????如果阿里巴巴的舉措是為了鞏固在中國的領(lǐng)先地位，比如繼續(xù)收購專業(yè)物流公司，那是好事。但現(xiàn)在，該公司的收購行動看著像是要脫離電商領(lǐng)域?qū)崿F(xiàn)多元化。

????到目前為止，阿里巴巴在全球擴(kuò)張方面做出的嘗試都還沒有成功，就算有巨額資金支持，這些措施也不太可能重現(xiàn)阿里巴巴在中國取得的成功。實際上，阿里巴巴最初起步時是一個全球B2B平臺——Alibaba.com。格林說：“最初，Alibaba.com在海外苦苦掙扎。”實際情況證明，海外市場的競爭對手很難對付。“因此，阿里巴巴意識到自身在利用消費端的獨特地位后，就把重心轉(zhuǎn)移到了國內(nèi)。”

????目前看來，阿里巴巴正在通過兩條途徑實現(xiàn)海外擴(kuò)張。在俄羅斯和巴西等發(fā)展中市場，它想挑戰(zhàn)eBay、亞馬遜（Amazon）和當(dāng)?shù)仉娚蹋瑥亩蔀橹饕偁幷撸酥琳紦?jù)主導(dǎo)地位。在美國，還不清楚阿里巴巴是在四處投資以實現(xiàn)業(yè)務(wù)多元化；還是說它想復(fù)制自己的核心電商業(yè)務(wù)。該公司已經(jīng)持有租車服務(wù)公司Lyft和零售網(wǎng)站ShopRunner的股份，這屬于多元化。但它也推出了自己的購物網(wǎng)站11Main.com，這也許是其在美國打造全方位電商平臺的先兆。

????投資者請注意，和阿里巴巴驚人的中國業(yè)務(wù)（為該公司貢獻(xiàn)了93%的收入）相比，其全球擴(kuò)張的盈利水平遠(yuǎn)不會像前者那么高。格林指出：“我完全相信阿里巴巴能在中國擊敗亞馬遜，但我不大相信他們能在美國做到這一點。”

????格林認(rèn)為，中國經(jīng)濟(jì)減速并不會給阿里巴巴帶來多大的不利影響，他最擔(dān)心的是阿里巴巴由于采取了錯誤的戰(zhàn)略而自討苦吃，以至于元氣大傷。說到底，問題在于阿里巴巴如何運用自身資金。把大量資金投入中國市場令該公司大獲成功。而在強(qiáng)手如林、人人都想分一杯羹的地方一擲千金則可能一敗涂地。對阿里巴巴來說，全球化戰(zhàn)略或許真的是個錯誤。（財富中文網(wǎng)）

????譯者：Charlie

????If Alibaba does things to become more powerful at home, such as continuing its purchases of logistics specialists, that’s all to the good. But its current acquisition march looks more like a campaign to diversify away from e-commerce.

????So far, Alibaba’s attempts at global expansion haven’t worked, and they’re unlikely to produce anything resembling its success in China, even if they are supported by gigantic investments. Alibaba actually started as a global business-to-business marketplace, Alibaba.com. “From its earliest days, Alibaba.com struggled outside China,” says Green. Local companies proved formidable competitors. “So Alibaba pivoted back to China when they realized their unique position to capitalize on the consumer side.”

????Right now, Alibaba appears to be pursuing a two-part approach to foreign expansion. In developing markets such as Russia and Brazil, it wants to challenge eBay, Amazon, and local players to become a major or dominant competitor. In the U.S., it’s not clear if Alibaba is making scattered investments to diversify its holdings or if it wants to replicate its core e-commerce business. In the former category, it’s taken stakes in Lyft, a car-sharing service, and retail site ShopRunner. But it has also launched its own shopping platform, 11Main.com, a move that may foreshadow the creation of a full suite of e-commerce platforms in the U.S.

????Investors, take note: Alibaba’s global expansion won’t be nearly as profitable as its fabulous business in China, the source of 93% of its revenues. “I have great confidence about their ability to beat Amazon in China, and very little confidence in their ability to beat Amazon in the U.S.,” says Green.

????Green worries most that Alibaba will suffer not so much from a slowdown in China, but rather from a “self-inflicted wound” caused by pursuing the wrong strategy. It’s all about how Alibaba uses its capital. Pouring money into China has been a winner. Lavishing capital in places where tough competitors all want a piece could be a loser. For Alibaba, a global strategy may indeed be the wrong one.