CAJ | 학술논문

本文基于二手数据研究中国和日本的公司对东亚和东南亚的投资行为如何受其母国技术能力、东道国的基础设施和制度的影响，并进一步探究东道国基础设施和制度的调节作用。本文选取中国和日本对东亚、东南亚九个主要的国家和地区十年间的180个（中国和日本各90个）直接投资的样本数据进行研究分析，得出结论：（1）对于中国来说，技术能力、东道主基础设施建设和制度对母国对外直接投资有很大影响。东道国基础设施建设质量越高、经济自由程度越高、治理越有效、中国跨国公司技术能力越高，中国的对外直接投资就越高；并且当东道国基础设施建设质量越高、经济自由度越高、治理越有效的条件下时，母国技术能力对其对外直接投资的正向影响就越强。（2）对于日本来说，技术能力对母国对外直接投资有负向影响。母国技术能力越强，日本对外直接投资就越少，并且当东道国基础设施建设较好时，这种负向作用表现得更为明显。这表明日本作为一个发达国家，更倾向于专利保护，而非技术输出，当东道国的基础设施较好时，这种专利保护的倾向更为强烈。
본문기우이수수거연구중국화일본적공사대동아화동남아적투자행위여하수기모국기술능력、동도국적기출설시화제도적영향，병진일보탐구동도국기출설시화제도적조절작용。본문선취중국화일본대동아、동남아구개주요적국가화지구십년간적180개（중국화일본각90개）직접투자적양본수거진행연구분석，득출결론：（1）대우중국래설，기술능력、동도주기출설시건설화제도대모국대외직접투자유흔대영향。동도국기출설시건설질량월고、경제자유정도월고、치리월유효、중국과국공사기술능력월고，중국적대외직접투자취월고；병차당동도국기출설시건설질량월고、경제자유도월고、치리월유효적조건하시，모국기술능력대기대외직접투자적정향영향취월강。（2）대우일본래설，기술능력대모국대외직접투자유부향영향。모국기술능력월강，일본대외직접투자취월소，병차당동도국기출설시건설교호시，저충부향작용표현득경위명현。저표명일본작위일개발체국가，경경향우전리보호，이비기술수출，당동도국적기출설시교호시，저충전리보호적경향경위강렬。
This article is focused on how investments of Chinese and Japanese companies to east and south east Asia are influenced by technology of their home countries and infrastructures and institutions of host countries. Furthermore, we consider about the moderating role of infrastructures and institutions. The data comes from 180 investment cases in nine East and Southeast Asian countries, 90 of which are carried out by Chinese companies and the rest are implemented by Japanese countries. In sum, we draw following conclusions: (1) In terms of China, technology of home country, infrastructures and institutions of host countries all paly important roles in OFDI( Outward Foreign Direct Investment). Better infrastructure, higher level of economic freedom and governance, as well as higher level of technology will lead to more investments. Besides, if the levels of economic freedom and governance are higher, technology of home country will have a stronger influence on OFDI. (2) As for Japan, Japanese technology capability plays a negative role in OFDI. The better technology capability is, the less Japanese companies invest in these host countries. And this tendency becomes more evident if host countries have better infrastructures. It shows that as a developed country, Japan tends to protect its patents rather than output technology. This tendency of patent protecting is more strong if host countries have better infrastructures.