Lex专栏：阿里巴巴的物流选择

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.

轻资产物流这种东西是不存在的，阿里巴巴(Alibaba)旗下的菜鸟(Cainiao)可能已尽力接近这一模式，该物流平台提供技术将企业与快递连接起来。

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.

市值即将超过亚马逊(Amazon)的电商巨头阿里巴巴在周二表示，将斥资53亿元人民币(合8.07亿美元)将所持有菜鸟股权从47%增加到51%。阿里巴巴将把菜鸟并入其报表，并获得一个新增董事席位。

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.

提升物流对中国蓬勃发展的电子商务市场至关重要。但已上市的物流公司遇到了困难。上周，同样获阿里巴巴支持的百世物流(Best Logistics)将首次公开发行(IPO)筹资目标减半。中通快递(ZTO Express)自去年IPO以来股价已下跌了四分之一。

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.

菜鸟的商业模式与前两者大为不同。它基本上避开了实物资产和商品配送，而是用其技术让商家和快递员更有效地分配库存和优化快递路线。

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.

但与其他许多物流集团一样，它也在亏损。去年阿里巴巴在菜鸟的47%持股所分摊的亏损是22亿元人民币。若完全合并报表，理论上会让阿里巴巴全年利润(未计入少数股东损益)下降5%。菜鸟表示该公司正在投资中国电子商务基础设施发展，盈利能力并非其优先考虑。

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.

对于阿里巴巴来说，菜鸟生成的数据可能比该公司的盈亏都要重要——一旦合并报表，无论盈亏都会变得更不显眼。但对其他三个利益相关者来说却不是这样。其一是监管机构，他们曾抱怨过阿里巴巴对此类投资会计处理的不透明。另两个是菜鸟的合作伙伴和客户，他们付出宝贵的数据，却只得到了间接的经济利益。

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.

阿里巴巴可能会说菜鸟的亏损只是做生意的代价。这对阿里巴巴的股东来说可能是好消息，但对于阿里巴巴在菜鸟的共同投资者来说是一件不幸。