双语新闻：投资阿里巴巴的风险与回报

2014-05-14 10:50:40来源：可可英语

　　Mr Gillis says Mr Ma’s history of taking advantage of a VIE structure should set off alarm bells. But Alibaba’s prospectus outlined bold plans to mitigate investor fears by holding most of its assets, aside from licences, in the foreign-owned part of its business, and to ensure that most revenue is generated directly by the foreign-owned business.

　　吉利斯说，马云善于利用VIE结构的过往应给人们敲响警钟。但阿里巴巴招股说明书简要列出了旨在化解投资者担忧的大胆计划，包括让外资控股的那一部分业务持有大部分阿里巴巴资产(牌照除外)，并确保绝大部分收入直接由外资控股公司产生。

　　“Mr Ma seems to have gotten some religion from his past VIE experience,” says Mr Gillis. “The present VIEs are structured better than most, putting most operations in wholly owned subsidiaries and leaving only the licences and permits in the VIEs.”

　　“马云看来十分崇尚过去操持VIE架构的那一套，”吉利斯说，“目前的VIE架构设计得比过去更巧妙，将大部分业务置于全资子公司内，VIE仅持有牌照和许可。”

　　The VIE structure has always been a grey area in the Chinese legal system, and the Chinese government prefers to look the other way. In 2012, according to a number of lawyers, China’s ministry of commerce drafted a memo suggesting the VIE structure be abolished. But the suggestion “never made it out of committee”, said one.

　　VIE架构在中国法律体系中一直属于灰色地带，而中国政府更乐于从另一个角度看问题。据多名律师称，2012年中国商务部草拟了一份提议取缔VIE架构的备忘录。但一名律师表示，该提议“最终胎死腹中”。

　　Mr Buttrill said that the VIE structure has actually been strengthened by the scrutiny. US and Chinese regulators “have each re-examined the structure over the past couple of years, with the result that it is here to stay”, he said.

　　卜嘉男表示，审查实际上反而强化了VIE架构。他说，美中两国监管机构“过去两年里分别重新审查了该架构，结果是该架构保留到了现在”。

　　Auditors under scrutiny

　　被审查的审计机构

　　VIEs are just one of the risks that prospective Alibaba investors will have to consider. Another relates to the auditing of Alibaba’s financial statements.

　　VIE架构不过是阿里巴巴潜在投资者必须考虑的风险之一。另一个风险牵涉到对阿里巴巴财务报表的审计。

　　After several US-listed Chinese companies, such as Longtop Financial and Sino Forest, were accused of financial fraud last year, there has been a diplomatic stand-off between the US Securities and Exchange Commission and China’s financial regulators over access to the audit papers of Chinese companies.

　　去年，东南融通(Longtop Financial)和嘉汉林业(Sino Forest)等多家在美上市中国企业被控实施了财务欺诈。随后，美国证交会(SEC)与中国金融监管机构，在获取上市中国企业审计工作底稿的问题上陷入了一场外交对峙。

　　This means, as Alibaba writes in its prospectus, that the audit of its accounts by PwC is not fully inspected by the Public Company Accounting Oversight Board, the US’s top audit watchdog, and could, as with all other US-listed Chinese companies, be barred from being listed on a US stock exchange.

　　正如阿里巴巴在其招股说明书中所写，这意味着，普华永道(PwC)对阿里巴巴账目的审计结果，没有经过美国最高审计监管机构——上市公司会计监管委员会(Public Company Accounting Oversight Board，PCAOB)的完全审查，因此，可能像所有其他在美上市中国企业一样，被禁止在美国的股票交易所挂牌上市。

　　“The path we’re on now is that all US-listed Chinese companies could eventually get kicked off US exchanges,” said Mr Gillis.

　　吉利斯说：“我们现在面临的是，所有在美上市中国企业可能最终被踢出美国的交易所。”

　　“What we’re hoping for is a diplomatic agreement, because at the end of the day this is not between the SEC and Chinese regulators. It is between the US and China trying to figure out their respective places in the world.”

　　“我们希望美中达成一项外交协议，因为归根结底，这不仅仅是美国证交会与中国监管机构之间的事。此事牵涉到美中两国努力厘清各自在世界上的位置。”

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