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　　旧金山——雅虎本周三表示，已经放弃了剥离其持有的阿里巴巴股份的计划，但将剥离其他所有资产，包括雅虎日本的股份在内，并将其注入一家新公司。阿里巴巴是一家中国电子商务公司，雅虎持有该公司市值310亿美元的股份。

　　The new structure essentially maintains Yahoo's strategy of separating its valuable Alibabainvestment from the rest of the company, which will be focused on Yahoo's Internet properties.

　　这种新的结构与雅虎(Yahoo)原先的战略基本上相符：将其在阿里巴巴的宝贵投资，与公司的其他资产分割开来，而公司将把重心放在雅虎的互联网资产上。

　　The new Yahoo will be two companies: One will have a 15 percent stake in Alibaba, and theother will have everything else, including search, email, the Tumblr social media service andvarious sites like Yahoo Finance.

　　新的雅虎将成为两家公司：一家拥有阿里巴巴15%的股份;另一家则拥有其他所有业务，包括搜索、电邮，社交媒体服务Tumblr，以及雅虎财经等子网站。

　　Maynard Webb, Yahoo's chairman, said the board believed that Marissa Mayer, Yahoo's chiefexecutive, could continue to improve the core business, and the company was not for sale.

　　雅虎董事长梅纳德·韦伯(Maynard Webb)表示，董事会认为公司首席执行官玛丽莎·梅耶尔(Marissa Mayer)可以继续改善其核心业务，而且雅虎也不会出售。

　　“If someone came in today and made offers on what the core or operating business is worthtoday, it would probably be a lowball offer,” he said in an interview.

　　“如果今天有人提出按我们核心业务现在的价值收购公司，那很可能是一个虚低的报价，”他在接受采访时说。

　　However, the change in approach does come at a high cost: It will add at least a year and ahost of complexities to what was already a difficult process.

　　然而，这种变化也将付出高昂的代价：雅虎目前所处的艰难过程至少会延长一年，还会额外增加一系列复杂问题。

　　The decision not to sell the Alibaba stake, which was reported Tuesday, was driven by “themarket's perception of tax risk” associated with the Alibaba plan, Yahoo said in a statementWednesday morning.

　　雅虎在周三上午的一份声明中说，由于出售阿里巴巴股份的计划让“市场感受到了税务风险”，董事会做出了不出售的决定。该决定是周二向媒体披露的。

　　Webb said during a conference call with analysts that the board still believed that originalspinoff plan would have incurred no taxes to investors or Yahoo. But some investors, notablythe Starboard Value hedge fund, disagreed.

　　在与分析师举行的电话会议上，韦伯说，董事会仍然认为最初的剥离计划不会给投资者或雅虎带来税务负担。但一些投资者不同意这个说法，特别是对冲基金斯塔博德价值(Starboard Value)。

　　“The tax attorneys were telling them one thing and the market was telling them somethingelse,” said Ben Schachter, an analyst with Macquarie Securities. “They decided to succumb tothe shareholder pressure.”

　　“税务律师跟他们说的是一回事，市场跟他们说的是另一回事，”麦格理证券集团(Macquarie Securities)分析师本·沙克特(Ben Schachter)表示。“他们决定屈从于股东的压力。”

　　The new plan carries its own risks. Besides the additional delay, many of Yahoo's contracts,including its agreements with bondholders and Yahoo Japan, will have to be renegotiated beforethe deal can proceed.

　　这个新计划也有其自身的风险。除了造成进一步的拖延之外，雅虎的很多合同，其中包括它与债券持有人和雅虎日本的协议，都必须重新进行谈判，之后才可以继续推进这宗交易。

　　Under the revised plan, Yahoo shareholders would still end up with stock in two companies.

　　计划修订之后，雅虎股东仍将持有这两家公司的股票。

　　“We are accomplishing the exact same thing in a reverse form,” Yahoo's chief financial officer,Ken Goldman, said during the conference call with analysts.

　　“我们是在以相反的方式做同样的事情，”雅虎首席财务官肯尼斯·古德曼(Kenneth Goldman)在与分析师召开电话会议期间表示。

　　Mark May, an Internet analyst with Citigroup, estimated the fair market value of Yahoo's stockunder the new plan at $40 a share, compared with $32 if Yahoo had proceeded with theoriginal strategy.

　　花旗集团(Citigroup)的互联网分析师马克·梅(Mark May)预计，按照新计划，雅虎股票的实际市场价值将达到每股40美元，如果雅虎推行最初的策略，股价只会达到每股32美元。

　　But with Yahoo stock trading at about $35 a share, he downgraded the stock Wednesday,noting that there was little upside for investors given the risks. That stark difference in WallStreet's view of the alternatives helped drive the board's decision.

　　但目前雅虎股票的交易价格为每股35美元，他在周三下调了对雅虎股价的预期，指出鉴于存在风险，投资者的收益并不大。华尔街对两种操作的观点明显不同，在一定程度上推动了董事会的决定。

　　Separately, Yahoo said that one of its directors, Max Levchin, had resigned to focus on hisduties as chief executive of Affirm, an online lending company. The board has no plans toreplace him and will shrink to eight members.

　　此外，雅虎披露，董事马克斯·列夫齐恩(Max Levchin)已经辞去职务，专心担任在线贷款公司Affirm的首席执行官。董事会没有找人替代他的计划，将缩减至八名成员。

　　The change in Yahoo's strategy, which follows deliberations by the board over the last week, isthe latest effort by Mayer to assuage shareholders. Mayer, who was hired in 2012 to turnaround Yahoo, had planned to spin off the company's 15 percent stake in Alibaba, bundledwith a small-business services unit, into a new company called Aabaco. She then planned tofocus on improving the company's core business, the sale of advertising that is shown to theroughly 1 billion users of Yahoo's apps and websites.

　　上周经过董事会的磋商后，雅虎决定改变策略，这是梅耶尔缓和股东担忧的最新努力。梅耶尔于2012年任职，打算帮助雅虎东山再起。她曾计划剥离该公司所持有的阿里巴巴15%的股份，并与旗下的一个小企业服务部门捆绑，成立一个名为Aabaco的新公司。她后来计划重点提高公司的核心业务，即广告销售。雅虎旗下的应用和网站拥有大约1亿用户，这些都是广告受众。

　　Mayer is now effectively back to square one. Yahoo's core Internet operations are struggling,even though Mayer has made dozens of acquisitions, added original video and magazine-stylecontent, and released new apps. The shares in Alibaba remain Yahoo's most lucrative asset,with the company's $8.5 billion stake in Yahoo Japan a distant second. The rest of Yahoo isworth $3 billion to $8 billion, according to analysts' estimates.

　　梅耶尔现在实际上已经回到起点。雅虎核心的网络业务正在苦苦挣扎，尽管她已经做出了几十次收购，增加了原创视频和杂志风格的内容，并发布了新应用。阿里巴巴的股份仍旧是雅虎持有的最能赚钱的资产，其次是该公司在雅虎日本持有的价值85亿美元的股份，但远远低于前者。分析师估算，雅虎余下的资产价值30亿美元到80亿美元。

　　Mayer said in an interview that she was “deeply committed” to Yahoo and planned to stay andrun Yahoo's core businesses. “I am committed to seeing it through,” she said.

　　梅耶尔接受采访时表示，她“全心全意地致力于”推动雅虎发展，计划留下来经营雅虎的核心业务。她说，“我将致力于帮助雅虎度过难关。”

　　Webb said the board was “solidly behind Marissa” and her strategy.

　　韦伯表示，董事会“坚定支持玛丽莎”和她的策略。

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