对等股权下股东控制关系的动态变化——基于海信日立合资公司的案例研究  

The Dynamic Change of Control Relations under Equal Equity Shareholders——A Case Study Based on the Joint Venture of Hisense and Hitachi

作　　者：刘素[1] 陈志军[2] 蔡地[2] 

机构地区：[1]山东财经大学工商管理学院,山东济南250014 [2]山东大学管理学院,山东济南250100

出　　处：《中国工业经济》2014年第6期135-146,共12页China Industrial Economics

基　　金：国家自然科学基金青年项目"转型经济背景下我国家族企业的创新活动:内部治理结构和外部制度环境的影响"(批准号71302090);山东省自然科学基金青年项目"合作网络视角下的企业集团预算管理机制研究"(批准号ZR2011GQ011);山东省高等学校协同创新计划规定性项目"基于互联网金融的金融企业可持续竞争力评价与提升研究"

摘　　要：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→高契约和高关系控制→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。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.

关 键 词：价值契合 经营自治 战略柔性 控制机制 

分 类 号：F276.43[经济管理—企业管理]