上市在即阿里巴巴究竟价值几何

2014-09-11 14:42:08来源：可可英语

　　Nobody would expect an Alibaba IPO to be a bargain, but those levels go far beyond pricing thecompany for perfection – and this is a company that’s not perfect. Alibaba will be trading onthe New York Exchange because first choice Hong Kong exchange couldn’t stomach theinsider controlover the election of directors.Accounting problems in its media acquisitions haveraised questions about effectiveness of Alibaba’s due diligence efforts during itsrambunctious, pell-mell acquisition binge. The inside-China ownership/outside-China capitalstructurecreates owners and shareholders with conflicting claims on the firm’s future. And theSEC is still studying Alibaba’s offering documents, pushing the roadshow off for another week.

　　没人指望能在阿里巴巴的IPO中捞到便宜货，但这样的定价水平已经远远超出了即便是一家完美的公司所能获得的估值，而阿里巴巴并不完美。阿里巴巴之所以赴纽约证券交易所上市，是因为其首选的香港交易所不能接受企业内部人士对于董事会选举的绝对控制权。阿里巴巴收购媒体企业后出现的一些会计问题也已经引发外界质疑。阿里巴巴在这一系列令人眼花缭乱的收购中进行的尽职调查是否有效?国内持有/国外投资的结构会造成所有人和股东们在公司未来诉求上的矛盾。美国证券交易委员会(SEC)仍在研究阿里巴巴的IPO文件，其路演再推迟一周。

　　One curiosity concerning the financial statements is Alibaba’s lack of information for eachsegment of its business segment information – something that should be critical for thoseanalysts polled by Bloomberg in coming up their valuations. Alibaba’s disparate businessesaren’t all worth the same multiples of relevant yardsticks, and they don’t all grow at the samerate – and it’s impossible to realistically peg one Alibaba business to that of a stand-alonecompetitor. The firm’s financial statements are prepared on a U.S. accounting basis, requiringthat the firm report essential information about the segments used by the chief operatingdecision maker for reviewing performance and making decisions about resource allocation. Ina firm with an asset palette as widely varied as this one, it’s justifiable to expect at least acouple of different segments. After all, how similar is online commerce to social media?

　　令人疑惑的是，阿里巴巴的财务报告缺乏不同业务分类的细分信息，而接受彭博资讯调查的那些分析师们在计算估值时本该需要这些重要信息。阿里巴巴五花八门的业务不应获得相同的估值倍数，它们的增长率也不尽相同。现实而言，也不可能将阿里巴巴的一项业务与某一独立竞争对手相提并论。阿里巴巴的财务报表是按美国会计准则编制，要求公司报告首席运营决策者在考核绩效和进行资源分配决策时所需的业务细分数据。对于一家资产构成如此广泛的公司，合理的预期是它能至少划分为几项不同的业务。毕竟，互联网商务与社交媒体有多少相似性呢?

　　Alibaba’s one-segment rationale, according to the prospectus: the chief operating decisionmaker is a “strategic committee comprised of members of the Company’s management team…the Company had one single operating and reportable segment, namely the provision of onlineand mobile commerce and related services. Although the online and mobile commerce andrelated services consist of different business units of the Company, information provided tothe chief operating decision-maker is at the revenue level and the Company does not allocateoperating costs or assets across business units, as the chief operating decision-maker doesnot use such information to allocate resources or evaluate the performance of the businessunits.”

　　根据招股说明书，阿里巴巴的单一业务理由是：首席运营决策者是“由公司管理团队成员组成的战略委员会……公司只有一项运营业务需报告，即提供互联网和移动商务及相关服务。虽然互联网和移动商务及相关服务由阿里巴巴不同的业务部门组成，但提供给首席运营决策者的信息是收入层面信息。而且，阿里巴巴不在业务部门间分配运营成本或资产，因为首席运营决策者不会用这些信息来配置资源或评估业务部门的绩效。”

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