本稿は，将来の不確実性によってニーズの特定化が困難である場合の，技術開発と市場ニーズとの統合について論じたものである．具体的には，将来の不確実性によって先行技術開発段階でのニーズの特定化が困難である場合に，複数の異なる技術の並行開発によって，いわばリアル・オプション的に技術開発を行うことで不確実性リスクを低減する可能性を台湾奇美グループの液晶テレビ開発事例の検討を通じて示した．

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The purpose of this paper is to analysis how much “High Risk-High Return” Response can influence a regional economy. And Taiwanese high-tech companies are focused on and mainly their investment strategy and employment policy are analyzed in this paper.
Taiwanese economy has been recovered steadily since 2002. And the economic growth ratio of 2004 1Q and 2Q reaches 6.72% and 7.88% respectively. This high growth comes from the private investment growth ratio (24.9%). Especially high-tech companies are in a position to lead this investment.
In Taiwan, there are many excellent high-tech companies such as TSMC (Taiwan Semiconductor Manufacturing Company) in Semiconductor industry and AU Optronics Corporation in Liquid Crystal Display industry. They mainly adopt “High Risk-High Return” Response. They invest much money positively and profit much. They have played a large role to stimulate Taiwanese economy. And unemployment ratio of these years becomes lower consequently. Though “High Risk-High Return” Response of Taiwanese high-tech companies may involve a risk of losing much money, this has a salutary effect on Taiwanese economy now.
“High Risk-High Return” Response can be essential for companies to survive, because it is not easy for companies to gain without much investment in today's fast-moving economy. This means that Japanese companies may have to adopt this “High Risk-High Return” Response to outpace foreign competition.
JEL classification : R11, R39, R58

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The aim of this paper is to consider China's economic security. I will use the term “economic security” to refer to “the use of economic instruments for national security.” Therefore, my question is as follows. How does China utilize economic instruments for its own national security? I will especially focus on ASEAN-China Free Trade Agreement (ACFTA), and the renminbi area (it refers to a currency area where the renminbi is used as means of transactions and reserves, a currency peg or link to the renminbi is observed, and preferences to members over nonmembers are given).
Economic security has had a long pedigree since the Peloponnesian War. However, it seems that comprehensive studies on economic security have been rare. This problem is also the case with security studies over East Asia. Many students pay exclusively attention to China's military power without considering China's economic security. In addition, when students or journalists discuss ACFTA and the renminbi area, they tend to consider these mainly from economic viewpoints. Although there are important political implications in ACFTA and the renminbi area, they fail to notice them.
My considerations proceed as follows. First, as an analytical framework, I provide eight strategic types on economic security: signal, strengthening, containment, bribe, coercion, counterbalance, extraction and entrapment. Secondly, I consider China's political aims that hide behind ACFTA and examine the conditions under which China would be able to utilize ACFTA as economic security. As exports from ASEAN countries to China increase, “economic fifth column”—the groups who have economic interests in good relationship with China—rise in these countries and put pressure on their governments to accommodate China. Thirdly, I consider the renminbi area not from economic viewpoints but from the viewpoints of China's national security. Today, the renminbi has not yet made its debut as internationalized currency. However, considering the renminbe area is not premature. One reason is the great potentiality that China attempts to establish the renminbi area in the future. Another reason is the great impact which the renminbi area will have on security environment in East Asia.
Economic techniques can sometimes achieve good results which military techniques can not achieve. For example, if China uses military means bluntly in anarchical international political structures where a central government does not exist and national survival is not assured, it may cause balancing or containment against China. But if China adroitly utilizes economic security, China can lead neighboring countries to accommodate China's interests more smoothly. If China's sphere of economic influence is built through ACFTA and the renminbi area, China would be able to form its own sphere of political power in East Asia without using force, so without incurring moral criticism, and perhaps without being noticed by neighboring countries.
Thus, to truly understand East Asian security environment and its future, it is essential to consider the security implications of ACFTA and the renminbi area.

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