经济学人下载: 日本软银移动业务上市 (3)

The risk the debt mountain poses is the concern most often cited by investors, says Mr Lane.
莱恩表示投资人经常用债务堆积如山的风险引述他们的担忧。

Some of this debt will go to the separately listed mobile unit and may be "non-recourse",
其中一些债务将分散转至上市移动业务部门，并且可能会成为“无追索权债务”，

meaning that SoftBank may no longer be liable for it if the subsidiary defaults.
这意味着，如果子公司违约，那么软银或许将不再承担这些债务。

For now, Japan's negative interest rates, adopted by the Bank of Japan in 2016 as part of its quantitative-easing programme,
目前因为日本的负利率（2016年日本银行采用该负利率作为其定量宽松计划的一部分）

allow firms to borrow without worrying too much; they should remain for at least a year.
公司在借贷时无需过分担忧；他们应该能够维持至少一年。

Critics complain, too, that Mr Son's plans are wildly ambitious but unclear; and that "key man" risk around him remains too high.
批评者也抱怨孙先生的计划雄心勃勃，但却并不明确，而且围绕他周围的“关键人物”风险仍然过高。

That suggests hopes for a re-rating of the parent's shares may go unanswered.
这表明对母公司股票重新评估的愿望或许得不到答复。

Investors in the mobile arm might face an additional governance risk,
如果子公司想要取悦母公司和大部分股东，

if the subsidiary tries to please its parent and majority stakeholder rather than ensure returns for minority shareholders.
而不是确保少数股东的收益的话，移动业务部门的投资者可能要面临额外的治理风险。

As for the Vision Fund itself, Mr Son was criticised for failing to distance himself from Saudi Arabia
至于愿景基金，10月，穆罕默德·本·萨勒曼涉嫌在土耳其萨特大使馆内杀害一名萨特记者

when its crown prince, Mohammed bin Salman, was linked to the killing of a Saudi journalist in its embassy in Turkey in October.
孙先生因当时没能撇清他与这位萨特皇储的关系而招致批评。

Startups might be more reluctant to accept Mr Son's cash as a result, some rival tech investors say.
因此，创业公司可能就更不愿接受孙先生的资助了，一些竞争科技股投资者说如是。

Early divestments from the fund seem to have worked well, however.
但是该基金早期的投资转让似乎卓有成效。

When Walmart bought SoftBank's stake in Flipkart, an Indian e-commerce firm, in May,
五月，沃尔玛从软银手中买下了印度电商公司Flipkart的股权，

it reportedly paid almost double what SoftBank did less than a year earlier. SoftBank invested in Uber at a valuation of around $48bn;
报道称其收购价格是软银收购该公司价格的近两倍，软银收购该公司不足一年。软银投资估值约480亿美元的优步；

reports suggest its valuation will be north of $100bn when it lists on the stockmarket, possibly in the first quarter of 2019.
报道表明上市时，软银2019年第一季度的估值可能将超过1000亿美元。

Next to that kind of money, the telecoms business, expected to make 700bn yen of operating profit this year, looks like small fry.
居于这比资金之后的电信业务（今年的营业利润有望到达7000亿日元）看起来似乎无足轻重了。