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It is in line with Yu Wenzhao's research (1996) on 128 employees of joint venture Corporation that discovered that age, education and position have notable influence on job satisfaction.
②学历、年龄、工作职务对工作满意度有显著影响,与俞文钊(1996)对128名合资企业员工调查后发现年龄、文化程度、职务级别对工作满意度有显著影响一致,但是本研究未能发现性别、入职时间对工作满意度有显著影响。
Study on Control Problem of Joint Venture in China
中外合资企业的控制问题研究
NEAT-CChina and foreign joint venture ,was founded in July 1994.S-A joint-stock company , DB communicate and LNS post administration are the cofounders .
NEAT公司是由S—A股份有限公司、DB通信集团公司、LNS邮电管理局共同投资兴建，并于一九九四年七月获准成立的中外合资企业。
Development mode and trend of China's shipping joint venture
我国航运合资企业发展模式与趋势
Study on Trans-Culture Human Resource Management in China-Foreign Joint Venture
中外合资企业跨文化人力资源管理研究
The percentages of domestic drugs,joint venture drugs and imported drugs were 80.56%,15.65% and 3.79% and the corresponding percentages of sum of money were 41.43%,47.65% and 10.92% respectively.
国产、合资及进口药品的DDDs百分比分别为80 56 %、15 65 %及3 79 % ,而相应的金额百分比依次为41 43 %、47 65 %和10 92 % ;
A Study on Cross-Cultural Management in Sino-Japanese Joint Venture C&S Motors Company
中日合资C&S汽车公司跨文化管理研究
Comprehensive assessment and Choice of Management System of Joint Venture Railways
合资铁路管理体制的综合评价与选择
Today, 26 insurance company is operating in Chinese insurance market, 4 of which are state-owned companies, 9 are share holding companies, 4 are joint venture companies and 9 are foreign insurance branch companies.
目前，全国共有26家保险公司，其中国有独资公司4家，股份制公司9家，中外合资保险公司4家，外资保险公司分公司9家。
It is in line with Yu Wenzhao's research (1996) on 128 employees of joint venture Corporation that discovered that age, education and position have notable influence on job satisfaction.
②学历、年龄、工作职务对工作满意度有显著影响,与俞文钊(1996)对128名合资企业员工调查后发现年龄、文化程度、职务级别对工作满意度有显著影响一致,但是本研究未能发现性别、入职时间对工作满意度有显著影响。
Some Legal Problems on Capital Contribution withTechnology in Joint Venture Enterprises
中外合资经营企业中技术出资的法规问题
enacts Income Tax Law on Chinese-foreign Equit Joint Venture in 1980 and Income Tax Law on Foreign Enterprises in 1981.Then in 1991,these two laws are integrated and Income Tax Law on Foreign Commercial Enterprises and Foreign Enterprises was enacted.
1991年,我国又将两税合并,颁布了统一适用于中外合资经营企业、中外合作经营企业、外资企业和外国企业的《外商投资企业和外国企业所得税法》。
International joint venture is invested and established jointly by international enterprise and domestic enterprise of host-country under the law of host-country which involves joint management, share of profit, loss and risk between both partners.
国际合资经营是指跨国企业与东道国的企业在东道国法律管理范围内共同投资组建生产经营企业，并且共同管理、共享利润，共负亏损及经营风险的一种经营方式。
In the end, the paper analyzed the four strategic alliances, which are known as multidisciplinary management team, outsourcing, joint venture and integration, applied by multinational oil companies and the paper brought forward the international entry policies for Chinese oil companies based on the theories of international marketing and enterprise internationalization.
最后，分析了国外跨国石油公司主要采用的四种战略联盟方式：多学科管理组、外包、合资经营、一体化，并结合有关的国际市场营销管理、企业国际化理论提出中石油公司国际市场进入策略。
After the probe of development mode in current aluminium industry and the consideration of domestic and foreign capital, resource, technology, management, market and etc, the suggestion on continuous attention, regulation and support from government of operation mode of joint venture in aluminium industry was made.
通过对当前铝行业发展模式的探讨,结合国内外资金、资源、技术、管理、市场等实际,提出了中外合资经营对发展我国铝行业的特殊意义,并建议国家继续对这种经营模式进行关注、规范和支持。
Forms of international investment enterprise include equity joint venture and contractual joint venture.
国际投资企业形式包括股权式合营企业和契约式合营企业两种。
查询“joint venture”译词为用户自定义的双语例句&&&&我想查看译文中含有：的双语例句
为了更好的帮助您理解掌握查询词或其译词在地道英语中的实际用法，我们为您准备了出自英文原文的大量英语例句，供您参考。&&&&&&&&&&&&&&&&&&&& Dr. James S. C. Chao is an alumnus of the formerWusong Marine College, Shanghai, and now the presidentof Foremost Marine Corp. New York, U.S.A.. Invited bythe Center for Transportation Studies, which is sponsoredjointly by Massachusetts Institute of Technology and Har-vard Business School, he gave a speech to the joint M. I.T. and Harvard Business School graduate seminar at theHarvard Business School campus in Boston, Mass. on March17, 1982. In his speech on "International Shipping", Dr.Chao talked ab... &&&&&&&&&&&&赵锡成博士是原上海吴淞商船学校的校友,现任美国纽约福茂航务公司董事长。应美国麻省理工学院及哈佛大学商学院合办的交通研究所的邀请,他于日在哈佛大学商学院发表演讲。赵锡成博士以国际航运展望为题谈论企业家成功的条件。他的演讲受到麻省理工学院运输研究中心海运系统副教授亨利·马库斯博士的推崇。赵锡成的长女赵小兰女士也在这个演讲会上就企业家如何与银行界建立良好关系的问题发表了她的观感。赵小兰毕业于哈佛大学商学院硕士班,目前在美国纽约花旗银行航运贷款部工作。本文系演讲的中译全文。文中指出:航运是周期兴衰和变动不定的。国际航运中的经济问题和技术问题已经变得更高级、更复杂了。目前又增加了三个新因素:即和金融界的关系加深;造船厂也介入了;船东的思想发生了变化。航运企业家要获得成功就必须做到以下几点:(1)管理要完善;(2)财力要雄厚;(3)策略要稳健,不要投机;(4)计划要灵活;(5)要有服务观点。赵博士对该所研究班的学生提出了一些具体建议:(1)要与大公司合伙经营或签订定期货运合同;(2)要用借贷方式筹措资金;(3)财务预算是公司稳定和成功的关键问题;(4)要在规划中决定公司的类型;(5)要下定创业的决心。最...&&&&&&&& The author first analyzes a certain China-Foreign joint venture in Shenzhen, and through the said analysis investigates into the correct approach to successfully run the China-Foreign joint ventures. The paper sums up the active role played by the joint venture and, at the same time, points out the problems existing therein W and then puts forth the methods for the solution thereof, with a view to enabling the China-Foreign joint ventures m... &&&&&&&&&&&&本文通过对深圳某中外合资企业的剖析,探讨了办好中外合资企业的正确途径,总结了中外合资企业的积极作用,指出了中外合资企业目前存在的不可忽视的问题,并提出了解决这些问题的方法,以便使中外合资企业越办越好。&&&&&&&& Total paper and paperboard production in the People's Republic of China has reached a new high level of slightly over 10 million metric tons, bringing the country into the fifth place among major paper producing countries worldwide. However, per capita consumption remains at a low level of only around 10 kilograms. Struggling for the target of doubling paper and paparboard production in ths coming years and building up a paper industry characterising Chinese features, an appropriate solution for ensuring fi... &&&&&&&&&&&&1987年全国纸张与纸板总产量已突破1000万吨大关;中国已跃居世界主要产纸国家第五位。然而,按人均分配则只有10公斤左右。为实现造纸工业翻一番的目标,为建设具有中国特色的造纸工业,必须解决纤维原料供应问题,筹建制浆厂,扩建原有纸厂,以适应国民经济发展的需要。建厂资金的来源应该是多渠道的,特别要注意到通过贷款、联营等方式吸收外资,并以“产品返销”、“以产顶进”等方式,偿还外资。&nbsp&&&&&&&&相关查询:
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IFRS 11 Joint Arrangements outlines the accounting by entities that jointly control an arrangement. Joint control involves the contractually agreed sharing of control and arrangements subject to joint control are classified as either a joint venture (representing a share of net assets and equity accounted) or a joint operation (representing rights to assets and obligations for liabilities, accounted for accordingly).
IFRS 11 was issued in May 2011 and applies to annual reporting periods beginning on or after 1 January 2013.
History of IFRS 11
DateDevelopmentCommentsNovember 2004
Project on joint arrangements added to the IASB's agenda
Exposure Draft ED 9 Joint Arrangements published
Comment deadline 11 January 2008
IFRS 11 Joint Arrangements issued
Effective for annual periods beginning on or after 1 January 2013
Amended by Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance
Effective for annual periods beginning on or after 1 January 2013
Amended by Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11)
Effective for annual periods beginning on or after 1 January 2016
Related Interpretations
IFRS 11 superseded
Jointly Controlled Entities - Non-Monetary Contributions by Venturers
Amendments under consideration by the IASB
The IASB has signalled an intention to conduct a
of IFRS 11, commencing in 2016.
Publications and resources
IFRS in Focus Newsletter
summarising the requirements of IFRS 11 (PDF 69k, May 2011)
(May 2011, 10 minutes, 7mb)
(link to IASB website)
Summary of IFRS 11
Core principle
The core principle of IFRS 11 is that a party to a joint arrangement determines the type of joint arrangement in which it is involved by assessing its rights and obligations and accounts for those rights and obligations in accordance with that type of joint arrangement. [IFRS 11:1-2]
Key definitions
[IFRS 11:Appendix A]
Joint arrangementAn arrangement of which two or more parties have joint controlJoint controlThe contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing controlJoint operationA joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangementJoint ventureA joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangementJoint venturerA party to a joint venture that has joint control of that joint ventureParty to a joint arrangementAn entity that participates in a joint arrangement, regardless of whether that entity has joint control of the arrangementSeparate vehicleA separately identifiable financial structure, including separate legal entities or entities recognised by statute, regardless of whether those entities have a legal personality
Joint arrangements
A joint arrangement is an arrangement of which two or more parties have joint control. [IFRS 11:4]
A joint arrangement has the following characteristics: [IFRS 11:5]
the parties are bound by a contractual arrangement, and
the contractual arrangement gives two or more of those parties joint control of the arrangement.
A joint arrangement is either a joint operation or a joint venture. [IFRS 11:6]
Joint control
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. [IFRS 11:7]
Before assessing whether an entity has joint control over an arrangement, an entity first assesses whether the parties, or a group of the parties, control the arrangement (in accordance with the definition of control in
Consolidated Financial Statements). [IFRS 11:B5]
After concluding that all the parties, or a group of the parties, control the arrangement collectively, an entity shall assess whether it has joint control of the arrangement. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. [IFRS 11:B6]
The requirement for unanimous consent means that any party with joint control of the arrangement can prevent any of the other parties, or a group of the parties, from making unilateral decisions (about the relevant activities) without its consent. [IFRS 11:B9]
Types of joint arrangements
Joint arrangements are either joint operations or joint ventures:
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Those parties are called joint operators. [IFRS 11:15]
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Those parties are called joint venturers. [IFRS 11:16]
Classifying joint arrangements
The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. An entity determines the type of joint arrangement in which it is involved by considering the structure and form of the arrangement, the terms agreed by the parties in the contractual arrangement and other facts and circumstances. [IFRS 11:6, IFRS 11:14, IFRS 11:17]
Regardless of the purpose, structure or form of the arrangement, the classification of joint arrangements depends upon the parties' rights and obligations arising from the arrangement. [IFRS 11:B14; IFRS 11:B15]
A joint arrangement in which the assets and liabilities relating to the arrangement are held in a separate vehicle can be either a joint venture or a joint operation. [IFRS 11:B19]
A joint arrangement that is not structured through a separate vehicle is a joint operation. In such cases, the contractual arrangement establishes the parties' rights to the assets, and obligations for the liabilities, relating to the arrangement, and the parties' rights to the corresponding revenues and obligations for the corresponding expenses. [IFRS 11:B16]
Financial statements of parties to a joint arrangement
Joint operations
A joint operator recognises in relation to its interest in a joint operation: [IFRS 11:20]
its assets, including its share of any
its liabilities, including its share of any liabilit
its revenue from the sale of its share of the output of
its share of the revenue from the sale of the output by and
its expenses, including its share of any expenses incurred jointly.
A joint operator accounts for the assets, liabilities, revenues and expenses relating to its involvement in a joint operation in accordance with the relevant IFRSs. [IFRS 11:21]
The acquirer of an interest in a joint operation in which the activity constitutes a business, as defined in
Business Combinations, is required to apply all of the principles on business combinations accounting in IFRS 3 and other IFRSs with the exception of those principles that conflict with the guidance in IFRS 11. [IFRS 11:21A] These requirements apply both to the initial acquisition of an interest in a joint operation, and the acquisition of an additional interest in a joint operation (in the latter case, previously held interests are not remeasured). [IFRS 11:B33C]
Note: The requirements above were introduced by Accounting for Acquisitions of Interests in Joint Operations, which applies to annual periods beginning on or after 1 January 2016 on a prospective basis to acquisitions of interests in joint operations occurring from the beginning of the first period in which the amendments are applied.
A party that participates in, but does not have joint control of, a joint operation shall also account for its interest in the arrangement in accordance with the above if that party has rights to the assets, and obligations for the liabilities, relating to the joint operation. [IFRS 11:23]
Joint ventures
A joint venturer recognises its interest in a joint venture as an investment and shall account for that investment using the equity method in accordance with
Investments in Associates and Joint Ventures unless the entity is exempted from applying the equity method as specified in that standard. [IFRS 11:24]
A party that participates in, but does not have joint control of, a joint venture accounts for its interest in the arrangement in accordance with
Financial Instruments unless it has significant influence over the joint venture, in which case it accounts for it in accordance with
(as amended in 2011). [IFRS 11:25]
Separate Financial Statements
The accounting for joint arrangements in an entity's separate financial statements depends on the involvement of the entity in that joint arrangement and the type of the joint arrangement:
If the entity is a joint operator or joint venturer it shall account for its interest in
a joint operation in accordance with paragraphs 20-22;
a joint venture in accordance with paragraph 10 of
Separate Financial Statements. [IFRS 11:26]
If the entity is a party that participates in, but does not have joint control of, a joint arrangement shall account for its interest in:
a joint operation in accordance with paragraphs 23;
a joint venture in accordance with , unless the entity has significant influence over the joint venture, in which case it shall apply paragraph 10 of
(as amended in 2011). [IFRS 11:27]
Disclosure
There are no disclosures specified in IFRS 11. Instead,
Disclosure of Interests in Other Entities outlines the disclosures required.
Applicability and early adoption
Note: This section has been updated to reflect the amendments to IFRS 11 made in June 2012.
IFRS 11 is applicable to annual reporting periods beginning on or after 1 January 2013. [IFRS 11:Appendix C1]
When IFRS 11 is first applied, an entity need only present the quantitative information required by paragraph 28(f) of IAS 8 for the annual period immediately preceding the first annual period for which the standard is applied [IFRS 11:C1B]
Special transitional provisions are included for: [IFRS 11.Appendix C2-C13]
transition from proportionate consolidation to the equity method for joint ventures
transition from the equity method to accounting for assets and liabilities for joint operations
transition in an entity's separate financial statements for a joint operation previously accounted for as an investment at cost.
In general terms, the special transitional adjustments are required to be applied at the beginning of the immediately preceding period (rather than the the beginning of the earliest period presented).
However, an entity may choose to present adjusted comparative information for earlier reporting periods, and must clearly identify any unadjusted comparative information and explain the basis on which the comparative information has been prepared [IFRS 11.C12A-C12B].
An entity may apply IFRS 11 to an earlier accounting period, but if doing so it must disclose the fact that is has early adopted the standard and also apply: [IFRS 11.Appendix C1]
Consolidated Financial Statements
Disclosure of Interests in Other Entities
Separate Financial Statements (as amended in 2011)
Investments in Associates and Joint Ventures (as amended in 2011).
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An international joint venture (IJV) occurs when two businesses based in two or more countries form a . A company that wants to explore international trade without taking on the full responsibilities of cross-border business transactions has the option of forming a
with a foreign partner. International investors entering into a joint venture minimize the risk that comes with an outright . In international business development, performing
on the foreign country and the partner limits the risks involved in such a business transaction.[]
IJVs aid companies to form , which allow them to gain competitive advantage through access to a partner’s resources, including markets, technologies, capital and people. International joint ventures are viewed as a practical vehicle for , such as , from multinational expertise to local companies, and such knowledge transfer can contribute to the performance improvement of local companies. Within IJVs one or more of the parties is located where the operations of the IJV take place and also involve a local and foreign company.
Contractual Agreement - IJVs are established by express contracts that consist of one or more agreements involving two or more individuals or organizations and that are entered into for a specific business purpose.
Specific Limited Purpose and Duration - IJVs are formed for a specific business objective and can have a limited life span or be long-term. IJVs are frequently established for a limited duration because (a) the complementary activities involve a limi (b) the complementary assets have only a
and/or (c) the complementary production activities will be of only limited efficacy.
Joint Property Interest - Each IJV participant contributes property, cash, or other assets and organizational capital for the pursuit of a common and specific business purpose. Thus, an IJV is not merely a contractual relationship, but rather the contributions are made to a newly formed business enterprise, usually a corporation, limited liability company, or partnership. As such, the participants acquire a joint property interest in the assets and subject matter of the IJV.
Common Financial and Intangible Goals and Objectives - The IJV participants share a common expectation regarding the nature and amount of the expected financial and intangible goals and objectives of the IJV. The goals and objectives of an IJV tend to be narrowly focused, recognizing that the assets deployed by each participant represent only a portion of the overall resource base.
Shared Profits, Losses, Management, and Control - The IJV participants share in the specific and identifiable financial and intangible profits and losses, as well as in certain elements of the management and control of the IJV.
There are many motivations that lead to the formation of a JV. They include:
Risk Sharing – Risk sharing is a common reason to form a JV, particularly, in highly capital intensive industries and in industries where the high costs of product development equal a high likelihood of failure of any particular product.
Economies of Scale – If an industry has high fixed costs, a JV with a larger company can provide the economies of scale necessary to compete globally and can be an effective way by which two companies can pool resources and achieve critical mass.
Market Access – For companies that lack a basic understanding of customers and the relationship/infrastructure to distribute their products to customers, forming a JV with the right partner can provide instant access to established, efficient and effective distribution channels and receptive customer bases. This is important to a company because creating new distribution channels and identifying new customer bases can be extremely difficult, time consuming and expensive activities.
Geographical Constraints – When there is an attractive business opportunity in a foreign market, partnering with a local company is attractive to a foreign company because penetrating a foreign market can be difficult both because of a lack of experience in such market and local barriers to foreign-owned or foreign-controlled companies.
Funding Constraints – When a company is confronted with high up-front development costs, finding the right JVP can provide necessary financing and credibility with third parties.
Acquisition Barriers; Prelude to Acquisition – When a company wants to acquire another but cannot due to cost, size, or geographical restrictions or legal barriers, teaming up with a JVP is an attractive option. The JV is substantially less costly and thus less risky than complete acquisitions, and is sometimes used as a first step to a complete acquisition with the JVP. Such an arrangement allows the purchaser the flexibility to cut its losses if the investment proves less fruitful than anticipated or to acquire the remainder of the company under certain circumstances.
Before entering an international joint venture, businesses are advised by business advisers to do a thorough
on the country, the business, and the partner. Due diligence is the investigation of a country, business or person, for the purpose of obtaining useful information on the potential benefits, pitfalls and costs. It helps investors to make better profit and mitigate risk. It includes a thorough research about the potential partners through channels like internet, database and media search, establishing each partner’s duties and responsibilities, management control, agreeing on splits of returns, exit strategies, contingency plans, etc. International law firms working with businesses who are considering a joint venture will use a due diligence checklist to ensure that it is a sound business development.[]
Many of the benefits associated with International Joint Ventures are that they provide companies with the opportunity to obtain new capacity and expertise and they allow companies to enter into related business or new geographic markets or obtain new technological knowledge. Furthermore, International Joint Ventures are in most cases have a short life span, allowing companies to make short term commitments rather than long term commitments. Through International Joint Ventures, companies are given opportunities to increase profit margins, accelerate their revenue growth, produce new products, expand to new domestic markets, gain financial support, and share scientists or other professionals that have unique skills that will benefit the companies.
International Joint Ventures are developed when two companies work together to meet a specific goal. For example, Company A and Company B first begin by identifying and selecting an IJV partner. This process involves several steps such as market research, partner search, evaluating options, negotiations, business valuation, business planning, and due diligence. These steps are taken on by each company. There are also legal procedures involved such as IJV agreement, ancillary agreements, and regulatory approvals. Once this process is complete, the IJV Company is formed and during this final procedure the steps taken are formation and management.
Structuring IJV’s can pose a challenge when parties are from two different cultural backgrounds or jurisdictions Once both parties have come to an agreement on fundamental issues such as commercial nature, scope and mutual objectives of the joint venture, the parties must decide on where, geographically, the venture will take place and what the legal structure for the venture will look like. Most of the time, the structure agreed on will be between different types of corporations, partnerships, or some form of a limited liability company.
allows to limit debts and losses to the assets of the venture and protect the assets of the members themselves from being liable for the venture’s debts.[]
(LLP), the partners have limited liability and can be held liable only to the extent of their capital investments. In the U.S., in addition to limited liability partners, the law requires that every limited partnership have at least one general partner who has unlimited liability. The general partner can be held responsible for all the liabilities of the limited partnership. Many ventures resolve this problem by forming a , usually a limited liability company or a corporation, which then acts as the general partner.[]
A joint venture formed as
(LLC) offers protection to the partners by providing limited liability to all of its members. Unlike a limited liability partnership (LLP), there is no requirement to have a general partner who has unlimited liability and can be held responsible for all the liabilities.[]
Both limited partnerships and limited companies in the U.S. enjoy the advantage of being pass-through entities for U.S. tax purposes. The limited partnership does not pay taxes. Instead, the tax liability of the venture is allocated to the members of the LLP in proportion to their interests in the venture.[]
There are two types of International Joint Ventures: dominant parent and shared management. Within dominant parent IJV’s, all projects are managed by one parent who decides on all the functional managers for the venture. The board of directors, which is made up of executives from each parent, also plays a key role in managing the venture by making all the operating and strategic decisions. A dominant parent enterprise is beneficial where an International Joint Venture parent is selected for reasons outside of managerial input.
On the other hand, shared management ventures consist of both parents managing the enterprise. Each parent organizes functional managers and executives that will be within the board of directors. In this form of management, there are also two types of shared management ventures. The first type is 50:50 IJV and this is where each partner puts in 50% of the equity in return for 50% participating control. The second type is where both partners can negotiate that not all shared management ventures are 50:50 and that one partner has more than a co-equal role in the IJV.
When two or more partners get together and form an International Joint Venture agreement, they must decide early on in regards to what the financial structure will entail as this will aid in management and control. Some of the steps include establishing the capital required to start the IJV, the impact of securing a strong strategic alliance partner, and financial reporting. Once an arrangement is made, a tax-planned joint venture will be created which will aid in maximizing the after-tax returns.
Poor formation and planning
Problems that arise in joint ventures are usually as a result of poor planning or the parties involved being too hasty to set up shop. For example, a marketing strategy may fail if a product was inappropriate for the joint venture or if the parties involved failed to appropriately assess the factors involved . Parties must pay attention to several analysis both of the environment and customers they hope to operate in. Failure to do this sets off a bad tone for the venture, creating future problems.
Unexpected poor financial performance
One of the fastest ways for a joint venture is financial disputes between parties. This usually happens when the financial performance is poorer than expected either due to poor sales, cost overruns or others. Poor financial performance could also be as a result of poor planning by the parties before setting up a joint venture, failure to approach the market with sufficient management efficiency and unanticipated changes in the market situation. A good solution to this is to evaluate financial situations thorough before and during very step of the joint venture.
Management problems
One of the biggest problems of joint ventures is the ineffective blending of managers who are not used to working together of have entirely different ways of approaching issues affecting the organization. It is a well-known fact that many joint ventures come apart due to misunderstanding over leadership strategies. For a successful joint venture, there has be understanding and compromise between parties, respect and integration of the strengths of both sides to overcome the weaker points and make their alliance stronger.
Inappropriate management structure
In a bid to have equal rights in the venture, there could be a misfit of managers. As a result, there is a major slowdown of decision making processes. Daily operational decisions that are best made quickly for more efficiency of the business tends to be slowed down because there is now a ‘committee’ that is in place to make sure both parties support every little decision. This could distract from the bigger picture leading to major problems in the long run.
The ultimate goal of a successful JV partnership is more customers and a stronger body. To ensure a JV's partnerships are as profitable as possible, it helps to look at them from the customer’s point of view. The features a JV partnership should aim to address for an effective marketing campaign: Channeling the expertise and strengths of both parties to maximize value for the customers and stakeholders while downplaying the weaknesses and presenting a united font.
When a joint venture is formed, it is an attempt at blending two or more cultures in the hope of leveraging on the strength of each party. Lack of understanding of the cultures of the individual parties poses a huge problem if not addressed. A common problem in these multi-cultural enterprises is that the culture is not considered in their initial formation. It is usually assumed that the cultural issues will be addressed later when the new unit has been created. Usually, compromises are reached and certain cultural from the parties are kept on while others are others are either out rightly discarded or modified.
The joint venture is becoming a popular way for companies that outsource their operations to retain a piece of the ownership pie. The creation of a new legal entity during the launch of a joint venture comes with its share of ups and downs.
Joint ventures enable companies to share technology and complementary IP assets for the production and delivery of innovative goods and services.
For the smaller organization with insufficient finance and/or specialist management skills, the joint venture can prove an effective method of obtaining the necessary resources to enter a new market. This can be especially true in attractive markets, where local contacts, access to distribution, and political requirements may make a joint venture the preferred or even legally required solution.
Joint ventures can be used to reduce political friction and improve local/national acceptability of the company.
Joint ventures may provide specialist knowledge of local markets, entry to required channels of distribution, and access to supplies of raw materials, government contracts and local production facilities.
In a growing number of countries, joint ventures with host governments have become increasingly important. These may be formed directly with State-owned enterprises or directed toward national champions.
There has been growth in the creation of temporary consortium companies and alliances, to undertake particular projects that are considered to be too large for individual companies to handle alone (e.g. major defence initiatives, civil engineering projects, new global technological ventures).
Exchange controls may prevent a company from exporting capital and thus make the funding of new overseas subsidiaries difficult. The supply of know-how may therefore be used to enable a company to obtain an equity stake in a joint venture, where the local partner may have access to the required funds.
A major problem is that joint ventures are very difficult to integrate into a global strategy that involves substantial cross-border trading. In such circumstances, there are almost inevitably problems concerning inward and outward transfer pricing and the sourcing of exports, in particular, in favour of wholly owned subsidiaries in other countries.
The trend toward an integrated system of global cash management, via a central treasury, may lead to conflict between partners when the corporate headquarters endeavours to impose limits or even guidelines on cash and working capital usage, foreign exchange management, and the amount and means of paying remittable profits.
Another serious problem occurs when the objectives of the partners are, or become, incompatible. For example, the multinational enterprise may have a very different attitude to risk than its local partner, and may be prepared to accept short-term losses in order to build market share, to take on higher levels of debt, or to spend more on advertising. Similarly, the objectives of the participants may well change over time, especially when wholly owned subsidiary alternatives may occur for the multinational enterprise with access to the joint venture market.
Problems occur with regard to management structures and staffing of joint ventures.
Many joint ventures fail because of a conflict in tax interests between the partners.
When two or more partners agree on an International Joint Venture, there are possibilities for disputes to arise. Particularly in IJV’s, there can be issues between the partners who are likely to want their home country’s governing law and jurisdiction to apply to any dispu therefore, to avoid such a problem, a neutral governing law and jurisdiction is chosen in some cases. A popular dispute resolution technique used in IJV’ however, many times a court process is given priority as this system has more authority. Other dispute resolution strategies utilized are mediation and litigation.
Entering into an International Joint Venture agreement begins with the selection of partners and then generally this process continues to a Memorandum of Understanding or a Letter of Intent is signed by both parties. The Memorandum of Understanding is a document describing an agreement between parties. On the other hand, a Letter of Intent is a document outlining an agreement between the parties before the agreement is finalized. Before signing an IJV, specific aspects of the agreement must be addressed such as applicable law, holding shares, transfer of shares, board of directors, , funding, access, confidentiality and termination.
An IJV is an attractive way to get into Chinese market for the people who are unfamiliar with the completed
and the less opened market. But
is becoming more and more global and familiar to the world. IJV is fading out because of the practical difficulties in picking a proper partner, ,
transfer profit sharing and soon.
There are two main types of IJV in : Equity Joint Ventures and Cooperative Joint Ventures.
Equity Joint Ventures (EJVs):
An equity joint venture is a partnership between an overseas and a Chinese individual, enterprises or financial organizations approved by the . Companies in an equity joint venture share both mutual rewards, risks and losses according to the ratio of investment. A minimum of 25% the capital must be contributed by the foreign partners, and no minimum investment for the Chinese partners. A joint venture is free to hire Chinese nationals without the interference form government employment industries by abiding Chinese Labor Law, and purchase land, build their own buildings, and privileges prevented to representative offices.
Cooperative Joint Ventures (CJVs)
CJVs are a rather unevenly regulated form of IJV between Chinese and foreign-based companies. They are usually found in venture, which are both technology-based and have a substantial requirement for , for example infrastructure and volume manufacturing.
No minimum foreign contribution is required to initiate cooperative venture and the contributions made by the investors are not necessarily expressed in a monetary value. These contributions can include excluded in the equity joint venture process can be contributed such as labor, resources, and services.
Greater flexibility in the structuring of a cooperative venture is also permissible including the structure of the , , and .
International joint ventures have played a significant role in the reform and liberalization of the laws governing foreign investors as part of 's economic program adopted after 2001.
lies on the borders between
and is used as a way to achieve strategic goals to enter into the Asian or European market, which is important for those wanting to entre
market since Turkey signed the European Customs Union (ECU). The Turkish Accounting Standards Board requires that all enterprises established under the Turkish Commercial Code in
must prepare statutory financial statements in compliance with the Turkish Accounting Standards Board, which makes all accounting data transparent and more reliable for all parties involved. Under Turkish Law, a joint venture may be formed under two ‘umbrellas’: Commercial Company, governed by the Turkish Commercial Code or Ordinary Company, Governed by the Turkish Code of Obligations.
covers a large area of California. The state's leading oil and gas producer (accounting for 30% of California's total production), 's properties extend from the Los Angeles Basin in the south to Coalinga in the north. It has daily production of 165,000 barrels of oil and 50 million cubic feet of natural gas and boasts proved onshore and offshore reserves of 800 million barrels of oil equivalent.
also has interests in real estate operations (in partnership with homebuilder ). The exploration and production company is a joint venture of affiliates of
Omega Navigation Enterprises Inc. is an international provider of marine transportation services focusing on seaborne transportation of refined petroleum products. One of the vessels, namely the Omega Duke, is owned through a 50% controlled joint venture with Topley Corporation, a wholly owned subsidiary of Glencore International AG (). They have also formed an equal partnership joint venture company with Topley Corporation, namely Megacore Shipping Ltd.
Japan Nuclear Fuel Co., Ltd. (JNF), the predecessor of Global Nuclear Fuel – Japan Co., Ltd. (GNF-J), started operation in Kurihama in 1967 as a nuclear fuel manufacturing joint venture among
and Hitachi Limited. Since it began supplying the first domestically produced nuclear fuel in 1971, GNF-J, a pioneer nuclear fuel manufacturer, has delivered more than 70,000 fuel bundles to various nuclear power plants across the country and contributed to the stable supply of energy in . On January 1, 2000, the sales, design and development operations were transferred from the three joint venture partners to JNF and JNF made a new start as a GE group company, later changing its name to GNF-J, by offering core management services as well as handling
design and quality control.
A short course in international joint venture by Alan Gutterman
Business Briefing 2009: Trade Policy Available from:
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