上市公司盈利能力分析中英文对照外文翻译文献Word下载.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