双语新闻：阿里巴巴管理架构可能对公共投资者不利

2014-09-25 14:13:50来源：可可英语

　　在阿里巴巴，掌握公司控制权的永远是一群内部人士，也就是阿里巴巴的合伙人。这些合伙人都是阿里巴巴集团或相关企业的管理人员。他们将拥有提名多数董事的独有权利。此外，如果合伙人没能让股东通过他们提名的候选人，他们将有权“全权决定且不需要获得任何股东的支持”，就可以单方面任命董事，从而确保他们选择的董事总是能够占据董事会的大部分席位。在世界范围内，特别是新兴经济体，很多上市公司都有一个拥有控制权的大股东。但此类控股股东的资金在权益资本中占据了大部分，他们有追求利益的动力。至于阿里巴巴，投资者有担心的必要，因为阿里巴巴合伙人所持有的股份相对较少。

　　After the I.P.O., Alibaba’s executive chairman, Jack Ma, is expected to hold 7.8 percent of theshares and all the directors and executive officers will hold together 13.1 percent. Over time,insiders may well cash out some of their current holding, but Alibaba’s governance structurewould ensure that directors chosen by the Alibaba Partnership will forever control the board,regardless of the size of the stake held by the Partnership’s members.

　　上市之后，阿里巴巴执行主席马云将持有7.8%的股份，所有董事及高管持有的股份总额将达到13.1%。一段时间后，内部人士可能会将一部分股份套现，但阿里巴巴的管理架构将确保阿里巴巴合伙人选出的董事将永远控制董事会，无论合伙人持有多少股份。

　　With an absolute lock on control and a limited fraction of the equity capital, the Alibabainsiders will have substantial incentives to divert value from Alibaba to other entities in whichthey own a substantial percentage of the equity. This can be done by placing futureprofitable opportunities in such entities, or making deals with such entities on terms that favorthem at the expense of Alibaba.

　　有了这种绝对的永久控制，加上一小部分的权益资本，阿里巴巴的内部小圈子将有巨大的动力将该集团的价值转移到他们拥有可观股本的其他实体中。要做到这一点，可以采用的方式是把未来的赚钱机会放到此类实体中，或是与之做交易时达成对阿里巴巴不利的条款。

　　Alibaba’s prospectus discloses information about various past “related party transactions,” andthese disclosures reflect the significance and risks to public investors of such transactions. Forexample, in 2010, Alibaba divested its control and ownership of Alipay, which does all of thefinancial processing for Alibaba, and Alipay is now fully controlled and substantially owned byAlibaba’s executive chairman.

　　阿里巴巴的招股书中披露了过去多笔“关联方交易”的信息，而这些披露反映了此类交易对公众投资者的重要性和风险。例如，2010年，阿里巴巴剥离了对支付宝的控制权和所有权。支付宝承担了阿里巴巴旗下平台的所有付款流程，如今变为由马云本人完全控制并大体持有。

　　Public investors should worry not only about whether the Alibaba’s divesting of Alipay benefitedMr. Ma at the expense of Alibaba, but also about the terms of the future transactions betweenAlibaba and Alipay. Because Alibaba relies on Alipay “to conduct substantially all of thepayment processing” in its marketplace, these terms are important for Alibaba’s futuresuccess.

　　公共投资者应当担忧的，不限于阿里巴巴剥离支付宝是否以自身为代价让马云受益，还有阿里巴巴与支付宝之间未来交易的条款。由于阿里巴巴依赖支付宝进行旗下市场中“近乎全部的付款流程”，这些条款维系着阿里巴巴未来的成功。

　　Mr. Ma owns a larger fraction of Alipay’s equity capital than of Alibaba’s, so he wouldeconomically benefit from terms that would disfavor Alibaba. Indeed, given thecircumstances, the I.P.O. prospectus acknowledges that Mr. Ma may act to resolve Alibaba-Alipay conflicts not in Alibaba’s favor.

　　马云在支付宝的持股比例超过了在阿里巴巴的持股比例，因此，他可以从那些不利于阿里巴巴的条款中获取经济收益。实际上，鉴于这些情况，阿里巴巴的招股书承认，在化解阿里巴巴与支付宝的冲突时，马云或许会不站在前者这一边。

　　The prospectus seeks to allay investor concerns, however, by indicating that Mr. Ma intends toreduce his stake in in Alipay within three to five years, including by having shares in Alipaygranted to Alibaba employees. But stating such an intention does not represent an irreversiblelegal commitment. Furthermore, transfers of Alipay ownership stakes from Mr. Ma to othermembers of the Alibaba Partnership would still leave the Partnership’s aggregate interest to bedecidedly on the side of Alipay rather than Alibaba.

　　不过，招股书试图打消投资者的忧虑，指出马云有意在三五年内减持在支付宝的股份，包括将其转给一些阿里巴巴的内部人士。不过，表明这样的意图并不意味着这是不可反悔的法律承诺。此外，将支付宝的所有权股从马云手中转到其他的阿里巴巴合伙人那里，仍会让合伙人的总体利益明确无误地落到支付宝一边，而非阿里巴巴。

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