munculnya dan evolusi perusahaan multinasional dari hongkong dan singapura

8/19/2019 Munculnya Dan Evolusi Perusahaan Multinasional Dari Hongkong Dan Singapura

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Munculnya dan evolusi perusahaan multinasional dari Hongkong dan

Singapura- The emergence and evolution of multinational corporations from Hong

KongIntroduction

Although the origins of Hong Kong-based MNs can be traced!ditelusuri" tothe #ritish colonial period and Hong Kong$s position as an

entrep%t!gudang" for trade in South &ast Asia and hina'indigenous !adat" hinese (rms!perusahaan" based in Hong Kong

emerged!munculnya" as MNs in the early )*+,s' thusreecting!mencerminkan" a longer history by comparison to MNs from

Tai.an and South Korea .hose emergence!muncul" can be traced!ditelusuri" to the early )*/,s0 Hong

Kong has gro.n to become a signi(cant home country!negara asal" of

12I!foreign direct investment" .ith an out.ard 12I stock of '3)+40* billion

in )**5' or some 605 per cent of the global stock of out.ard 12I0 Indeed' it

had become the .orld$stenth-largest source of 12I in that year based on the si7e of out.ard 12I

stock after the8nited States !.ith a share of 940) per cent of the global stock of out.ard

12I"' 8nitedKingdom !)90) per cent"' :ermany !*0+ per cent"' ;apan !<09 per cent"' the

Netherlands!/04 per cent"' 1rance !+0* per cent"' S.it7erland !406 per cent"' Italy !40)

per cent" andanada !605 per cent"0 In fact' Hong Kong is almost as important as

anada .hoseout.ard 12I stock .as 3)+/0/ billion in that year0 Thus' Hong Kong had

become asigni(cant source of 12I in the .orld economy' particularly more so in

relation to thestock of out.ard 12I from developing countries .here Hong Kong is the

single largesthome country .ith a share of almost 4, per cent0

Not only is Hong Kong comparable to S.it7erland as a home country of 12I

in terms

of the si7e of out.ard 12I stock' the study of the emergence and evolutionof HongKong-based MNs is of interest as another case study of MNs from a

resource-scarcesmall country0 The gro.th pattern of Hong Kong-based MNs as it has

been evolvingover the last half century can thus be compared to those based in

S.it7erland that share asimilar pattern of national economic development and .hose longer MN

history hasbeen analysed in the previous chapter in this part of the book0

#efore the historical e=cursion into the history of Hong Kong-based MNs'it is



important to clarify t.o key points0 1irstly' this hapter relates to the

history of MNsbased in Hong Kong .hich includes not only the out.ard 12I of indigenous

hinese(rms in Hong Kong' but also out.ard 12I coursed through Hong Kong

.hose ultimatebene(cial o.nership can be traced to another country0 This applies to the

out.ard 12I byholding companies established in Hong Kong by Australia' the 8nited

Kingdom andother industriali7ed countries that have business interests in South &ast

Asia as .ell asout.ard 12I by some of the trading and (nancial companies in Hong Kong

founded andin many cases still managed and controlled by the #ritish> ;ohn S.ire and

Sons !HK ?td"' Hutchison International ?td' ;ardine Matheson and ompany

and the Hong Kongand Shanghai #anking orporation !@ells' )*<5"0 In addition' since the )**,s there have been signi(cant amounts of

indirect investments to hina from Tai.an that .erechannelled through Hong Kong o.ing to the illegality of direct trade

bet.een Tai.anand mainland hina !see hapter ),"0 The inclusion in Hong Kong-based

12I of out.ard12I .hose ultimate bene(cial o.nership can be traced to a third country is

important inthe analysis of out.ard 12I emerging from Hong Kong and helps to partly

e=plain theprominent position of Hong Kong as a home country of 12I particularly in

recent years0It is for this reason that the term Hong Kong-based$ (rms or MNs is used

throughoutthis chapter and book0Secondly' the government of Hong Kong does not collect data on in.ard

and out.ard12I in and from Hong Kong0 Thus' the analysis of out.ard 12I from Hong

Kong hashad to rely on scattered reports and the scanty data and information

provided by the hostcountries in .hich investment by Hong Kong-based MNs had been

signi(cant !hen')*5)B @ells' )*<5"0 :iven the large number of signi(cant host countries of

Hong Kong-based 12I and the diCerent currencies and criteria used in the compilation

of data onin.ard 12I in each host country .hich precludes any possibility of data

aggregationacross host countries' the analysis of Hong Kong-based MNs is rendered

some.hat



diDcult particularly .ith respect to the e=amination of the maEor types of

out.ard 12I'the fundamental determinants of out.ard 12I and the maEor host

countries' as .ell as thechanges in these variables over time0

#earing in mind these t.o caveats in the analysis of Hong Kong-based12I' thishapter aims to present a faithful account of the history of Hong Kong-

based MNs inthree time frames> from the )*+,s to the )*<,s' the )*5,s and the )**,s0

- The emergence of Hong Kong-based MNs from the )*+,s to the )*<,s To understand the origins of Hong Kong-based MNs is to understand the

economic and

political history of Hong Kong as a #ritish colonial entrep%t0 Indeed' fromits inception asa #ritish colony in )54) until the mid-t.entieth century' the integration of

Hong Kong inhe .orld economy had been dictated by its role as a trans-shipment point

for #ritishe=ports to hina and' to a lesser e=tent' other parts of the region and as a

hub for hinesecommodity and (nancial transactions .ith &urope and the 8nited States

!Henderson')*5*"0 @ith a share of t.o-thirds of the e=ports !or re-e=ports" of Hong

Kong' hinaremained the principal e=port market of Hong Kong until )*+) !Fhelps

#ro.n' )*<)"0 The virtual elimination of the entrep%t trade .ith hina as a result of the

hineseGevolution of )*4* and the Korean @ar of )*+,+6 .hich led to the e=port

embargo onall goods of hinese origin to the 8nited States and the prohibition

imposed by the8nited Nations on the e=port of essential materials and strategic goods to

hina

)+- The emergence and evolution of multinationalcorporations from SingaporeIntroduction.ing to their status as #ritish colonial entrep%ts' the origins of both

Singapore-basedMNs and Hong Kong-based MNs can be traced to the #ritish colonial

period .ith the



out.ard 12I of #ritish companies based in these countries and some

hinese immigrantsin Singapore0 Thus' MNs based in the Asian ne.ly industriali7ed city

states have a farlonger history by comparison to MNs based in the Asian ne.ly

industriali7ed countries.ith larger domestic markets' Tai.an and South Korea0 @ith an out.ard

12I stock of 34<0/ billion in )**5 or some )09 per cent of the global stock of out.ard

12I' Singapore.as not as signi(cant a source country of 12I as Hong Kong .ith 3)+40*

billion butconsiderably more signi(cant than Tai.an .ith 365 billion and South Korea

.ith 39)0+billion0 Indeed' Singapore constituted the second-largest home country

based in

developing countries in )**5 after Hong Kong .ith a share of some )909per cent of thestock of out.ard 12I from developing countries in that year0

The study of the emergence and evolution of Singapore-based MNs is of

interest asanother case study of MNs from a resource-scarce developing country

.ith a smalldomestic market0 The gro.th pattern of Singapore-based MNs as it has

been evolvingsince the #ritish colonial period can be compared most directly to those of

Hong Kong'another ne.ly industriali7ed country in Asia' or more broadly to that of

S.iss MNs.hose home countries share similar patterns of national economic

development and.hose histories have been analysed in the previous chapters in this part of

the book0#efore the e=cursion into the history of Singapore-based MNs' it is

important toclarify t.o key points0 This chapter refers to the history of MNs based in

Singapore.hich includes not only the out.ard 12I by locally o.ned or indigenous

hinese (rmsin Singapore' but also out.ard 12I by .holly or maEority-o.ned foreign

aDliates inSingapore .hose ultimate bene(cial o.nership can be traced to another

country0 .ingto its history as a #ritish colonial entrep%t and a ro.n colony since )5/<'

Singapore .asa base for the economic e=pansion of the #ritish empire in Malaya' South

&ast Asia and hina until the Second @orld @ar as .ell as a base for

#ritain$s military e=pansion in



&ast Asia until the late )*/,s0 The dominant role of foreign based MNs in

the moderneconomic history of Singapore meant that the role of Singapore as a base

for the gro.thof their out.ard 12I in South &ast Asia and hina prevailed since the

Second @orld@ar0 Since the )*<,s' the development of Singapore as an international

(nancial centre'the presence of a strong domestic currency' domestic political and

macroeconomic stability' the relatively liberal (nancial regime as .ell as a

safe haven for some e=cesssavings of countries in South &ast Asia has also made the country an

important (nancialbase from .hich foreign companies launch out.ard 12I in the region !see

also ?im')**,"0 Indeed' the share of .holly and maEority-o.ned foreign companies

in the stock of out.ard 12I from Singapore reached 4<0< per cent in )*5) and although

such share hadbeen declining in the (rst half of the )*5,s to reach a trough of 9+0* per

cent in )*5+' itclimbed rapidly since to 660/ per cent in )*5* and +/04 per cent in )**60onversely' the share of .holly and maEority-o.ned local companies or

indigenous hinese MNs basedin Singapore has been declining in signi(cance0 Their investments are

accounted for notonly by indigenous hinese (rms' some of .hich are family o.ned' but

perhaps moreimportantly by the state-o.ned corporations and government-linked

companies'companies established abroad originally by hinese families that

transferred theiroperations to Singapore in the )*<,s as .ell as companies formerly

foreign o.ned butsubseJuently acJuired to become Singaporebased MNs06 The dominant role of foreigncompanies and state-o.ned companies in Singapore made the role of

indigenous privateenterprises in Singapore$s industriali7ation and out.ard 12I far less

signi(cant0 #oth thesigni(cant role of foreign companies as .ell as the peculiar nature of local

companiesbased in Singapore help to e=plain the large amounts of out.ard 12I

emerging from Singapore' particularly in neighbouring countries0 It is for

this reason that the termSingapore-based$ (rms or MNs is used throughout this chapter and book0Secondly' the government of Singapore has not published data on out.ard

12I fromSingapore until the )**,s0

Thus' as in the case of Hong Kong the analysis of out.ard



12I from Singapore has had to rely at times on scattered reports and the

scanty data andinformation provided by the host countries in .hich investment by

Singapore-basedMNs had been signi(cant0 :iven the large number of signi(cant host

countries of Singapore-based 12I and the diCerent currencies and criteria used in the

compilation ofdata on in.ard 12I in each host country .hich precludes any possibility of

dataaggregation across host countries' the analysis of Singapore-based MNs

is rendereddiDcult particularly .ith respect to the e=amination of the maEor types of

out.ard 12I'the fundamental determinants of out.ard 12I and the maEor host

countries' as .ell as the

changes in these variables over time0#earing in mind these t.o caveats in the analysis of Singapore-based 12I'

this chapteraims to provide a faithful account of the history of Singapore-based MNs

as it relates tothe uniJue pattern of the domestic industrial development of Singapore in

three timeframes> from the #ritish colonial period to the )*<,s' the )*5,s and the

)**,s0

munculnya dan evolusi perusahaan multinasional dari hongkong dan singapura

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