٬ٸমުڰ൲͈࣭ඤࡹဥ͈͒גޣ̷͈͂ࠐා་اȇġ
ఱिຸུ২ಎ࠸Ȇಎୋ௮ܑު͈ͺϋΉȜΠऔΟȜΗͬဥ̞̹બଢ଼
㸨
Ꮧ ဴ⏨࣭ᑠᕝ ு㸨㸨
㸺せ᪨㸼
ᮏ✏࡛ࡣࠊ᪥ᮏࡢ〇㐀ᴗࡢᾏእ┤᥋ᢞ㈨ࡀ῝ࡍࡿ࡞ࠊᾏእ⌧ᆅࡢᴗάືᅜෆ ࡢ⮬♫㞠⏝ࡢ㛗ᮇⓗ࡞㛵ಀࡘ࠸࡚ᐇドศᯒࢆ⾜࠺ࠋࢹ࣮ࢱࡣࠊ㜰ᗓᮏ♫ࡢ୰ሀ࣭୰ᑠ
〇㐀ᴗࢆᑐ㇟ࡋࡓࣥࢣ࣮ࢺㄪᰝ㸦ᖹᡂ 24 ᖺ 10 ᭶ᐇ㸧ࡢ⤖ᯝ࡛࠶ࡿࠋศᯒᡭἲࡣࠊ
⿕ㄝ᫂ኚᩘ࡞ࡿᅜෆ㞠⏝ࡢ≧ἣࢆ㡰ᗎࡢ࠶ࡿ㑅ᢥ᪉ᘧ࡛ᴗᑜࡡ࡚࠸ࡿࡓࡵࠊ㡰ᗎࣉ
ࣟࣅࢵࢺࣔࢹࣝ࠾ࡼࡧ㡰ᗎࣟࢪࢵࢺࣔࢹࣝࢆ᥇⏝ࡍࡿࠋ
ศᯒ⤖ᯝࡋ࡚ࠊࡲࡎࠊᾏእᣐⅬࡢ㞠⏝ࡢᣑࡀ⮬♫ࡢᅜෆ㞠⏝ࡢቑຍࡘ࡞ࡀࡿഴྥ ࡀࡳࡽࢀࡓࡀࠊࡇࡢഴྥࡣࠊึࡢᾏእ┤᥋ᢞ㈨ᚋࡽࡢᖺᩘࡀ⤒㐣ࡍࡿࡘࢀ࡚ᙅࡲࡿࡇ
ࡶ☜ㄆࡉࢀࡓࠋࡑࡋ࡚ࠊࡇࡢࡼ࠺࡞⤒ᖺኚࡣࠊᴗࡢᴗࡽࡢ⤒㐣ᖺᩘ㸦ᴗᖺ㱋㸧
ࢆㄝ᫂ኚᩘຍ࠼࡚ࡶᏑᅾࡋࡘ࡙ࡅࡿࡇࡀ☜ㄆࡉࢀࡓࠋࡇࡢ⤖ᯝࡼࡾࠊᾏእᣐⅬࢆึࡵ
࡚タ⨨ࡋ࡚ࡽᾏእᒎ㛤ࡢ⤒㦂ᖺᩘࢆ㔜ࡡࡿࡘࢀ࡚ࠊᾏእᅜෆࡢ㞠⏝ࡢ⿵ⓗ㛵ಀࡣ ᙅࡲࡗ࡚࠸ࡃࡇࡀ᥎ ࡉࢀࡿࠋ
ḟࠊࡇࡢ⤒ᖺⓗኚࡀࡢ⛬ᗘ࡛࠶ࡿࢆᐃ㔞ⓗ☜ࡵࡿࡓࡵࠊᖹᆒⓗ࡞ᴗࢆ ᐃࡋࡓ㝈⏺ຠᯝࡢࢩ࣑࣮ࣗࣞࢩࣙࣥศᯒࢆ⾜ࡗࡓࠋ⤖ᯝࡋ࡚ࠊᾏእ㞠⏝ࡀቑຍࡋࡓࡇ
ࡼࡿࠕᅜෆ㞠⏝ࡢቑຍࠖࢆ㑅ᢥࡍࡿ☜⋡ࡢୖ᪼ᖜࡣࠊึࡢᾏእ┤᥋ᢞ㈨ᚋࡽ 10 ᖺࡀ⤒ ࡗࡓሙྜࡣ 25㸣࣏ࣥࢺ࡞ࡿࡢᑐࡋࠊ20 ᖺࡀ⤒ࡗࡓሙྜࡣ 4㹼5㸣࣏ࣥࢺ
⦰ᑠࡍࡿࡇࡀ☜ㄆࡉࢀࠊࡉࡽࠊ20 ᖺࢆ㉸࠼ࡿࡑࡢୖ᪼ࡀࡳࡽࢀ࡞ࡃ࡞ࡿࡇࡀ᥎ ࡉࢀࡓࠋ
JEL Classification Number: F14 F16 F21
Key Words: ᾏእ┤᥋ᢞ㈨ࠊᅜෆ㞠⏝ࠊ୰ሀ࣭୰ᑠ〇㐀ᴗ
㸨ᮏ✏ࡢศᯒࡣࠊ㜰⏘ᴗ⤒῭ࣜࢧ࣮ࢳࢭࣥࢱ࣮ࡢㄪᰝሗ࿌᭩࡛࠶ࡿࠗ㜰ᮏ♫୰ሀ࣭୰ᑠ〇㐀ᴗࡢ
ᴗᡤᶵ⬟⦅࠘ࡢ⿵㊊㈨ᩱࠕᾏእᴗᣑࡀᅜෆ㞠⏝࠼ࡿᙳ㡪ࠖࢆຍ➹࣭ಟṇࡋࡓࡶࡢ࡛࠶ࡿࠋᮏ✏
ࢆసᡂࡍࡿ࠶ࡓࡗ࡚ࡣࠊࠕᛂ⏝࣑ࢡࣟᐇド◊✲࣮࣡ࢡࢩࣙࢵࣉ࡛ࠖࡢウㄽ⪅࡛࠶ࡿ୰ᓥ㈼ኴ㑻ᩍᤵ㸦ᮾ
Ꮫ㸧࠾ࡼࡧࡑࡢཧຍ⪅ࠊࢪᨻ⤒Ꮫ㸦ᖹᡂ 25 ᖺᗘᅜ㸧࡛ࡢウㄽ⪅࡛࠶ࡿ୕㔜㔝ᩥᬕᩍ
ᤵ㸦ி㒔Ꮫ㸧ࠊࡲࡓࠊཎ⛱ᩍᤵ㸦㜰ᕷ❧Ꮫ㸧ࠊࡑࡋ࡚ᮏㄅࡢ༏ྡࡢࣞࣇ࢙࣮ࣜࡽࠊᩘከࡃࡢ᭷
┈࡞ࢥ࣓ࣥࢺࢆ㡬࠸ࡓࠋࡇࡇ῝ࡃឤㅰࡢពࢆ⾲ࡋࡓ࠸ࠋࡋࡋ࡞ࡀࡽࠊṧࡉࢀࡓᮏ✏ࡢㄗࡾࡘ࠸࡚ࡣ
࡚➹⪅ࡢ㈐௵ᖐࡍࡿࠋ
㸨㸨Ꮧ ဴ⏨㸸㜰⏘ᴗ⤒῭䝸䝃䞊䝏䝉䞁䝍䞊ᐈဨ◊✲ဨ䞉᱈ᒣᏛ㝔Ꮫ㠀ᖖㅮᖌ 㐃⤡ඛ:ࠛ559-8555 㜰 ᕷఫஅỤ༊༡ 1 ┠ 14-16 㜰ᗓဏὪᗇ⯋ 24 TEL: 06-6210-9937ࠊ㝵
ᑠᕝ ு㸸㜰ᕷ❧ᏛᏛ㝔⤒῭Ꮫ◊✲⛉࣭⤒῭Ꮫ㒊ᑓ௵ㅮᖌ 㐃⤡ඛ㸸ࠛ558-8585 㜰ᗓ㜰ᕷఫ
ྜྷ༊ᮡᮏ 3-3-138 TEL㸸06-6605-2265 ㄽ ᩥ
Effect of Investing Abroad on Home Employment and its Secular Change: An Empirical Analysis Using the Questionnaire Survey of Small
and Medium-Sized Manufacturers in Osaka
By Tetsuo MO and Ryoh OGAWA
Abstract
This paper examines effect of foreign direct investment (FDI) on the employment of domestical- ly-owned firms and whether and how the effect changes over the years.
We estimate two ordered probit/logit models using data collected through the questionnaire sur- vey of small and medium-sized manufacturers whose their head offices are located in Osaka Pre- fecture. The results suggest that home employment increases with the increasing employment abroad but this tendency has been decreasing since the first-ever FDI for the manufacturer. This secular change persists even when we add the age of manufacturer to the set of independent varia- bles.
Next, we simulate how the average probability of selecting the “increasing home employment” increases when employment abroad expands. The “average” in this simulation means that evalua- tion are at sample mean of regressors. The results are as follows: while the increase in the probabil- ity is 25 % points in the case of 10 years since first-ever FDI, the increase in the probability is 4-5 % points in the case of 20 years. Moreover, we presume that the complementary relationship between home and overseas employment disappears in the case of more than 20 years.
JEL Classification Number: F14 F16 F21
Key Words: Foreign direct investment; Home employment; small and medium-sized manufac- turers
㸯㸬ࡣࡌࡵ
ᮏ✏࡛ࡣࠊ᪥ᮏࡢ〇㐀ᴗࡢᾏእ┤᥋ᢞ㈨㸦Foreign Direct Investmentࠋ௨ୗࠊFDI ࡪࠋ㸧 ࡀ῝ࡍࡿ࡞ࠊᾏእ⌧ᆅࡢᴗάືᅜෆࡢ⮬♫㞠⏝ࡢ㛗ᮇⓗ࡞㛵ಀࡘ࠸࡚ᐇドศᯒ
ࢆ⾜࠺ࠋ
ࡇࢀࡲ࡛ᡃࡀᅜ࡛ࡣࠊ〇㐀ᴗࡢᾏእᣐⅬࡢタ⨨࠾ࡼࡧࡑࡢᴗᣑࡣࠊᅜෆࡽᾏእ
ࡢ⏕⏘ᆅࡢ௦᭰ࡼࡾࠊᅜẸ⏕ά┤⤖ࡍࡿᅜෆ㞠⏝ࡢ႙ኻࢆࡶࡓࡽࡍࡢ࡛ࡣ࡞࠸
࠸࠺♫ⓗᠱᛕࡀᖖࡘࡁࡲࡗ࡚࠸ࡓࠋࡑࢀࢆ⫼ᬒࠊ᪥ᮏࡢ〇㐀ᴗࡢ FDI ࡀᅜෆ㞠
⏝࠼ࡿᙳ㡪ࡘ࠸࡚ࠊᴗ࣑ࢡࣟࢹ࣮ࢱࡼࡿᐇドศᯒࡀ㏆ᖺ⾜ࢃࢀ࡚ࡁࡓ1ࠋࡑࡋ࡚ࠊ ࡇࢀࡲ࡛ࡢᐇド⤖ᯝࡽࠊᚲࡎࡋࡶ FDI ࡀ⮬♫ࡢᅜෆ㞠⏝ࢆ⦰ᑠࡉࡏࡿヂ࡛ࡣ࡞࠸ࡇࡀ ศࡗ࡚ࡁࡓࠋYamashita and Fukao㸦2010㸧ࡣࠊᾏእࡢᚑᴗ⪅ᩘࡸ⏕⏘㔞࡛௦⌮ࡋࡓᾏእ
ᴗつᶍࡢᣑࡼࡾ⮬♫ࡢᅜෆ㞠⏝ࡀῶᑡࡋ࡚࠸ࡿഴྥࡣࡳࡽࢀ࡞࠸⤖ㄽ࡙ࡅ࡚࠸ࡿࠋ
ࡲࡓࠊAndo and Kimura㸦2013㸧ࡣࠊᮾࢪ࡛⌧ᆅἲேࡢ㞠⏝ࢆᣑࡋࡓᴗࡣࠊᅜෆ㞠
⏝ࡶቑຍࡉࡏࡿ࠸࠺⤖ᯝࢆᚓ࡚࠸ࡿ2ࠋࡉࡽࠊHijzen et al.㸦2007㸧ࠊTanaka㸦2012㸧࡛ ࡣࠊFDI ࢆ⾜ࡗࡓᴗ⾜ࢃ࡞ࡗࡓᴗࡢ㛫࡛㞠⏝ኚࢆẚࠊFDI ࡀ⮬♫ࡢᅜෆ㞠⏝ ࡢቑຍᐤࡍࡿ⤖ᯝࢆ♧ࡋ࡚࠸ࡿࠋຍ࠼࡚ࠊ୰ᑠᴗᗇ㸦2012㸧ࡣࠊ୰ᑠᴗ࠾࠸࡚
ࡶࠊFDI ࡀ⮬♫ࡢᅜෆ㞠⏝ࢆቑຍࡉࡏࡿຠᯝࢆࡶࡘࡇࢆ♧ࡋ࡚࠸ࡿ3ࠋ
FDI ࡀ⮬♫ࡢᅜෆ㞠⏝ᐤࡍࡿ࡞⌮⏤ࠊ㍺ฟㄏⓎຠᯝࡀ࠶ࡿࠋࡇࢀࡣࠊᾏእᣐⅬ
࡛ࡢ⏕⏘ቑຍࡀࠊ⌧ᆅ⏕⏘࡛⏝࠸ࡽࢀࡿᇶᖿ㒊ရࡢᅜෆ⏕⏘ࢆቑࡸࡍࡇࢆពࡍࡿࠋࡇ ࡢຠᯝࡣ⏕⏘ᕤ⛬ࡢ୍㒊ࢆᾏእ⛣タࡍࡿࠊ࠸ࢃࡺࡿᆶ┤ⓗ FDI ࡛ࡳࡽࢀࡸࡍ࠸ࠋࡑࡋ࡚ࠊ ࡇࡢᢞ㈨ᙧែࡣࠊᅜ㝿㛫ࡢ⏕⏘せ⣲౯᱁ࡢࡁ࡞ᕪࢆ⏝ࡍࡿࡓࡵࠊ᪥ᮏࡢ〇㐀ᴗࡢሙ
ྜࠊࢪ࡛ࡢ FDI ከࡃ┦ᙜࡍࡿ⪃࠼ࡽࢀࡿࠋ
㍺ฟㄏⓎຠᯝࡣࠊFDI ࡢ⤒㦂ᖺᩘࡀ㛗ࡃ࡞ࡿࡘࢀ࡚⥆ࡃࡶࡢ࡞ࡢࠋ᪥ᮏ⤒῭ࡢ୰㛗 ᮇⓗ࡞ᡂ㛗ࢆᅗࡿᡂ㛗ᡓ␎ࡢ࡞࡛ࡶࠊᴗࡢᾏእᒎ㛤ࡢ✚ᴟⓗ࡞ᨭࡣ㔜せ࡞ㄢ㢟࡛
࠶ࡾࠊࡇࡢ㍺ฟㄏⓎຠᯝࡢ㛗ᮇⓗ᥎⛣ࡣ㛵ᚰࡀ㧗࠸㡯࠸࠼ࡿࠋKiyota et al.㸦2008㸧࡛ ࡣࠊᾏእ㐍ฟࡋࡓ᪥⣔ᴗࡢ⌧ᆅㄪ㐩ẚ⋡㛵ࡍࡿỴᐃせᅉࢆᐇドศᯒࡋ࡚࠸ࡿࠋࡑࡢ࡞
࡛ࠊᮾࢪ࠾ࡼࡧᮾ༡ࢪ࡛ࡢ FDI ࡢ⤒Ṕࡀ㛗ࡅࢀࡤࠊ⌧ᆅㄪ㐩⋡ࡶ㧗ࡃ࡞ࡿഴྥ
ࢆ᫂ࡽࡋ࡚࠸ࡿࠋࡇࡢࡇࡣࠊᅜෆࡢᇶᖿ㒊ရࡢ⏕⏘ࡘ࠸࡚ࠊ㛗ᮇⓗࡣࡉࡽ࡞ࡿ ᾏእ⛣㌿ࡢᑐ㇟࡞ࡗࡓࡾࠊࡲࡓࡣࠊᾏእ⌧ᆅᴗࡽࡢㄪ㐩ḟ➨᭰ࢃࡗ࡚࠸ࡃࡇ
ࢆ♧၀ࡍࡿࡶࡋࢀ࡞࠸4ࠋࡋࡓࡀࡗ࡚ࠊࡇࢀࡲ࡛ࡢඛ⾜◊✲ࡀ᫂ࡽࡋ࡚ࡁࡓࠊᾏእ
1 ࡇࢀ㛵ࡋ࡚ᡃࡀᅜᴗࢆᑐ㇟ࡋࡓᐇド◊✲ࡢࢧ࣮࣋ࡋ࡚ࠊᯇᾆ㸦2011㸧ࠊᱜ࣭ᒾᓮ㸦2012㸧ࡀ ཧ⪃࡞ࡿࠋࡲࡓࠊᅜእࡢᐇド◊✲ࡶྵࡵࡓࢧ࣮࣋ࡘ࠸࡚ࡣࠊఀ⸨㸦2013㸧ࡀཧ⪃࡞ࡿࠋ
2 ୍᪉ࠊEdamura et al.㸦2011㸧ࡣᮾࢪᆅᇦ࡛ࡢ FDI ࡀ⮬♫ࡢᅜෆ㞠⏝ࢆῶᑡࡉࡏࡿ⤖ᯝࢆᚓ࡚࠸ࡿࠋ
3 ୰ᑠᴗᗇ㸦2012㸧࡛ࡣࠊࢫࢵࢳᅇᖐࣔࢹࣝࡢᡭἲࡼࡾࠊᾏእᏊ♫ࢆಖ᭷ࡍࡿ୰ᑠᴗࡀ௬ಖ
᭷ࡋ࡞ࡗࡓሙྜࡢᅜෆ㞠⏝ᡂ㛗⋡ࢆ᥎ィࡋࡓୖ࡛ࠊᐇ㝿ࡢᡂ㛗⋡ẚ㍑⪃ᐹࡋ࡚࠸ࡿࠋ
4 Kiyota et al.㸦2008㸧ࡣࠊᾏእᣐⅬࡢ⤒㦂ᖺᩘࢆᾏእ⌧ᆅㄪ㐩ẚ⋡ࡢㄝ᫂せᅉࡍࡿ⌮⏤ࡋ࡚ࠊ⌧ᆅ ᴗࡢሗࢆከࡃ▱ࡿࡼ࠺࡞ࡿࡇຍ࠼ࠊ⌧ᆅᨻᗓࡽࡢ⌧ᆅᴗά⏝ࡢせㄳࡸᅜ㝿ྲྀᘬࣜࢫࢡࡢ㍍ῶ
ᑐࡋᴗࡀḟ➨ᑐᛂࡋ࡚࠸ࡃࡇࢆ࠶ࡆ࡚࠸ࡿࠋ
ᴗάືࡢᣑ⮬♫ࡢᅜෆ㞠⏝ࡢ⿵ⓗ㛵ಀࡣࠊ㛗ᮇⓗࡣⷧࢀ࡚࠸ࡃྍ⬟ᛶࡶྰᐃ࡛ ࡁ࡞࠸ࠋ
ࡋࡋࠊࡇࡢࡼ࠺࡞㛗ᮇⓗ࡞ຠᯝࢆࡳࡓศᯒࡣࡲࡔぢᙜࡓࡽ࡞࠸ࠋ☜ࠊEdamura et al. 㸦2011㸧ࠊHijzen et al.㸦2007㸧ࠊTanaka㸦2012㸧࡛ࡣࠊࠕᴗάືᇶᮏㄪᰝࠖ㸦⤒῭⏘ᴗ┬㸧
ࡼࡾసᡂࡋࡓᴗࣃࢿ࣭ࣝࢹ࣮ࢱࢆ⏝࠸࡚ࠊFDI ࡢᅜෆ㞠⏝࠼ࡿᙳ㡪ࡘ࠸࡚㛫
ࢆ㏣ࡗ࡚☜ㄆࡋ࡚࠸ࡿࠋࡋࡋࠊࡇࢀࡽࡢ◊✲࡛ࡣࠊFDI ࢆ⾜ࡗ࡚ࡽᩘᖺ࠸࠺▷࠸ᮇ 㛫ࢆᑐ㇟ࡋ࡚࠸ࡿࠋ୍᪉ࠊKiyota et al.㸦2008㸧ࡢሙྜࠊࠕᾏእᴗάືᇶᮏㄪᰝࠖ㸦⤒῭
⏘ᴗ┬㸧ࢆ⏝࠸࡚ศᯒࡋ࡚࠸ࡿࡀࠊㄝ᫂ኚᩘࡢグ㏙⤫ィࢆࡳࡿࠊFDI ᚋࡢ⤒㐣ᖺᩘࡢᖹ ᆒ್ࡀ 10.54ࠊᶆ‽೫ᕪࡀ 8.57 ࡛࠶ࡿࡇࡽศࡿࡼ࠺ࠊ10 ᖺୖࡢᾏእ㐍ฟṔࢆᣢࡘ
ᴗࢧࣥࣉࣝࢆከࡃྵࢇ࡛࠸ࡿࠋ
ᮏ✏࡛ࡣࠊ㜰ᗓᮏ♫ࡢ୰ሀ࣭୰ᑠ〇㐀ᴗࢆᑐ㇟ࡋࡓࣥࢣ࣮ࢺㄪᰝ⤖ᯝࢆ⏝࠸࡚ࠊ ᾏእᴗάືࡢᣑࡀࡶࡓࡽࡍ⮬♫ࡢᅜෆ㞠⏝ࡢ㛗ᮇⓗᙳ㡪ࢆ᳨ドࡍࡿࠋࡇࡢࣥࢣ࣮ ࢺࡣࠊ㜰⏘ᴗ⤒῭ࣜࢧ࣮ࢳࢭࣥࢱ࣮ࡀᖹᡂ 24 ᖺ 10 ᭶⾜ࡗࡓㄪᰝ࡛࠶ࡿࠋࡑࡢ㉁ၥ㡯
┠ࡣࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࠊᾏእ࠾ࡼࡧᅜෆࡢ㞠⏝ືྥ㛵ࡍࡿࡶࡢࡀྵࡲࢀ࡚࠸ࡿࠋ
㜰ᗓࡢ୰ሀ࣭୰ᑠ〇㐀ᴗࡣࠊྂࡃࡽࢪࢆ୰ᚰᾏእ㐍ฟࡋ࡚࠸ࡿࡇࢁࡀከ࠸ ࡓࡵࠊࡑࡢࢧࣥࣉࣝࡣᮏศᯒࡢ┠ⓗ㐺ษ࡛࠶ࡿ⪃࠼ࡽࢀࡿࠋࡲࡓࠊ㏆ᖺࠊFDI ྲྀ⤌
ࡴ᪥ᮏࡢ୰ሀ࣭୰ᑠ〇㐀ᴗࡢྜࡀቑ࠼࡚࠸ࡿഴྥ࠶ࡾࠊ୰ሀ࣭୰ᑠつᶍࢆศᯒᑐ㇟
ࡍࡿព⩏ࡣ㧗࠸࠸࠼ࡿ5ࠋ
ᮏ✏ࡢศᯒ࡛ࡣࠊᖹᡂ 24 ᖺ 9 ᭶ᮎⅬࡲ࡛ࡢ 3 ᖺ㛫ࠊᾏእᣐⅬࡢ㞠⏝ࡢᣑࡀ⮬♫ࡢ ᅜෆ㞠⏝⿵ⓗ࡞ࡢࡑࢀࡶ௦᭰ⓗ࡞ࡢࠊࡑࡋ࡚ࡑࡢ㛵ಀࡣึࡢ FDI ᚋࡽᖺᩘࡀ
⤒㐣ࡍࡿࡘࢀ࡚ࡢࡼ࠺࡞ኚࡀࡳࡽࢀࡿࡢࢆ᳨ドࡍࡿࠋศᯒᡭἲࡣࠊ⿕ㄝ᫂ኚᩘ࡛
࠶ࡿᅜෆ㞠⏝ࡢ≧ἣࢆ㡰ᗎࡢ࠶ࡿ㑅ᢥ᪉ᘧ࡛ᴗᑜࡡ࡚࠸ࡿࡓࡵࠊ㡰ᗎࣉࣟࣅࢵࢺࣔࢹ
ࣝ࠾ࡼࡧ㡰ᗎࣟࢪࢵࢺࣔࢹࣝࢆ᥇⏝ࡍࡿࠋศᯒ⤖ᯝࡋ࡚ࡣࠊ㜰ࡢ୰ሀ࣭୰ᑠ〇㐀ᴗ
࠾࠸࡚ࠊᾏእᣐⅬࡢ㞠⏝ࡢᣑࡀ⮬♫ࡢᅜෆ㞠⏝ࡢቑຍࡘ࡞ࡀࡿഴྥࡀ࠶ࡿࡀࠊࡑࡢ ຠᯝࡣึࡢ FDI ᚋᖺᩘࡀ⤒㐣ࡍࡿࡘࢀ࡚పୗࡋ࡚࠸ࡃࡇࡀ☜ㄆࡉࢀࡓࠋ
ᮏ✏ࡢᵓᡂࡣ௨ୗࡢ࠾ࡾ࡛࠶ࡿࠋ➨ 2 ⠇࡛ࡣࠊ⏝ࢹ࣮ࢱࢆㄝ᫂ࡋࡓୖ࡛ࠊᾏእᴗ つᶍࡢኚືࢆ௦⌮ࡍࡿᾏእᚑᴗ⪅ᩘࡢቑῶࠊᅜෆᚑᴗ⪅ᩘࡢቑῶࡢ㛵ಀࡀࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡢ㛗▷ࡼࡾ㐪࠸ࡀ࠶ࡿࢆᴫほࡍࡿࠋ➨ 3 ⠇࡛ࡣࠊศᯒࡢࡓࡵࡢ᥎ᐃࣔࢹ
ࣝࢆᥦ♧ࡍࡿࠋ➨ 4 ⠇࡛ࡣ᥎ᐃ⤖ᯝࢆྫྷࡍࡿࠋ➨ 5 ⠇࡛ࡣࠊࡲࡵᚋࡢㄢ㢟ࢆ㏙
ࡿࠋ
㸰㸬ࢹ࣮ࢱ௬ㄝᥦ㉳
ᮏ⠇࡛ࡣࡲࡎࠊᮏ✏ࡢศᯒ࡛⏝࠸ࡿᴗࣥࢣ࣮ࢺㄪᰝࡘ࠸࡚ᴫㄝࡍࡿࠋḟࠊࡑࡢ
5 ⤒῭⏘ᴗ┬㸦2012㸧ࡢ➨ 3 ❶➨ 1 ⠇࡛ࡣࠊ2000 ᖺ௦࠾࠸࡚ᾏእᏊ♫ಖ᭷ᴗᩘ࣭ྜࡶ≉ୖ᪼ ࡀ┠❧ࡗ࡚࠸ࡿࡢࡀࠊ୰ሀ࣭୰ᑠつᶍࡢ〇㐀ᴗ࡛࠶ࡿࡇࢆᣦࡋ࡚࠸ࡿࠋ
ࢹ࣮ࢱࡽࠊྠ୍ᴗෆࡢᾏእᚑᴗ⪅ᩘᅜෆᚑᴗ⪅ᩘ㛵ࡍࡿືྥࡀࠊึࡢ FDI ᚋᖺ
ᩘࡀ⤒㐣ࡍࡿࡘࢀ࡚ࡢࡼ࠺ኚࡍࡿࢆほᐹࡍࡿࠋࡑࡋ࡚ࠊࡑࡢほᐹ⤖ᯝࢆ㋃ࡲ࠼
࡚ࠊḟ⠇௨㝆ࡢィ㔞ศᯒࡢ᳨ドᑐ㇟ࡍࡿලయⓗ࡞௬ㄝࢆᥦ㉳ࡍࡿࠋ
2.1 ⏝ࡋࡓᴗࣥࢣ࣮ࢺㄪᰝࢹ࣮ࢱ
⏝ࡍࡿࢹ࣮ࢱࡣࠊ㜰⏘ᴗ⤒῭ࣜࢧ࣮ࢳࢭࣥࢱ࣮㸦㜰ᗓၟᕤປാ㒊㸧ࡀᖹᡂ 24 ᖺ ᗘᨻ⟇❧ᨭㄪᰝࠕ㜰ᮏ♫୰ሀ࣭୰ᑠ〇㐀ᴗࡢᴗᡤᶵ⬟⦅࡛ࠖᐇࡋࡓᴗ
ࣥࢣ࣮ࢺㄪᰝࡢ⤖ᯝ࡛࠶ࡿࠋᅇ⟅ᮇࡣᖹᡂ 24 ᖺ 10 ᭶࡛࠶ࡾࠊྠᖺ 9 ᭶ᮎⅬࡢᴗ ሗࢆᅇ⟅ࡍࡿෆᐜ࡞ࡿࠋࡑࡢㄪᰝᑐ㇟࡞ࡿᴗࡣࠊ㜰ᗓෆᮏ♫ࡀ࠶ࡾࠊᖖ⏝㞠⏝
⪅ࡀ 50 ே௨ୖ 2000 ேᮍ‶ࡢ୰ሀ࣭୰ᑠつᶍࡢ〇㐀ᴗ࡛࠶ࡿࠋࡉࡽࠊᴗࢢ࣮ࣝࣉࡢ
࡞࡛㞠⏝㓄⨨࡞࠾࠸࡚Ỵᐃຊࡀᙉ࠸❧ሙ࠶ࡿࠊぶ♫ࢆࡶࡓ࡞࠸ᴗ㝈ᐃࡋࡓ6ࠋ ࡇࡢࣥࢣ࣮ࢺㄪᰝࡢ᭷ຠᅇ⟅ᩘࡣ 507ࠊᅇ⟅⋡ࡣ 31.2㸣࡛࠶ࡗࡓࠋࡇࡢ࡞ࡽᮏ✏ ࡢศᯒ࡛⏝࠸ࡿࡢࡣࠊᴗࢢ࣮ࣝࣉయ㸦ㄪᰝᑐ㇟ᴗ࠾ࡼࡧࡑࡢࢢ࣮ࣝࣉᴗ㸧࠾࠸
࡚ᾏእᣐⅬࡀᏑᅾࡍࡿᴗ࡛࠶ࡾࠊࡑࡢࢧࣥࣉࣝᩘࡣ 149 ♫࡞ࡿ7ࠋ࡞࠾ࠊࡑࡢᾏእᣐⅬ ࡢᶵ⬟ࡘ࠸࡚ࡶࣥࢣ࣮ࢺ࡛ࡣ㉁ၥࡋ࡚࠸ࡿࠋࡑࡢ⤖ᯝࠊᾏእᣐⅬࢆ᭷ࡍࡿᴗ 149 ♫ ࡢ࠺ࡕࠊ122 ♫ࡀ〇㐀ᶵ⬟ࠊ77 ♫ࡀ㈍࣭࣓ࣥࢸࢼࣥࢫᶵ⬟ࠊ32 ♫ࡀタィ࣭◊✲㛤Ⓨ࣭ヨ సᶵ⬟ࢆࡶࡘᅇ⟅ࡋ࡚࠸ࡿࠋࡇࡢࡼ࠺ᾏእᣐⅬࢆ᭷ࡍࡿࢧࣥࣉࣝᴗ 149 ♫ࡢ㒊ศ ࡣ〇㐀ᶵ⬟ࢆᾏእᣐⅬ᭷ࡋ࡚࠸ࡿࡇࡀศࡿ8ࠋࡲࡓࠊ〇㐀ᶵ⬟ࢆࡶࡘᾏእᣐⅬࡢ❧ᆅ ඛࡣࠊᘏᅇ⟅ᩘ࣮࣋ࢫ࡛ࡳ࡚ࠊ୰ᅜࡀ 50.0㸣ࠊ୰ᅜ௨እࡢࢪࡀ 40.8㸣ࠊḢᕞ࣭⡿ ࡀ 7.5㸣ࠊࡑࡢࡢᾏእࡀ 1.7㸣࡞ࡾࠊ9 ࡀࢪᆅᇦ❧ᆅࡋ࡚࠸ࡿࡇࡀศࡿ9ࠋ
2.2 ึࡢ FDI ᚋࡢ⤒㐣ᖺᩘᅜෆ࣭ᾏእࡢ㞠⏝ቑῶ
ᅗ 2㸫1 ࡣࠊᾏእᣐⅬࢆ᭱ึタ⨨ࡋ࡚ࡽ⤒㐣ࡋࡓᖺᩘࡈࡳࡓࢧࣥࣉࣝᴗᩘࡢ ᵓᡂẚࢆ♧ࡋ࡚࠸ࡿࠋࡇࡢᅗࡽࠊ⤒㐣ᖺᩘࡀ 5 ᖺᮍ‶ࡢᴗࡀ 21.2㸣ࠊ5㹼10 ᖺᮍ‶ࡀ 18.5㸣࡞ࡾࠊ10 ᖺᮍ‶ࡢᴗྜࡀ⣙ 4 ࡞ࡿࡇࡀࢃࡿࠋࡑࡢ୍᪉࡛ࠊ10 ᖺ௨ୖ ࡢᴗࡣࢧࣥࣉࣝయࡢ 6 ௨ୖࢆ༨ࡵ࡚࠸ࡿࡇࡀࢃࡿࠋࡇࡢࡼ࠺ࠊᮏࢧࣥࣉࣝࡣࠊ
ึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㛵ࡋ࡚ᩘ༑ᖺࢃࡓࡗࡓࡤࡽࡘࡁࢆ᭷ࡍࡿࡓࡵࠊᮏ✏ࡢ┠ⓗ࡛࠶
ࡿᾏእᴗάືࡢ㛗ᮇⓗ࡞ຠᯝࢆ᳨ドࡍࡿࡣ㐺ษ࡛࠶ࡿ⪃࠼ࡽࢀࡿࠋ
6 ࡉࡽࠊᮏㄪᰝࡢ┠ⓗࡽࠊ」ᩘᴗᡤࢆࡶࡘᴗࡔࡅ㝈ᐃࡋࡓࠋࡇࡢࡼ࠺࡞ᒓᛶ㝈ᐃࡉࢀࡓ㜰
ᗓࡢᴗᡤࡢẕᩘࡣࠊࠕᖹᡂ 21 ᖺ⤒῭ࢭࣥࢧࢫᇶ♏ㄪᰝࠖ㸦⥲ົ┬㸧࡛ 1662 ௳ࡀヱᙜࡋࠊࡇࢀࡽࡢᴗ
࡚ㄪᰝ⚊ࢆ㒑㏦ࡋࡓࠋ
7 ᮏࣥࢣ࣮ࢺㄪᰝୖࡢࢢ࣮ࣝࣉᴗࡢᐃ⩏ࡣࠊᅜෆ࠾࠸࡚ࡣㄪᰝᑐ㇟ᴗࡀ㈨ᮏẚ⋡ 40㸣௨ୖ࡛ᐇ㉁
ᨭ㓄ࡋ࡚࠸ࡿᴗࠊᾏእ࠾࠸࡚ࡣ㈨ᮏẚ⋡ 25㸣௨ୖࡢᾏእ⌧ᆅἲேࢆ࠸࠺ࠋ
8 〇㐀௨እࡢᶵ⬟ࡶ〇㐀ᶵ⬟ྠᡤ᭷ࡍࡿᴗࡸࠊ〇㐀௨እࡢᶵ⬟ࡔࡅࢆ༢⊂ಖ᭷ࡍࡿᴗࡶᏑᅾ
ࡍࡿࠋࡇࡢ࠶ࡓࡾࡢ⪃៖ࡀศᯒ࡛ࡣᚲせ࡛࠶ࡿࡶࡋࢀ࡞࠸ࡀࠊᶵ⬟㛵ࡍࡿ㉁ၥ࡛ࡣ⌧ᅾⅬࡢ≧ἣࢆ ᑜࡡ࡚࠾ࡾࠊྂࡃࡽྠࡌᶵ⬟ࡔࡗࡓࡣ࡛᫂࠶ࡿࠋࡲࡓࠊᾏእᣐⅬࡢᩘࡶᴗࡼࡗ࡚ᵝࠎࡔ᥎ ࡉࢀࠊࡢᾏእᣐⅬࡢᶵ⬟ࡀ࠶ࡿࡢࡘ࠸࡚ࡲ࡛ࡣ⣽ࡃㄪᰝࡉࢀ࡚࠸࡞࠸ࠋ
9 」ᩘᅇ⟅ࡀྍ⬟࡞ࡓࡵࠊᘏᅇ⟅ᩘ࣮࣋ࢫ࡛❧ᆅඛࡢྜࢆ♧ࡋ࡚࠸ࡿࠋᩘᏐࡣࠊ㜰⏘ᴗ⤒῭ࣜࢧ࣮
ࢳࢭࣥࢱ࣮㸦2013ࠊP.20㸧ࡢᅗ⾲ 3-2-1 ࡽィ⟬ࡋࡓࠋ
ᅗ㻞㸫㻝 ᾏእ᭱ึᣐⅬࢆタ⨨ࡋ࡚ࡽࡢ⤒㐣ᖺᩘ㸦ᵓᡂẚ㸹㻺㻦㻝㻠㻢㸧㻌
ὀ㸧⌧ᅾᾏእᣐⅬࢆࡶࡗ࡚࠸ࡿᴗࡽࡢᅇ⟅ࠋ
ḟࠊࡇࡢᴗࢧࣥࣉࣝࢆ⏝࠸࡚ࠊᾏእᣐⅬࡢᴗつᶍࡢኚືࢆ௦⌮ࡍࡿᾏእᚑᴗ⪅ᩘ ࡢቑῶᅜෆᚑᴗ⪅ᩘࡢቑῶࡢ㛵ಀࡀࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡢ㛗▷ࡼࡾ㐪࠸ࡀ࠶ࡿ
ࢆほᐹࡍࡿࠋ㞠⏝㛵ࡍࡿࢹ࣮ࢱࡣࠊᖹᡂ 21 ᖺ 9 ᭶ࡽᖹᡂ 24 ᖺ 9 ᭶ᮎ᪥ࡅࡓᮇ 㛫㸦௨ୗࠊࡇࡢᮇ㛫ࡢࡇࢆ᭱㏆ 3 ᖺ㛫ࡪࠋ㸧࠾ࡅࡿࠊᴗࢢ࣮ࣝࣉ༢ࡢᅜෆᾏ እࡑࢀࡒࢀࡢ㞠⏝≧ἣ㛵ࡍࡿタၥࡢᅇ⟅ࢆ⏝࠸ࡿࠋලయⓗࡣࠊࠕ㸯㸬20㸣㉸ቑࠖࠊࠕ㸰㸬 5㹼20㸣ቑࠖࠊࠕ㸱㸬s5㸣ᮍ‶ࠖࠊࠕ㸲㸬5㹼20㸣ῶࠖࠊࠕ㸳㸬20㸣㉸ῶࠖࡢ୰ࡽ㑅ᢥࡍࡿࡶ ࡢ࡛࠶ࡿࠋ
ᅗ 2㸫2 ࡣࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㛵ࡋ࡚ 15 ᖺᮍ‶ 15 ᖺ௨ୖࡢ㸰ࡘᴗࢧࣥࣉ
ࣝࢆศࡅ࡚ࠊᾏእᅜෆࡢ㞠⏝ቑῶࡢ㛵ಀࢆᩓᕸᅗ࡛♧ࡋ࡚࠸ࡿࠋࡇࡢᅗࡽࠊ15 ᖺᮍ‶ ࡢᴗࢧࣥࣉࣝ࠾࠸࡚ṇࡢ┦㛵㛵ಀࡀࡳࡽࢀࡿࡀࠊࡑࢀẚ࡚ࠊ15 ᖺ௨ୖࡢᴗࢧࣥ
ࣉ࡛ࣝࡣ┦㛵㛵ಀࡀ࡞࠸ࡼ࠺ࡳ࠼ࡿࠋࡇࢀࡘ࠸࡚ࠊࢫࣆ࣐ࣥࡢ㡰┦㛵ಀᩘࢆ⟬ฟ ࡋࠊ┦㛵㛵ಀࡢ᭷↓ࢆ᳨ᐃࡋࡓ⤖ᯝࡀ⾲ 2㸫1 ࠶ࡓࡿࠋࡇࡢ⾲ࡽࠊ15 ᖺᮍ‶ࡢᴗࢧ
ࣥࣉࣝࡢ┦㛵ಀᩘࡣ 0.292 ࡛࠶ࡾࠊ᭷ពỈ‽ 5㸣࡛↓┦㛵ࡢᖐ↓௬ㄝࡀᲠ༷ࡉࢀ࡚࠸ࡿࡇ ࡀࢃࡿࠋ୍᪉࡛ࠊ15 ᖺ௨ୖࡢᴗࢧࣥࣉࣝࡢ┦㛵ಀᩘࡣࡼࡾప࠸್ࡢ 0.121 ࡞ࡾࠊ↓
┦㛵ࡢᖐ↓௬ㄝࡀᲠ༷ࡉࢀ࡚࠸࡞࠸ࠋຍ࠼࡚ࠊ20 ᖺ௨ୖࡢᴗ⤠ࡗࡓࢧࣥࣉࣝࢆࡳ࡚ࡳ
ࡿࠊ┦㛵ಀᩘࡣ㸫0.082 ṇࡢ┦㛵㛵ಀࡀࡳࡽࢀ࡞ࡃ࡞ࡾࠊࡲࡓࠊ↓┦㛵ࡢᖐ↓௬ㄝࡀᲠ
༷ࡉࢀ࡚࠸࡞࠸ࠋ
௨ୖࡽࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡀ㛗ࡃ࡞ࡿࡘࢀ࡚ࠊᾏእᅜෆࡢ㞠⏝ቑῶࡢṇࡢ㛵 ಀࡀⷧࢀ࡚࠸ࡿࡇࡀ᥎ ࡉࢀࡿࠋࡘࡲࡾࠊึࡵ࡚ FDI ࢆ⾜ࡗࡓᚋࡢᩘᖺ㛫ࡣࠊྠ୍ࢢࣝ
࣮ࣉᴗෆ࠾ࡅࡿᾏእᣐⅬࡢᴗつᶍࡢືࡁᅜෆ㞠⏝ࡢቑῶࡢ㛫⿵ⓗ㛵ಀࡀᏑ ᅾࡍࡿࡀࠊึࡢ FDI ᚋࡢ⤒Ṕࡀ㛗ࡃ࡞ࡿᚑࡗ࡚ࠊࡑࡢ⿵ⓗ㛵ಀࡀᙅࡲࡗ࡚࠸ࡃྍ⬟ᛶ
㻝㻟㻚㻜 㻤㻚㻞
㻝㻤㻚㻡 㻝㻥㻚㻥 㻝㻟㻚㻣
㻝㻜㻚㻟 㻢㻚㻞
㻞㻚㻣 㻞㻚㻣 㻠㻚㻤 㻜
㻝㻜 㻞㻜 㻟㻜 䠄䠂䠅
ࡀ࠶ࡿ࠸࠼ࡿࠋࡇࡢほᐹ⤖ᯝࢆ௬ㄝࡋ࡚ࠊḟ⠇௨㝆࡛ࡣࡉࡽ⤫ィⓗศᯒ᳨࡛ドࡍࡿࠋ
ᅗ㻞㸫㻞 ᅜෆᾏእࡢ㞠⏝ቑῶ㸦ᖹᡂ㻞㻝ᖺ㻥᭶ࡽᖹᡂ㻞㻠ᖺ㻥᭶ᮎ᪥㸧ࡢᩓᕸᅗ㻌
⾲㻞㸫㻝 ࢫࣆ࣐ࣥࡢ㡰┦㛵ಀᩘ᳨ᐃ㻌
ึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ
15 ᖺᮍ‶ 15 ᖺ௨ୖ 20 ᖺ௨ୖ ᾏእᚑᴗ⪅ᩘቑῶᅜෆᚑᴗ
⪅ᩘቑῶࡢ┦㛵ಀᩘ 0.292 0.121 -0.082
᭷ព☜⋡㸦୧ഃ㸧 0.011** 0.358 0.609
ᶆᮏᩘ 76 60 41
ὀ㸧** ࡣ 5%᭷ពỈ‽࡛↓┦㛵࠸࠺ᖐ↓௬ㄝࡀᲠ༷ࡉࢀࡿࡇࢆ♧ࡍࠋ
㸱㸬᥎ᐃࣔࢹࣝ
ᮏ✏࡛ࡣࠊᾏእᣐⅬࡢᴗつᶍࡢᣑࡀ⮬♫ࡢᅜෆ㞠⏝⿵ⓗ࡞ࡢ௦᭰ⓗ࡞ࡢࠊ ࡑࡋ࡚ࡑࡢ㛵ಀࡣึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡼࡗ࡚ࡢࡼ࠺࡞ኚࡀࡳࡽࢀࡿࡢࢆࠊ㜰 ᮏ♫ࡢ୰ሀ࣭୰ᑠ〇㐀ᴗࢆᑐ㇟ࡋࡓࣥࢣ࣮ࢺㄪᰝࡢࢹ࣮ࢱࢆ⏝࠸᳨࡚ドࡍࡿࠋࡑࡢ ࡓࡵᮏ⠇࡛ࡣࠊᅜෆ㞠⏝ࡢືࡁࢆㄝ᫂ࡍࡿ㡰ᗎ㑅ᢥࣔࢹࣝࢆᥦ♧ࡍࡿࠋ
3.1 㡰ᗎ㑅ᢥࣔࢹࣝ
➨ 2 ⠇࡛㏙ࡓࡼ࠺ࠊᅜෆ㞠⏝ࡢቑῶ≧ἣࡣࠊ㡰ᗎࡢ࠶ࡿ㑅ᢥ᪉ᘧ࡛ᴗᑜࡡ࡚࠸
ࡓࠋࡇࡢࡼ࠺࡞ኚᩘࢆ⿕ㄝ᫂ኚᩘࡍࡿࡇࡀ࡛ࡁࡿ㡰ᗎ㑅ᢥࣔࢹࣝࢆ௨ୗᥦ♧ࡍࡿ10ࠋ 㡰ᗎ㑅ᢥࣔࢹ࡛ࣝࡣࠊ⿕ㄝ᫂ኚᩘ
y
ࡣఱࡽࡢᗎᩘ࡛⾲ࡉࢀࡿࠋࡑࡋ࡚ࠊࡑࢀࡀḟࡢࡼ࠺࡞㐃⥆₯ᅾኚᩘy*ᑐᛂࡋ࡚࠸ࡿ⪃࠼ࡿࠋ
y
*x
㸦1㸧 ࡇࡇ࡛x
ࡣㄝ᫂ኚᩘࠊ ࡣㄗᕪ㡯࡛࠶ࡿࠋᐃ⩏ࡼࡾy
*ࡣほᐹ࡛ࡁ࡞࠸ࡀࠊほ ࡉࢀࡿ⿕ㄝ᫂ኚᩘ
y
ࡀ 3 ࡘࡢ࢝ࢸࢦࣜࡢሙྜࠊほ ኚᩘy
₯ᅾኚᩘy
*ࡢᑐᛂ㛵ಀࡣࠊ
1
0 if y
*y
y 1 if
1y
* 2 㸦2㸧
y 2 if
2y
*ࡢࡼ࠺⾲ࡉࢀࡿࠋࡇࡇ࡛ࠊ ࡣ㜈್࡛࠶ࡾࠊ ࡶ᥎ᐃࡉࢀࡿᮍ▱ࡢࣃ࣓࣮ࣛࢱ
࣮࡛࠶ࡿࠋ
ᮏ✏ࡢศᯒ࡛ࡣࠊࣥࢣ࣮ࢺࡢᅜෆᚑᴗ⪅ᩘቑῶ㛵ࡍࡿタၥࡀࠊ5 ࡘࡢ㡰ᗎ࠶ࡿ㑅ᢥ
⫥࡛࠶ࡿࡢࢆ 3 ࡘࡢ㡰ᗎ࠶ࡿ࢝ࢸࢦࣜኚࡋ࡚⏝࠸ࡿ11ࠋࡘࡲࡾࠊ
࣭ࠕ20㸣㉸ῶࠖࡶࡋࡃࡣࠕ5㹼20㸣ῶࠖ࡞ࡽࡤࠊ
y 0
࣭ࠕs5㸣ᮍ‶ࠖ࡞ࡽࡤࠊ
y 1
࣭ࠕ5㹼20㸣ቑࠖࡶࡋࡃࡣࠕ20㸣㉸ቑࠖ࡞ࡽࡤࠊ
y 2
ᐃ⩏ࡍࡿࠋᅜෆᚑᴗ⪅ᩘࡢቑῶࡀࡇࡢ 3 ࡘࡢ࢝ࢸࢦ࡛ࣜ࠶ࡿ☜⋡ࡣࠊ
) (
) Pr(
) Pr(
) 0
Pr( y x 1 1 x F 1 x
) (
) (
) Pr(
) 1
Pr(y 1 x 2 F 2 x F 1 x 㸦3㸧 )
( 1 ) Pr(
) 2
Pr(y 2 x F 2 x
ࡢࡼ࠺⾲ࡉࢀࡿࠋࡇࡇ࡛㸦3㸧ᘧࡢศᕸ㛵ᩘ㸦
F ( )
㸧ࡋ࡚ṇつศᕸࢆ㑅ࡤ㡰ᗎࣉࣟࣅࢵࢺࣔࢹࣝ࡞ࡾࠊࡲࡓࠊࣟࢪࢫࢸࢵࢡศᕸࢆ㑅ࡤ㡰ᗎࣟࢪࢵࢺࣔࢹࣝ࡞ࡿࠋ ௨ୖࡢᘧࡽࠊ௨ୗࡢ㸦4㸧ᘧࡢࡼ࠺
n
♫ࡢᴗᑐࡍࡿᑐᩘᑬᗘ㛵ᩘࡀᚓࡽࢀࡿࠋ2
2
1
1 2
0
1
) (
1 log
) (
) (
log )
( log log
y
y y
x F
x F
x F
x F
L
㸦4㸧
10 㡰ᗎ㑅ᢥࣔࢹࣝࡘ࠸࡚ࡣࠊGreene㸦2003㸧ࡸᮧ㸦2009㸧ࢆཧ↷ࠋ
11 ᶆᮏᩘࡀከࡃ࡞࠸ࡇࢆ⪃៖ࡋࠊᮏ✏࡛ࡣ⿕ㄝ᫂ኚᩘࢆ 3 ࡘࡢ࢝ࢸࢦࣜኚࡋ࡚᥎ィࡍࡿࠋࡕ࡞ࡳࠊ 5 ࡘࡢ࢝ࢸࢦࣜࡢࡲࡲ࡛᥎ィࡋࡓ⤖ᯝࡣࠊ⾲ 1ࠊ⾲ 2 ࢆཧ↷ࠋ
ࡇࡢᘧࡶ࡙ࡁࠊ᭱ᑬἲ࡛ࣃ࣓࣮ࣛࢱ࣮ࢆ᥎ᐃࡍࡿࠋ
3.2 ㄝ᫂ኚᩘ᥎ィᘧࡢ≉ᐃ
FDI ࢆ⾜ࡗ࡚࠸ࡿ〇㐀ᴗࡢᅜෆ㞠⏝ᙳ㡪ࡍࡿኚᩘ㸦
x
㸧ࡋ࡚ࠊ௨ୗࡢࡶࡢࢆ᥇⏝ ࡍࡿࠋㄝ᫂ኚᩘձ㸸ึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㸦ఝ㐃⥆ኚᩘ
a
㸧ᅗ 2㸫1 ࡛♧ࡋࡓࡼ࠺ࠊᴗࢢ࣮ࣝࣉࡀᾏእ᭱ึᣐⅬࢆタ⨨ࡋ࡚ࡽࡢ⤒㐣ᖺᩘ
ࢆ㉁ၥࡋࡓࡇࡢᅇ⟅ࡢ㑅ᢥ⫥ࡣࠊ10 ಶࡢ㝵⣭࡛࠶ࡿࠋࡋࡓࡀࡗ࡚ࠊᒓࡍࡿ㝵⣭ࡢ୰Ⅼ
ࢆ⏝࠸ࡿࡇ࡛ఝ㐃⥆ኚᩘࡍࡿ12ࠋ
ㄝ᫂ኚᩘղ㸸ᾏእᚑᴗ⪅ᩘࡢቑῶ㸦ࢲ࣑࣮ኚᩘ
b
㸧ᾏእᣐⅬࡢᴗつᶍࡢືࡁࢆ௦⌮ࡍࡿࡢࡀࠊ᭱㏆ 3 ᖺ㛫ࡢᴗࢢ࣮ࣝࣉయ࠾ࡅࡿᾏ እᚑᴗ⪅ᩘࡢቑῶ࡞ࡿࠋࡇࢀ㛵ࡍࡿタၥࡢ㑅ᢥ⫥ࡣࠊࠕ20㸣㉸ቑࠖࠊࠕ5㹼20㸣ቑࠖࠊࠕs 5㸣ᮍ‶ࠖࠊࠕ5㹼20㸣ῶࠖࠊࠕ20㸣㉸ῶࠖ࡞ࡿࠋᮏ✏࡛ࡣࠊࡇࢀࢆ 2 ࡘࡢ࢝ࢸࢦࣜศࡅࠊ ࠕᾏእᚑᴗ⪅ᩘቑຍࢲ࣑࣮㸦b㸧ࠖࡍࡿࠋලయⓗࡣࠊᾏእᚑᴗ⪅ᩘࡀ 5㸣㉸ቑࡢሙྜ㸦ࡘ
ࡲࡾࠊࠕ20㸣㉸ቑࠖࠊࠕ5㹼20㸣ቑࠖࡢࢀࢆ㑅ᢥࡋࡓሙྜ㸧ࡣ 1ࠊࡑ࠺࡛࡞࠸ሙྜ㸦ࡘࡲ
ࡾࠊࠕs5㸣ᮍ‶ࠖࠊࠕ5㹼20㸣ῶࠖࠊࠕ20㸣㉸ῶࠖࡢࢀࢆ㑅ᢥࡋࡓሙྜ㸧ࡣ 0 ࡍࡿࠋ
ㄝ᫂ኚᩘճ㸸ึࡢ FDI ᚋࡢ⤒㐣ᖺᩘᾏእᚑᴗ⪅ᩘࡢቑῶࡢᕪ㡯㸦
a
b
㸧ᅜෆᚑᴗ⪅ᩘࡢቑῶᾏእᚑᴗ⪅ᩘࡢቑῶࡢ㛫ࡢ㛵ಀࡀࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡼࡾ ኚࡍࡿࢆ᳨ドࡍࡿࡓࡵࠊࡇࡢᕪ㡯ࢆㄝ᫂ኚᩘ㏣ຍࡍࡿࠋ
ㄝ᫂ኚᩘմ㸸ᴗᖺ㱋㸦ఝ㐃⥆ኚᩘ㸧ࠊᴗᖺ㱋ᾏእᚑᴗ⪅ᩘࡢቑῶࡢᕪ㡯
ୖ㏙ࡋࡓ FDI ᚋࡢ⤒㐣ᖺᩘࡢࢹ࣮ࢱࡣࠊึࡵ࡚ᾏእᣐⅬࢆタ⨨ࡋ࡚ࡽࡢᖺᩘ࡛࠶ࡿࠋ ࡋࡋࠊࡇࡢኚᩘࡣࠊᾏእᒎ㛤ࡢ⤒㦂ࡢ㛗ࡉࡔࡅ࡛࡞ࡃࠊᾏእᒎ㛤ࡣ㛵ಀ࡞࠸ᴗ⮬య ࡢάືṔࢆ⾲ࡋ࡚ࡋࡲ࠺ࡶࡋࢀ࡞࠸ࠋࡇࡢࡇࢆ⪃៖ࡍࡿࡓࡵࠊᮏ✏࡛ࡣࠊᴗᖺ㱋
ࢆ༢⊂ࡢㄝ᫂ኚᩘ࠾ࡼࡧᾏእᚑᴗ⪅ᩘࡢቑῶࡢᕪ㡯ࡋ࡚㏣ຍࡋࡓୖ࡛ࠊࡑࢀ࡛ࡶึ ࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡀᙳ㡪ࢆࡶࡘࡢࢆ᳨ドࡍࡿࠋヱᙜࡢタၥ࡛࠶ࡿࠕ㈗♫ࡢᴗṔࡣ㸽㸦 ᴗఱᖺ㸧ࠖᑐࡍࡿᅇ⟅ࡢ㑅ᢥ⫥ࡣ 9 ಶࡢ㝵⣭࡛࠶ࡿࡓࡵࠊᒓࡍࡿ㝵⣭ࡢ୰Ⅼࢆ⏝࠸࡚ఝ 㐃⥆ኚᩘࡍࡿ13ࠋ
12 㑅ᢥ⫥ࡢ㝵⣭ࡣࠊࠕ3 ᖺᮍ‶ࠖࠊࠕ3㹼5 ᖺᮍ‶ࠖࠊࠕ5㹼10 ᖺᮍ‶ࠖࠊࠕ10㹼15 ᖺᮍ‶ࠖࠊࠕ15㹼20 ᖺࠖࠊࠕ20㹼 25 ᖺᮍ‶ࠖࠊࠕ25㹼30 ᖺᮍ‶ࠖࠊࠕ30㹼35 ᖺᮍ‶ࠖࠊࠕ35㹼40 ᖺᮍ‶ࠖࠊࠕ40 ᖺ௨ୖࠖ࡞ࡿࠋ᭱ᚋࡢ㝵⣭ࡣࠊ
୰Ⅼࡀࢀ࡞࠸ࡓࡵࠊ42.5 ᖺࢆ⏝࠸ࡿࠋ
13 㑅ᢥ⫥ࡢ㝵⣭ࡣࠊࠕ10 ᖺᮍ‶ࠖࠊࠕ10㹼20 ᖺᮍ‶ࠖࠊࠕ20㹼30 ᖺᮍ‶ࠖࠊࠕ30㹼40 ᖺᮍ‶ࠖࠊࠕ40㹼50 ᖺࠖࠊࠕ50 㹼60 ᖺᮍ‶ࠖࠊࠕ60㹼70 ᖺᮍ‶ࠖࠊࠕ70㹼80 ᖺᮍ‶ࠖࠊࠕ80 ᖺ௨ୖࠖ࡞ࡿࠋ᭱ᚋࡢ㝵⣭ࡣࠊ୰Ⅼࡀࢀ࡞࠸ ࡓࡵࠊ85 ᖺࢆ⏝࠸ࡿࠋ
ㄝ᫂ኚᩘյ㸸ᾏእୖ㧗ẚ⋡㸦ఝ㐃⥆ኚᩘ㸧
ᾏእୖ㧗ẚ⋡ࡣࠊ⏕⏘࣭㈍άືࡢ࠺ࡕࡢࡃࡽ࠸ࡢẚ㔜ࢆᾏእ⨨࠸࡚࠸ࡿࢆ⾲ ࡍࠋᾏእୖ㧗ẚ⋡㛵ࡍࡿ㑅ᢥ⫥ࡣࠊ㸴ࡘࡢ㝵⣭࡛࠶ࡿࡢ࡛ࠊᒓࡍࡿ㝵⣭ࡢ୰Ⅼࢆࡾࠊ
ఝⓗ࡞㐃⥆ኚᩘࡋ࡚ㄝ᫂ኚᩘࡍࡿ14ࠋ
ㄝ᫂ኚᩘն㸸ᾏእୖ㧗ẚ⋡ࡢኚ㸦ࢲ࣑࣮ኚᩘ㸧
᭱㏆ 3 ᖺ㛫࠾ࡅࡿᾏእୖ㧗ẚ⋡ࡢኚࡶࠊྠᮇ㛫ࡢᅜෆ㞠⏝ࡢືྥ㛵ಀࡋ࡚࠸ࡿ
⪃࠼ࡽࢀࡿࠋタၥࡢ㑅ᢥ⫥ࡣࠊ᭱㏆ 3 ᖺ㛫࠾ࡅࡿᾏእୖ㧗ẚ⋡ࡀୖ᪼ഴྥࠊᶓࡤ࠸ࠊ పୗഴྥࡢ 3 ࡘࡢ࢝ࢸࢦࣜ࡞ࡿࠋࡇࡇ࡛ࠕୖ᪼ࠖᅇ⟅ࡋࡓሙྜࢆ 1ࠊࡑ࠺࡛࡞࠸ሙྜ
ࢆ 0 ࡍࡿኚᩘࢆࠕᾏእୖ㧗ẚ⋡࣭ୖ᪼ࢲ࣑࣮ࠖࡍࡿࠋ
ㄝ᫂ኚᩘշ㸸Ⴀᴗ┈≧ἣ㸦ࢲ࣑࣮ኚᩘ㸧
Ⴀᴗ┈ࡢ≧ἣࡶ㞠⏝ࡢ㊅ໃᙳ㡪ࡍࡿ⪃࠼ࡽࢀࡿࠋタၥࡢ㑅ᢥ⫥ࡣࠊ᭱㏆ 3 ᖺ㛫
࠾ࡅࡿႠᴗ┈≧ἣࡀ㯮Ꮠᇶㄪࠊᨭࢺࣥࢺࣥࠊ㉥Ꮠᇶㄪࡢ 3 ࡘࡢ࢝ࢸࢦࣜ࡞ࡿࠋࡇࢀ
ࢆࠊ᭱㏆ 3 ᖺ㛫ࡢႠᴗ┈≧ἣࡀ㯮Ꮠᇶㄪ࡞ࡽࡤ 1ࠊᨭࢺࣥࢺࣥࡲࡓࡣ㉥Ꮠᇶㄪ࡞ࡽࡤ 0 ࡢࠕႠᴗ┈㯮Ꮠᇶㄪࢲ࣑࣮ࠖࡋ࡚ࠊㄝ᫂ኚᩘ⏝࠸ࡿࠋ
ㄝ᫂ኚᩘո㸸ᚑᴗ⪅ᩘ㸦ఝ㐃⥆ኚᩘ㸧
ᴗつᶍࡢ௦⌮ኚᩘࡋ࡚ࠊᴗࡢᚑᴗ⪅ᩘ㛵ࡍࡿタၥࢆ⏝࠸ࡿࠋᅇ⟅ࡢ㑅ᢥ⫥ࡣࠊ 12 ಶࡢ㝵⣭࡛࠶ࡿࡓࡵࠊᒓࡍࡿ㝵⣭ࡢ୰Ⅼࢆ⏝࠸ࡿࡇ࡛ఝ㐃⥆ኚᩘࡍࡿ15ࠋ
ㄝ᫂ኚᩘչ㸸〇㐀ᴗ✀㸦ࢲ࣑࣮ኚᩘ㸧
〇㐀ᴗࡢ࡞ࡢᴗ✀≉᭷ࡢᙳ㡪ࡶࢥࣥࢺ࣮ࣟࣝࡍࡿࠋᴗ✀㛵ࡍࡿタၥࡢ㑅ᢥ⫥ࡣࠊࠕ㣗
ᩱရ〇㐀ࠖࠊࠕ⧄⥔ᕤᴗࠖࠊࠕ༳ๅ࣭ྠ㛵㐃ࠖࠊࠕ㕲㗰࣭㠀㕲㔠ᒓ〇㐀ࠖࠊࠕ㔠ᒓ〇ရ〇㐀㸦ຍᕤ
ྵࡴ㸧ࠖࠊࠕ㟁ẼᶵᲔჾල࣭㒊ရ〇㐀ࠖࠊࠕ୍⯡⏝ᶵᲔჾල࣭㒊ရ〇㐀ࠖࠊࠕ㍺㏦⏝ᶵᲔჾල࣭㒊 ရ〇㐀ࠖࠊࠕ⢭ᐦᶵᲔჾල࣭㒊ရ〇㐀ࠖࠊࠕࣉࣛࢫࢳࢵࢡ〇ရ〇㐀ࠖࠊࠕᏛ〇ရ〇㐀ࠖࠊࠕࡑࡢ
ࠖࡢ 12 ಶ࡞ࡿࠋࡑࡇ࡛ࠊࠕࡑࡢࠖ௨እࡢྛ㑅ᢥ⫥ヱᙜࡍࡿ 11 ಶࡢࢲ࣑࣮ኚᩘࢆ⏝
࠸ࡿࠋ
௨ୖ࡛㏙ࡓㄝ᫂ኚᩘࡢᇶᮏ⤫ィ㔞ࡣࠊ⾲ 3㸫1 ࡢ࠾ࡾ࡛࠶ࡿࠋ
14 㑅ᢥ⫥ࡢ㝵⣭ࡣࠊࠕ10%ᮍ‶ࠖࠊࠕ10㹼25%ᮍ‶ࠖࠊࠕ25㹼50%ᮍ‶ࠖࠊࠕ50㹼75%ᮍ‶ࠖࠊࠕ75㹼100%ᮍ‶ࠖࠊ ࠕ100%ࠖ࡞ࡿࠋ
15 㑅ᢥ⫥ࡢ㝵⣭ࡣࠊࠕ99 ே௨ୗࠖࠊࠕ100㹼199 ேࠖࠊࠕ200㹼399 ேࠖࠊࠕ400㹼599 ேࠖࠊࠕ600㹼799 ேࠖࠊࠕ800 㹼999 ேࠖࠊࠕ1000㹼1199 ேࠖࠊࠕ1200㹼1399 ேࠖࠊࠕ1400㹼1599 ேࠖࠊࠕ1600㹼1799 ேࠖࠊࠕ1800㹼1999 ேࠖࠊ ࠕ2000 ே௨ୖࠖ࡞ࡿࠋࡓࡔࡋࠊ᭱ᚋࡢ㝵⣭ᒓࡍࡿࢧࣥࣉࣝࡣࠊᮏ✏ࡢ᥎ィᏑᅾࡋ࡞࠸ࠋ
⾲㻟㸫㻝 ᇶᮏ⤫ィ㔞㻌
N Mean Std.Dev. Min Max
ᅜෆᚑᴗ⪅ᩘᶓࡤ࠸㸦±5㸣ᮍ‶㸧ࢲ࣑࣮ 129 0.674 0.470 0 1
ᅜෆᚑᴗ⪅ᩘቑຍ㸦5㸣௨ୖ㸧ࢲ࣑࣮ 129 0.225 0.419 0 1
ึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ (a) 129 16.132 10.973 1.5 42.5
ᾏእᚑᴗ⪅ᩘቑຍ㸦5㸣௨ୖ㸧ࢲ࣑࣮ (b) 129 0.357 0.481 0 1
ab㸦a×b㸧 129 5.888 10.552 0 42.5
ᴗᖺ㱋㸦ᖺᩘ㸧 129 65.000 17.545 25 85
ᴗᖺ㱋㸦ᖺᩘ㸧×b 129 22.171 31.640 0 85
ᾏእୖ㧗ẚ⋡㸦㸣㸧 129 19.186 17.873 5 87.5
ᾏእୖ㧗ẚ⋡ࡢୖ᪼ࢲ࣑࣮ 129 0.481 0.502 0 1
Ⴀᴗ┈㯮Ꮠᇶㄪࢲ࣑࣮ 129 0.581 0.495 0 1
ᚑᴗ⪅ᩘ㸦ே㸧 129 278.682 304.733 75 1900
ᴗ✀ࢲ࣑࣮
㣗ᩱရ〇㐀 129 0.008 0.088 0 1
⧄⥔ᕤᴗ 129 0.070 0.256 0 1
༳ๅ࣭ྠ㛵㐃 129 0.031 0.174 0 1
㕲㗰࣭㠀㕲㔠ᒓ〇㐀 129 0.054 0.227 0 1
㔠ᒓ〇ရ〇㐀㸦ຍᕤ㸧 129 0.186 0.391 0 1
㟁ẼᶵᲔჾල࣭㒊ရ〇㐀 129 0.101 0.302 0 1
୍⯡⏝ᶵᲔჾල࣭㒊ရ〇㐀 129 0.147 0.356 0 1
㍺㏦⏝ᶵᲔჾල࣭㒊ရ〇㐀 129 0.054 0.227 0 1
⢭ᐦᶵᲔჾල࣭㒊ရ〇㐀 129 0.031 0.174 0 1
ࣉࣛࢫࢳࢵࢡ〇ရ〇㐀 129 0.085 0.280 0 1
Ꮫ〇ရ〇㐀 129 0.124 0.331 0 1
ὀ 1㸧ᶆᮏᩘ N ࡣࠊ⾲୰ࡢࡍ࡚ࡢኚᩘ࠾࠸࡚Ḟᦆ್ࡀ࡞࠸ࢧࣥࣉࣝᩘ࡛࠶ࡿࠋ
ὀ 2㸧ᾏእୖ㧗ẚ⋡㸦㸣㸧㸻ᾏእἲேୖ㧗㸭㸦ᅜෆἲேୖ㧗㸩ᾏእἲேୖ㧗㸧100ࠋ
ᮏ✏࡛᭱ࡶὀ┠ࡍࡿㄝ᫂ኚᩘࡣࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㸦
a
㸧ᾏእᚑᴗ⪅ᩘࡢቑῶ㸦b
㸧 ࡢᕪ㡯࡛࠶ࡿࠋࡘࡲࡾࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡀ㛗ࡃ࡞ࡿࡘࢀ࡚ࠊᅜෆᚑᴗ⪅ᩘࡢቑ ῶᾏእᚑᴗ⪅ᩘࡢቑῶࡢ㛫ࡢ⿵ⓗ࡞㛵ಀࡀᙅࡲࡗ࡚࠸ࡃࡇࢆ᳨ドࡍࡿࡓࡵࠊᾏእ ᚑᴗ⪅ᩘࡢቑຍࢲ࣑࣮㸦b
㸧ࡢಀᩘࡢㄪᩚኚᩘࡋ࡚ึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㸦a
㸧ࢆ⤌ࡳ㎸ࡳࠊࡑࡢᕪ㡯㸦
ab
㸧ࡀ⤫ィⓗ᭷ព࡛࠶ࡿࢆ☜ㄆࡍࡿࠋຍ࠼࡚ࠊ㉥ụሗᇶ‽⤫ ィ㔞㸦AIC㸧࡛ࡳࡓࣔࢹࣝࡢᙜ࡚ࡣࡲࡾᗘྜࡀࠊࡇࡢᕪ㡯ࢆ⤌ࡳ㎸ࡲ࡞ࡗࡓ᥎ィࣔࢹࣝࡼࡾᨵၿࡍࡿࡶ☜ㄆࡍࡿ16ࠋࡇࡢᕪ㡯ࢆ⤌ࡳ㎸ࢇࡔㄝ᫂ኚᩘࡢ⤌ࡳྜࢃࡏࡀࠊ
j j
X
jab
b
a
x
1 2 3 㸦5㸧࡞ࡿࠋࡓࡔࡋࠊ
X
jࡣa
ࠊb
ࠊab
௨እࡢㄝ᫂ኚᩘࢆពࡍࡿࠋࡇࢀࡣࠊj j
X
jb
a
a
x
1(
2 3)
㸦6㸧16 ㉥ụሗᇶ‽⤫ィ㔞㸦AIC㸧ࡣࠊAIC 2 logL 2k࡛⾲ࡉࢀࡿࠋࡇࡇ࡛ࠊLࡣ᭱ᑬᗘࠊkࡣ⮬
⏤ࣃ࣓࣮ࣛࢱ࣮ࡢᩘࢆ⾲ࡍࠋ
ࡢࡼ࠺ኚᙧ࡛ࡁࡿࠋ㸦6㸧ᘧࡢྑ㎶ࡢ㸦 2 3a㸧ࡀ
b
ࡢಀᩘ࡞ࡿࠋࡇࢀࡣࠊa
㸦ึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㸧ࡼࡗ࡚b
㸦ᾏእᚑᴗ⪅ᩘࡢቑຍࢲ࣑࣮㸧ࡢಀᩘࡀኚࢃࡿࡇࢆព ࡍࡿࠋࡋࡓࡀࡗ࡚ࠊ 2ࡀࣉࣛࢫ࡛᭷ព࡛࠶ࡾࡘ 3ࡀ࣐ࢼࢫ࡛᭷ព࡛࠶ࡿ࡞ࡽࡤࠊึ ࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡀ㛗ࡃ࡞ࡿࡘࢀࠊᅜෆ㞠⏝ᾏእ㞠⏝ࡢ⿵ⓗ㛵ಀࡀᙅࡲࡿࡇ࡞ࡿࠋ
㸲㸬᥎ィ⤖ᯝ
4.1 ࣔࢹࣝ᥎ィ
㡰ᗎࣉࣟࣅࢵࢺࣔࢹࣝࡢ᥎ィ⤖ᯝࡣ⾲ 4㸫1 ♧ࡉࢀ࡚࠸ࡿࠋࣔࢹࣝࡣࠊ⏝ࡋࡓㄝ᫂ ኚᩘࡢ⤌ࡳྜࢃࡏ࡛ࠊ㸳ࡘศࡅࡽࢀࡿࠋ
ࡲࡎࠊࣔࢹࣝ 1 ࡢ⤖ᯝࢆࡳࡿࠋࡇࢀࡣࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㸦
a
㸧ᾏእᚑᴗ⪅ᩘࡢ ቑῶ㸦b
㸧ࢆࡑࢀࡒࢀ༢⊂ࡢㄝ᫂ኚᩘࡋࡓሙྜ࡛࠶ࡿࠋ⤖ᯝࡋ࡚ࠊึࡢ FDI ᚋࡢ⤒㐣 ᖺᩘ㸦a
㸧ࡢಀᩘࡣࠊ5㸣ࡢỈ‽࡛࣐ࢼࢫ᭷ព࡛࠶ࡾࠊᾏእᚑᴗ⪅ᩘࡢቑຍࢲ࣑࣮㸦b
㸧 ࡣࠊ10㸣ࡢỈ‽࡛ࣉࣛࢫ᭷ព࡛࠶ࡿࠋࡇࡢࡇࡽࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡀ㛗࠸ᴗᅜෆ㞠⏝ࢆῶࡽࡍഴྥࡀ࠶ࡿࡇࠊࡑࡋ࡚ࠊᾏእᚑᴗ⪅ᩘࡢቑῶᅜෆᚑᴗ⪅ᩘࡢቑ ῶࡢ㛫⿵ⓗ㛵ಀࡀ࠶ࡿࡇࡀࠊࡲࡎ☜ㄆ࡛ࡁࡿࠋ
ࡑࡢࡢㄝ᫂ኚᩘࡋ࡚ࠊࣔࢹࣝ㸯ࡽᴗ✀ࢲ࣑࣮ࡢ⤖ᯝࢆࡳࡿࠊ୍⯡⏝ᶵᲔჾල࣭ 㒊ရ〇㐀ࠊ㍺㏦⏝ᶵᲔჾල࣭㒊ရ〇㐀ࠊ⢭ᐦᶵᲔჾල࣭㒊ရ〇㐀ࡀࣉࣛࢫ᭷ព࡛࠶ࡿࠋ ࡇࢀࡼࡾࠊࡇࡢᮇ࠾࠸࡚ࠊ㟁ẼᶵᲔࢆ㝖ࡃຍᕤ⤌❧⣔ࡢᴗ✀ࡀࠊࡢᴗ✀ࡼࡾࡶ┦ᑐ
ⓗᅜෆ㞠⏝ࢆቑຍࡉࡏ࡚࠸ࡓࡇࡀࢃࡿࠋࡲࡓࠊᾏእୖ㧗ẚ⋡ࡣࠊ࣐ࢼࢫ᭷ព
࡛࠶ࡿࠋࡇࢀࡼࡾࠊᾏእୖ㧗ࡢྜࡀ㧗࠸ᴗࠊᅜෆ㞠⏝ࢆୗࡆࡿഴྥࡀ࠶ࡿ࠸
࠼ࡿࠋ࡞࠾ࠊࡇ࠺ࡋࡓ⤖ᯝࡣࠊࣔࢹࣝ 2㹼ࣔࢹࣝ 5 ࡛ࡶྠᵝ࡛࠶ࡿࠋ
ḟࠊࣔࢹࣝ 1 ࡢㄝ᫂ኚᩘᕪ㡯㸦
ab
㸧ࢆຍࡋࡓࣔࢹࣝ 2 ࢆࡳ࡚ࡳࡿࠋ⤖ᯝࡋ࡚ࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㸦
a
㸧ࡀ᭷ព࡛࡞ࡃ࡞ࡗࡓࡢᑐࡋࠊ᪂ࡓᤄධࡋࡓᕪ㡯㸦ab
㸧 ࡀ 5㸣ࡢỈ‽࡛ࣉࣛࢫ᭷ព࡛࠶ࡿࠋࡲࡓࠊᾏእᚑᴗ⪅ᩘቑຍࢲ࣑࣮㸦b
㸧ࡶ 1㸣ࡢỈ‽࡛ࣉࣛࢫ᭷ព࡛࠶ࡿࠋຍ࠼࡚ࠊࣔࢹࣝ 1 ࣔࢹࣝ 2 ࡛ AIC ࢆẚ㍑ࡋࡓ⤖ᯝࠊࣔࢹࣝ 2 ࡢ
࠺ࡀࣔࢹࣝ㑅ᢥୖࠊඃࢀ࡚࠸ࡿࡇࡀࢃࡿࠋࡇࡢࡇࡽࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㸦
a
㸧 ࡀᅜෆ㞠⏝࠼ࡿຠᯝࡣࠊᾏእᚑᴗ⪅ᩘࡢቑῶࡢຠᯝࢆ፹ࡋ࡚࠸ࡿࡇࡀ♧၀ࡉࢀࡿࠋࡉࡽࠊࣔࢹࣝ 2 ࡛⤫ィⓗ᭷ព࡛࡞ࡗࡓึࡢ FDI ࡢ⤒㐣ᖺᩘ㸦
a
㸧ࢆࡣࡎࡋࡓࣔࢹࣝ 3 ࢆࡳࡿࠋࡇࡢ⤖ᯝࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘᾏእᚑᴗ⪅ᩘቑຍࢲ࣑࣮ࡢᕪ㡯㸦
ab
㸧 ࡀ 1%ࡢỈ‽࡛࣐ࢼࢫ᭷ព࡛࠶ࡿࠋࡉࡽࠊAIC ᇶ‽࡛ࡶࣔࢹࣝ 3 ࡢ࠺ࡀࣔࢹࣝ 2ẚ࡚ࣔࢹࣝ㑅ᢥୖࠊඃࢀ࡚࠸ࡿุ᩿ࡉࢀࡿࠋ
⾲㻠㸫㻝 㡰ᗎࣉࣟࣅࢵࢺࣔࢹࣝࡢ᥎ィ⤖ᯝ㻌
ࣔࢹࣝ 1 ࣔࢹࣝ 2 ࣔࢹࣝ 3 ࣔࢹࣝ 4 ࣔࢹࣝ 5
ಀᩘ/z ್ ಀᩘ/z ್ ಀᩘ/z ್ ಀᩘ/z ್ ಀᩘ/z ್
a 㸦ึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㸧 -0.030 -0.012
[-2.389]** [-0.804]
ab -0.050 -0.060 -0.047 -0.047
[-2.096]** [-3.033]*** [-2.134]** [-2.148]**
ᴗᖺ㱋 0.002
[0.279]
ᴗᖺ㱋×b -0.023 -0.020
[-1.302] [-1.353]
b 㸦ᾏእᚑᴗ⪅ᩘቑຍࢲ࣑࣮㸧 0.440 1.244 1.420 2.576 2.419
[1.661]* [2.655]*** [3.423]*** [2.516]** [2.832]***
ᾏእୖ㧗ẚ⋡ -0.015 -0.017 -0.018 -0.017 -0.017
[-2.039]** [-2.194]** [-2.477]** [-2.299]** [-2.295]**
ᾏእୖ㧗ẚ⋡ࡢୖ᪼ࢲ࣑࣮ -0.240 -0.215 -0.187 -0.134 -0.142
[-0.942] [-0.834] [-0.734] [-0.517] [-0.550]
Ⴀᴗ┈㯮Ꮠᇶㄪࢲ࣑࣮ -0.089 -0.170 -0.166 -0.120 -0.132
[-0.364] [-0.686] [-0.671] [-0.476] [-0.527]
ᚑᴗ⪅ᩘ 0.001 0.001 0.001 0.001 0.001
[1.052] [1.225] [1.027] [1.217] [1.281]
ᴗ✀ࢲ࣑࣮
㣗ᩱရ〇㐀 -0.339 0.488 0.634 0.610 0.572
[-0.222] [0.306] [0.401] [0.382] [0.360]
⧄⥔ᕤᴗ 0.180 0.255 0.236 0.296 0.303
[0.326] [0.455] [0.422] [0.524] [0.537]
༳ๅ࣭ྠ㛵㐃 -0.459 -0.297 -0.237 -0.293 -0.308
[-0.605] [-0.388] [-0.312] [-0.388] [-0.408]
㕲㗰࣭㠀㕲㔠ᒓ〇㐀 -0.329 -0.004 0.079 0.081 0.085
[-0.564] [-0.007] [0.132] [0.136] [0.141]
㔠ᒓ〇ရ〇㐀㸦ຍᕤ㸧 0.232 0.334 0.352 0.488 0.478
[0.532] [0.757] [0.802] [1.082] [1.063]
㟁ẼᶵᲔჾල࣭㒊ရ〇㐀 0.273 0.406 0.417 0.530 0.504
[0.562] [0.823] [0.847] [1.048] [1.014]
୍⯡⏝ᶵᲔჾල࣭㒊ရ〇㐀 1.010 1.272 1.306 1.441 1.422
[2.229]** [2.679]*** [2.764]*** [2.959]*** [2.951]***
㍺㏦⏝ᶵᲔჾල࣭㒊ရ〇㐀 1.102 1.310 1.350 1.498 1.454
[1.894]* [2.205]** [2.283]** [2.428]** [2.441]**
⢭ᐦᶵᲔჾල࣭㒊ရ〇㐀 2.371 2.583 2.648 2.732 2.723
[2.868]*** [3.085]*** [3.186]*** [3.213]*** [3.208]***
ࣉࣛࢫࢳࢵࢡ〇ရ〇㐀 0.363 0.603 0.626 0.548 0.525
[0.699] [1.126] [1.172] [0.998] [0.967]
Ꮫ〇ရ〇㐀 0.354 0.471 0.438 0.474 0.473
[0.753] [0.988] [0.924] [0.994] [0.993] ȝ㸯㸦㜈್㸧
-1.776 -1.404 -1.228 -0.918 -1.093 [-3.789]*** [-2.819]*** [-2.771]*** [-1.185] [-2.412]** ȝ2㸦㜈್㸧
0.682 1.112 1.276 1.611 1.435
[1.565] [2.289]** [2.885]*** [2.057]** [3.120]***
N 129 129 129 129 129
Log likelihood -89.974 -87.726 -88.049 -87.078 -87.117
LR chi2 34.824 39.320 38.673 40.616 40.538
Prob > chi2 0.007 0.003 0.002 0.003 0.002
Pseudo R2 0.162 0.183 0.180 0.189 0.189
AIC 217.948 215.452 214.099 216.156 214.234
ὀ㸧***ࡣ 1㸣Ỉ‽ࠊ**ࡣ 5㸣Ỉ‽ࠊ*ࡣ 10㸣Ỉ‽࡛᭷ព࡛࠶ࡿࡇࢆ♧ࡍࠋࡲࡓࠊ[ ]ෆࡣ Z ್ࢆ⾲ࡍࠋ
⾲㻠㸫㻞 㡰ᗎࣟࢪࢵࢺࣔࢹࣝࡢ᥎ィ⤖ᯝ㻌
ࣔࢹࣝ 1 ࣔࢹࣝ 2 ࣔࢹࣝ 3 ࣔࢹࣝ 4 ࣔࢹࣝ 5
ಀᩘ/z ್ ಀᩘ/z ್ ಀᩘ/z ್ ಀᩘ/z ್ ಀᩘ/z ್
a 㸦ึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㸧 -0.055 -0.021
[-2.234]** [-0.730]
ab -0.092 -0.110 -0.084 -0.085
[-2.147]** [-3.045]*** [-2.034]** [-2.058]**
ᴗᖺ㱋 0.005
[0.311]
ᴗᖺ㱋×b -0.041 -0.036
[-1.338] [-1.395]
b 㸦ᾏእᚑᴗ⪅ᩘቑຍࢲ࣑࣮㸧 0.735 2.213 2.493 4.535 4.214
[1.565] [2.629]*** [3.299]*** [2.533]** [2.898]***
ᾏእୖ㧗ẚ⋡ -0.027 -0.029 -0.032 -0.031 -0.031
[-1.938]* [-2.117]** [-2.463]** [-2.303]** [-2.293]**
ᾏእୖ㧗ẚ⋡ࡢୖ᪼ࢲ࣑࣮ -0.341 -0.314 -0.260 -0.118 -0.136
[-0.735] [-0.676] [-0.567] [-0.248] [-0.287]
Ⴀᴗ┈㯮Ꮠᇶㄪࢲ࣑࣮ -0.063 -0.276 -0.270 -0.162 -0.179
[-0.141] [-0.602] [-0.589] [-0.346] [-0.384]
ᚑᴗ⪅ᩘ 0.001 0.001 0.001 0.001 0.001
[1.017] [1.187] [0.994] [1.193] [1.250]
ᴗ✀ࢲ࣑࣮
㣗ᩱရ〇㐀 -0.442 1.157 1.397 1.284 1.225
[-0.165] [0.407] [0.496] [0.448] [0.429]
⧄⥔ᕤᴗ 0.420 0.566 0.536 0.657 0.676
[0.441] [0.585] [0.554] [0.667] [0.688]
༳ๅ࣭ྠ㛵㐃 -0.726 -0.392 -0.302 -0.420 -0.440
[-0.545] [-0.295] [-0.231] [-0.327] [-0.344]
㕲㗰࣭㠀㕲㔠ᒓ〇㐀 -0.410 0.242 0.370 0.343 0.346
[-0.395] [0.222] [0.342] [0.317] [0.321]
㔠ᒓ〇ရ〇㐀㸦ຍᕤ㸧 0.568 0.765 0.790 1.080 1.064
[0.697] [0.930] [0.966] [1.282] [1.265]
㟁ẼᶵᲔჾල࣭㒊ရ〇㐀 0.538 0.841 0.872 1.100 1.052
[0.607] [0.926] [0.965] [1.179] [1.143]
୍⯡⏝ᶵᲔჾල࣭㒊ရ〇㐀 1.856 2.384 2.432 2.695 2.661
[2.319]** [2.803]*** [2.874]*** [3.085]*** [3.076]***
㍺㏦⏝ᶵᲔჾල࣭㒊ရ〇㐀 2.303 2.731 2.814 3.203 3.113
[2.057]** [2.373]** [2.447]** [2.656]*** [2.667]***
⢭ᐦᶵᲔჾල࣭㒊ရ〇㐀 4.105 4.569 4.702 4.917 4.898
[2.828]*** [3.106]*** [3.205]*** [3.210]*** [3.205]***
ࣉࣛࢫࢳࢵࢡ〇ရ〇㐀 0.775 1.163 1.196 1.155 1.110
[0.817] [1.210] [1.246] [1.177] [1.145]
Ꮫ〇ရ〇㐀 0.749 1.018 0.983 1.030 1.034
[0.905] [1.204] [1.158] [1.198] [1.203] ȝ㸯㸦㜈್㸧
-2.964 -2.305 -2.026 -1.394 -1.741 [-3.473]*** [-2.589]*** [-2.548]** [-1.010] [-2.142]** ȝ2㸦㜈್㸧
1.322 2.113 2.371 3.063 2.711
[1.662]* [2.382]** [2.899]*** [2.150]** [3.150]***
N 129 129 129 129 129
Log likelihood -90.003 -87.640 -87.908 -86.859 -86.907
LR chi2 34.766 39.492 38.956 41.053 40.957
Prob > chi2 0.007 0.002 0.002 0.002 0.002
Pseudo R2 0.162 0.184 0.181 0.191 0.191
AIC 218.005 215.280 213.815 215.718 213.815
ὀ㸧***ࡣ 1㸣Ỉ‽ࠊ**ࡣ 5㸣Ỉ‽ࠊ*ࡣ 10㸣Ỉ‽࡛᭷ព࡛࠶ࡿࡇࢆ♧ࡍࠋࡲࡓࠊ[ ]ෆࡣ Z ್ࢆ⾲ࡍࠋ
ࡇࡇ࡛ࠊࣔࢹࣝ 3 ࡢㄝ᫂ኚᩘࠊᴗᖺ㱋࠾ࡼࡧᴗᖺ㱋ᾏእᚑᴗ⪅ᩘቑຍࢲ࣑࣮㸦
b
㸧 ࡢᕪ㡯ࢆ㏣ຍࡋࡓࣔࢹࣝ 4 ࢆࡳࡿࠋ⤖ᯝࡋ࡚ࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘᾏእᚑᴗ⪅ᩘ ቑຍࢲ࣑࣮ࡢᕪ㡯㸦ab
㸧ࡣࠊ5%ࡢỈ‽࡛࣐ࢼࢫ᭷ព࡛࠶ࡿࠋࡑࡢ୍᪉࡛ࠊᴗᖺ 㱋࠾ࡼࡧᴗᖺ㱋ᾏእᚑᴗ⪅ᩘቑຍࢲ࣑࣮ࡢᕪ㡯ࡣࠊࡶ᭷ព࡛࡞࠸ࠋࡉࡽࠊAIC ᇶ‽࡛ࡶࣔࢹࣝ 4 ࡼࡾࣔࢹࣝ 3 ࡢ࠺ࡀࣔࢹࣝ㑅ᢥୖࠊඃࢀ࡚࠸ࡿุ᩿ࡉࢀ࡚࠸ࡿࠋຍ࠼࡚ࠊᴗᖺ㱋ᾏእᚑᴗ⪅ᩘቑຍࢲ࣑࣮ࡢᕪ㡯ࡔࡅࢆࣔࢹࣝ 3 ࡢㄝ᫂ኚᩘ㏣ຍࡋࡓ
ࣔࢹࣝ 5 ࠾࠸࡚ࡶྠᵝࡢ⤖ᯝ࡛࠶ࡿࠋࡇࢀࡼࡾࠊᴗᖺ㱋ࡼࡿᙳ㡪࡛࡞ࡃࠊᾏእᣐⅬ
ࢆタ⨨ࡋ࡚ࡽࡢᖺᩘࡀࠊᾏእᅜෆࡢ㞠⏝ࡢ⿵ⓗ㛵ಀᙳ㡪ࢆ࠼ࡿࡇࡀ࠸࠼ࡿࠋ ௨ୖࡢ㡰ᗎࣉࣟࣅࢵࢺࣔࢹࣝࡢ᥎ィ⤖ᯝࡢഴྥࡣࠊ⾲ 4㸫2 ♧ࡉࢀࡿ㡰ᗎࣟࢪࢵࢺࣔ ࢹࣝࡢ᥎ィ⤖ᯝྠᵝ࡛࠶ࡿࠋ
ࡇࢀࡽࡢ⤖ᯝࡢ⪃ᐹࡽࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡀ㛗ࡃ࡞ࡿࡘࢀ࡚ᾏእᅜෆࡢ㞠⏝ ቑῶࡢṇࡢ㛵ಀࡀᙅࡲࡗ࡚࠸ࡿࡇࡀศࡿࠋ
4.2 㝈⏺ຠᯝࡢࢩ࣑࣮ࣗࣞࢩࣙࣥ
ḟࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡀࢀ⤒ࡘᾏእᅜෆࡢ㞠⏝ࡢ⿵ⓗ㛵ಀࡀ࡞ࡃ࡞
ࡿࡘ࠸࡚ࢩ࣑࣮ࣗࣞࢩࣙࣥࢆ⾜࠺ࠋࡑࡢࡓࡵ⏝࠸ࡓࣔࢹࣝࡣࠊ⾲ 4㸫1 ࡢ࡞࡛ࠊ AIC ᇶ‽࡛᭱Ⰻ࡛࠶ࡗࡓ㡰ᗎࣉࣟࣅࢵࢺࡢࣔࢹࣝ 3 ࠊ⾲ 4㸫2 ࡢ࡞࡛ AIC ᇶ‽࡛᭱Ⰻ
࡛࠶ࡗࡓ㡰ᗎࣟࢪࢵࢺࡢࣔࢹࣝ 3 ࡛࠶ࡿࠋࡇࢀࡽࡢ᥎ィ⤖ᯝᇶ࡙ࡁࠊᾏእ㞠⏝ࡀᅜෆ㞠
⏝࠼ࡿ㝈⏺ຠᯝࢆࠊึࡢ FDI ࡢ⤒㐣ᖺᩘู⟬ฟࡍࡿࠋࡓࡔࡋࠊ⟬ฟ࠶ࡓࡗ࡚ࠊᾏ እᚑᴗ⪅ᩘቑຍࢲ࣑࣮㸦
b
㸧࠾ࡼࡧึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ㸦a
㸧௨እࡢㄝ᫂ኚᩘࡘ࠸࡚ ࡣࠊࢧࣥࣉࣝࡢᖹᆒ್ࢆࡿࡇ࡛ᖹᆒⓗ࡞ᴗࢆᐃࡋࡓࠋ⾲㻠㸫㻟 ึࡢ 㻲㻰㻵 ᚋࡢ⤒㐣ᖺᩘู࡛ࡳࡓᾏእᚑᴗ⪅ᩘቑຍࢲ࣑࣮ࡢ㝈⏺ຠᯝ㻌
ᅜෆᚑᴗ⪅ᩘࡢቑῶ㸦y㸧
ῶᑡ㸦y=0㸧ࡢ ᶓࡤ࠸㸦y=1㸧ࡢ ቑຍ㸦y=2㸧ࡢ
ึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ 㑅ᢥ☜⋡ࡢኚศ 㑅ᢥ☜⋡ࡢኚศ 㑅ᢥ☜⋡ࡢኚศ
㡰ᗎࣉࣟࣅࢵࢺ
5 ᖺ -0.072 -0.302 0.374
10 ᖺ -0.065 -0.190 0.255
15 ᖺ -0.051 -0.094 0.145
20 ᖺ -0.027 -0.026 0.053
25 ᖺ 0.014 0.005 -0.019
㡰ᗎࣟࢪࢵࢺ
5 ᖺ -0.062 -0.324 0.386
10 ᖺ -0.054 -0.196 0.250
15 ᖺ -0.040 -0.090 0.131
20 ᖺ -0.018 -0.020 0.038
25 ᖺ 0.019 0.008 -0.027
ὀ 1㸧⾲ 4㸫1ࠊ⾲ 4㸫2 ࡢࣔࢹࣝ 3 ࡢ᥎ィ⤖ᯝᇶ࡙࠸࡚ヨ⟬ࡋࡓࠋᅜෆᚑᴗ⪅ᩘࡢῶᑡࠊᶓࡤ࠸ࠊቑ ຍࡢ㑅ᢥ☜⋡ࡢኚศࡣࠊᾏእᚑᴗ⪅ᩘࡢቑຍࢲ࣑࣮ࡀ 1 ࢆࡿሙྜࡢ☜⋡ࡽ 0 ࢆࡿሙྜࡢ
☜⋡ࢆᕪࡋᘬ࠸ࡓ್ࢆࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡈ⟬ฟࡋࡓࡶࡢ࡛࠶ࡿࠋ࡞࠾ࠊᾏእᚑᴗ⪅ᩘ ቑຍࢲ࣑࣮࠾ࡼࡧึࡢ FDI ᚋࡢ⤒㐣ᖺᩘ௨እࡢㄝ᫂ኚᩘࡣࠊ⾲ 3㸫1 ᇶᮏ⤫ィ㔞࠶ࡿࢧࣥࣉࣝࡢ ᖹᆒ್ࢆ⏝࠸ࡓࠋ
ὀ 2㸧ࢲ࣑࣮ኚᩘࡢ㝈⏺ຠᯝࡢ⟬ฟ᪉ἲࡣࠊGreene㸦2003㸧ࡢ pp.1116-1117 ࢆཧ⪃ࡋࡓࠋ
㝈⏺ຠᯝࡢࢩ࣑࣮ࣗࣞࢩࣙࣥࡢ⤖ᯝࡣ⾲ 4㸫3 ࡲࡵࡽࢀ࡚࠸ࡿࠋࡇࢀࡼࡾࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡀ㛗ࡃ࡞ࡿࠊᾏእᚑᴗ⪅ᩘቑຍࢲ࣑࣮ࡢ㝈⏺ຠᯝࡀ௬ㄝࡢ࠾ࡾᑠࡉࡃ
࡞ࡗ࡚࠸ࡿࡇࡀࢃࡿࠋලయⓗࡣࠊ10 ᖺࡀ⤒㐣ࡋࡓሙྜࠊᾏእ㞠⏝ࢆቑࡸࡋࡓࡇ
ࡼࡗ࡚ᅜෆ㞠⏝ࡢቑຍࢆ㑅ᢥࡍࡿ☜⋡ࡀ 25㸣㧗ࡲࡿࡢᑐࡋࠊ20 ᖺࡀ⤒㐣ࡋࡓሙྜࠊ
ྠ☜⋡ࡢୖ᪼ᖜ㸦ኚศ㸧ࡀ 4㹼5㸣࡞ࡾࠊୖ᪼ᖜ㸦ኚศ㸧ࡀ⤒ᖺⓗᑠࡉࡃ࡞ࡗ
࡚࠸ࡿࠋࡲࡓࠊ⤒㐣ᖺᩘࡀ 20 ᖺࢆ㉸࠼ࡿࠊᾏእ㞠⏝ᅜෆ㞠⏝ࡢ⿵ⓗ࡞㛵ಀࡀࢇ
࡞ࡃ࡞ࡿࡇࡶ᥎ᐹࡉࢀࡿࠋ
㸳㸬࠾ࢃࡾ
ᮏ✏࡛ࡣࠊ㜰ᗓᮏ♫ࡢ୰ሀ࣭୰ᑠ〇㐀ᴗࢆᑐ㇟ࡋࡓࣥࢣ࣮ࢺㄪᰝ⤖ᯝࢆ⏝࠸࡚ࠊ ᾏእᴗάືࡢᣑࡀࡶࡓࡽࡍ⮬♫ࡢᅜෆ㞠⏝ࡢ㛗ᮇⓗᙳ㡪ࢆ᳨ドࡋࡓࠋࡇࡢࣥࢣ࣮ ࢺࡣࠊ㜰⏘ᴗ⤒῭ࣜࢧ࣮ࢳࢭࣥࢱ࣮ࡀᖹᡂ 24 ᖺ 10 ᭶⾜ࡗࡓㄪᰝ࡛࠶ࡿࠋࡑࡢ㉁ၥ㡯
┠ࡣࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࠊᾏእ࠾ࡼࡧᅜෆࡢ㞠⏝ືྥ㛵ࡍࡿࡶࡢࡀྵࡲࢀ࡚࠸ࡿࠋ
≉ࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡀ 10 ᖺ௨ୖࡢࢧࣥࣉࣝࢆከࡃྵࡳࠊ୰㛗ᮇࡢຠᯝࡀ᳨ド࡛ ࡁࡿⅬࡀ࠶ࡿࠋศᯒᡭἲࡣࠊ⿕ㄝ᫂ኚᩘ࡞ࡿᅜෆ㞠⏝ࡢ≧ἣࢆ㡰ᗎࡢ࠶ࡿ㑅ᢥ᪉ᘧ࡛
ᴗᑜࡡ࡚࠸ࡿࡓࡵࠊ㡰ᗎࣉࣟࣅࢵࢺࣔࢹࣝ࠾ࡼࡧ㡰ᗎࣟࢪࢵࢺࣔࢹࣝࢆ᥇⏝ࡋࡓࠋศ ᯒ⤖ᯝࡋ࡚ࡣࠊ㜰ࡢ୰ሀ࣭୰ᑠ〇㐀ᴗ࠾࠸࡚ࠊᾏእᴗάືࡢᣑࡀ⮬♫ࡢᅜෆ 㞠⏝ࡢቑຍࡘ࡞ࡀࡿഴྥࡀ࠶ࡿࡀࠊࡑࡢຠᯝࡣึࡢ FDI ᚋᖺᩘࡀ⤒㐣ࡍࡿࡘࢀ࡚ప
ୗࡋ࡚࠸ࡃࡇࡀ☜ㄆࡉࢀࡓࠋࡲࡓࠊ᥎ィࣔࢹࣝࢆ⏝࠸ࡓ㝈⏺ຠᯝࡢࢩ࣑࣮ࣗࣞࢩࣙࣥ
ࡽࠊᾏእ㞠⏝ᅜෆ㞠⏝ࡢ⿵ⓗ࡞㛵ಀࡣࠊึࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡀ 20 ᖺࡄࡽ࠸㐣ࡂࡿ
ࠊࢇ࡞ࡃ࡞ࡿࡇࡶ᥎ ࡉࢀࡓࠋᮏ✏࡛☜ㄆࡉࢀࡓᾏእ㞠⏝ᅜෆ㞠⏝ࡢ⿵ⓗ
࡞㛵ಀࡣࠊYamashita and Fukao㸦2010㸧࡞ࡢඛ⾜◊✲ᩚྜⓗ࡛࠶ࡿࡀࠊࡑࡢ㛵ಀࡀึ ࡢ FDI ᚋࡢ⤒㐣ᖺᩘࡀ㛗ࡃ࡞ࡿࡘࢀ࡚ᙅࡲࡗ࡚࠸ࡃ࠸࠺⤖ᯝࡣࠊᮏ✏ࡢ࢜ࣜࢪࢼࣝࡢ
Ⓨぢ࠸࠼ࡿࠋ
᭱ᚋᚋࡢㄢ㢟ࢆࡩࡓࡘ࠶ࡆࡿࠋࡦࡘࡵࡣࠊᅇࡣࣥࢣ࣮ࢺ⤖ᯝࢆ⏝࠸ࡓศᯒࢆ ヨࡳࡓࡀࠊࠕᾏእᴗάືᇶᮏㄪᰝࠖ㸦⤒῭⏘ᴗ┬㸧ࠕᴗάືᇶᮏㄪᰝࠖ㸦⤒῭⏘ᴗ┬㸧
ࢆ⏝࠸ࡓศᯒࡶᚲせ࠸࠼ࡿࠋ࠸࠺ࡢࡶࠊᅇࡢࣥࢣ࣮ࢺㄪᰝ࡛ࡣࠊ㞠⏝ࡢኚࡀᐇ
ᩘ್࡛ᢕᥱࡉࢀ࡚࠸࡞࠸ࡓࡵࠊඛ⾜◊✲ࡢཝᐦ࡞ẚ㍑ࡀ࡛ࡁ࡞࠸ࡇࡸࠊ㞠⏝㔞ࡢኚ ࢩ࣑࣮ࣗࣞࢩࣙࣥࡀ࡛ࡁ࡞࠸࠸࠺㝈⏺ࡀ࠶ࡿࠋࡇࢀࡽࡢ㝈⏺ࡸၥ㢟ࡢᑐᛂࡣࠊୖ㏙ ࡢᨻᗓ⤫ィࢆά⏝ࡍࡿࡇࡀ᭷ຠ࠸࠼ࡿࠋࡩࡓࡘࡵࡣࠊᮏ✏࡛♧ࡉࢀࡓᾏእᴗάື ᅜෆ㞠⏝ࡢ⿵ⓗ㛵ಀࡀ⤒ᖺⓗኚࡍࡿࡇࡀ࡞ࡐ㉳ࡇࡿࡢࢆ᫂ࡽࡍࡿࡇ࡛
࠶ࡿࠋᾏእ㐍ฟᚋࡢྲྀᘬࡢ⌧ᆅ࡞ࠊ⌮ㄽⓗ⪃࠼ࡽࢀࡿせᅉࢆᐇドศᯒࡍࡿࡇࡀ ᚋࡢㄢ㢟ࡢࡦࡘ࠸࠼ࡿࠋ