上市公司盈利分析外文资料翻译

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

2、ublic.Sincethereisconsiderableuncertaintyregardingthelong-termeconomicviabilityofthesefirmsatthetimeofgoingpublic,identifyingfactorsthatinfluencetheirabilitytoattainkeypost-IPOmilestonessuchasachievingprofitabilityrepresentsanimportantareaofresearch.Weemployatheoreticalfra

3、meworkbuiltaroundagencyandsignalingconsiderationstoidentifyfactorsthatinfluencetheprobabilityandtimingofpost-IPOprofitabilityofInternetIPOfirms.WeestimateCoxProportionalHazardsmodelstotestwhetherfactorsidentifiedbyourtheoreticalframeworksignificantlyimpacttheprobabilityofp

4、ost-IPOprofitabilityasafunctionoftime.Wefindthattheprobabilityofpost-IPOprofitabilityincreaseswithpre-IPOinvestordemandandchangeinownershipattheIPOofthetopofficersanddirectors.Ontheotherhand,theprobabilityofpost-IPOprofitabilitydecreaseswiththeventurecapitalparticipation,p

5、roportionofoutsidersontheboard,andpre-marketvaluationuncertainty.Keywords: Initialpublicofferings,Internetfirms,Path-to-profitability,Hazardmodels,Survival1.ExecutivesummaryTherehasbeenanincreasingtendencyforfirmstogopubliconthebasisofapromiseofprofitabilityratherthanactua

6、lprofitability.Further,thisphenomenonislargelydrivenbytheincreaseintheproportionoftechnologyfirmsgoingpublic.Theriskofpost-IPOfailureisparticularlyhighforunprofitablefirmsasshiftsininvestorsentimentleadingtonegativemarketperceptionsregardingtheirprospectsorunfavorablefinan

7、cingenvironmentscouldleadtoashutdownofexternalfinancingsourcestherebyimperilingfirmsurvival.Therefore,theactualaccomplishmentofpost-IPOprofitabilityrepresentsanimportantmilestoneinthecompany'sevolutionsinceitsignalsthelong-termeconomicviabilityofthefirm.Whiletheextantresea

8、rchinentrepreneurshiphasfocusedonfactorsinfluencingtheabilityofentrepreneurialfirmstoatta