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Role of Investment in Japanese Economy

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Submitted By OlgaMasl
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Отчет по теме «Потоки прямых иностранных инвестиций: Япония»
В экономике Японии инвестиции занимают очень важную позицию. В приложенной к данному отчету таблице была сделала попытка оценить потоки прямых иностранных инвестиций (ПИИ) и прямых зарубежных инвестиций (ПЗИ) Японии (количественно и качественно через характеристику секторного и географического распределения потоков инвестиций).
Для более детального анализа потоков инвестиций в Японии сначала стоит отметить факторы привлекательности Японии для ПИИ и мотивы для экспорта капитала в форме ПЗИ из Японии. Сразу стоит отметить, что Япония является чистым экспортером инвестиций, и объемы ПЗИ во много раз превышают объемы ПИИ. Это обусловлено рядом исторических и экономических причин и факторов, о которых и будет рассказано ниже.
Япония – высокотехнологичная, но бедная природными ресурсами страна, поэтому очень многие программы по экспорту инвестиций сосредоточены именно в сфере разработки, добычи и переработки полезных ископаемых. Существует ряд совместных проектов (например, Сахалин-2 с Россией или совместные предприятия в Казахстане), основной целью которых является обеспечение Японии нефтью, газом и прочими ресурсами. В связи с этим, ПИИ в Японию в добычу полезных ископаемых (как и в другие отрасли первичного сектора) практически равны нулю.
Еще с 80-х годов (бум ПЗИ Японии) ключевым фактором и мотивом для экспорта капитала был не столько доступ к технологиям (которые Япония как раз сама и экспортировала), а доступ к рынкам и более дешевой рабочей силе. Японские средне- и высокотехнологичные предприятия выводили свои производства в страны ЮВА с целью с одной стороны сократить издержки, а с другой стороны – улучшить экономическое состояние стран-реципиентов. Это давало Японии возможность в будущем получить не только новые рынки сбыта, но и новых деловых партнеров. Стоит отметить, что зачастую инвестиции в страны ЮВА поступали не только в виде денежных потоков, но и в виде экспорта уже готовой техники и технологий.
В официальной статистике сложно выделить крупные суммы инвестиций, выводимых в оффшоры, поэтому можно сделать вывод, что это не совсем привычная для Японии практика. Основная масса инвестиционных потоков направляется напрямую в страну-реципиент.
Еще одним мотивом для экспорта инвестиций и выноса японских предприятий в другие страны хотелось бы выделить старение японского населения, и как следствие – нехватка рабочей силы внутри страны. Япония обладает очень качественными высококвалифицированными кадрами, но в свете последних тенденций низкой рождаемости и низкой смертности можно предположить, что уже в скором времени именно этот фактор станет одним из лидирующих мотивов для ПЗИ.
Как упоминалось выше, рабочая сила в Японии высококвалифицированная, но одновременно с этим – и очень дорогая. Высокий уровень жизни в Японии сказывается и на оплате труда, что является сдерживающим фактором возможности привлечения ПИИ в страну. Также неэкономическим сдерживающим фактором является языковой барьер (немногочисленные японцы в совершенстве владеют английским или любым другим иностранным языком).
С другой стороны, высокие потребительские расходы и достаточно ёмкий японский рынок являются факторами привлекательности страны для ПИИ. Территория страны небольшая, но с очень хорошо развитой инфраструктурой, что облегчает зарубежным компаниям процесс проникновения на японский рынок. Сейчас правительство Японии принимает ряд программ (например, Invest Japan) для привлечения ПИИ в страну. Предпринимаются попытки «открыть» закрытые по своей природе японскую экономику и предпринимательские структуры, для чего улучшаются условия заключения различных двусторонних и многосторонних соглашений, происходит либерализация работы иностранных компаний на территории Японии и др.
Что касается характеристики секторного и географического распределения потоков инвестиций, то все данные можно увидеть в таблице, поэтому в данном отчете будут затронуты только основные моменты.
От трети до половины ПЗИ приходится на вторичный сектор, что обусловливается упомянутым выше переводом японских производств за границу. С другой стороны, 50-70% ПИИ идет в отрасли третичного и четвертичного сектора, что объясняется «сервисизацией» и «софтизацией» японской экономики. Стоит отметить, что большинство высокотехнологичных ТНК японского происхождения выводят производство в страны ЮВА, а процесс разработки оставляют внутри страны.
Географически ПЗИ Японии примерно поровну распределяются между Западными странами и АТР, но последние годы наблюдается тенденция смещения акцентов с Европы и США в страны Азии. Основные потоки ПИИ в Японию приходят из США и стран Европы, но после кризиса 2008 года объемы инвестиций резко снизились.
В заключение нужно отметить, что Япония занимает очень сильные позиции в потоках ПЗИ, являясь основным инвестором во многие страны. Японские ПЗИ ориентированы на доступ к ресурсам (к сырью, технологиям и рынкам), что дает возможность предположить, что и в дальнейшем Япония продолжит играть ключевую роль в потоках инвестиций в Азии. С другой стороны, масштабы ПИИ чрезвычайно малы (менее 1% ВВП), что не соответствует потенциалу страны. Как сказано выше, японское правительство предпринимает попытки поднять уровень инвестиций. Есть основания полагать, что активные действия в этом направлении форсируют потоки ПИИ в Японию, но не стоит забывать о присущей Японии «закрытости», что является основным сдерживающим фактором на данный момент.…...

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