阿里巴巴上市隐现“一仆二主”难题
<p><span word="Earlier">Earlier</span> <span word="this">this</span> <span word="month">month</span>, <span word="China">China</span>'<span word="s">s</span> <span word="e">e</span>-<span word="commerce">commerce</span> <span word="giant">giant</span> <span word="Alibaba">Alibaba</span> <span word="Group">Group</span> <span word="filed">filed</span> <span word="to">to</span> <span word="go">go</span> <span word="public">public</span> <span word="in">in</span> <span word="the">the</span> <span word="U">U</span>.<span word="S">S</span>. <span word="in">in</span> <span word="what">what</span> <span word="could">could</span> <span word="be">be</span> <span word="one">one</span> <span word="of">of</span> <span word="the">the</span> <span word="biggest">biggest</span> <span word="IPOs">IPOs</span> <span word="in">in</span> <span word="American">American</span> <span word="history">history</span>. <span word="In">In</span> <span word="the">the</span> <span word="prospectus">prospectus</span>, <span word="one">one</span> <span word="of">of</span> <span word="the">the</span> <span word="company">company</span>'<span word="s">s</span> <span word="claimed">claimed</span> <span word="strengths">strengths</span> <span word="is">is</span> <span word="a">a</span> "<span word="management">management</span> <span word="team">team</span> <span word="with">with</span> <span word="owner">owner</span> <span word="mentality">mentality</span>," <span word="but">but</span> <span word="that">that</span>'<span word="s">s</span> <span word="far">far</span> <span word="too">too</span> <span word="simplistic">simplistic</span>. <span word="The">The</span> <span word="question">question</span> <span word="is">is</span>: <span word="With">With</span> <span word="which">which</span> <span word="owners">owners</span> <span word="does">does</span> <span word="management">management</span> <span word="share">share</span> <span word="its">its</span> <span word="mentality">mentality</span> -- <span word="the">the</span> <span word="public">public</span> <span word="owners">owners</span> <span word="or">or</span> <span word="the">the</span> <span word="owners">owners</span> <span word="with">with</span> <span word="holdings">holdings</span> <span word="in">in</span> <span word="the">the</span> <span word="Chinese">Chinese</span> <span word="entities">entities</span> <span word="buried">buried</span> <span word="deep">deep</span> <span word="inside">inside</span> <span word="the">the</span> <span word="company">company</span>'<span word="s">s</span> <span word="financial">financial</span> <span word="statements">statements</span>?</p><p>本月初，中国电子商务巨擘阿里巴巴集团（<span word="Alibaba">Alibaba</span> <span word="Group">Group</span>）申请在美国上市，有望成为美国历史上规模最大的<span word="IPO">IPO</span>之一。这家公司在招股说明书中称，它的优势之一在于“管理团队有主人翁精神”，但这样的描述过于简单。问题在于：谁和管理层一样具有这样的精神——是公众股东？还是深藏在阿里巴巴财务报表中的国内实体所有者？</p><p><span word="The">The</span> <span word="question">question</span> <span word="is">is</span> <span word="important">important</span> <span word="because">because</span> <span word="CEO">CEO</span> <span word="Jack">Jack</span> <span word="Ma">Ma</span> <span word="works">works</span> <span word="for">for</span> <span word="Alibaba">Alibaba</span> <span word="subsidiaries">subsidiaries</span> <span word="inside">inside</span> <span word="China">China</span>, <span word="as">as</span> <span word="well">well</span> <span word="as">as</span> <span word="the">the</span> <span word="firm">firm</span>'<span word="s">s</span> <span word="new">new</span> <span word="public">public</span> <span word="shareholders">shareholders</span>. <span word="This">This</span> <span word="is">is</span> <span word="the">the</span> <span word="hidden">hidden</span> <span word="hook">hook</span> <span word="inside">inside</span> <span word="all">all</span> <span word="consolidated">consolidated</span> <span word="financial">financial</span> <span word="statements">statements</span>. <span word="These">These</span> <span word="documents">documents</span> <span word="paint">paint</span> <span word="a">a</span> <span word="picture">picture</span> <span word="of">of</span> <span word="a">a</span> <span word="unified">unified</span> <span word="whole">whole</span>, <span word="but">but</span> <span word="the">the</span> <span word="many">many</span> <span word="subsidiaries">subsidiaries</span> <span word="under">under</span> <span word="a">a</span> <span word="holding">holding</span> <span word="company">company</span> <span word="umbrella">umbrella</span> <span word="are">are</span> <span word="where">where</span> <span word="the">the</span> <span word="real">real</span> <span word="operations">operations</span> <span word="take">take</span> <span word="place">place</span>. <span word="They">They</span> <span word="are">are</span> <span word="also">also</span> <span word="subject">subject</span> <span word="to">to</span> <span word="different">different</span> <span word="levels">levels</span> <span word="of">of</span> <span word="ownership">ownership</span>. <span word="Outsiders">Outsiders</span> <span word="sometimes">sometimes</span> <span word="own">own</span> <span word="a">a</span> <span word="chunk">chunk</span> <span word="of">of</span> <span word="equity">equity</span> <span word="in">in</span> <span word="subsidiaries">subsidiaries</span>, <span word="and">and</span> <span word="their">their</span> <span word="assets">assets</span> <span word="can">can</span> <span word="be">be</span> <span word="subject">subject</span> <span word="to">to</span> <span word="claims">claims</span> <span word="of">of</span> <span word="lenders">lenders</span>. <span word="These">These</span> <span word="details">details</span> <span word="aren">aren</span>'<span word="t">t</span> <span word="always">always</span> <span word="apparent">apparent</span> <span word="to">to</span> <span word="investors">investors</span> <span word="looking">looking</span> <span word="only">only</span> <span word="at">at</span> <span word="the">the</span> <span word="consolidated">consolidated</span> <span word="picture">picture</span>.</p>
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