博士音响 (Bose Corporation) 1964 年创办至今，为何一直不上市？

谢周源邀。

抛砖引玉。

先向 Dr. Amar Bose致敬，他对于声学技术不断的追求和对研究的极大重视是Bose公司现在成功的关键。

以下摘自《Discover》杂志于2004年10月1日刊登的一份对老爷子的采访记录。

Discover: Couldn’t you have survived by going public?
Bose: Yes, but that would have destroyed everything.

Discover: You would rather have let the company die than go public?
Bose: Yes. There was a time when I was wondering about this business of going public, so I visited about a half-dozen companies in the Boston area, all of them formed by MIT faculty and all had gone public. Every one of those CEOs said: “If only we had known the consequences, we never would have gone public. We are spending two-thirds of our time on image building to keep the stock price up.”

Discover: So you can set any research goal you choose?
Bose: Yes. I formed this company solely for the excitement of doing really unique research.[1]

看完之后相信大家对他的想法会有所理解了。其实不上市是这位老爷子的意思。

他很反对Bose公司上市，认为公司上市后，就需要对股东负责，而有些股东的目的可能是短期利益，而不是长期的，与他的想法相背驰。从而每天关注的对象也许从6年计划，变成了6个月计划。

而他本人是极度重视技术的研究的，但是研究的成果也许需要很久的时间才能看得到效果。在Bose公司发展的初期，他甚至将公司全部的利润投入到新技术的研究之中。[2]

再举一个例子。在那次采访中还提到了一个项目，是关于Auto-Suspension Research，他们花费了将近24年在这个项目上，而这个在一般上市公司里是不可想像的。

就像他本人所说 "I would have been fired a hundred times at a company run by M.B.A.'s. But I never went into business to make money. I went into business so that I could do interesting things that hadn't been done before."[3]

而《纽约时报》也提到了

".. by refusing to offer stock to the public, Dr. Bose was able to pursue risky long-term research, such as noise- cancelling headphones and an innovative suspension system for cars, without the pressures of quarterly earnings announcements," [4]

可以看出，Dr. Amar Bose 对于公司长期利益的追求是他保持公司私有化的重要原因。

而且就像@philips stone 所说的，Bose公司一直都是不差钱的状态，所以对于资金的需求不是那么的强烈。而不断的技术创新是维持这种状态的关键。

随便举几个例子：

在美国20世纪70年代末的时候，Bose公司与通用合作，推出了车内音响系统，让整个车成为音响室，从而大获成功，这也为后来与奔驰等大公司签订合同奠定了基础。

在80年代时候，Bose推出了降噪耳机，广受好评，美国军方更是大为惊喜，签下了大笔订单，因为他们每年需要为他们的飞行员和坦克兵付出2亿美元来赔偿这些士兵的听力损失。

....

以上。

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