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Copy of Award Winning Business Prezi Template by BICAD

This is BICAD's official submission to the 2015 Prezi design challenge which won the 1st Prize beating 360+ entries from around the world. More news on the award: https://prezi.com/community-templates/

Duan Yingxiao

on 2 February 2018

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Transcript of Copy of Award Winning Business Prezi Template by BICAD

Thank You!
Group Members
Private firms——Raise growth capital in the private markets
PIPOs--widespread and significant impact on. (Especially in high-tech industry)
PE firms funds--Provide superior returns compared to publicly traded companies
In sum
The next 25 years
First,I predict that uncorporates will continues to grow in number and market capitalization.
Fifth, a small number of "superstar"firms will increase their dominant positions and lever their advantage through political as well as economic means.
second, the number of publicly traded corporations will continue to fall.
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Public Corporation
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The growth of public uncorporates.
The major change in the regulatory and communications environment of the public corporation.
Principle-agent problem

Views of Brown
Team leader: Wang Rui
Team member: Duan Yingxiao
Team member: You Yunqi
Main idea of the papers
The State of the Public Corporation: Not So Much an Eclipse as an Evolution.
In Search of Unicorns: Private IPOs and the Changing Markets for Private Equity Investments and Corporate Control
Principle-agent problem
1. Possible problem caused by principle-agent issues

2. How to solve these problems by keeping a company private
PE investing--A boutique business
A mainstream, increasingly important component of capital market activity
Growing companies might prefer to raise private capital instead of going public, and investors might be increasingly interested in making private company investments.
The growth of PIPO financing arrangements that we have witnessed in recent years underscores the point that these transactions have become a preferred funding method for a rapidly expanding number of firms.
The growth in the vigor and depth of the market for the corporate control.
Over the past 25 years,the public corporation has been eclipsed in some respects while thriving in others.
While the number of public companies has fallen, the market capitalization of those that remain has rocketed upward. In sum, the public corporation has not been eclipsed, ti has evolved.
Third, the market for corporate control will continue to evolve.
Fourth, the public company environment will continue to become more challenging as growing resentment of winners and intensifying focus on isolated anti-social corporate acts continue to be fueled by media saturation.
Sixth, in the next 25 years, the problem of resolving management-shareholder agency conflicts will be supplanted by the more pressing issue of how to manage shareholder-shareholder conflicts, with the controlling share holder taking the form of either a government or a dominant private shareholder.
--conflict between owner & managers

Separation of management and risk-bearing

Lead managers to make decisions that are suboptimal from the perspective of shareholders

Make the firm structure weak or ineffective.

Increase the agency costs and the free cash flow problems often arise.

Individual owner do not have sufficient personal incentives to monitor management on behalf of all shareholders.


the rise of massive MNCs has burred the lines between business and government.

increase in conflicts among different classes of shar holders as well as the more traditional conflict between corporate managers and their shareholders.
Impose a superior governance structure that reduces agency costs and the lower the free cash flow.

Tying management compensation more closely to share performance and establishing mor active boards.

provides effective oversight from board members with significant ownership interest.

How keep company private to solve the problems?
Best governance structures

key elements:
1. small boards of directors
2. concentrated ownership and board control
3. board members and management with significant equity-based incentives
Private firms can---
Remain private allows companies to operate under a develop is company's operating, sales, and revenue models. It can also keep a smaller, more effective boards, makes the company can more effectively implement operational changes that enhance value, reduce the principal-agent problem.
Full transcript