491 Renneboog, Szilagyi, Corporate Restructuring and Bondholder Wealth, 2006, P. 11.492 mag., korporaciuli obligaciebis gamoSvebis gziT. ix. Ferran, Principles of Corporate Finance Law, 2008, P. 511 et seq.493 Smythe, Shareholder Democracy and The Economic Purpose of The Corporation, 2006, P. 2-18. 494 Parsons, Titman, Capital Structure and Corporate Strategy, 2007, P. 4.495 sakuTari kapitali xom kreditorTa winaSe pasuxismgeblobis moculobis masStabia.496 rac sruldeba mogebaze gadasaxadis gadaxdisas dasabegri bazidan mis momsaxure-baze gaweuli danaxarjebis amoRebiT.497 kakulia, baxtaZe, TuTberiZe, korporaciis finansebi, 2006, gv. 274-277.498 Chiriniko, Anuja R. Singha, 2000, miTiTebulia: Frydenberg, Theory of Capital Structure – A

gamoikveTa kapitalis, rogorc ss-is struqturuli elementis strategiuli niSnis arsobrivi maxasiTeblebidan ori mniSvnelovani elementi: kapitalis struqtura da misi dagegmarebis strategiul kri-teriumTa rangireba samarTlebriv da ekonomikur aspeqtTa kuTxiT da, meore, kapitalis formirebis sxvadasxva saSualebaTa gamoyenebiT ra-odenobrivi Tu faqtobrivi ganxorcielebis kriteriumTa bazisze kapi-talis saxeobaTa klasificireba.

ss-is Sinaarsobrivad meore strategiul elements, kapitalTan er-Tad, warmoadgens kontroli, romelic aqcionerTa sakuTrebasa da menej-mentis, ucxo organos mier misTvis gadacemuli qonebis marTvis process Soris balansis SemanarCunebeli umTavresi meqanizmia.

2.2. kontroli, rogorc ss-is mewiles sakuTrebis struqturidan gamomdinare ufleba

2.2.1. kontrolisa da sakuTrebis gamijvna

Tanamedrove korporaciis cenrtaluri saxasiaTo elementi sa-kuTrebisa da kontrolis korporaciul urTierTobaSi monawile sx-vadasxva subieqtis xelSi moqcevaa.499 is damaxasiaTebelia `Ria~ korpo-raciebisTvis, sadac sakuTreba (aqcionerTa) da kontroli (menejmenti) erTmaneTisgan gancalkevebulia.500 sakuTrebisa da kontrolis501 gamijv-nas adolf berlisa da gardian minsis fundamenturi naSromi502 udevs safuZvlad,503 romelic dodisa da berlis debatebis bazisze Seiqmna.504

kontrolis uflebas korporaciis mesakuTreTa sakuTrebis struqtu-ra warmoSobs.505 paralelurad, korporaciuli kontroli urTierTobaa: es aris menejments, aqcionersa da korporacias Soris fiduciuri kavSi-

Review, 2004.499 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 481.500 ix. Posner, The Economic Analysis of Law, 2007, P. 409.501 kontrolis definicia mocemulia aSS-s fasiani qaRaldebis federalur kanonSi: “ The term control (including icontrolling, controlled by and under common control with) means a possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or oth-erwise”).ix. SEC Rule 405.502 Berle, Means, The Modern Corporation and Private Property, 1932.503 Armour, Gordon, The Berle-Means Corporation in 21st Century, 2008, P. 6. 504 Bratton, Wachter, Shareholder Primacy’s Corporatist Origins: Adolf Berle and The Modern Corporation, The Journal of Corporation Law, 2008, P. 100 et seq., 122-135.505 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 14.

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ri.506 korporaciis sakuTrebis struqtura SeiZleba iyos koncentri-rebuli507 an danawilebuli,508 mimofantuli,509 romelic ramdenime urT-ierTgansxvavebuli monawilis interess aerTianebs.510 mcire aqcioners msxvili korporaciis menejmentSi monawilebis interesi wilis pro-porciulad mcire aqvs. mis sakuTrebaSi arsebuli sainvesticio port-folio imdenad diversificirebulia sxvadasxva kompaniaSi investirebis meSveobiT, rom mas romelime konkretuli sawarmos marTvaSi pirdapiri monawileobis sakmarisi interesi ar gaaCnia. aqcioneri aris pasiuri invetori,511 romelsac, kreditoris msgavsad, kompaniis mimarT gaaCnia fi-nansuri interesi da ara menejeruli interesi.512 es aris aqcionerTa aqtivizmis sapirispiro – menejerialisturi apaTea.513 Sesabamisad, aqcio-neri `qiraobs~ warmomadgenels aRmasrulebeli organos saxiT, romelic mis mier dabandebul kapitals yoveldRiur operaciul organizebasa da kontrols gauwevs.514 menejmentis mier marTuli korporacia sarge-blis maqsimizirebisken mimarTul samarTalsubieqts warmoadgens, sadac sakuTrebisa da kontrolis gamijvnas erTi mTavari problematika axasi-aTebs. es aris mesakuTreTa darwmuneba, rom misi warmomadgeneli (menej-menti) yvelafers akeTebs sargeblis maqsimizirebisTvis.515 am etapze pa-siur investors safrTxe or ganzomilebaSi emuqreba. pirveli, araswori menejmentis Sedegad sargeblis miuRebloba da investiciisTvis safrTx-is Seqmna. aRniSnuli safrTxe nakleb seriozuli ekonomikuri Sedegebis matarebelia. mas ar axasiaTebs piradi daintereseba, Tumca mcdarma mene-jerulma gadawyvetilebam, SesaZloa, korporacia gakotrebamde miiyvanos. gansakuTrebiT uaryofiTi Sedegebis matarebelia, rodesac menejmenti kompetenturia, magram piradi dainteresebis farglebSi marTavs korpora-

506 Bayne, The Philosophy of Corporate Control, 1986, P. 99.507 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-trirebulad makontrolebeli piri ar arsebobs, rasac ganapirobebs firmis sidide. ix. Demsetz, Lehn, The Structure of Corporate Ownership: Causes and Consequences, Journal of Political Economy, 1985, P. 1155 et seq.509 Bebchuk, Roe, A Theory of Path Dependence in Corporate Ownership and Governance, 1999, P. 1.510 Easterbrook, Fischel, The Corporate Contract, in: Corporate Law and Economic analysis, Edit. Lucian Arye Bebchuk, 1991, P. 188.511 Parkinson, Corporate Power and Responsibility, 1993, P. 54.512 Posner, The Economic Analysis of Law, 2007, P. 410.513 Fairfax, Shareholder Democracy, 2011, P. 148.514 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 482.515 Sead. Parkinson, Corporate Power and Responsibility, 1993, P. 56.

cias.516 am dros dgeba principal-agents Soris warmoSobili fiduciur urTierTobaTa517 darRvevis safrTze.518 farTo kompeteciiT aRWurvili `nebis aRmsrulebeli~ organo,519 droTa ganmavlobaSi, sxvadasxva norma-tiuli regulaciebiT dabalansda da metnakleb kontrols daeqvemde-bara. miuxedavad sakontrolo regulaciebisa da korporaciuli marTvis normebis gamkacrebisa, aRmasrulebeli organos makontrolebel da mesa-kuTreTa `rwmenis gasamyarebel~ mTavar strategiad, rom is (menejmenti) moqmedebs sargeblis gaumjobesebis miznebidan gamomdinare, bazris gav-lena kontrolze da aqcionerTa aqtivizmi rCeba.520

kontroli korporaciaSi finansuri monawileobis tipologiidan gamomdinareobs. misi warmoSoba sazogadoebis kapitalizaciis saSu-alebazea damokidebuli. kapitali investirebuli unda iyos sakuTari kapitalis jgufidan, romelic wevris statusis mopovebas ganapirobebs. korporaciisTvis gaRebuli kontribucia subieqts sawarmoSi finans-uri monawileobisa da kontrolis meqanizmis warmoSobas ganapirobebs, gansxvavebiT sasesxo dafinansebisa, sadac finansuri da sakontroli monawileoba erTmaneTisgan substanciurad gamijnulia.521 nebismier Sem-TxvevaSi, firmis sakuTreba ori ZiriTadi segmentisgan Sedgeba: kontro-lis (menejmentis saSualebiT) realizirebisa da darCenili (naSTuri) mogebis miRebisgan.522

2.2.2. kontrolis kontroli: aqcionerTa aqtivizmis523 strategiuli aspeqtebi

sazogadoebis struqtura aris path dependence, rasac sxvadasxva qyveynaSi funqcionirebad sazogadoebaTa industrialur-teqnologiuri landSafti da sakorporacio samarTlebrivi regulaciebi524 gansaz-

516 Posner, The Economic Analysis of Law, 2007, P. 410-411.517 Sead. Bayne, The Philosophy of Corporate Control, 1986, P. 109, 125-154.518 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 481-483.519 Bayne, The Philosophy of Corporate Control, 1986, P. 110.520 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 485-513.521 Booth, Financing the Corporation, 2010, P. 592.522 Hasnmann, Ownership of Enterprise, 1996, P. 35.523 aqtivizmi, misi klasikuri ganmartebiT, aqcioneris survilsa da qmedebas niSnavs, hqondes gansakuTrebuli funqciuri da strategiuli datvirTva korporaciuli mar-Tvis procesSi. mimdinare paragrafSi is kontrolis meqanizmTa gamoyenebis WrilSia ganxiluli. ix. Fairfax, Shareholder Democracy, 2011, P.146-149.524 Bebchuk, Roe, A Theory of Path Dependence in Corporate Ownership and Governance, 1999, P. 3 et seq.

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Rvraven.525 sakorporacio samarTali investoris sakuTrebaSi arsebuli sazogadoebis organizebuli marTvis fasilitatoria.526

sakuTrebiTi urTierTobebis dedaarsi mesakuTris mier qonebis kon-trolsa da mflobelobaSi mdgomareobs.527 mesakuTreTa sakuTrebis uflebis praqtizireba, korporaciis samarTlebrivi formiT ekonomikuri saqmianobis ganxorcielebis miznisTvis, ucxo organosTvis investirebu-li qonebis marTvisa da gankargvis uflebamosilebis gadacemas niSnavs.528 sxva sityvebiT, xdeba sakuTrebaze kontrolis, romelic mis gankargvasac moicavs, mesame pirisTvis, ara mesakuTresTvis gadacema.529 sazogadoebis kontrolis kompetencia fiduciuria da misi piradi interesebisTvis gamoyenebisa da menejmentis oportunistuli qmedebis Sansebs zrdis.530 logikuria, rom aqcionerTa sakuTrebis makontrolebel organos kon-trolis korporaciuli berketebi da uflebamosileba unda gaaCndes. suraTis generirebiT, saxezea kontrolis kontroli.

marTvis organizebuloba kapitaldambadeblis kontrolis uflebis531 meqanizmTa simravles ganapirobebs.532 kontrolis sakuTrebisgan gan-calkeveba `principal533-agentis~534 interestTa potenciur konfliqts warmoSobs, romelic, Tavis mxriv, mesakuTreTa (aqcionerTa) kapitalis uSualo makontrolebelze (menejtmentze)535 zedamxedvelobis Rireb-ulebaze536 axdens gavlenas.537 arsebobs menejmentis diskreciis kontro-lis saxelSekrulebo da sakanonmdeblo meqanizmebi.538

pirveli, kontrolis meqanizmTa dadgena SesaZlebelia aqcionerebsa

525 Armour, Gordon, The Berle-Means Corporation in 21st Century, 2008, P. 8-10.526 Armour, Hansmann., Kraakman, What is Corporate Law? 2009, P. 14.527 ix. Bayne, The Philosophy of Corporate Control, 1986, P. 103.528 Posner, The Economic Analysis of Law, 2007, P. 409.529 Parkinson, Corporate Power and Responsibility, 1993, P. 56.530 Hasnmann, Ownership of Enterprise, 1996, P. 37-38.531 investoris sakuTrebis struqtura or: kontrolisa da `darCenili~ moTxovnis (residual claims) realizirebis uflebas iZleva. ix. Hansmann, Ownership of the Firm, in: Corporate Law and Economic analysis, Edit. Lucian Arye Bebchuk, 1991, P. 283; Fama, Jen-sen, Agency Problems and Residual Claims, 1998, P. 1-27; La Porta, Lopez-de-Silanes, Shleifer, Vishny, Agency Problems and Dividend Policies Around the World, 1997, P. 1-22; mimdinare TavSi mxolod pirvel maTgania ganxiluli.532 magaliTad, ix. Fairfax, Shareholder Democracy, 2011, P. 29-114.533 Hansmann, Kraakman, The Essential Role of Organizational Law, 2000, P. 21-24.534 Principal–Agent Problem.535 Posner, The Economic Analysis of Law, 2007, P. 409.536 Agency Cost, romelis sakuTrebis Rirebulebis erT-erTi Semadgeneli nawilia. ix. Hansmann, Ownership of Enterprise, 1996, P. 36-49.537 Jensen, Meckling, The Theory of the Firm: Managerial Behavior, Agency Costs, and Owner-ship Structure, 3 J. Fin. Econ., 1976, P. 305 et seq.538 Parkinson, Corporate Power and Responsibility, 1993, P. 73-96.

da menejments Soris Sida saxelSekrulebo (bylaw) doneze ganxorciel-des. aqcionerTa kompetencia Sida samarTlebrivi urTierTobis momwes-rigebel dokumentSi cvlilebis Setanaze vrceldeba, romelic, SesaZloa, gamoyenebul iqnes direqtorTa kontrolis meqanizmad. SinaganawesiT, romelsac iRebs aqcionerTa saerTo kreba, dadgindeba is kompetenciebi, anazRaurebis saxe/raodenoba, aRmasrulebel pirTa daniSvnisa da gaTavisu-flebis winapirobebi da maTi kvalifikacia, romlis mixedviTac unda ix-elmZRvanelon direqtorebma. kontrolis aRniSnuli meqanizmi Sinaganawesis direqtoratisTvis savaldebulo xasiaTis arsebobidan gamomdinareobs.539

TeoriaSi, kontrolis uflebis540 realizeba narCeni Semosavlebis541 maqsimizirebisken aris mimarTuli.542 strategiulad, misi praqtikuli transplantacia korporaciuli marTvis tipologiuri strategiis gam-oyenebiT miiRweva.543 kapitalis organizebuli marTvis procesis kon-trolis yvela aspeqtis partniorTa SeTanxmebiT ex ante gaTvaliswineba kontrolis miznobrivi Sedegebis dadgomas xels ar SeuSlis.544 menej-mentis kontrolis efeqturi realizacis samarTlebrivi aspeqtebi ki ramdenime segmentSi gamoixateba.545

pirveli, es aris mesakuTreTa mier monitoringis ganxorcieleba in-formirebulobis safuZvelze, romelic konkretul danaxarjebTan aris

539 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Volume 2, 2010, P. 581-583.540 kontrolis mopoveba da masSi gadaxdili premium Tanxa gansxvavebuli da gansa-kuTrebuli mniSnvelobis sakiTxia. ix. Booth, Financing the Corporation, 2010, P. 115-121. arsebobs berlis mier ganviTarebuli kontrolis `korporaciuli aqtivebis/qonebis~ Teoria, romlis mixedviTac, yovelgvari premium Rirebuleba, romelic myidvelis mier TiToeul aqciaze iqneba gadaxdili sabazro fasTan mimarTebiT aris korporaciis aq-tivi. Sesabamisad, Tu sadme unda iqnes ganTavsebuli aseTi premium Rirebuleba, maSin is unda wavides korporaciis aqtivebSi/qonebaSi. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Vol. 2, 2010, P. 326-334. aseve, ix. Schuster, Efficiency in Private Control Sales – The Case of Mandatory Bids, 2010, P. 2-42; Sepe, Rogers, Private Sale of Corporate Control: Why The European Mandatory Bid Rule is Inefficient, 2010, P. 3-54; Cox, Hazen, Busi-ness Organizations Law, 3th ed., 2011, P. 288-294; Easterbrook, Fischel, The Economic Struc-ture of Corporate Law, 1991, P. 126-129; Bayne, The Philosophy of Corporate Control, 1986, P. 157-289. sakontrolo paketis premium Rirebulebis ganawilebis mravali sasamarTlo gadawyvetilebidan erT-erTi yvelaze cnobilia Perlman v. Feldemann 219 F. 2d 173 (2d Cir. 1955). aseve, SegiZliaT ixiloT korporaciuli kontrolis Sesaxeb berlis origi-naluri naSromebi: Berle, Price of Power: Sale of Corporate Control, 50 Cornell L. Q. 628 (1965); Berle, Control in Corporate Law, 58 Colum. L. Rev. 1212 (1958).541 residual earnings.542 Hansmann, Ownership of the Firm, 1991, P. 284.543 Davies, Introduction to company law, 2010, P. 112-115.544 Hansmann, Ownership of the Firm, 1991, P. 284 et seq. Sead. Armour, Hansmann, Kraakman, Agency Problems and Legal Strategies, 2009, P. 44-45.545 Parkinson, Corporate Power and Responsibility, 1993, P. 58-63.

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dakavSirebuli.546 centralizebuli menejmentidan gamomdinare, aqcioneri amjobinebs misi sakuTrebis (kapitalis) kvalificiuri menejerisgan mar-Tvas, xolo marTvis procesze zedamxedveloba firmis, ufro swored, mene-jmentis saqmianobis Sesaxeb informaciis gamoTxovaSi547 mdgomareobs.548 sakuTrebis operaciuli marTvis, biznes gegmebisa da strategiebis Ses-axeb informaciis miRebis ufleba, aqcionerTa umniSvnelovanes sakon-trolo berkets warmoadgens.

kontrolis meore segmenti aris marTvis strategia,549 romelic aqcionerisTvis iZleva menejmentis saqmianobis kontrolis baziss da centralizebuli menejmentis formirebis korporaciul uflebas war-moadgens. formirebis uflebis gamoyeneba sameTvalyureo sabWos an/da direqtoratis wevrTa arCeva-daniSvnisa da maTi gaTavisuflebis meqa-nizmis saSualebiT xorcieldeba.550 es aris ZalauflebiTi urTierTq-medeba, romelsac ormxrivi xasiaTi gaaCnia: erT monawile pirs meores monawilis qcevaze zegavlenis moxdena mxolod arapirdapir SeuZlia.551 swored kontrolis arapirdapiri meqanizmis amoqmedebaa relevanturi `aqcionerTa demokatiisTvis~.

kontrolTan dakavSirebuli mesame strategiuli midgoma misi praq-tikuli ganxorcielebis pirdapir meqanizmSi mdgomareobs. sakiTxi exeba partniorTa krebis mier gadawyvetilebis miRebis,552 inicirebisa da `ve-tos~ uflebas.553 aqcionerTa mxridan gadawyvetilebis miRebaSi pirda-piri monawileobis ufleba an gadasawyveti sakiTxis dablokva kor-poraciis fundamenturi struqturuli cvlilebebis ganxorcielebis SemzRudveli da, Sesabamisad, kontrolirebadi faqtoria.554 fundamen-turi korporaciuli cvlileba SeiZleba iyos iseTi Sida cvlileba, ro-goricaa wesdebaSi cvlilebebis Setana da likvidacia-reorganizacia, da `gare~ cvlileba, rogoric aris erTi ss-is mier meores SeZena an maTi Serwyma.555 interesis sferos, korporaciis struqturul cvlilebaTa

546 Hansmann, Ownership of the Firm, 1991, P. 290.547 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Volume 2, 2010, P. 454-462.548 Davies, Introduction to company law, 2010, P. 271-273.549 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 378-392.550 Armour, Gordon, The Berle-Means Corporation in 21st Century, 2008, P. 10-11.551 Bratton, Wachter, Shareholder Primacy’s Corporatist Origins: Adolf Berle and The Modern Corporation, 2008, P. 119.552 kontrolis es segmenti iuridiul doqtrinaSi savsebiT samarTlianad aris aRiare-buli formalur kontrolad, rodeasc xmis micema xdeba direqtorTa sabWos asarCevad an fundamenturi cvlilebebis gansaxorcieleblad aqcionerTa saerTo krebaze. ix. Hansmann, Ownership of Enterprise, 1996, P. 11.553 Armour, Hansmann, Kraakman, Agency Problems and Legal Strategies, 2009, P. 38 et seq.554 Hansmann, Ownership of the Firm, 1991, P. 290.555 Palmiter, Corporations, 2006, P. 595-614.

kategoriidan, ganekuTvneba korporaciaTa Serwyma da SeZena, ramdenadac aqcionerTa struqtura ganapirobebs kontrolis uflebriv realizacias, xolo aqcionerTa struqturis modifikacia pirdapiraa damokidebuli korporaciul kombinaciebze.556 es ukanaskneli ki kapitalur sazogadoe-baTa struqturuli cvlilebebis dawyebis safuZvelia.

kontrolis mesame strategiasTan mimarTebiT, gancalkevebiT aRsan-iSnavia, xmis micemis saSualebiT manipulireba kontrolis praqtikuli relizirebisTvis.557 is ukavSirdeba principalis kontrolis saSuale-bebs, romelic xmis uflebaTa sxvadasxva kombinaciiT miiRweva. maTgan gamosayofia e.w. sindikaturi SeTanxmeba aqcionerebs Soris maTi sakon-trolo xmis uflebis uzrunvelsayofad;558 xmis micemis piramiduli strategia, rodesac xdeba erTi an ramdenime holdinguri kompaniis559 gamoyeneba Svilobili sawarmos sakontrolo aqciebis flobisTvis; Cveu-lebrivi aqciebis kalasificireba xmis uflebis mqone da xmis uflebis armqone aqciebad, romelTagan xmis uflebis mqone aqciaTa ZiriTadi nawili `menejmentis aqciaTa~ mcire saxeobaSia ganTavsebuli; menejmen-tis saxelSekrulebo urTierToba mSobel an afilirebul560 korpora-ciasTan; dabolos, direqtorTa klasificireba yovelwliuri aramdgradi (saeWvo) arCevnebis saSualebiT.561

556 aqcionerTa struqtura damokidebulia maT sakuTrebaSi arsebul aqciaTa saxeobasa da am aqciebidan gamomdinare uflebebze, romelTagan, upiratesad, xmis uflebis arsebo-baa mniSvnelovani – kontrolis ufleba xom ss-Si xmis uflebis mqone aqciaTa wilo-brivi sakuTrebis procentulobaSi gamoixateba?! magaliTisTvis, Sead. Pinto, Branson., Understanding Corporate Law, 3rd ed., 2009, P. 279-283.557 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 438-440.558 Fletcher, Fletcher Cyclopedia of the Law of Corporations, rev. ed., vol. 5, 2011, P. 378-381.559 holdingur kompaniad, rogorc wesi, miCneulia iseTi korporacia, romelic Seqmnilia specialurad imisTvis, rom SeiZinos da flobdes wilebs (aqciebs) sxva korporaciaSi sainvesticio miznebisTvis am wilTa realuri gankargvis, kontrolis uflebiT Tu mis gareSe. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 1, 2010, P. 413.560 korporaciebi, romlebic xmis uflebis mqone aqciaTa saerTo kontrolis meqanizmiT arian dakavSirebulni erTmaneTTan da funqcionireben rogorc erTi sistemis an sawar-mos Semadgeneli nawilni, afilirebuli korporaciebi ewodeba. ix. Cox, Hazen, Treatise on The Law of Corporations, 3th ed., vol. 1, 2010, P.414. amasTan, aSS-s fasiani qaRaldebis federaluri kanoni pirdapir ganmartavs, rom ̀ afilirebuli an subieqti afilirebuli konkretul pirTan (subieqtTan) niSnavs pirs, romelic erTi an ramdenime Suamavlis saSualebiT pirdapir an arapirdapir akontrolebs an kontroldeba specialurad gansazRvruli piris mier an saerTo kontrols eqvemdebareba aRniSnul konkretul subieqtTan erTad (“An affilitate of, or person affilitate with, a specified person shall mean a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the specified person”). ix. SEC Rule 501 (b), 17 C.F.R. §230.501 (b) (2008).561 Cox, Hazen, Treatise on The Law of Corporations, 3th ed., Volume 2, 2010, P. 570-580.

124 125

V. daskvna

saaqcio sazogadoebis struqturuli elementebi gadamwyveti mniS-vnelobis funqciuri datvirTvis matarebeli midgomaa restruqtur-izaciis procesis Sedegebis srulfasovnad warmoCenis, kompetenturi analizisa da obieqturi SefasebisTvis. misi Sinaarsobrvi mxaris ma-formirebel strategiul elementTa ZiriTadi areali moicavs ekonomi-kuri saqmianobis dawyebadaucilebel kapitals misive struqturuli elementebiTa da ss-is kapitalis provaiderTa mxridan kontrols, misive ganxorcielebis meqanizmebiT. am kuTxiT, ss-is struqturaSi funda-menturi cvlilebebis ganxorcielebis obieqtis identificireba misi elementebis klasifikaciis aucileblobas gansazRvravs. zemoaRniSnuli kvlevis Sedegebis mixedviT, ss-is struqturuli elementebi erTmane-Tisgan imijneba organizaciuli marTvisa da Sinaarsoobrivad strate-giul aspeqtTa or sxvadasxva mimarTulebaSi. pirveli es aris ss-is organizebuli marTvis organuli mocemuloba, romelic warmodgenilia aqcionerTa saerTo krebis, sameTvalyureo sabWosa da direqtoratis saxiT. pirvelisgan gansxvavebiT, meore mimarTulebis mocemulobas qmnis, ss-Tvis strategiulad saxasiaTo ori TanabarmniSvnelovani elementi, kapitalisa da kontrolis saxiT. mimdinare kvlevis Sedegebsa da kapi-talur sazogadoebaTa struqturul cvlilebaTa ganxorcielebas So-ris damakavSirebeli xazi ss-is restruqturizaciis ganxorcielebis meTodur SeZena-Serwymis562 sarealizacio efeqtis samizne obieqtze ga-dis. sxva sityvebiT, aRniSnuli kvlevis mizani korporaciaTa SeZena-Ser-wymis samarTlebriv-ekonomikuri Sedegebis asaxvis samizne elementebis moniSvnaSi mdgomareobda. miznis miRweva ss-is ZiriTadi struqturuli elementebis deskrifciuli analiziT gaxda SesaZlebeli.

562 am SemTxvevaSi ara mxolod korporaciis, rogorc sawarmos SeZenaze SeiZleba yura-Rebis gamaxvileba, aramed sazogadoebaSi kontrolis, igive sakontrolo monawileobis 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. 2-42; Sepe, Rogers, Private Sale of Corporate Control: Why The European Mandatory Bid Rule is Inefficient, 2010, P. 3-54.

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132 133

nona zubitaSvili *

partnioris garicxva SezRuduli

pasuxismgeblobis sazogadoebidan

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

134 135

sarCevi

I. Sesavali ................................................................................................................................................................. 134

II. partnioruli urTierTobis arsi, partniorTa SeTanxmeba, rogorc garigeba ...........................................................................................................................................................................136

1. partnioruli urTierTobis samarTlebrivi kategoria ............... 1371.1 partnioruli urTierTobis saxelSekrulebo safuZvlebi na-cionaluri kanonmdeblobis mixedviT .............................................. 1381.2 partnioruli urTierTobis saxelSekrulebo safuZvlebi aSS-s samarTlis mixedviT............................................................................. 1401.2.1 korporacia, rogorc `nexus of contracts~ .........................................141

III. partnioris valdebulebebi sazogadoebis winaSe ............................................. 143

1. partnioris ZiriTadi valdebuleba – Sesatanis ganxorcieleba ....1441.1 fuladi da arafuladi Sesatanebi ............................................. 1451.2 momsaxurebis gaweva, samuSaos Sesruleba ................................ 147

2. partnioris damatebiTi valdebulebebi .......................................... 1502.1 fiduciuri movaleobebis SedarebiTsamarTlebrivi aspeqtebi (aSS-s magaliTze) ................................................................................ 1522.1.1 erTgulebis movaleoba (duty of loyalty) ...................................1532.2 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

gadawyvetileba wilis kompensaciis Taobaze ..................................... 174

4. garicxvis sasarCelo warmoeba sasamarTloSi. arbitraJis SesaZlo gansjadoba ................................................................................ 176

VI. partnioris garicxvis mimarTeba sakuTrebis uflebasTan ....................179

1. sakuTrebis uflebis zogadi mimoxilva ......................................... 179

2. sakuTrebis ,,CamorTmevis~ legitimuroba ...................................... 180

3. partnioris garicxvasa da wilze sakuTrebis uflebis `CamorTmevis” konstituciur-samarTlebrivi safuZvlebi ............... 181

VII. daskvna .................................................................................................................................................................186

bibliografia ............................................................................................................................................................186

136 137

I. Sesavali

saqarTveloSi sawarmoTa yvelaze gavrcelebul organizaciul samarTlebriv formas SezRuduli pasuxismgeblobis sazogadoeba war-moadgens.1 amavdroulad, ,,mewarmeTa Sesaxeb~ saqarTvelos kanoni2 sru-lyofilad ar aregulirebs sazogadoebaSi warmoSobil urTierTobaTa rig mniSvnelovan aspeqtebs. aseTia, magaliTad, sazogadoebidan part-nioris garicxvis sakiTxi, romlis mowesrigebac mTlianad sasamarTlo praqtikazea mindobili. ,,mewarmeTa Sesaxeb~ kanoni uTiTebs partnioris garicxvis mxolod erT safuZvelze – partnioris mier sazogadoebaSi Sesatanis ganuxocieleblobaze.3 ar arsebobs norma, romelic ganaz-Rvravda partnioris sxva valdebulebebs.4 Tumca saqarTvelos uzenaesi sasamarTlos erTgvarovanma praqtikam daadgina, rom sazogadoebis part-niorebs Sor is 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.

Tu ara partnioris garicxva da Sedegad sazogadoebaSi wilis dakargva sakuTrebis CamorTmevas da ramdenad konstituciuria igi?

wignis winamdebare nawilis mizania sakanonmdelo reguli-rebisa da sasamarTlo praqtikis analizis gziT, Sps-dan partnio-ris garicx-vis safuZvlebisa da procedurebis sistematizacia. Sesabamisad, kvleva efuZneba sakanonmdelo regulirebisa da iuridiuli doqtrinis sa-samarTlo praqtikaSi ganzogadebis analizs. naSromSi gamoyenebulia SedarebiTsamarTlebrivi kvlevis meTodi.

zemoaRniSnuli sakiTxebis analizis Sedegad, partnioris garicx-vis samarTlebrivi regulireba erTian CarCoSi moeqceva da praqtikaSi wamoWril kiTxvebs upasuxebs.

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II. partnioruli urTierTobis arsi, partniorTa

SeTanxmeba,6 rogorc garigeba

SezRuduli pasuxismgeblobis sazogadoeba iqmneba mogebis miRebis mizniT.7 partniorTa individualur da saerTo mizanTa Tanxvedra gansaz-Rvravs partnioruli urTierTobis arss. magaliTad, `A” da `B”-m dades partnioruli SeTanxmeba da daafuZnes Sps `X”. orive partniors aqvs urTierTndoba, rom TiToeuli ise miiRebs monawileobas sazogadoe-bis saqmianobaSi (mag. droulad ganaxorcielebs Sesatans, ar miiTvisebs sazogadoebis kuTvnil korporaciul SesaZleblobebs), rom sakuTari qmedebiT saerTo miznis miRwevas ar Seuqmnis safrTxes. Tuki partni-oruli urTierToba ar iqneba SeboWili ndobidan gamomdinare movaleo-bebiT, saerTo miznis ganxorcieleba SeuZlebeli gaxdeba.

ndobis elementi ganmsazRvreli faqtoria aSS-s sasamarTlo praq-tikiT, romelic am kuTxiT partniorul urTierTobas uTanabrebs trastis urTierTobas. magaliTad, kaliforniis Statis uzenaesma sasamarTlom Leff v. Gunter-is saqmeze miuTiTa Semdegi: `partniorebi erTmaneTis mimarT arian mindobili pirebi (trustees)...sazogadoebis saqmianobis procesSi partniori valdebulia imoqmedos keTilsindisierad danarCen partnio-rebTan mimarTebiT”.8 xolo AB Group v. Werthur–is saqmeSi sasamarTlom fiduciuri movaleobiT `datvirTuli” qmedebebi gaafarTova da aRniSna, rom ̀ partnioris fiduciuri movaleobebi vrceldeba partniorTa Soris urTierTobaTa yvela aspeqtsa da tranzaqciaze”.9 es midgoma gamoiyeneba, rogorc amxanagobis (partnership), aseve SezRuduli pasuxismgeblobis kompaniis (LLC)10 da daxuruli korporaciebis (closely held corporation) 6 winamdebare naSromSi ter. `partniorTa SeTanxmeba~ gamoiyeneba `wesdebis~ sinonimad. 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 principi gamoyene-bulia aseve saqmeSi BT-I v Equiatble Life Assur. Soc’y (1999), 75 CA 4th 1406, 89 CR2d 811.9 AB Group v.Werthur (1997) 75 CA 4th 1022, 69 CR 2d 652.10 LLC aerTianebs rogorc korporaciis, aseve amxanagobis organizaciul-samarTlebriv elementebs. korporaciis msgavsad, LLC-is wevrebis piradi pasuxismgebloba SezRudu-lia, amxanagobis msgavsad ki, yvela wevrs aqvs kompaniis marTvis garantirebuli ufleba, Tu samoqmedo xelSekrulebiT (operating agreement) sxvagvarad ar aris dadge-nili, ix., Thomas R Hurst, William A Gregory, Cases and Materials on Corporations, Cincinnati, Ohio,1999, 63; aseve, Rebecca J. Huss, Revamping Veil Piercing for all Limited Liability Enti-ties: Forcing the Common Law Doctrine into the Satutory Age, Cincinnati Law Review, 2001 [70 U. Cin. L. Rev. 95] 2; Claire Moore Dickerson, Equilibrium Destabilized: Fiduciary Duties under the Uniform Limited Liability Company Act, Stetson Law Review, 1995, [25 Stetson L. Rev. 417], 3; winamdebare naSromSi, partnioris movaleobaTa identifikacia xdeba LLC-s magaliTze, im daTqmiT, romL LLC-is wevris movaleobebi daxuruli koporaciis part-nioris movaleobaTa identuria. daxuruli korporacia ki qarTuli Sps-s analogiaa

mimarT.11 magaliTad, Donahue v. Rodd Electrotype Co. of New England saqmeze sasamarTlom daadgina, rom partniorebs daxurul korporaciebSi akis-riaT arsebiTad igive fiduciuri movaleobebi, rac amxanagobis wevrebs.12

1. partnioruli urTierTobis samarTlebrivi kategoria

damkvidrebuli mosazrebiT, partnioruli urTierToba korpo-raci-ulsamarTlebrivi urTierTobaa. Tumca es urTierToba aseve moicavs valdebulebiT-saxelSekrulebo elementebsac. partnioris mier sazoga-doebis interesebis sawinaaRmdego qmedebis Cadena, saqarTvelos sasamarT-lo praqtikiT erTmniSvnelovnad ganixileba partnioris mier sazoga-doebis winaSe nakisri valdebulebis darRvevad. evropul doqtrinaSi aRiarebulia, rom sazogadoebis miznis dacva TiToeuli partnioris statusidan gamomdinareobs da korporaciis yoveli wevris sazrunavs warmoadgens.13 zogadad, valdebulebis warmoSobis safuZveli, am tipis urTierTobaSi, SeiZleba iyos kanoni an partniorTa SeTanxmeba.14 ,,me-warmeTa Sesaxeb~ kanoni ar gansazRvravs partnioris amgvar movaleobas

ix. Wanturia l., korporaciuli marTva da xelmZRvanelTa pasuxismgebloba sakorpo-racio samarTalSi, 2006, 78.11 S. Mark Curwin, Fiduciary Duties and the Minnesota Limited Limited Liability Company: Suf-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 Corporate Law, 2004 [29 Del. J. Corp. L. 377] 4; Daniel S. Kleinberger, The Closely Held Busi-ness Through the Entity-Aggregate Prism Wake Forest Law Review, 2005 [40 Wake Forest L. 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).12 Donahue v. Rodd Electrotype Co. of New England, Inc saqze masaCusetsis Statis uzenaesma sasamarTlom daadgina: ̀ Because of the fundamental resemblance of the close corporation to the partnership, the trust and confidence, which are essential to this scale and manner of enterprise, and the inherent danger to minority interests in the close corporation, we hold that stockholders in the close corporation owe one another substantially the same fiduciary duty in the operation of the enterprise that partners owe to one another. In our previous decisions, we have defined the standard of duty owed by partners to one another as the `utmost good faith and loyalty.” Cardullo v. Landau, 329 Mass. 5, 8 (1952). DeCotis v. D’Antona,350 Mass. 165, 168 (1966). Stockhold-ers in close corporations must discharge their management and stockholder responsibilities in conformity with this strict good faith standard. They may not act out of avarice, expediency or self-interest in derogation of their duty of loyalty to the other stockholders and to the corporation“ ix., Donahue v. Rodd Electrotype Co. of New England, Inc. 328 N.E.2d 505 (1975).13 burduli i., Senatanis ganuxorcieleblobis samarTlebrivi Sedegi: utopiuri Sexed-uleba ss-dan partnioris garicxvis Sesaxeb, ,,samarTlis Jurnali~ #1-2, 2010, 23.14 kerZo samarTlebriv urTierTobebSi valdebulebis warmoSobis safuZveli SeiZleba iyos: xelSekruleba, deliqti, usafuZvlo gamdidreba an/da kanoni, saqarTvelos samoqa-laqo kodeqsi (SemdgomSi `sk”) 317-e muxlis pirveli nawili;

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da arc keTilsindisierebis standarts awesebs.15 keTilsindisierebis principi gaTvaliswinebulia saqarTvelos samoqalaqo kodeqsSi. kerZod, kodeqsis me-8 muxlis mesame nawilSi, romlis Tanaxmadac kerZosamarT-lebrivi urTierTobis monawileni valdebulni arian keTilsindisierad ganaxorcielon TavianTi uflebebi da movaleobebi. amasTave, aRniSnuli muxlis Tanaxmad, kerZosamarTlebrivi urTierTobis subieqtia nebis-mieri fizikuri da iuridiuli piri. Sesabamisad, keTilsindisierebis principi gamoiyeneba mTeli kerZo samarTlis mimarT.16 Tavis mxriv, kerZosamarTlebrivi urTierToba samewarmeo urTierTobasac moicavs.17 amdenad, keTilsindisierebis movaleobis Sps-is partniorTa mimarT gavrcelebis safuZvlad SeiZleba saqarTvelos samoqalaqo kodeqsi gan-vixiloT. partnioris fiduciuri movaleobis warmoSobis safuZvels ki partniorTa SeTanxmeba warmoadgens, romelsac am urTierTobaSi valde-bulebiT-saxelSekrulebo elementebi Semoaqvs.

1.1 partnioruli urTierTobis saxelSekrulebo safuZvlebi nacionaluri kanonmdeblobis mixedviT

Sps iqmneba partniorTa nebis gamovlenis – SeTanxmebis Sedegad.18 nebis gamovlenis konstatacia partniorTa SeTanxmebiT xdeba. garigebis sakanonmdeblo definicias saqarTvelos samoqalaqo kodeqsis 50-e mux-li iZleva, romlis Tanaxmadac, `garigeba aris calmxrivi, ormxrivi an mravalmxrivi nebis gamovlena, romelic mimarTulia samarTlebrivi urT-ierTobis warmoSobis Secvlis an Sewyvetisaken.”19 Sps-is SemTxvevaSic, partniorTa neba mimarTulia konkretuli samarTlebrivi Sedegis dad-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: Sufficient Protection of Memebers Interests? William Mitchell Law Review Fall, 1993 [19 Wm. Mitchell L. Rev. 98], 2.16 ioseliani a., keTilsindisierebis principi saxelSekrulebo samarTalSi (SedarebiT-samarTlebrivi gamokvleva); qarTuli samarTlis mimoxilva – specialuri gamocema 2007, 18. 17 kereseliZe d., kerZo samarTlis uzogadesi sistemuri cnebebi, Tbilisi 2009, 82. 18 mewarmeTa Sesaxeb kanoni, me-3 muxlis me-4¹ punqti. 19 `nebis gamovlenisa” da `garigebis” cnebebis Sesaxeb ix. kereseliZe d., kerZo samarT-lis uzogadesi sistemuri cnebebi, Tbilisi, 2009, 232-242.

lebrivi mdgomareoba sazogadoebaSi. partiorTa SeTanxmeba warmoadgens kerZosamarTlebriv garigebas. Tumca problemuria am garigebis xelSek-rulebad kvalifikaciis sakiTxi.

xelSekruleba aris ormxrivi garigeba.20 Sesabamisad, sakiTxi, war-moadgnes Tu ara partniorTa SeTanxmeba xelSekrulebas, unda gadawydes ormxrivi garigebis kriteriumebis partniorTa SeTanxmebisTvis misad-agebis gziT. garigeba ormxrivia, roca saxezea mxareTa urTierTanmxvedri nebis gamovlena.21 amdenad, ormxrivi garigebis makvalificirebeli kri-teriumia Sinaarsobrivad urTierTmfaravi nebis gamovlena – konsesusi22 da ara savaldebulod ori xelSemkvreli mxaris arseboba.23 partnior-Ta mier SeTanxmebis dadebisas saxezea partniorTa urTierTTanmxve-dri nebis gamovlena, rac mas aqcevs ormxriv garigebad da, Sesabamisad, xelSekrulebad. Tumca, saWiroa ganvasxvavoT partniorTa SeTanxmeba da masSi cvlilebis Setanis Sesaxeb partniorTa gadawyvetileba, radganac swored es qmnis problemas. ,,mewarmeTa Sesaxeb~ kanonis me-91 muxlis Sesabamisad, SeTanxmebaSi cvlilebis Setanaze uflebamosilia partnior-Ta saerTo kreba. cvlilebebi Seitaneba saerTo krebis gadawyvetilebis safuZvelze, anu mravalmxrivi garigebis Sedegad.24 amdenad, Tuki part-niorTa SeTanxmebas ganvixilavT xelSekrulebad, xolo yovel Semdgom cvlilebas - mravalxmriv garigebad, saxeze ar iqneba xelSekrulebis makvalificirebeli kriteriumi - urTierTTanmxvedri neba, radganac gadawyvetileba SeiZleba miRebul iqnes xmaTa umravlesobiT. cvlile-bebi da damatebebi SeTanxmebis ganuyofeli nawilia. Sesabamisad, saerTo jamSi, partniorTa SeTanxmebis mimarT ikargeba konsesusis kriteriumi. amdenad, nacionaluri sakanonmdeblo regulirebis pirobebSi partnior-Ta SeTanxmebis xelSekrulebad kvalifikacia ver xerxdeba.

20 Wanturia l., samoqalaqo samarTlis zogad nawili, Tbilisi 2011, 302; saqarTvelos samoqalaqo kodeqsis komentari wigni pirveli, Tbilisi, 2002, 169. 21 iqve, Wanturia l., 303. 22 saqarTvelos samoqalaqo kodeqsis komentari, wigni mesame, Tbilisi 2001, 84.23 mag., erToblivi saqmianobis (amxanagobis) xelSekruleba, romelsac SeiZleba orze bevrad meti monawile hyavdes, warmoadgens xelSekrulebas, anu ormxriv garigebas. Tumca, rodesac vsaubrobT urTierTanmxvedri nebis gamovlenaze, minimum ori mxare mainc unda arsebobdes. 24 partniorTa gadawyvetileba warmoadgnes mravlmxriv garigebas. ix., Wanturia l., samoqalaqo samarTlis zogad nawili, Tbilisi 2011, 304.

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1.2 partnioruli urTierTobis saxelSekrulebo safuZvlebi aSS-s samarTlis mixedviT

aSS-s sakorporacio samarTliT, LLC-is farglebSi, partnioruli urTierToba warmoiSoba SeTanxmebis (operating agreement) safuZvelze, saxelSekrulebo Tavisuflebis farglebSi,25 romelic SeiZleba daidos, rogorc werilobiT, aseve. zepiri formiTac.26

doqtrinaSi araa erTgvarovani midgoma imis Sesaxeb, warmoadgens Tu ara es SeTanxmeba xelSekrulebas. Tumca is mkvlevarebic ki, romlebic uaryofen SeTanxmebis saxelSekrulebo xasiaTs, Tanxmdebian, rom sax-elSekrulebo keTilsindisierebis ZiriTadi principi vrceldeba part-niorTa SeTanxmebazec.27 saxelSekrulebo Teoriis mimdevrebi uTiTeben, rom korporacia fuZndeba da saqmianobas axorcilebs xelSekrulebis safuZvelze, korporaciis saqmianobaSi monawile yvela piri (part-niorebi, direqtorebi, sxva dasaqmebulebi) moqmedebs xelSekrulebis safuZvelze.28Amkvlevarebi aRniSnaven, rom aseTi korporaciuli xelSek-rulebebi mniSvnelovnad gansxvavdeba Cveulebrivi xelSekrulebisgan, ris gamoc urTierTobebis garkveuli aspeqtebis regulirebas axdens saxelmwifo.29 saxelSekrulebo Teoriis kidev erT argumentad miiCneva is, rom sazogadoebis partniorebi SeboWilni arian keTilsindisierebis movaleobiT.30 keTilsindisiereba ki, Tavis mxriv, saxelSekrulebo samar-Tlis cnebaa. samewarmeo urTierTobaSi misi gavrcelebis safuZveli ki partniorTa SeTanxmebaa.31 aRsaniSnavia, rom aSS-s sasamarTlo praqti-kac emxroba saxelSekrulebo Teorias. magaliTisTvis, saqmeze Malibu

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. 1843-S Delaware Journal of Corporate Law 2002 [27 Del. J. Corp. L. 463], 9.26 RULLCA (2006) 110; ix. http://www.law.upenn.edu/bll/archives/ulc/ullca/2006act_final.pdf 27 Puala J. Dalley, The Law of Partner Expulsions: Fiduciary Duty and Good Faith, Cardozo Law Review, 1999, [Vol 21-181], 193.28 Henry N. Butler, Larry E. Ribstein, Opting Out of Fiduciary Duties: a Response to the Anti-Contractarians, Washington Law Review, 1990 [65 Wash. L. Rev. 1], 2.29 iqve, 2;30 Stan Johnson, Duties Under the Utah Revised Limited Liability Company Act: Analysis of a Statutory Conflict, Utah Law Review 2002 [Utah L. Rev. 551], 4.31 Restatement (Second) of Contracts, (1981) Sec. 205: `every contract imposes upon each party a duty of good faith and fair dealing in its performance and its enforcement” xelmisawvdo-mia: http://lexinter.net/LOTWVers4/restatement_(second)_of_contracts.htm; analogiur stan-darts awesebs UCC 2005, Sec. 304: `yvela kontraqti an/da valdebuleba gulisxmobs keTilsindisierebis movalebas” xelmisawvdomia: http://www.law.cornell.edu/ucc/1/

Inv. Co. v. Sparks sasamarTlom daadgina, rom yvela saxis xelSekruleba mis monawileebs akisrebs keTilsindisierebisa da samarTliani qmedebis movaleobas.32 aRniSnul saqmeSi, sasamarTlom keTilsindisiereba ganmar-ta, rogorc xelSekrulebis Sedegis (party’s right to receive the fruits of a contract) miRebis uflebis uzrunvelsayofi meqanizmi.33 amdenad, aSS-s doqtrinaSi arsebuli azrTa sxvadasxvaobis miuxedavad, partnioruli urTierTobis saxelSekrulebo safuZvlebi sasamarTlo praqtikiTaa aRiarebuli.34

1.2.1 korporacia, rogorc `nexus of contracts~

Teoria `nexus of contracts”35 korporacias ganixilavs ormxrivad ma-valdebulebeli SeTanxmebebis (reciprocal arrangement/contract) erToblio-bad.36 Sesabamisad, gansazRvravs, rom partniorebs korporaciis mimarT mxolod saxelSekrulebo moTxovnebi aqvT. Tumca es ar niSnavs imas, rom korporacia xelSekrulebaa an rom korporacia ar arsebobs. ufro piriqiT, koncefcia `nexus of contracts” korporacias ganixilavs samar-Tlebriv fiqciad, romelic emsaxureba, rogorc birTvi - `nexus” - part-niorTa saxelSekrulebo urTierTobebs.

Teoriis sust mxared ganixileba partnioris upiratesobis (share-holder primacy) principi, romelic korporaciis miznad, partnioris keTildReobis uzrunvelyofas miiCnevs.37 `shareholder primacy” princip-Tan dakavSirebiT, aseve arsebobs Sexeduleba, rom korporacia ara mx-olod partniorebis keTildReobis miRwevis saSualebaa, aramed emsax-ureba dasaqmebulebis, kreditorebisa da zogadad, sazogadoebis saerTo

32 `As a general rule, every contract is subject to an implied covenant of good faith and fair deal-ing, under which both parties to a contract promise not to intentionally or purposely do anything which will destroy or injure the other party’s right to receive the fruits of a contract”, Malibu Inv. Co. v. Sparks, 996 P.2d 1043, 1048 (Utah 2000). 33 iqve, Malibu Inv. Co. v. Sparks.34 Vincent M. Roche, `Bashing the Corporate Shield”: The Untenable Evisceration of Freedom of Contract in the Corporate Context, The Journal of Corporation Law, 2003 [28 Iowa J. Corp. L. 289], 3.35 `Nexus of contracts” koncefcia pirvelad gamoqveynda 1976 wels naSromSi: Michael Jensen and William Meckling, The Theory of the Firm, Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, October, 1976, V. 3, No. 4.36 Melvin A. Eisenberg, Team Production in Business Organizations: The Conception That the Corporation is a Nexus of Contracts, and the Dual Nature of the Firm, The Journal of Corporation Law, 1999 [24 Iowa J. Corp. L. 819], 2.37 Julian Velasco, The Fundamental Rights of the Shareholder, Davis Law Review, 2006 [40 U.C. Davis L. Rev. 407], 15.

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keTildReobas.38 Teoria `nexus of contracts” ki gamoricxavs romelime mxaris upiratesobas, msgavsad saxelSekrulebo samarTlisa, romelic individTa Tanasworobis safuZvelze ar aniWebs upiratesobas magaliTad, gamyidvels an piriqiT, myidvels.39 amdenad, cneba `nexus of contracts” da-kavSirebulia korporaciis imgvar gagebasTan, romlis Tanaxmadac, yvela dainteresebuli piri Tanaswor safuZvelze unda moqmedebdes.

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 Review, 1989, [89 Colum. L. Rev. 1449], 2; Lucian Arye Bebchuk, A Contractual Freedom in Cor-porate Law, Columbia Law Review, 1989, [89 Colum. L. Rev. 1395], 2; William W. Bratton, The New Economic Theory of the Firm: Critical Perspectives from History, Stanford Law Review, 1989, [41 Stan. L. Rev. 1471], 2.39 William W. Bratton, The `Nexus of Contracts” Corporations: A Critical Appraisal, Cornell Law Review, 1989, [74 Cornell L. Rev. 407], 2.

III. partnioris valdebulebebi sazogadoebis

winaSe

sazogadoebidan partnioris garicxvis pirvel winapirobas warmoad-gens partnioris mier valdebulebis darRveva.40 amdenad, prima facie, 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.

40 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2009 wlis 06 noembris ganCineba #as-812-1099-09 Sps `eka”-s saqmeze.41 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2007 wlis 24 ivlisis gadawyvetileba #as-390-741-07 Sps `jorjian earveisi”-s saqmeze; aseve sus, 2007 wlis 13 martis ganCineba #as-556-939-06, Sps telekompania `Tanamgzavris” saqmeze. 42 Paula J. Dalley, To Whom It May Concern, Fiduciary Duties and Business Associations, Dela-ware Journal of Corporate Law 2001, [26 Del. J. Corp. L. 515], 2.

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1. partnioris ZiriTadi valdebuleba – Sesatanis

ganxorcieleba

sazogadoebis dafuZnebisas partniorebi unda SeTanxmdnen wilebis ganawilebaze da daTqvan kapitalSi maTi Sesatanebis odenoba.43 Gganxor-cielebuli Senatanis mesakuTre xdeba sazogadoeba. Sesabamisad, Sesata-nis ganxorcilebis vadis gadacilebis SemTxvevaSi, Sesrulebis moTxov-nis ufleba sazogadoebas ekuTvnis.44 unda aRniSnos, rom `mewarmeTa Sesaxeb” kanonis me-3 muxli saTaurSi uTiTebs Sesatanze, xolo me-5 punqti iyenebs termins ,,Senatani.” Tumca ufro swori iqneboda Tavad muxlSic termin ,,Sesatanis” gamoyeneba, radganac Sesatani Senatanad iqceva mxolod ganxorcielebis Semdeg.45 `mewarmeTa Sesaxeb” kanonis Tanaxmad, ,,Senatani” SeiZleba iyos materialuri da aramaterialuri qoneba, samuSaos Sesruleba an/da momsaxurebis gaweva. Sesatanebis TiTq-mis analogiur saxeebs vxvdebiT aSS-s samarTalSic.46

Sesatanebi sazogadoebis kapitalis formirebis mniSvnelovani meqa-nizmia. Tavis mxriv, sazogadoebis kapitali kreditorTa dacvis berke-tia. gansakuTrebiT ki sawesdebo kapitali, romelic kreditorTa sa-sargeblod `dacul sagarantio fondad” ganixileba.47 aRniSnulis gamo, Sesatanis mimarT vrceldeba zogadi kriteriumi - Sesatani unda iyos gamoyenebadi sazogadoebisTvis, anu mas unda gaaCndes garkveuli eko-nomikuri Rirebuleba. Setanaunarian obieqtebad miiCneva samoqalaqo urTierTobebSi brunvaunariani obieqtebi,48 romelTa ekonomikuri Rire-bulebis dadgenac SesaZlebelia.49

sazogadoebis partniorebi uflebamosilni arian sazogadoebis saqmi-anobis nebismier etapze miiRon gadawyvetileba sazogadoebis kapitalis gazrdis Sesaxeb.50 unda aRiniSnos, rom kapitalis gazrda SeiZleba iqces partnioris garicxvis xelovnur saSualebad, Tumca SezRuduli gamoy-enebiT. kapitalis gazrdis Sesaxeb gadawyvetileba SeiZleba miiRebul

43 mewarmeTa Sesaxeb kanoni, me-3 muxlis me-5 puntqi.44 iqve, me-9 prima muxlis me-6 punqti. 45 burduli i., qonebrivi urTierToba saaqcio sazogado ebaSi (gansakuTrebiT misi Camo-yalibebis procesSi qarTuli da avstri uli sama r Tlis magaliTze), Tbilisi 2008, 117.46 RULLCA (2006) Sec. 402: `Contribution may consist of tangible or intangible property or oth-er benefit to a limited liability company, or a series thereof, including money, services performed, promissory notes, other agreements to contribute money or property, and contracts for services to be performed”. ix. aseve MBCA §6.21.47 juReli g., kapitalis dacva saaqcio sazogadoebaSi, Tbilisi, 2010, 55.48 sk, 147-e da 152-e muxlebi.49 Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, 2002, 48.50 mewarmeTa Sesaxeb kanoni, me-9 ˡ muxlis me-6 punqti.

iqnes xmaTa umravlesobiT.51 Sesabamisad, kapitalis gazrda partnioris garicxvis xelovnur saSualebad iqceva, Tuki konkretul SemTxveva-Si, umravlesobis mier uflebis borotad gamoyenebas aqvs adgili da, magaliTad, arsebuli garemoebebi cxadyofen, rom umciresobaSi myofi partniori ver ganaxorcielebs damatebiT Sesatans. unda aRiniSnos, rom aseT SemTxvevaSi sazogadoebas mtkicebis tvirTi Seumsubuqdeba, radganac Sesatanis ganxorcielebis valdebulebis darRvevisas garicx-vis moTxovnis samarTlebrivi dasabuTeba ufro advilia, vidre gasar-icxi partnioris mxridan sazogadoebisTvis zianis miyenebis damtkiceba. Tumca, yovel konkretul SemTxvevaSi, calke msjelobis sagania, ramde-nad akmayofilebs keTilsindisierebis movaleobas partnioris garicxvis aseTi meqanizmis gamoyeneba.

Tavis mxriv, Sesatani SeiZleba iyos ZiriTadi da damatebiTi. Ziri-Tad Sesatans warmoadgens partniorTa SeTanxmebiT gansazRvruli Sesa-tani. xolo kapitalis gazrdis an sxva ekonomikuri Sedegis miRwevis mizniT , saerTo krebis gadawyvetilebiT gansazRvruli Sesatani – dam-atebiTs. Sesatanis ganxorcieleba unda moxdes partniorTa SeTanxmebiT, xolo damatebiTi Sesatanis - partniorTa gadawyve tilebiT gansazRvrul vadaSi. Tuki partniori dadgenil vada Si ar Seasrulebs an Seasrulebs, magram arajerovnad saxeze iqneba partnioris mier valdebulebis darRveva.

1.1 fuladi da arafuladi Sesatanebi

materialuri qonebis saxiT, sazogadoebis kapitalSi Sesatanis for-miT Seitaneba fuladi saxsrebi (fuladi Sesatani) moZravi da uZ-ravi qoneba (sanivTo Sesatani).52 Tuki Sesatans warmoadgens fuli,

51 aRsaniSnavia, ,,mewarmeTa Sesaxeb” kanonis erT-erTi bolo cvlilebac - mesame muxlis 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-mobis gareSe amgvari cvlilebis Setana dauSvebelia.” registrirebul uflebas, pirvel rigSi, warmoadgens sakuTrebis ufleba. normis sityvasityviTi ganmartebiT, partnioris garicxva (romlis Sedegicaa partnioris Tanxmobis gareSe, wilze sakuTrebis uflebis gauqmeba), aseve damatebiTi Senatanebis dakisreba (romelTa ganuxo-rcieleblobam Sei-Zleba gamoiwvios garicxva da amdenad, warmoadgens iseT valdebulebas, romelmac SeiZleba gavlena moaxdinos registrirebul uflebaze) dauSvebelia Tavad partnioris Tanxmobis gareSe. Tumca, aseTi ganmarteba winaaRmdegobaSi modis zogadad garicxvis institutTan da arsebul sasamarTlo praqtikasTan. amdenad, savaraudoa, rom norma exeba sxvagvar uflebebs, magaliTad, rogoricaa wilis upiratesad Sesyidvis ufleba, sameTvalyureo sabWoSi wevris savaldebulod wardgenis ufleba da sxva, romelic SeiZleba iqnes gaTvaliswinebuli wesdebiT da registrirebuli reestrSi. 52 Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, 2002, 46.

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damkvidrebuli praqtikis Sesabamisad, igi Seitaneba sazogadoebis sa-banko angariSsze. rac Seexeba moZrav/uZrav qonebas da aramaterialur qonebriv sikeTeebs, am SemTxvevaSi Sesatanis ganxorcieleba - qonebis sazogadoebisTvis gadacema unda moxdes damoukidebeli xelSekrulebis safuZvelze (Sesatanis gadacemis xelSekruleba).53 Sesatanis gadacemis xelSekruleba rig SemTxvevaSi formasavldebuloa. Fformis gansazRvri-sas gadamwyvetia is, Tu rogor xdeba konkretul qonebaze sakuTrebis uflebis gadasvla. magaliTad, uZrav qonebaze sakuTrebis ufleba war-moiSoba sajaro reestrSi registraciis momentidan, xolo sajaro re-estrSi uflebis registraciis safuZveli ki Sesabamisi werilobiTi xelSekrulebaa.54 amdenad, Tuki Sesatans warmoadgens uZravi qoneba, Sesa-tanis ganxorcielebis xelSekruleba unda daidos werilobiTi formiT, sazogadoebaze sakuTrebis uflebis gadasvla ki daregistrirdes sa-jaro reestrSi. mxolod amis Semdeg CaiTvleba Sesatani ganxorciele-bulad. miiCneva, rom sawarmo SeiZleba gamoyenebul iqnes arafulad (sanivTo) Sesatanad.55

Sesatanis gadacemis xelSekruleba calmxrivad mavaldebulebeli ormxrivi garigebaa, radganac, erTi mxriv, avaldebulebs partniors ganax-orcielos Senatani, xolo, meore mxriv, aniWebs sazogadoebas Sesrulebis moTxovnis uflebas (anu sazogadoebis mxridan sapasuxo Sesrulebis valdebulebas ar gulisxmobs).56

aramaterialuri qonebis saxiT, sazogadoebis kapitalSi xelSek-rulebis safuZvelze SeiZleba moTxovnebisa da aramaterialuri qone-brivi sikeTeebis Setana. maT ganekuTvneba, moTxovnebi (rogorc saxelSek-rulebo aseve, kanonismieri valdebulebiTi urTierTobidan gamomdinare mag., usafuZvlo gamdidrebidan warmoSobili moTxovnis uflebebi), wile-bi, aqciebi, fasiani qaRaldebi, saavtoro da momijnave uflebebi, sax-elSekrulebo (mag., ijaris ufleba da ara ijaris sagani)57 da sanivTo uflebebi (mag., aRnagoba). aseve frenSaizingis xelSekrulebis saganic ganixileba Setanaunarian obieqtad.58 miiCneva, rom saavtoro uflebebi, samrewvelo sakuTreba, sasaqonlo niSnebi, safirmo saxelwodeba, adgil-

53 burduli i., saaqcio samarTlis safuZvlebi tomi I, 181.54 sk, 183-e muxli.55 sawarmos Senatanad gamoyeneba ukavSirdebda sawarmos reorganizaciisa da gardaqmnis sakiTxebs. dawvrilebiT, ix. burduli i., qonebrivi urTierToba saaqcio sazogadoebaSi (gansakuTrebiT misi Camoyalibebis procesSi) qarTuli da avstriuli samarTlis mag-aliTze, Tbilisi 2008, 131-133.56 iqve, burduli i., 119, 122. 57 Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, Tbilisi 2002, 49. 58 burduli i., qonebrivi urTierToba saaqcio sazogadoebaSi (gansakuTrebiT misi Camo-yalibebis procesSi) qarTuli da avstriuli samarTlis magaliTze, Tbilisi 2008, 130.

warmoSobis dasaxelebiT sargeblobis ufleba da a.S. aseve warmoadgenen Setanaunarian obieqtebs.59 Sesatanis gadacemis xelSekrulebis forma am SemTxvevaSic damokidebulia Sesatanis saxeze. magaliTad, ,,saavtoro da momijnave uflebebis Sesaxeb~ kanoni gansazRvravs, rom saavtoro uflebis gadacemis safuZvelia xelSekruleba, romelic, Tavis mxriv, formasavaldebuloa da unda diados werilobiTi formiT.60

Tuki Sesatanis saxes warmoadgens partnioris kuTvnili moTxovnis ufleba mesame piris mimarT, Sesatanis ganxorcieleba unda moxdes sazoga-doebasa da partniors Soris moTxovnis daTmobis werilobiTi xelSek-rulebis safuZvelze. aRsaniSnavia, rom am SemTxvevaSi mesame piris Tanxmoba ar moiTxoveba.61 gavrcelebuli Sexedulebis Tanaxmad, ar aqvs mniSvneloba vis mimarT arsebobs moTxovna. amis gamo ki SesaZlebelia, Sesatanad gamoy-enebul iqnes Tavad sazogadoebis mimarT arsebuli moTxovnebi.62 magali-Tad, kompensaciis anda ganawilebuli dividendis moTxovnis ufleba. Tumca, aseT SemTxvevaSi saqme gvaqvs moTxovnaTa urTierTgaqviTvasTan, vidre moTxovnis daTmobasTan. moTxovnis uflebis moTxovnis adresatisTvis daTmobiT moTxovna wydeba, SeuZlebelia piri iyos erTi da imave moTxov-nis uflebis, rogorc mesakuTre, aseve adresati (anu moTxovnis ufleba gaaCndes sakuTari Tavis mimarT). amdenad, sazogadoebis mimarT arsebuli moTxovnis uflebis Sesatanad gamoyenebis SemTxvevaSi, sazogadoebasa da partniors Soris unda daidos urTierTmoTxovnaTa gaqviTvis Sesaxeb Se-Tanxmeba.63 urTierTmoTxovnaTa gaqviTvis dros, urTierTobis monawileni erTmaneTis mimarT erTdroulad warmoadgenen kreditorsac da mova-lesac.64 amdenad, urTierTmoTxovnaTa gaqviTvis SemTxvevaSi, partnioris Sesatani CaiTvleba ganxorcielebulad, xolo sazogadoebis valdebuleba partnioris mimarT Sesrulebulad.

1.2 momsaxurebis gaweva, samuSaos Sesruleba

momsaxurebis gaweva da samuSaos Sesruleba, rogorc Sesatanis saxe, warmoadgens sakanonmdeblo siaxles.65 ,,mewarmeTa Sesaxeb~ kanoni ar

59 Bayer in Schmidt/Lutter, AktG, (2008), $ 27, Rn. 13.60 ,,saavtoro da momijnave uflebebis Sesaxeb~ saqarTvelos kanoni, gamoqvey. saqarT-velos sakanonmdeblo macne 1999 w. #28(35), 35-e muxlis pirveli punqti da 42-e muxlis pirveli punqti.61 sk, muxlis 199-e muxlis pirveli nawili. 62 Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, Tbilisi 2002, 50.63 sk, 442-e muxli.64 saqarTvelos samoqalaqo kodeqsis komentari, wigni III, Tbilisi 2001, 546.65 ,,mewarmeTa Sesaxeb~ kanonis me-3 muxlSi SenatanTan dakavSirebiT cvlileba 14.03.2008 wels Sevida.

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awesebs maTi gamijvnis kriteriums. Tumca, momsaxurebis gaweva da samuS-aos Sesruleba SeiZleba gaimijnos. kerZod, ganxvavebaa im `produqtSi”, romelic unda miiRos sazogadoebam. momsaxurebis gawevisas Sesatani, anu sazogadoebis mier misaRebi `produqti”, procesia (magaliTad, sazoga-doebisTvis finansuri an iuridiuli momsaxurebis gaweva), xolo samuS-aos Sesrulebis – konkretuli Sedegi (magaliTad, nardobis xelSek-rulebidan gamomdinare nivTis Seqmna).

iuridiul literaturaSi ar aris erTgvarovani midgoma imis Tao-baze, Tu ramdenad warmoadgens momsaxurebis gaweva da samuSaos Ses-ruleba Setanaunarian obieqts. msgavsad ararsebuli nivTebisa da sa-momavlo moTxovnebisa, miiCneva, rom korporaciaSi momsaxurebis gaweva da samuSaos Sesruleba ar warmoadgens arafuladi Sesatanis saTanado obieqts.66 aRniSnuli midgoma gamomdinareobs evropis sabWos II di-reqtividan, romlis Tanaxmadac, ss-Si kapitali unda Seivsos realuri (xelSesaxebi) ekonomikuri Rirebulebis mqone qonebiT, momsaxurebis gaweva da samuSaos Sesruleba ki, evropaSi gabatonebuli SexedulebiT, ar warmoadgens aseTi qonebis nawils.67 amdenad, evropuli sakorporacio samarTali, aSS-sgan gansxvavebiT, ar ganixilavs momsaxurebis gawevas Se-tanaunarian obieqtad.68

Enacionaluri kanonmdeblobiT calsaxadaa gaTvaliswinebuli Sesa-tanis saxed momsaxurebis gaweva da samuSaos Sesruleba. Tumca kanon-mdebloba ar iZleva pasuxs kiTxvaze, gulisxmobs Tu ara Sesatanis es kategoriebi partnioris mier piradad momsaxurebis gawevasa Tu

66 burduli i., qonebrivi urTierToba saaqcio sazogadoebaSi (gansakuTrebiT misi Camoyalibebis procesSi) qarTuli da avstriuli samarTlis magaliTze, Tbilisi 2008, 133-138.67 ̀ The subscribed capital may be formed only of assets capable of economic assessment. However, 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, 0001-0013 http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31977l0091:EN:HTML68 MBCA §6.21(b): The board of directors may authorize shares to be issued for consideration consisting of any tangible or intangible property or benefit to the corporation, including cash, promissory notes, services performed, contracts for services to be performed, or other securities of the corporation”. aRniSnul normaze ABA-s oficialuri komentaris Tanaxmad, xSirad uZrav qonebas an sargebels gaaCnia igive ekonomikuri Rirebuleba, rac fulad kon-tribucias. Sesabamisad, direqtorTa bordis mier samewarmeo gansjis Sedegad unda 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

samuSaos Sesrulebas. gavrcelebulia azri, rom momsaxurebis gaweva da samuSaos Sesruleba gulisxmobs mesame piris mxridan Sesruleba-sac. Aaseve arsebobs azri, rom mesame piris mxridan Sesruleba sZens momsaxurebis gawevasa da samuSaos Sesrulebas `Setanunarianobas.”69 rogorc aRvniSne, momsaxurebis gaweva da samuSaos Sesruleba, warmoad-gens sakanonmdeblo siaxles. Sesabamisad, maTi arsis dadgenis mizniT, pirvel rigSi, unda ganisazRvros kanonmdeblis neba. momsaxurebis gaw-evisa da samuSaos Sesrulebis Sedegis sazogadoebis kapitalSi moxve-dra, sakanonmdeblo cvlilebamdec iyo SesaZlebeli. kerZod, partnioris mier mesame pirTan dadebuli momsaxurebis xelSekrulebidan gamomdin-are moTxovnis uflebis sazogadoebisTvis daTmobis gziT. amavdroulad, cvlilebamde SeuZlebeli iyo, Sesatanad partnioris mier piradad mom-saxurebis gaweva/samuSaos Sesruleba. aRniSnulidan gamomdinare, unda davaskvnaT, rom momsaxurebis gawevasa da samuSaos SesrulebaSi, kanon-mdebeli gulisxmobs partnioris mier piradad Sesrulebas. winaaRmdeg SemTxvevaSi sakanonmdeblo cvlilebas ekargeba azri. amasTan, momsax-urebis gawevis an samuSaos Sesrulebis valdebuleba, konkretul Sem-TxvevaSi Tavisi Sinaarsidan gamomdinare, Tavadac SeiZleba moiazrebdes piradad Sesrulebis valdebulebas. magaliTad, sazogadoebis partniori `A” kvalificiuri finansistia. SeTanxmebiT ganisazRvra, rom `A”-s Sesatani sazogadoebaSi iqneba mis mier sazogadoebisaTvis finansuri momsaxurebis gaweva. aseT SemTxvevaSi, mesame piris mxridan ver moxdeba Sesatanis ganxorcieleba, radganac sazogadoebam samuSaos Sesruleba daukavSira partnioris pirad SesaZleblobebsa da profesionalizms da am gziT individualuri niSniT gansazRvra Sesatani.

sainteresoa, moiTxovs Tu ara sazogadoebis mier Sesatanis miReba momsaxurebis gawevis/samuSaos Sesrulebis Sesaxeb sazo-gadoebasa da partniors Soris xelSekrulebis arsebo-bas.Ggamomdinare iqidan, rom momsaxurebis/samuSaos Sesrulebis kategoriis xelSekrulebebi, ZiriTa-dad, araa formasavaldebulo, sazogadoebasa da partniors Soris weri-lobiTi xelSekrulebis dadeba aucilebeli ar aris. sakmarisia, Sesa-tanze SeTanxmebis arseboba. Tumca, mtkicebis tvirTvis gaadvilebisTvis, miza-nSewonilia momsaxurebis faqtobrivad ganxorcielebis Semdeg, sazogadoebasa da partniors Soris Sesabamisi miReba_Cabarebis aqtis gaformeba.

69 burduli i., saaqcio samarTlis safuZvlebi, tomi I, Tbilisi, 2009, 213.

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2. partnioris damatebiTi valdebulebebi

partnioris damatebiT valdebulebas warmoadgens keTilsindis-ierebisa da fiduciuri movaleobebis dacva. qarTuli kanonmdeblobiT, kerZosamarTlebrivi urTierTobis subieqtis – sazogadoebis partnioris mimarT keTilsindisierebis principis gavrcelebis safuZvelia samoqa-laqo kodeqsis me-8 muxli. rac Seexeba partnioris fiduciur movaleo-bebs nacionalouri kanonmdebloba maT ar iTvaliswinebs. amavdroulad, saqarTvelos uzenaesi sasamarTlos erTgvarovanma praqtikam warmoaCina, rom garda ZiriTadi valdebulebisa, Sps-is partniorebs sazogadoe-bis mimarT ndobidan gamomdinare movaleobebic akisriaT.70 aRniSnuli ki, partniorebs sazogadoebis interesebis dacvas avaldebulebs. fi-duciuri movaleoba ganimarteba, rogorc sxvisi interesebis Sesabamisi qmedebis movaleoba.71 swored es aspeqti ganasxvavebs fiduciur mova-leobas keTilsindisierebis principisgan, razec saubari iqneba winamde-bare Tavis 2.2 qveTavSi.

damatebiT movaleobebTan mimarTebiT erT-erTi problemuri sakiTxia misi adresatis gansazRvra. amerikul doqtrinaSi gavrcelebuli mosaz-rebiT, fiduciuri movaleobebi partiorebs sazogadoebis mimarT akis-riaT (swored sazogadoeba miiCneva beneficiarad).72 magram es ar niSnavs, rom fiduciuri movaleobebis yovelgvari darRveva warmoSobs part-nioris garicxvis SesaZleblobas. garicxvisTvis aucilebelia, rom fi-

70 sus, 2007 wlis 24 ivlisis gadawyvetileba #as-390-741-07.71 À duty to act for someone else’s benefit, while subordinating one’s personal interests to that of the other person” Black’s Law Dictionary, 6th Ed., 625, 1990, aseve Pepper v. Litton, 308 U.S. 295, 311 (1939) saqmeze aSS-s uzenaesma sasamarTlom daadgina, mas vinc imyofeba ndobiT urTierTobaSi, ar aqvs ufleba: sakuTari ineteresi daayenos meore mxaris interesebze 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 an zianis misayeneblad. aqve sasamarTlom miuTiTa samarTlianobis rolze Sida kor-poraciul urTierTobebSi, aRniSna ra: `Where there is a violation of those principles, equity will undo the wrong or intervene to prevent its consummation”.Notch View Assocs. v. Smith, 615 A.2d 676, 680 (N.J. Super. Ct. Laiw Div. 1992); Pace v. Perk, 440 N.Y.S.2d 710, 716 (App. Div. 1981).72 Tammy Savidge Moore, The Policy of Opting-Out of the Fiduciary Duties in a Limited Liabil-ity Company: Mcconnell v. Hunt Sports Enterprises, 725 N.E.2D 1193 (OHIO CT. APP. 1999), South Texas Law Review, 2000 [42 S. Tex. L. Rev. 183], 3.

duciuri movaleobis darRveva mimarTuli iyos sazogadoebis sazianod.73 magaliTad, Tuki partniorma miiTvisa sazogadoebis qoneba an konkuren-cia gauwia sazogadoebas, aseT SemTxvevaSi, aSS-s samarTliT, calsaxad saxezea fiduciuri movaleobis darRveva. danarCen partniorebs Seu-ZliaT sasamarTlo warmoebis gziT miaRwion am partnioris garicxvas. im SemTxvevaSi ki, Tu partniorma Caidina analogiuri qmedeba, oRond ara sazogadoebis, aramed meore partnioris winaaRmdeg, maSin es ukanaskneli garicxvis moTxovnas safuZvlad ver daudebs fiduciuri movaleobis darRvevas.

qarTuli sasamarTlo praqtikac am mimarTulebiT ganviTarda. saqa-rTvelos uzenaesma sasamarTlom araerTgzis miuTiTa, rom partnioris garicxvis safuZvelia gasaricxi partnioris mxridan sazogadoebis in-teresebis aSkarad sawinaaRmdego qmedeba.74 Tumca qarTuli sasamarTlo praqtika ar mijnavas konkretul fiduciur movaleobebs da Semoifar-gleba qmedebis zogadi keTilsindisierebis standartiT SefasebiT. roca mosarCele (sazogadoeba) apelirebs im garemoebaze, rom partnioruli urTierTobis SenarCuneba SeuZlebelia, magram ver adasturebs mopa-suxis (gasaricxi partnioris) mier konkretuli valdebulebis dar-Rvevas, saqarTvelos sasamarTloebi partnioris garicxvis moTxovnas ar akmayofileben. aRniSnulze arsebobs saqarTvelos uzenaesi sasamarTlos ergvarovani praqtika, romlis Tanaxmadac, partniorebs Soris pirovnuli konfliqtis arsebobisas mxareebs SeuZliaT gamoiyenon warmomadgenloba da am gziT ganagrZon erToblivi saqmianoba.75

winamdebare TavSi ganxilulia, konkretuli fiduciuri movaleo-bebi, romlebic gamijnulia keTilsindisierebis movaleobisgan. aseve, aSS-s magaliTze Camoyalibebulia im fiduciur movaleobaTa katalogi, romelTa darRvevam SeiZleba gamoiwvios partnioris garicxva.

73 Puala J. Dalley, The Law of Partner Expulsions: Fiduciary Duty and Good Faith, Cardozo Law Review, 1999 [Vol 21-181], 193.74 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2009 wlis noembris ganCineba #812-1099-09 Sps èka”-s saqmeze; sus, 2010 wlis 17 maisis ganCineba #as-185-176-2010 Sps `pegasi”-s saqmeze; sus, 2007 wlis 12 oqtombris ganCineba #as-614-951-07 Sps `sairxe”-s saqmeze; 2007 wlis 13 martis ganCineba #as-556-939-06 Sps telekompania `Tanamgzavri”-s saqmeze. 75 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2009 wlis 23 Tebervlis ganCineba #as-1075-1245-08 Sps àrgo”-s saqmeze.

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2.1 fiduciuri movaleobebis SedarebiTsamarTlebrivi aspeqtebi (aSS-s magaliTze)

aSS-s doqtrinaSi fiduciuri movaleobebis sxadasxva klasifika-cia gvxvdeba. arsebiTi sakiTxia: moicavs Tu ara erTgulebis fiduci-uri movaleoba saxelSekrulebo keTilsindisierebisa da samarTliani qmedebis movaleobas? Tu es ukanaskneli damoukidebeli kategoriis mov-aleobaa. mkvlevarTa nawili keTilsindisierebis princips erTgulebis movaleobis Semadgenel nawilad ganixilavs da miiCnevs, rom fiduciuri movaleobebi keTilsindisierebisa da samarTliani qmedebis movaleobaze farTo standarts awesebs.76 meore nawili, keTilsindisierebis princips miiCnevs damoukidebel movaleobad, romelic partniors akisria ara sazogadoebis, aramed partniorTa mimarT.77 mesame nawili ki, partnioris fiduciur movaleobad erTgulebis movaleobasTan erTad, gulmodgine-obis movaloebasac ganixilavs da keTilsindisierebis princips maT Semadgenel komponentad ganixilavs.78 gulmodgineobis movaleoba, Tavis mxriv, gulisxmobs partnioris movaleobas, ar Caidinos ganzraxi marTl-sawinaaRmdego qmedeba an uxeSi gaufrTxilebloba sazogadoebis winaaR-mdeg.79 unda aRiniSnos, rom RULLCA awesebs, rogorc erTgulebis, aseve gulmodgineobis movaleobasac.80 rogorc vxedavT, gulmodgineobis mova-leoba gamoirCeva martivi konstruqciiT, ris gamoc winamdebare qveTa-vis farglebSi, fiduciur movaleobebTan mimarTebiT ZiriTadi aqcenti gakeTebulia erTgulebis fiduciur movaleobaze. keTilsindisierebis normatiuli Sinaarsidan gamomdinare, unda davaskvnaT, rom igi iwyebs mo-qmedebas, roca piri axorcielebs uflebas/valdebulebas.81 keTildsindi-

76 Sandra K. Miller, What Standards of Conduct Should Apply to Members and Managers of Limited Liability Companies? St. John’s Law Review, 1994 68 St. John’s L. Rev. 21,6, Deborah A. DeMott, Beyond Metaphor: An Analysis of Fiduciary Obligation, Duke Law Journal [1988 Duke L.J. 879], 2.77 John C. Coffee, Contractual Freedom in Cirporate Law; Articles & Comments: The Mandatory/Enabling Balance in Corporate Law:An essay on the Judicial Role, Columbia Law Review 1989 [89 Colum. L. Rev. 1618], 1.78 Paula J. Dalley, To Whom It May Concern: Fiduciary Duties and Business Associations, Dela-ware Journal of Corporate Law 2001 [26 Del. J. Corp. L. 515] 3; Edward Gartenberg, Tiffany King, Fiduciary Duties in Partnerships and Limited Liability Companies under California Law, California Business Law Practitioner, 2003, 95.79 iqve, Edward Gartenberg, Tiffany King, 98.80 RULCA (2006), Sec. 409; 81 `Each party must act in accordance with good faith and fair dealing.” Art.1:201 PECL, xelmisawvdomia:http://frontpage.cbs.dk/law/commission_on_european_contract_law/PECL%20engelsk/engelsk_partI_og_II.htm. `Every contract or duty within this Act imposes an obligation of good faith in its performance or enforcement,” Sec. 1-203, UCC; ̀ Every contract im-

sierebis sakiTxi wamoiWreba maSin, roca piri asrulebs raime qmedebas. aRniSnulidan gamomdinare, miiCneva, rom fiduciuri movaleoba unda Ses-ruldes keTilsindisierad.82

zemoxsenebuli midgomebi, wminda Teoriuli msjelobis sagania. praq-tikuli mniSvneloba ki imas aqvs, rom keTilsindisierebis saxleSek-rulebo principi, iseve vrceldeba partniorTa mimarT, rogorc erT-gulebis fiduciuri movaleobebi. Tumca maT Soris aris konceptualuri gansxavebac, razec qvemoT iqneba saubari.

2.1.1 erTgulebis movaleoba (duty of loyalty)

erTgulebis movaleoba, daxurul korporaciebSi, iseve rogorc amx-anagobebSi, ukrZalavs partniors dados garigeba sakuTar TavTan, aseve avaldebulebs mas, ar Seqmnas iseTi situacia, romelic safrTxes Seuqm-nis sazogadoebis da, Sesabamisad, sxva partniorebis interesebs.83 aRniS-nulidan gamomdinare, erTgulebis movaleoba aerTianebs damatebiT oTx komponents:

(a) angriSvaldebuleba (duty to account) - partniori angariSval-debulia sazogadoebis winaSe, nebismieri sargeblisaTvis, romelic mi-iRo sazogadoebis saqmianobis ganxorielebis procesSi an sazogadoe-bis qonebis, informaciis an/da sazogadoebis kuTvnili SesaZleblobis gamoyenebis gziT.84 sazogadoeba uflebamosilia mosTxovos partniors amgavarad miRebuli sargeblis (fuladi saxsrebis an qonebis) sazoga-doebisaTvis dabruneba. aRniSnuli gamomdinareobs aSS-s precedentuli

poses upon each party a duty of good faith and fair dealing in its performance and its enforcement” Sec. 205, Restatement (Second) on Contracts. analogiurad, sk-s me-8 muxlis me-3 nawili adgens: `samarTlebrivi urTierTobis monawileni valdebulni arian keTilsindisierad ganaxorcielon Tavisi uflebebi da movaleobebi.” amdenad, keTilsindisierebis mova-leobis amoqmedeba damokidebulia individis mier qmedebis ganxorcielebaze. uflebis ganxorcieleba da valdebulebis Sesruleba individis qmedebas gulismxmobs, romelSic ar moiazreba marTlsawinaaRmdego qmedeba. marTalia, uflebis ganxorcielebas/valdeb-ulebis Sesrulebas SeiZleba mohyves marTlsawi-naaRmdego Sedegi, Tumca Tavad ufleba an valdebuleba ver iqneba marTlsawi-naRmdego.82 `Fiduciary duties are substantive obligations which must be honored in good faith in the same way that contractual obligations must be honored in good faith” ix. David Rosenberg, Making Sense if Good Faith in Delaware Corporate Fiduciary Law: A Contractarian Approach, Delaware Journal of Corporate Law 2004 [29 Del. J. Corp. L. 491, 8.83 Paula J. Dalley, To Whom It May Concern: Fiduciary Duties and Business Associations, Dela-ware Journal of Corporate Law 2001 [26 Del. J. Corp. L. 515] 3.84 Edward Gartenberg, Tiffany King, Fiduciary Duties in Partnerships and Limited Liability Com-panies under California Law, California Business Law Practitioner, 2003, 95.

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samarTlidan, romlis Tanaxmadac, partniors ar aqvs ufleba sxva part-niorTa Tanxmobis gareSe, miiRos raime saxis sargebeli sazogadoebis SesaZleblobebis gamoyenebiT.85 yovel konkretul SemTxvevaSi imis Semow-meba, ekuTvnoda Tu ara SesaZlebloba korporacias, xdeba Semdegi testiT: 1. warmoiSva Tu ara sadao korporaciuli SesaZlebloba sazogadoebis uflebebis an/da interesebis gamoyenebiT; 2. warmoiSva Tu ara sadao korporaciuli SesaZlebloba sazogadoebis saqmianobis farglebSi 3. SeeZlo Tu ara sadao korporaciul SesaZleblobas komerciuli upi-ratesobis an sargebelis motana sazogadoebisTvis.86

partniors ekrZaleba sazogadoebasTan konkurencia.87 partniors ekrZaleba sazogadoebis danarCeni wevrebis winaswari Tanxmobis gareSe, sazogadoebis xarjze, sargebelis miReba iseTi tranzaqciebis ganxor-cilebis gziT, romelic dakavSirebulia sazogadoebis saqmianobasTan an gulisxmobs sazogadoebis qonebis gamoyenebas.88

(b) sakuTar TavTan garigebis dadebis akrZalva (duty to refrain from self-dealing) - gamomdinareobs warmomadgenlobis principidan. kerZod, mi-iCneva, rom partniori aris sazogadoebis warmomadgeneli (agenti), ro-melic unda moqmedebdes sazogadoebis (principalis) sasargeblod.89

(g) konkurenciis akrZalva (duty not to compete) - sakuTar TavTan garigebis dadebis akrZalvis msgavsad, es principic gamomdinareobs war-momadgenlobiTi - agentisa da principalis urTierTobis specifiki-dan. agents (partniors), akisria zogadi valdebuleba, pirvel rigSi, imoqmedos Tavisi principalis sasargeblod da aicilos interesTa konfliqti sazogadoebasTan. msjelobis sagania is, Tavisufldeba Tu ara partniori am movaleobisgan sazogadoebidan gasvlis SemTxvevaSi. miiCneva, rom konkurenciis akrZalvis moTxovna wyvets moqmedebas part-nioris sazogadoebidan gasvlasTan erTad.90

(d) informaciis srulad gamJRavnebis movaleoba (duty of disclosure) - partniori valdebulia srulad gaamJRavnos informacia, romelsac

85 Fraster v Boguki (1988) 203 CA3d 604, 250 CR 41; Ferry v McNeil (1963) 214 CA2d 411, 29 CR 577 86 Matthew R. Salzwedel, A Contractual Theory of Corporate Opportunity and a Proposed Statute, Pace Law Review, Volume 23, Issue 1, Winter 2002, 3.87 Rutheford B. Campbell, The `New” Fiduciary Standards Under the Revised Uniform Limited Liability Company Act, Maine Law Review 2009 [61 Me. L. Rev. 27], 9.88 Stan Johnson, Duties Under the Utah Revised Limited Liability Company Act: Analysis of a Statutory Conflict, Utah Law Review , 2002 [Utah L. Rev. 551], 8.89 Edward Gartenberg and Tiffany King, Fiduciary Duties in Partnerships and Limited Liability Companies under California Law, California Business Law Practitioner Fall, 2003, 96;90 iqve, 96;

aqvs materialuri mniSvneloba sazogadoebis saqmianobisaTvis.91 AaseTi informaciis arasruli gamJRavneba an araswori interpretacia, romlis mizanicaa danarCeni partniorebis SecdomaSi Seyvana, miiCneva fiduciuri movaleobis darRvevad.92 delaveris uzenasma sasamarTlom Lynch v. Vickers Energy Corp. saqmeze daadgina, rom umravlesobaSi myof partniorebs, di-reqtorebis msgavsad, akisriaT movaleoba srulad gaamJRavnon informa-cia im tranzaqciis Sesaxeb, romelic umciresobaSi myof partniorebasac exebaT da SeiZleba gavlena moaxdinos maT interesebsa da uflebebze.93 Sesabamisad, swori iqneba Tuki davaskvniT, rom informaciis gamJRavnebis movaleoba vrceldeba yvela im xelSekrulebasTan mimarTebiT, romelic ideba sazogadoebis saxeliT da romliTac sazogadoeba kisrulobs garkveuli saxis valdebulebas, radganac aseTi xelSekrulebis Seus-ruleblobis SemTxvevaSi, ziani miadgeba sazogadoebas, rac sabolood, sazogadoebis partniorebze aisaxeba.

2.2 keTilsindisierebisa da `samarTliani qmedebis” movaleoba (good faith and fair dealing), rogorc damoukidebeli standarti

aSS-s samarTalSi ar arsebobs keTilsindisierebis erTiani definicia, gansakuTrebiT ki sakorporacio samarTlis WrilSi. keTilsindisierebis amgvari ganmarteba arc qarTul samarTalSi gvxvdeba. gavrcelebuli mosazrebiT `keTilsindisiereba normatiuli kategoriaa, misi konce-fcia imiT gamoixateba, rom igi ara ubralod eTikuri da moraluri principia, romelsac yvela metnaklebad ganviTarebuli samarTlebrivi sistema Tavis TavSi aRiarebs, aramed samarTlebrivi doqtrinaa, romlis safuZvelzec mxareebs yovel konkretul SemTxvevaSi SeiZleba warmoeS-vaT uflebebi da valdebulebebi, an uari eTqvaT uflebis dacvaze.”94

tradiciulad, sakorporacio samarTalSi keTilsindisierebis prin-cipi miiCneoda erTgulebis fiduciuri movaleobis Semadgenel kompo-nentad.95 Sesabamisad, erTgulebis movaleobas gaaCnda ormagi datvirTva,

91 Reed v. Robilio, 400 F.2d 730, 733 (6th Cir. 1968); Miller v. Miller, 700 S.W.2d 941, 946 (Tex. Ct. App. 1985); Tennant v. Dunlop, 33 S.E. 620, 623 (Va. 1889). Courtney v. Waring, 237 Cal. Rptr. 233, 239 (Ct. App. 1987); Malkus v. Gaines, 434 So. 2d 957, 961 (Fla. Dist. Ct. App. 1983); Noss v. Abrams, 787 S.W.2d 834, 838 (Mo. Ct. App. 1990);92 Puritan Medical Ctr., Inc. v. Cashman, 596 N.E.2d 1004, 1010 (Mass. 1992).93 Lynch v. Vickers Energy Corporation, 351 A.2d 570 (1976)94 vaSakiZe g., keTilsindisiereba saqarTvelos samoqalaqo kodeqsis mixedviT-abstraq-cia Tu moqmedi samarTali, ,,qarTuli samarTlis mimoxilva’’, 10/2007-10, 18.95 Newburger, Loeb & Co. v. Gross, 563 F.2d 1057, 1078 (2d Cir. 1977), Wilkes v. Springside Nursing Home, Inc., 353 N.E.2d 657, 662 (Mass. 1976) (sasamarTlom daadgina, rom wilis mesakuTreebi valdebulni arian ganaxorcielon wevrobidan gamomdinare saqmianoba,

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erTi mxriv, emsaxureboda sazogadoebis saqmianobisa da interesebis dac-vas, xolo, meore mxriv. keTilsindisierebis principis saxiT, icavda Tavad partniorebs erTmaneTisgan.96 Tumca, avtorTa nawili Sejerda poziciaze, rom keTilsindisierebis principi ver iqneba erTgulebis movaleobis Semadgeneli elementi, radganac, aSS-s samarTalSi erTgulebis movaleoba aris sakorporacio samarTlis fundamenturi cneba, xolo keTilsindi-sierebis principi – saxelSekrulebo samarTlis.97 keTilsindisierebis `damoukideblobas” ganapirobebs ori argumenti. pirveli: miiCneva rom fiduciuri movaleoba icavs sazogadoebas partnioris qmedebisgan, xolo keTilsindisiereba Tavad partniors, sxva partniorTa qmedebisgan. Se-sabamisad, fiduciuri movaleobis SemTxvevaSi, beneficiaria sazogadoeba, xolo keTilsindisierebis SemTxvevaSi – partniori. meore: keTilsindi-sierebis movaleoba ar gamoricxavs partnioris mier sakuTari intere-sebisTvis `patiosnad” (honestly) upiratesobis miniWebas,98 maSin, roca fiduciuri movaleoba yovelTvis gulisxmobs sazogadoebis saukeTeso interesebisadmi piradi interesebis daqvemdebarebas.99

zemoaRniSnulidan gamomdinare, uaxles kvlevebSi keTilsindisiereba ganixileba ara rogorc tradiciuli fiduciuri movaleobis Semad-geneli komponenti, aramed, rogorc damoukidebeli movaleoba.100 yovel konkretul SemTxvevaSi partnioris keTilsindisierebis Sefaseba xdeba partniorTa `gonivruli molodinis” (reasonable expectations) safuZvel-ze. keTilsindisierebisa da samarTliani qmedebis movaleobas partnior-Ta samoqmedo SeTanxmeba, rogorc xelSekruleba, moiazrebs. swored ami-

keTilsindisierebis iseTive standartis Sesabamisad, rogorc, amxanaguri tipis sazoga-doebis wevrebi) aseve, Mary Siegel, Fiduciary Duty Myths in Close Corporate Law, Delaware 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 Shares, 1990, Notre Dame Law Review [65 Notre Dame L. Rev. 425], 4.96 Jeff Swartz, Good Faith in Partner Expulsion: Application of a Contract Law Paradigm, Chap-man Law Review, Fall, 2005 [Chap. L. Rev.1], 2.97 iqve, 1.98 `Contract party is free to act in its own interest so long as it performs as promised” ix. William Goren, Looking for Law in All the Wrong Places: Problems in Applying the Implied Covenant of Good Faith Performance, University of San Francisco Law Review, 2003 [37 U.S.F. L. Rev. 257], 3.99 John C. Coffee, Contractual Freedom in Corporate Law; Articles & Comments: The Manda-tory/Enabling Balance in Corporate Law: An essay on the Judicial Role, Columbia Law Review 1989 [89 Colum. L. Rev. 1618], 1.100 Gibbs v. Breed, Abbott & Morgan, 710 N.Y.S.2d 578, 581 (N.Y. App. Div. 2000) (sasamarTlom daadgina rom partniorebi arian mindobili pirebi da rogorc mindobil pirebs akis-riaT keTilsindisierebis movaleoba); aseve, ix. Gigax v. Repka, 615 N.E.2d 644, 649-50 (Ohio Ct. App. 1992).

tom, keTilsindisierebis Sefasebis kriteriumad gamoiyeneba `gonivruli molodini.” sasamarTlo yovel konkretul SemTxvevaSi adgens Tu ra iyo partniorTa molodini samoqmedo xelSekrulebidan gamomdinare da am molodins usadagebs movaleobis damrRvevi partnioris qmedebas. Tuki qmedeba, misi winmswrebi faqtebis gaTvaliswinebiT, ar aris partnioru-li urTierTobidan gamomdinare gonivrulad mosalodneli, miiCneva, rom keTilsindisierebis movaleoba darRveulia.101

aSS-Si keTilsindisierebisa da samarTliani qmedebis movaleoba saxelSekrulebo samarTlis cnebad miiCneva.102 amitomac, komentator-ebis nawili miiCnevs, rom korporaciul urTierTobebSi misi gavrceleba, fiduciuri movaleobis dakisrebis alternativaa.103 Aam pozicias up-irispirdeba mosazreba, romlis Tanaxmadac, keTilsindisierebis mova-leoba ver uzrunvelyofs sazogadoebis interesebis efeqtur dacvas, ris gamoc saWiroa fiduciur movaleobaTa dakisreba, raTa partniorebi konkretuli qmedebis ganxorcielebisas, pirvel rigSi, iTvaliswinebdnen sazogadoebis interesebs. aSS-s sasamarTlo praqtikiT dadgenilia, rom keTilsindisierebisa da samarTliani qmedebis movaleoba moiTxovs partniorisgan ar moipovos usamarTlo, usafuZvlo upiratesoba sxva partniorTa mimarT.104 maSin, roca fiduciuri movaleoba avaldebulebs imoqmedos mxolod sazogadoebis saukeTeso interesebis Sesabamisad.105

rac Seexeba keTilsindisierebisa da `samarTliani qmedebis” mova-leobis gamijvnas, miiCneva, rom keTilsindisiereba gulismxobs piris patiosnebasa (honesty) da `Sinagan samarTlianobas” (fairness in mind), rac subieqturi kriteriumia.106 `samarTliani qmedeba” ki – obieqturi kriteriumia da gulismoxmobs am samarTlianobis gaTvaliswinebasa da gamovlenas konkretuli qmedebisas.107

101 Robert C. Art, Shareholder rights and Remedies in case of Corporations: Opression, Fiduciary Duties, and Reasonable expectations, The Journal of Corporation Law, 2003, [28 Iowa J. Corp. L. 317], 9.102 Jeff Swartz, Good Faith in Partner Expulsion: Application of a Contract Law Paradigm, Chap-man Law Review, Fall, 2005 [Chap. L. Rev.1], 1. 103 Sandra K. Miller, What Standards of Conduct Should Apply to the Members and Managers of Limited Liability Companies? St. John’s Law Review Winter, 1994 [68 St. John’s L. Rev. 21],7.104 Steelman v. Mallory, 716 P.2d 1282, 1285-86 (Idaho 1986); PJ Acquisition Corp. v. Skoglund, 453 N.W.2d 1, 22 (Minn. 1990); Weiner Inv. Co. v. Weiner, 804 P.2d 1211, 1212 (Or. Ct. App. 1991); Giannotti v. Hamway, 387 S.E.2d 725, 731 (Va. 1990).105 Edward Gartenberg and Tiffany King, Fiduciary Duties in Partnerships and Limited Liability Companies under California Law, California Business Law Practitioner Fall, 2003, 98.106 `Honesty is supposed to be a subjective standard” ix. Steven J. Burton, Good faith in article 1 and 2 of the U.C.C. the Practice View, William and Marry Law Review, Vol. 35, Issue 4, 3.107 `Good faith means honesty and fairness in mind, which are subjective concepts .... `Fair deal-ing” means observance of fairness in fact, which is an objective test ~ is. Harry Flechtner Com-

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partniorTa SeTanxmebis mimarT vrceldeba saxelSekrulebo Tavisu-flebis principi.108 Sesabamisad, samoqmedo SeTanxmebiT SeiZleba gaTval-iswinebul iyos fiduciuri movalebebi.109 amavdroulad, SeTanxmebiT Sei-Zleba Semcirdes an/da gaizardos fiduciuri movaleobebis moculoba.110 magaliTad, RULLCA iTvaliswinebs wevr-partniorTa uflebamosilebas, Secvalon aqtiT gansazRvuli movaleobebi, im daTqmiT, rom eseTi cvli-leba Seesabameba keTilsindisierebis princips.111

saWiroa, gaimijnos fiduciuri da saxelSekrulebo keTilsindis-ierebisa da samarTliani qmedebis movaleobebi. am or standarts So-ris gansxvaveba aris is, rom saxelSekrulebo Tavisuflebis fargleb-Si, fiduciuri movaleobebis moculoba mxareTa SeTanxmebiT SeiZleba Seicvalos,112 keTilsindisierebisa da samarTliani qmedebis movaleoba ki vrceldeba erTiani standartiT, radganac misi moqmedebis speqtris Sem-cireba mxareTa Tavisuflebis sferoSi ar eqceva.113 arsebobs mosazreba, rom keTilsindisierebis movaleobis moculoba Sps-Si damokidebulia sazogadoebis realur struqturaze, anu partniorTa piradi kavSirebsa da TanamSromlobis xarisxze.114 am poziciis siswore SeiZleba eWvi

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. 108 David L Cohen, Theories of the Corporation and the Limited Liability Company: How should Courts and Legislatures Articulate Rules for Piercing the Veil, Fiduciary Responsibility and Se-curities Regulation for the Limited Liability Company? Oklahoma Law Review, 1998 [51 Okla. L. Rev. 42], 6.109 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 Kentucky Limited Liability Companies: Contractual, Statutory and Judicial Solutions Brandeis Law Journal, 2007 [45 Brandeis L.J. 415], 5.110 Elizabeth S. Miller, Thomas E. Rutledge, The Duty of Finest Loyalty and Reasonable Deci-sions: The Business Judgment Rule in Unincorporated Business Organizations? Journal of Cor-porate Law 2005 [30 Del. J. Corp. L. 343],7.111 RULLCA (2006) Sec. 409.112 Jeffrey N. Gordon, Contractual Freedom in Corporate Law: Articles & Comments; The Man-datory structure of Corporate Law; Columbia Law Review, 1989 [89 Colum. L. Rev. 1549], 27.113 Stan Johnson, Duties Under the Utah Revised Limited Liability Company Act: Analysis of a Statutory Conflict, Utah Law Review, 2002 [Utah L. Rev. 55], 10. unda aRiniSnos, rom am kuTxiT aSS-s saxelSekrulebo samarTali gansxvavdeba evropuli saxelSekrulebo samarTlisgan, Sead., `Each party must act in accordance with good faith and fair dealing.The parties may not exclude or limit this duty” PECL, Art. 1-201 da `The obligations of good faith, diligence, reasonableness and care prescribed by this Act may not be disclaimed by agreement but the parties may by agreement determine the standards by which the performance of such obliga-tions is to be measured if such standards are not manifestly unreasonable”. Sec. 1-102(3) U.C.C. 114 II germanul-qarTuli simpoziumi sakorporacio samarTalSi, keTilsindisieri xelmZRvanelobis movaleobebi da pasuxismgebloba saaqcio sazogadoebaSi, qarTuli da germanuli samarTlis mixedviT, Tbilisi 2003, 278.

dabados gansakuTrebiT qarTul da aSS-s samarTlSi kerZod, rogorc ukve aRvniSne, aSS-Si keTilsindisierebis principi gamomdinareobs part-niorTa samoqmedo xelSekrulebidan. fundamentur princapadaa aRiare-buli, rom xelSekruleba (da zogadad kerZosamarTlebrivi urTierToba) TavisTavad gulisxmobs keTilsindisierebisa da samarTliani qmedebis movaleobas, romlis moculobis Secvla mxareTa saxelSekrulebo av-tonomias scildeba. analogiurad, nacionaluri samarTlis mixedviT, keTilsindisierebis principi vceldeba kerZo samarTlebriv urTierTo-bebze SeuzRudavad.

konceptualuri gansxvaveba keTilsindisierebasa da fiduciur mova-leobas Soris aris is, rom keTilsindisiereba ar gamoricxavs individis mier sakuTari interesisaTvis keTilsindisierad upiratesobis miniWebas, maSin, roca erTgulebis fiduciuri movaleoba yovelTvis gulisxmobs upirvelesad beneficiaris interesebis Sesabamis qmedebas da Sesabamisad, piradi interesebis daqvemdebarebas. movaleoba/valdebuleba darRveulad ar iTvleba, mxolod imitom, rom partniori moqmedebda sakuTari intere-sebis Sesabamisad, im daTqmiT, rom aseTi qmedeba iyo keTilsindisieri.115 amitomac, keTilsindisierebis movaleobis darRvevis SemTxvevaSi, piri pasuxismgebelia meore mxarisTvis miyenebuli zianisaTvis, xolo fi-duciuri movaleobis darRvevis SemTxvevaSi, zianTan erTad pasuxs agebs im sargeblisaTvis, romelic fiduciuri movaleobis darRvevis Sedegad naxa.116 Aaseve unda aRiniSnos, rom garicxvis miznebisaTvis beneficiars, anu fidiciuri movaleobis adresats warmoadgens Tavad sazogadoeba, da ara konkretuli partniori an partniorTa jgufi.117

Aamdenad, rom SevajamoT, fiduciuri movaleoba keTilsindisierebis principisgan aris nawarmoebi, Tumca amavdroulad, keTilsindisiereba damoukidebeli standartia. pirvel rigSi, misi moqmedebis speqtris Sem-cireba mxareTa SeTanxmebiT dauSvebelia, gansxvavebiT fiduciuri mova-leobisgan. meore, keTilsinidisierebis movaleoba, fiduciurisgan gan-sxvavebiT arsebiTad sxva valdebulebas akisrebs partniors. kerZod, keTilsindisiereba ar moiTxovs partniorisgan, rom yoveli konkretuli qmedebisas sazogadoebis interesebs mianiWos upiratesoba. keTilsindi-siereba ar avaldebulebs individs, rom upiratesoba mianiWos sxvis

115 Mark J. Loewenstein, The Diverging Meaning of Good Faith, Delaware Journal of Corporate Law 2009 [34 Del. J. Corp. L. 433], 6.116 `Corporate fiduciaries do not have a special duty to a particular corporate constituency, includ-ing creditors. Rather, they have fiduciary and care duties to their principal, the corporation.” ix. Remus D. Valsan, Moin A. Yahya, Shareholders, Directors and Creditors’ Fiduciary Duties, A law and Finance Approach, Virginia Law & Business Review 2007 [2 Va. L. & Bus. Rev. 1] 7.117 Paula J. Dalley, To Whom It May Concern, Fiduciary Duties and Business Associations, Dela-ware Journal of Corporate Law 2001, [26 Del. J. Corp. L. 515], 2.

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interesebs. Sesabamisad, igi ar gamoricxavs partnioris mier sakuTari ineteresebisTvis samarTlianad upiratesobis miniWebas, maSin, roca, fi-duciuri movaleoba partniorisgan moiTxovs, pirvel rigSi, sazogadoe-bis saukeTeso interesebis Sesabamis qmedebas.

3. damokidebulia Tu ara fiduciur movaleobaTa

moculoba partnioris wilobriv monawileobaze?

miiCneva, rom konkretuli fiduciuri movaleobebi, saqmis konkretu-li garemoebidan gamomdinare, ufro didi moculobiT vrceldeba umrav-lesobaSi myof partniorebze.118 am midgomas safuZvelad udevs saerTo samarTlis fundamenturi principi, romlis Tanaxmad, mas visac gaaCnia Zalaufleba sxva piris qonebis mimarT da am gziT SeuZlia gavlena moaxdinos mis interesebze, akisria, fiduciuri movaleobebi, am Zalau-flebis gamoyenebis SezRudvis mizniT.119 ramdenadac domimantur mdgo-mareobaSi myofi partniori `akontrolebs” sazogadoebas, mas akisria fiduciuri movaleobebi ufro didi moculobiT, vidre umciresobaSi myofs. Tumca es ar niSnavs, rom umciresobaSi myofi partniori Ta-visufalia fiduciuri movaleobisgan. amgvari midgoma gaumarTlebeli iqneboda. rogorc sasamarTlo praqtikam gviCvena, umciresobaSi myofma partniormac SeiZleba daarRvios fiduciuri movaleobebi.120 dominan-ti partnioris mimarT fiduciuri movaleobis ufro farTo standar-tis daweseba ganpirobebulia materialuri mosazrebebiT,121 radganac mas ufro meti SesaZlebloba aqvs uaryofiTi gavlena moaxdinos sazoga-doebis keTildReobaze.

mniSvnelovania, ,,mewarmeTa Sesaxeb~ kanonis me-3 muxlis me-10 pun-qtis danawesi, romlis Tanaxmadac `Tu sawarmos dominantma partniorma ganzrax gamoiyena Tavisi dominanturi mdgomareoba am sazogadoebis

118 Charles W. Murdock, The Evolution of Effective Remedies for Minority Shareholders and its Impact upon Valuation of Minority Share. Notre Dame Law Review , 1990 [65 Notre Dame L. Rev. 425], 5.119 Paula J. Dalley, The Misguided Doctrine of Stockholder Fiduciary Duties, Hoftsra Law Re-view, [Vol. 33:175], 177.120 magaliTad: sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2011 wlis 23 maisis gadawyvetileba #as-577-545-2011 Sps `Cargalis wyaroebi”-s saqmeze. am saqmeSi sawesdebo kapitalis 20%-is mflobelma partniorma sazogadoebaze gaasxvisa Tavisi uZravi qoneba, xolo Semdgom aRniSnuli qoneba kanonsawinaaRmdego gziT dairegis-trira isev sakuTar Tavze, riTac ziani miayena sazogadoebas.121 Paula J. Dalley, The Misguided Doctrine of Stockholder Fiduciary Duties, Hoftsra Law Re-view, 2004, [Vol. 33:175], 197.

sazianod, man danarCen partniorebs unda gadauxados Sesabamisi kompen-sacia. Ddominantad iTvleba partniori an erTad moqmed partniorTa jgufi, romelsac aqvs praqtikuli SesaZlebloba, gadamwyveti zegavlena moaxdinos partniorTa krebis kenWisyris Sedegebze.” aRniSnuli norma, aRmWurveli xasiaTis ufroa (aniWebs umciresobaSi myof partniors kom-pensaciis moTxovnis uflebas) vidre amkrZalavi. igi ar akisrebs domi-nantur mdgomareobaSi myof partniors valdebulebas, rom sazogadoebis saxeliT gadawyvetilebis miRebisas ixelmZRvanelos sazogadoebis in-teresebiT. piriqiT, kompensaciis gacemis sanacvlod dominant partniors aniWebs realur SesaZleblobas imoqmedos sazogadoebis sazianod da am gziT moipovos piradi sargebeli. aRniSnulis gamo, am normis formuli-reba saWiroebs sakanonmdeblo cvlilebas, imgvarad, rom Camoyalibdes a) dominanti partnioris konkretuli valdebuleba, ar gamoiyenos Tavisi mdgomareoba sazogadoebis sazianod; b) sazogadoebisaTvis zianis miy-enebis SemTxvevaSi moxdes uzenaesi sasamarTlos praqtikiT dadgenili partnioris pasuxismgeblobis (garicxvis) gaTvaliswinebac. aRniSnulis garda, miTiTebuli normis dispozicia, aseve Seicavs xarvezss, razec sau-baria winamdebare naSomis IV da V TavebSi.

4. partniorTa SeTanxmebiT regulirebis ararsebobis

SemTxveva

saqarTvelos sasamarTlo praqtikiT dadgenilia, rom partnioris garicxva sazogadoebidan, sasarCelo warmoebis gziTaa SesaZlebeli, miux-evadad imisa, gaTvaliswinebulia Tu ara partnioris garicxvis ufleba da winapirobebi partniorTa SeTanxebiT.122 aRniSnuli gamomdinareobs iqidan, rom partniorTa SeTanxmebis mimarT moqmedebs saxelSekrulebo Tavisuflebis principi.123 amavdroulad, movaleobaTa ar gansazRvra, ar auqmebs, sazogadoebis saerTo krebis im damatebiT uflebebs, romelic sazogadoebis dafuZnebidan an/da marTvidan gamomdinare gaaCnia part-nioris mimarT. rogorc ukve aRiniSna, partniorebs Tavisuflad Seu-ZliaT gansazRvron fiduciur movaleobaTa konkretuli saxeebi da maTi darRvevis SemTxvevaSi, daaweson pasuxismgebloba garicxvis saxiT.

gansxvavebulia situacia, rodesac partniorTa SeTanxmeba partniorTa

122 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2001 wlis 9 martis ganCineba # 3k/303-01 Sps `pegasi”-is saqmeze. 123 Elizabeth S. Miller, Thomas E. Rutledge, The Duty of Finest Loyalty and Reasonable Deci-sions: The business Judgment rule in Unincorporatrd Business Organizations? 2005 [30 Del. J. Corp. L. 34], 7.

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fiduciur movaleobebsa da maTi darRvevis Sedegebs ar iTvaliswinebs. aseT SemTxvevaSi. sazogadoebis mtkicebis tvirTi (onus probundi), mZim-deba radganac uwevs imis mtkiceba, rom partniorebi SeboWilni arian aramarto keTilsindisierebis principiT, aramed konkretuli fiduciuri movaleobebiT, romelTa darRvevac iwvevs partnioris pasuxismgeblobas garicxvis saxiT, miuxedavad imisa, rom aseT movaleobasa da pasuxismge-blobas ,,mewarmeTa Sesaxeb” kanoni ar akisrebs da es arc SeTanxmebiTaa gaTvaliswinebuli.

aSS-Si, rogorc wesi, werilobiTi SeTanxmebis arsebobisas sasamarT-lo gadawyvetilebas iRebs samoqmedo SeTanxmebis safuZvelze . SeTanx-mebiT regulirebis ararsebobis SemTxvevaSi, sasamarTlo iyenebs msgavs normebs (rogoricaa, magaliTad, LLC-is modeluri kanoni - RULLCA) da pirvandeli mdgomareobis gaTvaliswinebiT adgens imas, Tu raze Se-Tanxmdebodnen mxareebi, Tuki SeTanxmebis dadebisas wamoiWreboda sa-davo sakiTxi.124 Sesabamisad, fiduciuri movaleobis gavrcelebas, Tuki is ar aris gaTvaliswinebuli partniorTa SeTanxmebiT, sasamarTlo gadawyvetilebas miiRebs mxareTa pirvandeli nebis gansazRvris safuZ-velze.

124 iqve, 12.

IV. partnioris mier valdebulebis darRveva

partnioris mier Sesatanis ganuxorcielebloba iseve, rogorc fi-duciuri movaleobis darRveva warmoadgens partnioris garicxvis ma-terialur winapirobas. winamdebare TavSi ganxiluli iqneba, Tu ra momentidan xdeba sazogadoeba uflebamosili miiRos gadawyvetileba partnioris garicxvis Sesaxeb, aseve, sakmarisia Tu ara garicxvisaTvis partnioris mier mxolod movaleobis darRvevis faqtis arseboba.

1. partnioris mier ZiriTadi valdebulebis darRveva

Sesatanis ganxorcieleba unda moxdes SeTanxmebul vadaSi. Tuki partniori daTqmul vadaSi ar axorcielebs Sesatans, saxezea valde-bulebis darRveva. valdebulebis darRveva (ipso facto) ar warmoSobs garicxvis uflebas. `paqta sunt servanda” (valdebuleba unda Sesrul-des) gamoxatavs im `Sualeds”, rac valdebulebis Seusruleblobas/ara-jerovan Sesrulebasa da garicxvas (rogorc valdebulebis darRvevis 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-

125 ,,mewarmeTa Sesaxeb~ kanonis me-91 muxlis me-6 punqtis `b” qvepunqti.

166 167

istTa nawili mxars uWers kanonis teleologiuri meTodiT ganmarte-bas, romlis Tanaxmadac, is faqti, rom kanonmdebelma,,mewarmeTa Sesaxeb~ kanonis 2008 wlis reformiT gaauqma specialuri damatebiTi vada cxadyofs imas, rom damatebiTi vadis daweseba ar aris savaldebulo winapiroba garicxvis miznebisTvis. calsaxaa mxolod is, rom sawesdebo avtonomiis farglebSi SesaZlebelia damatebiTi vadis dawesebac. aseT SemTxvevaSi ki, damatebiTi vadis uSedegod gasvla iqceva garicvis wina-pirobad, miuxedavad imisa, rom ,,mewarmeTa Sesaxeb” kanoni am winapirobas ar iTvaliswinebs.

2. partnioris mier fiduciuri movaleobis darRveva,

rogorc garicxvis materialuri safuZveli

partnioris mier fiduciuri movaleobis darRveva, Sesatanis ganux-orcieleblobisgan gansxvavebiT, moiTxovs gansakuTrebul Sefasebas. Se-faseba unda moxdes rigi kriteriumebis gaTvaliswinebiT. pirvel rigSi, unda dadgindes konkretulad romeli fiduciuri movaleoba daarRvia partniorma, raTa ganisazRvros vis mimarT arsebuli movaleoba dairRva. unda Semowmdes, moqmedebda Tu ara sazogadoebis interesebis Sesabamisad, da Tu ara, maSin ra ziani miadga sazogadoebas. darRveuli fiduciuri movaleobis partnioris mimarT gavrcelebas unda moeZebnos samarT-lebrivi safuZveli. Tuki movaleoba gaTvaliswinebuli iyo SeTanxmebiT, maSin samarTlebrivi safuZveli iqneba partniorTa SeTanxmeba. im Sem-TxvevaSi, Tuki patniorTa SeTanxmebiT ar aris gaTvaliswinebuli aseTi movaleoba, maSin movaleobis darRvevis erTaderTi safuZveli iqneba keTilsindisierebis Sinaarsis imgvari ganmarteba, romelic gaamarTlebs pasuxismgeblobis dakisrebas. aseT SemTxvevaSi, gadamwyveti iqneba, ara konkretulad fiduciuri movaleobis gansazRvra, aramed sazogadoebis dafuZnebidan gamomdinare zogadi valdebulebis gansazRvra. Aam valde-bulebis gansazRvrisaTvis amosavali wertilia, sazogadoebis mizani da partnioruli urTierTobis arsi, rogorc am miznis miRwevis saSualeba. komerciuli sazogadoeba iqmneba mogebis miRebis mizniT. mogebas iRebs sazogadoeba, romelsac, rogorc wesi, sameurneo wlis bolos part-niorebi inawileben, TavianTi wilebis Sesabamisad.126 saqmianobis aseTi konstruqcia partniorisgan moiTxovs, ar Selaxos sazogadoebis mizani da usamarTlod ar miiRos iseTi mogeba, romelic sazogadoebis orga-nizaciul-samarTlebrivi formidan gamomdinare unda ganawilebuliyo

126 mewarmeTa Sesaxeb kanonis me-8 muxli.

winaswar SeTaxmebuli wesiT. amdenad, partniori valdebulia imoqmedos sazogadoebis interesebis Sesabamisad. swored es valdebuleba war-moadgens sazogadoebis dafuZnebidan gamomdinare partnioris uzogades valdebulebas, romelic unda Sesruldes keTilsindisierad. nebismieri fiduciuri movaleobis darRveva gulisxmobs sazogadoebis interesebis sawinaaRmdego qmedebas. Tumca yovel konkretul SemTxvevaSi, calke Se-fasebis sagania qmedebis Sedegad damdgari ziani.

partnioris mier fiduciuri movaleobis darRvevis Sefasebisas gamo-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 standarti, icavs direqtoris gadawyvetilebas sasamarTlo Carevisgan. misi gamoyeneba gulisxmobs, mxolod gadawyvetilebis miRebis safuZv-lebis Sefasebas, da Tuki daculia samewarmeo gansjis wesi, sasamarT-lo ar moaxdens Tavad gadawyvetilebis sisworis an mizanSewonilobis Semowmebas.128 partnioris mier fiduciuri movaleobis darRvevis Se-fasebisas ki mowmdeba ara mxolod partnioris gadawyvetilebis/qmedebis safuZvlebi, aramed aseTi gadawyvetilebis/qmedebis sisworec da Sedegic.

fiduciuri movalebis darRvevis Sefasebisas aSS-is sasamarTlo xelmZRvanelobs Semdegi kriteriumebiT: 1. ra saxis darRvevaa saxeze? 2. aris Tu ara darRveuli movaleoba, wevrobidan gamomdinare, sazoga-doebis winaSe nakisri movaleoba, anu aris Tu ara movaleobis adresati sazogadoeba? 3. ramdenad keTilsindisierad da samarTlianad moqmedebda partniori? 4. miayena Tu ara movaleobis darRvevam sazogadoebas ziani? Tuki partniori arRvevs fiduciur movaleobas danarCeni partniorebis mimarT da aseTi qmedebiT saerTo jamSi ziani ar adgeba sazogadoebas, maSin miiCneva, rom ar arsebobis garicxvisTvis sakmarisi materialuri safuZveli.129

analogiuri midgoma gvxvdeba saqarTvelos uzenaesi sasamarTlos erTgvarovan praqtikaSic. Sps `argos” saqmeze 2009 wels miRebuli gadawyvetilebiT, dadgenil faqtobriv garemoebad iqna miCneuli, rom partniori Zaladobda danarCen partniorebze, rogorc fizikurad, aseve

127 Tommas M. Madden, Do Fiduciary Duties of Managers and Members of Limited Liability Companies Exist as with Majority Shareholders of Closely Held Corporation, Duquesne Bussi-ness Law Journal [Vol: 12:211], 2010, 226. 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. Supp. 1565, 1571 (S.D. Fla. 1994); Paramount Communications v. QVC Network, 637 A.2d 34, 46 (Del. 1993). 129 Puala J. Dalley, The Law of Partner Expulsions: Fiduciary Duty and Good Faith, Cardozo Law Review, [Vol 21-181] 1999, 190.

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moralurad. bunebrivia, aseTi qmedebebi ar Seesabameba partniorTa gonivrul molodins. magram, sasamarTlom miiCnia, rom aseTi qmedeba mainc ar qmnis misi garicxvisa da sakuTrebis (wilze) CamorTmevis legitimur safuZvels, radganac am qmedebis Sedegad sazogadoebisaTvis zianis miy-enebis faqti ar dasturdeba.130

Sesabamisad, fiduciuri movaleobis darRveva, rogorc garicxvis ma-terialuri safuZveli, moiazrebs sazogadoebisaTvis zianis miyenebis faqtis arsebobasac. Tuki sazogadoebisTvis zianis miyenebis faqti ver dasturdeba, maSin fiduciuri movaleoba ar iTvleba darRveulad. partniori uflebamosili ar aris, miiRos mogeba sazogadoebis xarjze, radganac aseTi mogeba aisaxeba sazogadoebis zaralze. Tuki partnio-rebi sazogadoebis miRma erTmaneTTan deben xelSekrulebas, romelic ar aris dakavSirebuli sazogadoebis saqmianobasTan, erT-erTi partnioris mier am xelSekrulebis arakeTilsindisieri darRveva, Tundac aRniSnu-lis Semdeg SeuZlebeli gaxdes partnioruli urTierTobis SenarCuneba, ver gaxdeba sazogadoebidan partnioris garicxvis safuZveli.

3. partnioris piradi pasuxismgebloba

sakorporacio samarTlis fundamenturi principis Tanaxmad, part-niori pasuxs ar agebs sazogadoebis valdebulebebisTvis.131 aRniSnul princips safuZvlad udevs sazogadoebis, rogorc damoukidebeli subi-eqtis – iuridiuli piris gancalkevebuloba misi partniorebisgan. miiC-neva, rom `damfuZnebeli (partniori) da mis mier dafuZnebuli sazoga-doeba samoqalaqo brunvis sruliad damoukidebeli subieqtebia.”132

pasuxismgeblobis SezRudvis principis paralelurad rig dasav-lur qveynebSi ganviTarda partnioris piradi pasuxismgeblobis prin-cipi.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], 2.132 saqarTvelos sakonstitucio sasamarTlos 2006 wlis 13 ivlisis gadawyvetileba #1/2/378133 safuZvelia Teoria `alter ego”, romelic ar gansxvavebs partniorebs sazogadobisgan ix. Stephen M. Bainbridge, Abolishing Veil Piercing, The Journal of Corporation Law 2001 [26 Iowa J. Corp. L. 479], 4; Daniel J. Morrissey, Piercing All the Veils: Applying an Established Doctrine to a New Business Order, The Journal of Corporation Law 2007 [32 Iowa J. Corp. L. 529], 1; Kevin M. Warsh, Corporate Spinoffs and Mass Tort Liability, Columbia Business Law Review 1995 [Colum. Bus.. L. Rev. 675], 7; `alter ego” Teoria pirvelad gamoiyena kali-

daekisros individuluri pasuxismgebloba sazogadoebis kreditorebis sasargeblod.134 sazogadoebaze kontroli gadamwyveti kriteriumia in-dividualuri pasuxismgeblobis dakisrebisTvis. domimantobis gansaz-Rvra xdeba Semdegi sam-komponentiani testis safuZvelze: pirveli rigSi, xdeba kontrolis dadgena. kontrolSi moiazreba aramarto wilobri-vi monawileoba, aramed gadawyvetilebis miRebaze zegavlenis moxdenis yovelgvari SesaZlebloba. meore komponenti gulisxmobs imis Sefasebas, Tu rogor gamoiyena partniorma dominanturi mdgomareoba (magaliTad, motyuebiT an movaleobaTa darRveviT). mesame komponentis Tanaxmad, unda Semowmdes, xom ar aris saxeze partniorisaTvis zianis momtani TaRli-Turi, araswori qmedeba.135

Apiradi pasuxismgeblobis ganxilvisas saWiroa, ganimartos `me-warmeTa Sesaxeb~ kanonis me-3 muxlis me-8 punqts, romelic dominan-ti partnioris pirad pasuxismgeblobas awesebs sazogadoebis danarCen partniorTa sasargeblod. `mewarmeTa Sesaxeb~ kanonis sityvasityviTi ganmartebis safuZvelze, unda davaskvnaT, rom dominanti partniorisaT-vis pasuxismgeblobis dakisreba xdeba mxolod sazogadoebis danarCen partniorTa sasargeblod da ara mesame pirTa – sazogadoebis kredi-torTa sasargeblod. amdenad, `mewarmeTa Sesaxeb~ kanoni ar warmoadgens aSS-is samarTalSi ganviTarebul partnioris piradi pasuxismgeblobis principis analogs. aRniSnuli norma pirdapir uTiTebs moTxovnis uflebis subieqtze – partniorze. Tumca normis dispozicia ar iZleva imis gansazRvris SesaZleblobas, nebayoflobiTi kompensaciis argacemis SemTxvevaSi rogor unda moxdes partnioris mier kompensaciis moTxov-nis davis warmoeba. kerZod, damoukideblad Tu sazogadoebis saxeliT sarCelis wardgenis gziT. aRniSul kiTxvas pasuxi gaecema winamdebare naSromis V Tavis me-5 qveTavSi.

forniis uzenaesma sasamarTlom 1921 wels, saqmeze, Minifie v. Rowley, 187 Cal. 481, 202 P. 673, 676 (1921).134 J. William Callison , Rationalizing Limited Liability and Veil Piercing, The Business Lawyer May, 2003 [58 Bus. Law. 1063], 2; `Veil Piercing” qarTul iur. literaturaSi: `gamWoli pasuxismgebloba”. ix burduli i., sawesdebo kapitali da misi funqciebi, Tanamedrove sakorporacio samarTlis Teoriuli da praqtikuli sakiTxebi, Tbilisi 2009, 236, aseve Георгий Джугели, Ответственность Акционеров за Обязанности Корпорации – Нарушение Корпоративной оболочки, Южнокавказский Юридический Журнал, 03/2012, 57.135 iqve, burduli i., 254.

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V. sazogadoebidan partnioris garicxvis

procedura

partnioris garicxva aris ukiduresi RonisZieba, rac dasaSvebia mx-olod gansakuTrebul SemTxvevaSi da igi unda efuZnebodes gasaricxi partnioris kanonisa da sazogadoebis interesebis aSkarad sawinaaRmdego qmedebas, ris Sedegadac SeuZlebeli xdeba partnioruli urTierTobis SenarCuneba.136 partnioris mier kanonieri moqmedebis ganxorcielebis gamo sazogadoebaSi konfliqturi situaciis Seqmna ar SeiZleba kanon-ieri moqmedebis ganmaxorcielebels Seeracxos.137

sazogadoebis saziano qmedeba, ipso facto, ar warmoSobs garicxvis uflebis gamoyenebis sakmaris safuZvels. saqarTvelos uzenaesma sa-samarTlom erT-erT saqmeze daadgina: `partnioris garicxva nebismier dros da nebismieri safuZvliT dauSvebelia. igi SesaZlebelia im Sem-TxvevaSi, rodesac am partniorTan erTad SeuZlebelia sazogadoebis Semdgomi saqmianobis gagrZeleba.”138 aRsaniSnavia, rom aSS-is precedentu-li samarTlis mixedviT, amgvari situaciis Sefasebisas `SeuZleblobis” nacvlad gamoiyeneba kriteriumi `gonivrulad arapraqtikuli.”139 erTo-blivi saqmianobis gagrZelebis arapraqtikulobis kriteriumiT Sefaseba, sazogadoebis miznis SenarCunebas ufro realurs gaxdis. partniorul urTierTobaSi warmomadgenlobis gamoyeneba yovelTvis ar uzrunvelyofs partniorTa Soris pirovnuli konfliqtis gadaWras. amitom mizanSe-wonilia, rom saqarTvelos sasamarTloebmac, partnioruli urTierTo-bis Sefaseba moaxdinon imis mixedviT, Tu ramdenad praqtikuli iqneba sazogadoebisTvis partniorebs Soris saqmiani urTierTobis SenarCuneba.

partnioris mier iseTi marTlsawinaaRmdego qmedebis Cadena, ro-melic ar aris dakavSirebuli sazogadeobis ineteresebTan an saqmiano-basTan, ver gaxdeba sazogadoebidan misi garicxvis safuZveli. mxolod sazogadoebis winaSe nakisri movaleobis darRveva warmoadens garicxvis materialur safuZvels.

`mewarmeTa Sesaxeb~ kanoni ar awesebs garicxvis pirdapir uflebas.

136 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2009 wlis 2 noembris gadawyvetileba #as-812-1099-09 Sps `eka”-s saqmeze.137 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2001 wlis 14 seqtem-beris ganCineba # 3k/787-01 Sps `jgirTa”-s saqmeze.138 sus, 2007 wlis 24 ivlisis gadawyvetileba #as-390-741-07 Sps ̀ jorjian earveis”-is saqmeze. 139 Meghan Gruebner, Delaware’s Answer to Management Deadlock in the Limited Liability Company: Judicial Dissolution, The Journal of Corporation Law Spring, 2007 [32 Iowa J. Corp. L. 641], 3.

Kkanoni uTiTebs, rom sazogadoebis kreba, uflebamosilia gamoiyenos is damatebiTi uflebebi, romlebic mas gaaCnia sazogadoebis dafuZnebidan an/da marTvidan gamomdinare partnioris mimarT.140 saqarTvelos uzen-aesi sasamarTlo ki swored damatebiT uflebaSi moiazrebs partnioris garicxvis uflebas.141

calke msjelobis sagania, warmoadgens Tu ara garicxvis ufleba im uflebas, romelic sazogadoebis dafuZnebidan an/da marTvidan gamomdin-areobs. sazogadoeba iqmneba mogebis miRebis mizniT, Sesabamisad sazoga-doebis dafuZnebasTan erTad partniorebmi kisruloben valdebulebas, imoqmedon imgvarad, rom sazogadoebis mizans ar Seeqmnas safrTxe. mar-Talia, amgvari valdebulebis konstatacias ar axdens `mewarmeTa Ses-axeb~ kanoni, magram es valdebuleba sazogadoebis dafuZnebidan da misi miznidan gamomdinareobs. Aamdenad, Tuki erT-erTi partniori safrTxes uqmnis sazogadoebis miznis miRwevas, amoqmeddeba danarCeni partniorebis movaleoba, uzrunvelyon sazogadoebis dacva am safrTxisgan. swored am `movaleobis” Sesrulebis meqanizmia partnioris garicxvis uflebis gamoyeneba. amdenad, partnioris garicxvis ufleba aris sazogadoebis dafuZnebidan gamomdinare partniorTa damatebiTi ufleba. aRniSnulidan gamomdinare, partnioris garicxvis ufleba ekuTvnis sazogadoebis saer-To krebas. kreba gadawyvetilebas iRebs xmaTa umravlesobiT, gasaricx partniors ki xmis ufleba ar aqvs.142

sainteresoa, warmoadgens Tu ara partnioris garicxvis uflebis ganx-orcieleba sazogadoebis valdebulebas rodesac naTelia, rom damrRvevi partnioris sazogadoebaSi darCenis SemTxvevaSi, sazogadoebis saqmiano-bis gagrZeleba, da, Sesabamisad, miznis miRweva SeuZlebeli iqneba. `me-warmeTa Sesaxeb~ kanoni garicxvis uflebis paralelurad sazogadoebis likvidaciis SesaZleblobasac iTvaliswinebs.143 amdenad, Tuki damrRvev partniorTan erTad sazogadoebis saqmianobis ganxorcieleba SeuZlebe-lia, partniorebs warmoeSobaT ori alternativa: pirveli, garicxon urCi partniori; meore, ganaxorcielon sazogadoebis likvidacia, ris Semde-gac daafuZneben axal sazogadoebas ukve am partnioris monawileobis gareSe. meore alternativa naklebad xelsayrelia, roca sazogadoeba damkvidrebulia bazarze. Sesabamisad, Zlieri kompaniis SemTxvevaSi, Tuki partnioris darCena laxavs sazogadoebis mizans, erTaderT saSualebas partnioris garicxva warmoadgens. miuxedavad amisa, garicxvis uflebis

140 ,,mewarmeTa Sesaxeb~ me-91 muxlis, me-6 punqtis `b” qvepunti. 141 sus, 2007 wlis 24 ivlisis gadawyvetileba #as-390-741-07, aseve 2008 wlis 23 Tebervlis gadawyvetileba #as-1075-1245-08.142 Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, 2002, 287.143 ,,mewarmeTa Sesaxeb~ kanoni, me-14 muxlis pirveli punqti.

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gamoyeneba nebismier SemTxvevaSi eqceva danarCen partniorTa nebis Tavi-suflebis sferoSi da ar ganixileba sazogadoebis SenarCunebis mizniT gansaxorcielebel savaldebulo qmedebad.

aSS-is samarTliT daxurul korporaciaSi partniorTa Soris ar-sebuli personaluri konfliqtidan gamosavali SeiZleba iyos korpo-raciidan partnioris nebayoflobiTi gasvla (withdrawal), partnioris garicxva (expultion) an sazogadoebis likvidacia (dissolution). aRsaniSnavia, rom germaniaSi iseve, rogorc aSS-Si sazogadoebidan nebayoflobiT gas-vlisa da nebis gareSe (in invitum) garicxvis uflebaTa dadgena moxda sasamarTlo praqtikiT.144

1. garicxvis uflebis gamoyenebis winapirobebi

rogorc ukve aRvniSne, partnioris damatebiT movaleobebs ormagi daniSnuleba gaaCnia. kerZod, fiduciuri movaleobebi icavs sazogadoebas partniorebis qmedebebisgan, keTilsindisierebis movaleoba ki – Tavad partniors danarCen partniorTa qmedebisgan.145 es ki niSavs imas, rom partnioris garicxva unda moxdes keTilsindisierebis farglebSi. zoga-di principiT, xelSekrulebis/SeTanxmebis yvela monawiles akisria val-debuleba imoqmedos samarTlianad da keTilsindisierad.146 analogiurad moqmedebs es principi partniorTa SeTanxebis mimarTac. Sesabamisad, Se-Tanxmebis erTi monawilis arakeTilsindisieri qmedeba ar aTavisuflebs meore mxares keTilsindisieri qmedebis movaleobisgan. swored amitom, sazogadoebis saxeliT moqmedma partniorebma garicxva unda moaxdinon keTilsindisierad. is faqti, rom partnioris garicxvas safuZvlad ude-vs misi mxridan sazogadoebis intresebis sawinaRmdego arakeTilsindis-ieri qmedeba, garicxvas, ipso facto, ar aniWebs keTilsindisieri qmedebis statuss. aRniSnulis safuZvlad SeiZleba ganvixloT principi `ex dolo malo non oritum actio” (a right of action cannot arise out of fraud). aSS-is precendetuli samarTliT dadgenilia, rom partnioris garicxva ar ak-

144 germaniis GmbH-is kanoni (1892) partniorebs Soris piradi konfliqtis gadawyve-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 the company or when there are other substantional causes (wichtige Grund) for the dissolution 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, Michigan Journal of International Law, 1993, [15 Mich. J. Int’L. 127], 4.145 Jeff Schawrtz, Good Faith in Partner Expusion: Application of a Contract Law Paradigm, Chapman Law Review, 2005 [9 Chap. L.Rev.1], 2.146 Restatement (Second) of Contracts, (1981) Sec. 205; UCC Sec. 1-203.

mayofilebs keTilsindisierebis standarts, Tuki garicxul partniors ar mieca SesaZlebloba daecva sakuTari Tavi (procesualuri preten-zia), anda ar arsebobda garicxvis legitimuri safuZveli (materialuri pretenzia).147 amdenad, keTilsindisierebis principi moiTxovs, rom part-niorebma ar gamoiyenon garicxvis ufleba borotad, mxolod im mizniT, rom daeuflon gasaricxi partnioris wils da amgvarad, miiRon piradi sargebeli (self gain) an qonebrivi upiratesoba (gain a bussiness or property advantage). aSS-is sasamarTloebi garicxvis keTilsindisierebis Sefase-bas axdenen Semdegi testis safuZvelze: 1. garicxva gamarTlebuli unda 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

saqarTvelos uzenaesi sasamarTlos erTgvarovani praqtikiT, dadge-nilia, rom partnioris garicxvisTvis ar aris sakmarisi garicxvis mate-rialuri safuZvlis – partnioris mier keTilsindisierebis movaleobis mxolod darRveva, zianis arsebobis gareSe.149

saerTo krebis gadawyvetileba garicxvis proceduris mxolod pirveli safexuria. partnioris amoSla partniorTa rigebidan unda moxdes sazogadoebis saregistracio monacemebSi Sesabamisi cvlilebis registraciis safuZvelze. saqarTvelos samewarmeo da arasamewarmeo (arakomerciuli) iuridiuli pirTa reestri, amonaweridan partnioris amoSlas or SemTxvevaSi axorcielebs: 1. roca wardgenilia xelSek-ruleba (wilis nasyidobis an wilis daTmobis), ris safuZvelzec part-niori gadis sazogadoebidan an 2. sasamarTlos gadawyvetileba. Sesabam-isad, mxolod saerTo krebis gadawyvetilebiT sazogadoeba ver moaxdes partnioris garicxvas da cvlilebis registracias uflebamosil or-ganoSi.

garicxvis winapirobebi SeiZleba daiyos or jgufad. pirveli, mate-rialuri winapirobebi aerTianebs garicxvis uflebis warmomSob safuZ-vlebs. xoloMmeore, proceduruli winapirobebi – uSualod garicxvis ganxorcielebis safuZvlebs.

materialuri winapirobebia: 1. partnioris mier sazogadoebis winaSe movaleobis darRveva, rac gulisxmobs sazogadoebis ineteresebis sawi-naaRmdego qmedebis Cadenas, ris Sedegadac partniorebs Soris saqmiani urTierTobis gagrZeleba SeuZlebelia; 2. sazogadoebisaTvis zianis miy-

147 Holman v. Coie, 522 P.2d 515, 519 (Wash. Ct. App. 1974).148 Jeff Schawrtz, Good Faith in Partner Expusion: Application of a Contract Law Paradigm, Chapman Law Review, 2005 [9 Chap. L.Rev.1], 4.149 sus, samewarmeo da gakotrebis saqmeTa palatis 2009 wlis 09 noemberi gadawyvetile-ba #as-812-1099-09, Sps `eka”-s saqmeze.

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enebas. 3. pirvel or winapirobas Soris mizezobrivi kavSiris arseboba.partniorTa krebis gadawyvetileba partnioris garicxvis Sesaxeb

pirdapir ar iwvevs sazogadoebidan mis garicxavs. es SeiZleba iyos safuZveli, raTa sazogadoebam sarCeliT mimarTos sasamarTlos part-nioris garicxvis Taobaze. gadawyvetilebas partnioris sazogadoebidan garicxvis Sesaxeb iRebs sasamarTlo. partnioris garicxvis sakiTxis udavo warmoebis wesiT gadawyveta dauSvebelia. partnioris garicxva SesaZlebelia mxolod sasarCelo warmoebis gziT.150 Sesabamisad, pro-ceduruli winapirobebia: 1. saerTo krebis mier garicxvis Taobaze gadawyvetilebis miReba;151 2. sazogadoebis mier sarCelis Setana sa-samarTloSi, partnioris garicxvis moTxovniT; 3. garicxvis materi-aluri safuZvlis arsebobis SemTxvevaSi sasamarTlos mier sarCelis dakmayofileba; 4. sasamarTlos gadawyvetilebis safuZvelze uflebamo-sil organoSi sazogadoebis saregistracio monacemebSi cvlilebebis registracia.152

RULLCA, ,,mewarmeTa Sesaxeb~ kanonis msgavsad, iTvaliswinebs part-nioris garicxvis Sesaxeb gadawyvetilebis xmaTa umravlesobiT miRe-bas.153 Aaseve gansazRvravs, rom partnioris garicxva xdeba sasamarTlos brZanebiT, sazogadoebis sarCelis safuZvelze. garicxvis safuZvelia, Tuki partniori 1. eweoda an eweva marTlawinaaRmdego saqmianobas, ramac gavlena moaxdina an SeiZleba moaxdinos sazogadoebis interesebze; 2. ganzrax an araerTgzis daarRvia an arRvevs samoqmedo SeTanxmebas, anda RULLCA-Ti gaTvaliswinebul fiduciur movaleobebs; 3. eweoda an eweva iseT saqmianobas, romlis gaTvaliswinebiTac gonivrulad ara-praqtikulia am partniorTa saqmiani urTierTobis gagrZeleba.154 Uunda aRiniSnos, rom germanul samarTalSi, partnioris garicxvis material-uri winapirobaa mniSvnelovani safuZveli - `wichtige Grund” – `substan-tional basis”, romelic personalur faqtorebs ukavSirdeba da SeiZleba warmoiSvas partnioris pirovnulobidan gamomdinare. Sesabamisad, ufro farTo cnebaa, vidre fiduciuri movaleobebi.155

150 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2001 wlis 23 ianvris gadawyvetileba # 3k\841, Sps `astra diRomi”-is saqmeze.151 aRniSnuli moiazrebs sazogadoebis partniorTa saerTo krebis mier garicxvis `dam-atebiTi uflebis” keTilsindisierad ganxorcielebas.152 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2011 wlis 21 ivlisis gadawyvetileba #as-1060-1090-2011.153 RULLCA (2006) Sec., 602.154 iqve, 602.155 Hugh T. Scogin Jr, Withdrowal and Expultion in Germany: A Comparative Perspective on the `Close Corporation Problem, Michigan Journal of International Law, 1993, [15 Mich. J. Int’L. 127], 4;

2. partnioris garicxva: paraleli xelSekrulebis

moSlasTan

xelSekrulebaze uari calmxrivi nebis gamovlenaa da aerTianebs, rogorc xelSekrulebidan gasvlas, aseve xelSekrulebis moSlas. xelSekrulebidan gasvlisgan gansxvavebiT, moSla gamoiyeneba gZelva-diani urTierTobis mimarT rogorc wesi ar warmoSobs restituciis uflebas.156 evropul samarTalSi, xelSekrulebis moSlis ganxorcieleba xdeba meore mxarisaTvis Setyobinebis safuZvelze.157 sazogadoeba iqmneba partniorTa nebis gamovlenis – SeTanxmebis Sedegad. amdenad, partnior-uli urTierTobis warmoSobis safuZvelia SeTanxmeba. Sesabamisad, part-nioruli urTierTobis Sewyveta gulisxmobs partniorTa SeTanxmebis Sewyvetas. partnioruli urTierToba grZelvadiani urTierTobaa. Sesa-bamisad, Sewyveta, partniorTa SeTanxmebis moSliT unda ganxorcieldes.

rogorc araerTgzis aRiniSna, garicxva, saboloo jamSi, unda moxdes sasarCelo warmoebis gziT. Sesabamisad, am kuTxiT mniSvnelovania davis sagnis swori gansazRvra. xelSekrulebis moSla warmoadgens calmxriv miRebasavaldebulo nebis gamovlenas,158 ris gamoc xelSekrulebis moSla mxareTa nebis Tavisuflebis sferoSi eqceva. nebis gamovlenaze, raime saxiT, maT Soris sasamarTlo gziT zemoqmedeba dauSvebelia. swored amitom, sasamarTloSi davis sagani ver gaxdeba xelSekrulebaze uari (gasvla an moSla). sasamarTlo Semoifargleba xelSekrulebidan gas-vlis an moSlis winapirobebis SemowmebiT, isic im SemTxvevaSi, Tuki am uflebis gamoyenebas sadavod xdis meore mxare. msgavsebas vxvdebiT partnioris garicxvasTan mimarTebiT, radganac am SemTxvevaSic, saxezea sasamarTlos mier imis Semowmeba, Tu ramdenad marTlzomierad moxda garicxvis uflebis gamoyeneba.

aSS-s sasamarTlo praqtikiT dadgenilia, rom garicxva unda moxdes gasaricxi partniorisaTvis winaswari Setyobinebis gagzavnis safuZvel-ze. Setyobinebis ar gagzavna miiCneva garicxvis procesualuri safuZv-lis darRvevad.159

156 maWariZe m., xelSekrulebidan gasvla da xelSekrulebis moSla – gansxvaveba da samarTlebrivi Sedegebi (saqarTvelosa da germaniis samarTlis mixedviT), ,,qarTuli samarTlis~ mimoxilva, specialuri gamocema 2008, 156.157 germanul samarTalSi, iseve rogorc frangul samarTalSi, grZelvadiani xelSek-rulebis moSlisaTvis ar aris saWiro valdebulebis darRvevis arseboba, Tumca aucilebelia winaswari Setyobinebis gagzavna ix. Guiding Principles of European Contract Law, http://www.legiscompare.com/IMG/pdf/19._Guiding_Principles.pdf158 Todua m., vilemsi h., valdebulebiTi samarTali, 2006, 54, xelmisawvdomia: http://www.legaleducation.ge/gal_videos/gl_11_vald.samartali.pdf159 Jeff Schawrtz, Good Faith in Partner Expusion: Application of a Contract Law Paradigm,

176 177

winaswari Setyobineba da damatebiTi vadis gansazRvra gansa-kuTrebul datvirTvas iZens, Tuki saxezea Sesatanis vadis gadacileba. vadis gadacileba yovelTvis ar gulisxmobs valdebulebis Sesrulebis SeuZlebelobas. amitomac, Tuki Sesrulebis SeuZleblobas ar aqvs ad-gili, sazogadoebisaTvis ufro xelsayreli unda iyos SesrulebisTvis damatebiTi vadis daweseba, vidre garicxvis xangZlivi sasamarTlo war-moebis dawyeba.

gansxvavebuli viTarebaa, rodesac saxezea fiduciuri movaleobis darRveva. Tuki am darRvevis Sedegad sazogadoebas miadga ziani, damate-biTi vadis daweseba yovelgvar azrs iqneboda moklebuli. Tumca, weril-obiTi gafrTxileba, mainc unda ganxorcieldes iqamade, sanam sazogadoe-ba miiRebs partnioris garicxvis Sesaxeb gadawyvetilebas. aRniSnulis aucilebloba gamomdinareobs iqidan, rom partnioris garicxva iwvevs garicxuli partnioris sakuTrebis uflebis dakargvas wilze. Sesabam-isad, partniorisaTvis winaswar unda iyos ganWvretadi garicxvis Sesa-Zlo Sedegi. gansakuTrebiT im pirobebSi, roca kanonmdebloba am Sedegis ganWvretis SesaZleblobas ar iZleva.

partnioris garicxva unda ganvixiloT, rogorc sazogadoebis sax-eliT moqmed partniorTa nebis gamovlena. aseTi nebis gamovlena, ms-gavsad xelSekrulebis moSlisa miReba- savaldebuloa. aRniSnuli ki gulisxmobs imas, rom gasaricx partniors, garicxvis procedurebis dawyebamde, unda miuvides sazogadoebis saxeliT moqmed partniorTa neba misi garicxvis Sesaxeb.160

3. saerTo krebis gadawyvetileba partnioris garicxvis

Sesaxeb. gadawyvetileba wilis kompensaciis Taobaze

rogorc ukve aRiniSna, partnioris garicxvis Taobaze gadawyvetilebis miRebaze uflebamosilia sazogadoebis saerTo kreba. krebaze gadawyvetileba miiReba xmaTa umravlesobiT, xolo gasaricx partniors ar aqvs xmis ufleba.161

partnioris garicxvis Sesaxeb gadawyvetilebis miRebis Semdeg aseve miRebul unda iqnes saerTo krebis gadawyvetileba wilis kompensaciis Taobaze. Ggamomdinare iqidan, rom garicxva iwvevs wilze sakuTrebis uflebis dakargvas, igi unda moxdes kompensaciis sanacvlod. kompen-

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. 161 ,,mewarmeTa Sesaxeb” kanoni, me-91 muxlis me-3 punqti.

saciis gacemisas mTavari principi unda iyos sazogadoebis kapitalis dacva. kompensacia SeiZleba iyos fuladi anda moxdes naturiT.162 Tumca kompensacia ar gulisxmobs, rom partniors daubrundeba mis mier gancx-orcielebuli Senatani. Senatani SeiZleba iyos uZravi qoneba, romelic mniSvnelovan funqcias asrulebs sazogadoebis saqmianobaSi. Sesabamisad, es Senatani partniors ver daubrundeba. Senatani SeiZleba iyos, magali-Tad, 1 milioni lari, magram partnioris wili kapitalSi mxolod 20%. garicxuli partniori miiRebs 20%-iani wilis Rirebulebis adekvatur kompensacias, romlis odenobac da saxe ar aris damokidebuli mis mier ganxorcielebuli Senatanis/Senatanebis odenobaze. sazogadoeba araa valdebuli wilis kompensaciis saxiT daubrunos partnioris sawes-debo kapitalSi Setanili arafuladi Senatani, anda fuladi Senatani igive odenobiT. Senatani sazogadoebis kapitalis nawilia da, Sesabamis-ad, sazogadoebis sakuTreba. sabazro ekonomikis pirobebSi sazogadoebam mogebasTan erTad, aseve SeiZleba ganicados zaralic, ris gamoc icvleba kapitalis odenoba da Sesabamisad, wilis Rirebulebac.

kompensacia unda iyos partnioris wilis Rirebulebis adekvaturi. amdenad, mizanSewonilia, rom saerTo krebam kompensaciis gansazRvras safuZvlad daudos gasaricxi partnioris wilis Sefasebis Sesaxeb kom-petenturi daskvna. Kkompensaciis gacemiT, sazogadoebis kapitali mc-irdeba. amitomac, strategiulad unda gaiTvalos, ra saxis kompensaciis gacema iqneba sazogadoebisTvis yvelaze naklebad saziano. doqtrinaSi gavrcelebulia azri, rom wilis kompensacia, sazogadoebidan gasvlis Sem-TxvevaSi dauSvebelia, Tuki amiT safrTxe eqmneba sazogadoebis kapitals anda mTlianad sakuTrebas.163 Tumca garicxvis SemTxvevaSi, kompensacia aucileblad unda ganxorcieldes. garicxva warmoadgens sakuTrebis da-kargvas. kompensaciis gareSe partnioris garicxva gamoiwvevs darCenili partniorebis usafuZvlo gamdidrebas, radganac garicxuli partnioris wilis gadanawilebiT maTi qoneba gaizrdeba, sapasuxo `Sesrulebis” ga-reSe. SesaZlebelia kompensaciis gacema ar moxdes dauyovnebliv, Tumca misi odenoba unda dadgindes partniorTa gadawyvetilebiT. garicxul partniors yovelTvis unda hqondes kompensaciis garantirebuli moTxovnis ufleba. moTxovna garantirebuli iqneba, Tuki masze iarsebebs partniorTa gadawyvetileba. Tumca sxva sakiTxTa msgavsad, arc es pozi-ciaa ualternativo. arsebobs aseve mosazrebac, rom garicxva ar iwvevs kompensaciis gacemis valdebulebas, usafuZvlo gamdidrebis normebis gavrceleba ki garicxvidan gamomdinare urTierTobebSi ar unda moxdes.

162 Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, Tbilisi 2002, 282.163 iqve, 283.

178 179

4. garicxvis sasarCelo warmoeba sasamarTloSi.

arbitraJis SesaZlo gansjadoba

mas Semdeg, rac saerTo krebaze partniorebi miiReben gadawyvetilebas garicxvis Sesaxeb, sazogadoebam unda Seitanos sarCeli sasamarTloSi gasaricxi partnioris winaaRmdeg. Sesabamisad, aseT davaSi, mosarCeles warmoadgens sazogadoeba, xolo mopasuxes – gasaricxi partniori. Ggar-icxvis sasarCelo warmoebis aucilebloba dadnilia saqarTvelos sa-samarTlo praqtikiT. amis garda, sazogadoebidan partnioris garicxvis erT-erT davaze, saqarTvelos uzenaesma sasamarTlom, damatebiT miuTiTa, rom ”garicxvis sasarCelo warmoebisas sasamarTlo dacva unda iyos sruli, rac gulisxmobs ara mxolod piris SesaZleblobas mimarTos sa-samarTlos, aramed sasamarTlos valdebulebas, gamoitanos samarTliani da dasabuTebuli gadawyvetileba. sasamarTlo valdebulia Seafasos, ramdenad uflebamosili iyo sazogadoeba gaericxa partniori”.164

sainteresoa, ra kategoriis davas warmoadgens sazogadoebidan part-nioris garicxva. saqarTvelos uzenaesi sasamarTlos erTggvarovani praqtikiT, partnioris garicxva araqonebriv davas miekuTvneba. kerZod, davis sagania, partnioris sakuTrebis ufleba wilze. wilad ki miiCneva ara sawesdebo kapitalSi Senatanis odenoba, aramed im uflebebisa da movaleobebis erToblioba, romelic pirs aqvs Sps-s wevrobidan gamom-dinare.165 Agaricxvis davas, qonebriv xasiaTs sZens wilis kompensaciis moTxovna, romelic garicxvis Semdgom garicxuli partnioris sapasuxo moTxovnas warmoadgens. kompensaciis moTxovnis ufleba warmoiSoba mas Semdeg, rac sasamarTlo ganaxorcielebs partnioris garicxvas. Sesabam-isad, garicxul partniorsa da sazogadoebas Soris kompensaciis Tao-baze dava warmoadgens garicxvisgan damoukidebel warmoebas. A

arbitraJis Sesaxeb saqarTvelos kanoni gansazRvravs, arbitraJis gansjad saqmeebs da Semoifargleba mxolod qonebrivi davebiT.166 aRin-iSnuli ki gamoricxavs arbitraJis kompetencias garicxvis davaze. im SemTxvevaSi, Tuki partniorTa SeTanxmebiT dadgindeba, rom partniorebs Soris warmoSobili dava romelime konkretuli arbitraJis gansjadia, es saarbitraJo SeTanxmeba iqneba baTili, radganac igi ewinaaRmdegeba kanons.167 Tuki arbitraJi sasarCelo warmoebis gziT mainc gadawyvetvs

164 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2010 wlis 22 ivlisis gadawyvetileba as-1157-1419-09, Sps àieti”-is saqmeze. 165 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2000 wlis 30 agvistos gadawyvetileba # 3k/421, Sps ài di em forin paueri”-s saqmeze.166 arbitraJis Sesaxeb saqarTvelos kanoni, 1-li muxlis me-2 nawili; 167 iqve, me-9 muxlis pirveli punqti.

partnioris garicxvis Sesaxeb davas, saqarTvelos saapelacio sasamarT-lo ar moaxdens aseTi saarbitraJo gadawyvetilebis cnobas. Sesabamisad, gadawyvetilebis aRsruleba – cvlilebis registracia da garicxuli partnioris amoSla maregistrirebel organoSi ver moxdeba.168

amdenad, arsebuli samarTlebrivi regulirebis farglebSi, partnior-is garicxva mxolod sasamarTloSi sasarCelo warmoebis sagania. gan-sxvavebiT wilis kompensaciis Sesaxeb davisgan, romelic qonebrivi davaa da eqceva arbitraJis kompetenciaSi.

gansxvavebuli midgomaa aSS-s samarTalSi, sadac partnioris garicx-va aseve SeiZleba moaxdinos arbitraJma. magaliTad, saqmeze Duke v. Gra-ham partniori sazogadoebidan garicxa arbitraJma, mopasuxem (garicx-ulma partniorma) gaasaCivra arbitraJis gadawyvetileba sasamarTlSi. sasamarTlom ki daadgina, rom arbitraJi uflebamosili iyo ganexila partnioris garicxvis saqme, radganac mxareTa Soris arsebobda saarbi-traJo SeTanxmeba, xolo Statis saarbitraJo kanonmdebloba ar krZala-vda am kategoriis saqmeebis ganxilvas.169

mniSvnelovania gaimijnos, Tu vis ekuTvnis garicxvis moTxovnis ufleba, radganac swored es gansazRvras saTanado mosarCeles gasar-icxi partnioris winaaRmdeg davaSi. Tuki mosarCele eseT davaSi ar iqneba moTxovnis namdvili subieqti, sasamarTlo ar daakmayofilebs sar-Cels. zogadad, partnioris winaaRmdeg davaSi moTxovnis uflebis subi-eqti SeiZleba iyos, rogorc sazogadoeba, aseve danarCeni partniorebi. moTxovnis uflebis subieqtis gansazRvra damokidebulia im konkretul movaleobaze, romlis darRvevamac warmoSva moTxovnis ufleba. kerZod, unda dadgindes, Tu vis mimarT ekisra darRveuli movaleoba gasaricx partniors. magaliTad, Sesatanis moTxovnis ufleba ekuTvnis sazoga-doebas. Sesabamisad, Sesatanis ganuxorcieblobis safuZvliT partnioris garicxvis moTxovnis uflebac calsaxad sazogadoebas ekuTvnis.170

aRniSulTan mimarTebiT saWiroa ,,mewarmeTa Sesaxeb~ kanonis me-3 muxlis me-8 punqtiT gaTvaliswinebuli kompensaciis moTxovnis uflebis ganxilva. aRniSnuli normis Tanaxmad, `Tu sawarmos dominantma part-

168 arbitraJis Sesaxeb saqarTvelos kanoni, muxli 45.1. à.b”, aseve saqarTvelos samoqa-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, muxli II (“niu-iorkis” konvencia); saqarTvelosTvis ZalaSia saqarTvelos parlamen-tis 1994 wlis 3 Tebervlis dadgenilebiT. 169 Duke v. Graham, 2007 UT 31, 158, P3d 540 (2007) .170 Robert B. Thompson, The Shareholder’s Cause of Action for Oppression, The Business Law-yer, 1993, [48 Bus. Law. 699], 11, Deniel, S. Kleinberger, Direct versus Derivative and the Law of Limited Liability Company, Baylor Law Review, 2006, [58 Baylor L. Rev. 63], 2.

180 181

niorma ganzrax gamoiyena Tavisi dominanturi mdgomareoba am sazoga-doebis sazianod, man danarCen partniorebs unda gadauxados Sesabamisi kompensacia.” normis sityvasityviTi ganmartebis safuZvelze, moTxovnis uflebis subieqti aris partniori. erTi SexedviT, dominanti part-nioris mxridan zianis miyenebis SemTxvevaSi, dazaralebuli partniori uflebamosilia, idavos dominanti partnioris winaaRmdeg sazogadoebi-sgan damoukideblad, sakuTari saxeliT. Tumca, miTiTebuli normis Si-naarsSi aris konceptualuri Secdoma.Anormis analizidan gamomdinare, dominanturi mdgomareobis mxolod sazogadoebis sazianod gamoyenebis SemTxvevaSi warmoeSoba dominant partniors kompensaciis gacemis val-debuleba. Sesabamisad, norma zianis anazRaurebis moTxovnis warmoSo-bas ukavSirebs sazogadoebisaTvis zianis miyenebas. aRniSnulis gamo ki, kompensaciis moTxovnis ufleba unda ekuTvnodes sazogadoebas da ara partniors. amis garda, qarTuli sakorporacio samarTali, iseve rogorc saqarTvelos sasamarTlo praqtika, sazogadoebas, rogorc iuridiul pirs, ganixilvas partniorisgan gancalkevebulad. Aam fundamenturi midgomis gamo ki ufro met gaurkvevlobas iwvevs dasaxelebuli norma, romlis Tanxmadac, sazogadoebis saziano qmedebis Cadenis SemTxvevaSi ziani unda aunazRaurdes ara sazogadoebas, aramed partniors. amdenad, swori iqneba Tuki davaskvniT, rom dominantur mdgomareobaSi myofi partniorisgan kompensaciis moTxovnis uflebac unda ganxorcildes sazogadoebis sax-eliT, kompensacia unda miiRos sazogadoebam, radganac, moTxovnis ufleba ekuTvnis swored sazogadoebas.

VI. partnioris garicxvis mimarTeba sakuTrebis

uflebasTan

partnioris garicxva gulisxmobs garicxuli partnioris mier wil-ze sakuTrebis uflebis dakargvasa da danarCen partniorTa mier mis wilze sakuTrebis mopovebas.AaRsaniSnavia, rom termins `sakuTrebis Cam-orTmeva” saqarTvelos uzenaesi sasamarTlos gadawyvetilebaSic vxvdeb-iT, kerZod Sps `argo”-s saqmeze 2009 wels miRebul gadawyvetilebaSi ikiTxeba: `cemisa da ZaladobisTvis msjavrdebis faqti ... ar SeiZleba gamxdariyo sazogadoebis partniorobidan garicxvisa da misTvis sa-kuTrebis (sazogadoebaSi wilis) CamorTmevis safuZveli.“171 aRniSnulis garda, saqarTvelos uzenaesi sasamarTlo garicxvas araqonebriv davad ganixilavs, rac aseve adasturebs imas, rom garicxvis SemTxvevaSi, davis sagania ufleba (sakuTrebis ufleba wilze, rac wevrobis uflebasac ganapirobebs) da ara qoneba.

amdenad, Cndeba kiTxva, warmoadgens Tu ara mewarmeTa Sesaxeb saqa-rTvelos kanoniT gaTvaliswinebuli garicxvis uflebis gamoyeneba sa-kuTrebis CamorTmevas da Tu ki, maSin ramdenad konstituciuria ZiriTa-di uflebis amgvari SezRudva.

1. sakuTrebis uflebis zogadi mimoxilva

“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.

182 183

nicias vxdebiT saqarTvelos samoqalaqo kodeqsSi, romelic sakuTrebas ganmartavs rogorc qonebis (nivTis) mflobelobis, sargeblobisa da gan-kargvis uflebaTa erTobliobas.174 miiCneva, rom kerZo samarTlis yvela subieqti imavdroulad aris sakuTrebis uflebis subieqtic.175 AaR-saniSnavia, saqarTvelos sakonstitucio sasamarTlos gadawyvetilebebi, romelTa Tanaxmadac aqcia sakuTrebis uflebis obieqtia.176ASesabamisad, sruliad marTebuli iqneba Tuki davaskvniT, rom wili, rogorc aramete-rialuri qonebrivi sikeTe, aqciis msgavsad, aseve warmoadgens sakuTrebis uflebiT dacul sikeTes.

2. sakuTrebis ,,CamorTmevis~ legitimuroba

saqarTvelos sakonstitucio sasamarTlos mier dadgenili praq-tikiT, sakuTrebis CamorTmeva dasaSvebia mxolod mkacrad gansazRvruli winapirobebis arsebobisas: a) sazogadoebrivi saWiroebisTvis b) kanoniT pirdapir gaTvaliswinebul SemTxvevebSi g) sasamarTlos gadawyvetile-biT d)saTanado anazRaurebiT.177 amasTanave, saqarTvelos konstitucia gansazRvravs, rom sakuTrebis CamorTmevis SemTxvevaSi, kompensacia unda iyos `winaswari, sruli da samarTliani.”178 iuridiul literaturaSi gavrcelebulia azri, rom sakuTrebis Rirebuleba (anu kompensaciis odenoba) saqmis faqtobrivi garemoebebidan yovel konkretul SemTvevaSi damoukideblad unda ganisazRvros.179

sakuTrebis ufleba datvirTulia socialuri funqciiT. sakuTrebis uflebis SezRudvis aucileblobac upirvelesad ganpirobebulia sa-kuTrebis socialur funqciiT.180 sakuTreba mesakuTres avaldebulebs, igi datvirTulia zomieri da aucilebeli funqciiT.181 aRniSnuli ki

174 sk, 170-e muxli.175 Wanturia l., uZravi nivTebis sakuTreba, SedarebiTi samarTlebrivi kvleva germanuli samarTlis magaliTze, me-2 gamocema, Tbilisi, 2001, 85.176 saqarTvelos sakonstitucio sasamarTlos 2007 wlis 18 maisis gadawyvetileba #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 #1-2-14/19, ix. aseve konstantine kublaSvili, 172.178 saqarTvelos konstitucia, 21-e muxli.179 saqarTvelos konstituciis komentari adamianis ZiriTadi uflebebi da Tavisufle-bebi, Tbilisi, 2005 weli, 155.180 saqarTvelos sakonstitucio sasamarTlos 1997 wlis 21 ivlisis gadawyvetileba #1/51 `sakuTrebis uflebis ganxorcielebam ar unda daarRvios sxvaTa uflebebi da Tavisuflebebi, xolo sakuTrebiT sargebloba imavdroulad unda emsaxurebodes saerTo keTildReobas”.181 zoiZe b., sakonstitucio kontroli da RirebulebaTa wesrigi saqarTveloSi, Tbili-si, 2007, 91.

gulisxmobs, rom sakuTreba wilze aseve avaldebulebs partniors, ar gamoiyenos sazogadoebis wevroba sazogadoebis, danarCen partniorTa da kreditorTa sazianod. xolo im SemTxvevaSi, Tu sakuTrebas wilze, rac ganapirobebs mis wevrobas sazogadoebaSi gamoiyenebs sazogadoebis sazianod, igi mzad unda iyos iseTi negatiuri SedegisaTvis, rogoricaa sazogadoebidan garicxva da Sedegad sakuTrebis CamorTmeva.

ZiriTadi uflebiT dacul sferoSi Careva da sakuTrebis xelyo-fa saxezea saxelmwifos mxridan, rodesac arsebobs arakonstituciuri kanoni.182 amasTan, SesaZlebelia es kanoni kerZosamarTlebrivi subieqtebis urTierTobasac awesrigebdes (rogorc mewarmeTa Sesaxeb kanonis Sem-TxvevaSi). legitimurobis Sefasebisas gamoiyeneba Tanazomierebis prin-cipi.183 Tanazomierebis principis funqcia, Tavis mxriv, dapirispirebul interesebs Soris samarTliani urTierTobis imgvari uzrunvelyofaa, rom umniSvnelo Rirebulebis sikeTes ar Seewiros ufro didi Rireb-ulebis mqone sikeTe.

saxelmwifos mier sakuTrebis uflebis SezRudvis konstituciuri gamarTleba, saboloo jamSi, Tanazomierebis principzea damokidebuli. Tu sakuTrebis uflebis SezRudvis mizniT saxelmwifos mier gamoce-muli normatiuli aqti Tanazomierebis princips akmayofilebs, maSin misi konstituciuroba uzrunvelyofilia.184

3. partnioris garicxvasa da wilze sakuTrebis uflebis

`CamorTmevis” konstituciur-samarTlebrivi safuZvlebi

saqarTvelos uzenaesma sasamarTlom erTmniSvnelovnad daadgina, rom partnioris garicxva warmoadgens ukidures RonisZiebas da misi gamoy-eneba dasaSvebia mxolod im SemTxvevaSi, rodesac sazogadoebis saqmiano-bis gagrZeleba gasaricx partniorTan erTad SeuZlebelia. Sesabamisad, garicxvis uflebis realizeba xdeba mxolod maSin, roca legitimuri miznis – samewarmeo saqmianobis gagrZelebis miRweva sxva saSualebiT SeuZlebelia. garicxva xdeba ,,mewarmeTa Sesaxeb~ kanonis me-9¹ mux-lis me-6 punqtis safuZvelze, romelic krebas aniWebs uflebamosile-bas miiRos gadawyvetileba Semdeg sakiTxze: `im damatebiTi uflebis gamoyeneba, romelic sazogadoebis dafuZnebidan an sazogadoebis mar-Tvidan gamomdinare aqvs direqtoris an/da partnioris mimarT.” sab-olood ki garicxva da wilze sakuTrebis uflebis `CamorTmeva” xdeba

182 iqve, zoiZe b., 98.183 kublaSvili k., ZiriTadi uflebebi, 2003, 180.184 iqve, 181.

184 185

sasamarTlos gadawyvetilebiT. sakuTrebisMuflebis SezRudvis dros aucilebelia, rom dapirispirebul interesebs Soris damyardes samar-Tliani balansi.185 garicxvis SemTxvevaSic, sakuTrebis uflebis CamorT-meva gamowveulia sakuTrebis uflebis socialuri funqciiT, radganac sazogadoebis miznis SenarCuneba ufro didi RirebulebiTi sikeTea, Tavisi materialuri SedegebiT, vidre partnioris sakuTrebis ufleba wilze, romelic abstraqtuli sikeTea. kerZod, wilis ukan unda idges garkveuli qoneba, raTa mas ekonomikur Rirebuleba SesZenos. sxvagvarad, wils materialuri Rirebuleba ar gaaCnia. amonaweri mewarmeTa da arasamewarmeo (arakomerciuli) iuridiuli pirebis reestridan, ro-melic Seicavs partniorTa wilobrivi monawilebis Sesaxeb informacias, adasturebs, mxolod partnioris Sps-Si wevrobas da ar warmoadgens fa-sian qaRalds.186 amavdroulad, wilad miiCneva ara (sawesdebo) kapitalSi Senatanis odenoba, aramed im uflebebisa da movaleobebis erToblioba, romelic pirs aqvs Sps-s wevrobidan gamomdinare.187

amdenad, partnioris garicxvis uflebis gamoyeneba da Sesabamisad wilze sakuTrebis uflebis `CamorTmeva” eqceva sakuTrebis uflebis legitimuri SezRudvis farglebSi. Tumca, saqarTvelos sakanonmdeblo regulireba am kuTxiT moiTxovs daxvewas. kerZod, garicxvis legitimu-roba udavo iqneba, Tuki kanoniT iqneba gaTvaliswinebuli garicxvis materialuri safuZvlebi – partnioris movaleobebi da maTi darRvevis Sedegi, garicxvis procedurebi da kompensaciis pirobebi.

185 sakuTrebis ufleba da samarTliani sasamarTlos ufleba, saerTaSoriso samecniero-praqtikuli konferenciis masalebi, Tbilisi 2005, 17.186 Wanturia l., niniZe T., mewarmeTa Sesaxeb kanonis komentari, Tbilisi, 2002, 272.187 sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palatis 2000 wlis 30 agvistos gadawyvetileba # 3k/421, Sps `ai di em forin paueri”-s saqmeze.

VII. daskvna

ganxorcielebuli kvlevis Sedegad SeiZleba Camoyalibdes ramden-

ime ZiriTadi debuleba, romelic pasuxobs naSromSi dasmul problemur sakiTxebs. kerZod:

• partnioris garicxva sazogadoebidan SesaZlebelia ori Zi ri Tadi safuZvliT: pirveli, partnioris mier Sesatanis gan xor cielebis valdebulebis darRveva. Mmeore, partnioris mi er sazogadoebis sa-ziano qmedebis Cadenis SemTxveva, ris Se de gadac SeuZlebeli xdeba partniorul urTierTobis Senar Cuneba. orive safuZveli ganix-ileba partnioris mier sazo ga doebis wevrobidan gamomdinare val-debulebis dar Rvevad. Sesabamisad, saWiroa partnioris valdebule-baTa identifi kacia. aRniSnulisTvis ki amosavalia partnioruli urTier To bis arsis gansazRvra. partnioruli urTierToba gansak-uTre buli xarisxis ndobaze damyarebuli urTierTobaa. swored urTierTobis aseTi xasiaTi ganapirobebs partnioris fiduciuri movaleobebis arsebobas. partnioris valdebule bebi iyofa or jg-ufad, ZiriTad da damatebiT valdebule bad. ZiriTad valdebulebas warmoadgens Senatanis ganxor cie leba, xolo damatebiT valdeb-ulebas - keTilsindisierebisa da fiduciur movaleobaTa dacva.

• Sesatanis funqcia sazogadoebis kapitalis formirebaa. Sesabamisad, 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 tu raSi 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 nivTi);

• partnioris damatebiT movaleobas warmoadgens: a) fiduciuri mov-aleobebis dacva; b) keTilsindisierebis movaleobis dacva, rac sruliad damoukidebeli standartia;

186 187

• konceptualuri gansxvaveba fiduciursa da keTilsindisiere bis movaleobas Soris moqmedebis speqtrSia. kerZod, fiduc iur mova-leobebze SeTanxmeba partniorTa saxelSekrulebo Tavisuflebis sferoSi eqceva, ris gamoc, misi moqmedebis speqtris Semcireba an/da gazrda SesaZlebelia partniorTa SeTanxmebiT. keTilsindis-ierebis movaleoba ki damoukideblad mboWavi standartia, rom-lisgan gaTavisuflebac srulad an nawilobriv mxareTa nebis av-tonomiis sferoSi ar eqceva.

• partnioris mimarT keTilsindisierebis movaleoba vrcel deba im-isda miuxedavad, aris Tu ara is gaTvaliswinebuli partniorTa SeTanxmebiT. aRniSnulis samarTlebrivi safuZ velia saqarTvelos samoqalaqo kodeqsis me-8 muxlis mesame nawili, xolo aSS-s samar-TalSi - principi, romlis Tanaxma dac, yvela xelSekruleba Ta-visTavad moiazrebs keTilsin disi erebisa da ,,samarTliani qmedebis” movaleobas.

• keTilsindisiereba gulismxobs piris patiosnebasa (honesty) da Sinagan samarTlianobas (fairness in mind), rac subieqturi kriteri-umia. aRniSnulisgan gansxvavebiT, `samarTliani qme deba” obieqturi kriteriumia da gulisxmobs individis mier konkretuli qmedebi-sas Sinagani samarTlianobis gaTvalis winebasa da gamovlenas.

• keTilsindisierebis movaleoba darRveulad ar CaiTvleba mxolod imitom, rom partniori moqmedebda sakuTari interesebis Sesabam-isad, im daTqmiT, rom aseTi qmedeba iyo keTilsindisieri. amitomac, aSS-s samarTliT keTilsindisie rebis movaleobis darRvevis Sem-TxvevaSi, piri pasuxis mgebelia meore mxarisTvis miyenebuli zian-isaTvis, xolo fiduciuri movaleobis darRvevis SemTxvevaSi, zian-Tan erTad pasuxs agebs im sargeblisaTvis, romelic fiduciuri movaleobis darRvevis Sedegad miiRo.

• keTilsindisierebis Sefasebis kriteriumad SemoTavazebulia part-niorTa `gonivruli molodinis” (reasonable expectations) gansaz-Rvra. Tuki fiduciuri movaleobebis gaTvaliswineba ar moxda partnioruli SeTanxmebiT, aseT SemTxvevaSi Semo Ta vazebulia aSS-s sasamarTlos midgoma, romelic kon kretuli saqmis garemoebebidan gamomdinare Tavad adgens, Tu raze SeTanxmdebodnen partniorebi, Tuki es sakiTxi samoqmedo SeTanxebis dadebisas warmoiWreboda. D

• miuxedavad imisa, rom dominant partniors ufro meti SesaZlebloba aqvs, rom sazogadoebis wevroba piradi sargeb lisaTvis da sazogadoebis sazianod gamoiyenos, fidu ciuri movaleobebi yve-la partnioris mimarT Tanabrad vrceldeba.

• partnioris garicxvis proceduris sistematizaciis mizniT, garicx-

vis winapirobebi dayofilia or jgufad: materialur winapirobebi: a) sazogadoebis winaSe nakisri valde-

bulebis darRveva (Sesatanis ganuxorcielebloba, sazogadoebis miznis Selaxva, ris Sedegadac SeuZlebeli xdeba partnioruli urTierTobis SenarCuneba); b) sazoga doebisTvis zianis miyeneba. g) pirvel da meore winapirobas Soris mizezobrivi kavSiris arseboba.

proceduruli winapirobebi: a) sazogadoebis saerTo krebis mier partnioris garicxvis Taobaze gadawyvetilebis miReba; b) sazogadoebis mier sarCelis Setana sasamarTloSi, partnioris garicxvis moTxovniT; g) garicxvis materialuri safuZvlis arsebobis SemTxvevaSi sasamarT-los mier sarCelis dakmayofileba; d) maregistrirebel organoSi cvl-ilebis registracia (garicxuli partnioris amoSla partniorTa rige-bidan, misi wilis aRicxva sazogadoebis danarCen partniorebze).

• gasaricxi partnioris arakeTilindisieri qmedeba ar aTavisuflebs danarCen partniorebs keTilsidnisierebis movaleobisgan. amitom, garicxva unda moxdes keTilsindisierad. aRniSnuli moiTxovs, rom partniorebma ar gamoiyenon garicxvis ufleba borotad, mxolod im mizniT, rom daeuflon gasaricxi partnioris wils da amagvarad, miiRon piradi sargebeli an qonebrivi upiratesoba.

• yovel konkretul SemTxvevaSi, garicxvis sasarCelo warmoebisas sasamarTlom unda Seamowmos, ramdenad keTilsindisierad moxda partniorebis mier garicxvis uflebis gamoyeneba. SefasebisTvis, SemoTavazebulia aSS-s midgoma da Semowmebis orkomponentiani testi: 1. gamarTlebulia Tu ara garicxva legitimuri samewarmeo mizniT (justified by the legitimate business reasons) 2. xom ar aris garicxva motivirebuli danarCeni partniorebis piradi intere-sebiT, piradi sargeblis an qonebrivi upiratesobis mosapoveblad (self gain/bussiness or property advantage).

• garicxva iwvevs garicxuli partnioris sakuTrebis uflebis da-kargvas wilze. Sesabamisad, sakuTrebis uflebis amgvari SezRudvis konstituciuroba moiTxovs rom garicxva moxdes a) sasamarTlos gadawyvetilebis safuZvelze; b) kompensaciis sanacvlod. kompensa-ciis moculoba ar aris damokidebuli Senatanis saxesa da odeno-baze. garicxul partnioris kompensaciis moTxovnis ufleba war-moiSoba garicxvis Semdgom, ris gamoc, es moTxovna damoukidebeli warmoebaa. kompensaciis moTxovnis ufleba warmoadgens garicxvis sapasuxo moTxovnis uflebas.

188 189

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40. Stan Johnson, Duties under the Utah Revised Limited Liability Com-pany Act: Analysis of a Statutory Conflict, Utah Law Review 2002 [Utah L. Rev. 55];

41. Stephen Lamb, Vice Chancellor of Delawere Court of Chancery, Unre-ported case: Walker v. Resource Co, Limited, L.L.C. No. 1843-S Dela-ware Journal of Corporate Law 2002 [27 Del. J. Corp. L. 463];

42. Stephen M. Bainbridge, Abolishing Veil Piercing, The Journal of Cor-poration Law 2001 [26 Iowa J. Corp. L. 479];

43. Steven J. Burton, Good faith in Article 1 and 2 of the U.C.C. the Prac-tice View, William and Marry Law Review, Vol. 35, Issue 4;

44. Tammy Savidge Moore, The Policy of Opting-Out of the Fiduciary Du-ties in a Limited Liability Company, South Texas Law Review Winter, 2000 [42 S. Tex. L. Rev. 183];

45. Thomas Madden, Do Fiduciary Duties of Manegers and Members of Limited Liability Companies Exist as with Majority Hareholders of Closely Held Corporations? Duquesne Business Law Journal 2010 [Vol. 12:211];

46. Thomas R Hurst, William A Gregory, Cases and Materials on Corpo-rations, Cincinnati, Ohio, 1999;

47. Todd Bailey, Rick D. Bayley, The Idaho Limited Liabiliy Company; In Search of the Perfect Entity, Idaho Law Review, 1994 [31 Idaho, L. Rev];

48. Vincent M. Roche, `Bashing the Corporate Shield”: The Untenable Evisceration of Freedom of Contract in the Corporate Context, The Jour-nal of Corporation Law, 2003 [28 Iowa J. Corp. L. 289];

49. William W. Bratton, The `Nexus of Contracts~ Corporations: A Criti-cal Appraisal, Cornell Law Review, 1989 [74 Cornell L. Rev. 407];

50. William W. Bratton, The New Economic Theory of the Firm: Critical Perspectives from History, Stanford Law Review, 1989 [41 Stan. L. Rev. 1471];

51. Георгий Джугели, Ответственность Акционеров за Обязанности Корпорации – Нарушение Корпоративной оболочки, Южнокавказский Юридический Журнал, 03/2012

naSromSi gamoyenebuli qarTuli normatiuli masala

1. saqarTvelos konstitucia, 1995 wlis 24 agvisto;2. 1958 wlis konvencia ucxoeTis saarbitraJo gadawyvetilebis

cnobasa da aRsrulebis Sesaxeb (niu-iorkis konvencia”) saqa-rTvelosTvis ZalaSia saqarTvelos parlamentis 1994 wlis 3 Tebervlis dadgebulebiT;

3. ̀arbitraJis Sesaxeb~ saqarTvelos kanoni, 2009 wlis 19 ivnisi, ZalaSia 2010 wlis 1 ianvridan.

4. ̀mewarmeTa Sesaxeb~ saqarTvelos kanoni, 1994 wlis 28 oqtom-beri;

5. ̀saavtoro da momijnave uflebebis Sesaxeb~ saqarTvelos kanoni, 1999 wlis 22 ivnisi;

6. saqarTvelos samoqalaqo kodeqsi, 1997 wlis 26 ivnisi; 7. saqarTvelos samoqalaqo saproceso kodeqsi, 1997 wlis 14 no-

emberi;

naSromSi gamoyenebuli ucxouri normatiuli masala 1. Model Business Corporation Act, American Bar Association (ed. 2002); xelmisawvdomia: http://www.americanbar.org/groups/business_law.html

2. Restatement (Second) of Contracts, The American Law Institute (ed. 1981);

xelmisa wvdomia: http://lexinter.net/LOTWVers4/restatement_(second)_of_contracts.htm

3. Revised Uniform Limited Liability Company Act, National Conference of Commissioners on Uniform State Laws (ed.2006);

xelmisa wvdomia: http://www.law.upenn.edu/bll/archives/ulc/ullca/2006act_final.pdf

4. Uniform Commercial Code, The American Law Institute and the National Conference of Commissioners on Uniform State Laws (ed. 2005);

xelmisawvdomia: http://www.law.cornell.edu/ucc/1/5. Second Council Directive 77/91/EEC on coordination of safeguards which,

for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragra ph of Article 58 of the Treaty, in respect of the formation of public limited li -ability comp anies and the maintenance and alteration of their capital, with a view to making such safeguards quivalent, (1976);

xelmisa wvdomia: http://eur-lex.europa.eu/LexUriServ/LexUriServ.do? uri=CELEX:31977l0091:EN:HTML

194 195

6. The Priciples of European Contract Law, Commision on European Con-tract Law (“Lando Commission”);

xelmis awvdomia: http://fron tpage.cbs.dk/law/commission_on_european_contract_law/PECL%20engelsk/engelsk_partI_og_II.htm sasamarT-lo gadawyvetilebebi

I. saqarTvelos sasamarTloebis gadawyvetilebebi

1. saqarTvelos sakonstitucio sasamarTlos 1996 wlis 30 dekem-bris gadawyvetileba #1-2-14/19;

2. saqarTvelos sakonstitucio sasamarTlos 1997 wlis 21 ivlisis gadawyvetileba #1/51;

3. saqarTvelos sakonstitucio sasamarTlos 1999 wlis 21 dekem-bris gadawyvetileba #2/85/1;

4. saqarTvelos sakonstitucio sasamarTlos 2007 wlis 18 maisis gadawyvetileba #2/1-370, 382, 390, 402, 405;

5. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2000 wlis 30 agvistos gadawyvetileba # 3k/421;

6. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2001 wlis 23 ianvris gadawyvetileba # 3k\841;

7. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2001 wlis 9 martis ganCineba # 3k/303-01;

8. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2001 wlis 14 seqtemberis ganCineba # 3k/787-01;

9. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2010 wlis 22 ivlisis gadawyvetileba as-1157-1419-09;

10. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2007 wlis 13 martis gadawyvetileba # as-556-939-06;

11. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2007 wlis 24 ivlisis gadawyvetileba #as-390-741-07;

12. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2007 wlis 12 oqtombris gadawyvetileba #as-614-951-07;

13. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2009 wlis 09 noemberi gadawyvetileba #as-812-1099-09;

14. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2009 wlis 23 Tebervlis gadawyvetileba #as-1075-1245-08;

15. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2010 wlis 17 maisis gadawyvetileba #as-185-176-2010;

16. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2011

wlis 18 aprilis gadawyvetileba #as-764-715-2010;17. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2011

wlis 23 maisis gadawyvetileba #as-577-545-2011;18. sus, samoqalaqo, samewarmeo da gakotrebis saqmeTa palata, 2011

wlis 21 ivlisis gadawyvetileba #as-1060-1090-2011;

II. sxva qveynis sasamarTloebis gadawyvetilebebi

1. AB Group v.Werthur 75 CA 4th 1022, 69 CR 2d 652 (1997);2. BT-I v Equiatble Life Assur. Soc’y 75 CA 4th 1406, 89 CR2d 811 (1999)3. Cardullo v. Landau, 105 N.E.2d 843, 845 (Mass. 1952);4. Courtney v. Waring, 237 Cal. Rptr. 233, 239 (Ct. App. 1987); 5. Donahue v. Rodd Electrotype Co. of New England, Inc. 328 N.E.2d 505

(1975);6. Duke v. Graham, 2007 UT 31, 158, P3d 540 (2007);7. Durfee v. Durfee & Canning, Inc., 80 N.E.2d 522, 527 (Mass. 1948);8. FDIC. v. Stahl, 854 F. Supp. 1565, 1571 (S.D. Fla. 1994); 9. Ferry v McNeil 214 CA2d 411, 29 CR 577 (1963); 10. Fraster v Boguki 203 CA3d 604, 250 CR 41(1988);11. Giannotti v. Hamway, 387 S.E.2d 725, 731 (Va. 1990); 12. Gibbs v. Breed, Abbott & Morgan, 710 N.Y.S.2d 578, 581 (N.Y. App.

Div. 2000);13. Gigax v. Repka, 615 N.E.2d 644, 649-50 (Ohio Ct. App. 1992);14. Gries Sports Enters., Inc. v. Cleveland Browns Football Co., 496 N.E.2d

959, 963 (Ohio 1986);15. Holman v. Coie, 522 P.2d 515, 519 (Wash. Ct. App. 1974);16. Leff v. Gunter 33 C3d 508, 514, 18 CR 777 (1993);17. Lynch v. Vickers Energy Corporation, 351 A.2d 570 (1976);18. Malkus v. Gaines, 434 So. 2d 957, 961 (Fla. Dist. Ct. App. 1983); 19. Mcconnell v. Hunt Sports Enterprises, 725 N.E.2D 1193 (OHIO CT. APP.

1999), 20. Miller v. Miller, 700 S.W.2d 941, 946 (Tex. Ct. App. 1985);21. Minifie v. Rowley, 187 Cal. 481, 202 P. 673, 676 (1921); 22. Newburger, Loeb & Co. v. Gross, 563 F.2d 1057, 1078 (2d Cir. 1977), 23. Noss v. Abrams, 787 S.W.2d 834, 838 (Mo. Ct. App. 1990);24. Notch View Assocs. v. Smith, 615 A.2d 676, 680 (N.J. Super. Ct. Law

Div. 1992); 25. Pace v. Perk, 440 N.Y.S.2d 710, 716 (App. Div. 1981);26. Paramount Communications v. QVC Network, 637 A.2d 34, 46 (Del.

196

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/

197

nino jibuti*

finansuri krizisi da cvlilebebi

sareitingo kompaniaTa samarTalSi

_____________* Tsu iuridiuli fakultetis doqtoranti, LLM humboldtis universiteti berlini

198 199

3.1.3. sareitingo kompaniebis pasuxismgebloba evropaSi. ................ 240

3.1.4. sareitingo kompaniebis pasuxismgebloba germanuli samarTlis

mixedviT ......................................................................................................................... 240

3.1.4.1 saxelSekrulebo da deliqturi pasuxismgebloba. .............. 240

3.1.4.2 prospeqtis pasuxismgebloba ................................................................. 241

3.1.4.3 birJebis samarTlebrivi prospeqtis pasuxismgebloba ........ 241

3.1.4.4 zogadi samoqalaqo samarTlebrivi prospeqtis pasuxismge-

bloba ............................................................................................................................ 244

3.2 sareitingo kompaniebis damoukidebloba da interesTa konfliq-

ti ...................................................................................................................................... 244

3.2.1 evropis sareitingo kompania ...................................................................2494. sareitingo kompaniebis saqmianobis samarTlebrivi regulireba saqarTveloSi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252

4.1 bankebi ........................................................................................................................2534.2 saqarTvelos suverenuli reitingi. .....................................................255

4.3 saqarTvelos rkinigza .......................................................................................256daskvna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257

bibliografia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261

s a r C e v i

Sesavali . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200

Temis aqtualoba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200

I . sareitingo kompaniebis samarTlebrivi sistemis safuZvlebi . . . . . . 2031. sareitingo kompaniebis samarTali, rogorc damoukidebeli samarTali da misi mniSvneloba . . . . . . . . . . . . . . . . . . . . . . 203

2. sareitingo kompaniebi . . . . . . . . . . . . . . . . . . . . . . . . . 204

2.1 periodi sareitingo kompaniebamde......................................................... 204

2.2 sareitingo kompaniebis warmoSoba da ganviTareba: istoriuli ga-mocdileba ...................................................................................................................... 206

3. reitingi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211

3.1. reitingi, rogorc informaciis axali wyaro ...................................... 2123.2. reitingis ganmarteba ..................................................................................... 2133.3 reitingis saxeebi ................................................................................................ 2153.3.1 grZelvadiani da moklevadiani reitingi .............................................. 2163.3.2. emisiis da emitentis reitingi ................................................................ 2163.3.3. Sida da gare moxmarebis reitingi ......................................................... 2173.3.4. nebayoflobiTi da dakveTis safuZvelze Sedgenili reitingi 2183.3.5. reitingis sxva saxeebi .................................................................................2183.4. reitingis subieqti da reitingis Sedgenis procesi ......................2193.4.1. dakveTis safuZvelze Sedgenili reitingi ...................................... 2203.4.2. reitingi emitentis dakveTis gareSe .................................................. 2213.5 reitingi, rogorc sareitingo kompaniebis saqmianobis Sedegi .. 222

4. reitingis upiratesoba . . . . . . . . . . . . . . . . . . . . . . . . . 223II . sareitingo kompaniebis regulirebis reforma . . . . . . . . . . . . . 224

1. sareitingo kompaniebis regulirebis reformis miznebi . . . . . . 2242. sareitingo kompaniebis samarTali krizisamde evropasa da aSS-Si 2263. sareitingo kompaniebis samarTlebrivi reforma evropasa da aSS-Si krizisis Semdeg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2293.1 sareitingo kompaniebis pasuxismgebloba ............................................234

3.1.1 sareitingo kompaniis arakeTilsindisieri qmedeba .................237

3.1.2 sareitingo kompaniebis pasuxismgebloba amerikis SeerTebul

StatebSi .........................................................................................................................238

200 201

ufro matulobs, Tumca am sakiTxis mecnieruli damuSavebis done sa-reitingo kompaniebis mniSvnelobisa da rolis araadekvaturia. qarTul enaze samarTlebriv literaturaSi sareitingo kompaniebis samarTalTan dakavSirebiT arc erTi specialuri gamokvleva ar arsebobs. sareit-ingo kompaniebis samarTlis Seswavlas, miT umetes finansuri krizisis periodSi, garda Teoriulisa, aqvs didi praqtikuli mniSvneloba. jer erTi, finansuri krizisis aqtiuri fazis gavlis miuxedavad sareitingo kompaniebis Tema kvlav aqtualuria, ar wydeba maT mimarT sxvadasxva do-nis skandalebi. magaliTad, saberZneTis xelisuflebam 2010-2011 wlebSi qveyanaSi ganviTarebul safinanso problemebi sajarod sareitingo kom-paniebis arakeTilganwyobil qcevas daabrala. meore, krizisis Sedegad ki ar Sesustda, aramed gaizarda sareitingo kompaniebis gavlena finansuri sistemebis funqcionirebaSi rogorc mTlianad msoflioSi, ise calkeul qveynebSi. maT Soris saqarTveloSic. sareitingo kompaniebis moRvaweoba saqarTveloSi gaaqtiurda swored finansuri krizisisa da mis Semdgom periodSi. am dros saqarTvelom miiRo suverenuli reitingi, ganaTavsa evrobondebi. qarTul kanonmdeblobaSi sareitingo kompaniebis saqmiano-baze specialuri normebi ar moqmedebs. sakiTxis SeswavliT Seiqmneba safuZveli qarTuli kanonmdeblobis am mimarTulebiT ganviTarebisaTvis. yovelive naTqvami gansazRvravs winamdebare naSromis aqtualobas.

winamdebare naSromis mizania sareitingo kompaniebis samarTlis re-formis Seswavla finansuri krizisis zegavleniT.

kvlevis miznis misaRwevad naSromSi gadawyvetilia Semdegi amocanebi:_ naCvenebia sareitingo bazris da sareitingo kompaniebis warmoSo-

bisa da dRevandeli saxiT Camoyalibebis etapebi;_ axsnilia produqtis `reitingis~, reitingis subieqtebisa da re-

itingis Sedgenis procesis arsi;_ daxasiaTebulia reitingis saxeebi;_ mocemulia sareitingo kompaniebis regulirebis istoria finansur

krizisamde;_ gaanalizebulia sareitingo kompaniebis regulirebis reformis

ZiriTadi mimarTulebebi krizisis Semdeg aSS, evropis kavSirsa da ger-maniaSi;

_ warmodgenilia saqarTveloSi sareitingo kompaniebis moqmedebisa da qarTul samarTalSi maT Sesaxeb arsebuli mdgomareobis daxasiaTeba;

_ Catarebulia SedarebiT-samarTlebrivi analizi sareitingo kom-paniebisaTvis regulirebis normebis (registracia, pasuxismgebloba da sxva) mixedviT.

kvlevis Teoriuli safuZveli, ZiriTadad, amerikeli da germaneli mecnierebis naSromebia. naSromis wyaros aSS-s, evropis kavSiris, ger-

Sesavali

Temis aqtualoba

bolo msoflio finansuri krizisi kacobriobis istoriaSi up-recendento iyo, rogorc Tavisi masStabiT, ise SinaarsiTa da xasiaTiT. mas xSirad adareben 1929 wlis did depresias. sinamdvileSi maT Soris mniSvnelovani gansxvaveba arsebobs.

umTavresi gansxvaveba mdgomareobs imaSi, rom globalurma krizis-ma sxvadasxva masStabiT, pirdapir, Tu iribad zegavlena moaxdina ro-gorc msoflios yvela qveyanaze, ise msoflios yvela moqalaqeze, misi sacxovrebeli adgilisa da saqmianobis miuxedavad. msoflio krizisis Sinaarsi da xasiaTi globalizaciis konteqstma gansazRvra. ̀ didi depre-siisagan~ gansxvavebiT ar darCenila krizisisgan daculi arc erTi teritoria (maT Soris is qveynebi, romelic Tavdapirvelad TiTqos gadaurCa mis pirdapir damangrevel zemoqmedebas. magaliTad: CineTi, in-doeTi). msoflio krizisi globalur xasiaTs atarebda da yvela misi gamovlineba aisaxa msoflioze. Sokis momgvreli mTel am istoriaSi aRmoCnda is, rom faqtobrivad `finansuri miwisZvra~ verc erTma in-teleqtualurma centrma, nacionalurma, Tu saerTaSoriso institutma, ver iwinaswarmetyvela da ver moaxdina misi prevencia. dRes krizisis gamomwvevi mizezebis analizi da Sefaseba inarCunebs aqtualobas. fi-nansuri krizisis gamomwvev faqtorebs Soris sareitingo kompaniebis saqmianobasac ganixilaven. eseni arian kompaniebi, romlebic finansur bazarze did rols TamaSoben. maT mier Sedgenili reitingebi mra-vali gadawyvetilebis miRebis winapiroba, Tu safuZvelia. yovelive aman xeli Seuwyo finansur bazarze sareitingo kompaniebis Zalauflebis mopovebas. Tu globalur krizisamde sareitingo kompaniebi mxolod fasiani qaRaldebis komisiebis saerTaSoriso organizaciis (IOSCO) qcevis kodeqsis regulirebas eqvemdebarebodnen, dRes TiToeuli sax-elmwifo cdilobs sxvadasxva meqanizmebiT moaxdinos maTi saqmianobis regulireba. unda aRiniSnos, rom reformebis miuxedavad jer kidev ar arsebobs erTi samarTlebrivi dokumenti, romelic sareitingo kom-paniebTan dakavSirebul yvela sakiTxs daaregulirebda. swored maTi saqmianobis mowesrigebaSi arsebuli samarTlebrivi vakuumis gamo sa-reitingo kompaniebTan dakavSirebuli sakiTxebi umetesad politikuri skandalebis an politikuri diskusiebis formas iRebs da iSviaTad wamoadgens sasamarTlo ganxilvis sagans. finansur bazarze sareitingo kompaniebis gansakuTrebuli rolis gamo maTi Seswavlis interesi sul

202 203

I. sareitingo kompaniebis samarTlebrivi sistemis safuZvlebi

1. sareitingo kompaniebis samarTali, rogorc damoukidebeli samarTali da misi mniSvneloba

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).

maniisa da saqarTvelos kanonmdebloba da sxva oficialuri masalebia. agreTve, saerTaSoriso sareitingo kompaniebis, safondo birJebis inter-net gverdebze gamoqveynebuli informacia.

kvlevisas gamoyenebulia zogad-mecnieruli meTodebi. kvlevis mizne-bidan gamomdinare, ZiriTadad, gamoyenebulia SedarebiT-samarTlebrivi analizi da istoriul-logikuri meTodi.

204 205

deli gagebiT, ukve me-13 saukunidan arseboben.6 gavrcelebuli mosazre-biT, sityva ̀ banki~, pirvelad, genuaSi gamoiyenes. Tavdapirvelad bankirebs uwodebdnen bazris moedanze patara magidebTan msxdom pirebs, romlebic monetebis gadacvliT umartives safinanso operaciebs axorcielebdnen.7 saaqcio sazogadoebebis CamoyalibebisTanave warmoiSva fasiani qaRal-debiT spekulacia, romelic sxvadasxva dros sxvadasxva ZaliT mJRavnde-boda. Tumca yvelgan, sadac ki warmoiSva saaqcio sazogadoebis tipis gaerTianeba, gaCnda am gaerTianebis funqcionirebisa da dacvis normebis 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, 1913w.-aSS-Si), Tumca kapitalis bazari mainc specialuri regulirebis gareSe moqmedebda.9

me-19 saukunis pirvel naxevarSi aSS-is ekonomika swrafad vi-Tardeba. aSS-s ekonomikis swraf ganviTarebas Tan mohyva safondo baz-ris kidev ufro swrafi ganviTareba. Tumca saaqcio sazogadoebis ganvi-Tarebis process me-19 saukunis meore naxevramde sareitingo saqmianoba ar gamouwvevia. aSS-s ekonomika, gansakuTrebiT sarkinigzo mSenebloba, iyo ucxoeli investorebisaTvis Zalian mimzidveli iyo, magram inves-torebi awydebodnen problemebs. kerZod riskebis Sesaxeb informacia maTTvis xelmisawvdomi ar iyo. erT-erTma ucxourma investorma, ingli-sis bankma, aSS-s federalur xazinas rkinigzis kompaniebSi investici-ebis ganxorcielebisaTvis kompaniebis finansuri angariSebis warmodgena sTxova, romelic Sefasebuli unda yofiliyo damoukidebeli eqspertis mier. am moTxovnis mizans informaciuli disbalansis aRmofxvra war-moadgenda.10 investiciebis ganxorcielebis dros informaciis asimetria problemad iqca. aseTma simptomebma niSani misces momzadebuli gonebis adamianebs samoqmedod, rasac pirveli sareitingo kompaniis Seqmna mohyva. es ki ganxorcielda aSS-Si henri varnum puris mier mecxramete saukunis meore naxevarSi.11

amrigad, fasiani qaRaldebis bazarma pirvel sareitingo gamokvleve-bamde sam-samnaxevar saukuneze met xans iarseba. rogor viTardebodnen

6 Schwintowski, Bank- und Kapitalmarktrecht, München 2007, S. 2.7 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, Москва, 1996. http://www.finansy.ru/book/bank/001vsmit/index.htm.10 Развитие рейтинговых агентств: от бума железнодорожного строительства в США в середине XIX века до ипотечного кризиса, 2007 г., http://www.bankdelo.ru/rating/index.php?page=13.11 A History of Standards & Poors. http://www.standardandpoors.com/about-sp/timeline/en/us/.

2. sareitingo kompaniebi

sareitingo kompaniebi da maTi reitingi, anu gadaxdisunarianobis Sefaseba, umniSvnelovanes rols TamaSobs ekonomikur urTierToba. aqedan gamomdinare, maTi saqmianoba finansur bazarze xSirad xdeba kri-tikis obieqti. ra Tqma unda sareitingo kompaniebma Zalaufleba erT dReSi ar moixveWes. amaSi maT sxvadasxva faqtorebma Seuwyves xeli. mniSvnelovania gavigoT, Tu ra iyo sareitingo kompaniebamde da rogor movidnen isini dRemde.

2 .1 periodi sareitingo kompaniebamde

logika iTxovs gairkves Tu ra iyo pirvelad: kvercxi, Tu qaTami, magram istoriulad ver xerxdeba amis dadgena. sul sxva situaciaa sa-reitingo kompaniebisa da misi obieqtis, fasiani qaRaldebis, mimarTebis dros. aq aucileblad unda gairkves Tu rodis Camoyalibda sareitingo kompaniebi da qronologiurad ra mimarTebaSi arian isini maTi obieqtis warmoSobasTan, rogoria sareitingo kompaniebisa da fasiani qaRldebis Tavdapirveli mimarTeba. aseve saWiroa, daisvas sakiTxi imasTan dakav-SirebiT, Tu ramden xans iarseba fasiani qaRaldebis bazarma sareitingo kompaniebis gareSe da ra Secvala sareitingo kompaniebis `gamogonebam~ masSi.

movlenebi SeiZleba qronologiurad dalagdes. jer warmoiSva fa-siani qaRaldebis bazari da Semdeg `gaCnda~, `gamoigones~ sareitingo kompaniebi. saaqcio sazogadoeba ar warmoadgens me-19 saukunis gamogone-bas.2 gavrcelebuli mosazrebiT, pirveli saaqcio sazogadoeba inglisSi Camoyalibda. yovelive es ki ekonomikis ganviTarebam, axali sawarmo saSualebebis Camoyalibebam da sazRvao-sanaosno saqmis gaumjobesebam ganapiroba.3 germaniaSi pirveli saaqcio sazogadoeba 1682 wels Camoy-alibda saxelwodebiT-,,savaWro kompania gvineis sanapiroze4~.5 aqciaTa vaWrobisTvis Seqmnili organizebuli instituti, anu kapitalis bazari mogvianebiT Seiqmna. dadasturebulia, rom pirveli sabirJo platforma me-17 saukuneSi amsterdamSi Camoyalibda. sabanko warmonaqmnebi dRevan-

2 Pohlmann, Das Aktienrecht des 19. Jahrhunderts, Baden-Baden 2007, S. 17.3 burduli, qonebrivi urTierToba saaqcio sazogadoebaSi, Tbilisi universitetis gamom-cemloba 2008w, gv. 25.4 ~Handels-Company auf den Küsten von Guinea~.5 Raguss, Der Vorstand einer Aktiengesellschaft, Verlag Berlin Heidelberg 2005, S. 4.

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John Moody & Company: henri varnum puris msgavsad, odnav mogvi-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 man garda sawarmoTa Sesaxeb informaciis gamoqveynebisa, daiwyo, agreTve, sarkinigzo-obligaciebis analizis safuZvelze daskvnebis gamotana da rCevebis micema.23

,,fasiani qaRaldebis bazarze fasiani qaRaldebisa da sawarmos kre-ditunarianobis damoukidebeli Sefasebebis istoriaSi henri varnum purisa da jon mudis saagentoebma udidesi wvlili Seitanes.~24 jer kidev 1909 wels Seafasa Moody’s 1.500 rkinigzis sesxi im sistemiT, romelic dRemde SenarCunebulia. istoriulad pirveli reitingebi aSS-s rkinigzis 250 obligacias mieniWa.25 droTa ganmavlobaSi sareitingo kompaniebis ricxvi da maTi saqmianobis sfero gaizarda, ris safuZvel-zec reitingis miniWeba daiwyo sxvadasxva qveynis obligaciebzec, maT Soris inglisis, germaniis, CineTis da a.S. Fitch warmoadgenda pirvel sareitingo kompanias, romelmac 1922 wels moaxdina rogorc kerZo, ise sajaro emitentebis sesxebis Sefaseba.26 me-20 saukunis 20-iani wlebis dasasruls reitings ukve flobda aSS-s fasiani qaRaldebis bazarze mimoqcevaSi myofi yvela fasiani qaRaldi.27

1929-1933 wlebis finansuri krizisis dros momxdarma faqtebma sa-reitingo kompaniebis avtoritetis amaRleba ganapiroba. erTis mxriv, maT SeZles gamoecnoT didi depresiis moaxloeba da ramdenime TviT adre gaafrTxiles saSiSroebis Sesaxeb investorebi. Tumca, maTi gafrTxileba ar iqna miRebuli da mainc dadga cnobili `Savi samSabaTi~.28 meores mxriv, 1929-1933 wlebis finansuri krizisis Sedegad aSS-s safon-do birJaze yvela savalo fasiani qaRaldis mesamedze valauvaloba dafiqsirda, magram maT Soris TiTqmis ar iyo iseTi fasiani qaRaldi, romelsac sainvesticio klasis reitingi hqonda miniWebuli.29 Sedegad,

22 ,,Moody’s Manual of Industrial and Miscellaneous Securities“.23 Bruckner-Hammerschmied, Basel II, Wien 2003, S. 85-86. 24 Bruckner-Hamerschmied, Basel II, Wien 2003, S. 85.25 Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 73.26 Hoffmann, Bonitätsbeurteilung durch Credit Rating, Berlin 1991, S. 25.27 Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика диссертация . кандидата экономических наук : 08.00.10 Москва, 2002, стр. 74.28 Развитие рейтинговых агентств: от бума железнодорожного строительства в США в середине XIX века до ипотечного кризиса 2007 г. http://www.bankdelo.ru/rating/index.php?page=13.29 Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика

sareitingo kompaniebi da ra cvlilebebi Seitanes reitingebma kapi-talis bazris cxovrebaSi?

2 .2 sareitingo kompaniebis warmoSoba da ganviTareba: istoriuli gamocdileba

CrdiloeT amerikuli kapitalis bazris sididem da struqturam sareitingo kompaniebis warmoSoba da maTi swrafi ganviTareba ganapi-roba.12 ,,reitingi kompleqsuri situaciebis, instituciebis standar-tuli Sefasebis Sedegad miRebul informaciaTa erTianoba da didi xnis tradicia gaaCnia~.13 sareitingo kompania kerZo, mogebaze orientirebuli sawarmoa da saTaves iRebs anglo-amerikul sivrceSi.14 `klasikur sare-itingo kompaniebad~ miiCneva- Standart&Poor’s15 da Moody’s16.17

Standart & Poor’s: rogorc ukve aRiniSna, pirveli reitingis Sedgena henri varnum puris saxelTan aris dakavSirebuli. man dainaxa informa-ciis asimetriuloba investorsa da kompaniebs Soris, Caatara rkinigzis sferoSi kompaniaTa gamokiTxva. gamokiTxvis safuZvelze Seqmna pirveli kreditunarianobis reitingebi, romlebsac SemdgomSi misi redaqtorobiT gamocemul JurnalSi ̀ amerikis sarkinigzo Jurnali~ aqveynebda.18 empiri-uli dakvirvebiT aRmoCnda, rom maRali reitingis mqone kompaniebi met investiciebs moizidavdnen, maT Soris sazRvargareTis safondo birJe-bzec, vidre dabali reitingis mqone kompaniebi.19 henri varnum purma Ta-visi sawarmo `Poor’s Publishing~ 1860 wels daarsa da daiwyo amerikuli sawarmoebisa da proeqtebis finansuri informaciebis gamoqveyneba evro-paSi. 1906 wels Camoyalibda kompania- `Standards Statistics Bureu~, romel-mac daiwyo amerikuli sawarmoebis Sesaxeb informaciis gavrceleba20 Sesabamisi anazRaurebis safasurad.21

12 Everling in Bueschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 5.13 Bruckner-Hammerschmied, Basel II, Wien 2003 , S. 85.14 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (657).15 sareitingo `kompania-standart & pursi~16 sareitingo `kompania-mudi~17 Rüsberg, Banken-Rating, Wiesbaden 1992, S. 173.18 ,,American Railroad Journal~.19 Развитие рейтинговых агентств: от бума железнодорожного строительства в США в середине XIX века до ипотечного кризиса 2007 г.http://www.bankdelo.ru/rating/index.php?page=13.20 Bruckner-Hammerschmied, Basel II, Wien 2003, S. 85.21 Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика диссертация . кандидата экономических наук : 08.00.10 Москва, 2002, стр. 73.

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briv maCveneblad iqna aRTqmuli, Tumca amas pozitiur SedegebTan erTad, negatiuri faqtoric Tan axlda.

me-20 saukunis 70-iani wlebidan moxda finansuri bazris global-izacia. am periodSi sareitingo kompaniebma uari Tqves dafinansebis Zvel sistemaze, anu analitikuri saqmianobis Sedegad miRebul Semosavalze. pirvelad Moody’s da S&P dauweses emitententebs sareitingo saqmi-anobaze gadasaxadi (15,000 aSS dolaramde).36 dRes ,,sareitingo kom-paniebi TavianT gadasaxadebs, ZiriTadad, emitentebisgan miRebuli TanxiT faraven~.37 maTi Semosavali ori komponentisgan Sedgeba: pirvel kompo-nents miekuTvneba ,,saabonento gadasaxadi~, romelic gadaixdevineba re-itingis gamoqveynebisaTvis.Emisi moculoba damokidebulia informaciis raodenobaze da Sesabamisad meryeobs. meore komponenti moicavs honor-ars, romelsac emitenti sareitingo kompanias uxdis da, damatebiT xarjs, romelic reitingis yovelwliuri gadamowmebisTvis gadaixdevineba.38

Semdeg modis periodi, rodesac safuZveli eyreba sareitingo kom-paniebs sxvadasxva qveyanaSi. sareitingo kompaniebis zrdas maT So-ris konkurenciis zrda mohyva. daiwyo reitingebis miniWeba ipoTekiT datvirTul sertifikatebze, obligaciebze, aseve sxvadasxva finansur instrumentebze da evropis bazarze mimoqcevaSi myof fasian qaRalde-bze. amrigad, SeiZleba iTqvas, rom sareitingo kompaniebma 70-ian wleb-Si amerikis nacionaluri sazRvrebi sabolood datoves da msoflio daipyres. dReisaTvis isini msoflio masStabiT moqmedeben da maTTvis ar arsebobs moqmedebis farglebi.39

80-ian wlebSi sareitingo kompaniebis agresiulma politikam maTi saqmianobis mimarT eWvi dabada. eWvqveS dadga sakiTxi- SeZlebdnen Tu ara isini gaZlierebuli konkurenciis pirobebSi standartebis dac-vas. es eWvi gansakuTrebiT 1997-1998 wlebSi dasavleT-aziisa da sxva qveynebis finanasurma ryevebma gaaZliera. imis miuxedavad, rom mravali sareitingo kompania dafuZnda, meoce saukunis 90-ian wlebSi sareitingo bazarze oligopolia Camoyalibda.40 aseTi bazari Semdegnaerad xasiaT-deba: bazarze reitingis mimwodebeli didi sareitingo kompaniebi cotaa, romlebic did raodenoba patara sareitingo kompaniebs konkurentad ar miiCneven da arc raime saSiSroebas xedaven maTSi. gansakuTrebiT maSin,

36 Андрианова, Людмила Николаевна. Рейтинг ценных бумаг : Основы теории и практика диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 74.37 Müller in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 330.38 Eckart , Zeitschrift für das gesamte Kreditwesen 10/1995, S. 510-513 (512).39 Möllers, JZ 18/2009, S. 861-871(863).40 Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 76-77.

imis miuxedavad, rom sareitingo kompaniebi kerZo, mogebaze orientire-bul sawarmoebs warmoadgenen, kapitalis bazarze reitingebma iZule-biTi funqcia SeiZines.30 didi depresiis Semdeg aSS-s maregulirebelma organoebma reitingebis, rogorc fasiani qaRaldebis regulirebis in-strumentad gamoyeneba daiwyes. bankebsa da sadazRvevo kompaniebs mieTi-TaT, rom investiciebi mxolod sainvesticio klasis fasian qaRaldebSi ganexorcielebinaT.31 es mimarTuleba kidev ufro gaZlierda gasuli saukunis 70-ian wlebSi, rodesac fasiani qaRaldebisa da birJebis aSS-s federalurma komisiam (SEC) gamosca miTiTeba, rom sadazRvevo da sapen-sio fondebs mxolod is fasiani qaRaldebi unda SeesyidaT, romelsac eqnebodaT erovnul siaSi Setanili sareitingo kompaniebis mier32 mini-Webuli sainvesticio reitingi.33 es tendencia mniSvnelovania, radgan swored am saxelmwifo danawesebis safuZvelze moipoves sareitingo kompaniebma gavlena finansur bazrebze. konkretulad ki, am danawesebma gazarda reitingisadmi ndoba. 2008 wels aSS-Si SEC-is mier dadge-nili sul cota 44 danawesi arsebobda, romelic reitingis gamoyenebas iTvaliswinebda. qveynebisTvis, rogoric aris belgia, poloneTi, kanada da a.S gawerili iyo, rom konkretul investors dabali reitingis mqone finansuri instrumentebis yidvis dros winaswari Tanxmoba unda mieRo da aseve aekrZalaT investiciebis dabali reitingebis mqone finansur instrumentebSi ganxorcieleba.34

xSirad reitingis savaldebuloobasTan dakavSirebuli kanonis da-nawesebi gavlenas axdendnen emitentis mier miRebul gadawyvetilebe-bze. reitingis savaldebuloobiT TiTqos reitingis finansur bazarze implementacia iyo gamiznuli, Tumca amiT gamowveulma realobam molo-dins gadaaWarba. maregulireblebi miiCnevdnen, rom sareitingo kompaniebi momxmareblisgan aRiarebas mxolod maSin miaRwevdnen, rodesac reitingi bazris monawileTagan aRqmuli iqneboda, rogorc gadaxdisunarianobis Sefasebis obieqturi, damajerebeli da aqtualuri saSualeba.35 maTi es molodini gamarTlda. sareitingo kompaniebma mniSvnelovani roli SeiZines fasiani qaRaldebis bazarze reitingebic absolutur xarisxo-

диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 73.30 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. 74.32 Moody’s, S&P, Fitch.33 Развитие рейтинговых агентств: от бума железнодорожного строительства в США в середине XIX века до ипотечного кризиса 2007 г.http://www.bankdelo.ru/rating/index.php?page=13.34 Eckart, Zeitschrift für das gesamte Kreditwesen 10/1995, S. 510-513 (510).35 Müller in Büschgen/Everling,, Handbuch Rating, S. 331.

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damokidebuli msoflio finansuri sistemis stabiluroba.48 1997-1999 wlebis msoflio krizisis pirobebSi sareitingo kom-

paniebis ndoba Seirya. reitingebi ufro xSirad izrdeboda, vidre mc-irdeboda. Tanac cvlilebebi xorcieldeboda ekonomikur da finansur sinamdvilesTan SedarebiT didi dagvianebiT. sareitingo kompaniebisadmi ndobaze gavlena iqonia aseve im faqtma, rom maT ver SeZles 2008 wels ukve dawyebul krizisze reagireba da misi reitingebSi gamoxatva. sare-itingo kompaniebma maTi „mosazreba“ krizisis dasawyisSi ki ar gamox-ates, aramed daelodnen movlenebis ganviTarebas. am dros, reitingebis ucvlelobis gamo emitentebma da investorebma ifiqres, rom saqme hqon-daT droebiT cvlilebebTan da miiRes iseTi gadawyvetileba, romelmac krizisi ufro gaamwvava. yovelive amas xeli ar SeuSlia sareitingo kompaniebisaTvis sareitingo saqmianobis ganxorcielebaSi, marTalia ndo-ba Seirya, magram kompaniebis roli finansur bazarze kvlav izrdeboda. Sedegad gaizarda moTxovna individualuri riskebis Sefasebaze.49

didi xnis ganmavlobaSi mefobda sareitingo kompaniebis dereguli-rebis idea, Tumca 90-iani wlebidan sareitingo kompaniebis dareguli-rebis Sesaxeb daiwyo diskusia. regulirebis mTavar mizans sxvadasxva dros sxvadasxva ram warmoadgenda. dRes, maregulirebels msoflios masStabiT, amoZravebs erTi mizani: Seamciros sareitingo kompaniebis gavlena da Zalaufleba. sareitingo kompaniebis reformis ganxilvamde, mizanSewonilia, ufro konkretulad gairkves, Tu ras warmoadgens reit-ingi da rogor xdeba misTvis saboloo saxis micema.

3. reitingi

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 reitings axasiaTebs.

48 Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 79-80.49 Андрианова, Людмила Николаевна. Рейтинг ценных бумаг: Основы теории и практика диссертация . кандидата экономических наук : 08.00.10 Москва 2002, стр. 77.

rodesac patara sareitingo kompaniebi mxolod konkretul regionebSi moqmedeben, an mxolod konkretuli produqtis Sefasebas axdenen.41 2002 wels, mas Semdeg, rac mudis prezidents da aRmasrulebel direqtors kiTxes Moody’s-sa da S&P urTierTdamokidebulebis Sesaxeb, man upa-suxa- „Cveni damokidebuleba msgavsia koka-kolisa da pepsis damokideb-ulebis, Tumca gansxvaveba mdgomareobs imaSi, rom Cven ar gavcemT Cvens biujets imisaTvis, rom Cven Segvejibron. emitentebs da investorebs orives unda „mosazreba“.42 am ukanaskneliT man xazi gausva orive kom-paniis monopolias. oligopoliuri bazris Sedegad wamyvani sareitingo kompaniebi karnaxobdnen bazars TavianT pirobebs, rogorc reitingis Sedgenis xarisxis, ise anazRaurebis odenobis Sesaxeb. Moody’s-sa da S&P dipolia didxans ar gagrZelebula. 1997 wlidan maTi dipolia bazarze axali sareitingo kompaniis Fitch-is Semosvlam daangria43 da dRes ganixilebian rogorc `did sameuli~.44 dReisaTvis es sami sa-reitingo kompania warmoadgens wamyvan sareitingo kompanias, romlebic sareitingo bazris 90% moicaven45 da msoflios masStabiT mevaleTa, debitorTa 90% procentis Sefasebas axdenen.46

1997 wels aziis finansuri krizisis47 winaswar ver gansazRvris gamo sareitingo kompaniebisadmi kritika gaisma rogorc investorebis, ise emitentebis mxridan. pirvelebi sayvedurobdnen, rom droze ver aR-moaCines emitentebis mdgomareobis gauareseba, meoreni ki ukmayofilebas gamoTqvamdnen imis gamo, rom droze ar moxda reitingebis daweva, ris gamoc ver moaswres antikrizisuli RonisZiebebis gatareba, romlis 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 gauareseba. 2. krizisma aCvena, rom ramodenime did sareitingo kompanias SeuZlia bazarze gavlenis moxdena da garkveulwilad maT qmedebebzea

41 Everling in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 6.42 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-wesen 17/2007, S. 891-892 (891).47 Saccomanni, Managing International Financial Instability. Cheltenham,UK. Northampton, MA, USA 2008, S. 23.

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Semcirebaa.58 gableris bankebis leqsikonis mixedviT reitingis fun-qcia mdgomareobs SemdegSi: ,,reitingma grZelvadiani obligaciis, an moklevadiani fasiani qaRaldis myidvelisaTvis investiciis riskis si-dide naTeli unda gaxados~.59 informaciis didi nawili, romelsac sa-reitingo kompaniebi reitingis Sedgenis dros iyeneben, individualu-rad gadawyvetilebis mimRebisaTvis xelmisawvdomi ar aris. reitingis gamoyenebiT ki gadawyvetilebis miRebis procesSi arapirdapir iRebs monawileobas iseTi informacia, romelic reitingis gareSe saerTod gamouyenebeli iqneboda.60

dRes auditoruli samuSaoebi, sabuRaltro aRricxva da stand-artebi, romlebic gadaxdisunarianobis Sefasebas axdenen, emitentis md-gomareobis Sefasebis dros, faqtobrivad, ukana planzea gadaweuli.

reitingebis gamoyeneba, xSirad, kritikis qveS eqceva, Tumca am kriti-kis fonze reitingebis bazari ganagrZobs ganviTarebas. reitingi aris bunebrivad Seqmnili fenomeni da misi samarTlebriv sistemaSi moqcevaa saWiro. is, rom dRes sareitingo kompaniebis samarTali jer kidev ar aris Camoyalibebuli, garkveulwilad reitingis iseTi ganmartebis ararsebobiT aris ganpirobebuli, romelic reitingis samarTlebriv Car-CoSi Casmis SesaZleblobas mogvcemda.

3 .2 . reitingis ganmarteba

imis miuxedavad, rom, erTi SexedviT, „reitingi“ gasagebad martivia, praqtikaSi ar arsebobs „reitingis“ erTiani ganmarteba. gadaxdisuna-rianobis riski, anu sawarmos gadaxdisunarianobis Sefaseba, aris reit-ingebis ZiriTadi amocana.61

anglo-amerikul salaparako enaSi cneba „reitingi“ sxvadasxva Si-naarsiT ixmareba. `misi mniSvneloba sakmarisia imisaTvis, rom aRiniSnos safexburTo gundebis klasifikaciidan dawyebuli satelevizio gadace-mebis SefasebebiT damTavrebuli“.62 cneba- „reitingi“, rogorc raodeno-brivi, ekonomikuri faqtebis klasifikacia 1850 wels aSS-Si Camoyalib-da.63 zogadad reitingis qveS gaigeba simbolebi, an simboloebis dadgenili Skalis semanturi erTianoba, romelic gamoxatavs specializirebuli

58 Habersack, ZHR 169/2005, S. 185-211 (186). 59 Gabler Banklexicon, 11.Aufl, Germany 1995, S. 1285.60 Sönnichsen in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 433-434.61 Deipenbrock, WM 6/2005, S. 261-268 (261).62 Sönnichsen in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 430.63 Sönnichsen Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 430.

3 .1 . reitingi, rogorc informaciis axali wyaro

sanam sareitingo kompaniebi Camoyalibdeboda da sanam iseTi fenome-ni, rogoric aris reitingi warmoiSoboda, gadaxdisunarianobis Sefaseba wliuri analizis safuZvelze xdeboda. fasiani qaRaldebis bazarze in-formaciis mniSvnelovan wyaros buRaltruli aRricxva warmoadgenda.50 buRaltruli aRricxva sameurneo subieqtis finansuri informaciis Segrovebis, gazomvis, damuSavebisa da gadacemis sistemaa. ,,igi enaa, rom-lis meSveobiTac informacia mis momxmareblebs gadaecema~.51 reitingebsa da wliur angariSebs Soris gansxvaveba mdgomareobs imaSi, rom wliuri angariSebi, reitingebisgan gansxvavebiT, ar eqvemdebareba gamoqveynebas.

klasikuri reitingi aSS-Si Camoyalibebuli meTodia. gadaxdisuna-rianobis Sefasebis es meTodi am saqmeSi specializirebuli sareitingo kompaniebis mier xorcieldeba da kreditunarianobis sandoobasa da xarisxs asaxavs.52 reitings aseve ganixilaven, rogorc kompaniis ob-ligaciebis xarisxis sajaro maCvenebels.53 droTa ganmavlobaSi reit-ingi emitentebis Sesaxeb informaciis mTavari wyaro gaxda, rac, albaT, misi simartiviT aixsneba. faqtiurad reitingma Caanacvla informaci-is miRebis yvela sxva wyaro. Seqmnis dRidan reitingis daniSnulebas swored informaciis xelmisawvdomoba, xolo mizans gadawyvetilebebis miRebis efeqtianobis gazrda warmoadgens.54

reitingi gvevlineba informaciis axal wyarod imdenad, ramdena-dac is akmayofilebs rogorc emitentis, ise investoris informaciul moTxovnebs: investors reitingi saSualebas aZlevs didi sawarmoe-bisa da saxelmwifoebis reitingebiT miiRos informacia sawarmos, sax-elmwifos fasiani qaRaldebis kreditunarianobisa da qveynis riskebis Sesaxeb.55 aqedan gamomdinare reitingi investorisaTvis marTebuli gadawyvetilebis miRebis mniSvnelovan instrumentad iqca.56 emitents ki saSualebas aZlevs miniWebuli reitingis safuZvelze Sedareba moaxdinos sxva sawarmosTan teritoriuli SezRudvis gareSe.57 reit-ingis umTavresi amocana kapitalis bazarze informaciis asimetriis

50 Ясус, Новые стандарты раскрытия информации на рынке ценных бумаг.Хозяйство и право 3/2011, gv. 79.51 xarabaZe, buRaltruli aRricxvis safuZvlebi, gamomcemloba ,,biznes-kurieri~, 2002, gv. 15.52 Homolka in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 677.53 Schnabel in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 307.54 Sönnichsen in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 433.55 Homolka in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 678. 56 Wenzel, WM 36/1996, S. 1605-1611 (1610).57 Rehberg/Voges, WM 33/2004 , S. 1605-1616 (1605).

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warmoadgens, romelsac oficialuri saxe ar aqvs da samarTlebrivi datvirTva ar eniWeba. ,,reitingis~ oficialur ganmartebas TviTon sa-reitingo kompaniebi gvaZleven. maT mier mocemul ganmartebaSi reitingi aris `azri~ emitentis arsebuli mdgomareobis Sesaxeb, kerZod ki imis Taobaze, SeZlebs Tu ara emitenti dadgenil vadaSi procentebisa da gadasaxadebis gadaxdas mTlianad da droulad.71 sareitingo kompaniebis xelmZRvanelebs Rrmad swamT `reitingis~ zemoTxsenebuli ganmartebis da xSirad miuTiTeben imaze, rom sareitingo kompaniebis ,,sircxvilis magidaze~ dayeneba maT mimarT arasamarTlian damokidebulebas gamoxat-avs. ase magaliTad, Moody’s-s xelmZRvanels reimond makdaniels72 miaCnia, rom finansuri krizisis dros investorebi reitingebs investiciebis ganxorcielebisas gadamwyvet mniSvnelobas ar aniWebdnen, rac reitingis maT mier SemoTavazebuli ganmartebiT iyo ganpirobebuli sakredito reitingi ar warmoadgens mowodebas investiciebis ganxorcielebaze.73 albaT, ar iqneba gadametebuli Tu vityviT, rom es mosazreba ufro Tavis gamarTlebis xasiaTs atarebs da garkveulwilad mowyvetilia realobisgan.

amrigad ar arsebobs erTi konkretuli ganmarteba, amitomac samar-Tlebrivi normebis gamoyeneba reitingebze rTulia. arsebobs didi ba-zari, sadac adamianebi maT „mier gamoTqmuli azrebiT“ vaWroben. am „mosazrebebis“ safuZvelze uamravi gadawyvetilebis miReba xdeba. azris gamoxatva yovelTvis subieqtis sferoSi rCeba (mniSvneloba ar aqvs is iuridiuli, Tu fizikuri piria) da amitom SeuZlebelia misi konkre-tuli samarTlebrivi normebis qveS ganxilva. dReisaTvis mravali reit-ingis saxeoba da masTan dakavSirebuli urTierTobebi warmoiSva.

3 .3 reitingis saxeebi

jon mudis mier Seqmnili reitingis sistema, ZiriTadad, dRe-sac arsebobs, Tumca bolo aTwleulebis manZilze axali finansuri produqtebis warmoSobam xeli Seuwyo axali reitingis saxeobebis Se-qmnasac. saWiroa, rom institucionalurma investorebma icodnen reitin-gis Zireuli principebi da gaecnon reitingis axal saxeebs.74 reitingi Semdeg saxeebad iyofa.

71 Kohn, Financial Institutions and Markets, New York Oxford 2004, S. 397.72 Raymond McDaniel73 Ohne Autor, EU verschärft Tempo bei Finanzregulierung.spiegel-online. 02. Juni 2010. http://www.spiegel.de/wirtschaft/soziales/0,1518,698369,00.html. 74 Berblinger in Büschgen, Hans/Everling,Oliver:Handbuch Rating,Wiesbaden 1996, S. 33.

institutebis, sareitingo kompaniebis azrs im emitentis ekonomikur SesaZleblobebze, romlebmac fasian qaRaldebTan dakavSirebuli gadaxda mTlianad da droulad unda ganaxorcielos. am ganmartebis safuZvelze vaskvni, rom reitingi erT konkretul fasian qaRaldTan aris dakav-Sirebuli, aqedan gamomdinare vlaparakoT emisiis reitingze.64 amis sawi-naaRmdegod arsebobs aseve emitentis reitingi65, romelic warmoadgens konkretuli erTianobis zogad gadaxdisunarianobis Sefasebas.66

reitingebi gansazRvraven gadaxisunarianobis SesaZleblobas savalo valdebulebis arsebobis mTeli periodis ganmavlobaSi. amasTan mniSvn-eloba ar aqvs, es periodi erTi dRe grZeldeba, Tu 30 welze met xans.67 reitingis Sedgenis dros reitingis Semdeg definicias eniWeba upirete-soba: ,,reitingi aris fasian- da kapitalis bazarze SemoTavazebuli momsaxureba, romelic sabazro partniorebisagan damoukidebeli oferen-tebis mier aRiarebuli formiTa da Sesabamisi xarisxiT aris Sedgenili da romelsac emitentebi dadgenili sazRauris safuZvelze iZenen.“68

xSirad midis kamaTi imis Sesaxeb reitingi Sefasebis Sedegia, Tu Tavis TavSi moicavs reitingis Sedgenis mTel processac. amasTan da-kavSirebiT sxvadasxva midgoma arsebobs. zogi reitings Semdegnairad ganmartavs: `reitingi Zalian zogadad niSnavs Sefasebas niSnis miniWe-biT“; `cneba `reitingi“-s TqmiT vgulisxmobT Sefasebis processac, ro-melic saboloo Sefasebamde misvlas xdis SesaZlebels~; ̀ farTo gagebiT „reitingi“ warmoadgens fasiani qaRaldebisa da sawarmos yovelmxriv Sefasebas“.69 bolos ki moxda SeTanxmeba reitingis Semdeg ganmarte-baze: `reitingi warmoadgens ekonomikuri mdgomareobis Sefasebis Sedegs, romelic aranumeraciuli simbolebis saSualebiT gamoixateba da cv-lad mdgomareobas Seesabameba, eqvemdebareba periodul aqtualizacias gadawyvetilebis miRebaze uflebamosili piris mxridan, romelic amav-droulad reitingis mwarmoebeli ar aris.~70 es ganmarteba gansxvavdeba zemoT mocemuli ganamartebebisgan imiT, rom reitingi aris warmodge-nilia rogorc Sefasebis Sedegi da ara rogorc mTeli Sefasebis pro-cesis aRmniSvneli termini.

aRsaniSnavia is faqti, rom `reitingis~ zemoT mocemuli yvela ganmarteba literaturaSi, mecnierebis mier Camoyalibebul ganmartebas

64 e.w.-Issue Rating.65 e.w.-Issuer Rating.66 Strunz, WM 3/2004, S. 115-120 (115).67 Berblinger in Büschgen /Everling, Handbuch Rating, Wiesbaden 1996, S. 31.68 Schmidt in Büschgen / Everling, Handbuch Rating, Wiesbaden 1996, S. 271.69 Sönnichsen in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 430.70 Sönnichsen in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 431.

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3 .3 .3 . Sida da gare moxmarebis reitingi

reitings adgenen ara mxolod sareitingo kompaniebi, rogoric aris Moody’s, S&P, an Fitch, aramed bankebic. reitingis adresatebis diferen-cirebiT miviRebT reitingis iseT saxeebs, rogoric aris Sida da gare reitingebi.81

amrigad, ganasxvaveben Sida reitings, romelsac adgens banki da ro-melic ZiriTadad Sida miznebisTvis dgeba82 da gare moxmarebis reitingi, romelsac damoukidebeli, kerZo sawarmo sareitingo kompania83 adgens da romelTa gamoqveynebac, rogorc wesi, xdeba.84USida da gare reitingebs Soris mTavari gansxvaveba imaSi mdgomareobs, rom bankebi gadaxdisunari-anobis riskis Sefasebas kreditis amRebis, movaleebis aqtualuri mdgo-mareobis Sefasebis safuZvelze axdenen.85 aqedan gamomdinare, am saxis re-itingebis aqtualizacia ekonomikur ciklSi iSviaTad xdeba. sareitingo kompaniebi ki sawarmos gadaxdisunarianobas mTeli ciklis ganmavlobaSi axdenen, anu gadaxdisunarianoba ekonomikuri ciklis erTiani moTxovnis fonze xdeba. movalis aqtualuri mdgomareoba am SemTxvevaSic miiReba mxedvelobaSi Semcirebis tendenciis masStabis gansazRvrisaTvis. reit-ingisaTvis yvelaze metad mniSvnelovania movalis mdgomareoba movle-nebis yvelaze cudi ganviTarebis SemTxvevaSi.86

kidev erTi gansxvaveba Sida moxmarebisa da gare moxmarebis re-itingebs Soris mdgomareobs sakredito valdebulebaSi (mag: sabanko krediti, sesxi). gare moxmarebis reitingi gaicema da gamoqveyndeba is-eTi kreditorebisaTvis, romlebic sakredito bazarze moqmedeben, an am bazarze moqmedebas apireben. aqedan gamomdinare, potenciur kreditors SesaZlebloba aqvs warmoidginos suraTi sesxis emitentebis gadax-disunarianobis Sesaxeb. amis sawinaaRmdegod, Sida moxmarebis reitingebi gaicema mxolod bankebze, centralur bankebze an sxva sawarmoze Sesa-Zlo, an arsebuli sakredito urTierTobebis safuZvelze.87 rogorc wesi,

81 Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank- controlling Rating, Gesam-tbanksteuerung und Basel II, Düsseldorf 2005, S. 35.82 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-tbanksteuerung und Basel II, Düsseldorf 2005, S. 35.85 amas droSi arsebul filosofias uwodeben. point-in-time philosophy86 Research, Interne Ratings-die Erfahrungen amerikanischer Grossbanken; Zeitschrift für das gesamte Kreditwesen 3/1999, S. 152-154 (152).87 Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank- controlling Rating, Gesam-tbanksteuerung und Basel II, Düsseldorf 2005, S. 35.

3 .3 .1 grZelvadiani da moklevadiani reitingi

grZelvadiani reitingebi eniWeba iseT obligaciebs, romelTa xan-grZlivobac erT wels aRemateba. grZelvadiani reitingis miniWeba xdeba yvela saxis grZelvadian finansur instrumentze, magaliTad, sesxze. re-itingis es saxe prognozs akeTebs imis Sesaxeb, Tu rodis da ra simZimiT aris mosalodneli gadaxdisunarianobis dadgoma. Sedegad reitingi in-vestorisaTvis uzrunvelyofs SesaZleblobas winaswar gansazRvros relatiuri da ara absoluturi gadaxdisunarianobis xelis SemSleli faqtorebi. moklevadiani reitingi eniWeba fasian qaRalds, romlis xan-grZlivobac ar aRemateba erT wels.75 am saxis reitingis miniWeba xdeba mxolod moklevadian moTxovnebze bankebSi, an sawarmoebSi.76 grZelva-diani reitingebisgan gansxvavebiT, moklevadiani reitingebi prognozs ukeTeben mxolod gadaxdisunarianobis dadgomis SesaZleblobas da ara SesaZlo gadauxdelobis simZimes.77 moklevadiani obligaciebi, valde-bulebiTi urTierTobebi, rogorc wesi, ufro xSirad eqvemdebareba gadaxdas, vidre grZelvadiani instrumentebi.78

3 .3 .2 . emisiis da emitentis reitingi

grZelvadiani da moklevadiani reitingebis gverdiT mniSvnelovania emisiisa da emitentis reitingebs Soris arsebuli gansxvavebis aRniSvna. emisiis reitingi asaxavs movalis SesaZleblobas moaxdinos konkretu-li sesxidan, samarTlebrivi valdebulebidan gamomdinare kreditisa da masTan dakavSirebuli procentis dafarva.79 emitentis reitingi emisiis reitingisgan gansxvavebiT, gansazRvravs emitentis finansuri instru-mentis klass. moklevadiani reitingis magaliTs rogorc wesi, emitentis reitings warmoadgens. `emitentis reitingi izRudeba mxolod faqto-brivad Sedgenili, emitirebuli, samarTlebrivad damoukidebeli erTiano-biT. is avtomaturad ar warmoadgens jgufSi myofi yvela erTianobis reitings.~80

75 Berblinger in Büschgen, Hans/Everling, Handbuch Rating, Wiesbaden 1996, S. 33-35.76 Strunz,WM 3/2004, S. 115-120 (118).77 Berblinger in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 36.78 Berblinger in Büschgen /Everling, Handbuch Rating, Wiesbaden 1996, S. 36.79 Berblinger in Büschgen /Everling, Handbuch Rating, Wiesbaden 1996, S. 34.80 Berblinger in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 34

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lenas axdens ekonomikuri subieqtis mxolod konkretuli sferosadmi kuTvnileba sawarmos individualur riskebze.95 droTa ganmavlobaSi Camoyalibda reitingis kidev erTi saxe „simarTlis reitingi96“, romlis daniSnulebasac mogvianebiT ganvixilav.97

3 .4 . reitingis subieqti da reitingis Sedgenis procesi

reitingis subieqts warmoadgenen reitingis mimRebebi. eseni arian adresatebi, romlebzec vrceldeba kreditis riski da masSi asaxuli yvela detaluri informacia.98 sareitingo saqmianobaSi monawileoben fizikuri pirebi, kompaniebi, saxelmwifoebi, saerTaSoriso da sxva or-ganizaciebi. Tvlian, rom reitingis ar qona bazris monawiles emi-tentis cud kreditunarianobaze miuTiTebs. kompaniisaTis reitingze uaris Tqma gamarTlebulia im SemTxvevaSi, rodesac kompaniis faqto-brivi mdgomareoba imaze ufro cudia, vidre bazris monawilis mier misTvis dadgenili arasaxarbielo Sefaseba.99 rodesac emitenti reit-ings ukveTavs, sareitingo kompaniebis winaSe iRebs valdebulebas wa-rudginos kreditunarianobis SefasebisaTvis saWiro yvela dokumentebi da mniSvnelovani informacia. aqedan gamomdinare, reitingi Seicavs iseT informacias, romelic sawarmos gareT moqmedi finansuri analitikosebi-sTvis miuwvdomelia.100

reitingis Sedgenis procesi ori nawilisgan Sedgeba. pirveli nawili warmoadgens Sefasebis mosamzadebel stadias, meore nawili ki moicavs TviTon Sefasebis process. Sefasebis obieqtisa da Sefasebis miznebis gansazRvra Sefasebis mosamzadebeli nawilis pirvel stadiaa. TviTon Sefasebis procesi gansxvavebulia yvela sareitingo kompaniisaTvis da yvela emisiisaTvis, Tumca maT erTi safuZveli aqvT.101 reitingis Sed-genis procesisaTvis damaxasiaTebelia sareitingo kompaniebisa da emi-tents Soris mWidro TanamSromloba. swored es TanamSromloba dgas sareitingo kompaniebis saqmianobis modelis kritikis epicentrSi.102

95 Müller in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 335.96 „Das Wahrheitsrating~97 kerZod: Tavi II, qveTavi 3 - „sareitingo-kompaniebis samarTlebrivi reforma evropasa da aSS-Si krizisis Semdeg“, gv. 25.98 Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank- Controlling Rating, Gesam-tbanksteuerung und Basel II, Düsseldorf 2005, S. 35.99 Everling in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 9.100 Berblinger in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 55.101 Leffers in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 356.102 Morkötter/Westerfeld, Zeitschrift für das gesamte Kreditwesen 6/2008, S.393-396 (393). Dazu wird es als Problem in dem Kapitel „Unabhängigkeit und Vermeidung der Interessenkonflikte“

mcire sawarmoebisaTvis gare reitingebis gamoyeneba ar Rirs reitingis SedgenisaTvis saWiro danaxarjebis gamo.88

3 .3 .4 . nebayoflobiTi da dakveTis safuZvelze Sedgenili reitingi

gare moxmarebis reitingebi iyofa nebayoflobiT da dakveTis safuZ-velze Sedgenil reitingebad. dakveTis safuZvelze reitingis Sedgena89 niSnavs, rom gare moxmarebis reitingi movalis SekveTis safuZvelze dgeba.90 am saxis reitingis gverdiT arsebobs nebayoflobiTi reitingi, romelic investorebis interesebis gaTvaliswinebiT,91 an kidev TviTon sareitingo kompaniebis iniciativiT dgeba.92

3 .3 .5 . reitingis sxva saxeebi

reitingis sxva saxeebs Soris ganixileba reitingebi, romlebic eniWeba qveynebs da konkretul sferoebs. qveynis reitings suverenuli reitingi ewodeba. mas didi mniSvneloba aqvs ucxouri investiciebisaT-vis. qveynis riskis Sefasebis dros mxedvelobaSi miiReba Sesafasebeli qveynis ekonomikuri mdgomareoba, romelic pirdapir axdens gavlenas, erTi mxriv, investiciebis mozidvaze da, meore mxriv, sabanko sistemaze.93 qveynis reitings samive wamyvani sareitingo kompania adgens. amasTan ,unda aRiniSnos, rom misi Sedgena martivi procesi ar aris. magaliTad: S&P -Si reitingis Sedgenas 5 analitikosi axorcielebs. isini amowmeben qveynis inflaciis tempebs, umuSevarTa raodenobas, qveynis valebs a.S.94

qveynebisTvis miniWebuli reitingebisgan gansxvavebiT, romelic mTe-li mosaxleobis ekonomikuri mdgomareobis Sefasebas exeba, sferosaT-vis reitingis miniWebis dros mxedvelobaSi miiReba sxvadasxva sferos riskis faqtoris didi speqtri. am saxis reitingi aCvenebs, Tu ra gav-

88 Strunz, WM 3/ 2004, S. 115-120 (119-120).89 sareitingo kompaniebis anazRaurebasTan dakavSirebiT vrclad Tavi II, qveTavi 3.2-~sa-reitingo kompaniebis damoukidebloba da interesTa konfliqti~, gv. 38.90 Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank-controlling Rating, Gesam-tbanksteuerung und Basel II, Düsseldorf 2005, S. 35.91 Däubler, BB 9/2003, S. 429-434 (429).92 Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank- controlling Rating, Gesam-tbanksteuerung und Basel II, Düsseldorf 2005, S. 35.93 jibuti, qveynis riskis Sefaseva kompozituri indeqsis meSveobiT. banki 2002.5/13, gv. 41-49 (41-42).94 Teevs, EU sagt Rating-Giganten den Kampf an.Spiegel-online. 02. Juni 2010 . http://www.spie-gel.de/wirtschaft/soziales/0,1518,698291,00.html.

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reitingSi. informaciis mopovebis Semdeg iwyeba Sekrebili monacemebis analizi. gadawyvetilebis miRebis kriteriumebs TviTon sareitingo kompaniebi adgenen. Sesabamisad, is gansxvavebulia sxvadasxva sareitingo kompaniebisTvis.

analistikosebis mier monacemTa analizis safuZvelze gakeTebuli daskvnebi gadaecema sareitingo komitets, romelic sabolood iRebs gadawyvvetilebas niSnis miniWebis Sesaxeb. sanam gadawyvetileba gamo-qveyndeba, sareitingo kompania da emitenti kvlav xvdebian erTmaneTs. am dros xdeba emitentis informireba imis Taobaze, Tu ra Sedegamde mivida sareitingo kompania, anu ra gadawyvetileba iqna miRebuli da ras efuZneba is. emitents eZleva SesaZlebloba damatebiTi infor-maciis wardgeniT pozitiuri gavlena moaxdinos reitingze. erTxel gamoqveynebuli reitingi eqvemdebareba egredwodebuli „sazedamxedvelo jgufebis“ mier gadamowmebas.106

3 .4 .2 . reitingi emitentis dakveTis gareSe

praqtikaSi am saxiT Sedgenili reitingi gamonakliss warmoad-gens.107 nebayoflobiT reitings sareitingo kompaniebi Zalian iSviaTad adgenen.108

am SemTxvevaSi saxeze ar gvaqvs saxelSekrulebo urTierToba sa-reitingo kompaniasa da emitents Soris. sareitingo kompania nebayo-flobiT, damoukideblad adgens reitings. aseve emitents ar ekisreba reitingis SedgenisaTvis saWiro yvela dokumentis wardgenisa da infor-maciis gacemis valdebuleba. emitenti valdebuli ar aris waradginos, an xelmisawvdomo gaxados isini.109 Sesabamisad sareitingo kompaniebi iyeneben mxolod sajarod xelmisawvdom informacias, amitom xarisxo-brivi kriteriumebi gauTvaliswinebeli rCeba.110 Sesabamisad, dakveTis gareSe Sedgenili reitingis Secdomis xarisxi ufro maRalia. rogorc ukve aRiniSna, am saxiT reitingis Sedgena gamonaklis SemTxvevebSi xdeba, magram Tu xdeba, emitents arafris gakeTeba ar SeuZlia imisaTvis, rom

106 Blaurock, ZGR 5/2007, S. 603-653 (605).107 SeiZleba iTqvas, rom sareitingo kompaniebs nebayoflobiT Sedgenili reitingebis mimarT negatiuri damokidebulebac ki hqondaT. Tumca mogvianebiT vnaxavT, rom am saxis reitingebisadmi damokidebuleba droTa ganmavlobaSi Seicvala, magram aman ar Secvala ar-sebuli praqtika. reitingebis umravlesoba swored dakveTis safuZvelze Sedgenili reit-ingTa kategorias miekuTvneba.108 Strunz, WM 3/2004, S. 115-120 (116).109 Ebenroth/Koos in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 488.110 Blaurock, ZGR 5/2007, S. 603-653 (605).

rogorc iTqva, erTmaneTisgan ganasxvaveben nebayoflobiT da dakveTis safuZvelze Sedgenil reitingebs. reitingebi dgeba emitentebis, inves-torebis didi jgufebis dakveTis safuZvelze, an sareitingo kompaniebis iniciativiT. reitingis Sedgenis procesi gansxvavebulia nebayoflobiTi da dakveTis safuZvelze Sedgenili reitingebis dros, amitom mizanSe-wonili TiToeulis cal-calke ganxilva.

3 .4 .1 . dakveTis safuZvelze Sedgenili reitingi

iseT SemTxvevebSi, rodesac reitingi emitentis dakveTis safuZvel-ze dgeba sareitingo kompaniasa da emitents Soris103 ideba xelSekrule-ba. sareitingo-xelSekrulebis dros mxareTa uflebebi da movaleobebi aris Semdegi: emitentis umTavres valdebulebas warmoadgens honoraris gadaxda, reitingisaTvis saWiro yvela saxis dokumentisa da saWiroebis SemTxvevaSi damatebiTi informaciis wardgenis valdebuleba. sareitingo kompaniam ki unda Seadginos obieqturad swori reitingi, unda izrunos reitingis Sedgenis procesis saimedoobaze da aqvs reitingebis gamo-qveynebis valdebuleba. amrigad, sawarmosTvis reitingis Seqmna moiTxovs reitingis Sedgenis procesSi mis aqtiur monawileobas.

reitingis Sedgenis idealuri procesi Semdegnairad gamoiyureba:104 rogorc wesi, reitings ukveTavs da Sesabamis gasamrjelos ixdis TviTon emitenti. sajaro informacias sawarmos Sesaxeb agrovebs sare-itingo-komiteti, romelic sxvadasxva sferos analitikosebisgan aris dakompleqtebuli. maTi SerCeva emitentis saqmianobis sferos mixedviT xdeba. reitingis Sedgenis dros damkveTsa da sareitingo kompanias So-ris TanamSromlobas didi mniSvneloba eniWeba.

sareitingo kompaniebi saboloo gadawyvetilebamde mTeli rigi specifikuri informaciebis analizis safuZvelze midian. pirvelad ra-odenobrivi monacemebis Sefaseba xdeba: brunva, naRdi fulis moZraoba, sakuTari kapitalis wili erTobliv kapitalSi da a.S. aseve mxedv-elobaSi miiReba xarisxobrivi kriteriumebic, rogoric aris sawarmos kultura da komunikaciebi, Sidaorganizacia da menejmenti.105 anali-tikosebs SeuZliaT kompaniis xelmZRvanelobasTan gasaubrebis safuZ-velze Seiqmnan warmodgena kompaniis Sida saqmianobis perspeqtivebsa da strategiebze, romelic xarisxobrivi faqtorebis saxiT aisaxeba

diskutiert.103 Ebenroth/Daum,WM 1992, Sonderbeilage Nr.5, S. 2-23 (7).104 Joachim/Rudolph/Hahnenstein, Aktuelle Entwicklungen im Bank-Controlling Rating, Gesam-tbanksteuerung und Basel II, Düsseldorf 2005, S. 22.105 Blaurock, ZGR 5/2007, S. 603-653 (604-605).

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4. reitingis upiratesoba

miuxedavad imis, rom reitingSi dReisaTvis bevri uaryofiTi mx-aris danaxva SeiZleba, unda aRiniSnos aseve reitingis dadebiTi mxarec, romelic mas momxmareblebisaTvis gaaCnia. upirvelesyovlisa sareit-ingo kompaniebis mier miniWebuli reitingi gasagebia yvelasaTvis da ar saWiroebs enis, an kidev sxva raime specialur codnas117, gansxvavebiT im monacemebisa, romelic asaxulia kompaniis saqmianobis Sesaxeb anga-riSSi.118 amitom reitingi gansakuTrebiT did rols TamaSobs ucxoeli investorebisaTvis, romlebic, rogorc wesi, ar icnoben angariSebis Canawerebs. reitingi warmoadgens gadaxdisunarianobis Sefasebis Zalzed efeqtian meTods. is gamosaxulia mxolod erTi simboloTi da lapara-kis gareSe komunikaciis saSualebas iZleva.119 sareitingo kompaniebis Sefasebebi mniSvnelovania aseve bevri insvestorisTvisac, romelic dros ar kargavs imisaTvis, rom TviTon moaxdinos emitentebis gadaxdisuna-rianobis Sefaseba.120 imis miuxedavad, rom riskebze Cveulebriv saubro-ben, ar unda dagvaviwydes, rom yoveli investicia, romelic mimarTulia momavlisken mTel rig riskebTan aris dakavSirebuli. reitings gaaCnia didi mniSvneloba emitentebisaTvis, gansakuTrebiT naklebad cnobili emitentebisaTvis. maT reitingi investiciebis mozidvaSi exmareba.121 emi-tentebisTvis kargi reitingi bazarze karg SeRwevas gulisxmobs.122 re-itingebis gamoyenebis dros emitentebisaTvis mTavar motivs warmoadgens emisiis saerTaSoriso aRiareba da imijis gaumjobeseba,123 rac karg reit-ings yovelTvis mohyveba. kargi reitingi, rogorc seriozulobis mow-moba drodadro anaTebs aseve sawarmos sxva mxareebsac.124 bankebisTvis, iseve rogorc samrewvelo sawarmosTvis, reitings Seudareblad didi mniSvneloba gaaCnia, radgan reputacia da ndoba maT `umniSvnelovanes kapitals~ warmoadgens.125 bolos, reitingi xels uwyobs momxmarebelTa ndobis gazrdas.

teresTa konfliqti~, gv. 38.117 Müller in Büschgen /Everling, Handbuch Rating, Wiesbaden 1996, S. 340.118 Wenzel, WM 36/1996, S. 1605-1611(1610).119 Brink in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 277.120 Behrenwaldt in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 293-294.121 Behrenwaldt in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 293-294.122 Wenzel, WM 36/1996, S. 1605-1611 (1609).123 Wenzel, WM 36/1996, S. 1605-1611 (1610).124 Leffers in Büschgen/Everling, Handbuch Rating,Wiesbaden 1996, S. 362.125 Leffers in Büschgen/Everling, Handbuch Rating,Wiesbaden 1996, S. 362.

aRkveTos misi reitingis nebayoflobiTi Sedgena. es ki imas niSnavs, rom emitenti ,,nolens volens~111 valdebulia iTanamSromlos sareitingo kompaniebTan, raTa Tavidan aicilos cudi da arasasargeblo reitingi. arsebobs sareitingo kompaniebisaTvis SesaZlebloba, rom sakuTari mo-qmedebebis safuZvelze TviTon Seqmnan TavianTi davaleba da aiZulon emitentebi maTTan TanamSromlobaze. es kidev erTxel usvams xazs sare-itingo kompaniebis Zalauflebas.

3 .5 reitingi, rogorc sareitingo kompaniebis saqmianobis Sedegi

sareitingo kompaniebis saqmianobis Sedegs warmoadges reitingi, romelic Semdgom kvalificirdeba, rogorc sainvesticio an spekulaci-uri, arasainvesticio donis reitingebad. sainvesticio dones miekuTvneba is fasiani qaRldebi, romelTa reitingic S&P mixedviT BBB-ze, xolo Moody’s-s reitingis Skalis mixedviT Baa-ze naklebi ar aris. aseve ara-sainvesticio dones miekuTvneba is fasiani qaRaldebi, romelTa reitingic S&P mixedviT BBB-ze, xolo Moody’s reitingis Skalis mixedviT AA-ze naklebia. TiToeul sareitingo kompanias Tavisi reitingis Skala gaaCnia da TviTon isini adgenen mas.112 yvelaze maRali reitingis kategorias warmoadgens AAA-dan BBB-mde reitingi, aseve Aaa-dan Bbb-–mde, xolo yvelaze dabali reitingi iwyeba BBB-dan D-mde, an Bbb-dan C-mde.113 mag-aliTad: Fitch -sTvis AAA reitingi niSnavs, rom gadaxdisuunarobis Sesa-Zlebloba wlis ganmavlobaSi udros 0,061 %-s. yvelaze dabal Sefasebas Fitch-Si warmoadgens CC da gakotrebis SesaZlebloba 37,73%-s Seadgens.114

Tu rogor midian sareitingo kompaniebi TavianT saboloo `ganaCe-namde~ da ra kriteriumebiT gamoxataven mas mxolod erTi simboloTi kompaniebis profesiul saidumloebas warmoadgens. reitingis Sedgenis procesis dasrulebis Semdeg dgeba sareitingo angariSi, romelic Sei-cavs cnobebs im informaciis Sesaxeb, rac safuZvlad daedo sareitingo 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-valoba mcirdeba. aRniSnuli sakiTxi mogvianebiT iqneba ganxiluli.116

111 ,,unda Tu ar unda~112 Blaurock, ZGR 5/2007, S. 603-653 (604).113 Horst in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 338.114 Grundmann/Hofmann/Möslein(Hrsg.), Finanzkrise und Wirtschaftsordnung, Berlin 2009, S. 45.115 Leffers in Büschgen/Everling, Handbuch Rating,Wiesbaden 1996, S. 363.116 konkretulad ki TavSi II, qveTavi 3.2- saeitingo-kompaniebis damoukidebloba da in-

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fasiani qaRaldebis SefasebisTvis.• sareitingo kompaniebis pasuxismgebloba.127

globaluri finansuri krizisis dros arsebuli mdgomareoba ga-suli wlebisgan gansxvavdeboda imiT, rom krizisis dasrulebis Semdeg sareitingo kompaniebis Tema aqtualuri darCa da daviwyebas ar mieca. ufro metic, aqtiurad daiwyo diskusia imis Sesaxeb unda moxdes Tu ara sareitingo kompaniebis saqmianobis daregulireba da Tu ki, ma-Sin rogor. diskusia am Temaze mimdinareobda saerTaSoriso masSta-biT da sxvadasxva doneze.128 2006 wels amerikis prezidentma jorj buSma xeli moawera sareitingo kompaniebis reformis129 Sesaxeb aqts.130 am aqtis mizans warmoadgenda investorebis dacvis mizniT reitingis xarisxis amaRleba.131 reformebis Tavdapirveli miznebi gansxvavebuli iyo dRevandelisgan. aSS-Si sareitingo kompaniebis reformisas aqcenti investorebis dacvaze keTdeboda, evropis kavSiris mizans ki sareit-ingo kompaniebTan reitingebis, rogorc anglo-amerikuli movlenis, maTi samarTlis sistemaSi maqsimalurad umtkivneulo implementacia iyo. male kontinentur evropaSi didi eWvi gaCnda reitingebis mimarT da Riad daiwyo laparaki imis Sesaxeb, rom sareitingo kompaniebma didi da negatiuri roli iTamaSes ara marto finansuri krizisis dros, aramed evrozonis winaaRmdeg mowyobil SeTqmulebaSic Cabmulebi iyvnen da xeli Seuwyves evros dacemas. indeqsebis dacema evropul bazrebze da evros kursis mniSvnelovani vardna dolarTan mimarTebaSi gamowveul iqna imiT, rom 2010 wlis 28 aprils sareitingo kompaniam S&P saber-ZneTis reitingi, romelic didi xnis ganmavlobaSi BBB+ iyo, BB+-mde, portugaliis reitingi A+ dan A-mde, xolo espaneTis 28 aprils AA+-dan Aa-mde dawies. eWvi im faqtma gaamwvava, rom am qveynebis reitingebi gauaresda maTi makroekonomikuri indikatorebis gaumjobesebis fonze. dRes reformebis mizans sareitingo kompaniebis finansul bazarze Za-lauflebisa da gavlenis Semcirebaa.

127 Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.128 EU-Kommission, Vorschlag für eine Verordnung des Europäischen Parlaments und des Rates über Ratingagenturen, 12.11.2008.129 ,,The Credit Rating Agencies Reform Act of 2006~.130 Leone, Bush signs Rating Agency Reform Act, October 2, 2006. http://www.cfo.com/article.cfm/7991492.131 Deipenbrock, WM 48/2007, S. 2217-2223 (2217).

II. sareitingo kompaniebis regulirebis reforma

globalur finansuri krizisma sareitingo kompaniebisadmi damokide-buleba sagrZnoblad Secvala. am damokidebulebam asaxva pova kompaniebis regulirebis mizniT ganxorcielebul reformebSi. iqidan gamomdinare, rom regulirebis mizniT ganxorcielebuli RonisZiebebi TavianTi xasi-aTiTa da masStabiT mkveTrad gansxvavdeba krizisis Semdgomi RonisZie-bebisgan, reformebze saubris dros amomaval wertilad swored global-uri finansuri krizisi unda aviRoT. Sesabamisad, ganvasxvaveb sareitingo kompaniebis regulirebis or etaps: msoflio finansur krizisamde da krizisis Semdeg. amasTan, Sedarebis mizniT ganxilulia mxolod amerikis SeerTebul Statebsa da evropas. ar vexebi saqarTvelos imdenad, ram-denadac saqarTveloSi sareitingo kompaniebi ar arseboben. Sesabamisad, arc maTi maregulirebeli normebia miRebuli.126

1. sareitingo kompaniebis regulirebis reformis miznebi

XX saukunis bolos, finansuri krizisis periodSi didi kritika gamoiTqva sareitingo kompaniebis mimarT da aqtiurad daiwyo saubari maTi regulirebis aucileblobaze. Tumca yovelTvis, rodesac krizisi gadaivlida sareitingo kompaniebis Temac daviwyebas eZleoda. igive moxda 2007 wlis finansuri krizisis dros. gansxvaveba mdgomareob-da imaSi, rom zogi sareitingo kompaniebs rogorc krizisis gamomwvev mTavar, zogi ki erT-erT mizezad ganixilavda. sareitingo kompaniebis gadawyvetilebebma sxvadasxva problema warmoSves, romelic dResac problemad rCeba da kidev erTxel usvams xazs maTi samarTlis Seqmnis aucileblobas. krizisis Sedegad sareitingo kompaniebis saqamianobaSi gamovlinda mravali naklovaneba. kerZod:

• 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 yvelafers imisaTvis, rom fasiani qaRaldebi ufro saimedo gamoCeniliyo, vidre sinamdvileSi. amas maRali reitingis miniWebiT aRwevdnen.

• sareitingo kompaniebis Semosavali: emitentebi ixdian sakuTari

126 sareitingo kompaniebis roli saqarTveloSi ganxilulia mogvianebiT. kerZod Tavi II, qveTavi 4.-~sareitingo kompaniebis saqmianobis samarTlebrivi regulireba saqarTveloSi~, gv. 45.

226 227

bi.139 Tu sakredito dawesebulebas undoda gare reitingis gamoyeneba, saWiro iyo, rom reitingis mimniWebeli sareitingo kompania oficialu-rad aRiarebuli yofiliyo Fitch-is mier.140 bazel II-is mixedviT, sa-reitingo kompaniebs unda daekmayofilebinaT garkveuli moTxovnebi:141 obieqturoba, damoukidebloba, gamWvirvaloba, unda moexdinaT reitingis Sedgenis dros gamoyenebuli meTodebis, wyaros da miRebuli reitingis gamoqveyneba.

aSS-Si sareitingo kompaniebi didi xnis ganmavlobaSi saxelmwifos mxridan aranair regulirebas ar iyvnen daqvemdebarebulebi. aqedan gamom-dinare, maT saqmianobaze zedapiruli, mcire sazedamxedvelo kontroli xorcieldeboda. aSS-Si, iseve rogorc TiTqmis yvela qveyanaSi, sareitin-go kompaniebis mimarT kanoni minimalur moTxovnebs awesebda, raTa dacu-li yofiliyo konkurentunarianoba da maTi saqmianobis gamWvirvalobis garantia. kanonebis am danawesebis ukan idga azri, rom bazars mxolod maSin SeeZlo saukeTesod funqcionireba, rodesac kapitalis dambande-beli ukeTesad iyo informirebuli da hqonda SesaZlebloba arCevani gaekeTebina sxvadasxva sareitingo kompanias Soris. normis magaliTad, romelic moiTxovda sareitingo kompaniebs Soris konkurentunariano-bis SenarCunebas SeiZleba 2006 wels miRebuli sareitingo kompaniaTa reformis Sesaxeb aqti SeiZleba moviyvanoT142. am ukanaskneliT SEC-ma Tavis Tavze aiRo sareitingo kompaniebis saqmianobaze sazedamxedvelo funqciis ganxorcieleba.143

Semdeg modis periodi, rodesac garkveul sareitingo kompaniebs amerikis SEC-is mier araoficialuri gziT mieniWaT `nacionalurad aRi-arebuli statistikuri sareitingo organizaciebi~(NRSRO)-is statu-si144 da mxolod aseTi sareitingo kompaniebis mier miRebuli reitingebi iqna aRiarebuli.145 Tavdapirvelad 130 sareitingo kompaniidan mxolod xuTma146 miiRo es statusi.147 NRSRO-statuss sareitingo kompaniebi-saTvis didi mniSvneloba aqvs, radgan es statusi kompaniebisTvis reit-

139 Bruckner-Hammerschmied, Basel II, Wien 2003, S. 95.140 RL2006/48/EG,Art.8. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2006:177:0001:0001:DE:PDF.141 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (658).142 Credit Rating Agency Reform Act 2006.143 Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.144 NRSRO- Nationally recognized statistical rating organizations.145 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (659).146 Moody, S&P, Fitch, S.M Best, Dominion Bond Rating Service.147 Leone, Bush signs Rating Agency Reform Act, October 2, 2006. http://www.cfo.com/article.cfm/7991492.

2. sareitingo kompaniebis samarTali krizisamde evropasa da aSS-Si

globalur finansur krizisamde aSS-Si, iseve rogorc evropaSi, gabatonebuli iyo deregulirebis idea. globalur krizisamde evropis kavSiri sareitingo kompaniebis saxelmwifos mier regulirebis winaaR-mdegi iyo.132 evropis mosazreba sareitingo kompaniebis regulirebasTan dakavSirebiT didi xnis ganmavlobaSi iyo Semdegi: ,,isini TavianT saqmi-anobas TviTon daaregulireben. isini mTlianad TavianT reputaciaze arian damokidebulni. investorebi da emitentebic mxolod sando da seriozul saqmian gamocdilebas eyrdnobian da aRiareben. es standarti sakmarisia da saxelmwifos mier Carevas ar saWiroebs.~133 2008 wels am praqtikis Sesaxeb nobelis premiis mflobelma jozef Stiglicma Tqva: `Cven ganvlili finansuri krizisis dros viswavleT, rom bazari TviTon ver daregulirdeba, Tumca 80 wlis ganmavlobaSi amis Segneba sadRac daikarga.~134 sareitingo kompaniebi krizisamde mxolod IOSCO-s mier dadgenili qcevis kodeqsiT iyvnen SeboWilni.135 es warmoadgenda zoga-dad Camoyalibebul normebs, romelic awesebda minimalur moTxovnebs reitingis xarisxze, zedamxedvelobasa da reitingebis Sesabamisobaze.136 sareitingo kompaniebisaTvis es normebi Sesasruleblad nebayoflobiTi iyo. maT SeeZloT ar daecvaT es normebi da amasTan ar iyvnen val-debulni aexsnaT, Tu ratom ar icavndnen maT.137krizisamde yvelaferma Seuwyo xeli sareitingo kompaniebis reputaciis amaRlebas. 2003 wlis 25 seqtembers IOSCO-m Tavis principebSi xazi gausva sareitingo kom-paniebis did mniSvnelobas.138

krizisamde sareitingo kompaniebis regulirebaSi didi roli iTa-maSes bazel II-is danawesebma. bazel II-is mixedviT imisaTvis, rom gare sareitingo kompania sazedamxedvelo organos mier yofiliyo aRiarebu-li, sareitingo kompaniebs unda daekmayofilebinaT garkveuli moTxovne-

132 EU-Kommission, C59/02, Die Mitteilung der Kommission über Ratingagenturen,11.3.2006, http://www.jura.uni-augsburg.de/fakultaet/lehrstuehle/moellers/materialien/5_kapitalmarktrecht/credt_rating_agencies/pdf/Mitteillung_der_Kommission.pdf .133 Möllers, JZ 18.September 2009, S. 861-871 (863).134 Schäfer, Der Crash des Kapitalismus, Frankfurt/Main 2009, S. 28.135 IOSCO, Statement of Principles regarding of Credit Rating Agencies, September 2003, http://www.iosco.org/library/pubdocs/pdf/IOSCOPD151.pdf.136 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (658).137 Langohr/Langohr, The Rating Agencies and their Credit Ratings, England 2008 , S. 471.138 IOSCO, Statement of Principles regarding of Credit Rating Agencies, September 2003. http://www.iosco.org/library/pubdocs/pdf/IOSCOPD151.pdf.

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3. sareitingo kompaniebis samarTlebrivi reforma evropasa da aSS-Si krizisis Semdeg

globaluri finansuri krizisis Semdeg, logikuri iyo, reformebis gatareba iseT seqtorebSi, romlebmac didi roli iTamaSes finansuri krizisis dadgomaSi. amitom, sareitingo kompaniebs finansuri seqtoris regulirebaSi centraluri adgili uWiravT. aSS-i da evropis kavSirSi reformebis gatareba erTmaneTisgan damoukideblad mimdinareobs. aqedan gamomdinare, Znelia imaze msjeloba, Tu ramdenad harmoniulia sare-itingo kompaniebis saqmianobis regulirebis mizniT ganxorcielebuli meqanizmebi. faqti erTia, rom evropa erTi nabijiT CamorCeba aSS-s. mag-aliTad, evropaSi mxolod krizisis Semdeg ganisazRvra, rom sareitingo kompaniebs evropis bazrebze SemosvlisaTvis Tanxmoba esaWiroebodaT, rom saWiro iyo maTi registracia. aSS-Si ki registraciis Sesaxeb normebi jer kidev krizisamde arsebobda. es gasakviri ar aris, Tu gaviTvaliswinebT imas, rom sareitingo kompaniebis samSoblos swored aSS warmoadgens.

finansuri krizisis periodSi kompaniaTa mdgomareoba Semdegnaerad gamoiyureboda: sareitingo kompaniebi S&P, Moody’s da Fitch batonobdnen sareitingo bazarze, maT epyraT bazris 95%, paralelurad arsebo-bas ganagrZobda asamde sareitingo kompania, romlebic sxvadasxva saxis finansuri instrumentebis SefasebiT iyvnen dakavebulebi, moqmedebdnen romelime konkretul sferoSi da saqmianobas axorcielebdnen nacio-nalur, an saerTaSoriso masStabiT.152 saareitingo kompaniebis reforma Seexo rogorc kompaniaTa saqmianobas, ise maT produqts.

2008 wlis 12 noembers evropis kavSirSi ganxorcielda sareitingo kompaniebis sistemuri Sefaseba. evropis parlamentisa da evropis sabWos mier SemuSavebul iqna maTi maregulirebeli normatiuli dokumentis miRebis winadadeba. am dokumentSi sareitingo kompaniebTan dakavSirebiT mTvari SeniSvnebi Semdegia:

• sworad ar iyo Sefasebuli struqturirebadi kreditis riskebi;• gamomJRavnda sareitingo kompaniebis Sefasebis meTodebisa da mod-

elebis sisuste;• sareitingo kompaniebi moqmedeben oligopoliur bazarze;• cudi komunikacia sareitingo kompaniebsa da misi produqtis momx-

mareblebs Soris;• interesTa konfliqtis SesaZleblobebi reitingis Sedgenis dros;• IOSCO-s principebi, kerZod ki is, rom es principebi efuZneba

152 Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.

ingis bazarze mTavar bariers warmoadgens. 2006 wlis sareitingo kom-paniebis reformebis aqtis safuZvelze am statusis miReba ufro advili gaxda. 2006 wlis sareitingo kompaniebis reformebis aqtis momxreebi amboben, rom man reitingis xelmisawvdomobisa da reitingis xarisxis gaumjobeseba gamoiwvia, radgan es aqti NRSRO-statusis mqone sare-itingo kompaniebisagan moiTxovda iseTi informaciis Riaobas rogoric aris informacia Sesafasebeli obieqtis, interesTa konfliqtebisa da reitingis miRebis procesis. amasTan, am aqtSi Caiwera, rom yvela sare-itingo kompania, rogorc NRSRO-statusis mqone unda daregistrire-buliyo SEC-Si. dReisaTvis mxolod aTi148 sareitingo kompania flobs NRSRO-statuss.149

rogorc ukve aRiniSna, gabatonebuli iyo mosazreba, rom sareitingo kompaniebisaTvis TviTregulireba maTi regulirebis yvelaze efeqtian da karg saSualebas warmoadgenda imisaTvis, rom reitingi mudmivad cvalebadi bazrebis pirobebSi sakmarisad damajerebeli da moqnili yofiliyo. TviTregulirebis mowinaaRmdegeebi Tvlidnen, rom swored am TviTregulirebam gamoiwvia wina da bolo globaluri finansuri krizisic. finansuri krizisis Semdeg mTel msoflioSi saswaulebri-vi siswrafiT gaizarda finansuri seqtoris regulirebis gaZlierebis momxreebi. evropis kavSirSic Seicvala damokidebuleba sareitingo kompaniebis mimarT da daiwyo saubari sareitingo kompaniebis regis-traciisa da maTze gaZlierebuli zedamxedvelobis aucileblobaze.150 2008 wels yofilma germaniis kanclerma helmut Smidtma regulirebis saWiroebis Sesaxeb ganacxada- ,,zustad iseve, rogorc zRvaSi, an sahaero transportSi, aris saWiro sifrTxilis zomebis miReba, ise esaWiroeba globalur kapitalis bazars regulireba, raTa katastrofis safrTxe Semcirdes. es aris danawesi windaxeduli, saRi gonebis.~151 finansuri krizisis fonze sareitingo kompaniebma evropaSi da SeerTebul Stateb-Si sul sxva donis yuradReba miipyres.

148 eseni arian: A.M. Best Company, Inc., DBRS Ltd. , Egan-Jones Rating Company , Fitch, Inc., Japan Credit Rating Agency, Ltd. , Kroll Bond Rating Agency, Inc. (f/k/a LACE Financial Corp.), 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-swers/nrsro.htm.149 Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.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.151 Schäfer, Der Crash des Kapitalismus, Frankfurt/Main 2009, S. 259.

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dadgenilebis darRvevis SemTxvevaSi.160 2010 weli warmatebuli weli gamodga evropis sazedamxedvelo

kavSiris Seqmnis sakiTxSi da SemuSavebul iqna evropis finansuri zedamxedvelobis axali modeli.161 Sedga gamocdili eqspertebisagan dakompleqtebuli jgufi. maTi amocana iyo, evropis sazedamxedvelo sistemis Seqmnis Sesaxeb winadadebebis, rCevebis momzadeba, rac sab-olood 2009 wlis 25 Tebervals ganxorcielda. Semdgom safexurad miznad daisaxa axali evropuli sazedamxedvelo arqiteqturis Seqmna.162 Camoyalibda evropis finansuri sazedamxedvelo sistema (ESFS). is aer-Tianebs nacionalur sazedamxedvelo organoebs, romlebic, Tavis mxriv, axlad Seqmnil evropul sazedamxedvelo organoebTan TanamSromloben (ESA). saubaria im axal organoebze, romlebic sami organos reorga-nizaciis safuZvelze Camoyalibda. sareitingo kompaniebTan mimarTebaSi mniSvnelovania mxolod erTi: evropis fasiani qaRaldebisa da bazrebis sazedamxedvelo organo (ESMA).163

Sedegad evropis sabWom gadawyvita, rom sareitingo kompaniebis zedamxedveloba unda ganaxorcielon evropis sazedamxedvelo orga-noebma (ESA), maTi registracia daevala evropis fasiani qaRaldebis sazedamxedvelo organos (ESMA). amasTan, masac mieniWa sazedamxed-velo funqciebi da uflebamosileba gamoiTxovos registracia, an regu-lirebis mizniT droebiT SeaCeros reitingebis Sedgena.164 sareitingo kompaniebis zedamxedvelobas ESMA 2011 wlis 1 ianvridan Seudga.165 2011 wels evropis parlamentma da sabWom miiRo axali dadgenileba166, romlis safuZvelzec garkveuli saxis cvlilebebi iqna Setanili evro-

160 Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates von 16. Septem-ber 2009 über die Ratingagenturen, Artikel 36. 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).162 Gesetzentwurf der Bundesregierung von 15.02.2010, S. 8. http://dip21.bundestag.de/dip21/btd/17/007/1700716.pdf163 Kommission der europäischen Gemeinschaft: Vorschlag für eine Verordnung des Europäisch-en Parlaments und des Rates zur Einrichtung einer Europäischen Wertpapieraufsichtsbehörde; KOM(2009) 503; Brüssel 23.09.2009, S. 3. http://ec.europa.eu/internal_market/finances/docs/committees/supervision/20090923/com2009_503_de.pdf.164 Kommission der europäischen Gemeinschaft, Vorschlag für eine Verordnung des Europäisch-en Parlaments und des Rates zur Einrichtung einer Europäischen Wertpapieraufsichtsbehörde; KOM(2009) 503; Brüssel 23.09.2009, S. 13. http://ec.europa.eu/internal_market/finances/docs/committees/supervision/20090923/com2009_503_de.pdf.165 Cortez/Schön, Zeitschrift für das gesamte Kreditwesen 5/ 2010, S. 226-229 (228).166 Regulation (EU) No 513/2011 of the European parliament and of the Council of 11 May 2011.

TviTregulirebas, rac ar iyo sakmarisi gamovlenili naklovanebebis aRmosafxvrelad;

• aSS-i 2007 wlis zafxulidan sareitingo kompaniebi eqvemdebareba nacionalur registracias, regulirebas, zedamxedvelobas da konkuren-tunariani garemos SenarCunebisaTvis msgavsi normebis SemoReba aucile-belia evropis kavSirSi.153

gadawyda koncentracia momxdariyo 4 ZiriTad mizanze: interesTa konfliqti, Sefasebis meTodebi-reitingis SemuSavebis meTodi unda gaum-jobesebuliyo, informasiis Riaoba, registracia da zedamxedveloba. TiToeuli maTganis mixedviT SemuSavda winadadebebi.154

2009 wlis 14 ivniss evropis parlamentma da evrosabWom miiRo sareitingo kompaniebis maregulirebeli normatiuli dokumenti `Regu-lation on Credit Rating Agencies~.155 es aris pirveli dadgenileba, ro-melic evropis kavSiris masStabiT sareitingo kopaniebis registra-cias moiTxovda.156 amave dadgenilebiT gaTvaliswinebul iqna kompaniebze zedamxedvelobis daweseba. sareitingo kompaniebis registracia da Sem-dgom misi zedamxedveloba daevala wevri saxelmwifoebis nacionalur sazedamxedvelo organoebs. am dadgenilebamde, evropis kavSirSi aranairi specialuri norma ar moqmedebda sareitingo kompaniebis zedamxedvelo-basTan dakavSirebiT, Tumca zedamxedvelobis ganxorcielebis valdeb-uleba gamomdinareobda IOSCO-s qcevis kodeqsis safuZvelze.157 wevri saxelmwifoebi valdebulni iyvnen 2010 wlis 7 ivnisisaTvis daedginaT Sesabamisi sazedamxedvelo organo. am valdebulebis Sesrulebis mizniT, germaniaSi 2010 wlis 15 Tebervals parlamentSi Setanil iqna inicia-tiva kanonis gamocemis Sesaxeb, romelsac 6 maiss miiRes.158kanoniT ger-maniaSi sazedamxedvelo saqmianoba daevala BaFin-s (finansuri momsax-urebis zedamxedvelobis federaluri organo).159 zedamxedvelobasTan erTad wevri qveynebis kompetenciaSi gadavida, aseve, sanqciebis daweseba

153 EU-Kommission, Vorschlag für eine Verordnung des Europäischen Parlaments und des Rates über Ratingagenturen, 12.11.2008, S. 2-3.154 EU-Kommission, Vorschlag für eine Verordnung des Europäischen Parlaments und des Rates über Ratingagenturen, 12.11.2008, S. 3.155 Verordnung (EG) No 1060/2009 des europäischen Parlaments und des Rates über Ratinga-genturen, 16 September 2009.156 Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.157 Cortez/Schön, Zeitschrift für das gesamte Kreditwesen 5/ 2010, S. 226-229 (227).158 Die Bundesregierung, Klare Regeln für Ratingagenturen. 04.06.2010. http://www.bundesregierung.de/nn_1274/Content/DE/Artikel/2010/01/2010-01-13-aufsicht-ue-ber-ratingagenturen.html.159 Gesetzentwurf der Bundesregierung von 15.02.2010, S. 8. http://dip21.bundestag.de/dip21/btd/17/007/1700716.pdf.

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• unda gazardon Ria informaciis moculoba;• unda warmoadginon angariSebi yvelaze msxvili klientebisagan

miRebuli Semosavlebis Sesaxeb;• unda uzrunvelyon, rom komisiaSi warmoadginon detaluri infor-

macia Sefasebuli kompaniebis sareitingo istoriis Sesaxeb;• regularulad unda warmoadginon wliur angariSebi da angariSe-

bi interesTa konfliqtebis Sesaxeb da sxv.aSS-i 2009 wels Seiqmna finansuri krizisis gamoZiebis komisia.

komisiis mizans msoflio krizisis adgilobrivi da globaluri mize-zebis gamokvleva evaleboda aSS-Si. 2011 wlis 27 ianvars komisiam Tavisi daskvna warmoudgina prezidents, kongressa da amerikel xalxs. komisiam daadgina, rom kriziss Tavidan acileba SesaZlebeli iyo. man mniSvnelovani da farTod gavrcelebuli xarvezebi ipova finansur reg-ulirebaSi; aRniSnuli dokumentiT oficialurad damtkicda sareitingo kompaniebis negatiuri roli finansuri krizisis dros.171

logikuria, davsvaT kiTxva ra damokidebuleba aqvT sareitingo kom-paniebs maT mier ganxorcielebuli maregulirebeli RonisZiebebis mimarT? pasuxi martivad JRers- negatiuri. rac ufro aqtiurad daiwyo maTi saqmianobis regulirebis reformaze zrunva, miT ufro aqtiurad daiwyes sareitingo kompaniebma reitingebis daweva. germaniis erT-erTi Jurnali `Manager-magazine~-i reformebis dasawyisSi miuTiTebda evropis komisiis survilze Seemcirebina sami wamyvani sareitingo kompaniis gavlena fi-nansur bazarze. ̀ Manager-magazine~-i iqve aRniSnavda, rom mas, vinc sareit-ingo kompaniebis winaaRmdeg wasvlas gadawyvetda amis didi perspeqtiva ar hqonda, radgan dRis bolos sareitingo kompaniebi reitingebis SemcirebiT sapasuxo qmedebas ganaxorcielebdnen. asec moxda da sareitingo kompaniebma reitingebis masiuri daweva daiwyes. reformebis fonze pirveli `Sokis-momgvreli~ reitingebis dawevas briuselis reitingis `stabiluri~-dan `negatiur~-ze Semcireba warmoadgenda. ̀ Sokismomgvreli~ iyo imdenad, ram-denadac es ganxorcielda swored im dRes, rodesac evropis komisiam sare-itingo kompaniebze gaZlierebuli kontrolis idea wamoayena. swored re-formebma ganapiroba reitingis axali saxis `simarTlis reitingi~-s Seqmna. aRniSnulis reitingis idea mdgomareobs analitikosebis mier partiebis, mTavrobisa da sxva politikuri institutebis `sandoobis~ SefasebaSi. `sacdeli Sefaseba~ Fitch-ma ganaxorciela da briuselis politikosebs reitingi-“B“ mianiWa, rac sandoobis saSualo xarisxis maCvebels warmoad-genda. sareitingo kompaniebi amayoben am inovaciiT da axali produqtis mTavar daniSnulebas politikur arenaze gamWvirvalobis SeqmnaSi xedaven,

171 Financial Crisis Inquiry Commission, Homepage, http://cybercemetery.unt.edu/archive/fcic/20110310172443/http://fcic.gov/.

pis parlamentisa da sabWos 2009 wlis sareitingo kompaniebis Sesaxeb miRebul dadgenilebaSi. cvlilebebi Sevida, ZiriTadad, zedamxedvelobis kuTxiT da gaiwera is uflebamosilebebi, rac axlad Seqmnil evropis fasiani qaRaldebisa da bazrebis sazedamxedvelo organos (ESMA) gaaC-nia.167

dRes finansur bazarze sareitingo kompaniebis gavlenis gaTval-iswinebiT logikuria, davsvaT Semdegi kiTxvebi: ris miRwevas cdiloben maregulireblebi sareitingo kompaniebze gaZlierebuli zedamxedvelo-bis dawesebiT? zedamxedvelobis safuZvelze sareitingo kompaniebis dakarguli avtoritetis dabruneba xom ar unda moxdes, raTa `ukeT SefuTuli~ finansuri produqtebi kvlav gaiyidos? reitingebis mniS-vnelobis ufro gazrda xom ar aris axali regulirebis namdvili mizani? saerTod gvWirdeba sareitingo kompaniebis reputaciis aRdgena? iqneb umjobesia, rom yvelaferi gavakeToT imisTvis, rom sareitingo kompaniebis mniSvneloba Semcirdes da ara piriqiT? iqneb fasiani qaRal-debis Sefasebis dros didi mniSvneloba reitings aRar unda mieniWos?168 reitingi gaCnda, rogorc kerZo iniciativa da misi gamoyeneba didi xnis ganmavlobaSi Tavisufali iyo. iqneb, umjobesia, rom dResac Tavisufali iyos misi moxmareba da visac fasiani qaRaldebis yidvisas reitingze dayrdnoba unda, daeyrdnos kidec.

2009 wlis 17 ivniss aSS prezidentma baraq obamam gamoacxada aSS-s finansuri regulirebis sistemis reformis gegma.169 es gegma revolu-ciurad moinaTla. masSi sareitingo kompaniebTan dakavSirebiT gansaz-Rvrulia, rom saxelmwifo organoebma TavianT saqmianobaSi sareitingo kompaniebis Sefasebebis gamoyenebis minimizeba unda moaxdinon. prezi-dents eWvs qveSac ki ar dauyenebia sareitingo kompaniebis muSaobis mTavari principi, anu is, rom reitings yidulobs emitenti. faqtobrivad, am gegmaSi baraq obamam gamoxata sareitingo kompaniebze zedamxedvelo-bis gaZlierebisa da amave dros maTi status-qvos SenarCunebis poli-tikuri neba.

imave wels, 2009 wlis seqtemberSi SEC-ma miiRo gadawyvetileba sareitingo kompaniebze zedamxedvelobis gaZlierebis Sesaxeb.170 miznis misaRwevad dadginda, rom sareitingo kompaniebma:

167 zedamxedvelobasTan dakavSirebiT ix. 3.2 sareitingo kompaniebis zedamxedveloba.168 Zeise, Ende der Party - Die Explosion im Finanzsektor und die Krise der Weltwirtschaft, Köln 2009, S. 170.169 Eckert/Schäpitz, Obama macht Fed zur Superpolizei des Kapitals, 18 Juni 2009. http://www.welt.de/finanzen/article3951469/Obama-macht-Fed-zur-Superpolizei-des-Kapitals.html.170 U.S Securities and Exchange Comission, Putting Investors first 2009 Performance and Accountability Report, S. 13. http://www.sec.gov/about/secpar/secpar2008.pdf.

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kis Sefasebis absolutur saSualebas, rom fasiani qaRaldebis Sefase-ba mxolod sxva fasian qaRaldebTan mimarTebaSi aris SesaZlebeli. amis miuxedavad, gavrcelebulia warmodgena, rom reitingi absolutur xarisxo-briv standarts Seadgens. aseTi Sexeduleba SeiZleba reitingis araswori gagebis, an reitingis alternativis ararsebobiT iqnes gamowveuli.180 re-itingebi aCveneben, Tu ra moxdeba momavalSi. saWiroa investorebs ganem-artoT, rom, rodesac saqme exeba fasiani qaRaldebis bazarze saSualo, an grZelvadian periodze gaTvlil gadawyvetilebebs am prognozis saim-edooba dabalia. TiToeulma investorma unda icodes, rom maTTvis ris-ki yovelTvis iarsebebs. sxva SemTxvevaSi SeiZleba masiurad gavrceldes STabeWdileba, rom investicia fasian qaRaldSi reitingiT AAA ufro kargia, vidre investicia fasian qaRaldSi reitingiT BBB. Teoriulad es asec aris, Tumca mxolod maSin, rodesac Sefasebebi obieqturia, rode-sac reitingis miniWebis Semdeg situacia ucvleli darCeba, an sareit-ingo kompania dauyovnebliv cvlilebas ganaxorcielebs reitingSi da a.S.

globaluri finansuri krizisis Sedegebis kritikis dros xSirad amboben, rom sareitingo kompaniebma riskebis winaswar Secnoba ver moax-erxes da Zalian gvian moaxdines maTze reagireba. amasTan, warmoiSoba kiTxva, pasuxi unda agon Tu ara sareitingo kompaniebma arasworad Sedgenili reitingebisaTvis?.181 globaluri finansuri krizisis dros davinaxeT, rom ìnvestorebi xSirad uyureben ara finansur produqts, aramed brmad endobian AAA-reitings~.182 rogorc wesi, sareitingo kompaniebi maT mier dadebul xelSekrulebaSi miuTiTeben, rom maTi re-itingi mxolod da mxolod rogorc mosazreba ise unda iqnes gagebuli. amrigad isini aranair garantias ar iZlevian imisa, rom maTi Sefasebebi swori aRmoCndeba.183 msgavs definicias gvaZlevs IOSCO-s qcevis kod-eqsic. konkretulad gveubneba, rom reitingi warmoadgens azrs gadax-disunarianobis Sesaxeb, romelic gamoxatulia winaswar dadgenili da gansazRvruli reitinguli sistemiT.~184

udides energo kompaniasTan- ,,enronTan~185 dakavSirebuli skandalis

180 Serflin/Badack/Jeiter in Büschgen /Everling, Handbuch Rating, Wiesbaden 1996, S. 647.181 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (667).182 IFF (Institute of International Finance, Interim Report of the IIF Committee on Market Best Practices, April 2008, Nr. 86. http://www.iasplus.com/crunch/0804iifbestpractices.pdf.183 magaliTad:http://www.moodys.com/moodys/cust/AboutMoodys/AboutMoodys.aspx?topic =copyright.184 IOSCO, Code of Conduct fundamentals for Credit Rating Agencies, Introduction, Terms, S. 3. àn opinion regarding the creditworthiness of an entity, a credit commitment, a debt or debt-like security or an issuer of such obligations, expressed using an established and defined ranking system~185 aqubardia, ekonomikuri krizisis finansuri da politikuri mdgeneli. Tbilisi

rac, upirvelesad, amomrCevlebisTvis, sazogadoebisTvis aris mniSvnelovani. gamWvirvalobis Seqmna ki, maTi azriT, mxolod sareitingo kompaniebs, anu damoukidebel mesame pirebs SeuZliaT.172 Semdeg safexurad isini reitings uweven iseT qveynebs, rogoric aris portugalia173, espaneTi, saberZneTi174.

evropis qveynebs mohyva aSS-sa da iaponiis reitingebis Semcireba.175 gabatonebuli iyo azri imis Sesaxeb, rom aSS sareitingo kompaniebisaT-vis xelmiuwvdomel ekonomikur Zalas warmoadgenda. Tumca 2011 wlis 11 aprils aSS-m dakarga àbsoluturi kreditunarianobis mqone msoflio Zalis~ statusi, rodesac S&P qveynis gadaxdisunarianobis perspeqtivebi `negatiurad~ Seafasa. eqspertebis azriT, yovelive es niSnavs imas, rom aSS-s droTa ganmavlobaSi ufro gauWirdeba valebis gadaxda.176 S&P–ma `gabeduli nabijiT~ kidev erTxel gausva xazi sareitingo kompaniebis Zalauflebas mTel msoflioSi. aSS-s aseT Sefasebaze birJebis reaqciam ki naTeli gaxada, rom savaluto bazris batonebi sareitingo kompaniebi arian177. aSS-s msgavsad iqna Sefasebuli iaponiis gadaxdisunarianobis perspeqtivebi da `stabiluri~-dan `negatiur~-ze iqna Camoyvanili.178

reformis mcdelobis miuxedavad xSirad eWvs qveS dgeba gatare-buli RonisZiebebis efeqtianobis xarisxi. gansakuTrebiT, sareitingo kompaniebis mier ganxorcielebul araswor SefasebebTan mimarTebaSi.179

3 .1 sareitingo kompaniebis pasuxismgebloba

regulirebis gareT darCa sareitingo kompaniebis pasuxismgeblobis sakiTxi, romelic reitingebTan mimarTebaSi dResac centralur proble-bas warmoadgens. reitingis momxmarebelTa raodenoba dRiTidRe matulobs, Tumca rogorc Cans bevrma ar icis, rom reitingi ar warmoadgens ris-

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.173 avtoris gareSe,, Rating-Agentur stuft Portugal herab.spiegel-online, 13. Juli 2010. http://www.spiegel.de/wirtschaft/unternehmen/0,1518,706247,00.html.174 avtoris gareSe, Noch ein Ramschrating für Griechenland.manager-magazine online, 15. Juni 2010. http://www.manager-magazin.de/finanzen/artikel/0,2828,700691,00.html.175 avtoris gareSe, Japans Schuldenberg schockiert Finanzprofis.spiegel-online, 28. Januar 2011. http://www.spiegel.de/wirtschaft/unternehmen/0,1518,742106,00.html.176 Teevs, USA müssen von sparsamen Briten lernen.spiegel-online. 19. April 2011. http://www.spiegel.de/wirtschaft/soziales/0,1518,758039,00.html.177 Volkery, Im Teufelskreis der Schuldenrichter.spiegel-online. 12. Juni 2011. http://www.spiegel.de/wirtschaft/unternehmen/0,1518,767868,00.html.178 avtoris gareSe, Rating-Agentur zweifelt an Japans Kreditwürdigkeit.spiegel-online. 27. April 2011.http://www.spiegel.de/wirtschaft/soziales/0,1518,759165,00.html.179 Haar, ZBB 3/2009, S. 177-187 (182).

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3 .1 .1 sareitingo kompaniis arakeTilsindisieri qmedeba

sanam konkretulad vityode, Tu rogor wydeba aSS-Si da germaniaSi sareitingo kompaniebis pasuxismgeblobasTan dakavSirebuli problemebi, saWiroa gavarkvioT, saerTod rodis SegviZlia visaubroT sareitingo kompaniebis pasuxismgeblobis Sesaxeb.

Tavdapirvelad unda aRiniSnos, rom keTilsindisieri qmedeba Si-naarsobrivi TvalsazrisiT gamoricxulia, radgan reitingis Sedgenis procesi sareitingo kompaniebis profesiuli saidumloebaa da, aqedan gamomdinare, Znelia maTi eWvqveS dayeneba.195 amitom sareitingo kompaniis pasuxismgeblobaze SeiZleba visaubroT maSin, rodesac is daarRvevs swori reitingis SedgenisaTvis dadgenil normebs. aq SeiZleba iseTi ZiriTadi principebi ganxilva, rogoric aris: gamWvirvaloba, xarisxi, reitingis Sedgenis procesis damajerebloba, keTilsindisieri Sesrule-ba.196 sareitingo kompaniebis keTilsindisieri qmedebis Sesaxeb Canawers vxvdebiT rogorc IOSCO-s qcevis wesebSi197, ise bazel II-Si198 gare sare-itingo kompaniad aRiarebisTvis gaweril winapirobebSi, romelic iTval-iswinebs zedamxedvelobisa da reitingebis SesabamisobaSi moyvanis val-debulebebs.199 sareitingo kompaniebis kritikis dros miuTiTeben, rom: `didi sareitingo kompaniebi xSirad swored IOSCO-s qcevis wesebis im danawesebs arRvevdnen, romlebic iTvaliswineben reitingebis Sesabamiso-baSi moyvanasa da masze zedamxedvelobas.~200 am valdebulebaTa darRveva gansakuTrebiT leman brazerssa201 da enronis202 gakotrebis dros gax-da SesamCnevi, radgan samive wamyvanma sareitingo kompaniam reitingebis zedamxedveloba da maTi realobasTan SesabamisobaSi moyvana droulad ar ganaxorcieles. Sedegad, leman brazersis gakotrebis bolo dRee-bamde sainvesticio kategoriis reitings flobda. yovelive es xdeboda maSin, rodesac jer kidev 2008 wlis maisis bolodan cnobili iyo, rom kompaniis rekorduli vali daaxloebiT 613 miliard dolars Seadgen-da.203 2008 wlis 15 seqtembers amerikis sainvesticio banki leman braz-

195 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660).196 Habersack, ZHR 169(2005), S. 185-211 (200-201).197 IOSCO, Code of Conduct Fundamentals for Credit Rating Agencies, Punkt 1.9 und 1.10, S. 6. http://www.iosco.org/library/pubdocs/pdf/IOSCOPD180.pdf.198 SolvVO, §53 Ziff.4. http://www.buzer.de/gesetz/7511/a147509.htm.199 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660).200 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660).201 Lehman-Brothers202 Enron203 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660).

Semdeg intensiurad daiwyo diskusia reitingis Sedgenis procesis xarisxi-sa da emitentebisa da investorebis samarTlebrivi dacvis Sesaxeb.186

imis miuxedavad, rom sareitingo kompaniebis pasuxismgebloba arc aSS-i da arc evropaSi ar aris daregulirebuli187 da miuxedavad imi-sa, rom germaniaSi aqtiurad mimdinareobs sareitingo kompaniebisaTvis pasuxismgeblobis damakisrebeli normebi Zieba, realoba Semdegnaerad gamoiyureba: sareitingo kompaniebis winaaRmdeg aRZruli yvela saqme mosarCeleebisTvis dRemde uSedegod mTavrdeba.188 raSi mdgomareobs problema? ratom ver asabuTeben sasamarTloebi sareitingo kompaniebis pasuxismgeblobas?189 erTi SexedviT, es Zalian problemuri kiTxvaa, Tum-ca masze pasuxi martivia. sareitingo kompaniebis samarTlebrivi safuZ-vlebi 2006 wlis sareitingo kompaniebis reformebis aqtSi gaiwera.190 am aqtis teqsti pirdapir miuTiTebs,191 rom kerZo moTxovnis safuZveli ar SeiZleba warmoiSvas192 da yvelas (damkveTsac da mesame pirebsac) SeuZliaT moTxovnis safuZvlad am aqtis moyvana.193 praqtikaSi amas jer ar gamouwvevia sareitingo kompaniebis pasuxismgebloba. mivediT pasux-amde: dRemde ar arsebobs iseTi pasuxismgeblobis damakisrebeli normebi, romlebic araswori reitingebisaTvis sareitingo kompaniebis pasux-ismgeblobas SesaZlebels gaxdida. ar SeuZliaT, Tu ar undaT saer-TaSoriso maregulireblebs aseTi normebis Seqmna? es kiTxva dRemde pasuxgaucemelia. Tumca SegviZlia vivaraudoT, Tu ratom ikaveben mareg-ulireblebi sareitingo kompaniebis reformaSi maTi pasuxismgeblobis sakiTxis CarTvisgan Tavs. eqspertebi miiCneven, rom Tu evropis kavSir-Si sareitingo kompaniebs araswori reitingebisTvis pasuxismgeblobas daakisreben, sareitingo kompaniebi muqaras Seasruleben da evropis im qveynebis reitingebs kidev ufro Seamcireben, romlebsac valebis maRali maCvenebeli aqvT. Sedegad, investorebi zurgs Seaqcevdnen aseT qveynebs. am qveynebis ukan ki, ZiriTadad portugaliasa da saberZneTs gulisxmoben, romelTa reitingebic samive wamyvani sareitingo kompaniebis mier unask-nel periodSi faqtiurad sul Semcirebas ganicdis.194

2009, gv. 20.186 Habersack, ZHR 169(2005), S. 185-211(200).187 Schweinitz, WM 21/2008, S. 953-959 (954).188 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (667).189 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (664).190 Schweinitz, WM 21/2008, S. 953-959 (954).191 Schweinitz, WM 21/2008, S. 953-959 (954).192 Credit Agency Reform Act 2006, S. 10.193 Schweinitz, WM 21/2008, S. 953-959 (954).194 Ohne Autor, Ratingagenturen wollen Pleiteländer boykottieren.spiegel-online. 31. März 2011. http://www.spiegel.de/wirtschaft/unternehmen/0,1518,754360,00.html.

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noboda raime konkretul normas, romelic reitingis xarisxsa da reit-ingis gamoyenebis Sedegebs aregulirebda. isini mxolod abstraqtulad asabuTebdnen TavianT moTxovnas da miuTiTebdnen Sedegze, romelic sa-reitingo kompaniebis arakompetenturi da daudevari qmedebebis Sedegad dadga. erT-erT cnobil saqmeSi County of Orange vs. The McGraw Hill Companies, Orange County-im210, mosarCelem SeZlo sareitingo kompaniis S&P-is braleulobis nawilobriv dasabuTeba. mosarCele damajerebeli da udavo damadasturebeli sabuTebi warmoadgina imisa, rom aRniSnuli sareitingo kompania amoralurad iqceoda. aseT SemTxvevebSi mosarCele valdebulia daamtkicos, rom sareitingo kompaniam icoda reitingis araadekvaturobis Sesaxeb, an sareitingo kompaniam uxeSi gaufrTxile-blobis gamo ver SeamCnia reitingis arasworoba, araadekvaturoba. mo-sarCelem ver SeZlo sareitingo kompaniis bralis dasabuTeba.211

zogierT gadawyvetilebaSi sareitingo kompaniebi, Jurnalistebis ms-gavsad, sityvis Tavisuflebisa da presis Tavisuflebis principis Sesa-bamisad arian daculebi. amerikis sasamarTlos zogierT gadawyvetile-bebSi ki pirdapir Caiwera, rom reitingebi ar arian yidvaze mrCeveli funqciis matareblebi. Sesabamisad, es sareitingo kompaniebis pasuxismge-blobas gamoricxavs. amerikis sasamarTloebi TiTqos midrekilni arian imisken, rom sareitingo kompaniebs pasuxismgebloba ar daakisron.212

praqtikaSi aSS-Si mesame investorebTan pasuxismgeblobis masStabad, rogorc wesi, uxeSi gaufrTxilebloba gvevlineba.213 2010 wels gamoS-vebul ,,The Wall Street Refor Act~-i (“vol stritis reformebis aqti~) Seicavs investorebis uflebas aRZran kerZo sarCeli nacionalur doneze aRiarebuli sareitingo kompaniebis winaaRmdeg im SemTxvevaSi, Tu aseTi sareitingo kompaniebi fasiani qaRaldis Sefasebis dros `uxeSi gaufrTxileblobiT~ moqmedebdnen da `uxeSi gaufrTxileblobiT~ ganx-orcielebuli qmedeba warmoadgens `mniSvnelovan faqtors~, romelmac gamoiwvia investoris ekonomikuri danakargebi.214 praqtikaSi amis damt-kiceba sirTuleebTan aris dakavSirebuli. didi pauzis Semdeg SEC-ma gadawyvita wamyvani sareitingo kompaniebis winaaRmdeg sarCelis Setana, kerZod, Standard & Poor’s (S&P) da Moody’s winaaRmdeg.215 Tumca es

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.211 Schweinitz, WM 21/2008, S. 953-959 (954).212 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (664).213 Schweinitz, WM 21/2008, S. 953-959 (954).214 Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.215 Ohne Autor, US-Börsenaufsicht will Rating-Riesen verklagen.spiegel-online. 17. Juni 2011. http://www.spiegel.de/wirtschaft/unternehmen/0,1518,769070,00.html.

ers gakotrda.204 swored es dRe iTvleba finansuri krizisis kulmina-ciad.205 amasTan, unda gaviTvaliswinoT is faqti, rom saqme exeboda ara marto leman brazersis, rogorc erT-erTi did sainvesticio kompaniis beds, aramed didi bankebis bedsac, romlebis 2008 wlis 14 seqtembers niu-iorkis federalur sarezervo sistemaSi movidnen da saqmianobas leman brazersTan erTad axorcielebdnen.206

gadaxdisunarianobis Sefaseba ar aris moqnili da ar SeuZlia gaus-wros dros. aseTi iyo enronis istoria. sareitingo kompaniebma icodnen kompaniis problema, Tumca reitingebis Semcireba ar moxda da kompa-nia gakotrebamde 4 dRiT adre umaRles reitings flobda. realurad kapitalis bazarze ki enronis obligaciebi, rogorc didi riskisa da procentis matarebel obligaciebad iyideboda.207

3 .1 .2 sareitingo kompaniebis pasuxismgebloba amerikis SeerTebul StatebSi

aSS-i sareitingo kompaniebis sawinaaRmdegod sasamarTloSi mesame investorebis uamravi sarCeli Sevida. isini iTxovdnen zianis anazRau-rebas, romelic maT araswori reitingis Sedegad miadgaT. aRsaniSnavia is faqti, rom arc erT sarCelSi ar iyo miTiTebuli moTxovnis safuZveli. sxva sityvebiT rom vTqvaT, arc erTi sarCeli ar Seicavda konkretul normaze miTiTebas, romliTac mosarCele zianis anazRaurebis valdeb-ulebas daamtkicebda.208 2009 wlis Semodgomaze aSS ohaios Statis prokurorma sarCeli Seitana sami wamyvani sareitingo kompaniis: S&P, Fitch, Moody’s winaaRmdeg. prokuroris gancxadebiT, samive sareitingo kompania obligaciebs xelovnurad Seqmnil reitingebs aniWebda, riTac Statis sapensio fondma 457 milioni dolaris odenobis danakargi gani-cada. sarCelSi reitingis Sedgenis meTodi da kompaniebis anazRaurebis principi iyo kiTxvis niSnis qveS dayenebuli da gakritikebuli. ohaios Stati iyo erT-erTi im Statebidan, romlebmac sarCeli sareitingo kompaniebis winaaRmdeg Seitanes.209 sareitingo kompaniebis winaaRmdeg Setanili arc erTi sarCeli, moTxovnis safuZvelTan erTad, ar eyrd-

204 Die Mega-Insolvenz. http://www.spiegel.de/thema/insolvenz_lehman_brothers_2008/.205 Hauptursachen der Finanzkrise. http://www.spiegel.de/wirtschaft/unternehmen/0,1518,648271,00.html.206 Schäfer, Der Crash des Kapitalismus. Frankfurt / Main 2009. S. 188.207 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660).208 Schweinitz, WM 21/2008, S. 953-959 (954).209 США против рейтингов: http://interfax.ru/business/txt.asp?id=111780.

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dac swori reitingi unda iqnes miRebuli, dgeba sareitingo kompaniis pasuxismgeblobis sakiTxi. proceduruli normebis qveS gaigeba iseTi mniSvnelovani principebi, rogoricaa xarisxi, gamWvirvaloba, sareitingo kompaniebis damoukidebloba da reitingis Sedgenis procesis sandoo-ba, romelic, Tavis mxriv, reiting-xelSekrulebidan gamomdinareobs da Sesabamisad deliqtur-samarTlebrivad mniSvnelovania. problema mdgo-mareobs mizezobriv kavSirSi valdebulebis darRvevasa da reitingis Sedgenis procesis safuZvelze damdgari Sedegis SesabamisobaSi. aqedan gamomdinareobs kiTxva, unda agon Tu ara pasuxi sareitingo kompaniebma proceduruli normebis darRvevis gamo. radgan praqtikaSi Znelia val-debulebis darRvevasa da reitingis Sedgenis procesis safuZvelze damdgari Sedegs Soris mizezobrivi kavSiris damtkiceba, Sesabamisad sareitingo kompaniebs zianis anazRaureba ar ekisrebaT.218

sareitingo kompaniebs saxelSekrulebo pasuxismgebloba ver dae-kisrebaT mas da emitentebs Soris saxelSekrulebo urTierTobis gaurkvevlobis gamo.219

amrigad, sareitingo kompaniebis pasuxismgeblobis dasasabuTeblad ar gamogvadgeba pasuxismgeblobisaTvis klasikuri deliqturi da sax-elSekrulebo normebi.220

3 .1 .4 .2 prospeqtis pasuxismgebloba

germaniaSi aseve ganixilaven sareitingo kompaniebis prospeqtis pa-suxismgeblobis maregulirebeli normebis safuZvelze sareitingo kom-paniebis pasuxismgeblobis problemis gadaWris SesaZleblobas.221 pros-peqtis pasuxismgeblobis qveS yvelaze xSirad kanoniT specialurad daregulirebul SemTxvevebsa da amasTan sasamarTlo praqtikaSi ganvi-Tarebul zogad samoqalaqo-samarTlebriv prospeqtis pasuxismgeblobas ganixilaven.222

3 .1 .4 .3 birJebis samarTlebrivi prospeqtis pasuxismgebloba

emisiis prospeqti warmoadgens fasian qaRaldebTan dakavSirebul savaldebulo ,,sareklamo-sainformacio xasiaTis~ sajaro dokuments.223

218 Habersack, ZHR 169/2005, S. 185-211 (200-201).219 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (664).220 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (664).221 Wenzel, WM 34/1996, S. 1605-1611 (1611).222 Ebenroth/ Koos in Büschgen /Everling, Handbuch Rating. Wiesbaden 1996, S. 497.223 jibuti/yoranaSvili, ,,fasiani qaRaldebis bazris Sesaxeb~ saqarTvelos kanonis ko-

jer mxolod ideis donezea. saerTo jamSi, SeiZleba, iTqvas, rom amerikis SeerTebul Statebs cudi reitingisaTvis sareitingo kompaniebis pasux-ismgeblobis Sesabamisi normebis ararsebobis gamo, ar ZaluZs reitingis xarisxis uzrunvelyofa.216

3 .1 .3 . sareitingo kompaniebis pasuxismgebloba evropaSi .

maSin rodesac aSS-Si garkveuli raodenobis sarCeli Sevida sa-samarTloSi sareitingo kompaniebis winaaRmdeg, evropaSi am mxriv gan-sxvavebuli mdgomareobaa. evropaSi sasamarTloSi jer ar Sesula arc erTi saqme sareitingo kompaniebis winaaRmdeg. iqidan gamomdinare, rom germaniaSi yvelaze metad cdiloben sareitingo kompaniebis pasuxismge-blobis xelCasaWidi normebis moZebnas, naSromSi ganxilulia mxolod germanul samarTali.

3 .1 .4 . sareitingo kompaniebis pasuxismgebloba germanuli samarTlis mixedviT

germanul samarTalSi intensiurad mimdinareobs mcdeloba sareit-ingo kompaniebis pasuxismgeblobis dasasabuTeblad, Tumca dRemde yvela mcdeloba uSedegod dasrulda. yvela mcdeloba erT Sedegamde midis sareitingo kompaniebis pasuxismgebloba Teoriulad ki, magram praqti-kulad SeuZlebelia.

3 .1 .4 .1 saxelSekrulebo da deliqturi pasuxismgebloba .

rogorc zemoT ukve aRvniSneT sareitingo kompaniasa da reitingis SemkveTs Soris ideba xelSekruleba. germaniaSi mecnierTa Soris reit-ing-xelSekrulebis Sesaxeb sxvadasxva mosazreba arsebobs, Tumca yvela erT daskvnamde midis, rom sareitingo xelSekrulebis gansakuTrebuli bunebidan gamomdinare, germaniis samoqalaqo kodeqsiT gaTvaliswinebul romelime xelSekrulebasTan misi gaigiveba SeuZlebelia. imis miuxedavad, rom daudgenelia ra xelSekruleba ideba mxareebs Soris, Tanxmdebian, rom sareitingo kompaniebis rogorc deliqturi, ise saxelSekrulebo pasuxismgebloba gamoricxulia.217 konkretulad ki Semdegi mizezebis gamo:

rodesac proceduruli normebi aris darRveuli, romlis Sedega-

216 Haar, ZBB 3 /2009, S. 177-187 (184).217 Habersack, ZHR 169/2005, S. 185-211 (203).

242 243

prospeqtis pasuxismgeblobis adresatebs warmoadgenen isini, romlebmac prospeqtze pasuxismgebloba aiRes da isini, romlTa xelidanac ukve Sedgenili prospeqti gamoqveynda.231 amasTan, investoris mxridan prospeq-tze pasuxismgelobis aReba SesamCnevi da gasagebi unda iyos.232 prospeq-tze pasuxismgeblobis aReba xdeba prospeqtis xelmoweris safuZvelze, an yvela im piris saSualebiT, romlebic fasiani qaRaldebis prospeqtis kanonis me-5 paragrafis me-4233 abzacis Sesabamisad prospeqtis Sinaarsze zepirad, garkveviT aiRes pasuxismgebloba.234

ismis kiTxva: xom ar SeiZleba prospeqtis pasuxismgeblobis gavrcele-ba sareitingo kompaniebis saqmianobaze? imisaTvis, rom sareitingo kompaniebma birJebis samarTlebrivi prospeqtis pasuxismgeblobis Sesa-bamisad agon pasuxi, saWiroa saxeze iyos Semdegi garemoebebi: upirveles yovlisa saWiroa, rom reitingi birJebze damSveb prospeqtSi gamoqveyn-des, amasTan prospeqti sareitingo kompaniebis mier unda iyos Sedge-nili da maT mier gamocemuli. rogorc wesi, reitingebis gamoqveyneba sareitingo kompaniebis publikaciebSi xdeba da ara birJebze damSveb prospeqtSi. aqedan gamomdinare, sareitingo kompaniebi pasuxs ver ageben.

iseT SemTxvevebSi, rodesac reitingis gamoqveyneba xdeba prospeqtSi, sareitingo kompaniebi pasuxs ageben mxolod maSin, rodesac isini gansaz-Rvrul pirTa wres miekuTvnebian. anu prospeqti Sesabamisi sareitingo kompaniis mier unda iyos gamocemuli. rogorc zemoT ukve aRvniSne, germaniis birJebis kanonis 44-e paragrafis 1 abzacis 1 winadadebis 1 da me-2 nomris mixedviT pirTa wres miekuTvnebian mxolod isini, vinc prospeqts adgenen da TavianTi xelmoweriT, an mTeli jgufiT iReben prospeqtis Sinaarsze pasuxismgeblobas. sareitingo kompaniebi ar mie-kuTvnebian am pirTa wres, Sesabamisad, maTi pasuxismgebloba am kuTxiT gamoricxulia.235

231 Grunewald/Schlitt, Einführung in das Kapitalmarktrecht, 2. Aufl, München 2009, S. 226.232 Schwark, Kapitalmarktrechts-Kommentar, München 2004, S. 484.233 § 5 Prospekt: ~.... (4) Der Prospekt muss Namen und Funktionen, bei juristischen Personen oder Gesellschaften die Firma und den Sitz der Personen oder Gesellschaften angeben, die für seinen Inhalt die Verantwortung übernehmen; er muss eine Erklärung dieser Personen oder Ge-sellschaften enthalten, dass ihres Wissens die Angaben richtig und keine wesentlichen Umstände ausgelassen sind...~. WpPG.234 Grunewald/ Schlitt, Einführung in das Kapitalmarktrecht, 2. Aufl., München 2009, S. 226 , So auch Holzborn, WpPG- Kommentar, Berlin 2008, S. 140.235 Ebenroth/Daum, WM 1992,Sonderbeilage Nr. 5, S. 2-23(15).

rodesac unda moxdes fasiani qaRaldis sajarod SeTavazeba, maSin Cndeba prospeqtis Sedgenis valdebuleba.224 prospeqtis gamoqveyneba aris fa-siani qaRaldebis organizebul bazarze gamoyenebis winapiroba. rogorc wesi, prospeqts mxolod samarTlebriv safuZvelze adgenen, rodes saqme exeba birJebze daSvebas. `sajarod SeTavazebis dros prospeqti gamoi-yeneba, rogorc gasayidi dokumenti, romliTac investorebis interesebis dakmayofileba unda moxdes.~225 samarTlebrivi danawesebi prospeqtis Sedgenis, miRebisa da gamoqveynebis Sesaxeb mocemulia germaniis fasiani qaRaldebis prospeqtis Sesaxeb kanonSi (WpPG)226, Tumca is ar Seicavs regulirebas specialur kanonismieri prospeqtis pasuxismeblobis Ses-axeb, romlebic ganmtkicebulia germaniis birJebis kanonis (BörsG) 44 da Semdegi muxlebi. da germaniis prospetis gayidvebis kanonis (VerkPros-pG) me-13 muxlSi227, romelic xarveziani prospeqtis SemTxvevaSi ger-maniis birJebis kanonis 44-47 muxlebis gamoyenebaze miuTiTebs.228 44-e da Semdegi muxlebis mixedviT germaniis birJebis kanonis prospeqtis pasuxismgebloba dgeba im SemTxvevaSi, rodesac fasiani qaRaldebis Sesa-faseblad prospeqtSi mocemuli mniSvnelovani monacemebi araswori, an arasrulyofilia.229 monacemebSi unda gavigoT rogorc yvela saxis mo-nacemi, ise is faqtebi da prognozebi, romlebsac, Tavis mxriv, prospeqtis pasuxismgeblobasTan mivyavarT. faqtebi maSin aris araswori, rodesac isini prospeqtis gamoqveynebis droisaTvis simarTles ar Seesabameba. amasTan, arasworia iseTi Sefasebebi da prognozebi, romlebic faqtebiT aris gamyarebuli.230

monacemTa arasworoba, iseve rogorc maTi arasrulyofileba ar aris sakmarisi. saxeze unda iyos mizezobrivi kavSiri, anu fasiani qaRaldi SeZenil unda iyos prospeqtis safuZvelze da pasuxismgeblobis adre-sats xelT unda hqondes amis mtkicebuleba. germaniis birJebis kanonis 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 nicht zum Handel an einer inländischen Börse zugelassen sind, oder der Vermögensanlagen im Sinne des§ 8f Abs.1 wesentliche Angaben in einem Prospekt im Sinne des Wertpapierprospekt-gesetzes oder in einem Verkaufsprospekt unrichtig oder unvollständig, so sind die Vorschriften der §§ 44 bis 47 des Börsengesetzes mit folgender Maßgabe entsprechend anzuwenden...~. Verk-ProspG.228 Grunewald/Schlitt, Einführung in das Kapitalmarktrecht, 2. Auf., München 2009, S. 203. (44 ff. BörsenG, 13 VerkProspG)229 Siller, Kapitalmarktrecht, München 2006, S. 93.230 Grunewald/Schlitt, Einführung in das Kapitalmarktrecht, 2. Aufl, München 2009, S. 224.

244 245

raodenobis zrdac ganapirobebda. reitingis meTodebis kritikas mohyva kritika reitingis Sedgenis dros interesTa konfliqtis warmoSobaze. konkretulad, kritikas iwvevda sareitingo kompaniebis axlo damokide-buleba im bankebTan da emitentebTan, romelTa fasiani qaRaldebis Sefasebisas isini axdendnen. miiCnevdnen, rom interesTa konfliqtis warmoSoba, aseTi urTierTobis dros, gardauvali iyo.

rogorc wesi, reitingi emitentebis gancxadebis safuZvelze dgeba. winaT es ase ar iyo. rodesac reitingi yovelgvari gancxadebis gareSe aris Sedgenili, advilia imis gageba, rom reitingis saboloo momxmareb-els sazogadoebis wevri warmoadgens. amis sawinaaRmdegod gancxadebis safuZvelze Sedgenili reitingis dros naklebad gasagebia Tu vis em-saxureba sareitingo kompania: investiciis ganmaxorcielebel sazoga-doebas, Tu imas vinc mas fuls uxdis. sareitingo kompaniis Semosavali metwilad Sedgeba gadasaxadebisgan, romelsac emitentebi reitingisT-vis ixdian. 98% reitingebisa, rac ki dRes msoflios masStabiT dge-ba, swored emitentebis-reitings warmoadgens da emitentebis dakveTiT aris Sedgenili. emitentebs ar eSiniaT ,,Rating shopping~240- Si Carevis. Sesabamisad sareitingo kompaniebi cdiloben damkveTi maRali reitingiT Seafason, im imediT, rom ufro metis surviliT aRsavse `kmayofili klienti~ ukan dabrundeba. marTalia, sareitingo kompaniebi dResdReiso-biT miuTiTeben, rom dakveTis gareSe Sedgenili reitingisadmi damokide-buleba Seicvales da surT swored am saxis reitingebis Sedgena ganax-orcielon241, magram realurad yovelive es jer kidev survilis doneze rCeba.

sareitingo kompaniebma aseve daiwyes kompaniebisTvis konsulta-ciis gaweva imasTan dakavSirebiT, Tu rogor unda gaaumjobeson da rogor daimsaxuron ufro maRali reitingi.242isini bankebs finans-uri instrumentebis SefuTvasTan dakavSirebiT rCevebs aZlevdnen. eseni iyvnen bankebi, romlebic TavianTi reitingebisTvis fuls uxdidnen maT. kritikosebi am urTierTobas adareben maTematikis maswavleblisa da moswavlis urTierTobas, rodesac maswavlebeli moswavleebs saklaso davalebebis gakeTebaSi exmareba da amasTan erTad ukvirs, Tu ratom ar ician moswavleebma sworad angariSi.243 ra Tqma unda, aseT pirobebSi

240 ,,reitingis yidva~.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.html.242 Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.243 Schäfer, Der Crash des Kapitalismus, Frankfurt/Main 2009, S. 280.

3 .1 .4 .4 zogadi samoqalaqo samarTlebrivi prospeqtis pasuxismgebloba

zogadi samoqalaqo samarTlebrivi prospeqtis pasuxismgeblobis dros problema Cndeba TviTon terminidan gamomdinare- ,,prospeqtis pasuxismgebloba~. Tu romeli publikaciebi moiazreba am cnebis qveS da romeli maTgani eqvemdebareba prospeqtis pasuxismgeblobas, sakamaToa. prospeqti farTo gagebiT moicavs ,,bazarTan dakavSirebul werilobiT deklaracias~.236 imis miuxedavad, rom reitingi bazarTan dakavSirebul konkretuli emisiebis werilobiT deklaracias Seadgens, es publikacia investorebis informacias warmoadgens. sareitingo kompaniebi Segvi-Zlia birJebis sainformacio msaxurebis, ekonomikuri publicistebis an kapitalis dabandebis Sesaxeb mrCevlebis msgavsad ganvixiloT, romlebic investorTa informaciis bazarze damoukidebeli saqmianobiT msaxuro-ben.237 rogorc wesi, sareitingo kompaniebi prospeqtis pasuxismgeblobis qveS ar xvdebian, radgan reitingi prospeqtSi saerTod ar aris moce-muli. amasTan reitingis ubralo gamoqveyneba ar uTanabrdeba prospeqts. mniSvnelovania isic, rom reitingis prospeqtSi xsenebis dros pirdapir ar igulisxmeba, rom sareitingo kompaniam prospeqtis SedgenaSi raime monawileoba miiRo. amrigad sareitingo kompaniebs am kuTxiT ver da-vakisrebT pasuxisgeblobas.238 Sedegad SegviZlia vTqvaT, rom sareit-ingo kompaniebi zogad samoqalaqo samarTlebriv prospeqtis pasuxismge-blobis safuZvelzec ar ageben pasuxs.

3 .2 sareitingo kompaniebis damoukidebloba da interesTa konfliqti

sareitingo kompaniebTan dakavSirebiT kidev erT mniSvnelovan prob-lemas warmoadgens erTi SexedviT Zalian martivi moTxovna sareitingo kompaniis damoukideblobasa da reitingis Sedgenis procesSi war-moSobil interesTa konfliqtTan dakavSirebiT.239 msoflio finansuri krizisis Semdeg reitingis Sedgenis meTodebi xSirad eqceoda kriti-kis qveS. 2007 wlis agvistoSi SEC-ma intensiurad daiwyo reitingis meTodebisa da sami wamyvani sareitingo kompaniis saqmianobis Semowmeba. 2008 wlis ivlisSi ki Tavisi Sedegebi dado. man aRniSna, rom sareitin-go kompaniebi 2002 wlidan ufro kompleqsurebi gaxdnen da sareitingo saqmianobis miznebi sagrZnoblad gaizarda. amas sareitingo kompaniebis

236 Ebenroth/Daum, WM 1992,Sonderbeilage Nr. 5, S. 2-23(15).237 Ebenroth/Koos in Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 498.238 Ebenroth/Daum, WM 1992, Sonderbeilage Nr. 5, S. 2-23 (16).239 Habersack, ZHR 169/2005, S. 185-211 (195).

246 247

malul profesiul saidumlos.248 sareitingo kompaniebis Sefasebebis safuZvelze bazarze gamWvirvaloba ar aris, radgan gaurkvevelia, Tu ra safuZvelze iqna esa Tu is reitingi miRebuli. sareitingo kompaniebi aranair informacias ar iZlevian reitingis xarisxobriv aspeqtTan daka-vSirebiT, romelsac reitingi Seicavs. Sesabamisad, SeiZleba vilaparakoT, rom reitingi subieqturia, rom is subieqtur elementebs Seicavs. es subieqturi elementebi ki saerTo jamSi sareitingo kompaniebis saboloo reitingSi poveben gamovlinebas. nawilobriv, reitingis subieqturobiT SeiZleba avxnaT gamWvirvalobis ar arseboba, romelsac, xSir SemTxvevaSi, rTul finansur Sedegamde mivyavarT.249 yovelive amas mohyveba is, rom manipulaciis Sesaxeb eWvi gaizrdeba, rasac, wesiT, sareitingo kompaniis instrumentis reitingisadmi ndobis dacema unda mohyves. praqtikulad es dRes xdeba Tu ara sakiTxavia, magram Teoriulad es namdvilad ase unda iyos. sasurvelia, meti gamWvirvaloba, rac gamoricxavs yoveli konkretuli reitingi manipulirebas.250

ukve 2008 wels evropis parlamentisa da evrosabWos rCevaSi sare-itingo kompaniebisaTvis dadgenilebis gamocemis Taobaze uamravi norma eTmoboda reitingis Sedgenis procesis gamWvirvalobas.251 imisaTvis, rom sareitingo kompaniebis gamWvirvaloba gazrdliyo, isini valdebulebi iyvnen:

1. uzrunveleyoT mTlianad reitingis Sedgenis Sida procesis gam-Wvirvaloba.

2. struqturirebadi finansuri produqtis reitingi cnobili unda gaexadaT.

3. sareitingo kompaniis SesaZleblobebis statistika unda See-muSavebinaT.252

4. sareitingo kompaniebi valdebulni iyvnen iseTi mniSvnelovani informacia, rogoric aris interesTa konfliqti, meTodebi, reitingis Sedgenis safuZvlebi, gamoeqveynebinaT.253

sareitingo kompaniebisaTvis dawesebuli informaciasTan dakavSire-buli normebi mocemulia ,,IOSCO Code of Conduct Fundamental~-Si,

248 Wildmoser/Schiffer/Langoth, RIW 10/2009, S. 657-668 (660).249 Wenzel, WM 36/1996, S. 1605-1611 (1610).250 Deipenbrock, WM 25/2009, S. 1116-1174 (1171).251 Deipenbrock, WM 25/2009, S. 1165-1174 (1171).252 Arbeitsdokument der Kommissionsdienststellen zum Vorschlag für eine Verordnung des Eu-ropäischen Parlaments und des Rates über Ratingagenturen-Zusammenfassung der Folgenab-schätzung, Nr. 5.1.3. http://ec.europa.eu/internal_market/securities/docs/agencies/resume_impact_assesment_de.pdf.253 EU-Kommission, Vorschlag für eine Verordnung des Europäischen Parlaments und des Rates über Ratingagenturen, 12.11.2008, Artikel 9, Anhang 1, Abschnitt E.

interesTa konfliqtis warmoSoba gardauvalia. maSin, rodesac investorebs egonaT, rom sareitingo kompaniebis saqmi-

anoba damoukidebeli da yovelgvari interesTa konfliqtisgan Tavisu-fali iyo, SEC -ma Tavis moxsenebaSi naTlad aRniSna, rom es yovelTvis ase ar iyo. niu-iork taimsis Jurnalistis joS rosneris mixedviT, didi xnis ganmavlobaSi sami wamyvani sareitingo kompania sainvesticio fondebsa da hedj-fondebs konsultacias uwevda imaze, Tu rogor unda momxdariyo sxvadasxva donis finansuri produqtis iseTi ganviTareba, rom maT kargi SefasebisTvis mieRwiaT. Sedegad, rodesac damkveTi sare-itingo kompaniis rCevas mihyveboda, sareitingo kompania mzad iyo, misT-vis maRali reitingi mieniWebina. am praqtikam sareitingo kompaniebis rCeva Zvirfasi da mniSvnelovani gaxada.

sareitingo kompaniebi interesTa konfliqtis Tavidan acilebas cdi-lobdnen imiT, rom isini sakonsultacio da Semfasebel ganyofilebas erTmaneTisgan yofdnen.244 interesTa konfliqtis Tavidan acileba sx-vadasxva saxiT ganxorcielda. aSS-Si potenciuri interesTa konfliqtis Tavidan aridebis mizniT sareitingo kompaniebs aekrZalaT maT mier Sesa-fasebeli emitentebisTvis rCevis micema.245 2009 wlis aprilSi SEC-ma gamoaqveyna sareitingo kompaniebisaTvis dadgenili normebis cvlile-bebi, romelic exeboda yvela sareitingo kompanias, romelsac surda aRi-arebuli yofiliyo NRSRO-od. axali danawesebi sareitingo kompaniebi-sgan moiTxovda reitingis Sedgenis procesSi warmoSobili interesTa konfliqtis gamovlenasa da aRkveTas. amasTan sareitingo kompaniebi valdebulni iyvnen ezrunaT, rom maT mier miRebuli Sefasebebi raime gav-lenis qveS ar moqceuliyvenen. `vol-stritis reformebis aqti~246 ufro Sors wavida da NRSRO-sgan moiTxova reitingis Secvlis TariRisa da drois gamoqveyneba, raTa amiT investorebisTvis SesaZlebeli yofiliyo nacionalur doneze aRiarebuli sareitingo kompaniebis erTianobisa da SesaZleblobebis Sefaseba. amasTan, yvela reitingis gamoqveynebasTan er-Tad unda gamoqveynebuliyo is informaciac, rac misi miRebis dros iqna gamoyenebuli.247

interesTa konfliqtis Tavidan acileba aseve gazrdili gamWvir-valobiT iqna gaTvaliswinebuli. reitingi rogor midis Tavis saboloo saxemde warmoadgens sareitingo kompaniebis kargad SefuTul da da-

244 Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010, http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.245 Haar, ZBB 3 / 2009, S. 177-187 (183).246 ,,The Wall Street Reform Act~.247 Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.

248 249

lebels niSnisTvis fuls uxdis ufaso swavlebis dros.~261 2008 wlis dekemberSi SEC-ma Tavis axal regulirebaSi gansazRvra, rom sareitingo kompaniebi uflebamosilni aRar arian moaxdinon struqturirebuli fi-nansuri produqtis Sefaseba, Tu sareitingo kompaniebma maT SefuTvaSi, SedgenaSi monawileoba miiRes.262

dRevandeli praqtika gakritikebulia ara mxolod literaturaSi, aramed investorebis mxridanac. ase magaliTad legendarulma inves-torma varen bafetma erTxel ganacxada, rom rogorc biznesis mflobels sareitingo kompaniebis dafinansebis wyaro sZulda, Tumca ukeTes al-ternativas ver xedavda.263 varen bafetma, romelic mudis did aqcioners warmoadgens, problemis mogvarebis Taviseuli versia ar wamoayena. man sareitingo kompaniebis roli finansuri krizisis dros Semdegnairad daaxasiaTa da ganacxada, rom sareitingo kompaniebma, iseve rogorc sx-vebma, dauSves Secdomebi.264

dRes iseT qveynebs, rogoric aris iaponia da germania, saxelmwifo regulaciis saSualebiT undaT moaxdinon amerikuli fesvebis mqone sareitingo kompaniebis Zalauflebis SezRudva. am mizniT isini na-cionaluri sareitingo kompaniis dafuZnebas uWeren mxars.265 germaniis kancleri angela merkeli miekuTvneba imaT, vinc sareitingo kompaniebis dauyovnebliv reformas emxrobian da amasTan evropis sareitingo kom-paniis daarsebis momxrea, raTa Semcirdes amerikis oligopoluri mdgo-mareoba sareitingo bazarze.266

3 .2 .1 evropis sareitingo kompania

1997 wlis krizisis Semdeg germaniaSi gaCnda idea evropis sare-itingo kompaniis Seqmnis Sesaxeb. aseTi kompaniis dafuZnebis saWiroeba imiT iyo axsnili, rom investorebi patara da mcire biznesis Sesaxeb informacias ar flobdnen, radgan investorTa umravlesoba sareitingo kompaniis produqts reitings ar flobda. axali koncefcia sTavazobda

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. 113.263 Curus, Buffett Defends How Rating Agencies Are Paid, Dealbook 2.06.2010. http://dealbook.blogs.nytimes.com/2010/06/02/buffett-defends-how-rating-agencies-are-paid/.264 avtoris gareSe,, EU will Rating-Oligopol knacken.manager-magazine online.03.Juni 2010. http://www.manager-magazin.de/finanzen/artikel/0,2828,698582,00.html.265 Bahena, What Role Did Credit Rating Agencies Play in the Credit Crisis? March 2010. http://www.uiowa.edu/ifdebook/ebook2/contents/part5-III.shtml.266 Zeise, Ende der Party. Die Explosion im Finanzsektor und die Krise der Weltwirtschaft, Köln 2009, S. 170.

romlis Sesabamisadac isini valdebulni arian istoriulad adevnon Tvali reitingebs da mudmivad akeTon maTze moxsenebebi.254 es danawesebi sareitingo kompaniebTan dakavSirebiT evropis dadgenilebaSic aisaxa da maT daevalaT gamWvirvalobis Sesaxeb yovelwliuri moxsenebebis gamo-qveyneba. amasTan, aekrZalaT sakonsultacio saqmianobis gaweva maT mier Sesafasebeli pirebis mimarT.255

ra Tqma unda, interesTa konfliqtTan dakavSirebiT zemoT CamoTv-lili normebi mniSvnelovania, Tumca potenciuri interesTa konfliqti yovelTvis iarsebebs iqamde mainc, sanam emitenti sareitingo kompanias reitings ukveTavs deviziT- ,,vinc ixdis, musikasac is ukveTavs.~256 in-teresTa konfliqtTan dakavSirebuli axali normebi interesTa kon-fliqti Semcirebas da ara mis aRmofxvras emsaxureba.257

sareitingo kompaniebTan dakavSirebiT kidev erT problemas warmoad-gens maTi anazRaurebis sakiTxi da Sesabamisad sareitingo-kompaniebis damoukidebloba. rogorc cnobilia, sareitingo kompaniebi 70-ian dan 80-ian wlebamde, ZiriTadad, aSS-s masStabiT arsebobdnen da maTi Se-mosavlis mniSvnelovan wyaros analitikuri masalebis realizaciidan miRebuli Semosavali iyo. droTa ganmavlobaSi maTi Semosavlis wyaro Seicvala da is emitentebisgan reitingebisTvis gadaxdili Tanxa gaxda. am praqtikis Sedegi ase gamoiyureba: sareitingo kompaniebi imaTze arian ekonomikurad damokidebulebi, vinc maT reitings ukveTavs. SeiZleba iTqvas, rom reitingis yovel safexurs Tavisi Rirebuleba gaaCnia.258 `damkveTi aRirebs reitingis Sedgenis procesis subieqturobas, Segnebu-lad yidulobs subieqtur reitings da akritikebs mxolod im SemTx-vevaSi, Tu Tavs arasaTanadod kargad Sefasebulad miiCnevs.~259 aqtual-uria sakiTxi- dasaSvebi unda iyos Tu ara is, rom reitingis damkveTi sakuTari reitingisTvis ixdis.260

xSirad akritikeben evropis komisiis sareitingo kompaniebis Ses-axeb 2009 wlis dadgenilebas, radgan is centraluri problemebis gadaWras ar emsaxureba. ufro metic dadgenilebis did naklad miiCneva is faqti, rom sareitingo kompaniebi Zireulad ucvlelni darCnen da maTi saqmianoba jer kidev ise gamoiyureba, TiTqos `moswavle maswav-

254 IOSCO, Code of Conduct Fundamentals for Credit Rating Agencies, Nr. 3.8. http://www.cnbv.gob.mx/recursos/iosco10.pdf.255 Cortez/Schön, Zeitschrift für das gesamte Kreditwesen 5/ 2010, S. 226-229 (227-228).256 Möllers, JZ 18/2009, S. 861-871 (865). ,,Wes’ Brot ich ess’, des’ Lied ich sing~.257 Möllers, JZ 18/2009, S. 861-871 (865).258 avtoris gareSe, Rating-Macht über die Märkte, Zeitschrift für das gesamte Kreditwesen 12/1994, S. 580.259 Büschgen/Everling, Handbuch Rating, Wiesbaden 1996, S. 650.260 Habersack, ZHR 169 (2005), S. 185-211 (195).

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mareobaSi myofi firmebis gavleniT aris ganpirobebuli.271 evropis sareitingo kompaniis Seqmnis ideas pizitiurad afaseben

evropaSi, Tumca gamoTqvamen varauds, rom amiT sareitingo kompaniebTan dakavSirebuli mTavari problemebi ar mogvardeba. miiCneven, rom maregu-lirebeli normebi aRar unda daeyrdnos sareitingo kompaniebis riskebis Sefasebas, raTa yvelam gaigos, rom reitingi mxolod da mxolod ubralo azris gamoTqmas warmoadgens. arian iseTebic, romlebsac miaCniaT, rom evropis sareitingo kompaniis Camoyalibeba sareitingo kompaniebs Soris konkurenciis gazrdas Seuwyobs xels. amasTan, is did rols iTamaSebs evropasa da amerikas Soris arsebuli disbalansis dasrulebaSi.272

evropis sareitingo kompaniis SeqmnasTan dakavSirebul diskusia-Si safrangeTis centraluri bankis ufrosma kristian noiarma273 sare-itingo kompaniis alternatiuli organos Seqmnis sruliad axleburi idea wamoayena. konkretulad man wamoayena winadadeba, rom sareitingo kompaniebis saqmianobis ganxorcielebis ufleba gadasuliyo kreditis damzRvevis xelSi, rogoric aris magaliTad germanuli ,,Tochter Eul-er Hermes~, an franguli ,,Coface~.274 mas miaCnia, rom isini saamisod Sesabamis codnasa da gamocdilebas floben, radgan kreditis damzRvevi sareitingo kompaniis msgavsad kreditis xarisxs afasebs. amasTan, isini valdebulni iqnebian cudi reitingebisTvis pasuxi agon da gadaixadon Sesabamisi konpensacia. es ki pasuxismgeblobis problemas moxsnida. am ideas germaniis finansTa ministri volfgang Soibe275 pozitiurad gamoexmaura.276evropis sareitingo kompaniis statusis miniWebisaTvis ganacxadi frangulma kompaniam `Coface~-ma da germanulma `Feri~-m gaa-keTes. `Coface~-i warmoadgens organizacias, romelsac iuridiuli piris adgilsamyofeli aqvs parizSi, msoflios masStabiT 6600 TanamSromeli da 2009 wels mis wliur brunvas 1,56 miliardi evro Seadgenda.277 `Feri~-i warmoadgens Bad Homburg-Si278 moqmed kompanias, romelic ger-

271 Ciqava, ekonomikuri Teoriis mokle kursi, Tbilisi ~marji~ 2006, gv. 223.272 Mallien, Europäische Ratingagentur keine Lösung. Handelsplatt 02.06.2010. http://www.handelsblatt.com/politik/international/top-oekonom-gustav-horn-europaeische-ratingagentur-keine-loesung;2593224.273 Cristian Noyar274 avtoris gareSe,, EU will Rating-Oligopol knacken.manager magazine online.03.Juni 2010. http://www.manager-magazin.de/finanzen/artikel/0,2828,698582,00.html.275 Wolfgang Schäube.276 avtoris gareSe,, Noyer‘s Rating-Alternative: Euler-Hermes, Coface und Co., Wirtschafts-blatt 02.06.2010.http://www.wirtschaftsblatt.at/home/international/wirtschaftspolitik/423457/index.do).277 avtoris gareSe,, Europäer wollen Macht der US-Rating-Riesen brechen.spiegel-online. 28. Juli 2010. http://www.spiegel.de/wirtschaft/unternehmen/0,1518,708984,00.html.278 mdebareobs hesenSi.

momxmarebels xelmisawvdom sareitingo momsaxurebas bazarze. misi Se-qmnis moTxovna ufro da ufro izrdeba.267 dRes evropis sareitingo kompaniis Seqmna sareitingo kompaniebTan dakavSirebuli problemebis mogvarebis gzad268 miaCniaT. Tvlian, rom evropis misi SeqmniT wamyvani amerikuli sareitingo kompaniebis gavlena Semcirdeba, rom evropis sare-itingo kompania SeZlebs konkurencia gauwios maT da daangrios ologo-poliuri bazari.

bremenis landesbankis analitikosma- folker helmaierma Tavisi pozitiuri damokidebuleba daafiqsira evropis sareitingo kompaniis SeqmnasTan dakavSirebiT. misi azriT, sami wamyvani sareitingo kompania warmoadgens amerikis finansuri sistemis politikur nawils da Se-sabamisad mis interesebs emsaxurebian. evropis sareitingo kompaniis Seqmna mas gardauvlad miaCnia, raTa evropa gaTavisuflebuliyo am in-stitutebis gavlenisgan.269

mesame didi sareitigo kompania Fitch sareitingo bazarze gabatonebu-li oligopoluri mdgomareobis Sesustebis mizniT evropis sareitingo kompaniis Seqmnas eWvis TvaliT uyurebs. is miiCnevs, rom sareitingo bazarze oligopoluri mdgomareobis dangeva faqtiurad SeuZlebelia im garemoebis gamo, rom mudisa da S&P-is Zalaufleba Zalian didia. Fitch-is azriT, evropis sareitingo kompaniis SeqmniT am ori kompaniis gavlena bazarze ar Seicvleba. Sesabamisad, evropis sareitingo kompa-nia konkurencias gauwevs mxolod sxva patara sareitingo kompaniebs, magram Moody’s da S&P-is mier is konkurentad ar iqneba aRqmuli. Fitch-is gancxadebiT, misTvisac Znelia am ori didi kompaniis bazarze gabatonebuli mdgomareobis Secvla. imis miuxedavad, rom is bevr sfer-oSi igive raodenobis reitingebs gamoscems, misi mogeba Moody’s mogebis naxevars Seadgens.270

albaT, evropis sareitingo kompanias wamyvani sareitingo kompaniebis konkurenciis gaweva gauZneldeba TviTon oligopoliuri bazris bune-bidan gamomdinare. oligopoliuri bazris modelis erT-erT ZiriTad maxasiaTebels warmoadgens bazarze gabatonebuli firmebis potenciuri konkurentebis SeRwevis sirTule, rac uSualod monopoliur mdgo-

267 Cortez/Schön, Zeitschrift für das gesamte Kreditwesen 5/ 2010, S. 226-229 (228).268 Gottschalck, Götterdämmerung für die Rating-Riesen.manager-magazine. 23. Februar 2011. http://www.manager-magazin.de/finanzen/artikel/0,2828,746097,00.html.269 avtoris gareSe, Diskussion:Braucht Europa eine eigene Ratingagentur?. Manager -magazin online. 01. Juni 2010. http://www.manager-magazin.de/finanzen/artikel/0,2828,697925,00.html270 Cünnen/ Knipper/ Handelsblatt, Fitch sieht keine Chancen für rein europäische Ratingagentur, Handelsblatt 08.10.2003. http://www.handelsblatt.com/unternehmen/banken-versicherungen/fitch-sieht-keine-chancen-fuer-rein-europaeische-ratingagentur;675128.

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ingo kompaniebi da saerTod risTvis aris saWiro reitingebis miniWeba, sakiTxavia. erTi ram naTelia, rom reitingebis floba 2008 wlidan siaxles ar warmoadgens, Tumca amas ar mohyolia saqarTveloSi sareit-ingo kompaniebis dafuZneba. dRes saqarTveloSi reitings floben bankebi, TviTon qveyana-saqarTvelo da `saqarTvelos rkinigza~.

4 .1 bankebi

rogorc ki gaCnda motivacia imisa, rom reitingis gamoyeneba aucile-belia raRac finansuri sakiTxebis gadasawyvetad, gaCnda misi praqtikac. saqarTveloSi pirveli reitingebi bankebs mieniWaT. dRes saqarTveloSi cxrameti licenzurebuli sabanko dawesebuleba moqmedebs, romelTagan mxolod oTxs aqvs miniWebuli reitingi. kerZod: 1) ,,Tibisi~ banki Se-fasebulia Moody’s-isa da Fitch-is mier, Sesabamisad reitingiT B1 da B+.285 2) ,,vi-Ti-bi~ banki Sefasebulia mxolod Fitch-is mier da mini-Webuli aqvs ВВ-.286 3) ,,prokredit~ banks 2010 wlis 6 agvistos aseve Fitch-ma mianiWa reitingi ВВ-.287 4) bolos ,,saqarTvelos banki~, romelic zemoTxsenebuli bankebis identur reitings flobs.

unda aRiniSnos, rom saqarTvelos bankebidan yvelaze did warmate-bas swored ,,saqarTvelos bankma~ miaRwia da misi fasiani qaRaldebi 2006 wlis noemberSi londonis birJis (LSE) savaWro sisitemaSi iqna daSvebuli (kodi-BGEO). krizisma aqciis fasze sagrZnoblad imoqmeda. amas mowmobs is faqti, rom londonis birJaze 2006 wlis 31 dekembers erTi aqciis fasi 22,5 dolari, 2007 wlis 31 dekembers 29,538 dolari iyo, 2008 wlis 31 dekembers ki sagrZnoblad daeca 4,14 dolaramde. krizisis Semdeg fasi ganagrZobs zrdas, Tumca jer ver miaRwia lon-donis birJaze daSvebis droisaTvis arsebul Rirebulebas. 2011 wlis 31 martis mdgomareobiT aqciis fass 19,85 dolari warmoadgend.288 ro-gorc Cans miuxedavad imisa, rom saqarTvelos banks miniWebuli hqonda reitingi misma investorebma mainc ver aiciles Tavidan aqciebis kursis vardna.

finansuri krizisis periodSi, iseve rogorc mis Semdeg sareitingo kompaniebis saqmianobasTan dakavSirebiT specialuri instituti qarTul

285 http://www.tbcbank.com.ge/ir/main.php?id=49&lang=eng.286 http://ge.vtb.com.ge/about/raitings/. 287 http://www.procreditbank.ge/index.php?item_id=31&component=STATIC_CONTENT &me nu _id=14&sub_menu_id=54.288 http://www.bog.ge/ir/index.php?&params=eF5LtDKyqi62MrFSyknMS1eyLgbylVLzQAygWEFieipYzMxKqTgjsSg1vqAoMzk1PjEvJT43sSg7tSQ%2BObFAyboWAA1bFzk%3D.

maniis masStabiT axorcielebs saxelmwifoebisa da 800-mde sferos Sefasebas.279

evropis sareitingo kompaniis SeqmnisaTvis Sesaferisi droa saWiro. misi mxardaWerisa da daCqarebulad SemoRebis mxardaWeris miuxedavad germaniis kancleri angela merkeli Tvlis, rom evros krizisis aseT pirobebSi evropis sareitingo kompaniis Seqmnis dro ar aris.280

4. sareitingo kompaniebis saqmianobis samarTlebrivi regulireba saqarTveloSi

msoflio finansurma krizisma gansxvavebulad imoqmeda msoflios sxvadasxva qveyanaze. gavlenis masStabs gansazRvravda qveynis integri-rebuloba msoflio ekonomikur procesebSi, rac qveyanaSi transnaciona-luri kompaniebis arsebobas, mezobeli qveynebis mdgomareobasa da qveynis ekonomikis eqsport-importze damokidebulebas gulisxmobs.281 SeiZleba iTqvas, rom saqarTveloSi krizisi ufro adre daiwyo vidre msoflioSi, amas ganapirobebda sxvadasxva faqtori, maT Soris mTavari roli ruseT-saqarTvelos xuT dRian oms uWiravs.282 Mmsoflio krizisiT gaCnda undoblobis momenti, rac investiciuri aqtiurobis SemcirebaSi gamoix-ata.283 amasTan, kidev ufro gaizarda umuSevarTa raodenoba.284

globalur finansur krizisamde saqarTveloSi sareitingo kom-paniebis mimarT damokidebuleba arc praqtikaSi da arc kanonmdeblobaSi ar SeimCneoda. sareitingo kompaniebis Tema aqtiurad wamoiWra finansuri krizisis periodSi. saqarTvelos kanonmdebloba erTeuli Canawerebis garda ar Seicavs sareitingo kompaniebis maregulirebeli normebis Canawerebs. saqarTveloSi adgili aqvs SemTxvevas, rodesac praqtika ufro mdidaria, vidre kanonmdebloba. ramdenad gaTviTcnobierebulia sazogadoeba imaSi, Tu ras warmoadgens reitingi, ras saqmianoben sareit-

279 Böschen, Feri will auch Unternehmen beurteilen.manager-magazine online.23.September 2010. http://www.manager-magazin.de/finanzen/artikel/0,2828,718974,00.html.280 avtoris gareSe,, Merkels Euro-Deal verärgert Unionspolitiker.spiegel-online. 18. Juni 2011. http://www.spiegel.de/wirtschaft/soziales/0,1518,769198,00.html.281 pavliaSvili, mimdinare ekonomikuri krizisis xasiaTi da Taviseburebani. socialuri ekonomika 1(13)/2011, gv. 30-37 (30).282 jibuti, globalizacia-ucodneli codna. socialuri ekonomika 1(13)/2011, gv. 55-58. (57).283 baraTaSvili, saqarTvelo msoflio finansuri krizisis fonze. socialuri eko-nomika 1(13)/2011, gv. 52-53 (52).284 tyeSelaSvili/didiSvili, konomikuri krizisis daZlevis ZiriTadi mimarTulebebi saqarTveloSi. socialuri ekonomika 1(13)/2011, gv. 59-61 (59).

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axeb~ erovnuli banks avalebs saerTaSoriso sareitingo kompaniaTa nusxisa da reitingis donis dadgenas. reitingis donis damdgeni do-kumenti ki ZalaSi aRar aris, Sesabamisad saqme gvaqvs samarTlebriv vakuumTan.

reitingis odenobasTan erTan aranakleb sainteresoa ganviTarebuli qveynebis is sia, romelsac saqarTvelos erovnuli bankis prezidentis N 16/01-Si aris mocemuli. aRniSnuli sia moicavs evrokavSiris qvey-nebis srul Semadgenlobas da damatebiT gansazRvravs kide 16 qveyanas.292 saqarTvelos erovnuli bankis mier dadgenili sia, romelic konkretul kriteriumebze ar aris dayrdnobili, rbilad rom vTqvaT, gaugebaria, miT umetes, rom arsebobs praqtika ganviTarebuli qveynebis CamonaTvalis OECD-is qveynebis mixedviT Sedgenisa.

4 .2 saqarTvelos suverenuli reitingi .

qveynis reitingi es aris sareitingo kompaniis mier qveynis gadax-disunarianobis Sefaseba. es aris investorebisaTvis riskis maCvenebeli. saqarTvelom pirveli reitingi 2008 wels miiRo. pirveli suverenuli sakredito reitingi saqarTvelos Fitch-ma mianiWa da Seafasa B+-iT, rac `kreditunarianobis mniSvnelovnad arasakmaris dones~ warmoadgens. Fitch-i yovel wliurad aniWebs saqarTvelos suverenul reitngs, Tumca B+-ze maRali reitingi jer ar miuniWebia. Fitch-Tan erTad saqarTvelos Sefasebas 2008 wlidan S&P-ic axorcielebs. 2008-2009 wlebSi man saqarTvelos suverenuli reitingi B-Ti Seafasa, 2011 wels ki reitingi B-dan B+-mde gazarda. 2011 wlis 4 ivliss maT ricxvs mesame wamyvani sareitingo kompania Moody’s SeuerTda. saqarTvelosTvis Moody’s-is mier miniWebuli reitingi ar gansxvavdeba danarCeni ori sareitingo kompaniis reitingisagan da B+-s Seadgens. unda aRiniSnos is faqti, rom qveynis SigniT konkretuli institutis Sefasebis dros amomaval wertilad qveynis suverenuli reitingi gvevlineba. Ees imas niSnavs, rom ar SeiZleba qveynis SigniT arsebul nebismier instituts mieniWos imaze maRali reitingi, vidre qveynis suverenuli reitingia.

Tavdapirvelad saqarTvelosaTvis reitingis saWiroeba evroobliga-ciebis ganTavsebis mizniT aixsneboda. ra Tqma unda reitingis gareSec SeiZleba fasiani qaRaldebis ganTavseba, magram arsebobs imis saSiSroeba, rom aseT SemTxvevaSi investorebi metad daizRveven Tavs da fasian

292 esenia: aSS, kanada, korea, iaponia, hongkongi, israelis saxelmwifo, singapuris samefo, bahreinis samefo, Sveicariis konfederacia, dubais saamiro, islandiis respublika, lix-tenSteinis samTavro, norvegiis samefo, axali zelandia, avstraliis Tanamegobroba.

kanonmdeblobaSi Semotanili ar yofila. saqarTvelos erovnuli bankis mier finansuri seqtoris megaregulatoris funqciis SeZenis Semdeg (2009 w.), saqarTvelos kanonSi ,,erovnuli bankebis Sesaxeb~ Sevida Se-sabamisi cvlilebebi, magram sareitingo kompaniebis Sesaxeb raime norma mocemuli ar aris. ,,komerciuli bankebis saqmianobi Sesaxeb~ saqarT-velos kanonSi, maSin rodesac saqarTveloSi ucxoeTis bankis filialis gaxsnazea saubari, Semodis reitingis aucileblobis gamoyenebis sakiTxi. kerZod, saqarTveloSi ucxouri bankis filialis gaxsna dasaSvebia, Tu is daakmayofilebs ,,sando bankis~ statuss. sando bankad ki miiCneva banki kanonis 1 muxlis ,,p~ qvepunqtis mixedviT.289 aRniSnuli muxlis Sesabamisi punqtis mixedviT, ucxour sando banks warmoadgens ganviTare-buli qveynebis banki, ,,romelsac aqvs kompetenturi saerTaSoriso sare-itingo organizaciis mier miniWebuli, garkveuli donis an masze maRali reitingi.~ amasTan imave muxlis mixedviT kompetenturi saerTaSoriso sareitingo kompaniaTa nusxas, iseve rogorc reitingis dones TviTon erovnuli banki adgens. kompetentur sareitingo kompanias saqarTvelos erovnuli bankis prezidentis 2007 wlis 26 aprilis N105 brZanebis290 mixedviT sami wamyvani sareitingo kompania: Moody’s, Fitch da S&P war-moadgenen.

sainteresoa sakiTxi reitingis odenobasTan dakavSirebiT. zemoTx-senebuli brZanebis mixedviT ganviTarebuli qveynebis banki ucxouri `sando bankis~ statusiT sargeblobis uflebas moipovebs im SemTxvevaSi, Tu mas Fitch-isgan da S&P-sgan AA, xolo mudisgan☺reitingi aqvT mini-Webuli.291 albaT, im fonze rom saqarTvelos suverenuli reitingi B+ Seadgens, saqarTveloSi moqmedi 19 bankidan mxolod 4 flobs reitings, danarCeni ki saerTod reitingis gareSe arsebobs, ar iqneba gadametebuli Tu vityviT, rom saqarTvelos ufro maRali da mkacri moTxovnebi aqvs ucxo qveynebis safinanso institutebis mimarT, vidre rezidentebisadmi. es arRvevs samewarmeo subieqtebisadmi Tanabari damokidebulebis prin-cips maTi warmoSobis miuxedavad.

mogvianebiT erovnulma bankma erovnuli bankis prezidentis N105 brZaneba gaauqma saqarTvelos erovnuli bankis prezidentis 2010 wlis 22 oqtombris N132/01 brZanebiT. dRes am mxriv realoba Semdegnaerad gamoiyureba: saqarTvelos kanoni `komerciuli bankebis saqamianobis Ses-

289 ,,saqarTvelos kanoni komerciuli bankebis saqmianobis Sesaxeb, ~m. 1, p. ~p~.290 saqarTvelos erovnuli bankis prezidentis brZaneba N 105. 2007 wlis 26 aprili: ,,kompetenturi saerTaSoriso sareitingo organizaciaTa nusxisa da maT mier miniWebu-li reitingebis doneebis mixedviT sando bankis statusis dadgenis Taobaze debulebis damtkicebis Sesaxeb.~ danarTi.291 http://www.nbg.gov.ge/index.php?m=339&newsid=562.

256 257

pirobiT. (kuponi-9,875%, weliwadSi orjer gadaxdiT).298 dReisaTvis `saqarTvelos rkinigza~ erTaderTi arasabanko korporaciaa, romelsac gaaCnia saerTaSoriso reitingi. gamomdinare saqarTvelos valdebule-bebidan evrosabWos winaSe, rom moxdeba evropis samarTlis sistemasTan harmonizacia mizanSewonili iqneba iseTi regulirebebis gatareba sare-itingo kompaniebis mimarT saqarTveloSi, rac evropaSi xdeba.

daskvna

sareitingo kompaniebs as welze meti xnis istoria gaaCniaT, Tumca dRemde ar arsebobs erTiani samarTlebrivi norma, romelic maT saqmi-anobas moawesrigebda. mxolod ukanasknel or aTwleulSi daiwyo fiqri sareitingo kompaniebisaTvis samarTlebrivi safuZvlis Seqmnis Sesaxeb, Tumca es mxolod koncefciis doneze ganxorcielda. rogorc winaT sakredito bazrisa da bankebis warmoSobam xeli Seuwyo sabanko samarT-lis Camoyalibebas, ise Camoyalibdeba sareitingo kompaniebis samarTali sareitingo kompaniebis bazris ganviTareba-CamoyalibebasTan erTad. sa-reitingo kompaniebis samarTlis safuZvlebi SeiZleba ganisazRvros re-itingis SedgeniT, misi realizebiTa da reitingis gamoyenebis procesSi warmoSobili urTierTobebiT.

dRes sareitingo kompaniebi ganviTarebis iseT fazaSi iyofebian, rodesac maTi momawesrigebeli erTiani normebis Camoyalibeba gardauva-lia. sareitingo kompaniebis warmoSobis istoriidan advilia imis dan-axva, Tu ramdenad mniSvnelovani gaxda maTTvis erTiani maregulirebeli normebis Seqmna. isini TavianT saqmianobaSi myarad arian dakavSirebulni fasiani qaRaldebis bazarTan, amitom fasiani qaRaldebis bazris arseboba arsebiTia sareitingo kompaniebis arsebobisTvis. sareitingo kompaniebi warmoiSvnen spontanurad, rodesac investorebsa da kompaniebs Soris informaciuli asimetria problema gaxda. mniSvnelovania is, rom maTi saqmianoba maTi arsebobis saukuneze meti xnis ganmavlobaSi ar moq-ceula saxelmwifo regulirebisa da zedamxedvelobis qveS.

gasuli saukunis dasawyisidan 70-80-ian wlebamde isini ZiriTadad aSS-s nacionalur farglebSi funqcionirebdnen. maTi Semosavlis wyaro 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 emitentebisagan momsaxurebisaTvis miRebuli anazRaureba gaxda. reit-ingebis bazarze konkurenciis zrdam sareitingo momsaxurebis saxeebi

298 http://railway.ge/?web=0&action=page&p_id=208&lang=geo.

qaRaldebSi mxolod Zalian dabal fass gadaixdian. saqarTvelom 2008 wels ganaTavsa 500 milioni dolari evroobligaciebSi.

saqarTvelos reitingi warmoadgens iseTi saxis reitings, romelic dakveTis safuZvelze aris Sedgenili, anu am konkretul SemTxvevaSi saqarTvelo gamodis emitentis rolSi, romelic sakuTari reiting-isTvis ixdis fuls. sainteresoa, anazRaurebis sakiTxi, konkretulad sainteresoa Tu ramdeni ujdeba saqarTvelos msoflios wamyvani sare-itingo kompaniebis momsaxureba. saqarTvelos biujetSi gaTvaliswinebu-lia xarjebi sareitingo momsaxurebisaTvis. pirveli reitingi saqarT-velom 2008 wels miiRo. saqarTvelos finansTa saministros xarjebSi 2008 wlis saxelmwifo biujetSi (Tavi V - saqarTvelos saxelmwifo biujetis asignebebi) suverenuli reitingisa da sagareo valis marTva da refinansirebisaTvis (25 01 07) gaTvaliswinebuli iqna 5,9 milioni lari293. 2009 wlis biujetis gegma mxolod qveynis suverenul reit-ingTan dakavSirebuli xarjebisaTvis 400 aTas lari (23 01 06)294, xolo 2010 wlis gegmaSi 350 aTasi lari iyo gaTvaliswinebuli (23 01 08)295. faqtobrivma sabiujeto xarjebma qveynis suverenuli reitingisaTvis Seadgines: 2008 wels- 2865 aTasi lari, 2009 wels- 14742 aTasi lari, 2010 wels- 350 aTasi lari. 2011 wlis saxelmwifo biujetis gegmaSi reitingisaTvis 400 aTasi lari iyo gaTvaliswinebuli.296

4 .3 saqarTvelos rkinigza

2010 wlis 10 maiss Fitch-ma S.p.s. ̀ saqarTvelos rkinigzas~ reitingi mianiWa B+. 2011 wlis 27 ivniss Fitch-ma ganmeorebiT Seafasa `saqarT-velos rkinigza~ da igive reitingi mianiWa.297 rogorc ukve aRvniSne, sakredito reitingis zeda zRvars yovelTvis saxelmwifos suverenuli reitingi gansazRvravs, Tumca `saqarTvelos rkinigzis~ SemTxvevaSi amas emateba isic, rom misi 100%-i mflobeli saxelmwifoa. amasTan obliga-ciis mflobelebs SeuZliaT moiTxovon droze adre gadaxda, Tu `saqa-rTvelos rkinigzaSi~ saxelmwifos wili 50%-ze naklebi gaxdeba. ̀ saqa-rTvelos rkinigzam~ sadebiuto kuponiani evroobligaciebi 250 milioni aSS dolaris odenobiT (Tbilisis SemovliTi rkinigzis mSeneblobis mizniT) ganaTavsa 2010 wlis 22 ivliss 2015 wlisaTvis gamosyidvis

293 http://mof.gov.ge/budget/by_yar/2008.294 http://mof.gov.ge/budget/by_yar/2009.295 http://mof.gov.ge/4069.296 http://mof.gov.ge/4161.297 http://railway.ge/?web=0&action=news&lang=geo&npid=190.

258 259

ganmartebis ararsebobas, romlis gamoyenebac samarTlis sistemaSi iqne-boda SesaZlebeli. sxvadasxva mosazreba arsebobs imis Sesaxeb Tu ras warmoadgens reitingi. am yvelafris miRma, realur cxovrebaSi moqmedebs uzarmazari bazari, sadac adamianebi maTi `gamoTqmuli azriT~ vaWroben. reitingis saxiT uamravi produqti iyideba, romelTa safuZvelzec fi-nansur bazarze sxvadasxva gadawyvetilebis miReba xdeba. azris gamox-atva yovelTvis rCeba subieqtis sferoSi da amitom Znelia misi raime konkretuli samarTlebrivi normis qveS moqceva. ase iyo krizisamde da krizisis Semdeg.

krizisis dros gamovlenili naklovanebebis aRmosafxvrelad miznad iqna dasaxuli sareitingo-kompaniebis regulirebis dros Semdeg aspeqte-bze yuradRebis gamaxvileba: 1. interesTa konfliqti. 2. reitingis Sed-genis meTodi. 3. gamWvirvaloba. 4. registracia da zedamxedveloba.

dasawyisidanve Canda, rom axali reguliaciebi ar iqneboda sakmarisi iseTi sistemis SeqmnisaTvis, romelic momavali finansuri krizisis winaswar Secnobisa da Sesabamisi prevenciuli RonisZiebebis gatarebis saSualebas mogvcemda. rogorc Cans sareitingo kompaniebis dRevandeli reformac ver gadawyvets arsebul problemebs. axali danawesebiT sa-reitingo kompaniebis mniSvneloba ufro izrdeba. danawesebi, romelic exeba potenciur interesTa konfliqts ra Tqma unda mniSvnelovania, magram interesTa konfliqti iarsebebs yovelTvis, sanam emitentebi sa-kuTar reitingebs ukveTaven da sakuTari reitingebisTvis ixdian. axali danawesebiT interesTa konfliqti mxolod Semcirdeba da ar aRmoifx-vreba.301 yuradRebis gareSea datovebuli uSualod momxmarebeli: erTi mxriv emitenti da meore mxriv investori im produqtis xarisxTan dakavSirebiT, rac mas sareitingo kompaniis mier miewoda. unda Seiqmnas samarTlebrivi safuZvlebi reitingisgan dazRvevisaTvis, an araswori reitingisaTvis pasuxismgeblobisaTvis. Tavidan unda iqnas aSorebuli situacia, rodesac araswori reitingiT SeiZleba dazaraldes emitenti, investori, magram ara sareitingo kompania. saWiroa, SemuSavdes reitin-gis warmoebis saerTaSoriso standarti. sareitingo kompaniebis mimarT mosalodneli da ganxorcielebuli cvlilebebi gvaCveneben, rom saqme gvaqvs mxolod kosmetikur cvlilebebTan, romlebic sareitingo kom-paniebis mdgomareobas safuZvlianad ar cvlian da globaluri ganviTa-rebis konteqsts jer kidev ar iTvaliswineben.

globalurma finansurma krizisma naTlad dagvanaxa, rom evropuli da amerikuli ekonomika mWidrod aris dakavSirebuli erTmaneTTan da Sesabamisad samarTlebrivi reformac harmoniulad unda ganxorciel-

301 Möllers, JZ 18/2009, S. 861-871 (865).

zrda gamoiwvia: garda fasiani qaRaldebisa, reitingebis miniWeba daiwyo institutebze da qveynebze.

reitings iTxovda rogorc nacionaluri, ise saerTaSoriso masStabze Camoyalibebuli samarTlebrivi normebi. am praqtikis Sedegad ki re-itingi sxvadasxva gadawyvetilebebisTvis da moqmedebebisTvis saval-debulo gaxda. oficialurad reitingi warmoadgens rogorc naciona-lur ise internacionalur bazarze Sesvlis winapirobas. sabuRaltro Canawerebis gverdiT reitingis moTxovnis Sedegad investorTa umrav-lesobam daiwyo dokumentebisa da subieqtur Sefasebaze dayrdnobili reitingis erTnairad ndoba. droTa ganmavlobaSi sareitingo kompaniebma moipoves uzarmazari avtoriteti da Zalaufleba, romelic maT Sesa-Zleblobas aZlevs gavlena moaxdinon msoflio finansuri ganviTarebis mimarTulebaze da bevri qveynis politikur midgomaze. aseTma midgomam, msoflio bazarze gamosul amerikul sareitingo kompaniebs misca isto-riuli upiratesoba da 1970-iani wlebidan maT uWiravT oligopoluri mdgomareoba bazarze, amasTan evropis bazarzec.

me-20 saukunis finansuri krizisis dros sareitingo kompaniebis mimarT yovelTvis ismoda kritika. yovelTvis miuTiTebdnen, rom saWiro iyo maTi maregulirebeli normebis Seqmna, Tumca krizisis dasrulebis Semdeg, aRniSnul problemas male iviwyebdnen. 1999 wels amasTan da-kavSirebiT nobelis premiis mflobelma pol krugmanma (Paul Krugman) ganacxada: `msoflio finansuri sistemis reformis wyurvilma amjera-dac male Caiara mTavrobam da saerTaSoriso organizaciebma araferi ar gaakeTes imisTvis, rom ZiriTadi, fuZemdebluri wesebi SeecvalaT. amitom arsebobs imis didi albaToba, rom Cven kidev sxva krizisebsac gadavitanT~299.

sareitingo kompaniebis Zala da gavlena dRemde SenarCunebulia. aSS-Si da evrokavSirSi 2007-2008 wlebis krizisis gakveTilebi sxvanairad iqna aRqmuli. wina wlebis msgavsad sareitingo kompaniebTan dakavSire-biT istoria amjeradac ganmeorda im gansxvavebiT, rom maTi kritika amjerad ufro mkacri iyo. bevri miiCnevda, rom sareitingo kompaniebs didi wvlili miuZRvodaT globaluri finansuri krizisis dadgomaSi, zogi ki maT krizisis gamomwvevi mizezebis TavSi ayenebda.300 kritikis paralelurad reitingis bazari ganagrZobda ganviTarebas. naTelia, rom reitingi bunebrivad Seqmnili produqtia da amitom mniSvnelovania reitingis arsis Rrma analizi da misi CarTva samarTlis sistemaSi. is, rom dRes jer kidev ar aris sareitingo kompaniebis samarTali gan-viTarebuli, unda davabraloT upirveles yovlisa reitingis erTiani

299 Schäfer, Der Crash des Kapitalismus, Frankfurt/Main 2009, S. 121.300 Münchau, Vorbeben, München 2008, S. 40.

260 261


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internet gverdebi

www.bafin.dewww.bundesregierung.dewww.standardandpoors.comwww.moodys.comwww.sec.govwww.europarl.europa.euwww.bog.gewww.nbg.gov.gewww.tbcbank.com.gehttp://ge.vtb.com.gewww.procreditbank.gewww.railway.gehttp://mof.gov.ge

269

salome jibuti*

finansuri krizisi da investorTa

interesebis dacvis samarTlebrivi

sistemis uzrunvelyofa

_____________* Tsu iuridiuli fakultetis doqtoranti, LLM londonis ekonomikuri skola, LLM humboldtis universiteti berlini.

270 271

wlis kanoni ...............................................................................................................3041.3. investorTa sakonsultacio komitetis Seqmna ............................3061.4. amerikis finansuri stabilurobis aRdgenis 2010 wliskanoni .............................................................................................................................3071.5. finansuri krizisis gamoZiebis komisia .............................................. 307

2. evropis kavSiri . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309

2.1. informaciisa da gamWvirvalobis valdebuleba .............................. 3132.2. realizaciis praqtika ...................................................................................3142.3. germania ................................................................................................................... 3152.3.1. investorTa dacvis gafarToeba ............................................................3211.2. araswori konsultaciisagan dacva ........................................................321

3. mokle sainformacio furclebi finansuri produqtebisaTvis . 321

4. saqarTvelo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323

5. Sualeduri daskvna . . . . . . . . . . . . . . . . . . . . . . . . . . . 325

VI. daskvna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330

bibliografia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333

s a r C e v i

I. Sesavali . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270

II. finansuri krizisi – axali gamowvevebis dasawyisi . . . . . . . . . 273

1. krizisis warmoSoba da ganviTareba . . . . . . . . . . . . . . . . . 273

2. krizisis gakveTilebi . . . . . . . . . . . . . . . . . . . . . . . . . . 276

III. investorTa dacvis arsi da mizani _ ratom aris investorTa dacva aseTi mniSvnelovani? . . . . . . . . . . . . . . . . . . . . . . . . . 278

1. regulireba Tu deregulireba? ..................................................................2792. investorTa dacvis ZiriTadi saSualebebi ..........................................2802.1. gamWirvaloba da informacia ....................................................................2802.2. investorTa konsultacia da interesTa konfliqtisdaZleva ............................................................................................................................2822.3. pasuxismgebloba da sanqciebi .................................................................. 2832.4. finansuri ganaTleba .....................................................................................284

IV. investorTa dacvis samarTlebrivi sistema finansur krizisamde 286

1. amerikis SeerTebuli Statebi . . . . . . . . . . . . . . . . . . . . . 286

1.1. fasiani qaRaldebis regulirebis erTiani samarTlebrivi sistema .............................................................................................................................. 2861.2. fasiani qaRaldebis samarTlis warmoSoba ....................................... 2871.3. fasiani qaRaldebisa da safondo birJebis komisia .................... 2881.4. investorTa dacvis regulirebis amerikuli Sexeduleba ......289

2. evropis kavSiri . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290

3. germania . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292

3.1. investorTa dacvis genezisi ..................................................................... 2923.2. transformacia investorTa dacvis sistemaSi da investorTa dacvis mdgomareoba krizisamde ........................................................................293

4.saqarTvelo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295

5. Sualeduri daskvna . . . . . . . . . . . . . . . . . . . . . . . . . . . 299

V. investorTa dacvis samarTlebrivi sistemis srulyofa finansuri krizisis Semdeg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302

1. amerikis SeerTebuli Statebi . . . . . . . . . . . . . . . . . . . . 303

1.1. finansuri regulirebis reforma _ obamas administraciis `TeTri wigni~, ivnisi 2009 (,,obamas gegma’’) .............................................................................303

1.2. vol stritis reformisa da momxmarebelTa dacvis 2009

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bazarze maTi monawileobis gareSe, rac krizisma kiTxvis niSnis qveS daayena, SeuZlebelia momavali krizisis Tavidan acileba. instituciona-luri investorebi arian bazarze msxvili moTamaSeebi, romlebsac xSir-ad rogorc profesional investorebs moixsenieben. magram visi fuliT moqmedeben isini? individualuri investorebis fuliT. aqedan gamomdi-nareobs is, rom individualuri investorebis sakmarisad informireba da dacva iZleva kapitalis bazris monawileTa qcevis gakontrolebisa da arasasurveli Sedegebis Tavidan acilebis ufro met SesaZleblobas. individualuri investiciebis saeWvo ganviTareba warmoadgens krizisis erT-erT gamomwvev mizezs. krizisis wina wlebSi individualuri in-vestorebi sul ufro naklebad axdendnen investirebas maTTvis ase Tu ise nacnob safinanso produqtebSi da sul ufro xSirad yidulobdnen porduqtebs, romelTa saxeli maTTvis cnobilic ki ar iyo.

finansuri krizisma da misi Sedegebis gavleniT, gansakuTrebiT 2010 wlis evrozonis qveynebSi ganviTarebulma movlenebma aCvenes ukve sax-elmwifos saxiT investoris dacvis mniSvneloba. problemebi arsebobs ara mxolod individualur da institucionalur investorebTan daka-vSirebiT, aramed aseve saxelmwifoebTan, rogorc investorebTan dakav-SirebiTac.

krizisis mizezebis dadgenaSi azrTa sxvadasxvaobisgan gansxvavebiT, sruli konsesusi Camoyalibda krizisis globalur xasiaTTan dakav-SirebiT. krizisis globaluri xasiaTidan gamomdinare ganxorcielda globaluri RonisZiebebi G20-is, evropis kavSiris, calkeuli qveynebis masStabiT.

2010 wlisaTvis finansuri krizisi moTokil iqna, Tumca krizisis wina, 2007 wlis mdgomareoba ar aris aRdgenili. es kargad Cans safon-do indeqsebSi. aseT situaciaSi ukve mniSvnelovania imis analizi, Tu ganxorcielebuli RonisZiebebidan ras hqonda Sedegi moklevadian pe-riodSi da rogori unda iyos qmedeba grZelvadiani periodisaTvis, ra mimarTulebiT unda warimarTos reforma, romlis globaluri masStabiT ganxorcielebis aucilebloba agreTve sayovelTaod aris aRiarebuli. am erTaderTi sakiTxis garda finansur krizisTan dakavSirebiT yvela sxva sakiTxi dRemde praqtikosebisa da mecnierebis debatebis sagania da erTiani midgoma arc erT maTganze araa Camoyalibebuli. interesi sakiTxisadmi didia, magram jerjerobiT misi mecnieruli damuSavebis done arasakmarisi. Ffinansuri krizisisa da Semdgomi periodis ingli-sur-germanul-rusulenovan iuridiul literaturaSi ZiriTadi anali-tikuri masalebi warmodgenilia sxvadasxva antikrizisuli programebis ganxilvis, samecniero diskusiebis, statiebis, an saukeTeso SemTxvevaSi monografiebSi calkeuli nawilebis saxiT. kapitalis bazarze investor-

I. Sesavali

finansuri krizisis Sedegad investorebma mTel msoflioSi uaRres-ad didi danakargebi ganicades. danakargebi ganicades ara marto indi-vidualurma investorebma, aramed gaTvicnobierebulma, instituciurma in-vestorebma da TviT saxelmwifoebmac, rogorc investorebma. verc erTma arsebulma samarTlebrivma sistemam, verc erTma maregulirebelma da sazedamxedvelo nacionalurma Tu saerTaSoriso organom ver uzrunve-lyo am danakargebis Tavidan acileba. investorebis mxridan kapitalis bazris mimarT Camoyalibda arnaxuli undobloba. Sedegad investorebma Sewyvites investireba, rasac jaWvuri reaqciiT mohyveba da mohyva kidec warmoebis, samuSao adgilebisa da moTxovnis Semcireba, sabolood infla-ciis zrda. aman daarRvia msoflioSi Camoyalibebuli ekonomikuri, so-cialuri, politikuri, samarTlebrivi wonasworoba. investorTa dacvisa da dakarguli ndobis aRdgenis sakiTxi krizisma uaRresad aqtualuri gaxada. daiwyo krizisis gamomwvevi mizezebis kvleva. imis Zieba Tu ra ar aRmoCnda arsebul sazogadoebriv, maT Soris, samarTlebriv sistemaSi sakmarisi msgavsi krizisis Tavidan asacileblad. Tavidanve gamaxvilda yuradReba imaze, rom kapitalis bazris regulireba instituciurad dublirebuli da danawevrebuli iyo. kapitalis bazris mraval msxvil moTamaSeze da mraval finansur produqtze saerTod ar vrceldeboda saxelmwifo zedamxedveloba. mimdinare procesebi ise swrafad ganvi-Tarda, rom kapitalis bazris regulatorebis reaqcia TiTqmis yvelgan dagvianebuli aRmoCnda.

krizisma aCvena, rom xSir SemTxvevaSi problemas warmoadgenda ara maregulirebeli normebis ararseboba, aramed maTi araswori gamoyeneba, araswori politika da araswori zedamxedveloba. aRniSnuli gamowveu-lia ara mxolod maregulireblebis saqmianobaSi arsebuli xarvezebiT, aramed krizisis axali maxasiaTeblebiT. es aris Seusabamoba global-izaciasa da nacionalur, regionalur da megaregionalur regulirebas Soris.

krizisma aCvena, aseve, regulatorebis araefeqtianoba. gamoikveTa pa-suxismgeblobis, ufro sworad, upasuxismgeblobis problema. TiTqmis yvelam dauSva Secdoma, magram ar arsebobs konkretuli damnaSave.

ra Tqma unda, ar unda gamoiricxos, rom gaTviTcnobierebuli inves-torebis regulirebaSi arsebuli xarvezebi gaxda krizisis erT-erTi gamomwvevi mizezi, magram arc TviTon gaTviTcnobierebuli investorebi aRmoCndnen iseTi kompetenturebi, rogorc es maTgan iyo mosalodneli. amas emateba individualuri investorebis dacvis problema. kapitalis

274 275

II. finansuri krizisi – axali gamowvevebis

dasawyisi

,,sityva krizisi Cinurad ori simbolosagan Sedgeba -erTi warmoadgens saSiSroebas, xolo meore SesaZleblobas~.

jon kenedi12 aprili 1959

finansuri krizisi, romelmac moicva msoflio 2007-2008 wlebSi da romelsac „ekonomikur 11 seqtembersac~ ki uwodeben,1 aris politikuri da ekonomikuri gadawyvetilebebis Sedegi.2 Mmisma Sedegebma uamravi axali amocana dasva samarTlis sferoSi gasatarebel reformebTan da-kavSirebiT. upirveles yovlisa, saWiroa krizisis mizezebis, dacemuli sabanko sistemis, institutebis problematuri biznes-modelebisa da bazarze maTi saqmianobis analizi.3 swored amis Semdeg unda dadgindes ra axali struqturuli da qcevis normebis danergva aris saWiro.4

1. krizisis warmoSoba da ganviTareba

krizisis warmomSobi mizezebis analizis saWiroeba mdgomareobs ima-Si, rom es iZleva Semdgomi krizisis prevenciis saSualebas. aseve Ses-aZlebelia imis amocnobac, gamoyenebuli aris Tu ara krizisi mxolod im regulirebebisa da miznebis gasatareblad, romlebsac masTan aranairi kavSiri ar aqvT. politikis xelSi yvelaferi instrumentad iqceva, maT Soris krizisic.5

zogadad, krizisis gamomwvev mizezad amerikuli saipoTeko kredite-bi iqna miCneuli.6 egreT wodebuli `Asset Backed Securities~-s mizans warmoadgenda kreditis gancalkeveba sakredito riskisgan, riskis `Rirebulebad~ gamocxadeba da misi miyidva investorebisaTvis mTel msoflioSi. saqmianobis aseTi modeli iZleoda kreditis SeuzRudavi raodenobiT gacemis saSualebas. rogorc Cans, amerikaSi gavrcelda men-taliteti, rom valebiT gamdidreba aris SesaZlebeli.7 bankebi kredi-

1 bauCaZe, globaluri ekonomikuri krizisis anatomia, globalizacia, msoflio krizisi da samxreT kavkasia, saerTaSoriso samecniero-praqtikuli konferencia, 16-17 maisi, 2009, quTaisi 2009, gv. 19.2 Hoppenstedt, Zeitschrift für das gesamte Kreditwesen, 8/2010, S. 387-392 (387). 3 Schneider, ZRP 4/2009, S. 119-121 (119).4 Schneider, ZRP 4/2009, S. 119-121 (120).5 Möschel, ZRP 5/2009, S. 129-133 (129).6 Forkel, BKR 2008, S. 183-188 (183).7 Möschel, ZRP 5/2009, S. 129-133 (129).

Ta dacvis sakiTxebi, SeiZleba iTqvas, TeTri laqaa qarTul samarTlebriv literaturaSi. aqedan gamomdinareobs sakiTxis mecnierul-SemecnebiTi TvalsazrisiT aqtualoba. drois moTxovnaa qarTul samarTalSi kv-levebis am mimarTulebiT gaCena.

kapitalis bazarTan dakavSirebuli sakiTxebi aqtualuria ara marto rogorc axali Tematika qarTuli samarTlis kvlevebSi, aramed saqarT-veloSi kapitalis bazris funqcionirebisa da regulirebis konteqstSi.

saqarTveloSi kapitalis bazris susti ganviTarebis gamo, dargis samarTlebrivi sistemis, kanonmdeblobis Semdgomi ganviTarebisaTvis araa sakmarisi am sferoSi arsebuli praqtikuli gamocdilebis ganzogadeba. aucilebelia ganviTarebuli qveynebis saukeTeso ptaqtikis saqarTvelo-Si gadmotanis xelSewyoba. es aqtualurs xdis ganviTarebuli samarT-lebrivi sistemebis SedarebiTi analizis Catarebas, efeqtiani normebis saqarTveloSi danergvis mizniT.

zemoT naTqvami, naSromis Tematikidan gamomdinare, adasturebs mis aqtualobas. naSromis aqtualobas kidev ufro zrdis is, rom masSi sakiTxebi ganxilulia dinamikaSi _ finansur krizisamde da mis Semdeg.

wignis am nawilis mizans warmoadgens globaluri finansuri krizisis Sedegad investorTa interesebis dacvis samarTlebrivi sistemis re-formebis analizi aSS-Si, evropis kavSirSi, germaniasa da saqarTveloSi.

dasaxuli miznis misaRwevad gadawyvetil iqna Semdegi amocanebi:- finansuri krizisis gakveTilebis ganzogadeba;- investorTa dacvis arsisa da dacvis ZiriTadi saSualebebis

garkveva;- investorTa dacvis samarTlebrivi sistemis daxasiaTeba, am siste-

mis funqcionirebis analizi finansur krizisamde da krizisis periodSi;- samarTlebrivi reformebis Seswavla, erTi mxriv, investorTa dac-

vis sistemaSi finansuri krizisis Sedegad gamovlenili naklovanebebis aRmofxvris da meore mxriv, iseTi samarTlebrivi sistemis uzrunve-lyofis mimarTulebiT, romelic momavalSi krizisis efeqtiani preven-ciis saSualebas iZleva;

- aSS-Si, evropis kavSirSi, germaniasa da saqarTveloSi mimdinare re-formebis ZiriTadi mimarTulebebis xarisxis, intensivobisa da Sedegebis SedarebiT-samarTlebrivi analizi da ganzogadeba. amasTan, avtonomiurad, Sedarebis TiToeuli subieqtisaTvis investorTa dacvis samarTlis gan-viTarebis istoriuli analizi finansur krizisamde da Semdgomi peri-odisaTvis.

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lad aiRes riskebi.17 axali devizis mixedviT, arc erTi banki ar SeiZleba gakotrebisaTvis Zalian didi iyos.

finansuri krizisi bazris sxvadasxva moTamaSeebma gamoiwvies. maT ricxvSi arian ara mxolod bankebi TavianTi menjmentiTa da TanamS-romlebiT, aramed aseve sxva finansuri Suamavlebi, rogorebic arian sareitingo saagentoebi da e.w. „hej-fondebi“. am ricxvs miekuTvnebian aseve iseTi institutebi, rogoricaa bankebis zedamxedveloba da cen-traluri banki, romlebmac bankebi da sabanko sistema unda akontrolon. safuZvliani cvlilebebis SemoTavazebamde da ganxorcielebamde, saWiroa mizezTa im mTeli kompleqsuri wris gageba da gaanalizeba, romelmac gamoiwvia krizisi da xeli Seuwyo mis gavrcelebas mTel msoflioSi.18 krizisi, pirvel rigSi, aris politikisa da zedamxedvelobis sisustee-bis gamovlineba. is, vinc mxolod finansuri speqtris pasuxismgeblobas aRiarebs, pasuxismgeblobisagan aTavisuflebs politikas. magram pasux-ismgebloba unda daekisros aseve sazogadoebasac, romelmac gabatoneb-uli ideologia ase Tu ise kritikis gareSe miiRo, brmad miendo da ar moiTxova socialuri saxelmwifos SenarCuneba, dacva da Semdgomi demokratizacia.19

krizisis Semdgom finansuri institutebis sistemuri mniSvneloba sayovelTaod salaparako Tema gaxda. termini „sistemuri mniSvnelo-ba~ sakanonmdeblo definiciis ararsebobisa da aragamWvirvale marTvis praqtikis gamo Zalze gaugebaria. magram iseTi kriteriumebi, rogoricaa institutis sidide, sxva sawarmoebTan Serwymis masStabi da institutis mniSvneloba finansuri seqtoris ZiriTadi sferoebisaTvis, central-uria dawesebulebis „sistemuri mniSvnelobis mqoned~ aRiarebisaTvis.20 sakredito dawesebulebebi yovelTvis raRac xarisxiT sistemisaTvis mniSvnelovania, magram arsebul krizisSi problemas warmoadgenda is, rom sakredito dawesebulebebi Zalian gaizardnen. saWiroa imaze dafiqreba, rom institutebi isev gonivrul zomas daubrundnen. dauSvebelia dawe-sebulebebma gansazRvrul sidides gadaabijon.21

erT-erTi yvelaze mniSvnelovani Secdoma, albaT, krizisis axali niSnebisaTvis yuradRebis armiqceva iyo. gamovlinda krizisis genezisis Sinaarsobrivi arcodna, rodesac amerikuli saipoTeko krizisi sxva

17 Bernd Rudolph in Grundmann / Hofmann/ Möslein, Finanzkrise und Wirtschaftsordnung, Ber-lin 2009, S. 63.18 Bernd Rudolph in Grundmann / Hofmann/ Möslein, Finanzkrise und Wirtschaftsordnung, Ber-lin 2009, S. 55.19 Webeer-Grellet, ZRP 4/2009, S. 101-104 (101).20 Günther, WM 18/2010, S. 825-831 (830f).21 Schneider, ZRP 4/2009, S. 119-121 (120).

tis ukan dabrunebis riskis Tavidan asacileblad moTxovnebs yiddnen specialurad amisaTvis dafuZnebul sazogadoebebze,8 romlebic Semdgom am moTxovnebs sxva mraval moTxovnasTan erTad erT saqaRaldeSi aT-avsebdnen, sadac riskebi damaluli iyo ise, TiTqos aRar arsebobdnen. Seiqmna usazRvro zrdis iluzia da bankebmac daiwyes sul ufro saeWvo finansuri produqtebis emitireba an/da gayidva.9 sistemis nakli mdgo-mareobda imaSi, rom dafinansebis inovaciebi, sakuTari kapitalis Cadebis moTxovnis ararsebobis gamo, iZleoda yovelgvari SezRudvebis gareSe kreditis gacemis saSualebas. monawileebs hqondaT amerikuli uZravi qonebis bazris mudmivi winsvlis warmoudgeneli ndoba.10 2007 wlis agvistos Semdeg finansurma sistemam ganicada mTeli rigi kritikuli warumatebloba. 2008 wlis martSi `Bear Stearns~-is gadarCena gaxda saWiro, eqvsi Tvis Semdeg, 15 seqtembers, Lehman Brothers-i gakotrda da seqtembris bolos mTeli finansuri sistema dangrevis zRvarze imy-ofeboda.11 cru molodinebi da ara cru stimulebi, yovel SemTxvevaSi, ara bazris cru stimulebi, iyo krizisis gamomwvevi mizezi. bankirebi riskebs ki ar eZebdnen, aramed maT isini arasaTanadod afasebdnen.12 ameri-kuli sainvesticio bankis gakotrebam gamoiwvia msoflio finansuri krizisi, romelmac mTel msoflioSi milionobiT kapitali gaanadgura.13 sistemis dacema moxda uswrafesad, xuTSabaTidan kviramde, bankebi aRar endobondnen erTmaneTs, radgan partniori SeiZleba ucnobi riskebis gamo sirTuleebSi aRmoCeniliyo. gadamwyveti roli iTamaSa Sokma, romelic mohyva Lehman Brothers-is, rogorc sistemurad mniSvelovani bankis ga-darCenaze saxelmwifos mier uaris Tqmam.14 AamiT pasuxismgebelma orga-noebma amerikaSi misces bazrebs niSani, rom maT aRar SeeZloT `too big to fail~15 _ doqtrinaze dayrdnoba da rom es doqtrina SeuzRudavad ar moqmedebda.16 swored am doqtrinam Seitana wvlili imaSi, rom bankebma saxelmwifos mxridan, aseve saemisio bankebis daxmarebis imediT, udarde-

8 Zweckgesellschaften9 Märker / Hillesheim, ZRP 2009, S. 65-69 (66).10 Möschel, ZRP 5/2009, S. 129-133 (130). 11 Bank for International Settlements, 79th Annual Report, Basel 29. June 2009, S. 3 f.12 Roland Vaubel in Grundmann / Hofmann/ Möslein, Finanzkrise und Wirtschaftsordnung, Ber-lin 2009, S. 123.13 Märker/Hillesheim, ZRP 2009, S. 65-69 (65).14 Schneider, ZRP 4/2009, S. 119-121 (120).15 zogierTi finansuri instituti imdenad didi da erTmaneTTan gadajaWvulia, rom erT-erTi maTganis warumatebloba SeiZleba ekonomikuri katastrofis safuZveli gax-des. amitom am doqtrinis mixedviT, aseTi dawesebulebebis gadarCena gaWirvebis peri-odSi unda moxdes mTavrobis mier. 16 Möschel, ZRP 5/2009, S. 129-133 (130).

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5. miwodebul informaciasa da investorTa mier misi gamoyenebis cod-nas Soris arsebuli winaaRmdegobis daZleva; 6. kapitalis bazarze produqtebis zusti iuridiuli ganmartebis arsebobis saWiroeba.

movlenebis ganviTarebam drois umcires monakveTSi cxadyo, rom zogi saSualeba da Zala saerTod ar arsebobda, romelic gamosadegi iqneboda ase swrafad ganviTarebadi krizisis dros. situacia ganviTarda Zalian Cqara da ar datova dro Sesabamisi qmedebisaTvis.27 Tumca, amerikis mTavrobas Tavidan unda aecilebina Lehman Brothers-is gakotreba, vi-naidan aman msoflio panika gamoiwvia da detonatoris roli Seasrula msoflio finansebis „asafeTqeblad~.

27 Report and recommendations of the Cross-border Bank Resolution Group _ final paper , März 2010, seite 8, (Nummer 22) : http://www.bis.org/publ/bcbs169.pdf .

qveynebma ar aRiqves, rogorc gangaSis niSani. ar iqna gaTvaliswinebuli krizisis globaluri xasiaTi. pirvel rigSi gamovlinda globaluri az-rovnebis deficiti. daviwyebul iqna gamoTqma, rom saWiroa globalurad azrovneba, magram konkretulad moqmedeba.

2. krizisis gakveTilebi

finansurma krizisma naTlad aCvena, rom reformis dro mosulia. reformis mxardamWerTa Soris regulirebis ideam gaimarjva. Tumca mniSvnelovania, rom es reforma krizisis swor gakveTilebsa da swo-rad gamotanil daskvnebs daemyaros. bankirebma mTel msoflioSi ameri-kuli fasiani qaRaldebiT TavianTi warmoudgeneli spekulaciebiT didi ubedureba gamoiwvies. yvela qveyana Seecada gadasaxadis gadamxdelTa udidesi TanxebiT krizisis daZlevas, magram bankirTa pasuxismgeblobis sakiTxi ar unda iqnes daviwyebuli. es krizisi cidan ar Camovardnila, aramed adamianTa mier iqna gamowveuli, upirveles yovlisa ki bankirTa mier. aucileblad unda dadges maTi piradi pasuxismgeblobis sakiTxi.22 „vinc sargebels naxulobs, zianze pasuxismgebelic is unda iyos~.23 aris sxva poziciac. zianis mimyenebelad CaTvlilia pirvel rigSi emitenti da saeWvo finansuri produqtebis realizatori, maSin, rodesac bankebi xSirad `zianis mimyenebelTa mier dazaralebulni~24 arian.25 jaWvis bolo rgoli, rogorc ormagad dazaralebulebi, individualuri inves-torebi arian: isini dazaralebulni arian ara mxolod TavianTi fulis dakargviT, aramed rogorc gadasaxadis gadamxdelebi, visac krizisis dasaZlevad salarosaken uxmoben.26

arsebul kriziss xSirad moixsenieben rogorc `ndobis kriziss~. krizisma investorTa ndobis sruli dakargviT warmoaCina mniSvnelovani gamowvevebi: 1. arsebuli samarTlebrivi normebis efeqtiani gamoyenebis saWiroeba; 2. regulatorebis mier zedamxedvelobisa da kontrolis ganxorcielebis dros koordinaciis amaRlebis saWiroeba; 3. kapitalis bazarze komunikaciis gaumjobesebis saWiroeba (informaciis gamWir-valobisa da informaciuli simetriis uzrunvelyofa); 4. realizaciis dros pasuxismgeblobis gamkacreba da tranzaqciis xarjebis Semcireba;

22 Marcus Lutter in Grundmann / Hofmann/ Möslein, Finanzkrise und Wirtschaftsordnung, Ber-lin 2009, S. 77.23 Werder in Grundmann / Hofmann/ Möslein, Finanzkrise und Wirtschaftsordnung, Berlin 2009, S. 87.24 Schädigergeschädigten.25 Weber, NJW 2009, S. 33-39 (33).26 Märker/ Hillesheim, ZRP 2009, S. 65-68 (66).

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rulebis Sesaxeb.34

investorebis mizans, pirvel rigSi, warmoadgens maTi qonebis sub-stanciis SenarCuneba. „swored es ganasxvavebs investoris moTamaSisagan: orive, rogorc moTamaSe, aseve investori, iRwvis rac SeiZleba kargi mogebis miRebisaTvis. magram moTamaSes yovelTvis gaTvicnobierebuli aqvs, rom igi, xSirad albaTobis maRali xarisxiTac ki, yvelafers wi-ravs. igi mxolod sakuTar gamarTlebaze imedovnebs. investorisaTvis ki yovelTvis Tavisi qonebis SenarCuneba dgas wina planze“.35 investorebs ar SeswevT unari srulad moicvan da Seafason konkretuli fasiani qaRaldis riskis potenciali. isini damokidebuli arian damoukidebeli eqspertebis sando da kompetentur konsultaciaze. magram swored es „damoukidebloba~ ar gvaqvs saxeze. bankis klientsa da mrCevels Soris xSirad arsebobs myari, wlebis ganmavlobaSi Camoyalibebuli, piradi ndo-bis urTierToba. swored am ndobis safuZvelze wyvets klienti SeiZinos misTvis ase „Tbilad’’ rekomendirebuli serTifikati an ofcioni. banki ki iyenebs am ndobis bonuss da TamaSobs sakuTari klientis winaaRmdeg.36

1. regulireba Tu deregulireba?

finansurma krizisma moitana dro, rodesac reformis gatarebis aucilebloba aRar aris sakamaTo. reformis saSualebiT regulirebis saWiroebas gansakuTrebiT usvams xazs is garemoeba, rom krizisis erT-erT mizezad swored deregulirebuli qmedebebi iqna aRiarebuli. inves-torTa efeqtiani dacva, gansakuTrebiT mgrZnobiare finansur bazrebze, erTi mxriv finansuri bazris monawileTa TviTregulirebasa da meore mxriv, saxelmwifos kanonebs Soris samuSaos dabalansebuli gadanawile-biT unda iqnes garantirebuli.37

yoveli investicia atarebs garkveul risks. arc erT maregulirebel sistemas ar SeuZlia da arc aris valdebuli gaaTavisuflos investori pasuxismgeblobisagan sakuTari fulis investirebis dros.38 arc erT sistemas ar SeuZlia srulad daicvas „sulelebi~ TavianTi „sisule-lisagan~ da aseTi sruli dacvis upiratesoba awonili unda iqnes im

34 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 60.35 Randenborgh, ZRP 3/2010, S. 76-79 (76).36 Randenborgh, `Zertifikate~ gehören nicht in die Hand privater Anleger’’, ZRP 3/2010, S. 76-79 (78).37 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 59.38 Page/ Ferguson, Investor Protection, London 1992, p. 61.

III. investorTa dacvis arsi da mizani _ ratom

aris investorTa dacva aseTi mniSvnelovani?

iuristebisaTvis investori kapitalis momtania.28 investori aris piri, romelic axorcielebs xangrZliv vadian kapitaldabandebas mogebis miRebis mizniT. investorTa dacvis Zireul ideas kapitalis bazris mimarT investorTa ndobis uzrunvelyofa da gaZliereba warmoadgens.

investorTa riskebi gansxvavebulia sxvadasxva qveynebSi da damokide-bulia am qveynis politikur, social-ekonomikur, finansur, samarTlebriv da kriminogenur situaciaze. es riskebi gansazRvraven mocemuli qvey-nis „sainvesticio klimats~. rodesac vsaubrobT investorTa riskebze, saubaria ara sakuTari riskiT miRebuli gadawyvetilebis Sedegebze, romelsac xan mogebamde, xan ki wagebamde mivyavarT, aramed imaze, rom es mogeba da wageba ar SeiZleba damokidebuli iyos arakeTilsindisier saqcielze, maqinaciebsa da TaRliTobaze.

investorTa dacva gaigeba, erTi mxriv, rogorc socialuri dacva an momxmarebelTa dacva, meore mxriv, mis qveS wminda funqciuri dacva igulisxmeba.29 igi mWidro da ormxriv damokidebulebaSia bazris fun-qcionirebis unarTan.30 efeqtiani da funqcionirebadi kapitalis bazari warmoadgens ekonomikis kapitaliT momaragebis da amiT realuri zrdisa da stabilurobis, samuSao adgilebisa da garantirebuli Semosavlis safuZvels.31 kapitalis bazris efeqtianoba damokidebulia investorTa xangrZliv ndobaze bazris stabilurobis, gamWirvalobisa da integri-rebulobis mimarT.32 mxolod maSin, rodesac investori endoba bazris samarTlianobas, iqneba igi mzad moaxdinos kapitalis investireba. inves-torTa dacvas moaqvs kapitali bazarze da zrdis likvidurobas, amiT ki bazris funqcionirebis unars.33 investiciebis sistemaSi ̀ Semadgenlo-bis~ mixedviT realur, inteleqtualur da finansur investiciebs ansx-vaveben. fasiani qaRaldebi miekuTvneba ara nivTier an inteleqtualur saqonels, aramed ndobis saqonels, romelsac normalurad moazrovne investori SeiZens mxolod maSin, rodesac mas utyuari informacia aqvs am produqtis sawyisi sandoobisa da fuladi Sepirebis Semdgomi Ses-

28 Page/Ferguson, Investor Protection, London 1992, S. 3 f.29 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 60.30 Bode, Anlegerschutz und Neuer Markt, Gottmadingen 2006, S. 51.31 Halfpap, Kapitalmarktaufsicht in Europa und den USA, Frankfurt am Main 2008, S. 1.32 Schimansky/Bunte/Lwowsky, Bankrechts- Handbuch, Band III, 3 Aufl., München 2007, § 109 Rdn. 8.33 Bode, Anlegerschutz und Neuer Markt, Gottmadingen 2006, S. 59.

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finansuri produqtis SemTavazebeli da gamyidveli erTi mxriv, da investori meore mxriv, floben gansxvavebuli xarisxis codnasa da ga-mocdilebas, romelic investorebSi SedarebiT mcirea. swored amitom isini damokidebulni arian rogorc informaciaze, aseve konsultaciaze. gaugebar da arasrul informacias SeuZlia migviyvanos im realobamde, rodesac investori irCevs produqts, romelic misTvis ar aris gankuT-vnili da gaugebaria. amasTan, gaTvaliswinebuli unda iqnes gansxvavebebi konkretul klientebsa da maT gansxvavebul sabazo codnas Soris.44 mxolod informaciulad efeqtiani, moqmedi bazari aZlevs investorebs SesaZleblobas sakmarisad daicvan TavianTi interesebi.45

bazrebs Tavdapirveli „komunikaciis funqcia~ akisriaT. gadamwyve-tia ara SeTavazebuli produqtisa da sabazro informaciis raodenoba, aramed gadacemuli monacemebis xarisxobrivi ganzomilebebi.46 amasTan in-formaciis xelmisawvdomoba moicavs aseve informaciis miwodebis for-masac. investors ufleba aqvs miiRos informacia maqsimalurad advilad aRqmadi formiT.47

umniSvnelovanesia aseve sajaroobis uzrunvelyofa. sajarooba gu-lisxmobs „mniSvnelovani faqtebisa da mosazrebebis gaxsniT inves-torebisaTvis yvela Sansebisa da riskebis gaTvaliswinebis safuZvelze informirebuli da racionaluri sainvesticio gadawyvetilebis miRebis SesaZleblobis miniWebas.~48gamWirvaloba aumjobesebs bazris funqcioni-rebasa da samarTlianobas.49 igi uzrunvelyofs informaciis Tanabar gadanawilebas bazarze da amiT amcirebs yoveli investoris infor-maciul risks.50

informaciisa da gamWvirvalobis uzrunvelyofis valdebulebis adresats warmoadgenen, upirveles yovlisa, emitentebi da Suamavle-bi. sainvesticio gadawyvetilebisaTvis saWiro informaciis mopoveba, gadamuSaveba da ganawileba xSirad sakmaod did xarjebTan aris daka-vSirebuli. kanonmdeblis valdebulebas warmoadgens, rom normatiuli danawesebis meSveobiT bazarTan dakavSirebuli sainformacio procesi

44 Hopt/Bernd Rudoph/Harald Baum (Hrsg.), Börsenreform, Eine ökonomische,rechtsvergleichende und rechtspolitische Untersuchung, Stuttgart,1997, S. 315.45 Halfpap, Kapitalmarktaufsicht in Europa und den USA, Frankfurt am Main 2008, S. 164.46 Kessler /Micklitz , Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 37 f.47 Олейник, Основы банковского права, юристь, Москва 1997, стр. 212.48 Grundmann / Schwintowski / Singer / Weber, Anleger-und Funktionsschutz durch Kapital-marktrecht, Berlin 2006, S. 12.49 Grundmann / / Singer / Weber, Anleger-und Funktionsschutz durch Kapitalmarktrecht, Berlin 2006, S. 9.50 Bode, Anlegerschutz und Neuer Markt, Gottmadingen 2006, S. 101 f.

uaryofiTi mxareebis sapirispirod, romelsac warmoSobs keTilsindisi-erad da efeqtianad warmoebuli biznesis SeboWva.39 aqciebi riskiani qaRaldebia da maTgan warmoSobili riskebis matarebeli, rogorc wesi, TviTon investoria. dauSvebelia investorTa dacvis gageba yovelgvari sazRvrebis gareSe. investorTa dacva mTavrdeba iq, sadac iwyeba kapi-talis bazris Sida riski. aucilebelia bazris sxva monawileTa Semx-vedri interesebisa da investoris SesaZlo bralis gaTvaliswinebac.40 xSirad saubroben „Tavis gasulelebis wminda uflebaze~.41

finansuri momsaxurebisa da bazrebis mzardi internacionalizacia da qveynebs Soris intensiuri konkurencia, romlebic cdiloben sxva qveynebTan SedarebiT regulirebaSi SeRavaTebiT investorTa mizidvas, iwvevs „konkurentuli-deregulirebis~ an „moSvebulobaSi konkuren-ciis~ saSiSroebas, romlis Sedegac riskis saSiSroeba izrdeba, xolo investorTa dacvis xarisxi klebulobs. am safrTxis daZleva mxolod regulirebis saerTaSoriso harmonizebiT aris SesaZlebeli.42 yvela ganviTarebul qveyanaSi investorTa interesebis dacvis swori regu-lireba, finansuri sistemis janmrTeli ganviTarebisaTvis saWiro el-ementad ganixileba. magram sabazro procesSi regulatoruli Careva ar SeiZleba gascdes im minimums, romelic saWiroa investorTa dacvi-saTvis43. regulirebis dros saWiroa zedmeti regulirebis safrTxis gaTvaliswinebac. zedmeti regulireba iseTive zianis momtania, rogorc zedmeti deregulireba. investorTa dacva kapitalis bazris reguli-rebis erT-erT umniSvnelovanes mizans warmoadgens.

2. investorTa dacvis ZiriTadi saSualebebi

2.1. gamWirvaloba da informacia

swor informacias, sajaroobasa da gamWirvalobas SeuZlia bazar-ze Seqmnas konkurentuli garemo da SesaZlebloba, rom investorTa gadawyvetilebebi dafuZnebuli iyos maT Sinagan motivebsa da miznebze.

39 Page/ Ferguson, Investor Protection, London 1992, p. 42-43.40 Kessler /Micklitz, Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 76.41 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 61 f.42 Page/ Ferguson, Investor Protection, London 1992, p. 42-43.43 Kessler / Micklitz, Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 14 f.

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„klientis finansur mdgomareobaze morgebuli rCeva finansur instru-mentTan dakavSirebuli garigebis Taobaze~.58 investorTa konsultacia klientisaTvis „Sesabamisad warmodgenili~ unda iyos da klientisaTvis „Sesabamisi~ da ara romeliRac finansuri produqti unda iqnes reko-mendirebuli.59 konsultaciis mizani yovelTvis unda iyos „informaciis mTeli erTobidan individualuri gadawyvetilebis miRebisaTvis mniS-vnelovani informaciis amorCeva, Sefaseba da gadacema~.60

investorTa konsultaciis mizans interesTa konfliqtis Tavidan acileba da informaciis mizanmimarTuli gadacema unda warmoadgendes. investorTa interesebi yovelTvis eqvemdebareba misi mrCevlis intere-sebs, romelsac aqvs mniSvnelovani codnis upiratesoba produqtis fun-qcionirebis wesisa da misi riskebis Sesaxeb.61 makleris Tu dileris mTavar mizanTan, rom rac SeiZleba didi mogeba miiRos, mniSvnelovan winaaRmdegobaSi modis misi valdebuleba, rom klients saukeTeso fasi SesTavazos.62

aRniSnuli problemebi klientis sakmarisi gaTviTcnobierebisa da konsultaciebis gziT unda iqnes gadawydes. tipiur momxmarebels ar Seswevs unari, gaacnobieros da Seafasos finansuri gadawyvetilebis sargebeli. amitom batonobs survili, mrCevels miandon gadawyvetilebebi.

2.3. pasuxismgebloba da sanqciebi

investorTa dacvis erT-erT mniSvnelovan saSualebad pasuxismge-bloba da Sesabamisi sanqciebi unda iqnes miCneuli. investorTa dac-vas Tavisi materialuri arsebobisaTvis efeqtiani sanqciebis meqanizmi sWirdeba. bazris TiToeuli monawilis pasuxismgebloba calke unda da-regulirdes. kanonmdebelma erTmniSvnelovnad unda daadginos moTxov-nis ra safuZvlebi aqvT dazaralebul investorebs da ra samarTlebrivi Sedegebi aris maTTan dakavSirebuli. TiToeul investors unda SeeZlos,

58 Brockmeier /Kapferer /Nickel /Willershausen, Das Rinanzmarktrichtlinien-Umsetzungsgesetz (MiFID), München 2007, S. 46.59 Brockmeier /Kapferer /Nickel /Willershausen, Das Rinanzmarktrichtlinien-Umsetzungsgesetz (MiFID), München 2007, S. 62.60 Oehler / Kohlert / Jungermann, Zur Qualität der Finanzberatung von Privatanlegern: Probleme des Beratungsprozesses und Lösungsansätze Stellungnahme des Wissenschaftlichen Beirates für Verbraucher und Ernährungspolitik beim BMELV, November 2009, S. 10.61 Jungmann, NJW 2007, S. 1562-1566 (1562).62 Ferrarini /Wymeersch, Investor Protection in Europe, Oxford University Press, New York 2006, S. 164.

ise daareguliros, rom masTan dakavSirebuli xarjebi minimaluri iyos.51 gansakuTrebuli mniSvneloba aqvs aseve investorebTan Tanabar mopyrobas, romelic investorTa dacvis mTavar ideas warmoadgens. aucilebelia informaciuli Sansebis Tanasworobis Camoyalibeba, raTa investorebma TavianTi gadawyvetilebebi erTi da igive informaciis safuZvelze mi-iRon da erTsa da imave Sansebisa da riskebis Tanafardobaze iyvnen damokidebulni.52 SesaZlebeli unda iyos, rom saSualod ganaTlebulma investorma profesiuli daxmarebis gareSe produqciis farTo arCev-anidan misTvis Sesaferisi produqtis amorCeva SeZlos. amis miRweva mxolod gaZlierebuli gamWvirvalobis, meti sajaroobisa da amis safuZ-velze meti informaciis miRebis wyalobiT SeiZleba.53

2.2. investorTa konsultacia da interesTa konfliqtis daZleva

brokhausis enciklopedia investorTa konsultacias ganmartavs, ro-gorc konsultacias, rCevis micemas fulis investirebis Sesaxeb. in-vestorTa konsultacia exeba sainvesticio obieqtis arCevasa da in-vestirebis dros.54 Suamavali (mag. sabirJo makleri) aris investoris agenti, romelic Tavisi klientis winaSe garkveul valdebulebebs iRebs. aq moqmedebs sainformacio neitralurobis principi, romelic moiTxovs saqmianoba mimarTuli iyos informaciis gauyalbebel gadacemaze.55 mrCev-eli valdebulia gamoucdeli investori gaarkvios sxvadasxva investi-ciis gansakuTrebul riskebSi.

sabanko praqtikaSi, rogorc individualuri, aseve institucional-uri investorebi eZeben rCevas fulisa da kapitalis Cadebis formebis Sesaxeb. sakredito dawesebulebebi TavianT klientebs aZleven rCevas investiciis amorCevis, kombinaciis, dayofis dros, gansakuTrebiT fa-sian qaRaldebTan dakavSirebiT. mudmivi finansuri inovaciebi zrdis klientisaTvis rCevis miRebis, konsultaciis saWiroebas.56 investori elodeba ara mxolod faqtebis Setyobinebas, aramed maT kompetentur Sefasebasa da gansjas. xSirad mas surs swored mis personalur mdgo-mareobaze morgebuli konsultacia.57 investorebis konsultacia aris

51 Kessler / Micklitz , Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 39 f.52 Bode, Anlegerschutz und Neuer Markt, Gottmadingen 2006, S. 109.53 Kessler /Micklitz , Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 134.54 Brockhaus Enzyklopädie, Erster Band, A-APT, Mannheim 1986, S. 597. 55 Ekkenga, Anlegerschutz, Rechnungslegung und Kapitalmarkt, Tübingen 1998, S. 459.56 Stafflage, Die Anlageberatung der Banken, Berlin 1996, S. 6.57 BGH Urteil vom 5. November 2009, WM 50-52, Dezember 2009, S. 2360-2363 (2361 f).

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vestorebis, aramed aseve distributorebTan mimarTebiT. garantirebuli unda iyos, rom gamyidvelebi Sesabamisad naswavli da gamocdilni arian.68 maT unda esmodeT is produqti, rasac isini yidian. finansuri ganaTleba exmareba momxmarebels gaerkves, Tu romel kritikul punqtebs unda miaqcios yuradReba, sad SeiZleba arsebobdes damoukidebeli Sefaseba, informaciis romeli wyaroebia sando, sad SeiZleba kompetenturi da klientze orientirebuli konsultaciis miReba. magram mniSvnelovania isic, rom klientis finansuri bedi ar SeiZleba damokidebuli gaxdes mis finansur kompetenciaze da misi pasuxismgebloba mxolod imiT iqnes dasabuTebuli, rom man saTanado finansuri ganaTleba ar miiRo.69 finansuri ganaTlebis mizans informirebuli da gonieri investorebis ganviTareba unda warmoadgendes, romelic saTanadod aris aRWurvili, raTa integrirebul bazarze konkurirebad produqtebsa da momsaxurebas Soris airCios da gonivruli sainvesticio gadawyvetileba miiRos. aseT SemTxvevaSi investorebs naklebad dasWirdebaT Zviri Camrevi reguli-rebebi. dRes dReisobiT mTeli yuradReba uprecendentod aris orien-tirebuli investorebis unaris ganviTarebaze da ganaTlebis sistemebze. ganaTleba warmoadgens investorTa bazrebisaTvis erTiani strategiis mniSvnelovan elements, naklebad agresiul da investorTa gadawyvetile-bebze zegavlenis moxdenis naklebad sarisko saSualebas.70

68 Open Hearing on Retail Investment Products- Record-, 15th July 2008, S. 13.69 Oehler/ Kohlert / Jungermann, Zur Qualität der Finanzberatung von Privatanlegern: Probleme des Beratungsprozesses und Lösungsansätze- Stellungnahme des Wissenschaftlichen Beirates für Verbraucher- und Ernährungspolitik beim BMELV, November 2009, S. 18.70 Ferrarini / Wymeersch, Investor Protection in Europe, Oxford University Press, New York 2006, S.427f.

misTvis miniWebuli uflebebis ganxorcieleba.63 vinaidan SemTavazebel mxares Tavisi „produqtis~ ekonomikuri da samarTlebrivi gaformebis dros mniSvnelovani informaciuli upiratesoba aqvs, gonivrulia misi datvirTva Sesamabisi informaciis valdebulebiT da maTi darRvevisaT-vis sanqciebis dakisreba. TavianTi sainvesticio gadawyvetilebis farg-lebSi investorebi mniSvnelovani moculobiT iCenen ndobas SemomTava-zeblis winaSe, amitom SemomTavazeblis araswori da arasruli qmedebebi efeqtian sanqciebs saWiroebs. amis garda, darRvevebis Sesabamisi san-qcionireba aris mniSvnelovani piroba kapitalis bazris samarTlis produqtiulobisaTvis.64

bazris monawileTagan (finansuri Suamavlebi, kapitalis dabandebis SemomTavazeblebi) normiseburi, normasTan SesabamisobaSi myofi qceva mxolod maSin SeiZleba iqnes mosalodneli, rodesac normis darRvevis SemTxvevaSi warmoSobili ziani, normis darRveviT mizandasaxul sikeTes mniSvnelovnad aRemateba.65

2.4. finansuri ganaTleba

investorTa dacvis gaumjobesebisaTvis erT-erT niSvnelovan moTxov-nas mosaxleobis finansuri ganaTlebis donis gaumjobeseba warmoadgens. ra ician adamianebma fasiani qaRaldebisa da bazrebis Sesaxeb? principSi mxolod is, rasac am sferoSi avtoritetebi maT ganumartaven. infor-maciis asimetriuloba, erTi mxriv, emitentebs, gamyidvelebsa da, meore mxriv, investorebs Soris gamowveulia ara mxolod iformaciis defi-citiT, aramed xelT arsebuli informaciis gamoyenebis codnas Soris mniSvnelovani gasxvavebebiT. investorebs ar gaaCniaT saTanado codna da, Sesabamisad, saTanado warmodgenis unari, rom saerTod damoukide-blad SeZlon Seafason romel riskebTan aris dakavSirebuli finansuri produqtebis SeZena.66 finansuri codnis deficits adasturebs is faqtic, rom investorebi arasaTanado momentSi yidian da yiduloben.67 finansurma krizisma aCvena, rom arsebobs gaTviTcnobierebuli investorebis codnis gaumjobesebis saWiroeba. amasTan, es saWiroeba arsebobs ara mxolod in-

63 Kessler /Micklitz , Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 104.64 Kessler /Micklitz, Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 8 f.65 Kessler /Micklitz, Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 51 f.66 Märker / Hillesheim, ZRP 2009, S. 65-69 (68).67 Open Hearing on Retail Investment Products- Record-, 15th July 2008, S. 9.

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To arCevaniT. investorTa dacva detalizirebuli, nawilobriv Zalian formalisturi zedamxedvelobisa da sajaroobis normebiT, aseve gam-Wirvale sabuRaltro angariSgebiT aris garantirebuli da kapitalis bazris zedamxedveli organoebisa da sasamarTloebis mier farTod aris daculi.75

aSS-s aqvskapitalis bazris regulirebis yovlismomcveli, erTiani sistema76, romelic rogorc fasiani qaRaldebiT birJis gareT, ise sabirJo saqmianobas moicavs da, ZiriTadad, standartul, unificirebul kapitalis bazris federalur regulirebebs warmoadgens.77 fasiani qaRaldebiT vaWrobisa da sabirJo samarTali aSS-Si samarTlis damoukidebel darg-Si Securities Regulation-Si aris gaerTianebuli. igi moicavs normebis farTo speqtrs, romelic fasiani qaRaldebiT vaWrobas, sabirJo-samar-Tlebriv danawesebs exeba. igi Sedgeba federaciis kanonebisgan, SEC-is78 dadgenilebebisgan, aseve Statebis kanonebisa da dadgenilebebisagan.79 mis upirveles mizans TaRliTuri maqinaciebisagan investorTa dacva da kapitalis bazrebis xelSeuxeblobis, erTianobisa da reputaciis garan-tireba warmoadgens.80 amasTan, termins „fasiani qaRaldi~ aqvs farTo gamoyenebis sfero.

1.2. fasiani qaRaldebis samarTlis warmoSoba

pirveli stimuli kapitalis bazris regulirebisaTvis amerikis SeerTebul StatebSi ukve me-19 saukunis bolos gaCnda. magram fasiani qaRaldebis seqtoris regulireba mxolod me-20 saukunis dasawyisSi ganxorcielda. fasiani qaRaldebis farTo, amomwuravi samarTlis Sesaxeb pirveli idea jer arsebobda calkeuli Statebis doneze. 1911 wels kanzasSi Seiqmna fasiani qaRaldebis pirveli farTo samarTali. termini `blue sky law~ 1917 wels amerikis umaRlesma sasamarTlom gamoiy-ena am kanonebis mier gasakontrolirebel investiciaTa konstruqciebis mimarT, romelsac sasamarTlos SefasebiT, imaze meti Rirebuleba ar hqonda vidre ramdenime „nabiji cisfer caSi’’.81 kanzasis mier damkvidre-

75 Halfpap,Kapitalmarktaufsicht in Europa und den USA, Frankfurt am Main 2008, S. 107 f.76 `Securities Regulation~77 Lotze, US-amerikanisches Kapitalmarktrecht und Internet, Band 47, Frankfurt am Main 2002, S. 62.78 Securities and Exchange Commission – fasiani qaRaldebisa da safondo birJebis komisia79 blue sky laws80 Holzhüter, Die Class Action im US-amerikanischen Kapitalmarktrecht, Hamburg 2004, S. 33.81 Halfpap, Kapitalmarktaufsicht in Europa und den USA, Frankfurt am Main 2008, S. 110

IV. investorTa dacvis samarTlebrivi sistema

finansur krizisamde

„cnobilia rom adamianis bunebas warmoadgens awmyoSi arsebul kiTx-vebze pasuxebis warsulSi Zieba~.71 problematuria is, rom mxolod iSviaT SemTxvevaSi awydeba adamiani absoluturad identur situaciebs, Tumca es mainc iZleva kargi dakvirvebis Sedegad garkveuli daskvnebis gakeTebis saSualebas.72 investorTa dacvis mizniT finansur krizisamde ganxorcielebuli qmedebebisaTvis Tvalis gadavlebas SeuZlia Sedar-ebiT cxadyos is CarCoebi, romelTa farglebSic mimdinareobs da unda mimdinareobdes finansuri krizisis Semdeg axali samarTlebrivi regu-laciebisa da reformebis gatarebis procesi.73

kapitalis bazarze sxvadasxva maqinaciebi yovelTvis mniSvnelovani stimuli da argumentia monawileTa dacvis mizniT bazris reguli-rebis gazrdisaTvis. Tumca, regulirebis mTavar mizans warmoadgenda, rom bazars Tavisi mizani, kerZo kapitalisa da investiciebis mozidva da ganawileba, Seesrulebina. bazari unda iyos ekonomikisaTvis investici-ebis mozidvis saSualeba. movlenebi kapitalis bazarze Zalian swrafad viTardeba. aqciebis fasebis dacema, kapitalizaciis Semcireba, kursebis cvla da a.S. xdeba ara saaTebSi, aramed wamebSi. Sesabamisad, regulireba Cqara reagirebadi da moqnili sistemis safuZvelze unda xorcield-ebodes. bolo aTwleulebis ganmavlobaSi ganviTarda kapitalis bazris regulirebis specifikuri praqtika, sadac saxelmwifo regulireba da TviTregulireba erTmaneTTan aris SeTanxmebuli.

1. amerikis SeerTebuli Statebi

1.1. fasiani qaRaldebis regulirebis erTiani samarTlebrivi sistema

bazrebi SeerTebul StatebSi wesrigdeba regulirebis erTiani Car-CoTi. maTTvis damaxasiaTebelia ufro metad ganaTlebuli investori da ufro didi sainformacio kavSiri.74 amerikuli finansuri sistema Zalian Zlierad aris orientirebuli kapitalis bazarze. aSS-s aqvs maRalganviTarebuli kapitalis bazrebi finansuri instrumentebis far-

71 avtoris gareSe, Zeitschrift für das gesamte Kreditwesen, 3/2010, S. 116 (116).72 avtoris gareSe, Zeitschrift für das gesamte Kreditwesen, 3/2010, S. 116 (116).73 Assmann, ZBB Heft 2 1989, S. 49-63 (53).74 Ferrarini /Wymeersch, Investor Protection in Europe, Oxford University Press, New York 2006, S. 192.

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brokerebi da dilerebi eqvemdebarebian registraciis moTxovnas ro-gorc SEC-Tan, aseve, Statebis kanonebis mixedviT yvela im StatSi, sadac maT saqmianobis ganxorcieleba surT.91 broker-dilerebi, rogorc fasiani qaRaldebiT vaWrobis profesionali monawileebi valdebulni arian, realizaciis dros klientebis mimarT mravali qcevis wesi daic-van. aq laparakia or ZiriTad problemur sferoze: klientebTan mimarTe-baSi interesTa konfliqtebis Tavidan acilebasa da sainvesticio rCev-ebis micemaze.92 broker-dilers evaleba riskebis saTanado ganmarteba klientisaTvis.93 es valdebuleba moicavs brokeris mier konkretuli fasian qaRaldis zust codnas94, fasiani qaRaldis gamosadegobasa da sa-Tanadoobas konkretuli investoris interesebisaTvis,95 romelic, Tavis mxriv klientis profilis codnas moiTxovs.96

1.4. investorTa dacvis regulirebis amerikuli Sexeduleba

amerikuli gagebiT investorTa dacva upirvelesad dakavSirebulia kapitalis bazris samarTlebrivi regulirebis mizanTan.97

fasiani qaRaldebis regulirebis mizans Tavidanve warmoadgenda ro-gorc kapitalis Camdebi farTo masis individualuri dacva, aseve kapi-talis bazris funqcionirebis dacva. mTlianobaSi amerikuli kapitalis bazari gamorCeulia regulirebis simWidroviT. is saerTaSoriso doneze SeiZleba CaiTvalos yvelaze mkacrad regulirebul kapitalis bazrad. es exeba ara mxolod sajaroobis Zvir valdebulebebs98, aramed aseve sanqciebiT gamagrebul qcevis valdebulebebs bazris monawileTaTvis.99 magram sabalanso manipulaciebma, rogoric aris Enron da WorldCom, aCvena, rom TaRliTuri qceva TviT gansakuTrebulad mkacri sanqcioni-rebis meqanizmiTac ki ver iqneba gamoricxuli.100

91 Lotze, US-amerikanisches Kapitalmarktrecht und Internet, Band 47, Frankfurt am Main 2002, S. 99.92 Klaus J. Hopt/Bernd Rudoph /Harald Baum (Hrsg.), Börsenreform, Eine ökonomische, rechts-vergleichende und rechtspolitische Untersuchung, Stuttgart 1997, S. 849.93 `full and fairly disclosure~94 `know your security~95 `suitability~96 Lotze, US-amerikanisches Kapitalmarktrecht und Internet, Band 47, Frankfurt am Main 2002, S. 137 f.97 Ekkenga, Anlegerschutz, Rechnungslegung und Kapitalmarkt, Tübingen 1998, S. 1.98 disclosure duties99 anti fraud provisions100 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 66 f.

buli moda farTovdeboda manam, sanam sxvadasxva saxis blue sky law- ebi yvela Statisa da aseve kanadis provinciebis mier ar iqna miRebuli.82 calkeuli Statebis blue sky law-ebi adre erTmaneTisagan Zlier gansx-vavdebodnen. magram 1956 wels fasiani qaRaldebis erTiani aqtisa da 1985 wels fasiani qaRaldebis gadamuSavebuli erTiani aqtis calkeuli Statebis samarTalSi transformirebis Sedegad blue sky law-ebis erT-maneTTan nawilobriv SesabamisobaSi moyvana ganxorcielda.83 1929 wels birJebis kraxiT aSkara gaxda, rom kapitalis bazris funqcionirebis unari mxolod maSin iqneba garantirebuli, rodesac Sesabamisi kan-onis damcavi danawesebi iqneba Seqmnili. amerikis kongresma birJebis kraxisa da imavdroulad ganviTarebuli ekonomikuri krizisis pasuxad prezident ruzveltis xelmZRvanelobiT reagireba moaxdina e.w. „New Deal-Politik~-iT.84 ase Seiqmna amerikuli kapitalis bazris mniSvnelovani CarCo kanonebi: 1933 wlis kanoni fasiani qaRaldebis Sesaxeb85 da 1934 wlis kanoni86 fasiani qaRaldebisa da safondo birJebis Sesaxeb.87 1934 wlis kanoniT Seiqmna fasiani qaRaldebisa da safondo birJis komisia.88 1970 wels sabrokero-sadilero kompaniebis gakotrebisagan investorTa dacvis mizniT Seiqmna specialuri korporacia – fasiani qaRaldebis investorTa dacvis korporacia89 – romlis wevrebic arian yvela sa-brokero kompaniebi.

1.3. fasiani qaRaldebisa da safondo birJebis komisia

SEC-is mizani mdgomareobs investorTa dacvis centraluri dava-lebis ganxorcielebasa da samarTliani sabazro pirobebis garantire-baSi.90 Sesabamisad, SEC-is davalebas warmoadgens: 1. bazris zedamxedv-eloba; 2. fasiani qaRaldebisa da sawarmoebis registracia; 3. finansuri momsaxurebis gamwevTa regulireba; 4. birJisa da sabirJo infrastruq-turis zedamxedveloba da a.S.

82 Loss / Seligman, Fundamentals of Securities Regulation, USA 2001, p. 9.83 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 65 f.84 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 63.85 Securities Act (SA) from 193386 Securities Exchange Act (SEA) from 193487 Halfpap, Kapitalmarktaufsicht in Europa und den USA, Frankfurt am Main 2008, S. 113.88 Loss / Seligman, Fundamentals of Securities Regulation, USA 2001, p. 57-58.89 Securities Investor Protection Corporation – SIPC90 Lotze, US-amerikanisches Kapitalmarktrecht und Internet, Band 47, Frankfurt am Main 2002, S.66.

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gracia da, upirveles yovlisa, misi konkurenciis unaris gaZliereba saerTaSoriso konteqstSi. am mimarTulebiT samoqmedo gegma iyo pa-suxi bazrebis globalizaciaze.107 radgan am gegmiT gaTvaliswinebuli RonisZiebebis ganxorcieleba mZime biurokratiuli procesebiT droSi Zalze gaiwela, ekonomikuri da finansuri sakiTxebis evropulma sab-Wom108 daavala baron aleqsander lamfaluzs da „damoukidebel eqpert-Ta komisias~, situaciis Sefaseba da rekomendaciebis gakeTeba, raTa daC-qarebuliyo gaTvaliswinebul RonisZiebaTa gatarebis procesi.109 2001 wlis 15 Tebervals komisiam Tavis moxsenebaSi aCvena fasiani qaRaldebis sakanonmdeblo sistemaSi arsebuli naklovanebebi.

2004 wlis 21 aprils evropis parlamentma da sabWom miiRo finans-uri bazrebis axali direqtiva,110 romelic ZalaSi 2007 wlis noemberSi Sevida. MIFID Seicavs mniSvnelovan principebs, romlis safuZvelze uzrunvelyofili iqneba samarTliani, konkurentunariani, gamWirvale, efeqtianii da integrirebuli evropuli finansuri bazari. mis mizans warmoadgens iseTi garemos Seqmna, romelsac Seswevs unari, garantire-buli gaxados investorTa dacva da amasTan rCeba sakmaod moqnili, raTa gaiTvaliswinos axali bazrebisa da momsaxurebebis SemoReba.111

evropis gaerTianeba konceptualurad mihyveba amerikuli finansuri kanonmdeblobis xazs da evropuli kapitalis bazris samarTlis um-Tavres miznad gamWvirvalobas aRiarebs. es gabatonebuli Sexeduleba gamomdinareobs „disclosure~-is amerikuli filosofiidan. magram mniS-vnelovani gansxvavebebi Cndeba im maneraSi, romliTac evropis kavSirSi disclosure-is politikaa garantirebuli. amerikuli kapitalis bazari misdevs kapitalis bazris mkacrad centralizebul kontrols organo-Ti, romelsac farTo makontrolebeli uflebamosilebebi aqvs. evropis kavSirma distancia daiWira evropuli sazedamxedvelo organos idei-sagan da gaZlierebulad da intensiurad muSaobda finansuri bazris integrirebul zedamxedvelobaze, romlis garantirebac xdeba samuSaos ganawilebiT, magram romelSic ar arsebobs komisiis wamyvani roli ev-ropuli kapitalis bazris kontrolisaTvis. evropis kavSirSi fasiani qaRaldebis regulirebis Sesaferisi struqturis Sesaxeb farTo poli-

107 Kessler /Micklitz , Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 274 f.108 sazogadod cnobili rogorc ECOFIN109 Ferrarini /Wymeersch, Investor Protection in Europe, Oxford University Press, New York 2006, S.186.110 MIFID- Markets in Financial Instrument Directive111 Ferrarini /Wymeersch, Investor Protection in Europe, Oxford University Press, New York 2006, S. 164.

investorTa dacva fasiani qaRaldebis mowesrigebis birTvs war-moadgens. rogorc fasiani qaRaldebis aqti, aseve, gacvlis aqti Sei-cavs investorTa damcavi pasuxismgeblobis damasabuTebel danawesebs.101 ZiriTadad, arsebobs moTxovnebi zianis anazRaurebis an xelSekrulebis gabaTilebis gaweuli Sesrulebis ukan dabrunebis SedegiT.102 kerZo pirTa sarCeli gansakuTrebiT koleqtiuri sarCelis (Class Action) formiT gadamwyvet rols TamaSobs. amerikuli Class Action warmoad-gens kerZo samarTlebrivi sarCelis nairsaxeobas, romliTac mravali adamianis moTxovna erT procesSi aris erTad warmodgenili. sarCeli aRiZvreba konkretuli saxeliT moxseniebuli dazaralebulebis mier, romlebic moqmedeben sakuTari saxeliT da warmoadgenen dazaraleb-ulTa mTel jgufs. amaSi Sedian saxeliT ar moxseniebulni, romelTac igive an msgavsi moTxovnebi aqvT.103

2. evropis kavSiri

regulirebis evropuli folosofia amerikuls eyrdnoba.104 1986 wlis Semdeg iwyeba kapitalis bazris evropuli samarTlis aqtiuri ganviTareba, rodesac miRebul iqna mniSvnelovani direqtivebi bankebis, birJebisa da dazRvevis zedamxdveelobis samarTalis sferoSi. Camoy-alibda warmodgena „evropuli pasportis~ Taobaze, romelic finansuri momsaxurebis gamwev pirebs Sida bazrisken uxsnida gzas. am miznis ganx-orcieleba praqtikaSi mxolod 2003 wlis prospeqtis Sesaxeb direqti-viT moxda. 1993 wels fasian qaRaldebTan dakavSirebuli momsaxurebis gawevis Sesaxeb direqtivam pirvelad moaqcia saregulacio sferoSi investorTa perspeqtivebi. Aam SemTxvevaSic amerikuli kapitalis ba-zris samarTals evropuli kapitalis bazrisaTvis hqonda magaliTis funqcia.105

mniSvnelovania aseve evropis komisiis mier 1999 wels gamocemuli moqmedebis gegma.106 misi mizani iyo evropuli safinanso bazris inte-

101 Holzhüter, Die Class Action im US-amerikanischen Kapitalmarktrecht, Hamburg 2004, S. 44.102 Hopt/ Rudoph / Baum (Hrsg.), Börsenreform, Eine ökonomische, rechtsvergleichende und rechtspolitische Untersuchung, Stuttgart,1997, S. 856 f.103 Kessler /Micklitz , Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 237 f.104 Kessler /Micklitz , Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 270.105 Kessler /Micklitz, Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 271 f.106 Financial Services Action Plan – FSAP

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aSi pirvelad dasva 1896 wlis kanonma birJebis Sesaxeb. masSi pirvelad iqna mocemuli birJebze kvotirebuli sazogadoebebisa da maTi saemisio saxlebis sainformacio valdebulebebi, aseve danawesebi fasiani qaRal-debis daSvebis Sesaxeb da investorTa damcavi saSualebebi.116 mTlianoba-Si me-20 saukunis dasawyisSi germaniaSi investorTa dacva Zalian cota regulirebas edo safuZvlad.117 germaniaSi sasamarTloebma Tavdapirve-lad investorTa dacva uaryves, radgan kapitalis dabandeba aqciebSi, rogorc cnobilia sariskoa da amitom samarTlianad iqna miCneuli, rom investors es riskebi TviTonve unda etarebina. aseTi midgoma mTel risks akisrebs investorTa mxares da saSualebas aZlevs meore mxares, es riski Tavis sasargeblod gamoiyenos, rac samarTlis politikis mixedviT gaumarTlebelia. amitomac sasamarTlo praqtika iZulebuli gaxda es midgoma investorTa sasargeblod Seecvala.118

3.2. transformacia investorTa dacvis sistemaSi da investorTa dacvis mdgomareoba krizisamde

germanul samarTalSi mxolod 70-iani wlebis Sua periodSi dam-kvidrda idea, rom investorTa dacva upiratesad yovlismomcveli kapi-talis bazris samarTliT unda iqnes garantirebuli.119 regulirebis amerikuli filosofiisagan gansxvavebiT, investorTa dacvis germanuli koncefciisaTvis damaxasiaTebelia is, rom sajaroobis moTxovnaTa dad-geniT daculi unda iyos ara mxolod investori, aramed aseve sxva jgufebi (kreditorebi) da ufro metic, zogadad, sajaro interesi.120 in-vestorTa dacva gansakuTrebiT 90-ian wlebSi gaumjobesda, mTeli rigi RonisZiebebisa da kanonebis Sedegad. maT miekuTvneba 1995 wels fasiani qaRaldebis vaWrobisaTvis federaluri sazedamxedvelo dawesebulebis Seqmna, insaideruli danaSaulis Semadgenlobis SemoReba, fasian qaRal-debTan dakavSirebuli momsaxurebis gamwev pirTa qcevis wesebis gaum-jobeseba, sabirJo zedamxedvelobis gaumjobeseba da pasuxismgeblobis modernizacia mcdari sabirJo daSvebisa da sarealizacio prospeqtebis

Auflage, Köln 2008, S. 1.116 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 75 f.117 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 76 f.118 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 82.119 Grundmann, RZP, 54 Jahrgang 1990, S. 285.120 Grundmann, RZP, 54 Jahrgang 1990, S. 287 f.

tikuri debatebidan bevri Cerdeboda imaze, unda arsebobdes Tu ara „evropuli SEC-i~. vinaidan evropaSi sainvesticio da sabazro saqmi-anobebma didi xania gadaabijes nacionalur sazRvrebs da regulirebis problemebi aSkarad exeba mTlian evropul sivrces, moiZebneba bevri argumenti erTiani regulatoris sasargeblod. magram bunebrivi SiSi mdgomareobda imaSi, rom wevri qveynebi dakargavdnen fasiani qaRal-debis kanonebis politikaze gavlenas, am Zalauflebis centralizebuli dawesebulebisaTvis gadacemiT. arsebobda aseve seriozuli normatiuli Relva. erTaderTi „monopolisti~ regulatoris arCeva zrdis safrTx-es, rom gadaxveuli iqneba iseTi miznebidan, rogoric aris samarTlianoba da efeqtiani moqmedebis unari.112 evropis komisiis mizans warmoad-gens sabanko, sadazRvevo da kapitalis momsaxurebisaTvis erToblivi bazari. aseTi Sida bazari Tavisi funqcionirebis efeqtianobisaTvis, rogorc Cans, saWiroebs kapitalis bazris zedamxedvelobis garkveul centralizebas. Evropis kavSiris samarTali investorTa dacvis kuTx-iT, individualuri da institucionaluri investorebis samarTlebrivi poziciis formirebis mimarTulebiT deficituria, miuxedavad imisa, rom 2003 wlis direqtivam „insaiderebis saqmianobisa da bazris boro-tad gamoyenebis Sesaxeb’’ garkveuli gaumjobeseba Semoitana investorTa dacvaSi.113 lamfaluzis struqturis mniSvnelovani mizani – evropuli fasiani qaRaldebis bazris moqnili regulireba – ver iqna miRweuli.

3. germania

germanuli finansuri bazrisaTvis damaxasiaTebelia masze bankebis gavlena, magram msoflio ekonomikis globalizaciam, finansuri bazrebis internacionalizaciam transformaciis procesis dawyeba gamoiwvia.114

3.1. investorTa dacvis genezisi

kreditorebis damcav uflebebs germaniaSi ufro didi mniSvneloba eniWeba maSin, rodesac investorTa dacva da gamWirvalobis danawesebi ufro sustad aris warmodgenili.115 investorTa dacvis sakiTxi germani-

112 Ferrarini / Wymeersch, Investor Protection in Europe, Oxford University Press, New York 2006, S. 485 f.113 Kessler /Micklitz, Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 306 f.114 Halfpap, Kapitalmarktaufsicht in Europa und den USA, Frankfurt am Main 2008, S. 15.115 Rudolf in Habersack/Mülbert/Schlitt (Hrsg.), Unternehmensfinanzierung am Kapitalmarkt, 2.

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sajaroobis valdebulebebis Sesaxeb.130

bazris funqcionirebisa da investorebis dacva ganixileba kapitalis bazris regulirebis arsebiT, mTavar amocanad. centraluria, erTi mxriv, stabiluri, gamWirvale da srulyofili kapitalis bazris garantireba da, meore mxriv investorTa dacva.131

4.saqarTvelo

saqarTveloSi fasiani qaRaldebis bazris Camoyalibeba saxelmwifoe-brivi damoukideblobis aRdgenis Semdeg (1991 w.) daiwyo da jer kidev ar dasrulebula. investorebis dacvasTan dakavSirebuli sakiTxebi gan-vlili periodis ganmavlobaSi mudmivad idga yuradRebis centrSi, Tumca es yuradReba yovelTvis periodis amocanebidan gamomdinareobda.

saqarTveloSi 90-iani wlebis dasawyisSi kapitalis bazris ganvi-Tareba daiwyo stiqiurad. Seiqmna mravali saaqcio sazogadoeba, Camoy-alibda sxvadasxva saxis fondebi, bankebi. Sedegad, ise, rogorc umravles saqarTvelos msgavs qveyanaSi, qveyana moicva finansurma piramidebma, rom-lebic dasrulda kraxiT da aTi-aTasobiT meanabris zaraliT. fizikuri pirebis, investorebis dacva SesaZlebeli iyo samewarmeo saqmianobis formebis swori gansazRvriT. am mizniT miRebuli iqna saqarTvelos kanoni „mewarmeTa Sesaxeb~ (1994 w. 28 oqtomberi). kanoni efuZneboda germanul samarTals.

saxelmwifo politika, iqidan gamomdinare, rom qveyana ganicdida in-vesticiebis naklebobas, mimarTuli iyo ucxouri investiciebis mosazi-dad. am mizniT miRebuli iqna kanonebi: „ucxouri investiciebis Sesaxeb~ (1991 wlis 25 ivlisi), „ucxouri investiciebis Sesaxeb~ (1995 wlis 30 ivnisi), „sainvesticio saqmianobis xelSewyobisa da garantiebis Ses-axeb~ (1996 wlis 12 noemberi). Aam ukanasknelSi 2006 wels Setanili iqna cvlilebebi da preambulaSi gaCnda Canaweri, rom kanoni warmoadgens samarTlebriv safuZvelsa da dacvis garantiebs, rogorc ucxoeli, ise „adgilobrivi investiciebis~ ganxorcielebisaTvis. aRniSnuli kanoniT gansazRvrulia investiciis arsi, misi struqtura, sainvesticio saqmi-anobis subieqti da obieqti. kanonis pirveli muxlis pirveli punqtis Tanaxmad, „investiciad miiCneva yvela saxis qonebrivi da inteleqtual-uri faseuloba an ufleba, romelic dabanddeba da gamoiyeneba SesaZlo mogebis miRebis mizniT saqarTvelos teritoriaze ganxorcielebul same-warmeo saqmianobaSi~. sainvesticio saqmianobis subieqtad kanoni miiCnevs

130 Halfpap, Kapitalmarktaufsicht in Europa und den USA, Frankfurt am Main 2008, S. 22.131 Halfpap, Kapitalmarktaufsicht in Europa und den USA, Frankfurt am Main 2008, S. 160.

gamo.121 germaniaSi ar arsebobs investorTa dacvis regulirebisaTvis er-

Tiani samarTlebrivi CarCo. am mizans sxvadasxva kanonebis normebi emsaxureba.122 sainvesticio samarTlis regulirebis safuZvlebi mraval-ricxovan calkeul kanonebSi aris mimobneuli. 123

2002 wlis pirvel maiss germaniaSi Seiqmna axali saxelmwifo zedamxedveloba bankebze, sadazRvevo kompaniebsa da finansuri momsax-urebis gamwev institutebze. finansuri momsaxurebis gawevaze zedamxed-velobisaTvis axali federaluri organos SeqmniT124 unda momxdariyo zedamxedvelobis aucilebeli axali organizaciuli mowyoba. axali organos Seqmnis Sesaxeb kanoni sabolood 2001 wlis 15 agvistos iqna damtkicebuli federaciis samTavrobo kabinetSi da 2002 wlis 22 marts federaluri sabWos mier miRebuli.125 BAFin-is davalebebs warmoadgens: 1. bazris zedamxedveloba; 2. prospeqtis Semowmeba; 3. fi-nansuri momsaxurebis gamwevTa regulireba; 4.SeZenis SeTavazebis kon-troli; 5. sabuRaltro angariSebis kontroli. BAFin-is kompetencia aranairad ar SeiZleba Seedaros amerikuli SEC-is (fasiani qaRaldebis komisiis) kompetencias.126

Semdgomi cvlilebebi moitana investorTa dacvis gaumjobesebis Sesaxeb 2004 wlis 28 oqtombris kanonma.127 man Seitana cvlilebebi gayidvis prospeqtis kanonSi da ZiriTadad emsaxureboda evropuli di-reqtivebis transformacias (evropis parlamentisa da evropis sabWos 2003 wlis 23 ianvris direqtiva insaiderebis saqmianobisa da bazris manipulaciis (bazris borotad gamoyenebis) Sesaxeb).128

germanuli kapitalis bazris samarTlis birTvs warmoadgens kanoni fasiani qaRaldebiT vaWrobis Sesaxeb.129 igi Seicavs danawesebs fasian qaRaldebTan dakavSirebuli momsaxurebis gamwev institutTa qcevisa da organizaciis valdebulebebis Sesaxeb, insaideruli samarTlis Sesaxeb, sabazro fasis manipulaciis Sesaxeb, Setyobinebis valdebulebisa da

121 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 77.122 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 79.123 Bultmann / Hoepner / Lischke, Anlegerschutzrecht, München 2009, S. 3.124 BAFin-Bundesanstalt für Finanzdienstleistungsaufsicht125 Halfpap, Kapitalmarktaufsicht in Europa und den USA, Frankfurt am Main 2008, S. 19 f.126 Nicodem, Dopellisting und Anlegerschutz im amerikanischen und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 85.127 Anlegerschutzverbesserungsgesetz-AnSVG128 Bultmann / Hoepner / Lischke, Anlegerschutzrecht, München 2009, S. 5.129 WpHG- Gesetz über den Wertpapierhandel – Wertpapierhandelsgesetz

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Raldebis bazris Sesaxeb~ (1998 wlis 24 dekemberi). aRniSnuli kanoni SemuSavebulia anglo-amerikuli kanonmdeblobis safuZvelze. am kanonis miRebiT saqarTvelos kanonmdebloba fasiani qaRaldebis sferoSi gaxda aSS-sa da evropis kavSiris kanonmdeblobis xarisxis mqone. kanonis preambulaSi mocemulia kanonis mizani _ investorTa da maT Soris po-tenciur investorTa interesebis dacva, romelic SesaZlebelia mxolod maTTvis fasiani qaRaldebTan dakavSirebuli informaciis sajaroobis, xelmisawvdomobisa da samarTliani vaWrobis wesebis dadgenis gziT.132

„fasiani qaRaldebis bazris Sesaxeb’’ kanonamde cota xniT adre, 1998 wlis 5 marts, miRebuli iqna kanoni „saxelmwifo valis Sesaxeb~, romelmac daaregulira saxelmwifo fasiani qaRaldebis emisiisa da sa-jaro SeTavazebis sakiTxebi.

fasiani qaRaldebis meorad bazarze investorebis interesebis dac-vis TvalsazrisiT saqarTvelos kanonmdebloba 1998 wels Seicavda bevr iseT pozicias, romelic dRes evropasa da aSS-Si ganixileba rogorc reformis mimarTuleba da mizani. gansakuTrebiT mniSvnelovani iyo in-vestorebis informirebulobis sakiTxi saemisio prospeqtis dros, emi-tentebisa da finansuri angariSgebis sajaroobis, konfidencialuri da insaideruli informaciis, zianisa da sanqciis sakiTxebi.

1998 wels Seiqmna fasiani qaRaldebis erovnuli komisia, romelsac evaleboda „fasiani qaRaldebis Sesaxeb~ kanonis praqtikuli ganxor-cieleba. komisia mowyobili iyo amerikuli SEC-is principebiT. man iarseba 2007 wlamde, rodesac miRebuli iqna gadawyvetileba finansur sferoSi megaregulatoris Seqmnis Sesaxeb. 2007 wlis 11 ivlisis sakanonmdeblo cvlilebiT „fasiani qaRaldebis bazris Sesaxeb~ kanonis ganxorcielebis valdebuleba daekisra sajaro samarTlis iuridiul pirs _ saqarTvelos finansuri monitoringis samsaxurs.

mTlianobaSi, finansur kriziss saqarTvelo finansur sferoSi inve-stirebisaTvis mowesrigebuli kanonmdeblobiT Sexvda, Tumca krizisis dawyebisa da ganviTarebis stadiaze (2007 weli), finansuri krizisis wina periodSi, garda instituciuri cvlilebebisa, saqarTveloSi mniS-vnelovani sakanonmdeblo cvlilebebic ganxorcielda. am cvlilebebis Sefaseba cdeba am kvlevis mizans, Tumca unda iTqvas, rom investorTa interesebis dacvis kuTxiT bevri maTgani zrdis riskebs. magaliTad, kanonmdebelma emisiis prospeqtisadmi wayenebuli moTxovnebidan pir-vandeli redaqciidan amoiRo prospeqtze emitentis sameTvalyureo sab-Wos „wevrTa umravlesobiT~ xelis mowera (me-2 muxli p. ~b~); imaTze miTiTeba „vinc akontrolebs emitents~ (me-2 muxli, p.~b~, qvep.~b.a~);

132 jibuti/yoranaSvili, `fasiani qaRaldebis bazris Sesaxeb~ saqarTvelos kanonis ko-mentari, Tbilisi 2004, gv. 14.

yvela fizikur da iuridiul pirs, agreTve saerTaSoriso organizacias, romelic axorcielebs investiciebs saqarTveloSi (me-2 muxli).. amave kanoniT aris gansazRvruli investiciebis dacvis garantiebi, rom inves-ticiebi saqarTveloSi mTlianad da upirobod aris daculi (me-7 muxli, p.1) amasTan, kanonis Tanaxmad, investirebisaTvis dadgenilia nacionaluri reJimi, anu ucxoeli da saqarTvelos investorebi sargebloben Tanabari uflebebiTa da garantiebiT (me-3 muxli, p.1). 2006 wlis 30 ivliss miRebuli iqna kanoni „investiciebis saxelmwifo mxardaWeris Sesaxeb~. am kanonis moqmedeba vrceldeba „nebismier ucxour da adgilobriv investiciaze~ (me-2 muxli, p.1). Tavad aseTi kanonis arsebobis faqti dadebiTia investorebis dacvis saqmeSi, magram es kanoni rogorc kon-teqstiT SeiZleba gairkves, orientirebulia investiciebze samewarmeo sferoSi. Tumca investiciis ganmarteba kanonSi mocemuli araa. kanonis gamoyeneba aseT SemTxvevaSi SeuZlia nebismier, maT Soris kapitalis bazris investors. kerZod, mas SeuZlia moiTxovos nebismieri informa-cia „investiciebis ganxorcielebasTan dakavSirebul~ sakiTxebze (me-4 muxli, p.1, qvep. `g~). magram es informacia SesaZlebelia miiRos Tu es exeba administraciul organoebs. agreTve sainteresoa, rom „anazRau-rebad sawyisebze~ investors SeuZlia isargeblos sajaro samarTlis iuridiuli piris „saqarTvelos erovnuli sainvesticio saagentos~ momsaxurebiT (me-3 muxli, p.3). kanoni iTvaliswinebs „gansakuTrebuli mniSvnelobis investoris~ (ZiriTadad Tu investiciis zoma aRemateba 8 mln. lars) statusis miniWebas (muxli 10). am statusis mqone inves-tors aqvs gansakuTrebuli samTavrobo xelSewyoba.

yvela aRniSnuli specialuri kanoni jer erTi, mimarTulia inves-ticiebis mozidvis wasaxaliseblad da meorec, masSi aqcenti gadatanil-ia investorebTan xelisuflebis urTierTobaze da ara investiciebisa da investorebis dacvis erTian sistemaze, meqanizmze. Tu yuradRebiT davakvirdebiT qarTul kanonmdeblobas investiciebTan dakavSirebiT da-vinaxavT, rom yvelgan saubaria investiciebis dacvaze misi fizikuri mniSvnelobiT, misi gadaadgilebis, xelSeuxeblobis TvalsazrisiT. bune-brivia, es niSnavs investoris dacvasas, magram mis dacvasac investiciebis ganxorcielebisa da investiciebis Sedegebis miRebis procesSi. am gage-biT qarTuli kanonmdebloba liberaluria da SesabamisobaSia saerTa-Soriso principebTan (nacionaluri reJimi). magram, warmodgenil qarTul kanonmdeblobaSi saubari ar aris investoris dacvaze gadawyvetilebis miRebis dros, ar iyo gamijnuli investorTa dacvis sakiTxi korpora-ciis SigniT da mis gareT, maT Soris fasiani qaRaldebis bazarze, ar iyo dadgenili kapitalis bazris monawileTa pasuxismgebloba investorTan mimarTebaSi. ase iyo 1998 wlamde, vidre miRebul iqna kanoni „fasiani qa-

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debis brunvidan warmoSobil valdebulebebs aregulirebs samoqalaqo kodeqsis 24-e Tavi. amasTan, es danawesebi SesabamisobaSi aris mosayvani saqarTveloSi moqmed kanonmdeblobasTan, vinaidan samoqalaqo kodeqsi jer kidev iTvaliswinebs fasiani qaRaldebis materialuri saxiT arse-bobas, rac realurad ukve aRar arsebobs.

5. Sualeduri daskvna

evropis, aSS-s, germaniisa da saqarTvelos kapitalis bazris reguli-rebis sistemebze saubrisas aRniSnuli iyo samarTlebrivi sistemebisaT-vis damaxasiaTebeli ZiriTadi msgavsebebi da gansxvavebebi. magram ufro meti sicxadisaTvis mniSvnelovani debulebebi kidev erTxel unda iqnes Sejamebuli.

bankebis gavlena germanul finansur bazarze Zalze didi iyo, rac nel-nela icvleba. amis sapirispirod, amerikuli finansuri sistema Zli-erad aris kapitalis bazarze orientirebuli.

amerikuli kapitalis bazari evropuli regulirebis filosofiis mTavar magaliTs warmoadgenda. amerikuli kapitalis bazari misdevs kap-italis bazris mkacrad centralistur kontrols. evropis kavSiri ar gahyva am politikas da decentralizebuli finansuri zedamxvedveloba airCia, romelic samuSaos gadanawilebiT unda iqnes garantirebuli. amas garda, aSS-Si individualuri investorebi Zalze farTo uflebebiT arian aRWurvilni, maT gaaCniaT zianis anazRaurebis moTxovnebi. evropis kavSirSi investorTa uflebebis ganxorcieleba SesaZlebelia mxolod nacionaluri samarTlebrivi sistemebis danawesebis farglebSi.

amerikul bazars mWidro regulireba da, saerTod, regulirebaTa simravle axasiaTebs. germaniisa da evropisagan gansxvavebiT, bazrebi kapitalis bazris regulirebis mravlismomcveli sistemiT wesrigdeba. aSS-s aqvs sakmaod maRalganviTarebuli bazrebi, ukeTesad momzadebuli investorebi da ufro maRali dacva investorebis Zalze detalizire-buli, nawilobriv, Zalian formaluri zedamxedvelobisa da sajaroobis regulirebiT da angariSebisa da balansebis warmodgenis gamWirvale sistemiT. termin „fasian qaRalds~ aqvs Zalian farTo gamoyenebis sfero. amerikuli samarTlebrivi sistema aniWebs investorebs TavianTi moTxovnebis ganxorcielebisaTvis aseve e.w. „koleqtiur sarCels~ Class Action- is saxiT.

germaniaSi ar arsebobs erTiani samarTlebrivi CarCo investorTa dacvisaTvis. kreditorebis dacvas ufro meti yuradReba eqceva da in-vestorTa dacva da gamWirvalobis normebi sustad aris daregulire-

informacia im iuridiuli pirebis Sesaxeb, romlebSic „emitentis wili 50%-s aRemateba~ (me-2 muxli, p. ~b~, qvep.~b.d~); damoukidebeli audito-ris werilobiTi dasturis aucilebloba imis Taobaze, rom man Seamowma emitentis angariSebi da Tanaxmaa misi daskvnebi gamoyenebul iqnes emi-siis prospeqtSi (me-2 muxli, p.~b~, qvep.~b.d~); im eqspertTa xelmow-erili daskvnebis aslebi, vinc moamzada an daamowma emisiis prospeqtSi mocemuli informacia (me-2 muxli, p.3) da sxva.

zogierTi moTxovna kanonmdebelma Caaswora aSkarad ara informaciis gazrdis mimarTulebiT. kanoni moiTxovda, rom emisiis saboloo pros-peqtSi informacia ar yofiliyo „9 Tveze ufro adrindeli~. moqmed redaqciaSi 9 Tve Secvlilia 18 TviT (me-4 muxli, p.18). Tavdapirveli redaqcia iTvaliswinebda damtkicebul saemisio prospeqtTan Sedare-biT fasiani qaRaldebis fasis 20%-iani cvlilebis dros damatebiT proceduras. moqmed redaqciaSi es norma amoRebulia. amasTan, kanonis pirvel redaqciaSi aqciebis sajaro vaWroba (100-ze meti pirisaTvis an dauzustebeli raodenobis pirebze aqciebis miyidva) SesaZlebeli iyo mxolod Suamavlis an brokeris meSveobiT da mxolod safondo birJaze. 2007 wlis 27 martis sakanonmdeblo cvlilebiT sajaro vaWroba Sesa-Zlebelia rogorc birJaze, ise birJis gareT. aman gamoiwvia „nacrisferi bazris~ zrda. 2009 wels „nacrisferi bazris~ wilma Seadgina 96,86%. (sul fasiani qaRaldebis garigebaTa saerTo moculobam Seadgina 98,9 mln. lari. aqedan birJis savaWro sesiaze dadebul garigebaTa Rireb-uleba iyo mxolod 3,1 mln. lari, danarCeni 95,8 mln. laris garige-ba dafiqsirda birJis gareT)133. 2010 wlisaTvis „nacrisferi bazris~ wilma Seadgina 95%. (sul garigebebi: 101, 2 mln. lari. aqedan birJis savaWro sesiaze 5,1 mln. lari, birJis gareT _ 96,1 mln. lari).134

„fasiani qaRaldebis Sesaxeb~ kanonSi mocemulia sanqciebis fi-losofia, Tu ratom, rodis da vin unda daisajos, an rodis ar unda daisajos emisiis prospeqtSi araswori informaciisaTvis (me-4 muxli, p.12); am informaciis gamo miyenebuli zaralisaTvis pasuxismgebloba (me-4 muxli, p.14); licenziis pirobebis SeusruleblobisaTvis (muxli 31); gayalbeba da manipulacia (muxli 44); insaideruli informaciis borotrad gamoyeneba (muxli 45) da sxva. kanonis specialur TavSia Camoyalibebuli „pasuxismgebloba fasiani qaRaldebis Sesaxeb kanonmde-blobis darRvevisaTvis~ (Tavi IX). fasiani qaRaldebis Sesaxeb kanonmde-blobis darRvevisaTvis, umetesoba, administraciuli samarTaldarRvevaa da saqarTvelos administraciul samarTaldarRvevaTa kodeqsis 1654-1659 muxlebiT gansazRvrul pasuxismgeblobas iwvevs. fasiani qaRal-

133 saqarTvelos erovnuli banki, wliuri angariSi 2009, gv. 96.134 saqarTvelos erovnuli banki, wliuri angariSi 2010, gv. 91.

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kapitalis bazrisa da investorTa dacvis sferoSi moqmedi qarTuli kanonmdebloba xarisxiT uaxlovdeba amerikulsa da evropuls. igi izi-arebs im princips, romelic yvela doneze sayovelTaod aris aRiare-buli. Tumca, ganviTarebuli qveynebis donis kapitalis bazris ararse-bobis gamo, bazarze investorTa dacvis sakiTxi saqarTveloSi arasodes gamxdara iseTi aqtualuri rogorc sxvagan.

krizisamde arsebuli tendencia gviCvenebs, rom germanuli kanonmde-bloba uaxlovdeba evropuls, romelic, Tavis mxriv, Tavisi principebiT amerikulze aris damyarebuli. sxva sityviT rom iTqvas, saxezea kanon-mdeblobis harmonizaciis, unificirebis tendencia. magram mniSvnelovania ara kargi da cudi samarTlebrivi sistemebs dadgena, aramed faqti, rom orive SemTxvevaSi rogorc evropaSi, ise amerikasa da saqarTveloSi, arsebobda sferoebi, romlebic mTlianad sakanonmdeblo regulirebis gareT mdebareobda.

buli. investorTa dacvis germanuli sistema erTiani maregulirebeli wyaros ararsebobis gamo Zalian Znelad aRqmadia. investorTa individu-alurad damcavi normebi, romlebic investorebs sarCelis uflebebs aniWeben, marTalia kanoniT aris dafiqsirebuli, magram sasamarTlo praq-tikis ararsebobis gamo maT aklia garantirebuli erTiani gamoyenebis praqtika. BAFin-s ufro naklebi Carevis kompetencia gaaCnia vidre amerikul SEC-s da xelisuflebis danawilebis germanuli principidan gamomdinare, ar aqvs SEC-is msgavsi sasjelis Sefardebis kompetencia. amerikelma kanonmdebelma germanel kanonmdebelze bevrad adre dauTmo yuradReba fasiani qaRaldebis kursebis manipulaciis problemas. amis mizezs warmoadgenda, erTi mxirv, gamocdileba, romelic ukavSirdeba 1929 wlis birJebis dacemas, magram, meore mxriv, aseve is faqti, rom amerikaSi siberis, avadmyofobis da invalidobis dazRveva yovelTvis Tavdapirvelad kerZod xorcieldeboda da Sesabamisad, adre warmoiSva sakuTari investiciisa da masTan dakavSirebuli damcavi meqanizmebis ar-sebobis saWiroeba. germaniaSi ki tradiciulad saxelmwifo gamodioda saWiroebis SemTxvevaSi. magram es tendencia nel-nela icvleba da sul ufro meti yuradReba eqceva individualuri investorebis dacvis meqa-nizmebs135.

aSS-Si investorTa dacva ufro metad aris dakavSirebuli kap-italis bazris regulirebis mizanTan. kapitalis bazris regulire-bas aSS-Si, evropaSi, germaniasa da saqarTveloSi saerTo aqvT miznebi, romelTa miRwevac aris dasaxuli. esenia: bazris funqcionirebisa da investorTa dacva da stabiluri da integrirebuli kapitalis bazris garantireba. magram aucileblad unda iTqvas, rom finansur krizisamde ar arsebobda erTiani, srulyofili, samarTlebrivi an administraciuli sistema fasiani qaRaldebis regulirebisTvis da investorTa dacvisaT-vis, arc nacionalur da arc internaciunalur doneze. am mxriv aranairi Sedegi ar gamouRia arc evropis kavSirisa da arc saerTaSoriso orga-nizaciebis mcdelobebs uzrunvelyoT moqmedebis ganxorcieleba erTiani principebis safuZvelze. evropuli kanonmdebloba cdilobda amerikuls miaxloeboda. krizisamde kapitalis bazris regulirebis ori ZiriTadi modeli arsebobda: amerikuli da germanuli modelebi. sxva modelebi maT emsgavsebian an maTgan gamomdinareoben. SeiZleba am ori modelis erTmaneTisagan gansxvaveba, albaT, samarTlebrivi kuTxiT, magram Sede-gebis kuTxiT unda iTqvas, rom verc erTma maTganma ver SeZlo krizisis dros investorTa interesebis dacvis garantireba, rom aRaraferi vTq-vaT krizisis Tavidan acilebaze.

135 Nicodem, Dopellisting und Anlegerschutz im amerikanischem und deutschen Recht am Beispiel der börsenrechtlichen Ad-hoc-Publizität, Frankfurt am Main 2006, S. 86 f.

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1. amerikis SeerTebuli Statebi

aSS-s kapitalis da uZravi qonebis bazarze finansuri buStis war-moqmnam mis qveS mdebare struqturuli problemebi gamoaCina da ufro gaamwvava. didi depresiis Semdeg amerikis SeerTebul StatebSi Seiqmna ufro farTo dacva finansur sistemaze, rac iTvaliswinebda bankebis mxridan riskebis aRebis SezRudvas, bazris Riaobisa da investorTa dacvis gaumjobesebas. amis Sedegad mravali aTwleulis ganmavlobaSi garantirebuli iqna fundamenti stabiluri sabanko saqmianobisaTvis. ma-gram drosTan erTad es dacva aRar aRmoCnda sakmarisi. saxeze iyo 21-e saukunis finansuri sistema saukunis winandeli dacviT. tradiciul sabanko sistemaze morgebuli dacva ar aRmoCnda sakmarisi, rom winaaR-mdegoba gaewia Rrma recesiisa da uZrav qonebaze fasebis mniSvnelovani dacemisaTvis. Finansuri regulirebis reforma-obamas administraciis `TeTri wigni~, ivnisi 2009 (,,obamas gegma’’) 141

1.1. finansuri regulirebis reforma _ obamas administraciis `TeTri wigni~, ivnisi 2009 (,,obamas gegma’’) 142

2009 wlis 17 ivniss prezident obamas administraciam gamoaqveyna winadadebebi amerikuli finansuri bazris regulirebis gasaZliereblad. `TeTri wigni’’ iTvaliswinebs ambiciur programas, romelic miznad isax-avs investorTa dacvas.143 SemoTavazebuli iqna, reformis Sedegad xuTi ZiriTadi miznis miRweva. Ees miznebia: 1. finansuri sawarmoebis Zlieri zedamxedvelobisa da regulirebis moTxovna; 2. finansuri bazrebis farTo zedamxedvelobis Seqmna; 3. momxmareblebisa da investorebis dacva finansuri maqinaciebisagan; 4. mTavrobis aRWurva Sesabamisi saSu-alebebiT, romlebic saWiroa krizisis menejmentisaTvis; 5. saerTaSori-so maregulirebeli standartebis SemuSaveba da saerTaSoriso TanamS-romlobis gaumjobeseba.

141 Financial Regulatory Reform-Obama’s Administration’s white Paper, June 2009 (,,the Obama Plan~)142 Financial Regulatory Reform-Obama’s Administration’s white Paper, June 2009 (,,the Obama Plan~)143 Milbank, Client Alert, The Obama White Paper on Financial Regulatory Reform, June 19 2009: http://www.milbank.com/NR/rdonlyres/DEB73077-1E29-43F1-BB3F4613CA02729 9/0/ 061909_Financial_Regulatory_Reform.pdf.

V. investorTa dacvis samarTlebrivi sistemis

srulyofa finansuri krizisis Semdeg

finansurma krizisma Rrma kvali datova adamianebis ndobaze. ar-sebuli krizisi moiTxovs erTian midgomas, rogorc nacionalur, aseve evropisa da saerTaSoriso doneze, raTa aRdges ndoba da stabilu-roba finansur bazrebze. rodesac globalurma finansurma krizisma ifeTqa, finansurma sazogadoebam Seicno ukeTesi globaluri koordi-naciis saWiroeba. krizisis Semdgom ganxorcielebuli da SemoTavaze-buli reformebis saerTo niSans gazrdili saerTaSoriso TanamSrom-loba warmoadgens. globalurma finansurma krizisma naTeli gaxada globaluri finansuri sistemis erTmaneTTan dakavSirebuli xasiaTi da sistemuri riskebis gamwvavebuli safrTxe, rogorc erT-erTi mni-Sivnelovani safrTxe mTeli sistemisaTvis. regulatorebma unda ipovon TanamSromlobis gzebi, raTa gaakontrolon investirebis meTodebi da riskebis aReba didi, erTmaneTTan dakavSirebuli sawarmoebis mier, rom-lebic globalur asparezze funqcionireben. ukve mravali moqmedebis gegma iqna SemoTavazebuli am problemebis gadasawyvetad da finansuri sistemis globaluri zedamxedvelobis asamaRleblad.136 vaSingtonis samitze SemoTavazebuli ganmartebis mixedviT, yvela finansuri bazari, yvela produqti da yvela monawile unda iyos daregulirebuli an unda eqvemdebarebodes zedamxedvelobas.137 krizisis pasuxebi erTad unda iqnes SemuSavebuli. globalur samyaroSi ar arsebobs arc erTi qveyana, romelsac unari Seswevs gadaWras es problemebi martom. krizisi am-JRavnebs axal niSnebs da amitom umjobesia, rom regulatorebma moq-medeba daiwyon TamaSis Secvlili wesebis Sesabamisad.138 dakarguli ndo-bis dabrunebisaTvis saWiroa ufro Zlieri zomebis miReba vidre aqamde, rodesac sakiTxi exeboda mxolod arsebuli ndobis SenarCunebas.139 Tum-ca, SemoTavazebuli reformebi ZiriTadad Semoifargleba mxolod arse-buli instrumentariumis gamoyenebiT, kerZod likvidurobis gaZliereba, riskebis menejmentis gaumjobeseba, riskebis ufro meti gamWirvaloba an gaZlierebuli zedamxedveloba da a.S. amitomac ismis kiTxva: sakmarisia es? xom ar aris saWiro axleburi azrovneba?140

136 Erin J Nothwehr, Post-Crisis Financial Regulatory Reform,February 2010, p. 16-17. http://www.uiowa.edu/ifdebook/ebook2/PDF_Files/Part_5_7.pdf.137 Möschel, ZRP 5/2009, S. 129-133 (133).138 ixile: Soros: I don’t play according to a given set of rules, I look for changes in the rules of the game, George Soros, Soros on Soros, USA 1995, S. 10.139 Grundmann / Hofmann / Möslein (Hrsg.), Finanzkrise und Wirtschaftsordnung, Berlin 2009, S. 26.140 Schneider, ZRP 4/2009, S. 119-121 (120).

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romelic aseT produqtebs awarmoebs, xelmisawvdoms xdis an sTavazobs momxmarebels.149

2. finansuri stabilurobis sabWo: zedamxedvelobis sabWos Seqmna, romelic moaxdens im finansuri sawarmoebis identificirebasa da regu-lirebas, romlebic imdenad didi, erTmaneTTan dakavSirebuli an riskebiT mdidarni arian, rom maT gakotrebas SeuZlia mTeli finansuri siste-mis safrTxis qveS dayeneba. es sistemurad sarisko sawarmoebi unda daeqvemdebaros ufro gaZlierebul zedamxedvelobas, standartebs da regulirebas.

3. ~Too Big to Fail~ doctrine-is dasasruli: momavalSi aRar unda iyos SesaZlebeli, rom gadasaxadis gadamxdelebs mosTxovon Cekis gamowera finansuri kompaniebis gadasarCenad. dawesebuli unda iqnes axali mkacri standartebi da zedamxedveloba ekonoikisa da amerikeli momxmare-blebis, investorebisa da amerikuli biznesis dasacavad.

4. aRmasrulebelTa anazRaureba: aniWebs aqcionerebs xmis uflebas aRmasrulebelTa anazRaurebis sakiTxebSi.

5. investorTa dacva: aZlierebs SEC-is Zalauflebas, raTa man uke-Tesad daicvas investorebi da ukeTesad daareguliros fasiani qa-Raldebis bazari. igi iTvaliswinebs SEC-is biujetis gaormagebas (1,1 miliardi dolaridan 2010 wels 2.25 miliard dolaramde 2015 wels). es saSualebas miscems SEC-s, rom ukeT ganaxorcielos investorTa da arsebuli bazrebis zedamxedveloba. SEC-s unda mieces Zalaufleba, rom moiTxovos ufro meti gamWirvaloba, magaliTad imis moTxovniT, rom prospeqtebi investorebs mieceT yidvamde, raTa investors SeeZlos yidvis momentSi miiRos informirebuli gadawyvetileba. kanoni avsebs regulirebis xarvezebs, romelmac ufleba misca `hej-fondebsa’’ da maT mrCevlebs, Tavi aeridebinaT mTliani regulirebisaTvis. momavalSi ufro meti investorTa konsultanti, mrCeveli daeqvemdebareba zedamxedvelo-bas fasiani qaRaldebis saxelmwifo regulatorebis mier. individu-alur kapitalTan dakavSirebuli yvela mrCevlisaTvis saWiro gaxdeba SEC-Tan daregistrireba.

6. sakredito sareitingo saagentoebis reformireba: iTvaliswinebs gadamwyvet RonisZiebebs, raTa Seamciros interesTa konfliqtebi, bazris ndoba sakredito sareitingo saagentoebis mimarT da saagentoebs pasux-ismgeblobis standarti daakisros.

149 Sutherland, Legal Alert, Financial Regulatory Reform – A New Foundation: Rebuilding Financial Supervision and Regulation, June 23, 2009: http://www.sutherland.com/files/News/d404ccba-03cf-423e-8b6e0232e2d44af0/Presentation/NewsAttachment/309a0f9d-7bf2-40e6-ad5e- 2f249bc1b2bc/CORPAlert6.23.09.pdf.

1.2. vol stritis reformisa da momxmarebelTa dacvis 2009 wlis kanoni144

2009 wlis 12 dekembers aSS-Si miRebuli iqna sakvanZo dokumenti finansuri reformisaTvis, `vol stritis reformisa da momxmarebelTa dacvis 2009 wlis kanoni~, romelic iTvaliswinebs finansuri seqto-ris farTo zedamxedvelobas. axal kanonSi damoukidebeli ganyofileba investorTa dacvas145 eZRvneba. investorTa dacvis kanoni (romelic war-moadgens kanonmdeblobas, romelic sabolood momdinareobs obamas mTav-robis 2009 wlis ivnisis `TeTri wignidan’’ finansuri regulirebis reformis Sesaxeb) moicavs mraval danawess, romelTac mniSvnelovani cvlilebebis motana SeuZliaT.146

prezidenti buSi da respublikelebi `sxva mimarTulebiT iyure-bodnen~, rodesac `vol striti~ da didi bankebi regulirebaSi arse-bul xarvezebs korporaciuli miznebis misaRwevad iyenebdnen da mzardi problemebis ignorirebas axdendnen. finansuri bazrebis regulirebis warumatebloba, uflebas aZlevda `vol stritsa~ da did bankebs eTa-maSaT adamianebis fuliT da maTi momavali, maTi danazogebi da ameri-kuli ocneba daengriaT. Sedegi didi depresiis Semdeg yvelaze saSineli krizisia. gamosavals warmoadgens: reformebi, romlebic `vol stritsa~ da did bankebs pasuxismgebels gaxdian.147

,,vol stritis reformisa da momxmarebelTa dacvis kanoni~ moicavs Semdgom mTavar danawesebs:

1. momxmarebelTa dacva: momxmarebelTa finansuri dacvisaTvis saa-gentos Seqmna.148 man unda daicvas momxmarebeli finansur seqtorSi arasamarTliani, SecdomaSi Semyvani da Seuracxmyofeli meTodebisgan. CFPA-m unda Seamciros zedamxedvelobasa da iZulebaSi arsebuli xarvezebi, gaaumjobesos StatebTan koordinacia, daadginos finansuri SuamavlebisaTvis ufro maRali standartebi da moiTxovos msgavsi produqtebis TanmimdevrobiTi regulireba. CFPA Seiqmneba, raTa daicvas momxmarebeli miuxedavad sainvesticio produqtebisa da momsaxurebis saxeobisa. mas eqneba rogorc regulirebis, aseve zedamxedvelobisa da aRsrulebis prioriteti yvela mocul produqtze da dawesebulebaze,

144 Wall Street Reform and Consumer Protection Act 2009145 Investor Protection Act146 Bruce Carton, Dissecting the Investor Protection Act, January 13, 2010: http://www.securi-tiesdocket.com/2010/01/13/dissecting-the-investor-protection-act/.147 Talking Points: Wall Street Reform and Consumer Protection: http://financialservices.house.gov/Key_Issues/Financial_Regulatory_Reform/FinancialRegulatoryRefor /talking_points.pdf.148 Consumer Financial Protection Agency _ CFPA

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1.4. amerikis finansuri stabilurobis aRdgenis 2010 wlis kanoni156

2010 wlis 22 marts senatis sabanko saqmis komitetis Tavmjdo-marem, kris dodma warmoadgina amerikis finansuri stabilurobis aR-dgenis 2010 wlis kanoni, romelic senatma 20 maiss daamtkica. axali kanoniT gaTvaliswinebulia sabWos Seqmna, raTa man gamoaSkaraos da mouaros sistemur riskebs, romlebic didi, kompleqsuri sawarmoebisgan, produqtebisa da saqmianobisgan aris gamowveuli, sanam isini safrTxes Seuqmnian ekonomikas. finansuri stabilurobis sazedamxedvelo sabWo koncentrirebuli iqneba sistemuri riskebis identifikaciasa da kon-trolze. erTmaneTTan mWidrod dakavSirebul, globalur ekonomikaSi ufro advilia calkeulebis problemebi gadaiqces saerTo, sayovelTao problemebad.157

1.5. finansuri krizisis gamoZiebis komisia

2009 wels aSS-Si Seiqmna finansuri krizisis gamoZiebis komisia, romelsac evaleboda mimdinare finansuri da ekonomikuri krizisis adgilobrivi da globaluri mizezebis gamokvleva. komisiis amocanas warmoadgenda daedgina ra moxda da rogor moxda, raTa Semdgom gaego Tu ratom moxda es. es aris mcdeloba istoriis Cawerisa da ara misi gadawerisa. unda daisvas da pasuxi gaeces kiTxvas: rogor moxda ise rom 2008 wels eri iZulebuli gaxda arCevani gaekeTebina or mtkivneul alternativas Soris _ an gaeriska finansuri sistemisa da ekonomikis sruli dacema an gadasaxadis gadamxdelTa trilionobiT dolari ineq-ciis saxiT miewodebina finansuri sistemisa da rigi kompaniebisaTvis, ma-Sin rodesac milionobiT amerikeli kargavda Tavis samuSaos, danazogebsa da saxlebs? 2011 wlis 27 ianvars komisiam Tavisi daskvna warmoud-gina prezidents, kongressa da amerikel xalxs. komisiam daadgina, rom krizisis Tavidan acileba SesaZlebeli iyo. man mniSvnelovani da far-Tod gavrcelebuli xarvezebi ipova finansur regulirebaSi; dramatu-li xarvezebi aRmoaCina korporaciul marTvaSi;158 gadaWarbebuli sesxeba da riskebis aReba `vol stritisa~ da ojaxebis mier. gadawyvetilebis mimRebni ar iyvnen mzad krizisisaTvis. yvela safexurze adgili hqonda pasuxismgeblobisa da moralis, eTikis moTxovnebis sistemur darRve-

156 The Restoring American Financial Stability Act of 2010 _ RAFSA157 Summary : Restoring American Financial Stability: http://banking.senate.gov/public/_files/FinancialReformSummaryAsFiled.pdf.158 Corporate Governance

7. dazRvevis biuro: qmnis federalur sadazRvevo biuros,150 ro-melic gaakontrolebs sadazRvevo industriis yvela aspeqts, damzRvevTa regulirebaSi arsebuli im problemebisa da xarvezebis identifikaciis CaTvliT, romlebmac wvlili Seitanes sistemur krizisSi da mTeli fi-nansuri sistemis dasamareba SeuZliaT.151

1.3. investorTa sakonsultacio komitetis Seqmna152

2009 wlis 3 ivniss SEC-is Tavmjdomarem, mari Sapirom, ganacxada investorTa sakonsultacio komitetis Camoyalibebis Sesaxeb, raTa in-vestorebs mieceT ufro didi xma komisiis muSaobaSi.

sakonsultacio komitetis wesdeba iZleva interesTa farTo dia-pazons.153 2009 wlis 15 seqtembers komitetma gadawyvita Seeqmna sami qvekomiteti, romelic koncentrirebas moaxdenda investorTa sakvanZo problemebze. Ees qvekomitetebia: 1. qvekomiteti investorTa ganaTlebi-saTvis; 2. qvekomiteti investorTaTvis, rogorc myidvelTaTvis; 3. qve-komiteti investorTaTvis rogorc aqcionerebisaTvis.154 qvekomitetebi daexmarebian komitets, gamoikvlios am speqtrSi arsebuli problemebi da SeimuSaos Sesamabisi rekomendaciebi.

amasTan, SEC-s daevala investorTa finansur ganaTlebaze zrunva. am mizniT SEC-ma ufro gaafarTova misi saiti, romelic eqskluziurad mxolod investorebis ganaTlebisadmi aris miZRvnili.155 saits daemata ufro meti informacia sxvadasxva TemebTan dakavSirebiT, rogoricaa: rogor unda moxdes investiciebisa da investirebis profesionalebis moZieba, xarjebis gageba da a.S.

150 Federal Insurance Office151 The Wall Street Reform and Consumer Protection Act, Summary: http://financialservices.house.gov/Key_Issues/Financial_Regulatory_Reform/FinancialRegulatoryReform/4173summary120809.pdf.152 Investor Advisory Committee153 Homepage der U.S. Securities and Exchange Comission, Press Release, June 3, 2009: http://www.sec.gov/news/press/2009/2009-126.htm.154 Homepage der U.S. Securities and Exchange Comission, Press Release, Sept. 15, 2009: http://www.sec.gov/news/press/2009/2009-197.htm.155 Investor.gov

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6. sistemuri xarvezebi arsebobda pasuxismgeblobisa da eTikuri normebis dacvis sferoSi: saxeze iyo pasuxismgeblobisa da eTikis stan-dartebis sruli ugulebelyofa, ramac kidev ufro gaaRrmava krizisi. amas Sedegad mohyva ara mxolod seriozuli finansuri Sedegi, aramed aseve investorebis, biznesisa da sazogadoebis ndobis dakargva finans-uri sistemis mimarT.

angariSSi miTiTebulia, rom yvelaze ufro didi tragedia iqneba im Sexedulebis aRiareba da miReba, rom aravis SeeZlo amis gaTvaliswineba da Sesabamisad, arafris gakeTeba ar SeiZleboda. Tu aseTi ideis aRiareba moxdeba yvelaferi gameordeba. aucilebelia sxvagvari arCevnis gakeTeba Tu sxvagvari Sedegebis miReba gvinda. finansuri krizisi iyo adamianebis Secdomebis, araswori gansjis da maTi danaSaulebrivi qmedebebis Sedegi, romelic ers da msoflios Zvirad daujda. aseTi moculobis krizisi, ra Tqma unda, ramdenime cudi monawilis saqmianobis Sedegi ver iqneboda. amasTan, am krizisis sifarTove arc imas niSnavs, rom `yvela damnaSavea~. bevr kompaniasa Tu pirs ar miuRia monawileoba im movlenebSi, romleb-mac es ubedureba gamoiwvies, magram faqtia, rom aravin Tqva `ara~.

2. evropis kavSiri

evropa iswrafvis, rom saukeTeso iyos da didi gamowvevebis winaSe ayenebs Tavs. rogorc evropis kavSiris komisiis Sida bazarze da mom-saxurebaze pasuxismgebeli wevri, miSel barnieri ambobs: `Cemi mesiji iyo da rCeba: evropa ar warmoadgens arCevans, igi saWiroebaa.~160 evro-pas ar surs iyos sxva didi Zalebis sub-partniori. evropas unda, rom marTavdes da ara ukan CamorCebodes. man msoflioSi saukeTeso stan-dartebi da samuSao pirobebi unda SemogvTavazos. man unda moaxdinos msoflio ekonomikis formireba da ara TviTon iqnes formirebuli mis mier.161 magram amisaTvis saWiroa evropis kavSirSi saqmis warmoebis ga-martiveba. saWiroa ucxouri investiciebis mozidva. mizans warmoadgens naklebi biurokratia da meti moqmedeba.162

evropas surs reformebis gatareba 2011 wlis bolomde daasrulos,

160 `My message was and remains : Europe is not an option, it is a necessity~, Interview with Commissioner Michel Barnier: http://ec.europa.eu/internal_market/smn/smn57/docs/interview_barnier_en.pdf.161 `shaping the global economy, Not being shaped by it~.162 Homepage der Europäischen Union, Press Releases, The Speech of Michel Barnier Member of the European Commission responsible for Internal Market and Services, Making Europe an attractive place to do business, London, 2 March 2010,: http://europa.eu/rapid/pressReleases-Action.do?reference=SPEECH/10/54&format=HTML&aged=0&lanuage=D&guiLanguage=de.

vas.159 dokumentSi Semdegi mniSvnelovani daskvnebia warmodgenili:1. finansuri krizisis Tavidan acileba SesaZlebeli iyo: `vol stri-

tze~ da vaSingtonSi xSirad saubroben, rom SeuZlebeli iyo krizisis winaswar ganWvreta da misi acileba, Tumca realurad arsebobda gama-frTxilebeli niSnebi. tragedia ki aris is, rom isini ingorirebuli iyo da maT yuradReba ar miaqcies. Sesabamisad, moxda is, rac moxda da sxva ra unda moetana avtomagistrals, romelic siCqaris limitisa da mkveTri sagzao xazebis gareSe arsebobda?

2. finansur regulirebasa da zedamxedvelobaSi arsebuli farTod gavcelebuli xarvezebi aRmoCnda damangreveli eris finansuri baz-rebis stabilurobisaTvis: mcvelebi TavianT sadarajoze ar iyvnen. gan-sakuTrebiT im farTod gavrcelebuli rwmenis gamo, rom finansuri institutebis deregulireba da maT TviTregulirebaze dayrdnoba 30 welze meti xnis ganmavlobaSi yvelaze ufro efeqtian politikad iyo miCneuli. moxseneba ar iziarebs mosazrebas, rom regulatorebs akldaT Zala finansuri sistemis dacvisaTvis. maT hqondaT sakmarisi Zala mra-val sferoSi, magram misi gamouyenebloba airCies. Zalian xSirad maT aseve politikuri nebac akldaT.

3. mraval sistemurad mniSvnelovan finansur institutSi arsebuli korporaciuli marTvisa da riskebis menejmentis dramatuli xarvezebi sakvanZo mizezia am krizisisa: mravali finansuri instituti moqmedebda uxeSi gaufrTxileblobiT, iRebda did riskebs cota kapitaliT da moklevadian dafinansebaze Zalze didi damokidebulobiT. kompensaciis sistemebi Zalian xSirad ajildoebda Cqar garigebebs, moklevadian moge-bas, grZelvadiani Sedegebis saTanadod gaTvaliswinebis gareSe.

4. mniSnvelovani roli iTamaSa gadaWarbebuli sesxebis, sarisko in-vesticiebisa da gamWirvalobis ararsebobis kombinaciam.

5. mTavroba ar iyo mzad krizisisaTvis da misma arasaTanado pa-suxma finansur bazrebze gazarda gaurkvevloba da panika: ar arsebobda finansuri sistemis SenarCunebis srulyofili da strategiuli gegma, radgan mTavrobas srulad ar hqonda gaTvicnobierebuli riskebi da dakavSirebulobis xarisxi finansur bazrebze. ufleba misces siste-mas gaeswro misi dacvis SesaZleblobebisaTvis. amas daemata mTavrobis mxridan krizisis dros didi finansuri institutebis winaaRmdego-brivi, arasaTanado mopyroba _ gadawyvetilebam gadaerCinaT Bear Sterns, mfarvelobis qveS aeyvanaT Fannie Mae and Freddie Mac, rasac Semdeg moyva is, rom Lehman Brothers ar gadaarCines, magram Semdeg AIG gadaarCines _ am yvelaferma bazarze gazarda gaurkvevloba da panika.

159 Financial Crisis Inquiry Commission, Homepage, http://cybercemetery.unt.edu/archive/fcic/20110310172443/http://fcic.gov/.

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rebas nacionalur sazedamxedvelo organoebTan, ekonomikaze, sistemuri mniSvnelobis dawesebulebebsa da alternatiul sainvesticio saSuale-bebze zedamxedvelobis dros. sistemuri riskebis evropuli komiteti167 gaakontrolebs finansur sistemas. igi gawevs adreuli Semtyobineblis funqcias riskebis warmoSobisas, romlebsac finansuri sistemis mTliani destabilizireba SeuZliaT.

mizans warmoadgens arsebuli evropuli sazedamxedvelo struq-turebis Secvla finansuri zedamxedvelobis evropuli sistemiT,168 romelic sami evropuli sazedamxedvelo organosagan Sedgeba _ sa-banko zedamxedvelobis evropuli organo,169 fasiani qaRaldebisa da ba-zris evropuli sazedamxedvelo organo170 da evropuli sazedamxedvelo organo dazRvevisa da sapensio uzrunvelyofis sferoSi.171 maT unda uzrunvelyon ndobis aRdgena, erTiani maregulirebeli wignis Seqmna, transnacionalur sawarmoebTan dakavSirebuli problemebis gadaWra da im riskebis Tavidan acileba, romlebsac mTeli finansuri sistemis sta-bilurobisaTvis safrTxis Seqmna SeuZlia. nacionalur sazedamxedvelo organoebTan TanamSromlibis gziT maT unda uzrunvelyon normebis er-Tiani gamoyeneba evropis farglebSi. evropis parlamentma komisiis mier SemoTavazebuli sazedamxedvelo struqtura daamtkica 2010 wlis 22 seqtembers. samma evropulma sazedamxedvelo organom da erTma komitet-ma sistemuri riskebisaTvis saqmianoba daiwyo 2011 wlis pirvel ianvars.

2010 wlis 17 ivniss briuselSi evropis kavSiris samitze ev-ropam isaubra globalur sabanko Senatanze da finansuri tranzaqciis gadasaxadze. evropis kavSirs surs bankebi SenataniT pasuxismgebeli gaxados msoflio finansuri krizisis SedegebisaTvis. Semdegi krizisi bankebis mier unda iqnes dafinansebuli.172 evropis komisiam ori saxis gadasaxadis SemoRebis iniciativa wamoayena: 1. evropis finansuri eko-nomikis finansuri saqmianobis gadasaxadi da 2. msoflios farglebSi gadasaxadi finansuri tranzaqciebisaTvis.173

amas garda, evropis doneze SemoTavazebul iqna MiFID-is gadaxed-va.174 MiFID-i mxolod nawilobriv exeba interesTa konfliqtis prob-

167 ESRB168 Europäisches System für die Finanzaufsicht _ ESFS169 Europäische Bankenaufsichtsbehörde _ EBA170 Europäische Wertpapier und Marktaufsichtsbehörde _ ESMA171 Europäische Aufsichtsbehörde fur das Versicherungswesen und die betrliebliche Alterversor-gung EIOPA172 Ziedler, EU will Banken für die Krise zahlen lassen, Der Tagesspiegel, 18 Juni 2010, S. 1.173 Europaische Kommission, Nachrichten, Wirtschaft, Finanzen und Steuern, von 07/10/2010, Besteuerung der Finanzwirtschaft: http://ec.europa.eu/news/economy/101007_1_de.htm.174 Homepage der Bundesministerium der Finanzen, Aktuelles, Gesetzentwurf zur Änderung des

raTa 2012 wlis bolomde maTi ukve nacionalur samarTalSi transfor-macia ganxorcieldes.

2010 wlis 3 marts evropis komisiam warmoadgina strategia gadawyvetili da ambiciuri moqmedebisaTvis _ evropa 2020 (KOM (2010) 2010). briuselis samitze -2010 wlis 17 ivniss _ miRebuli iqna `evropa 2020~. masSi SemoTavazebulia sami prioriteti: inteleq-tualuri, gamZle da integraciuli zrda. aRdgenil unda iqnes soli-duri, stabiluri da janmrTeli finansuri seqtori, romelsac Seswevs realuri ekonomikis dafinansebis unari.163 amasTan, mniSvnelovan miznad rCeba krizisis globaluri xasiaTis gaTvaliswineba.

finansuri krizisis Semdeg ukve aRaravis epareba eWvi imaSi, rom finansuri bazrebi ukeTes zedamxedvelobas saWiroeben. saubaria ufro karg evropul koordinaciaze. arsebuli sazedamxedvelo-samarTlebrivi regulirebebi ar aRmoCnda Sesaferisi raTa Tavidan aecilebinaT krizi-si. evropulma komisiam daiwyo finansuri zedamxedvelobis centrali-zebaze zrunva. gaumjobesebuli unda iqnes nacionaluri sazedamxedvelo dawesebulebebs Soris koordinireba da TanamSromloba.164 evropis par-lamentis ekonomikuri komitetisagan SemoTavazebuli iqna sistemuri riskebisaTvis evropuli komisiisa da aseve finansuri zedamxedvelobis evropuli sistemis Seqmna. amas garda, hej-fondebis da sxva ̀ alternati-uli sainvesticio fondebis~ ufro mkacri kontroli. mizani momavali krizisebis Tavidan acileba da investorebis dacvaa.

evropis parlamenti didi xania iRwvis bazrebis ukeTesi zedamxed-velobisaTvis.165 evropul doneze erT-erT mniSvnelovan problemas finansuri ekonomikis regulirebis erTiani koncefciis ararseboba warmoadgens. zedamxedveloba xorcieldeba ZiriTadad nacionalur do-neze, amasTan, evropis kavSiris zogierTi qveyana Tavis sakuTar bankebs zedamxedvelobs _ miuxedavad imisa, rom Sida bazari ukve 10 welze metia rac arsebobs da mravali finansuri instituti nacionalur saz-Rvrebs gareTac moqmedebs.166 2009 wels evropis komisiam warmoadgina rekomendaciebi, raTa gaumjobesebuli iqnas zedamxedvelobis meqanizmebi zedamxedvelebis evropis masStabiT moqmedi sistemiT. es RonisZiebebi iTvaliswineben evropis ufro did zedamxedvels da ukeTes koordini-

163 Europäische Kommission, Nachrichten, Wirtschaft, Finanzen und Steuern, Banken und Finan-zen- ein Jahr später, 23.09.2009: http://ec.europa.eu/news/economy/090923_de.htm.164 Partsch, ZBB 1/2010, S. 72-76 (72).165 Homepage von European Parliament, Economic and monetary affairs, Stronger oversight of EU Financial markets, 10.05.2010: http://www.europarl.europa.eu/news/public/story_page/042-74270-127- 05-19907-20100507STO74256-2010-07-05-2010/default_en.htm.166 Europäische Kommission, Nachrichten, Wirtschaft, Finanzen und Steuern, Banken und Fi-nanzen- ein Jahr später, 23.09.2009: http://ec.europa.eu/news/economy/090923_de.htm.

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ganmartebis miReba, raTa man moicvas mcire da saSualo sawarmoebi, aseve individebi da saSinao meurneoba.177

mniSvnelovani diskusiebi Seexo aseve mcire investorebisaTvis gankuTvnil produqts. 2009 wlis 22 oqtombers briuselSi briuse-lis seminaris farglebSi ecadnen mcire investorisaTvis gankuTvnili produqtis definirebas. miznad iqna dasaxuli iseTi definiciis Seqmna, romelic: 1. iurisdiqciiT faravs am produqtebis Sesabamis bazars; 2. sakmarisad moqnilia, raTa miiRos finansuri inovaciebi; 3. Tavidan icilebs maregulirebel arbitraJebs da iZleva sakmaris samarTlebriv Tavdajerebulobas.

investorTa moTxovnebi sainvesticio produqtTan mimarTebaSi aris Zalze martivi: maRali mogeba, dabali riskebi da dabali fasebi. ar arse-bobs pirdapiri kavSiri risksa da produqtis kompleqsurobas Soris, an fassa da xarisxs Soris. kompleqsuri produqtebi SeiZleba finansuri Sedgenis gamo ufro dabal sainvesticio riskTan iyos dakavSirebuli da yvelaze Zvirma produqtma yvelaze mcire mogeba moitanos.178

Semdgomi rekomendaciebi mcire investorebTan dakavSirebuli re-formisaTvis evropis doneze warmodgenilia 2009 wlis 30 aprilis `komisiis SetyobinebaSi evropis parlamentisa da sabWos mimarT _ sain-vesticio produqtebi mcire investorebisaTvis~. koncentrireba moxde-nilia amasTan or ZiriTad sferoze: winasaxelSekrulebo informaciaze da realizaciis praqtikaze.

2. 1. informaciisa da gamWvirvalobis valdebuleba

arsebobs mokle da gasagebi informaciis moTxovnileba, romelic sainvesticio produqtis mniSvnelovan maxasiaTebels da mis risks aCvenebs.179 garantirebuli unda iqnes, rom informacia aris sakmarisi da moTxovnebTan Sesabamisi. investorTa Zalze mcire ricxvma icis, ra sainvesticio produqts iZens konkretul SemTxvevaSi, ra riski aris masTan dakavSirebuli da, saerTod, rogor funqcionirebs igi. Sesabamisad, arsebobs safrTxe, rom investorebi mcdarad igrZnoben Tavs daculad da gaCndeba yidvis mcdari stimuli.180 investorTa sabaziso informa-

177 Open Hearing on Retail Investment Products – Record-, 15th July 2008, S. 17.178 Open Hearing on Retail Ivestment Products- Record-, 15th July 2008, S. 10 ff.179 Lang / Kühne , WM 2009, S. 1301-1308 (1303).180 Oehler / Kohlert / Jungermann, Zur Qualität der Finanzberatung von Privatanlegern: Probleme des Beratungsprozesses und Lösungsansätze � Stellungnahme des Wissenschaftlichen Beirates für Verbraucher – und Ernährungspolitik beim BMELV, November 2009, S. 13.

lematikas da mxolod aseTi konfliqtebis gaxsniT Semoifargleba.175 am direqtivam didi roli iTamaSa investorTa dacvis gaZlierebaSi da mniSvnelovnad gaamartiva birJebisa da fasiani qaRaldebis kompaniebis saqmianoba. mis mizans warmoadgens konkurenciis gazrda fasiani qaRal-debis bazarze anu imis miRweva, rom momsaxureba investorebisaTvis ufro kargi da iafi gaxdes. magram axali teqnoligiebisa da finansuri produqtebis gamo Secvlili sabazro garemosadmi misadagebis mizniT evropis komisia gamodis MiFID-is danawesebis gadasinjvis iniciativiT. unda moxdes am danawesebis Secvla ise, rom maT moicvan fasian qaRal-debTan dakavSirebuli yvela saqmianoba, gaaZlieron zedamxedveloba da ufro metad daicvan investorebi.

amasTan, evropis komisia fiqrobs evropis farglebSi finansuri mom-saxurebis gamwevi pirebisaTvis, romlebic normebs ar emorCilebian, ax-ali erTiani sanqciebis SemuSavebaze. dResdReisobiT am mimarTulebiT wevr – saxelmwifoebSi gansxvavebuli danawesebi da sanqciebi moqmedebs. krizisma erTiani regulirebis arqona gamoavlina: kompaniebi midrekilni arian dafuZnebisaken im qveynebSi, sadac yvelaze ufro msubuqi sanqciebi moqmedebs. erTiani normebi sasjelebis, jarimebisa da maTi aRsrulebis Taobaze xels Seuwyobs Sida bazris ukeT funqcionirebas da imas, rom evropis samarTlis danawesebis darRveva efeqtianad iqneba dasjili, miuxedavad darRvevis Cadenis adgilisa.176

bankebis menejerebisaTvis bonusebis gadaxdam mniSvnelovani wvlili Seitana krizisis warmoSobaSi, radgan aseTi bonusebi sarisko saqmiano-bas didi fuliT ajildoebs. 2011 wlis ivlisSi evropis parlamentis wevrebma wamoayenes iniciativa menejerebis xelfasebisa da bonusebis mkacri regulirebisaTvis. menejerebi TavianTi Semosavlis did nawils iReben ara regularuli xelfasis saxiT, aramed bonusebis formiT. krizisamde bankebi menejerebs uxdidnen bonusebs, romlebic saqmianobis potenciur warmatebaze iyo damokidebuli. rac ufro didi iyo riski, miT ufro didi iyo bonusi. aucilebelia bonusebis gadaxdis am siste-mis Secvla da regulireba.

mniSvnelovani kiTxva, romelic mcire investorebTan mimarTebiT war-moiSva evropaSi, aris: Tu rogor unda iqnes gagebuli mcire investo-ris koncefcia. SemoTavazebul iqna, mcire investoris ufro farTo

Einlagensicherungs- und Anlegerentschädigungsgesetzes und anderer Gesetze, 11.02.2009:http://www.bundesfinanzministerium.de/nn_67366/DE/BMF__Startseite/Aktuelles/Aktuelle__Gesetze/esetzentwerfe__Arbeitsfassungen/Entw__Einlagensicherungsgesetz.html.175 Open Hearing on Retail Investment Products- Record-, 15th July 2008, S. 12.176 Europaische Kommission, Nachrichten, Wirtschaft, Finanzen und Steuern, von 08/12/2010, Anlegerschutz _ was denken Sie?: http://ec.europa.eu/news/economy/101208_1_de.htm.

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Tulad `moigon~. ar tardeba damoukidebeli, klientze orientirebuli konsultacia. investorTa mrCevlebi swavloben, Tu ra argumentebiT unda daZlion klientebis wimaaRmdegoba da rogor unda gadaaqcion klientis uari Tanxmobad. realizaciis teqnikam da produqtis warmodgenam yid-vis impulsi sulis gaTvicnobierebulidan intuitiur adgilebSi unda gadaitanos, raTa gadawyvetilebis miReba klientis survils waerTvas.186

evropis komisiis rekomendaciiT horizontaluri midgoma realiza-ciis praqtikis sferoSic unda iqnes gamoyenebuli. kerZo investorebi-saTvis gankuTvnili standartuli produqtebis realizaciis mimarT erTi da igive moTxovnebi unda moqmedebdes miuxedavad realizaciis gzisa. gaTvaliswinebuli unda iqnes MIFID-is danawesebi,,swori qcevi-sa~ da interesTa konfliqtis Sesaxeb da es danawesebi unda gavrcel-des mcire investorTa yvela produqtze, raTa isini moqmedebdes yvela sawarmosaTvis, romelic am produqtis realizacias axdens. MIFID-is direqtiva konsultaciis dros iTvaliswinebs gamosadegobis tests -,,Geeignetheitsprüfung~ (klientis codnis, gamocdilebis, finansuri mdgo-mareobisa da sainvesticio miznebis Semowmeba). arakonsultirebuli gay-idvebis dros Catarebuli unda iqnes Sesabamisobis testi _ `Angemes-senheitsprüfung~ (im faqtis Sefaseba, aqvs Tu ara klients sakmarisi codna da gamocdileba produqtis gasagebad).187

mniSvnelovania aseve, distributorTa profesionalizmisa da kom-petenciis saTanado donis garantireba. magaliTad, aSS-Si investorTa mrCevlebi eqvemdebarebian profesionalizmisa da Sesabamisobis mkacr standartebs, romlebic emsaxureba im miznis garantirebas, rom mrCev-lebs esmodeT is produqtebi, romlebsac isini yidian.188 garantirebuli unda iqnes, rom kargma SemTavazeblebma miiRon Sesabamisi honorari, xolo cudma SemTavazeblebma _ sanqcia.189

2.3. germania

2010 wlis 19-20 marts berlinSi, saerTaSoriso finansuri bazris konferenciaze, germaniis kanclerma gamoTqva mxardaWera finansuri seq-toris farTo regulirebis mimarT: arc erTi monawile, arc erTi bazari

186 Märker / Hillesheim, ZRP 2009, S. 65-69 (67).187 Packaged Retail Investment Products (PRIPs) Workshop, Brussel, 22nd October 2009, S. 13.188 Open Hearing on Retail Investment Products – Record-, 15th July 2008, S. 11.189 Oehler / Kohlert / Jungermann, Zur Qualität der Finanzberatung von Privatanlegern : Prob-leme des Beratungsprozesses und Lösungsansätze Stellungnahme des Wissenschaftlichen Bei-rates für Verbraucher – und Ernährungspolitik beim BMELV, November 2009, S. 19.

ciebis regulirebisas arsebuli sisusteebis daZlevisa da mcire in-vestorTa produqtis mTeli bazrisaTvis sainformacio valdebulebebis gaumjobesebis mizniT, unda Seiqmnas mokle, gasagebi da investorze ori-entirebuli dokumenti `sakvanZo informaciis dokumenti~.181 `keep it simple~ unda iyos wamyvani principi.182 mcire investoris produqtis yvela mwarmoebelma unda moamzados es informacia da aseTi produqtis yvela gamyidvelma unda miawodos igi investors. aRiarebulia, rom wina saxelSekrulebo informaciebis momzadebis moTxovna unda waey-enos produqtis mwarmoebels, radgan maT saukeTesod esmiT es produq-ti da misi Taviseburebebi. magram gamyidvelisTvisac unda arsebobdes am informaciis investorebisaTvis realurad miwodebis valdebuleba. dauSvebeli unda iyos, mcire investoris produqti gaiyidos `sakvanZo informaciis dokumentis~ gareSe, romelic momzadebulia mwarmoeblis mier. aseTi midgoma mwarmoebels miscems SesaZleblobas ukeT moaxdi-nos gavlena imaze, produqti mieyideba Tu ara saerTod mcire inves-tors da gaxdeba imis garanti, rom mcire investorebs mxolod maTTvis gankuTvnil produqtebs miyidian.183 mwarmoeblis mier aseve unda iqnes garantirebuli, rom distributorebma miiRon sakmarisi informacia, raTa esmodeT is, rasac yidian.184

informaciis xarisxis gaumjobesebas, ra Tqma unda, ar SeuZlia inves-torTa finansuri unaris dabali donis amaRleba an ver gaxdeba garanti imisa, rom investorebi yovelTvis informirebul gadawyvetilebas miiRe-ben, gansakuTrebiT, Tu gaviTvaliswinebT imas, rom investorebi xSirad arc ki kiTxuloben sainvesticio dokumentebs, magram miuxedavad amisa, aseTi gaumjobeseba aris aucilebeli nabiji mcire investorTa baz-ris mimarT ndobis dasabruneblad, radgan informaciis maRali xarisxis gareSe informirebuli gadawyvetileba mniSvnelovani xarisxiT aris SeuZlebeli.185 Sedegad unda Seiqmnas sistema, romelic informaciis ar-sebobas arc emitentebze, arc produqtze da arc investoris survilze ar xdis damokidebuls.

2.2. realizaciis praqtika

arsebobs sxvadasxva moxseneba imis Sesaxeb, Tu ra saxiT arian bankebis sainvesticio konsultantebi `miCenili~ klientebze, raTa isini mizanmimar-

181 Key Information Document _ KID182 Open Hearing on Retail Investment Products – Record-, 15th July 2008, S. 4.183 Packaged Retail Investment Products (PRIPs) Workshop, Brussel, 22nd October 2009, S. 8.184 Open Hearing on Retail Investment Products – Record-, 15th July 2008, S. 15.185 Packaged Retail Investment Products (PRIPs) Workshop, Brussel, 22nd October 2009, S. 4.

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bebis farglebSi unda gauqmdes xandazmulobis specialuri mokle vada zianis anazRaurebis im moTxovnebze, romlebic gamomdinareobs fasiani qaRaldebSi investirebisas araswori konsultaciidan. kapitalis baz-ris samarTlis xandazmulobis mokle vada (3 weli) moergo zogad ker-ZosamarTlebriv xandazmulobis vadas (10 weli). cvlilebebi exeba aseve konsultaciisa da dokumentaciis valdebulebebs. bankebi samomavlod valdebulni arian, investorTa yoveli konsultaciis Sinaarsi Seitanon oqmSi da klientebs gadascen oqmis asli. amiT klients eqneba saWiro damamtkicebeli sabuTi procesSi, romelic mimdinareobs araswori, nak-lovani konsultaciis gamo. oqmi unda Seicavdes klientis monacemebs da survilebs, mrCevlis rCevebs da maT safuZvlebs da igi unda gadaeces klients xelSekrulebis dadebis dros. rodesac konsultaciisas iseTi sakomunikacio saSualeba aris arCeuli, romelic ar iZleva oqmis gada-cemis saSualebas uSualod xelSekrulebis dadebis dros (telefoniT konsultaciis gaweva), oqmi dauyovnebliv unda gaegzavnos klients. amis Semdeg klients aqvs erTkviriani vada xeSekrulebaze uaris TqmisaTvis im SemTxvevisaTvis, Tu oqmi araswori an arasrulia. dokumentirebis valdebulebam xeli unda Seuwyos pasuxismgeblobis amaRlebas da gaaum-jobesos konsultaciis xarisxi. aqamde investorTa zianis anazRaurebis moTxovnebi swored mtkicebulebis arqonis gamo rCeboda daukmayofile-beli. dokumentirebis valdebuleba da investorTaTvis oqmis gadacema faqtiurad warmoadgens mtkicebis tvirTis Sebrunebas investorTa sa-sargeblod. xandazmulobis vadis gazrda da mtkicebis tvirTis Se-bruneba investorTa araswori konsultaciis dros unda gaxdes intere-sebis samarTliani gawonasworebis garanti.193

2010 wlis 1 ianvridan sakonsultacio oqmebi germaniaSi ukve Za-laSi Sevida. magram jer kidev arsebobs mniSvnelovani naklovanebebi. klientebis mier gamoTqmuli survilebi, moTxovnebi xSirad ar aris do-kumentirebuli kanonmdeblis mier gaTvaliswinebuli wesiT da aseT Sem-TxvevebSi konsultaciis Sinaarsi arasakmarisad gamWirvalea.194 germani-is kvebis, sasoflo meurneobisa da momxmarebelTa dacvis saministrom Tavis veb-gverdze mokled Seajama is punqtebi, romlebsac investorebma yuradReba unda miaqcion TavianT sakonsultacio oqmebSi. mTavar prin-cipebs warmoadgens, rom investorebma zustad unda naxon oqmi da xeli ar moaweron mas manam, sanam yvela punqts ar Seamowmeben da gaigeben. maT yuradReba unda miaqcion aseve imas, rom maTi individualuri survilebi

193 Märker / Hillesheim, ZRP 2009, S. 65-69 (69).194 Homepage der BaFin, Pressemitteilung von 4. Mai 2010: http://www.bafin.de/cln_161/nn_722758/SharedDocs/Mitteilungen/DE/Service/PM__2010/pm__100504 beratunsgproto-koll__ergebnisse.html.

da arc erTi produqti ar SeiZleba darCes zedamxedvelobis gareSe.190 germaniis mTavrobis regulirebis programa iTvaliswinebs saSualebaTa mTel speqtrs, raTa: 1. daZleul iqnes krizisis gamomwevevi samarTlebri-vi mizezebi; 2. SeizRudos misi gavlena; 3. msgavsi krizisi momavalSi efeqturad iqnes Tavidan acilebuli.191

2009 wlis ivlisSi kvebis, sasoflo meurneobisa da momxmarebelTa dacvis saministrom warmoadgina produqtis sainformacio furceli, romelic gamosadegia fulis investirebis yvela formisaTvis. furceli mokled da garkveviT warmoadgens sainvesticio produqtis mniSvnelo-van Taviseburebebs da iZleva sxva sainvesticio produqtTan Sedarebis saSualebas. 2010 wels ukve pirvelma bankebma SemoiRes produqtis es sainformacio furclebi. momxmarebelma maTTvis Sesabamisi finansuri produqtebi ase ufro advilad unda amoicnos da erTmaneTs Seadaros. Deutsche Bank iyo pirveli banki germaniaSi, romelmac 2010 wlis Teber-validan informaciis es furceli misi klientebisaTvis xelmisawvdomi gaxada. mizans warmoadgens investorTa dakarguli ndobis dabruneba da bazarze ufro meti gamWirvalobis Seqmna. produqtis swori informacia aris banksa da klients Soris ndobiTi damokidebulebis safuZveli. investiciis realuri Rirebulebebi da riskebi ar SeiZleba damaluli iyos grZel prospeqtebSi. produqtis informaciis furceli warmoad-gens 2010 wlis pirvel ianvars SemoRebul sakonsultacio dokumenta-ciis gonivrul damatebas.192

germaniis iusticiis ministris brigita cipris iniciativiT, fed-eralurma kabinetma 2009 wlis 18 Tebervals daamtkica investorTa dacvis gasaZliereblad axali wesebi, romliTac unda gaumjobesdes fa-siani qaRaldebiT saqmianobasTan dakavSirebuli araswori konsultaci-is SemTxvevaSi moTxovnaTa ganxorcieleba. axali wesebi iTvaliswinebs gaumjobesebul informaciasa da dokumentaciis valdebulebebs. cvlile-

190 Homepage der Bundesministerium für Finanzen, Reformbemühungen müssen an Fahrt aufne-hmen, 20.05.2010. http://www.bundesfinanzministerium.de/nn_98682/DE/Wirtschaft__und__Verwaltung/Finanz__und__W rtschaftspolitik/Finanzpolitik/20100520-Reformbemuehungen-muessen-fahrt aufnehmen.html?__nnn=true.191 Rede der Bundesministerin der Justiz, Sabine Leutheusser-Scharrenberger MdB, zur Eröff-nung der internationalen Konferenz im Bundesministerium der Justiz am 10. März 2010 in Berlin: http://www.bmj.de/enid/4c938b49a3e827e4660951f3250db02d,580820636f6e5f6964092d093635383303a095f742636964092d0936353837/Reden/Sabine_Leutheusser-Schnarrenberger_1mt.html.192 Homepage der Bundesministerium für Ernährung, Landwirtschaft und Verbraucherschutz,Produktinformationsblätter zu Finanzprodukten werden eingeführt: http://www.bmelv.de/cln_173/SharedDocs/Standardartikel/Verbraucherschutz/Finanzen Versicherungen/Produktinformationsblaetter-Finanzberatung.html.

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vnelovan cvlilebas. finansuri bazris krizisis erT–erT gadamwyvet gamomwvev mizezs ekonomikuri moTamaSis mentaliteti warmoadgenda; magram igi aseve imiT iqna gamwvavebuli, rom TiTqmis arc erTi menejeri warumateblobis dros ar agebda pasuxs, magaliTad, xelfasis SemcirebiT an saerTodac piradi pasuxismgeblobiT. sabazro ekonomikis safuZvelze Seqmnil ekonomikur wyobaSi Sansebi da riskebi, mogeba da pasuxismge-bloba ganuyoflad unda ukavSirdebodes erTmaneTs.200

germaniaSi erT-erTi mniSvnelovani winadadeba exeba BAFin-is ga-Zlierebas. BAFin-ma ukve 2002 wels amoicno, rom saeWvo fasiani qaRal-debis SemTxvevaSi, romlebic SemdgomSi krizisis mizezi gaxda, saqme exe-boda sistemur riskebs, romlebsac SeeZlo sistemis ganadgureba, magram araferi moimoqmeda. BAFin-i finansdeba im sawarmoebisgan, romelTac igi, amavdroulad, zedamxedvelobs. amasTan, BAFin-i eqvemdebareba aseve ger-maniis finansTa saministros samarTlebriv da sagnobriv zedamxedvelo-bas. amiT mocemulia politikuri zegavlenis SesaZlebloba. amavdrou-lad, arsebobs masiuri kompetenciis problema BAFin-sa da federaluri bankis amocanebs Soris. rekomendirebulia, rom samarTlebrivi CarCo-pirobebi BAFin-isa da federaluri bankisaTvis gadamuSavebul iqnes; aseve Seviwroebul iqnes politikuri zegavlena da dadgindes BAFin-is pasuxismgebloba araswori, mcdari zedamxedvelobisaTvis.201

mniSvnelovan rekomendacias warmoadgens, aseve koleqtiuri sarCe-lis SemoReba amerikuli Class Action-is magaliTze. erTgavrovani sakonsultacio Secdomis devna evropasa da germaniaSi Znelia, radgan evropul da germanul kapitalis bazris samarTalSi, SeiZleba iTqvas, ar arsebobs koleqtiuri sarCeli im saxiT, rasac Class Action gu-lisxmobs. kapitalis investirebis sanimuSo kanonma202 TiTqos Seqmna garkeuli gaumjobeseba am kuTxiT, magram igi ver Seedreba im Sedegebs, romelic koleqtiuri sarCelis meSveobiT SeiZleba iqnes miRweuli.203

krizisis daZlevis rekomendaciebi SemoTavazebulia aseve koali-ciis xelSekrulebaSi. koaliciis xelSekruleba biurokratiis mospobas erT–erT mniSvnelovan miznad asaxelebs (,,investiciis muxruWebis mo-

200 Rede der Bundesministerin der Justiz, Sabine Leutheusser-Scharrenberger MdB, zur Eröff-nung der internationalen Konferenz im Bundesministerium der Justiz am 10. März 2010 in Berlin: http://www.bmj.de/enid/4c938b49a3e827e4660951f3250db02d,580820636f6e5f6964092d093635383303a095f742636964092d0936353837/Reden/Sabine_Leutheusser-Schnarrenberger_1mt.html.201 Hans-Peter Schwintowski in Grundmann / Hofmann/ Möslein, Finanzkrise und Wirtschafts-ordnung, Berlin 2009, S. 50.202 Kapitalanlagemustergesetz203 Hans-Peter Schwintowski in Grundmann / Hofmann/ Möslein, Finanzkrise und Wirtschafts-ordnung, Berlin 2009, S. 52 f.

gaTvaliswinebulia da oqmi erTmniSvnelovani da gasagebia.195

2010 wels federalurma kabinetma daamtkica kanoni `bankebis re-struqturirebisa da finansuri bazris regulirebis Sesaxeb~. mniS-vnelovania daisvas kiTxva, Tu vis unda daekisros finansuri krizisis xarjebi. sistemuri mniSvnelobis bankebis gadarCena ar SeiZleba ganx-orcieldes mxolod gadasaxadis gadamxdelTa xarjze. dauSvebelia, rom safinanso dawesebulebebis Zalze sarisko saqmianobidan miRebuli moge-ba kerZo monawileebTan miedinebodes. magram, rodesac es riskebi realu-rad ganxorcieldeba, dawesebulebis gadarCena gadasaxadis gadamxdelTa mier unda dafinansdes.196 dauSvebelia `mogebis privatizeba da zianis socializeba~.197 sakredito ekonomikam sabanko Senatanis meSveobiT Ta-visi wvlili unda Seitanos momaval krizisTan brZolaSi da sistemuri mniSvnelobis bankebis restruqturirebaSi. sabanko Senatanis meSveobiT, erTi mxriv, SeizRudeba germaneli gasadaxadis gadamxdelis samomavlo pasuxismgebloba da, meore mxriv, igi mniSvnelovan wvlils Seitans krizisebis prevenciaSi, imiT, rom Senatanis sidide damokidebuli iqneba konkretuli sakredito institutis sistemuri riskis odenobaze.198 2011 wlis 1 ianvridan finansuri institutebi ukve valdebulni arian gadaixadon sabanko Senatani,199 raTa amiT monawileoba miiRon SesaZlo momavali krizisebis xarjebSi.

krizisma aCvena, rom anazRaurebis sistemaSi arsebuli xarvezebi ara mxolod calkeuli sawarmos stabilurobas uqmnis safrTxes, aramed mas SeuZlia zogadad mTeli finansuri bazris stabilurobisaTvis safrTx-is Seqmna. popularuli anazRaurebis praqtika ajildovebs calmxrivad moklevadian warmatebas, ise, rom arasakmarisad axdens warumateblobis sanqcionirebas. aRebul iqna Zalze didi riskebi, rac gaxda msoflio finansuri bazris krizisis gamomwvevi mizezi. aqedan gamomdinare, fed-eraluri mTavrobis gegma iTvaliswinebs anazRaurebis sistemebis mniS-

195 Homepage der BMELV, Finanzberatung: Was sie beim Beratungsprotokoll beachten sollten: http://www.bmelv.de/cln_172/SharedDocs/Standardartikel/Verbraucherschutz/Finanzen Versi-cherungen/ChecklisteBeratungsprotokoll.html.196 Rede der Bundesministerin der Justiz, Sabine Leutheusser-Scharrenberger MdB, zur Eröffnung der internationalen Konferenz im Bundesministerium der Justiz am 10. März 2010 in Berlin: http://www.bmj.de/enid/4c938b49a3e827e4660951f3250db02d,580820636f6e5f6964092d09363538330 3a095f742636964092d0936353837/Reden/Sabine_Leutheusser-Schnarrenberger_1mt.html.197 Rudiger Andressen, Die Wirtschaftskrise in Georgien, socialuri ekonomika, 1(13)/2011, gv. 94.198 Homepage der Bundesministerium der Finanzen, Pressemitteilung von 31.03.2010, Eckpunk-te zur Bankenrestrukturierung:http://www.bundesfinanzministerium.de/nn_54090/DE/Presse/Pressemitteilunge /Finanzpolitik/2010/03/20103103_PM18.html.199 Bankenabgabe

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SeiZleboda uaris Tqma.206

investorTa dacvis sistemis srulyofas emsaxureba germaniis fi-nanasTa saministros mier SemuSavebuli kanoni `investorTa dacvis ga-Zlierebisa da kapitalis bazris funqcionirebis unaris gaumjobesebis~ Sesaxeb. igi mimarTulia investorTa dacvis gaumjobesebis, kapitalis bazrebis erTianobis, xelSeuxeblobis, efeqtianobisa da gamWirvalobis uzrunvelyofisaken.207 investorTa dacvis mimarTulebiT mniSvnelovan siaxleebs warmoadgens:

2.3.1. investorTa dacvis gafarToeba

WpHG-sa da KWG-s moTxovnebi, rogoricaa gamWirvaloba, swori sainvesticio konsultacia, sakomisioebis sajarooba da sakonsultacio oqmis asli, unda gavrceldes aseve e.w. `nacrisferi kapitalis bazris~ produqtebzec. amas garda, dagegmilia zianis anazRaurebis im moTxovna-Ta xandazmulobis vadis aqamde arsebuli maqsimum 3 wlidan maqsimum 10 walmde gazrda, romlebic gamomdinareobs `nacrisferi kapitalis bazris~ produqtebisa da fasiani qaRaldebis prospeqtebSi arsebuli araswori monacemebisagan.

1.2. araswori konsultaciisagan dacva

investorTa araswori konsultaciisagan damatebiT dasacavad BAFin-Tan unda Seiqmnas monacemTa banki, romelic moicavs investorTa mrCev-lebs, realizaciaze pasuxismgebel pirebsa da a.S., raTa garantirebuli iqnes, rom investorTa konsultaciis dros wina planze dgas klien-tebis interesebi da ara finansuri momsaxurebis gamwevTa sakomisio interesebi. kanonis danawesebis mniSvnelovani darRvevebis SemTxvevaSi sanqciis saxed gaTvaliswinebulia aseve TanamSromlisaTvis sakonsul-tacio saqmianobisagan an realizaciaze zedamxedvelobisagan ori wliT CamoSoreba.

3. mokle sainformacio furclebi finansuri

produqtebisaTvis

savaldebuloa standartizirebuli, unificirebuli sainformacio furclebis Seqmna, romelmac klientebs mokled da naTlad unda aCvenos

206 Randenborgh, ZRP 3/2010, S. 76-79 (79).207 Lars / Gero, Zeitschrift für das gesamte Kreditwesen, 11/ 2010, S. 568 (568).

Soreba~). regulirebebi mxolod iq unda Seiqmnas, sadac isini saWiroa sustebis dasacavad da mniSvnelovani sazogadoebrivi sikeTisa da wes-rigis CarCoebis SesanarCuneblad. `wesebi ar warmoadgens TviTmizans, ris gamoc ar unda arsebobdes imaze meti wesi vidre es saWiroa. bi-urokratiis mospoba da ukeTesi samarTlebrivi regulireba moqmedeben rogorc zrdis programa nuli tarifiT.~204

regulirebis mniSvnelovani rekomendaciebi iqna SemoTavazebuli doq-tor volfgang van randerborghis statiaSi: `serTifikatebi~ ar unda moxvdnen individualuri investorebis xelSi. germaniis samoqalaqo kodeqsis 762 da 764 paragrafebi Tvlian mTel rig saqmianobebs, rom-lebic baTilia. samoqalaqo kodeqsis Zveli versiis 764-e paragrafiT maT naTlad miekuTvnebodnen aseve e.w. `Börsentermin- und Differenzge-schäfte~. `Börsentermin- und Differenzgeschäfte~-s qveS SeiZleba gagebuli iqnes zustad is rac dRes gaigeba rogorc derivatebi, serTifikatebi da ofcionebi. am regulirebis mizans jer kidev 1900 wels warmoad-genda investorebis dacva gansakuTrebiT sarisko finansuri saqamino-bebisagan. 2002 wels 764-e paragrafi amoRebuli iqna. mis nacvlad fasiani qaRaldebiT vaWrobis kanons axali danawesebi daemata (37d da 37g WpHG), romlebic realurad ver asruleben 764-e paragrafis Sem-cvlelis funqcias. amas garda, kanonis Zveli danawesisagan gansxvavebiT isini iseT enaze aris dawerili, romelic TviT sabanko iuristisTvisac ki Zneli gasagebia. arsebul situaciaSi verafers Secvlis aseve axali kanoni `araswori konsultaciidan gamomdinare investorTa moTxovnebis ukeTesi ganxorcielebis Sesaxeb~, romelic 2009 wlis 5 agvistos iqna miRebuli. Zalian swrafad bankebi SeimuSaveben Sablonur oqms, romelsac `Seucureben~ klients salarosTan Cqari xelmowerisaTvis. arsebobs Semdgomi saSiSroeba, rom investorebis mier ase yuradRebis miuqcevlad an siCqareSi xelmowerili sakonsultacio oqmi sabolood mxolod bankis dasacavad gamodgeba da amiT saproceso mtkicebis tvir-Ti piriqiT ufro metad investorTa sawinaaRmdegod Semotrialdeba.205 yvelaze kargi gamosavali investorebisaTvis baTilobis moTxovnis uflebis miniWeba iqneboda. im SemTxvevaSi, rodesac klients ufleba eqneba moiTxovos baTiloba, zianis anazRaurebasTan erTad, yoveli banki ukve Tavisive interesebidan gamomdinare Seecdeba, rom ar dados baTili samarTlebrivi garigebebi an ar gaxdes aseTebis Suamavali. samomavlo oqmebis valdebulebisagan gansxvavebiT damuqrebuli baTiloba iqneboda arabiurokratiuli da pragmatuli gadawyveta da yvela sxva sanqciaze

204 Wachstum, Bildung, Zusammenhalt, Der Koalitionsvertrag zwischen CDU,CSU und FDP, Berlin 26.Oktober 2009, S. 17 f.205 Randenborgh, ZRP 3/2010, S. 76-79 (79).

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4. saqarTvelo

globaluri finansuri krizisis dasawyisSi saqarTveloSi kamaTo-bdnen Seexeboda Tu ara globaluri finansuri krizisi saqarTvelos. arsebobda mosazreba, rom saqarTvelos ekonomika misi mokrZalebuli masStabebis gamo, imdenad mcired aris integrirebuli saerTaSoriso ekonomikur sivrceSi, rom msoflio finansuri krizisi masze ar aisaxe-boda. es mosazreba mcdari iyo da es praqtikamac daadastura. recesia Seexo saqarTvelos yvela mniSvnelovan partnior qveyanas, romelTanac saqarTvelos ekonomikuri urTierToba aqvs da es aucileblad moqmedebs TviTon saqarTvelos ekonomikaze. amasTan, saqarTvelo CarTulia glo-balizaciis procesebSi da qveynis ekonomikac met-naklebad reagirebs msoflioSi mimdinare movlenebze.211 finansuri krizisi saqarTveloze ori mimarTulebiT aisaxa: erTi mxriv, Semcirda moxmareba, daeca gayidve-bi da moxda fasebis mkveTri zrda. Mmeore mxriv,ekonomikaSi gaCnda un-doblobis momenti, Semcirda investiciuri aqtiuroba.212 Tavdapirvelad gaZvirda sabanko sesxebi, rasac mohyva sesxis miRebis garTuleba. Se-Cerda uZrav qonebaze fasebis zrda da aman uZravi qoneba aralikviduri gaxada.213 Tumca, saqarTveloSi msoflio ekonomikuri krizisis gavlena SedarebiT naklebad igrZnoboda, razec qveynis ekonomikis msoflio eko-nomikaSi SedarebiT dabali integrirebulobam iqonia mniSvneloba, Tumca mTavari mizezi mocemul istoriul momentSi iyo is, rom saqarTvelom am droisaTvis miiRo uprecendento daxmareba ruseT-saqarTvelos 2008 wlis omiT gamowveuli Sedegebis gamosasworeblad.214 miuxedavad ami-sa, saqarTvelos unda hqondes antikrizisuli programa mosalodneli krizisebis prevenciisa da misgan gamomdinare negatiuri Sedegebis Tavi-dan asacileblad.215 krizisis Semdeg raime specialuri programa fasiani qaRaldebis bazris an investorTa dacvisaTvis samarTlebrivi reformis kuTxiT, specialurad gamomdinare finansuri krizisidan ar ganxorcile-bula. saqarTveloSi msoflio safinanso krizisis Semdeg ganxorciele-

211 ZnelaZe, msoflio krizisi da qarTuli ekonomikis perspeqtivebi, socialuri eko-nomika, 1(13)/2011, gv. 254.212 baraTaSvili, saqarTvelo msoflio ekonomikuri krizisis fonze, socialuri eko-nomika, 1(13)/2011, gv. 52.213 gugeSaSvili, globaluri ekonomikuri krizisis natomia, globalizacia, msoflio krizisi da samxreT kavkasia, saerTaSoriso samecniero-praqtikuli konferencia, 16-17 maisi, 2009, quTaisi 2009, gv. 30.214 de vaali, saqarTvelos arCevani, momavlis dagegmva gaurkvevlobis periodSi.vaSing-toni: Carnegie Endowment, 2011, gv. 9.215 pavliaSvili, msoflio ekonomikuri krizisi da saqarTvelo, socialuri ekonomika, 1(13)/2011, gv. 35-37.

mocemuli finansuri produqtis xasiaTi, Tvisebebi.208

2011 wlis 6 aprils germaniis federalurma kabinetma daamtkica kanonproeqti, romelic iTvaliswinebs e.w. nacrisferi kapitalis bazris produqtebisa da maTi realizaciis mimarT ufro mkacri normebisa da danawesebis Seqmnas. germaniis federaluri finansTa saministrosa da ekonomikis saministros erToblivi kanonproeqtis mizans investorTa dacvis kidev ufro gaZliereba warmoadgens. finansuri instrumentebis bankebis Tu damoukidebeli realizatoris mier realizaciis mimarT momxmarebelTa dacvis erTianobis uzrunvelyofis gamo momavalSi erT-nairi TamaSis wesebi unda moqmedebdes. dRemde faqtobrivad dauregu-lirebeli e.w. nacrisferi bazris produqtebi momavalSi ukve dakvali-ficirdeba rogorc `finansuri instrumentebi~ WpHG-sa da KWG-s gagebiT. amasTan, kanonproeqti iTvaliswinebs investorTa dacvis gaum-jobesebis Sesaxeb kanoniT gaTvaliswinebuli produqtis sainformacio furclis valdebulebis gadmotanas aseve nacrisferi kapitalis baz-ris produqtebze da prospeqtis arqonis an mcdari prospeqtisaTvis pasuxismgeblobis gamkacrebas. sainvesticio fondebisa da nacrisferi kapitalis bazris produqtebis realizatorebs momavalSi ufro mkacri moTxovnebi waeyenebaT maTi kvalifikaciis uzrunvelsayofad. fasiani qa-RaldebiT vaWrobis Sesaxeb kanonSi gaTvaliswinebuli informaciis, kon-sultaciisa da dokumentaciis valdebulebebi, romlebic dRes mxolod bankebze vrceldeba, gadatanili iqneba aseve damoukidebel Suamavlebze. kanonproeqti mimarTulia aRmofxvras e.w. nacrisferi kapitalis bazris regulirebaSi arsebuli xarvezebi da am sferoSi erTiani da Zlieri dacva uzrunvelyos investorebisaTvis.209 amasTan, federaciul mTavrobas surs, rac SeiZleba swrafad Seqmnas sakanonmdeblo safuZveli honorar-ze dafuZnebuli konsultaciis210 yovlismomcveli regulirebisaTvis. Bbazarze unda gaCndes mrCeveli, romelic honoraris safuZvelze aZlevs rCevas investors da valdebulia klients damoukidebeli konsultacia gauwios yvela sainvesticio produqtTan dakavSirebiT. honorar-mrCev-lebs, romlebic sruliad damoukideblebi arian produqciis SemTavazeb-lisgan da ar iReben maTgan sakomisios, investorebisaTvis Zalian kargi samsaxuris gaweva SeuZliaT.

208 Homepage der Bundesministerium der Finanzen, Anleger besser Schützen, 19.05.2010: http://www.bundesfinanzministerium.de/nn_53524/DE/Wirtschaft__und__Verwaltung/Geld__und_Kre it/2010059-Anlegerschutz.html?_nnn=true.209 Bundesministerium fur Wirtschaft und Technologie, Pressemitteilung, 6.4.2011, Bundeskabi-nett beschließt Gesetzentwurf zur Stärkung des Anlegerschutzes im grauen Kapitalmarkt: http://www.bmwi.de/BMWi/Navigation/Presse/pressemitteilungen,did=385804.html.210 Honorarberatung

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cielebuli cvlilebebiT „fasiani qaRaldebis bazris Sesaxeb~ kanoniT gaTvaliswinebuli sanqciebi gaizarda. Kkanonis 55-e muxlis pirveli punqtis Tanaxmad „fasiani qaRaldebis Sesaxeb kanonmdeblobis dar-Rvevis saxeebi ganisazRvreba am kanoniT, xolo saxdelis odenobebi da maTi dakisrebis wesi _ saqarTvelos erovnuli bankis mier dadgenili wesiT~. sasurveli iyo, rom saxdelebis dakisrebis wesi da odenoba yofiliyo gawerili kanonSi. kanonSi unda iyos mocemuli Tu rogor axorcielebs saqarTvelos erovnuli banki, rogorc fasiani qaRaldebis bazris zedamxedvlis funqciebs saqarTvelos erovnuli bankis, rogorc fasiani qaRaldebis bazris monawilis mimarT.

5. Sualeduri daskvna

finansuri krizisis pirveli talRis Semdeg warmoiSva masobrivi panika, romelmac Zalze didi roli iTamaSa krizisis Tanmdev maso-briv reformebSi. ucbad iqna gaanalizebuli, rom ar arsebobs qveyana, romelsac SeuZlia marto moerios am safrTxes. amitom, Tavdapirve-lad, saerTaSoriso koordinacia antikrizisuli RonisZiebebis ganxor-cilelebisaTvis Zalian intensiuri iyo. yvela qveyanam miiRo zomebi finansuri seqtoris gadarCenisaTvis. es RonisZiebebi, ZiriTadad, sabanko seqtorze iyo mimarTuli. paralelurad, daiwyo kapitalis bazris re-formebi, raTa ganeviTarebinaT myari sistema investorTa dacvisaTvis. es RonisZiebebi pirveli etapisaTvis warmatebuli aRmoCnda, rac aseve bazrebzec aisaxa.

mravali wlis ganmavlobaSi arsebobda finansuri seqtoris myari fundamenti. magram damcavi RonisZiebebi warsulSi morgebuli iyo tradiciul sabanko sistemaze da drosTan erTad isini aRar aRmoCnda sakmarisi (da verc iqneboda sakmarisi da gamosadegi), rom aecilebinaT krizisi, romelic globalizaciisa da mudmivi finansuri inovaciebis gamo sruliad Secvlili saxiT mogvevlina. yvela doneze, rogorc ev-ropaSi, aseve aSS-Si aRiarebuli iqna finansuri reformis gatarebis saWiroeba da mimdinareobs fiqri im gzebze, romliTac SesaZlebeli gax-deba finansuri integrirebuloba, finansuri stabiluroba da soliduri da jansaRi finansuri seqtoris Seqmna, romelic realuri ekonomikis samsaxurSi idgeba. yvela doneze tendencia mkacri da yovlismomcve-li regulirebisaken aris mimarTuli. vaSingtonis samitze gaxmovaneb-uli ganmartebis mixedviT: yvela finansuri bazari, yvela produqti da monawile unda iqnes daregulirebuli an eqvemdebarebodes zedamxed-

buli RonisZiebebidan aRsaniSnavia zogierTi iseTi RonisZieba, romelic ki ar zrdis regulirebisa da zedamxedvelobis xarisxs kapitalis bazarze, aramed piriqiT, axdens mis Semdgom liberalizacias.

saqarTvelos erovnuli bankis (SemdgomSi seb) prezidentis 2010 wlis 28 dekembris N170/01 brZanebiT damtkicda „ucxo qveynis aRi-arebuli safondo birJebis nusxisa da maTze savaWrod daSvebuli fa-siani qaRaldebis mflobelis mier saqarTveloSi fasiani qaRaldebis sajaro SeTavazebis ganxorcielebis wesi~ da „ucxo qveynis aRiarebuli safondo birJebis nusxa~. aRniSnuli wesis mixedviT emisiis prospeqtis daumtkiceblad saqarTveloSi fasiani qaRaldebis sajaro SeTavazeba SeiZleba ganxorcieldes: 1. fasiani qaRaldebis, romelic daSvebulia ucxo qveynis erT-erT aRiarebul safondo birJaze (me-3 muxli, p.1); 2. fasiani qaRaldis, romelic SeiZleba ar iyos daSvebuli ucxo qveynis safondo birJis sistemaSi, magram im pirobiT Tu misi emitentis sxva fa-siani qaRaldebi daSvebulia birJaze (me-3 muxli, p.2). Tu pirvel SemTx-vevaSi investors SeuZlia naxos informacia fasiani qaRaldebis Sesaxeb misi emisiis adgilis mixedviT, meore SemTxvevaSi aris riski, rom inves-torisaTvis SeuZlebeli iqneba fasian qaRaldebze informaciis miReba, radganac SesaZlebelia, aseT fasian qaRaldze saerTod ar arsebobdes saemisio prospeqti. riskis Semcvelia agreTve e.w. „aRiarebuli safondo birJebis nusxa~, romelic damtkicebulia seb-is zemoT miTiTebuli br-ZanebiT da romelSic mocemulia 111 qveynis birJebis CamonaTvali. „aRi-arebulobis~ kriteriumi mocemuli ar aris da investorisaTvis ndobis Camosayalibeblad erTaderTi gza esaa seb-is mosazrebis gaziareba an ar gaziareba. Cemi azriT, fasiani qaRaldebis sajaro SeTavazebisaTvis, Tu saqme exeba axali klasis fasiani qaRaldebis emisias, unda arsebobdes erTiani reJimi yvela emitentisaTvis iqneba is rezidenti, Tu ara.

2009 wlis 24 seqtembers ~fasiani qaRaldebis bazris Sesaxeb kanonSi ganxorcielebuli cvlilebebiT am kanonis aRsruleba da fa-siani qaRaldebis bazris zedamxedvelobas saqarTvelos erovnul bankze gadavida. seb-i gaxda finansuri seqtoris megaregulatori. saqarTvelos organuli kanoniTac „saqarTvelos erovnuli bankis Sesaxeb~ seb-is erT-erT funqcia safinanso seqtoris zedamxedvelobaa (me-3 muxli, p.3, qvep. `b~), romelsac is asrulebs „erovnuli bankis safinanso seqtoris zedamxedvelobis komitetis~ meSveobiT. (muxli 16). seb-is mier safi-nanso seqtoris zedamxedvelobis miznebi, amocanebi da misi uflebebi mocemulia kanonis VIII TavSi _ „safinanso seqtoris zedamxedveloba~. aq xazgasmulia investorTa uflebebis dacvis amocana (muxli 47) da normebi konkretulad Tu rogor unda ganaxorcielos aRniSnuli fa-siani qaRaldebis bazarze (muxli 52). amasTan, 2009-2010 wels ganxor-

328 329

modelisaken Semobruneba. saWiroa ukeTesi zedamxedveloba da ukeTesi evropuli koordinacia, romelic zedamxedvelobis centralizebiT unda iqnes miRweuli.

amerikaSi 2009 wlis Wall Street Reform and Consumer Protection Act iTvaliswinebs SEC-is rolisa da misi saaRsruleblo Zalauflebis gaZlierebas. BAFin-is gaZliereba ki, romelsac SEC-Tan SedarebiT is-edac naklebi Zalaufleba aqvs, germaniaSi mxolod winadadebis doneze ganixileba da jer ar miuRia sakanonmdeblo aRiareba.

bankebis pasuxismgeblobis arsebobis saWiroeba samive doneze aris aRiarebuli. aRiarebulia, rom SesaZlebloba gadasaxadis gadamxdels mosTxovo Cekis gamowera, aRmofxvrili unda iyos. dauSvebelia gadasaxa-dis gadamxdelTa datvirTva da maT kiserze dawola: „is vinc sargebels naxulobs, zaralze pasuxismgebelic unda iyos~. germaniaSi saubaria „bankebis mosakrebelze~. aSS-Si amoxsna danaxuli iqna reformaSi, ro-melic „vol stritsa~ da did bankebs pasuxismgebels xdis. aqac saubaria gadasaxadis gadamxdelTa dacvaze. „bankebis mosakrebeli~ mniSvnelovani Tema iyo aseve evropis samitze 2010 wlis 17 ivniss bruselSi. evropis kavSiri awesebs bankebis mosakrebels krizisis ganmeorebis SemTxvevaSi am resursebiT antikrizisuli YRonisZiebebis gansaxorcieleblad.217

germaniis federaluri finansTa saministros mier SemoTavaze-bul kanonSi investorTa mrCevelebisa da realizaciaze pasuxismge-beli pirebisaTvis gaTvaliswinebuli monacemTa banki emsgavseba aSS-Si broker-dilerebis registraciis ukve didi xnis ganmavlobaSi arsebul praqtikas. amas garda evropasa da germaniaSi midis diskusia „koleq-tiuri sarCelis~ Seqmnis Taobaze amerikuli Class Action-is magaliTze. mravali procesi SeiZleba iqnes Tavidan acilebuli Tu kanonmdebeli Seqmnis saSualebas, mcire investorTa moTxovnebis gaerTianebisa da ganxorcielebisaTvis.218

saerTaSoriso TanamSromlobis saWiroeba da ufro meti pasuxismge-bloba finansur sistemaSi ar aris sadavo da sayovelTaod aris aRi-arebuli.

reforma germaniasa da evropis kavSirSi orientirebulia kanon-mdeblobis srulyofaze, raTa daZlion kanonmdeblobis sisusteebiT gamowveuli krizisis mizezebi. magram reformebi evropis kavSirSi dRemde ver mivida fasiani qaRaldebis regulirebis saerTo sistemamde.

aSS-Si, evropasa da germaniaSi finansuri krizisis axali talRis Ses-aZlebloba ar aris gamoricxuli, amitomac mimdinareobs kanonmdeblobi-

217 Ziedler, EU will Banken für die Krise zahlen lassen, Der Tagesspiegel, 18. Juni 2010, S. 1.218 Kessler /Micklitz , Anlegerschutz in Deutschland,Schweiz, Grossbritanien, USA und der Eu-ropäischen Gemeinschaft, Baden-Baden 2004, S. 137.

velobas.216 finansuri seqtoris amomwuravi regulirebisTvis mxarda-saWerad gamodian aseve germaniaSic. „arc erTi moqmedi piri, arc erTi bazari da arc erTi produqti ar SeiZleba darCes zedamxedvelobis gareSe~- aseTia germaniis pozicia.

am kuTxiT gamonaklisi mxolod saqarTveloa. maSin, rodesac msofli-oSi regulirebis gazrdisa da gamkacrebisken iswrafvian, saqarTveloSi tendencia ufro meti liberalurobisken midis. investorTa dacvas bazarze saqarTveloSi yovelTvis naklebi mniSvneloba eTmoboda. amis ZiriTadi mizezi, rogorc ukve zemoT iyo aRniSnuli, aris is, rom kapi-talis bazars saqarTvelosaTvis ar aqvs im donis mniSvneloba, rogorc es ganviTarebul qveynebsa da evropaSia. Sesabamisad, CvenTan kapitalis bazarze investorTa dacva ar warmoadgens fasiani qaRaldebTan dakav-Sirebuli kanonmdeblobisa da, zogadad, saxelmwifo politikis mTavar mimarTulebas, igi ar ganixileba ZiriTad problemad da, Sesabamisad, specialurad kapitalis bazarze investorTa dacvis, bazris funqcioni-rebis gaumjobesebis, misi gamWirvalobis uzrunvelyofis mimarTulebiT krizisis Semdeg araferi gakeTebula.

germaniaSi, evropis kavSirsa da aSS-Si mimdinare da dagegmili cv-lilebebisa da siaxleebis warmodgena gviCvenebs, rom samive doneze erTnairi miznobrivi davalebebi arsebobs. yvela doneze iRwvian: in-vestorTa dakarguli ndobis dabrunebisaTvis, bazris ufro meti gam-WirvalobisaTvis, xdeba integrirebulobisa da efeqtianobis moTxovna, krizisis globaluri xasiaTis gaTvaliswineba, investorTa dacva, siste-muri riskebis identificireba da efeqturi kontroli da ukeTesi zedamxedvelobisaTvis axali fundamentis Seqmna. rogorc evropis kav-SirSi, ise aSS-Si mniSvnelovnad iqna miCneuli sistemuri riskebis kon-trolisaTvis axali organos Seqmna. evropis kavSirSi miznad isaxaven finansuri produqtebis realizatorTa kompetenciisa da profesional-izmis saTanado donis garantirebas. diskusiisas miTiTeba xdeba aSS-ze, sadac es mizani ukve didi xania garantirebulia regulaciebiT, romelTa mixedviTac investorTa konsultantebi eqvemdebarebian profesional-izmisa da Sesabamisobis mkacr standartebs, raTa garantirebuli iqnes, rom mrCevlebs esmiT is produqtebi, romlebsac isini yidian. rogorc evropaSi investorTa dacvis krizisamde arsebuli regulirebis war-modgenis dros iqna aRniSnuli, evropulma regulirebis filosofiam distancia daiWira amerikuli centralizebuli kontrolisagan da didi xnis ganmavlobaSi decentralizebul zedamxedvelobas axorcielebda. krizisis Semdeg evropam Secvala es midgoma da daiwyo amerikuli

216 Möschel, ZRP 5/2009, S. 129-133 (133).

330 331

Tesi zedamxedveloba, ufro mkacri regulireba, meti gamWirvaloba da pasuxismgebloba, saerTaSoriso savaluto fondis221 gaZliereba, riskebis menejmenti da riskebis Sefasebis axali koncefciebi _ msgavsi, erT-nairi strategiebi yvela doneze iqna SemoTavazebuli. regulatorebi acnobiereben, rom globalur samyaroSi es miznebi mxolod calkeulebis mondomebiT da mxolod sufTa nacionaluri reformebiT, saerTaSoriso daxmarebis gareSe, sxvebis gamocdilebis gaTvaliswinebis gareSe da qmdebebis erTmaneTTan SeTanxmebulobis gareSe ver iqneba miRweuli. miuxedavad amisa, rogorc Cans evropelebi ufro xSirad apyroben mz-eras okeanis gaRma, vidre es piriqiT xdeba. rac Seexeba saqarTvelos, am sakiTxTan dakavSirebiT misi „mzeris daWera~ am etapze SeuZlebelia.

221 IMF _ International Monetary Fund

sa da regulirebis gaZliereba administrirebisa da sistemuri riskebis prevenciis mimarTulebiT. magram reformebi droSi dagvianebulia da ev-rosa da evrozonis problemebma wina planze wamowies axali safrTxeebi, romlebic reaqciebs ukve sxva mimarTulebiT moiTxoven. rodesac aSS-Si, evropasa da germaniaSi gatarebul da dagegmil reformebs gadavxedavT, Segveqmneba STabeWdileba, rom samarTlebriv reaqciebs evropasa da ger-maniaSi ufro „refleqsis~- xasiaTi aqvT da rom es reformebi proce-sebs misdeven. investorTa dacva warmoadgens samarTlebriv refleqss.219 gadauwyveteli, Senelebuli moqmedebebi evropasa da germaniaSi kritikis mTavar punqts warmoadgens.

am mimarTulebiT reformebi aSS-Si ufro swrafad da agresiulad xorcieldeba da warmoadgens ara mxolod samarTlebriv reaqcias mimdi-nare procesebze, aramed mimarTulia iseTi sistemis Seqmnisaken, romelic movlenebs winaswar ganWvrets. SeiZleba iTqvas, rom es reformebi mini-mum krizisis meore talRaze da maqsimum postkrizisul ganviTarebaze da krizisis prevenciaze aris gaTvlili. es gamomdinareobs, aseve, ameri-kuli menejmentis inovaciuri, praqtikuli stilidan da mentaliteti-dan. rogorc ki garemoebam es moiTxova, aSS-m koreqtivi Seitana Tavis liberalur midgomaSi da uprecendentod gaaZliera kapitalis bazris regulirebaSi saxelmwifos Careva.

reformebi germaniasa da evropaSi emsgavseba erTmaneTs da saerTo principebi da mimarTulebebi aqvT. aSS ki Cans, rom aris erTi nabijiT win da evropa da germania mis strategiebs imeoreben, gadmoaqvT an sul mcire iTvaliswineben mainc. aSS ufro aqtiuri Cans investorTa dacvis sakiTxSi da reformebic am mimarTulebiT ufro metis momtani da ufro Sedegiani Cans vidre germaniasa da evropaSi. aSS-Si gadaudebeli, dauy-ovneblivi moqmedebis saWiroebis ara mxolod propaganda xdeba, aramed es aseve praqtikaSic xorcieldeba. evropelebis gadawyvetilebis miRebisa da marTvis sisusteebi mudmivi kritikis sagania. ~me vxedav balkaneTis moments’’ _ acxadebs ekonomisti kirkergaardi- „90-iani wlebis da-sawyisSi evropelebma iugoslaviis konfliqti TavianT ukana ezoSi ver gadawyvites da amerikelebis Careva gaxda saWiro. exla Cven varT igives momswreni finansur da ekonomikur krizisTan mimarTebaSi~.220

mTlianobaSi SeiZleba davaskvnaT, rom reformebi aSS-Si, evropasa da germaniaSi, calkeuli gansxvavebebis miuxedavad, erTi da igive princi-pebis safuZvelze da erTi da igive mimarTulebiT mimdinareobs. uke-

219 Grundmann-is termini, Grundmann, Stefan u.a. (Hrsg.):Anleger- und Funktionsschutz durch Kapitalmarktrecht- Symposium und Seminar zum 65. Geburtstag von Eberhard Schwark, Berlin 2006, S. 8. 220 Der Spiegel 06.05.2010.

332 333

rasac isini miznad isaxaven? aris Tu ara es reformebi gamosadegi in-vestorebisaTvis da marTlac maT saWiroebebze morgebuli? ar arsebobs erTmniSvnelovani pasuxi am kiTxvebze. reformebis, aseve maT Sedegad gatarebuli da dagegmili cvlilebebisa da axali regulirebebis efeq-tianoba da Sesabamisoba drom da praqtikulma gamoyenebam unda Seamow-mos, gamocados da daasabuTos. Tumca, SeuZlebelia dakargo grZnoba, rom mimdinare reformebis dros reaqciul, refleqsur222 gadawyvetilebebs exeba saqme. rogorc germaniis federaciuli respublikis xelisufle-bam aRiara: `rasac Cven vaRwevT aris drois mogeba, raTa struqturuli reformebi gavataroT.~

realizaciis praqtikis gaumjobeseba, yvela mniSvnelovani infor-maciis garantireba, xarjebis gamWirvalobis uzrunvelyofa, finansuri Suamavlebis kvalifikaciis amaRleba da finansuri codnis gaumjobeseba aris is umniSvnelovanesi punqtebi, romelTa gareSec investorTa dacvis gaumjobesebis miznis miRweva SeuZlebelia.

reformebi manam ar migviyvanen konkretul Sedegebamde, sanam isini sxvadasxva qveynebSi erTmaneTTan ar iqneba SeTanxmebuli. SeiZleba mx-olod vivaraudoT, rom manam, sanam ar Seiqmneba globaluri normebi da regulirebebi, romlebic globaluri finansuri sistemis adekvaturia, aqamde ganxorcielebuli RonisZiebebi da maTi implementaciis tempi ar qmnis stabilurobis saimedo safuZvelis STabeWdilebas.

saukeTeso gadawyvetilebisaTvis aucilebelia, im winaaRmdegobis daZleva, romelic arsebobs finansur sistemas, fasiani qaRaldebis globalur Sinaarssa da fasiani qaRaldebis regulirebis naciona-lur formebs Soris. procesebi, romlebsac globaluri xasiaTi aqvT moiTxoven, erTiani finansuri sistemisa da saerTo maregulireblis Seqmnas. am SemTxvevaSi investorebi Tavs ufro metad daculad igrZno-ben, damoukideblad imisa, romel qveyanaSi moqmedeben transnacionaluri emitentebi. sasurvelia, rom saerTaSoriso kapitalis bazrebs hqondeT erTiani regulirebis CarCoebi da standartebi, raTa yvela informaciis Sedareba iyos SesaZlebeli. es regulatorebi da saerTo standartebi ar gamoricxaven nacionaluri da regionaluri bazrebis mowesrigebas mcire da saSualo biznesisaTvis.

mcire da institucionaluri investorebis dacvis mniSvneloba krizisis ukeTesi daZlevisaTvis ar SeiZleba alternatiulad iqnes ganxiluli.

mniSvnelovania, rom yvela cvlileba investorebis, kapitalis bazrisa da emitentebis monawileobiT ganxorcieldes, raTa investorTa intere-

222 `reaktionsgetriebene~ – martin veberis mocemuloba. ix. Martin Weber, Die Entwick-lung des Kapitalmarktrechts 2001/2002, NJW 1/2003, S. 18-26 (19).

VI. daskvna

finasuri krizisis mier gamowveulma uaryofiTma Sedegebma ganapi-robes finansuri sistemis gardaqmnis aucilebloba mTeli msoflios masStabiT. Ggardaqmnebi warimarTa finansuri sistemis funqcionire-baSi gamovlenili xarvezebis aRmosafxvrelad da iseTi maregulire-beli novaciebis Semosatanad, romlebmac unda uzrunvelyon momavalSi finansuri krizisis maqsimum _ prevencia da minimum _ misi warmoSobis Setyobinebis adreuli sistemis Seqmna da krizisis sawyis stadiazeve daZleva. Ffinansuri sistemis reformaSi mniSvnelovani adgili uWi-ravs safinanso bazris maregulirebeli normebisa da institutebis reformas. maT Soris centraluria fasiani qaRaldebis investorebis dacvis sakiTxi. Ees bunebrivia, radganac finansuri krizisis Sedegad swored investorebma ganicades kolosaluri, istoriulad uprecedento finansuri zarali. amasTan dakavSirebiT naSromSi ganxorcielebuliK-kvlevis Sedegebi mocemulia Sualedur daskvnebSi Sesabamisi Tavebis bolos. damatebiT SeiZleba aRiniSnos, rom finansuri krizisis genezisi, warmoSoba da gavrceleba sxva krizisebisagan gansxvavdeboda. arc erT qveyanas ar SeuZlia ar gaiTvaliswinos globalizaciis konteqsti da is Seusabamoba, rac arsebobs msoflios masStabiT integrirebul finansur sistemasa da misi samarTlebrivi regulirebis lokalur xasiaTs Soris calkeuli qveynebis an saukeTeso SemTxvevaSi qveynebis jgufis masStabiT. erTdroulad mimdinareobda krizisis SeCerebis RonisZiebebi da sistem-uri reforma. G-20 mcdelobiT ganisazRvra antikrizisuli RonisZiebebi, romelic Semdeg sxva qveynebmac gaimeores. saWiro gaxda saxelmwifoTa sruli finansuri da politikuri mobilizeba antikrizisuli RonisZie-bebis ganxorcielebisaTvis. miuxedavad pirveli pozitiuri Sedegebisa, rodesac fasiani qaRaldebis indeqsebma daiwyes zrda, krizisis Sedegebi araa daZleuli da adgili aqvs mis gavrcelebas realur ekonomikasa da savaluto sistemaze. am SemTxvevaSi investorebi, rogorc konkretuli qveynis fizikuri Tu iuridiuli pirebi, dganan axali safrTxis winaSe, rom am SemTxvevaSi dazaraldnen inflaciis, umuSevrobis Sedegad da ekonomikuri da savaluto krizisis sxva SedegebiT.

arsebobs mravali rCeva, rekomendacia, Tu ra mimarTuleba unda hqondes reformebs. mimdinareobs gzebis Zieba, raTa finansuri sistema, rac SeiZleba swrafad daubrundes Tavis Cveul wesrigs.

miuxedavad regulatorebis aseTi viTom aqtiuri muSaobisa yvela doneze, raTa, rac SeiZleba saukeTeso amoxsnebi ipovon, ismis kiTxva: aris Tu ara es reformebi marTlac saTanado da Sesabamisi, rom miaRwion imas,

334 335


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sebi srulad, amomwuravad iqnes gaTvaliswinebuli. gaTvaliswinebuli unda iqnes, aseve, investorTa moTxovnilebebi da finansuri kompetenciis amaRlebis saWiroeba. regulatorebis gadawyvetilebebi, rac SeiZleba sajaro unda iyos. sxvanairad investorebsa da emitentebs ar eqnebaT am gadawyvetilebebze gavlenis moxdenis SesaZlebloba. axali regulire-bebis Seqmna moiTxovs aseve Riaobas, raTa gaadvildes maTi implementa-cia da Semcirdes amisaTvis saWiro xarjebi.

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is, rac SeuZlia saqarTvelos am etapze gaakeTos – esaa moaxdi-nos saerTod finansuri sistemis da kerZod, fasiani qaRaldebis baz-ris Sesaxeb kanonmdeblobis harmonizeba da maregulirebeli sistemebis unifikacia aSS-s samarTlebriv sistemasTan, radganac evropis kavSiri erTianad da masSi Semavali saxelmwifoebi (am SemTxvevaSi germania) am mimarTulebiT anviTareben TavianT kanonmdeblobas fasiani QqaRaldebis bazrisa da investorTa dacvis sferoSi.

gasaTvaliswinebelia drois faqtori. dro ar icdis. msoflio safi-nanso bazrebi win midian da agrZeleben ganviTarebas warmoudgeneli tempiT. arsebobs realuri safrTxe imisa, rom reformebi daZveldeba manam, sanam isini saerTod damTavrebuli iqneba.

223 The Economist, May 28th-June 3rd 2011, p. 5.

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