中国企业赴巴西直接投资的机遇与挑战

近年来,中国对巴西投资迅猛增长,2010年中国成为巴西外国直接投资的第一大来源国。中企赴巴西投资在面临巴西地理位置优越、自然资源丰富、经济发展稳定、市场潜力巨大、劳动力资源丰裕、基础设施完备、经济政策稳定且开放、科技水平和研发能力较强、外债风险持续缓解、中巴双边贸易快速增长等良好机遇的同时,也面临整体税负偏重、基础设施滞后、社会治安状况堪忧、教育水平不高、居民素质参差不齐、资金和劳动力成本高企、劳工法律苛刻、币值波动较大等挑战。中国政府和企业要从完善投资保险机制、签订投资协定、做好市场调查、政策分析、实行"本地化"策略等方面沉着应对。     

本币升值条件下中日两国对外直接投资比较研究 ——基于产业选择的视角

近年来人民币升值频繁,与20世纪70年代日元升值情况有相似之处。基于中日两国在本币升值背景下的对外直接投资状况,本文从对外直接投资规模及嬗变、区域分布特点与产业选择行为3方面比较分析了中日对外直接投资的异同,最后针对日本产业选择的经验与教训,提出了中国对外直接投资要统筹兼顾服务业与制造业、促进投资区域和产业多元化以及提升投资者应对海外投资风险能力的对策建议。     

Expansion of Japanese Retailers Overseas

Abstract

There have been a number of studies of foreign retail entry into Japan but few that consider the moves of Japanese retailers to other Asian countries. Nonetheless expansion into Asia of Japanese retailers, notably since the early 1990s, has been considerable. Many have been attracted by the large size of several national markets. Large Japanese trading houses have played a significant direct and indirect role in the international moves of Japanese retailers. China has become the major place of investment for Japanese retailers with 21 retail companies established by Japanese firms. The history of the internationalisation of Japanese retailing shows three phases of development. A first phase is characterised by department stores, a second phase is a slowing of activity in the late 1990s and a third phase of rapid expansion is presently evident. The key to the current phase is the establishment and strength of non-retail supply firms in the same East Asian region into which retailers wish to expand.     

日本出境旅游现状及我国拓展日本客源市场对策

我国国际旅游业的发展与日本客源市场有着非常密切的关系。日本旅游者主要前往亚洲国家旅游,目前韩国是接待日本旅游者最多的国家。我国可以采取改善旅游基础设施,提高服务质量,培养精通日语的服务人才,开发温泉旅游和滑雪旅游等措施拓展日本客源市场。     

The road from Nissan to Samsung: a historical overview of East Asian investment in a UK region

Japan's relationship with the North East of England is often charted from the 1984 investment by the car manufacturer, Nissan, in its Sunderland plant. The aftermath of that investment decision saw not only a wave of Japanese manufacturing investment descending upon the North East but also other investments from Korea, Taiwan and Hong Kong following in its wake. This article attempts to situate the experience of Japanese investment in the North East in the wider context of the region's more long-term associations with Japan. It looks to the legacy of the past in the building of Japanese battleships on Tyneside and other episodes of technology transfer in the late nineteenth century. It juxtaposes the subsequent changes in the region's industrial base with the post-war history of Japanese investment in the UK. With the arrival of NSK, the Japanese ball-bearings manufacturer, in County Durham in 1974, a new relationship can be seen to have emerged along with a regional infrastructure which supported further East Asian investment at the height of the bubble economy. The spreading out of that investment, its social and cultural impact and the consequences of the bubble bursting are explored at a time when claims for the dawning of ‘the Pacific century’ have been seriously called into question.     

我国农产品市场体系建设研究

本文认为,近年来我国农产品市场体系建设取得了重大进展,农产品市场主体多元化格局已经形成,农产品市场体系逐步完善,农产品交易方式逐步多样化,市场基础设施建设逐步完善,但在农民进入市场的组织化程度、市场布局、地区结构等方面还存在许多不足,影响了农产品的正常流通,制约了农业的发展和农产品竞争力的进一步提高。因此,必须加强农产品市场体系建设,按照统筹城乡经济社会发展、建设社会主义新农村的总体要求,根据建立全国统一、开放、竞争、有序的大市场的需要科学规划,优化农产品批发市场布局;增加投入,完善基础设施建设;重视部门之间的协调配合,全面加强服务体系建设;依法行政,加强市场监管;强化农产品市场的宏观调控能力;积极探索,发展连锁经营、物流配送、电子商务等现代流通方式。     

解析海外市场对中国水产品出口的关注焦点——从日本看中国水产品出口

日本是中国长期以来最为重要的水产品出口市场,从日本普通消费者和水产业界的视角考察中国水产品出口情况,发现中国水产品加工企业在保证产品质量安全方面做出了卓有成效的努力,中国水产品对日本出口格局的变化与日本水产品市场的长期低迷及非关税贸易壁垒的设置有直接关系。如何增加海外消费者对中国目前高水准的出口水产品加工状况的了解,成为消解和弱化对中国水产品妖魔化的亟需解决的重要课题之一。     

基础设施建设投融资的创新方案研究

基础设施投资是拉动内需的重要方式,对提高城市化质量,提高城市生活水平意义重大。分析我 · 国基础设施建设资金的巨大缺口,建议多渠道筹集资金。并探讨了证券化、 国有资产市场化、BOT、 。 TOT、ABS等投融资的创新方式,实现多元化、多层次融资,以促进城市经济发展。     

近代日本水泥业在华倾销及其原因探析

20世纪30年代,日本水泥业在其政府的支持下,在中国市场特别是沿海城市进行大量的低价倾销,这种经济侵略行为直接对中国水泥业的发展造成了极大的威胁和压力。日本水泥业的倾销是受多方面因素的影响:国内水泥生产过剩、日本航运业的支持、日元汇率下跌的刺激、水泥自身生产成本的下降及其得天独厚的靠近中国市场的优势,这些因素在加剧日本在华倾销方面起了很大的作用。     

Direct foreign investment in japan as a means of market entry: The case of European firms 1

Japan, one of the world's largest and strongest economies, attracts a tiny level of inward direct investment. This neglect is particularly true of European multinationals. This article examines a sample of European companies which have Japanese manufacturing affiliates, to assess direct investment as a means of access to the Japanese market. It examines the objectives and strategies of entry and evaluates the outcome in terms of successful penetration of the Japanese market. The joint venture route is a preferred means of initial entry and the research allows evaluation of the advantages and disadvantages of this mode of entry to the Japanese market.     

Competing globally: How Japanese MNCs have matched goals and strategies in India and China

Japanese MNCs have established strong investment positions in the US, Europe and Asia. China has been a major recipient of Japanese foreign direct investment (FDI), while investment in India has grown much more slowly. We argue that the differences extend much beyond the levels of investment—Japanese involvement in India and China is qualitatively different. Japanese FDI in China was motivated by access to location-specific productive resources, and it involved a high degree of technology, management skills and organizational knowledge transfer. The Japanese subsidiaries in China were integrated with the network of international subsidiaries as a part of the MNC's global strategy. Japanese FDI in India, however, was motivated by the desire to access local markets. It involved less transfer of technology and management skills, and Japanese subsidiaries in India operated independently as part of a multi-domestic strategy. We conclude that foreign entrants to the region should be aware and able to respond to the unique advantages of each host country and to the different strategies and capabilities of the subsidiaries of Japanese MNCs.     

How Do the Asian Economies Compete With Japan in the US Market? Is China Exceptional? A Triangular Trade Approach

We apply a trilateral trade approach to examine how Japanese exports and investment to China, or seven other Asian economies, affect Chinese, or the seven Asian economies', exports to the US market. The results suggest that while Chinese and Japanese exports are directly competitive in US markets, Chinese exports to the US are supported partly by Japanese exports to China. The positive correlation between Japanese exports to China and Chinese exports to the US is explained by vertical trade between Japanese multinationals and their affiliates in China. Indonesian and Philippine exports are also competing with Japanese exports in US markets, though the extent of the competition is much higher for China than for these countries.     

日韩对我国直接投资企业的出口倾向及效应的比较分析

日本和韩国是我国利用外资的重要来源国,由于两国企业在华投资动机和投资行业有所不同,其出口倾向性有着一定的差异,并对我国的出口规模和出口市场结构产生了不同影响。实证分析表明,日本与韩国在华投资企业出口倾向都较高,日资企业出口以返销本国为主,韩资企业产品主要出口美国市场,外资企业的高出口倾向是我国出口规模快速扩大的重要原因,并由此产生了出口的转移效应。     

中国对日农产品出口的增长因素研究 ——基于CMS 模型的实证分析

日本是中国农产品出口的主要对象国,两国贸易关系相当密切。本文采用CMS模型对中国农产品出口日本市场的增长因素进行实证研究得出:中国输日农产品增长主要由日本国内市场需求增长所引致;产品结构效应对中国农产品输日增长具有显著的正向影响,而综合竞争力效应和产品竞争力效应对中国农产品输日增长产生阻碍作用。为扩大中国农产品对日出口,本文针对不同影响因素提出相应的对策建议。     

Synchronised Business Cycles in East Asia and Fluctuations in the Yen/Dollar Exchange Rate

Because many authors have proposed stimulating the ailing Japanese economy by monetary expansion and yen depreciation, we explore the repercussions of depreciating the yen against the dollar on the other East Asian economies – which largely peg to the dollar. Since 1980, economic integration among Japan's neighbours – China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand – has intensified and (except for China and Singapore) their business cycles have been highly synchronised. These cycles have been closely linked to fluctuations in the yen/dollar exchange rate – through changes in the export competitiveness, inflows of foreign direct investment and intra‐Asian income effects. We show that a major yen devaluation would have a negative impact on incomes in other East Asian economies and that it is not a sensible policy option for Japan.     

中国蜂蜜在日本市场的需求弹性

日本是中国蜂蜜出口的最大市场,占中国蜂蜜出口总额的40%,对中国蜂蜜贸易的发展至关重要。本文以日本蜂蜜市场1995年5月至2004年12月的进口数据为基础,运用近似线形需求系统模型(LA-AIDS)估计中国蜂蜜在日本市场的收入弹性、自价格弹性和交叉价格弹性,分析中国蜂蜜在日本市场的贸易地位与竞争策略。研究结果表明,在日本蜂蜜进口市场,中国蜂蜜的价格对来自阿根廷的蜂蜜进口量有较大的影响力,但实施价格战会使中国蜂蜜的利润损失大于阿根廷。最优的竞争策略是努力维持市场份额,通过质量与安全水平的提升来获取较高的价格和利润率。     

外商投资企业在华收益、经验及启示

改革开放四十多年来,我国成为了全球第二大外资流入国。外资在为我国经济社会发展做出重要贡献的同时,也获得了应得的收益,实现了营收和利润双增长。具体表现为:中国市场是外资企业营收增长的重要来源,各国企业在华营收保持持续增长,中国市场营收占据跨国公司全球重要位置;外商投资在中国获得较高收益率,诸多美欧企业在华投资收益率高于其全球平均水平。与此同时,外资企业在华经营还实现了其战略目标。实践证明,成本寻求型外资在中国获得了低要素成本,市场寻求型外资与中国市场共同成长,创新资产寻求型外资取得在华创新投入产出双增长。     

The Determinants of the Location of Foreign Direct Investment by Japanese Small and Medium-sized Enterprises

Japanese manufacturing small and medium enterprises (SMEs) have actively undertaken Foreign Direct Investment (FDI) in Asia since the mid-1980s. FDI contributes to economic growth of the FDI recipient countries, as it brings in not only financial resources for investment but also technologies and managerial know-how, which are important factors for promoting economic growth. Recognizing these benefits of receiving FDI, policy makers in developing countries have formulated various strategies to attract FDI. This paper examines the factors in the host countries that would attract FDI by Japanese SMEs. Our results show the importance of both supply-side and demand-side factors in the recipient countries for attracting FDI by Japanese SMEs. Supply-side factors include abundance of low-wage labor, availability of well-developed infrastructure, and good governance of the host government, while an important demand-side factor is the presence of sizable local market. In addition, Japanese SMEs regard industrial agglomeration, which has a element of both supply and demand factors, as an important factors making FDI decision. Supply-side factors are found to be important for attracting Japanese FDI in developing countries, while demand-factors play a role in attracting Japanese FDI in developed countries. A comparison of the results for SMEs to those for large firms reveals that SMEs are more sensitive to the conditions in the host countries in making their FDI decision. In particular, SMEs regard the availability of low-wage labor, well-developed infrastructure, and industrial agglomeration as important elements much more than large firms. High sensitivity of SMEs to local economic conditions in their decision on FDI location may be explained by their limited availability of financial and human resources and high dependence on overseas production in their business. In light of these findings, we conclude that countries interested in hosting FDI have to provide a very attractive business environment.     

Japan's Lost Decade and its Financial System

After briefly explaining the causes of the Japanese asset‐price bubble in the 1980s, this paper analyses why the bursting of the bubble developed into a full‐fledged financial crisis in the late 1990s. In order to cope with this crisis, the Government has injected capital directly into the banking sector and banks have written off enormous amounts of bad loans. However, the Japanese financial sector remains very weak and Japan still faces a number of problems in its financial system. Firstly, the profit margin of banks is too small to cover the increased default risk following the bursting of the bubble, and there are market distortions created by the government‐backed financial institutions and the requirements on new lending to small and medium sized companies. Secondly, banks still have excessive stock investment and crossholding of shares between banks and other companies has weakened the market discipline on entrenched management. Thirdly, the government guarantee of all banking‐sector liabilities should be removed. Once the financial system is stabilised, a risk‐adjusted deposit insurance premium should be introduced so as to strengthen market discipline on banks, and the huge postal saving system should be privatised to create a level‐playing field among deposit taking financial institutions. Besides the foregoing, the weak corporate governance structure of Japanese financial institutions has to be remodelled. The management of banks has shielded themselves by extensive cross‐shareholdings, especially with life insurance companies. There has been extensive mutual provision of capital, most large life insurance companies have weak corporate governance, and many of the large shareholders of banks are life insurance companies. This double gearing between banks and life insurance companies has therefore weakened the market control of Japanese financial institutions.     

A Critical Review of Market Entry Selection and Expansion Into Japan's Market

ABSTRACT

This article offers a contribution to the Japan market entry model selection. It critically analyzes the various models such as the eclectic, transaction cost analysis, Uppsala, resource-based, interactive network, and bargaining power models, with examples as they relate to foreign firms that had used some of these models to successfully establish their businesses in Japan, as well as some foreign firms that have failed in the market. Data were gathered from the past academic journals, the Japan External Trade Organization (JETRO), newsmagazines, and other sources. Knowledge of corporate Japan and the society played a major role in gathering data for this study. The aim of this article is not to prescribe or offer a solution for the best-available model to use in the market entry into Japan but rather to act as a trigger for a critical checkup on foreign firms planning to internationalize their business and enter the Japanese market. Since there has not been a specific model designed for a Confucian society like Japan, an integrated model combining all the models together was examined using the market entry in Japan of Vodafone, Yahoo, Pfizer, GlaxoSmithKline, and Bayer Yakuhin as examples. Finally, the article offers some suggestions on how to enter and expand business in the Japanese market.