英语翻译Determinants of the round-to-round returns to pre-IPO ve

英语翻译
Determinants of the round-to-round returns to pre-IPO venture capital investments in U.S.biotechnology companies
I propose that pre-IPO venture-backed biotech companies offer a useful new setting through which to evaluate the relative merits of theories for why firm size and book-to-market explain variation in stock returns.This is because pre-IPO biotech firms have large and rapidly evolving growth options relative to assets-in-place.Such attributes align closely with the key features of the model by Berk et al.[Berk,J.B.,Green,R.C.,Naik,V.,1999.Optimal investment,growth options,and security returns.Journal of Finance 54 (5),1553–1607] of the endogenous relations between growth options,optimal investment actions and expected equity returns,where firm size and book-to-market emerge as sufficient statistics for the aggregate risk of a firm’s assets-in-place.Using venture capital investments
in pre-IPO U.S.biotech companies during 1992–2001,I find that equity returns between financing rounds (dround-to-roundT returns) are reliably negatively related to firm size and positively related to
book-to-market ratios.I interpret these results as being most consistent with the theory of Berk et al.,
and less consistent with alternative explanations such as financial distress,behaviorally biased
investors or data snooping.
D 2005 Elsevier Inc.All rights reserved.

美国生物技术公司首次公开募股前风险资本投资的循环收益的决定因素
我建议首次公开募股前风险支持的生物技术公司提供一种有用的新设定,通过这个设定可以评价关于为什么公司规模和净值市价比可用来解释股票收益的变动的理论的相关优点.这是因为公开募股前生物技术公司相对于实业公司有着大的且迅速的进化成长选择.这样归功于紧密联系到Berk et al所创立理论的关键特征.[Berk,J.B.,Green,R.C.,Naik,V.,1999.Optimal investment,growth options,and security returns.Journal of Finance 54 (5),1553–1607] 这个理论是关于成长选择,最佳投资活动和预期股票收益间的内生关系,在这里公司规模和净值市价比作为公司的实业总风险的充足统计出现的.利用1992年到2001年间对首次公开募股前生物技术公司的风险资本投资,我发现融资循环间的股票收益和公司规模有负相关的关系,和净值市价比有正相关的关系.我认为这些结果和Berk et al的理论非常的一致而不太与其他的解释一致,例如金融困难,投资行为偏差的投资者或者数据泄漏.
D 2005 Elsevier Inc.All rights reserved.
人工翻译的,我也是学金融的.