上市公司盈利分析外文资料翻译

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1、Thepath-to-profitabilityofInternetIPOfirmsBharat;Narayanan;OmeshAbstractExtantempiricalevidenceindicatesthattheproportionoffirmsgoingpublicpriortoachievingprofitabilityhasbeenincreasingovertime.Thisphenomenonislargelydrivenbyanincreaseintheproportionoftechnologyfi

2、rmsgoingpublic.Sincethereisconsiderableuncertaintyregardingthelong-termeconomicviabilityofthesefirmsatthetimeofgoingpublic,identifyingfactorsthatinfluencetheirabilitytoattainkeypost-IPOmilestonessuchasachievingprofitabilityrepresentsanimportantareaofresearch.Weemp

3、loyatheoreticalframeworkbuiltaroundagencyandsignalingconsiderationstoidentifyfactorsthatinfluencetheprobabilityandtimingofpost-IPOprofitabilityofInternetIPOfirms.WeestimateCoxProportionalHazardsmodelstotestwhetherfactorsidentifiedbyourtheoreticalframeworksignifica

4、ntlyimpacttheprobabilityofpost-IPOprofitabilityasafunctionoftime.Wefindthattheprobabilityofpost-IPOprofitabilityincreaseswithpre-IPOinvestordemandandchangeinownershipattheIPOofthetopofficersanddirectors.Ontheotherhand,theprobabilityofpost-IPOprofitabilitydecreases

5、withtheventurecapitalparticipation,proportionofoutsidersontheboard,andpre-marketvaluationuncertainty.Keywords: Initialpublicofferings,Internetfirms,Path-to-profitability,Hazardmodels,Survival1.ExecutivesummaryTherehasbeenanincreasingtendencyforfirmstogopubliconthe

6、basisofapromiseofprofitabilityratherthanactualprofitability.Further,thisphenomenonislargelydrivenbytheincreaseintheproportionoftechnologyfirmsgoingpublic.Theriskofpost-IPOfailureisparticularlyhighforunprofitablefirmsasshiftsininvestorsentimentleadingtonegativemark

7、etperceptionsregardingtheirprospectsorunfavorablefinancingenvironmentscouldleadtoashutdownofexternalfinancingsourcestherebyimperilingfirmsurvival.Therefore,theactualaccomplishmentofpost-IPOprofitabilityrepresentsanimportantmilestoneinthecompany'sevolutionsinceitsi

8、gnalsthelong-termeconomicviabilityofthefirm.Whiletheextantresearchinentrepreneurshiphasfocusedonfactorsinfluencingtheabilityofentrepreneurialfirmstoatta