嘉豐海洋國際－越南合資期創雙贏

嘉豐海洋國際股份有限公司與大成長城集團百分之百持股的大成長城國際控股有限公司於2011年7月25日在越南廣義省合資成立「大成嘉豐水產有限公司」，擬共同發展吳郭魚垂直整合供應鏈，其中大成注資150萬美元，並取得50%的股權。然而，合資公司的前身其實是嘉豐公司在2010年2月24日獨資115萬美元設立的廣義廠，一開始僅從事蝦加工，後來雖看好吳郭魚事業的發展前景，但投入資金的尋找卻成了正面臨資金緊縮壓力的嘉豐公司一大挑戰，也影響其最終投資途徑的抉擇。本個案為台商在海外進行合資之實例，並著重在「合資前」出資雙方的投資分析，希望藉由問題的導引，讓學生們在討論過程中能思考與瞭解出資雙方決定進行合資的利弊得失。

關鍵字

擴張；合資；垂直整合

並列摘要

Gallant Ocean International Inc. and Great Wall International Holdings Ltd., a subsidiary of DaChan Group, formed a 50-50 joint venture (JV) under the name Gallant DaChan at Quảng Ngãi in Vietnam on July 25, 2011, and Gallant DaChan received a US $1.5 million payment from Great Wall. The two businesses planned to jointly establish vertical integration in the tilapia supply chain. On February 24, 2010, the Quảng Ngãi plant (the predecessor to the Gallant DaChan) received a US$1.15 million investment from Gallant Ocean. This plant was initially engaged in shrimp processing. Because Gallant Ocean intended to further invest the tilapia business at the Quảng Ngãi plant, the company needed to acquire external financing due to the credit line reduction, which also affected its choice of investment path. How would Gallant Ocean attract a partner if the company decided to invest by forming a JV? Why would DaChan Group form a JV with Gallant Ocean in Vietnam? Is there a win-win bargaining range for the JV investment amount and shareholding transactions? Are there any potential risks for each company to consider? This paper presents the real case of an overseas JV involving two Taiwanese businesses. It focuses on the investment analysis of both parties before entering a JV. Based on the aforementioned questions, we elucidate the advantages and disadvantages of forming a JV.