Name: 構建合資企業和少數股權投資，以提高其績效 (Structuring joint ventures and minority investments to improve their performance)
Uploaded: 2025-03-25T16:28:39.000Z
Duration: 53 min 15 s

One of the issues that has always provided complexity and challenge is in the structuring of partial deals, whether they be joint ventures, minority investments.

一直以來，部分交易（無論是合資企業還是少數股權投資）的結構設計都是一個複雜且具有挑戰性的問題。

程度副詞

It's very easy when you have full control and you can cram down the brand or the culture or whatever the area is.

當你完全掌握了控制權，你就可以把品牌、文化或任何領域的東西強加給別人，這非常容易。

Much more complex, and we're certainly grateful to have this esteemed panel help us think through some of the really current issues and best practice in structuring joint ventures and minority investments, and pleased to have George Casey leading this discussion.

我們很高興能請到這個受人尊敬的專家小組，幫助我們思考當前在構建合資企業和少數股權投資方面的一些真正問題和最佳實踐，也很高興喬治-凱西（George Casey）能主持這次討論。

So we have a panel that actually represents a number of different industries, right?

是以，我們的小組實際上代表了許多不同的行業，對嗎？

So hopefully we'll draw on experiences in different industries on joint ventures and minority investments.

是以，希望我們能借鏡不同行業在合資企業和少數股權投資方面的經驗。

Andrew Gratz is from Lyondell Bissell, based in Houston, with a lot of experience in industrials, chemicals specifically, M&A and joint ventures in particular.

安德魯-格拉茨（Andrew Gratz）來自利安德畢盛公司（Lyondell Bissell），總部位於休斯頓，在工業、化工、併購、合資企業等領域擁有豐富經驗。

Darren Besson is based here in San Francisco, the general counsel of CBS Interactive.

達倫-貝松（Darren Besson）常駐舊金山，是哥倫比亞廣播公司互動部的總法律顧問。

So coming from the media, but as he would say, there is no true media without technology company.

他來自媒體，但正如他所說，沒有技術公司就沒有真正的媒體。

So he will draw on his experience in that industry.

是以，他將利用自己在該行業的經驗。

And Jako Sulander is head of legal M&A at Nokia, currently based in New York until two years ago was based in Espoo, Finland.

Jako Sulander 是諾基亞併購法律部負責人，目前在紐約工作，兩年前還在芬蘭埃斯波工作。

So bringing his experience on the technology side and also internationally.

是以，他不僅帶來了技術方面的經驗，還帶來了國際經驗。

So with that, maybe we'll quickly go into, in 50 minutes, talk about joint ventures.

是以，也許我們會在 50 分鐘內快速進入關於合資企業的話題。

We can spend an entire day or a week talking about joint ventures.

我們可以花一整天或一週的時間來討論合資企業。

Maybe first, the four big themes that we were thinking we will cover, but we are happy to answer questions outside of those themes as well.

也許首先是我們要討論的四大主題，但我們也很樂意回答這些主題之外的問題。

There is a lot of discussion as to what joint venture is.

關於什麼是合資企業，大家議論紛紛。

And a lot of people put a lot of different things into what actually joint venture or minority investment is.

很多人對合資企業或少數股權投資的定義各不相同。

Because at the end of the day, it's actually one of the most, one of the broadest terms in M&A that probably exists.

因為歸根結底，這實際上是併購中最寬泛的術語之一。

Then we'll talk about some of the specifics, like governance, right?

然後我們再談一些具體細節，比如治理，對嗎？

We'll talk about relationship between shareholders and the joint venture.

我們將討論股東與合資企業之間的關係。

And then we'll talk about exits, termination.

We'll try to pack it all within the 50 minutes that we have.

So maybe starting with the first kind of big theme and the big picture, what are joint ventures and why do people do them?

那麼，從第一個大主題和大畫面開始，什麼是合資企業，人們為什麼要做合資企業？

And Andy, if I can ask you, sort of what's the strategic imperative?

安迪，如果我能問你，戰略需要是什麼？

That question, I think, is key for each company.

我認為，這個問題對每家公司來說都很關鍵。

There are a few standard reasons why you do a joint venture.

Maybe there are, you want access to sort of resources or sort of markets you otherwise wouldn't have access to.

也許，你想獲得一些資源或市場，否則你就無法進入。

You limited up front investment, risk mitigation, to sort of dip your toes in the waters for whatever reason.

不管出於什麼原因，你的前期投資和風險緩解都是有限的。

And you're not fully ready financially, operationally, whatever, to go full throttle into a greenfield investment.

而且你在財務、營運等方面還沒有做好充分準備，不能全速投入全新的投資項目。

But the key for the first starting point is to figure out the why.

但第一個起點的關鍵是要弄清楚為什麼。

Because until you know the why, you can't effectively develop the how.

因為在瞭解原因之前，你無法有效地制定方法。

And so throughout this hour, we're gonna talk about the different ways joint ventures can be developed, whether it's simple collaboration, forming a new entity.

是以，在這一小時裡，我們將討論發展合資企業的不同方式，無論是簡單的合作，還是組建新的實體。

There are a variety of reasons, ways to form a joint venture.

組建合資企業的原因和方式多種多樣。

But before you get to that point, and before you look at all the levers you can push and pull to get to the joint venture, you gotta figure out why.

但是，在達到這一點之前，在研究所有可以推動和拉動合資企業的槓桿之前，你必須弄清楚為什麼。

And so those are a few of the reasons to proceed with a JV, if it makes sense, to advance your strategy.

是以，如果合資企業對推進戰略有意義的話，這些就是繼續合資的幾個理由。

And would you consider, for an industrial company like Landell Bissell Chemicals Company, would you pursue, would the company pursue joint venture more as a way to get into new market, get into new technologies?

對於像蘭德爾-比塞爾化學公司這樣的工業公司，你是否會考慮，公司是否會更多地將合資企業作為進入新市場、新技術的一種方式？

Develop your business in some parts of the world that you're less familiar with?

在您不太熟悉的地區發展業務？

What is the question to the why answer for Landell Bissell?

為什麼回答蘭德爾-比塞爾的問題？

We, as a company, want to look at different markets.

作為一家公司，我們希望著眼於不同的市場。

And for regulatory reasons, or maybe we just have never really operated in those countries in the past.

出於監管方面的原因，也可能是我們過去從未在這些國家開展過業務。

We want to partner familiar with those markets.

我們希望成為熟悉這些市場的合作伙伴。

Maybe a potential joint venture partner can, has a plant, or can provide certain feedstocks that we can use to develop our products.

也許潛在的合資夥伴可以，擁有一家工廠，或者可以提供某些原料，讓我們用來開發我們的產品。

Maybe we're just looking for certain channels to market that we are, that are not very developed, or we don't have a certain experience with.

也許我們只是在尋找某些市場管道，但這些管道並不發達，或者我們沒有一定的經驗。

有時，我們只是在尋找知識產權。

In fact, historically, we've been on the other side of that.

事實上，從歷史上看，我們一直站在這一邊。

Companies will come to us for our intellectual property, and we've formed joint ventures with them.

公司會為了我們的知識產權來找我們，我們已經與他們成立了合資企業。

Here, we'll license you our IP, and then whatever is produced from that intellectual property, we will share together via a joint venture.

在這裡，我們將授權給你我們的知識產權，然後無論該知識產權產生了什麼，我們都將通過合資企業共同分享。

So all the reasons you just mentioned, George, we are actively looking at, either in the past or going forward.

是以，你剛才提到的所有原因，喬治，我們都在積極研究，無論是過去還是未來。

Thank you, and in kind of media slash media technology, joint ventures versus minority investments, how would you look?

謝謝，在媒體技術、合資企業和少數股權投資方面，您是如何看待的？

Why would CBS Interactive look at joint ventures, minority investments?

為什麼 CBS Interactive 會考慮合資企業和少數股權投資？

And again, similar to what Andy was saying, I'm now in a business that there's seven companies within half a mile of here who are trying to put me out of business tomorrow.

同樣，與安迪所說的類似，我現在所從事的業務，在半英里範圍內就有七家公司想讓我明天就倒閉。

When you're in media, I think since I've been there for interactive for eight years, TV's been reinvented six times.

當你從事媒體工作時，我想自從我在互動媒體工作八年以來，電視已經被重塑了六次。

Thankfully, none of them have truly reinvented it yet, and I still have a job.

值得慶幸的是，他們都還沒有真正重塑它，而我還有一份工作。

But there's new forms of distribution, there's new forms of content, there's new devices you can view it on.

但現在有了新的傳播方式，有了新的內容形式，有了新的觀看設備。

And we have to try to figure all of that out at the exact same time.

我們必須同時想辦法解決所有這些問題。

TV went from an industry that didn't change for 70 years.

電視業從一個 70 年不曾改變的行業發展到今天。

Effectively, it might have gotten into color and the TV's got bigger, but the form of content and the time slots that was in it didn't change, and the way it was monetized didn't change.

實際上，電視可能變成了彩色的，電視機也變大了，但內容的形式和時段沒有變，盈利的方式也沒有變。

And that's over, and we have to figure that out.

這一切都結束了，我們必須想辦法解決。

Makes for, again, an exciting gig as a lawyer and a corporate development person, but it also makes it that somebody's trying to put you out of business tomorrow.

作為一名律師和企業發展人員，這也是一個令人興奮的工作，但同時也會讓人覺得明天就會有人想讓你倒閉。

So we use it for all of the things, particularly of being a strong minority investor in something, in a brand new technology that we are not an R&D company.

是以，我們用它來做所有的事情，尤其是在我們不是研發公司的全新技術領域，作為一個強有力的少數股權投資者。

We do a lot of R&D, but there are some things you can't try to figure everything out on your own.

我們做了大量的研發工作，但有些事情不能完全靠自己去解決。

So we will joint venture with people on different ways of distributing content, as in getting it from when it's being made to the device.

是以，我們將與人們合資開發不同的內容分發方式，比如從內容製作到設備上的分發。

We'll partner with people on new forms of content, should there be six minute episodes of things.

我們將與人們合作製作新形式的內容，比如六分鐘一集的內容。

And when you have different forms of distribution like we do now, and not just TV, but all access and streaming and OTT and DTC, and I can give you 32 other anagrams, that you have to try these things and try to figure out where your company is going.

當你像現在這樣擁有不同的分銷形式時，不僅僅是電視，還有所有的接入、流媒體、OTT 和 DTC，我還可以給你 32 個其他的變位詞，你必須嘗試這些東西，並努力找出公司的發展方向。

And joint ventures or minority investments are a great way to do that without being over committed, and also without necessarily having to put your brand name when they're talking about before on something right away, because most of them are going to fail.

合資企業或少數股權投資是一種很好的方式，既不會過度投入，也不一定要在他們談論某件事情之前就把你的品牌名稱寫上去，因為大多數合資企業或少數股權投資都會失敗。

We live in a world where a lot of these new inventions, some will take, most will not, but you've got to try and figure that out and be one step ahead of people.

我們生活在這樣一個世界裡，許多新發明，有些會成功，大多數不會，但你必須試著弄清楚這一點，並領先人們一步。

And as much as JVs, minority investments are extremely difficult and complicated and dangerous, because they do fail, they are a great way to experiment and try new things.

儘管合資企業和少數股權投資極其困難、複雜和危險，但由於它們確實會失敗，是以它們是進行實驗和嘗試新事物的好方法。

Now, when we talk about joint ventures, right, people often mean a physical transfer of assets, creation of a new legal structure, and that's how people often talk about joint ventures.

現在，當我們談論合資企業時，人們通常指的是資產的實際轉移，創建一個新的法律結構，這就是人們通常談論合資企業的方式。

Now, looking at kind of broader term, right, joint venture may mean none of the legal structures, not transfer of assets, but partnership, right?

現在，從更廣義的角度來看，合資企業可能意味著沒有任何法律結構，不是資產轉讓，而是合夥關係，對嗎？

In this part of the world, partnerships is actually one of those forms of developing your business that's quite popular.

在這個世界上，合夥經營實際上是一種相當流行的業務發展形式。

Jaco, do you want to talk about virtual joint ventures, so to say, when you actually, you are not co-owning, you don't have an equity interest in a particular legal set of assets in legal entities and legal group, but you are effectively cooperating through contractual arrangements.

傑科，你是否想談談虛擬合資企業，也就是說，當你們實際上並不共同擁有，你們在法律實體和法律團體的特定法律資產中沒有股權，但你們通過合同安排進行有效合作。

I think one of the things that people too easily assume, and when they talk about joint ventures, is exactly that thing.

我認為，當人們談到合資企業時，很容易想到的一點正是這一點。

That you say, well, joint venture means this.

你說，好吧，合資企業就是這個意思。

We have a standalone entity structure, and we're going to run the business through it.

我們有一個獨立的實體結構，我們將通過它來經營業務。

I think it's super important to stop at that point and actually break it down into pieces and figure out.

我認為，在這一點上停下來，把它分解成一個個小塊，然後想辦法解決，是非常重要的。

Well, a couple of the things that you want to look at is, well, what's the balance sheet going to look like?

那麼，你要看的幾件事是，資產負債表會是什麼樣子？

Is this actually going to be a standalone entity, or is it going to be contracting things from the parents, if you have a 50-50 joint venture, for example?

這實際上會是一個獨立的實體，還是會從母公司那裡承包一些東西，比如說，如果你們有一個 50-50 的合資企業？

Is it a situation where it is a totally separate business?

Are you going to plan to IPO it, or are you going to plan to sell it?

您是打算首次公開募股，還是打算出售？

Are you going to just plan to kind of run it as it is and figure out through some exit mechanism what happens to it?

你是否打算就這樣運行下去，然後通過某種退出機制來解決它的問題？

Or does it have a more specific purpose for entering into the new markets, maybe it's a collaboration on a new product or something like that, where I've actually found that it is in most cases easier and simpler and far more appropriate to enter into, let's say, reseller agreements, joint development agreements, IP licenses and such, rather than create a particularly complicated structure with its own sort of tax issues and IT systems and what have you.

我發現，在大多數情況下，簽訂轉售協議、聯合開發協議、知識產權許可等協議要容易得多、簡單得多、合適得多。

So, I would just say that you can collaborate in so many different ways that it would always be important not to go too far into thinking when you hear about, okay, we should do a joint venture with this and this company, that this is the form of it, the corporate form is the right form for it, but just try and break it into pieces and see how the business model works and whether a, let's say, you're going into a new market with your customer, you want to customize some products, maybe for that market, but you're probably only going to sell those products.

是以，我想說的是，合作的方式多種多樣，當你聽到 "好吧，我們應該與這家公司成立合資企業 "時，千萬不要過多地去想，這就是合資企業的形式，公司的形式就是最合適的形式，而是要試著把合資企業拆抽成幾塊，看看商業模式是如何運作的，比方說，你要與你的客戶一起進入一個新的市場，你想定製一些產品，也許是為了這個市場，但你可能只打算銷售這些產品。