Asia is witnessing the emergence and significant growth of incorporated joint venture airlines. The joint venture model has been a functional approach since most states restrict foreign ownership in an airline to less than 50% and require it to be effectively controlled by locals. A typical business model is for a parent airline group to have a minority share while local owners hold a majority share. This model was pioneered by AirAsia, and Jetstar, Lion Air, Singapore Airlines, Spring Airlines, and VietJet have managed to establish a presence in foreign countries through such joint venture arrangements with local investors. In the joint venture model, local investors can be categorized as either strategic investors or financial investors. Strategic investors are typically local airlines that choose to be a joint venture partner so as to create synergy with their own business and to undertake a new business model. In contrast, financial investors are companies that do not necessarily have a strong interest in the airline industry. For the past 15 years, foreign airlines have learned that management conflicts can arise when they partner with strong local airlines. Although foreign airlines want to maximize their corporate control power in their joint venture airlines, they should be mindful of regulatory hurdles in the airline industry. This unique circumstance creates interesting corporate governance issues. This article examines the opportunities gained, lessons learned, and challenges faced by joint venture airlines in Asia from a corporate governance perspective.

中文翻译：

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亚洲跨境合资航空公司：公司治理视角

亚洲正在见证合资航空公司的出现和显着增长。合资模式一直是一种功能性方法，因为大多数州将航空公司的外资所有权限制在 50% 以下，并要求其由当地人有效控制。典型的商业模式是母航空公司集团持有少数股份，而当地所有者持有多数股份。这种模式由亚航首创，捷星航空、狮航、新加坡航空、春秋航空和越捷航空通过与当地投资者的这种合资安排，成功地在国外建立了业务。在合资模式中，本地投资者可分为战略投资者或财务投资者。战略投资者通常是当地航空公司，他们选择成为合资伙伴，以与自身业务产生协同效应，并采取新的商业模式。相比之下，金融投资者是不一定对航空业有浓厚兴趣的公司。在过去的 15 年中，外国航空公司已经了解到，当它们与强大的本地航空公司合作时，可能会出现管理冲突。尽管外国航空公司希望在合资航空公司中最大限度地发挥公司控制权，但他们应该注意航空业的监管障碍。这种独特的情况产生了有趣的公司治理问题。本文从公司治理的角度探讨了合资航空公司在亚洲获得的机遇、经验教训和面临的挑战。