经济学人: 日本软银移动业务上市 (2)

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SoftBank benefits both from domestic investors²' lack of options and its own strong brand. 由于国内投资者的选择不多，且软银自身品牌强硬，该公司因为获益。

For them, putting in 1,500 yen³ and receiving a relatively⁴ high dividend⁵ payout, of around 5%, with no currency risk is an attractive proposition. 对他们来说，投入1500日元以及收获相对更高的股息支付率（约5%），且没有通货风险，这是一件吸引人的事情。

"Mrs Watanabe is looking at yield, not the fundamentals in the long term," “渡边太太期待的是收益而不是听那些长期的基本面分析，”

says Chris Lane, an analyst⁶ at Sanford C. Bernstein, a research firm, referring to the proverbial Japanese retail⁷ investor¹. 研究公司桑福德伯恩斯坦的克里斯·莱恩在谈及这位众所周知的日本小额投资者时说如是。

The IPO's attractions are equally clear for Masayoshi Son, SoftBank's founder⁸, 上市的吸引力对软银创始人孙正义一样清晰，

who is shifting his firm away from telecoms towards investing in tech entrepreneurs around the world. 他将自己的公司从电信行业转至投资世界各地的科技型企业家。

Through his Vision Fund, an investment vehicle financed in large part by Saudi Arabia's sovereignwealth fund, 通过他的愿景基金（一种投资手段，沙特阿拉伯的主权财富基金是其主要资助方）

he has bought stakes in companies such as Uber, WeWork and Arm (a British chip firm). 他购入了优步、WeWork以及Arm（一家英国芯片公司）等公司的股权。

The IPO is a way to take some cash out of a part of SoftBank that is not growing as swiftly and to put it into racier bets, while retaining control. 上市是从软银子公司取出一些现金并将这笔资金投入更加活跃赌注中，同时还能保留其控制权的一种方法。

Mr Son also hopes the sale may solve his main frustration⁹ since he veered¹⁰ away from telecoms to backing tech founders¹¹: 孙先生希望这笔资金可以解决他自电信业转向支持技术创始人以来所面对的主要困境：

that investors do not properly appreciate SoftBank's transformation¹² and that they therefore undervalue it. 投资人并不能正确理解软银的转型，以及他们因此低估了这一转型。

The company's shares have been trading at a hefty discount, of around 40%, to the value of its assets. 公司股票的交易价格（约40%）一直远低于其资产价值。

This discount arises in part because many telecoms-focused investors in the group 部分原因是因为集团内部很多专注电信的投资者

are not thrilled to see their cash being funnelled¹³ into risky¹⁴ and opaque¹⁵ tech investments at high prices. 看到他们的现金集中在高风险且不透明的高成本科技产业投资中，他们对此并不感兴趣。

Now these investors will be able to buy shares in a more predictable phone company while those with a higher risk appetite can stay with SoftBank. 现在这些投资者将能够购买一家可预测性更高的电话公司的股票，同时把更高的风险偏好留给软银。

Closing the discount depends on a number of factors, however. What happens to the group's high level of debt will be critical. 但要消除交易价格和资产价值之间的差距取决于很多因素。该集团高额债务的情况将是关键。

SoftBank has around 18trn yen of interestbearing debt, or over six times its operating earnings¹⁶, 软银有近18万亿日元的附息债务，是其营业收益的六倍多，

thanks partly to its acquisition of Sprint¹⁷, an American telecoms firm, for $20bn in 2012. 部分原因是因为该公司在2012年以200亿美元的价格收购了一家美国电信公司Sprint。

 

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