阿里巴巴上市隱現“一僕二主”難題

Earlier this month, China's e-commerce giant Alibaba Group filed to go public in the U.S. in what could be one of the biggest IPOs in American history. In the prospectus, one of the company's claimed strengths is a "management team with owner mentality," but that's far too simplistic. The question is: With which owners does management share its mentality -- the public owners or the owners with holdings in the Chinese entities buried deep inside the company's financial statements?

本月初，中國電子商務巨擘阿里巴巴集團（Alibaba Group）申請在美國上市，有望成爲美國曆史上規模最大的IPO之一。這家公司在招股說明書中稱，它的優勢之一在於“管理團隊有主人翁精神”，但這樣的描述過於簡單。問題在於：誰和管理層一樣具有這樣的精神——是公衆股東？還是深藏在阿里巴巴財務報表中的國內實體所有者？

The question is important because CEO Jack Ma works for Alibaba subsidiaries inside China, as well as the firm's new public shareholders. This is the hidden hook inside all consolidated financial statements. These documents paint a picture of a unified whole, but the many subsidiaries under a holding company umbrella are where the real operations take place. They are also subject to different levels of ownership. Outsiders sometimes own a chunk of equity in subsidiaries, and their assets can be subject to claims of lenders. These details aren't always apparent to investors looking only at the consolidated picture.

這個問題很重要，原因是阿里巴巴首席執行官馬雲既要爲阿里巴巴的中國子公司工作，也要也爲新的公衆股東服務。所有合併後財務報表裏都隱藏着這樣一個陷阱。這些報表描述的是個統一的整體，但控股公司之下的諸多子公司纔是真正開展經營活動的實體，而它們的所有權情況各不相同。有時，外部人士持有子公司的多數股份，他們的資產會成爲貸款人追索的對象。如果投資者只看合併後的報表，這些細節問題並不總是一目瞭然。

Like many of mainland China's past offerings in the U.S., Alibaba makes use of "variable interest entities" out of necessity. China permits privately controlled firms in some industries to tap foreign Markets by establishing offshore companies permitted to wholly own Chinese companies. Yet it prohibits foreign investments in certain restricted industries, including the Internet. These controlled industries must be owned by Chinese nationals; no foreign investment are allowed.

和許多以往赴美國上市的中國大陸公司一樣，阿里巴巴不得已採用了可變利益實體（variable interest entities）模式。中國允許某些行業的私營公司通過設立境外公司進入海外市場，這些境外公司可以全資擁有中國境內公司。但一些受限制的領域禁止外資進入，包括互聯網行業。在這些受限制行業，公司所有人必須是中國公民，不允許出現外國投資。

That's where the mutant accounting comes in, as well as the conflicts between manager-owners, including Ma and public shareholders. The essential work-around for a firm in a restricted industry has been to establish ownership in it by Chinese nationals, while establishing an offshore company that can be publicly listed. Mimic an owner relationship by setting up contracts between the two parties so that the offshore public firm reaps the successes of the Chinese firm -- without actually owning shares in it. Thus, for unting purposes, the Chinese firm must be included in the consolidated financial statements of the public firm. In consolidation, the two parties are viewed as one harmonious entity -- even though the management goals for the Chinese firm may be far different than the management goals of the public firm.

這就是赴美上市的中國公司採用特殊會計方法的原因，但它也導致了管理層和所有者的矛盾，比如馬雲和公衆股東。對受限制行業的公司來說，主要的解決方法一直是讓中國公民掌握所有權，同時設立一家可以上市的境外公司，雙方通過訂立合同構成所有和被所有關係。這樣，境外上市公司就能獲得中國公司的經營成果，同時不會真正持有後者的股份。那麼，要符合美國會計準則，境外上市公司就必須把中國公司納入自己的合併後財報。並表後，外界會把雙方視爲一個統一的整體，即使中國公司管理層的目標可能和境外上市公司管理層的目標大相徑庭。

This was the corporate template helping power the wave of Chinese IPOs and reverse mergers in the U.S. during the mid-2000s, and it's employed by Alibaba for the China-domiciled operations such as Taobao Marketplace, . and AliExpress, among others. Ma is among the owners of those China-domiciled companies and also, among the owners of the soon-to-be-public firm.

2005年前後，這種模式幫助了大批中國公司在美國上市，或者進行反向收購。阿里巴巴也將這種方法用到了自己在中國境內的業務，比如淘寶網、阿里巴巴網站和阿里巴巴全球速賣通等。馬雲是這些中國境內公司的所有者之一，同時也是即將出現的境外上市公司所有者中的一員。

Yet the "owner mentality" of one firm -- the one doing business in a regulated industry -- might differ from the owner mentality of the public firm's shareholders. China's laws require a fiduciary duty to a company by its directors or executive officer. Alibaba's directors and executive officers of the variable interest entities, including Ma, must therefore act in good faith and in the best interests of the variable interest entities. At the same time, under Cayman Islands law, Ma has a duty of care and loyalty to public shareholders. That's like asking one man to serve two masters.

不過，對於在受限制行業開展經營活動的公司來說，它的“主人翁精神”可能和上市公司股東的主人翁精神存在差異。中國法律要求公司董事或高管承擔受託責任。因此，阿里巴巴的董事和該可變利益實體的高管，包括馬雲在內，必須出於善意按照對可變利益實體最有利的方法行事。同時，按照開曼羣島（Cayman Islands）法律，馬雲有責任照顧並忠實於上市公司股東。這就形成了一僕二主的局面。

Adding to the complexities, as a foreign private issuer, Alibaba can waive some New York Stock Exchange governance requirements. The board composition will not include a majority of independent directors; the board's compensation committee or corporate governance committee will not be composed of only independent directors.

同時，作爲外國私營發行人，阿里巴巴可以不受紐約證券交易所（New York Stock Exchange）某些管理要求的制約，這一點進一步增加了事情的複雜性。獨立董事不必在該公司董事會佔據多數，薪酬委員會和公司治理委員會成員也不需要都是獨立董事。

To be sure, Alibaba's variable interest entities account for much less of its consolidated picture than many past Chinese firm IPOs: As of Dec. 31, 2013, they were 17% of the total assets and 11% of the nine months' revenues. Investors are attracted to Alibaba for its in-China growth, however -- and that's precisely where the variable interest entities reside. What looks modest today might be an area ripe for conflicts of interest, if investors' dreams of growth are to come true.

當然，和以往許多赴美上市的中國公司相比，阿里巴巴的可變利益實體在合併後財報中所佔的比重要小得多：截至2013年12月31日，該實體佔阿里巴巴總資產的17%，佔此前9個月收入的11%。阿里巴巴中國業務的成長勢頭吸引了投資者，但這也正是該可變利益實體所屬之地。投資者希望自己的增長憧憬能變爲現實，而阿里巴巴出現利益衝突的條件也已經成熟，只是現在這個問題還夠不明顯。(財富中文網)

Jack T. Ciesielski is president of R.G. Associates, Inc., an asset management and research firm in Baltimore that publishes The Analyst's Accounting Observer, a research service for institutional investors.

本文作者是巴爾的摩資產管理及研究公司R.G. Associates總裁，該公司出版的專業期刊《分析師會計觀察》旨在爲機構投資者提供研究服務。