JК
Dogs and Demons :: Керр Алекс
Страница: 58 из 2705 means that the average earnings per share of companies listed in the Japanese market is essentially zero.
A situation like this is paradise for industry, because it means that companies can raise money from the public for practically nothing. It works for investors, however, only if stocks always magically rise somehow, despite producing no earnings. That is to say, it works only as long as the stocks continue to find eager buyers. As part of the recovery after World War II, Japan's Ministry of Finance engineered just such a system, and it was a modern miracle. It worked partly because there was then relatively little stock available to the public, given a policy called «stable stockholding,» by which companies bought and held each other's stock, which they never sold. The purpose, as with many of MOF's stratagems, was not economic (which is why Japan's system baffles classical Western theorists) but political, in the sense that it was a means of control. It prevented mergers and acquisitions, which MOF could not allow: the threat of a takeover forces a company's management to manage assets to produce high returns, and this would go against the government policy of building up industrial capacity at any cost.
In order to restrict the stock available to the public, MOF raised high barriers for new companies coming to market. Only long-established firms could ever consider a new listing on the Tokyo Stock Exchange. Even Japan's over-the-counter market (OTC), equivalent to the NASDAQ exchange in the United States, followed this "bigger and older is better" approach. The average review period for a company to list on the OTC was 5.7 years, and typically companies listing on the OTC have been around for decades, not a few years or months, as is the case with NASDAQ. «It's a cold, hard fact that in Japan newly launched companies have had no way of raising direct capital. In America they can; in Japan they can't,» says Denawa Yoshito, the founder of an over-the-counter Internet stock market for unlisted venture companies.
Matters began to change only in 1999, when, borne on the crest of a new wave of Internet euphoria, the OTC spurted upward, its index quadrupling in just one year. Even so, the OTC remains so dysfunctional, so far from the Internet-friendly marketplace that Japan's new entrepreneurs will need, that in the summer of 2000 Son Masayoshi, Japan's Internet wizard, set up a Japanese version of NASDAQ («Jasdaq»). In addition to easing the way for Japanese investors to buy American NASDAQ stocks, Jasdaq envisions listing promising Japanese ventures in New York, where they can source funds denied to them in Japan.
A situation like this is paradise for industry, because it means that companies can raise money from the public for practically nothing. It works for investors, however, only if stocks always magically rise somehow, despite producing no earnings. That is to say, it works only as long as the stocks continue to find eager buyers. As part of the recovery after World War II, Japan's Ministry of Finance engineered just such a system, and it was a modern miracle. It worked partly because there was then relatively little stock available to the public, given a policy called «stable stockholding,» by which companies bought and held each other's stock, which they never sold. The purpose, as with many of MOF's stratagems, was not economic (which is why Japan's system baffles classical Western theorists) but political, in the sense that it was a means of control. It prevented mergers and acquisitions, which MOF could not allow: the threat of a takeover forces a company's management to manage assets to produce high returns, and this would go against the government policy of building up industrial capacity at any cost.
In order to restrict the stock available to the public, MOF raised high barriers for new companies coming to market. Only long-established firms could ever consider a new listing on the Tokyo Stock Exchange. Even Japan's over-the-counter market (OTC), equivalent to the NASDAQ exchange in the United States, followed this "bigger and older is better" approach. The average review period for a company to list on the OTC was 5.7 years, and typically companies listing on the OTC have been around for decades, not a few years or months, as is the case with NASDAQ. «It's a cold, hard fact that in Japan newly launched companies have had no way of raising direct capital. In America they can; in Japan they can't,» says Denawa Yoshito, the founder of an over-the-counter Internet stock market for unlisted venture companies.
Matters began to change only in 1999, when, borne on the crest of a new wave of Internet euphoria, the OTC spurted upward, its index quadrupling in just one year. Even so, the OTC remains so dysfunctional, so far from the Internet-friendly marketplace that Japan's new entrepreneurs will need, that in the summer of 2000 Son Masayoshi, Japan's Internet wizard, set up a Japanese version of NASDAQ («Jasdaq»). In addition to easing the way for Japanese investors to buy American NASDAQ stocks, Jasdaq envisions listing promising Japanese ventures in New York, where they can source funds denied to them in Japan.