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Is Apple really worth more than Poland?
"At $500 billion, Apple is worth more than Poland" - so shouted the headlines last week. Can the technology giant really be worth more than this entire country? No, and here's why.
CNN started this news line, which was picked up by media organisations around the world.
It seems like an amazing fact - that Apple's stock market value, or market cap, of $506bn (£323bn) makes it worth more than Poland, whose Gross Domestic Product is about $470bn (£300bn).This would make Apple around the 20th biggest economy in the world.
But it is not true. It makes no sense to compare the two like this. You might as well compare… apples and pears.This is because the market value of a company is linked to the expected value of all future profits. GDP, on the other hand, is a measure of the value of goods and services a country has produced in a single year.
It is possible to compare the size of a company and a country, but it has to be done properly, says Prof Paul De Grauwe, of the London School of Economics.ontinue reading the main
"We would have to make a forecast of future growth of GDP in Poland, and then you would take the present value and use an interest rate," he says.
"My guess is that it would multiply the Polish number by a factor of at least five."This would give Poland a comparative value of almost $2.5 trillion (£1.6tn), putting it well ahead of Apple.
There is another respectable way to compare the two. For this, calculate Apple's "added value" and compare that to Poland's GDP. (The Financial Times' business glossary defines added value as "an increase in the value of something that has been worked on, so that it can be sold in a new form".)
This makes sense because GDP is essentially a measure of a country's added value - it is the value of all the goods and services there, minus anything that has been imported.
"We would take the sales of Apple and subtract everything that is in the iPhone, but that Apple has not produced itself," De Grauwe says.
"For example, some chips, or the screen, which has been produced in China somewhere. And the difference then is what you could call the value added by Apple. And that we compare with GDP which is the value added in Poland."
Apple's relative value would shrink four or five-fold if you did the comparison this way, De Grauwe estimates. This would make it the 56th largest economy in the world, not the 20th. It would be 36 places behind Poland, just ahead of Bangladesh and just behind Vietnam.
Even with these corrections, it is true that Apple is a big company.
But if a company is bigger than a country, does that mean it is more powerful?
Not necessarily, says De Grauwe.
"Just looking at the size doesn't tell us much about relative power of the company v the country. Countries are still sovereign in the sense they can set the rules of the game. They can tax companies, and they do."
And he points out that companies tend to have much more dramatic ups and downs in their fortunes than countries. The market cap - properly called "market capitalisation" - of a company is calculated by multiplying the current value of a single one of its shares by the number of shares in existence.
"When you take the market cap of a company like Apple this can change very quickly," says De Grauwe. "It is quite possible that in five years the market cap of Apple could have dropped to $100bn or $200bn.
"Look what happened to Microsoft. Not so long ago Microsoft was the biggest company in the world. Now it has weighed down. The price of a company's shares can move up a lot, but can [also] crash."
Referensi:http://www.bbc.co.uk
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| Penulisan Ilmiah Semester Genap (ATA) 2011/2012 - 09 March 2012 |
| P E N G U M U M A N Tentang Penulisan Penelitian/Kerja Praktek/ Metode dan Penulisan Penelitian/ Seminar Penelitian/Penulisan Ilmiah Semester Genap (ATA) 2011/2012 bagi mahasiswa Universitas Gunadarma Fak. Ilmu Komputer, Tek. Industri, Ekonomi, Sastra dan Psikologi Angkatan 2009, 2008, 2007, 2006 dan 2005 Sehubungan dengan akan dimulainya bimbingan Penulisan Penelitian/Kerja Praktek/ Seminar Penelitian/Metode dan Penulisan Penelitian (Penulisan Ilmiah) untuk mahasiswa Universitas Gunadarma Fakultas Ilmu Komputer, Teknologi Industi, Teknik Sipil & Perencanaan, Ekonomi, Sastra dan Psikologi Angkatan 2009, maka dengan ini diberitahukan beberapa hal mengenai aturan pelaksanaan Penulisan Ilmiah sebagai berikut : 1. Bimbingan Penulisan Ilmiah pada semeseter ATA 2011/2012 diadakan secara tatap muka di kelas sesuai dengan jadwal yang telah ditentukan. Bimbingan diadakan sebanyak 8 kali pertemuan. Palaksanaan bimbingan dimulai pada tanggal 12 Maret 2012 s/d 5 Mei 2012. 2. Bagi mahasiswa Angkatan 2009, 2008, 2007, 2006 dan 2005 yang akan mengikuti Sidang Penulisan Ilmiah/Seminar Penelitian wajib mencantumkan mata kuliah Penulisan Penelitian/Seminar Penelitian/Penulisan Ilmiah pada KRS semester ATA 2011/2012. 3. Bagi mahasiswa Angkatan 2008, 2007, 2006 dan 2005 yang : a. Sudah pernah mendapat dosen pembimbing, maka dosen pembimbingnya tetap. b. Belum pernah memiliki dosen pembimbing dapat menghubungi bagian Penulisan Ilmiah. 4. Batas akhir Persetujuan (ACC) dari Dosen Pembimbing Penulisan Ilmiah pada hari Jum’at, 27 Juli 2012. 5. Bagi mahasiswa jenjang Strata Satu yang sudah mendapat Surat Persetujuan dari Dosen Pembimbing diharuskan segera mendaftar ke bagian Penulisan Ilmiah untuk menentukan jadwal sidang. Sedangkan untuk mahasiswa jenjang Diploma Tiga melapor ke bagian Penulisan Ilmiah, dengan membawa Surat Persetujuan dan/atau Nilai dari Dosen Pembing. 6. Batas akhir mahasiswa melapor ke bagian Penulisan Ilmiah pada hari Jum’at, 9 Agustus 2012. 7. Mahasiswa yang tidak melapor sampai dengan tanggal 9 Agustus 2012, maka akan mendapat nilai E pada DNS semester ATA 2011/2012 untuk mata kuliah Penulisan Penelitian/Kerja Praktek/Metode dan Penulisan Penelitian/Seminar Penelitian/Penulisan Ilmiah. 8. Bagi mahasiswa jenjang Diploma Tiga, persyaratan untuk dapat mengikuti Sidang Penulisan Ilmiah adalah wajib mengikuti Kursus Pembekalan dan Seminar Sehari, yang dibuktikan dengan Sertifikat. Demikianlah isi pengumuman ini. Harap diperhatikan. Depok, 7 Maret 2012 B A A K |
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