日本财阀系列企业体系Keiretsu历史背景和面临问题文档格式.docx
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日本财阀系列企业体系Keiretsu历史背景和面临问题文档格式.docx
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Introduction
ThispaperreviewsmajortheoreticalandempiricalworkoncomparingtheKeiretsuandZaibatsusaswellastheimportanceofKeiretsusintheprocessofJapandevelopmentduringthe1950stoearly1990s.Firstly,Icomparethepre-warZaibatsuswiththepost-warKeiretsuinconcepts,history,structuresandgovernanceperspectives.ThisarticlewillreviewsmajortheoreticalandempiricalworkonverticalandhorizontalJapanesekeiretsu.IthendiscusschangesintheJapaneseeconomyduringthepost-warperiodfrom1950still1992Japaneseeconomicdeclineandtheirimplicationsforthepersistenceandcontinuedbenefitsofeachformofinter-corporategroupingfollowedbyadiscussionoffactsregardingtheroleofkeiretsuintheJapaneseeconomy.Thirdly,thisarticlewillanalysethestructuralproblemsofKeiretsusontheglobalisationcontext.
BackgroundsofZaibatsusandKeiretsusinJapan
JapaneseZaibatsusdevelopedmostlyfromtheMeijiera(1868-1912).Bytheturnofthecentury,Japanhadgivenbirthtoseveralgroupsofwidelydiversifiedcompanies,eachofthemownedandoperatedbyasinglefamily.Withthewealthexpansionofthesefamilies,theybecamethenation’snewaristocracy,the“financialcliques”ortheZaibatsus.TheZaibatsuisgenerallyunderstoodtobeadiversegroupoflargeindustriescontrolledbyasinglefamily,usuallythroughacentralholdingcompany.AccordingtoMiyashitaandRussell(1994),aZaibatsuis“nothingmorethanalargeindustrialcombine”onitsinitialstrcuture.TheactualgrowthoftheZaibatsusbeganin1914,WorldWarⅠ,JapansuppliedmunitionsandothergoodstotheAllies.WithoutthecompetitionfromEuropeancompanies,Japanesefirmswerefreetoexpandinternationally.Duringthatfiveyears,theexportofJapanincreased266%.TheBigFour----ZaibatsusareMitsui,Sumitomo,MitsubishiandYasudausedtheirprofitstostarttheirownbank.TheAmericansinitiallywantedtodissolveallthezaibatsuafterWorldWarⅡ,astheysawthemasundemocraticandthefinancebehindthemilitaristicgovernmentofthe1930'
s(see
EventhoughJapan'
seconomymadehugestridesineconomicreformationaftertheWWⅠ,theZaibatsuinterestsbegantoenterthepoliticalarenatosupporttheirinterests.TheiractivitiesbecameentwinedwiththegovernmentinwartimeJapan.Eventually,thePotsdamDeclarationthatwassignedin1945requiredtheliquidationoftheZaibatsutodemocratizeJapan'
spost–wareconomy.Asexplainedinthepreviousarticle,by1945thezaibatsuhadgrowntocontrolasignificantportionofJapanesetradeandindustry.Inaddition,forthepurposeofcontrollingeconomicpower,specialprovisionswereincludedinJapan'
sAntimonopolyActforthespecificpurposeofforbiddingholdingcompaniesandlimitingtheacquisitionbyfinancialenterprisesofstockofothercompanies.InhindsighttheseprovisionsmightappeartohavebeenineffectivebarrierstothecreationofexcessiveeconomiccontrolandequallyineffectiveasmeasurestoensurecompetitioninJapan'
seconomy.TheseargumentsweremadewhenJapanenactedtheActforpartialAmendmentoftheAntimonopolyActin1997bywhichactJapanfinallyeliminatedthe50–yearoldbanonholdingcompanies.
Comparepre-warZaibatsuswiththepost-warKeiretsus
Thezaibatsuisadiversifiedgroupofbusinessesownedbyafamily.Mostlyhadoriginsinnon-manufacturingsectorsinmining,shippingandmostimportantly,banking.ThendiversifiednotbyintegrationbutbyshareholdingsandrepresentativesonBoardsofDirectorsofseparatefirms.TheKeiretsusareconglomeratessimilartopre-warZaibatsusbutnotfamilyownedandwithabankatitsheartandwithoneofthefollowingforms(Miwa,2003):
1.Generaltradingcompanyabletohandlegiganticanddiversevolumeofcommerce
2.Productionorientedgroup
3.Distributionorientedgroupbasedonnetworkofsmallretailers
4.LargeretailorRRcompanies
WithinyearsofdismantlingtheZaibatsu,changesonboththedomesticandinternationalfrontsarethoughttohaveledtoarelaxationofregulationsupontheconcentrationofeconomicpowerinJapan.Onthelatterfront,followingtheestablishmentofcommunistChina,.foreignpolicytowardJapancouldbeseenshiftingtoonesupportingashoringupofJapan'
seconomicpower.Secondly,industrialgrowthandincreasedproductioncapacityinJapansupportedthe.needforsuppliesduringtheKoreanWar.Underthiscircumstance,theMinistryofInternationalTradeandIndustry(MITI)helpedZaibatsustoreformwithpersonnelandneworganizationalstructure.Thepersonnelsystemincludingdispatchingseniormanagersformmainbanksandsogoshoshatosmallerfirmsaimstotightthehorizontalconnectionsinordertokeepacontrolleddecisionmakingprocess.Keiretsusincludehorizontalandverticalcompanyrelationships,andsometimesbusinesstiesthatareheldtogethernotbycapitalbutbymeretransactionalrelationshipsamongenterprises.ThecentralroleofmainbanksincorporategovernancegreatlydistinguishesthesegroupsfromtheZaibatsus.
ViewingthisdevelopmentfromZaibatsutheKeiretsuasawhole,thefollowingtwopointsseencharacteristic.First,inthepre-warZaibatsuthelinksintheenterprisegroupswerecentredonthecommercialsectoroftheirbusinesses.Onthecontrast,thepost-warKeiretsuswerepayingattentionsonheavyandchemicalindustrysector.Second,theZaibatsuslinkedverticallyandtoppedbyaholdingfamilyforthewholegroup.Bycomparison,theKeiretsusarecentredonfinancialinstitutions(mainbanks)andlinkedtheenterpriseshorizontallywithnewlyformedenterprisegroups.
PESTanalysisontheimportanceofKeiretsusinJapan’spost-wardevelopment
Political:
CompetitionsamongcountrieshadagreatimpactonthedevelopmentofJapan.Thegovernmentsettheindustrialstructureofthecountrywithhigh-standardprocessingtrade(Russell,1994).Keiretsus’horizontalnetworkscanbeacompetitiveadvantageduetothenetworkscansupervisethewholeprocessfrommanufacturingtoretailing.Withtheassistanceofsogoshosha’sentrytocertaincountry-widemarkets,Japancaneasilysustainthis“input-outputsynergies”competitiveadvantage.TheMitsuiChinaRepresentativeofficevicepresidentWeiofoncementionedinaninterview“Wewon’tmanufactureillegalthings,butweareabletomanufactureanythingelsewiththeKeiretsunetworks.”(seeDuringthe1950sto1990s,Japanexperiencedthreedepressions:
theoilpriceincreasedinthe1970smadetheGDPgrowthrateinJapancametoanegativegrowthin1974(seeThePlazaAccordindirectlylettothebubbleeconomyinJapan.Facedarelativelyunfavourabledomesticeconomicalcontext,thecompetitiveadvantageofKeiretsusincludingtheBigSixandotherfirmsaremakingeffortstostrengthentheirowngroups,andatthefrontiersofthenewindustrieswhichhavebeendevelopedinJapansincethewar,theyhavebeencompetingagainstoneanotherwithoutquarterinequipmentinvestment.Thisisnotonlyinthecaseofoil-chemicalsindustrybutalsointhemotorvehicles.NinemanufacturersinadditiontoToyotaandNissanarecompetingtoincreasetheirsharesinthemarket.Inthiscase,Japan’sproductivepotentialhasrisenrapidlyandhasrealizedadegreeofhighgrowthwhichisliterallythehighestIntheworld.
Apartfromexternalcompetitiveadvantages,theinternalfinancialnetworksalsomadeagreatcontributiontotherapidgrowthofKeiretsusandinreturntothewholeJapaneconomy.Theinput-outputsynergiesmadetheprofit-trappingpossible.What’smore,themainbankfinancingandcross-shareholdingpromotedthecapitalmarketofJapandevelopedfastaswellaswaytomaintainanti-takeoverandencouragingrisktakingsituation.
Socialandtechnological:
ThelabourforceassessmentofKeiretsuscanbeidentifiedasfollow,untilquiterecently,acontinualsupplyofsuperiorlabourofbothwithgoodqualityandreadilyadaptabletomoderntechnologywasavailable.Additionally,theKeiretsus’tendencytoinvestwasneversubjecttorestrictionfromthisaspect.Thenewpersonnelrotationandloanofpersonnelsystemmakesuretheconnectionbetweenbanksandfirms.Thissystemenablethebankstosupervisethedebtsandoperationsofthefirms.Asforthefirms,theymayobtaintheessentialfinancialsupportsandadvancedmanagement.
Insum,thesituationofJapanpost-wareconomygrowthwasowingtothenetworkstructuralprotectionanddevelopment.TheseKeiretsusmadeeffortsinequipmentinvestment,intendingtogetpracticallyallnewindustriesintotheirhandsonthebasisoffundscollectedfromthepipelinesofthepowerfulfinancialKeiretsus,sothattheymightstrengthentheircontroloftheindustries.
Thechangingglobalcontext
TheburstingofJapan’s‘‘bubbleeconomy’’ledtoaneconomicdownturninthe1990s.Becauseofdeflation,decreasingconsumerdemand,stagnationofrealGDP,afallinpropertyandlandpricesby80%between1991and1998aswellasarapidgrowthofunemployment.Widespreadchangesincapitalmarketsandinter-firmnetworksinJapanwereaccompaniedbymorefundamentalrestructuringsofcorporateperformancesystems,labourrelationsandemploymentpractices.Competitionfromcheaperimportsincreasedatthesametimeasdomesticdemandfelloverall.AsaresulttherewereunprecedenteddeclinesinJapan’soverallindustrialproductionratein1997and1998.Thekeiretsusystem
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