With younger tech companies like Snap, the purpose of flotation is different: fresh equity fills the yawning gap between revenue and expenditure.
对于Snap这种较为年轻的科技公司,上市目的有所不同:新股本将填补收入与支出之间越来越大的缺口。
In the technology sector the issue of fairness between the different stakeholders in the corporation has been unilaterally resolved by founding entrepreneurs who have retained voting control despite bringing in outside capital — the prime examples being Sergey Brin and Larry Page, co-founders of Google.
在科技行业,公司内部不同利益相关者之间的公平问题迄今由创始企业家们单方面解决;尽管引入外部资本,但他们仍持有投票控制权,最好的例子是谷歌联合创始人谢尔盖?布林(Sergey Brin)和拉里?佩奇(Larry page)。
In some companies the human capital contribution of employees has been properly recognised by the grant of stock with votes attached; in others, not. There is also a significant risk that in a rapidly evolving tech world — where some listed companies never make a profit and others lose their competitive edge — incumbent management cannot be fired to make way for new blood.
在一些公司,员工的人力资本投入得到了合理承认,他们获得了附带投票权的股票;而在其他公司则没有。另一个重大风险是,在快速演变的科技界(一些上市公司从未盈利,还有一些丧失了竞争优势),无法炒掉现有管理层,让新鲜血液接手。
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