上市公司盈利分析外文资料翻译

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

2、onsiderableuncertaintyregardingthelong-termeconomicviabilityofthesefirmsatthetimeofgoingpublic,identifyingfactorsthatinfluencetheirabilitytoattainkeypost-IPOmilestonessuchasachievingprofitabilityrepresentsanimportantareaofresearch.Weemployatheoreticalframeworkbuiltaroundagencyandsignalingcon

3、siderationstoidentifyfactorsthatinfluencetheprobabilityandtimingofpost-IPOprofitabilityofInternetIPOfirms.WeestimateCoxProportionalHazardsmodelstotestwhetherfactorsidentifiedbyourtheoreticalframeworksignificantlyimpacttheprobabilityofpost-IPOprofitabilityasafunctionoftime.Wefindthattheprobab

4、ilityofpost-IPOprofitabilityincreaseswithpre-IPOinvestordemandandchangeinownershipattheIPOofthetopofficersanddirectors.Ontheotherhand,theprobabilityofpost-IPOprofitabilitydecreaseswiththeventurecapitalparticipation,proportionofoutsidersontheboard,andpre-marketvaluationuncertainty.Keywords: I

5、nitialpublicofferings,Internetfirms,Path-to-profitability,Hazardmodels,Survival1.ExecutivesummaryTherehasbeenanincreasingtendencyforfirmstogopubliconthebasisofapromiseofprofitabilityratherthanactualprofitability.Further,thisphenomenonislargelydrivenbytheincreaseintheproportionoftechnologyfir

6、msgoingpublic.Theriskofpost-IPOfailureisparticularlyhighforunprofitablefirmsasshiftsininvestorsentimentleadingtonegativemarketperceptionsregardingtheirprospectsorunfavorablefinancingenvironmentscouldleadtoashutdownofexternalfinancingsourcestherebyimperilingfirmsurvival.Therefore,theactualacc

7、omplishmentofpost-IPOprofitabilityrepresentsanimportantmilestoneinthecompany'sevolutionsinceitsignalsthelong-termeconomicviabilityofthefirm.Whiletheextantresearchinentrepreneurshiphasfocusedonfactorsinfluencingtheabilityofentrepreneurialfirmstoatta