????不過(guò)，這種情況可能很快就會(huì)發(fā)生變化。據(jù)報(bào)道，阿里巴巴正尋求進(jìn)軍美國(guó)電子商務(wù)市場(chǎng)，加大對(duì)美國(guó)公司的投資。（上市之前，阿里巴巴參與了美國(guó)乘車應(yīng)用Lyft募集2.5億美元資金的計(jì)劃，并分別對(duì)美國(guó)的零售網(wǎng)站ShopRunner和移動(dòng)信息應(yīng)用Tango投資2億美元和2.15億美元。）預(yù)計(jì)阿里巴巴將推出電子商務(wù)網(wǎng)站11 Main，為“消費(fèi)者和精選商家搭建一個(gè)時(shí)尚、專業(yè)的商業(yè)平臺(tái)。”

????目前還遠(yuǎn)遠(yuǎn)不能確定阿里巴巴能否在上述計(jì)劃中取得成功。中國(guó)企業(yè)在美國(guó)市場(chǎng)上面臨著巨大的挑戰(zhàn)。例如，被譽(yù)為“中國(guó)版Twitter”的微博（Weibo）在美國(guó)上市時(shí)募集的資金就少于預(yù)期。由于估值低于預(yù)期，有些中國(guó)科技公司從紐約證券交易所（the New York Stock Exchange）退市。

????美國(guó)萊斯大學(xué)張延教授指出，如何管理對(duì)于透明度的關(guān)注是尋求在美國(guó)上市的中國(guó)企業(yè)面臨的最大挑戰(zhàn)之一。阿里巴巴如何管理外界對(duì)于透明度的關(guān)注以及其他投資者對(duì)阿里巴巴IPO的反應(yīng)，這些將對(duì)在美國(guó)的中國(guó)企業(yè)產(chǎn)生重要影響。

????“這些對(duì)其他尋求在美國(guó)上市的中國(guó)企業(yè)來(lái)說(shuō)非常重要，”張延說(shuō)。“如果阿里巴巴上市順利，它將鼓勵(lì)其他中國(guó)企業(yè)考慮在美國(guó)上市，特別是科技企業(yè)。”

????此外，這將給美國(guó)發(fā)展放緩的整個(gè)IPO市場(chǎng)帶來(lái)重要影響。

????“IPO市場(chǎng)近期表現(xiàn)欠佳，”辛哈說(shuō)。“市場(chǎng)一直處于波動(dòng)之中。合理定價(jià)的阿里巴巴IPO或許會(huì)為其他公司的上市奠定基礎(chǔ)。”

????無(wú)論如何，阿里巴巴將給市場(chǎng)帶來(lái)持久的影響。辛哈指出：“這是很長(zhǎng)一段時(shí)間內(nèi)最令人矚目的IPO之一。”（財(cái)富中文網(wǎng)）

????譯者：?jiǎn)虡?shù)靜 / 汪皓

????That may soon change. Alibaba is reportedly looking to bring its e-commerce business to the U.S. and is ramping up its investments in U.S.-based companies. (Ahead of its IPO, Alibabaparticipated in a $250 million funding round for ride-sharing app Lyft, as well as investedabout $200 million in the U.S. retail site ShopRunner and $215 million in the mobile messaging app Tango.) The company is expected to launch an e-commerce site, 11 Main, "where hand-picked shop owners connect with customers in a stylish and professionally merchandised marketplace."

????It's far from certain that Alibaba will succeed in these endeavors. Chinese companies have faced significant challenges in the U.S. market; for example Weibo, China's answer to Twitter, raisedless money than it expected in its U.S. IPO. Other Chinese tech companies have delisted from the New York Stock Exchange because of lower-than-expected valuations.

????One of the largest challenges for any Chinese business seeking to go public in the U.S. is managing concerns about transparency, said Rice University's Yan. How Alibaba manages those concerns and how other investors respond to the IPO could have a major impact on Chinese businesses in the U.S.

????"It will be very important for other Chinese companies who are also considering U.S. IPOs," Yan said. "If Alibaba's IPO does well, it will encourage other Chinese companies, especially technology companies, to consider IPOs in the U.S. market."

????And it could have a big impact on the broader IPO market, which appears to be slowing down.

????"The IPO market hasn't been the best market recently," Sinha said. "The market has been volatile. Maybe the Alibaba IPO, priced correctly, paves the way for other companies to go public as well."

????Whatever happens, Alibaba will leave a lasting impact on the market, Sinha said. "This is one of the most highly anticipated IPOs in a long time."