FT社评：Autonomy丑闻应有更多人负责_时事

FT社评：Autonomy丑闻应有更多人负责

Few big takeovers in recent years have received quite as harsh a reception as that accorded Hewlett-Packard’s $11bn bid for the British software developer, Autonomy. Not only did the US technology group’s shares crash on announcement; angry investors later forced out the chief executive responsible, Léo Apotheker.

在近年完成的大规模收购案中，没有几起像惠普(HP)以110亿美元收购英国软件开发商Autonomy这样，引发了如此令人不快的反应。不但这家美国科技集团的股价在消息公布之后立即大跌，而且愤怒的投资者后来把负责收购的首席执行官李艾科(Léo Apotheker)赶下了台。

Now, just over a year later, it is clear how right the market was to be worried. HP has written down nearly $9bn – or 80 per cent of the purchase price. It alleges that a big chunk of these impairments are the result of Autonomy’s “accounting irregularities, misrepresentations and disclosure failures. While HP still believes in Autonomy’s technology, the company’s margins – long a source of wonder in the software industry – are lower than it thought.

在一年多之后的今天，很明显，当初市场的担心是多么的正确！惠普已减记近90亿美元，相当于收购价的80%。惠普称，造成损失的主要原因在于Autonomy的“财务违规、不实陈述和披露不到位。尽管惠普仍信任Autonomy的技术，但这家软件公司的利润率低于惠普预想的水平。长期以来，Autonomy的利润率水平一直是软件业的奇迹。

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