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阿里上市隱現(xiàn)“一仆二主”難題

阿里上市隱現(xiàn)“一仆二主”難題

Jack T. Ciesielski 2014年05月22日
中國(guó)法律要求馬云及阿里巴巴的董事和它的VIE高管必須出于善意按照對(duì)VIE最有利的方法行事。同時(shí),注冊(cè)地開(kāi)曼群島的法律要求他負(fù)責(zé)照顧并忠實(shí)于上市公司股東。這樣就形成了一仆二主的局面,從而可能帶來(lái)利益沖突。

????本月初,中國(guó)電子商務(wù)巨擘阿里巴巴集團(tuán)(Alibaba Group)申請(qǐng)?jiān)诿绹?guó)上市,有望成為美國(guó)歷史上規(guī)模最大的IPO之一。這家公司在招股說(shuō)明書(shū)中稱(chēng),它的優(yōu)勢(shì)之一在于“管理團(tuán)隊(duì)有主人翁精神”,但這樣的描述過(guò)于簡(jiǎn)單。問(wèn)題在于:誰(shuí)和管理層一樣具有這樣的精神——是公眾股東?還是深藏在阿里巴巴財(cái)務(wù)報(bào)表中的國(guó)內(nèi)實(shí)體所有者?

????這個(gè)問(wèn)題很重要,原因是阿里巴巴首席執(zhí)行官馬云既要為阿里巴巴的中國(guó)子公司工作,也要也為新的公眾股東服務(wù)。所有合并后財(cái)務(wù)報(bào)表里都隱藏著這樣一個(gè)陷阱。這些報(bào)表描述的是個(gè)統(tǒng)一的整體,但控股公司之下的諸多子公司才是真正開(kāi)展經(jīng)營(yíng)活動(dòng)的實(shí)體,而它們的所有權(quán)情況各不相同。有時(shí),外部人士持有子公司的多數(shù)股份,他們的資產(chǎn)會(huì)成為貸款人追索的對(duì)象。如果投資者只看合并后的報(bào)表,這些細(xì)節(jié)問(wèn)題并不總是一目了然。

????和許多以往赴美國(guó)上市的中國(guó)大陸公司一樣,阿里巴巴不得已采用了可變利益實(shí)體(variable interest entities)模式。中國(guó)允許某些行業(yè)的私營(yíng)公司通過(guò)設(shè)立境外公司進(jìn)入海外市場(chǎng),這些境外公司可以全資擁有中國(guó)境內(nèi)公司。但一些受限制的領(lǐng)域禁止外資進(jìn)入,包括互聯(lián)網(wǎng)行業(yè)。在這些受限制行業(yè),公司所有人必須是中國(guó)公民,不允許出現(xiàn)外國(guó)投資。

????這就是赴美上市的中國(guó)公司采用特殊會(huì)計(jì)方法的原因,但它也導(dǎo)致了管理層和所有者的矛盾,比如馬云和公眾股東。對(duì)受限制行業(yè)的公司來(lái)說(shuō),主要的解決方法一直是讓中國(guó)公民掌握所有權(quán),同時(shí)設(shè)立一家可以上市的境外公司,雙方通過(guò)訂立合同構(gòu)成所有和被所有關(guān)系。這樣,境外上市公司就能獲得中國(guó)公司的經(jīng)營(yíng)成果,同時(shí)不會(huì)真正持有后者的股份。那么,要符合美國(guó)會(huì)計(jì)準(zhǔn)則,境外上市公司就必須把中國(guó)公司納入自己的合并后財(cái)報(bào)。并表后,外界會(huì)把雙方視為一個(gè)統(tǒng)一的整體,即使中國(guó)公司管理層的目標(biāo)可能和境外上市公司管理層的目標(biāo)大相徑庭。

????2005年前后,這種模式幫助了大批中國(guó)公司在美國(guó)上市,或者進(jìn)行反向收購(gòu)。阿里巴巴也將這種方法用到了自己在中國(guó)境內(nèi)的業(yè)務(wù),比如淘寶網(wǎng)、阿里巴巴網(wǎng)站和阿里巴巴全球速賣(mài)通等。馬云是這些中國(guó)境內(nèi)公司的所有者之一,同時(shí)也是即將出現(xiàn)的境外上市公司所有者中的一員。

????不過(guò),對(duì)于在受限制行業(yè)開(kāi)展經(jīng)營(yíng)活動(dòng)的公司來(lái)說(shuō),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(guó)法律要求公司董事或高管承擔(dān)受托責(zé)任。因此,阿里巴巴的董事和該可變利益實(shí)體的高管,包括馬云在內(nèi),必須出于善意按照對(duì)可變利益實(shí)體最有利的方法行事。同時(shí),按照開(kāi)曼群島(Cayman Islands)法律,馬云有責(zé)任照顧并忠實(shí)于上市公司股東。這就形成了一仆二主的局面。

????同時(shí),作為外國(guó)私營(yíng)發(fā)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(diǎn)進(jìn)一步增加了事情的復(fù)雜性。獨(dú)立董事不必在該公司董事會(huì)占據(jù)多數(shù),薪酬委員會(huì)和公司治理委員會(huì)成員也不需要都是獨(dú)立董事。

????當(dāng)然,和以往許多赴美上市的中國(guó)公司相比,阿里巴巴的可變利益實(shí)體在合并后財(cái)報(bào)中所占的比重要小得多:截至2013年12月31日,該實(shí)體占阿里巴巴總資產(chǎn)的17%,占此前9個(gè)月收入的11%。阿里巴巴中國(guó)業(yè)務(wù)的成長(zhǎng)勢(shì)頭吸引了投資者,但這也正是該可變利益實(shí)體所屬之地。投資者希望自己的增長(zhǎng)憧憬能變?yōu)楝F(xiàn)實(shí),而阿里巴巴出現(xiàn)利益沖突的條件也已經(jīng)成熟,只是現(xiàn)在這個(gè)問(wèn)題還夠不明顯。(財(cái)富中文網(wǎng))

????本文作者是巴爾的摩資產(chǎn)管理及研究公司R.G. Associates總裁,該公司出版的專(zhuān)業(yè)期刊《分析師會(huì)計(jì)觀察》旨在為機(jī)構(gòu)投資者提供研究服務(wù)。

????譯者:Charlie

????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?

????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.

????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.

????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 U.S.accounting 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.

????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, Alibaba.com. 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.

????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.

????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.

????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.

????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.

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