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ɜɧɭɬɪɟɧɧɟɝɨ ɩɪɨɞɭɤɬɚ (ȼȼɉ); ɜ ɬɚɤɢɯ ɫɬɪɚɧɚɯ, ɤɚɤ Ʉɚɧɚɞɚ, Ƚɟɪɦɚɧɢɹ, Ɏɪɚɧɰɢɹ
ɢ ȼɟɥɢɤɨɛɪɢɬɚɧɢɹ ɷɤɫɩɨɪɬ ɫɨɫɬɚɜɥɹɟɬ ɱɟɬɜɟɪɬɶ ȼȼɉ.
Ɋɢɫ. 1.1. ɗɤɫɩɨɪɬ ɬɨɜɚɪɨɜ ɢ ɭɫɥɭɝ ɜ ɩɪɨɰɟɧɬɧɨɦ ɨɬɧɨɲɟɧɢɢ ɨɬ ȼȼɉ
ɜ ɧɟɤɨɬɨɪɵɯ ɫɬɪɚɧɚɯ (ɞɚɧɧɵɟ ɡɚ 2006 ɝ.)
ȼɬɨɪɚɹ ɮɨɪɦɚ ɦɟɠɞɭɧɚɪɨɞɧɨɣ ɩɪɟɞɩɪɢɧɢɦɚɬɟɥɶɫɤɨɣ ɞɟɹɬɟɥɶɧɨɫɬɢ,
ɢɦɟɸɳɚɹ ɬɚɤɨɟ ɠɟ ɡɧɚɱɟɧɢɟ, ɤɚɤ ɷɤɫɩɨɪɬ ɢ ɢɦɩɨɪɬ, – ɷɬɨ ɡɚɪɭɛɟɠɧɵɟ ɢɧɜɟɫɬɢ-
ɰɢɢ, ɢɥɢ ɩɟɪɟɞɚɱɚ ɤɚɩɢɬɚɥɚ ɪɟɡɢɞɟɧɬɚɦɢ ɨɞɧɨɣ ɫɬɪɚɧɵ ɞɥɹ ɞɚɥɶɧɟɣɲɟɝɨ ɟɝɨ
ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɪɟɡɢɞɟɧɬɚɦɢ ɞɪɭɝɨɣ ɫɬɪɚɧɵ. Ɍɚɤɢɟ ɢɧɜɟɫɬɢɰɢɢ ɩɨɞɪɚɡɞɟɥɹɸɬɫɹ
ɧɚ ɞɜɟ ɤɚɬɟɝɨɪɢɢ: ɩɪɹɦɵɟ ɢɧɨɫɬɪɚɧɧɵɟ ɢɧɜɟɫɬɢɰɢɢ ɢ ɩɨɪɬɮɟɥɶɧɵɟ ɢɧɜɟɫɬɢɰɢɢ.
ɉɪɹɦɵɟ ɡɚɪɭɛɟɠɧɵɟ ɢɧɜɟɫɬɢɰɢɢ (foreign direct investments, FDI) – ɷɬɨ ɜɥɨɠɟ-
ɧɢɟ ɤɚɩɢɬɚɥɚ ɫ ɰɟɥɶɸ ɨɫɭɳɟɫɬɜɥɟɧɢɹ ɩɪɢɨɛɪɟɬɟɧɢɹ ɢ ɪɟɚɥɶɧɨɝɨ ɤɨɧɬɪɨɥɹ ɧɚɞ
ɨɛɴɟɤɬɚɦɢ ɫɨɛɫɬɜɟɧɧɨɫɬɢ, ɚɤɬɢɜɚɦɢ ɢ ɰɟɥɵɦɢ ɤɨɦɩɚɧɢɹɦɢ ɜ ɞɪɭɝɢɯ ɫɬɪɚɧɚɯ
(ɫɬɪɚɧɚ, ɧɚ ɬɟɪɪɢɬɨɪɢɢ ɤɨɬɨɪɨɣ ɧɚɯɨɞɢɬɫɹ ɲɬɚɛ-ɤɜɚɪɬɢɪɚ ɦɚɬɟɪɢɧɫɤɨɣ ɤɨɦɩɚ-
ɧɢɢ, – ɷɬɨ ɫɬɪɚɧɚ ɩɪɨɢɫɯɨɠɞɟɧɢɹ (home country), ɚ ɫɬɪɚɧɚ, ɧɚ ɬɟɪɪɢɬɨɪɢɢ ɤɨ-
ɬɨɪɨɣ ɷɬɚ ɤɨɦɩɚɧɢɹ ɜɟɞɟɬ ɛɢɡɧɟɫ, – ɷɬɨ ɫɬɪɚɧɚ, ɩɪɢɧɢɦɚɸɳɚɹ ɢɧɜɟɫɬɢɰɢɢ, ɢɥɢ
ɫɬɪɚɧɚ ɩɪɟɛɵɜɚɧɢɹ (host country)). ȼ ɤɚɱɟɫɬɜɟ ɩɪɢɦɟɪɚ ɩɪɹɦɵɯ ɢɧɨɫɬɪɚɧɧɵɯ
ɢɧɜɟɫɬɢɰɢɣ ɦɨɠɧɨ ɩɪɢɜɟɫɬɢ ɩɪɢɨɛɪɟɬɟɧɢɟ ɤɨɦɩɚɧɢɟɣ Ford Motor Company
ɜɫɟɯ ɨɛɵɤɧɨɜɟɧɧɵɯ ɚɤɰɢɣ ɲɜɟɞɫɤɨɣ ɤɨɦɩɚɧɢɢ Volvo Corporation. ɉɨɫɥɟ ɩɨɤɭɩ-
ɤɢ ɷɬɢɯ ɚɤɰɢɣ ɢɡ ɦɚɬɟɪɢɧɫɤɨɣ ɤɨɦɩɚɧɢɢ Ford ɜ ɤɨɦɩɚɧɢɸ Volvo ɛɵɥɢ ɧɚɩɪɚɜ-
ɥɟɧɵ ɫɩɟɰɢɚɥɢɫɬɵ, ɡɚɞɚɱɚ ɤɨɬɨɪɵɯ ɫɨɫɬɨɹɥɚ ɜ ɨɫɭɳɟɫɬɜɥɟɧɢɢ ɤɨɧɬɪɨɥɹ ɧɚɞ
ɞɟɹɬɟɥɶɧɨɫɬɶɸ ɤɨɦɩɚɧɢɢ, ɚ ɬɚɤɠɟ ɜ ɢɧɬɟɝɪɢɪɨɜɚɧɢɢ ɪɚɛɨɬɵ ɤɨɦɩɚɧɢɢ ɫ ɩɪɨ-
ɝɪɚɦɦɚɦɢ ɡɚɤɭɩɨɤ ɢ ɦɚɪɤɟɬɢɧɝɚ, ɪɟɚɥɢɡɭɟɦɵɦɢ ɤɨɪɩɨɪɚɰɢɟɣ Ford ɜ ɦɚɫɲɬɚɛɚɯ
ɜɫɟɝɨ ɦɢɪɚ.
ɉɨɪɬɮɟɥɶɧɵɟ ɢɧɜɟɫɬɢɰɢɢ (portfolio investments) – ɷɬɨ ɩɪɢɨɛɪɟɬɟɧɢɟ ɡɚ-
ɪɭɛɟɠɧɵɯ ɮɢɧɚɧɫɨɜɵɯ ɚɤɬɢɜɨɜ (ɚɤɰɢɣ, ɨɛɥɢɝɚɰɢɣ ɢ ɞɟɩɨɡɢɬɧɵɯ ɫɟɪɬɢɮɢɤɚɬɨɜ),
ɧɟ ɫɬɚɜɹɳɟɟ ɰɟɥɶɸ ɨɫɭɳɟɫɬɜɥɟɧɢɟ ɤɨɧɬɪɨɥɹ. ɉɪɢɦɟɪɨɦ ɩɨɪɬɮɟɥɶɧɵɯ ɢɧɜɟɫɬɢ-
ɰɢɣ ɦɨɠɟɬ ɫɥɭɠɢɬɶ ɩɨɤɭɩɤɚ ɬɵɫɹɱɢ ɨɛɵɤɧɨɜɟɧɧɵɯ ɚɤɰɢɣ ɤɨɦɩɚɧɢɢ Sony ɞɚɬ-
ɫɤɢɦ ɩɟɧɫɢɨɧɧɵɦ ɮɨɧɞɨɦ. ɉɨɫɪɟɞɫɬɜɨɦ ɬɚɤɨɝɨ ɜɥɨɠɟɧɢɹ ɤɚɩɢɬɚɥɚ ɩɟɧɫɢɨɧɧɵɣ
ɮɨɧɞ ɩɪɟɞɩɪɢɧɹɥ ɩɨɩɵɬɤɭ ɭɜɟɥɢɱɢɬɶ ɧɨɪɦɭ ɩɪɢɛɵɥɢ ɨɬ ɫɜɨɢɯ ɨɫɧɨɜɧɵɯ
ɫɪɟɞɫɬɜ,
ɚ ɧɟ ɩɨɥɭɱɢɬɶ ɤɨɧɬɪɨɥɶ ɧɚɞ ɩɪɨɰɟɫɫɨɦ ɩɪɢɧɹɬɢɹ ɪɟɲɟɧɢɣ ɜ ɤɨɦɩɚɧɢɢ
Sony. ɉɨ ɬɨɣ ɠɟ ɩɪɢɱɢɧɟ ɦɧɨɝɢɟ ɢɧɜɟɫɬɨɪɵ ɜ ɩɨɫɥɟɞɧɢɟ ɝɨɞɵ ɩɪɢɨɛɪɟɬɚɸɬ ɚɤ-
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ɰɢɢ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɮɨɧɞɨɜ ɨɬɤɪɵɬɨɝɨ ɬɢɩɚ, ɤɨɬɨɪɵɟ ɫɩɟɰɢɚɥɢɡɢɪɭɸɬɫɹ ɧɚ
ɢɧɨɫɬɪɚɧɧɵɯ ɚɤɰɢɹɯ ɢ ɨɛɥɢɝɚɰɢɹɯ.
Ⱦɪɭɝɢɟ ɮɨɪɦɵ ɦɟɠɞɭɧɚɪɨɞɧɵɯ ɞɟɥɨɜɵɯ ɨɩɟɪɚɰɢɣ. ɉɨɦɢɦɨ ɩɟɪɟɱɢɫɥɟɧ-
ɧɵɯ ɜɵɲɟ, ɦɟɠɞɭɧɚɪɨɞɧɵɣ ɛɢɡɧɟɫ ɦɨɠɟɬ ɨɫɭɳɟɫɬɜɥɹɬɶɫɹ ɢ ɜ ɞɪɭɝɢɯ ɮɨɪɦɚɯ.
ȼɚɠɧɟɣɲɢɟ ɢɡ ɧɢɯ – ɷɬɨ ɥɢɰɟɧɡɢɪɨɜɚɧɢɟ, ɮɪɚɧɱɚɣɡɢɧɝ ɢ ɭɩɪɚɜɥɟɧɱɟɫɤɢɟ ɤɨɧ-
ɬɪɚɤɬɵ. Ʌɢɰɟɧɡɢɪɨɜɚɧɢɟ (licensing) ɩɪɟɞɩɨɥɚɝɚɟɬ ɡɚɤɥɸɱɟɧɢɟ ɞɨɝɨɜɨɪɚ, ɜɫɨ-
ɨɬɜɟɬɫɬɜɢɢ ɫ ɤɨɬɨɪɵɦ ɮɢɪɦɚ, ɧɚɯɨɞɹɳɚɹɫɹ ɜ ɨɞɧɨɣ ɫɬɪɚɧɟ, ɜɵɞɚɟɬ ɤɨɦɩɚɧɢɢ
ɞɪɭɝɨɣ ɫɬɪɚɧɵ ɥɢɰɟɧɡɢɸ ɧɚ ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɫɜɨɟɣ ɢɧɬɟɥɥɟɤɬɭɚɥɶɧɨɣ ɫɨɛɫɬɜɟɧ-
ɧɨɫɬɢ (ɩɚɬɟɧɬɨɜ, ɬɨɪɝɨɜɨɣ ɦɚɪɤɢ, ɮɢɪɦɟɧɧɨɝɨ ɧɚɡɜɚɧɢɹ, ɚɜɬɨɪɫɤɢɯ ɩɪɚɜ ɢɥɢ
ɫɟɤɪɟɬɨɜ ɩɪɨɢɡɜɨɞɫɬɜɚ) ɜ ɨɛɦɟɧ ɧɚ ɜɵɩɥɚɬɭ ɪɨɹɥɬɢ. ɇɚɩɪɢɦɟɪ, ɤɨɦɩɚɧɢɹ Walt
Disney ɦɨɠɟɬ ɜɵɞɚɬɶ ɧɟɦɟɰɤɨɣ ɤɨɦɩɚɧɢɢ ɩɨ ɩɨɲɢɜɭ ɨɞɟɠɞɵ ɪɚɡɪɟɲɟɧɢɟ ɧɚ
ɜɵɩɭɫɤ ɞɟɬɫɤɢɯ ɩɢɠɚɦ ɫ ɢɡɨɛɪɚɠɟɧɢɟɦ ɭɥɵɛɚɸɳɟɝɨɫɹ Ɇɢɤɤɢ Ɇɚɭɫɚ ɧɚ ɭɫɥɨ-
ɜɢɹɯ ɜɵɩɥɚɬɵ ɷɬɨɣ ɤɨɦɩɚɧɢɟɣ ɩɪɨɰɟɧɬɚ ɨɬ ɩɪɨɞɚɠ. Ɏɪɚɧɱɚɣɡɢɧɝ (franchising) –
ɷɬɨ ɨɫɨɛɚɹ ɮɨɪɦɚ ɥɢɰɟɧɡɢɪɨɜɚɧɢɹ, ɫɭɬɶ ɤɨɬɨɪɨɣ ɫɨɫɬɨɢɬ ɜ ɬɨɦ, ɱɬɨ ɮɢɪɦɚ, ɧɚ-
ɯɨɞɹɳɚɹɫɹ ɜ ɨɞɧɨɣ ɫɬɪɚɧɟ (ɮɪɚɧɱɚɣɡɟɪ), ɜɵɞɚɟɬ ɤɨɦɩɚɧɢɢ ɢɡ ɞɪɭɝɨɣ ɫɬɪɚɧɵ
(ɮɪɚɧɱɚɣɡɢ) ɪɚɡɪɟɲɟɧɢɟ ɧɚ ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɫɜɨɟɣ ɬɟɯɧɨɥɨɝɢɢ ɩɪɨɢɡɜɨɞɫɬɜɚ, ɚ
ɬɚɤɠɟ ɛɪɟɧɞɚ, ɬɨɪɝɨɜɨɣ ɦɚɪɤɢ ɢ ɥɨɝɨɬɢɩɚ ɜ ɨɛɦɟɧ ɧɚ ɜɵɩɥɚɬɭ ɪɨɹɥɬɢ. ɇɚɩɪɢ-
ɦɟɪ, ɤɨɦɩɚɧɢɹ McDonald's Corporation ɩɪɨɞɚɟɬ ɩɪɚɜɚ ɧɚ ɨɬɤɪɵɬɢɟ ɪɟɫɬɨɪɚɧɨɜ
ɛɵɫɬɪɨɝɨ ɨɛɫɥɭɠɢɜɚɧɢɹ ɜɨ ɜɫɟɦ ɦɢɪɟ.
ɍɩɪɚɜɥɟɧɱɟɫɤɢɣ ɤɨɧɬɪɚɤɬ (management contract) – ɷɬɨ ɫɨɝɥɚɲɟɧɢɟ
,
ɜ
ɫɨɨɬɜɟɬɫɬɜɢɢ ɫ ɤɨɬɨɪɵɦ ɤɨɦɩɚɧɢɹ ɜ ɨɞɧɨɣ ɫɬɪɚɧɟ ɞɚɟɬ ɮɢɪɦɟ, ɧɚɯɨɞɹɳɟɣɫɹ ɜ
ɞɪɭɝɨɣ ɫɬɪɚɧɟ, ɫɨɝɥɚɫɢɟ ɧɚ ɭɩɪɚɜɥɟɧɢɟ ɦɨɳɧɨɫɬɹɦɢ ɷɬɨɣ ɮɢɪɦɵ ɢɥɢ ɨɤɚɡɚɧɢɟ
ɢɧɵɯ ɭɩɪɚɜɥɟɧɱɟɫɤɢɯ ɭɫɥɭɝ ɡɚ ɨɩɪɟɞɟɥɟɧɧɨɟ ɜɨɡɧɚɝɪɚɠɞɟɧɢɟ (ɪɚɡɦɟɪ ɤɨɬɨɪɨɝɨ
ɨɝɨɜɨɪɟɧ ɜ ɤɨɧɬɪɚɤɬɟ). ɍɩɪɚɜɥɟɧɱɟɫɤɢɟ ɤɨɧɬɪɚɤɬɵ ɩɨɥɭɱɢɥɢ ɲɢɪɨɤɨɟ ɪɚɫɩɪɨ-
ɫɬɪɚɧɟɧɢɟ ɫɪɟɞɢ ɧɚɢɛɨɥɟɟ ɤɪɭɩɧɵɯ ɤɨɦɩɚɧɢɣ, ɮɭɧɤɰɢɨɧɢɪɭɸɳɢɯ ɜ ɫɮɟɪɟ ɝɨɫ-
ɬɢɧɢɱɧɨɝɨ ɛɢɡɧɟɫɚ. Ɇɧɨɝɢɟ ɤɨɦɩɚɧɢɢ, ɬɚɤɢɟ ɤɚɤ Mariott ɢ Hilton, ɞɚɥɟɤɨ ɧɟ ɜɫɟ-
ɝɞɚ ɜɥɚɞɟɸɬ ɞɨɪɨɝɢɦɢ ɨɬɟɥɹɦɢ, ɤɨɬɨɪɵɟ ɧɨɫɹɬ ɢɦɟɧɚ ɷɬɢɯ ɛɪɟɧɞɨɜ ɢ ɤɨɬɨɪɵɟ
ɦɨɠɧɨ ɜɫɬɪɟɬɢɬɶ ɜɨ ɜɫɟɯ ɫɬɪɚɧɚɯ ɦɢɪɚ, – ɨɧɢ ɬɨɥɶɤɨ ɭɩɪɚɜɥɹɸɬ ɷɬɢɦɢ ɨɬɟɥɹɦɢ
ɧɚ ɭɫɥɨɜɢɹɯ, ɩɪɟɞɭɫɦɨɬɪɟɧɧɵɯ ɜ ɫɨɨɬɜɟɬɫɬɜɭɸɳɢɯ ɤɨɧɬɪɚɤɬɚɯ. Ʉɨɦɩɚɧɢɸ, ɤɨ-
ɬɨɪɚɹ ɢɫɩɨɥɶɡɭɟɬ ɞɟɥɨɜɵɟ ɨɩɟɪɚɰɢɢ, ɩɟɪɟɱɢɫɥɟɧɧɵɟ ɜɵɲɟ, ɦɨɠɧɨ ɧɚɡɜɚɬɶ ɦɟɠ-
ɞɭɧɚɪɨɞɧɨɣ ɤɨɦɩɚɧɢɟɣ. Ȼɨɥɟɟ ɮɨɪɦɚɥɶɧɨɟ ɨɩɪɟɞɟɥɟɧɢɟ ɤɨɦɩɚɧɢɣ ɬɚɤɨɝɨ ɬɢɩɚ
ɦɨɠɧɨ ɫɮɨɪɦɭɥɢɪɨɜɚɬɶ ɫɥɟɞɭɸɳɢɦ ɨɛɪɚɡɨɦ.
Ɇɟɠɞɭɧɚɪɨɞɧɚɹ ɤɨɦɩɚɧɢɹ – ɷɬɨ ɥɸɛɚɹ ɨɪɝɚɧɢɡɚɰɢɹ, ɤɨɬɨɪɚɹ ɨɫɭɳɟɫɬɜ-
ɥɹɟɬ ɫɜɨɸ ɞɟɹɬɟɥɶɧɨɫɬɶ ɧɚ ɨɫɧɨɜɚɧɢɢ ɡɚɤɥɸɱɟɧɢɹ ɤɨɦɦɟɪɱɟɫɤɢɯ ɫɞɟɥɨɤ ɫ ɨɬ-
ɞɟɥɶɧɵɦɢ ɥɢɰɚɦɢ, ɱɚɫɬɧɵɦɢ ɮɢɪɦɚɦɢ ɢ/ɢɥɢ ɝɨɫɭɞɚɪɫɬɜɟɧɧɵɦɢ ɨɪɝɚɧɢɡɚɰɢɹɦɢ
ɡɚɪɭɛɟɠɧɵɯ ɫɬɪɚɧ. Ɉɛɪɚɬɢɬɟ ɜɧɢɦɚɧɢɟ, ɱɬɨ ɬɟɪɦɢɧ «international business» ɢɫ-
ɩɨɥɶɡɨɜɚɥɫɹ ɪɚɧɟɟ ɞɥɹ ɨɛɨɡɧɚɱɟɧɢɹ ɞɟɥɨɜɵɯ ɨɩɟɪɚɰɢɣ, ɩɟɪɟɫɟɤɚɸɳɢɯ ɝɪɚɧɢɰɭ.
ȼ ɞɚɥɶɧɟɣɲɟɦ ɜ ɤɧɢɝɟ ɡɧɚɱɟɧɢɟ ɷɬɨɝɨ ɬɟɪɦɢɧɚ ɛɭɞɟɬ ɨɩɪɟɞɟɥɹɬɶɫɹ ɤɨɧɬɟɤɫɬɨɦ
ɟɝɨ ɢɫɩɨɥɶɡɨɜɚɧɢɹ.
Ɍɟɪɦɢɧ «ɦɧɨɝɨɧɚɰɢɨɧɚɥɶɧɚɹ ɤɨɪɩɨɪɚɰɢɹ», ɫɨɤɪɚɳɟɧɧɨ ɆɇɄ (multina-
tional corporation, MNC), ɢɫɩɨɥɶɡɭɟɬɫɹ ɞɥɹ ɨɛɨɡɧɚɱɟɧɢɹ ɤɨɦɩɚɧɢɣ, ɚɤɬɢɜɧɨ ɜɨ-
ɜɥɟɱɟɧɧɵɯ ɜ ɦɟɠɞɭɧɚɪɨɞɧɵɣ ɛɢɡɧɟɫ. Ȼɨɥɟɟ ɬɨɱɧɨɟ ɨɩɪɟɞɟɥɟɧɢɟ ɦɨɠɧɨ ɫɮɨɪ-
ɦɭɥɢɪɨɜɚɬɶ ɬɚɤɢɦ ɨɛɪɚɡɨɦ: ɦɧɨɝɨɧɚɰɢɨɧɚɥɶɧɚɹ ɤɨɪɩɨɪɚɰɢɹ
–
ɷɬɨ ɤɨɦɩɚɧɢɹ,
ɤɨɬɨɪɚɹ «ɨɫɭɳɟɫɬɜɥɹɟɬ ɩɪɹɦɵɟ ɡɚɪɭɛɟɠɧɵɟ ɢɧɜɟɫɬɢɰɢɢ, ɚ ɬɚɤɠɟ ɜɥɚɞɟɟɬ ɩɪɟɞ-
ɩɪɢɹɬɢɹɦɢ, ɪɚɫɩɨɥɨɠɟɧɧɵɦɢ ɜ ɡɚɪɭɛɟɠɧɵɯ ɫɬɪɚɧɚɯ, ɢ ɤɨɧɬɪɨɥɢɪɭɟɬ ɩɪɨɰɟɫɫ
12
ɫɨɡɞɚɧɢɹ ɰɟɧɧɨɫɬɢ ɧɚ ɷɬɢɯ ɩɪɟɞɩɪɢɹɬɢɹɯ». ɉɨɦɢɦɨ ɜɥɚɞɟɧɢɹ ɢɧɨɫɬɪɚɧɧɵɦɢ
ɚɤɬɢɜɚɦɢ ɢ ɨɫɭɳɟɫɬɜɥɟɧɢɹ ɤɨɧɬɪɨɥɹ ɧɚɞ ɧɢɦɢ, ɦɧɨɝɨɧɚɰɢɨɧɚɥɶɧɵɟ ɤɨɪɩɨɪɚ-
ɰɢɢ, ɤɚɤ ɩɪɚɜɢɥɨ, ɩɨɤɭɩɚɸɬ ɪɟɫɭɪɫɵ ɢ ɩɪɨɢɡɜɨɞɹɬ ɬɨɜɚɪɵ ɢ/ɢɥɢ ɭɫɥɭɝɢ ɜɨ ɦɧɨ-
ɝɢɯ ɫɬɪɚɧɚɯ, ɚ ɡɚɬɟɦ ɩɪɨɞɚɸɬ ɷɬɢ ɬɨɜɚɪɵ ɢ ɭɫɥɭɝɢ ɩɨɬɪɟɛɢɬɟɥɹɦ ɜ ɪɚɡɧɵɟ ɫɬɪɚ-
ɧɵ ɦɢɪɚ. Ɇɧɨɝɨɧɚɰɢɨɧɚɥɶɧɵɟ ɤɨɪɩɨɪɚɰɢɢ ɤɨɨɪɞɢɧɢɪɭɸɬ ɫɜɨɸ ɞɟɹɬɟɥɶɧɨɫɬɶ
ɱɟɪɟɡ ɫɜɨɢ ɲɬɚɛ-ɤɜɚɪɬɢɪɵ, ɨɞɧɚɤɨ ɨɧɢ ɦɨɝɭɬ ɩɪɟɞɨɫɬɚɜɥɹɬɶ ɫɜɨɢɦ ɚɮɮɢɥɢɪɨ-
ɜɚɧɧɵɦ ɢ ɞɨɱɟɪɧɢɦ ɤɨɦɩɚɧɢɹɦ, ɞɟɣɫɬɜɭɸɳɢɦ ɧɚ ɢɧɨɫɬɪɚɧɧɵɯ ɪɵɧɤɚɯ, ɡɧɚɱɢ-
ɬɟɥɶɧɭɸ ɫɜɨɛɨɞɭ ɞɟɣɫɬɜɢɣ ɜ ɜɨɩɪɨɫɚɯ ɚɞɚɩɬɚɰɢɢ ɫɜɨɟɣ ɞɟɹɬɟɥɶɧɨɫɬɢ ɤ ɦɟɫɬɧɵɦ
ɭɫɥɨɜɢɹɦ. ȼ ɬɚɛɥ. 1.1 ɩɟɪɟɱɢɫɥɟɧɵ ɫɚɦɵɟ ɤɪɭɩɧɵɟ ɦɧɨɝɨɧɚɰɢɨɧɚɥɶɧɵɟ ɤɨɪɩɨ-
ɪɚɰɢɢ ɦɢɪɚ ɜ 2008 ɝɨɞɭ.
Ɍɚɛɥɢɰɚ 1.1.
Ʉɪɭɩɧɟɣɲɢɟ ɤɨɪɩɨɪɚɰɢɢ ɦɢɪɚ
Ɉɛɴɟɦ ɩɪɨɞɚɠ
Ɇɟɫɬɨ
2005 ɝ. 2006 ɝ.
ɦɥɧ ɞɨɥɥ.
ɉɪɢɪɨɫɬ ɩɨ ɨɬ-
ɧɨɲɟɧɢɸ ɤ
2005 ɝ., %
1 1
Wal-Mart Stores
ɋɒȺ 246 525,0 12,2
2 3
General Motors
ɋɒȺ 186 763,0 5,4
3 2
Exxon Mobil
ɋɒȺ 182 466,0 -4,8
4 8
Royal
Dutch/Shell
Group
ɇɢɞɟɪɥ./ȼɟɥɢɤɨɛɪ.
179 431,0 32,7
5 4
BP
ȼɟɥɢɤɨɛɪɢɬɚɧɢɹ 178 721,0 2,6
6 5
Ford Motor
ɋɒȺ 163 871,0 0,9
7 7
Daimler
Chrysler
ȽȿɊɆȺɇɂə
141 421,1 3,3
8 10
Toyota Motor
əɩɨɧɢɹ 131 754,2 9,1
9 9
General Electric
ɋɒȺ 131 698,0 4,6
10 12
Mutsubishi
əɩɨɧɢɹ 109 386,1 3,4
11 13
Mitsui
əɩɨɧɢɹ 108 630,7 7,3
12 18
Allianz
ȽȿɊɆȺɇɂə 101 930,7 18,6
13 11
Citigroup
ɋɒȺ 100 789,0 -10,0
14 15
Total
Ɏɪɚɧɰɢɹ 96 944,9 2,8
15 14
Chevron Texaco
ɋɒȺ 92 043,0 -7,7
16 16
Nippon Tele-
graph & Tele-
phone
əɩɨɧɢɹ
89 644,0 -
17 20
ING Group
ɇɢɞɟɪɥɚɧɞɵ 88 102,3 6,1
18 17
Itochu
əɩɨɧɢɹ 85 856,4 -5,8
19 19
Intl. Business
Machines
ɋɒȺ
83 132,0 -3,2
20 21
Volkswagen
ȽȿɊɆȺɇɂə 82 203,7 3,7
ɉɨɫɤɨɥɶɤɭ ɧɟɤɨɬɨɪɵɟ ɤɪɭɩɧɵɟ ɦɟɠɞɭɧɚɪɨɞɧɵɟ ɤɨɦɩɚɧɢɢ, ɬɚɤɢɟ ɤɚɤ ɛɪɢ-
ɬɚɧɫɤɚɹ ɫɬɪɚɯɨɜɚɹ ɤɨɦɩɚɧɢɹ Lloyd's of London, ɧɚ ɫɚɦɨɦ ɞɟɥɟ ɧɟ ɨɬɧɨɫɹɬɫɹ ɤ ɤɚ-
ɬɟɝɨɪɢɢ ɤɨɪɩɨɪɚɰɢɣ, ɧɟɤɨɬɨɪɵɟ ɚɜɬɨɪɵ ɩɪɨɜɨɞɹɬ ɪɚɡɥɢɱɢɟ ɦɟɠɞɭ ɬɪɚɧɫɧɚ-
ɰɢɨɧɚɥɶɧɵɦɢ ɤɨɪɩɨɪɚɰɢɹɦɢ ɢ ɦɧɨɝɨɧɚɰɢɨɧɚɥɶɧɵɦɢ ɩɪɟɞɩɪɢɹɬɢɹɦɢ
13
(multinational enterprises, MNE). Ʉɪɨɦɟ ɬɨɝɨ, ɩɨɫɤɨɥɶɤɭ ɧɟɤɨɦɦɟɪɱɟɫɤɢɟ ɨɪɝɚɧɢ-
ɡɚɰɢɢ, ɬɚɤɢɟ ɤɚɤ Ɇɟɠɞɭɧɚɪɨɞɧɵɣ ɨɥɢɦɩɢɣɫɤɢɣ ɤɨɦɢɬɟɬ ɢ Ɇɟɠɞɭɧɚɪɨɞɧɵɣ
Ʉɪɚɫɧɵɣ Ʉɪɟɫɬ, ɧɟɥɶɡɹ ɨɬɧɟɫɬɢ ɤ ɱɢɫɥɭ ɩɪɟɞɩɪɢɹɬɢɣ, ɞɥɹ ɨɛɨɡɧɚɱɟɧɢɹ ɨɪɝɚɧɢ-
ɡɚɰɢɣ ɬɚɤɨɝɨ ɬɢɩɚ, ɚ ɬɚɤɠɟ ɧɟɤɨɬɨɪɵɯ ɤɨɦɦɟɪɱɟɫɤɢɯ ɨɪɝɚɧɢɡɚɰɢɣ, ɦɨɠɧɨ ɢɫ-
ɩɨɥɶɡɨɜɚɬɶ ɬɟɪɦɢɧ «ɦɧɨɝɨɧɚɰɢɨɧɚɥɶɧɚɹ ɨɪɝɚɧɢɡɚɰɢɹ» (multinational organi-
zation). ɉɨɫɤɨɥɶɤɭ ɜ ɞɟɥɨɜɨɣ ɩɪɟɫɫɟ ɨɛɳɟ ɩɪɢɧɹɬɵɦ ɹɜɥɹɟɬɫɹ ɬɟɪɦɢɧ «ɦɧɨɝɨ-
ɧɚɰɢɨɧɚɥɶɧɚɹ ɤɨɪɩɨɪɚɰɢɹ», ɢɦɟɧɧɨ ɷɬɨɬ ɬɟɪɦɢɧ ɛɭɞɟɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɜ ɞɚɧɧɨɣ
ɤɧɢɝɟ, ɞɚɠɟ, ɧɟɫɦɨɬɪɹ ɧɚ ɬɨ, ɱɬɨ ɫɭɝɭɛɨ ɮɨɪɦɚɥɶɧɨ ɟɝɨ ɫɥɟɞɨɜɚɥɨ ɛɵ ɢɫɩɨɥɶɡɨ-
ɜɚɬɶ ɬɨɥɶɤɨ ɩɪɢɦɟɧɢɬɟɥɶɧɨ ɤ ɤɨɦɩɚɧɢɹɦ, ɸɪɢɞɢɱɟɫɤɢ ɡɚɪɟɝɢɫɬɪɢɪɨɜɚɧɧɵɦ ɤɚɤ
ɤɨɪɩɨɪɚɰɢɢ.
1.4. Ƚɥɨɛɚɥɢɡɚɰɢɹ ɢ ɦɢɪɨɜɚɹ ɷɤɨɧɨɦɢɤɚ
Ɂɚ ɩɨɫɥɟɞɧɟɟ ɞɟɫɹɬɢɥɟɬɢɟ ɦɚɫɲɬɚɛɵ ɦɟɠɞɭɧɚɪɨɞɧɨɝɨ ɩɪɟɞɩɪɢɧɢɦɚɬɟɥɶ-
ɫɬɜɚ ɜɵɪɨɫɥɢ ɧɚɫɬɨɥɶɤɨ, ɱɬɨ ɦɧɨɝɢɟ ɷɤɫɩɟɪɬɵ ɡɚɹɜɥɹɸɬ ɨ ɧɚɫɬɭɩɥɟɧɢɢ ɷɪɵ ɝɥɨ-
ɛɚɥɢɡɚɰɢɢ.
Ƚɥɨɛɚɥɢɡɚɰɢɹ – ɷɬɨ «ɧɟɩɪɟɪɵɜɧɨ ɩɪɨɞɨɥɠɚɸɳɢɣɫɹ, ɭɫɬɨɣɱɢɜɵɣ ɩɪɨɰɟɫɫ
ɢɧɬɟɝɪɚɰɢɢ ɪɵɧɤɨɜ, ɫɭɜɟɪɟɧɧɵɯ ɝɨɫɭɞɚɪɫɬɜ ɢ ɬɟɯɧɨɥɨɝɢɣ, ɤɨɬɨɪɵɣ ɩɨɡɜɨɥɹɟɬ
ɨɬɞɟɥɶɧɵɦ ɥɢɰɚɦ, ɤɨɪɩɨɪɚɰɢɹɦ ɢ ɫɭɜɟɪɟɧɧɵɦ ɝɨɫɭɞɚɪɫɬɜɚɦ ɛɵɫɬɪɟɟ, ɱɟɦ ɤɨɝɞɚ
ɛɵ ɬɨ ɧɢ ɛɵɥɨ, ɫ ɦɢɧɢɦɚɥɶɧɵɦɢ ɡɚɬɪɚɬɚɦɢ ɭɫɬɚɧɚɜɥɢɜɚɬɶ ɛɨɥɟɟ ɝɥɭɛɨɤɢɟ ɤɨɧ-
ɬɚɤɬɵ ɫ ɩɚɪɬɧɟɪɚɦɢ, ɪɚɫɫɪɟɞɨɬɨɱɟɧɧɵɦɢ ɩɨ ɜɫɟɦɭ ɦɢɪɭ».
ɋɭɳɟɫɬɜɭɟɬ ɪɹɞ ɮɚɤɬɨɪɨɜ, ɤɨɬɨɪɵɟ ɨɤɚɡɚɥɢ ɜɥɢɹɧɢɟ ɧɚ ɭɫɢɥɢɜɚɸɳɭɸɫɹ
ɢɧɬɟɝɪɚɰɢɸ ɦɢɪɨɜɨɣ ɷɤɨɧɨɦɢɤɢ ɢ ɫɬɪɚɧ ɦɢɪɚ. Ʉɪɚɯ ɋɨɜɟɬɫɤɨɣ ɢɦɩɟɪɢɢ ɜ ɤɨɧ
-
ɰɟ 80-ɯɝɝ. ɩɨɡɜɨɥɢɥ ɭɫɬɪɚɧɢɬɶ ɪɚɡɞɟɥɟɧɢɟ ɦɢɪɚ ɧɚ ɞɜɚ ɥɚɝɟɪɹ – ɤɨɦɦɭɧɢɫɬɢɱɟ-
ɫɤɢɣ ɢ ɤɚɩɢɬɚɥɢɫɬɢɱɟɫɤɢɣ. ȼ ɩɨɫɥɟɞɭɸɳɢɟ ɝɨɞɵ ɚɤɬɢɜɢɡɢɪɨɜɚɥɚɫɶ ɩɪɟɞɩɪɢɧɢ-
ɦɚɬɟɥɶɫɤɚɹ ɞɟɹɬɟɥɶɧɨɫɬɶ ɧɚ ɨɬɤɪɵɬɵɯ ɪɵɧɤɚɯ, ɫɨɤɪɚɬɢɥɨɫɶ ɜɦɟɲɚɬɟɥɶɫɬɜɨ ɝɨ-
ɫɭɞɚɪɫɬɜɚ ɜ ɷɤɨɧɨɦɢɤɭ, ɭɫɤɨɪɢɥɫɹ ɩɪɨɰɟɫɫ ɩɪɢɜɚɬɢɡɚɰɢɢ. Ⱦɨɫɬɢɠɟɧɢɹ ɜ ɫɮɟɪɟ
ɬɟɯɧɨɥɨɝɢɱɟɫɤɨɝɨ ɩɪɨɝɪɟɫɫɚ ɬɚɤɠɟ ɫɩɨɫɨɛɫɬɜɨɜɚɥɢ ɭɝɥɭɛɥɟɧɢɸ ɢɧɬɟɝɪɚɰɢɢ.
ɋɚɦɵɣ ɹɪɤɢɣ ɩɪɢɦɟɪ ɜɥɢɹɧɢɹ ɩɟɪɟɞɨɜɵɯ ɬɟɯɧɨɥɨɝɢɣ ɧɚ ɦɢɪɨɜɭɸ ɷɤɨɧɨɦɢɤɭ –
ɷɬɨ ɜɫɟɦɢɪɧɚɹ ɫɟɬɶ ɂɧɬɟɪɧɟɬ. Ʉɪɨɦɟ ɬɨɝɨ, ɛɨɥɶɲɭɸ ɪɨɥɶ ɜ ɝɥɨɛɚɥɢɡɚɰɢɢ ɷɤɨ-
ɧɨɦɢɤɢ ɫɵɝɪɚɥɢ ɬɚɤɢɟ ɬɟɯɧɨɥɨɝɢɱɟɫɤɢɟ ɧɨɜɢɧɤɢ, ɤɚɤ ɫɨɬɨɜɵɟ ɬɟɥɟɮɨɧɵ, ɩɟɪɫɨ-
ɧɚɥɶɧɵɟ ɤɨɦɩɶɸɬɟɪɵ, ɫɩɭɬɧɢɤ ɫɜɹɡɢ ɢ ɬ. ɞ. ȼɫɟ ɷɬɢ, ɚ ɬɚɤɠɟ ɞɪɭɝɢɟ ɩɪɨɝɪɟɫɫɢɜ-
ɧɵɟ ɬɟɯɧɨɥɨɝɢɢ, ɭɫɤɨɪɢɥɢ ɩɪɨɰɟɫɫ ɮɨɪɦɢɪɨɜɚɧɢɹ ɦɢɪɨɜɨɝɨ ɪɵɧɤɚ ɤɚɩɢɬɚɥɚ,
ɪɚɡɜɢɬɢɹ ɷɥɟɤɬɪɨɧɧɨɣ ɤɨɦɦɟɪɰɢɢ, ɫɨɡɞɚɧɢɹ ɰɟɩɨɱɟɤ ɫɧɚɛɠɟɧɢɹ, ɤɨɬɨɪɵɟ ɨɯɜɚ-
ɬɵɜɚɸɬ ɜɟɫɶ ɦɢɪ, ɚ ɬɚɤɠɟ ɛɟɫɩɪɟɰɟɞɟɧɬɧɨɝɨ ɪɨɫɬɚ ɨɛɴɟɦɨɜ ɦɟɠɞɭɧɚɪɨɞɧɨɣ
ɬɨɪɝɨɜɥɢ ɢ ɦɟɠɞɭɧɚɪɨɞɧɵɯ ɢɧɜɟɫɬɢɰɢɣ.
Ɇɧɨɝɢɟ ɷɤɫɩɟɪɬɵ ɫ ɷɧɬɭɡɢɚɡɦɨɦ ɝɨɜɨɪɹɬ ɨ ɬɨɦ, ɱɬɨ ɝɥɨɛɚɥɢɡɚɰɢɹ ɩɪɢɜɟ-
ɞɟɬ ɜ ɪɟɡɭɥɶɬɚɬɟ ɤ ɫɨɡɞɚɧɢɸ ɦɢɪɚ ɛɟɡ ɝɪɚɧɢɰ, ɜ ɤɨɬɨɪɨɦ ɫɭɜɟɪɟɧɧɵɟ ɝɨɫɭɞɚɪɫɬ-
ɜɚ ɜɫɟ ɛɨɥɶɲɟ ɢ ɛɨɥɶɲɟ ɛɭɞɭɬ ɬɟɪɹɬɶ ɫɜɨɟ ɜɥɢɹɧɢɟ. Ⱦɪɭɝɢɟ ɫɩɟɰɢɚɥɢɫɬɵ ɜɵɪɚ-
ɠɚɸɬ ɫɨɦɧɟɧɢɹ ɩɨ ɷɬɨɦɭ ɩɨɜɨɞɭ. ȼ ɤɧɢɝɟ «The Lexus and the Olive Tree» («Lex-
us ɢ ɨɥɢɜɤɨɜɨɟ ɞɟɪɟɜɨ») ɤɨɪɪɟɫɩɨɧɞɟɧɬ «New York Times» Ɍɨɦɚɫ Ʌ. Ɏɪɢɞɦɟɧ
(Thomas L. Friedman) ɩɪɢɜɨɞɢɬ ɞɨɤɚɡɚɬɟɥɶɫɬɜɚ ɜ ɩɨɥɶɡɭ ɬɨɝɨ, ɱɬɨ ɬɚɤɢɟ ɹɜɥɟɧɢɹ,
ɤɚɤ ɩɪɨɰɟɫɫ ɝɥɨɛɚɥɢɡɚɰɢɢ ɢ ɫɭɳɟɫɬɜɨɜɚɧɢɟ ɫɭɜɟɪɟɧɧɵɯ ɝɨɫɭɞɚɪɫɬɜ, ɛɭɞɭɬ ɨɫɬɚ-
ɜɚɬɶɫɹ ɨɫɧɨɜɧɵɦɢ, ɜɨ ɦɧɨɝɢɯ ɫɥɭɱɚɹɯ ɚɧɬɚɝɨɧɢɫɬɢɱɟɫɤɢɦɢ,
ɮɚɤɬɨɪɚɦɢ
ɫɨɜɪɟɦɟɧɧɨɣ ɠɢɡɧɢ. ȼ ɦɟɬɚɮɨɪɟ, ɢɫɩɨɥɶɡɨɜɚɧɧɨɣ ɜ ɤɧɢɝɟ, ɪɨɫɤɨɲɧɵɣ
ɚɜɬɨɦɨɛɢɥɶ «Lexus» ɫɢɦɜɨɥɢɡɢɪɭɟɬ ɝɥɨɛɚɥɢɡɚɰɢɸ ɤɨɦɦɟɪɱɟɫɤɨɣ ɞɟɹɬɟɥɶɧɨɫɬɢ,
