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.

这就是赴美上市的中国公司采用特殊会计方法的原因，但它也导致了管理层和所有者的矛盾，比如马云和公众股东。对受限制行业的公司来说，主要的解决方法一直是让中国公民掌握所有权，同时设立一家可以上市的境外公司，双方通过订立合同构成所有和被所有关系。这样，境外上市公司就能获得中国公司的经营成果，同时不会真正持有后者的股份。那么，要符合美国会计准则，境外上市公司就必须把中国公司纳入自己的合并后财报。并表后，外界会把双方视为一个统一的整体，即使中国公司管理层的目标可能和境外上市公司管理层的目标大相径庭。

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