GRE阅读文章经济类阿里巴巴一审再审

2016年07月08日09:35 来源：互联网: 参与（4）阅读（3620）

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Alibaba Under scrutiny

阿里巴巴一审再审

American regulators are investigating China's e-commerce giant

美国监管机构正调查中国电商巨头

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“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.

中国最大的电商—阿里巴巴在5月24日上交给美国证券交易委员会(SEC)的20-F年报(译者注：监管文件，20-F是对那些注册地不在美国的上市公司所要求的年报，美国本土的上市公司用10-K格式的年报)称：“我们时常受到国内和外国政府的调查和问讯。”这样的说法很难不被当成是打官腔。所有在美上市的外国企业(阿里巴巴在纽约证券交易所公开交易)需要定期填写相关文件。然而事实上这并非无关紧要。监管文件显示阿里巴巴已经成为美国证券交易委员会调查会计实务的目标。消息曝光后，该公司的股票急剧下跌。

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.

美国证券交易委员会要考虑的主要是三个方面。菜鸟网络科技公司便是其中之一，这个公司是市值77亿美元的合资的物流公司，阿里巴巴持有47%的股份。除此以外委员会还想了解“光棍节”(一年一度的营销推广日)的数据，去年这个节日仅一天的总交易额(GMV)达到了143亿美元。但GMV并不是美国使用的会计准则GAAP(Generally Accepted Accounting Principles)认可的条款，美国证监会(SEC)可能会对此深入调查。

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，美国监管机构也正调查该公司如何处理数量庞大的多方交易。公司创始人马云单方面将支付宝分离出来引起了众怒，支付宝是阿里巴巴盈利丰厚的在线支付手段，2011年转为独立企业。这项业务如今以蚂蚁金融服务集团为人所知，该集团市值为 600亿美元并且正积极筹备公开上市。

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.

美国证券交易委员会的行动将会导致什么结果呢?也许这只是大多数在美国上市的外国企业时不时要经历的常规检查。阿里巴巴当然会否认任何不法行为，指出公司与当局正在合作并主动公开被调查的这项事实。但是万一监管机构发现了其不法行为的证据，中国最著名的公司将会变得臭名昭著。

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.”

高博金律师事务所的 Vasu Muthyala表示唯一确定的是，中国公司将会面临严格的审查。曾在美国证券交易委员会担任检察官的Muthyala表示：“因为中国企业希望在西方寻求新的资金，客户和商业伙伴，美国监管机构对中国企业的兴趣也会随之增加。”

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