互联网上市公司的盈利能力分析-外文资料翻译

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1、Thepath-to-profitabilityofInternetIPOfirmsBharat;Narayanan;OmeshAbstractExtantempiricalevidenceindicatesthattheproportionoffirmsgoingpublicpriortoachievingprofitabilityhasbeenincreasingovertime.Thisphenomenonislargelydrivenbyanincreaseintheproportionoftechnologyfirmsgoingpublic.S

2、incethereisconsiderableuncertaintyregardingthelong-termeconomicviabilityofthesefirmsatthetimeofgoingpublic,identifyingfactorsthatinfluencetheirabilitytoattainkeypost-IPOmilestonessuchasachievingprofitabilityrepresentsanimportantareaofresearch.Weemployatheoreticalframeworkbuiltaro

3、undagencyandsignalingconsiderationstoidentifyfactorsthatinfluencetheprobabilityandtimingofpost-IPOprofitabilityofInternetIPOfirms.WeestimateCoxProportionalHazardsmodelstotestwhetherfactorsidentifiedbyourtheoreticalframeworksignificantlyimpacttheprobabilityofpost-IPOprofitabilitya

4、safunctionoftime.Wefindthattheprobabilityofpost-IPOprofitabilityincreaseswithpre-IPOinvestordemandandchangeinownershipattheIPOofthetopofficersanddirectors.Ontheotherhand,theprobabilityofpost-IPOprofitabilitydecreaseswiththeventurecapitalparticipation,proportionofoutsidersontheboa

5、rd,andpre-marketvaluationuncertainty.Keywords: Initialpublicofferings,Internetfirms,Path-to-profitability,Hazardmodels,Survival1.ExecutivesummaryTherehasbeenanincreasingtendencyforfirmstogopubliconthebasisofapromiseofprofitabilityratherthanactualprofitability.Further,thisphenomen

6、onislargelydrivenbytheincreaseintheproportionoftechnologyfirmsgoingpublic.Theriskofpost-IPOfailureisparticularlyhighforunprofitablefirmsasshiftsininvestorsentimentleadingtonegativemarketperceptionsregardingtheirprospectsorunfavorablefinancingenvironmentscouldleadtoashutdownofexte

7、rnalfinancingsourcestherebyimperilingfirmsurvival.Therefore,theactualaccomplishmentofpost-IPOprofitabilityrepresentsanimportantmilestoneinthecompany'sevolutionsinceitsignalsthelong-termeconomicviabilityofthefirm.Whiletheextantresearchinentrepreneurshiphasfocusedonfactorsinfluenci

8、ngtheabilityofentrepreneurialfirmstoatta