2016년 12월 30일 금요일

Direct investment

Direct investment

Direct investment (ちょくせつとうし British: Foreign Direct Investment) is to invest it for the purpose of a company building a share acquisition, the factory, and performing business [1]. For a foreign company, it is investment to be carried out for the purpose of acquiring permanent rights and interests (I influence management). It is a concept for the investment (indirect investment) for the purpose of getting the income gain such as allotment and the interest rate, a capital gain such as the sale gain.

Direct foreign investment, the direct investment for the Japanese company by the overseas company are called the direct investment in the pair, but these are legal terms, and, in Japan, the direct investment for the overseas company by the Japanese company is often called direct overseas investing, direct investment to Japan each generally.

Table of contents

Definition

When it is direct investment, with the IMF international trade balance manual which I established about international trade balance statistics, the direct investment defines the case to be equivalent to this when a parent company owns more than 10% of common stocks of the company of the investment or voting rights or. It is not a problem of the same level whether there are owning 10% of stocks and intention to really influence the management of the company, but is that I decided so it as a problem of the definite decision.

The investment recognized as direct investment is the acquisition of the stocks for the company of the overseas investment, loan, bond possession, the acquisition of the real estate, the plowback profit of the overseas subsidiary to be concrete. Other than so-called mergers and acquisitions, I include (Greenfield investment) morphologically when I establish a corporation newly.

In Japan, I define the direct investment in the pair in the foreign exchange and foreign trade method (Foreign Exchange and Foreign Trade Control Act) as follows.

  1. By a Japanese listed company, the acquisition of the stocks of store public companies, the stockholding ratio (including the possession stocks such as a parent company, a subsidiary, the officer) becomes more than 10%.
  2. The acquisition from anyone other than the foreign investors of the stocks of Japanese unquoted companies or the share
  3. When an individual is a resident, transfer the stocks of the Japanese unquoted companies which acquired it or a share to foreign investors after having become a non-resident
  4. Agreeing on the substantial change of the business purpose of the company when I hold a one-third or more of the amount of money of the stocks of the Japanese company or the investment (e.g., voting about articles of association change in a general meeting of stockholders)
  5. You set up a branch, factory or other offices in Japan or change the kind and business purpose substantially
  6. A loan amount of money surpasses 100 million yen (when a loan period is more than five years) or 200 million yen (when loan periods are less than five years) in loan of the money of the period more than one year for the Japanese company (except the loan that the foreign investors who are not a foreign corporation perform in money in the loan that a financial institution performs in duties and the non-resident individuals)
  7. The acquisition of the corporate bond of the Japanese company by the specific state state
  8. The acquisition of the subscription certificate which government-affiliated corporations publish

In addition, in the law, the direct foreign investment is defined as follows.

  1. By the acquisition of the stocks of the foreign firm, the stockholding ratio becomes more than 10%.
  2. The acquisition of the stocks of investment ratio more than 10% of foreign subsidiaries or advance (when a loan period is over one year) of the money
  3. The dispatch of the officer, the acquisition of the stocks of the foreign firm with the supply or other permanent relations of long-term raw materials or advance (when a loan period is over one year) of the money
  4. Payment of the fund affecting setting, the expansion such as a branch, the factory in the foreign country

Significance of the direct investment

Because a substantial part of the management moves across a border, unlike the indirect investment for the purpose of an interest rate, the allotment income, the direct investment has a big meaning to give the economy of the two countries. Specifically,

  • The investment in Greenfield such as manufacturing industry or the merchandising has a big job creation effect.
  • I can expect a technology transfer to the field (in the case of the investment in developing country from the developed country in particular).
  • The foreign management method that advanced flows in through direct investment. In Japan, it had a big influence on the management of the Japanese circulation industry that major distribution industry to be said to be "a category killer" of the United States went into Japan after the 1990s. In addition, Renault purchased Nissan Motor, and President Carlos Ghosn let rebuilding of Nissan succeed.
  • If it becomes able to produce the products which I imported till then in the country and can develop into an export industry by direct investment of the manufacturing industry more, I can expect improvement of the current balance.

Yasushi Harada, Daiwa Institute of Research of the economist point out, "I cannot make light of the role that foreign capital (foreign firm, bank, investors) served as because a rising nation lets investment leadership type growth last and, for example, am the direct investment by the developed country company with the move of the production base" [2].

Soichi Enkyo of the economist points out, "there is the opinion that realized the investment that high savings are high in the source of the high growth of Japan in East Asia, the past from a result that the high investment produces high savings, and the economy of the developing countries which I laid misunderstanding, and domestic savings lack is the capital borrowing from the foreign territory, and the fact that grew up, e.g., East Asia allots the capital borrowing from the foreign territory for upbringing of the domestic export industry, and export is apparent to it from the fact that it-led, developed the economy" [3].

Because the merit by accepting direct investment is big, like this and others, the major country including Japan performs acceptance of the direct investment as a policy positively.

On the other hand, about the direct foreign investment, it was often thought that I promoted domestic deindustrialization and there were few countries which promoted it for a policy, but, in Japan, there was the political consideration in the times when the trade friction with American and European countries was intense from 1980 through 1990 and I gave public and private sectors and promoted direct investment of the manufacturing industry to Europe and America. Though the business results of the American car manufacturer are dull, as of 2014, it is thought that a Japanese maker fixes a local production in the United States as for criticism for Japan not happening with one of the factors.

The direct foreign investment brings decrease of production, the employment in a meaning not to bring about production, the employment that it should have been begun to be born in the country [4]. Kikuo Iwata of the economist points out, "the increase of the direct foreign investment becomes the factor to control the wage of Japanese non-journeyman" [5].

Satoshi Matsubara of the economist points out, "the economy of Asian countries turns worse when a Japanese financial institution cannot finance the Asian countries by lack of funds" [6].

Problems of direct investment statistics

In Japan, "international trade balance statistics" and two kinds of "the external and internal direct investment situation" existed until now and the statistics about the direct investment had a problem such as being different in a count period and an adding up method, and invited confusion.

"The external and internal direct investment situation" is abolished with a minute in 2004, and it will be unified by "international trade balance statistics".

Trend

According to the United Nations, the world direct investment acceptance total sum spreads than 10 times of the 1990-1992 yearly average for 2006-2008 years on the average [7].

At the end of 2007, the amount of direct investment by the foreign company to China was 775,400 million dollars [8].

in the United States

The amount of direct investment of the United States was 19,200 million dollars for 1,980 years, but is 152,400 million dollars in 2000 [9].

in Japan

The direct investment from the Japanese foreign territory to Japan remains in 3% at proportion of GDP in 2,007 years (approximately 45% of U.K., United States approximately 14%); [10].

It is 3,650 million dollars, and the investment of 2008 of Japan to China becomes the second investment country [11].

The direct investment of 2010 of Japan to China was 4,200 million dollars and became the fourth place next to Hong Kong, Taiwan, Singapore [12].

Footnote

  1. For ^ Takao Komine "basics Nihon Keizai Shimbun, Inc. of the visual Japanese economy", the fourth edition 〈 Nikkei library visual 〉, 2,010 years, it is page 144.
  2. As for every ^ Yasushi Harada, Daiwa Institute of Research "Japanese economy guide Mainichi Shimbun 〈 to work for a new member of society", it is 94 pages for business books 〉, 2,009 years on a day.
  3. For Daiyamondosha, 2,011 years when ^ Soichi Enkyo "can mature into Japan even if I do not depend on nuclear power generation", it is page 182.
  4. For ^ Kikuo Iwata Tsukama Publishing 〈 Chikuma primer new book 〉, 2,008 years where "economy will be what", it is page 103.
  5. For ^ Kikuo Iwata Tsukama Publishing 〈 Chikuma primer new book 〉, 2,008 years where "economy will be what", it is page 110.
  6. For ^ Satoshi Matsubara "economic (the illustration knowledge on a wide variety of subjects series) of Japan" Natsumesha, 2,000 years, it is page 230.
  7. For ^ Kuniko Asagi, Hideo Tamura, Hideomi Tanaka "rebuilding theory [mobilize balance in hand of 100 trillion yen!] Fujiwara Bookstore in Japan", 2,012 years, it is 222 pages.
  8. As for every ^ Yasushi Harada, Daiwa Institute of Research "Japanese economy guide Mainichi Shimbun 〈 to work for a new member of society", it is 108 pages for business books 〉, 2,009 years on a day.
  9. "Look at ^ Daiwa Institute of Research structure - of the guide economy of the latest guide;, in Japan business publishing company, fourth edition, 2002 that read it, and know", is 220 pages.
  10. In ^ Heisuke Kamiki "question blow cancellation (textbook not to tell at school) that is simple from structure - macroeconomy of the latest economy to understand well so as to be interesting to micro-economy" Japan Bungeisha Publishing Co.,Ltd., 2008, it is 226 pages.
  11. For ^ Takao Komine "basics Nihon Keizai Shimbun, Inc. of the visual Japanese economy", the fourth edition 〈 Nikkei library visual 〉, 2,010 years, it is page 156.
  12. "The Japanese economy revives" ^ Hideomi Tanaka compilation; or, for Fujiwara Bookstore, 2,013 years, is 238-239 pages.

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