材料均來自於微信公眾號“每日雙語經濟學人"

重難點詞彙：

bestow [bɪ’sto]vt. 使用；授予；放置；留宿 ecosystem ['ɛko,sɪstəm]n. 生態系統 reassure [,riə’ʃʊr]vt. 使…安心，使消除疑慮 filed [ faild]v. 提出（離婚訴訟、其他訴訟）；把…歸檔 amid [əˈmɪd]prep.（表示環境）處於…環境中 cryptic [ˈkrɪptɪk]adj.有隱含意義的 offshoot[ˈɒfʃu:t]n.分支；分流；衍生物 the pressing matters：當務之急

雙語原文

經濟學人 | 馬雲即將卸任 從阿里巴巴看中國的科技公司(下)

馬雲即將卸任(下)來自每日雙語經濟學人 (全文共397個詞) Four of its five VIEs were indirectly owned by Mr Ma and one of his co-founders; next year all will be owned by two layers of holding companies, in turn owned by a broader set of Alibaba’s senior Chinese staff. 在五家“可變利益實體”中，馬雲和一位共同創始人間接擁有四家；明年，所有的“可變利益實體”將由兩層控股公司所有，後者由眾多的阿里巴巴資深成員所有。

VIEs continue to be popular, despite the power they bestow on their owners. 儘管“可變利益實體”賦予所有者權力，但它依然受到青睞。

China Literature, a Tencent offshoot, and Xiaomi, a smartphone-maker, have both listed with this structure. 騰訊的分公司“中國文學”和智慧手機制造商“小米”都以這種結構上市。

Investors mainly shrug them off as a necessary evil, despite the occasional scare. 多數投資者不屑地認為“可變利益實體”是必要之惡，但偶爾會發生恐慌。

In 2011, investors were unnerved after the ex-wife of the founder of Tudou, an online-video firm that was preparing to list in America, which has since been acquired, filed a lawsuit demanding a portion of the equity interests in Tudou’s VIE, in which her former husband held a 95% stake. (She later dropped the claims.) 2011年，“土豆”公司令投資者感到緊張，這是一家當時準備上市後來卻被收購的網路視訊公司，創始人的前妻提起訴訟要求獲得“可變利益實體”的部分股權，她前夫持有95％的股份。（後來她放棄了該要求。）

For all its fresh thinking, Alibaba is not perfect. 儘管有這些新想法，但阿里巴巴並不完美。

Mr Ma will remain a lifetime member of the Alibaba Partnership, which concentrates control of the company in a club of 36 senior staff. 馬雲仍將是“阿里合夥人”的終身會員，該制度將公司控制權集中在36名資深成員手中。

They appoint a majority of board seats. 他們任命了大多數董事會席位。

Jefferies, a bank, expects Mr Ma to keep “an influential role in the company’s culture andecosystem”. Jefferies 銀行預測，馬雲將繼續對“公司的企業文化和生態系統”施加影響。

The succession plan will unite Alibaba’s two biggest roles under Mr Zhang, a step backwards. 繼任計劃將使張勇同時擔任阿里巴巴兩大最重要的職位，這是一種倒退。

For the cleanest of the bunch, say corporate-governance experts, look to Tencent. 企業管理專家認為，在這些科技巨頭中，最公正的當屬騰訊。

It has VIEs, but the company has had a one-share-one-vote structure since it listed in Hong Kong in 2004. 騰訊也有“可變利益實體”，但是自2004年在香港上市以來一直實行一股一票結構。

One account claims that Pony Ma chose Hong Kong’s exchange, which only allowed dual-class shares in April, because he wanted his internet firm to stand out as able to meet its stricter corporate-governance requirements at the time. 據說馬化騰之所以選擇香港證交所（今年四月才允許“雙重股權結構”）因為希望他的網際網路公司能夠出色地達到當時更嚴格的企業管理要求。

Mr Ma has lowered his economic and voting rights since 2007, from 13% to 9%. 自2007年以來，馬化騰在騰訊的經濟權和投票權從13%降至9%。

Amid the online stir caused by JD.com, Wang Xing, the usually reserved founder of Meituan-Dianping, an online-services startup that is due to list in Hong Kong on September 20th, sent a cryptic message to his social-media followers: “Hope war does not break out or that there are other black-swan events in the next nine days.” 在京東引起網路轟動之際，一向寡言少語的“美團點評”（一家線上服務創業公司，即將於9月20日在香港上市）的創始人王興向他的社交媒體粉絲髮出一條隱晦訊息：“希望戰爭不會爆發，否則未來九天還會發生更多的黑天鵝事件”。

For investors, the pressing matters are neither war nor shock events. 對於投資者而言，當務之急不是戰爭也不是爆炸性事件。

They are more preoccupied by whether companies have VIEs, super-voting stock and a joint position for founders as chairman and chief executive. 他們更在乎的是公司是否擁有“可變利益實體”、超級表決權股份以及創始人是否同時擔任董事長和執行長。

It is not reassuring for critics of governance that Meituan, China’s latest tech star, will have all three. 令企業管理批評人士感到不安的是，中國科技新星“美團”同時具備這三點。