????另外，還存在這樣的風(fēng)險(xiǎn)：某一項(xiàng)收購可能與公司其他業(yè)務(wù)無法很好地融合，需要阿里巴巴擁有適當(dāng)?shù)慕?jīng)驗(yàn)與資源將此業(yè)務(wù)單獨(dú)運(yùn)營，實(shí)現(xiàn)盈利。財(cái)捷集團(tuán)（Intuit）就是個(gè)例子，這家稅務(wù)軟件公司的業(yè)務(wù)看起來與阿里巴巴的核心平臺(tái)并不匹配，但據(jù)說它也是阿里巴巴看中的幾家公司之一。

????像谷歌和Facebook這樣的公司表現(xiàn)非常出色，但很難講這其中有多少是得益于核心業(yè)務(wù)的有機(jī)成長，有多少是源于收購技術(shù)產(chǎn)生的協(xié)同效應(yīng)。科技大型企業(yè)集團(tuán)模式仍在發(fā)展初期階段，迫切等待阿里巴巴IPO的投資者必須謹(jǐn)記這一點(diǎn)。

????這家中國巨頭可能是電子商務(wù)領(lǐng)域非常值得投資的企業(yè)，但如果它實(shí)施收購跨領(lǐng)域科技公司的計(jì)劃，它將變成一家完全不同類型的公司，結(jié)果很難預(yù)料。這樣的不確定性包含風(fēng)險(xiǎn)與機(jī)遇，但無論結(jié)果如何，都應(yīng)該在開盤鐘敲響之時(shí)計(jì)入公司股價(jià)。（財(cái)富中文網(wǎng)）

????Sanjay Sanghoee是一位政治和商業(yè)評(píng)論家。他曾在知名投行拉扎德（Lazard Freres）和德利佳華（Dresdner Kleinwort Wasserstein）就職，還曾為對(duì)沖基金Ramius效力。Sanghoee現(xiàn)任中端市場廣播電臺(tái)運(yùn)營商戴維森媒體集團(tuán)（Davidson Media Group）的董事。他擁有哥倫比亞商學(xué)院（Columbia Business School）的MBA學(xué)位，還著有兩部驚險(xiǎn)小說。

????譯者：早稻米

????There is also the risk that a particular acquisition may not integrate well with the rest of the company and would then require Alibaba to have the right expertise and resources to run profitably as a standalone line of business. A good example of this might be Intuit INTU 0.19% , a maker of tax software, whose business does not automatically seem to fit Alibaba’s core platform but which is one of the companies also rumored to be in Alibaba’s sights.

????Companies like Google and Facebook have performed extremely well but it is hard to tell how much of that success is attributable to organic growth in their core businesses and how much stems from the synergies realized through acquired technologies. The technology conglomerate model is still in its early days and investors waiting eagerly for Alibaba’s IPO should keep that in mind.

????The Chinese giant may well be a great investment in the e-commerce space, but if it does carry through on its plans to acquire several companies across the technology spectrum, it may morph into a different type of company altogether, and the results of that are difficult to predict. Such uncertainty contains both risk and promise, but whatever the outcome, it should certainly be priced into the stock when the opening bell rings.

????Sanjay Sanghoee is a political and business commentator. He has worked at investment banks Lazard Freres and Dresdner Kleinwort Wasserstein, as well as at hedge fund Ramius. Sanghoee sits on the Board of Davidson Media Group, a mid-market radio station operator. He has an MBA from Columbia Business School and is also the author of two thriller novels. Follow him @sanghoee.