20.500.12556/RUL-152111 Pravna in ekonomska analiza sistemov korporativnega upravljanja delniških družb Legal and economic analysis of corporate governance of blue chips Kakovostno korporativno upravljanje je ključno za povečevanje vrednosti družbe in je v korist tako delničarjem kot ostalim deležnikom. Gonilne družbe slovenskega gospodarstva ali t. i. blue chipi so primer dobre prakse korporativnega upravljanja družb, saj jih zaznamuje visoka donosnost delnice, transparentnost, dolgoletna tradicija in ugled ter provenienca države v lastniški strukturi. Deloma gre za »nedokončano« privatizacijo, deloma pa gre za nacionalni interes in ohranitev strateško pomembnih družb v domačih rokah zaradi boljše prerazporeditve bogastva v državi. V malih tržnih sistemih, kot je Slovenija, trg sam le stežka poskrbi za učinkovit nadzor. Vmešavanju države na tak ali drugačen način se ni mogoče izogniti. Lastniška struktura, tako stopnja koncentracije kot provenienca lastnikov, je eden temeljnih elementov korporativnega upravljanja. Oblikovanje optimalnega sistema upravljanja je odvisno od pravne norme in institucionalnega okolja, ki znatno vplivata na lastniško strukturo. Ko se država vmeša v lastniško strukturo družb in sama postane veliki delničar, se nam porodi vprašanje, ali s tem rešuje problem velike koncentracije lastništva ali tudi sama povzroča zastopniške stroške velikega delničarja. Vodilne družbe so se prilagodile zakonitostim trga in so zaslužne za dobršen del prihodkov slovenskemu gospodarstvu ter posledično povečevanju družbene blaginje. Vseh devet obravnavanih blue chipov ohranja dvotirni sistem upravljanja. Quality corporate governance is key to increasing the company's value and benefits both shareholders and other stakeholders. Driving companies of the Slovenian economy, or i. blue chips are certainly an example of good corporate governance practice. They are characterized by a high return on shares, transparency, long-standing tradition and reputation, and the country's origin in the ownership structure. This is partly about "unfinished" privatization, and partly about the national interest and the preservation of strategically important companies in local hands for a better redistribution of wealth in the country. In small market systems like Slovenia, the market alone can hardly ensure effective control. State interference in one way or another is imminent. The ownership structure, both the degree of concentration and the origin of the owners, is one of the fundamental elements of corporate governance. The possibility of creating an optimal management system depends on the legal norm and the institutional environment, which significantly influence the ownership structure. When the state intervenes in the ownership structure of companies and becomes a large shareholder, the question arises whether it solves the problem of high concentration of ownership or whether it itself causes the agency costs of the large shareholder. However, the leading companies have adapted to the laws of the market and are responsible for a good part of the revenues of the Slovenian economy and the resulting increase in social welfare. All nine blue-chips maintain a two-tier management system. korporativno upravljanje zastopniški problem delniška družba blue chip lastniška struktura država koncentracija lastništva dvotirni sistem upravljanja corporate governance agency problem corporation blue chip shareholder structure state ownership concentration two-tier system true false false Slovenski jezik Angleški jezik Magistrsko delo/naloga 2023-11-04 09:00:06 2023-11-04 09:00:23 2023-11-29 15:33:36 0000-00-00 00:00:00 2023 0 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 1970-01-01 116852 174223875 17194.pdf 17194.pdf 1 B5C2D48C7891D1F0B930012F32334018 e05436856b7f9e95d0675c735a0b7baeae28b968060e1bb90021a87f56470399 370d1cd4-7ae8-11ee-89c2-0050569b8976 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=177391 Pravna fakulteta 0 0 0