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TheSurgeofJapaneseInvestmentsinChinaUtilizingTaiwaneseManagerialResources~aviablebusinessmodel?~ShingoItoSeniorEconomistMizuhoResearchInstituteLtd.MIZUHORESEARCHPAPER4ShingoItocurrentlyholdsthepositionofsenioreconomistatMizuhoResearchInstituteLtd.(MHRI).UponjoiningtheFujiResearchInstituteCorporationin1993,hehasbeenengagedineconomicresearchcoveringChina,TaiwanandHongKong.DuringtheperiodfromDecember2001toNovember2003,heconcurrentlyheldthepositionofAssociateResearchFellowoftheTaiwanInstituteofEconomicResearch,duringwhichtimehetookupresidenceinTaipei.SinceOctober2002,hehasheldthepositionofsenioreconomistofMHRIattheChinaUnitoftheAsiaResearchDepartment.(In2002,thethinktankfunctionsoftheFujiResearchInstituteCorporationweremergedwiththeDai–IchiKangyoResearchInstituteandtheresearchdivisionoftheIndustrialBankofJapantoformMHRI.)E–mail:shingo.ito@mizuho–ri.co.jpTEL:[phone]FAX:[phone]TheSurgeofJapaneseInvestmentsinChinaUtilizingTaiwaneseManagerialResources~aviablebusinessmodel?~PublishedbyMizuhoResearchInstituteLtd.Tokyo,February2005ShingoItoSeniorEconomistContentspageSummary11.Introduction32.ThesharpincreaseofJCTInvestment4(1)DefinitionofJCTInvestment4(2)ThetotalamountofJCTInvestment4(3)ThesharpriseofJCTInvestmentsince2000andmajorinvestingparties5a.Theelectricandelectronicapplianceindustry5b.Theautomobileandautopartsindustry7c.Machineryandchemicalsindustries8d.Foodandbeveragemanufacturingindustry8(4)ThehistoricalbackgroundgeneratingJCTInvestment83.ThemeritsofJCTInvestment11(1)Complementationofthe“competitiveedgeofmanagerialresources”11(2)SupporttowardclientsexpandingintoChinafromTaiwan12(3)FacilitationoftheestablishmentandoperationsofChineseaffiliates12a.Languageandculturalbarriers12b.ThemitigationofproblemsincommunicationswithChineseemployeesandChinesegovernmentofficials14(4)FacilitationofbusinessoperationstargetingTaiwaneseaffiliatesinChina14a.ActiveinvestmentinChinabyTaiwanesecorporations14b.ThelargepercentageofTaiwanesecorporationsinChina’sindustrialproductionandexports16(5)AdvantagesincultivatingChina’sdomesticmarket18(6)ThediversificationofChineseinformationsourcesusinginformationnetworksofTaiwanesecorporations19(7)TheutilizationofTaiwaneseindustrialclustersinChina20(8)Theadvantagesof“investmentinChinautilizingJapaneseresources”fromtheperspectiveofTaiwanesecorporations214.ThedemeritsofJCTInvestment22(1)Thecostsnecessarytobridgedifferencesinviewsonmanagerialstrategyamonginvestingparties22a.TheemergenceofcompetitiverelationshipswithotheraffiliatesinChina23b.Conflictsregardingcustomerrelations24c.Completionofthelearningprocess25d.Others25(2)ConflictofviewsbetweentheJapaneseparentcompanyandtheTaiwanesesubsidiaryoverleadershipcontrolsofChineseaffiliates25(3)Effortstominimizethecostsforcoordinationofdifferentviews265.Thefutureprospects~theeffectivenessofJCTInvestmentasaviablebusinessmodel~27(1)Prospectsofa“decline”or“sustainabledevelopment”?27a.“Decline”27b.“Sustainabledevelopment”28(2)JCTInvestmentwillsurvive–atleastforthetimebeing28Notes30Bibliography32Summary1.China’sexpandingmarketpotentialstemmingfromitshigheconomicgrowthandentrytotheWorldTradeOrganization(WTO)isfuelingaresurgenceofChina–boundinvestmentbyJapanesecompanies.Inthecourseofsuchinvestments,thereisasharpriseinnumberofJapanesecompaniesinvestinginChinaeitherwithTaiwanesecompaniesorthroughtheirsubsidiariesinTaiwan.GiventhecommoncharacteristicthattheseformsofinvestmentutilizethemanagerialresourcesofTaiwanesecompaniesanditsownsubsidiariesinTaiwan,investmentinChinausingthisformatmaybereferredtoas“JapaneseinvestmentsinChinautilizingTaiwanesemanagerialresources”(abbreviatedhereinbelowas“JCTInvestment(s)”).2.DespitethedifficultytoassessthetotalvolumeofJCTInvestmentstemmingfromlimitationsintermsofsourcematerial,availablesourcesrevealthattherewere249casesofJCTInvestmentbyJapanesecompaniesduringtheperiodfrom1989totheendofJune2004,ofwhich142caseswereestablishedsince2000.Thismeansthatapproximately7%ofaffiliatesinChinasetupbymediumorlarge–sizedJapanesecompanieswereestablishedbyJCTInvestment.3.TherecentsurgeofJCTInvestmentisdrivenbytheautomobileandautopartsindustries.Inthebackgroundisthefull–fledgedentryofJapaneseandTaiwaneseautomobilesetmakersintoChina.Furthermore,theelectronicpartsanddevicessectorisalsocontinuingtoinvestheavilyinChinausingtheJCTInvestmentmodel.4.WhiletherelationshipofmutualtruststemmingfromJapanandTaiwan’slong–standingeconomicrelationsandthehumanresourcesnurturedatTaiwanesesubsidiariesprovidesafertilesourceforJCTInvestment,themajorfactoristhepossessionof“competitivemanagerialresources”byTaiwanesecompaniesandsubsidiarieswhichdifferfromthoseofJapanesecompanies.15.JCTInvestmentprovidesJapanesecompanieswiththefollowingmerits.Firstly,Japanesecompaniesareabletomitigatethelanguageandculturalbarriers–servingasmajorimpedimentstobusinessinChina–throughtheassistanceoftheTaiwaneseparty.Secondly,therearevariousadvantagesderivingfromthemassivedistribution,manufacturingandhumannetworksofTaiwanesecompaniesinChina.Forexample,bysellingproductsnotonlytoJ