上市公司盈利能力分析中英文对照外文翻译文献Word文档下载推荐.docx
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上市公司盈利能力分析中英文对照外文翻译文献Word文档下载推荐.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@#@Extant empirical evidence indicates that the proportion of firms goingpublic prior to achievingprofitability has been increasing over time. Thisphenomenonislargelydrivenbyanincreaseintheproportionoftechnologyfirmsgoingpublic.Sincethereisconsiderableuncertaintyregardingthelong-termeconomicviabilityofthesefirmsatthetimeofgoingpublic,identifyingfactorsthatinfluencetheirabilitytoattainkeypost-IPOmilestonessuchasachievingprofitabilityrepresentsanimportantareaofresearch.Weemployatheoreticalframeworkbuiltaroundagencyandsignalingconsiderationstoidentifyfactorsthatinfluencetheprobabilityandtimingofpost-IPOprofitabilityofInternetIPOfirms.WeestimateCoxProportionalHazardsmodelstotestwhetherfactorsidentifiedbyourtheoreticalframeworksignificantlyimpacttheprobabilityofpost-IPOprofitabilityasafunctionoftime.Wefindthattheprobabilityofpost-IPOprofitabilityincreaseswithpre-IPOinvestordemandandchangeinownershipattheIPOofthetopofficersanddirectors.Ontheotherhand,theprobabilityof@#@post-IPOprofitabilitydecreaseswiththeventurecapitalparticipation,proportionofoutsidersontheboard,andpre-marketvaluationuncertainty.@#@Keywords:
@#@Initialpublicofferings,Internetfirms,Path-to-profitability,Hazardmodels,Survival@#@1.Executivesummary@#@Therehasbeenanincreasingtendencyforfirmstogopubliconthebasisofapromiseofprofitabilityratherthanactualprofitability.Further,thisphenomenonislargelydrivenbytheincreaseintheproportionoftechnologyfirmsgoingpublic.Theriskofpost-IPOfailure@#@isparticularlyhighforunprofitablefirmsasshiftsininvestorsentimentleadingtonegativemarketperceptionsregardingtheirprospectsorunfavorablefinancingenvironmentscouldleadto a shutdown of external financing sources thereby imperiling firm survival.Therefore,theactualaccomplishmentofpost-IPOprofitabilityrepresentsanimportantmilestoneinthecompany'@#@sevolutionsinceitsignalsthelong-termeconomicviabilityofthefirm.Whiletheextantresearchinentrepreneurshiphasfocusedonfactorsinfluencingtheabilityofentrepreneurialfirmstoattainimportantmilestonespriortooratthetimeofgoingpublic,relativelylittleisknownregardingthetimingorabilityoffirmstoachievecriticalpost-IPOmilestones.Inthisstudy,weconstructatheoreticalframeworkanchoredonagencyandsignalingtheoriestounderstandtheimpactofpre-IPOfactorssuchasgovernanceandownershipstructure,managementquality,institutionalinvestordemand,andthirdpartycertificationonfirms'@#@post-IPOpath-to-profitability.WeattempttovalidatethetestableimplicationsarisingfromourtheoreticalframeworkusingtheInternetindustryasoursetting.Achievingpost-issueprofitabilityinatimelymannerisofparticularinterestforInternetIPOfirmssince they are predominantlyunprofitableat the time of going public and are typicallycharacterizedbyhighcashburnratestherebyraisingquestionsregardingtheirlong-termeconomicviability.Sincethereisarepeatedtendencyforhightechnologyfirmsinvariousemergingsectorsoftheeconomytogopublicinwavesamidinvestoroptimismfollowedbydisappointingperformance,insightsgainedfromastudyoffactorsthatinfluencethepath-to-profitability of Internet IPO firmswill help increase our understanding of thedevelopmentpathandlong-termeconomicviabilityofentrepreneurialfirmsinemerging,hightechnologyindustries.@#@2.Introduction@#@Thepastfewdecadeshavewitnessedtheformationanddevelopmentofseveralvitally@#@importanttechnologicallyorientedemergingindustriessuchasdiskdrive,biotechnology,andmostrecentlytheInternetindustry.Entrepreneurialfirmsinsuchknowledgeintensiveindustriesareincreasinglygoingpublicearlierintheirlifecyclewhilethereisstillagreatdealofuncertaintyandinformationasymmetryregardingtheirfutureprospects(JaneyandFolta,2006).Anaturalconsequenceoftherapidtransitionfromfoundingstagefirmstopubliccorporationsisan increasing tendency for firms to go public on the basis of apromiseofprofitabilityratherthanactualprofitability.3Althoughsustainedprofitabilityisnolongerarequirementforfirmsinordertogopublic,actualaccomplishmentofpost-IPOprofitabilityrepresents an important milestone in the firm'@#@s evolution since it reducesuncertaintyregardingthelong-termeconomicviabilityofthefirm.Inthispaper,wefocusonidentifying observable factors at the time of going public that havetheabilitytoinfluencethelikelihoodandtimingofattainingpost-IPO
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- 上市公司 盈利 能力 分析 中英文 对照 外文 翻译 文献
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