日本出口和对外直接投资选择

Japan's Export or Outward Foreign Direct Investment Decision

日本经济快速增长的同时带动了日本对外贸易和直接投资迅速扩张，目前中国、美国和韩国与美国、英国和中国分别是日本前三大贸易伙伴国和对外直接投资东道国。投资和贸易选择问题是国际贸易领域的重要课题，本文建立了一个2×2×1模型，分析了日本企业对外直接投资和贸易决策选择，并利用日本前20大贸易伙伴和投资对象1995～2011年的数据进行了面板分析，结果显示，东道国相对工资水平与日本对外直接投资负相关，而距离和管制与日本对外直接投资正相关，市场规模和技术水平虽然正相关但不显著。

Japan＇s remarkable economy growth brought the glorious export and outwards foreign direct invest-ment. Now China, USA with Korea and USA, UK with China are separately the top three countries of Japa- nese trade and OFDI partners. The OFDI and trade decision is an important issue of international trade ; using the top 20 counties of trade and OFDI partners/panel data from 1995 -2011, this paper establishes a 2 ×2 × 1 model and analyzes outward FDI and trade decision. The results show that host country＇s relative wage to Ja- pan has a negative relation to OFDI, but distance and trade regulation has positive ones, as well market scale and technique level has indistinctively positive ones.