Characteristics of Firms and Direct Investment Abroad : An Empirical Analysis of Japan's Electric Machinery. Industry. Based on. Corporate Date.

自1980年代以来，日本企业的海外生产活动迅速扩大，由此导致的日本出口的减少和对日本的反向进口的增加对国内的生产活动和就业产生了严重影响，即日本国内的生产基地正在被“掏空”。“本文提出了一个理论模型，以从事电机生产的海外子公司及其在日本的母公司为例，然后使用面板数据分析了海外生产对母公司出口和反向进口的影响。在以往的日本研究中，直接投资数据中包含海外销售子公司的投资，这是有缺陷的。为了消除这一缺陷，本文只考察海外生产子公司，从销售额中减去地区间进口，得出净生产数据。对这些数字的分析表明，增加其海外子公司在亚洲的生产活动的公司对亚洲的出口水平较高，但是，减去反向进口得出净出口，显示出负面影响。相比之下，增加北美海外子公司生产活动的公司对北美的出口水平较低。这些结果表明，至少在企业层面，海外生产活动的扩大很可能伴随着母公司生产活动的减少。

The overseas production activities of Japanese companies have expanded rapidly since the 1980s, and there are concerns that the resultant decrease in exports from Japan and increase of reverse-imports to Japan have had a serious impact domestically on production activities and employment, i.e.that Japan's domestic production base is being "hollowed out." This paper presents a theoretical model of overseas subsidiaries engaged in electric machinery production and their parent companies in Japan and then uses panel data to analyze the impact of overseas production on the parent companies' exports and reverse-imports. Studies in Japan heretofore have had the drawback of including investment in overseas sales subsidiaries within the data for direct investment, and to eliminate this problem, this paper only examines overseas production subsidiaries, subtracting inter-region import from sales to yield net production figures. Analysis of these figures show that companies which increased the production activities of their overseas subsidiaries in Asia had greater levels of export to Asia, subtracting reverse-import to arrive at net export, however, reveals a negative effect. In contrast, companies which increased the production activities of their overseas subsidiaries in North America had lower levels of export to North America. These results show that at least the corporate level, the expansion of overseas production activities very likely accompany the reduction of production activities at the parent company.