Corporate Strategies of Japanese-Affiliated
Manufacturing Companies Situated in Southeast
Asian Countries--The Situation and Problems (
川崎進一名誉教授退任記念号)
著者
滝野 隆永
著者別名
Takino Takanaga
雑誌名
経営論集
巻
19
ページ
63-130
発行年
1982-03-31
URL
http://id.nii.ac.jp/1060/00005818/
Creative Commons : 表示 - 非営利 - 改変禁止 http://creativecommons.org/licenses/by-nc-nd/3.0/deed.jaCorporate Strategies of Japanese-AffiliatedManufacturing Companies Situated inSoutheast Asian Countries
The Situation and Problems ―
By
Takanaga Takino
Introduction
This paper aims to point out the characteristics of corporate strategies in regard to social policy as well as business policy of Japanese-affiliated manufacturing companies situated in Southeast Asian countries, based on a comparative situation analysis.
It is based mainly on a fact-finding study conducted through
interviews with business e χecutives of about 30 major Japanese-affiliated [manufacturing corporations situated in Southeast Asiancountries
as follows.
1）10 companies in Taiwan （including 7 joint ventures） 2
）3 companies in Hongkong （including l joint venture） 3
）6 companies in the Philippines （including 5 joint ventures）4
）7 companies in Thailand （all joint ventures） 5
）4 companies in Singapore （including 3 joint ventures） References made to these companies
in this paper will be by means of the following symbols instead of giving their names.
64
H Heavy industries, C Chemical industries, L Light indus
ducers. P
N
Parts and accessories
Raw material pro-tries
（Industrial goods industries
） E Equipment and machinary
pro-producers. R ducers
(Consumer goods industries)D Durable goods producers,
Nondurable goods producers
After opening with an outline on the general trends in objectives and results of overseas investment among about 280 leading Japanese-affiliated manufacturing corporations situated in these countries, the paper will discuss the findings of the survey based on interviews with executives of the above-mentioned 30 corporations. The interviews
covered the following subjects ・ (1)Objectives and results of overseas investment by Japanese- affiliated companies. (2)Main factors hampering business. (3)Merits to domestic
investors in these countries.
(4)Economic and social contributions to the community ・ (5) Corporate objectives and
policy for distribution of earnings ・
(6卜Organization for decision-making and business administration ・
(7)Implementation of management control systems.
(8)Personnel management ・ (9) Product strategies. In addition,
observations are made regarding problems to be solvedin the future by these Japanese - affil iated enterprises. Finally,
in the appendi χ， a comparative analysis is made betweenJapanese-affiliated,
other foreign-affiliated and domestic manufacturingcompanies situated in the Philippines and Thailand based on financialdata for 1976-79. 十
Corporate Strategies of Japanese-Affiliated…… 65Table 1 Ranking of Investment by Foreign Countries in Southeast
Asian Countries Country of
investment
Ranking of investing countries （ ％ ）
No. 1 No. 2 No. 3 No. 4 No. 5
Taiwan （1978 ）Hongkong （1977 ）Singapore （1978 ）Philippines （1977 ）Thailand （1980 ） U.S.A. 44.1U.S.A. 46.5U.S.A. 30.5U.S.A. 33.1Japan 32.7 Japan 24.2 Japan 19,9 Netherlands 17. 2 Japan 25.3 Taiwan 13.2 Europe 17.1 U.K. 7.5 Japan 15.3 U.K. 8.4 U.S.A. 12.4 Others 14.-6 Netherlands 5.2 U.K. 15.1 Taiwan 1.7 Hongkong 7.3 Australia 4.6 W. Germany 2.7W. Germany 1.4U.K. 5.9
Notes・: 1. Figures for Hongong cover manufacturing companies only. 2. Figures for Singapore cover n χed assets only. 3.
Figures for the Philippines cover investment approved by the government only. 4. Figures for Thailand cover amount of paid-in capital only.rapidly since 1972. In this connection, Table l
shows the ranking of investment by foreign countries in Southeast Asian countries.
As shown in Table 1 ， the proportion of investment by Japanese--affiliated enterprises situated in Thailand is higher than that ofenterprises from any other country. In other countries,
however,Japan stand second or third after the u. S. A. or/and the Netherlands.
Chapter 1 Aims and Effectiveness of Investment and Features of Business in About 280 Japanese-Afifiiiated Enterprises
The companies in Table 2 have been selected out of the local manufacturing companies listed in the Toyo Keizai Shimpo Sha's
Handbook of Japanese Enterprises with Overseas Investment andwhich meet the following two conditions.
（1）They have 100 or more employees.
づ2）They have at least two employees dispatched by the Japanese parent company ・
66 {−^! − S O ^O C^ 00 ・^ O I ―I 1 ―( ぐJ L う 吋 l ）o c⊃ o o L ） T―1 ぐ, −4 CM つ
否
1 コ］ Z 。コZU 口, コ μ 山 田: 工: LO や 【｀-( 乃, −H 々4 . −I r−l ・-Ievj 々, −1 や L ）C りt ￡S ,−1 c ヽ 7 −IT―I T−I 1―I1 ―I 1 ―I 1 ―I I ―I 1 ―1 <XI ず-1 N <M o 】 。―ICMO り.!りr つ(Ni → C 、t ―I .-4 CNJ ャ―I こ こ ○ こ こ
苦
奮
^
否
つ
E− μ ! ヽL ） Cヽ］CO t-i CM COト ガr −. CM - −− −− り つCO じi O い-H −− oi .-I1−fO ―* ＿C ヽヽ こ こI ―I . ―I L ）CO （Jl
奮 哨 濫 詞 Q6 4 砺 Z 。コ ロ コ ロa ］ 山 コ 江;U 山a: 皿 コ］ CO OS OJ 1-1?―(t ヽCO ト ，1 −I 一一4 I―I I ―IT-I CO 寸^ ヽ N N t べ ￡3 CT> ・−(1-H CO OO lO ャ-I ( ｀し-1 ぴ） O い ヽ ■-< ( 、 r-H t-H ,-I 吋I ―ICO e 刀 寸 m ）c^] .-I ひI や トCO N r-H c ヽ り じ^ バ^<N1 OJ I―IT ―I .T ―( I-・i T―I 1―1 −1 oo CO CO COr-ぺ く】CO T −tQ 、J ^ (り .一■i CM. ―I r-( NCO . ―I COS r ―I → j｛ ○ つ 奮t ヽヽ-Cっ 鳶 つ 否 こ ? ｛ つ 黄 皆 皆 奮 H
ト S→ <N1 （O ）CO toト( り ｀ヽCO I −I I―I r-H CDDO un CO < co
、 卜NCM
CM c>q o ）1 ―ILO 1 ―I・ <r> cs: L う(い ―I
諮 。a
育
二 吻1F Z コQ コZU □ コ］C: コ 山 コ 凶 コ 江:U 山 コ: 凶DC Q (−)(刀t 乃y 一司 寸 寸CC ヽl ∽(r>C05 Q ぐI ―I L） 々en f 一哨r ・4 や 寸 々 , ―I 1―1 −H (N 】C し- ‘々r 一^ r-・4 r り00 Iヽ- CO C い −t ヤi い ￡） in c^ ixi CO T-i ぐり ∞m ）く￡） (Nl ,―I CM トCO 0り 寸r-H CO 1 −1 I−Ir ―I i−H I―(T −I en cvt I ―I I―≪ ・―c to）1-'I ―I ボr ―II-I f CO LO I−I 1―1 （Mro トr ―I<T> 寸N 1-ICO (>J (｀l 寸COCO 々 LO t￡5 Lつ つC^] 1−I OJ I-I t―吋N C^J CSl r・・t Q 寸 L ）r-H しヽ 々 → むヽ ひ、1 →1 ―{ T ―I^ ヽ- (ぺ り1 ―1 , ―IM oo 寸 OJ 吟 寸 つ つ つ こ こ u のCNJf −< つ つ こ こ 否 奮 tj ITS 否 ミ￨ 鳶 奮1 妥 卜-ン,Si ｜ り ぴ? § ●一j − ○E:F ぴつ ・1 哨EP ○Q*-t ―l ○1 日 コ2; 召1 μ S ・ ］.2 . 宍 ．≧ 芯1 右l 芒 t-. t-.O) ←J Q Clj 0jS H 罵:= こ/っ μ *-t ―l (-1-10) > o 芒o ° 回- ^ E .2 I ・ ◆P祠●− a> ≪-十― り-・り一，C ひっ ← ・r'.o o o s-< c 9 ぷ Q cd Q CIS ,目 ≪ Ki o 汗 o o べ に⊃ に⊃O μO 以 一 一 一 一 一 一.H ca 。2 o ゛-a aj りM 一 一 一 一 一 一 油 ・ダ三苫三2 o}
暴
二
号
−一一
｜ レ￨ ] 嚢Q Q Q 皿; 心^ 三万 k j S ぢ ． 必 レ 。41 に ，S+-* O C び? ’∼ ご 氏 名<D ^E S V S 吝 江:8 口 j a; ● 八 八 八L ） ft べr− 一 ゝ-.一 レ 良 ] に μI -介 皿hCT) 言 !-i ￨ 万 万 ︵ フOZ ︶ ︵ 応 ≒ 召 輿 − 品 ≒ 海 況 ︶ ︵s3sudja:(U3 Suunp-EinuHW ps ＾eniSV'SsauBdBf SuipeaT;08Z ；noqv ︶ suo ＾assuBJx ssauisna puB i ＾u ＾ui ＾saAui sBasjaAQ jo ssauaAi ＾osjja puB suiiy Z aiq[ ≪l67
Corporate Strategies of Japanese-A 伍liated……
OASi ＼x ns ＾nqsuiqc mSiBy; ︶'fu ＾MfSdauT svdsxdan mi(n S3Siji4 ＾9j.u ＾ dSduv4v ［ ／o qooqpuvu ; bijs 乱 月 戻 ． 応 ≒Q ひ︵ ｀ ？ao のi ＾zi3 ＼i oAoX : aojnos C/7 ｜ 言 − ●-1 E一E 一 お L ）コ> ぐ1―1り 々o r-・1 ○ CO CO ト 1−1 ド 々r-H <￡5 tヽCO CO N CO 次 よ ぱ四 刀 ● ●c-ir> びに0 Z ぶQ ぶZUQDC 山 コ 出 り 山 コ 凶 コ N 寸 CM Q (NJ 寸 や CO r―I I ―( (Nl (M t− <-H 寸 寸 C<! り(NlCO CO C<l ・-HN N （Nl CVI 1―I OJ t―I 1―( r−I 1 ―< 吻41 −に 、にJ!N1 . −I (>、1CO i-< 1・-I ひ、] r・H 1−IT-1l ―t I−I ―I 1-1O に 、1 べa 1―1 CO I-HCvl ←oa ・―( CO ャーIS S 1―1f ・祠1 ―( 1―II-H i-H 1―I O つL ） （⊃ こo こ o !ヽ-f一叫 ま8 つr ・吋 C い 応 ぴに ヽ・ 包いF ミin LO ひに ヽ一 家 cCOCO 1 1 F E−E 一 沼 L ）CT> I―I fO O T ―I
OJ CO マ 々o 吻い 一 in 一寸 I-H I―I I-1―I T―fI C^] LO くCDCO cい-CM <M 次
∼9 『 ゛ に Z コQ コZ りQ コ:P-,, コatUCL ， コ］ μ1a: CD CO en CMt−H 吻“0 り1-1OJ 々 L ）(XI in > −( T―I r・べNlt ―I L） ■<* a ⊃ T-I 0 心t>-・−I M OJ MCO 00 し∼r −H I-1 吋゛寸L の r ）0り(Nl ャーi en oj I―(t ―I ∼LO （￡）r-11-H CO ・-I 肖<X1 L: 1-I C￡⊃ CO I―t I―I T-− 吋゛CO r ・4CM 々CO T 一ir ―I i-H 々C<1 -t―I 1―I −●に ヽ- C、l ばn 1 ―I N y ・H O）- r一例 LOに;l T−I LO t ヽs 一 一 1 ―1 CO to (M CO I―I 肖 CO四) C いN 1 ―1 肖 こ ∼ 8 す一一40 ∼ M CO ∼ ぶS § o ∼ N 寸 o 尽 ○ に ∼ ∼00 ぎ o ∼ Q in o ∼ ○ LO ￨? §Q a 11 ●-C/つj 七Q 弐F ｜ ロ鼠 §Q<-t,I ○ μ4QJ2 9 Z 只 W jトDI-.> u i^ ぶiZ 籤 川mL ふV 川 猟 言 翼 言 ここ 一一一一一一 前 心ΞΞΞ ぴつ o ￡-> 4卜￨ 暴 二 号 − 一 一 1 轟 ] 川Q Q Q a:;^ 和 言 l 』 ○ ○ 。 必hhilH けQ ●p酬 ^^ o,:X 8q,!o: − 一 一 ぷ O ・ ロ・f-・・ − 一 一
行程
耶
ヅ
︵ ミOZ ︶ ４ II68 1
The survey concerning the merits of overseas investment covers the following six items. ニ
（a）Use of raw materials from the home market. ㈲ Cost reduction through use of cheap labor.
（c）Sharing in the benefits of government policies encouraging investment in new technology or export industries.
（d）Expansion of foreio^n markets.
（e） Collection of business information.
（f）Acquisition of royalties. The following points can be indicated from an analysis of Table2. 1. Country ranking by number of Japanese-affiliated manufacturingcompanies which met the above-mentioned conditions.
（1）Taiwan 107 ，（2）Thailand 69, （3）Singapore 52, （4）Philip- pines 27,
（5トHongkong 26. 2. Country ranking by percentage of Japanese-affiliated companiesin the table showing good results. This ranking is in the order of those with the lowest percentage of companies showing
no profit.
（l）Hongkong 0/26 ＝0 ％, （2）Taiwan 2/71 ＝2.8 が, （3）Thailand 2/46 ＝＝4.3％, （4）Singapore 7/27 ＝25.9 ％, （5）Philippines 6/16 ＝
37. 5％ 3. Country ranking by number of Japanese-affiliated companiesin the table remitting their earnings to their parent companies inJapan. The numerator indicates the number of companies remitting theirearnings to the parent company, and the denominator
indicates the total number of companies investing in each country shown in the
table. し
（1）Thailand 49/69 ＝71.0 ％, （2）Taiwan 47/107 ＝44 ％, （3）Singa- pore 16/52 = 30. 8％, （4卜Hongkong 7/26 ＝27 ％ ，(5) Philippines
Corporate Strategies of Japanese-Affiliated…… 69 7/27 ＝25.9 ％ 4.
The distinctive features of the aims and effectiveness ofoverseas investment and business in each country and type of businessin which Japanese-affiliated companies have invested are as follows
。 (A) Taiwan
Most investment in Taiwan aims at (b)cost reduction through use
of cheap !abor as we!! as (d)expansion of foreign markets ， especia!! ■＼Tin
the consumer and light industrial goods industries, and (c)sharingin the benefits of government policies, especially
in the heavy and
chemical industrial goods industries, which consist mostly of engi-neering-intensive companies. Regarding their markets, most sales arein the home markets, followed by exports to
third countries and
exports to Japan, in that order 。 Most enterprises belonging to the heavy and chemical goodsindustries and the light equipment and nondurable consumer goodsindustries usually buy from the home
market or Japan and sell to the home market, and most of them are joint ventures in which the
proportion of investment by the Japanese concerns is almost 50 ％.On the
contrary, most enterprises belonging to durable goodsindustries usually buy from Japan and e
χport to third countries orJapan
，and most of them are subsidiary companies in which theproportion of investment by the Japanese concerns is close to 100 ％ ，and
which are situated in special areas provided by the Taiwan
Government for the promotion of e χport industries, such as Taichun ，Kaoshun,
and Nanshi 。 Generally speaking, from the standpoint of business results, mostjoint ventures belonging to the former type do better than mostexport enterprises belonging to the latter type. However,
even someenterprises belonging to the latter type
and showing poo ζ resultsare virtually making a contribution
to their parent companies because コsome
70 ... ◇their export or import prices. (B) Hongkong
犬 ト ト Generally speaking,
many Japanese-affiliated enterprises aim at(b)
cost reduction by use of cheap labor and (d)expansion of foreignmarkets as in the case of Taiwan. But:in Hongkong's case there are
more enterprises aiming at (e)collection of business information. This is especially true in the light consumer goods industries, because most Japanese integrated trading companies have set up a
base of operations in Hongkong トto control their business in the FarEast and so many manufacturing companies cooperate with themfor the purpose of collecting
business information in these countries. According to Table 2, most of them usually buy from Japan or
the home market and sell to the home market or e χport to thirdcountries. But they are considered to
virtually specialize in export,
because most of goods sold in the home market are e χported tothird countries after further processing.
In addition, there are many enterprises in which the proportion of investmsnt by the Japanese
concerns is close to 100 ％, because there are no government restric-tions on the proportion of investment. In Hongkong, there are very few heavy or chemical goods producersbut
many companies are categorized as light industries. This is probably due to the following reasons.
Hongkong is not suitable for heavy and chemical industries, not only because of its limited area and scarce natural resources but
also because of a shortage of skilled engineers who are essential for
such technology-intensive industries. On the contrary, it is suitablefor light industries, most of which are labor-intensive, because themanual dexterity of the many
Chinese female workers employed in these companies are enabling them to achieve the high operational
efficiency necessary for precision. In addition, worker turnover ishigh, but it is easier to fill a vacancy than it is in case of Singapore,
Corporate StrategieS of JapaneSe-Amliated…… 71and
although wage levels are considerably high ， they are 10wer thanin Singapore or Japan. (C) Singalpore Like
in TaiWan and Hongkong ， more than 50 ％of the companiesin Singapore aim at(d)expansion of foreign market and (b)costreduction
by use of cheap labor. Als0 ，1ike in Taiwan ，Thailand ，and
the Ph111ppines ， more than 40Xaim at (c)sharing in the benefltsof goverment policies encouraging invest
拉ent in new technology ，ln
addition ， some enterprises aim at (e)colledion of business infor-mation
，1ike in Hongkong. However ， it is questionable whether theyaimat(b)use of cheap labor ， because Singapore shows the highest1evel among the
丘ve countries surveyed in both turnover and workerwages
バMoreover ， as is universally known， the government is makingstrenuous efforts to attain its purpose of establighing a social welfarestate
by imposing heavy taxes on companies to acquire funds for a pension scheme and educational facilities for the Singaporean people
while maintaining high wage and salary levels. ＼ Therefore
，it is believed that many labor-intensive enterprises ，With
the exception of those maintaining high competitiveness in
exports or standing on a hi 窟h level of technology ， will be sooner orlater Compelled to Withdraw from thiS Country ・ (I)) Thailand Th
むmain purpose of investment in Thailand are almost the sameas in Taiwan
，Singapore ，and the Philippines in the sense thatemphasis is laid on (d)expansion of markets ，(c)benents fromgovernment policy
， and(b)use of l 攻bor.However ，Thai governmentpolicy is different from that of the other countries in that it is
72
As a result of this protectionism by the government, some enter-prises are faced with overproduction owing to intensified competition with fellow producers in the home market. The processing industries in particular lack competitiveness in exports, except for those who
share in the benefits of trading in the border district with countries
belonging to the Communist bloc. However, except for someenterprises that belong to the above-mentioned type of processing
industry, many enterprises show good results, as it is demonstratedby the fact that they rank second to Hongkong in the low levelof their poor results rate and the high level of their remittancerate,
as shown in Table 2. This seems to be due to the following reasons. 1)
The level of wages and salaries in Thailand is the lowest among the five countries. 2
）The turnover of workers is the lowest among the five countries as the result of a high level of unemployment caused by delayed economic development. 3
）Labor efficiency is comparatively high particularly in the light industries,
such as the te χtile, electronics, and precision tool industries,
most=in which employ many female workers, who have the reputation of working seriously and not getting tired of performing simple operations.
In addition, companies in Thailand can increase their volume of operations by introducing
a two-or three-shift production system because there are no legal restrictions on women working at night.
4 ）Especially in the consumer goods industry, enterprises can share in the benefits of border trade with Communist-bloc
countries.
Corporate Strategies of Japanese-Affiliated … … 73 (E) The
Philippines
As stated before, the main aims of investment in the Philippines
are like the other countries except Hongkong ， (d)expansion of markets ，(c)benefits
from government policies, and (b)use of labor. However,it is noteworthy that more emphasis is laid on (a)use of raw materialsin this country than in any
of the others. Generally speaking, thistendency occurs among
industrial goods producers belonging to the
− − − 一 一 −heavy or chemical industries. In addition, it
is surprising that there are more enterprises selling
to the domestic market than exporting to foreign markets, forgovernment policy encourages export industries by providing theut
with special areas, granting ta χ privileges and the use of bondedwarehouses,
permitting close to 100 ％investment by foreign-affiliatedenterprises,
and so on, as in Taiwan. In the heavy or chemical processing industries for exploiting orprocessing the abundant agricultural or mineral resources which can
ニbe acquired easily at low prices from the home market and in the
export industries that are benefitting from government policy, there are many enterprises that are prospering with the help of the second lowest wage and salary levels after Thailand among five countries.
On the contrary, most enterprises that concentrate on selling to the domestic market are doing poorly because of intensified compe-tition as a result of overproduction brought on by the depression after the oil crisis of 1973, and they show the highest poor results rate and the lowest remittance rate among the five countries in Table 2.
In addition, many are worried about the lack of consensus between Japanese executives dispatched from the parent companies and the Philippine owners, because they can not have full control over the business administration as a result of having the proportion of investment less than 50 ％on the Japanese side.
'74
11
ト
5 日 §き 巴 §J 刄 畠 写 男 吉 良 K 旨Q 、 斜xa ゝ 召4 、 五 万j ぶ 1 ヨ. rf> ―s ○ ← ｜ 云ミI ―I X X X X 1―ヴ 、1 ―i c ヽXX- C ヽJ X X X M X X X X X X X X X X X X X X X X X こ乃 呂 ●二4合 ●斗 回 山 Z りZU ロi ココ 叫 ぶ 呂 弓 箭 写 に へ 回 ゝに へ にW X X X X I―べ ヽI X X X X X X X X X X X X X X X X X ｜ a §F ● 卜C/つ Q.コo; り 凶: 工; μ］− ココ 巨 ∼ y-i 端 端 回 へ 艮 へ 芯 ヽヽ 曽K X Cヽ・: ―IX 一 ( ヽJX X X X X M X X X X X X X X万
jl
口 コQ コOh コ → (J ■ つ つ ャー1 8 r-( 斜 K 曽 KS へ X tヽ4 一c^ -C 、 一 X X X X X X X X X X X X X X X X X X X X X X X X X 罵 ^ cdE-4 Q ぶZUZ りQrec こQ 凶 ぶ □., ぶ に トコ 8 ← 宅 に コ 写 写 自 尽 で-一寸 ひS ゝ 回N 回 へ に へ にK 旨X 富 へ X X X X X X X X 、o 一XXXXXOJ -r 一に<1 X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X 八留 三 目 ○ 忌 目i 呂 心 八 ∽ C/ つ Q こ ●− ∽ コ μコW O Q a XF w C／つ Q ●− こ 6 Q 臼 OU 五 万j E Jto Uヨ ●一1 瓦d ト うWO1 ←Q 尽 ぶ t(u ｜ 飛 ミO M ンH C/）1 七^WO ミ ｝J べ1-i 心 Q ハ O XQ w 一 一 a にQ-一 戸Q ぶ: Si cd Ew o こ: O 哨 こ: 心 a X ロ( ｀lW C乃CD 居 コ ぴつW 0 ．1 回 Q ぶ へ こ 妬 心QljEC り ○ 以）Mt-t-l ⊇1 コ ハ ニ と/7 う 必 − − びよび） μ / う+^ O -1 ―1j l に ヨ ぷc 乃 Q O O OO ←・ ロ Q 6Q ci3 コ a .，S -Q り 、 ○ 口 }-l 0^ μ 戎 Q ヱ rf rt . ∼ に d コ に: 口 μバ コ---aにX! Q t Q 一 一 一 一 一 ロ ○ ← Q コ ア二S Q 江; ←｝inOU ぺL 二 心 ．．Q．j．．．，． ∽ ∽ .t.t=i ちl 亀 a. W t-． 0 （D J川 i .1 』 留 一 一 6 ぶ 一 一 ∽ Q コ こ Q y Qcr; μi （u ぷ:WO ら こ 心 詮 ←1 ひ7 ←I E Φa OW 言 コ ぶ 心 こ 目 ●-屯E 自 宅 ・四to ひっ 呂 ●-ぴっj 芯 呂 ●←四 呂 弓Q ヘ 巴 右 I E ●と?四 瓦" 回< ら 言 ︵I "ON ︶ iC ＾.iuniHuiof ︶ 9ti: ｜ 。 o: ＾ guoi: ＾nqu ｜uof ︶ imaog pue aiuiouoag puB ’ssauisng Suii9dui ≪ ［ ］ sjo: ＾3 ≪j joCbjq 'sio: ＾S3Aui 3i: ＾S3uiO ︵I pus asauBd ＾f H ＾ ＾H 。 ％ : ＾u3ui: ＾s3Aui jo s: ＾U3 ｜ ＼[ jo sisXjBuy aAi: ＾BJBduiO3 g ＾iqisj 。Corporate Strategies of Japanese-Affiliated…… IS X X X X X M X X X X X X X X X X X X X M X X X X X X X X X X X X X X X X X X X X M X ひう シa 白 μOW ・5b1 ひ 如JO つ 八 ご l j ○ μ4 § こ ●Sニ4 コC ハ ご t/iC/ つdJ に</ う コ ぶQO.^^ に:QS ←> びつQI §^ Q g E 11 七 如 ・戸 い en ぷ 八 CO 心 Xj ← ぷEL ‰ ｜ ←<-t-i ○ 四E ←S 』 八 こ ○・11 2i § μ ・励 § 1o o 弓 回 ●四 QIM ）Q S 八 巴 て 1 ○ ぴ7jl れ 応 忿15 " パ 心 一 巴 バ sseuisng guijaduiBU saop ＾ j Jof ＾W " M X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X χ ・X X X X X X X X X X X X X X X M X X X X M X X X X X X X X 6 ．o 四 〇 Z: ぶ Q (L) +-≫ 切 Z ●− ぴ) tn a 〉 Q ○ μ o ， - ○ 寸 ・J □ Q E Q ざ Q p. E 卜一l 八 1− 心 ぞ Qh に］QaJWO 〃 呂 ｜a. 三 巳 回 き ( ←4○ □ ○11jCO ←^E 以） ヨ1a ）Mj 心 ご W ｜U]? ○ □ ｜ 吻Jt へ 巴 名 sコ 岨'? 旧 七 拡 ●f・4SQQ:: 心 巴 SJ01S9AUT Ot ︶S8lUO ︻ ︼ 〇1 s. ；iJ8M ・ n
1
1
F
Z.コ ロ ぶ 江: コ 江:U 叫 コ O・ マ つ い つ 寸 ばつ 寸 寸 ⊂刀 會 x 回 へ 心 へ 回 へ 回 へ X X X X ぴつ ｜p. 丿 山 ZU ZQ K 工 山. コ 呂 写 呂← 字 に へ 回 Nに ゝ にX X X Q きa 乱 こ ●四CO Q.コa り μ］ コニ にェ］: 工; 巨 8 r-4 芯 團 鴎 Kg2 ゝ 吋" 汐 沢 へ X ｛ :］］ Q 山 口J μ4 ぶ ぷ 8 −8 − X X X iS ゛3H 口 トコZUZQQ μ］a;Q μ］ コa. コ にu コ § 印 に コ 写 字 三 品 ぐ Sc∼ 乎 回 へ 召4 、r-4 ひ に ゝ 毒 ・W(7) 汐 X X M X X X 心 ｜ と 目 ○ 忌 ， に: ○i 呂 コ 1 1 μ⊃ で ぶ：wl ｝6 亘 1 1 E ●四M 艮cd ←5W ○_o 治1O. 11 113 lj l ン・4 M 祠Q 切 司 日X ぴつ ⑩ C/ つ ●〃4 びう トMI む − − O oj ロ 芒 o いQ μi い 』 § 心○ ゃ ・・4W76 1 1 E-4
5
5
缶gS
弓 S ♀ 弓 吝 巨 ゝ斥KC<1 、ク 巨 ゝ 回 ゝ M X X X X X X ・ χ X X X X X X X X X X X X X X C/う ｜ 芯 回D-, Z りZQa::: 工:c. コ 畠 w 写 8 7-吋 専 に x 函 へt にx に ゝ X X ・M X X X X X ME
J
Q コ に:Q 皿; 工; 凶 コ］ R § 苫 応 心 ゝg2 ゝ名K 旨X X X X X X X X M X X X｜
墨
Q コQ コ0-, コ ま § 回 gこ2Kg2 ゝ 回X X X X X X X X X X X j> ぶ 口 コZU 之U 口 μ］ ￠U にェ］ ぶ にΣ， コ 山 コ § 霖 旨 コ 写 弓 回 呂 に K毒x 函x 回 ゝ にX → ミSx 沼N X X X X ら S 石 目 ○ 思 召 ●一4 > きj爾
口J
で
ぷ:
心
｜
§
占
豆 1§IE ●一IELcd ←つ<-t-l ○1Jk ○ ぶ tQ1 ∃ l M >ー ぼ ぷ E1 に ●四 も] §・ ら○ ←E 四 浴 コ ら こ 嘔 川 ち 比 眉 う; ） 弓 β O 魯 M コ］ 8 心 心こ
靴
回
臼
回
雨M
バ
川
ら
已
ひつ1 ほ1 ○in に ・一t/J 回 器 目 ○ ←1 ｜ ぷ 言 心 l μ0)ESOQ 卜 。 S ゃ^ o Q O Q ぷに/I ￡/i Q C ぷ二: ・一 心 ぷ］SU り-( tn ○ ← .o 巴 こコ ∽ ロ; ＿4 ○ 心 り Q 八1-11 −1W 目 三 -t-J乱 白 呂1 弓 CO 冨 φ^ β 心 回 W c］ ｜ モlnj り1 モCD 』 目 ｜ E I o 1 !-,1 I―< S ●-乱 四回tic/ っS ）dShO: 回 江; ら回 心 in J μl cd a, へ （n 四 6 ●四 Q Q J cd E S d k - ○ in Q Q ●− Q a 切 C ●卜 び） ●べ 工: 心CO1 −tW ミ C/つ1EIEI, コ 目 ｜ ‘S 4->a M S-i : iO E da WO ひ 如 帳 ○ 戻 回 心 CO トh ≧ ぢ よ: Q ド ○ ・*->Q ロ Q 芯 日 にバ] ○ ら-i ∩ ミヤ ぢ U_J. Ξ 3 c/ っ Q Q S コ ul cd SQ 回 ぶ 心e八I-I 心Corporate Strategies of Japanese-Affiliated… … 77 ■A: ＼uou6. 10 jspjo a: ＾i331pui sajnSi j : 9 ；o ｜q X X X X X X X M X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X M X X X X X X X X X X X X X X X X X X X M M X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X M X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X M X X X X X M X M X X X X X X X X X 忿,,、 球 れ ミ1 列D レK ヅ こ J ｜ 臼 ｜1 ツ に ｜dw 心 巴 9 四〇1O)JU-iof ・-4E ← ご ロEE(-・aI-I 心 、ご 4.>1 1 u. 1 ← t←寸○j 自 輿 ‘ 閏 心 、忿 入 ヨ ○lcd に: ○1 と に：QIIQ ら こ C/）oj ●●-白6・● 四 ぞ ぶCM ｜ ・苓 ●-iQ; ミi ←' ヨ6 心 、ご Jg］Q 自 り ｜11 ） こ111Cl ， Ξ
万
万
八
八
八
こ
S μ⊃SSxlat − ぶ 善141 ぶ へ<* ・4W C/う 気 ○ltQ ぶ1S ヨ ←.= § コ］ 八j仁
U
列
D
リ
H
回'He
ヤ
巴
l? 1 E ○Qt.i ○ 碑Q バH り svi いU ○ k □ ○0 N-tw ￡/l 写 01 l/i 回 心 心H
い
釧
謔
只
い
鉢
4￢
心
︵ ︶ひ ︷ ︸ご に ｀ ︵ 卜 函 ’ 昭 畠 写 岬 吝Z1 Gl HH HO 3H I ︶U ＾TIISUT に 。 29. LL 。 ZL.11 呂Q ＾ 001 Ot − −K に 圀 に9 dl S9uia 一 浪 一2 ｙ ︻ μ ｀ 艮 ｀ 芯 ｀ 胆 ＾iI81 n ISai HO 3H 3HlSJOdBBUIg 回 ｀ 鴎 ｀ 路 ｀ ︱ ぶ 8 ︷8 ︷ ︱ − 田 岡 に1guoMSuou suounqu ；uo3 oiuiouoog ．IAjmnuiuio ＾ ＾ ＾ ︸ o ； suoi ｜nqij ；uoQ ppo § pu 。oiiuouoog ．４ に ｀ 胞 ヽ 岱 ｀ 函 ｀ に ヽ に ｀ 胎 ｀ 呂 ｀001 6f' Si n Ot 01' 001 09ai ND NO QH HO 31 dl dl U'BMIB T ︸ ︶JsiiqB:￨S8 J ＾a I ︵ ％ ︶ ju9ui:is9Aui sssu'Bd'Bf JO uopjodojj (S9UlUnOQ ︶ UOI ＾BOOq78 ∇ ト Chapter 2 Merits and Demerits of Investment and Contributions to the Community An analysis
of business strategies based on a トfact-finding surveyconducted through interviews with executives of about 30 leadingJapanese-afl&liated
companies situated in Taiwan, Hongkong, Singa-pore,
Thailand, and the Philippines is made on and after this chapter. I.
Merits to Japanese Investors （See Table 3 ） In Taiwan, the Philippines, and Thailand, there are two kinds ofJapanese-affiliated enterprises.
One is the group of enterprises attempting to make inroads into
the domestic market to replace the e χport market from Japan lostby restrictive government policies. The other is the group of enterprises attempting
to share in the benefits of government policies encouraging foreign investment for
the purpose of obtaining foreign e χchange through the promotionof e
χport industries, as in the cases of Taiwan and the Philippines,or for the purpose of promoting key industries through introductionof advanced foreign technology, as in the case of Thailand. In Taiwan, most enterprises
in both groups show good results because they are sharing in the benefits of every aspect of manpower,
and costs of wages and salaries, raw materials or parts, distri-bution, and energy ・ In the cases of the Philippines and Thailand,
most enterprisesbelonging to the latter group show good results. However ，in thePhilippines most enterprises
belonging to the former group show
poor results, e χcept those which are favored by opportunities foracquiring abundant natural resources from the domestic market atlow prices
レ On the contrary, in the case of Thailand, apart from some capital-intensive enterprises suffering from intensive
レcompetition in thehome market as well as a decline in international competitiveness as
Corporate Strategies of Japanese-Affiliated … … 7 りa result of government protectionism, most enterprises belonging to
the former group show good results because Thai labor costs and
turnover are the lowest among the five 十countries as well as becausethese enterprises share in the benefits of border trade with Communist-bloc countries.
， ｀・ ∧ ‥As stated before, in Singapore and Hongkong, many enterprisesare playing an JLXJlllJV'X CC^Xll. part as an advance base for developing:foreign markets.
ダ However,
many enterprises in Singapore, except capital-intensiveenterprises with international competitiveness favored by a highlevel of technology, show
no good results, while most light industriesin Hongkong, especially in the precision instruments industry, showgood results owing to
the use of Chinese female workers skilled in
operations necessary for preciseness. ト 11.
Merits to Domestic Investors （See Table 3 ） The merits to domestic investors in the joint ventures shown iaTable 3 can be summed up
as follows. ト ノ
（l ）Introduction or improvement of technology, （2 ）Introduction of capital,
（3 ）Improvement in management or business transac ，
tions, （4卜Expansion of sales market, （5 ）Receipt of dividends ・
III. Major Factors Hampering Business （See Table 3 ） The major factors hampering business in these enterprises can besummed up as
follows.
（1 ）A high level of labor turnover, except in Thailand and the Philippines. ＼
べ2）A shortage of skilled engineers and managers, eχcept in Taiwan.
（3 ）Various problems with business transactions, such as delays in collection of receivables, one-sided violations of business contracts,
shortages of parts or ▽raw materials, and enforced return of goods after sale, e χcept in Singapore.
80
(4)A high level of loan interest, except in Taiwan.
(5)Various government restrictions on foreign investment or
business transactions, e χcept in Singapore or Hongkong. (6)Various problems with owners or employees who are Chinese or residents of Chinese origin, due to their individualistic person- ality
，short-sighted commercialism, or customs that differ from Ta
nan's_
”- ￡'｀‘' ￣￣w ・ ■ (7)Especially
in the case of Singapore, intensified competition in
the home market and difficulty in filling vacancies because of
frequent job-hopping
・ (8)Especially in the case of the Philippines, a decline in domestic demand because of a severe depression. (9)Especially in the case of Thailand, a decline in international competitiveness as a result of government protectionism and labor-management disputes.
㈲ Especially in the case of Taiwan or Hongkong, intentional disruption or sabotage of operations by workers. It
is noteworthy that more than half are personne トand laborproblems,
such as (1), (2), (6), (7), (9), and ao). ・- IV.
Economic and Social Contributions to the Community (See Table 3) Most enterprises contribute economically to the community throughimprovement of the level of technology as well as expansion ofbusiness. Especially in Thailand and the Philippines, they contributeto the community through development of the regional economy aswell as expansion of the labor market. Concerning their social contributions to the community,
it isnoteworthy that most enterprises in
Taiwan and Thailand contribute
to the promotion of social welfare not only of employees and their
families but also of the general public through improvement of the
81
Corporate Strategies of Japanese-Affiliated……
■A ；iTiqisuods9jppos ajBJOdJoo SuizisBqdui9 ssiu ＾duioo ssjBoipur ︵ 瓜 ︶*ss9uisnq jo uoisuBdxa SuizisBqduia saiuBduioo sa ＾BDipui ︵ べ ︶ Z - - ■A ＾uoTjd JO jepjo a ＾BDipui sajnSi j -t : sa ＾ovr
1
1
H
5 5 5 臣 臣 巴 田 壽 !母S!; 字 ∼ 尋 応 F 誤 F F 斜 F 芦 ≪3 en q 二） e ヽ4f ・・4 ・−4c ヽ0c^c<s7--i 1−1<N1COr 一寸COr り' 吋< '吋4' 吻 ゛CO< ｀I ir> 吋゜CO ㎝ Lり CO Cりr −(t − 寸 ミ｀ヽ- ∞ t ｀ヽ− べ -￨: □］ ca ・< ・≪, □ 7 〃2
a, マつ F ¶− i c^ CO 吻* べ 9 ( つ Q コL ェ］ ココ 旨 こ=E; F 岬 、:> 1− I y − 4 C-J <N1 吋 ゛CO m rf CO C (￡〉 畷: 03j
QぶQ ぶ ぶ 8 ←1 戸 尽 t−iC-4 CSl T−* べ ≪: 一 § .￨をcd ト 口.コZU 之: りQ コC.. ←lP-， コ 凶 コ 江: ○ 8 − 雰 に1 ―I8 ■t-1 呂 写 写 ド 聊 戻 戻 単 屏 尽 F T - - i ャ― I . - - i ■ "寸 " ・≪さ ャ - I CM r一叫C-J ャ―ICO1 ―fT-H CO r一寸 四c り ャ→COc^c り L つr 一十L りL りLO' 寸i 竹 c、 マ ^3< r一寸 マ 〃 OJ m L ） 四 ャ―I C｀J べ 如 ≪: ≪: ≪ 江G ≪ ≪ 百 ミ2 コ 旦1 §kJ C）j び） ΞOQOh 万万 にQI ≧ 噂-湊]1WO ｜Ey 叫 11 弓 lj l ンー4 j ゛てゴEL § 回 呂 言1 心 ご も ｜ 1,1ft j j Q 左 司 ご ○j ∃E ヤ1 ひM 否Z ］ ●四 ヨ 八 巴 6 0 へ で ロ 吻 C/ う び） Q ロ C 口 コ ．2W O ロ ○ -t ―> a! N 二 d こ ○-コ CTl Q 忿 S コ O IEi j1 四; μご/l ｜ ← u び5 ○ ○ ぶU J ら Q 心 ぴ） Q Q X O 四 a E Q k O G← Q μ d W ← Q μ 四 吻 ●四 Q O 1/］ W O ←J c Q 日 く1) Q こ: ぷ ≪ へ 7 一 心 右 に ：E §Q 心iS ざOEj へ こ こ/つ k Q E コ in ロ O Q !-， 0 ら び） Q Q ●− > 口 Q ひり 以 ） に ●四 ←J O E O 6 Oh へ K4-心 四 4 ←^ ●四 a d ○ ン、 ご コ び Q 馬 コ ○ こ Q 圃 Z ・夕 吻 コ ら 切 心 ヨ に:' 回 ぶ⊃ − ○,o 丿1W ゛E ｜Q らf § ●-四WQI 口a ら ○1 吻 ミ 占 八 ●四 マ WO （Do こas E μ4OW S-i Q 山4 心 江卜 ご- か L バ ．oコ 0 、 ぴl ド ぽI u コ-o 7o ｜ S こ］ C/］ ヱ Q 且 を Q 八 べ 心 seAp3ai; ︵ ｜Q a ％isioaxoQ lo sai ＾uoijj i 。sisATBuy aAi ｜BJBCluio3 f RW ＾X82
1
∃H
・z. ' ■i コ Z し ・J Q ，i コ ば コ cd コ 江 ' ・U にェ］ コ: ' CT^ 寸 ， ｀9 ，' 畠 ■ 昭 ■ 写 昭 ま ． 丿 にI 忿 回 に ^ 巨 回 ．χ μ］ ≪ にQ べ に工］ ≪ □a ≪CQ べo ． ベ ロコ f-H T−r −i や−1 ←CO CS! に Cヽ^r −ir 一一HCS! 柚 かl 四 CO C>J y−4 LO to ・寸 I ・ 1 § § 京 旦 ' § § m j 嶮 ， CO J LO ・ つ ． C り, ' 吻4 1 ｀ヽ− 心 cr ヽ 口 ∞戻 y
こ寸 に Xシ
■ が CM .−-4 m .回） 旦 日 帽ミ f:^ 心 Ugコ ≪ (｀J ャー丿 寸 m q二） L り 8- 別 ｛ コ］ 口コ ロ コe. コ ・S ■ s ・^ ■ s 卜 回 へ 鴎 へ S X べ cヽ1 ・一寸 8-8 → 品 吊 . 巨 罵.! ぶ 口 コ, z Qz OQ ・ コ μ-. ぶ1 P ， コ 凶 コ な: Q 8 f--i 雰 旨 コ 弓 吊 宅 専 に ゝ S へ 回 へ 回 へ じ へ 沼 x に w に S U べQ ≪u1 エ] ≪ に] ≪ ベP コ ベ □ ≪ C<1 C<1 t−ICM 心. ―I -f −4 ャ∼4 〒-H ？∼He ヽ!c-ar-H CへlCOf 一丿C<1 ぐVl oa び つ 匂“ 回 § 弓 箭 § § xn ( ￡) つ ∞ こ/ L つ ヤ ( ￡) t ヽ- LO l 応 L)寸
｜
U1
｜
コ
C/つ19r ’ij< ←寸oESH へ旅 心 ｜1j ‥￨Q ＼JII 1 1 弓 右 μ4<j3 ぶ §ト4f-4E ごj 玉 ‘じ万万 ●一 回X-I ―Ij 山 袖 E 弓 1 ・A ←J 噌 7RJ 弓 ミヨ §} で b) 1 ' § 叫 心 CのE1 μ4 ←iE ｜ ヨa' りcd 一圃 ぶj ら 巴 E 四aE Q ミ111WO11 寸 心 ∽ .= 咽 ミ )1 コ くy 冨 ←a ミ ふ ハ こOJ
き
｜
Mt
，
｜
竃￨
§
§?
む
言
§ ゛E +-か1 μ t←・ ￨ ミ 1 江; 三ル
1
で
1
QI
E
弓
J
プ,
ヘ
ニ
札
付
J Q
呂
｛
入 c
心
証EE
白
川
亘
pappy 8n ｜t!7 ＼^ jo UMopJiBajg pue sJsuiuje ＾ jo uoi ＾nqij ＾siQ jo sisAieuy 9Ai ＾isjiMxao ＾ S ＾iq ＾l 。Corporate Strategies of Japanese-A 伍liated … … 8 卵 -・ゝ, ■■㎜■■ ■ 卜 し プづ1 いくj:・・ ・.・. ・ ・・. ・. ・・・・.・.・・.L-・ j ＝゛ ∧ ： ∧こ……y‥‥‥‥‥‥j ・9SB:jU9DJ9d 9:jB3ipUI 。p3ppB SnTBA JO UA ＼0pJlH3Jq 。 UI S9JnSxj '2 ・A ＾uoud j 〇jspjo g ＾BOipui 。s2uiuji33 lo udTinqujsip jo sxsAtbuV ” ＾ ＾ sajnSi j "i : S9 ；o ］y ［
11
H
5 5 S 回 目 巴 目 霖 岬 吊 呼 匈 !召 苫 尽 戸 尽 F F 尽 昂 な 陥 旨 鴎 Sこミi 呂 C ｀--〒--4 つc^ つ 心 四 ∞ ・* つr-H t-t￡) 四 寸 四 T−Ho)t ￡)r −iLOen 寸 Eヽ.o)COCO 四Csl 吋1 CvJ つ 1-I ト ーr 一寸 四 ∞ C<1 c^ しr）C<1 ヤ '吊 昭 、一昭 コ ■ 品 呂 L ）( −(t ヽヽf 一一4 ㎝CS51 −i ・→ 四 つ 四 旨 ㎝ 昌 写 コ 回 -t-? CO1 ●四 七 コ 色 j-H l｀ m − き 1 ｀ ぷ −LO tヽ-' 'CO 号 ㎝ だ Ξ Ξ 1 ∞ ’ R に ヽ Ξ こ 巨-ご つ ノに 1 ―I a べ つ じヽ● § らCO i t ヽ， りヽ r 一哺 一 口 -ト， 回 ． ’S-口 七ヽ 巨 つ 旨 一 寸ま
eu, 写 □へ .l? ∞ 日 會 F 1 ―1 むヽヽ 呂 c^ CSI ≪c^−I c^ 四 沢 し-−I −t lヽ， ，. 色 g ●-/ μ こ説 回 ,co 居 眠 つ β R-つ ・昌 色 恥C 1 コ］ Q ぷIQ コC.. コ f―t § § 斗 谷 戻 コ 昌 品 LO しりr −40^3 r一丿m 吻｀ .-I Lり Å t−i ￢ CN] ■ > * 1 - t r− 4 f 一寸 跨 屁 図 ∞ tS-' 需 じヽ-11
][
色 飛 口 呵 測 ,心 (ヽヽ 呂 iS-つ コ 后-t ｀ヽ 吊-こ ． I−I ロ4 1 i一 Q.-] Z (_) Z Q こコ; 二 Σ二;CL ． ←コOh. コ μ]J1 二と( こ) § 写 旧 式 回 図 印 字 ぢ 昂 令 戻 拓 伊 リ ド ク 溌 鼠 鄙 旨 昭 尋 コ 心 胸 品 詞 邱 寸 寸 四 つ 1-I o ） 四 1−tLO' 寸゛ 寸 ← へl.―tLO 匂｀ ぐ-JCN3 匂' .-C ← C ヴ四l-O 寸 t 〃 ） ￢l ￢ m LO CSl つ 卜 胞 写 沼 旨 図 旨 CO 胴 こ <^ LO 応 en つ t一丿 寸i-刈 ∞c^ ■^e・?--i → ←i 将w S ーH 心 房 Ξ つ 弓 ｀ Ξ t>ヽ ← ぐり- ←-卜コ-S 廠 パ 牡 ￨ シ 無 禄-t-> ・-り 回o o 詠tin ra χ 川 ］サE コ ］rt 切 才Q ロ ］11 四ぐS> Ξ 尽 令 ぶ 図-1 、? Λ S 必 .1 互 1 l g l j (／っ 亘 心 万万t ｜< ） コ −j ミJ IF Cj E Q 言 ●r←a哨 ？j1QQ 亘 云 W 石ョ｀ 遣cdS 叉・.Si1^ ざ1 雪Q-ajCO21QM 岨jcSQ ン、 回1 ●-l 山 Ξ マ 1 乞 コ こ1 §--1 S 呂 ● 卜inj 七Q 弐H 亘 lj § E ●-Q §cd こ ○.E −k ○ ぶ 七Q l l j M ;>● 八 于 ら ミシ1ta1 ］ 心 こ CO §tS03/ ｜cS1 八 ・ 、ご呂1
1J
へ
巴
］
ぷ
う
？
β
へ
ご
§ L XQ j j QI 口 心 こ enw ヒ， Q ∽ Q 以 四 吻 こ μ Q ←. ロ I―I 心 Q W ミ > 、 ○J-,tll 口 へ ・φ・4W 雷 ○ ｜ に ；114 丞 ら心W へ ら ご .心 眼 ． ご ●-J だ 目 i ●一S Q a Q 心 こ ヘ ヘ こ 心 言jl 2 >、 回 ぶj 宅 山 八 ご へ 心U-i 心 十 八 こ84
Chapter 3 Corporate Objectives, Distribution of Earnings, and
Details of Value Added
I. Corporate Objectives （See Table 4 ） As seen in Table 4, many enterprises aim at diversifying theirproduct lines or changing models
under the guidance of the Japanese
parent company on the one hand while cancelling product lineswhich have not met the needs of the times on the other. However,
this seems to be unfavorable when one considers thefollowing tendencies from the standpoint
of a long-range strategy,although it might be unavoidable as a result of excessive competitionin
some countries. More stress must be placed on ‥research anddevelopment of new products, cost reduction
，and corporate socialresponsibility in order to achieve the corporate growth in harmonywith
the community over an extended period of time.
1）Most put more emphasis on maintenance and expansion of the market for major existing products than on research and development of new products,
eχcept for some enterprises in Taiwan and Singapore ・ I 2
）More than twice as many enterprises place more emphasis on 6
χpansion of sales markets as a whole than place more emphasis on cost reduction. 3
）Far more enterprises take expansion of business seriously than attach importance to performance of corporate social responsi- bility
・ II. Distribution of Earnings
（See Table 5 ） In order to explain the features of corporate policy for distributionof earnings, enterprises have
been classified into the following six types as a result of analysis of their policies.
Type A : Enterprises giving priority to expansion of business only.
Type AB : Enterprises giving first priority to expansion of business and second priority to internal social responsibility ・
Corporate Strategies of Japanese-Affiliated…… 85 Type
BA : Enterprises giving j first priority to internal social / responsibility and second priority to e χpansion of
business. 〉 Type AC : Enterprises giving first priority to e
χpansion of business and second priority to external social responsilbility.
Type ABC : Enterprises giving first priority to expansion of busi-
ness, second priority to internal social responsibility. and third priority to external social responsibility ・ Type BAC:
Enterprises giving first priority to internal social
responsibility, second priority to expansion of business ，
and third priority to external social responsibility ・ Remarks :
1. “Expansion of business" means （a）providing adequate dividends to
shareholders and/or （b）having adequate internal
reserves.
2. "Internal social responsibility" means （c）advance-
ment of social welfare of employees.
3. “External social responsibility ” means （d）charitable
undertakings, (e）prevention of environmental pollution ，
and/or （f) reduction of product prices.Many enterprises in Singapore,
Taiwan, and Hongkong, whichare relatively advanced in
economic development regard e χpansionof business as the most
important, while in Thailand and thePhilippines,
which are backward in economic development, more ・emphasis
is placed on internal social responsibility ・ This is due to the following reasons. In Thailand and
the Philip-pines, where are suffering from dire poverty, enterprises must firstanswer employees' demands for stable living conditions, while inSingapore
，Taiwan, and Hongkong where are relatively stable inregard of the standard of living of employees =but where there iskeen competition among enterprises,
S6 tJ j E-4 う 5 日 臣 5 留 雰 !召S99 屈 尽 琵 尽 F F 令 T−H 八1−1 W 八 t-H W 心 讐-M W ?−i f 一寸 ャ-H へr−IW 八ャ・HWr −lr −・1 ￨、 ¶l‘ 八・I ―I C ヽ0C い −4 一 一 '■.■べ"A ｀ ゛ へ 一 一 八 ´1 −t ヾCSI ・-I ’ ，* ―( -。H コ β d い y 一 寸 T H -- H 心i−IW ぺ1 −IWt-● ら 卜^W t乃 里 含 三CL ， Q ,-.1 2CJ> 山 .-］ w □二; 写 写 字 8r-叫 戸 戸 尽 ド 7二7W-1 ―I こW ャー・4 ¶●− 4 y 一 寸 ャ - t C り 心C い こ>3 W y一寸 ●--にCO t−I 心 ャーHWr −・● ぺ← ，Wf −4
E
ズ
Q, コ ロニ:Q 叫a: μJ; 工: ， 尺 8 <-I 芯 芯 召 尽 屏 汐 †― * t − - < T - H ● - H r 一寸 1 −4 へ 一 - W ( − I ャー - 4 一 一 ‘ W ャ−( ｛ コ 日 日 力 ぶ 8 −81 −I 戸 尽 戻 -爽H< ぺa ャーt i−H f−4 八 一回 ・―( w r−* CO 1−H 二 吻S'3H ZU ZQ ら.コa., −］ 叫 。コ 図Q 字 旨 8 ●一一叫S 写 写 舛 召 屏 多 ド ざ 心1―IW 心y 一寸Wr ー4 八 ャー-IW 心f −4W へr 二-4W t−I 八←4W 心 や−−4W へr 一寸 心r −Hr-I 八←W らr −iW 八T −tW 1−(. ぺ 1―I W 1−1 r−H 心f−4W oo ○J − r 一 I y −一寸 ≫− 4 r ・H 八 寸―IW 百 ig コ こ.2 § ぶ1 ll・ 心C/つ ｜ §t 号 』 （ノうjoCO ぷ; らで ｜1 ●四 く1）K1 ｜jI
J
∃QI
〉-ロS ・ヨ 占T-H g］ 司 ，111 ゅp●4>IMQ
｜
苓t
レJCO
4-)J ●卜 §Oh 々 ぷ ・卜lj> ぱ） に: ○ ●←iQ戸 コ てJ 0 1-4 tt ‰l.・i O J Q 如 i μ ヽ cd ぶ Q こ: μ4 ○ -t-｝ Q Q μ ぞ 芯 く1） Q. ≧ E+-> Q 丿 目 ^ 笑 1 μ I∃C ￡） ・づ C <a CO く1> 四 CIS びl <J-I ○ Φ 一切 t-, 心 ぶ Q ←， .Ξ i ∩ ^ 1 言6 ← 4 Q ロ us ロ こ: t4-4 ○4) b ￡） u as ぶ Q c u ○ ←i Q Q 口 旧 芒 Q Q ．≧ 日 -+-》 Q コ 恥 Q 4 輿 § μ I∃ 00 び） +-い μ， こ' 乱 E ち 苔 §o 言1 回. ョ 1S 芯 い そヨ 芒 Q Q 上 日 ←ぺ) 召Qfl 貨 § 叫 s l ≫UUUSa9J IO SSBT3 113C[1 UI SJ31T! ＾0 ＾ue BtfA ｜4i: ｜i ＾ iJSilU ＾u ＾j- A4 pe ＾ISStSIQ U0i: ＾1IZIU ≪: ＾JQ ︷auUOSJEdj ︸ 。STSAjeuy aApBJBdmop 9 siq ＾X87
Corporate Strategies of Japanese-Affiliated ……
^sotuiB ajB Su 〇 μ 切 口 〇 ︸﹁ ﹂O 口 吻SIH 一j ■ −I ・S9ij ；uno3 jsm ︵ ︶aq ； ui q^uapisajd-aoiA puB : ︸U9pTS9jjj jo asoii ； o ； :(ua ＾BAinb9Ul aOpSJtp SuiSbUBUI JOTU9S pUB 。 日jiBqo-aOTA 'u-BUijiEqo jo suopisod 911x ．s ・papnpxa 9jb XuBdtuoo ；u9JBd ssguBdBf UioJj AjuBJOduiaj paqo ＾Bdsip siBiotg0 -z ・sj3ugi9J0j aaij ＾o jo laquinu 9i.B3ipui sa ＾nSy paui^^iapun pUB 'S9AI ；BU 。JO jgqranu a ＾Boiput s9saq ；u3JBd ui saanSg 'assuBdBf jo jaquinu ajBoipui sasaqjuaj ＾d ui 。50U ssanSi J "t s9 ︸01 ＼[ 1 1 H Z コZ コQ コ 以 □］4U 皿 コ］ 雰 浮 図 昭 昭 ま 寸 ヤ 芦 尽 尽 尽 谷g m 貧 ず 畏 ご 忌・ 1 昌 − ご _ 冨 巳 o) o つ 貰一 言 亘 ― (刀 ｜ft 回 山 口 コZU 山 コ 叫re 写 写 写 8 1―I 回 ●Q 回 ゝ □ ゝ に y つ 一言 一 一 亘 一 寸 嘔 豆 心 ， 四 t ） mh ぶ □ コDdU 閏 コ］ μ］ コ 巨 8 ← 端 居 μ ・ g ニ? ゝ 芯 ヽ 旨 へ CO r一丿心しヽ: ―W 冊 tこ ご 器 亘 冨 心 一常 一 一斗 斜 哲 旦 一 ・- 言 ら 寸C<i - 一昌 − 苔 ご 四 切 に ｜]] n コQ ぶ 山 コ 衣 8 す一一 4 8 卜 - 1 CO. へ 曽 ヽ 回 ゝ 口 ・ 雪 ・ヽ色 コ昌 一言 一 言 富 晋 百 亙 哲 一 亙 − 亜 で≫ づ g] 吻S"3F Z りZ り 山 コ 山 口 皿 ぶ ぱU 写 に 8r-i 活 字 字 詰 − 胞 4 じ − 回 ヽ に へ ぐ へ 八CO 寸 - 色 言一 一 言 百 舌 へ t o -ぶ二 ¥ ご - 1 二こ ? づ ご I づ で町 ご 雰 怨 言 哲 − 誕 ご 昆 ■3^ づ 昌 筥 尽 匹 − 1 ｀ヽ- w 一 色 百
［
W
忌− 貨− らS Ξ § ○ 筥 呂i 呂, コ 八S ●-罵aE 巳S 翌 ●F曽會 ぶ 芯21XF 豆 -i_J E l ヱ I R 吻 ト3'-*-l ○j ←Jk ○ ぷ ｜ ｜ C/かQ ・μjj
6
；6
回
W ．!) ぶ Q .g］ ○ コ Q Q C/つ μJ T―I し○ ぴう ■? にjQQ コ びつt Z］ 吻 μ 叫 Q ← Q らQ ●− μ］QNt ―i S E ， ど ヱ 呂 ■?1 唱 回 E S ぷ CO ↑一一i 口 吻 ●−Qei s］ ぶ Q QF ゛● 寸? ―I l 七 〇S むS § 叫 ロ to u Q μコJ ○ づ に 司 μ u。 Q 四 Q ← 司 μ Q C QQ CO I―I88 I - 寸 1― I 1 − i 1 − I C M 心 1− I "UoipUnj ＾uaiuaSBUHUi qofes passajjs sdiuHdtuioa utun ｜OD jo ite ；o ； ＆q ； M6tis XX ” ＊ sajnBij T-H ・A ＾uoud JO japao a ＾BDipui xiuuinjoo ︸d33X9 sajnSi j ．I :s9 ；om; :(U3m83'BU'Biu uoi ；nqu ；strr ︵ こ lluoo Aiirenf) ︵a ︶ ioj:￨.uoo SS800J-J ︵Q ︶ 一oj ；uoo jsof ︶ ︵ ｔ ︶ ajnjnj em u; SujuaqiSuaj ； g jo p38W ui suo; ；oun j juauiaSBU-ew ・TT FF E I QI ●←1Q四 ミQI1 ir> T ＝1 喇4 †--4r−H c￡）1―I (rs c^ t ヽr一鳴 寸 吋4 Cう Cり ¶−(
11
F
5 5 5 巴 留 弓 9 S 垢 ま F 芦 F F 屏 CO <N1 ■^ 1−H 1−(CO c^ f−I1 ―( や一一iCM 吋" に i> 】lOま
:u. −; 写 □k ≫−J 四 C-j <vQ ｛ 詞 日 巴 留 目 一回 § 郡 司 回 K K ゝ 毬 へ 沢 X r−I<NJc^ 吋" ㎝ CO 吋“ ← ← LO 1―I にCO <｀ヽl ひ、j ｛ ;工; 日 日 Oh S § § F^S ゝg2 へ 圏 へ 1−ff 一鴫 C-] ヤ CM 四 〒一一4 に CSl −H ■t-H CSl O4 に］d^ 届F 日 乙 乙 臣 1 P-, ビj 巴 § 弓 旨 →-i 三 畠 写 写 F 単 屏 屏 屏 屏 ぎ F C<1 CO 寸 1−(CMr −Ir り CO 四 !N1 r−H ㎝ C-J oq CM CO C-J CO CO L つ LO t一吋 ャーH ↑一一iCO 〒一一i ぐJ や-I ャ―I Lうl のm 心 CO 寸 CO ｀吋゛ to CO 1ヽ∼ら1
1
Qj
1,
コ
ら1 ajL ］ J ○j 雷 lj l E ●四1I 唱 卜一SW ○j ←3 μ §ト ぶ 1 噛-1 vJ 1 M i 四 ・cilM Ξ 、5 φ.>に: ｜ ｜ ロ1 巴 芯 ｜ ｛Q 三 、ご 四〇 乞OQIQ ら こ 四 ○ り J g] O Q C/う C/う (D Q O Qe. 八 Q W 1 Qd を ○1 哨 W○ 四￡ に6 らS ・・W 四且 §Zj ＆ ・Wミ
1
1
3
W
WE
E
で
w
｜ 切 ヨ ロ 』 』 八 ●￢W｜
「
｜
八
巴
ミ
1
サ
四W
passs3a: ＾g suoi^ ＾aun^ij : ＾uaui93BUBj ＼[ jo siSA ［BUV 3Ai: ＾BJ ≪ ︵luiO3 I ＾iq^Corporate Strategies of Japanese-Affiliated…… 89' III.
Breakdown of Value Added (See Table 5 ） As seen in Table 5, no enterprise can survive in Singapore, whichhas the highest
level of wages and salaries among the five countries, except technology-intensive enterprises that maintain a very high
level of “value added ratio", such as the 71.0 ％of a LD company. On the contrary, in many labor-intensive enterprises in Thailand
，where
wages and salaries are lowest. “Drofitabilitv ratio" are highest 。averaging
24. 0％ ，in spite of having low “depreciation ratio" aver-aging 12.4
％as a result of sluggish plant investment. In the case of Taiwan, where a good many capital-intensive enter-prises average 18. 4
％in “depreciation ratio", they show the secondhighest level after Thailand in
“profitability ratio", averaging 14. 4 ％,.in
spite of the comparatively high average level of the “salaries andwages ratio" of 49. no/ In Hongkong,
enterprises have the second highest level of "pro-fitability ratio", averaging
15. 0％, in spite of having the lowest level of
“value added ratio", averaging 17.7 ％, because they have the secondhighest level after Singapore of
“salaries and wages ratio ”, averaging 52.7
％, but have the lowest level of “depreciation ratio", averaging 7. 5 ％ 。
Chapter 4 Organization for Decision Making and Business Admin-
istration （See Table 6 ） I. Top Management In most joint ventures situated in Singapore and Hongkong,
topmanagement consists mainly of Japanese, but in Taiwan and thePhilippines,
it is composed mainly of Chinese or natives of Chineseorigin. In Thailand,
top management is about half Japanese andhalf natives of Chinese origin. Generally speaking, in Singapore,
Hongkong, and Thailand, thesupreme decision-making post of the enterprises as a whole is held
“90 ‥ ‥ ‥‥‥‥ ‥‥ ‥‥‥‥‥‥・・. ・・.. う√ ニ :に ト∧However,
in Taiwan and くthe Philippines, this decision-making poweris held
スby Chinese ，or トnatives of トChinese origin ノwho トare j in the
レposition of chairman or president √ニ ‥‥‥ ‥‥‥ ‥‥‥ ‥ ‥ ‥‥ There
is very little difference in opinions between ニJapanese andnatives,
except in some eases in the Philippines, even though Japanesemanagers are in lower positions than native managers. However, itis said
that many joint ventures in the Philippines desire to increase the proportion of Japanese investment in order to establish top
managements led by Japanese. ‥ ‥‥ ‥ ‥ ‥ ‥ II. Executive Directors in Cha
瞳e of Individual Business Functions Most of those in charge of production and finance managementare Japanese, while most of those in charge of personnel and labormanagement
are Chinese or natives of Chinese origin, ニeven ニif thecompany is not a
joint venture. Sales and purchasing managerial positions are often occupied by both Japanese and Chinese or natives
o f Chinese origin, especially in joint ventures. .,. . ・
・・.・・ ・・ ■ This tendency seems'to be desirable because it is wise to make
natives responsible for management in labor problems,=judging from
……the point of view that there is very little trouble トbetween Chineseo r natives of Chinese origin and natives indigenous to the soil of
≪ach レland, because of the adaptability of the Chinese to the mannersand customs of each land.
， 犬 犬 III.
Personnel other than Directors In Taiwan and Hongkong,
most ▽other personnel コare Chinese,except for a few Japanese managers and engineers in higher positions,
≪ven in the case of enterprises in which the proportion of Japaneseinvestment is 100
％or close to 100 ％. In Thailand and the Philippines, with the exception of a very fewJapanese
chief managers or engineers, most personnel in managerialo
r technical positions and office ニclerks are natives of Chinese originor people with mixed
Rank-Corporate Strategies of Japanese-Affiliated … … 9fand-file workers,
however, are almost all indigenous nati ヤves. In Singapore,
many Japanese have positions as managers andI
・・ ■・ I■ ■J・ = ・ ■■ ■ ■ ■ 「 ■■㎜㎜■ ■technicians,
even in the lower levels. This is especially true in some:enterprises which were set up recently. Most rank-and-file workers
・ ゝ ・ . s − ’J ・.engaged in heavy work are foreigners from other countries
in
South-east ＼Asia or the Near and Middle East. This is not only ∧because
ψIJ I I ＝ a ’-’.j ・・ ■ ｜ s・ ♂ ・ ・ ＝. ・frequent job-hopping makes it difficu!t to employ
and train
Singapo-reans as key personnel, especially in the field of technology, but alsobecause they do not like to engage in
heavy work because they
have so many job opportunities to choose from.
However, it is desirable to make gradual improvements in the nearfuture by delegating these positions
to native employees or bysubstituting the system of temporarily dispatching key personnelfrom Japan as occasion demands,
because the increased cost ofliving,
especially housing e χpenses, makes long stays by manyJapanese employees too e
χpensive.
Chapter 5 Management Control Systems （See Table 7-12） I. Manag^ement Functions Stressed
（See Table 7） 上 The
greatest amount of emphasis is laid on functions of personnelしmanagement and on overall production control on cost and quality ・The
second greatest emphasis is laid on inventory control, especially
in parts and consumer goods companies, and process control ， espe一daily
in companies that produce durable goods ・ In addition,
ニemphasis is laid on financial management in Taiwan,Hongkong,
and Thailand, where the money market is tight, on sales,.distribution, and credit management in Taiwan, Hongkong, and:Singapore, which are eχperiencing intensive competition in theselling
market, and on purchasing and トsubcontractor mariagement inTaiwan and Thailand, where most/parts or raw materials are suppliedfrom the home market.
92
Table 8 Adoption of E.D.P., Decentralized Orgfanization and ト Project Teams
Countries Taiwan Hongkong Singapore Thailand
（A ）E. D. P. system 2/8−25 ％ 2/3 −67 ％ 3/4 −75％ 2/7 ＝2 ％
（B ）Decentralized organization1/8=13 ％ 1/3=33 ％ 0/4= 0 ]./7＝14％
（C ）Project teams 2/8=25 ％ 0/3= 0 1/4=25 ％ ]./7=14 ％
Notes: 1. The numerator indicates the number of companies adopting each system. 2. The denominator indicates the number of companies answering the questi-
onnaire.
According to Table 8, E. D. P. is the most widely adopted of these systems. It is especially common in Singapore and Hongkong. The other two systems have not yet come into wide use.
In addition, it is notable that companies adopting these two systems
are the same as those that have adopted the E. D. P. system, exceptfor one company in
Taiwan. Consequently, attention should be paidto the fact that very few firms are interested in the above-mentionedadvanced
systems of business administration.
II. The Purposes of E,D.P. System Use （See Table 9 ） Many enterprises are using of this system （1）to speed up suchoffice
work as payroll accounting and cost accounting, （2）for suchmanagerial purposes as inventory control ，process control, andmanagerial accounting,
and （3）for such short-term planning in relationto sales as demand forecasting and market research, and managementof information on customers or suppliers. But it
will be desirable in the future to e χtend the use of com-puters to the field of technical analysis, such as quality control, andthe field of long-range planning,
such as economic evaluation ofcapital investment, management of information on personnel admi-nistration,
and design management, for which computers are nowbeing used by only very few enterprises. III.
Corporate Strategies of Japanese-Affiliated… … 93 ■gsodjnd u3B9 joi sja ＾ndiuoo SuiziTt ；n saiuBdmoo i 〇jaquinu aq ； 9 ；B3Tpur s9S9u:)U9j'Bd ui sjaqumM; : 9 ；o ｜j 勺 ｜ μi Q μ 田; 工; 呂 苫 巨 ゝ l X X X X X X c） μ，a6 に: 詞 Q, 羽 閏; 工; 閏; 工; 呂 r一司 芯 芯 C ｀ じヽ-ゝ 寸Q 二）xq ⊃t ｀ヽ， ゝ X X X X X X X X X X X X X X X X X
1ト
コ
Q ぶ 山 ト］ ま 呂→ (｀al ヽ， ゝC つ<o4 、 X X X X X X X X X X S > 吋F Q3 ニ; μ4 コ コ 呂,-I CM 心⊃K しヽヽq ⊃4k X X X X X X X X X 八 S ●お四 目 ○ 忌 目 ●←}(d− 呂 心 八 丿ilt 号jC/ つj ○Q ぶ: 雷 ￨§IE ●四 くu びっc 々f-t-* ○j ←Jμ・ § ・ ぶ μ Eコ らに ）心 心CD W ぺCO W 心四 心 心1―i 心 ぺCO W 心CM W ら寸W らや・−^W らQ:）w 心CO w らCO心 心←W ｀ ぺ r一哨 W 呵 e ぷ; び) コ μ) 吋 W (刀 Q k nS Q>-回 ゛回 目Q § 弓 Q な D-, ぺ 、j 1 3 §dl § り 心 巴 j 4 J §11 ヨ ●四 μ.， べ 、とb）
ロ
｜1
ト
ヲ
こ
-りに;1 こ/つ.W 四'B. ご ○ に］1111 §Q 叫 へ こ ぶ Q μ CtJ Q to Q り be r］ ● 卜 +-ぷ Q μ に 吋 Ξ り c 心 如 に: ●四 ●-^ to 弐3 Q くp u O t+,l 七 に; a Ξ Q Q 八 ≪-吋W 切 こ: ●八J g ］ コ ○ O Q d 1^-H O S Q 〃 ぴ） X ぴ? Q コ /> kJ u O W Q CO に⊃ 心 妬 心 ←j呂; § ぴう § ○ ぶ Ξ ←回 § 占d ぶ 心 ●r吋W 一 ｜QXl! ―I ●-W ∽ 6 Q ニコ p. a ロ C/つ μ ○ C乃 柚 Q 臼 ○ ← C/ う コ Q に ○ こ; ○ ●四J 03 臼 μl o <■≪-I ここ ●−t+-( ○ ■4-^ c Q E Q 如 cS C ai ] 三 心.MW に: 万 に;1E に: ○ ｜ μ ○ ］E 奥W｜
切
ヨ
の
｜J
j § モ ロQ 呂 イ μ4○ ・ヨ 昔 にdl 夕 ン、 ぶljE 切 自 罵 □ 洛c/2 占 心 、j osn vaa ＾sjfg 'd'Q'3. Jo sasodjn ＾ 8i ︷X 6 aiq ＾X94
つ=j=・,-．=j， 上 … … …… …… ….… ………= ヶ ． し This type of organization, which is being implemented by threeenterprises in Taiwan, Hongkong, and
Thailand, should be furtherclassified into the following two types.
づ
＼ し
（1) Decentralized organization ∧by product line, which
二has. ∧been adopted by
the enterprises in Taiwan and Thailand. y
（2 ）Decentralized organization by business function, which has been adopted by the enterprise in l!ongkong.
＼ ニ The former aims to clarify efficiency of operations,
effectivenessof cost reduction, and short-term as well as long-term profit contri-bution of each division by each product
line, and consequently, topromote the effectiveness
of systems:to motivate each group of
work-ers, in connection with an incentive system based on evaluationof the performance by each group and division. Such an evaluationwould be made by calculating the above-mentioned data.
十 The latter type aims at
long-term profit control through comparative
analysis of actual results, with planning goals for improvement and
advancement of long-term business performance divided according
to business function.
It is advisable to use the former type, because it is useful forevaluating comprehensively short-term as well as long-term profitcontribution by each division, but the latter type ! is only useful forevaluating seperately a
long-term performance of each division. IV. Adoption of Project Teams According to Table 10, the major purposes of this system are
（1)planning for capital
investment and （2 ）cost reduction and labor-saving,
followed by （3 ）development of new markets or new products. All
of these are used only to supplement the ordinary managementcontrol system. However, it is desirable to make greater use ofthis system so that ad hoc measures can be
∇taken in the event ofan unexpected
トchange in ∇corporate circumstances. ニ
∧ 十 .
・. : ， ‥‥‥寸:4.1y゛・り;・ ’・｀ − . I li ？ .゛I≒ ● ｀●. ・｀ ゝI. I ●.；. ・・ ・ ・. ・ V. Sources
