Abstract: International joint ventures (IJVs) have been suggested as a vehicle to explore the real option valve for each partner. This paper examines the transferring trend of equity towards foreign partner in Sino-foreign IJVs from the control perspective. Through the analysis of the content, characteristics and evolutionary pattern of control in Sino-foreign IJVs, a framework of transferring mechanisms is developed. On the basis of the exploration of learning option, we suggest that it is crucial for Chinese partners to construct an effective learning mechanism.

Key words: Sino-foreign IJVs, control, evolution, learning