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武汉看男性专科39口碑

2019年06月25日 22:52:59 | 作者:飞度养生 | 来源:新华社
Hats off to scientists in New York, who have managed to produce a cheap ‘invisibility cloak’ effect using ily available materials and a lot of clever thinking. Through a combination of optical lenses, any object that passes behind a certain line of sight can be made to disappear from view.让我们向纽约的科学家们脱帽致敬吧。他们用富于奇思妙想的头脑,通过日常的既有材料制造出了低成本的“隐身斗篷”效果。通过一个各种凸透镜组装起来的装置,在特定的视角下,任何物体都可以从观察者的眼前消失。“People have been fascinated with cloaking for a very long time,” said John Howell, a Professor of Physics. “It’s recently been a really popular thing in science fiction and Harry Potter… I think people are really excited about the prospect of just being invisible.”“长久以来,人们一直对隐身术非常着迷。”物理学教授约翰·霍威尔说,“近年来,在科幻小说和《哈里·波特》系列里经常出现隐身术……我想,人们会对未来能够隐形的设想感到非常兴奋。” “From what we know this is the first cloaking device that provides three-dimensional, continuously multidirectional cloaking. I imagine this could be used to cloak a trailer on the back of a semi-truck so the driver can see directly behind him. It can be used for surgery, in the military, in interior design, art.”“就我们所知来看,这是世界上第一件能使人三维立体的,持续的,多个方向上隐藏身型的隐身斗篷。我想,这种装置可以使用在半卡车的拖车上,这样驾驶员就能直接看到他车后的路况了。它还可以用于医疗用途,军事用途,用于室内设计和艺术领域等等。”What makes this system so interesting is that it’s simple, inexpensive and capable of working at multiple angles, as long as the object remains inside the series of lenses. It cost the scientists ,000 to get all of the necessary equipment together, but it can be done more cheaply. A patent is pending for their invention but the scientists have put together instructions on making your own Rochester Cloak at home for less than 0.这种装置最吸引人的地方在于,它构造简单、成本低廉,能够在多个视角下起作用,只要被观察的物体保持在这种凸透镜组装装置的视域之内。科学家们花费了一千元美金来凑齐所有必需的装置,但是它的制造成本可以大幅降低。这种发明是否能申请专利还悬而未决,不过,科学家们已经写出了使用说明书,让你花上不到100美元的费用,就能够在自己家里做出一个隐身斗篷。” /201410/338820Lucian Bebchuk is professor of law, economics and finance and director of the program on corporate governance at Harvard law School.卢西恩·别布丘克(Lucian Bebchuk)是法学、经济学和金融学教授,也是哈佛大学法学院(Harvard Law School)公司治理项目的主管。Wall Street is eagerly watching what is expected to be one of the largest initial public offering in history: the offering of the Chinese Internet retailer Alibaba at the end of this week. Investors have been described by the media as “salivating” and “flooding underwriters with orders.” It is important for investors, however, to keep their eyes open to the serious governance risks accompanying an Alibaba investment.华尔街正热切关注着中国互联网零售商阿里巴巴集团本周末的首次公开募股(IPO),预计它将成为有史以来规模最大的IPO之一。媒体报道称,投资者“垂涎”于这次IPO,“承销商已被订单淹没”。不过,投资者却有必要注意到,投资阿里巴巴时面临严重的公司治理风险。Several factors combine to create such risks. For one, insiders have a permanent lock on control of the company but hold only a small minority of the equity capital. Then, there are many ways to divert value to affiliated entities, but there are weak mechanisms to prevent this. Consequently, public investors should worry that, over time, a significant amount of the value created by Alibaba would not be shared with them.这些风险源于多重因素。首先,内部人士虽然只拥有少数股权,但却对公司拥有永久的控制权。其次,阿里巴巴可以有许多办法把价值转移给相关实体,而阻止它这么做的机制却十分脆弱。因此,公众投资者应该担心的是,未来阿里巴巴创造的价值中,将有相当大一部分不会拿出来与他们分享。In Alibaba, control is going to be locked forever in the hands of a group of insiders known as the Alibaba Partnership. These are all managers in the Alibaba Group or related companies. The Partnership will have the exclusive right to nominate candidates for a majority of the board seats. Furthermore, if the Partnership fails to obtain shareholder approval for its candidates, it will be entitled “in its sole discretion and without the need for any additional shareholder approval” to appoint directors unilaterally, thus ensuring that its chosen directors always have a majority of board seats. Many public companies around the world, especially in emerging economies, have a large shareholder with a lock on control. Such controlling shareholders, however, often own a substantial portion of the equity capital that provides them with beneficial incentives. In the case of Alibaba, investors need to worry about the relatively small stake held by the members of the controlling Alibaba Partnership.在阿里巴巴,掌握公司控制权的永远是一群内部人士,也就是阿里巴巴的合伙人。这些合伙人都是阿里巴巴集团或相关企业的管理人员。他们将拥有提名多数董事的独有权利。此外,如果合伙人没能让股东通过他们提名的候选人,他们将有权“全权决定且不需要获得任何股东的持”,就可以单方面任命董事,从而确保他们选择的董事总是能够占据董事会的大部分席位。在世界范围内,特别是新兴经济体,很多上市公司都有一个拥有控制权的大股东。但此类控股股东的资金在权益资本中占据了大部分,他们有追求利益的动力。至于阿里巴巴,投资者有担心的必要,因为阿里巴巴合伙人所持有的股份相对较少。After the I.P.O., Alibaba’s executive chairman, Jack Ma, is expected to hold 7.8 percent of the shares and all the directors and executive officers will hold together 13.1 percent. Over time, insiders may well cash out some of their current holding, but Alibaba’s governance structure would ensure that directors chosen by the Alibaba Partnership will forever control the board, regardless of the size of the stake held by the Partnership’s members.上市之后,阿里巴巴执行主席马云将持有7.8%的股份,所有董事及高管持有的股份总额将达到13.1%。一段时间后,内部人士可能会将一部分股份套现,但阿里巴巴的管理架构将确保阿里巴巴合伙人选出的董事将永远控制董事会,无论合伙人持有多少股份。With an absolute lock on control and a limited fraction of the equity capital, the Alibaba insiders will have substantial incentives to divert value from Alibaba to other entities in which they own a substantial percentage of the equity. This can be done by placing future profitable opportunities in such entities, or making deals with such entities on terms that favor them at the expense of Alibaba.有了这种绝对的永久控制,加上一小部分的权益资本,阿里巴巴的内部小圈子将有巨大的动力将该集团的价值转移到他们拥有可观股本的其他实体中。要做到这一点,可以采用的方式是把未来的赚钱机会放到此类实体中,或是与之做交易时达成对阿里巴巴不利的条款。Alibaba’s prospectus discloses information about various past “related party transactions,” and these disclosures reflect the significance and risks to public investors of such transactions. For example, in 2010, Alibaba divested its control and ownership of Alipay, which does all of the financial processing for Alibaba, and Alipay is now fully controlled and substantially owned by Alibaba’s executive chairman.阿里巴巴的招股书中披露了过去多笔“关联方交易”的信息,而这些披露反映了此类交易对公众投资者的重要性和风险。例如,2010年,阿里巴巴剥离了对付宝的控制权和所有权。付宝承担了阿里巴巴旗下平台的所有付款流程,如今变为由马云本人完全控制并大体持有。Public investors should worry not only about whether the Alibaba’s divesting of Alipay benefited Mr. Ma at the expense of Alibaba, but also about the terms of the future transactions between Alibaba and Alipay. Because Alibaba relies on Alipay “to conduct substantially all of the payment processing” in its marketplace, these terms are important for Alibaba’s future success.公共投资者应当担忧的,不限于阿里巴巴剥离付宝是否以自身为代价让马云受益,还有阿里巴巴与付宝之间未来交易的条款。由于阿里巴巴依赖付宝进行旗下市场中“近乎全部的付款流程”,这些条款维系着阿里巴巴未来的成功。Mr. Ma owns a larger fraction of Alipay’s equity capital than of Alibaba’s, so he would economically benefit from terms that would disfavor Alibaba. Indeed, given the circumstances, the I.P.O. prospectus acknowledges that Mr. Ma may act to resolve Alibaba-Alipay conflicts not in Alibaba’s favor.马云在付宝的持股比例超过了在阿里巴巴的持股比例,因此,他可以从那些不利于阿里巴巴的条款中获取经济收益。实际上,鉴于这些情况,阿里巴巴的招股书承认,在化解阿里巴巴与付宝的冲突时,马云或许会不站在前者这一边。The prospectus seeks to allay investor concerns, however, by indicating that Mr. Ma intends to reduce his stake in in Alipay within three to five years, including by having shares in Alipay granted to Alibaba employees. But stating such an intention does not represent an irreversible legal commitment. Furthermore, transfers of Alipay ownership stakes from Mr. Ma to other members of the Alibaba Partnership would still leave the Partnership’s aggregate interest to be decidedly on the side of Alipay rather than Alibaba.不过,招股书试图打消投资者的忧虑,指出马云有意在三五年内减持在付宝的股份,包括将其转给一些阿里巴巴的内部人士。不过,表明这样的意图并不意味着这是不可反悔的法律承诺。此外,将付宝的所有权股从马云手中转到其他的阿里巴巴合伙人那里,仍会让合伙人的总体利益明确无误地落到付宝一边,而非阿里巴巴。Given the significant related party transactions that have aly taken place, and the prospect of such transactions in the future, Alibaba tried to placate investors by putting in a “new related party transaction policy.” But this new policy hardly provides investors with solid protection. Unlike charter and bylaw provisions, corporate policies are generally not binding. Furthermore, Alibaba’s policy explicitly allows the board, where the nominees of Alibaba partnership will always have a majority, to approve any exceptions to the policy that the board chooses.鉴于已经出现过重大的关联方交易,而且未来仍可能发生,阿里巴巴试图通过设置“关联方交易新政策”来安抚投资者。可是,这种新政策几乎不能为投资者提供切实的保障。不同于公司的规章制度,企业政策基本上没有约束力。况且,阿里巴巴的政策明确允许董事局按照自身意愿批准政策例外,而董事局中阿里巴巴合伙人任命的人选将永远占据多数。Of course, the Alibaba partners might elect not to take advantage of the opportunities for diversion provided to them by Alibaba’s structure. And, even if the partners do use such opportunities, the future business success of Alibaba might be large enough to make up for the costs of diversions and leave public investors with good returns on their investment.当然,阿里巴巴合伙人或许会选择不去利用阿里巴巴的公司结构提供给他们的转移机会。此外,就算合伙人的确利用了这样的机会,阿里巴巴未来的商业成功可能也足以弥补转移的成本,留给公众投资者不错的投资回报率。Before jumping in, however, investors rushing to participate in the Alibaba I.P.O. must recognize the substantial governance risks that they would be taking. Alibaba’s structure does not provide adequate protections to public investors.尽管如此,急于参与阿里巴巴IPO的投资者们,在纵身一跃之前,必须意识到自己会承担可观的公司治理风险。阿里巴巴的结构并未给公众投资者提供充分的保护。 /201409/329419

The boy who cried wolf said something bad would happen, and it did not. Sony says something good will happen, and then it does not. It is the company that cried profits. This makes it hard for it to excite the market by, say, raising its targets. In its worst business – electronics – the problem is even worse. The company can do something radical, and leave the market unmoved. Sony announced in February that it would sell its PC unit. This was unexpected, bold and wise. The market shrugged: the shares’ returns since the announcement match the market’s.嚷嚷着狼来了的男孩说有坏事发生,结果没有。索尼(Sony)表示会有好事发生,结果也没有。这是一家嚷嚷着会盈利的公司。这让它很难以调高盈利目标的方式振奋市场。而在它最糟糕的业务部门——电子,这个问题更严重。该公司可以做激进的事,可市场仍不为所动。索尼在2月份宣布将出售个人电脑(PC)业务。这是出人意料、大胆和明智的。但市场反应平淡:其股票回报率自宣布消息以来与大盘一致。On Monday, though, the market showed a little credulity. Sony announced that it would form joint ventures with the China’s Shanghai Oriental Pearl Group to make and sell Sony’s PlayStation game consoles in that country. The gaming business was unprofitable last year, but Sony is a technology leader in gaming and the market has only two real competitors. With the scale the China deal can help to bring, the business could be quite profitable. The shares rose 3 per cent. If the business is right, the market will hold out hopes for Sony Electronics.然而本周一,市场显示出一些被打动的迹象。索尼宣布将与中国的上海东方明珠集团(Shanghai Oriental Pearl Group)组成合资企业,在中国生产并销售索尼的PS(Play Station)游戏机。去年游戏业务没有盈利,但索尼在游戏领域是技术领先者,而且该市场只有两家真正的竞争者。鉴于这笔中国交易可带来的市场规模,该业务可能有相当的盈利。股价上涨了3%。如果该业务部门把握得当,市场将对索尼电子重燃希望。Still, the most important thing is the unpopular work of getting out of irredeemably bad businesses. This means televisions first and foremost. At the company’s strategy meeting last week, it was announced that TVs would be moved into a separate unit. Prelude to a full divestment? Sony dismissed the idea, and stuck to its target of a nearly 20 per cent increase in unit sales, and a return to profits, for this year (Sony boss Kazuo Hirai said on Monday that the unit would be profitable even if it missed its unit target). But after a decade of losses, relentless deflation in TV prices despite technological advancements, and Sony’s lack of scale, a better TV business should not be the goal. The goal should be no TV business.话虽如此,最重要的是退出无可救药的坏业务这项不得人心的工作。这首先意味着电视业务。上周在这家公司的战略会议上,它宣布将电视转移至另一独立部门。此举是要全面剥离的前奏吗?索尼否认了这一观点,并坚持今年达到其近20%的部门销售增长目标和恢复盈利(索尼总裁平井一夫(Kazuo Hirai,见上图)周一表示,即便未达到部门销售目标仍可实现盈利)。然而在10年持续亏损、电视价格无视科技进步而一再无情下跌,以及索尼缺乏规模经营的情况下,一个更好的电视业务不应成为目标。目标应该是没有电视业务。 /201405/302207

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