论在华日资企业大型化和集团化

近年来，中小型企业占日本在华投资企业的绝大部分，中小日资企业是日本对华投资的排头兵，在整个对华投资中起试探作用，1992年以来，随着中国政治，经济发展方向的明朗化，中国巨大的市场潜力强有力地吸引着包括日本在内的国际投资者，为尽早占领中国市场中的一席之地，在日本大型企业中掀起中国投资的热潮。从此，以中小日资企业为先导的日本对华资本扩张的低级阶段已告结束，投资层次迅速提高，在华的中小日资企业逐步向大型化，集团化方向发展，并逐步占居主导地位。     

非上市股本融资与内地企业的发展

非上市股本融资的方式日益普遍,且发展迅速,内地企业正好籍此融资方式筹集资金,拓展市场,以期在数年后迈向股份上市的目标。本文分析非上市股本融资的内涵,剖析非上市股本融资在近几年的特点,包括它的资本来源与出路、管理者的投资策略,并讨论目前内地企业在融资方面的错觉与解决方法。分析非上市股本融资对内地企业发展的好处,探讨内地企业采用非上市股本融资方式无论在程序简化、发展灵活与领导意识改进等好处。分析内地企业吸纳非上市股本面对的五项挑战,并就各项挑战提供回应的方法。分析香港在非上市股本融资与内地企业的发展上扮演的角色,讨论香港在融资市场方面的优势,并为内地企业在非上市股本融资上所扮演的角色。     

南京市利用日资现状分析及对策研究

文章利用日本利用外资分行业比重表中详实的数据,对南京市近两年来日资企业投资情况进行了分析对比。阐述了南京市在利用日资上的困难及不足,并提出了针对南京市利用日资的对策建议。     

进一步拓展对日企业的合作空间

一、日本企业在开发区投资发展分析大连开发区是日本企业在华投资较为集中的地区之一,是东北三省日本企业投资最多的特殊经济区域,并成为辽宁省对日经济合作的先行区,建区18年,已吸引401家日本企业以各种形式进区投资兴业,实际使用外资26亿美元。已占全区实际使用外资总额的73%,资金到位率高达79.5%。2001年开发区185家日资工业企业完成工业总产值     

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香港: 香港为全球第5大外汇衍生交易中心 金融管理局最近发表的调查报告显示,香港是全球第5大外汇衍生交易中心,4月份平均日成交达560亿美元,占全球的6%。在利率衍生工具方面,位列第8位,其平均每日成交额达180亿美元。 日本在香港直接投资逾127亿美元 据“香港日本人商工会议所”最近一项调查显示,近5成的日资企业表示今后3年将会在香港增加投资。目前,日资在香港开设91家地区企业总部,仅次于美国,日本在香港直接投资逾127亿美元,是1985年底的3.5倍。     

推进辽宁股权投资基金发展的若干思考

股权投资,是通过私募形式对具有融资意向的非上市企业进行权益性投资。近年来,股权投资在我国金融体系中扮演着越来越重要的角色,已经成为仅次于银行贷款和上市发行的重要融资渠道。在当前货币政策日趋紧缩的宏观环境下,大规模引进和利用股权投资基金对于破解融资瓶颈具有重要的现实意义。     

不断改善投资环境,扩大中日经济合作——日本厂商对上海投资环境评价初析

上海作为全国的经济、技术发达地区之一,在这几年对外开放政策指引下,不断注意改善外资的投资环境,也吸引了一批外资在上海建厂、造饭店。如果细加分析,不难发现到上海来投资的外商中,日本的投资比例比较少,而且日资大多集中在旅馆等服务业,真正投入到产业中去的日资相当少。这不仅与上海在全国的地位不相称。     

日本对台直接投资之分析

我国台湾省是日本的重要投资场所,而日本是台湾省引进外资的主要来源。自1953至1983年3月底,日本对台湾直接投资累计达1,225件,总金额为4.79亿美元,占战后日本对外直接投资累计额的0.9％。台湾是日本投资企业最多的地区之一,据1983年6月的统计,约有500家日本公司在台湾合资或独资经营478家企业,仅次于在美国和香港的日资企业,居第三位。     

无锡招商的“东京攻势”

去年无锡市完成合同外资68．3亿美元，其中合同利用日资9．9亿美元，同比增长135．8％，占同期日本对中国大陆投资总量的16．7％，占江苏省利用日资的50％，“日资高地”在无锡日益凸显。     

泰国外贸有回升迹象

泰国外贸有回升迹象汪慕恒山于日元于去年二月以后进一步升值，去年四、五月间日资企业对泰国的投资重新出现了猛增的势头。根据泰国投资委员会公布的申请投资数字，去年一至七月期间日资企业的投资申请件数达１０３件，比１９９２年同期增加了２．３倍，而且比１９９３年...     

Does stock market listing impact investment in Japan?

We provide the first large sample comparison of investment by Japanese listed and unlisted public firms. We show that listed firms invest more and have greater sensitivity to investment opportunities than comparable unlisted companies. Our findings suggest that the role of listing in alleviating financial constraints and agency costs is more important than potential underinvestment due to myopic behavior. However, the positive relationship between listing and investment is primarily driven by standalone firms. Further analysis confirms that as the number of subsidiaries in a business group increases the positive impact of listing on investment declines. Additionally, we find that the positive impact of listing on investment is greater for financially constrained firms. We also document a positive association between stock liquidity and investment for listed firms. Taken together, our results suggest that stock markets play an important role in easing financial constraints and preventing managerial shirking both of which increase investment. Finally, we show that higher levels of ownership by financial institutions, board members, and foreign investors increases corporate investment.     

Japanese Enterprises＇ Investment in China＇s Software Industry

I. Overall Conditions of Investment by Japanese Enterprises in China Starting from the 1980s, investment by Japanese enterprises in China has been growing continuously. In 2004, Japanese investors established 3454 firms in China, 6.15 percent more than in 2003. Contractual foreign investment amounted to US$9.162bn, 15.17 percent up from 2003, whereas the foreign investment actually used was US$5.452bn, up by 7.86 percent from 2003. In 2004, the number of newly established Japanese enterp…     

Effects of outside directors on firms’ investments and performance: Evidence from a quasi-natural experiment in Japan

This study presents evidence on the impact of outside directors on firms’ investment behavior and performance with a focus on the recent quasi-natural experiment that rapidly increased the number of outside directors in listed firms. Using a panel of Japanese firms, we compare listed and unlisted firms and conduct instrumental variable estimations to examine causal relationships. The results indicate that the rapid increase in the number of outside directors among listed firms did not promote active investments or risk-taking behavior. In addition, it had no significant impacts on the profitability and productivity of the firms.     

Does the Creative Business Promotion Law enhance SMEs’ capital investments? Evidence from a panel dataset of unlisted SMEs in Japan

This paper examines whether the Creative Business Promotion Law (CBPL) enacted in 1995 has helped to enhance the capital investment of small and medium enterprises (SMEs) in Japan. Using a panel dataset of unlisted manufacturing SMEs in Japan, we examine their investment behavior under a marginal q model, incorporating leverage and annually constructed CBPL-approved dummies. The estimation results showed that CBPL approval substantially increased SMEs’ new investments. The positive effect of marginal q, and the negative effect of leverage were also shown, both of which were consistent with the hypothesis of the model.     

Are Investment Promotion Agencies Effective in Promoting Outward Foreign Direct Investment? The Cases of Japan and Korea

In this paper we examine the role of investment promotion agencies (IPA) in promoting outward foreign direct investment (FDI) from Japan and Korea. Looking at two home countries enables us to control for both country‐pair time‐invariant characteristics and host‐country time‐varying characteristics. Our empirical results suggest that home‐country IPA tend to be more effective in promoting outward FDI in politically risky host countries. However, this finding depends on whether the home‐country firm is listed or unlisted. More specifically, we find that the positive effect of home‐country IPA on outward FDI in politically risky countries is limited to unlisted home‐country firms, which tend to be less productive.     

Listing and financial constraints

We confirm, with a twist, that listing to a stock exchange can mitigate financial constraints of firms, using Japanese firm-level data of 20 years, 1995–2014, controlling for the main-bank relationship and majority owner influence. Compared to a similar unlisted firm, a listed firm has a lower marginal product of capital on average and more new borrowings during recessions. Theoretically, we argue that these are the key pieces of evidence that indicate less tight financial constraints for the listed firms than the unlisted firms. However, the listed firms do not borrow more on average over time. They rather maintain a lower leverage so that they can mitigate the borrowing constraints. We also find that the listed firms do not face lower interest rates.     

Vertical foreign direct investment: Evidence from Japanese and U.S. multinational enterprises

Foreign direct investment (FDI) in developing countries has increased since the 1990s, but there is mixed evidence of vertical FDI associated with factor-seeking motives. This paper estimates the vertical motive of offshore production by multinational enterprises (MNEs) by exploiting past schooling characteristics as instruments for skilled-labor abundance in a host country. Using panel data on Japanese and U.S. MNEs in the 1990s, I find that skilled-labor abundance has a significantly negative impact on sales of manufacturing foreign affiliate only for Japanese MNEs. The results suggest that vertical FDI activity was more prevalent in Japanese MNEs than U.S. MNEs. A plausible explanation is that Japanese MNEs might be more vertically integrated with their offshore production than U.S. MNEs. A difference in foreign outsourcing activities could generate the observed deviation between Japanese and U.S. MNEs.     

浅析我国私募股权投资基金发展趋势及面临风险

私募股权投资,主要是指投资于非上市股权,或上市公司非公开交易股权的一种投资方式。近年来,中国作为亚洲最有前途的私募股权投资市场,得到了众多国家大型投行的青睐。虽然私募股权投资在中国的发展有很大的机遇,但是由于政策法规不完善等因素,私募股权投资基金在我国还面临许多问题和挑战。本文简要介绍了私募股权投资基金的基本运行原理和我国私募股权投资基金的发展现状,以及在发展过程中所面临的问题,最后提出了一些解决建议。     

国际投资保护对我国企业对外直接投资的影响——基于海外子公司视角的实证研究

在逆全球化态势下,以限制外资为动机的国际投资保护在全球范围内蔓延,影响了跨国投资的可持续发展。文章基于海外子公司视角考察国际投资保护对我国企业对外直接投资的影响,通过匹配国泰安《海外直接投资数据库》和OECD《外资限制指数》数据库开展微观层面的实证研究,得出以下结论：①国际投资保护在总体上不仅降低了我国对外直接投资企业海外子公司的经营效益,还降低了母公司对海外子公司的持股比例;②国际投资保护对海外子公司的不利影响具有异质性,发达国家国际投资保护的不利影响大于发展中国家,国有企业海外子公司因国际投资保护遭受的不利影响更大;③国际投资保护会通过削弱海外子公司从东道国技术溢出中获取的收益而产生间接不利影响;④母公司拥有更多海外背景高管和对东道国的文化输出分别是调节国际投资保护对海外子公司负面影响的微观和宏观因素。文章的研究意味着国际投资保护会危害我国对外直接投资企业海外子公司的正常经营,因而应对国际投资保护是实现我国对外直接投资可持续发展的迫切需要。     

中资企业跨国并购分析和启示

20世纪90年代以来,跨国并购进入一个新的发展阶段,成为国际直接投资的主要方式,井呈现出了更多新的特点和规律。本文通过介绍中资企业跨国并购的现状和跨国并购的特点,通过阐述跨国并购动因,分析中资企业跨国并购的长效发展思路,以期望对解决中国企业跨国并购问题提供借鉴。