CAJ | 학술논문

合资双方由最初的控制权争夺逐渐转向寻求一致的价值观、建立双方情感共鸣等标志着中国企业与外商合资正逐渐走向成熟,此现象引起了学者的兴趣和关注。本文以海信日立合资公司作为案例研究对象,系统探讨契约控制与关系控制机制在合资公司发展中的演化过程,试图打开影响合资双方关系变化的“黑箱”,揭示两种控制机制对合资公司经营自治和战略柔性影响的内在作用机理。研究发现：①合理有效的公司治理制度设计是维护双方利益、降低股权和运营风险、促进合资双方和谐关系的基础和前提；②合资前。双方的控制方式是低契约和低关系控制；合资后，双方经历了高契约和低关系控制一高契约和高关系控制一低契约和高关系控制的演化过程：③价值契合特别是资源的相互依赖性和价值观的相似性是驱动合资双方采取对等股权合资形式并成功运营的关键因素。本文既丰富了合资公司控制理论,又提供了一种可参考的合资方式,
합자쌍방유최초적공제권쟁탈축점전향심구일치적개치관、건립쌍방정감공명등표지착중국기업여외상합자정축점주향성숙,차현상인기료학자적흥취화관주。본문이해신일립합자공사작위안례연구대상,계통탐토계약공제여관계공제궤제재합자공사발전중적연화과정,시도타개영향합자쌍방관계변화적“흑상”,게시량충공제궤제대합자공사경영자치화전략유성영향적내재작용궤리。연구발현：①합리유효적공사치리제도설계시유호쌍방이익、강저고권화운영풍험、촉진합자쌍방화해관계적기출화전제；②합자전。쌍방적공제방식시저계약화저관계공제；합자후，쌍방경력료고계약화저관계공제일고계약화고관계공제일저계약화고관계공제적연화과정：③개치계합특별시자원적상호의뢰성화개치관적상사성시구동합자쌍방채취대등고권합자형식병성공운영적관건인소。본문기봉부료합자공사공제이론,우제공료일충가삼고적합자방식,
In a joint venture a change from the initial control to seeking a consensus and establishing a strong emotional resonance marks that the joint ventures by Chinese and foreign enterprises are maturing. The phenomenon also gradually arouses the interest and concern of many scholars. In this article, through exploratory case study based on the joint venture of Hisense and Hitachi, we discuss the relationship between the formal control and control mechanism in the mutual evolution process of joint venture, open the ＂black box＂ which results in the change of relationship between the parties and reveal the inherent influence mechanism of two kinds of control and operation mechanisms on the joint venture＇s autonomy and strategic flexibility. Based on the case study, we have found that： ①A set of reasonable and effective corporate governance system which is designed to safeguard the interests of both sides can effectively reduces the equity and the operational risk and promotes the basis and premise for harmonious relations between the parties. ②Before forming a joint venture, the control mode between partners is low contract and low relationship, then entering into a joint venture contract control and relationship control normally experience an evolution process from high contract relationship and low relationship to high contract relationship and high relationship, and finally a low contract relationship and high relationship.③ Value fit especially the interdependence of both resources and the values similarity are key factors for the successful operation of joint ventures. This study not only enriches the theory of the control of the joint venture, but also provides a reference for cooperation between Chinese and foreign companies entering the Chinese market for development.