互联网上市公司的盈利能力分析外文文献中英文翻译2015年译文字数5265字.docx

文献出处： Narayanan., The Path-to-profitability of Internet IPO firms[J]. Journal of Business Venturing, 2015, 23(2): 165-194.The path-to-profitability of Internet IPO firmsBharat; Narayanan; Omesh2. IntroductionThe past few decades have witnessed the formation and development of several vitally important technologically oriented emerging industries such as disk drive, biotechnology, and most recently the Internet industry. Entrepreneurial firms in such knowledge intensive industries are increasingly going public earlier in their life cycle while there is still a great deal of uncertainty and information asymmetry regarding their future prospects (Janey and Folta, 2006). A natural consequence of the rapid transition from founding stage firms to public corporations is an increasing tendency for firms to go public on the basis of a promise of profitability rather than actual profitability.3 Although sustained profitability is no longer a requirement for firms in order to go public, actual accomplishment of post-IPO profitability represents an important milestone in the firms evolution since it reduces uncertainty regarding the long-term economic viability of the firm. In this paper, we focus on identifying observable factors at the time of going public that have the ability to influence the likelihood and timing of attaining post-IPO profitability by Internet firms. We restrict our study to the Internet industry since it represents a natural setting to study the long-term economic viability of an emerging industry where firms tend to go public when they are predominantly unprofitable and where there is considerably uncertainty and information asymmetry regarding their future prospects.4The attainment of post-IPO profitability assumes significance since the IPO event does not provide the same level of legitimizing differentiation that it did in the past as sustained profitability is no longer a prerequisite to go public pa