The more intractable problem facing technology startups wishing to remain private is limited access to capital markets.
Like other Myanmar companies, though, it has limited access to capital under Myanmar's antiquated financial system, which lacks a corporate-bond market or a major stock exchange.
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But after plowing through reams of data on some 8, 500 small businesses compiled by the Federal Reserve and the University of Michigan in the late '80s and early '90s, Hurst rejects the notion that, for the most part, limited access to capital is constraining would-be entrepreneurs.
Junk-financed Company B's access to capital is limited and its interest coverage is less than 2 for 1.
Offor and ERHC reportedly got a sweetheart deal on its blocks, despite limited operating experience and insufficient access to the necessary capital.
"They want access to capital, and limited liability, but they want the control of a private company, " says Nell Minow, editor of the Corporate Library, a shareholder advocate.
In recent years, the high costs of regulatory compliance associated with Sarbanes-Oxley and the effects of Dodd-Frank combined with a waning initial public offering (IPO) market and increasing global competition have limited the ability of smaller companies to access new capital through the public markets.
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Countries' access to private capital is more limited than aggregate figures would suggest.
The ability to access capital markets, and to find people who would buy you, is limited.
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Those in between, and those with erratic access to capital markets, would get limited aid.
It also comes as China conducts a broad rethink of the way its stock and bond markets operate and even begins to slowly loosen some of the capital controls that have long limited foreign investor access.
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