????挑戰(zhàn)甲骨文這樣的公司并不是容易的事。它意味著要投資于云基礎(chǔ)設(shè)施和軟件研發(fā)，也意味著銷售人員要能說服目標(biāo)公司接受按需服務(wù)軟件。同時(shí)，為了贏得合同，還要和大型企業(yè)在價(jià)格上展開競(jìng)爭(zhēng)。弱勢(shì)公司處境會(huì)很艱難。不過，如果投資者認(rèn)為現(xiàn)有的大型企業(yè)、而不是這些弱勢(shì)公司理所當(dāng)然地應(yīng)該實(shí)現(xiàn)較高的利潤(rùn)率，那將會(huì)是一個(gè)有利因素。

????目前，這個(gè)因素對(duì)Workday有利。然而，不斷贏得新用戶已經(jīng)讓它的股價(jià)達(dá)到了危險(xiǎn)水平。但這也有好處，那就是甲骨文不太可能在這樣的高價(jià)位對(duì)Workday發(fā)起惡意收購(gòu)。（財(cái)富中文網(wǎng)）

????譯者：Charlie

????Taking on a company like Oracle isn't easy. It means investing in cloud infrastructure, software R&D, and a sales staff to persuade companies to embrace on-demand software. It can also mean competing against giants on price to win deals. Being an underdog can be tough, but it helps when investors are expecting high profit margins from older giants but not from you.

????For now, that's working in Workday's favor. But the success the company is seeing in winning new customers is leaving its price at a precarious level. The high valuation of Workday's stock, however, has one more benefit: Up here, Oracle is unlikely to be staging any hostile takeovers of the company.