論文資料-日本在東亞及東南亞的直接投資

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3、膄螆羇膃莀螞羆芅芃薈羅羅蒈蒄薂肇芁莀薁腿蕆蠆薀衿艿薅蠆羈蒅蒁蚈肄羋莇蚇芆肀螅蚇羆莆蟻蚆肈腿薇蚅膀莄蒃蚄袀膇荿螃羂莂蚈螂肄膅薄螁膇莁蒀螁羆膄蒆 </p><p>　　The Japanese FDI in East and Southeast Asia</p><p>　　Table of Content:</p><p>　　Introduction …………………

4、………………..………..………….……….P.2</p><p>　　Japanese FDI strategy after WWII</p><p>　　A brief review of Japanese FDI history from 1960s to early 2000s…...P.2-4</p><p>　　Motive of Japanese

5、FDI to East and Southeast Asia ……………...…..P.4-5</p><p>　　Japanese FDI strategies after the financial crisis in 2008 </p><p>　　Mindset change of Japanese FDI strategy ……………………………..P.5-6</p&g

6、t;<p>　　Opportunities brought by the financial crisis ……….……………...….P.6</p><p>　　Areas to push FDI after financial crisis </p><p>　　Production, R&D and Supply Chain ………..…………………...……

7、..P.7-8</p><p>　　Resource ………………………………………………………………..P.8-9</p><p>　　Development of emerging market ………………….…………………..P.9</p><p>　　The future of Japanese FDI under the increasing co

8、mpetition of China ….P.9-11</p><p>　　Conclusion ……………………………………………………………….…P.11</p><p>　　Source ……………………………………………………………………....P.12</p><p>　　Introduction </p><p>　　Aft

9、er WWII, Japan exhibited the economic miracle and became the most developed country in Asia. Throughout the years in 20nd century after WWII, Japan has long been the economic driving force in East and Southeast Asia and

10、exerted enormous influential power to these regions. The most obvious way that Japan showed its influence is the amount of FDI that Japan has pushed in East and Southeast Asia. For a long time, Japanese FDI is one of the

11、 major capital inflows in the East and Southeast Asia whi</p><p>　　However, as the burst of economics bubble of Japan in early 1990s, followed by the Asia financial crisis in 1997 and the financial crisis in

12、 2008, the Japan economic downturn seems to continue without a signal of recovery. More, the neighbor of Japan, China, showed increasingly influence in Asia started from 2000s. Japanese FDI faces more and more challenges

13、 than that of last century. In the following discussion, we will evaluate the Japanese FDI strategy from the past to the recent years. Then,</p><p>　　Japanese FDI strategy after WWII</p><p>　　A

14、brief review of Japanese FDI history from 1960s to early 2000s</p><p>　　1 The Japanese FDI History in East Asia started with late 60s and early 70s. This was believed to be triggered by several reasons, e.g.

15、 yen appreciation and the needs to relocate the manufacturing base away from Japan. The Nixon shocks led to the end of fixed exchange rates and the appreciation of the yen against the dollar, while the first oil crisis i

16、n 1973 increased the energy and production costs for Japanese companies inside Japan, and forced them to be less reliance on heavy industry. Also</p><p>　　The 2nd upsurge of Japanese FDI occurred in the late

17、r 70s and early 80s. This was the result from the continuous effort of Japanese corporations to restructure and seek lower labor cost in East and Southeast Asia. More, the development of NIE in Asia (South Korea, Taiwan,

18、 Singapore and Hong Kong) also drew a lot of Japanese FDI. The investment mainly flowed into metallurgical and chemical industries. As a result, the FDI in East and Southeast Asia increased from $1,007 million in 1975 to

19、 $1,375 </p><p>　　The 3rd and largest upsurge of Japanese FDI occurred in mid to late 1980s. The Plaza Accord of 1985 forced yen to appreciate against dollars by up to 70% and this created a major driving fo

20、rce for Japanese corporations to invest overseas. The major FDI went into electronics, automobiles and manufacturing assembly. Another observation of Japanese FDI in late 1980s is that the geographical concentration of J

21、apanese FDI started to shift from the NIEs-4 to the ASEAN-4 (Thailand, Malaysia, Philippine</p><p>　　The 4th upsurge of FDI occurred in early 1990s. The further appreciation of yen to around 100 yen to the d

22、ollar became the main driving force to the increase in Japanese FDI. In 1995 Japanese FDI in East and Southeast Asia rose to $11.7billion, or 23% of Japan’s total world FDI. The major part of Japanese investment was devo

23、ted to manufacturing industry mainly in the electronics, automobile and metallurgy industries.</p><p>　　Since mid-1990s, Japan’s FDI to East Asia was fluctuated in terms of overall proportion of its world FD

24、I. In the late-1990s, the Asia Financial Crisis and the prolong economic downturn after burst of Japan’s economic bubble caused Japan FDI in East and Southeast Asia to decline and fluctuate. In 2003-2004, the geographica

25、l focus has also shifted, with China 9% per Japan’s worldwide FDI, 5% for ASEAN-4 and 3% for the NIEs-4.</p><p>　　Motive of Japanese FDI to East and Southeast Asia</p><p>　　Over the year, two ma

26、in reasons for Japanese Corporation to invest in East and Southeast Asia can be summarized. They are the appreciation of yen and the seeking of lower production cost. Undoubtedly, the yen appreciation means that the purc

27、hasing power of yen in overseas increases, in which Japanese corporation can spend lesser to establish the overseas production base. On the other hand, the high production cost inside Japan such as labor cost, together w

28、ith the increasing pressure to move the</p><p>　　The strategy of Japanese FDI also reflects the mindset or principle of Japanese corporations. Japanese corporations treated East and Southeast Asia as product

29、ion bases for products that export to the North America and West Europe. In other words, there was a triangular relationship between Japan, East & Southeast Asia and North America & West Europe, where the Japanes

30、e FDI flowed to East & Southeast Asia for production and the product then exported to North America and West Europe. The Purchase </p><p>　　Japanese FDI strategies after the financial crisis in 2008</

31、p><p>　　In the September of 2008, the Lehman burst signaled the beginning of financial crisis. The financial crisis originated in US and spread to rest of the world especially West Europe. The detrimental influ

32、ences of the crisis are mainly expressed in the developed nations, such as US, England and Japan. 2Their GDP showed a negative growth after the crisis. For example, the GDP Growth 2008 for US, England and Japan are -1.83

33、%, -0.53% and -4.23% respectively. These implied that the traditional market o</p><p>　　Mindset change of Japanese FDI strategy</p><p>　　Japan economy is very dependent on export, which can be v

34、iewed by the overseas portions of the major famous Japanese corporations. For example, the 2007 overseas sales proportion of Toyota, Honda and Sony are 76%, 83% and 73% respectively. Before the Financial crisis, the mind

35、set of Japanese FDI that treating East and Southeast Asia as production base for producing product to export to US and West Europe has been effective for long. However, as mentioned that the purchasing power of US and We

36、st </p><p>　　On the other hand, the situation in other East and Southeast Asia countries are different from US and West Europe. 3China recorded a strong GDP Growth 11.9% in 2009 and 4Thailand also recorded 3

37、.8%. The growing living standard in East Asia and Southeast Asia is a best potential market, especially China, to absorb the export of Japanese. Therefore, the mindset of Japanese FDI strategies, which lasted for several

38、 decades, should be changed. That is, Japanese corporations should invest in East and </p><p>　　Opportunities brought by the financial crisis</p><p>　　As discussed before, the yen appreciation h

39、as been the major driving force for Japanese outwards FDI in the past few decades where the most representative appreciation appeared after the plaza accord created the largest upsurge of Japanese FDI in late 1980s and e

40、arly 1990s. Similarly, the financial crisis caused the yen appreciation to the historical high in the past 10 years and continues to stay at a high level. This, again, gives Japanese corporations an opportunity to make u

41、se of the increas</p><p>　　Areas to push FDI after financial crisis </p><p>　　After the financial crisis, three areas can be summarized for Japan corporations to push FDI. They are (i) Productio

42、n, R&D and Supply Chain, (ii) Resources and (iii) Development of Emerging Market. </p><p>　　Production, R&D and Supply Chain</p><p>　　The Japanese has long been remarked as high qualit

43、y and price competitive such as the automobile and electronics products. However, in the past decades, the Korean and Chinese corporations developed at a high speed and competed vigorously with the Japanese corporations.

44、 Japanese brand’s competitiveness over the competitors become vanishing. This phenomenon can be viewed by the Flat Panel Display TV (FPDTV) market, in which more and more consumers choose Korean brands. </p><p

45、>　　Taking Sony as an example, Sony has long been the giant in consumer electronics goods. The Sony Trinitron TV has been the market leader in TV market worldwide for several decades. However, Samsung and LG replaced S

46、ony as the market leader in the FPDTV market. 5In 2009, Samsung recorded 17.2% world market share in FPDTV market, nearly one in five televisions shipped during 2009 was Samsung’s. Another Korean company, LG, also occupi

47、ed 14.8% market share. However, Sony can only achieve 5.9% market </p><p>　　Korean companies, Samsung and LG, have vertically integrated all stages of the value chain from R&D, semiconductor & Panel,

48、 Assembly to Supply Chain in manufacturing FDPTV within their own corporate organizations, which secures all the material and process in the region of relatively low cost such as ASEAN. However, Sony does have the entire

49、 value chain, which means Sony need to purchase panels from other parties. Moreover, Sony’s assemble of the finished products domestically also lowered the p</p><p>　　There is almost no economic rationale fo

50、r having domestic manufacturing bases which products are intended for sale overseas. Therefore, it is now the high time brought by the high yen rate to invest in building up the production facilities, R&D and value &

51、amp; supply chain in East and Southeast Asia. Manufacturers should shift to local integrated manufacturing in ASEAN. Also, acquiring local corporations with established value and supply chain can facilitate Japanese comp

52、anies’ development. </p><p><b>　　Resource</b></p><p>　　Japan is highly dependent on overseas countries for resources, especially food. 6Japan has 5.04 million hectare farmland which

53、 can only satisfy 40% domestics demand. That means the majority of food are imported. Japanese companies should not merely purchase from overseas corporations, but should buy or acquire stakes in companies to gain contro

54、l of manufacturing processes overseas from upstream to downstream. By acquiring manufacturing and logistics capabilities overseas for vegetables and cerea</p><p>　　Development of emerging market</p>&

55、lt;p>　　In order to build up the brand power of Japanese products in the emerging market like China and ASEAN countries, Japanese corporation should increase their marketing expense so that the brand awareness among th

56、e consumers in the emerging market could be increased. Since the potential purchasing power of emerging is huge, it is worth investing at this stage for market development. </p><p>　　On the other hand, merge

57、 and acquire the good local companies is another way to speed up the development of emerging market. By bringing powerful local companies into Japanese organizations, Japanese products will rapidly increase their local m

58、arket presence. Utilizing the strong local brand power and supply chain networks of the merged or acquired companies, it is easier to transfer the brands of the Japanese corporations to the local markets. Recently, some

59、Japanese corporations also adopted t</p><p>　　The Future of Japanese FDI under the increasing competition of China</p><p>　　In the 21st century, the ASEAN region will become the major place to i

60、nvest in Asia. ASEAN provide resources, e.g. mineral, limber and food, and also cheap labors. Japanese FDI will have no doubt to increase pushing FDI into ASEAN region. However, unlike last century which Japan is the mai

61、n FDI to invest in Southeast Asia, China now also joins the competition. </p><p>　　7China’s Efforts to boost economic ties with ASEAN can be back tracked in 1991 when China entered into Dialogue relations wi

62、th ASEAN in 1991 and obtained full ASEAN Dialogue Partner status in 1996. In 2000, Chinese officials suggested the idea of a China-ASEAN FTA. In 2002, ASEAN and China signed the Framework Agreement on Comprehensive Econo

63、mic Co-operation to create an ASEAN-China Free Trade Area (ACFTA) within 10 years. In 2004, the two sides signed the Agreement on Trade in Goods of the Fram</p><p>　　The efforts of China government in buildi

64、ng up economic relationship with ASEAN facilitated Chinese FDI into the region. Taking energy as example, China has been actively pushing FDI to ASEAN countries on a number of energy related projects. For example, in 200

65、7, China National Petroleum Corporation signed production sharing contracts with Myanmar’s Ministry of Energy covering crude oil and natural gas exploration projects in three deep-water blocks off the western Myanmar coa

66、st. In 2007, the Vi</p><p>　　These examples of Chinese corporations actively pushing FDI in the Energy area indicated that Chinese corporations are looking the same things with that Japanese corporations are

67、 looking for, e.g. resources. Together with the increasing economics influences of China to ASEAN regions, e.g. by official development assistance (ODA), Japanese corporations will face keener competition in Southeast As

68、ia. Therefore, Japanese Corporations are now in the crucial time to push FDI into Southeast Asia in th</p><p>　　Conclusion</p><p>　　For over the fifty years after WWII, Japan was the one of the

69、main FDI source in East and East Asia regions. The major FDI were pushed to establish production facilities which the products then exported to US and West Europe market. However, as the financial crisis harmed the econo

70、my of US and West Europe, the Japanese export sales to these markets have been largely affected. Therefore, Japanese corporations now should grasp the opportunity of high yen rate to speed up the investment in the Sout&l

71、t;/p><p>　　Japan's Outward and Inward Foreign Direct Investment, JETRO, 2010,http://www.jetro.go.jp/en/reports/statistics/</p><p>　　Major Economy GDP Growth Rate, Trading Economics, 2010,http

72、://www.tradingeconomics.com/World-Economy/GDP-Growth-Rates.aspx</p><p>　　BRIC GDP Growth Rate, Trading Economics, 2010,http://www.tradingeconomics.com/World-Economy/GDP-Growth-Rates.aspx#</p><p&g

73、t;　　Asia GDP Growth Rate, Trading Economics, 2010,http://www.tradingeconomics.com/World-Economy/GDP-Growth-Rates.aspx#</p><p>　　Samsung Gobbling up TV Market Share, Bulls versus Bears, 2010http://vigltd.bl

74、ogspot.com/2010/02/samsung-gobbling-up-tv-market-share.html</p><p>　　The People Net, The future of Japanese Agricultural Protectionism http://www.people.com.cn/BIG5/guoji/1031/2489176.html</p><p&

75、gt;　　China’s Efforts to Boost Economic Ties with ASEAN, China’s “Soft Power” in Southeast Asiahttp://www.fas.org/sgp/crs/row/RL34310.pdf</p><p>　　莇蚆肆罿莆螈衿羋蒞蒈肅膄蒞薀袈肀莄蚃肅羆蒃螅袆芄蒂蒅蠆膀蒁薇襖膆蒀蝿蚇肂葿葿羂羈葿薁螅芇蒈蚃羈膃蕆螆螃聿薆蒅罿羅薅薈螂芄

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