控制权结构、海内外子公司间竞合冲突对利益重构的影响——基于中国本土合资企业“走出去”的多案例研究

Control Rights Structure,Coopetition Tension and Interest Restructuring——A Multiple Case Study for Sino-Foreign Joint Ventures Exploring The Overseas Market

中国本土合资企业在遭遇国内发展的"天花板现象"后,应该如何调整利益分配以调动股东积极性,整合股东全球资源,促进股东利益的深度融合和持久性合作,是一个理论界和实践界亟待解决的难题。本文从资源和竞合观结合的角度,在构建了中外合资企业国际化进程中的利益重构理论分析框架后,以四家案例企业为研究对象,采用多案例的分析方法,对利益重构的影响机理和实现路径进行解析。研究发现,合资企业的控制权结构、与海外子公司间的竞合冲突以及两者的交互效应会对利益重构产生显著正向影响,并细分为竞争型、调整型、退出型以及共生型四种利益重构的演变路径。此外,利益协调(利益退让和补偿)以及股东关系控制机制(例如互惠倾向、关系和谐度和资源承诺)在合资企业走向海外市场进行利益重构时发挥显著的调节作用。这对推动合资企业"走出去",提升股东战略互信、协调与合作高度,实现股东利益的协同共赢具有重要意义。

Local Chinese joint ventures are facing more and more aggressive competition and a consolidated Chinese market. Many Chinese joint ventures are trying to explore overseas markets as an escape strategy. In Chi- nese market Chinese and foreign parent may cooperate well, but when the joint venture＇ s product explores overseas market, serious conflicts will appear mainly because of the interest competition between the joint venture and par- ent＇ s other overseas subsidiaries in homogenous or similar products. How to adjust interest allocation in order to a- rouse shareholders＇ cooperation enthusiasm and integrate shareholders＇ global resource which can promote the deep fusion of shareholders＇ interest is a problem urgently to be solved in theory and practice. When the joint venture＇ s products expand in the overseas market, it may need more support from the parent company＇ s global network to help them develop international business. But the original shareholders interest alloca- tion pattern is built on domestic market shareholders＇ resource input and bargaining capability on the basis of the domestic market, the interests of Chinese and foreign shareholders may will change accordingly in the overseas mar- ket. From the resource and coopetition view, this paper constructs an interest restructuring framework for the sino- foreign joint ventures which are expanding the international market and adopts the multiple case research method to analyze the internal mechanism of interest restructuring and its implementation path. We have found that the control rights of the joint venture, the competition and cooperation conflict between the joint venture and parents＇ other o- verseas subsidiaries as well as their interaction effect have significant positive influence on interest restructuring. The evolution path can be divided into four types： competitive, adjusted, withdrawing and symbiotic interest re- structuring. What＇ s more, interest coordination （ interest concession and compromise ） and shareholders＇ guanxi control mechanism （ for example reciprocity tendency, degree of guanxi harmony and resource commitment） would play significant moderating effect. This is helpful for promoting joint ventures＇ international expansion, improving strategic mutual trust, deepening coordination and cooperation as well as realizing shareholders＇ win-win situation. This study aims at analyzing the cooperation dilemma when the Chinese and foreign joint venture partner enter into overseas markets hand in hand. In view of the interest reconstruction process, this paper proposes how to adjust the interest redistribution mechanism in order to ensure the stable operation. It contributes to the research field of shareholder＇ s resource dependence and internationalization, which has important theoretical significance to improve the internationalization. How to foster new advantages of participation in international competition and promote shareholders harmonious relationship？ How to deepen the mutually beneficial and win-win pattern？ This paper pro- vides some new inspiration. After the change of resource dependence logic, the Chinese and foreign shareholders need to find the matching point between complementary resource and strategy in order to strengthen the trust, coor- dination and cooperation. Therefore, the joint ventures can explore overseas markets more smoothly and realize shareholders＇ profit maximization. This study also provides suggestions for solving the conflicts of interest coordination and accelerating the development of sino-foreign joint ventures as well as improving the quality and performance of international diversification.