[ineedasername]

Stock markets help allocate resources to the companies that will make good use of it. We can't say something similar about crypto until speculation stops being 99.9% of the use case and it starts being used for something more practical. We may get to that point, but that's still not a certainty.

[wizzwizz4]

… Do they? After an IPO, how is the glorified trading card game of stocks actually helping the companies themselves?

[shard]

By making stock grants valuable and thus aligning the incentives of the employees with the company?

[kevinventullo]

In many cases, shareholders are represented by a board of directors, to whom the CEO is beholden. Also, executives often see much of their compensation via equity in some form.

[yuliyp]

Companies can issue stock (whether through employee grants or secondary offerings). They can also buy other companies with stock.

[Nasrudith]

Plus the value can effectively act as a form of collateral for loans explicitly or otherwise.