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

　　No company likes to disclose more than required, least of all segment information. Yet takingAlibaba’s explanation for one-dimension reporting at face value still raises troubling issues.The chief operating decision maker/management committee is using only revenue to allocateresources or evaluate performance. Forget about asset and expense control – the onlyinternal discipline is to grow revenues. Yet shareholders ought to expect more from themanagers running their company, such as wise allocation of capital. Don’t expect it if managersare focused only on the top line.

　　没有一家公司愿意披露超出监管要求范围的信息，尤其是业务细分信息。但是，即便是从表面上看，阿里巴巴给出的一维报告解释仍存在一些问题。首席运营决策者/管理委员会只是按收入来分配资源或评估绩效。也就是说资产与费用控制不在考量范围内。唯一的内部约束机制就是扩大收入。但股东们对管理层的期待更多，比如明智的资本配置。如果管理者全都只盯着收入，就别指望这些了。

　　Then again, Wall Street won’t be loving Alibaba because of its managers’ asset allocation skills.It’s going to be all about the growth, no matter what the price. And the lack of meaningfulinformation about the different segments may make valuation guesses just so much Ali-babble.

　　同样，华尔街也不会因为阿里巴巴管理者的资产配置技巧喜欢上这家公司。只谈增长，不论代价。缺乏不同业务部门的重要信息，可能导致估值猜测沦为一场阿里式的七嘴八舌。

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