● 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 －新自由主義のパラドックス

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 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

33 Transformation of Socio-Economic Structure of Ho Chi Minh City under the Doi-Moi Policy and the Accompanying Globalization Process

DU Phuoc Tan and Shigeru FUKUSHIMA

47 Poverty and Inequality in Globalizing Asia D.G.J. PREMAKUMARA

61 Do Strategies Improve SME Performance? An Empirical Analysis of Japan and Sri Lanka

M.D. Pushpakumari and Toshimitsu WATANABE

77 Socio-Economic Determinants Affecting the Demand for Children: The Pervasive Sense of Crisis in Japan

Mutsuko TENDO and Sriyani Mangalika MEEWALAARACHCHI

「名城アジア研究」投稿規則

Vol.1 No.12010.03

● CONTENTS

Articles 1 The Rise and Decline of Bond Funds and their Influence on the Corporate Bond Market

Kuanju LIN

17 Flexibility of Labor Market and the Countermeasure in South Korea —The Paradox of Neoliberalism—

Kougyoku KIN

27 Feeding Characteristics and Body Dimensions of Growing Buffaloes Raised by Small-Scale Farms in Tarai, Nepal

Yoshiaki HAYASHI, Manoj Kumar SHAH, Yusuke TABATA, Hajime KUMAGAI and Shyam Kishor SHAH

33 Transformation of Socio-Economic Structure of Ho Chi Minh City under the Doi-Moi Policy and the Accompanying Globalization Process

DU Phuoc Tan and Shigeru FUKUSHIMA

47 Poverty and Inequality in Globalizing Asia D.G.J. PREMAKUMARA

61 Do Strategies Improve SME Performance? An Empirical Analysis of Japan and Sri Lanka

M.D. Pushpakumari and Toshimitsu WATANABE

77 Socio-Economic Determinants Affecting the Demand for Children: The Pervasive Sense of Crisis in Japan

Mutsuko TENDO and Sriyani Mangalika MEEWALAARACHCHI

Meijo Asian Research Journal Contribution Rules

Vol.1 No.12010.03

学術論文Articles

学術論文／ Articles

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 †

† 台湾真理大學財経学院

1．はじめに

1991年に初めて債券型ファンドが台湾に誕生した。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。台湾における債

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」の換金が速くで

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

を募集しやすいという特徴を持っていた。

1996年以降，台湾の株式市場は低迷を続けており，中央銀

行は景気を刺激するために，2000年から2004年までに13回に

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

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

ら上述の性格を持つ債券型ファンドに流れ込んできた。

1996年以降，債券型ファンドの募集件数が急速に拡大し，

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，

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

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，銀行

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

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

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

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

用して，社債投資を増加させていた。その結果，2000年代前

半まで，債券型ファンドは社債の 7～ 8割を購入し，社債の

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

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。

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

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

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

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

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

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

に大きな影響を与えた。その一方で，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

する影響が変化している。

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

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

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

2

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

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。

本論文の研究方法は文献の捜査，分析など中心にした。し

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

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

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

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。

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

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

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

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

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

に与えた影響について述べる。

2．台湾における債券型ファンドの特色

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

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

スクを持っているのかについて概説する。

（ 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）。

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

があり，国内投資の債券型ファンドが99.0％を占めている。

また，投資属性によれば，高い流動性の ｢準短期金融市場型

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（4）ファ

ンドが96.08％を占めている（件数ベース）。

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

売買商品，債券条件付売買商品，金融機関の預金，短期金融

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

に分けられる（表 1参照）。一般債券売買商品とは，通常の債

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，

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

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

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）。

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

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

の預金，短期金融商品などの商品がある。まず，第一に債券

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

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

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

象には公債，CP（コマーシャル・ペーパー），CD（譲渡性預

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

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

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

れる。

前述したように，債券型ファンドは社債，公債，金融債，

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

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

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

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

に，短期的に資金運用を行う投資家に好まれている（8）。メ

リットとして以下の点を挙げることが出来る。

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

（capitalgain）と認められ，その資本利得には課税され

ない。

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

ンドに投資できる。債券型ファンドへの最低投資額は公

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

一般債券売買商品 債券条件付売買商品 金融機関の預金 短期金融商品

投資目的 資本利得 利息収入 利息収入 利息収入

投資商品 公債，社債，金融債公債，社債，金融債，CP( コマーシャル・ペーパー )，CD( 譲渡性預金 )

定期預金FB( 国庫券 )，CP( コマーシャル・ペーパー )

主な商品 社債 公債 定期預金 FB，CP

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。

3

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

ることが可能である。これに対して，公債の最低投資額

は10万 NTドルとなっている。

③流動性が高い：債券型ファンドは随時解約できるため，

投資家は投資期間を自由に調整できる。投資家は債券型

ファンドを解約する場合，次の営業日（T+ 1 ）に換金が

できる（9）。

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

2に示したとおり，1997年から2003年までの 1年物債券

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

金金利より高かった。

上述したように，債券型ファンドは小口投資が可能，流動

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

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

が主な投資商品）に対する投資比率は約30.0％～50.0％

である。もし社債を発行する企業に財務危機が発生すれ

ば，社債の元本の回収及び利息の受取りができなくなる

可能性がある。その結果，債券型ファンドの純資産総額

や収益率が影響を受けることもありうる。

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

であるが，台湾における社債流通市場は公債流通市場よ

り低調である。もし多くの投資家が同時に解約する場

合，債券型ファンドが保有する社債を流通市場で素早く

売却して解約資金に充当することは困難であり，流動資

金不足に陥りやすいという流動性リスクを持っている。

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

発現によっている。

③価額変動（金利）リスク：一般的に，債券価格と金利は

逆の動きをする。もしファンドマネージャーが金利を

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

してしまうという価額変動（金利）リスクがある1）。

3 ．債券型ファンドの発展

ここでは，債券型ファンドの発展を，基金額（ファンド残

高）の変化を踏まえて，聯合投資信託事件以前の発展初期

（1991年から1994年まで），成長期（1995年から1999年まで），

繁栄期（2000年から2004年まで），聯合投資信託事件以後の調

整期（2005年以降）の 4つ期間に分けて述べる。

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：％

項目年

6ヶ月物債券型ファンド収益率

普通貯蓄預金 1年物債券型ファンド収益率

1年物定期預金金利

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 1.1175（固定收益型） 2.2000

0.6664（準短期金融市場型） 1.3124（準短期金融市場型）

2007 0.5634（固定收益型） 0.5500 1.0033（固定收益型） 2.6200

0.7650（準短期金融市場型） 1.4785（準短期金融市場型）

2008 2.1703（固定收益型） 0.4550 2.6959（固定收益型） 1.4200

0.7707（準短期金融市場型） 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。

4

Meijo Asian Research Journal Vol.1 No.1

（ 1）発展初期（1991～1994年）

①債券ファンドの登場

1990年以前には，投資信託会社の設立資格，運営業務及び

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

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

た。1990年代に入り，台湾政府はWTO加盟を決定し，資本

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，

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

果，投資信託会社は1990年の 4社から1994年の15社に増えて

きた2）。しかし，表 3に見られるように，1991年から1994年

までの各年度の債券型ファンド基金額は100億～200億 NTド

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

展初期と位置づけられる。

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

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

ドの基金額は株式＋バランス型が95%を占めており，債券型

は 5 %程度であった。これらの点から見ると，発展初期の債

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

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。

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

の債券（公債，社債など）に対する割合が高く，定期預金や

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。

（ 2）成長期（1995～1999年）

①成長期の債券型ファンドの募集額の推移

1996年 3 月 1 日に政府は「証券投資信託事業管理規則」を

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

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

設立数は1995年の15社から1999年の36社に増加した3）。投資

信託会社が増えたのに伴い，投資信託（ファンド）の数，種

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

に，1995年の債券型ファンドの基金額（596億 NTドル）は前

年度比221.0％増加し，1999年の6,336億 NT ドルに至るまで

急速な成長を遂げた。それに伴い1998年以降，債券型ファン

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。

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

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

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

より高かったことが挙げられる（表 2参照）。その結果，国内

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。

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

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

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

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年単位：％

年種類 1994 1995 1996 1997 1998 1999

株式型 +バランス型 95.0 74.0 52.0 60.0 41.0 40.0

債券型 5.0 26.0 48.0 40.0 59.0 60.0

合計 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。

5

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

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，

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

公債（投資比率32.5％）と定期預金（投資比率37.0％）を合算

すると70.0％に近い。一方で，一般債券売買商品（主として

社債）への投資割合は28.2%であった。

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

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

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

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

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

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

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，

その基金額が次第に拡大していった。

（ 3）繁栄期（2000～2004年）

①繁栄期の債券ファンドの基金額の推移

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

行は景気を刺激するために，2000年から2004年までに13回に

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

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

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

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。その結果，債券型ファンドの基金額は2000年度末の7,807

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

た。このような債券型ファンドの活況は，2004年 5 月まで続

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

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

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

ス成長へと転じた（表 6参照）。

②繁栄期における債券型ファンドの投資分配

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

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

た。その結果，社債への投資比率は2000年の40.4％から2004

年の53.9％に達し，債券型ファンドの一般債券売買商品（社

債）と短期投資商品（債券条件付売買商品，銀行定期預金な

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　単位：億NTドル，％

項目

年

一般債券売買商品 債券条件付売買商品 金融機関の預金 短期金融商品債券型ファンド投資

合計社債発行額

金額 比率 金額 比率 金額 比率 金額 比率 金額 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(29.66）

2000 3,138（75.8%）

40.4 1,635（-21.6%）

21.0 2,801（19.6%）

36.0 199（38.2%）

2.6 7,773（22.8%）

100.0 4,738.5（20.79）

2001 5,206（65.9%）

36.5 4,092（150.3%）

28.7 4,570（63.2%）

32.1 378（90.0%）

2.7 14,246（83.3%）

100.0 10,959.2（131.28）

2002 7,982（53.3%）

43.3 4,728（15.5%）

25.6 5,214（14.1%）

28.2 545（44.2%）

2.9 18,469（29.6%）

100.0 13,932.6（27.13）

2003 10,669（33.7%）

50.6 6,115（29.3%）

29.0 3,548（-32.0%）

16.8 744（36.5%）

3.5 21,076（14.1%）

100.0 17,172.7（23.26）

2004 10,155（-4.8%）

53.9 5,625（-8.0%）

29.9 2,587（-27.1%）

13.7 466（-37.4%）

2.5 18,833（-10.6%）

100.0 19,508.4（13.60）

2005 4,982（-51.0%）

38.1 5,822（3.5%）

44.5 2,006（-22.5%）

15.3 274（-41.2%）

2.1 13,084（-30.5%）

100.0 20,677.1（5.99）

2006 2,610（-47.61）

23.7 6,285（-7.95）

55.2 2,092（4.28）

19.0 228（-16.79）

2.1 11,014（-15.8％）

100.0 21,583.04.38

2007 1,500（-42.53）

18.8 4,102（-34.73）

51.4 2,165（3.49）

27.1 213（-6.68）

2.7 7,979（-27.55）

100.0 19,916.8（-7.72％）

2008 1,013（-32.46）

10.8 3,741（-8.80）

39.7 4,484（107.13）

47.6 189（-11.27）

2.0 9,427（18.14）

100.0 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。

6

Meijo Asian Research Journal Vol.1 No.1

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

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

うに，2000年から2004年までは社債が中心である一般債券売

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

金額とが同じ動きをしている。

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

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

第に低下させた（10）。その結果，社債の発行利回りが債券型

ファンドの収益率より低くなってしまったため，債券型ファ

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

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

引き上げた。しかし，その後，転換社債（11）にデフォルト問

題が発生し，また，2004年以降に仕組み社債の収益率低下問

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

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

2004年後半に聯合投資信託会社事件が起こるなど，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

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

年ファンドの種類別 2000 2001 2002 2003 2004 2005 2006 2007 2008

株式型

クローズ式 ( 国内投資 ) 146.95 163.13 69.01 82.23 83.42 52.97 54.90 4,372.14 2,387.25

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

国際株式型 737.66 578.15 669.83 802.06 827.3 1,213.80 2,318.13 4,213.95 1,950.75

小計 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

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％

バランス型 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％

債券型

国内投資―従来の債券型ファンド 7,774.21 14,246.68 18,470.30 21,075.89 18,833.05 13,028.95 461.86 0 0

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

外国投資 33.19 13.67 33.05 379.93 131.84 261.78 192.68 135.988 65.16

小計 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％

その他

　総合型 0 0 0 119.76 307.16 811.87 1,554.77 1,496.12 591.27

　業種別インデックス型 0 0 0 394.28 420.00 366.43 406.60 439.63 474.64

　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 0 0 0 2.10% 3.19% 7.96% 13.09％ 12.98％ 8.47

合計 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

成長率 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。

7

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

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

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

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

られる。表 6に見られるように，2004年から2007年までに債

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

の成長率も二桁のマイナス成長へと転じた。

ところが，2008年に全世界的な金融危機発生に伴って，価

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

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

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

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

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

の基金額は急速に増加した。表 6に見られたように，2008年

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

けていたマイナス成長の後を受けて，二桁の成長率（16.97％）

を見るに至った。しかし，2008年の基金額（9,491億 NTドル）

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

り大きな差がある。

②調整期の債券型ファンドの投資配分

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

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

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

債券売買商品の組入比率を規定どおり（30％以下）遵守した

結果， 1年未満満期の債券条件付売買商品（公債）及び銀行

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

に，債券条件付売買商品（公債）及び銀行定期預金の組入比

率は2004年から2008年にかけてそれぞれ，29.9％から39.7％，

13.7％から47.6％へと増加した。反対に，一般債券売買商品

（社債）の組入比率が2004年の53.9％から2008年の10.08％へ

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，

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

に他の投資家に譲ってきたと言えよう。

4．債券型ファンドの資金運用問題と改善策

以上，調整期までの債券型ファンドの動向を見てきたが，

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

運用の特色とその問題点について検討してみよう。

（ 1）債券型ファンドの資金運用方法と問題点

①「分券」と「作価」の誕生の背景と問題点

債券型ファンドは成長期に入り，基金額が急速に増加し，

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，

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

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

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

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

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

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

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

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，

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

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

を述べる。

A．「分券」と「作価」の誕生の背景

政府は「証券投資信託基金管理弁法」の規定により，債券

型ファンドに対して，投資家が解約を申し出た日（T）の翌

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

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

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

ばならないと定めている4）。1995年以降，投資信託会社間の

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

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

し出た日（T）の翌営業日（T+ 1 ）に換金することにした。

しかし，債券型ファンドの基準価額が翌営業日（T+ 1 ）の

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

を元に計算されるとすれば，翌営業日（T+ 1 ）の午後 3時30

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

なくなる。もし債券の時価を翌営業日（T+ 1 ）の午後 4時以

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

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

素早く決定でき，翌営業日（T+ 1 ）に投資家に支払うことも

できる。

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

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

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

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，

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

「作価」という手法を考案し，活用した。

B．「分券」の運用方法

「証券投資信託基金管理弁法」の第10条により， 1つの投資

信託基金が個々の上場会社，あるいは店頭公開会社の株式及

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

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

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

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

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

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

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

8

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

定を避ける上で都合が良かった。

分券とは，社債発行会社が 1 つの期号の社債を発行する

際，発行条件（発行日や表面利率など）の異なる社債券に小

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

億 NTドルの社債（例えば95期号）を発行する場合，甲（95

期号の 1），乙（95期号の 2），丙（95期号の 3），丁（95期号

の 4），戉（95期号の 5）……などの10種類（或は10種類以

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

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

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

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

れ，債券型ファンドが買いやすくなり，また， 1期号下の 1

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

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

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

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

価せざるをえなくなる。

これに対して，もし，債券型ファンドが 1期号下の 1つの

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

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

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

ない。そして，分券は結果的に T＋ 1 の換金を容易にする。

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。

C．「作価」の運用方法

作価とは，債券型ファンドが購入した社債を，証券会社や

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

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

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

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

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

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

社債の収益額を増やすことができる。

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

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，

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

額に到達することができるようになった。そして，2004年 5

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

る。また，債券型ファンドの基金額が大きくなれば，投資信

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

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

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

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

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

かったので，社債市場の流動性は抑制された。さらに，社債

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

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

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

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

うになった。しかし，高い収益率を持つ商品は，反面投資リ

スクも高い。2003年以降，債券型ファンドが仕組み社債と転

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

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

債への資金運用問題についてみてみよう。

A．仕組み社債への資金運用と問題点

2003年に外資系銀行（ドイツ銀行）は，社債の固定金利（一

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

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

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

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

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

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

たため，発行量も次第に拡大し，2004年には4,000億 NTドル

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

型ファンドの仕組み社債に対する投資比率は約30％～60％で

あった。しかし，この種の仕組み社債には，短期金利が上昇

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

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

となってしまう。2004年後半，アメリカの FRB（連邦準備銀

行）が金利を引き上げ， 6カ月 Libor も 1 ％から 4 ％に上昇

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

し，収益率が 0％になるという状況にもなってしまった。こ

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

失が発生し始めた。

B．転換社債への資金運用と問題点

1999年以降，政府が定めた社債の発行規制と投資規制が存

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

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

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

た。そのため，2000年以降，転換社債の発行額も徐々に増加

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

デフォルト率も高い。しかし，転換社債は社債と株式オプ

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

る債券型ファンドの需要に合っていた。そして，債券型ファ

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

の数が多かった（表 7参照）。

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

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

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

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

9

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

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

資料によると，2004年 6 月に債券型ファンドの基金額（ 2兆

2,817億 NTドル）は前月（ 2兆4,097億 NTドル）より5.31％

減少した。

（ 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

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

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

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

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

会社事件が発生した。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（15）を理

由として，同様に「解約停止」を申請した。最終的には，聯

合投資信託会社事件が発生した後， 5 日間の内に，債券型

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

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

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

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

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

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

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

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

ルト転換社債の処分などの対応策を実施した。

①分券を使用することの抑制

2003年に証券主管機関は，まず社債の分券に関して次のよ

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

社債の50％を超えて保有してはいけない。もし，分券で発行

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

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

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 日現在単位：％

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 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 5.15

寶來全球短債 16.15 国泰全球債券 13.45

台壽保太陽神債券 5.75 新光吉富全球債券 13.68

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。

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。

10

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

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

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

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

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

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

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

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

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

る場合の価額の参考基準となる（17）。そのため，2006年以降，

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

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

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

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

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

ドの収益率を上昇させる操作ができなくなった。

③債券型ファンドが格付けを受けることの促進

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

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

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

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

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

情報になっている。2004年 6 月（聯合投資信託事件が発生し

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

ていなかった。しかし，直近では，2008年の債券型ファンド

の募集件数51件のうち，中華格付け会社，Moody's，Fitch の

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，

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

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

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

いて，いくつか重要な措置を講じた：（ 1）2005年末までに投

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

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。

（ 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

め，金利部分（InterestOnly，IO）と元本部分（Principal

Only，PO）の証券化ならびに債券担保証券化商品（CBO：

CollateralizedBondObligation）などの新金融商品を導入し

た。仕組み社債の処分方式は次の 2つである。一つは，債券

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

は仕組み社債を元本部分（PO）と金利部分（IO）に分割し販

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

機関はその仕組み社債を債券担保証券化商品（CBO）という

証券化商品にして，市場で売却する。（ 3）投資信託会社が流

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

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）

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。

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

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

れた。そして，全ての債券型ファンドの流動資産比率は

58.7％に上昇した。

⑤債券型ファンドの分離政策の推進

2005年以降，政府は台湾ファンド市場を国際的なファンド

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

債券型ファンドを「準短期金融市場型ファンド（QuasiMoney

MarketFund）」（18）と「固定収益型ファンド（RealBond

Fund）」の 2つの形態に分離しなければならないという分離

政策を実施した。その目的は 2 つである。一つは，債券型

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

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

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

ことである。

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

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」

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，

投資家には「従来の債券型ファンド」が「固定収益型ファン

ド」であるか「短期金融市場型ファンド」であるか差異を区

別できなくなっていた。このため，「従来の債券型ファンド」

について，「固定収益型ファンド」と「準短期金融市場型ファ

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，％

年月　　　項目 基金件数 (A) 格付けを受けた基金件数(B) 比率 (B/A)

2004年 6 月 77 37 48.05

2004年12月 78 50 64.10

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。

11

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

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

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

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

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

る。

まず，準短期金融市場型ファンドからみてみよう。準短期

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％

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

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

投資割合が70.0％以上でなければならない。このため，その

流動資金準備も高く，投資家の解約した日の次の営業日

（T+ 1 ）に換金が容易にできる。しかし，流動性の高い投資

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

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

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

い（19）。また，投資した商品（債券条件付売買商品，定期預

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。

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

ある。また，解約した日の次の営業日（T+ 1 ）に換金ができ

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

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

れる。また，短期に資金運用する投資家にも向いている。

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

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

商品は固定収益債券（現在は社債が主な商品）であるため，

その収益率は比較的に高い。しかし，債券条件付売買商品，

定期預金，短期金融市場商品など流動性の高い商品への組入

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

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

（T+ 2 日以降に換金）。また，毎日，債券における基準価額を

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

により変化しやすい。また，その収益率は変化に富むため，

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

む投資家に向いたファンドとなっている。

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，

2007年にほとんどの従来の債券型ファンドは，金額ベース，

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

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，

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

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

うに，分離政策を実行して後，投資家は「固定収益型ファン

ド」より「準短期金融市場型ファンド」を選好している。そ

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

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

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

が挙げられる。そのため，流動性が高く，収益率が安定して

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

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

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

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

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 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保有比率 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50.0％を超えてはならない。

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30.0％を超えてはならない。

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50.0％を超えなければならい。

評価する必要性 新たに購入する債券の基準価額の評価は必要である。

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ある。

債券の存続期間（Duration） - ・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） T+ 2 （解約日の 2日後）

特性 ・収益性及び流動性が高い。・純資産価額が変化しやすい。

・投資商品は主に短期金融商品であり，収益率は低い。

・流動性は高い。・純資産価額及び収益率は安定している。

・流動性は低い。・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。

12

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

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

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

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

資家を好まれている現象といえよう（表 6参照）。

5．債券型ファンドの発展が社債市場に与えた影響

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

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

影響力はあまりなかった。しかし，成長期に入り，ほとんど

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

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

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

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

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

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

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

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

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

えた影響について述べよう。

（ 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。

1999年から2003年まで，債券型ファンドの成長率が増加する

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

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

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

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。

つづいて，聯合投資信託事件以降（調整期後）についてみ

てみよう。2004年聯合投資信託事件以降，投資家にとっては

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

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

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

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

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

の成長に転じた。さらに，2007年にほとんど債券型ファンド

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

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

ス成長になった。ところが，2008年に台湾では金利が大幅に

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

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。

②発行市場の利回り

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

て見てみよう。まず，聯合投資信託事件前（調整期前）につ

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

の利回りの指数はまだ，作成されていなかった。このため，

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

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

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

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

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，

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

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

さいこともあり，2000年から2003年の間には，時々に社債の

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

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

発行金利を比べると，2000年と2002年の 7 年満期社債及び

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

表11　公債及び社債の発行利回りの比較―1999～2008年単位：％

年 項目10年満期 7年満期

社債 公債 社債 公債

1999 6.22 6.06 5.77 -

2000 6.05 5.44 5.55 5.56

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 -

2005 2.30 1.95 2.39 -

2006 2.05 2.00 2.35 -

2007 - 2.34 2.93 -

2008 2.74 2.18 2.94 -

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。

13

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

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

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

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

め，また，社債市場自体の規模が小さいため，社債の発行利

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

も出現した。

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

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

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

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

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

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

り低い状況は解消した。表11に見られるように，2006年から

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

な状況になった。

（ 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

て述べる。

①流通市場の利回り

聯合投資信託事件以前（調整期以前）には，債券型ファン

ドが大半の発行社債を購入しても，満期まで保有していた。

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

回り（最終利回り）が形成されないことが多かった。聯合投

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

から保険業，銀行業，証券会社，中華郵政会社，年金基金な

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

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

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

場の利回りは市場の実勢金利を反映するようになった。

②債券型ファンドとその他投資家の動向

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

あり，その他の金融機関（投資信託会社が主な投資家）の社

債保有比率は34.50％であったが，2000年以降，社債の利回り

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

し続けた。2003年に保険会社 • 年金基金の社債保有比率は

9.02%に減少し，最低保有比率となった。代わりに，その他

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

比率は68.29％に増加し，最高保有比率となった。したがっ

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。

ついで，聯合投資信託事件以後（調整期以降）についてみ

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

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

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

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

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

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

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

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

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

れば分かるとおり，2007年の投資家の社債保有比率は，預金

取扱銀行が26.86％であり，保険会社 • 年金基金が23.73％であ

り，大幅に増加した。しかし，その他の金融機関（投資信託

会社が主な投資家である）の社債保有比率は41.78％であり，

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，

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

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

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 扱銀行

保険会社 •年金基金

そ の 他 の金融機関 その他 合計

1991 48.90 13.80 23.61 13.69 100.00

1995 36.11 18.14 34.50 11.25 100.00

2000 10.69 16.25 63.84 9.22 100.00

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

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。

14

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。

6．おわりに

最後に，今後の債券型ファンドの動向についてみてみよ

う。2004年の投資信託会社事件が発生したのを契機として，

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

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，

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

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」と「準短期金融市場型ファンド」に分けられたた

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

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，

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

額が減少しつづけている。

そのうえ，台湾における投資家は法人機関と富裕者が多

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

「準短期金融市場型ファンド」を好んでいる。特に，短期資金

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」

が好まれている。そのため，2007年以降，従来の債券型ファ

ンドはほとんど「準短期金融市場型ファンド」に転換され，

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

れる。2008年に全世界金融危機が発生したため，台湾におけ

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

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

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

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。

しかし，「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」に転換すると，「短期金融市場型ファンド」の

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

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

いる。そのため，台湾政府はその最終転換期限を2010年に延

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

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

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

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

め，社債の主要な投資家は，債券型ファンドから銀行，保険

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

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

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

と思われる。

このように，社債の主な投資家は債券型ファンドから，銀

行，保険会社，証券会社，台湾郵政会社，年金基金などの投

資家に移った。このような法人投資機関は巨額の資金を保有

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

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

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

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

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

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

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

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

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

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

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

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

場を活性化させるべきであろう。

注

（ 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「解約停止」を申請した。聯合投資信託会社事件が発生した後 , 債券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（QuasiMoneyMarketFund）」と「固定収益型ファンド（RealBondFund）」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

15

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。（ 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

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

MoneyMarketFund）」と「固定収益型ファンド（RealBondFund）」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。

（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。

（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，証券主管機関に申告しなければならないと規定している。

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.Bankinggov.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。

16

Meijo Asian Research Journal Vol.1 No.1

The Rise and Decline of Bond Funds and their Influence on the Corporate Bond Market

ByKuanjuLIN†

† AletheiaUniversityCollegeofFinanceandEconomic

Abstract

Bond funds emerged in Taiwan in 1991. They were easier to raise than other funds because they had the integrated charac-

teristics of “fixed income fund” and “money market fund”. The dull domestic stock market and the sharp decline of bank in-

terest 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

学術論文／ Articles

17

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

はじめに

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

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

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

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

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

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

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

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

た。

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

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

が，政権によって，国民には親企業側の政府（李明博政権），

親労働側の政府（金大中，盧武鉉政権）として写されたのも

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

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

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

していくことにする。

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

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

は，2009年 7 月以降，実施した非正規職保護法である。その

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

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

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

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

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。

1　韓国における新自由主義

新自由主義とは何よりも，強力な私的所有権，自由市場，

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

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

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

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

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

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

てでも保障するために，軍事的，防衛的，警察的，法的な仕

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

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

ければならない1）。

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

閥への支援，育成が行われ，1970年代にはこれらの財閥を中

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

た。1980年代中頃以降，なかでも86年のウルグアイ・ラウン

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

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

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

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

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

政府，自由市場経済の重視，規制緩和，FTAの締結，公企業

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

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

18

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

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3）。韓国政府の目標は，米国やEUとのFTAを通して，様々

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

紀に入ってから，労使紛争とそれによる勤労損失日数は，

2004年を頂点に下向する傾向を見せている。

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，

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

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

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

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

に基づいて，韓米FTAの締結を推し進めた。李明博政府のだ

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

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

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

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

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

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，

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

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

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

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

大衆経済論とは，経営・生産・分配のいずれにも労働者を参

加させて，労働条件の改善・向上を図り，これによって経営

の安定と企業の発展に努めることを目指した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

に注目して，1971年以降大衆経済論を展開した。朴玄 の民

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

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

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

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

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

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

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

のような経緯で変わらざるを得なかったのである。

1997年にアジア経済危機の打撃を受けた韓国では，経済回

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

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

れ，その後，新自由主義的な傾向が強くなる。とりわけ1998

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

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

うとした。

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

け入れた。1997年から1998年にかけて韓国が金融危機に見舞

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

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

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

るものである9）。

金融危機後，金大中政府が IMFから救済金融を受け入れる

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

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

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

は，市場を規制する制度，特に労働市場を規制する制度（正

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

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

した。

0

50

100

150

200

250

300

350

400

450

500

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 年度

件数

0

200

400

600

800

1000

1200

1400

1600

1800

2000日数

労使紛争の発生件数

勤労損失日数

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）

図 1　労使紛争の発生件数及び勤労損失日数（2000-2009.6）

19

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

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

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

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

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10）や全国民を対象とした四大保険と呼ばれる公益

保険の国民年金・健康保険・雇用保険・産災保険などであっ

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

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

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

とした。金大中政府の「市場経済と民主主義の並行」や盧武

鉉政府の「同伴成長論」というスローガンには，国家の市場

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

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

いても，福祉予算は22%（2002年）から27%（2007年）まで

増大した。

韓国の金融危機から10年後の2007年においては，経済成長

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

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

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

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

間 5 %前後を示して，全体の平均失業率とは 2 %近い差に

なっている。

一方，2010年度予算編成の指針を参照する限り，李明博政

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

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

た。しかし，李明博政府は大型工事，とりわけ河川整備工事

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

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

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

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

て河川整備事業を実行する構えを崩していない。

2   新自由主義と労働市場の需給

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

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

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

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

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

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

が，その間に経済全般にかけて進んできた。その結果，新自

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

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

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

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

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

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

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

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，

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

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

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

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

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

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

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）

図 2　韓国・OECDの失業率の推移

0

1

2

3

4

5

6

2000 2001 2002 2003 2004 2005 2006 2007 2008 年度

％(韓国)

0

1

2

3

4

5

6

7

8

％(OECD)

韓国の失業率

25-34才の失業率

OECDの平均失業率

20

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，

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

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

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。

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，

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

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

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

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

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

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

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

を狙っている企業の戦略だと考えられる。

他方，歴代の韓国政府は，非正規職労働者の増加を抑制し，

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

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

索してきた。

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

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

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

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

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

果，2006年の統計では，中央・地方政府や公共機関，公企業

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

全労働者の20.1% に達している。正規－非正規労働者の間に

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

いる。

3　労働市場の柔軟性とその対応策

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

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

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

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

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

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

などに関する法律」13）（以下，期間制法と略す）と「派遣勤

労者保護などに関する法律」14）（以下，労働者派遣法と略す）

を意味する。

1998年に発足した金大中政府は，それまで掲げてきた大衆

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

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

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

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

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

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

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）。

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

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。

（ 1）非正規職保護法の導入

アジア金融危機後，1998年に韓国は勤労基準法を改正して

「整理解雇法」や「退職金中間精算制」を導入することによっ

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

0

50

100

150

200

250

2004 2005 2006 2007 2008 2009 年度

万ウォン

52

54

56

58

60

62

64

66

％

非正規労働者の賃金(A)

正規労働者の賃金(B)

(A÷B)×100

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）

図 3　正規－非正規労働の賃金格差

21

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

関する法律」や「賃金債権確保法」と「公務員職場協議会の

設立・運営に関する法律」，2006年には「非正規職保護法」が

制定されたのである。

韓国の非正規職保護法は，2006年11月に制定され，2007年

7 月に300人以上の事業所に適用されたが，2009年 7 月より

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

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

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

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

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

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

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

したが，残りの人は解約され，非正規職を失われるように

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

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

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

益を奪うことを防ぐことである。

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

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

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

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

わしている。

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

おり，とりわけ，法改正のたびに高い増加率を示している。

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

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

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

あった。また，26業務以外の業務について，派遣受入期間を

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

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

255万くらいに増えるような現象があらわれた16）。

現在，民主党連立政権の主導で，製造業派遣や登録型派遣

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

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

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

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

労働者にとっての最善策が求められている。

2009年 3 月の時点で，韓国の非正規職は537万 4 千人でそ

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

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

し，二年続いて減少傾向を見せている。但し，期間制労働者

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

たが，2009年 3 月までに再び19万人が増加した。期間制労働

者のなかで，パート労働は 9万人，特殊雇用17）が 4 万人，臨

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

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

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

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

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。

さらに2009年 8 月現在，非正規職は575万 4 千人で，その前

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

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。

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

る。2009年 8 月現在，全体の賃金労働者の平均月給は185万 2

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

規職の労働者の場合，120万 2 千ウォンで昨年の129万 6 千

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，

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

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

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，

今後の推移に注目していかなければならない。

出典：韓国労働研究院編（2009）：『2009KLI 労働統計』，32頁。

図 4　正規職－非正規職の規模

0

2000

4000

6000

8000

10000

12000

2001 2002 2003 2004 2005 2006 2007 2008 2009 年度

１千名

0

5

10

15

20

25

30

35

40

％

非正規労働者(A)

正規労働者(B)

(A÷(A＋B))×100

22

Meijo Asian Research Journal Vol.1 No.1

（ 2）非正規職保護法の論点

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

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

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

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

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

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・

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

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

ようにと明記している。

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

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

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

転換を図ろうとした。2006年当時，与党が主導した非正規職

保護法をめぐる立場は，2008年に政権が替わってからも，そ

のままであった。2006年の当時，野党であったハンナラ党・

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

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

時の与党・労働団体は，非正規職保護法を強化することに

よって，労働者の権益を守っていくことを目指した。

上のような与野党の立場を背景に，2009年 6 月にハンナラ

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

れたが，互いの立場の差だけを確認する結果で終わった。

結局，2009年 7 月 1 日以降，非正規職労働者に対する雇用

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

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

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

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

て，今後の行方は不透明のままである19）。

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

る条項である。例えば，EUにおける非正規労働規制の焦点

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

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

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。

韓国の非正規職保護法でも，期間制・短期間・派遣労働者

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

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

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

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

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

法第21条 1 項）

（ 3）その対応策

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

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

はOECDのなかでは低い水準に留まっている。成長を重視し

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

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

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

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

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

り，いまだに克服すべき課題として残されている。

そのような背景の下で，2007年 4 月より低所得層の貧困の

悪循環を防ぐために実施されたのが，児童発達支援口座

(ChildDevelopmentAccount:CDA) の事業である。韓国の

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

を担うように委託された制度である。OECDの国々では，児

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

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

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

CDAは，シンガポール政府が2001年 4 月より導入したプログ

ラム21）をベンチマーキングした制度である。

韓国政府が導入したCDAは，支援の必要な児童が保護者

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

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）

図 5　韓国のジニ係数と相対貧困率の推移

0.250.260.270.280.290.30.310.320.33

2001 2002 2003 2004 2005 2006 2007 2008 年度

ジニ係数

0

2

4

6

8

10

相対貧困率

ジニ係数

相対貧困率

23

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

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

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

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

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

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

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

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

帯に置かれる。

2008年 7 月，支援の対象となる40,174名のうち，約 7割の

33,238名が加入している。加入者のうち， 1割が 6ヶ月以上

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

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。

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

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

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

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

寄付金によるが，大企業から 1兆ウォン，金融圏から3000億

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

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

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22）。

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

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

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

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

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。

むすびに

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

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

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

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

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

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

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

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

て生活福祉を守れるかにある。

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

がその法律をいかに受容するかによって，大きく変わった。

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

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

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

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

求すれば，使用者が費用負担を憂い，反発しかねない。しか

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

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

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

いるのである。

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

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

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

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。

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

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

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

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

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

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

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

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

背景である。

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

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

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

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

現状である。

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。

2 ） デヴィッド・ハーヴェイ，PP150–151。3 ）日米韓の経済的自由度（ランク）。3

1995 2000 2001 2002 2003 2004 2005 2006 2007

米国 8.33(4) 8.55(2) 8.3(3) 8.2(3) 8.1(5) 8.07(6) 7.90(9) 7.86(10) 8.06(6)

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)

24

Meijo Asian Research Journal Vol.1 No.1

JamesGwartneyandRobertLawson,Economic Freedom

of the World 2009 Annual Report (Vancouver:EconomicFreedomNetwork, 2009),http://www.cato.org/pubs/efw/efw2009/efw2009-1.pdf（2009年10月16日アクセス）

4） （2008）：「」，『進歩評論』，第36号，

，PP10–12。5 ）金大中（1995）：『わたしの自叙伝』，NHK出版，P268。6 ）朴玄 （1985）：『韓国資本主義と民族運動』，御茶の水書房，

P50。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。BIS 基準とは，自己資本比率が 8 ％を超えない銀行は国際業務を禁じるというBIS の取り決めである。

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，1997年末，総26の市中銀行のうち，12銀行のみが 8 ％以上の自己資本比率を維持した。

9）崔亨圭（2008）：「 1997  」，『韓国政治学会報』，第42輯第 1号，PP240–241；金光旭（2009）：「韓米 FTAにおける経済外的要因」，『アジア・アフリカ研究』，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（1961）を改善した内容を含めている。1999年 6 月当時，金大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いる。

11）韓国環境部（2009）:『 ，』，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。 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，

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（temporaryworker），時間制勤労者（part-timeworker）および派遣勤労者（temporaryagencyworker）を非正規職勤

労者として把握している。韓国では，2002年 7 月労使政委員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る。

13）同法律8372号は2007年 7 月 1 日より施行。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

は全斗煥政府の47.2% よりは高いが，金泳三政府（60.3%），盧武鉉政府（60.0%），盧泰愚政府（58.4%）よりは低い水準である。

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）

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，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。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。

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。

19）韓国労働研究院（2009年 8 月）：「主要労働動向」，『月刊労働』，PP84–85。

20）李鋌（2008年冬）：「韓国の最近における労働立法の動向について－非正規職保護立法と複数組合問題を中心に－」，『季刊労働法』，223号，PP145–146。

21） 2001年 4 月シンガポールが導入したCDAとは， 6 歳未満の子供を対象に第 1 子と第 2 子に12,000ドル，第 3 子と第 4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が同額を通帳へ入金する仕組みとなっている。http://www.babybonus.gov.sg/bbss/html/index.html（アクセス2009年10月21日）

22） （2009）：「MB 」，『 21』，第785号。

25

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—

ByKwangwookKIM†

† MeijoAsianResearchCenter,MeijoUniversity

Abstract

Discussion in countries of neoliberalism is one of the concepts showing globalization is characterized by acceptance, resis-

tance, 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

学術論文／ Articles

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‡ InstituteofAgricultureandAnimalScience,TribhuvanUniversity‡‡京都大学大学院農学研究科

1．はじめに

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1）, 2）。家畜の中で水牛は伝

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

れてきた。同国南部の標高が80mから300mであるタライ地

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

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，

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

生産に及ぼす影響について調査がなされてきた3～7）。一方，近

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

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

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

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

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

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

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，

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

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

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

格の測定値による体重推定式の算出を目的とした。

2．材料と方法

ネパール・タライ地域に位置する ChitwanDistrict，

Rampur 周辺において水牛を飼養する小規模農家30戸を層化

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

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

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

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

気候であり，2007年の最高気温は40.0℃，最低気温は4.2℃，

年間降水量は2743mmであった。また，降水量，気温および

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

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

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

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

ほとんど存在しない 3月から 5月の暑乾期である。

3期における各農家での育成水牛の飼養頭数，種，月齢，

性別，飼料の種類および給与量を記録し，体重，体長，体高，

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

取し，60℃で48時間の加熱を行うことで乾物測定を行い，飼

料中の栄養素として，粗蛋白質，酸性デタージェント繊維

（ADF），中性デタージェント繊維（NDF），カルシウムおよ

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

28

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

総量（TDN）の含有率を下記の推定式より算出した14），15）。

稲ワラ中の TDN（%）＝96.35－1.15×ADF（%）

稲ワラ以外の粗飼料中のTDN（%）＝105.2－0.68×NDF（%）

濃厚飼料中の TDN（%）＝81.41－0.48×NDF（%）

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

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

違を Tukey の多変量解析により分析した。また，体格の測定

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

より，体格測定値による体重推定式の算出を行った。

3．結果と考察

全農家において雄49頭，雌65頭のMurrah 交雑種の水牛が

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

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

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。

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

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

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

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

牛は季節繁殖を行っている可能性が考えられる。

調査地では稲ワラ，野草，トウモロコシ茎葉およびエン麦

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

厚飼料として給与された（表 1）。これらの飼料資源の中で，

稲ワラが最も低い粗蛋白質，TDNおよびリンの含有率を示

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

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

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

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

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

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，

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，

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

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

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

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，

TDN，カルシウムおよびリンの各給与量は暑乾期で最も低

かった（P<0.01）。これは暑乾期において濃厚飼料である米

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

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

りの乾物，粗蛋白質，TDN，カルシウムおよびリンの要求量

（g/kg）を算出したところ，各々76.6，5.2，34.5，0.1および

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

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

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

エン麦 15.5 9.0 - 68.6 58.4 0.6 0.5

フスマ 88.5 17.0 - 40.9 61.8 0.1 1.1

米ヌカ 88.0 14.6 - 19.7 71.9 0.1 2.0

トウモロコシ粉 88.4 9.5 - 13.0 75.2 0.01 3.7

乾物以外の組成は乾物中（%），ADF: 酸性デタージェント繊維，NDF: 中性デタージェント繊維，TDN: 可消化養分総量，Ca: カルシウム

表 2．代謝体重当たりの乾物給与量（g/kg）および粗濃比

雨期 涼乾期 暑乾期 SEM

n 37 32 32

稲ワラ 5.1b 122.4a 34.6b 8.3

野草 48.0a 1.3b 2.7b 2.8

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

米ヌカ 4.0ab 6.2a 0.7b 1.2

トウモロコシ粉 2.4 3.8 0.1 1.0

粗濃比 7.5 9.4 8.7 1.6ab 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 SEM

n 37 32 32

乾物 88.9b 145.1a 57.0b 10.7

粗蛋白質 10.5a 8.5a 4.2b 0.8

可消化養分総量 48.1a 61.9a 25.5b 4.8

カルシウム 0.6a 0.6a 0.3b 0.1

リン 0.5a 0.5a 0.2b 0.0ab 同じ行内の異符号間に有意差あり（P<0.01）

29

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

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

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

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

索が必要である。

24か月齢未満の育成水牛において，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200.0kg，109.8

cm，113.2cm，115.0cm，140.0cm および37.0cm であった。

Murrah 種の成熟時の体重，体長，体高および胸囲17）と本調

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

で半分に達しないものの，体長および体高は約70%，胸囲は

約60%に達する個体が存在した（表 4）。そのため，24か月

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

与が必要であると示唆される。

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

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

の式が作出された。

雄体重（kg）＝1.27×胸囲（cm）＋3.69×腰角幅（cm）

－135.19（r 2＝0.95，P<0.01）

雌体重（kg）＝0.65×胸囲（cm）＋5.33×腰角幅（cm）

－115.71（r 2＝0.91，P<0.01）

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

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

び肉生産の向上に貢献できる。

4．まとめ

本研究から，ネパール・タライ地域での小規模農家におけ

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

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

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

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

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

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

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

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

交換を行った。

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

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，

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

が必要である。また，今後，さらなる調査および分析を進め

ることで，同地域における育成水牛の種，月齢，性別，飼料

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 TribhuvanUniversity の獣

医・畜産部門である InstituteofAgricultureandAnimal

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

における研究や教育に役立てることが可能となる。

謝辞

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。

参考文献

1 ）WorldBank (2008)Nepalataglance,　TheWorldBank,[citedon17October2009],Available fromURL:http://devdata.worldbank.org/AAG/npl_aag.pdf

2 ） FAO (2005) Livestock Sector Brief, Nepal. Livestock

Information, Sector Analysis and Policy Branch, Food and

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 ）HayashiY.et al. (2005) “Dairyproductionandnutritionalstatusoflactatingbuffaloandcattleinsmall-scalefarmsinTerai,Nepal”,Livest. Res. for Rural Dev.,17,No.64.[citedon17October2009],AvailablefromURL:http://www.lrrd.org/lrrd17/ 6 /haya1706 4 .htm

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

雄 雌

本研究測定値† 成水牛‡ 本研究測定値† 成水牛‡

n 27 32

体重（kg） 32-200 530-575 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 -† 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 ,‡Murrah 成水牛（Bhat,1992）

30

Meijo Asian Research Journal Vol.1 No.1

5 ）HayashiY.et al. (2006) “Feeding traits,nutritionalstatusandmilkproductionofdairycattleandbuffalo insmall-scalefarmsinTerai,Nepal”,Asian-Aust. J. Anim. Sci.,19,pp.189–197.

6 ）HayashiY.et al.(2007)“Effectsoffieldpea(Pisum sativumL.)hay feedingondrymatter intakesandmilkproductionofMurrahbuffaloes (Bubalus bubalis) fed ricestrawad

libitum”,Anim. Sci. J.,78,pp.151–158.7 ）HayashiY.et al. (2009) “Effectsofmaize (Zea maysL.)

silage feedingondrymatter intakeandmilkproductionofdairybuffaloandcattleinTarai,Nepal”.Anim. Sci. J.,80,pp.418–427.

8 ） FAO(2009)FAOSTAT,FoodandAgricultureOrganizationof theUnitedNations, [cited on 17October 2009],Available fromURL: http://faostat.fao.org/site/569/DesktopDefault.aspx?PageID=569#ancor

9 ） AlexivV.et al. (1987) “Liveweightandmilkproductionofbuffalocows”,Anim. Sci., Sofia,8.

10） AOAC (1990)OfficialMethods ofAnalysis (15th ed.).Association of Official Analytical Chemists, Inc.,Arlington,

Virginia,USA.11） VanSoest, P. J. (1973) “Collaborative study of acid

detergentfiberandlignin”.J.AOAC.,56,pp.781–784.12） VanSoest,P.J.et al. (1991) “Methods fordietary fiber.

Neutraldetergentfiberandnon -starchpolysaccharide inrelation toanimalnutrition”,J. Dairy Sci.,74,pp.3584–3597.

13）Gomori, G. (1942) “A modification of colorimetricphosphorusdetermination forusewith thephotoelectriccolorimeter”,J. Lab. & Clin. Med.,27,pp.955–960.

14）Martin,N.(1985)AgriculturalExtensionService,No.2637.University of Minnesota,Minneapolis,Minnesota,USA.

15）Chandler,P. (1990) “Energypredictionof feedsby foragetestingexplored”,Feedstuffs,62,36,pp.12.

16） KearlL.C.(1982)DomesticBuffalo,NutrientRequirementsof Ruminants in Developing Countries, International

Feedstuffs Institute, Utah Agricultural Experiment Station, Utah State University,Logan,Utah,USA,pp.89–113.

17） BhatP.N. (1992)Genetics ofRiverBuffaloes,Buffalo

Production,Elsevier,Amsterdam,theNetherlands,p.14.

31

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

ByYoshiakiHAYASHI†,††,ManojKumarSHAH‡,YusukeTABATA‡‡,HajimeKUMAGAI‡‡andShyamKishorSHAH‡

† MeijoUniversityAsianResearchCenter††FacultyofAgriculture,MeijoUniversity‡ InstituteofAgricultureandAnimalScience,TribhuvanUniversity‡‡GraduateSchoolofAgriculture,KyotoUniversity

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 esti-

mate 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 buf-

faloes.

key words : body dimension, bodyweight, feeding characteristic, growing buffalo, Nepal

33

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

AbstractVietnam, 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

1. Introduction

1.1 Background

Economic globalization is an indispensable tendency that

has been occurring in many countries and cities in the world.

Through articulation of the global economy with open econo-

my policies, many developing countries have been promoting

the industrialization and modernization of their societies. This

has been particularly true in East and Southeast Asia. A World

Bank report entitled The East Asian Miracle, presented several

such success stories1). Ya Ping Wang also stressed that an

important indicator of recent global connections is foreign

direct investment (FDI) in China, which grew exponentially

after 1991. As a result of FDI, many cities along the coastal

areas have been “globalized” 2). Of course, articulating the

global economy will not guarantee success in industrialization

and modernization. Success relies on how a respective state

wisely incorporates the global economy in its own contexts.

The globalization process has positive and negative aspects,

and governments must extend the positive aspects and miti-

gate the negative impacts.

In this study we examined the globalization of Vietnam as

one of the Asian transitional economies and looked for an

association between the globalization and the transformation

of Vietnamese socio-economic structure and urban society,

taking government intervention into account. Large cities, as

typical FDI destinations, play an important role in linking the

national and global economy. In this study, we selected Ho Chi

Minh City (HCMC) as a case study area. HCMC is recognized

as one of the engines driving Vietnam’s economic growth.

Although there have been studies of the development pro-

cess at the national level and in HCMC, they mainly focused

on economic development rather than the transformation

of society in HCMC. The book Economics of Ho Chi Minh

City – 30 Years of Construction and Development,3) issued

in 2005 by the Institute for Economic Research of HCMC

(IER), mainly focused on successful enterprises in HCMC

in manufacturing and the service sector between 1975 and

2005, without mentioning the transformation of society. Dinh

学術論文／ Articles

34

Son Hung (IER, 2006), in the paper titled “Impact assessment

of FDI on the labor market in HCMC,”4) when examining the

relation between FDI investment and the HCMC labor market

in 2006, pointed out the qualified labors in some foreign en-

terprises without analyzing the shifting structure of labor under

globalization. Nguyen Van Quang, in the paper titled “Impact

assessment on socio-economic changes in HCMC after 2

years accessing to WTO in Vietnam,”5) assessed the changes

of labor, employment, education and health care status, but in

a rather fragmented manner. Authors outside of Vietnam have

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

in HCMC associated with the legal reforms of Doi-Moi policies

and the globalization process. We aimed to clarify (1) how

the socio-economic structure of HCMC has been changing

under the Doi-Moi policy, and (2) what the mechanism of these

changes is, including the relevant government policies. By

exploring these questions, we hope to gain a comprehensive

understanding of the globalization of HCMC and Vietnam

and its impact on the socio-economic transformation. Such

knowledge could assist the government in its policymaking

geared toward further integration into the global economy.

1.2 Analytical Framework and Methodology

We used longitudinal data analysis based on a chain of

secondary data from 1990 to 2008 to examine the impact on

society of regional and global economic integration in Viet-

nam and HCMC. We focused on aspects of the transitional

economy during globalization in relation to the changes of

socio-economic development in HCMC. Through analyzing

the process of legal framework reform, we are also able to

address the changes of some socio-economic indicators

such as FDI, trade, economic growth, employment structure,

income, educational backgrounds and the like. We hope our

findings will lead to a more comprehensive understanding

of the impact of globalization on the Vietnamese transitional

economy. The analytical framework of the paper is shown in

Fig. 1.

2. Economic Reform and Articulating the Global Economy in Vietnam

The Doi-Moi policy in Vietnam was initiated in December

1986, when the 6th Party Congress mapped out an eco-

nomic reform policy for Vietnam3). The economic reform has

conspicuously accelerated socio-economic development

in Vietnam. The most important reform policy was that the

Vietnamese government decided to shift from the centrally

planned economy to a market-based economy through the

initial establishment of a multi-sector economy that was oper-

ated under the market mechanism and followed a socialist

orientation. Concurrently, the government decided to promote

economic reform by opening the Vietnamese economy region-

ally and globally. To achieve successful economic reform, the

government has implemented several relevant institutional

reforms, including the introduction of capital and technologies

by promoting inward FDI, developing a multi-economic sec-

Fig. 1: Analytical framework

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THE ACCOMPANYING GLOBALIZATION PROCESS

tor, reforming the state sector, promoting international trade

and instituting land law reform. The opening economy policy

has impacted the globalization of Vietnam. The government

enacted relevant laws step by step such as the Foreign In-

vestment Law in 1987 and the first Private Enterprise Law in

1990 and renewed or adjusted them in the process of global

integration.

The Doi-Moi policy has been practically implemented since

the beginning of the 1990s. The period of 1986 to 1990 was re-

garded as a preparation period. In around 1990, many socialist

countries that supported Vietnamese economy, including the

former Soviet Union and Eastern European countries, col-

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

resulted in massive FDI to Vietnam during 1991–97. Joining

ASEAN in 1995 and APEC in 1998 also enhanced international

linkage with Vietnam.

The US-Bilateral Trade Agreement (US-BTA), signed in 2001

and calling for the full satisfaction of the ASEAN Free Trade

Agreement (AFTA) obligation by 2006, and the affiliation with

the WTO in 2007 led Vietnam to deeper integration of the

global and regional economy as the second stage. The US-

BTA provided Vietnam with much better access to the US

market, so that Vietnam could consolidate its export base for

domestic and foreign affiliates, while Vietnam in the 1990s

attracted FDI targeted for domestic and Asian markets. For

the target of joining the WTO, many important Vietnamese

laws such as the common investment law, enterprise law

and trade law were renewed to make them suitable for the

new situation. These actions resulted in positive economic

development in Vietnam, and affected the country’s economic

recovery after the Asian financial crisis during 1997–1999. The

GDP growth rate and FDI capital were recovered to the same

level as before 1997 by the beginning of the 2000s.

3. Transformation of the Economy of HCMC under the Doi-Moi Policy and Globalization

3.1 Change in Economic Structure of HCMC under the Doi-

Moi Policy

Under the Doi-Moi policy associated with the globalization

process, the economic structure of HCMC has been changing

since 1990. The transformation of the economy can be recog-

nized as occurring in two stages, namely (1) industrialization

led by massive FDI in the 1990s and (2) overall modernization

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

36

of industry with emergence of the private sector after 2000.

3.1.1 The 1990s : Industrialization led by FDI

Based on Doi-Moi Policy, HCMC’s economy grew rapidly

with a pace of more than 10% annually in the 1990s. The

gross regional product (GRP) growth rate of the industry was

14.8% per year in the period of 1991–1999, while the growth

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

REFORM1986–1989

(preparation)1990–1999

(the first global integration) 2000–2008

(the second global integration)

I. PROPERTY RIGHTS REFORM

•  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 transac-tions were implemented by informal contract and legalized later.

•  The second Land Law, issued in 1993, regulated land prices as a ba-sis 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, inherit-able, 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 inter-national treaties signed by the national government will be replaced by this law (if different regulations).

II. MULTI-SECTORAL ECONOMIC DEVELOP-MENT

(Domestic inv.)

•  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 Domes-tic 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 invest-ment (stock market, bonds, shares and other values papers). The gov-ernment 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.(Foreign

investment) •  The Foreign Investment Law of 1987

indicated joint-venture and 100% for-eign capital types.

•  Encouraged fields got favored condi-tions such as exemption of income tax, max. 2 years, and reduced income tax (50%) for 2 additional years.

•  Supplement to the Foreign Invest-ment Law in 1990 added type of Ex-port 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 condi-tions 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 ob-taining 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.

•  The new Enterprise Law of 1999regulated limited companies, sharing companies, collective name companies and private companies.

•  The Law of State Enterprise of 2003 indicated 2 types of state enterprise: (1) 100% state capital and (2) domi-nant 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 regu-lated all forms of companies (state companies must transfer into limited companies or sharing companies). The regulations of international trea-ties signed by the government will be replaced by this law (if different regulations).

III. STATE SECTOR REFORM

•  The State Enterprise Law of 1995 regulated independent enterprises and corporations established by state capital.

•  Prime Minister or Ministers, chair-man of PC of big city decide for establishment

IV. LOWER ING TRADE BARRIERS

•  The Law of Trade of 1997 regulated six basic principals in commercial ac-tivities by treating all traders equally and protecting consumers’ rights.

•  The AFTA tariff has the tax rates of 0% and 5% (compulsory reduced).

•  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.

Source: Vietnam Laws Online Database, Synthesized by the authors

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facturing sector was the leading sector for economic growth

of HCMC in the 1990s, which was facilitated by FDI. The

industrial sector grew more than 17% annually in 1992–1996.

As HCMC had advantageous conditions for foreign investors

in terms of (1) industrial infrastructures such as roads, ports,

airport facilities and electric supply, (2) early establishment of

industrial estates, (3) market friendliness and (4) a wealth of

urban services, more than two-thirds of FDI to Vietnam was

concentrated in HCMC and the surrounding provinces7). The

HCMC government promoted the development of an export

processing zone (EPZ) and an industrial zone (IZ) to welcome

FDI by issuing government decrees in 1991 and 1994. Starting

with the establishment of Tan Thuan EPZ in 1993, a total of 3

EPZs and 12 IZs were developed or were under construction

by 2002. The total rentable area of these zones is 5,600 ha8).

Since issuing the Foreign Investment Law of Vietnam in 1987,

HCMC has been regarded as the leading place in Vietnam to

absorb FDI capital.

The period 1988–1989 is considered an exploitation time

of foreign investors with average registered FDI capital only

modestly absorbed as 230 million USD per year. However, in

the later period from 1990–1999, total registered FDI capital

in HCMC impressively increased with total accumulated FDI

capital attracted as 13,482 million USD (average annual FDI

capital was 1,348 million USD)9). It is obvious that the foreign

sector contributed in large part to the rapid economic growth

rate of HCMC during the 1990s. The statistical data of HCMC

shows that the foreign sector accounted for only 1.3% of the

GRP in 1990, but it soared to 11% of the GRP in 1995 and

18.3% of the GRP in 1999. Most foreign enterprises invested

in HCMC under the form of joint-venture or 100% foreign

capital, and the average growth rate was significantly over

20% annually in 1995–1998. The important role of the foreign

sector could also be seen by its contribution as 4.3% of the

annual average GRP growth rate for a total of 12.6% overall

economic growth per year during 1991–199510). Although the

Asian financial crisis during 1997–1999 resulted in a slight reduc-

tion of FDI and export turnover in HCMC, it did not have a serious

impact on the city’s economy compared to other cities or countries

in Asia. The annual GRP growth rate of HCMC was 9.0% in

1998 and 6.0% in 1999, and has been recovering since 2000.

3.1.2 The period beginning in 2000: Overall modernization

of industry with emergence of the private sector

The period beginning in 2000 has witnessed many legal

system reforms in Vietnam such as enactment of the new

Investment Law, the new Enterprise Law and the new Land

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

38

for development. Therefore, HCMC’s economy continuously

obtained high economic growth with an average annual GRP

growth of 11.3% during 2000–2008. In this period, the trade

and service sector became a driving force for economic

growth, in addition to the manufacturing sector. Since 2005,

the growth rate in the trade and service industry has been

greater than that in manufacturing. As new investment in

manufacturing has shifted to the surrounding provinces,

HCMC is increasingly becoming a center for regional business

and consumption.

The significantly greater emergence of the private sector

compared with the foreign sector can be seen very obviously

during this period. The growth of the private sector in total

GRP was very significant, as seen by its average annual

growth rate of 28.3%, while the growth of the foreign sector

was 12.3% per year during 2001–2008. This has resulted in a

shift of ownership structure in GRP value, which is character-

ized by the rapid increase of the private sector in GRP from

11.5% in 2000 to 38.0% in 2008. In contrast, this figure for the

foreign sector increased only slightly from 19.4% and 21.0%,

and there was a reduction of the household sector from 24.2%

in GRP to 14.0% in GRP. In fact, the growth of the private

sector in manufacturing and trade & services was due to a

boom of starting businesses in response to the new Enterprise

Law in 1999, which made it easier to establish several types

of companies. During 2000–2008, the total number of private

establishments increased 7.3-fold in the trade and service

sector, while the manufacturing sector showed a 6.6-fold

increase of establishment. This illustrates the process of for-

malization and modernization of industry and labor structure

in HCMC in terms of GRP structure, resulting in the increased

labor productivities.

Economic growth with expansion of FDI and exporting,

which creates much more business opportunity, and the

spread of market based economy are also fundamental fac-

tors in the expansion of the private sector. Furthermore, the

regional accumulation of capital with economic growth in the

1990s was mobilized to support private business. The total

mobilized capital in HCMC increased rapidly from 56,204 bil-

lion VND in 2000 to 585,339 billion VND in 2008, a 10.4-fold

increase. The capital accumulation of HCMC relied on sav-

ings deposits (50.3%) and deposits of enterprises (47.6%).

Deposits made by foreigners accounted for only 2.2% of the

accumulated capital. The role of private commercial banks,

therefore, has also gradually been confirmed in the provision

of financial service.

3.2 Formation of a Favorable Economic Cycle

The favorable economic cycle experienced by HCMC was

formed gradually in the process of economic development

that linked the outcomes of each development phase. Under

the Doi-Moi policy, HCMC could promote the manufactur-

ing sector by attracting FDI, which resulted in increased

exporting and high economic growth. Expansion of HCMC’s

local markets made the trade and service sector very active.

In particular, the emergence of the private sector gener-

ated more employment and improved industrial productivity.

These changes attracted urban migration to HCMC. The an-

nual social population increase rate in HCMC jumped from

0.68–1.09% in the 1990s to 1.99–2.61% after 2000, resulting

in rapid population increase from 5.25 million in 2000 to 6.81

million in 2008. During the same period, the net increase in

the labor population was over 1 million persons, and most of

them were absorbed by the manufacturing and trade & service

sectors. The increasing regional population and improvement

in household income expanded regional markets, resulting in

growth in trade and services again. The favorable economic

cycle in HCMC is depicted in Fig. 7.

Fig. 6: GRP structure by economic ownership in HCMC

Source: HCMC Statistical Office; graph created by the authors

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TRANSFORMATION OF SOCIO-ECONOMIC STRUCTURE OF HO CHI MINH CITY UNDER THE DOI-MOI POLICY AND

THE ACCOMPANYING GLOBALIZATION PROCESS

4. Transformation of Society in HCMC under Globalization

Under the globalization process together with the direct

impact of 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, consumption and expan-

sion of disparity, and (3) urbanization with migration.

4.1 Formalization of Society

4.1.1 Formalizing labor structure

The industrialization and economic growth of HCMC have

been generating a lot of job opportunity and promoting formal-

ization of job structure. Based on the statistical yearbooks and

the population census of HCMC11,12), we estimated the recent

trend of labor structure of HCMC by industry, shown as Table

2. The formalization of labor structure in HCMC has occurred

as a shift of labors (1) from the unregistered sector (including

informal sector) to the formal (registered) sector and (2) from

household-based businesses to private sector businesses.

During 2000 and 2008, the share of labor in the formal sec-

tor increased from 26.6% to 49.4%, while that in the unregis-

tered sector deceased from 52.3% to 27.0%. This is because

growth in manufacturing and trade & service as the formal

sector has absorbed the increasing labor force. The emerging

private sector since 2000 has contributed to the formaliza-

tion of job structure with the shifting of labor from household

businesses. For the industrial sector (mining, manufacturing,

electricity and water supply), the share of labor in the private

sector increased from 24.0% to 40.0% , while that in house-

hold businesses declined from 26.1% and 16.1% during the

Fig. 7: Economic growth and modernization of industry and the economy

Source: Created by the authors

Table 2: The transformation of the labor structure of HCMC

Industry2000 2005 2008 2000 2005 2008

(1,000 persons) Proportion (%)

Agriculture *1 (a) 110.2 83.2 79.0 4.1 2.6 2.3

FormalSector *3

(b)

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 61.7 73.3 80.0 2.3 2.3 2.3

Registered household business (c) 460.9 676.4 748.5 17.1 21.0 21.3

Unregistered sector *4 1413.4 1044.6 947.2 52.3 32.5 27.0

Total working laborers *5 (d) 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 censusSources: HCMC statistical yearbooks and HCMC 2004 population census

40

same period. For the trade and other service sector, the share

of labor in household businesses also declined from 78.2%

to 53.9% with labor shifting to the private sector. Because it

could be easier for individuals or households to start small

business in trade and other service sector, the percentage

of laborers working in household businesses remains a high

proportion of the total laborers in this sector.

This quick formalization was made due to not only modern-

ization of HCMC’s industries but also the massive inflow of

younger laborers into HCMC. Since the share of unregistered

workers was 27.2% in 2008, however, formalization is still in

progress.

4.1.2 Improving educational level

Educational level can be one of the indicators to measure

human development and formalization in society. Based on

the result of mid-term population census in HCMC in October

2004, the distribution of educational level of the whole HCMC

population by age groups is shown in Fig. 10. Under the so-

cialistic system, the HCMC government has provided basic

education for people age 45–49 or younger, resulting in higher

numbers of people obtaining a secondary education. The pro-

portion of people who stopped school after the primary school

level in the total HCMC population declined from 23.5% for

age 45–49 to 10.4% for age 20–24. This illustrates that HCMC

achieved a remarkable result from the compulsory education

program for junior high school level by reducing the proportion

of persons leaving school after completing primary school.

The demand for enhancing human resources from the

labor market rose continually under the industrialization and

modernization of the economy. Consequently, the tendency

of positive change in the educational level structure in HCMC

is closely allied to the process of globalization. The education

level of people age 30–34 or younger continues to improve,

and it is especially noticeable in the number of people age

20–24 obtaining tertiary education and higher secondary edu-

cation. Obtaining a higher education will help these people to

get better jobs under the modernization of industry.

There is an intersection of the line indicating senior high

school level and that indicating junior high school level in the

24–25 age group that is regarded as a noteworthy milestone

indicating a shift from completion of junior high school to

completion of high school being true of the dominant propor-

tion of the population. Such achievements, in fact, rely on

Source: HCMC statistical yearbooks ; graphs created by the authors

Fig. 9: Labor structure in the manufacturing sector by ownershipFig. 8: Labor structure in the trade and service sector by ownership

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

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THE ACCOMPANYING GLOBALIZATION PROCESS

an appropriate policy for education development of the city.

HCMC is ranked as one of the first cities in the whole country

to make primary school completion compulsory in 1995 and

junior high school completion compulsory in 20023). In 2007,

HCMC had 457 primary schools, 243 junior high schools

and 118 senior high schools. The statistical data in HCMC

shows that the number of pupils of junior and senior high

school increased by 0.9% per year in 1999–2006, while the

number of teachers increased by 2.6% per year; the num-

ber of schools increased 1.2% per year and the budget for

education increased by 24.7% per year as well. Therefore,

the facilities of education have been improved remarkably,

helping to reduce the number of pupils per class and enhance

the quality of teaching. All of these efforts have impacted the

shift in educational structure in HCMC in a positive way. This

tendency is similar among the Asian NIES13). At present, the

HCMC government plans to set the compulsory education

level at senior high school in 2010.

4.2 Improvement in Income and Consumption and Expansion

of Disparity

4.2.1 Improvement in income and expansion of disparity

Many developing countries have experienced expanded

economic disparity in the process of economic development,

because it is easier for advantaged social groups, in terms

of higher education, social network, resources to be mobi-

lized, to seize opportunities. According to the survey data of

the HCMC Statistical Bureau, the average monthly income

per capita in HCMC changed from 547,000 VND in 1995 to

2,263,000 VND in 2008, a four-fold increase in 13 years. The

income data is also divided by the quintiles of income groups,

and each group accounted for 20% of the total households

in HCMC from the bottom to the top quintile. The 1st group

has the lowest monthly average income per capita, and the

5th group is regarded as the highest income household group.

Monthly average income per capita of the 1st group (bottom

quintile) changed from 219,000 VND in 1995 to 839,000 VND

in 2008, a 3.8-fold increase during 1995–2008, while the 5th

group (top quintile) changed from 1.19 million VND in 1995 to

5.29 million VND in 2008, a 4.4-fold increase.

As Table 3 shows, the disparity ratio of income between

group 5 (top quintile) and group 1 (bottom quintile) was gradu-

ally widened over time from 5.46 times in 1995 to 5.58 times

in 1999, 6.19 times in 2004 and 6.37 times in 2008. However,

the disparity level in HCMC is not so high in comparison with

that in Asian Newly Industrial Economies (Asian NIES) such

as Malaysia, Thailand and China. Moreover, the tendency in

income increase ratio during 1995–2008 among groups 1–4 is

quite similar. This is due to the government’s socio-economic

policy as a socialistic country, as indicated by the equitable

educational policy and the poverty alleviation policy described

in the next section.

4.2.2 Poverty alleviation

In 1992, the HCMC government defined the poverty line as

a yearly income per capita of less than 3 million VND in urban

areas and 2.5 million VND in suburban areas. The share of the

households below the poverty line accounted for 20% in 1992.

In 2004, the HCMC government established a new poverty line

as a yearly average income per capita of less than 6 million

VND, which was double the previous amount. Based on the

new poverty line, the number of poor households reached

7.5% in 2005. Assuming the principal definition for both of the

poverty lines was the same, but taking the inflation rate during

Table 3: Disparity between average monthly income per capita by income group

Average capita income (1,000 VND/

month)

Of which (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 3.8-fold 3.9-fold 3.9-fold 3.9-fold 4.4-fold —

Source: Statistical Office in HCMC, from 1995 to 2008

42

the same period into account, the share of households under

the poverty line declined from 20.0% to 7.5% in this time. This

is because of not only real income increases under economic

growth but also implementation of a set of poverty reduction

policies of the HCMC government.

HCMC is regarded as a pioneer in Vietnam in the implemen-

tation of a poverty reduction program. From 1992 to 2004,

HCMC provided direct support for 100,000 poor households

to be able to get out of poverty14). The HCMC government

strongly supports the urban poor through diversified mea-

sures. First, the government improved infrastructures of some

of the poor villages or wards in and around the city. In the

period of 1992–2003, over 20 villages received benefits from

this program. Second, the HCMC government provided job

and economic support for poor households by offering micro

credits with a very low interest rate, facilitating some small

production projects for unskilled labors and offering re-training

skills and training without fees, giving priority to recruiting for

overseas working programs. The 0.7% interest rate per year

was also applied in cases of borrowing capital for agriculture

production. Third, social welfare and education programs

were made available to poor households, such as provision

of social insurance and exemption of schooling fees. Such

programs and projects for the poor have had a strong impact

on reducing the proportion of poor households in HCMC.

At present, a new poverty line of 12 million VND per year is

projected for the third phase of the poverty reduction program

for 2009–2012.

4.2.3 Improvement in household expenditure and con-

sumption trends

Household expenditures and consumption in HCMC

changed along with the improvement of household income.

Based on the survey of living standard of the HCMC Sta-

tistical Bureau, the average monthly expenditure per capita

increased from 400,420 VND in 1995 to 1,739,530 VND in

2008. In particular, the rapid expansion of household income

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 (%)

1995 1999 2002 2004 2006 2008

Expenses for the whole HCMC population 100.0 100.0 100.0 100.0 100 100

1. Food & beverages 63.5 51.1 50.8 49.8 46.2 46.8

2. Clothing 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

Average monthly expenditure per capita (1,000 VND) 400.42 595.90 665.98 802.17 1,025.04 1,739.53

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

9. CarsNumber of cars per 1,000 people

— 24.5 27.6 36.4 45.7 54.0

Source: Statistical Office in HCMC, VN, from 1995 to 2008

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as a consumption society. The proportion of expenditure for

food and beverage declined from 63.5% in 1995 to 46.8% in

2008, while the proportion of expenditure for transportation

and communication, family equipment, health and welfare,

and education increased during the same period. The increase

in expenditure for transportation and communication was es-

pecially noticeable, from 6.1% to 17.6%. It is notable that the

proportion of expenditure for education did not increase so

much, even though the level of education improved, because

the education policy of the HCMC government was to contain

the cost of obtaining an education. These are positive trends

in the household expenditure structure.

Expansion of consumption capability increased the own-

ership ratios of goods in HCMC, such as television sets

(99.0%), motorcycles (91.7%), telephones (92.7%), refrigera-

tors (78.3%) and washing machines (52.0%). These goods

improve the quality of life of the people, in terms of enhancing

home entertainment, providing access to information, raising

mobility and communication, and reducing the workload for

housekeeping respectively. However, only a limited number of

households could purchase air-conditioners or cars, which are

recognized as typical goods for new members of the middle

class, indicating that HCMC is at the early stage of becoming

a consumption society.

4.3 Urbanization with Migration

The urbanization of HCMC has been intrinsically related to

the process of industrialization since 1990. During 1986–2008,

the population of HCMC increased from 3.78 million to 6.81

million persons. The current population is almost double that

of 1986, the first year of the Doi-Moi policy. In coping with in-

creasing urban land demand, the HCMC government decided

to expand the urban boundary and established 5 new districts

(Districts 2, 7, 9, 12 and Thu Duc) in 1997 and another new

district (Binh Tan district) in 2003. Due to the establishment

of the 6 new urban districts, the total urban area in HCMC

increased from 142.15 km2 to 494.00 km2, which resulted

in rapid suburbanization. The suburb became a frontier of

industrialization and housing for factory workers, migrants and

new members of the middle class. Many industrial estates and

export processing zones were established at that time. A total

of 15 industrial parks with 5,600 ha were established in subur-

ban areas including the new districts during 1991–2004.

Under the rapid economic growth, HCMC has attracted

Figure 12: The proportion of migrants by age group of HCMC population in 2004

Source: HCMC Statistical data; graph created by the authors

Fig. 11: Population trends by total HCMC population and urban population

Source: HCMC Statistical data and created by the authors

44

many migrants from other provinces, attracted by the job op-

portunities, especially in industry and construction. The popu-

lation census data also indicate that the population growth

by migration has been dominant since the end of 2000. In

the mid-term population census (1999–2004), about 196,000

migrants per year were coming to HCMC. The majority of

migrants lives in the new districts accounting for 43.1%; in the

surrounding central districts accounting for 30.5%; whereas

only 15.4% of migrants lived in the inner city and 11.0% lived

in the outskirt areas (rural districts).The urban population rate

of HCMC increased from 71.2% in 1995 to 85.3% in 2008.

The proportion of non-agriculture population also rapidly rose

from 84.3% in 1986 to 96.5% in 2008.

The migrants from other provinces coming to HCMC ac-

counted for 28.9% of the total HCMC population, or nearly 1.8

million persons, from nearly 63 cities and provinces in Vietnam.

About 36.9% of the migrants came from the Mekong Delta,

14.8% came from the Red River provinces, 14.8% came from

the Central North provinces and 13.9% came from the South

Eastern provinces11). The migrants mostly were quite young

with high proportion of working-age individuals. Over 40% of

the migrants were 18–24 years old, and 33.8% of them were

15–29. Females accounted for 55% of the migrant population.

Migrants also included some students from other provinces

coming to study in the universities in HCMC, but mostly they

were laborers from other provinces recruited by industrial

companies or under the form of free migrants.

There are two types of migrants to HCMC based on the

duration of time they were registered with the authorities

in 2004. The first type was long-term registered migrants

whose registration periods averaged 6 month per time. They

accounted for 50% of the total migrants in 2004 and were

mainly engaged in the private sector or the manufacturing

sector. The second type was short-term registered migrants

whose registration periods were 1–3 months per time. They

often engaged in seasonal work such as unregistered jobs or

informal situations. The nature of urbanization is that a certain

level of informality and temporality exists.

5. Conclusion

5.1 Major Findings

We examined the process and outcomes of industrialization

and transformation of society in HCMC under the Doi-Moi

policy. We could see the positive achievement from indus-

trialization in terms of economic growth, modernization and

formalization of industries. A favorable economic cycle formed

gradually in the process of economic development of HCMC

that linked the outcomes of all of the development phases.

HCMC could promote the manufacturing sector by attract-

ing FDI, resulting in increased exporting and high economic

growth. The expansion of HCMC’s local markets made the

trade and service sectors very active. In particular, the emer-

gence of the private sector generated more employment and

improved industrial productivity. The massive job opportunity

attracted urban migration to HCMC. The increasing regional

population and improvement in household income expanded

regional markets, resulting in growth in trade and services

again. These 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 government, utilizing the city’s advantageous positions

in terms of the infrastructure, urban services and the size of

regional markets.

Under the globalization process together with local industri-

alization, HCMC’s society has obviously gone through a trans-

formation. The transformation of society has been revealed

under the form of (1) formalization of society, (2) improvement

in income, consumption and expansion of disparity, and (3)

urbanization with migration.

The formalization of society in HCMC was facilitated by

the changes in labor structure that happened as a result of

shifting laborers from unregistered sectors (including informal

sectors) to formal sectors and from household-based busi-

nesses to private enterprises. Improvement in education in

HCMC also contributed to these trends. This transformation

brought increased income and expansion of consumption

capability, which increased the ownership of television sets,

motorcycles, telephones, refrigerators and washing machines.

These goods improve the quality of life of the people, in terms

of enhancing home entertainment and access to information,

increasing mobility and communication, and reducing the

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,

although its level is not so high in comparison with other Asian

Newly Industrial Economies due to the HCMC government’s

social development policy such as poverty alleviation and

educational upgrading.

Urbanization of HCMC has been intrinsically related to the

process of industrialization since 1990. HCMC has attracted

Meijo Asian Research Journal Vol.1 No.1

45

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.

Most migrants settle in the suburbs of HCMC, which have thus

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-

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.

5.2 Policy Implications

For the economic cycle of HCMC to be developed in a

positive way, the economy and society will have to change

continually. The local government will need to implement

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

of the contracting-out policy to spur the private sector to open

more high-quality private schools. In addition, the demand for

workers with a high level of education has also been increased

in the process of integrating HCMC’s economy with the world

economy, especially after Vietnam joined the WTO in 2007.

The proportion of laborers obtaining the tertiary level of educa-

tion should, therefore, be increased in the next phase of the

government’s program.

Second, the socio-economic structure of HCMC has been

formalizing rapidly, and it has been brought to this point by

younger citizens, who have a higher level of education. How-

ever, many laborers still engage in informal economies, and

many of the informal laborers suffer from lower and unstable

income and lower social security benefits. This is one of the

reasons why the income disparity in HCMC is widening. The

informal economies are lagging behind the national economic

growth. On the other hand, the informal economy provides

job opportunities for relatively lower educated migrants and

non-migrants. The sector also provides many cheaper goods

and services for both the general public and business sectors.

Thus, the role of government is very important in terms of

creating business environments for informal economies and

empowering informal laborers by providing micro credits and

skill and business training. The government should continue

to fund the existing poverty reduction programs and extend

its target group to low income migrant households who are

excluded from the current social security services.

References

1) World Bank (1993): “The East Asian Miracle: Economic Growth

and Public Policy”, research report published by Oxford Uni-

versity 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.

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.

4) Dinh Son Hung (2006): “Impact Assessment of FDI on the Labor

Market in HCMC”, Research Subject in 2005, HCMC Institute

for Economic Research, Ho Chi Minh City, Vietnam.

5) Nguyen Van Quang (2008): “Impact Assessment on Socio-

economic 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.

7) A. Ishida & M. Fujita (2006): “Industrialization of Vietnam Inte-

grating to the World Economy”, in N. Amakawa (ed.), “Indus-

trialization of Less Developing ASEAN Countries: Experience

and Perspectives of Development of CLMV Countries”, pp.

142–188, Research Books N0.553, IDE-JETRO (in Japanese).

8) T. Nagasaki (2006): “Development of Industrial Estates and

Japanese Enterprises”, in M. Seki & R. Ikebe (eds.), “Vietnam:

Market-based Economization and Japanese Enterprises”, pp.

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.

10) Nguyen Thi Canh (2000): “Study on the Growth of Ho Chi Minh

City in Relation to the Growth of the Whole Nation”, Research

Subject in 1999, pp. 14–21, HCMC Institute for Economic

Research, Ho Chi Minh City, Vietnam.

11) Le Thi Thanh Loan (2005): “Data of Mid-term Population Cen-

sus in HCMC”, Ho Chi Minh Statistical Bureau, Ho Chi Minh

City, Vietnam.

12) HCMC Statistical Office, “HCMC Statistical Year Book in 2008”,

Ho Chi Minh City, HCMC, Vietnam

13) S. Fukushima (2005): “Changes in the Socio-economic and

Regional Spatial Structure of the Kuala Lumpur Metropolitan

Region Articulating the Globalizing Economy”, Meijo Asian

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

Current Status in Relation to the Right of the City, Integrated

Grassroots Economic and Urban Agriculture”, pp. 19–20,

Urban Agreement Programme (UAP) – Studies on Cities of

The South, Ho Chi Minh City, Vietnam.

47

POvERTY AND INEqUALITY IN GLOBALIZING ASIA

By D.G.J. PREMAKUMARA†

† Meijo Asian Research Center, Meijo University

AbstractGlobalization, a growing integration of economies and societies around the world is a complex process that is variously affect-

ing 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

1. Introduction

Global economic integration has been going on for a long

time. In that sense globalization is nothing new for the world.

As Dollar argues, what is new in this most recent wave of

globalization, starting around 1980 is the way in which de-

veloping countries are integrating with rich countries. As in

previous waves of integration, this change is driven partly by

technological advances in transport and communications, and

partly by deliberate policy changes1).

The most contentious issue of globalization is its effects

on poor countries and poor people. Many people argue

that globalization is necessary and in the long run beneficial

and providing good opportunities, especially for developing

countries2). To others, there is a much deeper concern about

the related challenges and possible risks associated with

the globalization process. They claim that global economic

integration is leading to rising global inequality, benefiting the

rich proportionally more than the poor3).

The main objective of this paper is therefore to examine

the poverty and inequality in Asia, over the long term and

during the recent wave of globalization that began during the

1980s. It is structured as follows: Section 2 discusses the

current approaches in understanding poverty. Then, section

3 analyses and presents the trends in poverty and inequality

in Asia. The trends that are focused on in this section are

that economic growth, extreme poverty (for those who are

living on less than $1.25 a day), some indicators of human

poverty (longevity, adult literacy rate, children underweight),

and inequality. Section 4 draws a link between the heightened

integration and the accelerated growth and poverty reduction

with special reference to the experience in Sri Lanka, one

of the first South Asian Countries to open up to the global

economy and today the region’s most open economy. Finally,

section 5 concludes by giving some remarks with key findings,

and policy implications based on the analysis presented.

Here, Asia refers to the Asia and Pacific region included

58 regional members and associate members of the United

Nations Economic and Social Commission for the Asia and the

Pacific (UN-ESCAP). Time series data are presented accord-

ing to the geographic sub regions classified by the UN-ESCAP

for monitoring the progress of achieving the MDGs in Asia and

the Pacific region, with the exception of developed countries.

The classification by income groups follows the definition of

the World Bank4).

Most of the data used for the analysis are gathered from

the databases that have been compiled by the designated

学術論文／ Articles

48

international agencies for the respective MDG indicators.

The web searches were performed along with a review of the

literature available to gather the relevant information.

2. Defining and Measuring Poverty

The poverty reduction approach in the world has evolved

over the past 50 years in response to a deepening under-

standing of the complexity of development. In the 1950s and

1960s, a large investment in physical capital and infrastructure

became the primary means of development and poverty re-

duction. In the 1970s, many views that physical capital alone

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

on improving economic management and allowing greater role

for market forces. The majority of the developing world shifted

from an inward-focused economic strategy to a more outward

oriented one. In the 1990s, governance and institutions moved

toward a center stage of poverty reduction strategies5).

New conceptualizations of poverty also emerged which rec-

ognized that poverty is not just about income or expenditure

levels, but is multifaced, covering a wide range of aspects,

such as, prospects for earning a living, deprivation and ex-

clusion, basic needs, social aspects, psychological aspects,

etc6). The World Bank’s definition on poverty nicely recognized

this multifaced nature of poverty;

“……. Poverty is hunger. Poverty is lack of shelter. Poverty

is being sick and not being able to see a doctor. Poverty is

not having access to school and not knowing how to read.

Poverty is not having a job, is fear for the future, living one day

at a time. Poverty is losing a child to illness brought about by

unclean water. Poverty is powerlessness, lack of representa-

tion and freedom …

Poverty has many faces, changing from place to place and

across time, and has been described in many ways. Most

often, poverty is a situation people want to escape. So poverty

is a call to action – for the poor and the wealthy alike – a call to

change the world so that many more may have enough to eat,

adequate shelter, access to education and health, protection

from violence, and a voice in what happens in their communi-

ties ……”7)

At the same time, new approaches to the assessment of

poverty emphasise (a) vulnerability – a concept referring to

negative outcomes on the well-being of individuals, house-

holds or communities from environmental changes; (b) asset

ownership – individuals, households and communities’ ability

to resist negative impacts relates to their ability to mobilize

assets in the face of hardships; (c) livelihood – comprises the

capabilities, assets (both natural and social) and activities

required for means of living8).

Based on these new paradigm shifts and in the light of

changes in global contexts, the World Bank in 2001 proposed

a new strategy for attacking poverty in three ways, such as,

promoting opportunity, facilitating empowerment, and en-

hancing security9).

3. Poverty Trends in the ESCAP Region

This section analyses and presents the major trends in

poverty and inequality in the Asia and Pacific region, espe-

cially focusing on the economic growth, extreme poverty

(living on less than $1.25 a day), some indicators of human

poverty (longevity, adult literacy rate, children underweight),

and inequality.

3.1 Economic Growth in the Asia and Pacific region

According to the Statistical Year Book for the Asia and the

Pacific (2008), the developing regions in the world have ben-

efited from accelerated economic growth of the globalization.

Among them, Asia and the Pacific region has been one of the

fastest growing regions in the world. In 2007, the GDP growth

of the Asia and Pacific region was 5.8 per cent, which was

second only to Africa at 6.1 per cent. The data further reveals

that the Asia and Pacific region is now one of the world’s

most important sources of economic output. In 2007, it was

responsible for 27.6 per cent of global output, 1.3 percentage

points higher than in 199010).

Within Asia and the Pacific, the best performers have been

the middle-income and low-income countries, rather than

the high-income countries. In 2001, the growth rate of the

middle-income countries was 4.9 per cent, but in 2007 they

had reached a remarkable 9.1 per cent. Low-income countries

are also progressing steadily, though at a slower pace, with

comparison to the middle-income countries. The high-income

countries in the region have been growing more slowly. In

most years since 1990, their growth rate has been between

2 and 4 per cent.

Meijo Asian Research Journal Vol.1 No.1

49

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)

Average Annual GDPPercent for Annum

1990 1995 2000 2005 2007 90–95 95–00 00–05 2007

East and North-East Asia 3,782,576 4,476,646 5,113,502 6,120,394 6,779,140 3.4 2.7 3.7 5.3China 404,494 721,274 1,090,368 1,719,444 2,128,077 12.3 8.6 9.5 11.4DPR Korea 14,702 12,005 11,538 13,077 13,144 –4.0 –0.8 2.5 1.6Hong Kong, China 76,890 99,151 112,915 138,307 157,226 5.2 2.6 4.1 6.5Japan 3,018,270 3,254,784 3,417,383 3,645,896 3,812,499 1.5 1.0 1.3 2.1Macao, China 2,990 3,978 3,893 6,910 10,296 5.9 –0.4 12.2 27.3Mongolia 1,454 1,260 1,448 1,983 2,366 –2.8 2.8 6.5 9.9Republic of Korea 263,776 384,193 475,957 594,778 655,531 7.8 4.4 4.6 5.0South-East Asia 355,519 513,926 582,615 742,210 836,732 7.6 2.5 5.0 6.3Brunei Darussalam 3,441 3,733 4,241 4,699 4,960 1.6 2.6 2.1 0.4Cambodia 1,404 1,920 2,711 4,237 5,172 6.5 7.1 9.3 10.2Indonesia 125,720 183,279 190,071 239,450 268,602 7.8 0.7 4.7 6.3Lao PDR 866 1,181 1,593 2,164 2,531 6.4 6.2 6.3 8.0Malaysia 45,716 71,878 90,829 114,492 128,790 9.5 4.8 4.7 6.3Myanmar 5,179 6,878 10,244 18,779 22,320 5.8 8.3 12.9 5.5Philippines 44,312 49,325 59,822 74,427 84,235 2.2 3.9 4.5 7.3Singapore 36,901 56,791 77,443 95,275 111,011 9.0 6.4 4.2 7.7Thailand 85,361 129,105 132,031 169,191 186,284 8.6 0.4 5.1 4.8Timor-leste 146 237 196 205 231 10.2 –3.7 0.9 16.2Vietnam 6,472 9,600 13,433 19,290 22,595 8.2 7.0 7.5 8.3South and South-West Asia 671,852 834,192 1,057,638 1,420,835 1,645,005 4.4 4.9 6.1 7.4Afghanistan 3,622 3,236 2,713 6,793 8,202 –2.2 –3.5 20.1 12.4Bangladesh 30,435 37,852 48,793 63,566 72,193 4.5 5.2 5.4 6.5Bhutan 279 336 466 672 893 3.8 6.8 7.6 22.4India 326,795 420,046 556,748 779,245 926,270 5.1 5.8 7.0 8.7Iran (Islamic Rep.) 90,370 108,724 132,594 172,195 191,733 3.8 4.0 5.4 5.8Maldives 215 298 445 563 750 6.8 8.3 4.8 7.7Nepal 4,097 5,275 6,676 7,710 8,100 5.2 4.8 2.9 2.5Pakistan 57,159 71,252 81,353 108,825 122,716 4.5 2.7 6.0 6.0Sri Lanka 8,204 10,700 13,696 16,647 19,163 5.5 5.1 4.0 6.8Turkey 150,676 176,473 214,154 264,618 294,984 3.2 3.9 4.3 5.1North and Central Asia 638,331 393,718 430,701 588,505 684,874 –9.2 1.8 6.4 8.4Armenia 2,157 1,140 1,464 2,608 3,285 –12.0 5.1 12.2 11.1Azerbaijan 6,515 2,728 3,835 7,214 12,130 –16.0 7.0 13.5 25.1Georgia 8,532 2,411 3,180 4,548 5,593 –22.3 5.7 7.4 12.4Kazakhstan 29,659 18,207 20,594 33,730 40,541 –9.3 2.5 10.4 8.7Kyrgyzstan 1,111 563 740 891 994 –12.7 5.6 3.8 8.2Russian Federation 569,709 353,709 382,917 515,825 594,967 –9.1 1.6 6.1 8.1Tajikistan 2,869 1,091 1,091 1,733 1,970 –17.6 0.0 9.7 7.8Turkmenistan 3,069 1,939 2,413 2,974 3,518 –8.8 4.5 4.3 8.5Uzbekistan 14,710 11,931 14,469 18,983 21,876 –4.1 3.9 5.6 7.4Pacific 374,150 439,801 526,962 621,632 664,458 3.3 3.7 3.4 3.8Australia 319,150 374,924 453,884 535,138 573,823 3.3 3.9 3.3 3.9American SamoaCook Island 59 69 78 94 96 3.2 2.5 4.0 0.4Fiji 1,320 1,500 1,666 1,878 1,870 2.6 2.1 2.4 –3.9French Polynesia 2,930 3,145 3,692 4,217 4,459 1.4 3.3 2.7 3.0GuamKiribati 26 29 45 48 46 2.7 9.0 1.1 2.0Marshall Islands 69 71 58 69 71 0.6 –3.9 3.4 2.0Micronesia (F.S) 145 177 165 169 168 4.0 –1.4 0.5 0.1Nauru 28 20 17 17 17 –6.6 –3.7 0.3 0.2New Caledonia 2,529 2,914 2,978 3,057 3,090 2.9 0.4 0.5 0.5New Zealand 43,915 51,174 58,366 70,350 73,591 3.1 2.7 3.8 3.0NiueNorthern Mariana Is.Palau 77 72 79 84 138 –1.2 1.8 1.3 1.8Papua New Guinea 3,286 4,961 5,149 5,647 6,153 8.6 0.7 1.9 6.2Samoa 112 118 144 178 191 1.1 4.1 4.3 4.7Solomon Islands 208 264 231 249 281 4.9 –2.6 1.5 6.3Tonga 135 161 177 188 187 3.7 1.8 1.3 –3.5Tuvalu 10 11 12 17 17 3.0 1.9 6.4 3.0Vanuatu 153 191 223 233 258 4.5 3.1 1.0 4.7

World RegionsAsia and the Pacific 5,822,428 6,658,283 7,711,420 9,493,577 10,610,208 2.7 3.0 4.2 5.8Africa 495,198 523,199 627,279 808,217 906,043 1.1 3.7 5.2 6.1Europe 7,925,781 8,352,485 9,605,595 10,464,264 11,083,499 1.1 2.8 1.7 2.8Latin America and Carib. 1,196,941 1,405,877 1,635,481 1,861,230 2,061,522 3.3 3.1 2.6 5.2North America 6,342,977 7,144,022 8,749,394 9,821,583 10,327,841 2.4 4.1 2.3 2.2Other Countries/areas 303,184 361,663 442,068 543,319 606,305 3.6 4.1 4.2 5.2World 22,148,902 24,678,950 29,080,803 33,354,836 35,997,455 2.2 3.3 2.8 3.8

Source: ESCAP (2008) <http://www.unescap.org/stat/data/syb2008 (online database, accessed on 12th October 2009)>

50

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 histori-

cally 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

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

would be incomplete without a separate focus on the region’s

two giant countries. Since, China’s economic reform and

opening to the outside world in 1978, its ratio of trade to na-

tional income has more than doubled. China alone contributes

20.1 per cent of the region’s GDP, and in 10 of the past 18

years has recorded a double-digit growth rate. Not only China,

India also with 8.9 per cent of regional GDP has also had rapid

growth particularly in recent years.

Additional insight into the shift in growth patterns is gained

by looking at the trends in GDP growth per capita. In Asia and

the Pacific, the 2007 average of the GDP growth per capita

was $2,603. In global terms this is still a relatively low figure,

while the growth rate has been more rapid than in other global

regions12).

It is revealed that growth in per capita GDP is strongly in-

fluenced by population growth. In 2007, Africa’s GDP growth

rate at 6.1 per cent was higher than the Asia-Pacific rate of

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 regions13).

As the Statistical Year Book for the Asia and Pacific region

(2008) points out, a high proportion of GDP in the region

results from mostly domestic investment. The proportion

dropped several percentage points after 1997–1998 but has

since returned to near pre-crisis levels. Indeed the baseline in-

vestment rates were so high that between 1990 and 2007 only

the least developed countries and SAARC members managed

to increase their share of domestic investment in GDP14).

Value added by sector is one of the better indicators to see

which parts of the economy are contributing to economic

growth. During 1990–2007 for Asia and the Pacific as a whole,

the share of agriculture in value added declined from 9.5 to

8.1 percent, and industry grew from 37.6 to 39 per cent, while

services remained stable at 52.9 per cent (see Figure 1).

Except in the least developed countries of the region, indus-

try has generally grown faster than agriculture. Many countries

became a major exporter of manufactures and services, and

compete directly with products made in the industrial coun-

tries, which in value-added terms has made this region one

of the world’s most industrialized regions.

When assessing the significance of different sectors, how-

ever, it is important to look beyond value added and consider

their contribution to employment. In the Asia and Pacific re-

gion, agriculture may have only a small share of value added,

but it still employs the largest share of people and in many

developing countries is critical for food security15).

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

Bank on the basis of a revised international poverty line set at

$1.25 per day (2005 ppp prices). Table 2 shows a proportion of

the world’s poor, which is living below the international poverty

line of $1.25 a day had fallen from 41.7 percent in 1990 to 24.5

percent in 2005.

Here, the greatest success in poverty reduction has oc-

curred in the Asia and Pacific region, where extreme poverty

has declined from 47.8 percent in 1990 to 23.9 percent in

Figure 1 Value Added by Sector, the World Regions, 2007

Source: ESCAP (2008)

Meijo Asian Research Journal Vol.1 No.1

51

POvERTY AND INEqUALITY IN GLOBALIZING ASIA

2005. Of the 24 countries in the region for which data are

available from both the 1990s and the 2000s, 20 countries

have made progress in reducing the share of their population

living below the revised international poverty line.

Among the sub regions in the Asia and the Pacific, pov-

erty has fallen everywhere, except in North and Central Asia.

In East and North-East Asia, between 1990 and 2005, the

proportion of the population living on less than $1.25 a day

declined from 60.1 to 15.9 percent. This was mainly because

of progress achieved by China.

Although less spectacularly than in China, poverty has also

declined in South-East Asia. The best achievements were in

Indonesia, where between 1990 and 2005 poverty declined

from 54.3 to 21.4 percent, and in Viet Nam where between

1992 and 2006 the rate fell from 63.7 to 21.5 percent.

Poverty rates also went down in South and South-West

Asia. One of the most striking achievements was in Pakistan

where between 1990 and 2004 the share of the population

living on less than $1.25 a day declined from 64.7 to 22.6

percent. Other countries in this sub region, except Turkey, also

made some progress, if more slowly than Pakistan. In India,

for example, between 1990 and 2005 the poverty rate fell from

51.3 to 41.6 percent in 2005.

However, in North and Central Asia, the situation is more

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 (%)

Population living below the national poverty line (%)

1990 1996 2002 2005 Earliest Latest

East and North-East Asia 60.1 36.3 28.3 15.9China 60.2 36.4 28.4 15.9 6.0 (96) 4.6 (98)Mongolia 18.8 15.5 22.4 36.3 (95) 36.1 (02)South-East Asia 39.2 35.1 25.5 18.9Cambodia 48.6 40.2 47.0 (94) 35.0 (04)Indonesia 54.3 43.4 29.3 21.4 17.5 (96) 16.7 (04)Lao PDR 55.7 49.3 44.0 45.0 (93) 33.0 (03)Malaysia 1.6 2.1 0.5Philippines 30.7 21.6 22.5 22.6 32.1 (94) 25.1 (97)Thailand 5.5 1.9 0.7 0.4 32.5 (92) 12.0 (04)Timor-leste 52.9Vietnam 63.7 49.7 40.1 21.5 37.4 (98) 28.9 (02)South and South-West Asia 47.0 42.3 38.7 35.5Bangladesh 66.8 59.4 57.8 49.6 58.8 (92) 40.0 (05)Bhutan 26.2India 51.3 46.6 43.9 41.6 36.0 (94) 27.5 (05)Iran (Islamic Rep.) 3.9 1.3 1.5Nepal 68.4 55.1 41.8 (96) 30.9 (04)Pakistan 64.7 48.1 35.9 22.6 28.6 (93) 22.3 (06)Sri Lanka 15.0 16.3 14.0 20.0 (91) 15.2 (07)Turkey 2.1 2.0 2.7 28.3 (94) 27.0 (02)North and Central Asia 2.9 8.1 8.4 6.6Armenia 17.5 15.0 10.6 55.1 (99) 50.9 (01)Azerbaijan 15.6 6.3 0.0 68.1 (95) 49.6 (01)Georgia 4.5 15.1 13.4 52.1 (02) 54.5 (03)Kazakhstan 4.2 5.0 0.5 3.1 34.6 (96) 15.4 (02)Kyrgyzstan 18.6 31.8 34.0 21.8 47.6 (01) 43.1 (05)Russian Federation 2.8 3.5 0.3 0.2 30.9 (94) 19.6 (02)Tajikistan 44.5 21.5 74.9 (99)Turkmenistan 63.5 24.8Uzbekistan 32.1 42.3 46.3 27.5 (00)PacificPapua New Guinea 35.8 37.5 (96)

World RegionsAsia and the Pacific 47.8 36.5 30.9 23.9Africa 47.2 48.5 45.9 42.5Europe 1.0 1.5 1.0 0.4Latin America and Carib. 9.8 10.8 11.0 8.4World 41.7 34.1 30.0 24.5

Source: ESCAP (2008) <http://www.unescap.org/stat/data/syb2008 (online database, accessed on 12th October 2009)>

52

mixed. For the sub region as a whole, poverty increased in

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.

In addition to the analysis on poverty based on the inter-

national poverty line of $1.25 a day, Table 2 also presents

some data based on the country specified, national poverty

lines. These figures have some advantage that they will better

reflect local circumstances, being based on the official mini-

mum standard of living. However, they are not comparable

across countries and may not even be comparable over time

so assessments based on national poverty lines are likely to

differ from international poverty figures.

In observing the incidence of poverty in terms of country

specific, national poverty lines, the trends are more similar

to those indicated by the international poverty line. It was

revealed that poverty has been declining in most parts of the

Asia and Pacific region.

The most important point emphasised in the above analysis

is that poverty reduction in developing countries is very closely

related to the GDP growth rate in these countries. The ac-

celerated growth has led to unprecedented poverty reduction.

While the overall decline in regional poverty is positive news,

there has been very different performance across sub-regions.

It is still the case that two-thirds of the extreme poor live in

Asia and the Pacific region.

3.3 Human Poverty

From human development perspectives, poverty means

more than the lack of what is necessary for material well-

being. According to the Human Development Report (1997),

poverty is all about opportunities and choices most basic to

human development being denied. Thus, a person is not free

to lead a long, healthy, and creative life and is denied access

to a decent standard of living, freedom, dignity, self-respect

and the respect of others16).

Recognizing these multiple dimensions of poverty, the Hu-

man Development Report (1997) introduced a Human Poverty

Index (HPI) in an attempt to bring together in a composite

index the different features of deprivation in the quality of life,

to arrive at an aggregate judgment on the extent of poverty

in a community.

The HPI concentrates on the deprivation in the three es-

sential elements of human life already reflected in the Human

Development Index (HDI): (a) survival - the likeliness of death

at a relatively early age and is represented by the probability of

not surviving to age 40; (b) knowledge - being excluded from

the world of reading and communication and is measured by

the percentage of adults who are illiterate; (c) a decent stan-

dard of living, in particular, overall economic provisioning17):

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

Human

Poverty Index (Rank/Points)

Probability to not surviving to age 40 (%)

Adult Illiteracy

rate

Children under-weight for age

(% age under 5)

China 36 (7.7) 6.2 6.7 7.0Mongolia 58 (12.7) 10.3 2.7 6.0Cambodia 87 (27.7) 18.5 23.7 36.0Indonesia 69 (17.0) 6.7 8.0 28.0Lao PDR 94 (30.7) 13.1 27.3 40.0Malaysia 25 (6.1) 3.7 8.1 8.0Myanmar 77 (20.4) 19.1 10.1 32.0Philippines 54 (12.4) 5.7 6.6 28.0Singapore 14 (3.9) 1.6 5.6 3.0Thailand 41 (8.5) 11.3 5.9 9.0Timor-Leste 122 (40.8) 18.0 49.9 46.0Vietnam 55 (12.4) 5.8 9.7 25.0Afghanistan 135 (59.8) 40.7 72.0 39.0Bangladesh 112 (36.1) 11.6 46.5 48.0Bhutan 102 (33.7) 14.2 47.2 19.0India 88 (28.0) 15.5 3.4 46.0Iran (Islamic Rep.) 59 (12.8) 6.1 17.7 11.0Maldives 66 (16.5) 6.0 3.0 30.0Nepal 99 (32.1) 11.0 43.5 39.0Pakistan 101 (33.4) 12.6 45.8 38.0Sri Lanka 67 (16.8) 5.5 9.2 29.0

Source: UNDP (2009)

Meijo Asian Research Journal Vol.1 No.1

53

POvERTY AND INEqUALITY IN GLOBALIZING ASIA

and Pacific region are far from achieving progress on human

poverty. Furthermore, the trends in the composite HPI point

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).

South and South-West Asia shows the highest human

poverty situation in the Asia and Pacific region, where many

countries are ranked over 50th in the HPI in 2009. Afghanistan

shows the highest human poverty situation in the sub region

which ranks 135th among 135 countries for the index has been

calculated for the year 2009, follwed by Bangladesh (112th),

Bhutan (102nd), Pakistan (101st), Nepal (99th), India (88th), Sri

Lanka (67th), and Maldives (66th).

Though, there was some progress in reducing human pov-

erty in South-East Asia, the progress shows some uneven

distribution. Singapore (14th), Malaysia (25th), and Thailand

(41st) took a leading role in reducing human poverty in this sub

region while Timor-Leste (122nd), Lao PDR (94th), and Cambo-

dia (87th) need still more efforts towards this end.

In the East and North-East Asia, China shows the leading

progress in reducing human poverty in the ranking of the HPI,

which ranked 36th. According to the ranking, Mongolia, the

only other country in the sub region, for which data are avail-

able, ranked 58th.

According to Table 3, poor nutrition is a serious problem

among children in the region. More than 10 percent of under-

fives are underweight in about two thirds of the economies for

which data are available. Only Singapore (3 percent), Mongolia

(6 percent), China (7 percent), Malaysia (8 percent), and Fiji (8

percent) have a percentage of underweight children below 10

percent. The percentage of underweight children is over 40

percent in Bangladesh, India, Timor-Leste, and Lao PDR; and

between 20 percent and 40 percent in a further 15 economies

including Indonesia, Pakistan, Philippines, and Viet Nam.

The figures in Table 3 further show that in most countries in

the Asia and Pacific region, literacy rates have increased over

time. Particularly high gains are recorded for six economies

that had low rates in 1990: Bangladesh, India, Lao People’s

Democratic Republic (Lao PDR), Nepal, Pakistan, and Vanu-

atu. However, they have the lowest rates of primary school

enrollment and the widest gender disparities in education19).

Furthermore, the average life expectancy of 14 countries in

the region is no more than 51 years, compared to 78 years in

countries of the Organization for Economic Cooperation and

Development (OECD). The possibilities of not surviving to age

40 are over 10 percent for the population in 14 countries in-

cluding the highest possibilities of not surviving in Afghanistan

(40.7 percent).

The most disturbing factors in achieving progress in human

development in the Asia and Pacific region are larger dispari-

ties in public spending for social expenditures. For example,

while developed countries in the region spend more per capita

on health (83 percent in Japan, 77 percent in New Zealand

and 67 percent in Australia), developing countries spend very

little (only 11 percent in Myanmar, 18 percent in Pakistan,

19 percent in India and 26 percent in Viet Nam). It is also

reflected in the availability of health personnel. In general,

high-income countries in Asia and the Pacific have between

1.5 and 3.0 physicians per 1,000 people, whereas most low

and middle-income countries have less than one. There are

also wide disparities between countries in the number of nurs-

ing and midwifery personnel. The number per 1,000 people is

85 or more in Australia, Japan, New Zealand and the Russian

Federation but 10 or less in several low-income countries20).

3.4 Inequality in Asia and the Pacific Region

Inequality has to be brought to the forefront in the discussion

on poverty reduction. Though, the traditional thinking was that

only rapid growth mattered to poverty reduction, there is now

increasing recognition that high inequality within and between

countries imposes obstacles to poverty reduction21).

Answering the question, why was there not more progress

against poverty during rapid globalization, Chen and Raval-

lion argue that rising inequality within and between countries

accounts for slow progress in reducing world poverty22). The

World Bank is also favorable to this argument, and indicates

that;

…… Countries with high levels of initial inequality have reduced

poverty less for given rates of growth than countries with low

initial inequality, and if growth is accompanied by increasing

inequality, its impact on poverty will be reduced…..23).

In examining the overall effects of poverty on the more vul-

nerable sectors, three sets of income inequality data can be

used, such as, Poverty Gap Ratio, Quintile Measure of income

distribution and Gini Index.

The Poverty Gap Ratio is based on the international poverty

line and measures the extent of extreme poverty indicating

how far the extreme poor fall below the poverty line24). The

smaller the poverty gap ratio, it is easier for countries to bring

54

people above the $1.25-aday threshold.

According to Table 4, during the last decade the poverty

gap has narrowed in many parts of the Asia and Pacific re-

gion. It reveals that the highest poverty gap ratios are found

in the least developed countries confirming that the pockets

of extreme poverty are concentrated among the poorest and

most vulnerable areas. For example, Nepal, with 19.7 percent

in 2005, and Timor-Leste with 19.1 percent in 2002 show the

highest poverty gap ratios in the region.

The poverty gap ratios are also high in Bangladesh with 13.1

percent, Cambodia with 11.3 percent and the Lao People’s

Democratic Republic with 12.1 percent in 2000s, even though

these ratios have declined over the past decade. In North and

Central Asia, the highest poverty gap ratio is in Uzbekistan

at 15 percent in 2005, which shows some increase when

compared to 12.4 percent in 2002.

The Quintile Measure is another important indicator to iden-

tify the inequalities among countries. It shows the percent-

age of total household income (in many countries household

consumption expenditure is used as a proxy for household

Table 4 Inequality in Asia and the Pacific Region

Poverty Gap Ratio Share of poorest

quintile in income or consumption (%)

Gini Index

1990 1996 2002 2005 1990 1996 2002 2005

East and North-East Asia China 20.7 10.7 8.7 4.0 4.3 (04) 29.2 32.2 36.3 35.4DPR KoreaHong Kong, China 5.3 (96)Japan 10.6 (93)Macao, ChinaMongolia 4.6 (95) 3.6 6.2 7.3 (95) 7.5 (02) 33.2 (95) 32.8 33.0Republic of Korea 7.9 (98)South-East AsiaBrunei Darussalam 13.8 (94) 11.3 (04) 8.0 (94) 6.8 (04) 38.3 (94) 41.9 (94)Cambodia 15.6 11.4 6.0 4.6 8.3 (93) 7.1 (05) 29.0 31.2 29.9 34.5Indonesia 16.2 (92) 14.9 (97) 12.1 9.6 (92) 8.1 (02) 30.4 (92) 34.9 (97) 32.6Lao PDR 0.1 (92) 0.3 (95) 0.1 (04) 4.6 (92) 4.4 (97) 47.7 (92) 48.5 (95) 37.9 (04)MalaysiaMyanmar 8.6 (91) 5.3 (97) 5.5 (00) 5.5 (06) 5.9 (91) 5.4 (03) 43.8 (91) 46.2 (97) 46.1 (00) 44.0 (06)Philippines 5.0 (98) 5.0 (98)Singapore 0.4 (92) 0.1 0.0 (04) 0.0 (04) 4.6 (92) 6.3 (02) 46.2 (92) 43.4 42.0 42.5 (04)Thailand 19.1 (01) 39.5 (01)Timor-leste 23.6 (92) 15.1 (98) 11.2 4.6 (06) 7.7 (93) 7.1 (04) 35.7 (92) 35.5 (98) 37.6 37.8 (06)VietnamSouth and South-West AsiaAfghanistan 21.1 (91) 17.9 (95) 17.3 (00) 13.1 9.4 (92) 8.8 (05) 26.2 (91) 30.6 (95) 30.7 (00) 31.0Bangladesh 7.3 (03) 46.8 (03)Bhutan 14.6 12.4 11.4 10.5 8.1 (04) 30.9 30.7 32.0 32.5India 1.0 0.2 (98) 0.3 5.2 (90) 6.5 (05) 43.6 44.1 (98) 38.3Iran (Islamic Rep.)Maldives 26.7 (95) 19.7 (03) 7.5 (96) 6.0 (04) 37.7 (95) 47.3 (03)Nepal 23.2 11.7 7.9 (01) 4.4 (04) 8.1 (91) 9.1 (05) 33.2 28.7 30.4 (01) 31.2 (04)Pakistan 2.7 3.0 (95) 2.6 9.0 (90) 7.0 (02) 32.5 35.4 (95) 41.1Sri Lanka 0.5 0.5 0.9 5.8 (94) 5.3 (03) 41.5 (94) 42.7 43.2TurkeyNorth and Central Asia 4.7 3.1 1.9 (03) 5.4 (96) 8.5 (03) 44.4 35.7 33.8 (03)Armenia 4.4 (95) 1.1 (01) 0.0 6.9 (95) 7.4 (01) 35.0 (95) 36.5 (01) 16.8Azerbaijan 1.7 4.7 4.4 6.1 (96) 5.4 (05) 37.1 40.3 40.8Georgia 0.5 0.9 0.1 (01) 0.5 (03) 7.5 (93) 7.4 (03) 32.7 (93) 35.3 (96) 31.3 (01) 33.9 (03)Kazakhstan 8.6 9.0 (98) 8.8 4.4 (04) 2.5 (93) 8.9 (03) 53.7 (93) 36.0 (98) 31.7 32.9 (04)Kyrgyzstan 1.3 1.8 0.1 0.0 4.4 (93) 6.1 (02) 48.3 (93) 46.2 35.7 37.5Russian Federation 13.7 (99) 5.1 (04) 8.1 (99) 7.8 (04) 31.5 (99) 33.6 (03)Tajikistan 25.8 7.0 (98) 6.9 (93) 6.1 (98) 35.4 (93) 40.8 (98)Turkmenistan 13.9 (98) 12.4 15.0 (03) 7.3 (93) 7.2 (03) 45.4 (98) 34.6 36.7 (03)UzbekistanPacificAustralia 5.9 (94)New Zealand 6.4 (97)Papua New Guinea 12.3 4.5 (96) 50.9

Source: ESCAP (2008) <http://www.unescap.org/stat/data/syb2008 (online database, accessed on 12th October 2009)>

Meijo Asian Research Journal Vol.1 No.1

55

POvERTY AND INEqUALITY IN GLOBALIZING ASIA

income) that is received by the poorest 20 percent (one fifth

or “quintile”) of the population25). Low percentages reflect

greater inequality while high percentages indicate a more even

distribution of incomes.

According to Table 4, this proportion ranges from 10.6

percent in Japan to 4.3 percent in China. The poorest tend to

receive the smallest share in the middle- and higher-income

economies such as Turkey, the Islamic Republic of Iran, Thai-

land, Malaysia and Singapore. However, they do better in India

with 8.1 percent, Pakistan with 9.1 percent, and Bangladesh

with 8.8 percent.

The Gini Index is most commonly used for measuring

inequality. The coefficient varies between 0, which reflects

complete equality and 1, which indicates complete inequality

(one person has all the income or consumption, all others have

none)26). Nevertheless, this gives similar results, Table 4 shows

the greatest inequality is in Papua New Guinea (with data from

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

by poverty gap ratios for the three largest countries in the

Asia and Pacific region, such as China, India, and Indonesia.

These data further reveals that inequality has increased in both

rural and urban areas. Particularly, in India and Indonesia, it

was evident that inequality in urban areas is notably higher

than in rural areas, because most of the wealthy people are

located in the cities. But, in China, the situation is quite dif-

ferent, where inequality in the cities and the countryside is

now similar, largely because between 1990 and 2005 there

was a notable increase in urban inequality as the Gini index

increased from 26 to 35.

4. Poverty, Growth, and Inequality in Sri Lanka

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

resources, and the promotion of gender equality.

Following market reforms in the 1970s, the country’s per

capita GDP grew at over 3 percent between 1990 and 2002.

Yet, during the same period, the share of people living in

poverty fell by only 3 percent. Inequality rose sharply. GDP in

the Western Province, the wealthiest province in the country,

grew at a rate nearly three times faster than the other areas.

Although urban poverty fell, rural poverty hardly changed, and

estate poverty has increased. Western Province, which had

the fastest growth and poverty reduction, also saw some rise

in inequality among the income groups.

This section therefore takes a closer look at these uneven

growth patterns and their underlying causes, and summarizes

the current state of knowledge about why large numbers con-

tinue to be poor in Sri Lanka, though GDP grew at a healthy

rate in absolute terms since the country opened its economy

to world markets.

4.1 Economic Reforms in Sri Lanka After Independence in

1948

During the post-independence period most economic activi-

ties of the country including manufacturing, trade, transport,

telecommunications and financial services were dominated by

state monopolies and subjected to state controls.

However, the initial phase of economic reforms, during

1977–82 focused mainly on liberalization of trade and invest-

ment regimes. The quantitative restrictions on imports were

removed and more uniform tariff structures were established.

Furthermore, a highly overvalued currency, which was largely

the result of trade suppression, was realigned.

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

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 Gini Index Urban Rural Urban Rural

China 1990 5 27 26 312005 0 6 35 36

India 1993 11 14 34 292004 10 11 38 30

Indonesia 1990 15 16 35 26 2005 4 5 40 30

Source: ESCAP (2008) <http://www.unescap.org/stat/data/syb2008 (online database, accessed on 12th October 2009)>

56

GCEC, while establishing several export processing zones

(EPZ’s) was also responsible for formulating and implementing

an incentives package for foreign investments.

There is no doubt that these early reforms led to higher

economic growth and the transformation of the country’s

export base from agriculture to manufacturing. Although the

country has been riddled with the civil conflict since 1983,

the benefits of reforms continued and growth was sustained

during the 1980s27).

The 1990s witnessed the second wave of reforms towards

more open economy spanning two successive governments.

Key reforms included the removal of exchange control restric-

tions on current account transactions (i.e., the opening up of

the current account) and the privatization of large state owned

enterprises in the plantation, insurance, telecom, and airlines

sectors. Steps were also taken to further lower and simplify

the tariff structure and strengthen the policy framework for FDI

and portfolio investment.

As the World Bank argues, the results of these initiatives

were notable. The country’s industrial exports expanded

rapidly and gained market share, particularly toward the

end of the 1990s. By 2000, garment exports reached US$3

billion, contributing 50 percent of total exports. In addition,

the increased privatization efforts saw Sri Lanka attracting

much FDI. In 1997, FDI reached the record level of US$430

million28).

4.2 Poverty Trends and Patterns in Sri Lanka

According to the UN-ESCAP calculations, Sri Lanka is on

track to halving between 1990 and 2015, the proportion of

people whose income is less than $1.25 a day29). Nevertheless,

a fifth of all Sri Lankans remain in consumption poverty and

the decline in poverty rates has been disappointingly modest,

about 3 percentage points between 1990 and 2002.

Growing sectoral and regional differences in poverty re-

duction rates are also apparent. Urban poverty halved, rural

poverty declined by less than 5 percentage points, and pov-

erty incidence in the estates increased by about 50 per cent

between 1990 and 200230).

The growing urban – rural gap is largely due to concentrated

economic growth in Western Province. Due to its proximity to

ports, the Western Province was able to take advantage of

the opportunities from market reforms adopted since the late

1970s, and better integrate with global markets.

The services sector (wholesale and retail trade, transport,

communications) dominates economic activity in the Western

Province, accounting for 65 percent of provincial GDP and

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 IndicatorsPoverty Incidence 26.10 28.80 22.70Poverty Gap 0.05 0.06 0.05Poverty Severity 0.01 0.02 0.01

Poverty Incidence by SectorUrban Poverty 16.30 14.00 7.90Rural Poverty 29.40 30.90 24.70Estate Poverty 20.50 38.40 30.00

Poverty Incidence by RegionWestern 21.00 18.00 11.00North Central 24.00 24.00 21.00Central 28.00 37.00 25.00Northwest 25.00 29.00 27.00Southern 30.00 33.00 28.00Sabaragamuwa 31.00 41.00 34.00Uva 33.00 49.00 37.00

Inequality: Gini Coefficient by per capita expenditureNational 0.32 0.35 0.40Urban 0.37 0.38 0.42Rural 0.29 0.33 0.39Estate 0.22 0.20 0.26

Source: World Bank (2007)Note: Data excludes Northern and Eastern Provinces for which the official poverty data are not available

Meijo Asian Research Journal Vol.1 No.1

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POvERTY AND INEqUALITY IN GLOBALIZING ASIA

As argued by the World Bank, another notable factor is the

recent rapid expansion of the telecom sector following the

opening of the sector to competition and the privatization of

Sri Lanka Telecom. Manufacturing accounts for one-third of

GDP and employment in the province. Much of the dynamism

of the sector reflects the rapid expansion of labor-intensive

garment exports, following the liberalization reforms in the late

1970s and establishment of export processing zones (EPZs).

Over 70 percent of garment factories are located in the West-

ern Province, mainly the Colombo and Gampaha districts,

employing about 200,000 workers (or about 65 percent of

employment in the garment industry)32).

By contrast, market reforms have been more limited outside

the Western Province, which has remained predominantly

rural in character. In particular, agricultural policies have been

geared toward the achievement of self-sufficiency in paddy

production rather than the development of high-value agricul-

tural markets. As a result, private investment in commercial

agriculture and agro-business has been limited. The shortcom-

ings in the provision of economic infrastructure in rural areas,

which have no doubt further constrained the development of

high-value agricultural markets, are themselves a reflection of

lack of progress in reforming these services33).

As a result, the poverty in Western Province more than

halved, it declined only modestly in the North Central, Cen-

tral and Southern Provinces, and actually increased in North

Western Province, Sabaragamuwa and Uva (see Table 7).

In addition to disparities in growth between the Western

Province and the rest of the country, the slow pace of poverty

reduction in Sri Lanka is also linked to rising inequality among

income groups. Average per capita consumption grew by 50

percent for the richest consumption quintile but by only 2

percent for the poorest quintile.

The Gini coefficient of per capita consumption in Sri Lanka

increased at an annual rate of 2 percent, much higher than for

East Asian comparator countries with the exception of China.

Thus, for every 1 percent annual growth in GDP per capita, the

poverty headcount ratio declined by 0.4 percent in Sri Lanka,

compared with 0.9, 1.4, and 2.6 percent in Korea, Vietnam and

Thailand, respectively34).

Even though the pace of consumption poverty reduction

was slow, Sri Lanka has fared quite well in terms of human

poverty indicators. The country is an early achiever with regard

to several MDG indicators, such as universal primary school

enrolment, gender parity in primary and secondary school

enrolment, under five child mortality and infant mortality, uni-

versal provision of reproductive health services, TB prevalence

and death rates and access to safe water and sanitation.

However, national figures show a considerable gender-

related, sectoral and regional variation in terms of achieving

those indicators relating to human development. The figures

in Table 8 set out selected development indicators by sex,

sector and province. It can be seen that while girls fare much

better across the country in primary completion rates and

under five mortality rates, malnutrition rates among boys and

mortality rates among male infants are lower. As Gunatilaka

argues even though there are no apparent gender disparities in

schooling opportunities for children, there is intra-household

discrimination against girls in the access to nutrition and

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)

Accessibility (%)

Agriculture forestry fishing

Industry Services Average accessi-

bility index

Average travel

time to Colombo

Enter-prises using

electricity

Enter-prises with landline or

mobile

Enter-prises

located near bank

2002 2002 2003 2003 2003 2004 2004 2004 2004 2004

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.

58

Regarding the performance by sector, the urban sector is

the best off and the estate sectors by far the worst off in terms

of achieving human development indicators. According to the

World Bank, 37 percent of estate children were stunted as

against 8.3 percent in urban areas, and 14 percent in rural ar-

eas in achieving child nutrition. Likewise, 46 percent of estate

children were underweight compared with 18 percent in the

urban sector and 31 percent in the rural sector36).

In a regional perspective, Western Province performs the

best in all indicators, except in infant mortality. The Northern

and Eastern Provinces fare the worst in terms of primary edu-

cation completion rates, obviously due to the disruptive impact

of the conflict and displacement on schooling. But the region

fares well in terms of infant mortality. Under-five mortality is

worst in North Central Province, but Uva and Sabaragamuwa

are by far the worst off in terms of all remaining indicators

other than in access to electricity. Here the worst off are Uva,

North Central and Northern Province in that order.

Summarizing this section, it can be argued that poverty in

Sri Lanka is strongly associated with a range of spatial factors,

such as poor regional growth and employment opportunities,

and the availability of economic infrastructure, such as roads,

electricity and telecommunication. Hence, reducing spatial and

regional inequalities in access to infrastructure services appears

fundamental to engendering more equitable growth and a faster

rate of consumption poverty reduction in Sri Lanka.

5. Conclusion and Policy Implications

There is no doubt that rapid globalization poses new oppor-

tunities as well as new challenges for the countries in the Asia

and Pacific region. The Asia and Pacific region as a whole has

clearly made some remarkable progress in terms of achieving

strong economic growth, and reducing poverty during the

period of rapid globalization.

In general, the growth rate of the developing countries has

accelerated, while rich country growth rates have declined.

As a result, the absolute number of persons living in poverty

and their percentage in the total population has declined in

many countries, especially in the East and South-East Asian

sub regions.

However, a closer examination of recent trends in extreme

poverty in the Asia and Pacific region is more disquieting.

There are several exceptions to the positive growth over the

past decade, including the Central Asian countries, Afghani-

stan, Mongolia and the developing Pacific island economies.

Still, over 950 million persons in the region continue to live

in poverty. Extreme poverty affects at least 10 percent of the

population in many parts and must be considered a failure of

policy and programmes in reducing poverty.

The experience in Sri Lanka provides a best example of

how market-oriented policies can unleash economic growth

Table 8 Selected Human Development Indicators by Sector and Province (%)

Child Malnutrition

Primary Education Completion Ratio

Under FiveMortality Rate

Infant Mortality Rate

Maternal Mortality

Rate

Households with

access to safe

water (2001)

Households with

access to improved sanitation

(2001)

Households with

access to electricity2000 2002 2002 2002 2002

Male Female Male Female Male Female Male Female 2003

Sri Lanka 29 30 94.7 96.5 14.9 12 12.9 10.2 14.4 82 67.5 74.9

Sector

Urban 18.7 14.9 16.9 13.1 13.3 95.9 77.8

Rural 7.6 6.4 5.2 4.6 13.8 81.2 67.5

Estate 22.1 20.6 16.4 15.7 88.1 61 43.2

Province

Western 19 23 98.7 99.5 15.6 12.2 14 10.5 9 91.5 77.6 92.4

Central 37 38 95.2 96.7 18.2 14.5 16.1 12.4 18.1 78.3 56.6 72.7

Southern 24 33 94.4 96.9 10.3 7.4 9.3 6.7 14.8 80.5 72.3 78.4

Northern 88.6 90.7 10.5 8.7 7.6 6.1 13.3 63.6

Eastern 90.3 92.9 15 11.4 10.6 8.1 19.1 65.6

Northwest 31 33 95.1 97.6 12.5 11.1 10.8 9.6 10.3 87.9 69.6 68.5

North Central 28 33 96.2 98.1 20.3 17.5 18.6 15.8 13.1 80.5 49.7 62

Uva 40 38 92.8 94.7 16 12.2 14.4 10.8 28.7 67.9 50.9 56.7

Sabaragamuwa 39 22 95.3 96.1 15 13.6 12.7 11.4 17 63.8 66.1 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

Meijo Asian Research Journal Vol.1 No.1

59

POvERTY AND INEqUALITY IN GLOBALIZING ASIA

and prosperity, while the lack of such policies can lead to

economic stagnation and persistent poverty. Most of the eco-

nomic reforms taken by the government in 1970s and 1980s

affected the Western Province, which proceeded to generate

a supply response in the industrial and service sectors, cutting

its poverty rate in half.

Meanwhile, these market reforms have not reached the rest

of the country, which remains predominantly rural. In the agri-

culture sector in particular, reforms in land markets and paddy

cultivation, as well as policies to improve the marketability of

agricultural products, have been elusive, and rural incomes

have stagnated. Furthermore, poverty reduction has been

slow due to widening inequalities among income groups and

across regions, because of the concentration of the growth

in Western Province.

In the future therefore more inclusive economic growth will

require easing specific constraints affecting particular sec-

tors, regions, and groups, but priorities critical for all include

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

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.

Since many of these opportunities are created in the urban

sector, poverty reduction will require better and simultane-

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

from the present study for making globalization work better

for poor;

(a) Growth with equity: pro-poor growth through human

resources development, employment-generating opportuni-

ties, and effective social protection system (both formal and

informal);

(b) Rural development that includes access to land, invest-

ment in infrastructure, access to credit and savings institutions

and protection from unfair competition;

(c) Improved governance in terms of the participation of the

poor (or representative civil society organizations) and col-

laboration with all stakeholders in local planning processes;

(d) International/regional cooperation to remove trade barri-

ers enhances debt relief measures, eliminate harmful tax and

competition practices and strengthen standards.

Acknowledgements

The author greatly acknowledges Prof. Sawada Takayuki,

Faculty of Management, Meijo University and Prof. Hideharu

Morishita, Graduate School of policy Studies, Aichi Gakuin

University for their detailed comments on the paper, as well

as Prof. Shigeru Fukushima, Faculty of Urban Science, Meijo

University for his kind guidance and advice. This study also

benefited from the research grant provided by the Meijo Asian

Research Center of Meijo University (Japan).

Notes and References

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,

the World Bank ad Oxford University Press; Dollar, D. (2004):

Globalization, Poverty, and Inequality since 1980, World Bank

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): Mak-

ing 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;

Republic of Korea; South-East Asia (SEA): Brunei Darus-

salam; Cambodia; Indonesia; Lao People’s Democratic Re-

public (Lao PDR); Malaysia; Myanmar; Philippines; Singapore;

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;

Nepal; Pakistan; Sri Lanka; Turkey; North and Central Asia

(NCA): Armenia; Azerbaijan; Georgia; Kazakhstan; Kyrgyzstan;

The Russian Federation; Tajikistan; Turkmenistan; Uzbekistan;

Pacific: American Samoa; Australia; Cook Islands; Fiji; French

60

Polynesia; Guam; Kiribati; Marshal Islands; Micronesia (Feder-

ated States of ) (Micronesia (F.S.)); Nauru; New Caledonia; New

Zealand; Niue; Northern Mariana Islands (Northern Mariana Is.);

Palau; Papua New Guinea; Samoa; Solomon Islands; Tonga;

Tuvalu; Vanuatu. The classification by income group follows the

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; middle-

income: $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 Mea-

surement of Poverty, Bristol, The Polity Press.

7) According to the World Bank, the new estimates are more reli-

able than the previous ones dating from 1993, for three reasons:

(i) improvements in the design, implementation and analysis of

the ICP price surveys provide better estimates of the cost of

living in developing countries; (ii) the international poverty line

has been recalculated on the basis of national poverty lines for

the poorest 15 countries in terms of consumption per capita;

and (iii) a much larger number of household surveys were used

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

Research Source Book: Module II: Indicators of Urban Poverty,

UMP Working Paper Series 5, Washington, DC, UNDP/UN-

Habitat/World Bank.

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 Pa-

cific, Bangkok.

11) UN-ESCAP (2008): Statistical Year Book for Asia and the Pa-

cific, Bangkok.

12) UN-ESCAP (2008): Statistical Year Book for Asia and the Pa-

cific, Bangkok.

13) UN-ESCAP (2008): Statistical Year Book for Asia and the Pa-

cific, Bangkok.

14) UN-ESCAP (2008): Statistical Year Book for Asia and the Pa-

cific, Bangkok.

15) UN-ESCAP (2008): Statistical Year Book for Asia and the Pa-

cific, Bangkok.

16) UNDP (1997): Human Development Report 1997 – Human

Development to Eradicate Poverty, Oxford University Press,

New York.

17) UNDP (1997): Human Development Report 1997 – Human

Development to Eradicate Poverty, Oxford University Press,

New York.

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 Pa-

cific, Bangkok.

21) UN-ESCAP (2002): Sustainable Social Development in a Period

of Rapid Globalization: Challenges, Opportunities, and Policy

Options, Bangkok.

22) Chen, S; Ravallion, M. (2000): How Did the World’s Poorest

Fare in the 1990s, World Bank web site (www.worldbank.org/

research/povmonitor/pdfs/how did the world’s poorest fare in

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 Pa-

cific, Bangkok.

25) See for more information http://www.worldbank.org/measuring

poverty.

26) See for more information http://www.worldbank.org/measuring

poverty.

27) 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.

28) 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.

29) United Nations ESCAP, UNDP, & ADB. The Millennium Devel-

opment Goals: Progress in Asia and the Pacific 2006. Date

accessed. http://www.mdgasiapacific.org, 2006.

30) The conflict-affected North and East are excluded from these

estimates, since consumption data from HIES (the official

source of poverty measurement) essential to measure poverty

is not available for this region.

31) The World Bank (2007): Sri Lanka – Poverty Assessment: En-

gendering 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: En-

gendering 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-

gendering Growth with Equality: Opportunities and Challenges,

Poverty Reduction and Economic Management Sector Unit,

South Asian Region.

35) Gunatilaka, R. (2007): Poverty Trends, Correlates and Policies

in Sri Lanka: 1990–2002, a Paper presented at the South Asia

Update and Poverty Dynamics Conference, 27–28 September

2007, The Visions Theatre, National Museum .of Australia,

Canberra.

36) The World Bank (2007): Sri Lanka – Poverty Assessment: En-

gendering Growth with Equality: Opportunities and Challenges,

Poverty Reduction and Economic Management Sector Unit,

South Asian Region

Meijo Asian Research Journal Vol.1 No.1

61

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

AbstractThe 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

1. Introduction

The small and medium sized sector is increasingly recog-

nized as the prime vehicle for economic development in both

developed and developing nations1). It is a major source of em-

ployment, revenue generation, innovation and technological

advancement2). Therefore, SMEs have become a major asset

in the economy. In most of the countries in the world, the level

of economic dependence on small and medium enterprises

has increased in recent years. The individual performance of

each enterprise determines economic development.

Strategy plays a crucial role in the firms’ performance3).

Strategy gives the direction that a firm has in mind and in which

way they want to achieve their goals. The performance of an

enterprise is determined by the business strategy it adopts4,5).

Many researchers have associated business strategies with

performance, distinguishing between strategies associated

with high and low performance6,7,8,9). Further, in literature, it

also investigates the different strategy typologies and firm

performance and determines which strategy typologies lead

to best performances for firms10,2).

The impact of business strategy on organizational perfor-

mance has been a subject of growing interest in the field of

strategic management. However, almost all these studies

are limited to large enterprises and carried out in a western

context. Despite this trend, the literature suggests that a few

studies have addressed this issue in the SME sector11,12).

However, little research has been done to compare the

strategy-performance relationship in a context of two different

economies. Therefore, the current study fills the void in the

literature by investigating the strategy-performance relation-

ship in SMEs of two different economies. Such an approach

would certainly help in enhancing knowledge of the business

strategy and performance relationships in SMEs.

In particular, this study fills in the gaps in regard to empirical

research on the strategy and performance of SMEs in two

Asian economies. As such, this study is an attempt to examine

and compare the relationship between strategy and business

performance using a sample of manufacturing SMEs that are

operating in the developed Asian economy of Japan and the

developing Asian economy of Sri Lanka.

SMEs play a major role in every area of the national economy

in Japan and Sri Lanka. Their importance is indicated by the

very large share of the economy that they occupy, whether in

terms of number of enterprises, total number of employees,

or export earnings. In the county of Japan, in 2006, SMEs

numbered 4.2 million and accounted for 99.7% of all firms

comparing to the 0.3% of large firms. SMEs employed 42

million people, which is 78% of total employment. SMEs ac-

学術論文／ Articles

62

counted for 47.7% of total manufacturing shipment volume

in 200613). However, the exit rate of SMEs has had an upward

trend in recent years and it has risen by an annual average of

6.2% (based on the number of enterprises) between 2004 and

2006 compared to 5.1% of entry rate. Compared to this, in the

country of Sri Lanka, in 1996, small and medium Scale Indus-

tries (SMIs) account for 85.4% of all businesses and 36.3%

of employees are employed by them14). Further, it is noted

that manufacturing SMEs play a vital role in socio economic

development in Japan as well as in Sri Lanka, even though

these two countries have two very different economic levels.

The remainder of this paper is organized as follows. Sec-

tion 2 is a review of the literature related to the concepts of

business strategy, performance, and the relationship between

strategy and performance. The methodology used in this

study, including sample characteristics, data collection and

data analyses used to investigate the research problem are

discussed in section 3. The results are reported in part 4,

followed by the conclusions drawn from the study in part 5.

2. Literature Review

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

frequently described as a deliberate set of actions to achieve

competitive advantage, giving coherence and direction to the

organization15). The literature suggests that firms can have

a single strategy or multiple strategies and these strategies

are likely to exist at three levels. They are the corporate level,

business unit level and functional level business strategies.

The present study focuses on business functional level

strategies.

A business strategy is an overall plan of action which de-

fines the competitive position of a firm16). For example, a firm

may choose to compete by producing high quality goods or

by producing at low cost.

Business strategies are implemented through the major

functional areas in finance, production, marketing, human

resource management (HRM), and research and development

(R&D). In turn each functional strategy is made up of several

activities. Therefore, activities act as guides to the realization

of the overall business strategy17). Activities which comprise

the various functional strategies centre around the following;

✧   Finance – capital structure; methods of raising capital:

capital expenditure: levels of profit distribution and reten-

tion: working capital: and liquidity level18).

✧   Production – selection of suppliers: inventory and pro-

ductivity levels: production technology and plant size and

capacity as well as levels of efficiency in production.

✧   HRM – staff recruitment and selection, employee training,

performance and remuneration, reward and disciplinary

systems, industrial relations and levels of employee

participation in decision making19).

✧   Marketing – product quality, pricing and promotion,

customer target groups, choice of distribution channels,

provision of customer service and support, and identifi-

cation with brand names18).

✧   R&D – new product development, new production tech-

nologies and marketing techniques, patent acquisition,

basic versus applied research and levels of limitation18).

The effectiveness of the overall business strategy depends

substantially on how well activities in the various functional

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-

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-

tional activities.

The essence of strategy is to understand why organizations

perform differently, and how performance can be directed and

controlled25). Indeed, the relationship between strategy and

performance has concerned researchers for years and these

efforts have fallen into two separate but interrelated streams

like process and content26).

Three basic factors influence managements’ choice of

strategy; management, environmental variables, and the

firm’s internal resources27). The degree to which management

and environmental variables influence business strategy has

been debated by a number of researchers. Montanari (1978)

stated that the greater the influence of environmental variables

on business strategy, the less will be the impact of manage-

ment28). Qualifying support comes from Miller and Toulouse

(1986) who noted that management has greatest influence in

dynamic, unpredictable, and changing environments29).

Miller (1988) noted that managers have greater influence on

business strategy in small firms, where the manager is also

the owner of the firm, than in large firms30). He explained that

owner-managers are powerful enough to override obstacles

to the successful realization of their business strategies. They

Meijo Asian Research Journal Vol.1 No.1

63

DO STRATEGIES IMPROvE SME PERFORMANCE? AN EMPIRICAL ANALYSIS OF JAPAN AND SRI LANKA

have enormous impact on their enterprises through their pow-

er of ownership and face to face contact with employees29).

The owner-manager is thus at the centre of all enterprise

behaviour8).

2.2 Performance in SMEs

Research has established the important role that small

enterprises play in economic development31,32). The role is

dependent on the individual performance of each enterprise.

In research concerned with SMEs, assessing performance

has become a critical issue. It is suggested that the treatment

of performance in research settings is one of the difficult tasks

confronting academic researchers33). One of the reasons for

this is that, it is not always clear what performance means or

what are appropriate operational definitions. In the discus-

sion of entrepreneurship research, a wide variety of definitions

and variables are used to define and measure the terms of

performance in a business34). Similar to this, the developed

conceptual frameworks for assessing performance in small

firms are also reflected by a multi dimensional nature. Accord-

ing to Keats and Bracker (1988), performance has a different

set of meanings for small firms as opposed to large firms

and it is represented as an undifferentiated, one dimensional

concept which implies a number of interpretations and ap-

propriate measurements35).

This diverse nature of the performance construct is reflected

in the variety of operational definitions and measurements

used in past research studies in literature related to SMEs

and performance. Earlier, many studies emphasised traditional

accounting measures for performance such as sales growth,

market share, and profitability as well as with other indicators

of stakeholder satisfaction36). Murphy, Trailer and Hill (1996)

provide an analysis of 51 articles and found 71 different op-

erational measures of performance that they grouped in eight

major dimensions of which efficiency, growth, and profit were

most frequently used34).

However, within this context, it can be seen in the litera-

ture, most of research considered the performance in the

small firms and was limited to financial measures alone37).

The performance is measured in terms of various financial

measurements based on sales revenue, profits, return on in-

vestment/equity etc37,38,39). The applied financial performance

measures are sales level, sales growth rate, cash flow, return

on shareholder equity, gross profit margin, net profit from

operations, profit to sales ratio, return on investment, and

ability to fund business growth from profits8). Few research

studies considered the industry specific financial performance

data as dependent variables to identify the performance in

SMEs38,40,41,42,39) .

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,

performance measured by this method has been found to

have high reliability and validity rates and to reflect accurately

the firm’s objective performance44). Ramanujam, Venkatraman

and Camillus (1986) and Reid and Smith (2000) suggest that

the effectiveness of performance must be measured accord-

ing to what goals a firm has set, and then enquires into the

extent to which these goals have been achieved46,47).

In short, it shows that various measures are used in de-

termining the performance level of firms. When used singly,

these different measures are bound to give conflicting results,

because they measure different performance aspects of the

firm. Gibson and Cassar (2005) concentrated economic suc-

cess to measure the performance of SMEs and used both

financial indicators (sales and income measures) and non

financial indicators (number of employees)45). Further, a range

of other operational measures have also been used. They

include new product success, market share, and the firm’s

life cycle. Some studies attempted to assess performance

on the basis of a general measure of effectiveness and Kotey

and Meredith (1997) and Blackman (2003) used this similar

approach including variables as high productivity, industry

leadership, creating new jobs, business stability, high profit

rates, lower cost of production, community development and

business growth2,48).

Moreover, in recognizing the problem of using financial

measurements alone, Ramanujam, Venkatraman and Camillus

(1986), Tosi and Gomez-Mejia (1994), Yusuf and Saffu (2005)

recommended that performance should be measured with

both financial and non-financial criteria, employing objective

and subjective data46,49,50). Because of the difficulty in obtain-

ing reliable information and the inherent reluctance of small

business people to disclose financial information, research-

ers asked the respondents to indicate the direction of their

companies over the past few years39). Pushpakumari and

Wijewickrama (2008) used both financial and non-financial

measures such as annual sales, annual profits, number of

employees, market share and reinvestment in the business to

measure the business performance of SMEs51).

The above literature review related to the performance of

SMEs suggests that different measures are identified and

64

applied, but there is no any accepted set of best standard

measurements. Therefore, in the current study, business per-

formance is identified in terms of including financial and non-

financial measures of annual sales, annual profits, number of

employees, market share and reinvestment in the business.

2.3 Business Strategy and Performance

The performance of an enterprise is determined by the busi-

ness strategy it adopts4,5). Many researchers have associated

business strategies with performance, distinguishing between

strategies associated with high and low performance6,7,8,9).

Strategies which result in high performance are identified

with activities that generally lead to success in the industry;

that is key success factors23). These activities are associated

with initiatives in industry52). Researchers have identified such

initiatives to include emphasis on product quality, product and

service innovations, development of new operating technolo-

gies, and discovery of new markets21). Activities associated

with high performing strategies also include emphasis on

customer service and support, extensive advertising, and

use of external finance8). Further, because high performing

strategies involve initiative-taking, they are often referred to as

proactive strategies53). All the activities of a proactive strategy

are well integrated20).

Firms which perform below average tend to follow others

in the industry and to react to events in their environment.

Such firms are characterized by strategies which emphasize

risk avoidance and involve little innovation54). Strategies of low

performing firms include limitations of more successful firms in

the industry, but usually fall short in some important respect23).

The activities that comprise these strategies are often not

well integrated and are mismatched with the demands of the

environment23). They are often referred to as reactive strategies

because they are characterized by reactions to events rather

than by initiative-taking53). In reality, the two strategies may

not be so clearly distinguishable. Firms pursuing proactive

strategies may sometimes conform to industry norms and

adopt standardized strategies. However, they do this not

out of tradition, as with low performing reactive strategies,

but because that is the best strategy at the time. Strategies

with varying degrees of proactivity and reactivity lie along the

proactive-reactive continuum.

Focusing on business strategy items and performance,

some studies have identified that there are some relationships

between strategy activities and performance. The activities

of improving existing products to meet changing customer

needs, developing new products and emphasizing product

quality are associated with market share increases by attract-

ing new customers and retaining existing ones55,21). In contrast,

low performing firms are likely to ignore these innovative and

risk taking activities. High performing firms are implementing

new production technologies, emphasizing cost effective-

ness and concerned with employee productivity to compete

with competitors within the industry more so than the low

performing firms56,57). Furthermore, Kotey and Meredith (1997)

pointed out that when firms are advertising more, identifying

brand names for products, greater emphasizing customer

service and credit, exploring marketing techniques, it leads to

an increase in high performance2). As far as financial strategic

activities are concerned, they also stated that high perform-

ing firms use more debt financing and assessment of costs

and benefits associated with alternative sources of external

funding than the low performing firms. As mentioned in the

literature, SMEs are more labour intensive than the large firms.

Within their research, it is also found that assessment of em-

ployee performance, concern with employees’ well being and

job satisfaction, involving employees in decision making are

more common in high performing firms than low performing

firms. Research shows that owner-managers, who seek the

assistance of experts and make networks within the industry,

perform better than those who do not58).

Particularly, some empirical studies investigated the dif-

ferent strategy typology (orientation) and performance of

firms. In considering the two groups of strategy orientation of

proactive and reactive strategies, research which was done in

the furniture industry related to business strategies and perfor-

mance by Kotey and Meredith (1997) demonstrated that high

performers pursue proactive strategies and low performers

pursue reactive strategies2). Average performing firms exhibit

a combination of proactive and reactive strategies. Similar to

this, they investigated four different strategy typologies and

performances and concluded that prospector strategy (proac-

tive strategy) influences the growth of the company10). This

idea is also supported by Matsuno and Mentzer (2000)59).

From a review of the above literature and to investigate

the research objective, the following conceptualized research

model (Figure 1) was developed to test the business strategies

and their relationship with enterprise performance. Business

strategies were defined in terms of twenty five (25) strategy

items which is developed based on the literature from five

business functional areas such as finance, production, HRM,

marketing and (R&D) 2,48). Business performance of SMEs

Meijo Asian Research Journal Vol.1 No.1

65

DO STRATEGIES IMPROvE SME PERFORMANCE? AN EMPIRICAL ANALYSIS OF JAPAN AND SRI LANKA

was measured in terms of mixed financial and non-financial

measures including increased annual profits, annual sales,

market share, number of employees and reinvestment in the

business.

The research methodology which was applied to investigate

the conceptualized model is presented as follows.

3. Methodology

3.1 Sample

For the purpose of achieving the main research objective

of examining the relationship between business strategies

and business performance, a total number of five hundred

and fifty (550) SMEs in Aichi Prefecture in Japan and five

hundred (500) in Western province in Sri Lanka were selected

from manufacturing SMEs. Aichi Prefecture is the third largest

prefecture in terms of number of establishments of SMEs and

also produced the highest shipment in Japan60). Therefore,

this prefecture has a high industrial contribution to the GDP

and plays a crucial role in economic development. Similar to

this, Western province has the highest number of industrial

establishments in Sri Lanka and also a high contribution to the

GDP61). The electronic databases maintained by the Aichi As-

sociation of Small Business Entrepreneurs (from 2005 to 2007)

and Government of Aichi Prefecture were used to draw the

sample in Japan and a database maintained by the National

Chamber of Commerce was used to draw the sample in Sri

Lanka. Within these databases, only registered manufacturing

SMEs were considered among all registered SMEs. It is noted

that, manufacturing SMEs employ the largest number of em-

ployees compared with other SME industries in Japan as well

as in Sri Lanka. Further, SMEs whose employees are less than

300 were included in the sample as they are considered to be

“SMEs” according to the Small and Medium Enterprise Basic

Law of defining manufacturing SMEs in Japan13). Similarly, this

criterion was also applied in the Sri Lankan context as there

is no standard definition.

3.2 Data Collection

The researcher collected primary data pertaining to busi-

ness 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

afforded the advantages of vast coverage, speed, cost, less

pressure and versatility.

A comprehensive questionnaire was developed that was

comprised of four major parts. The first part included seven

questions related to owner-manager characteristics: age,

sex, martial status, educational qualifications, experience,

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-

ees, source of resources, market for production, whether

the business is a family business and number of managers

and supervisors. These data were utilised to identify a more

meaningful profile for the sample.

The third part followed the questions related to the business

strategies of the firm. A total of twenty five (25) operational

strategic activities were developed covering five major areas

of finance, production, HRM, marketing and R&D. Particularly,

under business strategies, the first four questions were related

with the finance strategic activities of the firm including use

of outside borrowed funds, searching for sources of finance,

reinvesting profits earned and maintaining large cash bal-

ances. Next activities from no. 5 to 9 were followed by the

production strategies. Such as changing or reinvesting pro-

duction methods, improving existing products to meet chang-

ing customer needs, developing new products, emphasizing

product quality, and emphasizing cost reduction in all areas

of the business. Activities no. 10 to 15 were focused on the

HRM strategies, asking about the activities from respondents,

involving employees in decision making, using clear personal

policies in reward and punishment of employees, emphasizing

employee welfare, assessing employee performance, assess-

ing employee job satisfaction, and emphasizing employee

productivity. Marketing strategies are included (activity no. 16

to 22) the activities such as using brand names, advertising

products, extending customer credits, pricing products at

market price, emphasizing customer service, selling products

direct to end users, and selling through distribution channels.

The last three activities illustrated the R&D strategies such as

consulting technical experts, taking part in activities related

Business Strategies

⦁ Proactive strategy

⦁ Reactive strategy

Business Performance⦁ Annual sales⦁ Annual profits⦁ Number of employee⦁ Market share⦁ Investment to the businesses

Figure 1: Conceptualized Model for Association between Business Strategy of SMEs and Enterprise performance

66

to trade or industry associations and attempting to predict

industry trends and acquiring knowledge of competitors’

activities. Within the questionnaire, in this part, participants

were asked to rate the degree of extent to which each activ-

ity is undertaken in the operation of the firm on a five-point

Lickert scale ranging from “never use” (score 1) to “always

use” (score 5).

Finally, business performance was measured in terms of

annual sales, annual profits, number of employees, market

share (local and international), and investment in the business.

The respondents were asked to rate the trends for the above

performance metrics over the last three years (2005 to 2007)

on a five-point Likert scale ranging from “highly decreased”

(score 1) to “highly increased” (score 5). All of the questions

developed were closed-ended and multiple choice, and sim-

ply required ticking or circling the appropriate answer, thus

minimising the completion time. The data collection started

after employing a pilot study. Based on the findings of the pilot

study, some minor changes in the questionnaire were made.

The questionnaire was initially prepared in English, and it was

later translated into Japanese and Sinhala.

The reliability of the business strategies and performance

measures were evaluated and found to be acceptable,

respectively, with a Cronbach’s alpha of 0.73 and 0.84 for

Japan and 0.84 and 0.94 for Sri Lanka. This self-administered

questionnaire was sent by postal mail with a return stamped

envelope to the owner-managers of SMEs in both countries

in the middle of the 2008 fiscal year.

3.3 Data Analysis

In this study, for the purpose of achieving the main research

objective and based on the nature of the data collected,

non-parametric statistical techniques for data analysis were

employed. Non-parametric techniques are ideal for this use

because; the data were measured using nominal (categorical)

and ordinal (ranked) scales, the distribution of the popula-

tion 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

reinvestment into the business, as the dependent variables.

The Pearson’s chi-square value was calculated to determine

the level of significance. In this test, if the calculated value

(p) is less than 0.05, the relationship between two variables

is significant. Statistical calculations were made using SPSS

software62).

4. Results and Analysis

4.1 Sample Characteristics

A total of 231 SMEs in Japan and 224 SMEs in Sri Lanka

responded to the survey. The response rate for the distributed

questionnaire was 42% in Japan and 45% in Sri Lanka. Due

to issues with incomplete data, 16 and 10 questionnaires from

Japan and Sri Lanka, respectively, were disregarded. The re-

maining 215 in Japan and 214 in Sri Lanka were included in

the data analysis. The characteristics of the two samples are

presented in the following sections.

4.1.1 Owner-Manager Characteristics

As for the owner-manager characteristics of the samples

from the two countries, their most important features are sum-

marised in Table 1.

As shown in Table 1, over half of the Japanese owner-

managers (55%) were over fifty years old, whereas 83.3%

of managers were less than fifty one years old in Sri Lanka.

This shows that, on average, owner-managers of SMEs in

Japan are older than in Sri Lanka. Based on the data regarding

educational qualifications in Japan, 66.8% of owner managers

have obtained a university degree. In contrast, most of the

owner-managers in Sri Lanka have only attained a high-school

Table 1: Owner-Manager Characteristics of SMEs

Owner-Manager CharacteristicJapan

% 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

ExperienceYes

No

72.0

28.0

34.3

65.7

Source: Survey data, 2008

Meijo Asian Research Journal Vol.1 No.1

67

DO STRATEGIES IMPROvE SME PERFORMANCE? AN EMPIRICAL ANALYSIS OF JAPAN AND SRI LANKA

level of education. This indicates a lower level of education

among Sri Lankan managers than among the managers in

Japan. Before entering the business, 72% of Japanese owner-

managers had prior experience owning a similar business,

while only 34.3% of managers had prior experience in Sri

Lanka. In addition to the data in Table 1, we can note that in

Japan, 96.2% of managers are males and 3.8% are females.

In Sri Lanka, the percentages are 88% and 12% for males and

females, respectively. Furthermore, 92.9% of managers are

married in Japan, while this figure is 84.3% in Sri Lanka. The

most important reason for entering the business in Japan is

that the firm in question is a family business (70.4%), whereas

personal interest (41.7%) is most important in Sri Lanka.

74.8% of Japanese owner-managers’ family members have

owned a business, compared to only 25% in Sri Lanka.

4.1.2 Firm Characteristics

In terms of firm characteristics within the two countries, the

most important features are summarised in Table 2.

As the table indicates, the majority of firms in the Japanese

sample are older, as over 62% of SMEs are more than 41

years old. In contrast, half of the SMEs in Sri Lanka fall into

the category of 11-20 years of operation. Interestingly, most

of the firms in Japan operate as joint-stock corporations

(84.7%), while in Sri Lanka, they operate as sole proprietor-

ships (67.6%). One of the salient features of the majority of

SMEs in both countries is that they employ fewer than 100

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 non-

family 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-

Table 3: Involved Industry of the Sample in Japan and Sri Lanka

IndustryNo. of Firms

%

Japan Sri Lanka

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

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

Table 2: Firm Characteristics of SMEs

Firm Characteristic Japan

% Sri Lanka

%

Age (Years)

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

Legal Form

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

—

No. of Employees

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

Source: Survey data, 2008

68

ricated and metal products (19.5%) and machinery (13.5%)

industries. In Sri Lanka, most firms produced textiles and

apparel (14.8%) or chemical, petroleum, rubber and plastics

products (13.9%) industries.

4.2 Business Strategies of SMEs

Responses for the items related to measure business strate-

gies of SMEs in Part three of the questionnaire is presented

as mean scores (x–) and standard deviation(s) values for each

strategy item with the following Table 4 for both samples in

Japan and Sri Lanka.

As mentioned in section 2.3, twenty-five strategy items are

developed in five major business functional areas related with

finance, production, HRM, marketing and R&D. According

to the above table, under the finance strategies, the highest

mean score in the sample from Japan records 3.62 with the

strategy item of reinvestment of earned profits, whereas in Sri

Lanka, the highest mean score is for searching for cheaper

sources of finance (x– = 4.08). It implies that these two strate-

gies are commonly used in the respective country’s SMEs. On

the other hand, the lowest mean 2.68, related to maintaining

large cash balances in the Sri Lankan sample, indicates that

this strategic activity is rarely followed by firms. Except for

this, other strategic items in the functional area of finance

in both countries are being used by the firms, as all means

recorded more than 3.5.

Items 5 to 9 are included in production strategies which are

more important in the manufacturing industry. Based on the

calculated mean values, in both samples, the similar feature

which can be seen is that the highest mean is related with the

strategy item of emphasizing product quality (4.46 in Japan

and 4.36 in Sri Lanka). Furthermore, it is apparent that all

production strategies are rated over 3.7 in both countries.

Items 10 to 15 are related with the firm’s HRM strategies.

Under this, the calculated means show that the highest mean

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 ItemJapan Sri Lanka

x– s x– s

FinanceUse of outside borrowed funds 3.45 1.100 3.55 1.212Search for cheaper sources of finance 3.51 1.027 4.08 0.921Reinvestment of earned profits 3.62 0.927 3.92 0.879Maintaining large cash balances 3.51 0.738 2.68 0.905ProductionChanging or reinvesting production methods 3.72 0.785 3.81 0.980Improving existing products to meet changing customer needs 4.06 0.736 4.08 0.750Developing new products 3.93 0.921 4.03 0.756Emphasizing product quality 4.46 2.796 4.36 0.601Emphasizing cost reduction in all areas of the business. 4.01 0.764 4.18 0.669HRMInvolving employees in decision making 3.80 0.758 3.76 0.886Using clear personal policies in reward and punishment of employees

3.41 0.775 3.42 0.881

Emphasizing employee welfare 3.71 0.692 3.98 0.741Assessing employee performance 3.88 0.701 3.82 0.897Assessing employee job satisfaction 3.78 0.717 4.05 0.755Emphasizing employee productivity 3.92 0.660 4.13 0.713MarketingUsing brand name 3.29 1.082 3.84 1.078Advertising products 3.21 0.987 3.11 1.211Extending customer credits 4.15 0.693 3.45 1.013Pricing products at market price 3.73 0.806 4.11 0.706Emphasizing customer service 4.00 0.768 4.47 0.805Selling products direct to end users 3.26 1.299 3.59 1.278Selling through distribution channels 3.18 1.092 3.20 1.324R&DConsulting technical experts 3.27 0.949 3.03 1.214Taking part in activities related to trade or industry associations 3.56 0.894 2.86 1.092Attempting to predict industry trends and acquiring knowledge of competitors’ activities

3.78 0.783 3.97 0.781

x– = mean; s = standard deviationSource: Survey data, 2008

Meijo Asian Research Journal Vol.1 No.1

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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

clear, that the mean ranges of HRM strategy items in Japan

(3.41 – 3.92) are lower than that in Sri Lanka (3.42 – 4.13).

Standard deviation values in each item show that the deviation

of mean in corresponding activities between the two samples

does not show much variation.

Items 16 to 22 in the above Table 4 are considered the mar-

keting strategies. The means illustrate that the highest mean

is related with extending customer credits in Japan (4.15) and

emphasizing customer service in Sri Lanka (4.47). This implies

that SMEs in both samples place more emphasis on their

customers. However, on the whole, means of all strategy items

under marketing are not less than 3.10.

Items 23 to 25 are related with R&D strategies and the

calculated means show that the highest mean is related with

the strategy item of attempting to predict industry trends and

acquiring knowledge of competitors’ activities in both samples

(3.78 in Japan and 3.97 in Sri Lanka).

Overall, from the calculated means and standard deviations

for strategic items, one of the salient features which can be

shown is that many of the highest means are related with

the production strategy items in manufacturing SMEs in both

countries. It implies that the majority of firms are more con-

cerned about production strategies than the other business

functions as the two samples are related with the manufactur-

ing industry.

4.3 Relationship between Business Strategy and Performance

of SMEs

For investigating the relationship between business strat-

egy and business performance, two categories of business

strategy namely proactive and reactive and five performance

variables are considered. To determine whether there is a

statistically significant relationship between strategy and

performance, a chi square test is conducted separately,

for two groups of strategy; proactive and reactive with five

performance measures. To categorise proactive and reactive

strategies, means are calculated based on the rating scores

given by the respondents to each activity. Within these means

scores, a decision rule is applied to determine whether proac-

tive or reactive strategies are followed by the owner-managers.

High mean score (equal or more than 3.5) is considered for

determining proactive strategies and low mean score (less

than 3.5) is considered for reactive strategies.

The following Table 5 illustrates the results of the chi-square

test related with two categories of strategy and change in

annual sales of manufacturing SMEs in two countries.

The results indicate a significant relationship between busi-

ness strategy and change in annual sales in Japan and Sri

Lanka at a 5% level. More specifically, in Japan, 42.7% of

owner-mangers of SMEs who apply reactive strategies shows

a significant decrease (13.5%) or decrease (29.2%) in annual

sales, while 23.6% (22.5% increase and 1.1% high increase)

shows a similar increase in sales. With regard to the category

of applying proactive strategies, the respective percentages

are 23% (6.3 and 16.7) and 46% (38.1 and 7.9). Similar to

this, in Sri Lanka, the category of 13.4% owner-managers

who apply reactive strategies shows a high decrease (6.7)

and decrease (6.7) in annual sales, and 73.7% (72 and 1.7)

shows a similar increase in sales. For the category of proactive

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

and 73.7% in Sri Lanka with reactive strategies are able to

increase in sales over the last three years, whereas 46% and

75.3% in Japan and Sri Lanka, respectively, have achieved

similar increases in sales by applying proactive strategies.

Apparently, these results suggest that using proactive strate-

gies leads to a greater increase in sales in both Japan and

Sri Lanka. On the other hand, if using reactive strategies, the

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

Strategy Type

Annual sales

Highly Decrease DecreaseNeither

Decrease nor increase

Increase Highly Increase

J SL J SL J SL J SL J SL

Proactive8 6 21 20 39 12 48 77 10 39

6.3% 3.9% 16.7% 13.0% 31.0% 7.8% 38.1% 50.0% 7.9% 25.3%

Reactive12 4 26 4 30 6 20 45 1 1

13.5% 6.7% 29.2% 6.7% 33.7% 10.0% 22.5% 72.0% 1.1% 1.7%

J = Japan; SL = Sri Lanka; a = c2 (4, N = 211) = 15.490, p = .004; b = c2 (4, N = 214) = 20.160, p = .000Source; Survey data, 2008

70

reactive strategies.

Table 6 presents the chi-square test results of the relation-

ship between business strategy and change in profits for both

countries.

As shown in Table 6, the results depict a significant relation-

ship between business strategy and change in profits in both

samples.In the sample of Japan, as shown in the above table,

42.7% (5.6 and 37.1) of owner-managers of SMEs who follow

reactive strategies indicate a high decrease or decrease in

annual profits respectively, while 24.7% (23.6 and 1.1) show

a similar increase in annual profits. Contrasting to this, the

use of proactive strategy category shows a 26.2% (7.9 and

18.3) and 38.9% (33.3 and 5.6) of a fall and a rise of profits,

respectively.

In Sri Lanka, Table 6 shows that 23.3% (8.3 and 15.0) of

owner-managers of SMEs who are applying reactive strate-

gies report a high decrease or decrease in profits, while 60.0%

(58.3 and 1.7) report a similar increase in profits. With regard

to the category of applying proactive strategies, these values

are 18.3% (6 and 12.3) and 74.0% (64.3 and 9.7), respectively.

In Sri Lanka, it is apparent that applying proactive strategies,

74.0% of SMEs can achieve an annual profits increment in the

last three years, whereas 60.0% of SMEs that apply reactive

strategies are also able to increase annual profits.

Therefore, comparing the two samples, it is shown that

applying proactive strategies leads to an increase in annual

profits of SMEs in both countries.

Next, the following Table 7 presents the results of a chi

square test related to the categories of proactive and reac-

tive strategy and change in number of employees in the two

countries.

It shows a significant relationship between business strat-

egy and number of employees in Sri Lanka at p = 0.05.

In the sample of Sri Lanka as in Table 7, it depicts that

15.0% (5.0 and 10.0) of SMEs by employing reactive strategies

have achieved a high decrease or decrease in their number

of employees, while 26.7% (21.7 and 5.0) have achieved a

similar increase in the number of employees. In the category of

proactive strategy, 15.5% of SMEs (4.5 and 11) have achieved

a high decrease or decrease in the number of employees,

while 55.2% (48.1 and 7.1) have achieved a similar increase

in the number of employees to the business.

The above results suggest that applying proactive strategies

affect the increase in the number of employees of SMEs in

both countries, while it shows a non significant relationship in

Japan. This is a vital difference between the two countries.

The following Table 8 presents the chi-square results be-

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

Strategy Type

Annual Profits

Highly Decrease DecreaseNeither

Decrease nor increase

Increase Highly Increase

J SL J SL J SL J SL J SL

Proactive10 1 23 19 44 20 42 99 7 157.9% 6% 18.3% 12.3% 34.9% 13.0% 33.3% 64.3% 5.6% 9.7%

Reactive5 5 33 9 29 10 21 35 1 1

5.6% 8.3% 37.1% 15.0% 32.6% 16.7% 23.6% 58.3% 1.1% 1.7%

J = Japan; SL = Sri Lanka; a = c2 (4, N = 211) = 12.023, p = .01; b = c2 (4, N = 214) = 13.752, p = .008Source; Survey data, 2008

Table 7: Relationship between Business Strategy and Number of Employees of SMEs in Japana and Sri Lankab

Strategy Type

Number of Employees

Highly Decrease DecreaseNeither

Decrease nor increase

Increase Highly Increase

J SL J SL J SL J SL J SL

Proactive7 7 17 17 53 45 40 74 9 11

5.6% 4.5% 13.5% 11.0% 42.1% 29.2% 31.7% 48.1% 7.1% 7.1%

Reactive7 3 16 6 44 35 17 13 4 3

8.0% 5.0% 18.2% 10.0% 50.0% 58.3% 19.3% 21.7% 4.5% 5.0%

J = Japan; SL = Sri Lanka; a = c2 (4, N = 211) = 5.495, p = .240; b = c2 (4, N = 214) = 17.549, p = .002Source; Survey data, 2008

Meijo Asian Research Journal Vol.1 No.1

71

DO STRATEGIES IMPROvE SME PERFORMANCE? AN EMPIRICAL ANALYSIS OF JAPAN AND SRI LANKA

Japan and Sri Lanka.

The results depict a significant relationship between busi-

ness strategy and change in market share in Japan. In Sri

Lanka, this relationship is not statistically significant (p >

.05). Furthermore, in Japan, 21.6% (2.3 and 19.3) of owner-

managers of SMEs who follow reactive strategies report a

high decrease or decrease in market share, while 15.9% (14.8

and 1.1) report an increase in market share. However, with

respect to firms that follow proactive strategies, these per-

centages are 10.4% (0.8 and 9.6) and 36.0% (30.4 and 5.6),

respectively. Therefore, it is evidenced that 15.9% of SMEs

which apply reactive strategies are able to increase the market

share over the last three years. Interestingly, this figure shows

36.0% of SMEs with respect to firms that applying proactive

strategies.

On the other hand, in Sri Lanka, 10.0% (1.7 and 8.3) of

SMEs that employ reactive strategies achieve a high decrease

or decrease in market share, while 66.7% (60.0 and 6.7)

achieve a similar increase in market share. 9.2% (3.3 and 5.9)

of SMEs having a proactive strategy achieve a high decrease

or decrease in market share, while 79.0 % (67.8 and 11.2) of

SMEs achieve a similar increase in market share.

Comparing the results of the above analysis, it suggests

that applying proactive strategies leads to greater increase in

market share of SMEs in Japan and Sri Lanka, although the

relationship is statistically not significant in Sri Lanka. This is

a remarkable difference between Japan and Sri Lanka.

Finally, Table 9 presents the results of the test related with

the two categories of strategy type - proactive and reactive

and reinvestment in the business.

The results of Table 9 illustrate a significant relationship

(P < 0.05) between strategy type of proactive and reactive

and reinvestment in the business in Japan. In short, in Japan,

31.9% (23.9 and 8.0) of the SMEs that follow reactive strate-

gies are able to increase or highly increase reinvestment in the

business over the last three years, whereas 52.4% (41.3 and

11.1) of SMEs which apply proactive strategies can achieve an

increment in investment back into the business. The respec-

tive percentages in Sri Lanka are 84% and 84.4%. Though,

it can be shown that applying proactive strategies leads to

increase in the level of reinvestment into the business of SMEs

in both countries, the relationship is statistically not significant

in Sri Lanka.

The suggested view in the literature is that business strate-

gies determine the performance of an enterprise. The situation

revealed by this study is consistent with the findings of the

studies conducted by Pearce and Robinson (1985), Olson

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

Strategy Type

Market share

Highly Decrease DecreaseNeither

Decrease nor increase

Increase Highly Increase

J SL J SL J SL J SL J SL

Proactive1 5 12 9 67 18 38 103 7 17

0.8% 3.3% 9.6% 5.9% 53.6% 11.8% 30.4% 67.8% 5.6% 11.2%

Reactive2 1 17 5 55 14 13 36 1 4

2.3% 1.7% 19.3% 8.3% 62.5% 23.3% 14.8% 60.0% 1.1% 6.7%

J = Japan; SL = Sri Lanka; a = c2 (4, N = 211) = 13.099, p = .011; b = c2 (4, N = 214) = 5.824, p = .213Source; Survey data, 2008

Table 9: Relationship between Business Strategy and Reinvestment to the Business of SMEs in Japana and Sri Lankab

Strategy Type

Reinvestment to the Business

Highly Decrease DecreaseNeither

Decrease nor increase

Increase Highly Increase

J SL J SL J SL J SL J SL

Proactive5 5 8 9 47 10 52 112 14 18

4.0% 3.2% 6.3% 5.8% 37.3% 6.5% 41.3% 72.7% 11.1% 11.7%

Reactive6 1 13 7 41 1 21 48 7 3

6.8% 1.7% 14.8% 11.7% 46.6% 1.7% 23.9% 80.0% 8.0% 4.0%

J = Japan; SL = Sri Lanka; a = c2 (4, N = 211) = 10.780, p = .029; b = c2 (4, N = 214) = 5.573, p = .160Source; Survey data, 2008

72

Covin (1991), and Chell, Haworth and Brearley (1991) 4,5.6,7,8,9).

However, in comparing the two countries, the findings related

to each performance variable indicates some similarities and

differences. The findings on relationship between strategy

and annual sales and profits have a positive and significant

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-

facturing SMEs in Japan and Sri Lanka. But the finding on the

relationship between strategy and the number of employees

is rather surprising in the case of Japan. In Japan, strategies

do not affect the number of employees. This is a remarkable

difference between the two countries.The reason for this situ-

ation may be less job security, low salary, fewer welfare facili-

ties, which may have an influence other than that of strategies,

compared to large enterprises in Japan. But there is no prior

research evidence to prove it. Therefore, this implies further

research is needed to investigate this situation. On the other

hand, the other dissimilarity between the two countries is that

there is a strong positive influence of strategies on market

share and reinvestment to the business in Japan, where as in

Sri Lanka, strategy does not affect this. The reasons for this

situation may be the prevailing civil war during the last three

decades, which created an uncertain environment and less

business security in the country of Sri Lanka. At the same

time, the major reason for increasing market share in Japan

may be more related to production strategies, particularly, the

high quality concerned and technology improves sales and

widens the market more than that of Sri Lanka.

Furthermore, the literature shows that strategies which result

in high performance are identified with activities associated

with emphasis on product quality, product and service innova-

tions, development of new operating technologies, emphasis

on customer service and support, extensive advertising, and

use of external finance and discovery of new markets21,52,8).

Some of these findings are also evidenced by current study

revealing that most important strategic activities are derived

from functional level strategies. The analyzed data reveals

that in both samples, as overall, proactive strategies tend

to increase in performance of manufacturing SMEs which

is consistent with the studies done by Kotey and Meredith

(1997)2) and Covin (1991)8). Particularly, it indicates that there is

a strong positive impact of proactive strategies on increasing

business performance in terms of sales and profits in the two

countries. A proactive strategic approach emphasizes more

such activities as: searching for cheaper sources of finance,

changing production methods, developing new products,

product quality, employee productivity, advertising, customer

credits and customer service, which improves the sales and

profits in manufacturing firms. This is also supported by the

ideas provided by Covin (1991)8).

5. Conclusions

This study has achieved its purpose of filling the research

gap and examining the relationship between strategy and

performance of SMEs operating in an Asian context. Though,

there have been certain limitations, important conclusions

are drawn from the study which could provide some useful

insights to owners and managers of SMEs. Overall, the main

conclusion drawn from the study is that business strategies

(proactive strategies) and performance of manufacturing

SMEs in Japan and Sri Lanka are empirically related. In ad-

dition, based on the each finding of performance variables,

the conclusion drawn is that there is a positive significant

relationship between business strategy and sales and profits

in both countries. Furthermore, business strategy and number

of employees in Sri Lanka, business strategy and market share

and reinvestment in the business in Japan. Theses findings

reveal some similarities and differences between the two

countries. Particularly, the findings also suggest that apply-

ing proactive strategies leads to a greater increase in annual

sales, annual profits, the number of employees, market share

and reinvestment into to the business than that of applying

reactive strategies of manufacturing SMEs in Japan and Sri

Lanka. This is consistent with past studies which have been

done in the western context.

This study also indicated that among all other business

functional level strategies, production strategies are the most

crucial to the manufacturing SMEs in Japan and Sri Lanka.

Furthermore, the analysed business strategic activities con-

clude that emphasising product quality and customer service

and acquiring knowledge of competitors’ activities are the

most important strategic activities for both countries. In addi-

tion, reinvestment of earned profits and assessing employee

performance in Japan and search for sources of finance and

emphasizing employee productivity in Sri Lanka are also vital

for SMEs.

The results of this study must be interpreted in the light

of obvious limitations. One limitation is that constrained by

the vastness of the SME sector in both countries and the

Meijo Asian Research Journal Vol.1 No.1

73

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

reliability and accuracy of information. Particularly, it is noted

here, in 2008 a global financial crisis occurred and it drastically

affected some aspects of the SME sector.

In view of the fact that there has been no prior compara-

tive 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 direc-

tions 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 re-

search 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. But there are some other

factors which influence performance. Hence, a detailed study

considering all these factors would provide an insight to deter-

mine the most crucial factors that influence the performance

of SMEs. Finally, it would be worthwhile to investigate the

rational behind the existence of a non significant relationship

between strategy and the number of employees of SMEs in

Japan.

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77

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

AbstractJapan’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 globaliza-

tion. 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

1. INTRODUCTION: Decline of Birth Rate and Social Change

Japan’s population component has changed dramatically,

and the current Total Fertility Rate (TFR) is one of the lowest

among developed countries.

Since the 1990s, the decline of the birth rate has become

a social issue in Japan, and is widely known as the “Sho-

shika” issue. “Shoshika” literally and generally means the

small number of children, and since the 1990s, the Japanese

government has started various “Shoshika” policies to deal

with this issue.

Even though the birth rate has been decreasing, and

reached 1.25 in 2005, the ratio has slightly recovered to 1.34

in 2007. However Japan still has a low fertility rate and is

facing a hyper-aging society.

In this paper, I would like to discuss the socio-economic

variables which appear to be some important determinants

leading to the low fertility rate, while analyzing the relations

between demographic change and child-rearing strategies

in Japan.

First, this paper shows the trend of the fertility rate, and

secondly, examines Japan’s TFR trends while considering

the sociological reasons for the fall of the fertility rate after

World War II.

2. Trend of the Total Fertility Rate

(1) Fertility Rate: World Trends

The total fertility rate (TFR) defined as the average number

of children to be born to a woman who goes through her

reproductive ages according to the age-specific birth rates.

Based on the UN Demographic Yearbook (data of 2006),

the TFRs of almost all Western developed countries, except

the USA (2.1) are lower than the replacement level. Italy

(1.35) and Germany (1.33) are at a similar level to Japan, and

much lower than France (1.98), Sweden (1.85) and Norway

(1.90). In the case of Italy and Germany, it is said that the

high unemployment rates among young people is one of the

main causes of their low fertility rates. Furthermore, it is well

known that the trend of having children out of marriage and

non-discrimination against single mothers and so-called “il-

legitimate children” affected the fertility behavior of women in

Scandinavia and France.

学術論文／ Articles

78

When we look at Asia, the fertility trend has changed dra-

matically, and some Asian countries and regions, for instance

Hong Kong (0.95), Korea (1.14) and Singapore (1.32), the TFR

is lower than Japan (UN Demographic Yearbook 2006). In

addition, in China, the country is well known for its one child

per family policy, the TFR (1.7) is higher than Japan.

This shows that among Asian countries, Japan’s birth rate

declined very rapidly and the TFR reached its lowest-low level

earlier than others. When we consider the reasons affect-

ing declining birth rate, including the changes of women’s

reproductive consciousness and female labour, it suggests

the prospect of the transformation of the family, women and

societies in Asia.

(2) Population pyramid in Japan

The Statistics Bureau of Japan (SBJ) detailed the population

pyramid in Japan. The population group aged 0 to 14 (child

population) numbered 17,176 thousand and accounted for

13.5 percent of the total population. On the other hand, the

population group aged 15 to 64 (productive-age population)

numbered 82,300 thousand and accounted for 64.5 percent

of the total population, which shows a decrease of 0.5 points

compared to the previous year.

The population group aged 65 and over (aged population)

numbered 28,216 thousand and accounted for 22.1 percent

of the total population, an increase of 0.6 points, which was

the record-high rate since 1950. By 2025, there will be roughly

one elderly person for every two persons of working age in

Japan.

Not only Japan but also many developed countries face

the problem of a low birth rate and aging societies, however,

one of the key characteristics of the Japanese case is that

the speed of change was so fast when compared to other

countries and regions.

The extremely low fertility results in a rapidly aging popula-

tion, a decline in the working age population, and a sharp

increase in the dependency ratio. Such demographic changes

would cause many serious problems including a crisis of pub-

lic pension system, labor shortages, economic recession, and

loss of societal vitality.

Fertility is a complicated phenomenon and it cannot be

Figure 1 Population Pyramid in Japan

Source: Statistics Bureau of Japan (SBJ) 2009

120 0 years old(Ten thousand persons)

Child population

(Population aged 0 to 14)Productive-age population(Population aged 15 to 64)

Aged population

(Population aged 65 and over)

0

10

20

30

40

50

60

70

80

90

100and over

20406080100 1200 20 40 60 80 100

Male Female

Meijo Asian Research Journal Vol.1 No.1

79

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-

relationships with other socio-economic factors. Therefore

it should be examined not only from an economic approach,

but also from a variety of disciplines including demography,

sociology, women’s studies, etc.

3. Trends of Fertility Behavior and Socio-economic Reasons; Japan’s Case

(1) Strategic Changes During 1945-60s

This paper follows the trend of declining birth rate in Ja-

pan, and mainly focuses on Japan’s demographic changes

or transitions, which mirror the social changes, and peoples’

consciousness of having children.

Figure 2 shows the main episodes of the TFR trend in Japan

since 1947. It shows the TFR was 4.54 during the first baby

boom period after the end of the war (1947 to 1949). However,

this figure fell rapidly after that point, hitting 2.04 a decade

later in 1957.

Here, we examine some of the key reasons affecting the

rapid decline in the birth rate after World War II, especially

after the baby-boom period.

Japanese society has changed dramatically after the war.

Politically, the Ie-system (patriarchal family system) was abol-

ished and replaced by a new Civil Code. Economically, Japa-

nese people suffered with poverty after the defeat, however,

soon after, rapid economic growth began in the mid-1950s.

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.

After the end of starvation just after the war, Japanese people

began to improve their living standard. The secondary and ter-

tiary industries developed rapidly, which affected parents’ and

couples’ family strategies towards providing higher education

opportunities for their children to offer them good employment

in an industrial society. Parents and couples “spontaneously”

thought that having fewer children was the best way to give

and invest their children more opportunity and education.

In addition, national population control related birth control

changed after World War II. During the war, abortion was il-

legal and even birth control was strictly limited because of the

Nation Policy of the “More babies, More population” ideology

to increase the nation’s power.

On the contrary, in 1948, the Eugenic Protection Law was

enacted, and the control of unwanted births was made pos-

sible by abortion. Before contraceptive behavior became

widespread, it is estimated that the effect of regulating fertility

5

4

3

2

1

0

3000thousand

num

ber

of b

irths

TF

R

numberof births

20081,091,150TFR 1.37

second baby boom(1971–1974) 2,091,983

�rst baby boom(1947–1949)2,696,638

20051,062,530TFR 1.26

1966Hinoeuma1,360,974

TFR

2000

1000

047 55 65 75 85 90 95 05 08

Figure 2 Trend of the Fertility Rates in Japan 1947–2008

Source: Ministry of Health, Labour and Welfare, 2009

80

by contraception surpassed that of induced abortion by

around 1960 (Atoh 2008).

(2) Demographic Transition Theories

The classic ‘demographic transition theory’ postulates that

the modernization process including industrialization, urban-

ization and secularization first brings about mortality decline

followed by fertility decline. This theory posits a long-run

equilibrium in which fertility rates are similar to mortality rates

and population growth is zero. This is clearly not consistent

with the trend to a very low fertility in Japan and most other

industrialized countries over the past 30–40 years.

The theory of a ‘second demographic transition’ formulated

by European demographers seeks to explain this inconsis-

tency, but does not appear to fit the experiences of Japan

and other East Asian countries very well. The rational choice

framework associated with neoclassical economics provides a

compelling explanation for the universal relationship between

industrialization and lower fertility, but does not explain fertility

variation.

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).

(3) Late Marriage and Late Delivery; Fertility Behavior of

Women after the 1970s

Between 1957 and 1973, the TFR stabilized at about 2.1

births per woman. After this stable replacement level period,

the fertility rate of Japan has been declining, and in 1990, the

total fertility rate (TFR) of the previous year was reported as

1.57. This was one of the popular topics in the mass media,

and they named it the “1.57 shock”, because that TFR was

lower than the rate of 1.58, in 1966, in the year of Hinoeuma,

which was believed to be a bad year for giving birth to a girl

baby.

The main reasons for the declining birth rate after the 1970s

and 80s can be identified as late marriage and late delivery,

and the changing values of marriage, work, and division of la-

bour for Japanese women. Here, these reasons are discussed

in more detail.

➀ Remarkable educational gains by women. The propor-

tion of women of the relevant age enrolled into tertiary

education increased from 5 percent in 1955 to 50 per-

cent in 2005.

➁ In Japan, the relation between marriage and having

a child is strong, and the late marriage phenomenon

directly affects late babies. In addition, the disappear-

ance of the arranged marriage system affected the

difficulties of finding partners among young people by

themselves.

➂ Massive increases in the proportion of women who work

outside of the home. Women’s consciousness on the

sexual division of labour had changed and many women

tried to continue their careers.

➃ On the other hand, Japan is well known as a gendered

society, and the female labour participation late curve is

still the so called “M-curve”, which is a symbolic phe-

nomenon of Japanese female labour conditions. Many

women have to leave companies when they decide

to get married, having children or taking care of small

children at home, so quite a lot of Japanese women

aged in their late 20’s to early 30’s leave the labour

market, and participation rates on those age categories

decrease. The trade-off between work and family life is

one of the main causes of declining fertility, and the “M-

curve” reflects the continuing sexual division of labour

in Japanese society.

4. Female Labour and Fertility Trend; Comparative Perspective

We also need to consider the Changes of Reproductive

Strategies in Japan.

OECD data shows some important characteristics of fe-

male labour and fertility behaviour. In 1980, the correlation

between the female labour participation rate (FLPR) and

the total fertility rate (TFR) had a negative correlation (where

countries with higher FLPR had lower TFR), and in 2005, it

changed to a positive figure which means where countries

with a higher FLPR have a higher TFR. Since the 1970s and

80s, worldwide movements for the improvement of the status

of women, and women’s participation in the public sphere

became obvious and natural. In the field of labour, the glass

ceiling issue became a social issue in some countries, which

reflected gender equal employment and promotion and has

become recognized in developed counties.

On the other hand, Japan and Korea, as we see in Figure

3, are good examples of countries with a lower FLPR and a

lower TFR (OECD 2007). Both countries are well known for

their strong sexual division in the labour system and M-Curve

Labour participation rates for women which continue into the

present.

There is another trade-off phenomenon, related to child-

rearing especially child education expenditure.

Meijo Asian Research Journal Vol.1 No.1

81

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

educational institutions as a percentage of GDP (in 2005),

the Japanese figure is lower than the OECD average (OECD

2008).

Not only Japan but also some of the East Asian countries

and regions, such as Korea and Taiwan, spend less public

money on child education, which means each family’s has an

increased responsibility for spending on education. As a result,

“the less number of children, the larger spend on each child”

strategy would be widely shared among modern families.

5. The Impacts of Globalization and Female Labour

At the forefront of a fledging global economy, the structural

changes in the labour market that resulted in economic pres-

sure and constraints imposed on young working women. As

a result, married couples show more individualistic orientation

that places marriage and childbearing at a lower priority than

work and self-fulfillment in one’s life.

Global trade and investment patterns are having a dramatic

impact on employment relations and work arrangements

around the world. The impact can be both negative and

positive and differs by context, by industry and trade, and by

employment status. The spread of global value chains has

created a new level of fluidity in the international economy that

appears to be having a profound impact on the quantity and

quality of jobs generated throughout the world.

Many scholars argue that globalization has led to flexible

labour market arrangements. This may be a result of increas-

ing globalization in manufacturing and industry, where the

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

raised uncertainty in these societies through the downsizing

of employment. People tend to choose risk-averse decision-

making in each stage of their life-cycle, such as marriage and

having a baby, and this tendency will strengthen when society

does not provide an adequate safety net.

Due to market uncertainty, firms reduce their core workforce

and rely increasingly on irregular forms of employment. The

so-called “Flexibilization of employment” shifts many of the

costs of market volatility onto workers. Labour market liber-

alization and flexibilization have been means to increase the

Figure 3 Female Laobur Participation Rate and Total Fertility Rate; International comparison

Source: OECD 2007, Babies and Bosses-Reconciling Work and Family

AUS Australia AUT Austria BEL Belgium CAN Canada CHE SwitzerlandCZE Czech Republic DEU Germany DNK Denmark ESP Spain FIN FinlandFRA France GBR United Kingdom GRC Greece HUN Hungary IRL IrelandISL Iceland ITA Italy JPN Japan KOR Korea LUX LuxembourgMEX Mexico NLD Netherlands NOR Norway NZL New Zealand POL PolandPRT Portugal SVK Slovak Republic SWE Sweden TUR Turkey USA United States

20

1.0

1.5

2.0

2.5

3.0

3.5TFR 1980 2005 TFR

30 40 50 60 70FLPR FLPR

40

1.0

1.5

2.0

2.5

3.0

3.5

50 60 70 80 90

IRL

KOR

FRA USAAUS

JPN SWE

MEXUSA

NZL ISLFRAAUS GBR NOR

DNKSWEFIN

CANCHEPRTDEUJPNCZESVKKORPOL

ITA

GRC

NLDIRLLUX

BELHUN

ESP AUTOECD

FIN

BELITA

NLD AUT DEU CHE

ESP GRC NZLPRT

GBR

82

ability of businesses to survive in the face of intensified com-

petition world-wide. They decrease the relative tax burden,

while shifting the costs of economic adjustment and change

onto the most vulnerable, usually on to women.

Figure 5 shows the recent trend of percentage of “Irregular

employees” by sex in Japan. It indicates that the percent-

age of irregular employees was 35.5%; a rise of 3.6 points

compared to the 2002 figures, meaning more than one in three

employees was an irregular employee. During the period of

1987 to 2007, the percentage for males rose from 9.1% to

19.9% and reached approximately 20%, while the percentage

for females rose from 37.1% to 55.2%; exceeding 50%.

Flexible and unstable employment reflects late marriage.

The declining marriage rate and rising marrying age in recent

years are related to declining fertility rate. The mean age of

first marriage was 30.2 for men and 28.2 for women in 2008,

a rise by 1.7 year and 2.7 years, respectively over the past

twenty years. The ratio of never-married male and female aged

25-29 was 71.4% and 59.0%, respectively. It was 2.1 and 5.0

percentage points higher compared with 2000. The ratio of

never-married male and female aged 30-34 had risen by 4.2

percentage points and 5.4 percentage points to 47.1% and

32.0%, respectively, compared with 2000. Then, the ratio of

never-married male and female aged 35-39 was 30.0% and

18.4%, respectively, rising by 4.3 and 4.6 percentage points

(Statistics Bureau of Japan 2009).

6. “Shoshika” Policy, for What and for Whom

As we mentioned above, in the 1990s, Japanese govern-

ment started the “Shoshika” Policy and measures for the pur-

pose of stopping the “crisis” of “Shoshika”. The main reasons

for the pervasive crisis for the government and policy makers

are the coming of a hyper-aged and depopulating society.

After the 1990s, the Japanese government undertook child-

related policies to increase the birth rate, such as the Childcare

Leave Law (1992), the Angel Plan (1994), the New Angel Plan

(2000), the campaign of promoting fathers’ participation in

childcare by the Ministry of Health and Welfare (1999).

In 2003, two child-related laws have passed the Diet, one

is the Basic Law on Measure for the Society with Declining

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,

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)

Aus

tralia

Aus

tria

Bel

gium

Can

ada

Switz

erla

nd

Cze

ch R

epub

lic

Ger

man

y

Den

mar

k

Spai

n

Finl

and

Fran

ce

Uni

ted

Kin

gdom

Gre

ece

Hun

gary

Irela

nd

Icel

and

0

1

2

3

4

5

6

7

8

(%)

OEDC average 5.0%

3.4

Italy

Japa

n

Kor

ea

Mex

ico

Net

herla

nds

Nor

way

New

Zea

land

Pola

nd

Portu

gal

Slov

ak R

epub

lic

Swed

en

Uni

ted

Stat

es

Male

Total

Female

37.1

9.1

19.721.7

24.6

31.9

35.5

39.1

9.9

44.0

11.1

52.9

16.3

55.2

19.9

1987

0.0

10.0

20.0

30.0

40.0

50.0

60.0

(%)

1992 1997 2002 2007 (year)

Figure 5 Trend of percentage of “Irregular employees” by sex

Source: Statistical Abstract 2009, SBJ

Meijo Asian Research Journal Vol.1 No.1

83

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 el-

derly (Tendo 2008).

It is important to take measures and policies to create a

family-friendly and childcare frendly society. At the same

time, as this paper discussed above, Japanese society has

the characteristics of the women’s life-choice difficulty, the

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.

NOTES

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.

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