CAJ | 학술논문

合资企业契约的不完备性决定了控制问题是合资企业的核心问题，合理的控制权结构可以帮助合资企业的母公司实现自己的战略目标，并且保持竞争优势。与之前研究不同的是，本文通过引入分割控制的概念，利用106家中外合资企业的数据对控制权分配与绩效之间的关系进行了实证检验。研究发现，合资企业的中方只对某些经营活动进行控制的分割控制，最有利于合资企业的中方实现战略意图。
합자기업계약적불완비성결정료공제문제시합자기업적핵심문제，합리적공제권결구가이방조합자기업적모공사실현자기적전략목표，병차보지경쟁우세。여지전연구불동적시，본문통과인입분할공제적개념，이용106가중외합자기업적수거대공제권분배여적효지간적관계진행료실증검험。연구발현，합자기업적중방지대모사경영활동진행공제적분할공제，최유리우합자기업적중방실현전략의도。
Parent control is the core issue of international joint ventures （IJV） , for IJV contracts are always incomplete. Proper control structure helps parent firms of IJV achieve their strategic objectives and sustain competitive ad- vantages. Different from existing literature, this paper introduces the concept of split control and conducts an empirical test of the relationship between control distribution and firm performance based on the data of 106 Sino-foreign joint ven- tures. Our research finds that the best way for a Chinese parent firm of an IJV to achieve its strategic objective is to exercise parent control only over several specific operational activities.