管理投资自由化:美国应对日本的直接投资

Managing Investment:the United States’ Responses to Japan's Direct Investment

本文分析了1985～1993年间美国对日本直接投资挑战的应对。文章借助国际政治经济学第二代学者创立的利益—制度分析框架,从国家、国内以及国际三个层面阐述了美国的应对之道。美国联邦政府、州以及地方政府在对待日本直接投资方面有着不同的目标函数。对联邦政府而言,保持国家安全与国家竞争力之间的相互协调的相对获益考虑,是其对日本并购性直接投资采取严厉措施的主要原因.而对州及地方政府来说,增加税收和扩大就业等经济方面的考虑,则是其欢迎日本直接投资的主要动因。在国际层面上,日美跨国公司有着广泛的共同利益,并由此在乌拉圭回合催生了国际直接投资制度。日美两国政府和各自的跨国公司试图通过国际制度来协调两国利益冲突,并通过建立国际性制度来扩展其利益。

This article analyses the US＇ responses to the challenges of Japan＇s direct investment between 1985 and 1993. It applies the interest-institutional framework pioneered by second generation international political economy scholars to uncover the US＇ responses at three different levels of analyses： state-level, domestic level, and international level. The US Federal government, the state governments and other local governments have different objective functions when dealing with foreign direct investments from Japan; for the federal government, its attempt to locate the fine balance between preserving state security and maintaining competitiveness has resulted in stringent measures against Japan＇s investments in mergers and acquisitions; whereas for the state and local governments, increasing tax revenues, improving employment rates and considerations for general economic growth are key impetus to welcome investments from Japan. In this scenario, at the international level, Japanese and American multinational companies share broad, overlapping interests. In order to alleviate the conflict of interests between the two countries, as well as to extent their interests, these companies have since turned to international institutions for help, leading the establishment of direct investment regimes in the Uruguay Rounds.