Location,governance, and strategic determinants of japanese manufacturing investment in the united states

A firm's decision to manufacture abroad depends on location, governance, and strategic factors. Governance factors are firm-specific. In spite of this, most empirical studies of foreign direct investment (FDI) have been conducted at the industry level (making it impossible to look at firm-specific determinants), and only a handful have considered governance, location, and strategic factors simultaneously. This paper is the first large sample study of the determinants of foreign direct investment at the product and firm-level. It examines the impact of location and governance factors, and of four types of strategic interactions, on a Japanese firm's propensity to manufacture in the U.S. The results support the view that foreign direct investment is explained by location, governance, and strategic variables. Economies of scale and trade barriers encourage Japanese FDI in the U.S. The larger a Japanese firm's R & D expenditures, the greater the probability it will manufacture in the U.S., but this is not the case for advertising expenditures. Some strategic factors are also important: Japanese firms with medium domestic market shares have the highest propensity to invest in the U.S. There is evidence of follow-the-leader behavior between firms of rival enterprise groups, but none of ‘exchange-of-threat’ between American and Japanese firms. Japanese investors are also attracted by concentrated and high-growth U.S. industries.     

我国外资政策调整的影响分析与政策建议

改革开放以来,外商直接投资以空前的速度在我国发展起来,迄今为止,我国已成为世界上接受外商投资最多的国家之一。但是,由于许多国家竞相调整外资政策,向外国投资者提供更多优惠,各国之间的引资竞争日趋激烈,今后吸收外资的总体形势不容盲目乐观。本文回顾了我国外商投资的发展历程,分析了取消外资企业优惠政策可能带来的负面影响,并对外资政策的调整提供了一些政策建议。     

Regional Clusters, Location Tournaments and Incentives: An Empirical Analysis of Factors Attracting Japanese Investment to Singapore

This paper develops a new model for testing the role of incentives in FDI location choice by integrating the theory of the MNE with new approaches to location theory. From the theory our paper derives four testable hypotheses related to the role of policy variables in the location choice of Japanese MNEs in Singapore. Specifically we test for the existence of regional investment clusters and national tournaments as key elements in the FDI location decision. We also test for differences in the incentive preferences of export-oriented versus market-oriented investors and for first investments compared to reinvestments. Using survey data from 134 Japanese MNEs our study confirmed the existence of a Southeast Asian regional investment cluster and a location tournament between regional states. Our study also found that different incentives attracted export-oriented and market-oriented investors, but there were no significant differences in the incentive preferences of first investors compared to re-investors. The policy implications of these findings are discussed.     

吸收外商直接投资与产业结构优化升级--"十一五"时期利用外资政策目标的思考

作者认为，改革开放以来吸收外商直接投资的成效。证明这是实现我国产业结构优化升级的一条重要途径。未来在全面建设小康社会进程中。要把继续利用外商直接投资促进产业结构进一步优化升级作为重要政策目标。作者分析了在国内经济方面出现的若干新形势、新要求和新任务；还分析了在国际方面跨国直接投资和产业转移出现的新机遇。针对未来的新形势、新任务，作者提出了利用外商直接投资促进产业结构优化升级的新认识和对策措施。     

Confidence in learning: Inter‐ and intraorganizational learning in foreign market entry decisions

From an organizational learning perspective, we argue that the information signaled by the distribution attributes of foreign investors already operating in a location will influence the entry decisions of later arrivals by affecting their level of confidence in imitating. In the context of foreign investment decisions, the proportion of experienced firms in a location was shown to first increase a follower firm's confidence about imitating them, but then to decrease it, due to anticipated competition. The impact of learning from target organizations also varies with the experience of the learning organization. Data on the location choices of 7,478 manufacturing ventures in China by U.S. firms supported the hypotheses. The results provide a more integrated and nuanced understanding of learning in foreign direct investment. Copyright © 2014 John Wiley & Sons, Ltd.     

Korea's Direct Investments in China: Technology, Experience, and Ownership Factors in Performance

This paper is designed to empirically examine what determines the performance of Korea's foreign direct investment (FDI) in China. Three main determinants are hypothesized to influence the performance of Korea's FDI. They include technology, internationalization experience, and ownership patterns associated with Korea's investments in China. Data were collected from surveys with 91 Korean investors. Our empirical analysis suggests that the labor intensity of technology involved in FDI and the appropriateness of manufacturing technology to the local conditions influence the investment performance. In addition, the results indicate that the internationalization experiences of the Korean investors also affect the profitability of FDI. Another finding of note is that the level of local ownership had a positive impact on performance. But, more interestingly, its effects were moderated by the investor's prior internationalization experiences; in other words, the investors with limited internationalization experiences performed well on a minority ownership venture.     

论中国超经济外汇储备的调整

中国外汇储备规模不断扩大,构成相对集中,在收益有限的情况下,对冲国内资产价格泡沫和通货膨胀以维护货币政策稳定的成本不菲,尤其面临人民币升值、国外固定收益债券价值下跌及长期机构债违约等风险。须从源头和用途两方面加强对中国外汇储备的积极管理,实施多元化投资,实施经济体制改革,通过市场力量和创新来给巨额外汇储备消肿,尤其从国际金融战略的层面推进人民币国际化,加强人民币在区域货币合作和国际金融体系中的作用和影响。     

利用外资仍要坚持数量与质量并重

国际直接投资新一轮增长和国际产业转移新高潮为中国参与全球经济合作与竞争提供了前所未有的历史机遇,中国经济正处于关键转型期,进一步积极有效利用外资,应包括数量增长和质量提高两方面,才能适应国际投资环境的新变化和我国经济科学发展的新要求。因此,中国应继续完善投资环境,从法律层面、制度层面、政策层面、管理层面、服务层面为继续积极有效利用外资创造良好的条件,通过量的增长和质的提高,使外资在提升中国开放型经济水平、激励自主创新、推动产业升级、促进区域协调发展以及构建和谐社会等方面发挥积极作用。     

战后日本政府投资的经验、问题与启示

战后，日本通过一系列大规模的政府投资，经济得以迅速恢复并长时间保持高速增长，其平均增长速度一度超过其他发达资本主义国家。20世纪90年代后，随着泡沫经济的破灭，政府投资的效用下降，原有的政府投资制度受到广泛质疑。当前，根据国内外形势，我国政府决定启动大规模的政府投资。日本政府投资的经验和教训可以为我国的政府投资提供启示与借鉴。     

银行业对外开放对我国农村经济发展的影响

以银行业开放为视角,在介绍我国银行业开放现状的基础上,分析了当前银行业开放对我国农村经济发展的不利影响：银行业开放并没有优化农村金融资源的配置,反而加剧了农村资金供求的矛盾,同时也降低了农村金融服务水平。通过分析,提出了银行业开放条件下发展我国农村经济的几点建议。     

Firm capabilities and technology ladders: sequential foreign direct investments of Japanese electronics firms in East Asia

This paper investigates how investments in capabilities offer platforms for the upgrading or downgrading of overseas subsidiaries' activities along a ‘technology ladder’ in response to macroeconomic changes. By analyzing panel data on Japanese electronic firms in East Asia from 1988 to 1994, the empirical results confirm the importance of capabilities at host country, parent company, and local subsidiary levels in sequential foreign investment decisions. The results show that subsidiary capabilities offset macroeconomic factors influencing location decisions of multinational corporations. Copyright © 2002 John Wiley & Sons, Ltd.     

青岛市利用外资的现状 存在的问题及相关对策

青岛市近年在利用外资发展经济方面成绩显著,吸引外资硕果累累:建立了以外资企业为主体的多个经济园区,在增加外资规模的同时注重外资的质量以及与全市产业结构的调整吻合程度,加快了产业结构调整。但是引资过程中也存在一些问题。本文通过对青岛市外资利用的现状进行调查研究,提出了以继续优惠的外资政策加强产业结构调整,及建立完善的外资服务市场等相关策略。     

外资参与对企业研发投入的影响研究——基于中国上市企业的实证分析

本文利用中国2009～2014年外资参与的318家上市公司的样本数据,实证分析了外资持股和外资控股两种情况对企业研发投入的影响。研究结果显示：外资参与对中国企业研发活动存在积极影响,但该影响在外资持股和外资控股两种情形下存在显著差异,当外资持股股东不是第一大股东时,外资持股比例对企业研发投入虽然具有促进作用,但该作用十分微弱,当外资持股股东为第一大股东时,即存在外资控股情况时,对企业研发投入的促进作用十分显著。     

对加入WTO后"以市场换技术"的思考

“以市场换技术”是20世纪80年代中后期以来我国吸引外国直接投资的重要目标之一。本文首先简要回顾了中国在加入WTO前的“以市场换技术”战略,在此基础上,分析了在加入WTO后“以市场换技术”的政策环境和外资在华行为的变化以及国际产业发展呈现出的新趋势,最后对如何促进“以市场换技术”提出了若干建议。     

Strategic investments in Japanese corporations: do foreign portfolio owners foster underinvestment or appropriate investment?

This paper investigates the effect of foreign ownership on strategic investments in Japanese corporations. Foreign owners are typically portfolio investors who frequently buy and sell shares and hold diversified portfolios of small stakes in many firms. Prior research has presented two conflicting perspectives on the role of such investors: (a) their frequent trading leads to pressure for short‐term returns that fosters underinvestment; (b) their active trading fosters appropriate investments. We investigated the relationship between foreign ownership and strategic investments using dynamic panel data analysis of a sample of 146 Japanese manufacturing firms from 1991 to 1997. We found that foreign ownership enhances strategic investments (in R&D and capital intensity) to a greater extent when firms have growth opportunities than when they lack such opportunities. We conclude that foreign ownership fosters appropriate investment. Copyright © 2006 John Wiley & Sons, Ltd.     

对外直接投资、“走出去”企业与税收扶持

通过实证分析证明,我国正处于投资发展周期论的第二阶段后期向第三阶段初期发展的转型期。提出在这个探索性转型过渡阶段和面对当前全球性的金融危机双重背景下急需我国政府出台的相关政策、措施,大力扶持我国＂走出去＂企业的观点。在借鉴国际经验的基础上,剖析我国目前对外投资企业税收扶持体系存在的问题,并就我国政府应如何通过税收扶持体系有效的支持＂走出去＂企业展开具体论述。     

Political capabilities,policy risk,and international investment strategy: evidence from the global electric power generation industry

Whereas conventional wisdom holds that multinational enterprises (MNEs) invest less in host countries that pose greater policy risk—the risk that a government will opportunistically alter policies to expropriate an investing firm's profits or assets—we argue that MNEs vary in their response to host‐country policy risk as a result of differences in organizational capabilities for assessing such risk and managing the policy‐making process. We hypothesize that firms from home countries characterized by weaker institutional constraints on policy makers or greater redistributive pressures associated with political rent seeking will be less sensitive to host‐country policy risk in their international expansion strategies. Moreover, firms from home countries characterized by sufficiently weak institutional constraints or sufficiently strong redistributive pressures will seek out riskier host countries for their international investments to leverage their political capabilities, which permit them to attain and defend attractive positions or industry structures. We find support for our hypotheses in a statistical analysis of the foreign direct investment location choices of MNEs in the electric power generation industry during the period 1990–1999, the industry's first decade of internationalization. Copyright © 2010 John Wiley & Sons, Ltd.     

Whole vs. shared ownership of foreign affiliates

This paper studies why multinational firms often share ownership of a foreign affiliate with a local partner even in the absence of government restrictions on ownership. We show that shared ownership may arise, if (i) the partner owns assets that are potentially important for the investment project, and (ii) the value of these assets is private information. In this context shared ownership acts as a screening device. Our model predicts that the multinational's ownership share is increasing in its productivity, with the most productive multinationals choosing not to rely on a foreign partner at all. This prediction is shown to be consistent with data on the ownership choices of Japanese multinationals.     

论中国进入利用外资新阶段--"十一五"时期利用外资的战略思考

基于全球国际直接投资走向和中国土地、资源、环境约束，中国利用外资已进入一个新阶段。“十一五”时期中国利用外资的战略目标，一是促进新型工业化的成长，二是促进服务业的较快发展和比重的提高，并提出了若干相关政策建议。     

Economic and strategic considerations surrounding Chinese FDI in the United States

The growth of outward investment from China has generated expressions of concern from policymakers in the United States regarding the economic and national security impacts of such investments. While inward foreign direct investment (FDI) has come to be viewed by most observers as generally imparting net economic benefits to the host economy, acquisitions of US companies by Chinese multinational companies (MNCs) have been criticized on several grounds. One is based on the mode of entry itself: some critics believe that entry by acquisition brings lower benefits than greenfield entry. A second and more prominent concern is that acquisitions of US companies by Chinese state-owned enterprises (SOEs) may be motivated by non-commercial objectives which, in turn, make those acquisitions of questionable value to the host economy. In this paper, we argue that Chinese FDI in the United States is more likely to take the form of acquisitions than greenfield investments for the foreseeable future. However, there is no strong case to be made that the host country economic benefits from Chinese FDI would be larger if entry took place primarily through greenfield investments. Furthermore, most of the alleged costs to the US economy from inward FDI from China are either unlikely to occur or are already anticipated by existing US laws and regulations, thus necessitating no additional, specific legislation.