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  3. The term "joint international business venture", joint venture for short, has come to mean many things to many people. It someti

The term "joint international business venture", joint venture for short, has come to mean many things to many people. It someti

admin2014-03-22  59
问题     The term "joint international business venture", joint venture for short, has come to mean many things to many people. It sometimes is taken to mean any joint relationship between one or more foreign firms and one or more local firms. Such a broad definition is excluded here. Joint venture will be taken to mean joint ownership of an operation in which at least one of the partners is foreign based.
    Joint ventures can take many forms. A foreign firm may take a majority share, a minority share, or an equal share in ownership. While it is not necessary to have financial control or to have operating control, some firms refuse to use the joint venture form if it is not possible to have a majority position in ownership. There are firms that have few qualms about holding minority position, however, so long as they can have operating control. They achieve this through technical-aid, management, or supply contracts.
    It should be recognized that maintaining operating control is sometimes difficult if one does not have financial control too. Objectives of the participants may diverge: when they do, financial control becomes important. Management may wish to reinvest earnings while the majority of the board may wish earnings distributed as dividends. Unless policy issues of this kind can be settled amicably, lack of financial control can prove to be very unsatisfactory, if not fatal.
    Many joint ventures emerge as matters of necessity: that is, no single firm is willing to assume the risks entailed, while a consortium of firms is. Large, capital-intensive, long-lived investments are natural candidates for the joint venture. Exploitation of resource deposits often is done by a consortium of several petroleum or mining firms. Roles are parceled out even though each phase of the operation is owned jointly. One firm does the actual mining, another provides transportation, and still another does the refining and extraction. There is a wide variety of combinations.
    Also the joint venture can pose problems, especially if it is an enforced marriage of partners. For many ventures in small countries, it is difficult to find a suitable local partner, that is, one with sufficient capital and know how to be able to contribute to the partnership. In some developing countries, a small handful of families control the entire locally-owned part of the industrial structure. Under these circumstances, a joint venture merely insulates them further from independent, foreign-owned plants that would compete against them. For this and other reasons, the only suitable partner may end up being the government itself. Most multinational firms, however, shy away from such arrangements where possible.
In what circumstance does the financial control in ownership become necessary?
选项 A、When there is disagreement among the partners about the purpose of some would be action.
B、When operating control can not play any important role in running a joint venture.
C、When the majority of the board want to distribute the earnings as dividends.
D、When a firm does not have the majority position.
答案A
解析 根据题干中的financial control将本题出处定位于文章第3段。该第2句中第二个分句中的do指的是前一分句中的diverge，由此可知，when they do表达的意思是“当参与者的目标确实出现了分歧”。通过第二个分句可知，financial control becomes important的前提是“参与者的目标出现分歧”，也就是说在参与者的目标出现分歧时，financial control就变得十分有必要，故答案为A)。
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