Dual-class structures are not just a way for press barons to keep their hands on the hatchetwith which they threaten governments. Internet firms love them, too, since they allowfounders brimming with self-belief to raise cash without surrendering control. Google s IPOin 2004 involved two classes of share. LinkedIn followed suit this year. The IPO filings ofZynga and Groupon would also grant managers control over voting rights.
双重标准结构并不只是一种让出版业大王高举斧头威胁政府的一种方法。因特网公司业很喜欢他们,因为他们允许创办人满怀自信地筹集资金而不听从别人的摆布。谷歌在2004年进行的IPO就实行了这种双标股份制。在接下来的几年里都是这样的。IPO档案管理者的Zynga和Groupon也会准予经理人对投票表决权进行控制。
Investors who seek long-term gains may be happy to cede control if they think the boss is agenius. It worked for the holders of B shares in Warren Buffett s Berkshire Hathaway. Itonce worked for investors in Mr Murdoch, too. But tech punters have not been so lucky. Thenumber of dual-class firms listed in America fell from 482 in 2000 to 362 in 2002 as thedotcom bubble burst. If the current internet boom follows a similar path, NewsCorporation shareholders will not be the only ones feeling second-class.
找到长期获利的投资者也许会很高兴地把操纵权转让,如果他们认为老板是个天才的话。他曾经在华伦巴菲特的Berkshire Hathaway中为B股股东工作。他也曾经在默多克为投资者服务。但技术投资者就不会这么幸运了。双重编制公司在美国的数量由于受到网络公司泡沫破裂的影响已从2000年的482家减少到2002年的362家。如果现今的因特网向同样地方向发展,资讯公司股东将不会是唯一感受到不被重视的人。
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