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The Endangered Public Company
Oleh:
[s.n]
Jenis:
Article from Bulletin/Magazine
Dalam koleksi:
The Economist (http://search.proquest.com/) vol. 403 no. 8785 (May 2012)
,
page 11.
Topik:
Capitalism
;
Public Companies
;
Initial Public Offerings
Ketersediaan
Perpustakaan Pusat (Semanggi)
Nomor Panggil:
EE29.71
Non-tandon:
1 (dapat dipinjam: 0)
Tandon:
tidak ada
Lihat Detail Induk
Isi artikel
Facebook is about to become a public company. It will be one of the biggest stockmarket flotations ever: the social-networking giant expects investors to value it at $100 billion or so. The news raises several questions, from "Is it worth that much?" to "What will it do next?" But the most intriguing question is what Facebook's flotation tells us about the state of the public company itself. At first glance, all is well. The public company was invented in the mid-19th century to provide the giants of the industrial age with capital. That Facebook is joining Microsoft and Google on the stockmarket suggests that public listings are performing the same miracle for the internet age. Not every 19th-century invention has weathered so well. But look closer and the picture changes. Mark Zuckerberg, Facebook's young founder, resisted going public for as long as he could, not least because so many heads of listed companies advised him to. He is taking the plunge only because American law requires any firm with more than a certain number of shareholders to publish quarterly accounts just as if it were listed. Like Google before it, Facebook has structured itself more like a private firm than a public one: Mr Zuckerberg will keep most of the voting rights, for example. The number of initial public offerings (IPO) in America has declined from an average of 311 a year in 1980-2000 to 99 a year in 2001-11. Small companies, those with annual sales of less than $50m before their IPOs--have been hardest hit. In 1980-2000 an average of 165 small companies undertook IPOs in America each year. In 2001-09 that number fell to 30. Facebook will probably give the IPO market a temporary boost--several other companies are queuing up to follow its lead--but they will do little to offset the long-term decline.
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