????上市完全不會(huì)影響阿里巴巴大肆授股的傳統(tǒng)。該公司招股書(shū)在這一點(diǎn)上極為明確。2011年至今，阿里巴巴通過(guò)期權(quán)、受限制股份和受限股票單位將9980萬(wàn)股股票送到了員工手里，占該公司上市后總股本（25億股）的4%。按每股68美元計(jì)算，這些股份和實(shí)值期權(quán)的價(jià)值將超過(guò)60億美元，平均到每位阿里巴巴的員工頭上約有30萬(wàn)美元。要知道，阿里巴巴的員工可不是生活在曼哈頓下城區(qū)，而是在中國(guó)杭州。

????那么，公眾股東應(yīng)該有哪些期許呢？在招股書(shū)第74頁(yè)，阿里巴巴表示，它為新的授股行動(dòng)保留了2660萬(wàn)股股票。在第246頁(yè)，該公司介紹了“2014年上市后計(jì)劃”。阿里巴巴表示，所有“在已經(jīng)到期的授股計(jì)劃”中贈(zèng)送但沒(méi)有行權(quán)的股份都將納入今后的授股行動(dòng)，這又是一個(gè)不同尋常的規(guī)定。這似乎意味著，因?yàn)閱T工離職而取消以及由于其他原因未轉(zhuǎn)換成股票的贈(zèng)送股份，都會(huì)留給那些繼續(xù)在阿里巴巴工作的人。該公司招股書(shū)還披露，2011年以來(lái)，取消的期權(quán)和受限制股份共1880萬(wàn)股。加上這些已過(guò)期股份，阿里巴巴可贈(zèng)送的股票數(shù)量將達(dá)到4500萬(wàn)股，占上市后總股本的1.8%。

????這4500萬(wàn)股是目前阿里巴巴儲(chǔ)備的待贈(zèng)送股份，而且該公司每年都會(huì)對(duì)儲(chǔ)備股份進(jìn)行補(bǔ)充。阿里巴巴的上市后計(jì)劃顯示，從2015年4月1日開(kāi)始，董事會(huì)有權(quán)每年以期權(quán)和受限制股份的形式發(fā)行2500萬(wàn)股新股。這相當(dāng)于阿里巴巴全部流通股的1%，將用于每年的授股行動(dòng)。當(dāng)然，并不是所有贈(zèng)股都會(huì)轉(zhuǎn)換成股票。但可以肯定，它們將極大地稀釋股本，因?yàn)橄啾戎挥挟?dāng)股價(jià)上漲才具有價(jià)值的期權(quán)，阿里巴巴更愿意贈(zèng)送穩(wěn)賺不賠的受限制股份。

????如果這2500萬(wàn)新股中，有80%以受限制股份的形式授予員工，按每股68美元的價(jià)格計(jì)算，在為時(shí)4年的授予期中一直留在阿里巴巴的員工，每年將得到總價(jià)值14億美元的股票。下一年，他們得到的股票價(jià)值會(huì)再增加幾億美元——當(dāng)然，這取決于阿里巴巴屆時(shí)的股價(jià)。

????很難把這些股份稱為“激勵(lì)性報(bào)酬”，它們的主要作用，就是將阿里巴巴的股票數(shù)量不斷擴(kuò)大，導(dǎo)致其利潤(rùn)攤薄。如果該公司可以用流通股來(lái)支付收購(gòu)對(duì)價(jià)，其股本數(shù)量很可能激增。阿里巴巴管理層分到的份額太大。事實(shí)勝于炒作，而這些事實(shí)無(wú)疑在告誡投資者對(duì)阿里巴巴敬而遠(yuǎn)之。（財(cái)富中文網(wǎng)）

????譯者：Charlie

????Alibaba’s new status as a public company will do nothing to discourage the tradition of epic stock grants. That’s abundantly clear from the F-1A. From 2011 to the present, Alibaba dispensed 99.8 million options, restricted shares, and restricted stock units (RSUs) to employees. That’s 4% of the 2.5 billion shares that will exist after Alibaba goes public. Those shares, along with in-the-money options, will be worth over $6 billion at $68 a share. That’s the equivalent of almost $300,000 per Alibaba employee. Remember, that’s for an employer based not in lower Manhattan, but Hangzhou, China.

????So what can public shareholders expect? On page 74, Alibaba discloses that it has reserved another 26.6 million shares for new grants. Then, later on page 246, we’re introduced to the “2014 Post-IPO Plan.” In yet another unusual provision, Alibaba states that all the shares granted under “all our previous plans [that] have expired without being exercised” will be added to the pool for future grants. That seems mean that the awards cancelled when people left Alibaba, or were not turned into shares for any other reason, will now go to folks still working at Alibaba. The filing further reveals that since 2011, 18.8 million options and restricted share grants were cancelled. Reviving those expired shares brings the number of shares in the existing pool to 45 million. That represents 1.8% of the total shares that will be outstanding starting when Alibaba debuts.

????Those 45 million shares represent the stock that’s currently in the hopper, earmarked for grants. But the hopper will refill every year. The Post-IPO provision states that the board will have the authority to issue an additional 25 million shares in options and restricted stock every year, starting on April 1, 2015. That’s equal to 1% of all Alibaba shares in circulation, to be granted annually. Of course, not all of those grants will turn into shares. But you can bet that the stock’s dilution will be substantial because Alibaba strongly favors restricted stock that’s always in the money over options that are worthless unless the stock price increases.

????If 80% of those 25 million shares are awarded in restricted stock, employees will get $1.4 billion a year in shares, at $68, if they remain for the four-year vesting period. Then, the next year, they’ll get a couple of billion dollars more, depending, of course, on Alibaba’s stock price at the time.

????It’s hard to call that “incentive compensation.” The main effect is to spread Alibaba’s earnings over a relentlessly expanding number of shares, a number that’s likely to balloon when the company is able to deploy publicly traded shares to pay for acquisitions. Alibaba’s managers are getting a cut that’s far too big. The facts trump the hype. And the facts are imploring investors to stay away.