日本瑞穗金融集团（MIZUHO）-应对中国兴起的日系企业商业战略

MIZUHORESEARCHPAPER2ChangesinJapan’sBusinessStrategyinAsia----aquestionnairesurveyofJapanesemanufacturersonbusinessinChinaandAsiarevealsadeepeningdivisionoflabor----HironoriUchiboriSeniorEconomistMizuhoResearchInstituteLtd.HironoriUchiboriisasenioreconomistatMizuhoResearchInstituteLtd.Heenteredtheinstitutein1991tomakehiscareermainlyineconomicandindustrialresearchandcurrentlyspecializesininternationalmanagement,particularlyontheglobalstrategiesofmultinationalenterprises.Hisexperienceasresearchassociateintheinstitute'sLondonofficefrom1993to1996providesdepthtotheglobalperspectiveofhisfieldofresearch.HehaswrittenmanyarticlesonstrategicissuesofmultinationalenterprisesinEast-Asiafordailynewspaperandspecialistjournals,andistheco-authorofImportsfromandOutsourcingProductiontoEast-AsianCountries(DobunkanShuppan,1999),GlobalSupplyChainManagement(YuhikakuPublishing,2003),andTheChallengeoftheChineseRenminbi(ToyoKeizai,2004).Heisalsoalectureroninternationaltrade&investmentatMeijiUniversity,Tokyo.E-mail:[e-mail]:[phone]FAX:[phone]ChangesinJapan’sBusinessStrategyinAsia----aquestionnairesurveyofJapanesemanufacturersonbusinessinChinaandAsiarevealsadeepeningdivisionoflabor----PublishedbyMizuhoResearchInstituteLtd.Tokyo,September2004HironoriUchiboriSeniorEconomistpageSummary11.Introduction22.Asiabusiness–businessstrategiestoobtainalargerpieceofagrowingpie3(1)ThecurrentstateofAsiabusiness3(2)JapanesecorporateinvolvementinAsiabusiness53.Businessstrategies–categorizedbygeographicareaandoutlookondemandinAsia94.ThecurrentstateandfuturechallengesregardingmarketingstrategiesfortheChinesemarket155.Viewsregardingtheforeignexchangerateandtheimpactoftheappreciationoftheyuanuponoverseasaffiliates18(1)Viewsregardingtheexchangerateofmajorcurrencies18(2)ExportsfromaffiliatesinChina21(3)TheimpactofastrongeryuanuponoverseasaffiliatesofJapanesecorporationsinChina226.OverseasaffiliatesofJapanesecorporationsinChinaareshiftingtheiremphasistowardthereinforcementofprofitbases257.Concludingremarks:divisionoflaborwiththecountriesofAsia29Supplement:OverviewoftheQuestionnaireSurveyofJapaneseCorporateEnterprisesRegardingBusinessinAsia32Bibliography34ContentsSummary1.GiventhecrucialimportanceofbusinessinAsiaforJapanesecompanies,theMizuhoResearchInstituteLtd.(MHRI)conductedaquestionnairesurveyof2,339JapanesecorporateenterprisestitledtheQuestionnaireSurveyofJapaneseCorporateEnterprisesRegardingBusinessinAsiatoshedlightuponthecurrentstateofbusinessendeavorsofJapanesecompaniesinAsia.Thisreportisbaseduponthefindingsinthissurvey.2.Inoursurvey,wefoundthat70%ofthecompaniessurveyedareinvolvedinbusinessofsomeforminAsia.Inresponsetoaquestionregardingthegeographicareaoftheiraffiliates,nearly80%ofthecompanieswithoverseasaffiliatesinAsiasaidthattheyhaveaffiliates“inChina”,surpassingbyfartheASEANregionandNIEs.However,wealsofoundthat80.0%oftheoverseasaffiliatesinNIEsand74.8%intheASEANregionhavebeen“inoperationformorethan(andincluding)fiveyears”.Incontrast,only52.5%ofaffiliatesinChinafallintothiscategory.Inshort,thefindingssuggestthatthefuturebusinessstrategyamongJapanesecompaniesisto(1)expandinChina,and(2)striveformoreoperationalefficiencywhilemaintainingexistingaffiliatesintheNIEsandASEANregion.3.Askedhowtheywouldliketoseeforeigncurrenciessuchastheyuantotradeagainstothercurrenciesforthebenefitoftheirbusinessperformance,manyoftherespondentssaidthattheypreferredtoseeallforeigncurrencies“strengthen”againsttheyen,underscoringtheirconcernsregardingexportsfromJapan.Incontrast,anestimationoftheimpactoftheappreciationoftheyuanupontheoverseasaffiliatesofJapanesecompaniesinChinarevealedawidegapamongdifferentindustrialsectors.Goingforward,JapanesecompanieswithaffiliatesinChinawouldhavetoengageinastrategicrebalancingofitsexportsanddomesticsalesinChinainviewofacomprehensiveanalysisofyuanrisksandChinesedomesticmarkettrends.14.AcomparisonofaffiliatesofcompaniescategorizedbythelengthoftheirpresenceinChina(“fiveyearsormore”and“lessthanfiveyears”)revealedthatthelongeracompany’spresenceandexperienceisinChina,thereisastrongertendencytostressqualitativeimprovementssuchasthereviewofproductionprocessesoverquantitativeexpansionsuchastheaugmentationofplantandequipment.Eveninanexpandingmarket,companiesemergingoutoftheinitialstageoflaunchingtheiroverseasaffiliates,arestrivingtocutcostsbyupgradingtheirefficiencyandstrengtheningtheirrevenuebase.5.Asaresultofoursurvey,wefoundadeepeningdivisionoflaboramongJapanesecompanieswiththecountriesofAsiaincludingChinaunderaprocessofinnovativereformandimprovement–ahallmarkamongJapanesecorporations.PopularbeliefthatChinawouldposeaneconomicthreattoJapan–the“Chinesethreattheory”–oncerampantinJapan’sindustrialarenaisnowreceding.TheebboftheChinesethreattheorystemsnotonlyfromChina’semergingmarketpotentialbutalsofromthesebuddingendeavorsandbusinessstrategiesbyJapanesecompanies.1.IntroductionPropelledbyitsrapideconomicexpansion,Chinaisemergingasagargantuanfinalconsumptionmarket.ThecountriesandregionsoftheNIESandASEANarealsost