The benefits have been achieved by China's auto industry through joint venture

רҵ£º MSC INTERNATIONAL BUSINESS ¹ú¼ÊÉÌÎñ

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Acknowledgements
Abstract
List of Tables and Figures
List of Appendices
1. Introduction
1.1 Nature of the Research
1.2 The Research Problem
1.3 Hypothesis of the Research
1.4 Objective of the Research
1.5 Layout of the Research
2. Literature Review
2.1 Definition of joint ventures
2.2 Advantages and limitations of joint venture
2.3 Review a number of professional opinions on auto industry and joint ventures
3. Research Methodology
3.1 Qualitative analysis
3.1.1 Introduction to qualitative analysis method
3.1.2 Information collection
3.1.3 Analysis on Joint venture auto enterprises with qualitative analysis method
3.2 Quantitative analysis
3.2.1 Introduction to quantitative analysis method
3.2.2Data collection
3.2.3 Analysis on Joint venture auto enterprises with quantitative analysis method
3.3 PEST Analysis
3.3.1 Brief introduction to PEST analysis method
3.3.2 Analysis on Joint venture auto enterprises with PEST analysis method

4. Case Study £º Shanghai Volkswagen &Guangzhou Honda
4.1 Shanghai Volkswagen Case
4.1.1 Brief Introduction to Shanghai Volkswagen Auto Company
4.1.2 Analysis on operation performance of Shanghai Volkswagen Auto Company
4.1.3 Bottle-neck Problems Shanghai Volkswagen has encountered
4.1.4 Joint-venture of Shanghai Volkswagen---localization and self-development road
4.1.5 Reflection on the development of joint-ventures of Shanghai Volkswagen
4.2 Guangzhou Honda case
4.2.1 Brief Introduction to Guangzhou Honda Auto Company
4.2.2 Development Road of Guangzhou Honda's joint-venture
4.2.3 Analysis on operation performance of Guangzhou Honda
4.2.4 Reflection on the development of joint-ventures of Guangzhou Honda
5. Analysis on future joint-venture development of China's auto industry

5.1 Great opportunity China's auto industry faces
5.1.1 Market environment of China's auto industry development
5.1.2 Powerful competitive advantages of auto joint-ventures
5.1.3 Transformation of core technology
5.2 Development road of China's auto enterprises
5.2.1 Transformation of core technology is the key of development.
5.2.2Innovation of technology is the engine of China's auto enterprises development.
5.3 China's auto joint-ventures will face even fierce competition.
5.3.1 Rapid development of China's local auto enterprises
5.3.2 Growing fierce competition among auto joint-ventures
5.3.3 Uncertainties have greatly increased in China's auto market.
6. Recommendation and Conclusion
6.1 Finding on the Three Hypothesis
6.2 Recommendation
6.3 Conclusion of the Dissertation
Bibliography
Appendices

Title: The benefits have been achieved by China¡¦s auto industry through
joint venture

Research problem:

Along with the process of economic reform and policy of opening to the
outside world,
China¡¦s auto industry has experienced great changes. As for the Chinese
auto market, it is largely dominated by joint ventures between foreign auto
manufacturers and Chinese partners. The aim of this research is to analyze
the structure of China¡¦s auto industry, and to examine the benefits have
been achieved by China¡¦s auto industry through joint venture.

Research hypothesis:

„Ï Hypothesis 1: Joint ventures have played a big role in the development
of China¡¦s auto industry.
„Ï Hypothesis 2: Joint ventures have helped China¡¦s auto industry to
restructure.
„Ï Hypothesis 3: Foreign partners have transferred their core technology to
joint ventures.

The specific objectives of this research:

The main issues of this paper are that, China¡¦s automobile industry has
been seen as one of the supporting properties in the national economy,
because the development of car industry can bring along the rapid
development of many related properties, such as mechanical industry, and
electronic industry. And over the past twenty years, China¡¦s auto industry
has experienced great changes in terms of the amount and quality of
production. Besides, the big market plus the fast-growing economy lure
quite a few auto manufacturers, including the domestic manufacturers and
foreign manufacturers.

Obviously, domestic automakers are not strong enough to compete with
foreign rivals since China¡¦s auto industry is still in its early stage.
And it is impossible to lock domestic market to the rest of the world under
the tendency of globalization. In order to protect China¡¦s auto industry
from fierce competition since it is too weak, Chinese government set the
strict regulation regarding the auto industry and foreign direct investment
(FDI). As stated, while it is possible to set up wholly foreign-owned
enterprises in China, the products produced are not allowed to sell in
domestic market. Alternatively, foreign auto firms can choose to have joint
ventures with local partners. Through joint ventures, Chinese government
expects domestic automakers can catch up with their advanced partners. And
based on the co-operation, China¡¦s auto industry can develop strong
self-development capabilities and brands. Currently, the fact is that the
Chinese auto market is largely dominated by these foreign brands. Given the
research aim, the specific objectives of this study are developed as
listed:

ƒå To analyze the structure of China¡¦s auto industry (here using Porter¡¦s
five forces model)
Č To examine the performance of car joint ventures in China
ƒå To examine the benefits that China¡¦s auto industry has acquired through
joint ventures

Introduction¡G

As a developing country, China is a rapidly rising global economic power.
Overall growth has averaged a robust 7% to 8% for more than a decade (China
Daily, 2004-03). Among its many industries, the auto industry is the
backbone industry of Chinese national economy, because it is an industry
which is highly interrelated with other industries and has great hearings
on the whole national economy. Early in the period of planned economy,
Chinese auto industry had established an auto industrial system, mainly for
production of cargo vehicles, in order to meet the needs of economy,
national defense and official duties under the system of planned economy.
Since the reform and opening up, the auto industry, oriented towards the
market, has made long-stride progress. Especially over the past twenty
years, the state has given boost to the development of auto industry as one
of the two pillar industries---the other being housing---in a bid to
stimulate people¡¦s consumption, spur the market and enlarge domestic
demands. For the auto market in China, individual purchasers are becoming
the most important market segment rather than government officials and taxi
fleets who were used to be major buyers for automobile producers, because
Chinese people have enjoyed great improvement in their standards of living.

An important feature of China¡¦s auto industry is the role played by
foreign auto manufacturers who made direct investments in China. On the one
hand, as trade protection is very high in China¡¦s auto market, FDI became
a more effective way for foreign auto manufacturers to enter China¡¦s auto
market. On the other hand, as the China¡¦s automobile industry is still in
its infancy, thus the Chinese government wanted domestic auto manufacturers
to catch up with foreign auto giants and hence encouraged foreign
automakers that entered China¡¦s auto market to cooperate with local
partners to form joint ventures.

Presently, there is no doubt that the Chinese auto market is dominated by
foreign brands as cars with foreign brands and made in China occupies over
90 percent of China's auto market (Source: www.xinhua.org, 2004-04). Among
of these joint ventures, First Auto Works (FAW), Dongfeng Motor Corporation
(DMC) and Shanghai Auto Industry Corporation (SAIC) are the biggest. Each
of them has formed joint ventures with several different partners. Below
are the major auto joint ventures in China:

Ć FAW
¡K.VW
¡K.Mazda
Ć DMC
¡K.Renault/Nissan
¡K.PSA
¡K.Honda
¡K.Hyundai/Kia
Ć SAIC
¡K.VW
¡K.GM
¡K.Isuzu
(Source: China Association of Automobile Manufacturers)

Literature Review:

The definitions of joint venture

There are many definitions of joint venture, below are some:

¡§Joint venture¡¨ is a project in which two or more parties invest. It
normally results in the formation of a new company in which the parties
have shares, though neither party has effective control over the
decision-making process (Harold Chee and Rod Harris, 1999).

A joint venture is formed when two or more firms form a new entity to carry
out a productive economic activity (Harrigan, 1985).

A joint venture has also been seen in wider terms: ¡§an equity arrangement
between two or more independent firms¡¨ (Gullander, 1976, p.104). This
definition includes equity alliances between firms to organize production
and marketing on a regional rather than a country level.

¡§Joint venture¡¨ is an alternative a firm may consider as a way of
entering an overseas market. A joint venture is simply a partnership at
corporate level, and it can be domestic or international. Much like a
partnership formed by two or more individuals, a joint venture is that an
enterprise formed for a specific business purpose by two or more investors
sharing ownership and control (Sak Onkvisit and John J.Shaw, 2000).

Joint ventures have increased in the variety and form they take and become
strategic rather than tactical in nature (Harrigan, 1985).

A joint venture is that a joint venture may be considered a mode of
inter-firm cooperation lying between the extremes of complete vertical
integration of business activities within one firm, to the opposite case
where stages of production and distribution are owned by separate
companies, which contract with each other through conventional market
mechanisms (Frank Bradley, 2001).
Advantages and limitations of joint venture

There are a number of commonly perceived advantages of joint venture.

Four major advantages for joint venture may be identified in the
literature: (a) avoidance of inter-firm contracting, transactions and
negotiations costs (Williamson, 1975); (b) reduction in costs, or economies
of scale from combining common administrative, transport and marketing
expenses in two or more stages of production or distribution; (c)
internalization of technological or administrative secrets within a firm
which minimizes the risk of dissipation of competitive advantage arising
from these secrets(Teece, 1981; Rugman, 1981); and (d) the ability to
implement technological changes more quickly and over more stages of
production(Contractor and Lorange, 1988; Contractor, 1986).

Isobel Doole and Robin Lowe (2000) believed that main advantages to
companies entering joint ventures are that, first, they have more direct
participation in the local market, and thus gain a better understanding of
how it works, second, they should be better able to finance and profit from
their activities and third, they are able to exert greater control over the
operation of the joint venture.

Of course, joint venture has its limitations.

Joint ventures may be criticized because they are unstable for a variety of
reasons, because they may be instrumental in creating a competitor, and
because the costs of control become too high. Taking the instability issue,
many studies have highlighted the high break-up rate of joint venture
(Killing, 1982). Seventy per sent of the partnerships in studies by
Mckinsey and Coopers & Lybrand(1988) eventually broke up as well as half of
those in Harrigan¡¦s(1988) sample.

The characterization of joint ventures as inherently unstable may be
questioned, as it fails to recognize that the joint venture might have been
intended as a transitional structure (Harrigan, 1988). Multinational firms
are more likely to buy out their partners when they already control a
majority of the shares of a company and are more likely to divest when they
hold a minority shareholding. In this sense, joint ventures may be viewed
as ¡§instruments providing firms with flexibility in responding to trends
that are difficult to predict¡¨ (Gomes-Casseres, 1989, p.99). Stopford and
Wells (1972) believe that firms tend to reserve proprietary knowledge for
models of entry that they control completely. Sometimes joint ventures
create competitors unnecessarily. According to Lasserre(1984), there exists
the possibility for long-term opportunistic behavior from the technology
buyer when the technology supplier is no longer needed.

Sak Onkvisit and John J.Shaw (2001) pointed out firstly, if the partners to
the joint venture have not established clear-cut decision-marking policy
and must consult with each other on all decisions, then the decision-making
process may delay a necessary action when speed is essential. Secondly,
whenever two individuals or organizations work together, there are bound to
be conflicts because of cultural problems, divergent goals, disagreements
over production and marketing strategies, and weak contributions by one or
the other partner. Although the goals may be compatible at the outset,
goals and objectives may diverse over time, even when joint ventures are
successful. Thirdly, another potential problem is the matter of control. By
definition, a joint venture must deal with double management. If a partner
has less than 50 percent ownership, that partner must in effect let the
majority partner make decisions. If the board of directors has a 50-50
split, it is difficult for the board to make a decision quickly or at all.

Isobel Doole and Robin Lowe (2000) believed that there exist some
significant disadvantages of joint ventures. As joint venture companies
involve joint ownership, there are often differences in the aims and
objectives of the participating companies which can cause disagreements
over the strategies adopted by the companies. If ownership is evenly
divided between the participant firms, these disagreements can often lead
to delays and failure to develop clear policies.

A number of professional opinions

The auto industry is considered as a pillar to Chinese economy. So the
development of China¡¦s auto industry has attracted close attention from a
lot of experts. Below are some opinions:

Lu Zhiqiang believed Chinese auto manufacturers do not have enough time and
power to establish an internationally competitive auto industry by
themselves. One way to increase the competitiveness is opening up to the
foreign counterparts. Apparently, there is little possibility of setting up
an integrated and independent auto industry within one country under the
ongoing alliances and acquisitions in the world auto industry. Domestic
automakers have significantly increased their competitiveness through
co-operation with foreign companies over the past 20 years. Most cars in
the country are currently being produced by joint ventures. Furthermore,
domestic automakers must deepen co-operation with foreign companies
(source: Auto Industry Summit, 2001).

Chen Jianguo believed joint ventures are part of China's auto industry and
that it should not reject foreign investment. It is wrong to think that
China must establish an "independent national auto industry." More
opportunities should be given to all forms of automakers including joint
ventures and exclusively foreign-funded enterprises (source: China Daily,
2001-04).

Bai Jinfu believed that today's competition was far different from the
traditional antagonism, and instead it was based on cooperation. A
strategic union should be formed among China's auto enterprises or among
Chinese and foreign enterprises. In this way, they would be able to
supplement one another with their own advantages while sharing risks and
seeking the innovation from the collaboration. As an industry with
strategic importance, the auto industry should receive more advice and
favorable policies from the Chinese government (source: China Daily,
2004-03).

Yale Zhang believed that some Sino-foreign car joint ventures have vowed to
increase their own development capabilities. However, these joint ventures
are just improving foreign brand models according to local market needs.
They will not invest heavily to develop Chinese brands. (source: China
Daily, 2003-07)

Guo Konghui believed that one of the most important reasons for the weak
development capabilities and brands of China¡¦s auto industry is that
Chinese automakers, especially that State owned, rely increasingly heavily
on foreign partners. The State should also join with domestic automakers to
develop key automotive technology and form their own rules and standards.
(source: People¡¦s Daily Online, 2004-10).

Zhang Suixin stated that facing globalization; China¡¦s automobile sector
has its own weaknesses such as small scale, irrational allocation of
resources, and low efficiency. A majority of domestic auto makers can not
rival foreign companies at present. Despite domestic mergers and
restructuring, reorganization and co-operation with foreign competitors are
the best way out for China¡¦s auto industry. Furthermore, the WTO entry
will speed up reorganization of China¡¦s auto industry and will lead to
further co-operation with global auto makers (source: Xinhua News Agency,
2001-03).

Zhu Yanfeng believed as an indispensable part of China's economy, the auto
industry should be open to the world. Modern enterprises need to cooperate
with other countries if they want to develop. To some extent, international
cooperation can promote the independent development of our country's auto
industry (source: People¡¦s Daily, 2003-07).

Lin Ganwei believed that it is a pressing task for domestic auto makers to
strengthen cooperation with foreign companies and sharpen competitive
edges, and the cooperation with foreign auto makers should involve
investment, production platforms, technologies and product development, and
sales networks (source: China Daily Business Weekly, 2000-06-11).

Mao Wei believed that China¡¦s auto industry can gain enough strength to
deal with the challenges only through restructuring. Presently, a majority
of domestic auto makers cannot compete with foreign companies in many
aspects. Thus, accelerating re-organization and establishing competitive
enterprise groups is a must for China's auto industry to survive global
competition after the nation's WTO entry. It is urgent for Chinese
government to reorganize more than 10 leading auto makers into some giants
within the "buffer" period after the WTO entry (source: People¡¦s Daily,
2000-06).

Zhou Zhongwei believed that besides the need to localize the auto industry,
the Chinese government should ask foreign companies setting up joint
ventures in China to meet certain criteria for joint research and
development activities and for technology transfer. China¡¦s auto industry
should trade the market potential for technology which can be used in the
future to develop a domestic industry (source: www.atimes.com)

Chen Zutao said that under this situation (the WTO accession), China's auto
industry should set the development of future auto industry as its goal,
accelerate the adjustment of industrial structure, push ahead the
sustainable development of auto industry, carry out technical research and
innovation, closely cooperate with world auto industry and participate in
the globalization process of world auto industry (source: People¡¦s Daily
Online, 2000-06).

Research Methodology:

Research methods can be classified in various ways; while one of the most
common distinctions is qualitative and quantitative. And in this research
author will mainly use qualitative method to analyze the research problems.
The term "qualitative method" indicates any type of research that is not
conducted using statistical procedures or other means of quantification. It
normally refers to studies of experiences, behaviors, emotions, feelings,
social movements and cultural phenomena. There are many reasons for doing
qualitative research, all of which depend on the nature of the research
objectives. Generally, qualitative techniques give an insight into the
problem to be studied and are a support in identifying relevant constructs
and concepts to be further examined with quantitative research (Kumar, R.
1996).

In this research, the primary data is planned to use in-depth interview,
and the secondary data will be collected from public journals, books,
reports, and internet.

Data and information needed by the research

In this research, some mainly useful data and information needed by the
author to analyze research problems and prove research hypothesis are as
following:

1) Data and information about auto joint ventures in China¡¦s auto
industry:

„« The history of China¡¦s auto industry;
„« The current situation of the auto joint ventures, which include: the
annual production, the market share, the registered capital, the major
models produced;
„« Mainly economic statistic data in recent years, which include: GDP
growth, FDI, macroeconomic environment index, transportation
infrastructure, vehicle ownership;

..Sources of data and information

The sources of data required for a research of this nature can be divided
into two basic categories, primary and secondary. New data and information
collected as a part of the research is called primary data, and existing
data collected for some other proposes is called secondary data.

The primary sources in this research will be collected through in-depth
interview. In-depth interview is a lengthy (generally 30 minutes to an
hour), non-structured interview between a respondent and a highly trained
interviewer, who minimizes his or her own participation in the discussion
after establishing the general subject to be discussed. Respondents are
encouraged to talk freely about their activities, attitudes, and interests
in addition to the product category or brand under study (Sciffman and
Kanuk, 2000).
However, in this research, it is difficult and unfeasible to choose and
interview a large representative samples because there are also many
limitations such as timing, finance, complexity and attitude of managers in
companies. Thus, the author would try to find the chance to contact several
major auto joint ventures in China, such as Shanghai GM, Shanghai VW. And
hope to obtain the first and authoritative data about the situation of them
and the contribution they have done.
In this research, the secondary data will be gathered from the libraries
and mainly focus on books, journals, and annual reports. Some of these
sources are from public libraries, whereas CD-ROM and Internet support some
of them. Journals are very important source to collect the most current
information and critically evaluate other opinions in some relevant
research papers. Some university internal publications such as Centre for
International Business Studies (http://www.lsbu.ac.uk/cibs/) in London
South Bank University are very helpful to collect secondary information.
And the secondary data will be collected from as well as newspapers like
People¡¦s Daily, XinHua News Agency, reports from auto magazines.
Ideally the research should use primary source of data to ensure that the
information has been collected and analyzed to suit the specific purpose of
the research. However, due to limited resources and time consuming to
collect and analyze primary data, secondary sources of data will be mainly
used to analyze problems in this research.

Data analysis and evaluation

As Patton¡AM¡]2001¡^point out, there is not method of dealing with missing
data that is free of disadvantages. This research will have missing data in
the process of implementing. However, author will pay more attention to
avoid or reduce the missing data. And the data collected from secondary
sources will be carefully examined, analyzed and evaluated to ensure that
it meets the needs of the research purpose with regard to definition,
accuracy, timing etc. Attention is given to: (1) find out how data were
collected and analyzed and why they were collected; (2) make sure that the
data available are up-to-date and there is no transcription or printing
errors in publish data.

Expectations of the research study:

Compared with fifty years ago, China¡¦s auto industry has made great
progress. Especially over the past twenty years, given the potential of
China¡¦s auto market is enormous and encouraged by the Chinese government,
almost all the foreign auto manufacturers have formed joint ventures with
domestic partners in China. So far, these joint ventures have done very
well in terms of sale volume, revenue, and so on.

In this research, the structure of China¡¦s auto industry will be analyzed
by author, and it is anticipated that this work will examine the benefits
that China¡¦s auto industry has achieved through joint ventures.
Eventually, author will try to make some feasible recommendations to auto
joint ventures in China.

Appendix:

Abbreviations

DMC Dongfeng Motor Corporation
FDI Foreign Direct Investment
FAW First Auto Works
GM General Motors
SAIC Shanghai Auto Industry Corporation
VW Volkswagen
WTO World Trade Organization

Timetable

Working Hours (totally 600)
Task to be achieved
50 Critically thinking of research problem and ideas
50 Choosing the focus and discuss steps
100 Reading methodology literature for study including recent published
working papers( journals, magazines, etc)
150 Secondary and tertiary data¡¦s collection and analysis
80 Communication planning
20 Proposal writing up
100 Draft completed including formatting bibliography
50 Draft revised as necessary

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