从控制权到收益权:合资企业的产权变动路径

本文从跨国公司对中外合资企业控制权设计与演变的角度,对中外合资企业产权变动的路径进行了动态的分析。作者指出,合作初期,跨国公司主要通过技术控制、经理权控制、合资企业数量控制以及销售区域控制等手段,达到对合资企业进行实质性控制的目的;合作后期,则主要通过“阴谋亏损”战略,谋求控股或独资,从而全面接管控制权和收益权。作者认为：除资本产权与管理技能外,技术资源优势也是控制权的一个重要来源,并且可能架空资本产权权利;跨国公司掌管控制权的终极目的,是为了独占收益权。凡此种种决定了外商独资企业将成为我国引进FDI的主要形式。

From Control Right Seeking to Earning Right Monopolizing:the Changed Way of Property Rights of Sino-foreign Joint Ventures in General

This paper begins with a summary of theories concerned with FDI and the control right sought by trans - national corporations, and then analyzes dynamically the changing ways of property rights in Sino -foreign joint ventures in the perspective of the control right seeking arranged intentionally by transnational corporations. The paper indicates that, in the initial stage of the cooperation, the transnational corporations seize the effective control rights of the joint ventures mainly by the means of controlling technology, management, number of subsidiary companies, and sales areas, etc. , and in the later stage, take over totally the control right and earning right mainly by carrying out the "conspiratorial loss" strategy, intending to take the holding shares or transforming the joint ventures into foreign companies. In the author' s opinion, the advantage of technology resource is another important source of control rights but for the property rights and managerial skills, which can finally hollow out the property rights, and the purpose for transnational corporation to seek to the control rights is actually on monopolizing the earning rights. All of these make the sole proprietorship owned by foreigners become the prevailed forms for China to introduce FDI.