Lex专栏 优步要烧钱到什么时候

本文摘要：Uberwants to be a tech company that Warren Buffett could invest in. 优步(Uber)想要沦为沃伦.巴菲特(Warren Buffett)有可能投资的科技公司。

Uberwants to be a tech company that Warren Buffett could invest in. 优步(Uber)想要沦为沃伦.巴菲特(Warren Buffett)有可能投资的科技公司。Berkshire Hathaway’s portfolio encompasses railroads and airlines — it is not a big leap to urban transport. 伯克希尔哈撒韦(Berkshire Hathaway)的投资人组中还包括铁路公司和航空公司——如果投资城市交通的话，也远比大的冲刺。

As Uber approaches critical mass, it aspires to a similar investment thesis: dominance of regional markets; prices that rise with inflation; revenues linked to population growth; personal mobility in ubiquitous demand.一步步相似临界规模的优步渴求自身也需要合乎这种投资理念：区域市场的主导地位；与通胀一道下跌的价格；与人口快速增长保持一致的营收；无处不在的个人上下班市场需求。Railroads and airlines make money; Uber does not, yet, even after jettisoning its lossmaking Chinese business. 铁路公司和航空公司能赚；但优步未有盈利——即使是在丢下亏损的中国业务之后。

In the third quarter the company lost more than $800m on revenues of $1.7bn, according to figures first published on Tuesday by The Information website.根据周二年所由The Information网站公布的数据，优步第三财季营收17亿美元，亏损逾8亿美元。This would matter more if Uber also thought of itself as a transportation company. 如果优步也自指出是一家运输公司，盈利问题就更为最重要了。But the goal is to be more like theNew York Stock Exchange than the BNSF Railway: a dominant marketplace matching human capital (drivers) and physical assets (cars) with those willing to pay for using them. 但优步或许更加想要沦为像纽交所(NYSE)、而非北伯林顿铁路(BNSF Railway)一样的公司：一个将人力资本（司机）和实物资产（汽车）与不愿收费用于它们的用户给定一起的仅次于市场。The distinction matters in light of a case before the European Court of Justice, due to decide on Uber’s regulatory framework. 考虑到欧洲法院将就限于于优步的监管框架作出裁决，这种区别很最重要。

And it also explains why investors tolerate the cash burn, because exchanges reap a disproportionate share of the rewards a market can offer.这也可以说明，为什么投资者能忽视优步烧钱，因为一个市场所能带给的益处，相当大一部分都归了交易所。The analogy with NYSE is not exact (although, like an exchange, to achieve dominance it has to squeeze out competitors). 与纽交所相提并论并不精确（虽然，像交易所一样，要占有主导地位就必需挤走竞争对手）。A stock exchange does not dictate transaction clearing prices, while Uber’s pricing mechanism is intrinsic to its business. 交易所不要求交易承销价格，而优步的定价机制是其业务之本。

But most important is the debate about whether drivers should be considered independent from or employed by the company.但最重要的是关于司机不应被视作独立国家个体还是雇用于优步的辩论。If adjudged to be employees, Uber will approximate a taxi company more than an exchange, and the idea of a monopoly in local transportation suffers a blow. 如果司机被视作雇员，优步就更加看起来出租车公司，而非交易所，而地方交通运输业被独占的观点将不正式成立。If not, the question is whether investors will go on patiently watching their money going up in smoke while Uber chases the scale needed to achieve its dream.如果司机不被视作雇员，那么优步面对的问题乃是：在优步执着不断扩大规模以构建梦想的时候，投资者否不会之后冷静地看著自己的钱化作青烟？。

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本文来源：kaiyun-www.yhe0712.com