行业异质性、东道国地区特征与跨国公司海外投资区位选择——基于跨国公司对日本FDI的分析

Industrial Heterogeneity, Regional Characteristics of Host Country and Location Choice of Outbound Investment by MNCs——Based on the analysis of MNCs’ S FDI in Japan

利用2007—2017年日本47个都道府县制造业和服务业绿地投资项目数,使用系统广义矩估计法实证检验了行业异质性与东道国地区特征对跨国公司投资区位策略制定的影响。研究发现:跨国公司对日本制造业的投资主要受供给侧因素影响,对服务业的投资更多受需求侧因素影响;跨国公司对高技术制造业投资更多选择日本创新能力强的核心地区,对低技术制造业投资则偏好要素价格低且吸收核心地区技术外溢的邻近地区;区位限制性服务业投资受核心地区的市场规模和购买力影响较大,非区位限制性服务业投资对邻近地区市场的反应不明显,但调整样本后,该类投资则表现出对邻近地区市场的依赖。

This paper has empirically tested the effects of industrial heterogeneity and regional characteristics on the location choice of MNCs’ FDI in Japan using GMM model based on the greenfield investment projects data in manufacturing and service industries of 47 prefectures from 2007 to 2017, which are provided by the fDi Markets database. The results show that firstly, FDI of MNCs in Japan’s manufacturing industry is mainly affected by supplyside factors, while FDI in service industry gives more consideration to demand-side factors. Secondly, MNCs in hightech manufacturing industry is more likely to have FDI in the core areas of Japan, which have strong innovation ability,while MNCs in low-tech manufacturing industry prefer to invest in the adjacent areas with low factor prices and the ability to absorb the technology spillover from the core areas. Thirdly, the investment in location-restricted service industry is greatly affected by the market size and purchasing power of the core areas, while the investment in non-location-restricted service industry is not affected by the market in the adjacent areas, when the sample is adjusted, the investment shows a significant impact on the market in the adjacent areas.