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2010.03 Vol.1 No.1 ●目次 学 術 論 文 1 台湾の債券型ファンドの盛衰とその社債市場に与えた影響 林 冠汝 17 韓国における労働市場の柔軟性とその対応 金 光旭 27 ネパール・タライ地域の小規模農家における育成水牛の 林 義明・Manoj Kumar SHAH・ 田端祐介・熊谷 元・Shyam Kishor SHAH 33 Transformation of Socio-Economic Structure of Ho Chi Minh City DU Phuoc Tan and Shigeru FUKUSHIMA －新自由主義のパラドックス 飼養状況および成長 under the Doi-Moi Policy and the Accompanying Globalization Process 47 Poverty and Inequality in Globalizing Asia D.G.J. PREMAKUMARA 61 Do Strategies Improve SME Performance? M.D. Pushpakumari and Toshimitsu WATANABE An Empirical Analysis of Japan and Sri Lanka 77 Socio-Economic Determinants Affecting the Demand for Children: The Pervasive Sense of Crisis in Japan 「名城アジア研究」投稿規則 Mutsuko TENDO and Sriyani Mangalika MEEWALAARACHCHI 2010.03 Vol.1 No.1 ● CONTENTS Articles 1 The Rise and Decline of Bond Funds and their Influence Kuanju LIN on the Corporate Bond Market 17 Flexibility of Labor Market and the Countermeasure in South Korea Kougyoku KIN —The Paradox of Neoliberalism— 27 Feeding Characteristics and Body Dimensions of Growing Buffaloes Raised by Small-Scale Farms in Tarai, Nepal 33 Transformation of Socio-Economic Structure of Ho Chi Minh City Yoshiaki HAYASHI, Manoj Kumar SHAH, Yusuke TABATA, Hajime KUMAGAI and Shyam Kishor SHAH DU Phuoc Tan and Shigeru FUKUSHIMA under the Doi-Moi Policy and the Accompanying Globalization Process 47 Poverty and Inequality in Globalizing Asia D.G.J. PREMAKUMARA 61 Do Strategies Improve SME Performance? M.D. Pushpakumari and Toshimitsu Watanabe An Empirical Analysis of Japan and Sri Lanka 77 Socio-Economic Determinants Affecting the Demand for Children: The Pervasive Sense of Crisis in Japan Meijo Asian Research Journal Contribution Rules Mutsuko TENDO and Sriyani Mangalika MEEWALAARACHCHI 学術論文 Articles 学術論文／ Articles 台湾の債券型ファンドの盛衰とその社債市場に与えた影響 林 冠汝 † † 台湾真理大學財経学院 要 旨 1996年以降，国内資金が株式市場及び金融市場から債券型ファンドに流れ込んできた。そこでファンドマネージャーは投資家の解約 に的確に対応できるよう，流動性の高い公債の条件付売買や，銀行の定期預金などの投資商品への投資比率を引き上げた。しかし， 2000年以降には，定期預金の金利が低下傾向にあり，債券型ファンドは定期預金の収益率より高い社債への投資比率を増加させた。 その結果，社債発行会社は債券型ファンドの社債の旺盛な需要に対応して、 社債発行額を増加し，発行利回りを引き下げた。2004 年 6 月に債券型ファンド業界全体を揺るがす聯合投資信託会社事件 （ 1 ）が起こるなど，債券型ファンドに関する問題が表面化した。 この事件以降，証券主管機関は債券型ファンド業界に内在する問題を解決するため，積極的に債券型ファンドに対する改善策を導入 してきた。それによって，債券型ファンドの社債市場に対する影響度が変化している。 本稿では，社債市場に大きな影響を与えてきた債券型ファンドを取り上げ，その社債市場に与えた影響について述べたい。特に，聯 合投資信託会社事件前後に分けて，債券型ファンドの動向を述べ，かつ債券型ファンドと社債市場の関係について明らかにしたいと 思っている。 キーワード：債券型ファンド，社債 期預金の収益率より高い社債への投資比率を増加させた。と 1 ．はじめに ころが，台湾では2004年に至るまで，債券型ファンドに関す る制度が整備されていなかったため，ファンドマネージャー 1991年に初めて債券型ファンドが台湾に誕生した。債券型 が法律の欠けるところを利用し，分券と作価という手法を活 ファンドとは，公債，社債及び金融債などの公社債を主要な 用して，社債投資を増加させていた。その結果，2000年代前 投資対象としている投資信託のことである。台湾における債 半まで，債券型ファンドは社債の 7 ～ 8 割を購入し，社債の 券型ファンドは外国で一般的に取引されている「固定収益型 主要な投資家となった。また，社債発行会社も債券型ファン ファンド」及び「短期金融市場型ファンド」の両者の性格を ドの社債の旺盛な需要に対応して，社債発行額を増加し，発 もっていた。即ち， 「固定収益型ファンド」の定期預金金利よ 行利回りを引き下げた。 り高い収益率と「短期金融市場型ファンド」の換金が速くで しかし，台湾における債券型ファンドは一旦債券を購入す きるという性格を所有していたため，他のファンドより資金 れば，満期まで債券を保有し，債券の利息収入を得ることを を募集しやすいという特徴を持っていた。 目的にしている。これも台湾における債券型ファンドの特色 1996年以降，台湾の株式市場は低迷を続けており，中央銀 である。先進国等における一般債券売買商品への投資は資本 行は景気を刺激するために，2000年から2004年までに13回に 利得を得るという目的と違っている（ 2 ）。さらに，債券型ファ わたり金利を引き下げた。これにつれて，銀行定期預金の金 ンドは社債を長期保有したため，社債市場の流動性及び金利 利も下がり続けたため，国内資金が株式市場及び金融市場か に大きな影響を与えた。その一方で，2004年 6 月に債券型 ら上述の性格を持つ債券型ファンドに流れ込んできた。 ファンド業界全体を揺るがす聯合投資信託会社事件が起こる 1996年以降，債券型ファンドの募集件数が急速に拡大し， など，債券型ファンドに関する問題が表面化した。この事件 債券型ファンドにおける投資家の売買も活発になった結果， 以降，証券主管機関は債券型ファンド業界に内在する問題を 投資信託会社間の競争も激しくなってきた。そこでファンド 解決するため，積極的に債券型ファンドに対する改善策を導 マネージャーは投資家の解約に的確に対応できるよう，流動 入してきた。それによって，債券型ファンドの社債市場に対 性の高い公債の条件付売買や，銀行定期預金などの投資商品 する影響が変化している。 への投資比率を引き上げた。しかし，2000年以降には，銀行 ここでは，社債市場に大きな影響を与えてきた債券型ファ 定期預金の金利が低下傾向にあり，債券型ファンドは銀行定 ンドを取り上げ，その社債市場に与えた影響について述べた 1 Meijo Asian Research Journal Vol.1 No.1 い。特に，聯合投資信託会社事件前後に分けて，債券型ファ に分けられる （表 1 参照） 。一般債券売買商品とは，通常の債 ンドの動向を述べ，かつ債券型ファンドと社債市場の関係に 券売買の取引方式で売買される金融商品であり，公債，社債， ついて明らかにしたいと思っている。 金融債などの商品が含まれており，中でも社債が債券型ファ 本論文の研究方法は文献の捜査，分析など中心にした。し ンドの主な投資対象となっている（ 5 ）。先進国等では，一般債 かし，台湾債券型ファンドに関する研究学者や関連文献の数 券売買商品への投資は資本利得を得ることを目的としている（ 6 ）。 がいまだ少ない。そのため，研究に当たっては台湾における 一般債券売買商品以外への投資は利息収入を得るためであ 証券会社，投資信託会社，店頭公開売買センターなどの専門 り，その主要な投資対象には債券条件付売買商品，金融機関 家にインタビューを行うことにし，実務的な調査を行った。 の預金，短期金融商品などの商品がある。まず，第一に債券 本論文では 4 つに分け，第一に，台湾における債券型ファン 条件付売買商品とは，保有している公社債を一定期間後に買 ドの投資対象や資金運用などの特徴について概括する。第二 い戻すまたは売り戻すことを条件に公社債を売却ないし購入 に，債券型ファンドの発展の経緯と投資分配について述べ する取引を行う金融商品を指す（ 7 ）。債券条件付売買商品の対 る。第三に，債券型ファンドの資金運用問題及び改善策など 象には公債，CP（コマーシャル・ペーパー） ，CD（譲渡性預 について論じる。第四に，債券型ファンドの発展が社債市場 金）が含まれているが，一般的には公債が主要な投資対象と に与えた影響について述べる。 なっている。ついで銀行の定期預金が主要な投資対象であ り，投資期間は 1 年から 3 年間である。最後は短期金融商品 であり，FB（国庫券） ，CP（コマーシャル・ペーパー）など の 1 年未満満期の金融商品が含まれている。上述した商品以 2 ．台湾における債券型ファンドの特色 外に金融資産受益証券及び不動産受益証券も投資対象に含ま 本章では，まず台湾における債券型ファンドについて定義 し，債券型ファンドが主に扱う投資対象は何か，そして，債 れる。 前述したように，債券型ファンドは社債，公債，金融債， 券型ファンドがその投資家に対してどのようなメリットやリ 定期預金，短期資金商品などを主な投資対象として運用を スクを持っているのかについて概説する。 行っている。また，投資対象への資金運用は利息収入を得る ことを目的にしている。これは聯合投資信託会社事件が起こ （ 1 ）債券型ファンドの定義，投資対象 一般的に債券型ファンドとは，公債，社債及び金融債などの 公社債を主要な投資対象としている投資信託のことである。 また，台湾債券型ファンドの性格はつぎのとおりである 。 （3） る前の台湾債券型ファンドの特色であると言えよう。 （ 2 ）投資家にとっての債券型ファンドのメリットとリスク 聯合投資信託会社事件が起こる前，投資家にとって台湾に 例えば，投資地域別には，国内投資と外国投資の 2 つの種類 おける債券型ファンドにはいくつかのメリットがあり，特 があり，国内投資の債券型ファンドが99.0％を占めている。 に，短期的に資金運用を行う投資家に好まれている（ 8 ）。メ また，投資属性によれば，高い流動性の ｢ 準短期金融市場型 リットとして以下の点を挙げることが出来る。 ファンド ｣ と低い流動性の ｢ 固定収益型ファンド ｣ の 2 つの 種類があり，現在（2008年）では，準短期金融市場型 ①税制上のメリット：債券型ファンドの収益を分配しない 限 り， 債 券 型 フ ァ ン ド を 売 買 し た 収 益 は 資 本 利 得 ファ （4） （capital gain）と認められ，その資本利得には課税され ンドが96.08％を占めている（件数ベース）。 ない。 次に，債券型ファンドの投資対象についてみてみよう。中 央銀行年報によると，債券型ファンドの投資対象は一般債券 ②小口資金から可能：投資家は小口の資金から債券型ファ 売買商品，債券条件付売買商品，金融機関の預金，短期金融 ンドに投資できる。債券型ファンドへの最低投資額は公 商品，金融資産受益証券及び不動産受益証券などの金融商品 債より低く，個人投資家が気軽に投資できる。例えば， 表 1 債券型ファンドの投資対象と投資商品 投資対象 項目 投資目的 一般債券売買商品 資本利得 投資商品 公債，社債，金融債 主な商品 社債 債券条件付売買商品 金融機関の預金 利息収入 利息収入 公債，社債，金融債，CP( コマーシャル・ ペーパー )，CD( 譲渡性預金 ) 公債 定期預金 定期預金 出所： 1 . 中央銀行経済研究処編（各年版）：『中央銀行年報』 ，中央銀行。 2 . 傅瑋瓊（2004）：『債券型ファンドを買う学習地図』 ，早安財経文化会社，41-47。 2 短期金融商品 利息収入 FB( 国庫券 )，CP( コマーシャル・ペー パー ) FB，CP 台湾の債券型ファンドの盛衰とその社債市場に与えた影響 個人投資家は 1 万 NT ドルから債券型ファンドへ投資す ②流動性リスク：債券型ファンドの主要な投資対象は社債 ることが可能である。これに対して，公債の最低投資額 であるが，台湾における社債流通市場は公債流通市場よ は10万 NT ドルとなっている。 り低調である。もし多くの投資家が同時に解約する場 ③流動性が高い：債券型ファンドは随時解約できるため， 合，債券型ファンドが保有する社債を流通市場で素早く 投資家は投資期間を自由に調整できる。投資家は債券型 売却して解約資金に充当することは困難であり，流動資 ファンドを解約する場合，次の営業日（T+ 1 ）に換金が 金不足に陥りやすいという流動性リスクを持っている。 できる 聯合投資信託事件が発生した原因は即ち流動性リスクの 。 （9） 発現によっている。 ④安定的かつ高利率：債券型ファンドの収益率は安定的で あり，かつ平均的には銀行の定期預金金利より高い。表 ③価額変動（金利）リスク：一般的に，債券価格と金利は 2 に示したとおり，1997年から2003年までの 1 年物債券 逆の動きをする。もしファンドマネージャーが金利を 型ファンドの収益率は一部を除きほとんど 1 年物定期預 誤って低く予測して多くの社債を購入した場合，その後 金金利より高かった。 金利が上昇すると，保有する社債価格が下落する可能性 がある。結果として債券型ファンドの純資産総額も減少 上述したように，債券型ファンドは小口投資が可能，流動 してしまうという価額変動（金利）リスクがある 1 ）。 性が高い，高い利回りが得られる，資本利得の免税などのメ リットがあるため，他のファンドより資金を募集しやすい。 しかし，債券型ファンドのもつリスクには次のようなものが あり，一旦大きなリスクが発生すれば，債券型ファンド市場 3 ．債券型ファンドの発展 全体に波及する可能性がある。 ①信用リスク：債券型ファンドの一般債券売買商品（社債 ここでは，債券型ファンドの発展を，基金額（ファンド残 が主な投資商品）に対する投資比率は約30.0％～50.0％ 高）の変化を踏まえて，聯合投資信託事件以前の発展初期 である。もし社債を発行する企業に財務危機が発生すれ （1991年から1994年まで） ，成長期（1995年から1999年まで）， ば，社債の元本の回収及び利息の受取りができなくなる 繁栄期 （2000年から2004年まで） ，聯合投資信託事件以後の調 可能性がある。その結果，債券型ファンドの純資産総額 整期（2005年以降）の 4 つ期間に分けて述べる。 や収益率が影響を受けることもありうる。 表 2 債券型ファンド収益率と預金金利の比較 -1997～2008年 単位：％ 項目 6 ヶ月物債券型 年 普通貯蓄預金 ファンド収益率 1 年物債券型 1 年物定期 ファンド収益率 預金金利 1997 3.0300 3.5000 5.8500 6.0000 1998 3.0410 3.5000 6.2008 5.4000 1999 2.5791 3.5000 5.0877 5.0000 2000 2.4476 3.5000 4.9293 5.0000 2001 2.1892 2.3000 4.5883 2.4500 2002 1.3303 1.0000 2.8114 1.8500 2003 0.9513 0.5500 1.9850 1.4000 2004 0.6834 0.5500 1.4482 1.5250 2005 0.6498 0.5500 1.3125 1.9900 2006 0.7277（固定收益型） 0.5500 0.6664（準短期金融市場型） 2007 0.5634（固定收益型） 2.1703（固定收益型） 0.7707（準短期金融市場型） 2.2000 1.3124（準短期金融市場型） 0.5500 0.7650（準短期金融市場型） 2008 1.1175（固定收益型） 1.0033（固定收益型） 2.6200 1.4785（準短期金融市場型） 0.4550 2.6959（固定收益型） 1.4200 1.5355（準短期金融市場型） 1.4200 注： 1 ．年以上の数値は年換算値。 2 ．2005年以降，債券型ファンドは分離政策を実施した。国内投資の債券型ファンドは従来の債券型ファンド，固定収益型，準短期金融市場 型などの 3 つの形態に別けられる。ほとんどの債券型ファンドは準短期金融市場型に転換されている。 出所：「産業現況分析」，中華民国証券投資信託及び顧問商業同業協会のホームページ，http://www.sitca.org.tw より作成した。 3 Meijo Asian Research Journal Vol.1 No.1 （ 1 ）発展初期（1991～1994年） 短期金融商品などに対する投資比率は相対的に低かった。 ①債券ファンドの登場 （ 2 ）成長期（1995～1999年） 1990年以前には，投資信託会社の設立資格，運営業務及び ①成長期の債券型ファンドの募集額の推移 投資信託の投資対象などに対する規制が厳しかったため，投 1996年 3 月 １ 日に政府は「証券投資信託事業管理規則」を 資信託ファンドの数，種類及び投資家などはまだ少なかっ 改正し，投資信託会社の設立資格，運営業務及び投資信託の た。1990年代に入り，台湾政府は WTO 加盟を決定し，資本 投資対象などに対する規制を緩和したため，投資信託会社の 市場の自由化 • 国際化を促進しなければならなかったため， 設立数は1995年の15社から1999年の36社に増加した 3 ）。投資 投資信託会社の設立に対する制限を次第に緩和した。その結 信託会社が増えたのに伴い，投資信託（ファンド）の数，種 果，投資信託会社は1990年の 4 社から1994年の15社に増えて 類及び投資家などが次第に増加した。表 3 に見られたよう きた 。しかし，表 3 に見られるように，1991年から1994年 に，1995年の債券型ファンドの基金額（596億 NT ドル）は前 までの各年度の債券型ファンド基金額は100億～200億 NT ド 年度比221.0％増加し，1999年の6,336億 NT ドルに至るまで ル程度であった。そのため，この時期は債券型ファンドの発 急速な成長を遂げた。それに伴い1998年以降，債券型ファン 展初期と位置づけられる。 ドは台湾ファンドの中でも主要な役割を担うようになった。 2） このように急成長した要因は，投資信託会社設立が自由化 ②債券型ファンドの募集額の推移と投資配分 表 4 から読みとれるように，発展初期のファンド業界では されたことに加えて，1996年以降台湾の株式市場が低迷を続 株式市場に重点が置かれていた。1994年時点でも台湾ファン けたこと，また，債券型ファンドの収益率が定期預金の金利 ドの基金額は株式＋バランス型が95% を占めており，債券型 より高かったことが挙げられる （表 2 参照） 。その結果，国内 は 5 % 程度であった。これらの点から見ると，発展初期の債 資金が株式市場等から債券型ファンド市場に流れ込んできた。 券型ファンドは投資信託市場で重要な役割を果していなかっ ②成長期の債券型ファンドの投資分配 成長期には債券型ファンドの募集件数が急速に拡大し，債 たと言えよう。その原因は債券自体の発行量及び取引量はま だ少なく，債券市場での取引も活発ではなかったことにある。 券型ファンドにおける投資家の売買も活発になった結果，投 また，当時の債券型ファンドの投資先は，一般債券売買商品 資信託会社間の競争も激しくなってきた。そこでファンドマ の債券（公債，社債など）に対する割合が高く，定期預金や ネージャーは投資家の解約に的確に対応できるよう，流動性 表 3 台湾債券型ファンドの基金額－1991～2008年 項目 年 基金額 （億 NT ドル） 成長率（％） 項目 年 基金額 （億 NT ドル） 成長率（％） 1991 101.00 - 2000 7,087.00 23.00 1992 151.00 49.00 2001 14,260.00 82.65 1993 179.00 18.00 2002 18,503.00 29.75 1994 186.00 4.00 2003 21,455.00 15.96 1995 596.00 221.00 2004 18,964.00 -11.61 1996 2,297.00 281.00 2005 13,345.00 -29.63 1997 2,298.00 0.00 2006 11,206.00 -16.03 1998 4,425.00 92.00 2007 8,114.00 -27.59 1999 6,336.00 43.00 2008 9,491.00 16.97 注：債券型ファンドの統計は外国投資の債券型ファンドの数値を含んでいる。 出所： 1 ．李賢源等（2000）：『わが債券市場を如何に活性化させるか』 ，中華民国証券及び先物市場発展基金会，38。 2 ．「産業現況分析」，中華民国証券投資信託及び顧問商業同業協会のホームページ：http://www.stitca.org.tw より作成した。 表 4 台湾債券型ファンドの基金額の構成比について－1994〜1999年 種類 株式型 + バランス型 債券型 合計 年 1994 1995 1996 1997 1998 単位：％ 1999 95.0 74.0 52.0 60.0 41.0 40.0 5.0 26.0 48.0 40.0 59.0 60.0 100.0 100.0 100.0 100.0 100.0 100.0 注：構成比は各型のファンドの基金額の全ファンドの基金額に対する割合である。 出所：「産業現況分析」，中華民国証券投資信託及び顧問商業同業協会のホームページ：http://www.stitca.org.tw より作成した。 4 台湾の債券型ファンドの盛衰とその社債市場に与えた影響 の高い債券条件付売買商品の公債，銀行の定期預金などの投 わたり金利を引き下げた。これにつれて，銀行定期預金の金 資商品への投資比率を引き上げた。表 5 に見られるように， 利も下がり続けたため，投資家は定期預金から運用利回りの 1999年の債券型ファンドの投資比率は債券条件付売買商品の より高い債券型ファンドに運用変更した。また，国内資金が 公債（投資比率32.5％）と定期預金（投資比率37.0％）を合算 株式市場及び金融市場から債券型ファンドに流れ込んでき すると70.0％に近い。一方で，一般債券売買商品（主として た。その結果，債券型ファンドの基金額は2000年度末の7,807 社債）への投資割合は28.2% であった。 億ＮＴドルから2004年 5 月の2.4兆 NT ドルへと急激に増大し 上述したように，成長期の債券型ファンドの一般債券売買 た。このような債券型ファンドの活況は，2004年 5 月まで続 商品，債券条件付売買商品の公債，銀行の定期預金などへの くことになるが，債券型ファンド業界全体を揺るがす聯合投 投資構成比は高かったが，これらの投資商品への投資目的は 資信託会社事件が発生して以降，投資家の債券型ファンド離 主として利息収入を得るためであった。これも台湾における れが進み，2004年の債券型ファンドの成長率は二桁のマイナ 債券型ファンドの特色である。また，台湾債券型ファンドは ス成長へと転じた（表 6 参照） 。 換金の速さと，定期預金より高投資収益率というメリットを ②繁栄期における債券型ファンドの投資分配 併せ持っていたため，短期に資金運用する投資家に好まれ， 繁栄期には定期預金の金利が低下傾向にあり，債券型ファ その基金額が次第に拡大していった。 ンドは定期預金の収益率より高い社債投資比率を増加させ （ 3 ）繁栄期（2000～2004年） た。その結果，社債への投資比率は2000年の40.4％から2004 ①繁栄期の債券ファンドの基金額の推移 年の53.9％に達し，債券型ファンドの一般債券売買商品（社 この時期には台湾の株式市場は低迷を続けており，中央銀 債）と短期投資商品（債券条件付売買商品，銀行定期預金な 行は景気を刺激するために，2000年から2004年までに13回に ど）への投資比率はほぼ等しくなった（表 5 参照） 。繁栄期に 表 5 債券型ファンドの投資内容と成長率―1999～2008年 項目 一般債券売買商品 比率 金額 比率 金融機関の預金 金額 比率 短期金融商品 金額 合計 比率 金額 社債発行額 比率 金額 1999 1,785 28.2 2,059 32.5 2,342 37.0 144 2.3 6,330 100.0 3,922.8 2000 3,138 40.4 1,635 21.0 2,801 36.0 199 2.6 7,773 100.0 年 金額 債券条件付売買商品 単位：億 NT ドル，％ 債券型ファンド投資 (29.66） （75.8%） 2001 5,206 （-21.6%） 36.5 （65.9%） 2002 7,982 10,669 43.3 10,155 50.6 4,982 53.9 2,610 38.1 1,500 23.7 1,013 5,625 5,822 6,285 4,102 29.9 10.8 3,741 （-8.80） 28.2 3,548 2,587 44.5 2,006 16.8 2,092 13.7 2,165 15.3 4,484 744 466 274 19.0 228 213 47.6 189 （-11.27） 10,959.2 （131.28） 100.0 13,932.6 21,076 （27.13） 100.0 17,172.7 （14.1%） 2.5 18,833 （23.26） 100.0 19,508.4 （-10.6%） 2.1 13,084 （13.60） 100.0 20,677.1 100.0 21,583.0 100.0 19,916.8 （-30.5%） 2.1 11,014 （5.99） （-15.8％） 2.7 （-6.68） （107.13） 18,469 3.5 （-16.79） 27.1 100.0 （29.6%） （-41.2%） （3.49） 39.7 2.9 （-37.4%） （4.28） 51.4 545 14,246 （20.79） （83.3%） （36.5%） （-22.5%） 55.2 2.7 （44.2%） （-27.1%） （-34.73） （-32.46） 5,214 378 4,738.5 （22.8%） （90.0%） （-32.0%） （-7.95） 18.8 （-42.53） 2008 29.0 （3.5%） （-47.61） 2007 6,115 32.1 （14.1%） （-8.0%） （-51.0%） 2006 25.6 （29.3%） （-4.8%） 2005 4,728 4,570 （38.2%） （63.2%） （15.5%） （33.7%） 2004 28.7 （150.3%） （53.3%） 2003 4,092 （19.6%） 7,979 4.38 （-27.55） 2.0 9,427 （-7.72％） 100.0 （18.14） 21,046.9 （5.69） 注： 1 ．一般債券売買商品は社債が主な投資商品であり，債券条件付売買商品は公債が主な投資商品である。 金融機関の預金は銀行の定期預金が主な商品である。なお，債券型ファンドの統計は外国投資の債券型ファンドの数値を含んでいない。 2 ．（ ）内は成長率。 出所： 1 ．中央銀行経済研究処編（各年版）：『中央銀行年報』 ，中央銀行。 2 ．「電子報」，中華民国証券店頭公開売買センターのホームページ：http://www.otc.org.tw より作成した。 3 .「産業現況分析」，中華民国証券投資信託及び顧問商業同業協会のホームページ：http://www.stitca.org.tw より作成した。 5 Meijo Asian Research Journal Vol.1 No.1 表 6 台湾投資信託の種類及び基金額状況－2000〜2008年 単位：億 NT ドル ファンドの種類別 年 2000 2001 2002 2003 2004 2005 2006 2007 2008 4,372.14 2,387.25 株式型 クローズ式 ( 国内投資 ) 146.95 163.13 69.01 82.23 83.42 オープン式 ( 国内投資 ) 1,688.37 2,262.84 2,096.53 2,400.64 2,304.37 2,380.71 2,394.98 737.66 578.15 669.83 802.06 827.3 1,213.80 2,318.13 4,213.95 1,950.75 2,769.01 3,212.58 2,967.21 3,424.38 3,291.67 3,742.51 4,875.84 8,586.09 4,338.00 国際株式型 小計 52.97 54.90 成長率 - 16.02% -7.64% 15.41% -3.88% 13.70% 30.28％ 76.09％ -94.89％ 構成比 25.25% 18.07% 13.60% 12.84% 13.27% 19.06% 24.79％ 42.07 27.61％ 390.75 303.16 341.07 1,227.14 1,764.51 979.42 1,007.85 1,059.27 554.70 成長率 - 22.42% 12.50% 259.79% 43.79% -44.49% 2.90％ 5.10％ -47.63％ 構成比 3.56% 1.71% 1.56% 4.60% 7.11% 4.99% 5.13％ 5.19％ 3.52％ 7,774.21 14,246.68 18,470.30 21,075.89 18,833.05 13,028.95 461.86 0 0 バランス型 債券型 国内投資―従来の債券型ファンド 国内投資―固定収益型 - - - - - 552.04 108.87 28.13 27.96 国内投資―準短期金融市場型 - - - - - - 10,443.47 7,950.80 9,398.58 33.19 13.67 33.05 379.93 131.84 261.78 192.68 135.988 65.16 小計 外国投資 7,807.41 14,260.35 18,503.35 21,455.83 18,964.89 13,345.93 11,206.89 8,114.91 9,491.7 成長率 23.00％ 82.65% 29.75% 15.96% -11.61% -29.63% -16.03％ -27.59％ 16.97％ 構成比 71.19% 80.22% 84.83% 80.45% 76.43% 67.98% 56.99％ 39.76％ 60.40％ 0 0 0 119.76 307.16 811.87 1,554.77 1,496.12 591.27 474.64 その他 総合型 業種別インデックス型 0 0 0 394.28 420.00 366.43 406.60 439.63 元本保証型 0 0 0 47.09 40.69 114.18 35.04 2.39 0 インデックス型 0 0 0 23.61 80.42 4.25 11.04 28.09 短期金融市場型 - - - - - - 108.46 111.36 52.25 資産証券化型 0 0 0 - - 262.75 465.50 588.20 183.09 小計 0 0 0 561.12 791.48 1,563.29 2,574.66 2,648.74 1,329.34 成長率 0 0 0 - 41.05% 97.51% 64.69％ 2.88％ -49.81 構成比 合計 成長率 0 0 0 2.10% 3.19% 7.96% 13.09％ 12.98％ 8.47 10,967.16 17,776.09 21,811.64 26,668.47 24,812.55 19,631.17 19,665.23 20,409.01 15,713.74 23.0％ 62.08% 22.70% 22.27% -6.96% -20.88% 0.17％ 3.78％ -23.01 注 1 ．構成比＝各年度の各種ファンド基金額 / 各年度基金額合計。 2 ．債券型ファンドの統計は外国投資の債券ファンドの数値を含んでいる。 3 ．2005年以降，債券型ファンドは分離政策を実施した。国内投資の債券型ファンドは従来の債券型ファンド，固定収益型，準短期金融市場型 などの 3 つの形態に別けられる。 出所：「産業現況分析」，中華民国証券投資信託及び顧問商業同業協会のホームページ：http://www.stitca.org.tw より作成した。 は，債券型ファンドは，社債の大半を保有する投資家になっ ンドの需要を満せなくなった。そのため，債券型ファンドは ていた。表 5 の債券型ファンドの投資内容を見ても分かるよ 収益率の比較的に高い転換社債と仕組み社債への投資比率を うに，2000年から2004年までは社債が中心である一般債券売 引き上げた。しかし，その後，転換社債（11）にデフォルト問 買商品への投資額の増加金額と社債市場での全発行額の増加 題が発生し，また，2004年以降に仕組み社債の収益率低下問 金額とが同じ動きをしている。 題，そして，聯合投資信託会社事件に伴う流動性リスク問題 しかし，債券型ファンドは社債を長期保有し，流通市場で 取引をほとんど行わないため，債券流通市場での社債の流動 性はかなり低い状態となった。また，社債発行会社は債券型 6 が発生した。 （ 4 ）調整期（2005年以降） ①調整期の債券型ファンドの基金額の推移 ファンドの旺盛な社債需要に対応して，社債発行利回りを次 2004年後半に聯合投資信託会社事件が起こるなど，債券型 第に低下させた（10）。その結果，社債の発行利回りが債券型 ファンドに関する問題が表面化した。この事件以降，証券主 ファンドの収益率より低くなってしまったため，債券型ファ 管機関は債券型ファンド業界に内在する問題を解決するた 台湾の債券型ファンドの盛衰とその社債市場に与えた影響 め，積極的に債券型ファンドに対する改善策を導入してき にすることである（13）。もう一つは，債券型ファンドの収益率 た。これによって，投資家にとって債券型ファンドの投資メ をより引き上げることである。成長期には，債券型ファンド リットが減少したため，債券型ファンドの募集が難しくなっ に関する制度が整備されていなかったため，債券型ファンド たのである。この時期は債券型ファンドの調整期と位置付け のファンドマネージャーは法律の欠けるところを利用し，迅 られる。表 6 に見られるように，2004年から2007年までに債 速な換金を行うために分券という手法を活用し，債券型ファ 券型ファンドの基金額は減少し続けており，債券型ファンド ンドの基準価額を安定させ。また，作価という手法を活用し， の成長率も二桁のマイナス成長へと転じた。 債券型ファンドと証券会社あるいは同業者間で社債を取引し ところが，2008年に全世界的な金融危機発生に伴って，価 て，債券型ファンドの収益率を引き上げた。つぎにその詳細 額が急速に下がり，中央銀行は景気を刺激するために，数回 を述べる。 にわたり金利を引き下げた。そのため，国内資金は株式市場 A． 「分券」と「作価」の誕生の背景 と金融市場から安定的かつ銀行定期預金より高い収益率の債 政府は「証券投資信託基金管理弁法」の規定により，債券 券型ファンドに流入した（表 2 参照）。特に準短期金融市場型 型ファンドに対して，投資家が解約を申し出た日（T）の翌 ファンドは短期的かつ安定的に運用する投資家に好まれ，そ 営業日（T+ 1 ）の午後 4 時以降店頭公開売買センターで開示 の基金額は急速に増加した。表 6 に見られたように，2008年 される債券時価を元に基準価額を計算し，また，投資家が証 に債券型ファンドの基金額の成長率は，2004年から 4 年間続 券を解約した日の翌日から数えて 5 営業日目に換金しなけれ けていたマイナス成長の後を受けて，二桁の成長率（16.97％） ばならないと定めている 4 ）。1995年以降，投資信託会社間の を見るに至った。しかし，2008年の基金額（9,491億 NT ドル） 競争が激化したことに伴い，多くの債券型ファンドは投資家 は2004年 5 月の最高基金額の2.4兆 NT ドルに比べると，かな に対して素早く換金に応じられるように，投資家が解約を申 り大きな差がある。 し出た日（T）の翌営業日（T+ 1 ）に換金することにした。 ②調整期の債券型ファンドの投資配分 しかし，債券型ファンドの基準価額が翌営業日（T+ 1 ）の 2005年に政府は債券型ファンドの体質改善のために分離政 午後 4 時以降に店頭公開売買センターで開示される債券時価 策を実施し，債券型ファンドの主流は準短期金融市場型ファ を元に計算されるとすれば，翌営業日（T+ 1 ）の午後 3 時30 ンドになった（12）。準短期金融市場型ファンドが社債等の一般 分（銀行の閉店時間）以前に投資家に支払をすることができ 債券売買商品の組入比率を規定どおり（30％以下）遵守した なくなる。もし債券の時価を翌営業日（T+ 1 ）の午後 4 時以 結果， 1 年未満満期の債券条件付売買商品（公債）及び銀行 降に店頭公開売買センターによって開示される前に把握でき 定期預金の組入比率が上昇している。表 5 表に見られるよう れば，ファンドマネージャーは債券型ファンドの基準価額を に，債券条件付売買商品（公債）及び銀行定期預金の組入比 素早く決定でき，翌営業日（T+ 1 ）に投資家に支払うことも 率は2004年から2008年にかけてそれぞれ，29.9％から39.7％， できる。 13.7％から47.6％へと増加した。反対に，一般債券売買商品 証券主管機関は，債券型ファンドの保有する債券時価の算 （社債）の組入比率が2004年の53.9％から2008年の10.08％へ 定について，店頭公開売買センターが開示した債券時価を用 と減少した。このように，聯合投資信託事件が発生して以降， いることと規定していた。このため，もし当日に債券の取引 債券型ファンドは社債の代表的な投資家としての地位は徐々 があれば，債券を取引した価格が時価として用いられ，また， に他の投資家に譲ってきたと言えよう。 債券の取引がなければ，前日の価格が時価として使われるこ とになっていた（14）。そこで債券型ファンドは，解約した日の 翌営業日（T+ 1 ）以前に社債の価格が把握できる「分券」と 4 ．債券型ファンドの資金運用問題と改善策 「作価」という手法を考案し，活用した。 B． 「分券」の運用方法 以上，調整期までの債券型ファンドの動向を見てきたが， 「証券投資信託基金管理弁法」 の第10条により， 1 つの投資 ここでは時代を少し戻して成長期における債券型ファンドの 信託基金が個々の上場会社，あるいは店頭公開会社の株式及 運用の特色とその問題点について検討してみよう。 び社債あるいは金融債へ投資した総金額が，その投資信託基 （ 1 ）債券型ファンドの資金運用方法と問題点 金の純資産価額の10分の 1 を超えてはならない。また， １ つ ①「分券」と「作価」の誕生の背景と問題点 の投資信託基金が個々の上場会社，あるいは店頭公開会社の 債券型ファンドは成長期に入り，基金額が急速に増加し， 株式または社債や金融債へ投資した場合の総金額が，その発 また，債券型ファンド間の競争も一段と激しくなったため， 行した株式総額，あるいは社債総額や金融債総額の10分の 1 個々の債券型ファンドは多くの投資家を吸引するため， 2 つ を超えてはならないと規定されていた。そのため，社債証券 の戦略を採用した。一つは解約後，換金を素早くできるよう 引受会社が分券という手法を用いて， 1 つの期号の社債券の 7 Meijo Asian Research Journal Vol.1 No.1 金額を小口化することは「証券投資信託基金管理弁法」の規 発行会社が債券型ファンドの分券された社債の需要の増大に 定を避ける上で都合が良かった。 対応して，社債の発行利回りを次第に引き下げたため，公債 分券とは，社債発行会社が 1 つの期号の社債を発行する の発行利回りを下回るに至った。そのため，債券型ファンド 際，発行条件（発行日や表面利率など）の異なる社債券に小 は社債より収益率が高い仕組み社債や転換社債に投資するよ さく分割して発行することである。具体的には，A 会社が10 うになった。しかし，高い収益率を持つ商品は，反面投資リ 億 NT ドルの社債（例えば95期号）を発行する場合，甲（95 スクも高い。2003年以降，債券型ファンドが仕組み社債と転 期号の 1 ），乙（95期号の 2 ），丙（95期号の 3 ），丁（95期号 換社債への投資比率を引き上げるにつれて，その信用リスク の 4 ），戉（95期号の 5 ）……などの10種類（或は10種類以 と金利リスクも高くなった。以下では，仕組み社債と転換社 上）の社債券に分けて，異なる発行日や異なる発行利回りで 債への資金運用問題についてみてみよう。 連続的に発行することを指す。このように，多くの種類の社 A．仕組み社債への資金運用と問題点 債券に分割して発行することによって，「証券投資信託基金 2003年に外資系銀行（ドイツ銀行）は，社債の固定金利（一 管理弁法」の規定が避けられ，種類毎の発行額を低く抑えら 般には表面利率を用いる）から指標金利（一般的には 6 ヶ月 れ，債券型ファンドが買いやすくなり，また， １ 期号下の １ Libor を用いる）を差し引いて社債利回りを計算する仕組み社 つの種類の社債券を全額保有することができる。もし，分券 債を考案した。この仕組み社債は短期金利が低ければ低いほ せずに， １ つの期号の社債を多くの投資家が分割して購入 ど，社債利回りが高くなるという投資商品であり，ほとんど し，その投資家の 1 人でも社債を市場で売却すると，同じく の仕組み社債の契約期間は 3 ヶ月や半年間である。仕組み社 この社債を購入した債券型ファンドが市価で保有社債を再評 債は債券型ファンドの需要に応えられるメリットを持ってい 価せざるをえなくなる。 たため，発行量も次第に拡大し，2004年には4,000億 NT ドル これに対して，もし，債券型ファンドが 1 期号下の 1 つの にも達した 5 ）。各投資信託会社により異なるが，当時の債券 種類の社債券を全額保有することで，流通市場でその社債券 型ファンドの仕組み社債に対する投資比率は約30％～60％で を取引しなければ，他の分券された社債を購入した投資家が あった。しかし，この種の仕組み社債には，短期金利が上昇 市場で売却してもその社債の評価額は影響を受けず，変動し する局面では，社債利回りが低くなるという金利リスクが存 ない。そして，分券は結果的に T ＋ 1 の換金を容易にする。 在していた。そして，この金利リスクは翌年には現実のもの また，分券された社債は次に述べる作価に活用されている。 となってしまう。2004年後半，アメリカの FRB（連邦準備銀 C．「作価」の運用方法 行）が金利を引き上げ， 6 カ月 Libor も 1 ％から 4 ％に上昇 作価とは，債券型ファンドが購入した社債を，証券会社や した。その結果，多くのこの種の仕組み社債の収益率が低下 同業者に買い戻し条件で購入時より高い価格で売却し利益を し，収益率が 0 ％になるという状況にもなってしまった。こ 上げる操作をいう。たとえば，C 投資信託会社が3.5％利率の のようにして，債券型ファンドの仕組み社債に対する投資損 乙社債を買って，同日に買った乙社債を3.4％利率として D 証 失が発生し始めた。 券会社に売却する。また，同時に売却した乙社債を3.4％利率 B．転換社債への資金運用と問題点 で D 証券会社から再び買い戻す。そうすると，乙社債を D 証 1999年以降，政府が定めた社債の発行規制と投資規制が存 券会社に売却した時，その価格が買った時より高いため，乙 在するため，格付けが投資規制水準に到達しない企業は社債 社債の収益額を増やすことができる。 を発行する際，発行社債の格付け資料が必要ではない転換社 このように，ファンドマネージャーは作価という手法を運 債や銀行保証付き社債といった資金調達方法を選ぶことにし 用し，債券型ファンドの収益率を上昇させることによって， た。そのため，2000年以降，転換社債の発行額も徐々に増加 投資者から容易に資金を集めることができ，予定される基金 している。格付けの評価を受けていない転換社債は相対的に 額に到達することができるようになった。そして，2004年 5 デフォルト率も高い。しかし，転換社債は社債と株式オプ 月には債券型ファンドの基金額が2.4兆 NT ドルに達してい ションという二重の性格を持っており，高い収益率を追求す る。また，債券型ファンドの基金額が大きくなれば，投資信 る債券型ファンドの需要に合っていた。そして，債券型ファ 託会社はファンドの運営手数料（ファンド金額の0.1％）を増 ンドの繁栄期には，転換社債に投資していた債券型ファンド 大することができる。その運営手数料は投資信託会社にとっ の数が多かった（表 7 参照） 。 て主要な営業収入となっている。 ②転換社債と仕組み社債への資金運用と問題 8 しかし，2004年 6 月から，台湾ではデフォルト転換社債が 発生し続けた。表 8 に示すとおり，博達電子，衛道科技など 繁栄期に入り，発行されたほとんどの社債が債券型ファン が発行した転換社債のデフォルトが発生した。デフォルト転 ドに保有され，また，これらの社債は流通市場で売却されな 換社債を保有している債券型ファンドは信用リスクが高く かったので，社債市場の流動性は抑制された。さらに，社債 なった。そのため，債券型ファンドに投資した投資家が強い 台湾の債券型ファンドの盛衰とその社債市場に与えた影響 表 7 台湾の全債券型ファンドの転換社債の保有比率―2004年 7 月 3 日現在 債券型ファンド名称 転換社債の保有比率 債券型ファンド名称 単位：％ 転換社債の保有比率 荷銀安信 6.65 日盛優益債券 9.23 景順公債 3.22 復華全球債券 12.46 保誠威風二号 7.85 聯合双盈基金 10.07 富邦全球債券 2.96 大華安益債券 16.86 寶來利富 12.30 新光台湾吉祥債券 寶來全球短債 16.15 国泰全球債券 13.45 新光吉富全球債券 13.68 台壽保太陽神債券 5.75 5.15 出所：台証先物経理株式会社先物経理取引研究部編「転換社債の波―聯合危機」 ， http://www.tsc.com.tw/tmf/pdf/006.pdf，1-2。 不安感をもった。証券投資信託及び投資顧問商業同業協会の 由として，同様に「解約停止」を申請した。最終的には，聯 資料によると，2004年 6 月に債券型ファンドの基金額（ 2 兆 合投資信託会社事件が発生した後， 5 日間の内に，債券型 2,817億 NT ドル）は前月（ 2 兆4,097億 NT ドル）より5.31％ ファンドの解約額は3,000億 NT ドルにも達した。債券型ファ 減少した。 ンドへの投資家が急減したことにより，投資信託会社にとっ （ 2 ）流動リスクに伴う聯合投資信託会社事件が債券型ファン ドに与えた影響 て債券型ファンドの募集が困難になった。2004年から2005年 にかけて債券型ファンドの基金額は各々11.61％，29.63％減 2000年以降，債券型ファンドは転換社債と仕組み社債への 投資比率を引き上げた。しかし，2004年に以降，デフォルト 少した（表 6 参照） 。 （ 3 ）債券型ファンドの資金運用問題に対する政府の対応策 社債が連続的に発生したため，デフォルト転換社債を持って 2004年に債券型ファンド業界全体を揺るがす聯合信託会社 いる債券型ファンドの信用リスクが高くなった。このような 事件が発生した。このため，政府は債券型ファンドを健全化 状況下で，債券型ファンド業界全体を揺るがす聯合投資信託 するため，積極的に次の重要な改善策を採用した。特に分券 会社事件が発生した。2004年 7 月14日，聯合投資信託会社下 と作価を使用することを抑制することや仕組み社債とデフォ の債券型ファンドはデフォルトの発生した転換社債（衛道科 ルト転換社債の処分などの対応策を実施した。 技会社が発行した）を処分したため，一日でファンドの純資 ①分券を使用することの抑制 産価額は約3.0％低下した。多くの投資家は聯合投資信託会 2003年に証券主管機関は，まず社債の分券に関して次のよ 社の債券型ファンドの解約に動き，聯合投資信託会社は流動 うな規定を導入した。第一に，普通社債に対し一投資家は各 資金準備不足に陥り，証券主管機関に 3 つのファンドの「解 社債の50％を超えて保有してはいけない。もし，分券で発行 約停止」を申し入れた。なお，聯合投資信託会社を皮切りに， する場合，発行された分券の発行額をベースに計算がなされ 他の投資信託会社の債券型ファンドも流動性リスク ることになる（16）。第二に，社債の発行条件に明らかに大きな （15） を理 表 8 台湾での転換社債のデフォルトの債券型ファンドに対する影響 日 期 事件の発生と市場に対する反応 2004年 6 月 博達電子会社の30億 NT ドル転換社債のデフォルトが発生した。当日株式市場に大きな影響を与えた。 2004年 6 月17日 衛道科技会社の10億 NT ドル転換社債のデフォルトが発生した。衛道科技会社は銀行借入金と私募社債発行で社債を返済する ことにした。 2004年 6 月29日 債券型ファンドの解約金が次第に増えた（ 6 月14日から 6 月21日までの 1 週間で債券型ファンドの募集額が463億 NT ドル減少 した）。 2004年 6 年30日 店頭公開売買センターは転換社債のデフォルトが発生する可能性のある会社を調査した。 2004年 7 月10日 衛道科技会社の3.38億 NT ドル転換社債のデフォルトが発生した。 2004年 7 月14日 （ 1 ）聯合投資信託債券型ファンドは衛道科技会社の転換社債を買っていたため，当日の台湾債券型ファンドの総解約額は74 億 NT ドル増加した。 （ 2 ）聯合投資信託会社傘下の 3 つの債券型ファンドの当日解約金額が114億 NT ドル増加した。 （ 3 ）行政院金管会は債券型ファンドを整理することにした。 出所：1. 台証先物経理株式会社先物経理取引研究部編「転換社債の波―聯合危機」 ，http://www.tsc.com.tw/tmf/pdf/006.pdf， 2 - 3 。 2. 経済日報，工商時報，財訊快報などより作成した。 9 Meijo Asian Research Journal Vol.1 No.1 差がなければ，分券という発行方法を採らないこと。代わり に，保証機関，物上担保，発行期限，発行利回り算定方式な 表 9 債券型ファンドの募集件数と格付けを受けた件数の統計 －2008年12月現在 単位：件，％ どの条件の差異がなければ，分券という発行方法を採らない 年月 項目 という規定に変えた。上述した政策を実施した後，社債の発 2004年 6 月 77 37 48.05 行時に分券方式を用いることが難しくなり，現在では，分券 2004年12月 78 50 64.10 で社債を発行するケースはほとんどなくなった。 ②作価を抑制するための評価制度の整備 政府は2006年 1 月 1 日に第34号会計公報を発表し，以下の ことを規定した。第一に，債券型ファンドが新しく買った社 債の基準価額は毎日評価しなければならない。第二に，社債 基金件数 (A) 格付けを受けた基金件数 (B) 比率 (B/A) 2005年12月 77 44 57.14 2006年12月 75 40 53.33 2007年12月 59 26 44.07 2008年12月 51 32 62.75 出所： 「産業現況分析」，中華民国証券投資信託及び顧問商業同業協 会のホームページ：http://www.stitca.org.tw より作成した。 の時価評価は社債参考利回りによる。この参考利回りはつぎ のようにして決定される。主要債券取引商（現在は20社）が 毎日，社債の発行期間及び格付け等級毎に社債の参考利回り Collateralized Bond Obligation）などの新金融商品を導入し を算定して後，店頭公開売買センターに伝達し，店頭公開売 た。仕組み社債の処分方式は次の 2 つである。一つは，債券 買センターはその主要取引商からの利回りを平均して後参考 型ファンドは仕組み社債を証券会社に売却して後，証券会社 利回りとして発表する。この社債利回りは社債を時価評価す は仕組み社債を元本部分（PO）と金利部分（IO）に分割し販 る場合の価額の参考基準となる 売した。もう一つは仕組み社債を金融機関に売却して，金融 。そのため，2006年以降， （17） 債券型ファンドは毎日店頭公開売買センターの公布した社債 機関はその仕組み社債を債券担保証券化商品（CBO）という 参考利回りにより保有社債を評価しなければならないことに 証券化商品にして，市場で売却する。 （3） 投資信託会社が流 なった。加えて小口で発行された分券社債を購入しにくく 動資金を必要とする際，債券型ファンドが保有する債券を条 なったため，債券型ファンドのファンドマネージャーは社債 件付売買で台湾郵政会社と取引ができることとした 6 ）。 （4） の作価を活用することができなくなり，また，債券型ファン 債券型ファンドが転換社債を買ってはならないと規定した。 ドの収益率を上昇させる操作ができなくなった。 上述の措置が実施されて以降，2005年末までに債券型ファン ③債券型ファンドが格付けを受けることの促進 ドが持っていた仕組み社債等は政府の規定通り完全に処分さ ファンドマネージャーが分券や作価という方法を容易に用 いることができた要因の一つとして，債券型ファンド運用の 58.7％に上昇した。 情報が不透明であったことが考えられる。そこで，聯合投資 ⑤債券型ファンドの分離政策の推進 信託会社事件後，証券主管機関は債券型ファンドに格付け会 2005年以降，政府は台湾ファンド市場を国際的なファンド 社の格付けを受けさせることを推進しており，民間格付け機 市場として発展させるため，債券型ファンドに対して従来の 関による債券型ファンドの評価は投資家にとって重要な投資 債券型ファンドを 「準短期金融市場型ファンド （Quasi Money 情報になっている。2004年 6 月（聯合投資信託事件が発生し （18） Market Fund） 」 と「 固 定 収 益 型 フ ァ ン ド（Real Bond た時）に格付けを受けた債券型ファンドの件数は半分に達し Fund） 」の 2 つの形態に分離しなければならないという分離 ていなかった。しかし，直近では，2008年の債券型ファンド 政策を実施した。その目的は 2 つである。一つは，債券型 の募集件数51件のうち，中華格付け会社，Moody's，Fitch の ファンドの流動資金準備を高め，二度と聯合投資信託会社事 3 社の格付けを受けた債券型ファンドの件数は32件であり， 件のような事件を起こさぬよう流動リスクを低下させるため 半分以上の債券型ファンドが格付け機関による格付けを受け である。二つ目は，債券型ファンドの位置づけを明確にする ており，この普及率を更に高めることが今後の課題となって ことである。 いる（表 9 参照）。 ④仕組み社債及び転換社債の処分 聯合投資信託会社事件以降，政府は仕組み社債の処分につ 10 れた。そして，全ての債券型ファンドの流動資産比率は 分離する前の債券型ファンドは外国で一般的に取引されて いる「固定収益型ファンド」及び「短期金融市場型ファンド」 の両者の性格をもっていた。即ち， 「固定収益型ファンド」の いて，いくつか重要な措置を講じた： （ 1 ）2005年末までに投 定期預金金利より高い収益率と「短期金融市場型ファンド」 資信託会社が保有する仕組み社債を処分し，また，処分に係 の換金が速くできるという性格を所有していた。その結果， る損失は投資信託会社がすべて負担することと規定した。 投資家には「従来の債券型ファンド」が「固定収益型ファン （ 2 ）債券型ファンドに対して仕組み社債の処分に役立てるた ド」であるか「短期金融市場型ファンド」であるか差異を区 め， 金 利 部 分（Interest Only，IO） と 元 本 部 分（Principal 別できなくなっていた。このため， 「従来の債券型ファンド」 Only，PO）の証券化ならびに債券担保証券化商品（CBO： について， 「固定収益型ファンド」と「準短期金融市場型ファ 台湾の債券型ファンドの盛衰とその社債市場に与えた影響 ンド」との差異をはっきり区別させるため，分離政策を採用 その収益率は比較的に高い。しかし，債券条件付売買商品， したのである。この分離政策では債券型ファンドに関する債 定期預金，短期金融市場商品など流動性の高い商品への組入 券の組入比率の規定に加えて，その基準価額の評価の必要 比率を50.0％以下に抑えなければならない。固定収益型ファ 性，債券の存続期間及び換金期間の規定も盛り込まれてい ンドは準短期金融市場型ファンドに比べると流動性は低い る。表10は 3 つの形態のファンドの特色をまとめたものであ （T+ 2 日以降に換金） 。また，毎日，債券における基準価額を る。 再評価しなければならないため，債券の基準価額は債券市場 まず，準短期金融市場型ファンドからみてみよう。準短期 により変化しやすい。また，その収益率は変化に富むため， 金融市場型ファンドは一般債券売買商品の組入比率が30.0％ このような債券型ファンドはハイリスク • ハイリターンを好 以下でなければならない。これに対して，債券条件付売買商 む投資家に向いたファンドとなっている。 品，定期預金，短期金融市場商品など流動性の高い商品への 中華民国証券投資信託及び顧問商業協会の統計によれば， 投資割合が70.0％以上でなければならない。このため，その 2007年にほとんどの従来の債券型ファンドは，金額ベース， 流動資金準備も高く，投資家の解約した日の次の営業日 件数共に準短期金融市場型ファンドに転換され，固定収益型 （T+ 1 ）に換金が容易にできる。しかし，流動性の高い投資 ファンドに転換した件数は 2 件に留まっている。おそらく， 商品の組入比率が高いため，その収益率は相対的に低い。と 2007年以降，債券型ファンドは固定収益型ファンドと準短期 ころが，準短期金融市場型ファンドの購入した固定収益債券 金融市場型ファンドに完全に転換されたと思われる。このよ は満期まで売却できないため，債券の基準価額は変動しな うに，分離政策を実行して後，投資家は「固定収益型ファン い ド」より「準短期金融市場型ファンド」を選好している。そ 。また，投資した商品（債券条件付売買商品，定期預 （19） 金，短期金融市場商品など）はその利息収入も安定している。 の理由として，台湾におけるファンドの投資家は法人投資機 そのため， 「準短期金融市場型ファンド」の収益率は安定的で 関と富裕者が多く，そのような投資家にとって債券型ファン ある。また，解約した日の次の営業日（T+ 1 ）に換金ができ ドへの投資目的は短期に資金運用するためであるということ る高い流動性というメリットを持っているため，このような が挙げられる。そのため，流動性が高く，収益率が安定して ファンドは安定的な収益率・低リスクを好む投資家に選択さ いる準短期金融市場型ファンドが選好され，流動性が比較的 れる。また，短期に資金運用する投資家にも向いている。 低い固定収益型ファンドは短期資金運用目的の投資家にとっ これに対して，固定収益型ファンドは一般債券売買商品の て魅力的ではないと考えられる。したがって，将来において 組入比率が50.0％を超えなければならない。その主要な投資 も準短期金融市場型ファンドが債券型ファンドの主流となる 商品は固定収益債券（現在は社債が主な商品）であるため， と推察される。 表10 分離政策下の債券型ファンドの形態及びその特色 種類別 項目 一般債券売買商品の保有比率 従来の債券型ファンド 準短期金融市場型ファンド 固定収益型ファンド 一般債券売買商品の組入比率は 一般債券売買商品の組入比率は債券型ファ 一般債券売買商品の組入比率は 債 券 型 フ ァ ン ド の 純 資 産 の ンドの純資産の30.0％を超えてはならない。 債 券 型 フ ァ ン ド の 純 資 産 の 評価する必要性 債券の存続期間（Duration） 50.0％を超えてはならない。 50.0％を超えなければならい。 新たに購入する債券の基準価額 債券の基準価額の評価は必要ない。 債券の基準価額の評価が必要で の評価は必要である。 ある。 - ・一般債券売買商品への投資のその加重平 均存続期間は 3 年を超えてはならない。 ・新たに購入する債券の満期は 5 年以内で なければならない。 ・購入した債券は満期まで売ることができ ない。 換金期間 T+ 1 （解約日の次の日） T+ 1 （解約日の次の日） 特性 ・収益性及び流動性が高い。 ・投資商品は主に短期金融商品であり，収 ・流動性は低い。 ・純資産価額が変化しやすい。 益率は低い。 ・流動性は高い。 ・純資産価額及び収益率は安定している。 T+ 2 （解約日の 2 日後） ・純資産価額及び収益率は変化 しやすい。 ・固定利息を得るため，その収 益率は高い。 出所：蔡東松・蕭黎明（2005）：「債券型ファンドの分離による，格付け件数の増加予想」，『中華格付け新聞』，2005年10月11日，中華格付け会社 のホームページ：http://www.taiwanratings.com/tw，1-2。 11 Meijo Asian Research Journal Vol.1 No.1 2008年に世界的な金融危機が発生しため，外国からの資 の成長に転じた。さらに，2007年にほとんど債券型ファンド 金，国内での株式市場と金融市場からの資金などが債券型 は社債の保有比率がひくい準短期金融市場型ファンドに転化 ファンド（準短期金融市場型ファンド）へ流れて込んできた したため，社債の発行額の成長率は2000年から初めてマイナ ことは，準短期金融市場型ファンドが短期資金運用目的の投 ス成長になった。ところが，2008年に台湾では金利が大幅に 資家を好まれている現象といえよう（表 6 参照）。 下がったため，大きな会社は早速社債を発行したため，社債 の発行額は2007年の発行額より5.69％を成長した（表 5 参 照） 。その増加原因としては，金利が大幅に下がったことと関 5 ．債券型ファンドの発展が社債市場に与えた影響 係があり，債券型ファンドの社債への投資と関係は薄かった と言えよう。 債券型ファンドの発展初期には，債券型ファンドの基金額 ②発行市場の利回り はまだ，小さかったため，債券ファンドの社債市場に対する つぎに，聯合投資信託事件前後の社債の発行利回りについ 影響力はあまりなかった。しかし，成長期に入り，ほとんど て見てみよう。まず，聯合投資信託事件前（調整期前）につ の社債が債券型ファンドに保有されるようになった。巨額な いてみる。債券型ファンドが成長していたとき，公債と社債 債券型ファンドは社債の流動性及び利回りに大きく影響し の利回りの指数はまだ，作成されていなかった。このため， た。この状況は聯合投資信託会社事件の発生するまで続い 社債の発行会社にとっては合理的な発行利回りを算出する際 た。調整期以降，債券型ファンドの分離政策が実行されたた に参考にできる利回りはまだなかった。このように，社債の め，債券型ファンドの社債市場に対する影響は次第に減少し 発行市場の利回りの決定が不透明であった状態の下，債券型 ていく。このように，債券型ファンドの社債市場に対する影 ファンドは社債を対象として，分券と作価という手法を活用 響は債券型ファンドの調整期を境いに大きく異なる。次に聯 した。なお，債券型ファンドは社債を作価の対象としたため， 合投資信託事件が発生した前と後に分けて，即ち調整期前と 小口化された社債に対する需要が高くなった。そのため，分 後に分けて，債券ファンドが社債の発行市場と流通市場に与 券された社債の発行利回りは低下した。社債市場の規模が小 えた影響について述べよう。 さいこともあり，2000年から2003年の間には，時々に社債の （ 1 ）発行市場への影響 ①債券型ファンドの基金額と社債発行量の動向 まず，聯合投資信託事件以前（調整期前）からみてみよう。 発行利回りが公債の発行金利を下回るケースも出てきた（表 11参照） 。 社債と公債の発行利回りを比較してみよう。中央銀行の資 1999年から2003年まで，債券型ファンドの成長率が増加する 料によれば， 7 年満期及び10年満期の社債と同期間の公債の につれて社債発行額も常に高い成長率を見せた（表 5 の一般 発行金利を比べると，2000年と2002年の ７ 年満期社債及び 債券売買商品の伸びは，主として社債投資増大を表わしてい 2001年と2003年の10年満期社債の発行利回りは同満期の公債 る）。2000年から2004年までに，金利が13回も引き下げられた ため，債券型ファンドの投資対象は定期預金から収益の高い 表11 公債及び社債の発行利回りの比較―1999～2008年 社債に変更されたのである。このように，債券型ファンドは 2000年（成長期）になってから，社債に対する投資を積極化 した。 年 項目 7 年満期 社債 公債 社債 つづいて，聯合投資信託事件以降（調整期後）についてみ 1999 6.22 6.06 5.77 - てみよう。2004年聯合投資信託事件以降，投資家にとっては 2000 6.05 5.44 5.55 5.56 債券型ファンドの投資メッリトが減少したため，債券型ファ ンドの募集が難しくなった。また，政府は2005年に分離政策 を実施したため，ほとんどの債券型ファンドは準短期金融市 公債 2001 4.46 4.99 3.4 - 2002 3.46 3.30 3.14 3.39 2003 2.17 2.28 2.46 - 2004 - 2.69 2.83 - 場型ファンドという形態に転換された。政府が準短期金融市 2005 2.30 1.95 2.39 - 場型ファンドの一般債券売買商品（社債が主な投資商品）へ 2006 2.05 2.00 2.35 - の投資比率を30.0％を超えてはいけないと規定したため，全 2007 - 2.34 2.93 - 2008 2.74 2.18 2.94 - ての債券型ファンドは社債への投資比率を抑え，逆に流動性 の高い商品（債券条件付き売買商品の公債，金融機関の定期 預金，短期金融商品など）への投資比率を上昇させた。その ため，債券型ファンドの社債に対する需要が減少するにつれ て，2005年から社債の発行額の成長率も二桁の成長がら一桁 12 単位：％ 10年満期 注： 1 ．2003年から 7 年公債を発行しないことになった。 2 ． “－”は当年公債や社債を発行しなかったため，発行利回り がないとなっている。 出所：中 央銀行経済研究室編（各月版） ： 『中華民国台湾地区金融統 計月報』 ，中央銀行。 台湾の債券型ファンドの盛衰とその社債市場に与えた影響 のそれより低かった。一般的に言えば，社債への投資リスク あり，その他の金融機関（投資信託会社が主な投資家）の社 は公債へのそれより高い。信用度を考えると，社債の発行利 債保有比率は34.50％であったが，2000年以降，社債の利回り 回りは公債の発行利回りより高いはずなのに，台湾社債は主 が低下したため，保険会社 • 年金基金の社債保有比率は減少 要な投資家である債券型ファンドの需要動向に影響されるた し続けた。2003年に保険会社 • 年金基金の社債保有比率は め，また，社債市場自体の規模が小さいため，社債の発行利 9.02% に減少し，最低保有比率となった。代わりに，その他 回りが同条件の公債のそれより低くなるという不合理な状態 の金融機関（投資信託会社が主な投資家である）の社債保有 も出現した。 比率は68.29％に増加し，最高保有比率となった。したがっ 続いて，聯合投資信託事件後（調整期後）についてみてみ よう。2006年以降，社債の時価制度と時価基準が整備された て，聯合投資信託事件以前（調整期以前）には，債券型ファ ンドが社債投資家の中で主役を担っていたのが分かる。 から，社債の発行企業にとっては店頭売買センターの毎日公 ついで，聯合投資信託事件以後（調整期以降）についてみ 布した社債参考利回りにより，社債の発行利回りが決定され てみよう。2005年に債券型ファンドの分離政策が実施された るようになった。そのため，社債の発行利回りも市場の実勢 後，準短期金融市場型ファンドが債券型ファンドの主流に 金利を反映するようになった。このように，社債の発行利回 なった。準短期金融市場型ファンドは社債への組入比率を りの決定が透明化され，社債発行利回りが公債発行利回りよ 30％以下にしなければならないため，債券型ファンドは社債 り低い状況は解消した。表11に見られるように，2006年から 投資を大幅に減少させている。逆に，聯合投資信託会社事件 社債の発行利回りは公債の発行利回りより高くなり，合理的 以後，作価と分券という手法が活用できなくなったため，社 な状況になった。 債の利回りも徐々に合理的な水準になり，債券型ファンド以 （ 2 ）流通市場への影響 債券型ファンドの社債流通市場での利回りへの影響につい 外の離れていた投資家が次第に社債市場に戻ってきた。その ため，社債の主要な投資家は債券型ファンドから，銀行，保 て述べる。 険会社，短期資金会社などの投資家に移っている。表12を見 ①流通市場の利回り れば分かるとおり，2007年の投資家の社債保有比率は，預金 聯合投資信託事件以前（調整期以前）には，債券型ファン 取扱銀行が26.86％であり，保険会社 • 年金基金が23.73％であ ドが大半の発行社債を購入しても，満期まで保有していた。 り，大幅に増加した。しかし，その他の金融機関（投資信託 そのため，流通市場での社債の取引額が少なく，各社債の利 会社が主な投資家である）の社債保有比率は41.78％であり， 回り（最終利回り）が形成されないことが多かった。聯合投 大幅に減少した。今後，社債流通市場が活性化するためには， 資信託事件以後には，社債の主要な投資家が債券型ファンド シェアを拡大しつつある銀行や保険会社，年金基金などが社 から保険業，銀行業，証券会社，中華郵政会社，年金基金な 債を満期まで保有することをせず，ポートフォリオの入替え どの投資家へ移った。しかし，これらの投資家のほとんどは 社債を長期投資商品として扱っており，満期まで保有してい たので，流通市場の取引は依然活発ではなかった。それでも， 2002年以降には公債指数が作成され，2005年11月以降には社 債参考利回りも作成されたため，証券会社や短期資金会社な 表12 主要な投資家の社債保有比率―1991～2007年 単位：％ 年 投資家別 預 金 取 扱 保険会社 • そ の 他 の その他 銀行 年金基金 金融機関 合計 ど流通市場で売買する投資家にとっては参考となる基準が出 1991 48.90 13.80 23.61 13.69 100.00 来た。そのため，これらの投資家によって形成される流通市 1995 36.11 18.14 34.50 11.25 100.00 場の利回りは市場の実勢金利を反映するようになった。 2000 10.69 16.25 63.84 9.22 100.00 ②債券型ファンドとその他投資家の動向 2001 8.45 14.47 70.95 6.13 100.00 2002 6.43 11.06 62.21 20.3 100.00 2003 6.17 9.02 68.29 16.52 100.00 2004 11.70 11.77 62.08 14.45 100.00 2005 24.67 17.04 48.92 9.37 100.00 2006 27.22 20.63 42.37 9.78 100.00 2007 26.86 23.73 41.78 7.63 100.00 次に，債券型ファンドとその他の投資家の社債投資動向を 見ておこう。まず，聯合投資信託事件以前（調整期前）につ いてみてみよう。債券型ファンドの繁栄期では，社債の応募 者利回りが下がり続けており，また，同条件の発行公債のそ れより低い不合理な状態であったため，年金基金（退職基金， 労工保険基金など），預金取扱銀行，保険会社，中華郵政会社 などの長期資金は次第に社債市場から撤退し，社債より収益 率がよい公債あるいは外国債券へ移っていた。その結果，債 券型ファンドが社債の主要な投資家になった。表12によれ ば，1995年の保険会社 • 年金基金の社債保有比率は18.14% で 注： 1 ．そ の他は国営企業，民営企業，家計及び非営業団体，政府 部門，国外部門などの投資家である。 2 ．主 要な投資家の社債保有比率は各社債の投資家の社債保有 額の総社債保有額に対する比率である。 出所：中央銀行経済研究処編 （各年版） ： 『中華民国資金流量統計年報』 ， 中央銀行。 13 Meijo Asian Research Journal Vol.1 No.1 などの適宜流通市場で売買するような投資慣行を身につける 必要があろう。 よう。準短期金融市場型ファンドには社債への投資比率 （30％以下）の規定がある。今後，すべて「準短期金融市場型 ファンド」が「短期金融市場型ファンド」に転換されれば， 社債への投資比率が30％から10％に下がるので，債券型ファ 6 ．おわりに ンドの社債に対する需要が減少するにつれて，社債の代表な 投資家の地位も他の投資家に移るであろう。さらに，社債の 最後に，今後の債券型ファンドの動向についてみてみよ 発行利回りも，市場の実勢金利を反映するようになったた う。2004年の投資信託会社事件が発生したのを契機として， め，社債の主要な投資家は，債券型ファンドから銀行，保険 政府は債券型ファンドに対する改善策を導入し，債券型ファ 会社，証券会社，台湾郵政会社，年金基金などの投資家に移っ ンドの資金運用問題が徐々に改善された。また，台湾政府は， た。以上のことを理由として，債券型ファンドの社債市場に 債券型ファンドに対する分離政策を実施した。従来の債券型 対する影響力が減少しており，また，今後もその傾向が続く ファンドは，外国で一般的に取引されている「固定収益型 と思われる。 ファンド」と「準短期金融市場型ファンド」に分けられたた このように，社債の主な投資家は債券型ファンドから，銀 め，債券型ファンドは，定期預金金利より高い収益率と換金 行，保険会社，証券会社，台湾郵政会社，年金基金などの投 が速くできるという性格が持てなくなった。これによって， 資家に移った。このような法人投資機関は巨額の資金を保有 投資家の債券型ファンド離れが進み，債券型ファンドの基金 しており，そのため，台湾債券市場では需要量が大きく供給 額が減少しつづけている。 量を上回っており，投資家のニーズに応えられない状況に そのうえ，台湾における投資家は法人機関と富裕者が多 なっているのである。もし，法人投資機関が持っている社債 い。このような投資家は流動性が高く収益率が安定している を市場で売れば，社債を買い戻せない可能性がある。そのた 「準短期金融市場型ファンド」を好んでいる。特に，短期資金 め，社債の主な投資家が変わったにもかかわらず，社債を長 運用目的としての投資家には「準短期金融市場型ファンド」 期保有目的で投資している。社債流通市場は依然として活発 が好まれている。そのため，2007年以降，従来の債券型ファ ではない。社債流通市場が活性化するためには，シェアを拡 ンドはほとんど「準短期金融市場型ファンド」に転換され， 大しつつある銀行や保険会社，基金年金などが社債を満期ま 今後は「準短期金融市場型ファンド」も主流となると推察さ で保有することをせず，ポートフォリオの入れ替えなどの理 れる。2008年に全世界金融危機が発生したため，台湾におけ 由で，適宜流通市場で売買するような投資慣行を身につける る投資者は株式市場と金融市場での資金をリスク回避や短期 必要があろう。また，政府も社債市場の発行面と流通面に関 資金運用などを目的として動かし，債券型ファンドへの投資 する改善策を検討し，社債市場での発行量を拡大し，流通市 額を大幅に増加した。2008年に債券型ファンドの構成比率が 場を活性化させるべきであろう。 全ファンドの60.40％を占めている。これによって，債券型 ファンドは他のファンドより投資家に好まれていると判断で きる。実際には，台湾政府は2005年以降，債券型ファンドの 分離政策を実施した際，2008年までにすべての「準短期金融 市場型ファンド」の名称を「短期金融市場型ファンド」 （外国 で一般的に取引されている）の名称に転換する予定であった。 （ 1 ）2004年 7 月14日，聯合投資信託会社下の債券型ファンドはデ フォルトの発生した転換社債（衛道科技会社が発行した）を 処分したため，一日でファンドの純資産価額は約3.0％低下し しかし， 「準短期金融市場型ファンド」の名称を「短期金融市 た。多くの投資家は聯合投資信託会社の債券型ファンドの解 場型ファンド」に転換すると， 「短期金融市場型ファンド」の 約に動き，聯合投資信託会社は流動資金準備不足に陥り，証 一般債券売買商品の保有比率は30.0％から10.0％に下がるの で， 「短期金融市場型ファンド」の収益率が減少し，基金の募 券主管機関に 3 つのファンドの「解約停止」を申し入れた。 なお，聯合投資信託会社を皮切りに，他の投資信託会社の債 券型ファンドも流動性リスクを理由として，同様に「解約停 集が難しくなる可能性があるので，投資信託会社は反対して 止」を申請した。聯合投資信託会社事件が発生した後 , 債券 いる。そのため，台湾政府はその最終転換期限を2010年に延 型ファンドへの投資家が急減したことにより，投資信託会社 長することにした。仮に，債券型ファンドの中で大きな役割 を果たしている「準短期金融市場型ファンド」が完全に「短 期金融市場型ファンド」に転換されれば，全ファンドにおけ る債券型ファンドの比率及び重要性が低くなる可能性があ る。 続いて，債券型ファンドと社債市場の関係について見てみ 14 注 にとって債券型ファンドの募集が困難になった。 （ 2 ）債券を市場で売却し，その譲渡益が資本利得となる。 （ 3 ）台湾債券型ファンドは全部がオープン型である。 （ 4 ）2005年以降，従来の債券型ファンドを「準短期金融市場型ファ ンド（Quasi Money Market Fund）」と「固定収益型ファン ド（Real Bond Fund）」の 2 つの形態に分離した。2008年12 月までには，債券型ファンドの件数は51件であり，その中で 台湾の債券型ファンドの盛衰とその社債市場に与えた影響 は準短期金融市場型ファンドが49件，固定収益型ファンドが 2 件のみである。 （ 5 ）一般債券売買商品の中で，社債が主な投資対象となっている のは，債券型ファンドのファンドマネージャーが債券型ファ ンドの収益率を向上させ，基準価額を安定させるためには， 流通市場であまり売買されていない社債の保有が望ましかっ たからである。 （ 6 ）債券を市場で売却し，その譲渡益が資本利得となる。 （ 7 ）債 券条件付売買は買い戻し条件付（RP）と売り戻し条件付 （RS）の 2 つ取引方法がある。 （15）台育投資信託会社下の債券型ファンドもその際，「解約停止」 を申請した。 （16）2004年 1 月30日の財政部証券及び先物管理委員会の公布によ り，財政部のホームページ：http://www.sfa.gov.tw。 （17）店頭公開売買センターのホームページでは債券の利回りを債 券の価額に転換する設定がしてあるため，投資家が簡単に利 用できる。 （18） 「準短期金融市場型ファンド」 とは，将来「短期金融市場型ファ ンド」に移行する暫定的なものであるという意味で「準」が 付けられている。 （ 8 ）債券型ファンドを解約した日の次の日に換金ができる。この （19）準短期金融市場型ファンドは社債へ投資する際，証券主管機 流動性が高い特性があるので，投資家にとって資金運用しや 関に申告することは必要ではない。ただし，万一社債の満期 すい。このため，短期的に資金運用を行なう投資家に好まれ 以前に，債券型ファンドが社債を売却する際には，証券主管 ている。 機関に申告しなければならないと規定している。 （ 9 ）2005年に債券型ファンドが「固定収益型ファンド」と「準短 期金融市場型ファンド」に分離された後， 「固定収益型ファン ド」の換金日は解約日の 2 日後（T+ 2 ）となり，「準短期金 融市場型ファンド」の換金日は解約日の次の日（T+ 1 ）と以 前と同じであった。 （10）5. 債券型ファンドの発展が社債市場に与えた影響については 表11を参照。 （11）転換社債には債券と株式オプションの両方の特性がある。 （12）従来の債券型ファンドを「準短期金融市場型ファンド（Quasi Money Market Fund）」と「固定収益型ファンド（Real Bond Fund）」の 2 つの形態に分離した。 （13）政府は債券型ファンドに対して投資家が解約を申し出た日の 翌日から数えて 5 営業日目（T+ 5 ）に換金をしなければなら ないと規定している。これを債券型ファンドが解約を申し出 た日の翌営業日（T+ 1 ）に短縮した。 （14）債券型ファンドの投資商品の中では，資本利得が発生する一 般債券売買商品は時価基準で計算する必要があるが，債券条 件付売買商品，定期預金など利息収入の投資商品は時価基準 で計算する必要がない。 参考文献 1 ）呉麗敏（2005） ： 『債券市場新論』，智勝文化事業有限株式会社， PP62–68。 2 ）「金融統計」，行政院金融監督管理委員会銀行局のホームペー ジ：http:// www. Banking gov.tw。 3 ）「産業現況分析」，中華民国証券投資信託及び顧問商業同業協 会のホームページ：http://www.stitca.org.tw。 4 ）黄仁徳等（2007）：「台湾債券型ファンドの発展と影響」，『台 湾経済金融月刊』，第43巻第 7 期号，P89。 5 ）経済日報編（2006） ： 『中華民国金融証券年鑑2005年版』，聯経 出版社，PP54–56。 6 ）陳其財（2006）：「行政院金融監督管理委員会の問題である仕 組み社債に対する処分の探討」， 『証券及び先物月刊』，第24巻 12期号，PP55–56。 15 Meijo Asian Research Journal Vol.1 No.1 The Rise and Decline of Bond Funds and their Influence on the Corporate Bond Market By Kuanju LIN † † Aletheia University College of Finance and Economic Abstract Bond funds emerged in Taiwan in 1991. They were easier to raise than other funds because they had the integrated characteristics of “fixed income fund” and “money market fund”. The dull domestic stock market and the sharp decline of bank interest rate in 1996 brought up a massive influx of domestic funds from stock and financial market into bond funds, and the volume of the latter continued to grow after that. At the same time, the low interest rate caused the investments of the bond funds to shift from financial products such as bank deposit account to corporate bonds, the market of which received a great impact. This paper will discuss and analyze the rise and decline of bond funds as well as their influence on the corporate bond market. key words : Bond funds, corporate bonds 16 学術論文／ Articles 韓国における労働市場の柔軟性とその対応－新自由主義のパラドックス 金 光旭 † † 名城大学アジア研究所研究員 要 旨 グローバル時代を表す概念の一つである新自由主義についての各国での論議は， その受容と抵抗， そして調整として特徴付けられる。 この研究では，東アジアの韓国の社会の中で，新自由主義がいかに根を下ろしているかを確認しながら，特に経済の自由化を強調し てきた資本側と，それに抵抗してきた労働側の論理を振り返って，その調整の働きを点検していくことを目標にしている。これによっ て，韓国におけるグローバル化と関連する新自由主義の意味を確認し，他のアジアの国々における意味との相違を明らかにする。 キーワード：新自由主義，労働市場の柔軟性 の国々との間の相違を浮き彫りにする。もって，雇用悪化に はじめに よって，臨時職の労働者の労働条件が厳しくなっている日本 の社会に示唆する問題点などを明らかにする。 グローバル時代を表す概念の一つである新自由主義の潮流 について，OECD の各国ではさまざまな形での受容と抵抗が 展開され，また調整されつつあるのが現状である。この研究 1 韓国における新自由主義 の主眼は，東アジアの新興工業国たる韓国の社会の中で，い わゆる1980年代の民主化以降，新自由主義がどのような特徴 新自由主義とは何よりも，強力な私的所有権，自由市場， を示しながら，根づいてきたかを確認するところにその目的 自由貿易を特徴とする制度的枠組みの範囲内で個々人の企業 がある。とりわけアジア金融危機後，韓国政府が新自由主義 活動の自由とその能力とが無制約に発揮されることによって 的経済政策を積極的に受け入れてきた。そのため，韓国政府 人類の富と福利が最も増大する，と主張する政治経済的実践 は経済の自由化を強調してきた企業側と，それに抵抗してき の理論である。国家の役割は，この実践にふさわしい制度的 た労働側の間で，積極的に介入し，議会での法律制定の過程 枠組みを創出し維持することである。また国家は，私的所有 を通して，労使政三者による社会協約体制を作り出そうとし 権を保護し，市場の適正な動きを，必要とあらば実力を用い た。 てでも保障するために，軍事的，防衛的，警察的，法的な仕 韓国政府と与党が主導した調整の働きは，対立していた企 組みや機能をつくりあげなければならない。市場への国家の 業側と労働側の間に中立的で積極的な仲裁を意味するはずだ 介入は，いったん市場が創り出されれば，最低限に保たれな が，政権によって，国民には親企業側の政府（李明博政権） ， ければならない １ ）。 親労働側の政府（金大中，盧武鉉政権）として写されたのも 1960年代に始まった韓国政府の輸出主導型戦略によって財 事実である。しかし，そのような分け方にそぐわない労働政 閥への支援，育成が行われ，1970年代にはこれらの財閥を中 策について，具体的には非正規職保護法を制定する前後の状 心とした企業はそれぞれの部門で世界的な企業として成長し 況を把握することによって，韓国における政府の介入に注目 た。1980年代中頃以降，なかでも86年のウルグアイ・ラウン していくことにする。 ドによって指摘されたことであるが，韓国のビジネス界は資 韓国政府による調整の働きは，反新自由主義的な社会政策 本移動の自由を求めた。韓国資本は，海外で安くてより都合 としてあらわれたが，それがドラマチックに展開されたの の良い労働力を確保することによって，国内の高い賃金と盛 は，2009年 7 月以降，実施した非正規職保護法である。その んになった労働組合運動に対応しようとした ２ ）。韓国におけ 同法律をめぐる与野党間の攻防，また市民社会を巻き込んだ る新自由主義は，主に労働市場のフレクシビリティ，小さな 対応について調べることによって，韓国におけるグローバル 政府，自由市場経済の重視，規制緩和，FTA の締結，公企業 化と関連した新自由主義の展開の意味を確認し，他のアジア と医療，放送の私有化などの形態，またその実現をめぐって 17 Meijo Asian Research Journal Vol.1 No.1 の論議という形であらわれてきた。韓国の経済的自由度は 業の育成，農工並進などの政策を盛り込ませ，外国資本によ OECD のなかでは遅れていて，米国とは離れている水準であ る国内産業の弱化を防ぎ，国内経済の保護を強調した経済理 る 。韓国政府の目標は，米国や EU との FTA を通して，様々 論である ６ ）。当然，政治的な対抗軸にあった朴正煕の輸出指 な制度の改革を行い，経済的自由を高めることである。21世 向の経済発展戦略とは激しく対立していた。その後，紆余曲 紀に入ってから，労使紛争とそれによる勤労損失日数は， 折を経て，金大中は大統領に就任したが，大衆経済論を中心 2004年を頂点に下向する傾向を見せている。 とした経済路線は，労働者へ一定の配慮をしながらも，以下 ３） 金大中政権と盧武鉉政権における韓国の進歩陣営の学者， のような経緯で変わらざるを得なかったのである。 政治家は新自由主義の打倒を叫び，保守陣営が新自由主義を 1997年にアジア経済危機の打撃を受けた韓国では，経済回 擁護する様相を呈してきた。但し，進歩陣営から支持を受け 生のために外国資本を導入する過程で，グローバリズムの本 たにもかかわらず，金大中政府は新自由主義的な経済政策を 質ともいうべき新自由主義的な経済政策を積極的に受け入 受容し，それに続いて盧武鉉政府も新自由主義的な経済政策 れ，その後，新自由主義的な傾向が強くなる。とりわけ1998 に基づいて，韓米 FTA の締結を推し進めた。李明博政府のだ 年 2 月より発足した金大中政府は新自由主義的な経済政策を と特徴付けられるのは，新自由主義的経済とそれに相応しい 積極的に導入することによって，アジア経済危機を克服しよ 保守政治との結合であるが，すでにその以前の金大中政府と うとした。 盧武鉉政府で新自由主義的経済が展開され，民主改革的政治 当時，韓国政府は IMF が一般的に債務国に要請した水準以 上の新自由主義的な改革を約束する代わりに，救済金融を受 と矛盾をはらんで結合していた ４ ）。 1960年代，韓国は外国から借りた資本を元に原資材および け入れた。1997年から1998年にかけて韓国が金融危機に見舞 中間財を輸入し，それらを加工して，完成品を輸出する形で われたのは，急に国際金融規制の基準が高くなったことから 外貨を稼いでいた。このような経済戦略に対して金大中は， 発生したのではなく，すでに提示されていた国際金融規制の 1971年大統領選挙の当時，韓国経済の貧困と対外従属性を拡 BIS 基準 ７ ）を形式的な水準として適用した異常な進行 ８ ）によ 大・深化する過程に過ぎないと批判した。金大中は大衆経済 るものである ９ ）。 論を通して，市場経済に社会主義を組み合わせた大衆参加の 金融危機後，金大中政府が IMF から救済金融を受け入れる 経済を理想としていた。「大衆参加の経済」とも呼ばれる彼の ために約束した内容には，外国資本による企業や銀行の買収 大衆経済論とは，経営・生産・分配のいずれにも労働者を参 だけでなく，労働市場の柔軟化が含まれていた。市場原理を 加させて，労働条件の改善・向上を図り，これによって経営 強調した新自由主義的な経済理論を擁護した政策決定者たち の安定と企業の発展に努めることを目指した 。 は，市場を規制する制度，特に労働市場を規制する制度（正 ５） 金大中は，進歩陣営の経済学者である朴玄 の民族経済論 規職・非正規職保護）の代わりに規制緩和を積極的に導入す に注目して，1971年以降大衆経済論を展開した。朴玄 の民 ることによって，より多くの雇用の創出が期待されると予測 族経済論とは，自主的な民族経済を重視し，中産層と中小企 した。 図 1 労使紛争の発生件数及び勤労損失日数（2000-2009.6） 件数 500 日数 2000 450 1800 400 1600 350 1400 300 1200 250 1000 200 800 150 600 100 400 50 200 労使紛争の発生件数 勤労損失日数 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 年度 出典：韓国労働部労使協力政策局（2001－2009）：『労働動向報告書』，『勤労損失日数報告書』；韓国統計庁（2009）：「労使紛争事業所及び勤労損 失日数」『e-国家指標』；但し，2009年の場合， 6 月まで。http://index.go.kr/egams/stts/jsp/potal/cust/intro/PO_INTRO_Main.jsp（アク セス2010年 1 月28日） 18 韓国における労働市場の柔軟性とその対応－新自由主義のパラドックス しかし，新自由主義的な経済の特徴は，産業の各部門の効 つつある１１）。国民からの反対の声が高かったため，大統領自 率化を重視し，リストラを展開した結果，大量解雇による失 らが大型工事の中止を約束したにもかかわらず，取り消し以 業者の急増としてあらわれた。このような現象が家族解体な 前の規模まで至ってないが，政府傘下の公共機関などを通し どの社会問題を起こすなど，新自由主義に対する否定的な側 て河川整備事業を実行する構えを崩していない。 面が浮かび上がってきたのである。当時，韓国政府は，新自 由主義的な経済政策を受容する代わりに，福祉部門の制度化 にも力を入れてきたが，それは貧困層を対象にした国民基礎 生活保障法 2 新自由主義と労働市場の需給 や全国民を対象とした四大保険と呼ばれる公益 １０） 保険の国民年金・健康保険・雇用保険・産災保険などであっ 金融危機後，世界を覆うグローバル化によって東アジア地 た。このような制度的な保障は新自由主義的な経済政策の展 域は苦境と機会に直面し，新しい選択の岐路に立たされてい 開によって，犠牲になりやすい低所得層に対する救済案とし る。東アジア地域では，グローバル化の骨子だといわれてい て発表し，成長の影の部門で起こりやすい問題を克服しよう る新自由主義をめぐっての対立が展開しているなか，競争と とした。金大中政府の「市場経済と民主主義の並行」や盧武 進化だけが美徳化され，協力と共生の立地は狭くなってい 鉉政府の「同伴成長論」というスローガンには，国家の市場 る。東アジア地域における新自由主義の導入の歴史は浅い への介入を通して，民主主義の進展とともに一定の分配を確 が，その間に経済全般にかけて進んできた。その結果，新自 保するという政策の目標が込められている。盧武鉉政府にお 由主義による市場秩序の乱れやそれに対する準備は十分では いても，福祉予算は22%（2002年）から27%（2007年）まで なかったことが問題点としてあらわれた。各国が新自由主義 増大した。 モデルを積極的に受容することで，自由競争の論理によっ 韓国の金融危機から10年後の2007年においては，経済成長 て，東アジア地域には個別的な競争が激化され，いままで蓄 による所得が 5 ％まで増加したが，雇用率は0.1％の増加に留 積してきた地域協力の基盤が崩壊してしまうという恐れがあ まり，経済成長が直ちに雇用の増加と結びつかない結果が表 る。 今日，日中韓の指導者が日中韓 FTA を始めとする経済協力 れた。2009年 4 月現在，韓国全体の平均失業率は3.2% で， OECD のなかではオランダ（3.0%）に続き二番目の低い水準 の重要性を強調しているのは，この地域における経済的な効 に留まっている。しかしながら，若年層の失業率はこの十年 果だけでなく，地域的な協力を通して達成できる信頼など， 間 5 % 前後を示して，全体の平均失業率とは 2 % 近い差に 経済外的要因に対する期待からだ。さらに新自由主義は経済 なっている。 政策だけでなく政治，社会，文化などの諸分野とも結びつい 一方，2010年度予算編成の指針を参照する限り，李明博政 て進んできたため，国内外の状況とも連動しやすい構造と 府は新自由主義的な経済政策を展開しながらも，福祉予算を なっている。いま一度，世界を向けて東アジア地域自らの構 2009年の74兆 6 千億ウォンから82兆 1 千億ウォンへと増額し 想を発信しながら，世界との共栄を求めるためにも共生の意 た。しかし，李明博政府は大型工事，とりわけ河川整備工事 味を確認する時期である。 新自由主義の経済モデルの一つは，労働市場の柔軟性であ に係わる直接，間接の費用の調達に奔走している印象を与え 図 2 韓国・OECD の失業率の推移 ％(韓国) ％(OECD) 6 8 7 5 6 4 5 3 4 3 2 韓国の失業率 25-34才の失業率 OECDの平均失業率 2 1 1 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 年度 出典：「OECD 諸国の失業率統計」http://stats.oecd.org/Index.aspx?DatasetCode=MEILABOUR（アクセス2010年 1 月28日） 19 Meijo Asian Research Journal Vol.1 No.1 る。各国の景気は，国内外の経済環境によって変動するので， は，身分の不安定だけでなく賃金の差が大きな問題となって それに応じて労働の需給を調節しようとする戦略である。先 いる。 進工業国の OECD における労働市場の柔軟性は，資本と労働 との間の緊張感を増して，政治的，社会的な問題となった。 韓国の場合，労使間の緊張度が高まった背景には，戦後，国 3 労働市場の柔軟性とその対応策 家主導の開発政策を展開し，短期間で工業化の水準を引き上 げながら，その目標の達成を強調したため，しばしば労働者 側の権益と衝突したことがある。 一般的に非正規雇用とは正規の雇用を補完するシステムで あるが，韓国の場合，非正規職の労働者は企業の利益を優先 韓国で非正規雇用１２）に対する依存が高くなったのは，特に， する資本の論理によって取り巻かれているため，正規職の労 アジア通貨危機後，大規模のリストラを実施し，必要な労働 働に劣らない労働力を代替している場合が多い。産業の各部 力を非正規労働者の拡大を通して確保しようとした働きが続 門で正規職の労働者と実質的に差異のない労働を担っている いたからである。これによって企業は人件費を削減し，労働 非正規の労働者を保護するための措置が非正規職保護法であ の柔軟性を確保する経営戦略に乗り出した。また企業は非正 る。非正規職保護法とは， 「期間制および短期間勤労者の保護 規労働者を雇用することによって，正規労働者の保護のため などに関する法律」１３）（以下，期間制法と略す）と「派遣勤 の法規制を避けながらも，他方では専門の能力を備えた正規 労者保護などに関する法律」１４） （以下，労働者派遣法と略す） 労働者の雇用保護と労使関係の安定化を計るための緩衝地帯 を意味する。 をつくろうとした。非正規労働者たちは現行の正規職中心の 1998年に発足した金大中政府は，それまで掲げてきた大衆 企業別労働組合へ組織化されないことから，労働組合の萎縮 経済論を修正して，新自由主義的な路線を含む経済政策を展 を狙っている企業の戦略だと考えられる。 開し始めた。とりわけ金融改革を通して，韓国の企業と銀行 他方，歴代の韓国政府は，非正規職労働者の増加を抑制し， が外国資本の売買取引の対象となるようになった。このよう 一定の保護の必要性を認めながらも，それが労働市場全体の な対応は，当時のアジア金融危機へ対処するためであった 柔軟性を損なわない方向へ導くために労使の間の折衷点を模 が，これによって韓国経済は安定化し，対外的にも純債務国 索してきた。 から純債権国への転換が可能となった。しかし，対外的な経 このような非正規労働者の拡大には，1990年代初以降，グ ローバル化と市場開放は避けられないことだという認識が拡 済開放を拡大した結果，景気の変動性が高まり，安定した雇 用の確保が課題となった１５）。 がり，韓国政府も国家競争力を高めるための手段として労働 このような負の側面が盧武鉉政府に廻され，新自由主義式 の柔軟性を強調したことと関連している。政府自らも公共部 の経済改革の影にあったリストラなどによる雇用不安を解消 門における大規模のリストラを通して，正規の労働者を大規 するために導入しようとした制度が非正規職保護法である。 模に削減し，その代わりに非正規労働力を吸収した。その結 （ 1 ）非正規職保護法の導入 果，2006年の統計では，中央・地方政府や公共機関，公企業 アジア金融危機後，1998年に韓国は勤労基準法を改正して などに雇用された非正規労働者数は31万 1 千名で公共機関の 「整理解雇法」や「退職金中間精算制」を導入することによっ 全労働者の20.1% に達している。正規－非正規労働者の間に て，労働市場の柔軟性を受け入れ，企業の競争力を高めよう 図 3 正規－非正規労働の賃金格差 ％ 66 万ウォン 250 64 200 62 150 60 100 58 非正規労働者の賃金(A) 正規労働者の賃金(B) (A÷B)×100 56 50 54 0 2004 2005 2006 2007 2008 2009 52 年度 出典：韓 国労働部雇用政策室労働市場分析課（2001－2008） ： 『雇用形態別勤労実態調査』 ；http://www.index.go.kr/egams/default. jsp（アクセス2010年 1 月28日） 20 韓国における労働市場の柔軟性とその対応－新自由主義のパラドックス とした。これらの改正とは別に，1998年に「派遣労働者等に 255万くらいに増えるような現象があらわれた１６）。 関する法律」や「賃金債権確保法」と「公務員職場協議会の 現在，民主党連立政権の主導で，製造業派遣や登録型派遣 設立・運営に関する法律」，2006年には「非正規職保護法」が の原則禁止を柱とした労働者派遣法改正案の報告書がまとめ 制定されたのである。 られている。規制緩和から労働者保護に焦点を当てた法案で 韓国の非正規職保護法は，2006年11月に制定され，2007年 ある。労働者保護の視点を失わず，米国発の金融危機後の余 7 月に300人以上の事業所に適用されたが，2009年 7 月より 波が続いているこのころ，不安定な就労関係に置かれている 5 人以上の事業所に拡大して適用するようになった。2009年 労働者にとっての最善策が求められている。 7 月よりその期間が 2 年以上となった契約職の労働者たち 2009年 3 月の時点で，韓国の非正規職は537万 4 千人でそ は，別途の解約通告を受けない限り，正規の雇用としての身 の前年に比べて 7 万人減少し，正規職は1070万人で 4 万人増 分転換が義務付けられるようになるため，多くの企業が急い 加した。非正規職の比率は33.4% で前年に対比して0.4% 下向 で期間制や契約職の労働者を切り捨てるのではないかという し，二年続いて減少傾向を見せている。但し，期間制労働者 憂慮があった。非正規職保護法が拡大され，二ヶ月間実施し は2007年 3 月から2008年 8 月まで 1 年半の間に25万人減少し た結果，労働者の三分の二が正規の労働者として契約を更新 たが，2009年 3 月までに再び19万人が増加した。期間制労働 したが，残りの人は解約され，非正規職を失われるように 者のなかで，パート労働は 9 万人，特殊雇用１７）が 4 万人，臨 なった。企業側にも労働者側にも一長一短のある非正規職保 時雇い労働が 4 万人も増加した。これは政府が期間制労働の 護法の要は，企業側が展開している労働市場の柔軟性を制限 期間延長等を試みて，非正規労働を許容する方針に転換する することによって，企業が経営の合理化を理由に労働者の権 のではというシグナルを送ったことが労働市場に期待を膨ら 益を奪うことを防ぐことである。 ませたことと，雇用対策の一つのパターンとしての臨時の雇 日本の場合，1986年より施行され，1999年と2004年，2006 年に改正された労働者派遣法は，適宜に労働の機会を提供す 用形態である青年インターンシップが増えたことに起因して いる。 ることによって，企業と労働者を救うという積極的な面もあ さらに2009年 8 月現在，非正規職は575万 4 千人で，その前 るが，安易に労働者を切り捨て，正規と非正規の労働者の間 年に比べて30万 9 千名が増加しているのに，正規職は1072万 の賃金格差や雇用体制を歪曲するという暗い面を同時にあら 5 千名でその前年に比べて 6 万 5 千名の増加に留まっている。 わしている。 一方，正規職と非正規職との間の賃金の格差も開きつつあ 厚生労働省の調査によると，派遣労働者数は年々増加して る。2009年 8 月現在，全体の賃金労働者の平均月給は185万 2 おり，とりわけ，法改正のたびに高い増加率を示している。 千ウォンで昨年に比べて0.3% の増加があった。しかし，非正 労働者派遣の適用対象業務の範囲を原則的に自由化した1999 規職の労働者の場合，120万 2 千ウォンで昨年の129万 6 千 年の改正によって，その前は登録者数を含めて107万人くら ウォンより7.3% が縮小された。これに対して正規職の場合， いであった派遣労働者数が139万人ほどの約 3 割の増加が 昨年の212万 7 千ウォンより3.5% 増加し，220万 1 千ウォンと あった。また，26業務以外の業務について，派遣受入期間を なった。新自由主義的な経済政策に対する労働現場での結果 1 年から最大 3 年まで延長した2003年の改正によって，その は，非正規労働者の増加と賃金の格差としてあらわれたが， 前は236万くらいであった派遣労働者数が，その 2 年後には 今後の推移に注目していかなければならない。 図 4 正規職－非正規職の規模 ％ １千名 40 12000 35 10000 30 8000 25 20 6000 15 4000 非正規労働者(A) 正規労働者(B) (A÷(A＋B))×100 10 2000 0 5 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 年度 出典：韓国労働研究院編（2009）：『2009KLI 労働統計』 ，32頁。 21 Meijo Asian Research Journal Vol.1 No.1 （ 2 ）非正規職保護法の論点 れ，同じ職場で同じ仕事をする労働者は，賃金および労働時 2009年 7 月現在，国会での与野党の間の対立の焦点は，非 正規労働者の雇用期間の二年が過ぎてからの労働者の身分で 間という基本的労働条件について差別されないという原則で ある。 あった。すなわち期間制労働者の雇用期間を 2 年以内と制限 韓国の非正規職保護法でも，期間制・短期間・派遣労働者 し， 2 年を超えた場合には期間の定めのない労働契約を締結 に対する不合理な差別を是正するために，差別的待遇を禁止 したものと看做される（期間制および短期間勤労者の保護な するとともに，労働委員会を通しての差別是正の手続きを設 どに関する法律 4 条）。改正・派遣勤労者保護などに関する法 けている。ここでの差別的待遇とは，同種または類似した業 律 6 条により，派遣期間は 1 年以内が原則であるが，派遣元・ 務に従事する労働者の労働条件に比べて，不利に扱われてい 派遣先・派遣労働者間の合意があれば 1 年以内の範囲で延長 ることを意味している２０）。 （期間制法第 2 条 3 号，労働者派遣 することが可能だと示している。つまり合計 2 年を超えない 法第21条 1 項） ようにと明記している。 （ 3 ）その対応策 与党のハンナラ党はその 2 年を延長して，非正規雇用の期 非正規労働者の増加は，そのまま社会格差が拡がる背景の 間を延ばそうとしていることに対して，野党の民主党は現行 理由ともなっている。さらに，韓国の社会保障や所得再分配 の法律を守ることによって，非正規労働者の正規職への身分 は OECD のなかでは低い水準に留まっている。成長を重視し 転換を図ろうとした。2006年当時，与党が主導した非正規職 ている経済学者は，所得再分配の縮小を主張しているが，所 保護法をめぐる立場は，2008年に政権が替わってからも，そ 得再分配の縮小が必ず成長に至るという論拠も薄い。所得の のままであった。2006年の当時，野党であったハンナラ党・ 不平等をあらわすジニ係数と相対貧困率は，下記のようであ 企業側は，非正規職保護法を廃止し，労働者派遣法を導入し る。貧困層のなかでも，学歴のない人と女性が世帯主になっ て，労働市場の柔軟性を確保しようとした。これに対して当 ている家庭の所得が悪化している。伝統的な賃金構造のなか 時の与党・労働団体は，非正規職保護法を強化することに であらわれた男女間の賃金の差を改善することは至難であ よって，労働者の権益を守っていくことを目指した。 り，いまだに克服すべき課題として残されている。 上のような与野党の立場を背景に，2009年 6 月にハンナラ そのような背景の下で，2007年 4 月より低所得層の貧困の 党の改正案をめぐって 8 回にわたって五人連席会談１８）が開か 悪循環を防ぐために実施されたのが，児童発達支援口座 れたが，互いの立場の差だけを確認する結果で終わった。 (Child Development Account : CDA) の事業である。韓国の 結局，2009年 7 月 1 日以降，非正規職労働者に対する雇用 民間銀行が児童名義で通帳を作り，福祉財団が後援の世話役 期間を 2 年に制限する条項が発効されるようになった。一 を担うように委託された制度である。OECD の国々では，児 応，非正規職保護法が発効したとしても，与党のハンナラ党 童福祉または出生率の低下を改善するために様々な形での児 は改めて非正規職の施行を 1 年 6 ヶ月猶予するという立場 童手当を設けており，政府が児童の成人になるときまで親の を，野党の民主党は上のような従来の立場を固く守ってい 負担を軽減することを主な内容にしている。韓国が導入した て，今後の行方は不透明のままである１９）。 CDA は，シンガポール政府が2001年 4 月より導入したプログ もう一つの論点は，非正規職労働者に対する差別を是正す ラム２１）をベンチマーキングした制度である。 る条項である。例えば，EU における非正規労働規制の焦点 韓国政府が導入した CDA は，支援の必要な児童が保護者 は均等待遇原則のような条項である。いかなる契約条件であ もしくは後援者の後援金の一部を積み立てた場合，政府は児 図 5 韓国のジニ係数と相対貧困率の推移 ジニ係数 相対貧困率 10 0.33 0.32 0.31 0.3 0.29 0.28 0.27 0.26 0.25 8 6 4 ジニ係数 相対貧困率 2 2001 2002 2003 2004 2005 2006 2007 2008 0 年度 出典：韓国統計庁（2008）：『家計動向調査』； 韓国保健社会研究院（2008） ： 『貧困統計年報』 ；http://www.index.go.kr/egams/default.jsp（アクセ ス2010年 1 月29日） 22 韓国における労働市場の柔軟性とその対応－新自由主義のパラドックス 童が17歳になるときまで同じ金額を加えて積み立てて，結 て生活福祉を守れるかにある。 局，児童の通帳には利子などを除いても元金の倍規模の金額 韓国では非正規職保護法を実施した結果，労働側と企業側 が残されるようにつくった口座である。将来，児童が成人に がその法律をいかに受容するかによって，大きく変わった。 なったころ，学資金や就業，創業などの費用に当てるように 労使間の戦略と妥協によって，有期契約の期間満了による雇 工夫した福祉制度である。この制度には支援を求める側にも 用が自動終了になるか，もしくは非正規雇用から正規雇用へ ある程度の関心と誠意を求めることから，一方的な支援では 転化することも可能になったのである。労働組合が一律的に なく，双方間の信頼を重視している。但し，毎月最大 3 万ウォ すべての非正規労働者を既存の正規職へ転換させるようと要 ンでさえ貯金の金額を負担できない貧困層は，対象の死角地 求すれば，使用者が費用負担を憂い，反発しかねない。しか 帯に置かれる。 し，非正規雇用の労働条件を有期から無期へ，また下位職級 2008年 7 月，支援の対象となる40,174名のうち，約 7 割の の新設による人件費の負担を軽減することなどによって，妥 33,238名が加入している。加入者のうち， 1 割が 6 ヶ月以上 協の意思を示せば，労使間の問題解決の可能性は高くなって の未納である。対象となる加入者の確保だけでなく，月の最 いるのである。 小限度の金額や通帳の開設後の事後管理などが問題点として 残されている。 企業は，労働組合の強硬的な態勢に対抗するために労働柔 軟性を確保し，また人件費を削減するために非正規労働者を 李明博政権に入ってから，庶民のために展開してきた福祉 好んでいた。しかし，産業別に労働の熟練度が高いほど，非熟 政策の例は，庶民のための金融政策と住宅政策である。開発 練の非正規労働者を雇うことは企業の売り上げ規模や純利益 途上国での小額の無担保融資システムを導入し，2009年12月 にも影響を与え，労働の生産性を低くする要因となっている。 より開始されるこの融資事業の財源は，金融圏と財界からの 国家が企業に対して正規労働者の採用拡大や正規－非正規 寄付金によるが，大企業から 1 兆ウォン，金融圏から3000億 労働間の均等待遇を強調した場合，企業側も経営合理化のた ウォンの寄付に加え，休眠口座の 7 千億ウォンなどの，合計 めの自救策として，海外への資本の移動を選択する可能性が 2 兆ウォンによってつくられている。この財源によって，10 高くなっている。それは国内産業の空洞化を促すだけだと判 年間25万の低所得層に向けて無担保融資を行うことになる 。 断して，政府と労働側は海外への資本の移動を阻止しようと 一方，首都圏における緑地造成地帯の規制を一部解除する してきた。昨今の日本社会と同じように，韓国でも雇用契約 ことによって，住宅用地を確保し，その地区に庶民のための の如何にこだわるよりも，若年非正規労働者を企業内教育訓 住宅団地を供給する方案を推進中である。しかしながら，緑 練システムの中に組み込むための方策が重要な課題となった 地造成地帯の地主に対する土地補償や住宅地区選定に絡む地 背景である。 ２２） 方政府との間の不協和音，さらに首都圏以外の地域に対する 配慮の不足より反発が予想される。 欧米の先進国に先駆けて景気回復が進む韓国では， 「雇用 なき回復」への懸念が高まっている。企業の効率化によって リストラの減員が発生してきたが，若者や高齢者の一時就業 によって雇用統計が改善された仕組みに過ぎなかった。結 むすびに 局，現在，世界から注目されている環境・エネルギー産業， ＩＴ関連企業などの先端型産業だけでなく，これから新しい 新自由主義の経済政策を積極的に導入した金大中政府以 成長産業となる医療，福祉分野への労働力を確保することに 降，韓国政府は新自由主義的な経済政策の対極にあった所得 よって，一定の雇用創出を達成しようとしているのが今日の の再分配や福祉政策が縮小されないように工夫してきた。新 現状である。 自由主義を基盤とする政策を展開するためには，その負の面 に対する一定の配慮を続けなければならないのであるが，こ のような配慮は現政府まで続いている。 もともと生活の質を高めるための労働・福祉政策を本格的 に展開するためには，膨大な財源を必要とする。韓国政府は 参考文献 １ ）デヴィッド・ハーヴェイ，渡辺治監訳（2007） ： 『新自由主義』 作品社，2007年，PP10–11。 それらの財源の捻出を新自由主義に基づいた市場の自由化が ２ ） デヴィッド・ハーヴェイ，PP150–151。 もたらした成長に依存して，その後，分配政策によって国民 ３ ）日米韓の経済的自由度（ランク）。３ の生活の質を高めようとした。政権交代を済ませた日本に も，生活の質を高める福祉政策の展開とともに非正規労働者 を保護するための法案が改正を待つことからも確認できるよ 2001 2002 2003 2004 米国 8.33(4) 8.55(2) 8.3(3) 1995 2000 8.2(3) 8.1(5) 8.07(6) 7.90(9) 7.86(10) 8.06(6) 2005 2006 2007 日本 7.0(28) 7.42(20) 7.0(34) 6.9(38) 7.4(19) 7.28(25) 7.38(27) 7.33(30) 7.46(28) 韓国 6.42(48) 6.62(53) 7.0(34) 6.9(38) 6.9(36) 7.1(33) 7.3(32) 7.32(32) 7.45(32) うに，グローバル化時代における労働政策の焦点はいかにし 23 Meijo Asian Research Journal Vol.1 No.1 James Gwartney and Robert Lawson, Economic Freedom 労者として把握している。韓国では，2002年 7 月労使政委員 of the World 2009 Annual Report (Vancouver: Economic 会の非正規職特別委員会の合意で非正規職勤労者の概念と範 Freedom Network, 2009), http://www.cato.org/pubs/efw/ 囲を定めた。この合意によれば非正規職労働者は雇用形態を efw2009/efw2009-1.pdf（2009年10月16日アクセス） 基準に一時的労働者，時間制労働者および非典型労働者で定 ４ ） 義されます。非典型労働者とは，韓国民法が規定している14 （2008） ： 「 種類の契約に属さない契約関係に置かれる身分の労働者であ 」 ， 『進歩評論』 ，第36号， る。 ，PP10–12。 ５ ）金大中（1995）：『わたしの自叙伝』，NHK 出版，P268。 13）同法律8372号は2007年 7 月 1 日より施行。 ６ ）朴玄 （1985）：『韓国資本主義と民族運動』，御茶の水書房， 14）同法律9698号は2009年 8 月22日より施行。 15）金大中大統領の在任中，平均の雇用率は58.1% で，この数値 P50。 は全斗煥政府の47.2% よりは高いが，金泳三政府（60.3%）， ７ ）BIS 規制とは，銀行の自己資本比率に関する規制である。 1980年代に金融自由化を進めた米国で大手銀行が破綻したこ 盧武鉉政府（60.0%），盧泰愚政府（58.4%）よりは低い水準 とは世界的に影響を及ぼし， 「自己資本の測定と基準に関する である。 国際的統一化」というバーゼル合意を形成する背景となった。 16）厚 生 労 働 省 労 働 者 派 遣 事 業 報 告 書；https://www.jassa.jp/ employer/report/080107ippan.pdf（アクセス2010年 1 月29日） BIS 基準とは，自己資本比率が 8 ％を超えない銀行は国際業 17）韓国大法院の判例は，特殊雇用で働いている次のような人を， 務を禁じるという BIS の取り決めである。 使用者から具体的な指揮・監督を受けながら働いたと判断さ ８ ）実際，1997年のアジア金融危機以後，強化された BIS 比率の 算定方式によって韓国銀行の自己資本比率を計算した場合， れないことを理由に，正規職の労働者として認めていない。 1997年末，総26の市中銀行のうち，12銀行のみが 8 ％以上の 特殊雇用の例は，競技補助人，保険募集人，訪問学習誌の教 師などである。 自己資本比率を維持した。 ９ ）崔亨圭（2008） ： 「 1997 」， 1 ８）五人連席会談とは，労使政委員会の一つの形態である。労働 『韓国政治学会報』，第42輯第 1 号，PP240–241；金光旭（2009） ： 側を代表する韓国労働組合総聯盟，全国民主労働組合総聯盟 「韓米 FTA における経済外的要因」，『アジア・アフリカ研究』， の委員長に三つの政党の幹事が加わって開かれる会議であ る。 第49巻第 1 号，PP59–60。 １０）2000年10月 に 導 入 さ れ た こ の 法 律 は， 以 前 の 生 活 保 護 法 １９）韓国労働研究院（2009年 ８ 月） ： 「主要労働動向」 ， 『月刊労働 （1961）を改善した内容を含めている。1999年 6 月当時，金大 』 ，PP84–85。 中大統領は生産的福祉という概念を提示し，国民基礎生活保 ２０）李鋌（2008年冬）：「韓国の最近における労働立法の動向につ 障法の制定の方針を発表した。国民基礎生活保障法では，政 いて－非正規職保護立法と複数組合問題を中心に－」，『季刊 府は低所得層に対する生活保護だけでなく，自立・自活と人 間らしく生きていけることまで責任を持つことを明文化して 労働法』，223号，PP145–146。 ２１）2001年 4 月シンガポールが導入した CDA とは， 6 歳未満の いる。 子供を対象に第 1 子と第 2 子に12,000ドル，第 3 子と第 4 １１）韓国環境部（2009）:『 子に18,000ドル，そして第 5 子以下は 6 ,000ドル以下を子供 ， の親や後見者が貯金した場合，その翌月シンガポール政府 』，韓国環境部，P 4 。2004年 3 月，韓国環境部は四 つの河川に対して，汚染源を取り除く環境対策を作った。 が同額を通帳へ入金する仕組みとなっている。http://www. 李明博政府に入って，四つの河川に対する大型の整備事業は， babybonus.gov.sg/bbss/html/index.html（アクセス2009年10 月21日） その延長線上にある。 １２）経済協力開発機構（OECD）は雇用期間が短い有期契約勤労 者（temporary worker）， 時 間 制 勤 労 者（part-time worker） および派遣勤労者（temporary agency worker）を非正規職勤 24 ２２） （2009）：「MB 」，『 21』，第785号。 韓国における労働市場の柔軟性とその対応－新自由主義のパラドックス Flexibility of the Labor Market and the Countermeasures in South Korea —The Paradox of Neoliberalism— By Kwangwook KIM † † Meijo Asian Research Center, Meijo University Abstract Discussion in countries of neoliberalism is one of the concepts showing globalization is characterized by acceptance, resistance, and adjustment. In this research, it is aimed to check the working of adjustment looking back on the logic of the capital that has especially emphasized economic liberalization; while confirming how neoliberalism has taken hold in general in the society of South Korea as one of the countries in east Asia; and the labor side that has been resisting it. To maintain labor flexibility to oppose the strong position of the labor unions and to reduce the labor costs, enterprises like non-regular workers. However, it is a factor that the sales scale and the gross profits of enterprises also influence and lower the productivity of labor to employ non-skilled, non-regular workers in case of requesting high skill levels of labor according to industry. As a result, the meaning of neoliberalism that relates to globalization in South Korea is confirmed by efficiency, productivity. It is a urgent ploblem to build young, non-regular workers to secure the skill into educational training system in enterprises. key words : neoliberalism, flexibility of labor market 25 学術論文／ Articles ネパール・タライ地域の小規模農家における育成水牛の 飼養状況および成長 林 義明 † ・Manoj Kumar SHAH ・田端祐介 ・熊谷 元 ・Shyam Kishor SHAH †，†† ‡ ‡‡ ‡‡ ‡ 名城大学アジア研究所 ††名城大学農学部 ‡ Institute of Agriculture and Animal Science, Tribhuvan University ‡‡京都大学大学院農学研究科 要 旨 ネパールにおいて伝統的に乳，肉および役用に飼養される水牛の育成状況と成長を明らかにするため，タライ地域に所在する小規 模農家30戸を調査した。各農家での育成水牛の飼養状況調査と，体重および体格の測定を，雨期，涼乾期および暑乾期に行った。 水牛の代謝体重（BW0.75）当たりの乾物給与量は涼乾期で最も高かった。また，BW0.75当たりの粗蛋白質，可消化養分総量，カル シウムおよびリンの給与量は暑乾期で最も低かった。24か月齢未満の水牛の体重，体長，体高，十字部高，胸囲および腰角幅の最 高値は各々200.0 kg，109.8 cm，113.2 cm，115.0 cm，140.0 cm および37.0 cm であった。体重と体格の重回帰分析から次の体 重推定式を算出した。雄体重（kg）＝1.27× 胸囲（cm） ＋3.69× 腰角幅（cm） －135.19. 雌体重（kg）＝0.65× 胸囲（cm）＋5.33× 腰 角幅（cm） －115.71. 異なる時期による栄養素給与の相違が明らかとなり，暑乾期の飼料給与は水牛の維持所要量を満たさないと示 唆された。 キーワード：育成水牛，飼養，体格，体重，ネパール 1 ．はじめに 2 ．材料と方法 ネパールにおいて農業は2007年の GDP の33.8% に貢献し , 畜産はそのうちの約30% を占める ネ パ ー ル・ タ ラ イ 地 域 に 位 置 す る Chitwan District， 。家畜の中で水牛は伝 Rampur 周辺において水牛を飼養する小規模農家30戸を層化 統的に人々の生活に不可欠な存在で，乳および役用に飼養さ 単純サンプリング法を用いて選択し，乳または役用に供しな れてきた。同国南部の標高が80 m から300 m であるタライ地 い育成中の水牛について，雨期である2007年 7 月11日から17 域は亜熱帯の主要な穀倉地帯で，作物生産との複合で家畜生 日，涼乾期である2008年 1 月15日から21日および暑乾期であ 産が盛んな地域である。そのため，これまで同地域において， る2008年 5 月12日から18日に調査を行った。調査地は亜熱帯 乳用水牛の飼養状況や，未利用資源の飼料としての利用が乳 気候であり，2007年の最高気温は40.0℃，最低気温は4.2℃， 生産に及ぼす影響について調査がなされてきた 。一方，近 年間降水量は2743 mm であった。また，降水量，気温および 年のネパールでは食肉消費量が上昇しているが，同国では宗 野草の存在量によって 1 年を下記の 3 期に分けることができ 教上の観点から牛肉を食さないために，牛とは異なる水牛の る 4 ），5 ）。高温多雨で野草が豊富に存在する 6 月から10月の雨 肉の重要性が高まっており，生産量も漸増している 8 ）。した 期，平均気温と降水量が共に低く野草が減少し始める11月か がって，水牛を早期に育成させ，乳および肉利用のための生産 ら 2 月の涼乾期，高い平均気温と低い降水量のために野草が 効率の向上が求められている。水牛は牛と比較すると晩熟で ほとんど存在しない 3 月から 5 月の暑乾期である。 1） ，2） 3～7） 性成熟に18か月から24か月が必要とされている 9 ）。しかし，水 3 期における各農家での育成水牛の飼養頭数，種，月齢， 牛の育成期における飼養状況に関する調査は少ない。そこで， 性別，飼料の種類および給与量を記録し，体重，体長，体高， 本研究ではネパール・タライ地域での小規模農家における育成 十字部高，胸囲および腰角幅を測定した。飼料サンプルを採 水牛の飼養状況を，雨期，涼乾期および暑乾期の違いに分けて 取し，60℃で48時間の加熱を行うことで乾物測定を行い，飼 示すと共に，育成水牛の体重と体格を明らかにすることで，体 料中の栄養素として，粗蛋白質，酸性デタージェント繊維 格の測定値による体重推定式の算出を目的とした。 （ADF） ，中性デタージェント繊維（NDF） ，カルシウムおよ 27 Meijo Asian Research Journal Vol.1 No.1 びリンの含有率を測定した10～13）。また，飼料中の可消化養分 リン含有率を示した。 代謝体重（BW0.75）当たりの乾物給与量は，稲ワラとエン 総量（TDN）の含有率を下記の推定式より算出した14），15）。 麦が涼乾期で最も高かった（P<0.05） （表 2 ） 。調査地周辺で は水稲が例年 6 月と11月に 2 回収穫されるため，涼乾期に多 稲ワラ中の TDN（%）＝96.35－1.15×ADF（%） 量の稲ワラが存在し，十分量が水牛へ給与されたと考えられ 稲ワラ以外の粗飼料中の TDN（%）＝105.2－0.68×NDF（%） る。一方，雨期は高い気温と降水量の影響で野草が多量に存 在するため，代謝体重（BW0.75）当たりの野草の給与量が最 大となった。したがって，雨期における稲ワラ給与量は野草 濃厚飼料中の TDN（%）＝81.41－0.48×NDF（%） の利用割合に合わせて調整されていると考えられる。また， 体重と飼料給与量を把握できた水牛において，時期の違い フスマは年間を通じて主要な濃厚飼料として給与されたが， による各飼料資源の乾物給与量と，栄養素給与量における相 米ヌカとトウモロコシ粉の給与は暑乾期において少なかっ 違を Tukey の多変量解析により分析した。また，体格の測定 た。水牛の個体毎に算出した粗濃比では，時期の違いによる 値を説明変数，体重の測定値を目的変数とする重回帰分析に 有意差は認められなかった。 時期の違いよる給与飼料資源の相違により，栄養素給与量 より，体格測定値による体重推定式の算出を行った。 が変化した（表 3 ） 。BW0.75当たりの乾物給与量は，涼乾期で 最も高く（P<0.01） ，この時期における多量な稲ワラの給与 によるものと考えられる。一方，BW0.75当たりの粗蛋白質， 3 ．結果と考察 TDN，カルシウムおよびリンの各給与量は暑乾期で最も低 全農家において雄49頭，雌65頭の Murrah 交雑種の水牛が かった（P<0.01） 。これは暑乾期において濃厚飼料である米 存在した。各農家では 1 頭から 3 頭が飼養されており（雨期 ヌカやトウモロコシ粉の給与量が低下したためと考えられ 平均1.5頭，涼乾期平均1.5頭および暑乾期平均1.1頭），雄は 1 る。水牛の維持に必要な栄養所要量16）から 1 日の BW0.75当た か月齢から31か月齢，雌は 1 か月齢から47か月齢であった。 りの乾物，粗蛋白質，TDN，カルシウムおよびリンの要求量 飼養頭数や月齢において，雌が雄よりも大きい値を示したこ （g/kg）を算出したところ，各々76.6，5.2，34.5，0.1および とは，雌を将来的に乳利用する目的で育成しているためと考 0.1であった。本調査における各期の栄養素給与量を比較し えられ，育成段階において性別差による水牛の重要度の相違 たところ，雨期および涼乾期ではいずれの栄養素も要求量を が示唆される。また，育成水牛全体の75.3% が雨期である 6 月から10月の間に出生しており，調査地における大部分の水 表 2 ．代謝体重当たりの乾物給与量（g/kg）および粗濃比 牛は季節繁殖を行っている可能性が考えられる。 雨期 調査地では稲ワラ，野草，トウモロコシ茎葉およびエン麦 37 涼乾期 32 暑乾期 SEM 32 が粗飼料として，フスマ，米ヌカおよびトウモロコシ粉が濃 稲ワラ 厚飼料として給与された（表 1 ）。これらの飼料資源の中で， 野草 48.0 稲ワラが最も低い粗蛋白質，TDN およびリンの含有率を示 トウモロコシ茎葉 23.5a 0.7b 12.9ab 3.9 エン麦 0.0b 1.9a 0.0b 0.3 フスマ 5.9 7.5 6.0 1.3 し，フスマは最高の粗蛋白質含有率を示した。また，トウモ ロコシ粉は最低のカルシウム含有率と，最高の TDN および 表 1 ．飼料の組成（%） 乾物 粗蛋白質 ADF NDF TDN Ca リン 稲ワラ 83.8 4.4 50.4 75.4 38.5 0.4 0.1 野草 28.7 13.4 - 73.6 55.0 0.9 0.4 トウモロコシ茎葉 30.2 9.1 - 72.4 49.2 0.7 0.3 5.1b a 122.4a 1.3 b 34.6b 8.3 2.7 2.8 b 米ヌカ 4.0 6.2 0.7 トウモロコシ粉 2.4 3.8 0.1 1.0 粗濃比 7.5 9.4 8.7 1.6 ab ab a b 1.2 同じ行内の異符号間に有意差あり（P<0.05） 表 3 ．代謝体重当たりの栄養素給与量（g/kg） 雨期 涼乾期 暑乾期 37 32 32 SEM エン麦 15.5 9.0 - 68.6 58.4 0.6 0.5 n フスマ 88.5 17.0 - 40.9 61.8 0.1 1.1 乾物 88.9b 145.1a 57.0b 2.0 粗蛋白質 10.5 8.5 4.2b 0.8 3.7 可消化養分総量 48.1a 61.9a 25.5b 4.8 乾 物 以 外 の 組 成 は 乾 物 中（%），ADF: 酸 性 デ タ ー ジ ェ ン ト 繊 維， カルシウム 0.6a 0.6a 0.3b 0.1 NDF: 中性デタージェント繊維，TDN: 可消化養分総量，Ca: カルシ リン 0.5 0.5 0.2 0.0 米ヌカ トウモロコシ粉 ウム 28 n 88.0 88.4 14.6 9.5 - 19.7 13.0 71.9 75.2 0.1 0.01 ab a a a a 同じ行内の異符号間に有意差あり（P<0.01） b 10.7 ネパール・タライ地域の小規模農家における育成水牛の飼養状況および成長 超えており，超過の給与飼料は水牛の成長に利用されている と考えられる。一方，暑乾期における乾物，粗蛋白質および 4 ．まとめ TDN の給与量は，水牛の維持に必要な要求量を満たしていな かった。これは本調査地における水牛の育成効率の低下を示 本研究から，ネパール・タライ地域での小規模農家におけ 唆しており，暑乾期における飼料給与の早急な改善が必要と る育成水牛の飼養状況と，時期の違いによる栄養素給与の相 考えられる。今後，調査地周辺での利用可能な飼料資源の探 違が明らかとなった。暑乾期における栄養素給与の不足が水 索が必要である。 牛の育成効率を低下させている可能性があり，この時期に栄 24か月齢未満の育成水牛において，体重，体長，体高，十 養素補給できる飼料資源の確保が必要である。また，体重推 字部高，胸囲および腰角幅の最高値は各々200.0 kg，109.8 定式を用いることで，小規模農家における育成水牛の体重推 cm，113.2 cm，115.0 cm，140.0 cm および37.0 cm であった。 定が可能となり，同地域での水牛の繁殖や肥育の開始時期を Murrah 種の成熟時の体重，体長，体高および胸囲 と本調 適切に判断することに貢献できる。調査後は，30戸の対象農 査での最高値を比較すると，24か月齢までの育成水牛は体重 家において結果報告を行うと共に，課題の改善について意見 で半分に達しないものの，体長および体高は約70%，胸囲は 交換を行った。 17） 約60% に達する個体が存在した（表 4 ）。そのため，24か月 本研究における育成水牛は飼養環境が異なるために測定値 齢未満の水牛には引き続き，育成のためのさらなる栄養素給 のばらつきが大きかった。調査対象の小規模農家を増加し， 与が必要であると示唆される。 さらなる育成水牛の資料を収集することで，より詳細な考察 本研究で調査した全ての育成水牛の体重と体格の測定値を が必要である。また，今後，さらなる調査および分析を進め 重回帰分析した結果，胸囲と腰角幅から体重を推定する下記 ることで，同地域における育成水牛の種，月齢，性別，飼料 の式が作出された。 給与状況の違いが体重や体格に及ぼす影響を表すことが求め られる。さらに，本調査地近隣に所在し，これまでの研究活 動での交流があるネパール国立 Tribhuvan University の獣 雄体重（kg）＝1.27×胸囲（cm）＋3.69× 腰角幅（cm） 医・ 畜 産 部 門 で あ る Institute of Agriculture and Animal －135.19（r ＝0.95，P<0.01） 2 Science において調査結果の発表等を実施し，研究者や学生 を対象に情報提供と意見交換を行うことで，ネパールの大学 雌体重（kg）＝0.65×胸囲（cm）＋5.33× 腰角幅（cm） における研究や教育に役立てることが可能となる。 －115.71（r ＝0.91，P<0.01） 2 胸囲と腰角幅の測定は，小規模農家においても可能であ り，上記の式は飼養現場における育成水牛の体重推定を容易 謝辞 にする。水牛の育成時期における体重変化を定期的に把握す ることで，効率的な水牛育成が図られ，水牛を用いた乳およ 本研究の一部は，名城大学アジア研究所公募型研究助成金 により行われたものであり，ここに深く感謝致します。 び肉生産の向上に貢献できる。 参考文献 1 ） World Bank (2008) Nepal at a glance, The World Bank, 表 4 ．本研究での育成水牛と成水牛の体重および体格の比較 n 雌 本研究測定値† 成水牛‡ 本研究測定値† 成水牛‡ 27 体重（kg） 32-200 2 ） FAO (2005) Livestock Sector Brief, Nepal. Livestock Information, Sector Analysis and Policy Branch, Food and 32 530-575 [cited on 17 October 2009], Available from URL: http:// devdata.worldbank.org/AAG/npl_aag.pdf 雄 42-176 430-500 体長（cm） 63-109 150 64-110 150 体高（cm） 73-108 150 75-113 140 十字部高（cm） 75-113 - 77-115 - 胸囲（cm） 77-135 230 81-140 220 腰角幅（cm） 19-37 - 20-36 - Agriculture Organization of the United Nations. Rome. Italy. 3 ） 熊谷元 , 杉山美里 , 林義明 , 他（2005）“ネパール国テライ 地域における乳牛および水牛のミネラル栄養に関する調査” , Trace Nut. Res., 22, PP51–58. 4 ） Hayashi Y. et al. (2005) “Dairy production and nutritional status of lactating buffalo and cattle in small-scale farms in Terai, Nepal”, Livest. Res. for Rural Dev., 17, No. 64. [cited † 5 か月以上24か月齢未満の育成水牛における最低値‐最高値 , on 17 October 2009], Available from URL: http://www.lrrd. ‡ Murrah 成水牛（Bhat, 1992） org/lrrd17/ 6 /haya1706 4 .htm 29 Meijo Asian Research Journal Vol.1 No.1 5 ） Hayashi Y. et al. (2006) “Feeding traits, nutritional status and milk production of dairy cattle and buffalo in smallscale farms in Terai, Nepal”, Asian-Aust. J. Anim. Sci., 19, pp. 189–197. 6 ） Hayashi Y. et al. (2007) “Effects of field pea (Pisum sativum 12） Van Soest, P. J. et al. (1991) “Methods for dietary fiber. L.) hay feeding on dry matter intakes and milk production relation to animal nutrition”, J. Dairy Sci., 74, pp. 3584– of Murrah buffaloes (Bubalus bubalis) fed rice straw ad libitum”, Anim. Sci. J., 78, pp. 151–158. 7 ） Hayashi Y. et al. (2009) “Effects of maize (Zea mays L.) 3597. 13） Gomori, G. (1942) “A modification of colorimetric silage feeding on dry matter intake and milk production of dairy buffalo and cattle in Tarai, Nepal”. Anim. Sci. J., 80, pp. Neutral detergent fiber and non - starch polysaccharide in phosphorus determination for use with the photo electric colorimeter”, J. Lab. & Clin. Med., 27, pp. 955–960. 14） Martin, N. (1985) Agricultural Extension Service, No. 2637. of the United Nations, [cited on 17 October 2009], University of Minnesota, Minneapolis, Minnesota, USA. 15） Chandler, P. (1990) “Energy prediction of feeds by forage testing explored”, Feedstuffs, 62, 36, pp. 12. Available from URL: http://faostat.fao.org/site/569/ 16） Kearl L. C. (1982) Domestic Buffalo, Nutrient Requirements DesktopDefault.aspx?PageID=569#ancor 9 ） Alexiv V. et al. (1987) “Live weight and milk production of buffalo cows”, Anim. Sci., Sofia, 8. of Ruminants in Developing Countries, International 10） AOAC (1990) Official Methods of Analysis (15th ed.). 17） Bhat P. N. (1992) Genetics of River Buffaloes, Buffalo 418–427. 8 ） FAO (2009) FAOSTAT, Food and Agriculture Organization Association of Official Analytical Chemists, Inc., Arlington, 30 Virginia, USA. 11） Van Soest, P. J. (1973) “Collaborative study of acid detergent fiber and lignin”. J.AOAC., 56, pp. 781–784. Feedstuffs Institute, Utah Agricultural Experiment Station, Utah State University, Logan, Utah, USA, pp. 89–113. Production, Elsevier, Amsterdam, the Netherlands, p. 14. ネパール・タライ地域の小規模農家における育成水牛の飼養状況および成長 Feeding characteristics and body dimensions of growing buffaloes raised by small-scale farms in Tarai, Nepal By Yoshiaki HAYASHI , Manoj Kumar SHAH , Yusuke TABATA , ‡‡ ‡ Hajime KUMAGAI and Shyam Kishor SHAH †,†† † ‡‡ Meijo University Asian Research Center ††Faculty ‡ ‡ of Agriculture, Meijo University Institute of Agriculture and Animal Science, Tribhuvan University ‡‡Graduate School of Agriculture, Kyoto University Abstract Thirty small-scale farms that raised growing buffaloes in Tarai, Nepal were selected for the survey of feeding characteristics and body dimensions in the pasture-sufficient period, the pasture-decreasing period (PDP) and the fodder-shortage period (FSP). The mean feed supply of dry matter per metabolic bodyweight (BW0.75) was highest in PDP. The average provision per BW0.75 of crude protein, total digestible nutrients, calcium and phosphorus was lowest in FSP. The maximum of bodyweight (BW), body length, wither height, criss-cross height, heart girth (HG) and hips width (HW) of the buffaloes less than 24 months old reached to 200.0 kg, 109.8 cm, 113.2 cm, 115.0 cm, 140.0 cm and 37.0 cm, respectively. The following formulae to estimate BW (kg) in growing buffaloes were established using the multiple regression analyses (HG and HW, cm): The male BW = 1.27HG + 3.69HW – 135.19. The female BW = 0.65HG + 5.33HW – 115.71. The periods divided by the pasture environments induced the different feeding of nutrients. The nutrient supply in FSP was not enough for the maintenance requirement of buffaloes. key words : body dimension, bodyweight, feeding characteristic, growing buffalo, Nepal 31 学術論文／ Articles TRANSFORMATION OF SOCIO-ECONOMIC STRUCTURE OF HO CHI MINH CITY UNDER THE DOI-MOI POLICY AND THE ACCOMPANYING GLOBALIZATION PROCESS By DU Phuoc Tan† and Shigeru FUKUSHIMA†† †Meijo Asian Research Center, Meijo University, Dept. of Urban Management Research, Ho Chi Minh City Institute for Development Studies, Vietnam ††Meijo Asian Research Center and Faculty of Urban Science, Meijo University Abstract Vietnam, and in particular Ho Chi Minh City (HCMC), have experienced rapid socio-economic change echoing the global economy since 1986, when the central government started to implement the Doi-Moi policy, an overall economic reform. This study aims to clarify (1) how the socio-economic structure of HCMC has been changing under the Doi-Moi policy and the globalization process of Vietnam, and (2) what the mechanism of these changes is, including the relevant government policies. We can see the positive results of industrialization in terms of economic growth, modernization and formalization of industries. The favorable economic cycle of increasing foreign direct investment (FDI) and trade, Gross Regional Product (GRP) growth, emergence of private sectors, formalization of the economy and expansion of the local population and market has been formed gradually as part of the economic development of HCMC. These changes are due to a reciprocal impact process between the macro legal framework reform conducted by the central government and the development policies mapped out by the HCMC local government. Under the globalization process together with the local industrialization, there have obviously been transformations of HCMC society. The transformation of society has been revealed in the form of (1) formalization of society, (2) improvement in income and consumption and expansion of disparity, and (3) urbanization with massive migration. KEY WORDS : Globalization process, Doi-Moi Policy, Transitional economy, Industrialization, Ho Chi Minh City, Vietnam and governments must extend the positive aspects and miti1. Introduction gate the negative impacts. In this study we examined the globalization of Vietnam as 1.1 Background one of the Asian transitional economies and looked for an Economic globalization is an indispensable tendency that association between the globalization and the transformation has been occurring in many countries and cities in the world. of Vietnamese socio-economic structure and urban society, Through articulation of the global economy with open econo- taking government intervention into account. Large cities, as my policies, many developing countries have been promoting typical FDI destinations, play an important role in linking the the industrialization and modernization of their societies. This national and global economy. In this study, we selected Ho Chi has been particularly true in East and Southeast Asia. A World Minh City (HCMC) as a case study area. HCMC is recognized Bank report entitled The East Asian Miracle, presented several as one of the engines driving Vietnam’s economic growth. such success stories . Ya Ping Wang also stressed that an Although there have been studies of the development pro- important indicator of recent global connections is foreign cess at the national level and in HCMC, they mainly focused direct investment (FDI) in China, which grew exponentially on economic development rather than the transformation after 1991. As a result of FDI, many cities along the coastal of society in HCMC. The book Economics of Ho Chi Minh Of course, articulating the City – 30 Years of Construction and Development,3) issued global economy will not guarantee success in industrialization in 2005 by the Institute for Economic Research of HCMC and modernization. Success relies on how a respective state (IER), mainly focused on successful enterprises in HCMC wisely incorporates the global economy in its own contexts. in manufacturing and the service sector between 1975 and The globalization process has positive and negative aspects, 2005, without mentioning the transformation of society. Dinh 1) areas have been “globalized” 2). 33 Meijo Asian Research Journal Vol.1 No.1 Son Hung (IER, 2006), in the paper titled “Impact assessment economy during globalization in relation to the changes of of FDI on the labor market in HCMC,” 4) when examining the socio-economic development in HCMC. Through analyzing relation between FDI investment and the HCMC labor market the process of legal framework reform, we are also able to in 2006, pointed out the qualified labors in some foreign en- address the changes of some socio-economic indicators terprises without analyzing the shifting structure of labor under such as FDI, trade, economic growth, employment structure, globalization. Nguyen Van Quang, in the paper titled “Impact income, educational backgrounds and the like. We hope our assessment on socio-economic changes in HCMC after 2 findings will lead to a more comprehensive understanding years accessing to WTO in Vietnam,” assessed the changes of the impact of globalization on the Vietnamese transitional of labor, employment, education and health care status, but in economy. The analytical framework of the paper is shown in a rather fragmented manner. Authors outside of Vietnam have Fig. 1. 5) also dealt with globalization in the broader scope of Southeast Asia, such as Peter A. Coclanis and Tilak Doshi (2000),6) but they did not include data at the city level. Our goal was to study the process of societal transformation 2. Economic Reform and Articulating the Global Economy in Vietnam in HCMC associated with the legal reforms of Doi-Moi policies and the globalization process. We aimed to clarify (1) how The Doi-Moi policy in Vietnam was initiated in December the socio-economic structure of HCMC has been changing 1986, when the 6th Party Congress mapped out an eco- under the Doi-Moi policy, and (2) what the mechanism of these nomic reform policy for Vietnam3). The economic reform has changes is, including the relevant government policies. By conspicuously accelerated socio-economic development exploring these questions, we hope to gain a comprehensive in Vietnam. The most important reform policy was that the understanding of the globalization of HCMC and Vietnam Vietnamese government decided to shift from the centrally and its impact on the socio-economic transformation. Such planned economy to a market-based economy through the knowledge could assist the government in its policymaking initial establishment of a multi-sector economy that was oper- geared toward further integration into the global economy. ated under the market mechanism and followed a socialist orientation. Concurrently, the government decided to promote economic reform by opening the Vietnamese economy region- 1.2 Analytical Framework and Methodology We used longitudinal data analysis based on a chain of ally and globally. To achieve successful economic reform, the secondary data from 1990 to 2008 to examine the impact on government has implemented several relevant institutional society of regional and global economic integration in Viet- reforms, including the introduction of capital and technologies nam and HCMC. We focused on aspects of the transitional by promoting inward FDI, developing a multi-economic sec- Fig. 1: Analytical framework 34 TRANSFORMATION OF SOCIO-ECONOMIC STRUCTURE OF HO CHI MINH CITY UNDER THE DOI-MOI POLICY AND THE ACCOMPANYING GLOBALIZATION PROCESS Fig. 2: The process of economic reform as related to the global economy Fig. 3: Registered FDI capital accumulation, export, import turnover and yearly FDI capital in Vietnam Source: HCMC Statistical Office; graph created by the authors tor, reforming the state sector, promoting international trade BTA provided Vietnam with much better access to the US and instituting land law reform. The opening economy policy market, so that Vietnam could consolidate its export base for has impacted the globalization of Vietnam. The government domestic and foreign affiliates, while Vietnam in the 1990s enacted relevant laws step by step such as the Foreign In- attracted FDI targeted for domestic and Asian markets. For vestment Law in 1987 and the first Private Enterprise Law in the target of joining the WTO, many important Vietnamese 1990 and renewed or adjusted them in the process of global laws such as the common investment law, enterprise law integration. and trade law were renewed to make them suitable for the The Doi-Moi policy has been practically implemented since new situation. These actions resulted in positive economic the beginning of the 1990s. The period of 1986 to 1990 was re- development in Vietnam, and affected the country’s economic garded as a preparation period. In around 1990, many socialist recovery after the Asian financial crisis during 1997–1999. The countries that supported Vietnamese economy, including the GDP growth rate and FDI capital were recovered to the same former Soviet Union and Eastern European countries, col- level as before 1997 by the beginning of the 2000s. lapsed, so that Vietnam faced much more pressure to make its own economic reform. Since then, the government has been coping with reform in not only the legal setting, but also at administrative levels. Under the emerging Asian market, this 3. Transformation of the Economy of HCMC under the DoiMoi Policy and Globalization resulted in massive FDI to Vietnam during 1991–97. Joining ASEAN in 1995 and APEC in 1998 also enhanced international 3.1 Change in Economic Structure of HCMC under the Doi- linkage with Vietnam. Moi Policy The US-Bilateral Trade Agreement (US-BTA), signed in 2001 Under the Doi-Moi policy associated with the globalization and calling for the full satisfaction of the ASEAN Free Trade process, the economic structure of HCMC has been changing Agreement (AFTA) obligation by 2006, and the affiliation with since 1990. The transformation of the economy can be recog- the WTO in 2007 led Vietnam to deeper integration of the nized as occurring in two stages, namely (1) industrialization global and regional economy as the second stage. The US- led by massive FDI in the 1990s and (2) overall modernization 35 Meijo Asian Research Journal Vol.1 No.1 of industry with emergence of the private sector after 2000. with a pace of more than 10% annually in the 1990s. The gross regional product (GRP) growth rate of the industry was 3.1.1 The 1990s : Industrialization led by FDI 14.8% per year in the period of 1991–1999, while the growth Based on Doi-Moi Policy, HCMC’s economy grew rapidly of the service sector obtained 10.3% annually. The manu- Table 1: The process of legal framework reform articulated in the periods of economic integration in Vietnam REFORM I. PROPERTY RIGHTS REFORM 1986–1989 (preparation) 1990–1999 (the first global integration) 2000–2008 (the second global integration) • The first Land Law, issued in 1987, did not recognize the price of land and did not permit for official transaction (land belongs to population under management of govt.). • The market of land use right was not acknowledged and all land transactions were implemented by informal contract and legalized later. • The second Land Law, issued in 1993, regulated land prices as a basis to collect taxes, land use fees or compensation costs upon acquisition of land (30% market price) • The market of land use is initially acknowledged by defining 5 rights of a land user (transaction, rental, inheritable, mortgage and pooling). • The supplementation to the Land Law in 2001 emphasized the right of land users to mortgage their land use right at the banks. • The Land Law of 2005 regulated that land prices must be based on market prices when the govt. assigns land use rights or compensation for acquisition purposes. The government can re-evaluate the value of land use right in the case of investing on public infrastructure. The regulations of international treaties signed by the national government will be replaced by this law (if different regulations). • The Domestic Investment Law of 1994 indicated favored conditions for new business establishments, such as reduction of income tax (50%) from the first 1 to 2 years. • The supplementation to the Domestic Investment Law in 1998 indicated more favored conditions, such as reduction of land use fees or rental fees or land tax by 50%; enterprise receives favored credit. • The Common Investment Law of 2005 (for both foreign and domestic investors) regulated many types of investment, including indirect investment (stock market, bonds, shares and other values papers). The government treats all kinds of investors equally and facilitates equally good conditions for all investors. The time of land use right of a project is only 50 years and maximum 70 years for all investors. II. MULTISECTORAL ECONOMIC DEVELOPMENT (Domestic inv.) (Foreign investment) • The Foreign Investment Law of 1987 indicated joint-venture and 100% foreign capital types. • Encouraged fields got favored conditions such as exemption of income tax, max. 2 years, and reduced income tax (50%) for 2 additional years. • Supplement to the Foreign Investment Law in 1990 added type of Export Industrial Zone, BOT and the time of project operation (50 – 70 years). • The second Foreign Investment Law of 1996 regulated the types of BOT, BTO, BT and operation of projects. • This law increased the favored conditions for encouraged fields such as exemption of income-tax for a max. 4 years and reduction of income tax by 50% for 5 more years. (Enterprises) • The Private Enterprise Law of 1990 indicated complex procedures for obtaining an establishment license and registering with local authorities (after 60 days), published in the newspaper (after 30 days). • The supplementation to the Private Enterprise Law in 1994 modified the requirement to be “registration paper” instead of “establishment license”. It regulated a simpler procedure by feeding back within max. 30 days. • T he new Enterprise Law of 1999regulated limited companies, sharing companies, collective name companies and private companies. III. STATE SECTOR REFORM • The State Enterprise Law of 1995 regulated independent enterprises and corporations established by state capital. • Prime Minister or Ministers, chairman of PC of big city decide for establishment IV. LOWERING TRADE BARRIERS • The Law of Trade of 1997 regulated six basic principals in commercial activities by treating all traders equally and protecting consumers’ rights. • The AFTA tariff has the tax rates of 0% and 5% (compulsory reduced). Source: Vietnam Laws Online Database, Synthesized by the authors 36 • The Law of State Enterprise of 2003 indicated 2 types of state enterprise: (1) 100% state capital and (2) dominant share of a state capital as stock or limited company. • The minister/chairman of a big city could issue a decision to establish a new state company. • The Enterprise Law of 2005 regulated all forms of companies (state companies must transfer into limited companies or sharing companies). The regulations of international treaties signed by the government will be replaced by this law (if different regulations). • The Law of Trade of 2005 regulated more details (basic principles) and foreign traders, business promotion, advertisement, intermediates, logistic service, franchising and establishment of a Trade Association. TRANSFORMATION OF SOCIO-ECONOMIC STRUCTURE OF HO CHI MINH CITY UNDER THE DOI-MOI POLICY AND THE ACCOMPANYING GLOBALIZATION PROCESS facturing sector was the leading sector for economic growth capital was 1,348 million USD)9). It is obvious that the foreign of HCMC in the 1990s, which was facilitated by FDI. The sector contributed in large part to the rapid economic growth industrial sector grew more than 17% annually in 1992–1996. rate of HCMC during the 1990s. The statistical data of HCMC As HCMC had advantageous conditions for foreign investors shows that the foreign sector accounted for only 1.3% of the in terms of (1) industrial infrastructures such as roads, ports, GRP in 1990, but it soared to 11% of the GRP in 1995 and airport facilities and electric supply, (2) early establishment of 18.3% of the GRP in 1999. Most foreign enterprises invested industrial estates, (3) market friendliness and (4) a wealth of in HCMC under the form of joint-venture or 100% foreign urban services, more than two-thirds of FDI to Vietnam was capital, and the average growth rate was significantly over concentrated in HCMC and the surrounding provinces7). The 20% annually in 1995–1998. The important role of the foreign HCMC government promoted the development of an export sector could also be seen by its contribution as 4.3% of the processing zone (EPZ) and an industrial zone (IZ) to welcome annual average GRP growth rate for a total of 12.6% overall FDI by issuing government decrees in 1991 and 1994. Starting economic growth per year during 1991–199510). Although the with the establishment of Tan Thuan EPZ in 1993, a total of 3 Asian financial crisis during 1997–1999 resulted in a slight reduc- EPZs and 12 IZs were developed or were under construction tion of FDI and export turnover in HCMC, it did not have a serious by 2002. The total rentable area of these zones is 5,600 ha . impact on the city’s economy compared to other cities or countries Since issuing the Foreign Investment Law of Vietnam in 1987, in Asia. The annual GRP growth rate of HCMC was 9.0% in HCMC has been regarded as the leading place in Vietnam to 1998 and 6.0% in 1999, and has been recovering since 2000. 8) absorb FDI capital. The period 1988–1989 is considered an exploitation time of foreign investors with average registered FDI capital only 3.1.2 The period beginning in 2000: Overall modernization of industry with emergence of the private sector modestly absorbed as 230 million USD per year. However, in The period beginning in 2000 has witnessed many legal the later period from 1990–1999, total registered FDI capital system reforms in Vietnam such as enactment of the new in HCMC impressively increased with total accumulated FDI Investment Law, the new Enterprise Law and the new Land capital attracted as 13,482 million USD (average annual FDI Law in 2005 to facilitate the mobilization of many resources Fig. 4: Distribution of export, import turnover, yearly FDI capital and accumulated FDI capital in HCMC Source: HCMC Statistical Office; graph created by the authors Fig. 5: GRP and economic sector growth rate in HCMC Source: HCMC Statistical Office; graph created by the authors 37 Meijo Asian Research Journal Vol.1 No.1 Fig. 6: GRP structure by economic ownership in HCMC Source: HCMC Statistical Office; graph created by the authors for development. Therefore, HCMC’s economy continuously spread of market based economy are also fundamental fac- obtained high economic growth with an average annual GRP tors in the expansion of the private sector. Furthermore, the growth of 11.3% during 2000–2008. In this period, the trade regional accumulation of capital with economic growth in the and service sector became a driving force for economic 1990s was mobilized to support private business. The total growth, in addition to the manufacturing sector. Since 2005, mobilized capital in HCMC increased rapidly from 56,204 bil- the growth rate in the trade and service industry has been lion VND in 2000 to 585,339 billion VND in 2008, a 10.4-fold greater than that in manufacturing. As new investment in increase. The capital accumulation of HCMC relied on sav- manufacturing has shifted to the surrounding provinces, ings deposits (50.3%) and deposits of enterprises (47.6%). HCMC is increasingly becoming a center for regional business Deposits made by foreigners accounted for only 2.2% of the and consumption. accumulated capital. The role of private commercial banks, The significantly greater emergence of the private sector compared with the foreign sector can be seen very obviously therefore, has also gradually been confirmed in the provision of financial service. during this period. The growth of the private sector in total GRP was very significant, as seen by its average annual The favorable economic cycle experienced by HCMC was was 12.3% per year during 2001–2008. This has resulted in a formed gradually in the process of economic development shift of ownership structure in GRP value, which is character- that linked the outcomes of each development phase. Under ized by the rapid increase of the private sector in GRP from the Doi-Moi policy, HCMC could promote the manufactur- 11.5% in 2000 to 38.0% in 2008. In contrast, this figure for the ing sector by attracting FDI, which resulted in increased foreign sector increased only slightly from 19.4% and 21.0%, exporting and high economic growth. Expansion of HCMC’s and there was a reduction of the household sector from 24.2% local markets made the trade and service sector very active. in GRP to 14.0% in GRP. In fact, the growth of the private In particular, the emergence of the private sector gener- sector in manufacturing and trade & services was due to a ated more employment and improved industrial productivity. boom of starting businesses in response to the new Enterprise These changes attracted urban migration to HCMC. The an- Law in 1999, which made it easier to establish several types nual social population increase rate in HCMC jumped from of companies. During 2000–2008, the total number of private 0.68–1.09% in the 1990s to 1.99–2.61% after 2000, resulting establishments increased 7.3-fold in the trade and service in rapid population increase from 5.25 million in 2000 to 6.81 sector, while the manufacturing sector showed a 6.6-fold million in 2008. During the same period, the net increase in increase of establishment. This illustrates the process of for- the labor population was over 1 million persons, and most of malization and modernization of industry and labor structure them were absorbed by the manufacturing and trade & service in HCMC in terms of GRP structure, resulting in the increased sectors. The increasing regional population and improvement labor productivities. in household income expanded regional markets, resulting in Economic growth with expansion of FDI and exporting, which creates much more business opportunity, and the 38 3.2 Formation of a Favorable Economic Cycle growth rate of 28.3%, while the growth of the foreign sector growth in trade and services again. The favorable economic cycle in HCMC is depicted in Fig. 7. TRANSFORMATION OF SOCIO-ECONOMIC STRUCTURE OF HO CHI MINH CITY UNDER THE DOI-MOI POLICY AND THE ACCOMPANYING GLOBALIZATION PROCESS Fig. 7: Economic growth and modernization of industry and the economy Source: Created by the authors trend of labor structure of HCMC by industry, shown as Table 4. Transformation of Society in HCMC under Globalization 2. The formalization of labor structure in HCMC has occurred as a shift of labors (1) from the unregistered sector (including Under the globalization process together with the direct informal sector) to the formal (registered) sector and (2) from impact of local industrialization, there have obviously been household-based businesses to private sector businesses. transformations of HCMC society. The transformation of During 2000 and 2008, the share of labor in the formal sec- society has been revealed in the form of (1) formalization of tor increased from 26.6% to 49.4%, while that in the unregis- society, (2) improvement in income, consumption and expan- tered sector deceased from 52.3% to 27.0%. This is because sion of disparity, and (3) urbanization with migration. growth in manufacturing and trade & service as the formal sector has absorbed the increasing labor force. The emerging 4.1 Formalization of Society private sector since 2000 has contributed to the formaliza- 4.1.1 Formalizing labor structure tion of job structure with the shifting of labor from household The industrialization and economic growth of HCMC have businesses. For the industrial sector (mining, manufacturing, been generating a lot of job opportunity and promoting formal- electricity and water supply), the share of labor in the private ization of job structure. Based on the statistical yearbooks and sector increased from 24.0% to 40.0% , while that in house- , we estimated the recent hold businesses declined from 26.1% and 16.1% during the the population census of HCMC 11,12) Table 2: The transformation of the labor structure of HCMC 2000 Industry Agriculture *1 Formal Sector *3 (b) 2005 2008 2000 (1,000 persons) (a) 2005 2008 Proportion (%) 110.2 83.2 79.0 4.1 2.6 2.3 Sub-total 718.5 1409.8 1732.3 26.6 43.9 49.4 Industry 500.5 846.6 989.5 18.5 26.3 28.2 Construction 77.2 171.7 186.1 2.9 5.3 5.3 Trade & other services 79.1 318.2 476.7 2.9 9.9 13.6 Govt. service *2 Registered household business (c) Unregistered sector *4 Total working laborers *5 (d) 61.7 73.3 80.0 2.3 2.3 2.3 460.9 676.4 748.5 17.1 21.0 21.3 1413.4 1044.6 947.2 52.3 32.5 27.0 2,703.0 3,214.0 3,507.0 100.0 100.0 100.0 *1: Estimated number: one-third of agriculture population *2: Estimated number by HCMC govt. *3: Excluding registered household business *4: Unregistered sector = d - (a+b+c) *5: Estimated number based on 2004 census Sources: HCMC statistical yearbooks and HCMC 2004 population census 39 Meijo Asian Research Journal Vol.1 No.1 Fig. 8: Labor structure in the trade and service sector by ownership Fig. 9: Labor structure in the manufacturing sector by ownership Source: HCMC statistical yearbooks ; graphs created by the authors same period. For the trade and other service sector, the share portion of people who stopped school after the primary school of labor in household businesses also declined from 78.2% level in the total HCMC population declined from 23.5% for to 53.9% with labor shifting to the private sector. Because it age 45–49 to 10.4% for age 20–24. This illustrates that HCMC could be easier for individuals or households to start small achieved a remarkable result from the compulsory education business in trade and other service sector, the percentage program for junior high school level by reducing the proportion of laborers working in household businesses remains a high of persons leaving school after completing primary school. proportion of the total laborers in this sector. The demand for enhancing human resources from the This quick formalization was made due to not only modern- labor market rose continually under the industrialization and ization of HCMC’s industries but also the massive inflow of modernization of the economy. Consequently, the tendency younger laborers into HCMC. Since the share of unregistered of positive change in the educational level structure in HCMC workers was 27.2% in 2008, however, formalization is still in is closely allied to the process of globalization. The education progress. level of people age 30–34 or younger continues to improve, and it is especially noticeable in the number of people age 4.1.2 Improving educational level 20–24 obtaining tertiary education and higher secondary edu- Educational level can be one of the indicators to measure cation. Obtaining a higher education will help these people to human development and formalization in society. Based on get better jobs under the modernization of industry. the result of mid-term population census in HCMC in October There is an intersection of the line indicating senior high 2004, the distribution of educational level of the whole HCMC school level and that indicating junior high school level in the population by age groups is shown in Fig. 10. Under the so- 24–25 age group that is regarded as a noteworthy milestone cialistic system, the HCMC government has provided basic indicating a shift from completion of junior high school to education for people age 45–49 or younger, resulting in higher completion of high school being true of the dominant propor- numbers of people obtaining a secondary education. The pro- tion of the population. Such achievements, in fact, rely on Fig 10. Distribution of education level of the HCMC population by age group Source: HCMC Mid-term Population Census 2004; graph created by the authors 40 TRANSFORMATION OF SOCIO-ECONOMIC STRUCTURE OF HO CHI MINH CITY UNDER THE DOI-MOI POLICY AND THE ACCOMPANYING GLOBALIZATION PROCESS an appropriate policy for education development of the city. in HCMC from the bottom to the top quintile. The 1st group HCMC is ranked as one of the first cities in the whole country has the lowest monthly average income per capita, and the to make primary school completion compulsory in 1995 and 5th group is regarded as the highest income household group. junior high school completion compulsory in 20023). In 2007, Monthly average income per capita of the 1st group (bottom HCMC had 457 primary schools, 243 junior high schools quintile) changed from 219,000 VND in 1995 to 839,000 VND and 118 senior high schools. The statistical data in HCMC in 2008, a 3.8-fold increase during 1995–2008, while the 5th shows that the number of pupils of junior and senior high group (top quintile) changed from 1.19 million VND in 1995 to school increased by 0.9% per year in 1999–2006, while the 5.29 million VND in 2008, a 4.4-fold increase. number of teachers increased by 2.6% per year; the num- As Table 3 shows, the disparity ratio of income between ber of schools increased 1.2% per year and the budget for group 5 (top quintile) and group 1 (bottom quintile) was gradu- education increased by 24.7% per year as well. Therefore, ally widened over time from 5.46 times in 1995 to 5.58 times the facilities of education have been improved remarkably, in 1999, 6.19 times in 2004 and 6.37 times in 2008. However, helping to reduce the number of pupils per class and enhance the disparity level in HCMC is not so high in comparison with the quality of teaching. All of these efforts have impacted the that in Asian Newly Industrial Economies (Asian NIES) such shift in educational structure in HCMC in a positive way. This as Malaysia, Thailand and China. Moreover, the tendency in tendency is similar among the Asian NIES13). At present, the income increase ratio during 1995–2008 among groups 1–4 is HCMC government plans to set the compulsory education quite similar. This is due to the government’s socio-economic level at senior high school in 2010. policy as a socialistic country, as indicated by the equitable educational policy and the poverty alleviation policy described 4.2 Improvement in Income and Consumption and Expansion in the next section. of Disparity 4.2.1 Improvement in income and expansion of disparity 4.2.2 Poverty alleviation Many developing countries have experienced expanded In 1992, the HCMC government defined the poverty line as economic disparity in the process of economic development, a yearly income per capita of less than 3 million VND in urban because it is easier for advantaged social groups, in terms areas and 2.5 million VND in suburban areas. The share of the of higher education, social network, resources to be mobi- households below the poverty line accounted for 20% in 1992. lized, to seize opportunities. According to the survey data of In 2004, the HCMC government established a new poverty line the HCMC Statistical Bureau, the average monthly income as a yearly average income per capita of less than 6 million per capita in HCMC changed from 547,000 VND in 1995 to VND, which was double the previous amount. Based on the 2,263,000 VND in 2008, a four-fold increase in 13 years. The new poverty line, the number of poor households reached income data is also divided by the quintiles of income groups, 7.5% in 2005. Assuming the principal definition for both of the and each group accounted for 20% of the total households poverty lines was the same, but taking the inflation rate during Table 3: Disparity between average monthly income per capita by income group Of which (1,000 VND/month) Average capita income (1,000 VND/ month) Group 1 (20%) Group 2 (20%) Group 3 (20%) Group 4 (20%) Group 5 (20%) Disparity between Group 5/ Group 1 (times) 1995 547 219 327 424 569 1,196 5.46 1999 891 348 528 688 948 1,942 5.58 2002 905 316 525 722 1,009 1,952 6.17 2004 1,165 431 635 870 1,219 2,668 6.19 2006 1,465 552 826 1,081 1,490 3,448 6.24 2008 2,263 839 1,276 1,673 2,232 5,298 6.37 Change in income, 1995–2008 4.1-fold 3.9-fold 3.9-fold 3.9-fold 4.4-fold — 3.8-fold Source: Statistical Office in HCMC, from 1995 to 2008 41 Meijo Asian Research Journal Vol.1 No.1 the same period into account, the share of households under was also applied in cases of borrowing capital for agriculture the poverty line declined from 20.0% to 7.5% in this time. This production. Third, social welfare and education programs is because of not only real income increases under economic were made available to poor households, such as provision growth but also implementation of a set of poverty reduction of social insurance and exemption of schooling fees. Such policies of the HCMC government. programs and projects for the poor have had a strong impact HCMC is regarded as a pioneer in Vietnam in the implemen- on reducing the proportion of poor households in HCMC. tation of a poverty reduction program. From 1992 to 2004, At present, a new poverty line of 12 million VND per year is HCMC provided direct support for 100,000 poor households projected for the third phase of the poverty reduction program to be able to get out of poverty14). The HCMC government for 2009–2012. strongly supports the urban poor through diversified measures. First, the government improved infrastructures of some of the poor villages or wards in and around the city. In the 4.2.3 Improvement in household expenditure and consumption trends period of 1992–2003, over 20 villages received benefits from Household expenditures and consumption in HCMC this program. Second, the HCMC government provided job changed along with the improvement of household income. and economic support for poor households by offering micro Based on the survey of living standard of the HCMC Sta- credits with a very low interest rate, facilitating some small tistical Bureau, the average monthly expenditure per capita production projects for unskilled labors and offering re-training increased from 400,420 VND in 1995 to 1,739,530 VND in skills and training without fees, giving priority to recruiting for 2008. In particular, the rapid expansion of household income overseas working programs. The 0.7% interest rate per year and expenditure during 2006–2008 shows the trend of HCMC Table 4: Structure of expenditures of the HCMC population by years Structure of expenditure items (%) Expenses for the whole HCMC population 1. Food & beverages 2. Clothing 1995 1999 2002 2004 2006 2008 100.0 100.0 100.0 100.0 100 100 63.5 51.1 50.8 49.8 46.2 46.8 5.0 4.0 3.6 3.6 4.0 3.7 3. Accommodation 6.1 6.8 6.8 6.3 6.6 6.2 4. Family equipment 4.3 7.5 6.7 7.1 9.0 7.0 5. Health and fitness 3.7 5.2 6.5 7.0 5.6 5.2 6. Transportation and post office 6.1 11.6 11.7 12.0 13.9 17.6 7. Education 4.8 6.0 6.1 6.5 6.2 6.1 8. Culture, sports, entertainment 3.4 3.1 2.9 2.6 3.4 4.1 9. Others 3.1 4.8 4.9 5.1 5.2 3.4 400.42 595.90 665.98 802.17 Average monthly expenditure per capita (1,000 VND) 1,025.04 Source: Statistical Office in HCMC, from 1995 to 2008 Table 5: Proportion of households having amenities Units 1995 1999 2002 2004 2006 2008 1. Television sets % HH 84.10 88.20 89.10 95.80 96.00 99.00 2. Video sets % HH 55.80 60.10 63.70 64.30 62.33 55.33 3. Cassette radios % HH 74.00 81.10 36.10 26.50 20.33 8.00 4. Refrigerators % HH 38.10 42.00 50.90 61.20 69.33 78.33 5. Air-conditioners % HH 5.50 7.30 10.30 14.30 17.00 21.67 6. Washing machines % HH 12.70 16.20 22.20 27.00 44.67 52.00 7. Telephones % HH 14.60 32.30 43.30 52.60 78.00 92.67 8. Motorcycle % HH 71.90 75.70 73.80 79.60 84.33 91.67 Number of cars per 1,000 people — 24.5 27.6 36.4 45.7 54.0 9. Cars Source: Statistical Office in HCMC, VN, from 1995 to 2008 42 1,739.53 TRANSFORMATION OF SOCIO-ECONOMIC STRUCTURE OF HO CHI MINH CITY UNDER THE DOI-MOI POLICY AND THE ACCOMPANYING GLOBALIZATION PROCESS as a consumption society. The proportion of expenditure for class, indicating that HCMC is at the early stage of becoming food and beverage declined from 63.5% in 1995 to 46.8% in a consumption society. 2008, while the proportion of expenditure for transportation and communication, family equipment, health and welfare, 4.3 Urbanization with Migration and education increased during the same period. The increase The urbanization of HCMC has been intrinsically related to in expenditure for transportation and communication was es- the process of industrialization since 1990. During 1986–2008, pecially noticeable, from 6.1% to 17.6%. It is notable that the the population of HCMC increased from 3.78 million to 6.81 proportion of expenditure for education did not increase so million persons. The current population is almost double that much, even though the level of education improved, because of 1986, the first year of the Doi-Moi policy. In coping with in- the education policy of the HCMC government was to contain creasing urban land demand, the HCMC government decided the cost of obtaining an education. These are positive trends to expand the urban boundary and established 5 new districts in the household expenditure structure. (Districts 2, 7, 9, 12 and Thu Duc) in 1997 and another new Expansion of consumption capability increased the own- district (Binh Tan district) in 2003. Due to the establishment ership ratios of goods in HCMC, such as television sets of the 6 new urban districts, the total urban area in HCMC (99.0%), motorcycles (91.7%), telephones (92.7%), refrigera- increased from 142.15 km2 to 494.00 km2, which resulted tors (78.3%) and washing machines (52.0%). These goods in rapid suburbanization. The suburb became a frontier of improve the quality of life of the people, in terms of enhancing industrialization and housing for factory workers, migrants and home entertainment, providing access to information, raising new members of the middle class. Many industrial estates and mobility and communication, and reducing the workload for export processing zones were established at that time. A total housekeeping respectively. However, only a limited number of of 15 industrial parks with 5,600 ha were established in subur- households could purchase air-conditioners or cars, which are ban areas including the new districts during 1991–2004. recognized as typical goods for new members of the middle Under the rapid economic growth, HCMC has attracted Fig. 11: Population trends by total HCMC population and urban population Source: HCMC Statistical data and created by the authors Figure 12: The proportion of migrants by age group of HCMC population in 2004 Source: HCMC Statistical data; graph created by the authors 43 Meijo Asian Research Journal Vol.1 No.1 many migrants from other provinces, attracted by the job op- trialization in terms of economic growth, modernization and portunities, especially in industry and construction. The popu- formalization of industries. A favorable economic cycle formed lation census data also indicate that the population growth gradually in the process of economic development of HCMC by migration has been dominant since the end of 2000. In that linked the outcomes of all of the development phases. the mid-term population census (1999–2004), about 196,000 HCMC could promote the manufacturing sector by attract- migrants per year were coming to HCMC. The majority of ing FDI, resulting in increased exporting and high economic migrants lives in the new districts accounting for 43.1%; in the growth. The expansion of HCMC’s local markets made the surrounding central districts accounting for 30.5%; whereas trade and service sectors very active. In particular, the emer- only 15.4% of migrants lived in the inner city and 11.0% lived gence of the private sector generated more employment and in the outskirt areas (rural districts).The urban population rate improved industrial productivity. The massive job opportunity of HCMC increased from 71.2% in 1995 to 85.3% in 2008. attracted urban migration to HCMC. The increasing regional The proportion of non-agriculture population also rapidly rose population and improvement in household income expanded from 84.3% in 1986 to 96.5% in 2008. regional markets, resulting in growth in trade and services The migrants from other provinces coming to HCMC ac- again. These are due to a reciprocal impact process between counted for 28.9% of the total HCMC population, or nearly 1.8 the macro legal framework reform conducted by the central million persons, from nearly 63 cities and provinces in Vietnam. government and the development policies mapped out by the About 36.9% of the migrants came from the Mekong Delta, HCMC government, utilizing the city’s advantageous positions 14.8% came from the Red River provinces, 14.8% came from in terms of the infrastructure, urban services and the size of the Central North provinces and 13.9% came from the South regional markets. Eastern provinces11). The migrants mostly were quite young Under the globalization process together with local industri- with high proportion of working-age individuals. Over 40% of alization, HCMC’s society has obviously gone through a trans- the migrants were 18–24 years old, and 33.8% of them were formation. The transformation of society has been revealed 15–29. Females accounted for 55% of the migrant population. under the form of (1) formalization of society, (2) improvement Migrants also included some students from other provinces in income, consumption and expansion of disparity, and (3) coming to study in the universities in HCMC, but mostly they urbanization with migration. were laborers from other provinces recruited by industrial companies or under the form of free migrants. The formalization of society in HCMC was facilitated by the changes in labor structure that happened as a result of There are two types of migrants to HCMC based on the shifting laborers from unregistered sectors (including informal duration of time they were registered with the authorities sectors) to formal sectors and from household-based busi- in 2004. The first type was long-term registered migrants nesses to private enterprises. Improvement in education in whose registration periods averaged 6 month per time. They HCMC also contributed to these trends. This transformation accounted for 50% of the total migrants in 2004 and were brought increased income and expansion of consumption mainly engaged in the private sector or the manufacturing capability, which increased the ownership of television sets, sector. The second type was short-term registered migrants motorcycles, telephones, refrigerators and washing machines. whose registration periods were 1–3 months per time. They These goods improve the quality of life of the people, in terms often engaged in seasonal work such as unregistered jobs or of enhancing home entertainment and access to information, informal situations. The nature of urbanization is that a certain increasing mobility and communication, and reducing the level of informality and temporality exists. housekeeping load. HCMC is in the early stage of becoming a consumption society. However, the economic disparity of HCMC’s population is expanding under the economic growth, 5. Conclusion although its level is not so high in comparison with other Asian Newly Industrial Economies due to the HCMC government’s 5.1 Major Findings We examined the process and outcomes of industrialization 44 social development policy such as poverty alleviation and educational upgrading. and transformation of society in HCMC under the Doi-Moi Urbanization of HCMC has been intrinsically related to the policy. We could see the positive achievement from indus- process of industrialization since 1990. HCMC has attracted TRANSFORMATION OF SOCIO-ECONOMIC STRUCTURE OF HO CHI MINH CITY UNDER THE DOI-MOI POLICY AND THE ACCOMPANYING GLOBALIZATION PROCESS many young migrants with of its wealth of job opportunities. its target group to low income migrant households who are Most migrants settle in the suburbs of HCMC, which have thus excluded from the current social security services. become the frontier of industrialization and housing. There are two types of migrants, namely, long-term registered migrants and short-term registered migrants. The former mainly en- References gaged in jobs in the private sector or the manufacturing sector, while the latter often engage in seasonal work at unregistered jobs or in the informal sector. Urbanization usually brings a kind of informality and temporality to some sectors of the job market. 1) World Bank (1993): “The East Asian Miracle: Economic Growth and Public Policy”, research report published by Oxford University Press. 2) Ya Ping Wang (2004): “Urban Poverty, Housing and Social Change in China”, pp. 179–180, Housing and Society Series, Taylor and Francis Group. 5.2 Policy Implications For the economic cycle of HCMC to be developed in a 3) PC.HCMC (2005): “30 Years of Ho Chi Minh City’s Construction and Development”, pp. 46–47, HCMC Institute for Economic Research, Ho Chi Minh City, Vietnam. positive way, the economy and society will have to change 4) Dinh Son Hung (2006): “Impact Assessment of FDI on the Labor continually. The local government will need to implement Market in HCMC”, Research Subject in 2005, HCMC Institute policy changes in a number of areas. First, the educational level has been closely linked with the process of formalization of society as well as the changes in labor structure. Hence, the policy of priority investment in education should be continuously upgraded by increasing its proportion in the city’s budget, together with implementation for Economic Research, Ho Chi Minh City, Vietnam. 5) Nguyen Van Quang (2008): “Impact Assessment on Socioeconomic Changes in HCMC after 2 Years Accessing to WTO in Vietnam”, Research Subject in 2008, HCMC Institute for Development Studies, Ho Chi Minh City, Vietnam. 6) Peter A. Colanis & Tilak Doshi (2000): “Globalization and South East Asia”, pp. 49–64; Sage Publications, Inc. in association with the American Academy of Political and Social Science. of the contracting-out policy to spur the private sector to open 7) A. Ishida & M. Fujita (2006): “Industrialization of Vietnam Inte- more high-quality private schools. In addition, the demand for grating to the World Economy”, in N. Amakawa (ed.), “Indus- workers with a high level of education has also been increased trialization of Less Developing ASEAN Countries: Experience in the process of integrating HCMC’s economy with the world and Perspectives of Development of CLMV Countries”, pp. 142–188, Research Books N0.553, IDE-JETRO (in Japanese). economy, especially after Vietnam joined the WTO in 2007. 8) T. Nagasaki (2006): “Development of Industrial Estates and The proportion of laborers obtaining the tertiary level of educa- Japanese Enterprises”, in M. Seki & R. Ikebe (eds.), “Vietnam: tion should, therefore, be increased in the next phase of the Market-based Economization and Japanese Enterprises”, pp. government’s program. Second, the socio-economic structure of HCMC has been 84–125, Shinhyoron Publisher (in Japanese). 9) HCMC Statistical Bureau, “Statistical Data of 30 Years in Ho Chi Minh City (1975–2005)”, Ho Chi Minh City, Vietnam. formalizing rapidly, and it has been brought to this point by 10) Nguyen Thi Canh (2000): “Study on the Growth of Ho Chi Minh younger citizens, who have a higher level of education. How- City in Relation to the Growth of the Whole Nation”, Research ever, many laborers still engage in informal economies, and Subject in 1999, pp. 14–21, HCMC Institute for Economic Research, Ho Chi Minh City, Vietnam. many of the informal laborers suffer from lower and unstable 11) Le Thi Thanh Loan (2005): “Data of Mid-term Population Cen- income and lower social security benefits. This is one of the sus in HCMC”, Ho Chi Minh Statistical Bureau, Ho Chi Minh reasons why the income disparity in HCMC is widening. The informal economies are lagging behind the national economic City, Vietnam. 12) HCMC Statistical Office, “HCMC Statistical Year Book in 2008”, Ho Chi Minh City, HCMC, Vietnam growth. On the other hand, the informal economy provides 13) S. Fukushima (2005): “Changes in the Socio-economic and job opportunities for relatively lower educated migrants and Regional Spatial Structure of the Kuala Lumpur Metropolitan non-migrants. The sector also provides many cheaper goods Region Articulating the Globalizing Economy”, Meijo Asian and services for both the general public and business sectors. Thus, the role of government is very important in terms of Research Center, Meijo University, Japan. 14) The Board for Poverty Reduction in HCMC (2004): Annual Report, in ENDA Vietnam (2005): “Overview of Ho Chi Minh City creating business environments for informal economies and Current Status in Relation to the Right of the City, Integrated empowering informal laborers by providing micro credits and Grassroots Economic and Urban Agriculture”, pp. 19–20, skill and business training. The government should continue to fund the existing poverty reduction programs and extend Urban Agreement Programme (UAP) – Studies on Cities of The South, Ho Chi Minh City, Vietnam. 45 学術論文／ Articles Poverty and Inequality in Globalizing Asia By D.G.J. PREMAKUMARA† † Meijo Asian Research Center, Meijo University Abstract Globalization, a growing integration of economies and societies around the world is a complex process that is variously affecting different regions, countries and their populations. Widespread poverty and excessive inequality remain the key challenges to the legitimacy of the globalization that has been under way during the last two decades. It is for this reason, that the World Summit for Social Development in 1995 called upon countries to take immediate actions to implement national anti-poverty plans to eradicate extreme poverty. This was re-emphasized by the United Nations in the year 2000 with the introduction of a time-bound and measurable framework of core Millennium Development Goals (MDGs). This paper therefore examines the recent trends and gives a selective review of poverty and inequality in the Asia and Pacific region, where 950 million people, two thirds of the world’s poor were living below the international poverty line of $1.25 a day in 2008. Following a brief discussion on current approaches to understanding poverty, the relevant trends of the multiple dimensions of poverty and inequality in the Asia and Pacific region is identified and discussed, with special reference to the experience in Sri Lanka. Finally, the paper concludes by giving some key findings, and policy implications based on the analysis. KEY WORDS : Asia, Sri Lanka, Globalization, Economic Growth, Income Poverty, Human Poverty, Inequality current approaches in understanding poverty. Then, section 1. Introduction 3 analyses and presents the trends in poverty and inequality in Asia. The trends that are focused on in this section are Global economic integration has been going on for a long that economic growth, extreme poverty (for those who are time. In that sense globalization is nothing new for the world. living on less than $1.25 a day), some indicators of human As Dollar argues, what is new in this most recent wave of poverty (longevity, adult literacy rate, children underweight), globalization, starting around 1980 is the way in which de- and inequality. Section 4 draws a link between the heightened veloping countries are integrating with rich countries. As in integration and the accelerated growth and poverty reduction previous waves of integration, this change is driven partly by with special reference to the experience in Sri Lanka, one technological advances in transport and communications, and of the first South Asian Countries to open up to the global partly by deliberate policy changes . economy and today the region’s most open economy. Finally, 1) The most contentious issue of globalization is its effects on poor countries and poor people. Many people argue section 5 concludes by giving some remarks with key findings, and policy implications based on the analysis presented. that globalization is necessary and in the long run beneficial Here, Asia refers to the Asia and Pacific region included and providing good opportunities, especially for developing 58 regional members and associate members of the United countries2). To others, there is a much deeper concern about Nations Economic and Social Commission for the Asia and the the related challenges and possible risks associated with Pacific (UN-ESCAP). Time series data are presented accord- the globalization process. They claim that global economic ing to the geographic sub regions classified by the UN-ESCAP integration is leading to rising global inequality, benefiting the for monitoring the progress of achieving the MDGs in Asia and rich proportionally more than the poor . the Pacific region, with the exception of developed countries. 3) The main objective of this paper is therefore to examine the poverty and inequality in Asia, over the long term and The classification by income groups follows the definition of the World Bank4). during the recent wave of globalization that began during the Most of the data used for the analysis are gathered from 1980s. It is structured as follows: Section 2 discusses the the databases that have been compiled by the designated 47 Meijo Asian Research Journal Vol.1 No.1 international agencies for the respective MDG indicators. poverty emphasise (a) vulnerability – a concept referring to The web searches were performed along with a review of the negative outcomes on the well-being of individuals, house- literature available to gather the relevant information. holds or communities from environmental changes; (b) asset ownership – individuals, households and communities’ ability to resist negative impacts relates to their ability to mobilize 2. Defining and Measuring Poverty assets in the face of hardships; (c) livelihood – comprises the capabilities, assets (both natural and social) and activities The poverty reduction approach in the world has evolved required for means of living8). over the past 50 years in response to a deepening under- Based on these new paradigm shifts and in the light of standing of the complexity of development. In the 1950s and changes in global contexts, the World Bank in 2001 proposed 1960s, a large investment in physical capital and infrastructure a new strategy for attacking poverty in three ways, such as, became the primary means of development and poverty re- promoting opportunity, facilitating empowerment, and en- duction. In the 1970s, many views that physical capital alone hancing security9). was not enough and that health and education were at least as important for successful reduction of poverty in the world. The 1980s saw another shift of poverty thinking with emphasis 3. Poverty Trends in the ESCAP Region on improving economic management and allowing greater role for market forces. The majority of the developing world shifted This section analyses and presents the major trends in from an inward-focused economic strategy to a more outward poverty and inequality in the Asia and Pacific region, espe- oriented one. In the 1990s, governance and institutions moved cially focusing on the economic growth, extreme poverty toward a center stage of poverty reduction strategies . (living on less than $1.25 a day), some indicators of human 5) New conceptualizations of poverty also emerged which recognized that poverty is not just about income or expenditure poverty (longevity, adult literacy rate, children underweight), and inequality. levels, but is multifaced, covering a wide range of aspects, such as, prospects for earning a living, deprivation and ex- 3.1 Economic Growth in the Asia and Pacific region clusion, basic needs, social aspects, psychological aspects, According to the Statistical Year Book for the Asia and the etc6). The World Bank’s definition on poverty nicely recognized Pacific (2008), the developing regions in the world have ben- this multifaced nature of poverty; efited from accelerated economic growth of the globalization. Among them, Asia and the Pacific region has been one of the “……. Poverty is hunger. Poverty is lack of shelter. Poverty fastest growing regions in the world. In 2007, the GDP growth is being sick and not being able to see a doctor. Poverty is of the Asia and Pacific region was 5.8 per cent, which was not having access to school and not knowing how to read. second only to Africa at 6.1 per cent. The data further reveals Poverty is not having a job, is fear for the future, living one day that the Asia and Pacific region is now one of the world’s at a time. Poverty is losing a child to illness brought about by most important sources of economic output. In 2007, it was unclean water. Poverty is powerlessness, lack of representa- responsible for 27.6 per cent of global output, 1.3 percentage tion and freedom … points higher than in 199010). Poverty has many faces, changing from place to place and Within Asia and the Pacific, the best performers have been across time, and has been described in many ways. Most the middle-income and low-income countries, rather than often, poverty is a situation people want to escape. So poverty the high-income countries. In 2001, the growth rate of the is a call to action – for the poor and the wealthy alike – a call to middle-income countries was 4.9 per cent, but in 2007 they change the world so that many more may have enough to eat, had reached a remarkable 9.1 per cent. Low-income countries adequate shelter, access to education and health, protection are also progressing steadily, though at a slower pace, with from violence, and a voice in what happens in their communi- comparison to the middle-income countries. The high-income ties ……” 7) countries in the region have been growing more slowly. In most years since 1990, their growth rate has been between At the same time, new approaches to the assessment of 48 2 and 4 per cent. Poverty and Inequality in Globalizing Asia Table 1 The Gross Domestic Products (GDP) in Selected Countries of the Asia and Pacific Region, 1990–2007 Gross Domestic Products (GDP) Million US$ (1990) East and North-East Asia China DPR Korea Hong Kong, China Japan Macao, China Mongolia Republic of Korea South-East Asia Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Timor-leste Vietnam South and South-West Asia Afghanistan Bangladesh Bhutan India Iran (Islamic Rep.) Maldives Nepal Pakistan Sri Lanka Turkey North and Central Asia Armenia Azerbaijan Georgia Kazakhstan Kyrgyzstan Russian Federation Tajikistan Turkmenistan Uzbekistan Pacific Australia American Samoa Cook Island Fiji French Polynesia Guam Kiribati Marshall Islands Micronesia (F.S) Nauru New Caledonia New Zealand Niue Northern Mariana Is. Palau Papua New Guinea Samoa Solomon Islands Tonga Tuvalu Vanuatu World Regions Asia and the Pacific Africa Europe Latin America and Carib. North America Other Countries/areas World Average Annual GDP Percent for Annum 1990 1995 2000 2005 2007 90–95 95–00 00–05 2007 3,782,576 404,494 14,702 76,890 3,018,270 2,990 1,454 263,776 355,519 3,441 1,404 125,720 866 45,716 5,179 44,312 36,901 85,361 146 6,472 671,852 3,622 30,435 279 326,795 90,370 215 4,097 57,159 8,204 150,676 638,331 2,157 6,515 8,532 29,659 1,111 569,709 2,869 3,069 14,710 374,150 319,150 4,476,646 721,274 12,005 99,151 3,254,784 3,978 1,260 384,193 513,926 3,733 1,920 183,279 1,181 71,878 6,878 49,325 56,791 129,105 237 9,600 834,192 3,236 37,852 336 420,046 108,724 298 5,275 71,252 10,700 176,473 393,718 1,140 2,728 2,411 18,207 563 353,709 1,091 1,939 11,931 439,801 374,924 5,113,502 1,090,368 11,538 112,915 3,417,383 3,893 1,448 475,957 582,615 4,241 2,711 190,071 1,593 90,829 10,244 59,822 77,443 132,031 196 13,433 1,057,638 2,713 48,793 466 556,748 132,594 445 6,676 81,353 13,696 214,154 430,701 1,464 3,835 3,180 20,594 740 382,917 1,091 2,413 14,469 526,962 453,884 6,120,394 1,719,444 13,077 138,307 3,645,896 6,910 1,983 594,778 742,210 4,699 4,237 239,450 2,164 114,492 18,779 74,427 95,275 169,191 205 19,290 1,420,835 6,793 63,566 672 779,245 172,195 563 7,710 108,825 16,647 264,618 588,505 2,608 7,214 4,548 33,730 891 515,825 1,733 2,974 18,983 621,632 535,138 6,779,140 2,128,077 13,144 157,226 3,812,499 10,296 2,366 655,531 836,732 4,960 5,172 268,602 2,531 128,790 22,320 84,235 111,011 186,284 231 22,595 1,645,005 8,202 72,193 893 926,270 191,733 750 8,100 122,716 19,163 294,984 684,874 3,285 12,130 5,593 40,541 994 594,967 1,970 3,518 21,876 664,458 573,823 3.4 12.3 –4.0 5.2 1.5 5.9 –2.8 7.8 7.6 1.6 6.5 7.8 6.4 9.5 5.8 2.2 9.0 8.6 10.2 8.2 4.4 –2.2 4.5 3.8 5.1 3.8 6.8 5.2 4.5 5.5 3.2 –9.2 –12.0 –16.0 –22.3 –9.3 –12.7 –9.1 –17.6 –8.8 –4.1 3.3 3.3 2.7 8.6 –0.8 2.6 1.0 –0.4 2.8 4.4 2.5 2.6 7.1 0.7 6.2 4.8 8.3 3.9 6.4 0.4 –3.7 7.0 4.9 –3.5 5.2 6.8 5.8 4.0 8.3 4.8 2.7 5.1 3.9 1.8 5.1 7.0 5.7 2.5 5.6 1.6 0.0 4.5 3.9 3.7 3.9 3.7 9.5 2.5 4.1 1.3 12.2 6.5 4.6 5.0 2.1 9.3 4.7 6.3 4.7 12.9 4.5 4.2 5.1 0.9 7.5 6.1 20.1 5.4 7.6 7.0 5.4 4.8 2.9 6.0 4.0 4.3 6.4 12.2 13.5 7.4 10.4 3.8 6.1 9.7 4.3 5.6 3.4 3.3 5.3 11.4 1.6 6.5 2.1 27.3 9.9 5.0 6.3 0.4 10.2 6.3 8.0 6.3 5.5 7.3 7.7 4.8 16.2 8.3 7.4 12.4 6.5 22.4 8.7 5.8 7.7 2.5 6.0 6.8 5.1 8.4 11.1 25.1 12.4 8.7 8.2 8.1 7.8 8.5 7.4 3.8 3.9 59 1,320 2,930 69 1,500 3,145 78 1,666 3,692 94 1,878 4,217 96 1,870 4,459 3.2 2.6 1.4 2.5 2.1 3.3 4.0 2.4 2.7 0.4 –3.9 3.0 26 69 145 28 2,529 43,915 29 71 177 20 2,914 51,174 45 58 165 17 2,978 58,366 48 69 169 17 3,057 70,350 46 71 168 17 3,090 73,591 2.7 0.6 4.0 –6.6 2.9 3.1 9.0 –3.9 –1.4 –3.7 0.4 2.7 1.1 3.4 0.5 0.3 0.5 3.8 2.0 2.0 0.1 0.2 0.5 3.0 77 3,286 112 208 135 10 153 72 4,961 118 264 161 11 191 79 5,149 144 231 177 12 223 84 5,647 178 249 188 17 233 138 6,153 191 281 187 17 258 –1.2 8.6 1.1 4.9 3.7 3.0 4.5 1.8 0.7 4.1 –2.6 1.8 1.9 3.1 1.3 1.9 4.3 1.5 1.3 6.4 1.0 1.8 6.2 4.7 6.3 –3.5 3.0 4.7 5,822,428 495,198 7,925,781 1,196,941 6,342,977 303,184 22,148,902 6,658,283 523,199 8,352,485 1,405,877 7,144,022 361,663 24,678,950 7,711,420 627,279 9,605,595 1,635,481 8,749,394 442,068 29,080,803 9,493,577 808,217 10,464,264 1,861,230 9,821,583 543,319 33,354,836 10,610,208 906,043 11,083,499 2,061,522 10,327,841 606,305 35,997,455 2.7 1.1 1.1 3.3 2.4 3.6 2.2 3.0 3.7 2.8 3.1 4.1 4.1 3.3 4.2 5.2 1.7 2.6 2.3 4.2 2.8 5.8 6.1 2.8 5.2 2.2 5.2 3.8 Source: ESCAP (2008) <http://www.unescap.org/stat/data/syb2008 (online database, accessed on 12th October 2009)> 49 Meijo Asian Research Journal Vol.1 No.1 As Table 1 shows the fastest growth in the Asia and Pacific region has been in North and Central Asia, because of the high commodity prices and heavy public and private investment11). The economic growth in this sub region grew on average by 8.4 per cent, in which most rapid growth can be found in Azerbaijan at 25.1 per cent in 2007. Other sub regions show some mixed performances. In 2007, South and South-West Asia achieved a record 7.4 per cent GDP growth, though they ranged from Bhutan with a historically high rate of 22.4 per cent to Nepal where growth was only 2.5 per cent. Southeast Asia also had large differences between the best and worst performers – from 16.2 per cent in Timor-Leste to 0.4 per cent in Brunei Darussalam. Similarly, in East and North-East Asia growth ranged from 27.3 per cent Figure 1 Value Added by Sector, the World Regions, 2007 Source: ESCAP (2008) in Macao, China to 1.6 per cent in the Democratic People’s Republic of Korea. Commentary on economic growth in Asia and the Pacific Value added by sector is one of the better indicators to see would be incomplete without a separate focus on the region’s which parts of the economy are contributing to economic two giant countries. Since, China’s economic reform and growth. During 1990–2007 for Asia and the Pacific as a whole, opening to the outside world in 1978, its ratio of trade to na- the share of agriculture in value added declined from 9.5 to tional income has more than doubled. China alone contributes 8.1 percent, and industry grew from 37.6 to 39 per cent, while 20.1 per cent of the region’s GDP, and in 10 of the past 18 services remained stable at 52.9 per cent (see Figure 1). years has recorded a double-digit growth rate. Not only China, Except in the least developed countries of the region, indus- India also with 8.9 per cent of regional GDP has also had rapid try has generally grown faster than agriculture. Many countries growth particularly in recent years. became a major exporter of manufactures and services, and Additional insight into the shift in growth patterns is gained compete directly with products made in the industrial coun- by looking at the trends in GDP growth per capita. In Asia and tries, which in value-added terms has made this region one the Pacific, the 2007 average of the GDP growth per capita of the world’s most industrialized regions. was $2,603. In global terms this is still a relatively low figure, When assessing the significance of different sectors, how- while the growth rate has been more rapid than in other global ever, it is important to look beyond value added and consider regions12). their contribution to employment. In the Asia and Pacific re- It is revealed that growth in per capita GDP is strongly in- gion, agriculture may have only a small share of value added, fluenced by population growth. In 2007, Africa’s GDP growth but it still employs the largest share of people and in many rate at 6.1 per cent was higher than the Asia-Pacific rate of developing countries is critical for food security15). 5.8 per cent and the 5.2 per cent in Latin America and the Caribbean. But, as a result of its high population growth rate, Africa had the lowest per capita GDP growth rate of these three global regions . 13) 50 3.2 Extreme Poverty in the Asia and Pacific region The international poverty estimates were revised in 2008, and the new poverty estimates were calculated by the World As the Statistical Year Book for the Asia and Pacific region Bank on the basis of a revised international poverty line set at (2008) points out, a high proportion of GDP in the region $1.25 per day (2005 ppp prices). Table 2 shows a proportion of results from mostly domestic investment. The proportion the world’s poor, which is living below the international poverty dropped several percentage points after 1997–1998 but has line of $1.25 a day had fallen from 41.7 percent in 1990 to 24.5 since returned to near pre-crisis levels. Indeed the baseline in- percent in 2005. vestment rates were so high that between 1990 and 2007 only Here, the greatest success in poverty reduction has oc- the least developed countries and SAARC members managed curred in the Asia and Pacific region, where extreme poverty to increase their share of domestic investment in GDP14). has declined from 47.8 percent in 1990 to 23.9 percent in Poverty and Inequality in Globalizing Asia Table 2 Extreme Poverty in the Selected Countries of the Asia and Pacific region, 1990–2007. Population living below $1.25 (2005 PPP) a day (%) East and North-East Asia China Mongolia South-East Asia Cambodia Indonesia Lao PDR Malaysia Philippines Thailand Timor-leste Vietnam South and South-West Asia Bangladesh Bhutan India Iran (Islamic Rep.) Nepal Pakistan Sri Lanka Turkey North and Central Asia Armenia Azerbaijan Georgia Kazakhstan Kyrgyzstan Russian Federation Tajikistan Turkmenistan Uzbekistan Pacific Papua New Guinea World Regions Asia and the Pacific Africa Europe Latin America and Carib. World Population living below the national poverty line (%) 1990 1996 2002 2005 60.1 60.2 39.2 48.6 54.3 55.7 1.6 30.7 5.5 36.3 36.4 18.8 35.1 28.3 28.4 15.5 25.5 43.4 49.3 2.1 21.6 1.9 29.3 44.0 15.9 15.9 22.4 18.9 40.2 21.4 63.7 47.0 66.8 49.7 42.3 59.4 51.3 3.9 46.6 1.3 68.4 48.1 16.3 64.7 15.0 2.1 2.9 4.2 18.6 2.8 63.5 8.1 17.5 15.6 4.5 5.0 31.8 3.5 44.5 24.8 32.1 22.5 0.7 52.9 40.1 38.7 57.8 43.9 35.9 14.0 2.0 8.4 15.0 6.3 15.1 0.5 34.0 0.3 42.3 0.5 22.6 0.4 21.5 35.5 49.6 26.2 41.6 1.5 55.1 22.6 2.7 6.6 10.6 0.0 13.4 3.1 21.8 0.2 21.5 36.5 48.5 1.5 10.8 34.1 Latest 6.0 (96) 36.3 (95) 4.6 (98) 36.1 (02) 47.0 (94) 17.5 (96) 45.0 (93) 35.0 (04) 16.7 (04) 33.0 (03) 32.1 (94) 32.5 (92) 25.1 (97) 12.0 (04) 37.4 (98) 28.9 (02) 58.8 (92) 40.0 (05) 36.0 (94) 27.5 (05) 41.8 (96) 28.6 (93) 20.0 (91) 28.3 (94) 30.9 (04) 22.3 (06) 15.2 (07) 27.0 (02) 55.1 (99) 68.1 (95) 52.1 (02) 34.6 (96) 47.6 (01) 30.9 (94) 50.9 (01) 49.6 (01) 54.5 (03) 15.4 (02) 43.1 (05) 19.6 (02) 74.9 (99) 46.3 35.8 47.8 47.2 1.0 9.8 41.7 Earliest 27.5 (00) 37.5 (96) 30.9 45.9 1.0 11.0 30.0 23.9 42.5 0.4 8.4 24.5 Source: ESCAP (2008) <http://www.unescap.org/stat/data/syb2008 (online database, accessed on 12th October 2009)> 2005. Of the 24 countries in the region for which data are Indonesia, where between 1990 and 2005 poverty declined available from both the 1990s and the 2000s, 20 countries from 54.3 to 21.4 percent, and in Viet Nam where between have made progress in reducing the share of their population 1992 and 2006 the rate fell from 63.7 to 21.5 percent. living below the revised international poverty line. Poverty rates also went down in South and South-West Among the sub regions in the Asia and the Pacific, pov- Asia. One of the most striking achievements was in Pakistan erty has fallen everywhere, except in North and Central Asia. where between 1990 and 2004 the share of the population In East and North-East Asia, between 1990 and 2005, the living on less than $1.25 a day declined from 64.7 to 22.6 proportion of the population living on less than $1.25 a day percent. Other countries in this sub region, except Turkey, also declined from 60.1 to 15.9 percent. This was mainly because made some progress, if more slowly than Pakistan. In India, of progress achieved by China. for example, between 1990 and 2005 the poverty rate fell from Although less spectacularly than in China, poverty has also declined in South-East Asia. The best achievements were in 51.3 to 41.6 percent in 2005. However, in North and Central Asia, the situation is more 51 Meijo Asian Research Journal Vol.1 No.1 mixed. For the sub region as a whole, poverty increased in Asia and the Pacific region. the 1990s and declined somewhat in the 2000s. Armenia, Azerbaijan, Kazakhstan, the Russian Federation and Tajikistan saw a decrease between the 1990s and the 2000s, while in Georgia, Kyrgyzstan and Uzbekistan poverty increased. 3.3 Human Poverty From human development perspectives, poverty means more than the lack of what is necessary for material well- In addition to the analysis on poverty based on the inter- being. According to the Human Development Report (1997), national poverty line of $1.25 a day, Table 2 also presents poverty is all about opportunities and choices most basic to some data based on the country specified, national poverty human development being denied. Thus, a person is not free lines. These figures have some advantage that they will better to lead a long, healthy, and creative life and is denied access reflect local circumstances, being based on the official mini- to a decent standard of living, freedom, dignity, self-respect mum standard of living. However, they are not comparable and the respect of others16). across countries and may not even be comparable over time Recognizing these multiple dimensions of poverty, the Hu- so assessments based on national poverty lines are likely to man Development Report (1997) introduced a Human Poverty differ from international poverty figures. Index (HPI) in an attempt to bring together in a composite In observing the incidence of poverty in terms of country index the different features of deprivation in the quality of life, specific, national poverty lines, the trends are more similar to arrive at an aggregate judgment on the extent of poverty to those indicated by the international poverty line. It was in a community. revealed that poverty has been declining in most parts of the The HPI concentrates on the deprivation in the three essential elements of human life already reflected in the Human Asia and Pacific region. The most important point emphasised in the above analysis Development Index (HDI): (a) survival - the likeliness of death is that poverty reduction in developing countries is very closely at a relatively early age and is represented by the probability of related to the GDP growth rate in these countries. The ac- not surviving to age 40; (b) knowledge - being excluded from celerated growth has led to unprecedented poverty reduction. the world of reading and communication and is measured by While the overall decline in regional poverty is positive news, the percentage of adults who are illiterate; (c) a decent stan- there has been very different performance across sub-regions. dard of living, in particular, overall economic provisioning17): It is still the case that two-thirds of the extreme poor live in The figures in Table 3 reveal that many countries in the Asia Table 3 Human Poverty Indicators in Selected Countries of the Asia and Pacific region, 2009 China Mongolia Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Timor-Leste Vietnam Afghanistan Bangladesh Bhutan India Iran (Islamic Rep.) Maldives Nepal Pakistan Sri Lanka Source: UNDP (2009) 52 Human Poverty Index (Rank/Points) Probability to not surviving to age 40 (%) Adult Illiteracy rate Children under weight for age (% age under 5) 36 (7.7) 58 (12.7) 87 (27.7) 69 (17.0) 94 (30.7) 25 (6.1) 77 (20.4) 54 (12.4) 14 (3.9) 41 (8.5) 122 (40.8) 55 (12.4) 135 (59.8) 112 (36.1) 102 (33.7) 88 (28.0) 59 (12.8) 66 (16.5) 99 (32.1) 101 (33.4) 67 (16.8) 6.2 10.3 18.5 6.7 13.1 3.7 19.1 5.7 1.6 11.3 18.0 5.8 40.7 11.6 14.2 15.5 6.1 6.0 11.0 12.6 5.5 6.7 2.7 23.7 8.0 27.3 8.1 10.1 6.6 5.6 5.9 49.9 9.7 72.0 46.5 47.2 3.4 17.7 3.0 43.5 45.8 9.2 7.0 6.0 36.0 28.0 40.0 8.0 32.0 28.0 3.0 9.0 46.0 25.0 39.0 48.0 19.0 46.0 11.0 30.0 39.0 38.0 29.0 Poverty and Inequality in Globalizing Asia and Pacific region are far from achieving progress on human cluding the highest possibilities of not surviving in Afghanistan poverty. Furthermore, the trends in the composite HPI point (40.7 percent). to the fact that progress on human poverty reduction in Asia and the Pacific region as a whole during the 1990s–2000s amounted to less than 10 percent18). The most disturbing factors in achieving progress in human development in the Asia and Pacific region are larger dispari- South and South-West Asia shows the highest human ties in public spending for social expenditures. For example, poverty situation in the Asia and Pacific region, where many while developed countries in the region spend more per capita countries are ranked over 50 in the HPI in 2009. Afghanistan on health (83 percent in Japan, 77 percent in New Zealand shows the highest human poverty situation in the sub region and 67 percent in Australia), developing countries spend very which ranks 135 among 135 countries for the index has been little (only 11 percent in Myanmar, 18 percent in Pakistan, th th calculated for the year 2009, follwed by Bangladesh (112 ), 19 percent in India and 26 percent in Viet Nam). It is also Bhutan (102nd), Pakistan (101st), Nepal (99th), India (88th), Sri reflected in the availability of health personnel. In general, Lanka (67 ), and Maldives (66 ). high-income countries in Asia and the Pacific have between th th th Though, there was some progress in reducing human pov- 1.5 and 3.0 physicians per 1,000 people, whereas most low erty in South-East Asia, the progress shows some uneven and middle-income countries have less than one. There are distribution. Singapore (14th), Malaysia (25th), and Thailand also wide disparities between countries in the number of nurs- (41 ) took a leading role in reducing human poverty in this sub ing and midwifery personnel. The number per 1,000 people is region while Timor-Leste (122 ), Lao PDR (94 ), and Cambo- 85 or more in Australia, Japan, New Zealand and the Russian dia (87th) need still more efforts towards this end. Federation but 10 or less in several low-income countries20). st nd th In the East and North-East Asia, China shows the leading progress in reducing human poverty in the ranking of the HPI, 3.4 Inequality in Asia and the Pacific Region which ranked 36 . According to the ranking, Mongolia, the Inequality has to be brought to the forefront in the discussion only other country in the sub region, for which data are avail- on poverty reduction. Though, the traditional thinking was that able, ranked 58th. only rapid growth mattered to poverty reduction, there is now th According to Table 3, poor nutrition is a serious problem among children in the region. More than 10 percent of under- increasing recognition that high inequality within and between countries imposes obstacles to poverty reduction21). fives are underweight in about two thirds of the economies for Answering the question, why was there not more progress which data are available. Only Singapore (3 percent), Mongolia against poverty during rapid globalization, Chen and Raval- (6 percent), China (7 percent), Malaysia (8 percent), and Fiji (8 lion argue that rising inequality within and between countries percent) have a percentage of underweight children below 10 accounts for slow progress in reducing world poverty22). The percent. The percentage of underweight children is over 40 World Bank is also favorable to this argument, and indicates percent in Bangladesh, India, Timor-Leste, and Lao PDR; and that; between 20 percent and 40 percent in a further 15 economies including Indonesia, Pakistan, Philippines, and Viet Nam. …… Countries with high levels of initial inequality have reduced The figures in Table 3 further show that in most countries in poverty less for given rates of growth than countries with low the Asia and Pacific region, literacy rates have increased over initial inequality, and if growth is accompanied by increasing time. Particularly high gains are recorded for six economies inequality, its impact on poverty will be reduced…..23). that had low rates in 1990: Bangladesh, India, Lao People’s Democratic Republic (Lao PDR), Nepal, Pakistan, and Vanu- In examining the overall effects of poverty on the more vul- atu. However, they have the lowest rates of primary school nerable sectors, three sets of income inequality data can be enrollment and the widest gender disparities in education19). used, such as, Poverty Gap Ratio, Quintile Measure of income Furthermore, the average life expectancy of 14 countries in distribution and Gini Index. the region is no more than 51 years, compared to 78 years in The Poverty Gap Ratio is based on the international poverty countries of the Organization for Economic Cooperation and line and measures the extent of extreme poverty indicating Development (OECD). The possibilities of not surviving to age how far the extreme poor fall below the poverty line24). The 40 are over 10 percent for the population in 14 countries in- smaller the poverty gap ratio, it is easier for countries to bring 53 Meijo Asian Research Journal Vol.1 No.1 Table 4 Inequality in Asia and the Pacific Region Poverty Gap Ratio 1990 East and North-East Asia China 20.7 DPR Korea Hong Kong, China Japan Macao, China Mongolia Republic of Korea South-East Asia Brunei Darussalam 13.8 (94) Cambodia 15.6 Indonesia 16.2 (92) Lao PDR 0.1 (92) Malaysia Myanmar 8.6 (91) Philippines Singapore 0.4 (92) Thailand Timor-leste 23.6 (92) Vietnam South and South-West Asia Afghanistan 21.1 (91) Bangladesh Bhutan 14.6 India 1.0 Iran (Islamic Rep.) Maldives Nepal 23.2 Pakistan 2.7 Sri Lanka 0.5 Turkey North and Central Asia Armenia Azerbaijan Georgia 0.5 Kazakhstan 8.6 Kyrgyzstan 1.3 Russian Federation Tajikistan 25.8 Turkmenistan Uzbekistan Pacific Australia New Zealand Papua New Guinea 1996 10.7 2002 2005 8.7 4.0 Share of poorest quintile in income or consumption (%) 4.3 (04) Gini Index 1990 29.2 1996 2002 2005 32.2 36.3 35.4 33.2 (95) 32.8 33.0 5.3 (96) 10.6 (93) 4.6 (95) 3.6 11.4 14.9 (97) 0.3 (95) 6.0 12.1 5.3 (97) 6.2 11.3 (04) 4.6 0.1 (04) 7.3 (95) 7.5 (02) 7.9 (98) 8.0 (94) 8.3 (93) 9.6 (92) 4.6 (92) 6.8 (04) 7.1 (05) 8.1 (02) 4.4 (97) 38.3 (94) 29.0 30.4 (92) 47.7 (92) 31.2 34.9 (97) 48.5 (95) 29.9 32.6 5.4 (03) 5.0 (98) 6.3 (02) 43.8 (91) 46.2 (97) 46.1 (00) 44.0 (06) 46.2 (92) 43.4 42.5 (04) 31.0 46.8 (03) 32.5 38.3 37.9 (04) 5.5 (00) 5.5 (06) 0.0 (04) 15.1 (98) 0.0 (04) 19.1 (01) 11.2 5.9 (91) 5.0 (98) 4.6 (92) 4.6 (06) 7.7 (93) 7.1 (04) 35.7 (92) 35.5 (98) 42.0 39.5 (01) 37.6 17.9 (95) 17.3 (00) 9.4 (92) 8.8 (05) 26.2 (91) 30.6 (95) 30.7 (00) 12.4 0.2 (98) 11.4 13.1 7.3 (03) 10.5 0.3 8.1 (04) 6.5 (05) 30.9 43.6 30.7 44.1 (98) 32.0 5.2 (90) 19.7 (03) 4.4 (04) 7.5 (96) 8.1 (91) 9.0 (90) 5.8 (94) 6.0 (04) 9.1 (05) 7.0 (02) 5.3 (03) 33.2 32.5 41.5 (94) 5.4 (96) 6.9 (95) 6.1 (96) 7.5 (93) 2.5 (93) 4.4 (93) 8.1 (99) 6.9 (93) 7.3 (93) 8.5 (03) 7.4 (01) 5.4 (05) 7.4 (03) 8.9 (03) 6.1 (02) 7.8 (04) 6.1 (98) 7.2 (03) 0.1 26.7 (95) 11.7 3.0 (95) 4.7 4.4 (95) 1.7 0.9 9.0 (98) 1.8 13.7 (99) 7.0 (98) 13.9 (98) 7.9 (01) 2.6 0.5 3.1 1.1 (01) 4.7 0.1 (01) 8.8 0.1 12.4 0.9 1.9 (03) 0.0 4.4 0.5 (03) 4.4 (04) 0.0 5.1 (04) 15.0 (03) 32.7 (93) 53.7 (93) 48.3 (93) 35.4 (93) 37.7 (95) 28.7 35.4 (95) 44.4 35.0 (95) 37.1 35.3 (96) 36.0 (98) 46.2 31.5 (99) 40.8 (98) 45.4 (98) 41.9 (94) 34.5 30.4 (01) 41.1 42.7 37.8 (06) 47.3 (03) 31.2 (04) 43.2 35.7 36.5 (01) 40.3 31.3 (01) 31.7 35.7 33.8 (03) 16.8 40.8 33.9 (03) 32.9 (04) 37.5 33.6 (03) 34.6 36.7 (03) 5.9 (94) 6.4 (97) 12.3 4.5 (96) 50.9 Source: ESCAP (2008) <http://www.unescap.org/stat/data/syb2008 (online database, accessed on 12th October 2009)> people above the $1.25-aday threshold. According to Table 4, during the last decade the poverty Democratic Republic with 12.1 percent in 2000s, even though gap has narrowed in many parts of the Asia and Pacific re- these ratios have declined over the past decade. In North and gion. It reveals that the highest poverty gap ratios are found Central Asia, the highest poverty gap ratio is in Uzbekistan in the least developed countries confirming that the pockets at 15 percent in 2005, which shows some increase when of extreme poverty are concentrated among the poorest and compared to 12.4 percent in 2002. most vulnerable areas. For example, Nepal, with 19.7 percent The Quintile Measure is another important indicator to iden- in 2005, and Timor-Leste with 19.1 percent in 2002 show the tify the inequalities among countries. It shows the percent- highest poverty gap ratios in the region. age of total household income (in many countries household The poverty gap ratios are also high in Bangladesh with 13.1 54 percent, Cambodia with 11.3 percent and the Lao People’s consumption expenditure is used as a proxy for household Poverty and Inequality in Globalizing Asia Table 5 Rural and Urban Poverty Gap Ratios and Gini Index of the Three Largest Countries in Asia and the Pacific Region Poverty Gap Ratio Urban Rural China India Indonesia 1990 2005 1993 2004 1990 2005 5 0 11 10 15 4 27 6 14 11 16 5 4. Poverty, Growth, and Inequality in Sri Lanka Gini Index Urban Rural 26 35 34 38 35 40 31 36 29 30 26 30 Source: ESCAP (2008) <http://www.unescap.org/stat/data/syb2008 (online database, accessed on 12th October 2009)> Sri Lanka is selected here as an appropriate case study to examine the poverty and inequality in globalized Asia, because it was the first South Asian country to open up to the global economy and is today one of the most open economies in the Asia and Pacific region. Its appropriateness also stems from the fact that from the time of independence (1948), Sri Lanka accepted economic development must be underpinned by sound social protection regimes, investment in human income) that is received by the poorest 20 percent (one fifth resources, and the promotion of gender equality. or “quintile”) of the population . Low percentages reflect Following market reforms in the 1970s, the country’s per greater inequality while high percentages indicate a more even capita GDP grew at over 3 percent between 1990 and 2002. distribution of incomes. Yet, during the same period, the share of people living in 25) According to Table 4, this proportion ranges from 10.6 poverty fell by only 3 percent. Inequality rose sharply. GDP in percent in Japan to 4.3 percent in China. The poorest tend to the Western Province, the wealthiest province in the country, receive the smallest share in the middle- and higher-income grew at a rate nearly three times faster than the other areas. economies such as Turkey, the Islamic Republic of Iran, Thai- Although urban poverty fell, rural poverty hardly changed, and land, Malaysia and Singapore. However, they do better in India estate poverty has increased. Western Province, which had with 8.1 percent, Pakistan with 9.1 percent, and Bangladesh the fastest growth and poverty reduction, also saw some rise with 8.8 percent. in inequality among the income groups. The Gini Index is most commonly used for measuring This section therefore takes a closer look at these uneven inequality. The coefficient varies between 0, which reflects growth patterns and their underlying causes, and summarizes complete equality and 1, which indicates complete inequality the current state of knowledge about why large numbers con- (one person has all the income or consumption, all others have tinue to be poor in Sri Lanka, though GDP grew at a healthy none)26). Nevertheless, this gives similar results, Table 4 shows rate in absolute terms since the country opened its economy the greatest inequality is in Papua New Guinea (with data from to world markets. 1996), Nepal, the Philippines, Turkey and Thailand. The figures in Table 5 show that extreme poverty is more pronounced in rural areas than urban centers, as indicated 4.1 Economic Reforms in Sri Lanka After Independence in 1948 by poverty gap ratios for the three largest countries in the During the post-independence period most economic activi- Asia and Pacific region, such as China, India, and Indonesia. ties of the country including manufacturing, trade, transport, These data further reveals that inequality has increased in both telecommunications and financial services were dominated by rural and urban areas. Particularly, in India and Indonesia, it state monopolies and subjected to state controls. was evident that inequality in urban areas is notably higher However, the initial phase of economic reforms, during than in rural areas, because most of the wealthy people are 1977–82 focused mainly on liberalization of trade and invest- located in the cities. But, in China, the situation is quite dif- ment regimes. The quantitative restrictions on imports were ferent, where inequality in the cities and the countryside is removed and more uniform tariff structures were established. now similar, largely because between 1990 and 2005 there Furthermore, a highly overvalued currency, which was largely was a notable increase in urban inequality as the Gini index the result of trade suppression, was realigned. increased from 26 to 35. Relating to the investment front, several impediments to Foreign Direct Investment (FDI) were relaxed. The Greater Colombo Economic Commission (GCEC), the forerunner to the Board of Investments (BOI) was established in 1978 to promote investments into export-oriented activities. The 55 Meijo Asian Research Journal Vol.1 No.1 GCEC, while establishing several export processing zones much FDI. In 1997, FDI reached the record level of US$430 (EPZ’s) was also responsible for formulating and implementing million28). an incentives package for foreign investments. There is no doubt that these early reforms led to higher 4.2 Poverty Trends and Patterns in Sri Lanka economic growth and the transformation of the country’s According to the UN-ESCAP calculations, Sri Lanka is on export base from agriculture to manufacturing. Although the track to halving between 1990 and 2015, the proportion of country has been riddled with the civil conflict since 1983, people whose income is less than $1.25 a day29). Nevertheless, the benefits of reforms continued and growth was sustained a fifth of all Sri Lankans remain in consumption poverty and during the 1980s27). the decline in poverty rates has been disappointingly modest, The 1990s witnessed the second wave of reforms towards about 3 percentage points between 1990 and 2002. more open economy spanning two successive governments. Growing sectoral and regional differences in poverty re- Key reforms included the removal of exchange control restric- duction rates are also apparent. Urban poverty halved, rural tions on current account transactions (i.e., the opening up of poverty declined by less than 5 percentage points, and pov- the current account) and the privatization of large state owned erty incidence in the estates increased by about 50 per cent enterprises in the plantation, insurance, telecom, and airlines between 1990 and 200230). sectors. Steps were also taken to further lower and simplify The growing urban – rural gap is largely due to concentrated the tariff structure and strengthen the policy framework for FDI economic growth in Western Province. Due to its proximity to and portfolio investment. ports, the Western Province was able to take advantage of As the World Bank argues, the results of these initiatives were notable. The country’s industrial exports expanded the opportunities from market reforms adopted since the late 1970s, and better integrate with global markets. rapidly and gained market share, particularly toward the The services sector (wholesale and retail trade, transport, end of the 1990s. By 2000, garment exports reached US$3 communications) dominates economic activity in the Western billion, contributing 50 percent of total exports. In addition, Province, accounting for 65 percent of provincial GDP and the increased privatization efforts saw Sri Lanka attracting over 55 percent of employment31). Table 6 Poverty and Inequality in Sri Lanka (as percent of total population), 1990–2002 1990–91 1995–96 2002 Poverty Indicators Poverty Incidence Poverty Gap Poverty Severity 26.10 0.05 0.01 28.80 0.06 0.02 22.70 0.05 0.01 Poverty Incidence by Sector Urban Poverty Rural Poverty Estate Poverty 16.30 29.40 20.50 14.00 30.90 38.40 7.90 24.70 30.00 Poverty Incidence by Region Western North Central Central Northwest Southern Sabaragamuwa Uva 21.00 24.00 28.00 25.00 30.00 31.00 33.00 18.00 24.00 37.00 29.00 33.00 41.00 49.00 11.00 21.00 25.00 27.00 28.00 34.00 37.00 Inequality: Gini Coefficient by per capita expenditure National 0.32 Urban 0.37 Rural 0.29 Estate 0.22 0.35 0.38 0.33 0.20 0.40 0.42 0.39 0.26 Source: World Bank (2007) Note: Data excludes Northern and Eastern Provinces for which the official poverty data are not available 56 Poverty and Inequality in Globalizing Asia As argued by the World Bank, another notable factor is the income groups. Average per capita consumption grew by 50 recent rapid expansion of the telecom sector following the percent for the richest consumption quintile but by only 2 opening of the sector to competition and the privatization of percent for the poorest quintile. Sri Lanka Telecom. Manufacturing accounts for one-third of The Gini coefficient of per capita consumption in Sri Lanka GDP and employment in the province. Much of the dynamism increased at an annual rate of 2 percent, much higher than for of the sector reflects the rapid expansion of labor-intensive East Asian comparator countries with the exception of China. garment exports, following the liberalization reforms in the late Thus, for every 1 percent annual growth in GDP per capita, the 1970s and establishment of export processing zones (EPZs). poverty headcount ratio declined by 0.4 percent in Sri Lanka, Over 70 percent of garment factories are located in the West- compared with 0.9, 1.4, and 2.6 percent in Korea, Vietnam and ern Province, mainly the Colombo and Gampaha districts, Thailand, respectively34). employing about 200,000 workers (or about 65 percent of employment in the garment industry)32). Even though the pace of consumption poverty reduction was slow, Sri Lanka has fared quite well in terms of human By contrast, market reforms have been more limited outside poverty indicators. The country is an early achiever with regard the Western Province, which has remained predominantly to several MDG indicators, such as universal primary school rural in character. In particular, agricultural policies have been enrolment, gender parity in primary and secondary school geared toward the achievement of self-sufficiency in paddy enrolment, under five child mortality and infant mortality, uni- production rather than the development of high-value agricul- versal provision of reproductive health services, TB prevalence tural markets. As a result, private investment in commercial and death rates and access to safe water and sanitation. agriculture and agro-business has been limited. The shortcom- However, national figures show a considerable gender- ings in the provision of economic infrastructure in rural areas, related, sectoral and regional variation in terms of achieving which have no doubt further constrained the development of those indicators relating to human development. The figures high-value agricultural markets, are themselves a reflection of in Table 8 set out selected development indicators by sex, lack of progress in reforming these services33). sector and province. It can be seen that while girls fare much As a result, the poverty in Western Province more than better across the country in primary completion rates and halved, it declined only modestly in the North Central, Cen- under five mortality rates, malnutrition rates among boys and tral and Southern Provinces, and actually increased in North mortality rates among male infants are lower. As Gunatilaka Western Province, Sabaragamuwa and Uva (see Table 7). argues even though there are no apparent gender disparities in In addition to disparities in growth between the Western schooling opportunities for children, there is intra-household Province and the rest of the country, the slow pace of poverty discrimination against girls in the access to nutrition and reduction in Sri Lanka is also linked to rising inequality among health services35). Table 7 Poverty Indices and Access to Infrastructure by Province Poverty headcount ratio (%) Contri bution to GDP (%) Employment by Industrial Sector (percent of employed) Agriculture Industry Services forestry fishing Accessibility (%) Average accessi bility index 2004 Average travel time to Colombo 2004 Enter EnterEnter prises prises with prises using landline or located electricity mobile near bank 2004 2004 2004 2002 2002 2003 2003 2003 Western 11 48.1 9.3 35.9 54.8 3.8 73 79 24 70 Central 25 9.4 43.8 19.1 37.1 3.1 200 80 7 47 Southern 28 9.7 39.8 24.1 36.1 3.1 229 68 18 62 Northwest 27 10.1 28.5 32.5 39 3.1 177 61 15 70 North Central 21 3.9 50 15.6 33.5 2.9 304 61 8 75 Uva 37 4.3 63.7 9.2 27.2 2.8 295 62 23 78 Sabaragamuwa 35 6.9 44.9 27.4 27.8 3.3 152 76 15 70 Correlation with Headcount –0.62 0.47 –0.32 0.2 0.14 Source: Central Bank of Sri Lanka (2007) for data on employment by industrial sector; other indicators from World Bank (2007) Note: Accessibility index calculated for every point as the sum of the population totals of surrounding cities and towns, inversely weighted by the road network travel time to each town. The numbers who the mean of the access values for all points that fall into a given province. Average travel time to Colombo city is estimated travel time to each town based on geographical information of road network. The numbers show the mean travel time for all points that fall into a given province. 57 Meijo Asian Research Journal Vol.1 No.1 Table 8 Selected Human Development Indicators by Sector and Province (%) Sri Lanka Child Malnutrition Primary Education Completion Ratio Under Five Mortality Rate Infant Mortality Rate 2000 Male Female 2002 Male Female 2002 Male Female 2002 Male Female 94.7 14.9 12 12.9 10.2 14.4 82 67.5 18.7 7.6 22.1 14.9 6.4 20.6 16.9 5.2 16.4 13.1 4.6 15.7 13.3 13.8 88.1 95.9 81.2 61 77.8 67.5 43.2 15.6 18.2 10.3 10.5 15 12.5 20.3 16 15 12.2 14.5 7.4 8.7 11.4 11.1 17.5 12.2 13.6 14 16.1 9.3 7.6 10.6 10.8 18.6 14.4 12.7 10.5 12.4 6.7 6.1 8.1 9.6 15.8 10.8 11.4 9 18.1 14.8 13.3 19.1 10.3 13.1 28.7 17 91.5 78.3 80.5 77.6 56.6 72.3 87.9 80.5 67.9 63.8 69.6 49.7 50.9 66.1 29 30 96.5 Sector Urban Rural Estate Province Western Central Southern Northern Eastern Northwest North Central Uva Sabaragamuwa 19 37 24 23 38 33 31 28 40 39 33 33 38 22 98.7 95.2 94.4 88.6 90.3 95.1 96.2 92.8 95.3 99.5 96.7 96.9 90.7 92.9 97.6 98.1 94.7 96.1 Maternal Mortality Rate 2002 Households Households Households with with with access to access to access to safe improved electricity water sanitation 2003 (2001) (2001) 74.9 92.4 72.7 78.4 63.6 65.6 68.5 62 56.7 64.7 Source: Child malnutrition rates from World Bank (2005); Access to electricity from Central Bank of Sri Lanka (2007); other statistics from Department of Census and Statistics of Sri Lanka (2005) Note: Child malnutrition defined as percent of children who are moderately or severely underweight Regarding the performance by sector, the urban sector is the best off and the estate sectors by far the worst off in terms 5. Conclusion and Policy Implications of achieving human development indicators. According to the World Bank, 37 percent of estate children were stunted as There is no doubt that rapid globalization poses new oppor- against 8.3 percent in urban areas, and 14 percent in rural ar- tunities as well as new challenges for the countries in the Asia eas in achieving child nutrition. Likewise, 46 percent of estate and Pacific region. The Asia and Pacific region as a whole has children were underweight compared with 18 percent in the clearly made some remarkable progress in terms of achieving urban sector and 31 percent in the rural sector . strong economic growth, and reducing poverty during the 36) In a regional perspective, Western Province performs the In general, the growth rate of the developing countries has and Eastern Provinces fare the worst in terms of primary edu- accelerated, while rich country growth rates have declined. cation completion rates, obviously due to the disruptive impact As a result, the absolute number of persons living in poverty of the conflict and displacement on schooling. But the region and their percentage in the total population has declined in fares well in terms of infant mortality. Under-five mortality is many countries, especially in the East and South-East Asian worst in North Central Province, but Uva and Sabaragamuwa sub regions. are by far the worst off in terms of all remaining indicators However, a closer examination of recent trends in extreme other than in access to electricity. Here the worst off are Uva, poverty in the Asia and Pacific region is more disquieting. North Central and Northern Province in that order. There are several exceptions to the positive growth over the Summarizing this section, it can be argued that poverty in past decade, including the Central Asian countries, Afghani- Sri Lanka is strongly associated with a range of spatial factors, stan, Mongolia and the developing Pacific island economies. such as poor regional growth and employment opportunities, Still, over 950 million persons in the region continue to live and the availability of economic infrastructure, such as roads, in poverty. Extreme poverty affects at least 10 percent of the electricity and telecommunication. Hence, reducing spatial and population in many parts and must be considered a failure of regional inequalities in access to infrastructure services appears policy and programmes in reducing poverty. fundamental to engendering more equitable growth and a faster rate of consumption poverty reduction in Sri Lanka. 58 period of rapid globalization. best in all indicators, except in infant mortality. The Northern The experience in Sri Lanka provides a best example of how market-oriented policies can unleash economic growth Poverty and Inequality in Globalizing Asia and prosperity, while the lack of such policies can lead to (c) Improved governance in terms of the participation of the economic stagnation and persistent poverty. Most of the eco- poor (or representative civil society organizations) and col- nomic reforms taken by the government in 1970s and 1980s laboration with all stakeholders in local planning processes; affected the Western Province, which proceeded to generate (d) International/regional cooperation to remove trade barri- a supply response in the industrial and service sectors, cutting ers enhances debt relief measures, eliminate harmful tax and its poverty rate in half. competition practices and strengthen standards. Meanwhile, these market reforms have not reached the rest of the country, which remains predominantly rural. In the agriculture sector in particular, reforms in land markets and paddy Acknowledgements cultivation, as well as policies to improve the marketability of agricultural products, have been elusive, and rural incomes The author greatly acknowledges Prof. Sawada Takayuki, have stagnated. Furthermore, poverty reduction has been Faculty of Management, Meijo University and Prof. Hideharu slow due to widening inequalities among income groups and Morishita, Graduate School of policy Studies, Aichi Gakuin across regions, because of the concentration of the growth University for their detailed comments on the paper, as well in Western Province. as Prof. Shigeru Fukushima, Faculty of Urban Science, Meijo In the future therefore more inclusive economic growth will University for his kind guidance and advice. This study also require easing specific constraints affecting particular sec- benefited from the research grant provided by the Meijo Asian tors, regions, and groups, but priorities critical for all include Research Center of Meijo University (Japan). improving the quality of education, access to infrastructure like electricity, connectivity to markets and urban centers, and access to finance for micro enterprises. These changes should Notes and References maximize economic opportunities for the poor and those in under-served regions in terms of moving to higher paying occupations, setting up or expanding micro enterprises, or migrating to work in modern industries. 1) Dollar, D. (2004): Globalization, Poverty, and Inequality since 1980, World Bank Policy Research Working Paper 3333. 2) For more information see World Bank (2002): Globalization, Growth, and Poverty: Building and Inclusive World Economy, Since many of these opportunities are created in the urban the World Bank ad Oxford University Press; Dollar, D. (2004): sector, poverty reduction will require better and simultane- Globalization, Poverty, and Inequality since 1980, World Bank ous coordination between rural development strategies and urban planning and development. Policies to address poverty reduction must address multiple dimensions simultaneously. Improving the connectivity of poorer and remote areas to markets will be particularly important. Finally it can be concluded that in view of the diversity of national situations and institutional arrangements, there is no single “one-size-fits-all” package of policy measures that could be applied in all countries in the Asia and Pacific region. However, the following broad policy implications can be drawn Policy Research Working Paper 3333; Kraay, A. (2001): Growth is Good for the Poor, Policy Research working Paper No.2587, World Bank, Washington D.C.; Bhagwati, J. (2004): In Defense Globalization, Oxford University Press, New York. 3) For more information see, UNDP (1991): Human Development Report, Oxford University Press, New York; UNDP (2003): Making Global Trade Work for People, Earthscan, London; World Commission on the Social Dimension of Globalization (2004): A Fair Globalization: Creating Opportunities for All, ILO. 4) According to the UN-ESCAP, Asia and the Pacific Region can be geographically classified as; East and North-East Asia (E-NEA): China; Democratic People’s Republic of Korea (DPR Korea); Hong Kong, China; Japan; Macao, China; Mongolia; from the present study for making globalization work better Republic of Korea; South-East Asia (SEA): Brunei Darus- for poor; salam; Cambodia; Indonesia; Lao People’s Democratic Re- (a) Growth with equity: pro-poor growth through human public (Lao PDR); Malaysia; Myanmar; Philippines; Singapore; resources development, employment-generating opportunities, and effective social protection system (both formal and Thailand; Timor-Leste; Viet Nam; South and South-West Asia (S-SWA): Afghanistan; Bangladesh; Bhutan; India; the Islamic Republic of Iran (Iran (Islamic Rep. of )); Maldives; informal); Nepal; Pakistan; Sri Lanka; Turkey; North and Central Asia (b) Rural development that includes access to land, invest- (NCA): Armenia; Azerbaijan; Georgia; Kazakhstan; Kyrgyzstan; ment in infrastructure, access to credit and savings institutions and protection from unfair competition; The Russian Federation; Tajikistan; Turkmenistan; Uzbekistan; Pacific: American Samoa; Australia; Cook Islands; Fiji; French 59 Meijo Asian Research Journal Vol.1 No.1 Polynesia; Guam; Kiribati; Marshal Islands; Micronesia (Federated States of ) (Micronesia (F.S.)); Nauru; New Caledonia; New Options, Bangkok. Zealand; Niue; Northern Mariana Islands (Northern Mariana Is.); 22) Chen, S; Ravallion, M. (2000): How Did the World’s Poorest Palau; Papua New Guinea; Samoa; Solomon Islands; Tonga; Fare in the 1990s, World Bank web site (www.worldbank.org/ Tuvalu; Vanuatu. The classification by income group follows the research/povmonitor/pdfs/how did the world’s poorest fare in definition of the World Bank: Economies are divided according to 2007 GNI per capita, calculated using the World Bank Atlas method. The groups are: low-income: $935 or less; middleincome: $936–$11,455; and high-income: $11,456 or more. 5) Wang, Y.P. (2004): Urban Poverty, Housing and Social Change in China, Routledge, London. 6) Gordon, D; Townsend, P. (2000): Breadline Europe: The Measurement of Poverty, Bristol, The Polity Press. 7) According to the World Bank, the new estimates are more reli- the 1990s.pdf. 23) See more information (http://www.world bank.org/wbp/data/ trends/inequal.htm). 24) UN-ESCAP (2008): Statistical Year Book for Asia and the Pacific, Bangkok. 25) See for more information http://www.worldbank.org/measuring poverty. 26) See for more information http://www.worldbank.org/measuring poverty. able than the previous ones dating from 1993, for three reasons: 27) The World Bank (2007): Sri Lanka Development Forum: The (i) improvements in the design, implementation and analysis of economy, regional disparities, and global opportunities, Poverty the ICP price surveys provide better estimates of the cost of Reduction and Economic Management sector Unit, South Asia living in developing countries; (ii) the international poverty line Region, the World Bank, Washington D.C. has been recalculated on the basis of national poverty lines for 28) The World Bank (2007): Sri Lanka Development Forum: The the poorest 15 countries in terms of consumption per capita; economy, regional disparities, and global opportunities, Poverty and (iii) a much larger number of household surveys were used Reduction and Economic Management sector Unit, South Asia as a basis for estimating poverty. For more information see PovcalNet (http://go.worldbank.org/NT2A1XUWP0) – a website maintained by the World Bank. 8) Moser, C., Gatehouse, M.; Garcia, H. (1996): Urban Poverty Region, the World Bank, Washington D.C. 29) United Nations ESCAP, UNDP, & ADB. The Millennium Development Goals: Progress in Asia and the Pacific 2006. Date accessed. http://www.mdgasiapacific.org, 2006. Research Source Book: Module II: Indicators of Urban Poverty, 30) The conflict-affected North and East are excluded from these UMP Working Paper Series 5, Washington, DC, UNDP/UN- estimates, since consumption data from HIES (the official Habitat/World Bank. source of poverty measurement) essential to measure poverty 9) World Bank (2001): World Development Report 2000/2001: Attacking Poverty, New York, Oxford University Press. 10) UN-ESCAP (2008): Statistical Year Book for Asia and the Pacific, Bangkok. 11) UN-ESCAP (2008): Statistical Year Book for Asia and the Pacific, Bangkok. 12) UN-ESCAP (2008): Statistical Year Book for Asia and the Pacific, Bangkok. 13) UN-ESCAP (2008): Statistical Year Book for Asia and the Pacific, Bangkok. 14) UN-ESCAP (2008): Statistical Year Book for Asia and the Pacific, Bangkok. 15) UN-ESCAP (2008): Statistical Year Book for Asia and the Pacific, Bangkok. is not available for this region. 31) The World Bank (2007): Sri Lanka – Poverty Assessment: Engendering Growth with Equality: Opportunities and Challenges, Poverty Reduction and Economic Management Sector Unit, South Asian Region. 32) The World Bank (2007): Sri Lanka – Poverty Assessment: Engendering Growth with Equality: Opportunities and Challenges, Poverty Reduction and Economic Management Sector Unit, South Asian Region. 33) The World Bank (2007): Sri Lanka Development Forum: The economy, regional disparities, and global opportunities, Poverty Reduction and Economic Management sector Unit, South Asia Region, the World Bank, Washington D.C. 34) The World Bank (2007): Sri Lanka – Poverty Assessment: En- 16) UNDP (1997): Human Development Report 1997 – Human gendering Growth with Equality: Opportunities and Challenges, Development to Eradicate Poverty, Oxford University Press, Poverty Reduction and Economic Management Sector Unit, New York. South Asian Region. 17) UNDP (1997): Human Development Report 1997 – Human 35) Gunatilaka, R. (2007): Poverty Trends, Correlates and Policies Development to Eradicate Poverty, Oxford University Press, in Sri Lanka: 1990–2002, a Paper presented at the South Asia New York. Update and Poverty Dynamics Conference, 27–28 September 18) UN-ESCAP (2002): Reducing Poverty and Promoting Social Protection, Social Policy Paper 5, Bangkok. 19) UN-ESCAP (2002): Reducing Poverty and Promoting Social Protection, Social Policy Paper 5, Bangkok. 20) UN-ESCAP (2008): Statistical Year Book for Asia and the Pacific, Bangkok. 21) UN-ESCAP (2002): Sustainable Social Development in a Period 60 of Rapid Globalization: Challenges, Opportunities, and Policy 2007, The Visions Theatre, National Museum .of Australia, Canberra. 36) The World Bank (2007): Sri Lanka – Poverty Assessment: Engendering Growth with Equality: Opportunities and Challenges, Poverty Reduction and Economic Management Sector Unit, South Asian Region 学術論文／ Articles Do Strategies Improve SME Performance? An Empirical Analysis of Japan and Sri Lanka By M.D. Pushpakumari† and Toshimitsu Watanabe†† † Doctoral Candidate, Graduate School of Economics, Meijo University ††Graduate School of Economics, Meijo University Abstract The relationship between business strategy and organizational performance has been a subject of growing interest in the field of strategic management. Despite this trend, there has been little attention given to a comparative analysis of this relationship between two different economies. The aim of this study is to empirically investigate the performance differences and business strategy orientation of small and medium sized Enterprises (SMEs) in two Asian economies. Data for the research were obtained from a survey of SMEs in manufacturing industry in Japan and Sri Lanka. Results indicate that the performance of SMEs varies with the choice of strategy orientation that owner-managers adopt. The findings and implications of this study would be useful to owners and managers of SMEs, while contributing to the literature on SMEs as well. KEY WORDS : SMEs, Business Strategy, Performance are limited to large enterprises and carried out in a western 1. Introduction context. Despite this trend, the literature suggests that a few studies have addressed this issue in the SME sector11,12). The small and medium sized sector is increasingly recog- However, little research has been done to compare the nized as the prime vehicle for economic development in both strategy-performance relationship in a context of two different developed and developing nations1). It is a major source of em- economies. Therefore, the current study fills the void in the ployment, revenue generation, innovation and technological literature by investigating the strategy-performance relation- advancement . Therefore, SMEs have become a major asset ship in SMEs of two different economies. Such an approach in the economy. In most of the countries in the world, the level would certainly help in enhancing knowledge of the business of economic dependence on small and medium enterprises strategy and performance relationships in SMEs. 2) has increased in recent years. The individual performance of each enterprise determines economic development. In particular, this study fills in the gaps in regard to empirical research on the strategy and performance of SMEs in two Strategy plays a crucial role in the firms’ performance3). Asian economies. As such, this study is an attempt to examine Strategy gives the direction that a firm has in mind and in which and compare the relationship between strategy and business way they want to achieve their goals. The performance of an performance using a sample of manufacturing SMEs that are enterprise is determined by the business strategy it adopts4,5). operating in the developed Asian economy of Japan and the Many researchers have associated business strategies with developing Asian economy of Sri Lanka. performance, distinguishing between strategies associated SMEs play a major role in every area of the national economy . Further, in literature, it in Japan and Sri Lanka. Their importance is indicated by the also investigates the different strategy typologies and firm very large share of the economy that they occupy, whether in performance and determines which strategy typologies lead terms of number of enterprises, total number of employees, with high and low performance to best performances for firms 6,7,8,9) . 10,2) or export earnings. In the county of Japan, in 2006, SMEs The impact of business strategy on organizational perfor- numbered 4.2 million and accounted for 99.7% of all firms mance has been a subject of growing interest in the field of comparing to the 0.3% of large firms. SMEs employed 42 strategic management. However, almost all these studies million people, which is 78% of total employment. SMEs ac- 61 Meijo Asian Research Journal Vol.1 No.1 counted for 47.7% of total manufacturing shipment volume capital expenditure: levels of profit distribution and reten- in 200613). However, the exit rate of SMEs has had an upward tion: working capital: and liquidity level18). trend in recent years and it has risen by an annual average of ✧ Production – selection of suppliers: inventory and pro- 6.2% (based on the number of enterprises) between 2004 and ductivity levels: production technology and plant size and 2006 compared to 5.1% of entry rate. Compared to this, in the capacity as well as levels of efficiency in production. country of Sri Lanka, in 1996, small and medium Scale Indus- ✧ HRM – staff recruitment and selection, employee training, tries (SMIs) account for 85.4% of all businesses and 36.3% performance and remuneration, reward and disciplinary of employees are employed by them . Further, it is noted systems, industrial relations and levels of employee that manufacturing SMEs play a vital role in socio economic participation in decision making19). 14) development in Japan as well as in Sri Lanka, even though ✧ Marketing – product quality, pricing and promotion, these two countries have two very different economic levels. customer target groups, choice of distribution channels, The remainder of this paper is organized as follows. Sec- provision of customer service and support, and identifi- tion 2 is a review of the literature related to the concepts of cation with brand names18). business strategy, performance, and the relationship between ✧ R&D – new product development, new production tech- strategy and performance. The methodology used in this nologies and marketing techniques, patent acquisition, study, including sample characteristics, data collection and basic versus applied research and levels of limitation18). data analyses used to investigate the research problem are The effectiveness of the overall business strategy depends discussed in section 3. The results are reported in part 4, substantially on how well activities in the various functional followed by the conclusions drawn from the study in part 5. areas are integrated to form a pattern20,21). This pattern defines the firm’s business strategy and therefore competitive position within the industry16). Several researchers have highlighted dif- 2. Literature Review ferent business strategies by which firms compete10,22,23,20,21,24). However, research in this area is limited to be descriptive and centers on orientations of owner/managers to certain func- 2.1 Business Strategy In the literature on SMEs, there is yet no clear consensus on what strategy is, rather there are many definitions. Strategy is The essence of strategy is to understand why organizations frequently described as a deliberate set of actions to achieve perform differently, and how performance can be directed and competitive advantage, giving coherence and direction to the controlled25). Indeed, the relationship between strategy and organization15). The literature suggests that firms can have performance has concerned researchers for years and these a single strategy or multiple strategies and these strategies efforts have fallen into two separate but interrelated streams are likely to exist at three levels. They are the corporate level, like process and content26). business unit level and functional level business strategies. Three basic factors influence managements’ choice of The present study focuses on business functional level strategy; management, environmental variables, and the strategies. firm’s internal resources27). The degree to which management A business strategy is an overall plan of action which de- and environmental variables influence business strategy has fines the competitive position of a firm . For example, a firm been debated by a number of researchers. Montanari (1978) may choose to compete by producing high quality goods or stated that the greater the influence of environmental variables by producing at low cost. on business strategy, the less will be the impact of manage- 16) Business strategies are implemented through the major ment28). Qualifying support comes from Miller and Toulouse functional areas in finance, production, marketing, human (1986) who noted that management has greatest influence in resource management (HRM), and research and development dynamic, unpredictable, and changing environments29). (R&D). In turn each functional strategy is made up of several Miller (1988) noted that managers have greater influence on activities. Therefore, activities act as guides to the realization business strategy in small firms, where the manager is also of the overall business strategy . Activities which comprise the owner of the firm, than in large firms30). He explained that the various functional strategies centre around the following; owner-managers are powerful enough to override obstacles ✧ Finance – capital structure; methods of raising capital: to the successful realization of their business strategies. They 17) 62 tional activities. Do Strategies Improve SME Performance? An Empirical Analysis of Japan and Sri Lanka have enormous impact on their enterprises through their pow- studies considered the industry specific financial performance er of ownership and face to face contact with employees29). data as dependent variables to identify the performance in The owner-manager is thus at the centre of all enterprise SMEs38,40,41,42,39) . behaviour8). Later, in addressing the limitations associated with the use of financial data in measuring performance in small firms, non financial measures of performance were used43,44,45). Further, 2.2 Performance in SMEs Research has established the important role that small performance measured by this method has been found to . The role is have high reliability and validity rates and to reflect accurately dependent on the individual performance of each enterprise. the firm’s objective performance44). Ramanujam, Venkatraman In research concerned with SMEs, assessing performance and Camillus (1986) and Reid and Smith (2000) suggest that has become a critical issue. It is suggested that the treatment the effectiveness of performance must be measured accord- of performance in research settings is one of the difficult tasks ing to what goals a firm has set, and then enquires into the confronting academic researchers . One of the reasons for extent to which these goals have been achieved46,47). enterprises play in economic development 31,32) 33) this is that, it is not always clear what performance means or In short, it shows that various measures are used in de- what are appropriate operational definitions. In the discus- termining the performance level of firms. When used singly, sion of entrepreneurship research, a wide variety of definitions these different measures are bound to give conflicting results, and variables are used to define and measure the terms of because they measure different performance aspects of the performance in a business . Similar to this, the developed firm. Gibson and Cassar (2005) concentrated economic suc- conceptual frameworks for assessing performance in small cess to measure the performance of SMEs and used both firms are also reflected by a multi dimensional nature. Accord- financial indicators (sales and income measures) and non ing to Keats and Bracker (1988), performance has a different financial indicators (number of employees)45). Further, a range set of meanings for small firms as opposed to large firms of other operational measures have also been used. They and it is represented as an undifferentiated, one dimensional include new product success, market share, and the firm’s concept which implies a number of interpretations and ap- life cycle. Some studies attempted to assess performance propriate measurements . on the basis of a general measure of effectiveness and Kotey 34) 35) This diverse nature of the performance construct is reflected and Meredith (1997) and Blackman (2003) used this similar in the variety of operational definitions and measurements approach including variables as high productivity, industry used in past research studies in literature related to SMEs leadership, creating new jobs, business stability, high profit and performance. Earlier, many studies emphasised traditional rates, lower cost of production, community development and accounting measures for performance such as sales growth, business growth2,48). market share, and profitability as well as with other indicators Moreover, in recognizing the problem of using financial of stakeholder satisfaction . Murphy, Trailer and Hill (1996) measurements alone, Ramanujam, Venkatraman and Camillus provide an analysis of 51 articles and found 71 different op- (1986), Tosi and Gomez-Mejia (1994), Yusuf and Saffu (2005) erational measures of performance that they grouped in eight recommended that performance should be measured with major dimensions of which efficiency, growth, and profit were both financial and non-financial criteria, employing objective most frequently used . and subjective data46,49,50). Because of the difficulty in obtain- 36) 34) However, within this context, it can be seen in the litera- ing reliable information and the inherent reluctance of small ture, most of research considered the performance in the business people to disclose financial information, research- small firms and was limited to financial measures alone . ers asked the respondents to indicate the direction of their The performance is measured in terms of various financial companies over the past few years39). Pushpakumari and measurements based on sales revenue, profits, return on in- Wijewickrama (2008) used both financial and non-financial . The applied financial performance measures such as annual sales, annual profits, number of measures are sales level, sales growth rate, cash flow, return employees, market share and reinvestment in the business to on shareholder equity, gross profit margin, net profit from measure the business performance of SMEs51). 37) vestment/equity etc 37,38,39) operations, profit to sales ratio, return on investment, and The above literature review related to the performance of ability to fund business growth from profits . Few research SMEs suggests that different measures are identified and 8) 63 Meijo Asian Research Journal Vol.1 No.1 applied, but there is no any accepted set of best standard needs, developing new products and emphasizing product measurements. Therefore, in the current study, business per- quality are associated with market share increases by attract- formance is identified in terms of including financial and non- ing new customers and retaining existing ones55,21). In contrast, financial measures of annual sales, annual profits, number of low performing firms are likely to ignore these innovative and employees, market share and reinvestment in the business. risk taking activities. High performing firms are implementing new production technologies, emphasizing cost effectiveness and concerned with employee productivity to compete 2.3 Business Strategy and Performance The performance of an enterprise is determined by the busi- with competitors within the industry more so than the low ness strategy it adopts4,5). Many researchers have associated performing firms56,57). Furthermore, Kotey and Meredith (1997) business strategies with performance, distinguishing between pointed out that when firms are advertising more, identifying . brand names for products, greater emphasizing customer Strategies which result in high performance are identified service and credit, exploring marketing techniques, it leads to with activities that generally lead to success in the industry; an increase in high performance2). As far as financial strategic that is key success factors23). These activities are associated activities are concerned, they also stated that high perform- strategies associated with high and low performance 6,7,8,9) with initiatives in industry . Researchers have identified such ing firms use more debt financing and assessment of costs initiatives to include emphasis on product quality, product and and benefits associated with alternative sources of external service innovations, development of new operating technolo- funding than the low performing firms. As mentioned in the 52) gies, and discovery of new markets . Activities associated literature, SMEs are more labour intensive than the large firms. with high performing strategies also include emphasis on Within their research, it is also found that assessment of em- customer service and support, extensive advertising, and ployee performance, concern with employees’ well being and use of external finance . Further, because high performing job satisfaction, involving employees in decision making are strategies involve initiative-taking, they are often referred to as more common in high performing firms than low performing proactive strategies53). All the activities of a proactive strategy firms. Research shows that owner-managers, who seek the are well integrated . assistance of experts and make networks within the industry, 21) 8) 20) Firms which perform below average tend to follow others in the industry and to react to events in their environment. Particularly, some empirical studies investigated the dif- Such firms are characterized by strategies which emphasize ferent strategy typology (orientation) and performance of risk avoidance and involve little innovation54). Strategies of low firms. In considering the two groups of strategy orientation of performing firms include limitations of more successful firms in proactive and reactive strategies, research which was done in the industry, but usually fall short in some important respect23). the furniture industry related to business strategies and perfor- The activities that comprise these strategies are often not mance by Kotey and Meredith (1997) demonstrated that high well integrated and are mismatched with the demands of the performers pursue proactive strategies and low performers environment . They are often referred to as reactive strategies pursue reactive strategies2). Average performing firms exhibit because they are characterized by reactions to events rather a combination of proactive and reactive strategies. Similar to than by initiative-taking . In reality, the two strategies may this, they investigated four different strategy typologies and not be so clearly distinguishable. Firms pursuing proactive performances and concluded that prospector strategy (proac- strategies may sometimes conform to industry norms and tive strategy) influences the growth of the company10). This adopt standardized strategies. However, they do this not idea is also supported by Matsuno and Mentzer (2000)59). 23) 53) 64 perform better than those who do not58). out of tradition, as with low performing reactive strategies, From a review of the above literature and to investigate but because that is the best strategy at the time. Strategies the research objective, the following conceptualized research with varying degrees of proactivity and reactivity lie along the model (Figure 1) was developed to test the business strategies proactive-reactive continuum. and their relationship with enterprise performance. Business Focusing on business strategy items and performance, strategies were defined in terms of twenty five (25) strategy some studies have identified that there are some relationships items which is developed based on the literature from five between strategy activities and performance. The activities business functional areas such as finance, production, HRM, of improving existing products to meet changing customer marketing and (R&D) 2,48). Business performance of SMEs Do Strategies Improve SME Performance? An Empirical Analysis of Japan and Sri Lanka Business Performance Business Strategies ⦁ Proactive strategy ⦁ Reactive strategy ⦁ Annual sales ⦁ Annual profits ⦁ Number of employee ⦁ Market share ⦁ Investment to the businesses 3.2 Data Collection The researcher collected primary data pertaining to business strategies and performance and a mail survey was conducted to collect them from the two samples in Japan and Sri Lanka. Furthermore, the questionnaire method was chosen as a principal technique of data collection, because it Figure 1: Conceptualized Model for Association between Business Strategy of SMEs and Enterprise performance afforded the advantages of vast coverage, speed, cost, less pressure and versatility. was measured in terms of mixed financial and non-financial A comprehensive questionnaire was developed that was measures including increased annual profits, annual sales, comprised of four major parts. The first part included seven market share, number of employees and reinvestment in the questions related to owner-manager characteristics: age, business. sex, martial status, educational qualifications, experience, The research methodology which was applied to investigate the conceptualized model is presented as follows. most important reason for entering business and whether the individual had a family member who owned a business. The second part included questions related to the firm/business characteristics, including industry, age, number of employ- 3. Methodology ees, source of resources, market for production, whether the business is a family business and number of managers 3.1 Sample and supervisors. These data were utilised to identify a more For the purpose of achieving the main research objective meaningful profile for the sample. of examining the relationship between business strategies The third part followed the questions related to the business and business performance, a total number of five hundred strategies of the firm. A total of twenty five (25) operational and fifty (550) SMEs in Aichi Prefecture in Japan and five strategic activities were developed covering five major areas hundred (500) in Western province in Sri Lanka were selected of finance, production, HRM, marketing and R&D. Particularly, from manufacturing SMEs. Aichi Prefecture is the third largest under business strategies, the first four questions were related prefecture in terms of number of establishments of SMEs and with the finance strategic activities of the firm including use also produced the highest shipment in Japan60). Therefore, of outside borrowed funds, searching for sources of finance, this prefecture has a high industrial contribution to the GDP reinvesting profits earned and maintaining large cash bal- and plays a crucial role in economic development. Similar to ances. Next activities from no. 5 to 9 were followed by the this, Western province has the highest number of industrial production strategies. Such as changing or reinvesting pro- establishments in Sri Lanka and also a high contribution to the duction methods, improving existing products to meet chang- GDP . The electronic databases maintained by the Aichi As- ing customer needs, developing new products, emphasizing sociation of Small Business Entrepreneurs (from 2005 to 2007) product quality, and emphasizing cost reduction in all areas and Government of Aichi Prefecture were used to draw the of the business. Activities no. 10 to 15 were focused on the sample in Japan and a database maintained by the National HRM strategies, asking about the activities from respondents, Chamber of Commerce was used to draw the sample in Sri involving employees in decision making, using clear personal Lanka. Within these databases, only registered manufacturing policies in reward and punishment of employees, emphasizing SMEs were considered among all registered SMEs. It is noted employee welfare, assessing employee performance, assess- that, manufacturing SMEs employ the largest number of em- ing employee job satisfaction, and emphasizing employee ployees compared with other SME industries in Japan as well productivity. Marketing strategies are included (activity no. 16 as in Sri Lanka. Further, SMEs whose employees are less than to 22) the activities such as using brand names, advertising 300 were included in the sample as they are considered to be products, extending customer credits, pricing products at “SMEs” according to the Small and Medium Enterprise Basic market price, emphasizing customer service, selling products Law of defining manufacturing SMEs in Japan . Similarly, this direct to end users, and selling through distribution channels. criterion was also applied in the Sri Lankan context as there The last three activities illustrated the R&D strategies such as is no standard definition. consulting technical experts, taking part in activities related 61) 13) 65 Meijo Asian Research Journal Vol.1 No.1 to trade or industry associations and attempting to predict reinvestment into the business, as the dependent variables. industry trends and acquiring knowledge of competitors’ The Pearson’s chi-square value was calculated to determine activities. Within the questionnaire, in this part, participants the level of significance. In this test, if the calculated value were asked to rate the degree of extent to which each activ- (p) is less than 0.05, the relationship between two variables ity is undertaken in the operation of the firm on a five-point is significant. Statistical calculations were made using SPSS Lickert scale ranging from “never use” (score 1) to “always software62). use” (score 5). Finally, business performance was measured in terms of annual sales, annual profits, number of employees, market 4. Results and Analysis share (local and international), and investment in the business. The respondents were asked to rate the trends for the above 4.1 Sample Characteristics performance metrics over the last three years (2005 to 2007) A total of 231 SMEs in Japan and 224 SMEs in Sri Lanka on a five-point Likert scale ranging from “highly decreased” responded to the survey. The response rate for the distributed (score 1) to “highly increased” (score 5). All of the questions questionnaire was 42% in Japan and 45% in Sri Lanka. Due developed were closed-ended and multiple choice, and sim- to issues with incomplete data, 16 and 10 questionnaires from ply required ticking or circling the appropriate answer, thus Japan and Sri Lanka, respectively, were disregarded. The re- minimising the completion time. The data collection started maining 215 in Japan and 214 in Sri Lanka were included in after employing a pilot study. Based on the findings of the pilot the data analysis. The characteristics of the two samples are study, some minor changes in the questionnaire were made. presented in the following sections. The questionnaire was initially prepared in English, and it was 4.1.1 Owner-Manager Characteristics later translated into Japanese and Sinhala. As for the owner-manager characteristics of the samples The reliability of the business strategies and performance measures were evaluated and found to be acceptable, from the two countries, their most important features are summarised in Table 1. respectively, with a Cronbach’s alpha of 0.73 and 0.84 for As shown in Table 1, over half of the Japanese owner- Japan and 0.84 and 0.94 for Sri Lanka. This self-administered managers (55%) were over fifty years old, whereas 83.3% questionnaire was sent by postal mail with a return stamped of managers were less than fifty one years old in Sri Lanka. envelope to the owner-managers of SMEs in both countries This shows that, on average, owner-managers of SMEs in in the middle of the 2008 fiscal year. Japan are older than in Sri Lanka. Based on the data regarding educational qualifications in Japan, 66.8% of owner managers 3.3 Data Analysis In this study, for the purpose of achieving the main research have obtained a university degree. In contrast, most of the owner-managers in Sri Lanka have only attained a high-school objective and based on the nature of the data collected, Table 1: Owner-Manager Characteristics of SMEs non-parametric statistical techniques for data analysis were employed. Non-parametric techniques are ideal for this use Japan % Sri Lanka % Age (Years) 20–30 31–40 41–50 51–60 61–70 Over 70 1.4 15.2 28.4 30.8 19.0 5.2 15.7 28.7 38.9 15.7 1.0 — Education Middle School Middle School High School University Graduate Professional Others 3.3 21.3 66.8 4.8 3.8 — 17.6 41.7 17.6 — 21.3 1.9 Experience Yes No 72.0 28.0 34.3 65.7 Owner-Manager Characteristic because; the data were measured using nominal (categorical) and ordinal (ranked) scales, the distribution of the population scores was not normal, the violation of the assumption of homogeneity of variance. Therefore, a non-parametric technique, the chi-square independence test, was applied to measure the relationship between business strategies and business performance. The primary objective of the chi-square independence test is to determine whether two variables are related or not. The value was calculated using business strategies as the independent variable and various aspects of business performance, including elements such as annual sales, annual profits, number of employees, market share and 66 Source: Survey data, 2008 Do Strategies Improve SME Performance? An Empirical Analysis of Japan and Sri Lanka level of education. This indicates a lower level of education personal interest (41.7%) is most important in Sri Lanka. among Sri Lankan managers than among the managers in 74.8% of Japanese owner-managers’ family members have Japan. Before entering the business, 72% of Japanese owner- owned a business, compared to only 25% in Sri Lanka. managers had prior experience owning a similar business, 4.1.2 Firm Characteristics while only 34.3% of managers had prior experience in Sri In terms of firm characteristics within the two countries, the Lanka. In addition to the data in Table 1, we can note that in most important features are summarised in Table 2. Japan, 96.2% of managers are males and 3.8% are females. As the table indicates, the majority of firms in the Japanese In Sri Lanka, the percentages are 88% and 12% for males and sample are older, as over 62% of SMEs are more than 41 females, respectively. Furthermore, 92.9% of managers are years old. In contrast, half of the SMEs in Sri Lanka fall into married in Japan, while this figure is 84.3% in Sri Lanka. The the category of 11-20 years of operation. Interestingly, most most important reason for entering the business in Japan is of the firms in Japan operate as joint-stock corporations that the firm in question is a family business (70.4%), whereas (84.7%), while in Sri Lanka, they operate as sole proprietorships (67.6%). One of the salient features of the majority of SMEs in both countries is that they employ fewer than 100 Table 2: Firm Characteristics of SMEs Japan % Sri Lanka % Not more than 4 5–10 11–20 21–30 31–40 More than 41 1.9 4.2 3.7 8.8 19.1 62.3 12.0 28.7 50.0 7.4 0.9 0.9 Sole Proprietorship Partnership Limited company Join Stock Corporation Other 2.3 0.5 2.3 84.7 10.2 67.6 0.9 24.1 7.4 — Less than 9 10–19 20–49 50–99 100–250 250–300 21.5 14.0 23.8 19.2 17.3 4.2 34.3 12.0 27.8 17.6 7.4 0.9 Firm Characteristic Age (Years) Legal Form No. of Employees employees. These percentages are 78.5% of firms in Japan and 91.7 % of firms in Sri Lanka. In addition to considering the above data, we can also look to the fact that the major source of financing in Sri Lanka for these enterprises came from a mix of personal savings, family loans and bank loans (51.9%), while personal savings financed 45.8% of Japanese firms. Firms produced goods equally for local and international markets in Japan, whereas in Sri Lanka, 82.4% of production was for the local market. Presently, 42.7% of firms in Japan and 36.1% of firms in Sri Lanka operate as family businesses, while the others are nonfamily businesses. Most firms in both countries have two to five managers each who operate these organisations. Furthermore, Table 3 shows the categories of industries with which the SMEs within the two samples were involved. It shows that the majority of firms in Japan operated in fab- Source: Survey data, 2008 Table 3: Involved Industry of the Sample in Japan and Sri Lanka Industry Food and Beverages Textile and Wearing Apparel Furniture, Fixtures and Lumber and Wood Paper, Printing, and Allied Products Chemical, Petroleum, Rubber and Plastics Products Leather Ceramics, Stone, Clay, Glass, Concrete Products Fabricated and Metal Products Machinery (general, precision machines and others) Electronic and Electric and Electrical Equipments Automobile Parts (Motor Car) Welding Miscellaneous Total No. of Firms % Japan Sri Lanka 6.5 5.1 5.6 7.4 12.1 3.7 4.2 19.5 13.5 4.2 7.0 — 11.2 100.0 11.1 14.8 11.1 6.5 13.9 3.7 4.6 10.2 1.0 8.3 0.9 1.9 12.0 100.0 Source: Survey data, 2008 67 Meijo Asian Research Journal Vol.1 No.1 ricated and metal products (19.5%) and machinery (13.5%) sources of finance (x– = 4.08). It implies that these two strate- industries. In Sri Lanka, most firms produced textiles and gies are commonly used in the respective country’s SMEs. On apparel (14.8%) or chemical, petroleum, rubber and plastics the other hand, the lowest mean 2.68, related to maintaining products (13.9%) industries. large cash balances in the Sri Lankan sample, indicates that this strategic activity is rarely followed by firms. Except for 4.2 Business Strategies of SMEs this, other strategic items in the functional area of finance Responses for the items related to measure business strategies of SMEs in Part three of the questionnaire is presented in both countries are being used by the firms, as all means recorded more than 3.5. as mean scores (x–) and standard deviation(s) values for each Items 5 to 9 are included in production strategies which are strategy item with the following Table 4 for both samples in more important in the manufacturing industry. Based on the Japan and Sri Lanka. calculated mean values, in both samples, the similar feature As mentioned in section 2.3, twenty-five strategy items are which can be seen is that the highest mean is related with the developed in five major business functional areas related with strategy item of emphasizing product quality (4.46 in Japan finance, production, HRM, marketing and R&D. According and 4.36 in Sri Lanka). Furthermore, it is apparent that all to the above table, under the finance strategies, the highest production strategies are rated over 3.7 in both countries. mean score in the sample from Japan records 3.62 with the Items 10 to 15 are related with the firm’s HRM strategies. strategy item of reinvestment of earned profits, whereas in Sri Under this, the calculated means show that the highest mean Lanka, the highest mean score is for searching for cheaper score in the two samples is on emphasizing employee pro- Table 4: Mean Scores for Business Strategies of Manufacturing SMEs in Japan and Sri Lanka Strategy Item Finance Use of outside borrowed funds Search for cheaper sources of finance Reinvestment of earned profits Maintaining large cash balances Production Changing or reinvesting production methods Improving existing products to meet changing customer needs Developing new products Emphasizing product quality Emphasizing cost reduction in all areas of the business. HRM Involving employees in decision making Using clear personal policies in reward and punishment of employees Emphasizing employee welfare Assessing employee performance Assessing employee job satisfaction Emphasizing employee productivity Marketing Using brand name Advertising products Extending customer credits Pricing products at market price Emphasizing customer service Selling products direct to end users Selling through distribution channels R&D Consulting technical experts Taking part in activities related to trade or industry associations Attempting to predict industry trends and acquiring knowledge of competitors’ activities x– = mean; s = standard deviation Source: Survey data, 2008 68 Japan x – Sri Lanka s x – s 3.45 3.51 3.62 3.51 1.100 1.027 0.927 0.738 3.55 4.08 3.92 2.68 1.212 0.921 0.879 0.905 3.72 4.06 3.93 4.46 4.01 0.785 0.736 0.921 2.796 0.764 3.81 4.08 4.03 4.36 4.18 0.980 0.750 0.756 0.601 0.669 3.80 0.758 3.76 0.886 3.41 0.775 3.42 0.881 3.71 3.88 3.78 3.92 0.692 0.701 0.717 0.660 3.98 3.82 4.05 4.13 0.741 0.897 0.755 0.713 3.29 3.21 4.15 3.73 4.00 3.26 3.18 1.082 0.987 0.693 0.806 0.768 1.299 1.092 3.84 3.11 3.45 4.11 4.47 3.59 3.20 1.078 1.211 1.013 0.706 0.805 1.278 1.324 3.27 3.56 0.949 0.894 3.03 2.86 1.214 1.092 3.78 0.783 3.97 0.781 Do Strategies Improve SME Performance? An Empirical Analysis of Japan and Sri Lanka ductivity (3.92 in Japan and 4.13 in Sri Lanka). However, it is for two groups of strategy; proactive and reactive with five clear, that the mean ranges of HRM strategy items in Japan performance measures. To categorise proactive and reactive (3.41 – 3.92) are lower than that in Sri Lanka (3.42 – 4.13). strategies, means are calculated based on the rating scores Standard deviation values in each item show that the deviation given by the respondents to each activity. Within these means of mean in corresponding activities between the two samples scores, a decision rule is applied to determine whether proac- does not show much variation. tive or reactive strategies are followed by the owner-managers. Items 16 to 22 in the above Table 4 are considered the mar- High mean score (equal or more than 3.5) is considered for keting strategies. The means illustrate that the highest mean determining proactive strategies and low mean score (less is related with extending customer credits in Japan (4.15) and than 3.5) is considered for reactive strategies. emphasizing customer service in Sri Lanka (4.47). This implies The following Table 5 illustrates the results of the chi-square that SMEs in both samples place more emphasis on their test related with two categories of strategy and change in customers. However, on the whole, means of all strategy items annual sales of manufacturing SMEs in two countries. under marketing are not less than 3.10. The results indicate a significant relationship between busi- Items 23 to 25 are related with R&D strategies and the ness strategy and change in annual sales in Japan and Sri calculated means show that the highest mean is related with Lanka at a 5% level. More specifically, in Japan, 42.7% of the strategy item of attempting to predict industry trends and owner-mangers of SMEs who apply reactive strategies shows acquiring knowledge of competitors’ activities in both samples a significant decrease (13.5%) or decrease (29.2%) in annual (3.78 in Japan and 3.97 in Sri Lanka). sales, while 23.6% (22.5% increase and 1.1% high increase) Overall, from the calculated means and standard deviations shows a similar increase in sales. With regard to the category for strategic items, one of the salient features which can be of applying proactive strategies, the respective percentages shown is that many of the highest means are related with are 23% (6.3 and 16.7) and 46% (38.1 and 7.9). Similar to the production strategy items in manufacturing SMEs in both this, in Sri Lanka, the category of 13.4% owner-managers countries. It implies that the majority of firms are more con- who apply reactive strategies shows a high decrease (6.7) cerned about production strategies than the other business and decrease (6.7) in annual sales, and 73.7% (72 and 1.7) functions as the two samples are related with the manufactur- shows a similar increase in sales. For the category of proactive ing industry. strategy, the respective percentages are 16.9% (3.9 and 13.0) and 75.3% (50 and 25.3). In sum, 23.6% of the SMEs in Japan 4.3 Relationship between Business Strategy and Performance and 73.7% in Sri Lanka with reactive strategies are able to of SMEs increase in sales over the last three years, whereas 46% and For investigating the relationship between business strat- 75.3% in Japan and Sri Lanka, respectively, have achieved egy and business performance, two categories of business similar increases in sales by applying proactive strategies. strategy namely proactive and reactive and five performance Apparently, these results suggest that using proactive strate- variables are considered. To determine whether there is a gies leads to a greater increase in sales in both Japan and statistically significant relationship between strategy and Sri Lanka. On the other hand, if using reactive strategies, the performance, a chi square test is conducted separately, levels of sales deteriorate in both countries in the case of using Table 5: Relationship between Business Strategy and Annual Sales in SMEs in Japana and Sri Lankab Annual sales Strategy Type Highly Decrease Decrease Neither Decrease nor increase Increase Highly Increase J SL J SL J SL J SL J SL Proactive 8 6.3% 6 3.9% 21 16.7% 20 13.0% 39 31.0% 12 7.8% 48 38.1% 77 50.0% 10 7.9% 39 25.3% Reactive 12 13.5% 4 6.7% 26 29.2% 4 6.7% 30 33.7% 6 10.0% 20 22.5% 45 72.0% 1 1.1% 1 1.7% J = Japan; SL = Sri Lanka; a = c 2 (4, N = 211) = 15.490, p = .004; b = c 2 (4, N = 214) = 20.160, p = .000 Source; Survey data, 2008 69 Meijo Asian Research Journal Vol.1 No.1 reactive strategies. Therefore, comparing the two samples, it is shown that Table 6 presents the chi-square test results of the relation- applying proactive strategies leads to an increase in annual ship between business strategy and change in profits for both profits of SMEs in both countries. countries. Next, the following Table 7 presents the results of a chi As shown in Table 6, the results depict a significant relation- square test related to the categories of proactive and reac- ship between business strategy and change in profits in both tive strategy and change in number of employees in the two samples.In the sample of Japan, as shown in the above table, countries. 42.7% (5.6 and 37.1) of owner-managers of SMEs who follow It shows a significant relationship between business strat- reactive strategies indicate a high decrease or decrease in egy and number of employees in Sri Lanka at p = 0.05. annual profits respectively, while 24.7% (23.6 and 1.1) show In the sample of Sri Lanka as in Table 7, it depicts that a similar increase in annual profits. Contrasting to this, the 15.0% (5.0 and 10.0) of SMEs by employing reactive strategies use of proactive strategy category shows a 26.2% (7.9 and have achieved a high decrease or decrease in their number 18.3) and 38.9% (33.3 and 5.6) of a fall and a rise of profits, of employees, while 26.7% (21.7 and 5.0) have achieved a respectively. similar increase in the number of employees. In the category of In Sri Lanka, Table 6 shows that 23.3% (8.3 and 15.0) of proactive strategy, 15.5% of SMEs (4.5 and 11) have achieved owner-managers of SMEs who are applying reactive strate- a high decrease or decrease in the number of employees, gies report a high decrease or decrease in profits, while 60.0% while 55.2% (48.1 and 7.1) have achieved a similar increase (58.3 and 1.7) report a similar increase in profits. With regard in the number of employees to the business. to the category of applying proactive strategies, these values The above results suggest that applying proactive strategies are 18.3% (6 and 12.3) and 74.0% (64.3 and 9.7), respectively. affect the increase in the number of employees of SMEs in In Sri Lanka, it is apparent that applying proactive strategies, both countries, while it shows a non significant relationship in 74.0% of SMEs can achieve an annual profits increment in the Japan. This is a vital difference between the two countries. last three years, whereas 60.0% of SMEs that apply reactive The following Table 8 presents the chi-square results be- strategies are also able to increase annual profits. tween the business strategy and change of market share for Table 6: Relationship between Business Strategy and Annual Profits of SMEs in Japana and Sri Lankab Annual Profits Strategy Type Highly Decrease Decrease Neither Decrease nor increase Increase Highly Increase J SL J SL J SL J SL J SL Proactive 10 7.9% 1 6% 23 18.3% 19 12.3% 44 34.9% 20 13.0% 42 33.3% 99 64.3% 7 5.6% 15 9.7% Reactive 5 5.6% 5 8.3% 33 37.1% 9 15.0% 29 32.6% 10 16.7% 21 23.6% 35 58.3% 1 1.1% 1 1.7% J = Japan; SL = Sri Lanka; a = c 2 (4, N = 211) = 12.023, p = .01; b = c 2 (4, N = 214) = 13.752, p = .008 Source; Survey data, 2008 Table 7: Relationship between Business Strategy and Number of Employees of SMEs in Japana and Sri Lankab Number of Employees Strategy Type Highly Decrease Decrease Neither Decrease nor increase Increase Highly Increase J SL J SL J SL J SL J SL Proactive 7 5.6% 7 4.5% 17 13.5% 17 11.0% 53 42.1% 45 29.2% 40 31.7% 74 48.1% 9 7.1% 11 7.1% Reactive 7 8.0% 3 5.0% 16 18.2% 6 10.0% 44 50.0% 35 58.3% 17 19.3% 13 21.7% 4 4.5% 3 5.0% J = Japan; SL = Sri Lanka; a = c 2 (4, N = 211) = 5.495, p = .240; b = c 2 (4, N = 214) = 17.549, p = .002 Source; Survey data, 2008 70 Do Strategies Improve SME Performance? An Empirical Analysis of Japan and Sri Lanka Japan and Sri Lanka. market share of SMEs in Japan and Sri Lanka, although the The results depict a significant relationship between busi- relationship is statistically not significant in Sri Lanka. This is ness strategy and change in market share in Japan. In Sri a remarkable difference between Japan and Sri Lanka. Lanka, this relationship is not statistically significant (p > Finally, Table 9 presents the results of the test related with .05). Furthermore, in Japan, 21.6% (2.3 and 19.3) of owner- the two categories of strategy type - proactive and reactive managers of SMEs who follow reactive strategies report a and reinvestment in the business. high decrease or decrease in market share, while 15.9% (14.8 The results of Table 9 illustrate a significant relationship and 1.1) report an increase in market share. However, with (P < 0.05) between strategy type of proactive and reactive respect to firms that follow proactive strategies, these per- and reinvestment in the business in Japan. In short, in Japan, centages are 10.4% (0.8 and 9.6) and 36.0% (30.4 and 5.6), 31.9% (23.9 and 8.0) of the SMEs that follow reactive strate- respectively. Therefore, it is evidenced that 15.9% of SMEs gies are able to increase or highly increase reinvestment in the which apply reactive strategies are able to increase the market business over the last three years, whereas 52.4% (41.3 and share over the last three years. Interestingly, this figure shows 11.1) of SMEs which apply proactive strategies can achieve an 36.0% of SMEs with respect to firms that applying proactive increment in investment back into the business. The respec- strategies. tive percentages in Sri Lanka are 84% and 84.4%. Though, On the other hand, in Sri Lanka, 10.0% (1.7 and 8.3) of it can be shown that applying proactive strategies leads to SMEs that employ reactive strategies achieve a high decrease increase in the level of reinvestment into the business of SMEs or decrease in market share, while 66.7% (60.0 and 6.7) in both countries, the relationship is statistically not significant achieve a similar increase in market share. 9.2% (3.3 and 5.9) in Sri Lanka. of SMEs having a proactive strategy achieve a high decrease The suggested view in the literature is that business strate- or decrease in market share, while 79.0 % (67.8 and 11.2) of gies determine the performance of an enterprise. The situation SMEs achieve a similar increase in market share. revealed by this study is consistent with the findings of the Comparing the results of the above analysis, it suggests studies conducted by Pearce and Robinson (1985), Olson that applying proactive strategies leads to greater increase in and Bokor (1995), Smith (1967), Covin and Slevin (1986), Table 8: Relationship between Business Strategy and Market Share of SMEs in Japana and Sri Lankab Market share Strategy Type Highly Decrease Neither Decrease nor increase Decrease Increase Highly Increase J SL J SL J SL J SL J SL Proactive 1 0.8% 5 3.3% 12 9.6% 9 5.9% 67 53.6% 18 11.8% 38 30.4% 103 67.8% 7 5.6% 17 11.2% Reactive 2 2.3% 1 1.7% 17 19.3% 5 8.3% 55 62.5% 14 23.3% 13 14.8% 36 60.0% 1 1.1% 4 6.7% J = Japan; SL = Sri Lanka; a = c 2 (4, N = 211) = 13.099, p = .011; b = c 2 (4, N = 214) = 5.824, p = .213 Source; Survey data, 2008 Table 9: R elationship between Business Strategy and Reinvestment to the Business of SMEs in Japana and Sri Lankab Reinvestment to the Business Strategy Type Highly Decrease Decrease Neither Decrease nor increase Increase Highly Increase J SL J SL J SL J SL J SL Proactive 5 4.0% 5 3.2% 8 6.3% 9 5.8% 47 37.3% 10 6.5% 52 41.3% 112 72.7% 14 11.1% 18 11.7% Reactive 6 6.8% 1 1.7% 13 14.8% 7 11.7% 41 46.6% 1 1.7% 21 23.9% 48 80.0% 7 8.0% 3 4.0% J = Japan; SL = Sri Lanka; a = c 2 (4, N = 211) = 10.780, p = .029; b = c 2 (4, N = 214) = 5.573, p = .160 Source; Survey data, 2008 71 Meijo Asian Research Journal Vol.1 No.1 Covin (1991), and Chell, Haworth and Brearley (1991) 4,5.6,7,8,9). changing production methods, developing new products, However, in comparing the two countries, the findings related product quality, employee productivity, advertising, customer to each performance variable indicates some similarities and credits and customer service, which improves the sales and differences. The findings on relationship between strategy profits in manufacturing firms. This is also supported by the and annual sales and profits have a positive and significant ideas provided by Covin (1991)8). relationship in both countries. It implies that functional level strategies; financial, production, HRM, marketing and R&D directly impact on the increase in sales and profits in manu- 5. Conclusions facturing SMEs in Japan and Sri Lanka. But the finding on the relationship between strategy and the number of employees This study has achieved its purpose of filling the research is rather surprising in the case of Japan. In Japan, strategies gap and examining the relationship between strategy and do not affect the number of employees. This is a remarkable performance of SMEs operating in an Asian context. Though, difference between the two countries.The reason for this situ- there have been certain limitations, important conclusions ation may be less job security, low salary, fewer welfare facili- are drawn from the study which could provide some useful ties, which may have an influence other than that of strategies, insights to owners and managers of SMEs. Overall, the main compared to large enterprises in Japan. But there is no prior conclusion drawn from the study is that business strategies research evidence to prove it. Therefore, this implies further (proactive strategies) and performance of manufacturing research is needed to investigate this situation. On the other SMEs in Japan and Sri Lanka are empirically related. In ad- hand, the other dissimilarity between the two countries is that dition, based on the each finding of performance variables, there is a strong positive influence of strategies on market the conclusion drawn is that there is a positive significant share and reinvestment to the business in Japan, where as in relationship between business strategy and sales and profits Sri Lanka, strategy does not affect this. The reasons for this in both countries. Furthermore, business strategy and number situation may be the prevailing civil war during the last three of employees in Sri Lanka, business strategy and market share decades, which created an uncertain environment and less and reinvestment in the business in Japan. Theses findings business security in the country of Sri Lanka. At the same reveal some similarities and differences between the two time, the major reason for increasing market share in Japan countries. Particularly, the findings also suggest that apply- may be more related to production strategies, particularly, the ing proactive strategies leads to a greater increase in annual high quality concerned and technology improves sales and sales, annual profits, the number of employees, market share widens the market more than that of Sri Lanka. and reinvestment into to the business than that of applying Furthermore, the literature shows that strategies which result reactive strategies of manufacturing SMEs in Japan and Sri in high performance are identified with activities associated Lanka. This is consistent with past studies which have been with emphasis on product quality, product and service innova- done in the western context. tions, development of new operating technologies, emphasis This study also indicated that among all other business on customer service and support, extensive advertising, and functional level strategies, production strategies are the most use of external finance and discovery of new markets21,52,8). crucial to the manufacturing SMEs in Japan and Sri Lanka. Some of these findings are also evidenced by current study Furthermore, the analysed business strategic activities con- revealing that most important strategic activities are derived clude that emphasising product quality and customer service from functional level strategies. The analyzed data reveals and acquiring knowledge of competitors’ activities are the that in both samples, as overall, proactive strategies tend most important strategic activities for both countries. In addi- to increase in performance of manufacturing SMEs which tion, reinvestment of earned profits and assessing employee is consistent with the studies done by Kotey and Meredith performance in Japan and search for sources of finance and (1997) and Covin (1991) . Particularly, it indicates that there is emphasizing employee productivity in Sri Lanka are also vital a strong positive impact of proactive strategies on increasing for SMEs. 2) 72 8) business performance in terms of sales and profits in the two The results of this study must be interpreted in the light countries. A proactive strategic approach emphasizes more of obvious limitations. One limitation is that constrained by such activities as: searching for cheaper sources of finance, the vastness of the SME sector in both countries and the Do Strategies Improve SME Performance? An Empirical Analysis of Japan and Sri Lanka limited time available. This study was confined to SMEs in the manufacturing industry only. Nevertheless, the results were also subject to the limitations commonly associated with questionnaire method and all mail surveys with respect to the formance, Research Report, Zoetermeer, SCALES, Scientific Analysis of Entrepreneurship and SMEs. 4) Pearce J.A., Robinson R.B.J. (1985): Strategic Management: Strategy Formulation and Implementation, Homewood, Illinois, Richard D. Irwin, Inc. reliability and accuracy of information. Particularly, it is noted 5) Olson P.D., Bokor D.W. (1995): Strategy Process Content Inter- here, in 2008 a global financial crisis occurred and it drastically action: Effects on Growth Performance in Small Start-up Firms, affected some aspects of the SME sector. In view of the fact that there has been no prior comparative research that has examined the business strategies and business performance among SMEs in the Asian context, the findings of the study provide an indication of possible directions for future research. First, it must be emphasised that, as the present study revealed, there are some important results and some similarities and differences of SMEs in developed and developing economies in the Asian context. Future research must investigate the same relationships in more Asian countries to generalize the findings. On the other hand, because this study was confined to the manufacturing industry, further research should be done to replicate the above findings, employing wider coverage including other industries. The same study can also be carried out to see how the financial crisis affected the results. Another prospect for further research lies in the need to develop more tools for measuring key variables of business strategy and business performance and validate the same relationships which are investigated in this study. Furthermore, this study focused only on the influence of business strategies on the business performance of SMEs. 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(2003): SPSS Survival Manual: A Step by Step guide to Data Analysis Using SPSS for Windows (Versions 10 and 11), Open University Press, Maidenhead, Philadelphia. on the Market Orientation-Performance Relationship, Journal 75 学術論文／ Articles SOCIO-ECONOMIC DETERMINANTS AFFECTING THE DEMAND FOR CHILDREN: THE PERVASIVE SENSE OF CRISIS IN JAPAN By Mutsuko TENDO† and Sriyani Mangalika MEEWALAARACHCHI†† † Faculty of Human Studies, Meijo University ††Meijo Asian Research Center, Meijo University Abstract Japan’s fertility rate has changed dramatically, and the current Total Fertility Rate (TFR) is one of the lowest among developed countries. This pervasive sense of crisis has alarmed Japan’s policy makers. The Japanese government is worried for its own future because of the likely impact on tax revenues and social benefits, since the population pyramid predicts more retirees than productive workers in the near future. The purpose of this paper therefore is to discuss socio-economic variables, which appear to be some important determinants leading to the low fertility rate, while analyzing relations between the demographic change and child-rearing strategies in Japan. It further examines Japanese women’s social conditions in the era of globalization. Through the consideration of Japan’s low-birth rate phenomenon, this paper suggests the commonalities of some Asian countries on child-rearing strategies from both sociological and gender perspectives. KEY WORDS : Low fertility, Childcare, Female Labour secondly, examines Japan’s TFR trends while considering 1. INTRODUCTION: Decline of Birth Rate and Social Change the sociological reasons for the fall of the fertility rate after World War II. Japan’s population component has changed dramatically, and the current Total Fertility Rate (TFR) is one of the lowest 2. Trend of the Total Fertility Rate among developed countries. Since the 1990s, the decline of the birth rate has become (1) Fertility Rate: World Trends a social issue in Japan, and is widely known as the “Sho- The total fertility rate (TFR) defined as the average number shika” issue. “Shoshika” literally and generally means the of children to be born to a woman who goes through her small number of children, and since the 1990s, the Japanese reproductive ages according to the age-specific birth rates. government has started various “Shoshika” policies to deal with this issue. Based on the UN Demographic Yearbook (data of 2006), the TFRs of almost all Western developed countries, except Even though the birth rate has been decreasing, and the USA (2.1) are lower than the replacement level. Italy reached 1.25 in 2005, the ratio has slightly recovered to 1.34 (1.35) and Germany (1.33) are at a similar level to Japan, and in 2007. However Japan still has a low fertility rate and is much lower than France (1.98), Sweden (1.85) and Norway facing a hyper-aging society. (1.90). In the case of Italy and Germany, it is said that the In this paper, I would like to discuss the socio-economic high unemployment rates among young people is one of the variables which appear to be some important determinants main causes of their low fertility rates. Furthermore, it is well leading to the low fertility rate, while analyzing the relations known that the trend of having children out of marriage and between demographic change and child-rearing strategies non-discrimination against single mothers and so-called “il- in Japan. legitimate children” affected the fertility behavior of women in First, this paper shows the trend of the fertility rate, and Scandinavia and France. 77 Meijo Asian Research Journal Vol.1 No.1 of the total population, which shows a decrease of 0.5 points When we look at Asia, the fertility trend has changed dra- compared to the previous year. matically, and some Asian countries and regions, for instance Hong Kong (0.95), Korea (1.14) and Singapore (1.32), the TFR The population group aged 65 and over (aged population) is lower than Japan (UN Demographic Yearbook 2006). In numbered 28,216 thousand and accounted for 22.1 percent addition, in China, the country is well known for its one child of the total population, an increase of 0.6 points, which was per family policy, the TFR (1.7) is higher than Japan. the record-high rate since 1950. By 2025, there will be roughly one elderly person for every two persons of working age in This shows that among Asian countries, Japan’s birth rate Japan. declined very rapidly and the TFR reached its lowest-low level earlier than others. When we consider the reasons affect- Not only Japan but also many developed countries face ing declining birth rate, including the changes of women’s the problem of a low birth rate and aging societies, however, reproductive consciousness and female labour, it suggests one of the key characteristics of the Japanese case is that the prospect of the transformation of the family, women and the speed of change was so fast when compared to other societies in Asia. countries and regions. The extremely low fertility results in a rapidly aging popula- (2) Population pyramid in Japan The Statistics Bureau of Japan (SBJ) detailed the population tion, a decline in the working age population, and a sharp pyramid in Japan. The population group aged 0 to 14 (child increase in the dependency ratio. Such demographic changes population) numbered 17,176 thousand and accounted for would cause many serious problems including a crisis of pub- 13.5 percent of the total population. On the other hand, the lic pension system, labor shortages, economic recession, and population group aged 15 to 64 (productive-age population) loss of societal vitality. Fertility is a complicated phenomenon and it cannot be numbered 82,300 thousand and accounted for 64.5 percent 100 and over Aged population (Population aged 65 and over) 90 80 70 60 Productive-age population (Population aged 15 to 64) Male Female 50 40 30 20 Child population (Population aged 0 to 14) 120 10 0 100 80 60 40 20 0 years old 0 (Ten thousand persons) 20 40 60 80 100 120 Figure 1 Population Pyramid in Japan Source: Statistics Bureau of Japan (SBJ) 2009 78 SOCIO-ECONOMIC DETERMINANTS AFFECTING THE DEMAND FOR CHILDREN: THE PERVASIVE SENSE OF CRISIS IN JAPAN explained by only one variable in isolation from the inter- Politically, the Ie-system (patriarchal family system) was abol- relationships with other socio-economic factors. Therefore ished and replaced by a new Civil Code. Economically, Japa- it should be examined not only from an economic approach, nese people suffered with poverty after the defeat, however, but also from a variety of disciplines including demography, soon after, rapid economic growth began in the mid-1950s. sociology, women’s studies, etc. The socio-economic reasons affecting the birth rates were industrialization, urbanization, the modernization of life-styles, and the change in the meaning of children for each family. 3. Trends of Fertility Behavior and Socio-economic Reasons; Japan’s Case After the end of starvation just after the war, Japanese people began to improve their living standard. The secondary and tertiary industries developed rapidly, which affected parents’ and (1) Strategic Changes During 1945-60s couples’ family strategies towards providing higher education This paper follows the trend of declining birth rate in Ja- opportunities for their children to offer them good employment pan, and mainly focuses on Japan’s demographic changes in an industrial society. Parents and couples “spontaneously” or transitions, which mirror the social changes, and peoples’ thought that having fewer children was the best way to give consciousness of having children. and invest their children more opportunity and education. Figure 2 shows the main episodes of the TFR trend in Japan In addition, national population control related birth control since 1947. It shows the TFR was 4.54 during the first baby changed after World War II. During the war, abortion was il- boom period after the end of the war (1947 to 1949). However, legal and even birth control was strictly limited because of the this figure fell rapidly after that point, hitting 2.04 a decade Nation Policy of the “More babies, More population” ideology later in 1957. to increase the nation’s power. Here, we examine some of the key reasons affecting the On the contrary, in 1948, the Eugenic Protection Law was rapid decline in the birth rate after World War II, especially enacted, and the control of unwanted births was made pos- after the baby-boom period. sible by abortion. Before contraceptive behavior became Japanese society has changed dramatically after the war. thousand 3000 first baby boom (1947–1949) 2,696,638 widespread, it is estimated that the effect of regulating fertility second baby boom (1971–1974) 2,091,983 5 4 2008 1,091,150 TFR 1.37 2000 2005 1,062,530 TFR 1.26 3 TFR number of births 1966 Hinoeuma 1,360,974 2 1000 1 number of births TFR 0 47 55 65 75 85 90 95 05 08 0 Figure 2 Trend of the Fertility Rates in Japan 1947–2008 Source: Ministry of Health, Labour and Welfare, 2009 79 Meijo Asian Research Journal Vol.1 No.1 by contraception surpassed that of induced abortion by difficulties of finding partners among young people by around 1960 (Atoh 2008). themselves. (2) Demographic Transition Theories ➂Massive increases in the proportion of women who work The classic ‘demographic transition theory’ postulates that outside of the home. Women’s consciousness on the the modernization process including industrialization, urban- sexual division of labour had changed and many women ization and secularization first brings about mortality decline tried to continue their careers. followed by fertility decline. This theory posits a long-run ➃On the other hand, Japan is well known as a gendered equilibrium in which fertility rates are similar to mortality rates society, and the female labour participation late curve is and population growth is zero. This is clearly not consistent still the so called “M-curve”, which is a symbolic phe- with the trend to a very low fertility in Japan and most other nomenon of Japanese female labour conditions. Many industrialized countries over the past 30–40 years. women have to leave companies when they decide The theory of a ‘second demographic transition’ formulated to get married, having children or taking care of small by European demographers seeks to explain this inconsis- children at home, so quite a lot of Japanese women tency, but does not appear to fit the experiences of Japan aged in their late 20’s to early 30’s leave the labour and other East Asian countries very well. The rational choice market, and participation rates on those age categories framework associated with neoclassical economics provides a decrease. The trade-off between work and family life is compelling explanation for the universal relationship between one of the main causes of declining fertility, and the “M- industrialization and lower fertility, but does not explain fertility curve” reflects the continuing sexual division of labour variation. in Japanese society. Studies of the impact of fertility are complicated by the endogenous nature of fertility and the resulting difficulty in identifying the direction of causality (Browning 1992). 4. Female Labour and Fertility Trend; Comparative Perspective (3) Late Marriage and Late Delivery; Fertility Behavior of Women after the 1970s Between 1957 and 1973, the TFR stabilized at about 2.1 Strategies in Japan. births per woman. After this stable replacement level period, OECD data shows some important characteristics of fe- the fertility rate of Japan has been declining, and in 1990, the male labour and fertility behaviour. In 1980, the correlation total fertility rate (TFR) of the previous year was reported as between the female labour participation rate (FLPR) and 1.57. This was one of the popular topics in the mass media, the total fertility rate (TFR) had a negative correlation (where and they named it the “1.57 shock”, because that TFR was countries with higher FLPR had lower TFR), and in 2005, it lower than the rate of 1.58, in 1966, in the year of Hinoeuma, changed to a positive figure which means where countries which was believed to be a bad year for giving birth to a girl with a higher FLPR have a higher TFR. Since the 1970s and baby. 80s, worldwide movements for the improvement of the status The main reasons for the declining birth rate after the 1970s of women, and women’s participation in the public sphere and 80s can be identified as late marriage and late delivery, became obvious and natural. In the field of labour, the glass and the changing values of marriage, work, and division of la- ceiling issue became a social issue in some countries, which bour for Japanese women. Here, these reasons are discussed reflected gender equal employment and promotion and has in more detail. become recognized in developed counties. ➀Remarkable educational gains by women. The propor- On the other hand, Japan and Korea, as we see in Figure tion of women of the relevant age enrolled into tertiary 3, are good examples of countries with a lower FLPR and a education increased from 5 percent in 1955 to 50 per- lower TFR (OECD 2007). Both countries are well known for cent in 2005. their strong sexual division in the labour system and M-Curve ➁In Japan, the relation between marriage and having a child is strong, and the late marriage phenomenon directly affects late babies. In addition, the disappearance of the arranged marriage system affected the 80 We also need to consider the Changes of Reproductive Labour participation rates for women which continue into the present. There is another trade-off phenomenon, related to childrearing especially child education expenditure. SOCIO-ECONOMIC DETERMINANTS AFFECTING THE DEMAND FOR CHILDREN: THE PERVASIVE SENSE OF CRISIS IN JAPAN As Figure 4 shows, when we look at the expenditure on around the world. The impact can be both negative and educational institutions as a percentage of GDP (in 2005), positive and differs by context, by industry and trade, and by the Japanese figure is lower than the OECD average (OECD employment status. The spread of global value chains has 2008). created a new level of fluidity in the international economy that Not only Japan but also some of the East Asian countries appears to be having a profound impact on the quantity and and regions, such as Korea and Taiwan, spend less public quality of jobs generated throughout the world. money on child education, which means each family’s has an Many scholars argue that globalization has led to flexible increased responsibility for spending on education. As a result, labour market arrangements. This may be a result of increas- “the less number of children, the larger spend on each child” ing globalization in manufacturing and industry, where the strategy would be widely shared among modern families. rigors of competition have made wage and labour costs more important in determining the location of firms and the mode of production. The global outsourcing and mega competition has 5. The Impacts of Globalization and Female Labour raised uncertainty in these societies through the downsizing of employment. People tend to choose risk-averse decision- At the forefront of a fledging global economy, the structural making in each stage of their life-cycle, such as marriage and changes in the labour market that resulted in economic pres- having a baby, and this tendency will strengthen when society sure and constraints imposed on young working women. As does not provide an adequate safety net. a result, married couples show more individualistic orientation Due to market uncertainty, firms reduce their core workforce that places marriage and childbearing at a lower priority than and rely increasingly on irregular forms of employment. The work and self-fulfillment in one’s life. so-called “Flexibilization of employment” shifts many of the Global trade and investment patterns are having a dramatic costs of market volatility onto workers. Labour market liber- impact on employment relations and work arrangements alization and flexibilization have been means to increase the 1980 TFR 3.5 2005 TFR 3.5 IRL 3.0 3.0 KOR 2.5 2.5 2.0 PRT ESP GRC NZL FRA BEL ITA 1.5 NLD AUT MEX GBR AUS JPN SWE FIN DEU CHE 1.0 20 AUS CZE FRA ISL MEX PRT 30 40 Australia Czech Republic France Iceland Mexico Portugal AUT DEU GBR ITA NLD SVK 50 60 Austria Germany United Kingdom Italy Netherlands Slovak Republic USA NZL AUS GBR NOR IRL LUX DNK NLD BEL FIN SWE OECD CAN HUN AUT ESP CHE PRT ITA DEU GRC JPN POL KOR SVK CZE FRA USA 70 FLPR BEL DNK GRC JPN NOR SWE 40 Belgium Denmark Greece Japan Norway Sweden 50 CAN ESP HUN KOR NZL TUR 60 70 Canada Spain Hungary Korea New Zealand Turkey 80 CHE FIN IRL LUX POL USA ISL 2.0 1.5 1.0 90 FLPR Switzerland Finland Ireland Luxembourg Poland United States Figure 3 Female Laobur Participation Rate and Total Fertility Rate; International comparison Source: OECD 2007, Babies and Bosses-Reconciling Work and Family 81 Meijo Asian Research Journal Vol.1 No.1 (%) 8 7 6 OEDC average 5.0% 5 4 3.4 3 2 1 Japan Greece Slovak Republic Spain Czech Republic Italy Germany Australia Korea Ireland Canada Netherlands United States United Kingdom Austria Hungary New Zealand Portugal Poland Mexico France Norway Switzerland Belgium Finland Sweden Denmark Iceland 0 Figure 4 Public Expenditure on Educational Institutions as a Percentage of GDP (2005) Source: Minstry of Education, Culture, Sports, Science and Technology, 2009 (OECD 2008 Education at a Glance) ability of businesses to survive in the face of intensified com- years are related to declining fertility rate. The mean age of petition world-wide. They decrease the relative tax burden, first marriage was 30.2 for men and 28.2 for women in 2008, while shifting the costs of economic adjustment and change a rise by 1.7 year and 2.7 years, respectively over the past onto the most vulnerable, usually on to women. twenty years. The ratio of never-married male and female aged Figure 5 shows the recent trend of percentage of “Irregular 25-29 was 71.4% and 59.0%, respectively. It was 2.1 and 5.0 employees” by sex in Japan. It indicates that the percent- percentage points higher compared with 2000. The ratio of age of irregular employees was 35.5%; a rise of 3.6 points never-married male and female aged 30-34 had risen by 4.2 compared to the 2002 figures, meaning more than one in three percentage points and 5.4 percentage points to 47.1% and employees was an irregular employee. During the period of 32.0%, respectively, compared with 2000. Then, the ratio of 1987 to 2007, the percentage for males rose from 9.1% to never-married male and female aged 35-39 was 30.0% and 19.9% and reached approximately 20%, while the percentage 18.4%, respectively, rising by 4.3 and 4.6 percentage points for females rose from 37.1% to 55.2%; exceeding 50%. (Statistics Bureau of Japan 2009). Flexible and unstable employment reflects late marriage. The declining marriage rate and rising marrying age in recent 6. “Shoshika” Policy, for What and for Whom (%) As we mentioned above, in the 1990s, Japanese govern- 60.0 55.2 Female ment started the “Shoshika” Policy and measures for the pur- 52.9 pose of stopping the “crisis” of “Shoshika”. The main reasons 50.0 44.0 for the pervasive crisis for the government and policy makers 39.1 40.0 37.1 are the coming of a hyper-aged and depopulating society. Total 31.9 30.0 24.6 20.0 10.0 After the 1990s, the Japanese government undertook child- 35.5 21.7 19.7 9.1 9.9 related policies to increase the birth rate, such as the Childcare Leave Law (1992), the Angel Plan (1994), the New Angel Plan 19.9 16.3 (2000), the campaign of promoting fathers’ participation in childcare by the Ministry of Health and Welfare (1999). 11.1 In 2003, two child-related laws have passed the Diet, one Male is the Basic Law on Measure for the Society with Declining 0.0 1987 1992 1997 2002 2007 (year) Figure 5 Trend of percentage of “Irregular employees” by sex Source: Statistical Abstract 2009, SBJ 82 Birth Rate, and the other is the Law Promoting Measures for Supporting Nurturing the Next Generation. We are not sure whether these laws will affect the fertility rate in the future, SOCIO-ECONOMIC DETERMINANTS AFFECTING THE DEMAND FOR CHILDREN: THE PERVASIVE SENSE OF CRISIS IN JAPAN however, it will be clear that fertility control, whether it is tacit control or not, is considered as the nation-scale strategy to solve the crisis for the nation, and the children are expected to be savers to solve such problems as pension reform, the declining workforce, slow economic growth, care for the elderly (Tendo 2008). It is important to take measures and policies to create a Hodge R., Ogawa N. (1991): Fertility change in Contemporary Japan. University of Chicago Press. Kato H. (2000): “Economic Analysis of Birth, Marriage, and Labor Market”, Journal of Population Problem 56-1: pp. 38–60. Obuchi H. and Atoh M. (2005): Shoshika no Seisakugaku, Hara Shobo. OECD (2007): Babies and Bosses: Reconciling Work and Family. [Kokusaihikaku: Shigoto to Kazokuseikatsu no Ryoritsu OECD Beibi- & Bosu sougouhoukokusho] 2009, Akashishoten. family-friendly and childcare frendly society. At the same Ogura S., Dekle R. (1992): “1970 nen ikou no shusseiritsu no teika time, as this paper discussed above, Japanese society has to sono genin: kenbetsu, nenrei kaisou betsu de-ta kara no the characteristics of the women’s life-choice difficulty, the apuro-chi” [Fertility Rate Decline Since 1970 and Its Causes: An trade-off between paid work and family or life care. We need to remember that having the choice, having children is a woman’s right, a family right and of course, it is a human right. Approach Using Data by Prefecture and by Age Group]. Nihon keizai kenkyu 22: pp. 46–76. Osawa M. (1993): “Keizai henka to joshi roudou: nichibei no hikaku kenkyu” [Economic Rate Trends and Women’s Participation in Society]. Keizaigaku kenkyu 45 3, 4: pp. 65–74. Retherford R.D., Ogawa N. and S. Sakamoto (2001): Values and Fer- NOTES tility Changes in Japan, Nihon University Population Research Institute, NUPRI Reprint Series No. 73, Tokyo: NUPRI. Retherford R.D. and Ogawa N. (2006): “Japan’s Baby Bust: Causes, This paper is mainly written by M. Tendo, and S. Meewalaarachchi contributed Figures 1 and 5, and co-wrote parts of sections 3 and 5. Implications, and Policy Responses”, in F.R. Harris (ed.) The Baby Bust: Who Will Do the Work? Who Will Pay the Taxes? Rowman & Littlefield Publishers: pp. 5–47. Rosenbluth, F.M. (ed.) (2007): The Political Economy of Japan’s Low Fertility, Stanford University Press. Shigeno Y., Okusa Y. (2001): “Ikuji shiensaku no kekkon, shussan, References shokugyou ni ataeru eikyou” [The Effects of Childrearing Support Policies on Marriage, Childbirth, and Employment]in Atoh M. (2008): “Japan’s Population Growth During the Past 100 Years”, in F. Coulmas et al. (eds.) The Demographic Challenge: a Handbook about Japan, Brill. Becker G. (1981): A Treatise on the Family. Harvard University Press. Browning, M. (1992): “Children and Household Economic Behavior”, Journal of Economic Literature 30, no. 3: pp. 1434–1475. Date Y., Shimizutani S. (2007): Why Has Japan’s Fertility Rate Declined, The Japanese Economy 34 (1): pp. 4–55. ILO (1998): Impact of Flexible Labour Arrangements in the Machinery Electrical and Electronic Industries. Report for Discussion at the Tripartite Meeting on the Impact of Flexible Labour Market Arrangements in the Machinery Electrical and Electronic Industries. ILO: Geneva. Shakai fukushi to kazoku no keizaigaku [Social Welfare and the Economics of the Family], ed. Yasushi Iwamoto, pp. 17–50. Tokyo: Toyo Keizai Shinposha. Tendo M. (2007): “Inter/Intra Family Differences and Child-care Support Policy in Japan: Critical Consideration from Child Rearing strategies and a Gender Perspective”, Educational Sociology, No. 80. Tendo M. (2008): “Child-Rearing Transformation and Difficulties I Japan: A Socio-Educational Perspective”, Ningengaku Kenkyu, No.6, Meijo University. Tsuya N. and L. Bumpass (2004): Marriage, Work & Family Life in Comparative Perspective Japan, South Korea and the United States. University of Hawaii Press. UN (1999): World Survey on the Role of Women in Development; Globalization, Gender and Work. 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MARC shall reserve editing and publishing rights. 61 87 名城大学アジア研究所紀要編集委員 Editorial board, Meijo Asian Research Journal 委員長 幹 事 委 員 Shigeru FUKUSHIMA (Faculty of Urban Science) Takenori TANAKA (Faculty of Business Management) Takeshi YANAGISAWA (Faculty of Law) Muneyuki Arai (Faculty of Science and Technology) Toshiyuki Isoi (Faculty of Agriculture) Yuri Sadoi (Faculty of Economics) Hitoshi Tanaka (Faculty of Pharmacy) Philip Stephen Beech (Faculty of Human Studies) 福島 茂 （都市情報学部） 田中 武憲 （経営学部） 柳澤 武 （法学部） 新井 宗之 （理工学部） 礒井 俊行 （農学部） 佐土井有里 （経済学部） 田中 斉 （薬学部） フィリップ・ステファン・ビーチ（人間学部） 編集事務局 石川 睦栄 Editorial secretariat: Chikae ISHIKAWA 名城大学アジア研究所 Meijo Asian Research Center 発行日／2010年3月31日 編集・発行／名城大学アジア研究所 〒468-8502 愛知県天白区塩釜口1-501 TEL:052-838-2529 FAX:052-832-1410 ホームページアドレス：http://marc.meijo-u.ac.jp/ Meijo University, Japan Date of issue / March 31, 2010 Edit / Meijo Asian Research Center 1-501 Shiogamaguchi, Tempaku-ku, Nagoya 468-8502, JAPAN TEL: +81-52-838-2529 FAX: +81-52-832-1410 http://marc.meijo-u.ac.jp/