经济学人下载:互联网商业,又一轮的数字淘金热

Much more striking, however, is that the latest round of euphoria involves emerging markets that were mere spectators during the last one, above all China. The country boasts not only the world’s biggest online population, but also its fastest-growing. The number of internet users there will rise from 457m last year to more than 700m in 2015, according to the Boston Consulting Group (BCG). And the Chinese are no longer mostly playing games, but are diving into lots of other online activities, notably shopping. Between 2010 and 2015, predicts BCG, China’s e-commerce market will more than quadruple, from $71 billion to $305 billion—which could make it the world’s largest.

更为让人震动的是最近这一轮的幸福也捎带上了上一轮里还只是个看客，作为新兴市场的中国。中国以其有着世上最为庞大的在线人口，和最为快速的增长而夸耀世间。据波士顿咨询集团（Boston Consulting Group (BCG)），其互联网用户将从去年的4.75亿增加到2015的超过7亿。而且中国人（上网）不再主要是玩游戏，而是冲进了其他的各种在线活动上——最为瞩目的就是（网上）购物。波士顿咨询集团（Boston Consulting Group (BCG)）预见，中国电子商务市场在2010到2015年间将翻上四番，从$71 亿增长到$305亿美元——成为世界最大电子商务市场。

Such forecasts have stimulated plenty of venture capital, both foreign and domestic. Albeit with a dip in 2009, the amount raised by Chinese venture funds has grown sharply, rising from nearly $4 billion in 2006 to more than $11 billion in 2010 according to Zero2IPO, a research firm. The sum invested increased from $1.8 billion to nearly $5.4 billion. Much of this went into internet start-ups.

这些预测刺激了来自海外和国内的大量风险资本。据研究公司Zero2IPO，尽管在2009年稍有驰缓，但中国人的风险基金数量增长迅速，已从2006年的$40亿美元增长到了2010年超过$110亿美元。总投资从$18亿美元增加到$54亿美元，而这中间的大部分进入了互联网新兴企业。

Investors have also been desperate for shares in Chinese companies listed on American stock exchanges (see table). Since the start of the year the share prices of the biggest of these firms have risen by more than a third, according to iChina Stock, a website. Baidu, China’s largest search engine, has seen its share price climb from about $60 to $150 in the past 12 months, taking its market capitalisation to nearly $50 billion. Tencent, which makes most of its money from online games, is worth about the same. Both are among the world’s top five internet firms by stockmarket value. The ten biggest Chinese companies have a combined worth of $150 billion, not much less than Google’s.

投资者同样对在美国交易所上市（见上表）的中国公司的股票翘首期盼。据网站iChina Stock，从今年年初起，这中间最大型的那些公司（的股价）上涨了多过1/3。在过去12个月里，中国最大的搜索引擎百度（Baidu）公司的股价已经从$60美元攀升到$150美元，使得其资本市场达到将近$500亿美元。从在线游戏上赚取其大部分钱的腾讯（Tentcent）公司，也差不多值到这个价。这两者都位列世界上股市价值最大的五家互联网公司之中。中国人最大的十家（互联网）公司总合价值为$1500亿美元，并不比谷歌（Google）公司少。

They tend to sparkle on their debuts. When Youku, China’s largest online-video company, listed its shares on December 8th its stock jumped by 161%, the biggest gain by a newcomer to the NYSE for five years. The share price of Dangdang, an online retailer floated on the same day, almost doubled. And on May 4th Renren, a social network, saw its share price rise by 29% on the first day of trading, though it has fallen back almost to where it started.

他们都倾向于甫一上场，即倍受瞩目。当中国最大的在线视频公司优酷（Youku）公司于12月8日上市的时候，其股价跃升了161%，使得这样一个新来的成了纽交所（NYSE）5年以来最大的赢家。摘取了。就在同一天，在线零售商当当网（Dangdang）的股价，几乎翻了一倍。5月4日，社交网络公司人人网（Renren）在交易日首日眼见着股价上涨了29%，尽管之后又跌回到接近发行价位。

The experience of Chinese firms in America has encouraged other emerging-market internet companies to consider IPOs there. On the day LinkedIn revealed the terms of its offering, Yandex, a Russian search engine, said it would soon raise $1.1 billion by listing its shares on the tech-heavy NASDAQ stockmarket.

在美国的中国公司的经验激励了新兴市场的互联网公司考虑到此地来IPO。在LinkIn发布其募资的同一天，俄罗斯搜索引擎Yandex就说将不久在科技股集中的纳斯达克（NASDAQ）股市通过股票上市以募集$11亿美元（的资金）。