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8Yuldasheva Saodat Arislanovna, Turayev Komil Ramizjanovich
Tashkent state transport university (Tashkent, Uzbekistan)
Abstract: This article discusses the existing systems of corporate governance, their features. An analysis of the activities of transport companies in Uzbekistan is made and an approach is considered that allows companies to independently choose the most appropriate management models for themselves. Based on the carried out analysis, a conclusion was made on the effectiveness of managing organizational changes in transport enterprises. Keywords: existing systems, corporate governance, transport enterprises
The study of any activity always begins with an analysis of existing theories. There are quite a few different models of corporate governance in the world. Each country forms its own specific model of corporate governance. Corporate governance systems are mainly based on four corporate governance models: Anglo-American, Continental, Japanese and Family.
In the Anglo-American model, the owners of the capital of companies are mainly institutional and private investors who are guided by short-term goals of generating income from exchange rate differences. The supreme governing body of the corporation is the Annual General Meeting of shareholders. The main body in this model is the Board of Directors, which manages all the activities of the joint-stock company, protects the interests of shareholders, ensures the quality of corporate governance and is responsible for appropriate organization of shareholders meeting. In the Anglo-American model, the interests of shareholders are represented by a large number of small investors isolated from each other, who are dependent on the management of the corporation. The issue in applying this model can be the problem of the relationship between company owners and hired managers. In this regard, the role of the stock market, is a key instrument of control over the management of the corporation, increases.
The continental (German) model of corporate management is characterized by a high degree of concentration of equity capital, the dominant role of banks in corporate decision-making, and a relatively small dispersion of shares among private investors. The continental model is characterized by a higher level of concentration of ownership and the presence of strategic investors with blocking stakes, among which banking structures play an important role. The management system in the continental model company has a two-level structure: the supervisory board and the board. The supreme governing body is the meeting of shareholders. To manage the company, a supervisory board is created, which has supervisory functions, and a board, which is endowed with full executive power.
In the continental system of corporate governance, there is participation of employees in the management of the company. Almost all companies in Germany are part of a huge network of cross-shareholdings. The central place in this system
PERFORMANCE OF ORGANIZATIONAL CHANGES AT TRANSPORT
ENTERPRISES
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is occupied by banks and insurance companies. Since, under the conditions of the continental model, a significant part of the corporation's capital belongs to the entities associated with it, this model is also called the insider model.
The Japanese model was historically formed first under the influence of the continental model, then the Anglo-Saxon one as an element of the economic reforms carried out in the country in the 1990s. [3]. The Japanese model pays special attention to both the rights and interests of shareholders and stakeholders [4]. This model is characterized by a high concentration of ownership in the hands of large and medium shareholders, cross-ownership of shares by companies that are part of the "keiretsu". In this case, banking organizations play the main role. In Japan, there are two systems for managing companies: the system of auditors and the committee system. According to the first management system, the system of corporate auditors, the company has the following bodies: general meeting of shareholders, board of directors, representative directors, executive directors, corporate auditors, board of corporate auditors. In accordance with the second system, the company has a general meeting of shareholders, a board of directors, in which an audit committee, an appointment committee and a remuneration committee are created, and executive directors.
In other words, the Japanese corporate governance model can be characterized as completely closed, based on banking control and financing. Family business groups have become widespread in almost all countries of the world, especially in Asia and Latin America, Canada, Sweden, Italy and France. A characteristic feature of this model is the management of the company by members of the same family. Capital is concentrated and distributed through family channels, and control of the business is wholly owned by the family. Often, in combination with the vertical structure of building a business group, horizontal structure of cross-ownership of shares. These control tools are used by family business groups to redistribute cash flows through transfer pricing, mutual insurance and cross-financing. Family groups often issue shares with unequal voting rights to maintain control over other firms. Family firms are an outdated form of capital consolidation and are not an efficient form of doing business.
There isn't any model that has advantages over others, and hence cannot be called universal. The Russian practice of corporate governance also does not fit into any of the classical models. Its uniqueness is determined by the history of the emergence of domestic companies as a result of mass privatization and the subsequent redistribution of property, which led to its high level of concentration and a low level of separation of ownership from management. Another distinguishing feature of Russian joint-stock companies is the presence of specific "close" relationships between company managers and owners of large blocks of shares.
The future of our transport companies depends on the competitiveness of the national economy in the global market, and one of the sources of high competitiveness is following the standards of corporate management.
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In the context of global competition, many countries with a different corporate structure
Sectors are quite actively adopting certain elements of the Anglo-Saxon model and incorporating them into the system of national institutions. France government, provides an opportunity for domestic companies to choose between one- and two-tier management systems. Freedom is also provided in the possibility of delimiting or combining the positions of chairman of the board and chairman of the board of directors at his own choice. This approach allows companies to independently choose the most appropriate management models for themselves. Such flexibility allows, on the one hand, to take into account the objectives of the company, on the other hand, to establish certain limits dictated by the best corporate governance practices. To introduce any model of corporate governance in the country, it is necessary to take into account the specifics of the country's economic development. New tools must be applied thoughtfully, taking into account our specific features. Different companies are guided by diverse motives and principles for the implementation of corporate culture. Some are striving to improve their corporate governance system, as they plan to go public in the near future. Others believe that the improvement of the management system will improve the efficiency of the company.
The successful operation of domestic companies depends on many factors, among which there is a correctly chosen strategy for development and positioning in the market, competent management, qualified employees, and possible access to capital. A significant contribution of corporate management to the activities of a developing company is facilitating access to investment capital.
If we consider a company with a developed system of corporate governance, then the key elements in it should be identified, such as: independent directors, committees of the board of directors, internal control and risk management system, internal audit service. For successful corporate management, it is necessary to correctly build the interaction between all these elements, it is also necessary that the participants that make up this system are aware of their role in the development of the entire process and clearly understand their responsibilities. At the same time, it should not be forgotten that the introduction of corporate governance principles is a long process, and some time must pass until a culture of corporate behavior is formed and companies really follow these principles and standards [3]. For the successful implementation of corporate governance principles, it is advisable to create a certain infrastructure that could facilitate this process.
This should evident that any interested company will have a clear idea of how to carry out its activities in order to accept and follow the principles of corporate governance. Companies with high corporate governance standards tend to have better access to capital than poorly managed corporations and outperform the latter in the long run.
Insufficient level of market civilization:
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The presence of a shadow business that is systemic in nature, its focus on the transport industry is due to the following reasons (difficulty in carrying out operational control of current activities, due to the remoteness of jobs from government bodies; the regulatory and legal framework for the functioning of transport enterprises is imperfect; low professional level of management; there is no transparency information and financial flows).
The weakness of the state transport policy to ensure economic safety of functioning of transport enterprises. For example, the liberalization of prices for fuel and energy resources, a decline in production in the cargo-forming sectors of the country's economy, a high level of tax burden on transport enterprises, a low level of management, a legal vacuum that manifests itself in all types of activities of a transport enterprise.
Slow renewal of fixed assets and non-compliance of their technical level with modern requirements of standards: at present, significant wear and tear of the truck fleet in Uzbekistan has been recorded, while more than half of the fleet requires immediate write-off due to road and environmental safety requirements, inefficient rolling stock service life significantly increases the share of funds (by approximately 25-30%) allocated to maintain the fleet in working condition, and reduces the share of depreciation in investments directed to its renewal. Low level of competitiveness of domestic transport enterprises in international transportation market: more than ever, the problem is speedy transition to European environmental standards, which requires significant investments in the renewal and technical re-equipment of the fleet of vehicles. However, this process requires not only significant costs, but also time.
Low level of informatization of the transport process and information interaction of transport with other sectors of the economy: poor implementation of innovative transport technologies and their insufficient linkage with production, trade, storage technologies, a low level of inter-sectoral and inter-regional coordination in the development of transport infrastructure lead to breaks in a single transport space, irrational use of all types of resources and a decrease in the efficiency of the functioning of both individual transport enterprises and the industry as a whole. Insufficient efficiency of financial and economic mechanisms, stimulating the allocation of investments for the development of enterprises of the state sectors and industries. The value of profitability is affected not only by the low profit of transport enterprises, but also by the value of transportation costs, which is very far from optimal.
The low speed of goods circulation, which hinders the acceleration of the economic development of the industry and the national economy as a whole: in the context of the globalization of the world economy, transport enterprises, along with financial institutions, are the most important lever of integration processes. In the modern world, the growth rate of trade in services is more than 2 times higher growth rate of trade in goods. For example, in Denmark, the share of income in the transport industry accounts for 48.1% of the total volume of exports of services, in the Netherlands 4.9%.
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Organizational changes in transport enterprises, due to the influence of economic factors, should be aimed at adapting to market transformations in terms of: systematic and reasonable renewal of transport; stimulation of investment and innovation processes; increasing staff motivation, etc. Research should be subjected to production factors that determine the type and nature of organizational changes in transport enterprises.
In Uzbekistan, about 13.3 thousand enterprises and organizations are currently involved in the field of transport.
The volume of market services provided for 2020 amounted to 198,385.2 billion UZS, the nominal volume increased by 20,762.0 billion UZS. Compared to the same period last year, the growth rate was 102.2%. In the structure of market services provided by type of economic activity, trade services account for the largest share (26%). Despite a significant reduction in the volume of services provided in the transport sector (the growth rate compared to the same period in 2019 was 91.5%), their share in the total volume of services remains predominant -24.4%. In general, this is due to the restrictions imposed to prevent the spread of COVID-19, which has had a particularly strong impact on the activities of passenger transport. Cargo activity in transport during the pandemic was not so strongly affected by quarantine measures, which is due to both supply and demand factors, as well as the need to maintain relationships between producers and consumers of products and services. In order to prevent a slowdown in the processes of foreign trade transportation, enhanced measures were taken to reorient part of the volume of international road transport to rail. The state of export of transport services, trends in its development are one of the criteria for the effectiveness of the functioning of the state economy. In 2020, the volume of exports of transport services amounted to 12,861 billion UZS, which is 6.8% lower than the same period in 2019. This decrease is due to a decrease in passenger traffic due to border closures and restrictions on freight traffic introduced around the world to prevent the spread of COVID-19. In the field of export of passenger transport services, air transport occupies a leading position, it accounts for 99.3% in connection with the organization of repatriation flights from the CIS and other countries in order to return compatriots to their homeland, then rail transport -0.54% and road transport - 0, fourteen%. In the structure of exports of freight transport services, rail transport ranks first (48.4%), followed by pipeline transport - 46.7%. The smallest shares in the structure fall on air (2.8%) and road (2.2%) modes of transport.
In the total export of transport services in 2020, the largest share is accounted for by rail transport - 29.7%, while freight transportation accounts for 29.4% of them (for comparison, in 2019 - 14.7%). This growth is due to the sharp demand of cargo owners for interstate transportation by rail during the pandemic in all directions of transport corridors. At the same time, the growth rate of transit traffic amounted to 119% compared to the report of the corresponding period last year. With a general drop in the volume of exports of transport services of Uzbekistan compared to 11 months of 2019 by 938.4 billion UZS, the volume of exports of
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freight rail services increased by 1,341.1 billion UZS compared to 2019, and by 93.7 billion UZS billion UZS, by air - by 210 billion UZS. Imports, as well as exports of transport services, were also subject to restrictions imposed around the world and decreased by 1,940.6 trillion. UZS and amounted to 10 328.4 billion
Thus, organizational changes at transport enterprises, due to the influence of production factors, should be aimed at:
expanding the possibility of organizing small-batch delivery of products; ensuring the implementation of the logistics approach in the formation of supply chains;
increasing the operational and commercial maneuverability of transport in terms of non-transshipment delivery of goods within a significant interval of partion; low level of start-up capital for the organization of the transport process; high maneuverability and flexibility of transport service.
Based on the above, it must be concluded that the basis for effective management of organizational changes in transport enterprises are projections of three types of factors - labor, economics, production - that take into account the industry specifics of the functioning of enterprises, and therefore the methodological foundations that take into account this fact will be the most effective, and, therefore, in demand in the professional environment. The effectiveness of corporate governance is a more important factor than the performance of individual enterprises, the state of the foreign trade balance or the presence of disproportions in its economy. As world practice shows, the reasons for prosperity or decline lie in the state of mind, and not in natural conditions or technology. Without improving the efficiency of corporate governance, it is impossible to solve the problem set by the President of Uzbekistan - to achieve stable economic growth.
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2. Klyuchkov V.N. German model of corporate governance: genesis, features and traditions // Management in Russia and abroad. 2006. No. 6.
3. Kibanov A.Ya. Motives of staff participation in the activities of the organization and the model of corporate governance // Kadrovik. Personnel management. 2008. No. 12.
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