Lex專欄：阿里巴巴的物流選擇

There is no such thing as asset-light logistics. Cainiao, an Alibaba associate that provides the technology to link companies with couriers, may be as close as it gets.

輕資產(chǎn)物流這種東西是不存在的，阿里巴巴(Alibaba)旗下的菜鳥(Cainiao)可能已盡力接近這一模式，該物流平臺提供技術將企業(yè)與快遞連接起來。

The e-commerce giant, whose own market value is poised to overtake that of Amazon, said on Tuesday that it would pay Rmb5.3bn ($807m) to take its stake in Cainiao from 47 per cent to 51 per cent. It will consolidate Cainiao in its accounts and gain an extra board seat.

市值即將超過亞馬遜(Amazon)的電商巨頭阿里巴巴在周二表示，將斥資53億元人民幣(合8.07億美元)將所持有菜鳥股權從47%增加到51%。阿里巴巴將把菜鳥并入其報表，并獲得一個新增董事席位。

Improving logistics is crucial to China’s booming e-commerce market. But those groups that have gone public have had difficulties. Best Logistics, also backed by Alibaba, cut the target for IPO proceeds by half last week. Shares in ZTO Express have lost a quarter since their IPO last year.

提升物流對中國蓬勃發(fā)展的電子商務市場至關重要。但已上市的物流公司遇到了困難。上周，同樣獲阿里巴巴支持的百世物流(Best Logistics)將首次公開發(fā)行(IPO)籌資目標減半。中通快遞(ZTO Express)自去年IPO以來股價已下跌了四分之一。

The business model of Cainiao is very different from those two. It largely eschews physical assets and the distribution of goods. Instead, its technology allows merchants and couriers to allocate stock more efficiently and optimise delivery paths.

菜鳥的商業(yè)模式與前兩者大為不同。它基本上避開了實物資產(chǎn)和商品配送，而是用其技術讓商家和快遞員更有效地分配庫存和優(yōu)化快遞路線。

Nevertheless, it loses money just as many other logistics groups do. Alibaba’s 47 per cent share of last year’s Cainiao loss was Rmb2.2bn. Full consolidation would in theory have knocked 5 per cent off Alibaba’s full-year profits, before minority interests. Cainiao says profitability is not a priority as it invests in the growth of China’s e-commerce infrastructure.

但與其他許多物流集團一樣，它也在虧損。去年阿里巴巴在菜鳥的47%持股所分攤的虧損是22億元人民幣。若完全合并報表，理論上會讓阿里巴巴全年利潤(未計入少數(shù)股東損益)下降5%。菜鳥表示該公司正在投資中國電子商務基礎設施發(fā)展，盈利能力并非其優(yōu)先考慮。

For Alibaba, the data generated by Cainiao is arguably more important than the unit’s profits or losses — which in any case will be even less visible once it is consolidated. That is not the case for three other stakeholders. One is regulators, who have in the past complained about its opaque accounting for such ventures. Another is Cainiao’s partners and customers, who derive only indirect economic benefit in return for valuable data.

對于阿里巴巴來說，菜鳥生成的數(shù)據(jù)可能比該公司的盈虧都要重要——一旦合并報表，無論盈虧都會變得更不顯眼。但對其他三個利益相關者來說卻不是這樣。其一是監(jiān)管機構，他們曾抱怨過阿里巴巴對此類投資會計處理的不透明。另兩個是菜鳥的合作伙伴和客戶，他們付出寶貴的數(shù)據(jù)，卻只得到了間接的經(jīng)濟利益。

Alibaba may say that Cainioa’s losses are simply a cost of doing business. Perhaps good news for Alibaba’s own shareholders, but tough luck for Alibaba’s co-investors in Cainioa.

阿里巴巴可能會說菜鳥的虧損只是做生意的代價。這對阿里巴巴的股東來說可能是好消息，但對于阿里巴巴在菜鳥的共同投資者來說是一件不幸。