Official definition · 官方定义
“A joint venture (JV) is a commercial enterprise in which two or more organizations combine their resources to gain a tactical and strategic edge in the market.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
A joint venture is a separate company created by two or more firms to do something together. Each parent contributes capital, assets or know-how, and shares control and profit.
合资企业是由两家或多家公司共同出资设立的独立公司，各方投入资本、资产或技术，共享控制权与利润。
Joint ventures are how companies enter markets they cannot enter alone — a foreign market, a technology they lack, or a capital project too large for one balance sheet. The problem is control: a 50/50 structure has no tie-breaker, and the interests of the parents diverge exactly when the venture becomes valuable.
合资是企业进入「自己进不去」的市场的方式：海外市场、缺失的技术、或一家资产负债表扛不住的大项目。
问题在控制权：50/50 的结构没有最终裁决者，而各方的利益恰恰在合资公司变得值钱时开始分叉。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | Nestlé sells more coffee and chocolate as price rises slow 合资企业 —— 由两家或多家公司共同出资设立 · 第 7 张术语卡 | Nestlé moved some ice cream and water brands into joint ventures. 把增长慢的业务放进合资公司，可以不再合并进报表，同时保留一部分收益——这是大型食品公司「瘦身」的常用手法。 |
| — | SpaceX buys the last spectrum it needs to enter US mobile 合资企业 —— 由两家或多家公司共同出资设立 · 第 8 张术语卡 | T-Mobile, AT&T and Verizon set one up a week before the Grain deal — for satellite and D2D coverage. Starlink was not invited. 合资公司的迷人之处是「各让一步也能成事」：频谱不够就凑在一起，成本太高就分摊。软肋在治理 —— 谁排第一、投入怎么算、退出怎么办，都得事先写清。本文值得注意的细节是：三大运营商选择合作的对象里没有星链，一周后 SpaceX 干脆自己买了频谱，双方等于各自表态。 |
A JV is an acquisition
No parent controls it alone, and it stays off consolidated revenue in some cases.
50/50 means equal power
It means deadlock unless a mechanism is written in.
JV profit is the parent's profit
The parent books its share, often below the operating line.
· form a joint venture
· a 50-50 JV
· the JV partners
· equity-accounted
· contributed assets
form a joint venture 成立合资公司；a 50-50 JV 对等合资；the JV partners 合资伙伴；equity-accounted 权益法核算；contributed assets 出资资产。
· joint venture vs subsidiary
· JV vs strategic alliance (equity or not)
joint venture 是共同控制的新实体，subsidiary 是母公司控制；JV 有股权，strategic alliance 不一定。
The two groups agreed to form a joint venture, with X holding Y% and Z the rest.
公告句：两家集团同意成立合资公司，X 持股 Y%，其余归 Z——with 引出股权结构。
“Nestlé moved some ice cream and water brands into joint ventures.”
“T-Mobile, AT&T and Verizon set one up a week before the Grain deal — for satellite and D2D coverage. Starlink…”