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| 研究生： |
蔡曜安 Tsai, Yao-An |
|---|---|
| 論文名稱： |
技術換股權：印台機動車鎖合資企業中少數股權的協商 Technology for Equity: Negotiating Minority Shareholding Equity in an Indo-Taiwanese Automotive Lock Joint Venture |
| 指導教授： |
林月雲
Lin, Yeh-Yun |
| 口試委員: |
張大為
Chang, Ta-Wei 梅國卿 Mei, Kuo-Ching |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 國際經營管理英語碩士學位學程(IMBA) International MBA Program College of Commerce(IMBA) |
| 論文出版年： | 2025 |
| 畢業學年度： | 114 |
| 語文別： | 英文 |
| 論文頁數： | 57 |
| 中文關鍵詞： | 國際合資 、技術入股 、少數股權 、談判策略 、垂直知識移轉 |
| 外文關鍵詞： | International joint venture (IJV), Technology for equity, Minority shareholding, Negotiation strategy, Vertical knowledge transfer (VKT) |
| 相關次數： | 點閱：18 下載：0 |
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本研究分析了一家台灣技術供應商（A 公司）與一家印度上市公司（B 公司）之間的合資公司（JVC），重點探討在龐大的印度機車電子鎖市場中，以先進的智慧財產權（IP）和技術專有知識（Technical Know-how）交換 20% 少數股權的核心挑戰。
本分析運用「改良型全面詮釋結構模型」（M-TISM）與「5C 談判架構」（行為韌性）來闡述談判過程。「目標不一致」這一立即性的結構挑戰，透過策略性的「妥協」得以解決：A 公司接受將其 20% 的股權出資額涵蓋所有一次性工程費用（NRE）。這種權衡——犧牲短期營收以換取長期股權增長——被視為進入該市場的唯一可行途徑。
雖然行為治理緩解了立即性的結構性失敗風險，但合資公司的長期韌性仍需持續管理潛在威脅。對於少數股權夥伴而言，成功取決於以下雙重焦點：
少數控制權保障：針對關鍵策略變更建立必要的否決權。
降低知識風險：藉由確保合資公司技術職能內部「跨界人員」（Boundary Spanners）具備強大的組織承諾，主動對抗垂直知識轉移（VKT）的機會主義風險。
本個案證實了在管理國際合資企業（IJV）的複雜性，以及確保高成長新興市場中的少數股權保護時，採用靈活的非貨幣估值模型與持續談判的必要性。
This study analyzes the Joint Venture Company (JVC) between Company A, a Taiwanese technology provider, and Company B, a publicly listed company in India, focusing on the core challenge of exchanging advanced Intellectual Property (IP) and technical know-how for a 20% minority equity stake in the high-volume Indian motorcycle e-lock market.
The analysis utilized Modified Total Interpretive Structural Modelling (M-TISM) and the 5 C's Negotiation Framework (behavioral resilience) to elaborate on the negotiation process. The immediate structural challenge of Goal Incongruency was resolved via strategic Compromise: Company A accepted that its 20% equity contribution would cover all Non-Recurring Engineering (NRE) costs. This trade-off—forfeiting immediate revenue for long-term equity growth—was deemed the only viable path to market entry.
While behavioral governance mitigated immediate structural failure, the JVC's long-term resilience requires continuous management of latent threats. Success for the minority partner mandates a dual focus:
1. Minority Control Safeguards: Establishing essential veto rights on key strategic changes.
2. Mitigating Knowledge Risk: Proactively combating Vertical Knowledge Transfer (VKT) opportunism risk by ensuring strong Boundary Spanners' Organizational Commitment within the JVC's technical functions.
This case validates the necessity of flexible, non-monetary valuation models and continuous negotiation for managing International Joint Venture (IJV) complexity and ensuring minority protection in high-growth, emerging markets.
1. Introduction 1
2. Literature Review 3
2.1 Definition and Strategic Benefit of a Strategic Partner 4
2.1.1 Strategic Alliances 5
2.1.2 Channel Partnerships 6
2.1.3 Partner Marketing and Alliance Marketing 6
2.1.4 Co-Innovation Alliances 6
2.1.5 Key Topics in International Joint Venture Literature 7
Legal and Operational Considerations 7
2.2 The Structural Modelling and Difficulties of International Joint Ventures' Performance 8
2.2.1 Identified Inter-Partner Factors 8
2.2.2 The Hierarchical Structure (M-TISM) 9
2.2.4 Difficulties and Issues for International Joint Ventures within India 11
2.3 Integrating Negotiation Strategy: The 5 C's Framework for IJV Resilience 12
2.4 Knowledge Transfer and Relational Governance in IJVs 15
2.4.1 Interpersonal Attachment and Horizontal Knowledge Sharing 15
2.4.2 The Role of Organizational Commitment 16
3. Background 17
3.1 Introduction to Company A 17
3.2 Introduction to Company B 20
3.3 Genesis of the Collaboration: How Company A and Company B Connected 23
3.4 The Evolution to a Joint Venture Proposal 24
3.4.1 Strategic Rationale for the Joint Venture 26
3.5 Company A’s Role and Contributions to the JVC’s Growth 27
Company A's core contributions are defined by three distinct areas: 27
The Author’s Role in Operationalizing the JVC 28
3.6 Current Challenges and Opportunities in the JVC Context 28
3.6.1 Market and Competitive Pressures 28
3.7 JVC Signing and Post-Agreement Client Roadshow (August–October 2025) 29
I. Joint Venture Formation and Negotiation in India (August 12–14, 2025) 29
II. Client Outreach (August 15–23, 2025) 30
3.8 Timeline and Timetable for the key events 33
4. Case analysis 36
4.1 SWOT Analysis for Company A Automotive Lock System (PKE, e-Key, i-Key) in the JVC Context 36
4.1.1 Strengths (applicable to JVC): 36
4.1.2 Weaknesses (JVC-specific concerns): 37
4.1.3 Opportunities (for JVC): 38
4.1.4 Threats (for JVC): 38
4.2 The 5Cs (Communication, Collaboration, Creativity, Compromise, and Consistency) of the Negotiation framework 40
4.2.1 Communication 41
4.2.2 Collaboration 41
4.2.3 Creativity 42
4.2.4 Compromise 43
4.2.5 Consistency 45
5. Analysis, Interpretation, and Conclusion 46
5.1 Framework and Theoretical Interpretation 46
5.2 Mitigation, Experience, and Future Resilience 48
5.2.1 Difficulties Encountered and Overcome: 49
5.2.2 Future Pitfalls and Prevention Strategies: 49
5.3 Conclusion 51
6. References 53
Appendix 57
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