文献出处：Narayanan., The Path-to-profitability of Internet IPO firms[J]. Journal of Business Venturing, 2015, 23(2): 165-194.
原文
The path-to-profitability of Internet IPO firms
Narayanan;
1. Introduction
The 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 firm's 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.
The 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 particularly in periods where the market is favorably inclined towards investments rather than demonstration of profitability (Stuartet al., 1999; Janey and Folta, 2006). During the Internet boom, investors readily accepted the mantra of “growth at all costs” and enthusiastically bid up the post-IPO offering prices to irrational levels (Lange et al., 2001). In fact, investor focus on the promise of growth rather than profitability
resulted in Internet start-ups being viewed differently from typical new ventures in that they were able to marshal substantial resources virtually independent of performance benchmarks (Mudambi and Treichel, 2005).
Since the Internet bubble burst in April 2000, venture capital funds dried up and many firms that had successful IPOs went bankrupt or faced severe liquidity problems (Chang, 2004). Consequently, investors' attention shifted from their previously singular focus on growth prospects to the question of profitability with their new mantra being “path-to- profitability.” As such, market participants focused on not just whether the IPO firm would be able to achieve profitability but also “when” or “how soon.” IPO firms unable to credibly demonstrate a clear path-to-profitability were swiftly punished with steeply lower valuations and consequently faced significantly higher financing constraints. Since cash flow negative firms are not yet self sufficient and, therefore, dependent on external financing to continue to operate, the inability to raise additional capital results in a vicious cycle of events that can quickly lead to delisting and even bankruptcy.5 Therefore, the actual attainment of post-IPO profitability represents an important milestone in the evolution of an IPO firm providing it with legitimacy and signaling its ability to remain economically viable through the ups and downs associated with changing capital market conditions. The theoretical framework supporting our analysis draws from signaling and agency theories as they relate to IPO firms. In our study, signaling theory provides the theoretical basis to evaluate the signaling impact of factors such as management quality, third party certification, institutional investor demand, and pre-IPO valuation uncertainty on the path-to-profitability. Similarly, agency theory provides the theoretical foundations to allow us to examine the impact of governance structure and change in top management ownership at the time of going public on the probability of achieving the post-IPO profitability milestone. Our empirical analysis is based on the hazard analysis methodology to identify the determinants of the probability of becoming profitable as a function of time for a sample of 160 Internet IPOs issued during the period 1996–2000.
Our study makes several contributions. First, we construct a theoretical framework based on agency and signaling theories to identify factors that may influence the path-to- profitability of IPO firms. Second, we provide empirical evidence on the economic viability of newly public firms (path-to-profitability and firm survival) in the Internet industry.
Third, we add to the theoretical and empirical entrepreneurship literature that has focused on factors influencing the ability of entrepreneurial firms to achieve critical milestones during the transition from private to public ownership. While previous studies have focused on milestones during the private phase of firm development such as receipt of VC funding and successful completion of a public offering (Chang, 2004; Dimov and Shepherd, 2005; Beckman et al., 2007), our study extends this literature by focusing on post-IPO milestones. Finally, extant empirical evidence indicates that the phenomenon of young, early stage firms belonging to relatively new industries being taken public amid a wave of investor optimism fueled by the promise of growth rather than profitability tends to repeat itself over time.6 However, profitability tends to remain elusive and takes much longer than anticipated which results in investor disillusionment and consequently high failure rate among firms in such sectors. 7 Therefore, our study is likely to provide useful lessons to investors when applying valuations to IPO firms when this phenomenon starts to repeat itself.
This articles proceeds as follows. First, using agency and signaling theories, we develop our hypotheses. Second, we describe our sample selection procedures and present descriptive statistics. Third, we describe our research methods and present our results. Finally, we discuss our results and end the article with our concluding remarks.
2. Theory and hypotheses
Signaling models and agency theory have been extensively applied in the financial economics, management, and strategy literatures to analyze a wide range of economic phenomena that revolve around problems associated with information asymmetry, moral hazard, and adverse selection. Signaling theory in particular has been widely applied in the IPO market as a framework to analyze mechanisms that are potentially effective in resolving the adverse selection problem that arises as a result of information asymmetry between various market participants (Baron, 1982; Rock, 1986; Welch, 1989). In this study, signaling theory provides the framework to evaluate the impact of pre-IPO factors such as management quality, third party certification, and institutional investor demand on the path-to-profitability of Internet IPO firms.
The IPO market provides a particularly fertile setting to explore the consequences of separation of ownership and control and potential remedies for the resulting agency
problems since the interests of pre-IPO and post-IPO shareholders can diverge. In the context of the IPO market, agency and signaling effects are also related to the extent that insider actions such as increasing the percentage of the firm sold at the IPO, percentage of management stock holdings liquidated at the IPO, or percentage of VC holdings liquidated at the IPO can accentuate agency problems with outside investors and, as a consequence, signal poor performance (Mudambi and Treichel, 2005). We, therefore, apply agency theory to evaluate the impact of board structure and the change in pre-to-post IPO ownership of top management on the path-to-profitability of Internet IPO firms.
2.1. Governance structure
In the context of IPO firms, there are at least two different agency problems (Mudambi and Treichel, 2005). The first problem arises as a result of opportunistic behavior of agents to increase their share of the wealth at the expense of principals. The introduction of effective monitoring and control systems can help mitigate or eliminate this type of behavior and its negative impact on post-issue performance. The extant corporate governance literature has argued that the effectiveness of monitoring and control functions depends to a large extent on the composition of the board of directors. We, therefore, examine the relationship between board composition and the likelihood and timing of post-IPO profitability.
The second type of agency problem that arises in the IPO market is due to uncertainty regarding whether insiders seek to use the IPO as an exit mechanism to cash out or whether they use the IPO to raise capital to invest in positive NPV projects. The extent of insider selling their shares at the time of the IPO can provide an effective signal regarding which of the above two motivations is the likely reason for the IPO. We, therefore, examine the impact of the change in ownership of officers and directors around the IPO on the likelihood and timing of attaining post-issue profitability.
2.2. Management quality
An extensive body of research has examined the impact of to management team (TMT) characteristics on firm outcomes for established firms as well as for new ventures by drawing from human capital and demography theories. For instance, researchers drawing from human capital theories study the impact of characteristics such as type and amount of experience of TMTs on performance (Cooper et al., 1994;
Gimeno et al., 1997; Burton et al., 2002; Baum and Silverman, 2004). Additionally, Beckman et al. (2007) argue that demographic arguments are distinct from human capital arguments in that they examine team composition and diversity in addition to experience. The authors consequently examine the impact of characteristics such as background affiliation, composition, and turnover of TMT members on the likelihood of firms completing an IPO. Overall, researchers have generally found evidence to support arguments that human capital and demographic characteristics of TMT members influence firm outcomes.
Drawing from signaling theory, we argue that the quality of the TMT of IPO firms can serve as a signal of the ability of a firm to attain post-IPO profitability. Since management quality is costly to acquire, signaling theory implies that by hiring higher quality management, high value firms can signal their superior prospects and separate themselves from low value firms with less capable managers. The beneficial impact of management quality in the IPO market includes the ability to attract more prestigious investment bankers, generate stronger institutional investor demand, raise capital more effectively, lower underwriting expenses, attract stronger analyst following, make better investment and financing decisions, and consequently influence the short and long-run post-IPO operating and stock performance(Chemmanur and Paeglis, 2005). Thus, agency theory, in turn, would argue that higher quality management is more likely to earn their marginal productivity of labor and thus have a lower incentive to shirk, thereby also leading to more favorable post-IPO outcomes.8We focus our analyses on the signaling impact of CEO and CFO quality on post-IPO performance. We focus on these two members of the TMT of IPO firms since they are particularly influential in establishing beneficial networks, providing legitimacy to the organization, and are instrumental in designing, communicating, and implementing the various strategic choices and standard operating procedures that are likely to influence post- IPO performance.
2.3. Third party certification
The extant literature has widely recognized the potential for third party certification as a solution to the information asymmetry problem in the IPO market (Beatty, 1989; Carter and Manaster, 1990; Megginson and Weiss, 1991; Jain and Kini, 1995, 1999b; Zimmerman and Zeitz,
2002). The theoretical basis for third party certification is drawn from the signaling models which argue that intermediaries such as investment bankers, venture capitalists, and auditors have the ability to mitigate the problem of information asymmetry by virtue of their reputation capital (Booth and Smith, 1986; Megginson and Weiss, 1991; Jain and Kini,1995, Carter et al., 1998). In addition to certification at the IPO, intermediaries, through their continued involvement, monitoring, and advising role have the ability to enhance performance after the IPO. In the discussion below, we focus on the signaling impact of venture capitalists involvement and investment bank prestige on post-IPO outcomes
2.4. Institutional investor demand
Prior to marketing the issue to investors, the issuing firm and their investment bankers are required to file an estimated price range in the registration statement. The final pricing of the IPO firm is typically done on the day before the IPO based upon the perceived demand from potential investors. Further, the final offer price is determined after investment bankers ave conducted road shows and obtained indications of interest from institutional investors. Therefore, the initial price range relative to the final IPO offer price is a measure of institutional investor uncertainty regarding the value of the firm. Since institutional investors typically conduct sophisticated valuation analyses prior to providing their indications of demand, divergence of opinion on valuation amongst them is a reflection of the risk and uncertainty associated with the prospects of the IPO firm during the post-IPO phase. Consistent with this view, Houge et al. (2001) find empirical evidence to indicate that greater divergence of opinion and investor uncertainty about an IPO can generate short- run overvaluation and long-run underperformance. Therefore, higher divergence of opinion among institutional investors is likely to be negatively related to the probability of post-IPO profitability and positively related to time-to-profitability.A related issue is the extent of pre-market demand by institutional investors for allocation of shares in the IPO firm. Higher pre-issue demand represents a favorable consensus of sophisticated institutional investors regarding the prospects of the issuing firm. Institutional investor consensus as well as their higher holdings in the post-IPO firm is likely to be an informative signal regarding the post-IPO prospects of the firm.
3. Sample description and variable measurement
Our initial sample of 325 Internet IPOs over the period January 1996 to February 2000 was obtained from the Morgan Stanley Dean Witter Internet Research Report dated February 17，2000. The unavailability of IPO offering prospectuses and exclusion of foreign firms reduces the sample size to 205 firms. Further, to be included in our sample, we require that financial and accounting information for sample firms is available on the Center for Research in Security Prices (CRSP) and Compustat files and IPO offering related information is accessible from the Securities Data Corporation's (SDC) Global New Issues database. As a result of these additional data requirements, our final sample consists of 160 Internet IPO firms. Information on corporate governance variables (ownership, board composition, past experience of the CEO and CFO), and number of risk factors is collected from the offering prospectuses.
Our final sample of Internet IPO firms has the following attributes. The mean offer price for our sample of IPO firms is $16.12. The average firm in our sample raised $99.48 million. The gross underwriting fee spread is around seven percent. About 79% of the firms in our sample had venture capital backing. Both the mean and median returns on assets for firms in our sample at the time of going public are significantly negative. For example, the average operating return on assets for our sample of firms is ? 56.3%. The average number of employees for the firms in our sample is 287. The average board size is 6.57 for our sample. In about 7.5% of our sample, the CEO and CFO came from the same firm. In addition, we find that 59 firms representing 37% of the sample attained profitability during the post-IPO period with the median time-to-profitability being three quarters from the IPO date.
4. Discussion of results and concluding remarks
The development path of various emerging industries tend to be similar in that they are characterized by high firm founding rates, rapid growth rates, substantial investments in R&D and capital expenditures, potential for product/process breakthroughs, investor exuberance, huge demand for capital, large number of firms going public while relatively young, and a struggle for survival during the post-IPO phase as profitability and growth targets remain elusive and shifts in investor sentiment substantially raise financing constraints. Recently, the Internet has rapidly emerged as a vitally important industry that has fundamentally impacted the global economy with start-up firms in the industry attracting $108 billion of investment capital during the period 1995–2000。
We find that firm and offering characteristics have an economically significant impact on the ability of the IPO firm to attain post-IPO profitability. We find that the amount raised at the IPO is negatively related to the probability of profitability and positively related to the time-to-profitability. A plausible explanation for this result is that easy access to capital allowed technology firms during the Internet bubble period to raise more than the requisite amount of capital both prior to and at their initial public offerings. Consistent with this conjecture, Ljunqvist and Wilhelm (2003) report that the mean gross proceeds raised by IPO firms nearly tripled during the 1996–2000 period. The extra cash provided these firms with ample incentives to pursue negative net present value projects resulting in a lower probability of attaining profitability and a longer time-to-profitability. In addition, we find that both the age of the firm and the number of employees employed by the firm at the time of going public are positively related to the probability of attaining post-IPO profitability. One of the limitations of our study is that there may be a problem of generalizability of our results to other time periods and other emerging industries. Our sample period of 1996–2000 represents a period in the IPO market where disproportionate numbers of firms particularly in the technology sector were able to go public relatively easily soon after founding and while still unprofitable. Further, IPO investors during this period appeared to willingly accept the argument stressing growth over profitability and tended to optimistically value firms under the assumption that the high pre-IPO growth rates could be sustained for an unrealistically long period of time. However, as pointed out earlier in the paper, although the Internet phenomenon represented an unusual situation, similar periods have occurred in the IPO market in a variety of emerging industries such as biotechnology and disk drives and are likely to occur again in the future. Further, such waves of hot and cold IPO markets tend to repeat over time even for the same industries and sectors of the economy. We, therefore, believe that our study of the post-IPO path-to-profitability for Internet firms allows us to develop insights that are likely to be useful to investors when similar periods of IPO waves and over-investment in emerging industries occur.
译文
互联网上市公司的盈利能力分析
纳拉亚南
1 引言
过去几十年来，目睹形成和发展的几个非常重要的技术导向的新兴产业，如磁盘驱动器，生物技术，以及最近的互联网产业创业公司，在这种知识密集的行业越来越多，生命周期上市较早的公司中，存在着很大的不确定性和信息不对称.对一个迅速转型的从创始阶段到公众的公司，在企业上市基础上的一个承诺的盈利能力，而不是实际的盈利能力是一个不断增加的趋势，这是一个很自然的后果。虽然持续盈利能力不再是公司上市的一个要求，但在该公司的演变过程中，实际完成了上市后的盈利能力是一个重要的里程碑，因为它降低公司对于经济的长期生存能力的不确定性。在这篇文章中，我们侧重于识别公司上市时在公众认为有能力影响的可能性和上市后实现盈利的互联网公司看得见的因素。我们限制我们的研究在互联网行业，因为它代表了一种自然环境，研究长远的经济可行性是一个新兴的行业，企业倾向于上市时，他们主要是无利可图的，而且有关其未来前景有相当大的不确定性和信息不对称。实现上市后盈利假设的意义，是因为首次公开招股活动不提供同样程度的合法化分化，它在过去持续盈利能力不再是上市的一个前提，特别是在上市时期，市场是有利倾向于投资而非示范盈利。在网络热潮，投资者易于接受的口头禅是"成长不惜一切代价" ，并以非理性的水平热情地提高了IPO完成后所提供的价格。事实上，投资者着眼于承诺的增长，而不是盈利能力，导致互联网创业者被外界解读成不同的典型新的合资企业，主要是因为他们能够调动大量资源以及几乎独立的业绩基准。
自从互联网泡沫破灭，在2000年4月，风险资本基金干涸，许多企业已成功上市后破产或面临着严重的资金周转问题，因此，投资者的关注重点从它们以前特别关注增长前景的问题，盈利能力到他们的新的口头禅"路径-收益" 。因此，市场参与者的重点不只是是否上市公司将能够实现盈利，还有“何时”或"如何尽快" 。上市公司如果无法令人信服地展示一个清晰的实现利润率的路径，就将被迅速地急剧降低估价，并因此面临显着高额融资约束。由于现金流的负面影响公司也不能自给自足，因此，必须依赖于外部资金，以继续运作，但是无法筹集更多的资金将导致一个恶性循环的事件，可迅速导致退市甚至破产。因此，实际的实现上市后盈利能力代表一个重要里程碑，在进化的一个上市公司向它提供合法性和信令能力，以保持在经济上可行的，这通过曲折丘陵与不断变化的资本市场情况而定，因为它们关系到上市公司，所以通过从信令和代理理论框架支撑，我们可以分析得出。在我们的研究
中，信令理论提供了理论依据，以评估该信号的影响因素，如质量管理，第三方认证机构投资者需求，以及以首次公开招股前的盈利能力估值不确定性。同样，代理理论提供了理论基础，以使我们能够审查造成的治理结构，并改变高层管理人员拥有率的时间，以达到上市后盈利能力的里程碑。我们的实证分析的基础上，危险性分析方法，作一个时间函数的一个样本以确定该因素的概率变得有利可图。在1996-2000年期间，160互联网首次公开募股发行。
我们的研究提出了几项贡献。首先，我们构建一个理论框架基于代理和信令理论，以确定哪些因素可能会影响到上市公司的盈利道路。其次，我们所提供的经验证据研究经济可行性，在互联网产业新建公共事务所（盈利能力的途径和坚强的生存）。第三，我们增加了理论与实证创业文学，即聚焦于影响创业公司达到关键里程碑过渡期间的能力，又注意由私有制到公有制的转化。而以往的研究都集中于里程碑，在私人阶段确实的发展，如收到的VC 资金，并成功地完成公开招股，我们的研究扩展了此文学并着眼于上市后的里程碑。最后，现存的经验证据表明，这是早期的现象。早期阶段公司属于比较新的产业，将掀起投资者乐观情绪，刺激了许诺利润的增长，但是随着时间的推移，盈利能力往往不会重演。然而，盈利性倾向仍然渺茫，并远远长于预期，导致投资者失望，并导致这些行业的企业的高失败率。因此，我们的研究有可能提供有益的经验教训，以使投资者申请时正确估值，以免下次有公司首次公开招股的时候这一现象开始重演。
这篇文章如下：首先，以机构和信令理论，我们可以发展我们的假说。第二，我们描述我们的样本选择程序，以及目前的描述性统计。第三，我们描述我们的研究方法和目前我们的结果。最后，我们讨论我们的研究结果和结束文章，我们的结束语。
2 理论和假设
信令模式和代理理论已广泛应用在金融经济学，管理和战略文献分析范围，广泛的经济现象，围绕相关问题的信息不对称，道德风险，逆向选择。信号传递理论，特别是已被广泛地应用在新股市场作为一个框架来分析机制，有可能有效地解决各种市场参与者由于信息不对称之间的逆向选择问题的产生。在这项研究中，信号理论提供了框架，以评估上市前的影响因素，如质量管理，第三方认证机构，机构投资者的需求，互联网公司首次公开招股的盈利途径。
新股市场提供了一个特别良好的环境，以探讨后果分离的所有权和控制权的和潜在的补救办法以及由此产生的代理问题，因为在上市前及上市后，股东可以发散权益。在这个背景下的IPO市场，机构和信令的影响，也关系到在多大程度上内幕行动，如增加的百分比，该公司在首次公开招股，比例管理B股清算时，在首次公开招股，或比例的VC控股清算
在首次公开招股，外来投资者可加剧代理问题，而作为一个后果，信令表现欠佳。因此，我们申请代理理论，以评估其影响，董事会结构及其变化，在上市前到上市后的所有权高层管理人员对盈利途径的互联网上市公司。
2.1 治理结构
在这个背景下的上市公司，目前至少有两种不同的代理问题: 第一次出现问题是由于机会主义行为的代理商为了增加其份额的财富，不惜牺牲资本。应该采用有效监测和控制系统，能协助政府减轻或消除这种类型的行为和它在邮政发行的表现的消极影响。现存的企业管治文学辩称，有效地监察和控制职能在很大程度上依赖于该委员会的董事组成。因此，我们研究之间的关系，董事会的组成和可能性和时间，上市后的盈利能力。
第二类代理问题的产生，，是因为在IPO市场的不确定性，至于是否有知情人士试图利用上市作为退出机制，他们是否使用了首次公开招股筹集资金投资于积极的净现值项目。首次公开招股时候的内部出售其股票可以提供一个有效的信号。对于上述哪两个动机有可能的原因为首次公开招股。
2.2 质量管理
在建立公司时，会有广泛的机构研究审查高层管理团队，从人力资本与人口学理论为新的合资企业所借鉴的影响。例如，研究人员描绘从人力资本理论研究的影响类型和数量的经验tmts性能等特点，此外，贝克曼等（2007 ）认为，人口的论据是有别于人力资本的论点，他们研究小组的组成和多样性，但是除了经验。作者因此审查背景，无党派人士，组成和营业额tmt委员对公司完成首次公开招股的影响等特点。总体而言，研究人员一般都发现证据来支持论点，即人力资本和人口特征tmt成员的影响公司的成果。从信号理论，我们认为，高质量的tmt可以作为一个企业能否达到上市后盈利的一个信号。由于质量管理是昂贵的，信号理论意味着高价值公司能表示他们的优势的前景和把他们自己从低价值公司和比较不能干经理中分开。在IPO市场这些影响质量管理的能力能吸引更多有声望的投资银行家，产生更强的机构投资者的需求，来筹集资金，更有效地降低承销费用，吸引更强分析师加入，做出更好的投资和融资决策，并因此影响短期和长期的国营上市后的经营和股票市场表现。因此，代理理论，反过来，要争辩说，更高的质量管理，是较有可能赚取的边际劳动生产率，从而以较低的激励推卸，从而也导致了更为有利的IPO完成后的结果。我们集中分析公司首席执行官和首席财务官在上市后的表现对信号的影响。我们专注于这两个成员公司，因为他们是有影响力的，特别是在建立有利于网络，以提供合法的组织，并设计，传达好，贯彻好各种战略抉择和标准作业程序，有可能影响上市后的表现。（完整译文请到百度文库）
外文翻译 原文 World Trade and International Trade Material Source:https://www.doczj.com/doc/d39067836.html, Author: Ted Alax In today’s complex economic world, neither individuals nor nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of world trade and economic activity. As a result of this trade and activity, international finance and banking have evolved. For example, the United States is a major consumer of coffee, yet it does not have the climate to grow any or its own. Consequently, the United States must import coffee from countries (such as Brazil, Colombia and Guatemala) that grow coffee efficiently. On the other hand, the United States has large industrial plants capable of producing a variety of goods, such as chemicals and airplanes, which can be sold to nations that need them. If nations traded item for item, such as one automobile for 10,000 bags of coffee, foreign trade would be extremely cumbersome and restrictive. So instead of batter, which is trade of goods without an exchange of money, the United State receives money in payment for what it sells. It pays for Brazilian coffee with dollars, which Brazil can then use to buy wool from Australia, which in turn can buy textiles Great Britain, which can then buy tobacco from the United State. Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above is that no nation has all of the commodities that it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa and petroleum is recovered in the Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them. Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.
forced concrete structure reinforced with an overviewRein Since the reform and opening up, with the national economy's rapid and sustained development of a reinforced concrete structure built, reinforced with the development of technology has been great. Therefore, to promote the use of advanced technology reinforced connecting to improve project quality and speed up the pace of construction, improve labor productivity, reduce costs, and is of great significance. Reinforced steel bars connecting technologies can be divided into two broad categories linking welding machinery and steel. There are six types of welding steel welding methods, and some apply to the prefabricated plant, and some apply to the construction site, some of both apply. There are three types of machinery commonly used reinforcement linking method primarily applicable to the construction site. Ways has its own characteristics and different application, and in the continuous development and improvement. In actual production, should be based on specific conditions of work, working environment and technical requirements, the choice of suitable methods to achieve the best overall efficiency. 1、steel mechanical link 1.1 radial squeeze link Will be a steel sleeve in two sets to the highly-reinforced Department with superhigh pressure hydraulic equipment (squeeze tongs) along steel sleeve radial squeeze steel casing, in squeezing out tongs squeeze pressure role of a steel sleeve plasticity deformation closely integrated with reinforced through reinforced steel sleeve and Wang Liang's Position will be two solid steel bars linked Characteristic: Connect intensity to be high, performance reliable, can bear high stress draw and pigeonhole the load and tired load repeatedly.
客户关系管理的应用和理论研究述评与展望 摘要：客户关系管理理论在近几年来受到国内外管理界和信息技术界的重点关注，随着全球一体化发展带来的全球化市场竞争和客户竞争，客户关系管理也受到了企业的广泛推崇，因此客户关系管理成为近年来管理界和信息技术界发展最为迅速的领域之一。本文主要从客户关系管理的产生、客户关系管理的概念与内涵、企业客户关系管理的应用研究和理论研究状况展开，并对客户关系管理的研究进行了展望。 关键词：客户关系管理；营销理论；关系营销;数据挖掘 前言 著名的管理大师“现代管理学之父”彼得·德鲁克在其著作中提出，“顾客是企业的基石，是企业存活的命脉，只有顾客才能创造就业机会。企业经营的真谛是获得并留住顾客”。 自客户关系管理概念被提出以来，许多学者从不同视角对CRM展开了研究，并取得了许多有价值的理论贡献，企业和机构也在客户关系管理功能的诱惑下开始实施客户关系管理。 一、客户关系管理的起源 CRM（客户关系管理）起源于20世纪80年代初提出的“接触管理”（Contact Management），即专门收集整理客户与公司联系的所有信息。在 1984 年, Ives 和 Learmonth 提出了客户生命周期(CRLC)的概念,旨在客户生命周期的不同阶段支持并满足客户的所有需求, 被视为CRM 思想的萌芽。到90年代初期演变成为包括电话服务中心支援资料分析的客户关怀（Customer Care）。而作为一个概念来说，客户关系管理最早由美国Gartner Group提出，Gartner Group 最初认为，客户关系管理就是为企业提供全方位的管理视角，赋予企业更完善的客户交流能力，最大化客户的收益率。 客户关系管理的理论基础来源于西方的市场营销理论，通过回顾市场营销理论的发展，我们可以对客户关系管理的发展有整体的把握和了解。营销学家菲利普·科特勒总结了营销观念发展的五个演变阶段，包括生产观念、产品观念、推销观念、营销观念、社会营销观念。 前三个阶段是以“生产者为导向”的传统营销观念，后两个阶段成为现代市场营销观念，从传统营销观念到客户关系管理观念，企业对客户的态度发生了巨变。传统营销观念中企业没
数据库管理系统的介绍 Raghu Ramakrishnan1 数据库（database,有时拼作data base）又称为电子数据库，是专门组织起来的一组数据或信息，其目的是为了便于计算机快速查询及检索。数据库的结构是专门设计的，在各种数据处理操作命令的支持下，可以简化数据的存储，检索，修改和删除。数据库可以存储在磁盘，磁带，光盘或其他辅助存储设备上。 数据库由一个或一套文件组成，其中的信息可以分解为记录，每一记录又包含一个或多个字段（或称为域）。字段是数据存取的基本单位。数据库用于描述实体，其中的一个字段通常表示与实体的某一属性相关的信息。通过关键字以及各种分类（排序）命令，用户可以对多条记录的字段进行查询，重新整理，分组或选择，以实体对某一类数据的检索，也可以生成报表。 所有数据库（最简单的除外）中都有复杂的数据关系及其链接。处理与创建，访问以及维护数据库记录有关的复杂任务的系统软件包叫做数据库管理系统（DBMS）。DBMS软件包中的程序在数据库与其用户间建立接口。（这些用户可以是应用程序员，管理员及其他需要信息的人员和各种操作系统程序）。 DBMS可组织，处理和表示从数据库中选出的数据元。该功能使决策者能搜索，探查和查询数据库的内容，从而对在正规报告中没有的，不再出现的且无法预料的问题做出回答。这些问题最初可能是模糊的并且（或者）是定义不恰当的，但是人们可以浏览数据库直到获得所需的信息。简言之，DBMS将“管理”存储的数据项，并从公共数据库中汇集所需的数据项以回答非程序员的询问。 DBMS由3个主要部分组成：（1）存储子系统，用来存储和检索文件中的数据；（2）建模和操作子系统，提供组织数据以及添加，删除，维护，更新数据的方法；（3）用户和DBMS之间的接口。在提高数据库管理系统的价值和有效性方面正在展现以下一些重要发展趋势； 1.管理人员需要最新的信息以做出有效的决策。 2.客户需要越来越复杂的信息服务以及更多的有关其订单，发票和账号的当前信息。 3.用户发现他们可以使用传统的程序设计语言，在很短的一段时间内用数据1Database Management Systems( 3th Edition ),Wiley ,2004, 5-12
Positioning in Practice Strategic Role of Marketing For large firms that have two or more strategic business units (SBUs), there are generally three levels of strategy: corporate-level strategy, strategic-business-unit-level (or business-level) strategy, and marketing strategy. A corporate strategy provides direction on the company's mission, the kinds of businesses it should be in, and its growth policies. A business-level strategy addresses the way a strategic business unit will compete within its industry. Finally, a marketing strategy provides a plan for pursuing the company's objectives within a specific market segment. Note that the higher level of strategy provides both the objectives and guidelines for the lower level of strategy. At corporate level, management must coordinate the activities of multiple strategic business units. Thus the decisions about the organization's scope and appropriate resource deployments/allocation across its various divisions or businesses are the primary focus of corporate strategy.Attempts to develop and maintain distinctive competencies tend to focus on generating superior financial, capital, and human resources; designing effective organizational structures and processes; and seeking synergy among the firm's various businesses. At business-level strategy, managers focus on how the SBU will compete within its industry. A major issue addressed in business strategy is how to achieve and sustain a competitive advantage. Synergy for the unit is sought across product-markets and across functional department within the unit. The primary purpose of a marketing strategy is to effectively allocate and coordinate marketing resources and activities to accomplish the firm's objectives within a specific product-market. The decisions about the scope of a marketing strategy involve specifying the target market segment(s) to pursue and the breadth of the product line to offered. At this level of strategy, firms seek competitive advantage and synergy through a well-integrated program of marketing mix elements tailored to the needs and wants of customers in the target segment(s). Strategic Role of Positioning Based on the above discussion, it is clear that marketing strategy consists of two parts: target market strategy and marketing mix strategy. Target market strategy consists of three processes: market segmentation, targeting (or target market selection), and positioning. Marketing mix strategy refers to the process of creating a unique
专业资料 学院： 专业：土木工程 姓名： 学号： 外文出处：Structural Systems to resist (用外文写) Lateral loads 附件：1.外文资料翻译译文；2.外文原文。
附件1：外文资料翻译译文 抗侧向荷载的结构体系 常用的结构体系 若已测出荷载量达数千万磅重，那么在高层建筑设计中就没有多少可以进行极其复杂的构思余地了。确实，较好的高层建筑普遍具有构思简单、表现明晰的特点。 这并不是说没有进行宏观构思的余地。实际上，正是因为有了这种宏观的构思，新奇的高层建筑体系才得以发展，可能更重要的是：几年以前才出现的一些新概念在今天的技术中已经变得平常了。 如果忽略一些与建筑材料密切相关的概念不谈，高层建筑里最为常用的结构体系便可分为如下几类： 1.抗弯矩框架。 2.支撑框架，包括偏心支撑框架。 3.剪力墙，包括钢板剪力墙。 4.筒中框架。 5.筒中筒结构。 6.核心交互结构。 7. 框格体系或束筒体系。 特别是由于最近趋向于更复杂的建筑形式，同时也需要增加刚度以抵抗几力和地震力，大多数高层建筑都具有由框架、支撑构架、剪力墙和相关体系相结合而构成的体系。而且，就较高的建筑物而言，大多数都是由交互式构件组成三维陈列。 将这些构件结合起来的方法正是高层建筑设计方法的本质。其结合方式需要在考虑环境、功能和费用后再发展，以便提供促使建筑发展达到新高度的有效结构。这并
不是说富于想象力的结构设计就能够创造出伟大建筑。正相反，有许多例优美的建筑仅得到结构工程师适当的支持就被创造出来了，然而，如果没有天赋甚厚的建筑师的创造力的指导，那么，得以发展的就只能是好的结构，并非是伟大的建筑。无论如何，要想创造出高层建筑真正非凡的设计，两者都需要最好的。 虽然在文献中通常可以见到有关这七种体系的全面性讨论，但是在这里还值得进一步讨论。设计方法的本质贯穿于整个讨论。设计方法的本质贯穿于整个讨论中。 抗弯矩框架 抗弯矩框架也许是低，中高度的建筑中常用的体系，它具有线性水平构件和垂直构件在接头处基本刚接之特点。这种框架用作独立的体系，或者和其他体系结合起来使用，以便提供所需要水平荷载抵抗力。对于较高的高层建筑，可能会发现该本系不宜作为独立体系，这是因为在侧向力的作用下难以调动足够的刚度。 我们可以利用STRESS，STRUDL 或者其他大量合适的计算机程序进行结构分析。所谓的门架法分析或悬臂法分析在当今的技术中无一席之地，由于柱梁节点固有柔性，并且由于初步设计应该力求突出体系的弱点，所以在初析中使用框架的中心距尺寸设计是司空惯的。当然，在设计的后期阶段，实际地评价结点的变形很有必要。 支撑框架 支撑框架实际上刚度比抗弯矩框架强，在高层建筑中也得到更广泛的应用。这种体系以其结点处铰接或则接的线性水平构件、垂直构件和斜撑构件而具特色，它通常与其他体系共同用于较高的建筑，并且作为一种独立的体系用在低、中高度的建筑中。
XXX学院 毕业设计(论文)外文资料翻译 学院：计算机与软件工程学院 专业：计算机科学技术(软件工程方向) 姓名： 学号： 外文出处：GoyKakus.THE RESEARCH OFCUSTOMER RELATIONSHIP MANAGEMENT STRATEGY [J]. International Journal of Management Research & Review, 2017, 1(9): 624-635. 附件： 1.外文资料翻译译文；2.外文原文。 注：请将该封面与附件装订成册。
附件1：外文资料翻译译文 客户关系管理战略研究 Goy Kakus 摘要 客户关系管理解决方案，通过为你提供客户业务数据来帮助你提供客户想要的服务或产品,提供更好的客户服务、交叉销售和更有效的销售,达成交易,保留现有客户并更好地理解你的客户是谁。本文探讨了客户关系管理模型在获得、保持与发展策略方面的优势。然而,我们对其定义和意义还存在一些困惑。本文通过考察关系营销和其他学科方面的相关文献，解释了客户关系管理的概念基础,从而对客户关系管理的知识作出了贡献。 关键词:客户关系管理模型, 客户关系管理的博弈改变者与关键策略 引言 CRM 是客户关系管理的简称。它的特征在于公司与客户的沟通,无论是销售还是服务相关的。客户关系管理这一术语经常用来解释企业客户关系,客户关系管理系统也以同样的方式被用来处理商业联系, 赢得客户,达成合同和赢得销售。 客户关系管理通常被考虑作为一个业务策略，从而使企业能够: *了解客户 *通过更好的客户体验留住客户 *吸引新客户 *赢得新客户和达成合同 *提高盈利 *减少客户管理成本 *通过服务台等工具软件,电子邮件组织者和不同类型的企业应用程序，企业业务经常寻求个性化的在线体验。 设计精良的客户关系管理包括以下特征: 1．客户关系管理是一种以顾客为中心并以客户投入为基础的服务响应，一对一的解决客户的必需品, 买家和卖家服务中心直接在线互动,帮助客户解决他
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科技文章摘译 Definition of a Management Information System There is no consensus of the definition of the term "management information system". Some writers prefer alternative terminology such as "information processing system", "information and decision system", "organizational information system", or simply "information system" to refer to the computer-based information processing system which supports the operations, management, and decision-making functions of an organization. This text uses “MIS” because it is descriptive and generally understood; it also frequently uses “information system” instead of “MIS” to refer to an organizational information system. A definition of a management information system, as the term is generally understood, is an integrated, user-machine system for providing information to support operations, management, and decision-making functions in an organization. The system utilizes computer hardware and software; manual procedures; models for analysis planning, control and decision making; and a database. The fact that it is an integrated system does not mean that it is a single, monolithic structure; rather, it means that the parts fit into an overall design. The elements of the definition are highlighted below. 1 Computer-based user-machine system Conceptually, management information can exist without computer, but it is the power of the computer which makes MIS feasible. The question is not whether computers should be used in management information system, but the extent to which information use should be computerized. The concept of a user-machine system implies that some tasks are best performed by humans, while others are best done by machine. The user of an MIS is any person responsible for entering input data, instructing the system, or utilizing the information output of the system. For many problems, the user and the computer form a combined system with results obtained through a set of interactions between the computer and the user. User-machine interaction is facilitated by operation in which the user’s input-output device (usually a visual display terminal) is connected to the computer. The computer can be a personal computer serving only one user or a large computer that
跨境电商外文文献综述 (文档含英文原文和中文翻译) 译文: 本地化跨境电子商务的模型 摘要 通过对国际供应链的B2B电子商务交易量的快速增长和伊朗快速增加的跨境交易业务，跨境电商过程的有效管理对B2B电子商务系统十分重要。本文对局部模型的结构是基于B2B电子商务的基础设施三大层，消息层、业务流程层和内容层。由于伊朗的电子商务的要求，每一层的需要适当的标准和合适的方案的选择。当电子文件需要移动顺利向伊朗，建议文件的标准为文件内容支持纸质和电子文件阅读。验证提出的模型是通过案例研究方法呈现一到四阶段的情景。本文试图通过交换商业文件在贸易过程中这一局部模型，实现在全球电子贸易供应链更接近区域单一窗口建设的关键目标。 关键词：电子商务;跨境贸易;电子文档管理;国际供应链
1.简介 电子商务是关于在互联网或其他网络电子系统购买和销售产品或服务。术语B2B（企业对企业），描述了企业间的电子商务交易，如制造商和批发商，或批发商和零售商之间。本文的研究目标是上两个不同国家贸易商之间的通信。今天的世界贸易组织的主要目标之一是建立区域单一窗口，可以提高世界各地的贸易便利化。建立区域单一窗口需要跨境海关，可以有效地交换贸易文件。因此，首先，简化跨境贸易文件的关键在于朝着国家单一窗口移动。然后，区域单一窗口可以授权国家之间的通信。电子商务模型是基于三个主要逻辑层的研究。这三个层消息传输层，业务处理层和内容层。本文的局部模型是一种能够自动交换读取文件的过程。通过与东亚和中东国家的建立区域单一窗口可以在将来得到改善的更多的互操作性，从而建立伊朗国家单一窗口 在本文的第二部分讨论引进国际供应链中的跨境B2B模式所需的基本概念和标准。第三部分介绍在大的模型中引入的组件功能和范围。第四部分讨论了B2B交易层模型的定位，最后结束本文。 2.背景 在本节中，除了了解B2B电子商务在伊朗的情况，还有参考模型的背景等概念以及讨论B2B电子商务跨境模式的本土化。 2.1 B2B电子商务在伊朗 如今伊朗在贸易进程的变现是一个关键的贸易成功点。伊朗和许多其他国家接壤，它的进口和出口过程可以通过公路，铁路，海上和空中的方式来完成。因此，这个国家的中部和战略作用，使得它在亚洲和中东地区货物运输的主要贸易点。今天，在伊朗海关几乎所有的贸易过程通过纸质表格完成，由商务部提供的电子服务仅限于谁该国境内交易的商人。今天，伊朗海关几乎所有的贸易流程都是通过纸质表格来完成的，商务部给出的电子服务只限于该国的商人。介绍了模型试图简化在伊朗交易的跨境电子商务供应链交换电子文件的过程。这里提到的一些系统，由商务部在伊朗的电子服务被提及：进口订单管理系统。贸易统计制度。伊朗法典伊朗。这些电子系统的主要使用，以促进在伊朗贸易过程。这里提到的系统作为独立的贸易者可与建议本文模型在未来的作用。在亚洲的区域性单
（ 二 〇 一 二 年 六 月 外文文献及翻译 题 目： About Buiding on the Structure Design 学生姓名： 学 院：土木工程学院 系 别：建筑工程系 专 业：土木工程(建筑工程方向) 班 级：土木08-4班 指导教师：
英文原文： Building construction concrete crack of prevention and processing Abstract The crack problem of concrete is a widespread existence but again difficult in solve of engineering actual problem, this text carried on a study analysis to a little bit familiar crack problem in the concrete engineering, and aim at concrete the circumstance put forward some prevention, processing measure. Keyword:Concrete crack prevention processing Foreword Concrete's ising 1 kind is anticipate by the freestone bone, cement, water and other mixture but formation of the in addition material of quality brittleness not and all material.Because the concrete construction transform with oneself, control etc. a series problem, harden model of in the concrete existence numerous tiny hole, spirit cave and tiny crack, is exactly because these beginning start blemish of existence just make the concrete present one some not and all the characteristic of quality.The tiny crack is a kind of harmless crack and accept concrete heavy, defend Shen and a little bit other use function not a creation to endanger.But after the concrete be subjected to lotus carry, difference in temperature etc. function, tiny crack would continuously of expand with connect, end formation we can see without the
CUSTOMER RELATIONSHIP MANAGEMENT As. univ. drd. Mihaela Cornelia Prejmerean Lect. univ. dr. Alina Mihaela Dima Academy of Economic Studies, Bucharest Abstract: After 17 years of economical and market development, Romanian companies face a new challenge: the tough competition from the European Union and the battle for the customers. The Romanian enterprises will have to learn not only how to attract customers, but also how to keep them. Marketing programs include now aspects regarding customer orientation, relationship management, loyalty and quality. In this paper, we will follow the main aspects, characteristics, dimensions and processes of Customer Relationship Management, and we will analyze the challenges that the local companies will have to face. Examples from the financial service sector will round the actual situation of the implementation of the CRM rules and principles in Romania. Keywords: marketing information system; customer relationship management; business asset, customer acquisition; customer retention. 1. Introduction In the last decade, the majority of the companies were preoccupied with production, recession, mergers, new technologies and business regulation. Romania’s accession in the European Union will bring many advantages for further development, together with membership in a Common Market with common policies on product regulation, and freedom of movement for all the four factors of production (goods, services, capital and labor). This means that Romanian companies will compete with other companies from the EU directly in their home market. European companies are more flexible and mobile and will put a high pressure on the local companies in order to produce better products, launch better offers and services and orientate more towards their customers. High revenue equals important customer is a classic rule when the company organises its customer policy. “An imp ortant customer brings a gross amount of money for our enterprise” has become a reflex for many compa nies abroad and perhaps in Romania, too. But is this always true, or do we need more information than a simple figure reported at the end of the year? 2. Marketing information system A winning company is more productive in acquiring and retaining customers, to
外文文献及其翻译电子政务信息 1.政府信息化的含义？ 政府信息化是指：政府有效利用现代信息和通信技术，通过不同的信息服务设施，对政府的业务流程、组织结构、人员素质等诸方面进行优化、改造的过程。 2.广义和狭义的电子政务的定义？ 广义的电子政务是指：运用信息技术和通信技术实现党委、人大、政协、政府、司法机关、军队系统和企事业单位的行政管理活动。（电子党务、电子人大、电子政协） 狭义的电子政务是指：政府在其管理和服务职能中运用现代信息和通信技术，实现政府组织结构和工作流程的重组优化，超越时间、空间和部门分隔的制约，全方位的向社会提供优质规范、透明的服务，是政府管理手段的变革。 3.电子政务的组成部分？ ①：政府部门内部办公职能的电子化和网络化； ②：政府职能部门之间通过计算机网络实现有权限的实时互通的信息共享； ③：政府部门通过网络与公众和企业间开展双向的信息交流与策； 4．理解电子政务的发展动力？ ①：信息技术的快速发展； ②：政府自身改革与发展的需要； ③：信息化、民主化的社会需求的推动； 5.电子政务的应用模式？
模式有：1.政府对公务员的电子政务（G2E）； 2.政府间的电子政务（G2G）； 3.政府对企业的电子政务（G2B）； 4.政府对公众的电子政务（G2C）； 6.电子政务的功能？ ①：提高工作效率，降低办公成本； ②：加快部门整合，堵塞监管漏洞； ③：提高服务水平，便于公众的监督； ④：带动社会信息化发展； 7.我国电子政务发展存在的主要问题？ ①：政府公务员与社会公众对电子政务的认识不足； ②：电子政务发展缺乏整体规划和统一性标准； ③：电子政务管理体制改革远未到位； ④：电子政务整体应用水平还较低； ⑤：政府公务员的素质有待提高； ⑥：电子政务立法滞后； ⑦：对电子政务安全问题缺乏正确认识； 8.政府创新的含义和内容？ 含义：是指各级政府为适应公共管理与行政环境的需要，与时俱进的转变观念与职能，探索新的行政方法与途径，形成新的组织结