Yahoo would like to get is from the future Ali（雅虎想从阿里得到的是未来）

Since 2010, Alibaba Group and its major shareholder growing rift between Yahoo and Alibaba want to buy back the shares owned by Yahoo, but the shareholders do not want to. Into September, a further escalation of the conflict, has to resort to force, malicious remarks situation. Disagreement between management and major shareholders is not uncommon to strong, led by Jack Ma, Alibaba Group, is difficult to escape convention. Yahoo seize the initiative in this war, the excesses of the Alibaba Group will only move the problem seems to be more rigid.
    Alibaba just want to avoid becoming a subsidiary of Yahoo Holdings all the possibilities. In 2005, Yahoo to $ 1,000,000,000 and total assets of Yahoo China, Alibaba in exchange for 39% stake, has become one of the largest shareholder of Alibaba. At that time the two sides signed an agreement, agreed in October 2010, Yahoo may appoint not less than the total number of directors will be appointed group managing director of the number of shareholders, Yahoo will be in October this year, Alibaba second board seat . The same effect since October, Yahoo will be 35% of voting rights to 39%, Ma and other management fell 31.7% from 35.7%, the third largest shareholder Softbank 29.3% remained unchanged. This means that, once these agreements are implemented, and that Yahoo's board may be more than Ma and other forces management to grasp the initiative group, and Ma may lose control of Alibaba. Is perfectly justified by the performance of this Agreement, Alibaba Group, is unwilling to fulfill the agreement. But they do not have many reasons for the refusal, but the man in the Yahoo CEO Bartz do not fly, Yahoo, Alibaba has nothing to help companies such as Yahoo are dying to make a fuss argument moot. Alibaba is the real intention of repurchase of shares, and its purpose is very clear, by paying a huge sum of money to Yahoo to avoid losing management control over the company to avoid Yahoo, Alibaba Group, a subsidiary of situation. Unfortunately, Yahoo rejected the proposal.
    Yahoo doomed to not accept the repurchase offer Alibaba, because the money for it is not the first one, it is more like the Yahoo's future. Yahoo's search of the road have been using Microsoft bing with the signing of the agreement fell into decline, but also in the display advertising is facing a sharp downturn. Yahoo proud of the wings have been unable to support its stock price has. Market research firm Stifel Nicolaus, said 85% of Yahoo stock, thanks to Yahoo Japan and Alibaba, Yahoo is even said that Asian companies with U.S. operations. In this case, on the one hand continue to look for their business growth, on the other hand, as Sohu and Sina, as the country's companies have packaged the listing to become a maintenance of benefits, simple and easy way to support the stock price. The latter is in its own business growth Yahoo has not yet before them, the most important way to profitability, even as Yahoo's future business model for some time. Therefore, the future of Yahoo, which apparently prefer to maintain its stake in Alibaba Group, and is eager to get a piece of Alibaba's Alipay and Taobao's market schedule. There are indications that the board increase in seats for Alibaba's request, Yahoo is in recognition of Ma, while the soul of Ali Baba, more like a defensive measure taken to ensure that Yahoo's future financial benefits of life and death of its plan in accordance with the step by step be protected, not there are many uncertainties.
    The third largest shareholder Softbank will become the spoiler? Perhaps in the future decision-making on the management side of Alibaba will stand together to contain a substantial shareholder of Yahoo. However, equity issues, it will look like this fun Bale. Yahoo Japan, Yahoo, Alibaba, and Alibaba has just started in Japan, in so many disputes in the course it chose to sit on the sidelines is the best choice. Alibaba to buy back shares it is more like an unrealistic dream. Look Alibaba Disclosure of Listed Companies 2009 Annual Report of the Director of Softbank posted Gang Tian Congliang legislator, secretly increased his holdings in Softbank to know the attitude.
    Yaba contradiction is only just two poor communication, both refused to bluff, which makes the inevitable end of the game turned into a zero-sum game. Alibaba management may be strong words for their pay. The face of the established protocol implementation is about to expire, Alibaba requires not only buy back shares, but also claimed that talking tough, its business will not be short listed. This is equivalent to disrupt the largest shareholder in Yahoo is expected in the hearts of its shareholders a direct impact on Yahoo's future. But for now, Yahoo is no longer 2009, when Yahoo, and require companies to instant success, rapidly enhance the price of the Wall Street giant Yahoo, Icahn's left to the slow recovery time, the new CEO Bartz, executive power is also a strong boost the confidence of shareholders. Controlling interest in the competition for this Board Alibaba, Yahoo has broad leeway, and now forced into the Alibaba board seems to have been the most appropriate choice. Although the most likely situation is that Alibaba and Softbank, Yahoo join forces on containment, but has not ruled out the possibility of modest appearance of the most serious consequences - Yahoo Alibaba take over directly to e-business as its core business.
本文来自新浪博客；http://blog.sina.com.cn/s/blog_4591e7ea0100l8x4.html?tj=1
文/龙真      译者；谷歌翻译

 2010年以来，阿里巴巴集团与其大股东雅虎之间的裂痕越来越大，阿里巴巴希望回购雅虎所拥有的股份，但大股东并不愿意。进入9月，双方冲突进一步升级，已经到了剑拔弩张、恶言相向的境地。管理层与大股东交恶并不鲜见，以强势的马云为首的阿里巴巴集团也难以免俗。但在雅虎把握主动权的这场战争里，阿里巴巴集团的过激举动似乎只会让问题更加僵化。

    阿里巴巴只是想避免成为雅虎控股子公司的一切可能性。2005年，雅虎以10亿美元及雅虎中国全部资产，换取阿里巴巴39%股权，一举成为了阿里巴巴的大股东。当时双方签署了一份协议，约定在2010年10月后，雅虎可委任的董事总数将不低于集团管理股东可委任的董事人数，雅虎将在今年10月获得阿里巴巴董事会的第二个席位。同样自10月起，雅虎的投票权将由35%增至39%，马云等管理层则从35.7%降至31.7%，第三大股东软银则保持29.3%不变。这意味着，这些协议一旦得以实施，那雅虎在集团董事会势力可能会超过马云等管理层，从而掌握集团主导权，而马云有可能失去对阿里巴巴的控制权。按协议履行本是天经地义，阿里巴巴集团却不愿履行这份协议。但他们没有太多拒绝的理由，只是在雅虎CEO巴茨这个人不靠谱，雅虎对于阿里巴巴已经没有什么帮助，雅虎是垂死的公司等不着边际的论调上做文章。阿里巴巴的真实意图是回购股份，其目的很明显，通过支付给雅虎一笔巨款，避免管理层失去对公司的掌控权，避免阿里巴巴集团成为雅虎的子公司情况的出现。可惜的是，雅虎拒绝了这一提议。

    雅虎注定不会接受阿里巴巴的回购建议，因为钱对于它不是第一位的，它更想要的是雅虎的未来。雅虎的搜索之路已经随着使用微软bing的协议的签订而走向没落，而在显示广告领域也正面临着急剧滑坡。雅虎引以为傲的双翼都已经无力支撑它的股价了。市场研究机构Stifel Nicolaus表示，雅虎股价的85%要归功于雅虎日本和阿里巴巴，甚至可以说雅虎是家亚洲公司，拥有美国业务。在这种情况下，一方面继续寻找自身的业务增长点，另一方面像国内的搜狐和新浪那样把旗下公司纷纷打包上市就成为了一种维持收益、支撑股价的简单易行的途径。而后者，也是雅虎在自身业务增长点尚未起来前，最主要的盈利途径，甚至会成为雅虎未来一段时间内的商业模式。因此，对于雅虎的未来而言，它显然更希望保持其在阿里巴巴集团的股份，并且迫切希望拿到一张阿里巴巴旗下支付宝和淘宝的上市时间表。种种迹象表明，对于阿里巴巴董事会增加席位的要求，雅虎在承认马云是阿里巴巴灵魂人物的同时，更像是在采取一种防御措施，以保证雅虎生死攸关的未来财务收益能按照它的计划按部就班的得到保障，而不是存在很多不确定性。

    第三大股东软银会不会成为搅局者？或许在未来决策上会站在阿里巴巴管理层一边，共同牵制作为大股东的雅虎。但在股权问题上，它也只会像现在这样看看乐子罢了。雅虎日本、雅虎、阿里巴巴，还有刚刚起步的阿里巴巴日本，在这么多纠葛里它选择冷眼旁观当然是最好的选择。阿里巴巴向它回购股票更像是一个不切实际的梦想。看看阿里巴巴上市公司2009年年报披露的软银派驻的董事冈田聪良投鼠忌器、偷偷增持股票就知道软银的态度了。

    雅巴的矛盾其实只是双方信息沟通不畅而已，二者都不肯亮出底牌，这就使得这场博弈最终不可避免的演变成一场零和博弈。阿里巴巴管理层可能会为他们的激烈言论付出代价。面对即将到期执行的既定协议，阿里巴巴不但要求回购股票，而且还口气强硬的声称，旗下业务短期内不会上市。这相当于在打乱大股东雅虎在其股东心中的预期，直接影响了雅虎的未来。不过，现在的雅虎已经不再是2009年时的雅虎了，要求公司急功近利、迅速提升股价的华尔街巨鳄伊坎的离开给了雅虎缓慢恢复的时间，新任CEO巴茨强大的执行力也提振了股东们的信心。在争夺阿里巴巴控股权这张牌局上，雅虎有着广阔的周旋余地，而现在强行进入阿里巴巴董事会似乎已经是最恰当的选择了。尽管最可能出现的情况是阿里巴巴和软银联合起来对雅虎进行牵制，但也已经不排除可能性不大的最严重的后果的出现——雅虎直接把阿里巴巴拿过来，以电子商务作为它的主营业务。