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各种形式的合资企业The various forms of joint ventures

时间:2016-02-18 08:59来源:www.ukassignment.org 作者:留学生作业 点击:

The various forms of joint ventures





Joint ventures are a form of aid for accessing emerging markets, resources, knowledge, capabilities. Joint ventures are nothing but combination of two or more entities which enter a new market to attain profits. Joint ventures are preferred by international markets, yet they are very challenging to operate because in a joint venture there are two companies or more. When there are two or more companies involved there are different goals and objectives involved, International Joint venture (henceforth referred as IJV) adds more complexities to the business as government policies and business practices are different. Entities enter into joint venture to emerge new products and services where they can make a mark in the international markets. Joint venture makes a huge portion of foreign entry and investment. In today's times of comparatively free economic scenarios, every organization is targeting markets that are up coming and developing. This happens because these markets have not yet been explored fully by major global players and respond very enthusiastically to the arrival of such organizations in their developing economies. This is primarily done because emerging markets provide more room for growth for an organization

国际合资企业的概念——Concept of International Joint Venture

A Number of organizations are establishing their operations into new markets in order to sustain and develop their competitive edge [1]. International expansion is a challenging undertaking and in order to complete this undertaking successfully firms resort to different market penetration strategies [2] [3] [4] [5] [6]. International Joint Venture is the most common and widely used form of international expansion.

Joint ventures are not just the means for accessing resources of a different firm; they are also required or used for acquiring licenses, contracts and other alliances. Joint ventures tend to outperform in the international markets, they tend to outperform on wholly owned subsidiaries (WOSs) this is achieved because of the local partners that these ventures have in the market. [7]

According to Culpan (2002) the process of IJV involves two or more firms from different countries to collaborate in creating an independent business unit by contributing their resources. On an another instance Wallace (2004) defines joint venture as the working together of two or more firms for achieving a specific outcome that would not have been possible by any of the firm working alone. The outcome in most of the cases is to achieve growth and a sustainable competitive advantage, and the joint ventures usually provide the most suitable platform to accomplish this task. By studying both the definitions above we could easily recognize the following three variables:

1、多个独立的公司——1. Multiple independent companies

2、定义良好的目的——2. A well defined purpose

3、相互依赖的程度——3. The level of interdependence

Wallace (2004) has mentioned that in a joint venture there are usually two firms involved but in certain cases depending on the nature and the size of the business, there is an involvement of more than two players. Another characteristic which he has described is the independence of the companies which plays an important role in the whole process. According to him when two independent companies come together they have entirely different values, goals, cultures and management structures which could lead to various compatibility issues. Joint ventures are usually formed on the basis of a common objectives or mutual goals of all the parties. This objective should serve the needs of the companies in a proportionate manner otherwise the success of the joint venture will be short-lived. [9]

The level of interdependence between the firms is the most important variable that makes the whole process of joint venturing different from other type of alliances. Each company which is involved in the process cannot possibly achieve the goal at its own and has to move alongside other partners to get to the mutual goal [9].

文献综述——Literature review

Despite being the most popular means of international expansion IJV has its own shortcomings for instance they are difficult to initiate, organize & manage. Majority of JV fall short of their stated goals and objectives and end up with a massive losses and debts [10] [11] [12]. Several factors can be attributed to the failure like the legal system, political system, state of the economy, and organizational forces like partner differences and contract terms contribute to failures, a large proportion of IJV failure can be attributed to inefficient management [13] [4]. Despite their shortcomings and difficulties if managed properly IJVs can deliver desired results [14] [10] [15] [12].

Following are 4 major stages in formation and maintenance of a IJV:

阶段1-形成——Stage 1- Formation

The decisions made in the formation stage holds a critical value in the whole process. Consensus has it that the very nature of joint ventures contributes to their failure: they are a difficult and complex form of enterprise [16] and many companies initiate IJVs without fully recognizing and addressing the major issues they are likely to confront [17] [13]. Both parties forming an IJV need to determine the reasons for adopting IJV as a part of their strategy. Early planning in joint ventures is important without planning the likelihood of reaping the gains from the IJV is diminished [18] [19]. In the initial stage, the companies should whether or not to take a step towards joint venture in order to gain a specific advantage. If the benefits of joint venture outweigh the costs and risks associated with it, the partner(s) decide to take a step further. On the other hand, in the situations when there is high cost and risk involved, they have to decide against it and have to consider other alternatives. (Culpan, 2002). It appears that cooperative partners may help increase the chances of success, and the effectiveness of the learning process itself [2] [20] [6] [21]. As mentioned by Stiles (2001) the high level of failures in the strategic partnership occurs due to the wrong selection of partner firms. Culpan (2002) supports this argument and states that the process of partner selection is very critical for a prospective joint venture. He further elaborates the importance of compatibility during the whole process and suggests that success of a joint venture depends on the compatibility of the partners.

阶段2-发展——Stage 2 - Development

Where to locate is an important question. Locating in the country of one partner may give a "local knowledge" and control advantage. If, however, this knowledge is shared with the other partner, the advantage can move to the partnership and the IJV itself rather than one partner. When both parents are interested in the IJV and want it to succeed, they appear to get involved in all the key decisions made early on as reflected in the contract negotiation [13]. Under these conditions, the board of directors is likely to be composed equally of representatives of the parents and the IJV (internal and external to these entities).

阶段3-实施——Stage 3- Implementation

The implementation stage of the IJV process involves vision, mission, values, strategy [23]. With a high quality top management team in the IJV, the vision, mission, values, strategy and structure are more likely to be crafted to fit the local needs as well as those of the parents. The entire set of the policies and practices needs to be created for the IJV. The factors that these policies and practices need to reflect include the IJV's: (a) vision, mission, values, culture, structure, strategy; (b) labor market; (c) need for global integration with parent(s) such as for knowledge transfer; and (d) differences between the country cultures of the parents and the IJV [24]. Possibly some policies will be non-negotiable and have to meet parents' standards, e.g., ethical, safety/environmental whereas other policies, e.g., working hours, compensation and benefits, can be much more locally adaptable.

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