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

　　Given the significant related party transactions that have already taken place, and theprospect of such transactions in the future, Alibaba tried to placate investors by putting in a“new related party transaction policy.” But this new policy hardly provides investors withsolid protection. Unlike charter and bylaw provisions, corporate policies are generally notbinding. Furthermore, Alibaba’s policy explicitly allows the board, where the nominees ofAlibaba partnership will always have a majority, to approve any exceptions to the policy thatthe board chooses.

　　鉴于已经出现过重大的关联方交易，而且未来仍可能发生，阿里巴巴试图通过设置“关联方交易新政策”来安抚投资者。可是，这种新政策几乎不能为投资者提供切实的保障。不同于公司的规章制度，企业政策基本上没有约束力。况且，阿里巴巴的政策明确允许董事局按照自身意愿批准政策例外，而董事局中阿里巴巴合伙人任命的人选将永远占据多数。

　　Of course, the Alibaba partners might elect not to take advantage of the opportunities fordiversion provided to them by Alibaba’s structure. And, even if the partners do use suchopportunities, the future business success of Alibaba might be large enough to make up for thecosts of diversions and leave public investors with good returns on their investment.

　　当然，阿里巴巴合伙人或许会选择不去利用阿里巴巴的公司结构提供给他们的转移机会。此外，就算合伙人的确利用了这样的机会，阿里巴巴未来的商业成功可能也足以弥补转移的成本，留给公众投资者不错的投资回报率。

　　Before jumping in, however, investors rushing to participate in the Alibaba I.P.O. mustrecognize the substantial governance risks that they would be taking. Alibaba’s structuredoes not provide adequate protections to public investors.

　　尽管如此，急于参与阿里巴巴IPO的投资者们，在纵身一跃之前，必须意识到自己会承担可观的公司治理风险。阿里巴巴的结构并未给公众投资者提供充分的保护。

本文关键字: 阿里巴巴对公共投资者不利