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重难点词汇：
bestow [bɪ’sto]vt. 使用；授予；放置；留宿
ecosystem ['ɛko,sɪstəm]n. 生态系统
reassure [,riə’ʃʊr]vt. 使…安心，使消除疑虑
filed [ faild]v. 提出（离婚诉讼、其他诉讼）；把…归档
amid [əˈmɪd]prep.（表示环境）处于…环境中
cryptic [ˈkrɪptɪk]adj.有隐含意义的
offshoot[ˈɒfʃu:t]n.分支；分流；衍生物
the pressing matters：当务之急
双语原文
经济学人 | 马云即将卸任 从阿里巴巴看中国的科技公司(下)
马云即将卸任(下)来自每日双语经济学人
(全文共397个词)
Four of its five VIEs were indirectly owned by Mr Ma and one of his co-founders; next year all will be owned by two layers of holding companies, in turn owned by a broader set of Alibaba’s senior Chinese staff.
在五家“可变利益实体”中，马云和一位共同创始人间接拥有四家；明年，所有的“可变利益实体”将由两层控股公司所有，后者由众多的阿里巴巴资深成员所有。
VIEs continue to be popular, despite the power they bestow on their owners.
尽管“可变利益实体”赋予所有者权力，但它依然受到青睐。
China Literature, a Tencent offshoot, and Xiaomi, a smartphone-maker, have both listed with this structure.
腾讯的分公司“中国文学”和智能手机制造商“小米”都以这种结构上市。
Investors mainly shrug them off as a necessary evil, despite the occasional scare.
多数投资者不屑地认为“可变利益实体”是必要之恶，但偶尔会发生恐慌。
In 2011, investors were unnerved after the ex-wife of the founder of Tudou, an online-video firm that was preparing to list in America, which has since been acquired, filed a lawsuit demanding a portion of the equity interests in Tudou’s VIE, in which her former husband held a 95% stake. (She later dropped the claims.)
2011年，“土豆”公司令投资者感到紧张，这是一家当时准备上市后来却被收购的网络视频公司，创始人的前妻提起诉讼要求获得“可变利益实体”的部分股权，她前夫持有95％的股份。（后来她放弃了该要求。）
For all its fresh thinking, Alibaba is not perfect.
尽管有这些新想法，但阿里巴巴并不完美。
Mr Ma will remain a lifetime member of the Alibaba Partnership, which concentrates control of the company in a club of 36 senior staff.
马云仍将是“阿里合伙人”的终身会员，该制度将公司控制权集中在36名资深成员手中。
They appoint a majority of board seats.
他们任命了大多数董事会席位。
Jefferies, a bank, expects Mr Ma to keep “an influential role in the company’s culture andecosystem”.
Jefferies 银行预测，马云将继续对“公司的企业文化和生态系统”施加影响。
The succession plan will unite Alibaba’s two biggest roles under Mr Zhang, a step backwards.
继任计划将使张勇同时担任阿里巴巴两大最重要的职位，这是一种倒退。
For the cleanest of the bunch, say corporate-governance experts, look to Tencent.
企业管理专家认为，在这些科技巨头中，最公正的当属腾讯。
It has VIEs, but the company has had a one-share-one-vote structure since it listed in Hong Kong in 2004.
腾讯也有“可变利益实体”，但是自2004年在香港上市以来一直实行一股一票结构。
One account claims that Pony Ma chose Hong Kong’s exchange, which only allowed dual-class shares in April, because he wanted his internet firm to stand out as able to meet its stricter corporate-governance requirements at the time.
据说马化腾之所以选择香港证交所（今年四月才允许“双重股权结构”）因为希望他的互联网公司能够出色地达到当时更严格的企业管理要求。
Mr Ma has lowered his economic and voting rights since 2007, from 13% to 9%.
自2007年以来，马化腾在腾讯的经济权和投票权从13%降至9%。
Amid the online stir caused by JD.com, Wang Xing, the usually reserved founder of Meituan-Dianping, an online-services startup that is due to list in Hong Kong on September 20th, sent a cryptic message to his social-media followers: “Hope war does not break out or that there are other black-swan events in the next nine days.”
在京东引起网络轰动之际，一向寡言少语的“美团点评”（一家在线服务创业公司，即将于9月20日在香港上市）的创始人王兴向他的社交媒体粉丝发出一条隐晦消息：“希望战争不会爆发，否则未来九天还会发生更多的黑天鹅事件”。
For investors, the pressing matters are neither war nor shock events.
对于投资者而言，当务之急不是战争也不是爆炸性事件。
They are more preoccupied by whether companies have VIEs, super-voting stock and a joint position for founders as chairman and chief executive.
他们更在乎的是公司是否拥有“可变利益实体”、超级表决权股份以及创始人是否同时担任董事长和首席执行官。
It is not reassuring for critics of governance that Meituan, China’s latest tech star, will have all three.
令企业管理批评人士感到不安的是，中国科技新星“美团”同时具备这三点。