일본 대외직접투자의 구조변화와 요인 - 2010년대를 중심으로 –

Abstract

The thesis of this study explores the background of the rapid expansion of the Japanese outward direct investments of the 2010s. It also examines the structural changes of the Japanese outward direct investments, as well as its subsequent factors. Additionally, it will examine the business development processes of Japanese local subsidiaries. Based on business development trends and structural changes of overseas subsidiaries in Japan, it is intended to examine the future direction of overseas business in Japan. The rapid expansion of the Japanese outward direct investments of the 2010s, was mainly derived by the strengthened overseas production bases and branches of Japanese global corporations after the Great East Japan Earthquake. This was also the case for the M&A-oriented investments. In addition, structural changes spread from North America and China to Europe and ASEAN and from manufacturing to non-manufacturing sectors. Changes in these regions were largely influenced by external factors, while changes in the industries were affected by the Free Trade Agreement (EPA), as well as the development of new markets due to the shrinking domestic market. Meanwhile, the facility investments and the overseas production ratio has remained at a similar unstable level since the mid-2010s. It is expected that the Japanese outward direct investment regions that are centered on ASEAN are predicted to change from a manufacturing-oriented 'production base' to a 'consumption base' that is centered on non-manufacturing industries. These will be based on the digital economy due to environmental changes in the global economy and shrinking global supply chains.