Location Strategy of Japanese Multinationals: Evidence in the ASEAN and China
Location Strategy of Japanese Multinationals: Evidence in the ASEAN and China
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本文以向亚洲地区扩张的日本制造业跨国企业为中心，分析了跨国企业在海外经营基地的选址问题。首先，我们提出了一个理论模型，结合企业异质性，企业面临的选择之间的两个地点为他们的海外生产基地。该模型预测，公司将根据其生产力水平的海外位置模式进行排序。然后，利用2001年至2015年的日本政府调查的企业数据进行实证分析。我们对在中国和/或东盟国家拥有海外子公司的制造企业样本的多项logit估计表明，对于生产率较高的企业，在东盟拥有子公司的相对可能性高于在中国拥有子公司的相对可能性，在这两个地方都拥有子公司的相对可能性也是如此，这在一定情况下与理论模型预测的位置模式一致。我们的二项logit估计也支持模型的预测，更有效的企业往往会扩展到这两个位置，而不是扩展到任何一个。
In this paper we analyze choices by multinational enterprises in the locations of their overseas business bases focusing on Japanese manufacturing MNEs that extend to the Asian region. We first propose a theoretical model incorporating with firm heterogeneity in which firms face a choice between two locations for their overseas production base. The model predicts that the firms will be sorted in terms of overseas location patterns based on their productivity levels. We then perform an empirical analysis utilizing firm-level data for the period of years 2001 through 2015 from Japanese governmental surveys. Our multinomial logit estimation with the sample of manufacturing firms having an overseas affiliate(s) in China and/or the ASEAN countries indicates that the relative likelihood of having an affiliate(s) in the ASEAN to having one(s) in China is higher for a firm with higher productivity, and so is the relative likelihood of having affiliates in both locations, which is consistent with the predicted location patterns by the theoretical model in a certain case. Our binomial logit estimation also supports the model for its sharper prediction that more productive firms tend to extend to both of the two locations rather than extending to either one.