《纽约时报》（The New York Times）报道称，雅虎（Yahoo）明天将考虑出售所持日本雅虎（Yahoo Japan）和阿里巴巴集团（Alibaba Group）股份的提议，这些股票价值高达约170亿美元。问题在于，雅虎目前的总市值才仅仅180亿美元出头。

    这是否意味着雅虎本身仅仅价值10亿美元？如果真是这样，雅虎和美国在线（AOL）堪称难兄难弟，虽然前者营收仍是后者的两倍以上。不过显然谁也不想沦落到这样一个阵营。

    《纽约时报》的报道如下：

    根据目前提议，阿里巴巴和日本雅虎的最大持股人软银（Softbank）将分别成立新的法人实体，向其注入现金和特定运营资产。雅虎随后将置换出在上述实体中所持有的绝大部分阿里巴巴股份，以及日本雅虎的所有股份，实际上相当于出售这些股份。

    提议的发起人之一表示，雅虎计划保留15%的阿里巴巴股份，以便在这家高速发展的中国互联网公司中保留一席之地。该提议将雅虎在阿里巴巴的全部股份估值为120亿美元，在日本雅虎的则为50亿美元。

    如果雅虎拒绝此次交易，那么阿里巴巴和软银或将按照我们之前讨论的，和私募基金贝恩资本（Bain Capital）以及百仕通集团（The Blackstone Group）合作，联手收购雅虎。不过，雅虎也可能同意银湖伙伴资本（Silver Lake Partners）或德州太平洋投资集团（TPG Capital）收购其少量股份的提议，这两家基金正展开激烈的争夺。

    现在让我们再回头来看看这些金额，难道雅虎真的仅仅只值该公司年收益额的一半？难道一家公司的非核心资产价值规模反而是核心资产的17倍？答案不久就会揭晓。报道发表后，雅虎股价随即飙升了超过6%。

    最新消息：一些读者指出，根据雅虎的资产负债表，该公司目前现金流为21.1亿美元。难道说雅虎在美国的资产价值为负数？想必哪方面肯定出了严重的差错…

    译者：项航

    The New York Times is reporting that Yahoo tomorrow will consider a proposal to sell its stakes in Yahoo Japan and Alibaba Group, in a transaction that would be worth approximately $17 billion. But here's the thing: Yahoo's entire market cap is just over $18 billion.

    Does that really mean Yahoo (YHOO) itself is only worth around $1 billion? That puts it in the same league as AOL (AOL) -- despite having more than twice the revenues -- and that's not exactly a league where anyone wants to be playing right now.

    From the NY Times:

    Under the current proposed terms, Alibaba and Softbank, Yahoo Japan's majority owner, would create new legal entities that would consist of both cash and certain operating assets. Yahoo would then swap out most of its stake in Alibaba and all of its stake in Yahoo Japan for these entities, effectively selling those holdings.

    Yahoo is expected to keep a 15 percent stake in Alibaba, allowing it to hold onto a piece of the fast-growing Chinese Internet company, one of these people said. The proposal values Yahoo's entire Alibaba stake at about $12 billion and its stake in Yahoo Japan at about $5 billion.

    Were Yahoo to reject the deal, then Alibaba and Softbank may proceed with a previously-discussed bid to buy all of Yahoo, in concert with private equity firms Bain Capital and The Blackstone Group (BX). It also may accept one of two competing minority stake offers led by Silver Lake Partners and TPG Capital.

    But back to the dollar amount. Is it really possible that Yahoo would be valued the same as company that generate half the revenue? Can a company's non-core assets be worth 17x their core business? We should know soon. In the meantime, Yahoo shares have spiked more than 6% on the report.

    Update: Some readers have pointed out that Yahoo currently has $2.11 billion of cash sitting on its balance sheet. Does that somehow make the value of its U.S. assets negative? Something seems very wrong here...