上市公司盈利能力分析中英文对照外文翻译文献.docx

上市公司盈利能力分析中英文对照外文翻译文献.docx

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中英文对照外文翻译文献

（文档含英文原文和中文翻译）

Thepath-to-profitabilityofInternetIPOfirms

Abstract

Extantempiricalevidenceindicatesthattheproportionoffirmsgoingpublicpriortoachievingprofitabilityhasbeenincreasingovertime.Thisphenomenonislargelydrivenbyanincreaseintheproportionoftechnologyfirmsgoingpublic.Sincethereisconsiderableuncertaintyregardingthelong-termeconomicviabilityofthesefirmsatthetimeofgoingpublic,identifyingfactorsthatinfluencetheirabilitytoattainkeypost-IPOmilestonessuchasachievingprofitabilityrepresentsanimportantareaofresearch.Weemployatheoreticalframeworkbuiltaroundagencyandsignalingconsiderationstoidentifyfactorsthatinfluencetheprobabilityandtimingofpost-IPOprofitabilityofInternetIPOfirms.WeestimateCoxProportionalHazardsmodelstotestwhetherfactorsidentifiedbyourtheoreticalframeworksignificantlyimpacttheprobabilityofpost-IPOprofitabilityasafunctionoftime.Wefindthattheprobabilityofpost-IPOprofitabilityincreaseswithpre-IPOinvestordemandandchangeinownershipattheIPOofthetopofficersanddirectors.Ontheotherhand,theprobabilityofpost-IPOprofitabilitydecreaseswiththeventurecapitalparticipation,proportionofoutsidersontheboard,andpre-marketvaluationuncertainty.

Keywords:

Initialpublicofferings,Internetfirms,Path-to-profitability,Hazardmodels,Survival

1. Executivesummary

Therehasbeenanincreasingtendencyforfirmstogopubliconthebasisofapromiseofprofitabilityratherthanactualprofitability.Further,thisphenomenonislargelydrivenbytheincreaseintheproportionoftechnologyfirmsgoingpublic.Theriskofpost-IPOfailure

isparticularlyhighforunprofitablefirmsasshiftsininvestorsentimentleadingtonegativemarketperceptionsregardingtheirprospectsorunfavorablefinancingenvironmentscouldleadtoashutdownofexternalfinancingsourcestherebyimperilingfirmsurvival.Therefore,theactualaccomplishmentofpost-IPOprofitabilityrepresentsanimportantmilestoneinthecompany'sevolutionsinceitsignalsthelong-termeconomicviabilityofthefirm.Whiletheextantresearchinentrepreneurshiphasfocusedonfactorsinfluencingtheabilityofentrepreneurialfirmstoattainimportantmilestonespriortooratthetimeofgoingpublic,relativelylittleisknownregardingthetimingorabilityoffirmstoachievecriticalpost-IPOmilestones.Inthisstudy,weconstructatheoreticalframeworkanchoredonagencyandsignalingtheoriestounderstandtheimpactofpre-IPOfactorssuchasgovernanceandownershipstructure,managementquality,institutionalinvestordemand,andthirdpartycertificationonfirms*post-IPOpath-to-profitability.WeattempttovalidatethetestableimplicationsarisingfromourtheoreticalframeworkusingtheInternetindustryasoursetting.Achievingpost-issueprofitabilityinatimelymannerisofparticularinterestforInternetIPOfirmssincetheyarepredominantlyunprofitableatthetimeofgoingpublicandaretypicallycharacterizedbyhighcashburnratestherebyraisingquestionsregardingtheirlong-termeconomicviability.Sincethereisarepeatedtendencyforhightechnologyfirmsinvariousemergingsectorsoftheeconomytogopublicinwavesamidinvestoroptimismfollowedbydisappointingperformance,insightsgainedfromastudyoffactorsthatinfluencethepath-to-profitabilityofInternetIPOfirmswillhelpincreaseourunderstandingofthedevelopmentpathandlong-termeconomicviabilityofentrepreneurialfirmsinemerging,hightechnologyindustries.

2. Introduction

Thepastfewdecadeshavewitnessedtheformationanddevelopmentofseveralvitallyimportanttechnologicallyorientedemergingindustriessuchasdiskdrive,biotechnology,andmostrecentlytheInternetindustry.Entrepreneurialfirmsinsuchknowledgeintensiveindustriesareincreasinglygoingpublicearlierintheirlifecyclewhilethereisstillagreatdealofuncertaintyandinformationasymmetryregardingtheirfutureprospects（JaneyandFolta,2006）.Anaturalconsequenceoftherapidtransitionfromfoundingstagefirmstopubliccorporationsisanincreasingtendencyforfirmstogopubliconthebasisofapromiseofprofitabilityratherthanactualprofitability.3Althoughsustainedprofitabilityisnolongerarequirementforfirmsinordertogopublic,actualaccomplishmentofpost-IPOprofitabilityrepresentsanimportantmilestoneinthefirm'sevolutionsinceitreducesuncertaintyregardingthelong-termeconomicviabilityofthefirm.Inthispaper,wefocusonidentifyingobservablefactorsatthetimeofgoingpublicthathavetheabilitytoinfluencethelikelihoodandtimingofattainingpost-IPOprofitabilitybyInternetfirms.WerestrictourstudytotheInternetindustrysinceitrepresentsanaturalsettingtostudythelong-ter