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ADMIN 2021. 09. 28.  
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   제목: World-Dominating Superstar Firms Get Bigger, Techier, and More Chinese


World-Dominating Superstar Firms Get Bigger, Techier, and More Chinese

A trawl through 30 years of data traces the evolution of superstar firms, a difficult-to-tame species.


By Tom Orlik, Justin Jimenez and Cedric Sam

May 21, 2021

The top 50 companies by value added $4.5 trillion of stock market capitalization in 2020, taking their combined worth to about 28% of global gross domestic product. Three decades ago the equivalent figure was less than 5%.



That뭩 just one measure of how superstar firms have come to dominate the world economy, according to a new study by Bloomberg Economics that maps out their changing role. The findings provide ammunition for policymakers bent on reining in the giants뾦ncluding a U.S. government that뭩 seeking to rally global support for higher levies on corporate profits.



The biggest companies generally post fatter margins and pay less in taxes than they did in decades past, the Bloomberg Economics study shows. Their median effective tax rate of 35% in 1990 had dwindled to only 17% last year뾵hile profit margins headed in the opposite direction, soaring from 7% to 18% over the same period. They also devote a smaller portion of their earnings to job-creating investments: In 1990, IBM뾞t the time the world뭩 biggest publicly listed company뾡evoted 9% of its revenue to capital expenditures. Fast-forward to 2020, when Apple뾦ts replacement in the top spot뾱pent just 3%.



The advantages superstar firms enjoy became all the more glaring during the pandemic, which is one reason why the issue of how to tame them has vaulted up the political agenda in so many countries. Tech giants such as Amazon.com Inc. have business models that are tailor-made for a year of social distancing, unlike Main Street competitors dependent on foot traffic. And government rescues worked best for the biggest companies, which benefited from central bank backstops that kept borrowing costs low and stock prices high. In contrast, patchwork relief efforts for small businesses left many struggling to pay their bills.

Excerpts articles from Bloomberg
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