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近期南非股票市场创造了历史高点，Naspers公司功不可没。今年，媒体和互联网市场的股票飙升了45％；在此之前，它是非洲市值最高的企业。

 

SOUTH AFRICA’S stockmarket has Naspers largely to thank for its recent record highs. Shares in the media and internet group have soared by 45% this year; even before then it was Africa’s most valuable firm. So recent unrest among shareholders in Naspers might seem unwarranted. But in the days before its annual general meeting in Cape Town on August 25th, noisy debate erupted, chiefly about executive pay. Many investors reckon that Bob van Dijk, its boss, is being rewarded for success that he did little to create.

近期南非股票市场创造了历史高点，Naspers公司功不可没今年，媒体和互联网市场的股票飙升了45％；在此之前，它是非洲市值最高的企业因此，Naspers股东之间的最近出现的动荡似乎是毫无根据不过，在将于8月25号在开普敦举行的年度股东大会之前几天爆发激烈的争论，主要是关于行政薪酬。

许多投资者认为，Naspers的老板鲍勃•范•迪克（Bob van Dijk）做的事抵不上给他的薪水The source of good fortune for Naspers lies about 7,000 miles (11,265km) away. In 2001 Koos Bekker, Mr van Dijk’s predecessor, made a brilliant investment of $32m in a little-known Chinese technology firm called Tencent. Today its 33% stake is worth $130bn, as measured by Tencent’s value on the Hong Kong stock exchange; that dwarfs the $100bn valuation of Naspers itself on the Johannesburg stock exchange. Shares in the latter rise and fall on news from Hong Kong. In its last financial year, the firm’s share of profits from its Tencent holding in effect represented all of the group’s trading profits; the “rump” of the business, which Mr van Dijk has control over, lost money (see chart).

Naspers发的大财来自在7000英里（11,265公里）以外的地方的 2001年，范•迪克的前任库斯•贝克尔（Koos Bekker）向一家不知名的中国科技企业腾讯投资了3200万美元如今，按腾讯在香港证券交易所的市值计算，其33％的股权价值为1300亿美元。

这让Naspers在约翰内斯堡证券交易所的1000亿美元估值相形见绌后者的股价的涨跌来自香港在上一财年，该公司从腾讯控股的利润分红实际上代表了它所有的交易利润；范•迪克所控制的该企业的“残骸”正处于亏损状态(见图表)。

So shareholders are dismayed that last year Mr van Dijk got a raise of 32%, to $2.2m. They say it is hard to see how much he is being rewarded for his own performance, and how much for that of Tencent. Although 79% of votes at the AGM were cast in favour of the pay policy, most are thought to have come from unlisted shares with special voting rights. Some of those shares are indirectly linked to company directors. Allan Gray, an influential asset manager, warned before the AGM that the pay policy was not aligned with shareholders’ interests. The majority of ordinary investors may have voted against. Mr Bekker, now the group’s chairman, swatted away any concerns. He compared corporate governance to star footballers washing their hands after going to the toilet: a nice idea, but less important than recruiting the best players for the team.

范•迪克去年的工资上涨了32%，达到了220万美元，这使股东们感到惊愕他们认为，这很难看出他的报酬中有多少是出自他自己的业，有多少是出自腾讯的业绩尽管在年度股东大会（AGM）上，有79%的投票支持这种薪酬政策，有人认为更多地投票来自未上市股权拥有的投票权。

其中一些股票与公司的董事有间接的联系颇具影响力的资产管理人艾伦•格雷（Allan Gray）在年度股东大会前曾警告称，薪酬政策与股东利益不匹配大多数普通投资者可能投了反对票该集团的董事长贝克尔消除了所有的担忧。

他将公司治理比作明星球员在上厕所后洗手：这是一个不错的主意，但为球队招募最好的球员更为重要Shareholders have grumbled about pay at Naspers before, to no avail. The latest spat is more vocal and reflects deeper concern about its progress after two decades of reinvention. In the 1990s its prospects were uncertain. Founded in 1915 as Nasionale Pers (“National Press”), an Afrikaner nationalist publishing house, it was initially slow to acknowledge its long-time support of apartheid. With its roots in newspapers, it then had to adapt to the digital age. Mr Bekker refashioned it around new media, expanding its pay-TV business across Africa and investing in budding tech firms around the world.

股东们对Naspers的薪酬已有过抱怨，但都无济于事最近的口水战变得更加激烈，反映出人们对其历时20年的改革进程更深的担忧在20世纪90年代时，它的前景是不确定的阿富汗民族主义出版社（Nasionale Pers ）（“国家出版社”）成立于1915年，最初它迟迟才承认长期支持种族隔离。

它以报纸发家，后来不得不适应数字时代贝克尔在新媒体上重获新生，将其付费电视网扩大了到全非洲，并投资世界各地的新兴科技企业Many of those investments have been slow to pay off. It was not long ago—the start of 2016—that Naspers was worth more than its Tencent stake but it is now worth less. The gap is widening. That may be because investors think Tencent’s shares, up by 70% since the start of the year, are overvalued, or because foreign capital is fleeing South Africa’s turbulent politics. But some see it as a sign that investors are losing patience with Naspers. Its e-commerce division posted trading losses of $731m last year. “The market has become increasingly disillusioned with the ability of management to pull rabbits out of the hat,” says Mark Ingham, an independent analyst.

其中有一些投资的回报都很缓慢不久之前，即在2016年初，Naspers市值还超过了腾讯，但现在又低了两者的差距正在扩大这可能是因为投资者认为，腾讯股价自年初以来70%的涨幅是高估了，或者是因为外国资本正在逃离南非的动荡政局。

不过，一些人认为，这是投资者对Naspers失去耐心的迹象该公司的电商业务去年的亏损了7.31亿美元独立分析师马克•英厄姆（Mark Ingham）说道：“市场对管理层变魔术的能力感到越来越失望”Even the firm’s popular pay-television service, which has 12m subscribers across Africa, is struggling, because of tumbling local currencies that make buying American content more expensive, and fiercer competition from firms such as Netflix and StarTimes, a Chinese rival.

该公司的付费电视虽然在非洲拥有1200万的用户，却仍然在苦苦挣扎原因是当地的货币贬值，这使得购买美国的电视节目的成本增加，加之还有来自Netflix和中国竞争对手StarTimes等的激烈竞争And yet the group may still defy the doubters over time. Its online classified-ads businesses, under brands such as OLX and letgo, together have 330m monthly users in 40 countries. Sean Ashton of Anchor Capital, which owns Naspers shares, optimistically reckons that total profits in the “rump” could soon grow faster than Tencent’s profits (which rose by 42% in 2016).。

然而，随着时间的推移，该公司仍可能会向怀疑者反击它在线分类广告业务，如OLX和letgo，在40个国家拥有3.3亿月用户拥有Naspers股份的Anchor资本公司的肖恩•阿什顿（Sean Ashton）乐观地估计，这个“残骸”的总利润可能很快就会超过腾讯的利润(后者在2016年增长了42%)。

Although the Tencent effect draws criticism, it also means that Naspers has more money to experiment. At the AGM, Mr Bekker rejected the idea that Naspers should sell its Tencent stake and give a short-term boost to shareholders. It could be hard to find a buyer, and the Chinese government would probably want a say. For at least a while longer, the firm’s profits look sure to be made in China.

尽管腾讯效应引来了批评，这也意味着Naspers有更多的资金用于实验在年度股东大会上，贝克尔否决了Naspers应该出售腾讯股份，并给股东带来了短期利益增长的想法可能会很难找到买家，而且中国政府也可能想要发言权。

至少再过一段时间，该公司肯定会在中国创造利润的编译：李文卓审校：张爽编辑：翻吧君来源：经济学人阅读·经济学人·电商专题全球房地产市场努力适应电子商务

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