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GRE經(jīng)濟類閱讀阿里巴巴一審再審
Alibaba Under scrutiny
阿里巴巴 一審再審
American regulators are investigating China's e-commerce giant
美國監(jiān)管機構(gòu)正調(diào)查中國電商巨頭
“WE HAVE from time to time been subject to PRC and foreign government inquiries andinvestigations.” So declared form 20-F, a regulatory filing submitted by Alibaba, China's biggeste-commerce firm, to America's Securities and Exchange Commission (SEC) on May 24th. It istempting to dismiss this as boilerplate language. All foreign firms listed in America (Alibabatrades on the New York Stock Exchange) are required to file this document regularly. In fact, itis not inconsequential. The filing revealed that Alibaba is the target of an ongoing SECinvestigation into its accounting practices. The company's shares fell sharply after the newsbecame public.
中國最大的電商—阿里巴巴在5月24日上交給美國證券交易委員會(SEC)的20-F年報(譯者注：監(jiān)管文件，20-F是對那些注冊地不在美國的上市公司所要求的年報，美國本土的上市公司用10-K格式的年報)稱：“我們時常受到國內(nèi)和外國政府的調(diào)查和問訊。”這樣的說法很難不被當成是打官腔。所有在美上市的外國企業(yè)(阿里巴巴在紐約證券交易所公開交易)需要定期填寫相關(guān)文件。然而事實上這并非無關(guān)緊要。監(jiān)管文件顯示阿里巴巴已經(jīng)成為美國證券交易委員會調(diào)查會計實務(wù)的目標。消息曝光后，該公司的股票急劇下跌。
The SEC appears to have three areas of concern. It wants to know more about the CainiaoNetwork, a logistics joint venture worth $7.7 billion in which Alibaba has a 47% stake. Theagency also wants data on “Singles' Day”, an annual marketing promotion that last yearapparently generated $14.3 billion in gross merchandise value (GMV) on one day. As GMV isnot a recognised term in GAAP, the accounting standard used in America, the SEC may bedigging into this claim.
美國證券交易委員會要考慮的主要是三個方面。菜鳥網(wǎng)絡(luò)科技公司便是其中之一，這個公司是市值77億美元的合資的物流公司，阿里巴巴持有47%的股份。除此以外委員會還想了解“光棍節(jié)”(一年一度的營銷推廣日)的數(shù)據(jù)，去年這個節(jié)日僅一天的總交易額(GMV)達到了143億美元。但GMV并不是美國使用的會計準則GAAP(Generally Accepted Accounting Principles)認可的條款，美國證監(jiān)會(SEC)可能會對此深入調(diào)查。
Most intriguingly, the American regulator is alsoscrutinising how the company has handled its manyrelated-party transactions. Jack Ma, the firm'sfounder, caused outrage when he unilaterally spunoff AliPay, Alibaba's lucrative online-payments arm, in2011 into an entity that he controlled. Thatbusiness, now known as Ant Financial ServicesGroup, is valued at $60 billion and is heading for apublic flotation.
最有趣的是，美國監(jiān)管機構(gòu)也正調(diào)查該公司如何處理數(shù)量龐大的多方交易。公司創(chuàng)始人馬云單方面將支付寶分離出來引起了眾怒，支付寶是阿里巴巴盈利豐厚的在線支付手段，2011年轉(zhuǎn)為獨立企業(yè)。這項業(yè)務(wù)如今以螞蟻金融服務(wù)集團為人所知，該集團市值為 600億美元并且正積極籌備公開上市。
Where will this SEC action lead? It could be a routine inspection of the sort most publiccompanies can expect from time to time. Alibaba certainly denies any wrongdoing, noting thatit is co-operating with the authorities and voluntarily disclosing the fact that it is underinvestigation. But if the regulators do uncover evidence of real misconduct, things could getnasty for China's most celebrated firm.
美國證券交易委員會的行動將會導(dǎo)致什么結(jié)果呢?也許這只是大多數(shù)在美國上市的外國企業(yè)時不時要經(jīng)歷的 常規(guī)檢查。阿里巴巴當然會否認任何不法行為，指出公司與當局正在合作并主動公開被調(diào)查的這項事實。但是萬一監(jiān)管機構(gòu)發(fā)現(xiàn)了其不法行為的證據(jù)，中國最著名的公司將會變得臭名昭著。
The only certainty, argues Vasu Muthyala of Kobre & Kim, a law firm, is that Chinese firmsface GREater scrutiny. Mr Muthyala, a former prosecutor who previously served at the SEC,says: “As Chinese business looks west for new capital, customers and business partners, therewill inevitably be an increase in interest from American regulators.”
高博金律師事務(wù)所的 Vasu Muthyala表示唯一確定的是，中國公司將會面臨嚴格的審查。曾在美國證券交易委員會擔任檢察官的Muthyala表示：“因為中國企業(yè)希望在西方尋求新的資金，客戶和商業(yè)伙伴，美國監(jiān)管機構(gòu)對中國企業(yè)的興趣也會隨之增加。”
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