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    Title: 日本海外直接投資之研究-以1994年至2007年為例-
    Studies on Japanese foreign direct investment:1994~2007
    Authors: 蔡嘉惠
    Contributors: 劉德海
    蔡嘉惠
    Keywords: 海外直接投資
    兼併
    跨國公司
    比較利益
    貿易與投資的替代效應
    Date: 2008
    Issue Date: 2010-04-09 10:01:25 (UTC+8)
    Abstract: 日本為東北亞地區的主要國家,自二次大戰後受限於和平憲法規定,被迫禁止硬權力的發展;為求國力發展,日本以戰後重建、恢復經濟、繁榮富裕的和平原則,成為經濟大國。而日本海外直接投資(FDI)在對外經濟活動中所佔比例極重,不僅對日本經濟發展貢獻良多,在日本對外關係中也扮演重要角色;透過海外的大量投資、專業技術的把持,使得日本在國際關係中扮演舉足輕重的角色,而80年代末東亞地區盛行的雁行模式,便是由日本海外企業投資所主導。
    日本在國際關係上,向來為美國最重要也最忠實的伙伴;缺乏自衛武力的日本,在冷戰背景下,受到美國核傘的保護,並於國際事務上追隨美國的全球戰略,並以此原則確立冷戰時期日美外交事務的基軸。在吉田主義的指導原則下,日本致力於經濟復甦,而美國則扶持日本作為其戰略伙伴、大力支持日本經濟發展,並開放美國市場,協助日本產品進入美國。
    隨著日本經濟日漸發展,日美貿易產生順差,而後發展為日美貿易摩擦,最後在美國的壓力下,日本於1985年簽訂廣場協議,逼迫日幣升值;受到匯率的影響,日圓不斷升值,在1985年至1996年間,日幣對美圓的比例由250:1遽升為87:1。日幣的升值固然在國際上削弱日本產品的競爭力,但美元的相對貶值,卻造成日本的資本輸出熱潮。從1986年至1991年,日本的海外投資總額達4000億美元,成為全球最大的海外直接投資輸出國。1985年後,日商公司開始大量購買美國企業,或在美國開設工廠,日商公司的瘋狂收購行動,也引起美國民眾的恐慌。而此時期的日本企業因缺乏海外投資經驗,在資訊不明、非理性決策模式下大量收購收購美國資產,導致日商在期貨、地產等行業的損失慘重。
    本文將日本海外直接投資的研究範圍設定在1994年至2007年,主要是因為此時期的FDI不同於80年代末期的日本對美投資;不同於以往海外投資失敗的經驗,日本企業將國內失去比較利益的產業外移至其他工資低廉、生產成本較低的開發中國家,為貿易取向的海外投資。而日商企業至歐美等先進國家的投資,則是著眼於當地市場,為市場導向投資。隨著不同時期重大事件的發生,日商企業微調自己在全球佈局的戰略方向:NAFTA的成立,促使日本跨國公司加快前往墨西哥投資的腳步、亞洲金融風暴雖然重創該區開發中國家的經濟,但卻增強亞洲產品的競爭力,鑑於對亞洲開發中國家的經濟成長潛力與未來市場發展,日商企業依舊苦撐在此地區的生產據點、中國低廉的勞工成本則是吸引日商投資,造成熱潮、隨著中國經濟發展,工資相對於越南、印度提高,使得日商企業思考中國以外的投資熱點、由於印度等金磚四國的崛起,日商的投資觸角也延伸至南亞地區。
    在全球化的浪潮下,日本的海外投資已不再是單向行為,不僅影響與地主國間的經貿關係,也牽動著第三國的貿易活動:日本對中國的直接投資佔中美貿易順差絕大比例,透過對中國直接投資,將產品出口至美國,日商企業藉著中國的低廉工資降低生產成本,也縮減日美貿易順差,將此缺口部分轉移至中美順差。產品所標示的「中國製造」標籤,只能說明產品的最後製造地為中國,但生產資本投入、中間財與獲利企業可能是來自於不同國家。
    2008年自美國掀起之世界金融海嘯,較1997年亞洲金融風暴、2001年IT產業泡沫化更加嚴重,普遍造成全球國家景氣衰退、企業獲利短缺,在一片悲觀的氛圍下,仍有日商企業於海外投資活動中獲利。這些企業與眾不同的地方,正是在金融海嘯下生存的關鍵;日商企業的研發能力與不斷求新、求進步的活力,更是台灣企業值得借鏡的地方。


    關鍵詞:海外直接投資(FDI)、兼併(M&A)、跨國公司、比較利益、貿易與投資的替代效應。
    Reference: 壹、 中文專書
    陶秦(民78)。投資美國:外資如何改變美國面貌。(周天瑋 譯)。台北市:天下叢書。
    貳、 中文期刊
    卜木(民94)。2005年日本海外直接投資問卷調查結果。當代亞太,12,57-58。
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    Description: 碩士
    國立政治大學
    外交研究所
    92253014
    97
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0922530141
    Data Type: thesis
    Appears in Collections:[外交學系] 學位論文

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