Foreign Experience of Legal Regulation of Activities of Corporate Law Subjects

Abstract

Problem setting. At present, Ukraine has experienced a situation where the country’s economy is suffering losses not only because of the consequences of a systemic world crisis and the external competition of powerful transnational corporations with a large innovative capital, but also because of numerous defects of the internal “manual” economic management in a context of rather specific Ukrainian oligarchic capitalism. Its representatives (the most potent domestic holdings with signs of transnational corporations) define not only indicators of economic growth, competitiveness or, conversely, stagnation and conservation of the backward technological level of production, but also the directions of general socioeconomic processes, as well as to a large extent and the nature of their legal provision. Target of Research. The purpose of the material presented is an analysis and definition of the content and features of the foreign experience of the legal regulation of corporate relations, which are made up between their participants at the present stage of development. This will contribute to a more rational solution to such tasks as the formation of effective mechanisms of legal regulation of corporate legal relations and the implementation of corporate rights. Analysis of recent researches and publications. The issues addressed in the article are paid much attention from foreign and domestic lawyers and economists. In particular, the scientific and theoretical basis of the research is the work of such scholars as D.V. Zadhaylo O.M. Vinnik, I.V. Spasibo-Fateyeva, T.V. Kashanina, O.R. Kibenko, I.A. Selivanova, Yu.E. Atamanova, V.M. Kravchuk, O.V. Shcherbyna, N.S. Glus, A.G. Bobkova, O.M. Davidov and the works of other scholars. Article’s main body. The rapid growth of foreign direct investment, the output of the technological division of labor beyond the borders of firms, industries, and national boundaries is accompanied by the emergence of gigantic international scientific and production complexes with affiliates in different countries of the world. Transnational corporations transform the world economy into worldwide production, providing acceleration of scientific and technological progress in all its directions: technical level and product quality, production efficiency, improvement of forms of management, management of enterprises. In fact, a multinational corporation is a large company (or an association of companies from different countries) that has foreign assets (investments) and significantly affects any field of the economy (or several spheres) on an international scale. The share of its foreign assets is about 25–30 % of their total volume. It has affiliates in two or more countries. TNC is an association (corporation) of a private parent company (parent company) located in the country of origin (base) of its capital and affiliates owned by it but located in other (host) countries. At the same time, TNKs are not only manufacturing companies but also transnational telecommunication companies, banks, insurance and audit companies, investment and pension funds. Conclusions and prospects for the development. In the context of the foregoing, the following should be noted: 1) the analysis of the fields of activity of TNCs indicates that «high», knowledge-intensive technologies are the decisive vector of economic development in the 21st century, and the state, accordingly, should create by means of both legal and economic mechanisms, conditions for protection and flexible integration of the national economy into the modern world of innovative economy; 2) the internationalization of the innovation activities of TNCs, in particular through the creation of foreign R & D laboratories, dramatically affects the competitiveness of host countries, and the most innovative component for today is the most crucial factor of competitiveness in the modern world economy; 3) the state should consolidate the most progressive intellectual resources of the nation (including through modernization of the material and technical base and increase of expenses for the development of the innovation sector of the economy) to consolidate the most progressive intellectual resources of the nation, and to establish at the legislative level the limits of concentration of economic power for all its subjects, and as well as a system of checks and balances in the interaction between them; 4) today, corporate law of Ukraine should be guided by the adaptation to the EU legislation, in essence, taking into account national peculiarities of Ukrainian law. The impossibility of a mechanical transfer of legal provisions is also because, within the framework of the EU, the process of harmonization of legislation is permanent and determined by the depth of conceptual approaches. This legal array needs a qualitative and systemic transformation.