Name: 數的圖表。美國股市為何縮水一半？ (Charts that Count: Why the US stock market has shrunk by half)
Uploaded: 2021-01-14T08:19:25.000Z
Duration: 3 min 8 s
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00:00:05,340 --> 00:00:07,650 The number of companies listed on US stock markets

00:00:17,450 --> 00:00:20,230 So this line shows the number of publicly listed companies

As you can see, in 1996 this number peaked around 8,000,

but since then has fallen to around 4,400.

So that's a decline of about 45 per cent in just over 20 years.

00:00:40,860 --> 00:00:42,280 So what's happening here?

Well, one thing has to do with private equity.

Now, investors are putting a lot of money into private equity

will get them more returns than other markets will.

Private equity firms, they take that money and they

So this happened recently with Barnes & Noble, the bookseller,

But it was bought by a firm called Elliott Management.

But the fact that it's playing around in the private equity

space should tell you how much money is going into that space

is that companies that could newly list themselves in IPOs

don't necessarily have as much incentive to do that, firstly,

Maybe it's a late stage venture capital round, or again,

But also, they don't really have incentive,

because they are under a lot more scrutiny when

So if they can avoid the hassle and still get the money,

A third reason has to do with mergers and acquisitions, which

And therefore, you have fewer public companies.

Well, I like to think of the stock market

like a pond and the companies that are listed like fish.

And the money going into the stock market

But then one day, let's say you take half the fish out

00:02:20,930 --> 00:02:23,390 If the same amount of food is going into the pond,

and they're going to get a really big, because there's

So this is the same thing that potentially

is going on with the stock market, which is

There's less companies available for the public

Now, this is causing a little bit of concern.

Even regulators have talked about it a bit.

But frankly, the trend isn't going to reverse itself

until the public markets become a popular pond for companies

And until then, they may just get bigger and bigger

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數的圖表。美國股市為何縮水一半？ (Charts that Count: Why the US stock market has shrunk by half)

potentially

tend

necessarily

decline