Інфраструктура корпоративного середовища: зовнішні та внутрішні структурні елементи

Abstract

Уточнено сутність поняття “корпоративне середовище”, “інноваційна інфраструктура”, “зовнішні суб’єкти корпоративного управління”, “внутрішні структурні елементи” на основі висвітлення думок науковців та нормативно-законодавчої бази. Досліджено інфраструктуру корпоративного середовища, у якій виділено: зовнішніх суб’єктів корпоративного управління (державу, ринки, інституційних інвесторів) та внутрішні структурні елементи (власників, організаційно управлінську структуру, корпоративний контроль, корпоративну культуру). For the development of joint stock companies there is required the interaction with the external environment, forecasting its regulatory impact on corporations and on the internal mechanism of coordinating interests of corporate entities. The essence of the concepts of «corporate environment», «innovative infrastructure», «external subjects of corporate governance», «internal structural elements» is specified based on scientists’ opinions as well as regulatory and legal framework. The author studies the corporate environment infrastructure and highlights the following: external subjects of corporate governance (state, markets, and institutional investors) and internal structural elements (owners, organizational and management structure, corporate control, and corporate culture). All these subjects have a complicated system of interests, and its coordination is the main task of optimizing corporate governance. The corporate environment infrastructure is a set of components that are not members of the corporation but have a certain influence on it. External subjects of corporate governance are dependent on the economic system as a whole. This is ensured by their relationships and forms the infrastructure of certain environment. The first element of the external environment is ensured at the level of state regulation through the authorities of general and special competence that create rules and regulations for corporate control, and liability of corporations. The organs of special competence include: the National Commission on Securities and Stock Market, State Property Fund of Ukraine, the Antimonopoly Committee of Ukraine; the National Commission for State Regulation of Financial Services Markets, and other authorities. Another important element of the external environment is the mechanism of market control over the corporation governance. In the system of corporate governance the commodity markets of products and financial markets play a significant role. Corporate governance and its effectiveness are determined by the achievement of certain socio-economic status by the corporation. For the owners an important result of corporate governance is obtaining a portion of profits and increasing exchange price of the company’s shares. Institutional investors (not owners of corporate rights) can be considered to be the third important element of external corporate governance. They are public organizations and mass media that influence corporate strategy and tactics. An important place is occupied by selfregulatory organizations - voluntary non-profit associations of professional stock market participants which perform the function of stock market regulation. Internal elements of the corporate governance system depend primarily on the availability of effective rules and procedures of the owners’ relationship and their impact on the regulated objects, i.e. on the corporation management. Standards and procedures (conducting the general meeting and taking decisions at it, determining the bodies to supervise managers’ performance in the period between meetings, defining competence for concluding agreements with different cost values etc.) are presented. Internal elements of corporate governance also include conduct regulations, staff remuneration of officials, formation of funds and payment of dividends, property transactions, and other types of industrial and economic activities that are developed by managers and agreed upon with the owners. Optimization of interaction between the management and owners is regulated by the state laws and regulations, market environment, and public institutions. Corporate governance systems depend on the characteristics of regulated objects. In small entities where there are a few owners corporate governance systems differ significantly from management systems of joint stock companies with many owners. The internal state of a corporation depends on the economic system as a whole that is ensured by the links between the elements that are part of it.