originalni naučni UDK 334.75/.76(52) rad

JAPANSKE PRIVREDNE GRUPACIJE KEIRETSU - UZROK USPEHA ILI mr Jelena Srbinovski

Fakultet za međunarodnu ekonomiju, Megatrend univerzitet PROPASTI VELIKIH [email protected] BANAKA

Rezime mr Ranka Mitrović

Fakultet za poslovne studije, Keiretsu ili grupa kompanija predstavlja korporativno udruživanje Megatrend univerzitet [email protected] tipično za koje se javlja nakon Drugog svetskog rata. Smatra se da je keiretsu sistem imao značajnu ulogu u privrednom oporavku i rastu Japana u posleratnom periodu, a često je navođen kao jedan od faktora koji su doprineli velikoj konkurentnosti japanskih kompanija sedamdesetih i osamdesetih godina 20. veka. Međutim, ovaj sistem je u drugoj polovini osamdesetih godina pokazao svoje slabosti, a tokom devedesetih pretrpeo velike promene. Japanske kompanije i bankarski sistem su u ovom periodu bili izloženi velikim gubicima. Keiretsu grupacije se danas navode kao jedan od uzroka propasti velikih banaka, pa se uspešnost ovih grupacija dovodi u pitanje.

Ključne reči: horizontalni kerecu, vertikalni kerecu, banka, kriza, japanske kompanije, privreda

JEL: G32, L14, L22

Rad primljen: 10.04.2013.

Odobren za štampu: 03.06.2013. bankarstvo 4 2013

146 original UDC 334.75/.76(52) scientific paper

JAPANESE KEIRETSU COMPANY GROUPS - CAUSE OF SUCCESS OR Jelena Srbinovski, MSc

Graduate School of International COLLAPSE OF LARGE Economics, Megatrend University [email protected]

BANKS Ranka Mitrović, MSc

Graduate School of Business Studies, Megatrend University [email protected]

Summary

Keiretsu or company groups represent a specific Japanese form of corporate association that appeared after the Second World War. It is believed that the keiretsu system has played a significant role in the economic recovery and growth of Japan in the post-war period, and has often been cited as one of the factors that have contributed to the high competitiveness of Japanese companies during the 1970s and 1980s. However, this form of association showed its weaknesses in the second half of the 1980s and underwent considerable changes during the 1990s. In this period, the Japanese companies and the banking system were exposed to big losses. Today, keiretsu groups are considered to be one of the main causes of the collapse of major Japanese banks, their successfulness having been questioned.

Key words: horizontal keiretsu, vertical keiretsu, bank, crises, Japanese companies, economy.

JEL: G32, L14, L22

Paper received: 10.04.2013

bankarstvo 4 2013 Approved for publishing: 03.06.2013

147 Uvod Japan bio najjači među razvijenim zemljama sveta. Privredni rast nakon naftnog udara 1973. Jedan od najinteresantnijih aspekata godine bio je 4% u poređenju sa prosekom japanske privrede predstavljaju svakako zemalja OECD-a gde je bio 2, 6% (Sued, Kang, privredne grupacije ili tzv. keiretsu-i1. Čini se Tokuoka, 2009: 5). da su ove „mamutske organizacije“ jedinstveno Ovaj čudesan uspeh japanske privrede nakon uređene da čine ili dobro ili zlo velikih razmera. Drugog svetkog rata baziran je na izvarnrednoj I zaista, mnogi autori (naročito ne-japanski) sposobnosti Japana da se približi, stigne i su ih tako i predstavljali. Zato se stavovi o prestigne nivo produktivnosti i tehnologije kerecuima kreću od potrebe za njihovim razvijenog kapitalističkog sveta. Japan je to rasformiranjem do divljenja njihovom uticaju, uspeo zahvaljujući efikasnoj, edukovanoj, ali bilo da je u pitanju pospešivanje privrednog jeftinoj radnoj snazi, primenom novih dostupnih rasta ili prepreka inostranim kompanijama tehnologija u svojim investicijama, brzo da uđu na japansko tržište. Dugo vremena rastućoj i visokoj stopi štednje koja je omogućila nakon Drugog svetskog rata su ove grupacije, finansiranje novih investicija iz domaćih izvora, kojima pripadaju najveće japanske kompanije i razvojem sinergetskih posleratnih institucija i brendovi, bile štit japanskoj privredi od ulaska zahvaljujući dobroj privrednoj politici vlade inostrane konkurencije. Neki ekonomisti čak (Ito, Patrick, Weinstein, 2005). smatraju da su baš ove grupacije imale veliku Međutim, devedesetih godina privreda ulogu u brzom privrednom razvoju Japana u zapada u zastoj i deflacija postaje nerešiv godinama nakon rata. problem. Osim toga, početkom devedesetih Pred Drugi svetski rat i u prvim godinama godina konstantno se povećava i stopa posle rata, Japan je po mnogim ekonomskim nezaposlenosti, a 2009. godine dostigla je 5,5% pokazateljima imao dosta sličnosti sa Indijom (Statistic Bureau of Japan, 2010). Iako ova stopa i drugim siromašnim zemljama. Međutim, do nezaposlenosti deluje prilično nisko za većinu sredine sedamdesetih godina 20. veka on je po zemalja OECD-a, za Japan predstavlja istorijski nizu ekonomskih pokazatelja (npr. dohodak vrhunac. Japan je krajem osamdesetih zapravo po stanovniku) stigao ili čak i prestigao i neke postao žrtva vlastitog privrednog uspeha. zapadnoevropske zemlje. Privreda se razvijala previše brzo da bi se njome Stopa privrednog rasta u Japanu u periodu upravljalo efikasno sistemom koji je počivao pedesetih i šezdesetih godina 20. veka je na personalnim odnosima, čije je oličenje tzv. bez istorijske paralele te je stoga i nazvana keireitsu sistem. „privrednim čudom”. U vreme okončanja okupacije 1952. godine, Japan je bio drugi po Šta je zapravo keiretsu (kerecu)? veličini dužnik Svetske banke i klasifikovan kao nerazvijena zemlja. U periodu 1953-1973. Šimotani (1995: 54) definiše kerecu kao bliske, privreda je rasla neverovatnom brzinom - dugoročne poslovne odnose koje uspostavljaju prosečna godišnja stopa privrednog rasta bila velike korporacije sa određenom grupom je 8%, dok je tokom šezdesetih godina prelazila manjih firmi, a povezani su kroz investicije i 10% (Babić, 2007: 469). Japan je 1964. godine razmenu personala. Kerecu privredne grupacije priznat kao napredna industrijska zemlja, a mogu biti različitih oblika i veličine, ali ono što 1968. godine je prestigao SR Nemačku, postavši je bitno istaći je da ne predstavljaju pravno lice. druga po redu svetska privreda po visini BDP-a Zbog toga bi određivanje koje firme učestvuju u (Babić, 2007: 469). Nakon petnaest godina grupaciji bio subjektivan postupak, jer su članovi neprekidnog uspona, početkom sedamdesetih kerecua, bar na papiru, nezavisne kompanije. Ni godina 20. veka era brzog privrednog rasta jedna osoba, niti firma nema lidersku poziciju u Japanu se završava i počinje era stabilnog u formalnom smislu (Ostrom, 2000: 2). Na privrednog rasta od oko 5%. Dve decenije je primer, Micubiši grupacija obuhvata različite

1 keiretsu [kerecu] - japanski termin koji označava poslovno udruživanje (prim. aut.) bankarstvo 4 2013

148 Introduction growth in Japan ended, marking the beginning of the era of stable economic growth of about One of the most interesting aspects of the 5%. For two decades Japan was the strongest Japanese economy certainly are company of the developed countries in the world. Its groups or the so-called keiretsu1. It seems that economic growth following the oil shock in these “mammoth organizations” have been 1973 was 4%, compared to the average in the uniformly established to do either good or bad OECD countries, which amounted to 2.6% of huge proportions. Indeed, many authors (Sued, Kang, Tokuoka, 2009: 5). (in particular the non-Japanese ones) have This miraculous success of the Japanese been representing them as such. This is why economy in the aftermath of the Second World the opinions on keiretsu have ranged from War was based on the remarkable ability of the necessity of their disintegration to the Japan to catch up with and surpass the level of admiration of their influence, regardless of productivity and technology achieved by the whether it refers to facilitating economic growth developed capitalist world. Japan succeeded or hindering foreign companies from entering in doing this thanks to the efficient, educated, the Japanese market. For a long time after the but cheap work force; the implementation of Second World War, these groups, gathering new available technologies in its investments; the major Japanese companies and brands, the quick-growing and high savings rate which shielded the Japanese economy against the enabled the financing of new investments entry of foreign competitors. Some economists from domestic sources; the establishment of even believe that it was exactly these groups synergetic post-war institutions and the sound that played a huge role in the swift economic economic policy of its government (Ito, Patrick, development of Japan in the post-war years. Weinstein, 2005). Before the Second World War and in the first However, in the 1990s its economy begins years after the War, Japan was, in terms of many to stagnate and deflation becomes an insoluble economic indicators, rather similar to India and problem. In addition, since the early 1990s other poor countries. However, by mid 1970s, the unemployment rate has constantly been according to a series of economic indicators increasing, reaching 5.5% in 2009 (Statistic (e.g. income per capita), it caught up with or Bureau of Japan, 2010). Although this even outdid some Western European countries. unemployment rate seems rather low for most The economic growth rate in Japan OECD countries, for Japan it represented the in the 1950s and 1960s was historically historic peak. In the late 1980s Japan actually unprecedented, which is why it was referred became the victim of its own economic success. to as an “economic miracle”. At the time the The economy developed too quickly for it to occupation ended, back in 1952, Japan was be efficiently governed by means of a system the second-largest debtor of the World Bank, resting on personal relationships, reflected in and classified as an undeveloped country. In the so-called keiretsu system. the period from 1953 to 1973 its economy was growing at an unbelievable speed - the average What is keiretsu actually? annual economic growth rate amounted to 8%, whereas in the 1960s it exceeded 10% (Babić, Shimotani (1995: 54) defines keiretsu as 2007: 469). In 1964 Japan was acknowledged as close, long-term business relations established an advanced industrial country, and in 1968 it by large corporations with a group of surpassed the Federal Republic of Germany, smaller companies, such relations resting on having become the second-best world economy investments and personnel exchanges. Keiretsu according to the GDP rate (Babić, 2007: 469). business groups can be of various forms and After fifteen years of continuous upsurge, in sizes, but what is important to underline is that early 1970s the era of accelerated economic they do not represent a legal entity. Therefore

bankarstvo 4 2013 1 keiretsu - a Japanese term which denotes business associating

149 komapnije (od kompanija za proizvodnju lak pristup finansijskim sredstvima. automobila do kompanija za proizvodnju U Japanu je indirektno finansiranje preko papira, olovaka i sl.), ali one nisu podružnice banaka dugo vremena imalo centralnu ulogu, niti jedne od njih ovih kompanija, kao ni neke ali je u okviru kerecu grupe postojalo i direktno treće komapnije. Akcijama kompanija-članica finansiranje emitovanjem akcija. Obično su se trguje unutar grupacije, ali ne postoji ništa banke glavni akcionari nekog preduzeća, kao što bi bilo poput akcija Micubiši grupe. Tako i druga preduzeća koja imaju bliske poslovne je Micubiši korporacija samo članica Micubiši odnose sa datim preduzećem, odnosno grupe i nema nikakav poseban status u formiraju kerecu. Primarni cilj ovih akcionara okviru kerecua. Ćirović (2006: 205) navodi nije finansijska dobit od posedovanja akcija, da kompanije u okviru keiretsu grupe imaju već dugoročni razvoj. Zbog toga su pokušali unakrsno učešće u akcijskom kaptalu, a to onda da uspostave „unakrsno učešće u akcijama obezbeđuje homogenizaciju grupe i stvaranje jedni drugih” kako bi konsolidovali svoje zajedničke strategije. Strategija razvoja formira poslovne aktivnosti i zaštitili sebe od upada sa se prvenstvno na nivou industrijske grupe strane (Srbinovski, 2010: 25). Prirodno je da oni (keirecu) i ona je pretežno usmerena na brzi neprekidno drže akcije. Sve dok se dividenda ekonomski rast i povećanje učešća na domaćem konstantno isplaćuje, ne postoji problem u i inostranom tržištu. vezi sa rizikom od fluktuacija cena akcija. Osim pomenutog, ne postoje dokazi da Banke i druge finansijske institucije ne samo ove japanske grupacije (za razliku od drugih da su ulazile u rizik kao najvažniji akcionari zemalja) pripadaju nekoj političkog struji u većini preduzeća, već su snosile deo rizika (Yafeh, 2002). Kerecui se mogu podeliti u preduzeća kao poverioci ogromnih količina dve grupe: horizontalni kerecui (finansijski) i sredstava. Banke su naročito vodile računa o vertikalni kerecui (nefinansijski). dugoročnim bliskim vezama sa određenim Horizontalni kerecu predstavlja grupu preduzećima i često ih spašavale kada bi se kompanija iz različitih industrijskih sektora sa našla u teškoj finansijskoj situaciji. Banke bi velikom finansijskom institucijom (bankom, slale ovim kompanijama svoje kandidate za često i kompanijom osiguranja) koja se nalazi predsednike kompanija, potpredsednike ili u središtu grupacije. Važna karakteristika direktore (Koyama, 2005: 2). horizontalnog kerecua je da kompanije u Vertikalni kerecu formira velika kompanija okviru iste grupe žele da zajedno posluju, pa (proizvođač, odnosno asembler) i veliki broj je kompanijama van grupacije veoma teško malih kompanija (dobavljača). Primer ovakvog da uđu, a naročito ukoliko predstavljaju tipa kerecua najčešće se sreće u elektronskoj i konkurenciju nekoj kompaniji iz grupe. automobilskoj industriji u Japanu (Miyashita, Kompanije u grupi jesu nezavisne, ali se obično Russel, 1994: 12). Vertikalni kerecui mnogo ponašaju kao jedno „telo“. Ne postoji holding više zavise od nefinansijskih kompanija koje kompanija koja upravlja aktivnostima grupe. formiraju piramidalnu strukturu i predstavljaju Međutim, banka se, zajedno sa trgovinskom dobavljače ili kupce za ostale članove strukture. firmom, ponaša kao osovina grupe (Yoshihara, U automobilskoj industriji, na primer, sam 1994: 154). Oko osovine se nalaze glavni članovi, vrh piramide čini asembler, a ispod njega je i to obično tri komapnije: kompanija osiguranja nivo koji radi za vrh i snabdeva ga. Treći red ili kompanija životnog osiguranja, poverilačka piramide snabdeva drugi, i tako sve do baze. banka i jedan ili dva velika proizvođača. Drugim rečima, vrh piramide je najvažnija Finansijske korporacije, trgovinska firma i kompanija, a na dnu se nalaze stotine ili hiljade glavni proizvođači daju identitet kerecuu. dobavljača. Često te male kompanije na dnu Banka je u horizontalnom kerecuu glavni piramide ni ne znaju da proizvode za svetski zajmodavac. Međutim, Jošihara (Yoshihara, 1994: poznatu kompaniju. S druge strane, kompanija 155) navodi da banka ne pozajmljuje sav novac na vrhu nema predstavu dokle se piramida koji kompanija potražuje, već veći deo i ponaša proteže, jer može da vidi samo dva-tri nivoa se kao garant kompanije kada se uzajmljuju kod niže (Yoshihara, 1994: 156).

drugih banaka. Zato su kompanije članice imale Primer vertikalnog kerecua predstavlja bankarstvo 4 2013

150 would determining which companies take Financial corporations, the trading company part in a group be a subjective process, given and the major manufacturers account for the that keiretsu members are, at least on paper, identity of a particular keiretsu. independent companies. No particular person In horizontal keiretsu, the bank is the or a company occupies the leadership position main lender. However, Yoshihara (1994: 155) in the formal sense of the word (Ostrom, 2000: underlines that the bank does not lend the 2). For instance, group gathers entire amount of money that a company needs, various companies (from manufacturing but the major part of it, acting as a guarantor companies to companies manufacturing paper, when the company borrows from other banks. pencils, etc.), but they are not of This is why the member companies had easy any of these companies, or of any third-party access to financial resources. company. Shares of the member companies For a long time indirect financing via banks are traded within the group, but there is no played the central role in Japan, although within such thing as Mitsubishi group shares. Thus, keiretsu groups there was also direct financing is only a member of by means of issuing shares. Typically, banks Mitsubishi group and it enjoys no special status are the majority shareholders of a company, within keiretsu. Ćirović (2006: 205) states that along with other companies with close business companies within a keiretsu group have a cross ties to the concerned company, i.e. companies ownership share in equity, which provides forming a keiretsu. The primary goal of these homogenization of the group and creation shareholders is not to achieve financial profit of a joint strategy. The development strategy from owning shares, but to invest in long-term is primarily formed at the industrial group development. This is why they tried to establish (keiretsu) level, and is mostly aimed at a swift “cross ownership of each other’s shares”, in economic growth and increased share in the order to consolidate their business activities and domestic and foreign markets. protect themselves from third-party invasions Apart from the above-mentioned, there is no (Srbinovski, 2010: 25). It is only natural for them evidence that these Japanese groups (as opposed to hold the shares continuously. As long as the to those in other countries) belong to any political dividend is constantly paid out, there are no current (Yafeh, 2002). Keiretsu can be divided into problems concerning the risk of share prices two categories: horizontal (financial)keiretsu and fluctuations. Not only did banks and other vertical (non-financial) keiretsu. financial institutions undertake the risks as Horizontal keiretsu represents a group of majority shareholders in most companies, but companies from various industrial sectors, with they also undertook the part of the companies’ a large financial institution (a bank, but often an risks as the creditors of huge amounts of insurance company, too) located in the center resources. The banks particularly took care of of the group. An important characteristic of the close, long-term ties with certain companies, horizontal keiretsu is that the companies within frequently rescuing them whenever they found the same group want to do business together, themselves in a difficult financial position. The among themselves, which is why the companies banks would send to these companies their outside the group find it rather difficult to enter own candidates for company presidents, vice- the group, especially if they are competitors to presidents or directors (Koyama, 2005: 2). a company from the group. The companies in Vertical keiretsu is formed by a big company the group are independent, but they usually act (manufacturer or assembler) and a large number as one “body”. There is no to of small companies (suppliers). The examples manage the activities of the group. However, of this type of keiretsu are most often found in the bank, together with a trading company, acts electronics and car industry in Japan (Miyashita, as the axis of the group (Yoshihara, 1994: 154). Russel, 1994: 12). Vertical keiretsu are much more Around the axis there are the main members, dependent on non-financial companies forming typically three companies: an insurance the pyramidal structure and serving as suppliers company or a life insurance company, a or buyers to other members of the structure. In

bankarstvo 4 2013 bank and one or two major manufacturers. car industry, for instance, at the very top of the

151 kompanija Motors u kojoj postoji ogromna kompanije sa vladom je praksa tzv. amakudari, mreža dobavljača i proizvođača. Kada je jednom koja podrazumeva transfer vladinih službenika primljen u Tojota kerecu, izvestan proizvođač iz državne službe u privatni sektor. Međutim, je svestan da je obezbedio kupca za svoje u slučaju kerecua praksa amakudari je bila ređa proizvode u bližoj budućnosti. Ova sigurnost nego kod drugih kompanija. i stabilnost utiču na formiranje obostranog poverenja, tako što podstiču dobavljače da Nastanak keiretsu grupacija budu pouzdani, dele informacije, učestvuju u zajedničkim projektima i sl. Dobavljači, Danas je uglavnom prisutno mišljenje da zapravo, investiraju u kerecu kojem pripadaju. su kerecui nastali nakon Drugog svetskog rata. Poznato je da u Japanu danas postoji preko Međutim, neki autori ukazuju na nastanak ovih 800.000 malih i srednjih preduzeća i dve trećine grupacija u Meiđi periodu, kada se Japan otvorio njih su podizvođači ili poddobavljači većih ka zapadnom svetu nakon perioda izolacije od kompanija, što direktno ukazuje na pripadnost skoro dva veka. Paralelno sa industrijalizacijom kerecuu. Kerecu sistem, bilo horizontalni ili u Japanu formiraju se i tzv. zaibacui (), vertikalni, predstavlja inkluziju kompanija: one koji su predstavljali grupe preduzeća koje je unakrsno poseduju akcije jedna drugih, rade vodila jedna porodica (Miyashita, Russel, 1994: zajedno kako bi razvile bolji proizvod, bolje 25-27). Zaibacui su se brzo razvijali, obzirom da metode i manje cene za dobrobit svih članova. su imali dosta subvencija i ugovora sa vladom Ono što je jedna od glavnih kritika cara Meiđija. ovog sistema jeste koncentracija ogromne Micui () je prvi japanski zaibatsu ekonomske moći u rukama nekolicine. Osim što i osnovan je 1876. godine. Sledeća tri koja su su povezane unakrsnim posedovanjem akcija, osnovana su Micubiši (Mitsubishi), Sumitomo ove grupacije ostvaruju zajednička ulaganja, i Jasuda (Yasuda). Micubiši se bavio pretežno finansiranje unutar grupacije, dugoročne brodogradnjom i teškom industrijom, te je poslovne odnose, kao i društvene i istorijske imao vodeću ulogu u rudarstvu, brodogradnji, veze. Obzirom da je oko dve trećine njihovih trgovini, osiguranju i bankarstvu. Ativnosti akcija u vlasništvu drugih kompanija (koje su Sumitomo zaibacua bile su koncentrisane na opet, članovi porodice, tj. kerecua), pritisak bankarstvo, ali takođe i na rudarstvo i metalnu je minimalan. Harmonija grupe, što bi na industriju. Jasuda zaibacu se bavio finansijama - japanskom bilo wa, promoviše se na nivou kontrolisao je važnu banku, glavnu poverilačku čitave grupacije putem raznih časopisa i novina. banku i dve velike kompanije osiguranja. Ova Većina velikih japanskih firmi održava gotovo četiri zaibacua nazivana su „Velika četvorka“. isti odnos sa akcionarima, povezuje dobavljače Brzo su proširili svoje finansijske aktivnosti, i kupce, i glavnu banku koja je uvek spremna osnivali kompanije osiguranja i poverilačke da obezbedi finansijsku pomoć kada zatreba. banke (Miyashita, Russel, 1994: 25-27). Ovo može pospešiti produktivnost, ali ovakvi Pojedinačni zaibacui imali su monopol nad odnosi su proizveli fer konkurenciju među jednom ili dve industrijske grane, ali ubrzo je firmama u Japanu. Japanske kompanije su u čitava japanska privreda bila podeljena među kontaktu i dele informacije. Smatra se da ovakvo njima. Pred kraj Prvog svetskog rata svaki od ponašanje ima svoje korene u tradicionalnom zaibacua je imao barem jednu proizvodnu ruralnom životu gde su sadnja, navodnjavanje kompaniju u svakom od privrednih sektora, i i žetva pirinča aktivnosti koje zajednica deli. pored toga kontrolu nad bankom, kompanijom Teško je govoriti o povezanosti japanskih osiguranja, transportnom linijom i trgovačkom kerecua sa korupcijom ili posebnim ustupcima kompanijom (Kensy, 2001: 210). vlade ili subvencijama za samo određene Zaibacu kompanije su tokom Drugog kompanije (Yafeh, 2002). Skandali u vezi sa svetskog rata proizvodile veliki deo oružja korupcjom nisu potresali ove grupacije više za japansku vojsku. Na primer, Micubiši je nego druge kompanije, a ne dovode se u vezu proizvodio zloglasni borbeni avion A6M Reisen ni sa jednom političkom strujom u Japanu. (Ostrom, 2000: 3).

Jedan od načina da se ustanovi povezanost neke Američke okupacione snage su po završetku bankarstvo 4 2013

152 pyramid is the assembler, and below it is the level connects suppliers and buyers, and the main working for the top, supplying it. The third level bank which is always ready to provide financial of the pyramid supplies the second, etc. until assistance when the need arises. This may boost the base is reached. In other words, the top of productivity, but such relations resulted in fair the pyramid is occupied by the most significant competition among the companies in Japan. company, whereas the bottom gathers hundreds The Japanese companies remain in touch and or thousands of suppliers. Frequently these small share information. Such behavior is considered companies at the bottom of the pyramid do not to have roots in the traditional rural life where even know that they are manufacturing for a sowing, irrigation and harvest of rice are world-famous company. On the other hand, the activities jointly undertaken by the community. company at the top does not have a clue about It is difficult to speak of the connection of how far the pyramid goes, given that it can only Japanese keiretsu with corruption, or special see two or three levels below itself (Yoshihara, concessions of the government, or subsidies 1994: 156). granted only to certain companies (Yafeh, 2002). An example of vertical keiretsu is the company Corruption-related scandals have not shaken Toyota Motors, which consists of a huge network these groups more than any other company, and of suppliers and manufacturers. Once it gets they are not related to any political currency in admitted to Toyota keiretsu, a manufacturer is Japan. One of the ways to determine connection aware that he secured buyers for his products in of a company with the government is the so- the foreseeable future. This safety and stability called practice of amakudari, implying the facilitate the building of mutual confidence, transfer of government officials from a public thereby encouraging suppliers to be reliable, to post into the private sector. However, in case of share information, to participate in joint project, keiretsu the practice of amakudari is much rarer etc. The suppliers are, in fact, investing in the than in case of other companies. keiretsu they belong to. It is known that in Japan today there are Origination of keiretsu groups over 800,000 SMEs, two-thirds of which are sub- contractors or sub-suppliers of large companies, Today the widespread opinion is that which directly indicates their belonging to a keiretsu emerged after the Second World War. keiretsu. The keiretsu system, either horizontal or However, some authors have indicated that vertical, represents the inclusion of companies: these groups originated in period, when they own crosswise the shares of each other, Japan opened towards the Western world after working together to develop better products, almost two centuries of isolation. In parallel more effective methods and lower prices for the with industrialization in Japan, the so-called benefit of all members. zaibatsu was formed, representing groups of One of the main drawbacks of such a system companies led by a single family (Miyashita, is the concentration of huge economic power Russel, 1994: 25-27). Zaibatsu developed in the hands of a few. In addition to their quickly, given that they were granted many connectedness through cross ownership of subsidies and concluded many contracts with shares, such groups realize joint investments, the government of the Emperor Meiji. inter-group financing, long-term business Mitsui is the first Japanese zaibatsu, relations, along with social and historical ties. established back in 1876. The next three to Given that about two-thirds of their shares be established were Mitsubishi, Sumitomo is owned by other companies (which are, and Yasuda. Mitsubishi mostly dealt with again, the members of the family, i.e. keiretsu), shipbuilding and heavy industry, thus playing the pressure is minimized. Harmony within the leading role in mining, shipbuilding, the group, wa in Japanese, is promoted at trade, insurance and banking. The activities of the entire group level by means of various Sumitomo zaibatsu were focused on banking, journals and newspapers. Most of the large but also on mining and metallurgy. Yasuda Japanese companies maintains almost the zaibatsu dealt with finance - controlling a

bankarstvo 4 2013 same relationship with the shareholders, major bank, the main trust bank and two large

153 Drugog svetskog rata odlučile da rasformiraju u okviru grupacije; 4. U središtu grupacije zaibacue koji su predstvaljali važan izvor nalazi se velika banka, tzv. gradska banka; 5. japanske vojne moći. Plan je bio da se akcije Grupacija uključuje i komercijalno, trgovinsko zaibacua prodaju i oni rasparčaju u bezbroj preduzeće; 6. Banka, trgovinsko preduzeće i malih kompanija (Kensy, 2001). Rasformiranje kompanija u oblasti teške industrije daju pečat zaibacua je jedan od razloga velike neizvesnosti jednom kerecuu. u japanskoj privredi u periodu neposredno nakon Drugog svetskog rata. Osnovane Ko su članovi grupacija? su potpuno nove kompanije, slobodne od zaibacua. Među njima je bila i kompanija Soni Za razliku od predratnih zaibacua, u (), osnovana 1946. godine. posleratnim grupacijama, tj. kerecuima nema Međutim, sa početkom Hladnog rata, Japan centralne kontrole, a pripadnost grupi nije postaje barijera između komunističkih zemalja direktna. Glavni članovi grupe obično imaju i SAD, te je Americi više odgovaralo da Japan učešća u tzv. „predsedničkom klubu”, gde se privredno jača i plan rasformiranja zaibacua se predstavnici kompanija redovno susreću. Svrha napušta. Kompanije koje su se grupisale oko postojanja ovog kluba je razmena informacija o banaka izrasle su u konglomerate koji se danas stanju u privredi i drugim poslovnim pitanjima. nazivaju kerecuima. Neki kerecui su zapravo Međutim, ovaj klub ne utiče direktno na process izrasli iz zaibacua, dok su drugi predstavljali odlučivanja u kompanijama članicama, ali igra novooformljene grupe kompanija. važnu ulogu u donošenju odluka koje imaju Do devedesetih godina je šest najvećih veze sa interesima cele grupacije. kerecua često nazivano „Velika šestorka“, a Mnogi analitičari se slažu da što je grupacija činile su je kompanije Micubiši, Sumitomo, manja, to je efikasnija jer je lakša kordinacija Micui, Fuji, Sanwa i Daiići-Kangin. Za razliku aktivnosti njenih članova. Međutim, kompanije od Micubiši, Micui i Sumitomo kerecua, ostala ne moraju da pripadaju samo jednom kerecuu. tri nemaju svoje prethodnike u predratnom S druge strane, drugi po veličini (iza Tojote) periodu. Krajem osamdesetih godina su ove prozvođač automobile u Japanu, kompanija grupacije učestvovale sa 17% ukupne prodaje i , smatra se nezavisnom od svih drugih 18% neto profita u privredi Japana, upošljavali proizvođača automobila i banaka, kako su 5% radne snage Japana. Takođe, 1992. godine domaćih, tako i stranih (Ostrom, 2000: 6). Iako je skoro 20% japanskog kapitala bilo u rukama ne pripada ni jednom predsedničkom klubu, šest pomenutih kerecua (Dow, McGuire, 1999: tri najveća akcionara ove kompanije Mitsubishi 48). Osnovne karakteristike „velike šestorke“ Trust&Banking, Tokyo-Mitsubishi Bank i Tokio su: 1. Unakrsno posedovanje akcija unutar Marine & Fire Insurance imale su 14,6% Hondinih grupacije; 2. Postojanje predsedničkog kluba akcija u 2000. godini. velikih akcionara; 3. Zajednička ulaganja bankarstvo 4 2013

154 insurance companies. These four were have predecessors in the pre-war period. In the named “The ”. They quickly expanded late 1980s, these groups accounted for 17% of their financial activities, establishing insurance total sales and 18% of net profit in the economy companies and trust banks (Miyashita, Russel, of Japan, employing 5% of the Japanese work 1994: 25-27). force. Moreover, in 1992 almost 20% of the Individual zaibatsus had monopoly over one Japanese capital was in the hands of the six or two branches of industry, but soon enough mentioned keiretsus (Dow, McGuire, 1999: 48). the entire Japanese economy was divided among The main characteristics of “The Big Six” are: 1) them. Towards the end of the First World War, cross ownership of shares within the group; 2) each zaibatsu had at least one manufacturing existence of the major shareholders’ president company in every economic sector, controlling club; 3) joint inter-group investments; 4) a large in addition a bank, an insurance company, a bank, the so-called city bank in the centre of the transport line and a trading company (Kensy, group; 5) the group also includes a commercial, 2001: 210). trading company; 6) the bank, trading company During the Second World War, zaibatsu and a heavy industry company mark the companies manufactured a large portion of existence of a keiretsu. weaponry for the Japanese army. For example, Mitsubishi manufactured the infamous Which are the group members? warplane A6M Reisen (Ostrom, 2000: 3). In the aftermath of the Second World War, As opposed to the pre-war zaibatsus, in the the US occupation forces decided to break down post-war keiretsu groups there is no centralized zaibatsus, which served as the important source control, and belonging to the group is not of the Japanese military power. The plan was to direct. The main group members usually take sell zaibatsu shares, thereby dismantling them part in the so-called “president club”, where the into a plethora of small companies (Kensy, companies’ representatives meet on a regular 2001). Undoing of zaibatsu was one of the causes basis. The purpose of such club is the exchange of huge uncertainty in the Japanese economy in of information about the position of economy the period immediately following the Second and other relevant business matters. However, World War. Completely new companies were this club does not directly impact the decision- founded, free from zaibatsu. Among them was making process in the member companies, Sony Corporation, established in 1946. although it plays an important role in making However, at the start of the Cold War, Japan decisions related to the interests of the entire became the barrier between the communist group. countries and the USA, and therefore it was Many analysts agree that the less the more in the US interest for Japan’s economy group, the more efficient it is, due to the to grow stronger, which is why the plan easier coordination of its members’ activities. to dismantle zaibatsu was abandoned. The However, companies do not necessarily belong companies grouped around banks grew into to only one keiretsu. On the other hand, the conglomerates which we today call keiretsu. second-largest (after Toyota) car manufacturer Some keiretsus actually grew from zaibatsus, in Japan, Honda Corporation, is considered whereas the others represented newly-formed independent from all other car manufacturers company groups. and banks, both domestic and foreign (Ostrom, Up until the 1990s, the six largest keiretsus 2000: 6). Although it does not belong to any were often referred to as “The Big Six”, president clubs, the three biggest shareholders including the following companies: Mitsubishi, of this company, Mitsubishi Trust & Banking, Sumitomo, Mitsui, Fuji, Sanwa and Daiichi- Tokyo-Mitsubishi Bank and Tokyo Marine & Kangyo. As opposed to Mitsubishi, Mitsui and Fire Insurance, held 14.6% of Honda’s shares Sumitomo keiretsus, the remaining three do not in 2000. bankarstvo 4 2013

155 Tabela 1: Kerecui sa glavnim bankama i grupama kompanija

Grupa Banka Glavne Grupe kompanija

Micubiši Mitsubishi Bank Finansije: Mitsubishi Corporation, and Fire, Insurance, Mitsubishi (Mitsubishi) (do 1996) Estate, Građevinarstvo: Pacific Consultants International,Prehrambena industrija: Tokyo-Mitsubishi Kirin Brewery, Elektronska industrija: Mitsubishi Electric, Mitsubishi Precision, Bank (od 1996. do Automobilska industrija: , Mitsubishi Heavy Industries, Mitsubishi 2006.) Fuso, Nafta i derivati: Nippon Oil, Mitsubishi Oil, Mitsubishi Nuclear Fuel, Precizna Tokyo-Mitsubishi tehnika: , Hemijska industrija: Mitsubishi Chemical, Mitsubishi Gas, hemical, Bank UFJ (od Mitsubishi Rayon Co., Ltd., Mitsubishi Materials Corp., Mitsubishi Plastics Industries, 2006.) Asahi Glass, Nippon Synthetic Chemical Industries (Nippon Gosei), Proizvodnja papira: Mitsubishi Paper Mills Ltd., Gvožđe i čelik: Mitsubishi Steel, Brodogradnja: Micui (do Finansije: Mitsui Real Estate, Mitsukoshi, Prehrambena industrija: Nippon Flour (Mitsui) 1990.) Mills, Mitsui Sugar, Suntory, Hemijska industrija: Fuji Photo Film, Mitsui Toatso Sakura Bank Chemicals, Mitsui Petrochemical Industries, Toagosei Chemical Industries, Denki Kagaku (1990-2001) Kogyo, Daicel Chemical Industries, Mitsui Pharmaceuticals, Mitsui Toatsu Fertilizers, Sumitomo Mitsui Mitsui Toatsu Dyes, Toray, Nafta i derivati: General Sekiyu, Kyokuto Petroleum Bank (od 2001) Industries, Elektronska industrija: Yaussa Corporation, Ibiden Company, , Gvožđe i čelik: Japan Steel Works Sumitomo Sumitomo Bank Prehrambena industrija: Asahi Breweries, Železnice: Hanshin Railway, Keihan (do 2001) Railway, Nankai Railway, Automobilska industrija: Mazda, Elektronska industrija: Sumitomo Mitsui NEC, Gvožđe i čelik: Sumitomo Metals, Finansije: Sumitomo Real Estate, Bank (od 2001) Infrastruktura: Nippon Koei Fujo (do Prehrambena industrija: Nisshin Flour Milling, , Precizna tehnika: (Fuyo) 2000.), Mizuho Canon, , Ricoh, Finansije: , Hemijska industrija: , NOF Bank (od 2000) Corporation, Kureha Chemical Industries, Nippon Sanso, Hitachi Chemical, Asahi Kasei, Yasuda Trust Železnice: , Automobilska industrija: Yamaha, , Maloprodaja: Banking, Yamaichi Matsuya Securities Daiići Dai-Ichi Kangy Elektronska industrija: Fujitsu, Hitachi, Fuji Electric, Yaskawa Electric, Nippon Kangjo Bank (do 2000.) Columbia, Automobilska industrija: Isuzu, Kawasaki Heavy Industries, Proizvodnja (Daiichi (od električne energije: Tokyo Electric Power, Nafta i derivati: Showa Shell Sekiyu, Kangyo) 2000.) Precizna tehnika: Asahi Optical, Trgovina: Seibu, , Gvožđe i čelik: Kawasaki DKB Kankaku Securities Steel, Japan Metals, Hemijska industrija: Denki Kagaku Kogyo-Mitsui Group, Nippon Orent Group Zeon, Asahi Denka Kogyo, Sankyo Co., Lion Corporation, Kyowa Hakko Kogyo, Asahi Chemical Industries Sanva Sanwa Bank (do Prehrambena industrija: Itoham Foods, Suntory, Železnice: Hankyu Railway, Keisei (Sanwa) 2002.) Railway, Čelik: , Precizna tehnika: Konica Minolta, Hoya Corporation, “Midorikai” UFJ Bank (od Nafta i derivati: Cosmo Oil, Elektronska industrija: Hitachi Ltd., , 2002. do 2006.) , , Kyocera,Trgovina: , Orix, Hemijska Tokyo Mitsubishi industrija: , Tokuyama Corp, Hitachi Chemical, Sekisui Chemical, Kansai Bank (od 2006) Paint, Tanabe Seiyaku, Fujisawa Pharmaceutical, Daiso Co., , Unitika Fukusure, Toyo Trust and Automobilska industrija: Hitachi Zosen Corp., Daihatsu, Maloprodaja: Takashimaya Banking Tokai Tokai Bank Prehrambena industrija: Kagome, Automobilska industrija: Suzuki Motor, Toyota, (Tojota Chou Trust Čelik: Daido Steel, Precizna tehnika: Ricoh, Nafta i derivati: Idemitsu Kosan, grupa) Elektronska industrija: Ushio, dustries, Trgovina: Matsuzakaya IBJ Industrial Bank of Automobilska industrija: Fuji Heavy Industries, Precizna tehnika: Ikegai, Riken, Japan Hemijska industrija: Nippon Soda, , Corporation, Nissan Chemical, New Japan Corporation, Hodogaya Chemical, Plas-Tech, Taihei Chemical, Japan Organo, Securities Wako Securities IBJ Securities Soni Sony Financial Elektronska industrija: Sony Corporation, Kompjuterske igre: Sony Computer (Sony) Sony Bank Entertainment, Zabava: Sony Pictures Entertainment, Sony Music Entertainment Izvor: Toyo Keizai Shinposha, Kigyo Keiretsu Soran (Tokyo, 2009) bankarstvo 4 2013

156 Table 1. Keiretsus with major banks and company groups

Group Bank Major Company Groups

Mitsubishi Mitsubishi Bank Finance: Mitsubishi Corporation, Tokyo Marine and Fire, Insurance, Mitsubishi (until 1996) Estate, Construction industry: Pacific Consultants International,Food industry: Tokyo-Mitsubishi Kirin Brewery, Electronics: Mitsubishi Electric, Mitsubishi Precision, Car industry: Bank (1996-2006) Mitsubishi Motors, Mitsubishi Heavy Industries, Mitsubishi Fuso, Oil and oil Tokyo-Mitsubishi derivatives: Nippon Oil, Mitsubishi Oil, Mitsubishi Nuclear Fuel, Precision Bank UFJ (since machinery: Nikon, Chemicals: Mitsubishi Chemical, Mitsubishi Gas Chemical, 2006) Mitsubishi Rayon Co., Ltd., Mitsubishi Materials Corp., Mitsubishi Plastics Industries, Asahi Glass, Nippon Synthetic Chemical Industries (Nippon Gosei), Paper manufacturing: Mitsubishi Paper Mills Ltd., Iron and steel: Mitsubishi Steel, Shipbuilding: Nippon Yusen Mitsui Mitsui Bank (until Finance: Mitsui Real Estate, Mitsukoshi, Food industry: Nippon Flour Mills, Mitsui 1990) Sugar, Suntory, Chemicals: Fuji Photo Film, Mitsui Toatso Chemicals, Mitsui Sakura Bank Petrochemical Industries, Toagosei Chemical Industries, Denki Kagaku Kogyo, Daicel (1990-2001) Chemical Industries, Mitsui Pharmaceuticals, Mitsui Toatsu Fertilizers, Mitsui Toatsu Sumitomo Mitsui Dyes, Toray, Oil and oil derivatives: General Sekiyu, Kyokuto Petroleum Industries, Bank (since 2001) Electronics: Yaussa Corporation, Ibiden Company, Toshiba, Iron and steel: Japan Steel Works Sumitomo Sumitomo Bank Food industry: Asahi Breweries, Railways: Hanshin Railway, Keihan Railway, Nankai (until 2001) Railway, Car industry: Mazda, Electronics: NEC, Iron and steel: Sumitomo Metals, Sumitomo Mitsui Finance: Sumitomo Real Estate, Infrastructure: Nippon Koei Bank (since 2001) Fuyo Fuji Bank (until Food industry: Nisshin Flour Milling, Sapporo Breweries, Precision machinery: 2000), Mizuho Canon, Hitachi, Ricoh, Finance: Marubeni, Chemicals: Showa Denko, NOF Bank (since 2000) Corporation, Kureha Chemical Industries, Nippon Sanso, Hitachi Chemical, Asahi Kasei, Yasuda Trust Railways: Tobu Railway, Car industry: Yamaha, Nissan, Retail trade: Matsuya Banking, Yamaichi Securities Dai-Ichi Dai-Ichi Kangyo Electronics: Fujitsu, Hitachi, Fuji Electric, Yaskawa Electric, Nippon Columbia, Car Kangyo Bank (until 2000), industry: Isuzu, Kawasaki Heavy Industries, Electric power production: Tokyo DKB Mizuho Bank Electric Power, Oil and oil derivatives: Showa Shell Sekiyu, Precision machinery: (since 2000) Asahi Optical, Trade: Seibu, Itochu, Iron and steel: Kawasaki Steel, Japan Metals, Kankaku Securities Chemicals: Denki Kagaku Kogyo-Mitsui Group, Nippon Zeon, Asahi Denka Kogyo, Orient Group Sankyo Co., Lion Corporation, Kyowa Hakko Kogyo, Asahi Chemical Industries Sanwa Sanwa Bank (until Food industry: Itoham Foods, Suntory, Railways: Hankyu Railway, Keisei Railway, “Midorikai" 2002), UFJ Bank Steel: Kobe Steel, Precision machinery: Konica Minolta, Hoya Corporation, Oil and oil (2002-2006), derivatives: Cosmo Oil, Electronics: Hitachi Ltd., Iwatsu Electric, Sharp Corporation, Tokyo Mitsubishi Nitto Denko, Kyocera,Trade: Takashimaya, Orix, Chemicals: Ube Industries, Tokuyama Bank (since 2006) Corp, Hitachi Chemical, Sekisui Chemical, Kansai Paint, Tanabe Seiyaku, Fujisawa Tokyo Trust and Pharmaceutical, Daiso Co., Teijin, Unitika Fukusure, Car industry: Hitachi Zosen Corp., Banking Daihatsu, Retail trade: Takashimaya Tokai Tokai Bank Food industry: Kagome, Car industry: Suzuki Motor, Toyota, Steel: Daido Steel, (Toyota Chou Trust Precision machinery: Ricoh, Oil and oil derivatives: Idemitsu Kosan, Electronics: group) Ushio industries, Trade: Matsuzakaya IBJ Industrial Bank of Car industry: Fuji Heavy Industries, Precision machinery: Ikegai, Riken, Chemicals: Japan Nippon Soda, Chisso Corporation, Nissan Chemical, Tosoh Corporation, Hodogaya New Japan Chemical, Plas-Tech, Taihei Chemical, Japan Organo, Kuraray Securities Wako Securities IBJ Securities Sony Sony Financial Electronics: Sony Corporation, Computer games: Sony Computer Entertainment, Sony Bank Entertainment industry: Sony Pictures Entertainment, Sony Music Entertainment

Source: Toyo Keizai Shinposha, Kigyo Keiretsu Soran (Tokyo, 2009) bankarstvo 4 2013

157 Mnogi autori se slažu da je najvažnija Promene u japanskom privrednom funkcija kerecua minimizacija transakcionih sistemu i budućnost keiretsu-a troškova (Shimotani, 1995: 54). Međutim, Kenšu (Kensyu, 2001: 222) navodi sedam funkcija Poslednje dve decenije japanska privreda kerecua: pokušava da reši problem recesije, koja je imala • organizacija čitavog poslovanja veliki uticaj i na kerecu sistem. Devedesetih • funkcija podele rizika godina je Japan suočen sa bankarskim krizama, • informativna funkcija a smatra se da su upravo ove grupacije jedan • funkcija internog finansijskog tržišta od glavnih uzroka problema u bankarskom • funkcija strateške koordinacije grupe sektoru u Japanu. Ovim udruženjima bio je • simbolička funkcija izuzetno lak pristup bankarskim kreditima. • funkcija budućih strukturnih promena Veliki horiznotalni kerecui obuhvatali su banke, Prva od navedenih funkcija predstavlja tešku industriju, trgovinu, snabdevanje gasom organizovanje aktivnosti svih članova grupe i sl. Kompanije Micui, Sumitomo i Micubiši su i uglavnom doprinosi uštedi u troškovima i primer ovih grupacija koje su imale ogroman vremenu, minimiziranju rizika i povećanju uticaj na japansku privredu i ekonomsku strateške efikasnosti. politiku. Ove grupacije bile su prepreke za Raspodela rizika je takođe veoma značajna ulazak stranim firmama na japansko tržište, funkcija kerecua. Osnovni principi grupacije obzirom da je davan prioritet kupovini dobara bazirani su na dugoročnim ugovorima među od firmi unutar grupacije, što je dalje omogućilo članicama. Osim toga, zajednički poslovni ovim firmama da veštački održe prilično odnosi su jasniji jer poslovni partneri poznaju visok nivo cena svojih dobara. Kerecui su jedni druge. Kompanije poseduju akcije jedne zapravo predstavljali kartele koji su vodili ka drugih, te to otežava drugim kompanijama da monopolizaciji japanske privrede. preuzmu neku od članica, što daje dugoročnu Usled slabe naplate kredita u nekim stabilnost. (Yoshihara, 1994: 144). bankama se javio problem loših zajmova, ali Informativna funkcija ogleda se u brzom neizvršavanje obaveza ovih kompanija prema pristupu informacijama, što je suština bankama se uglavnom tolerisalo. Takva praksa modernog poslovanja. U Japanu je informativni je dovela do lošeg upravljanja u samim bankama sektor izuzetno dobro razvijen. Japanski kerecu (Srbinovski, 2010: 64). Banke su često davale je prvi posedovao vlastiti satelit, i to kompanija kredite grupama kompanija bez prethodne Micubiši koja je lansirala satelit u svemir za odgovarajuće procene kreditne sposobnosti, svoju internu namenu (Kensyu, 2001: 223). obzirom da su banke imale deo svojih akcija Još jedna od funkcija kerecua je obezbeđivanje u ovim kompanijama. S druge strane, same pristupa sredstvima za kompanije članice kompanije nisu pokazivale nikakvu inicijativu grupe. Kao što je ranije pomenuto, banka za korporativnim upravljanjem u bankama, jer unutar kerecua ima tu važnu ulogu. Banka ih je štitio jak politički uticaj same grupacije ne samo da pozajmljuje velike sume novca (Hoshi, Kashyap, 2004). kompanijama članicama, već je i njihov garant Neka istraživanja su pokazala da je postojala kada uzajmljuju kod drugih banaka. (Kensyu, znatna razlika u principima korporativnog 2001: 225). upravljanja u kerecuima i firmama van grupacije. Zapravo, podaci ukazuju na nižu profitabilnost kod ovih grupacija nego kod firmi koje ne pripadaju grupacijama. Kao posledica toga, u poređenju sa SAD ili Nemačkom u Japanu je prinos na kapital znatno niži. Pozajmljivanje „zombi” kompanijama povećalo je problem loših zajmova, što je u potpunosti paralisalo japanske banke. bankarstvo 4 2013

158 Many authors agree that the most important of recession, which has exerted a huge impact function of keiretsu is the minimization on the keiretsu system as well. During the of transaction costs (Shimotani, 1995: 54). 1990s Japan faced several banking crises, and However, Kensyu (2001: 222) lists the following these groups are considered to be one of the seven functions of keiretsu: main causes of the problems occurring in the • organization of the entire business; banking sector of Japan. These associations • function of risk diversification; had extremely easy access to bank loans. Large • informative function; horizontal keiretsus encompassed banks, heavy • function of internal financial market; industry, trade, gas distribution, etc. Mitsui, • function of the group’s strategic Sumitomo and Mitsubishi corporations stand as coordination; the examples of keiretsu groups which exerted • symbolic function; enormous influence on the Japanese economy • function of future structural changes. and economic policy. These groups hindered The first function on the list refers to the the entry of foreign companies into the Japanese organization of activities of all group members, market, given that the priority was to purchase and mostly contributes to cost-reduction and goods at the inter-group level, which in turn time-management, minimization of risks and enabled the concerned companies to artificially increase in strategic efficiency. maintain rather high prices of their goods. Risk diversification is another extremely Keiretsus actually represented which led important function of keiretsu. The main principles to the monopolization of the Japanese economy. of the group are based on long-term contracts Due to the weak repayment of loans, some among its members. Apart from that, mutual banks faced the problem of non-performing business relations are clearer, given that business loans (NPLs), although the default of the partners know each other. The companies own concerned companies in respect of their liabilities each other’s shares, thereby hindering third-party towards the banks was mostly tolerated. This companies from taking over any of the group practice resulted in bad management in banks members, which, in turn, provides long-term themselves (Srbinovski, 2010: 64). Namely, stability (Yoshihara, 1994: 144). the banks often granted loans to company Informative function reflects in the quick groups without any relevant prior assessment access to information, which is the essence of of their creditworthiness, given that the banks modern business. The information system in had a portion of their shares invested in these Japan is extremely well-developed. A Japanese companies. On the other hand, the companies keiretsu was the first to possess its own satellite - showed no initiative for it was Mitsubishi Corporation, which launched in banks, because they were protected by the the satellite into space for its internal purposes strong political influence of the keiretsu group (Kensyu, 2001: 223). itself (Hoshi, Kashyap, 2004). Another function of keiretsu is to provide Some studies have indicated that there access to finance for its member companies. As was a considerable difference in terms of mentioned earlier, it is the bank within keiretsu corporate governance principles between that plays this important role. Not only does keiretsu companies and the companies the bank lend large amounts of money to the outside the group. In fact, the data show that member companies, but it also acts as their profitability was lower in keiretsu groups than guarantor when they borrow from other banks in those companies not belonging to any group (Kensyu, 2001: 225). whatsoever. As a result, compared to the USA or Germany, Japan recorded considerably Changes in the Japanese economy lower return on equity. Lending to “zombie” and the future of keiretsu companies aggravated the problem of NPLs, which completely paralyzed the Japanese In the past two decades the Japanese banks. economy has been trying to solve the problem bankarstvo 4 2013

159 Grafik 1. Poređenja prinosa na kapital i prinosa na aktivu su se udružile i formirale Mizuho finansijski holding. 4a. Prinos na kapital Sakura i Sumitomo su formirali Micui-Sumitomo finansijsku grupaciju (Japanese Bankers Association). Dok su se banke udruživale kako bi se oduprle propasti, kerecu preduzeća su počela da se transformišu. U situaciji kada je japanska privreda 4b. Prinos na aktivu bila suočena sa ozbiljnim problemima, ono što je nekada bilo kompetitivna prednost kerecua, postalo je prepreka za prevazailaženje krize. Banke su bile preopterećene lošim zajmovima kompanija unutar grupacije, praksa kupovine i snabdevanja unutar grupe postala je prepreka smanjenju Izvor: Komparativna i finansijska statistika,Banka Japana troškova, a lojalna radna snaga teret prezaduženim kompanijama (Chen, 2004: Talas pripajanja banaka preplavio je Japan na 196-197). Na grafiku 2. prikazan je obim loših početku novog veka. Tri najveće japanske banke zajmova prema tipu banaka. Fuđi, Daići-kangjo i Industrijska banaka Japana

Grafik 2. Loši zajmovi u periodu od 1996. godine do 2008. (u 100 miliona jena)

Izvor: Takeo Hoshi (2009), "Japan's Banking Crisis" u Japan's Policy Response and Its Financial Crisis: Parallels with the United States Today, IMF Conference bankarstvo 4 2013

160 Chart 1. Comparisons of ROE and ROA Industrial , merged to form Mizuho 4a. Return on Equity Financial Holding. Sakura and Sumitomo formed Mitsui-Sumitomo Financial Group (Japanese Bankers

Japan Association). USA While banks were Germany in % merging in order to fight off bankruptcy, keiretsu companies started to transform. In the conditions when the Japanese 4b. Return on Assets economy was facing serious problems, what used to be a competitive advantage of keiretsu, became an obstacle for overcoming the crisis. Japan Banks were overburdened

in % USA by the companies’ inter- Germany group, non-performing loans; the practice of inter-group purchase and supply started to hinder cost-reduction, and the Source: Comparative and Financial Statistics, Bank of Japan loyal work force became an encumbrance for over- indebted companies (Chen, A wave of bank mergers swept over Japan 2004: 196-197). Chart 2 below illustrates the in the early 21st century. The three biggest volume of non-performing loans per bank type. Japanese banks, Fuji, Dai-Ichi Kangyo and

Chart 2. NPLs in the period 1996-2008 (in YPY 100 million)

Large Other banks banks

Source: Takeo Hoshi (2009), „Japan’s Banking Crisis“ in: Japan’s Policy Response and Its Financial Crisis: Parallels with the United States Today, IMF Conference bankarstvo 4 2013

161 U Japanu se privatne banke mogu podeliti u sa inostranstvom, pa je stranim bankama nekoliko kategorija. Podela banaka na gradske, omogućeno da preuzmu propale japanske regionalne i banke članice Druge asocijacije banke. To je nateralo japanske banke da se regionalnih banaka ne mogu se smatrati međusobno udružuju kako bi se uspešno legalnom, mada je to uobičajena klasifikacija oduprle stranoj konkurenciji. (Choi, 1999). prema administrativnoj svrsi i statistikama. Promene koje je japanska vlada usvojila Gradske banke su velike, sa sedištima u najvećim i stagnacija privrede u drugoj polovini gradovima i ograncima u Tokiju, Osaki i ostalim devedesetih godina i početkom 2000-te, uticali većim gradovima. Šest velikih gradskih banaka su na postepenu trasformaciju kerecu sistema. opsluživalo je tzv. „Veliku šestorku“. Međutim, To se naročito ogleda u nekada ključnoj vezi krajem prošlog veka, talas bankarskih između banke i kompanija. Za banke više nije integracija je preplavio Japan, te danas imamo bilo u interesu da daju zajmove kompanijama četiri velike banke, ili megabanke. Regionalne čija se profitabilnost smanjivala, kao ni da banke se najčešće nalaze u glavnom gradu imaju akcije u takvim kompanijama. Sa druge regiona i vode većinu svojih operacija u okviru strane, ni kompanije nisu želele da banke drže tog regiona. Dobro su povezane sa lokalnim njihove akcije ukoliko nisu sposobne da im daju preduzećima i lokalnom vlašću. Druga grupa podršku. (Choi, 1997: 24). Kompanije su počele regionalnih banaka predstavlja banke koje su da se finansiraju na slobodnom tržištu kapitala, izrasle iz tradicinalnih štedno-osiguravajućih pa je ovakva situacija uticala na slabljenje veza banaka u obične komercijalne banke. One između banaka i kerecu kompanija. To je same opslužuju manje kompanije i pojedince na kompanije dovelo u situaciju da njhove akcije svom ograničenom geografskom području preuzme neko sa strane. To pokazuje i primer (Japanese Bankers Association). Komercijalne japanske automobilske industrije, u kojoj strane banke se bave pretežno kratkoročnim depozitno komanpanije danas imaju akcije kod svih kreditnim poslovima, dok spcijalizovane proizvođača, izuzev, Tojote i Honde. finansijske institucije odobravaju dugoročne Mnoge kerecu kompanije su bile prinuđene kredite iz potencijala koji je formiran putem da usvoje izvesne reforme kako bi zaustavile prodaje dugoročnih depozitnih sertifikata, a krizu i borbu sa inostranom konkurencijom. ne iz depozita (Ćirović, 2006: 284). Elektronska i automobilska industrija su U novije vreme dolazi do postepenog usvojile veliki broj reformi u cilju smanjenja slabljenja ranijih čvrstih odnosa između troškova, a one se uglavnom odnose na kompanija i banaka. To se delom objašnjava time smanjenje broja zaposlenih, premeštanje da su kompanije u ranijem razvojnom periodu proizvodnje izvan zemlje i reviziju strategije imale visoke potrebe za dodatnim kapitalom snabdevanja, što je dovelo do bankrotstva usled brze ekspanzije proizvodnje i investicija. mnogih domaćih kompanija koje su pripadale Te potrebe su japanske kompanije mogle da kerecuu (Masazoshi, 1998: 112). Neki od zadovolje u znatnoj meri preko japanskih podugovarača su pokušali da se priključe komercijalnih banaka koje su formirale visoke drugom kerecuu ili su postali honorarci. To je, iznose svežih depozita stanovnista na bazi rasta dalje, uticalo na povećanje stope nezaposlenosti. dohotka stanovnistva i visoke stope štednje. Neke kompanije su u cilju smanjenja troškova Međutim, kada su japanske firme postale povećale broj privremeno zaposlenih, što je finansijski jače i manje zavisne od zaduženja imalo uticaja na promenu odnosa između kod finansijskih institucija, finansijska osnova poslodavaca i zaposlenih. Mnogim zaposlenima monitoringa od strane banaka počela je da se više ne garantuje doživotno zaposlenje, što je popušta (Ćirović, 2006: 286). dugo bila opštepoznata japanska praksa. Japanska vlada je tokom devedesetih Reforme i liberalizacja finansijskog sistema godina, a i kasnije, preduzela niz mera kako postepeno su urušavali monopolski položaj bi zaustavila privredno posrtanje, pa je kerecua, koji su rivalskim kompanijama dugo podržala stranu konkurenciju kako bi ubrzala bili prepreka za ulazak na japansko tržište. Pa finansijski oporavak (Choi, 1999: 16). Osim ipak su neki analitičari, naročito japanski, u cilju

toga, vlada je liberalizovala neke od operacija odbrane ekonomske prednosti kerecua, odbijali bankarstvo 4 2013

162 Private banks in Japan can be divided into 1999: 16). Moreover, the government liberalized several categories. Classification of banks into some foreign operations, thereby enabling city banks, regional banks and member banks foreign banks to take over the collapsed of the Second Association of Regional Banks Japanese banks. This forced the Japanese banks cannot be considered legitimate, although to merge in order to successfully fight back it is a typical classification according to the foreign competitors (Choi, 1999). administrative purpose and statistics. City The changes that the Japanese government banks are large, with headoffices in the largest adopted, along with the economic stagnation in cities and subsidiaries in Tokyo, Osaka and the second half of the 1990s and in early 2000, other major cities. Six large city banks serviced affected the gradual transformation of keiretsu the so-called “Big Six”. However, towards system. This is particularly reflected in the the end of the 20th century, a wave of bank formerly crucial relationship between banks mergers swept over Japan, so that today there and companies. Namely, it was no longer in are four major banks, or mega-banks. Regional the banks’ interest to grant loans to companies banks are most often located in the capital of whose profitability was dwindling, or to own a particular region, and conduct most of their shares in such companies. On the other hand, operations within that region. They are well- the companies did not want banks to hold their connected with the local enterprises and local shares if they were unable to provide support to government. The second group of regional them (Choi, 1997: 24). The companies, therefore, banks includes banks which grew out of the started to seek finance in the free capital market, traditional, savings and insurance banks, into which led to the weakening of ties between plain, commercial banks. They service smaller banks and keiretsu companies. This brought companies and individuals within their limited companies in the position for their shares to geographic area (Japanese Bankers Association). be acquired by third parties. An illustrative Commercial banks mostly deal with short-term example of this is the Japanese car industry, in deposit and credit operations, whereas the which foreign companies today own shares of specialized financial institutions grant long- all manufacturers, except for Toyota and Honda. term loans from the potential formed through Many keiretsu companies were forced to the sales of long-term deposit certificates, not embrace certain reforms to stop the crisis and deposits themselves (Ćirović, 2006: 284). fight against the foreign competitors. Electronic Of late, the formerly firm relations between and car industry adopted a large number companies and banks have gradually been of reforms with a view to cutting their costs, weakened. This is partly explained by the chiefly pertaining to reducing the number fact that in the previous development period of employees, transferring production lines companies had high needs for additional capital outside the country and revising procurement due to the swift expansion of production and strategy, which resulted in a bankruptcy of investments. The Japanese companies were able many domestic companies belonging to keiretsu to meet those needs to a considerable degree (Masazoshi, 1998: 112). Some sub-contractors through the Japanese commercial banks which tried to join another keiretsu or started working attracted high amounts of fresh retail deposits part-time. This, in turn, led to the increased based on the increased income of citizens and unemployment rates. Wishing to cut their high savings rate. However, once the Japanese costs, some companies increased the number companies became financially stronger and of temporary employees, which altered the less dependent on borrowing from financial employer-employee relationship. Many institutions, the financial basis of monitoring by employees were no longer guaranteed their life- the banks started to subside (Ćirović, 2006: 286). time posts, which had been a generally known In the 1990s, and onwards, the Japanese Japanese practice for a long time. government undertook a series of measures The reforms and financial system with the aim of stopping economic recession, liberalization gradually undermined the including the support of foreign competition monopolistic position of keiretsu, which had for

bankarstvo 4 2013 in order to accelerate financial recovery (Choi, a long time hindered the rival companies from

163 da prihvate njihov kraj. Teško je reći da li je to vreme privrednih poteškoća, podršku od strane kraj ili ne, ali dok veze između nekih korporacija menadžmenta banaka i mnoge druge beneficije slabe, veze među finansijskim članovima (Hoshi, Kashap, 2001). Ovakav odnos, u osnovi, kerecua jačaju, što pokazuju nedavna dešavanja omogućava bankama da efikasnije nadgledaju u japanskom finansijskom sistemu. Osim toga, preduzeća i da upravljaju njima u vreme nefinansijske kompanije sada manje zavise od finansijskih teškoća. U vreme finansijskih banaka, pa to utiče na povećanje poverenja kod problema, preduzeća ostvaruju korist od njihovih zajmodavaca. banaka jer imaju mogućnost da pozajme Danas je japanska privreda sučena sa novim sredstva i investiraju. Do osamdesetih godina problemom, a to je nedostatak obrazovane radne su ove osobenosti japanskog sistema smatrane snage. To je ujedno problem i za kompanije. U izrazito pozitivnim, ali danas se ekonomisti Japanu stopa prirodnog priraštaja opada, što će pitaju nije li baš ovakav sistem delimično uskoro uticati na smanjenje broja radnika. Japan odgovoran za posrtanje japanske privrede. Eser, će verovatno u bliskoj budućnosti biti prinuđen Peek i Rosengren (u Hutchinson, Westermann, da svoje tržište rada otvori i za imigrante i 2006: 129-157) tvrde da je tradicionalni sistem pokuša da privuče više stranih radnika. Iako povezanosti sa bankom često bio uzrok loše je Japan oduvek bio homogeno društvo, vrlo procene banke po pitanju davanja zajmova. je moguće da će se u bliskoj budućnosti veliki Banke su odobravale previše zajmova firmama broj stranih radnika pridružiti japanskim sa kojima su imale bliske veze, a često su ti kompanijama. Pitanje je kako će to dalje zajmovi omogućavali firmama da plate kamatu uticati na strukturu i učinak tipično japanskih za već postojeće zajmove. Na taj način je sistem tvorevina kao što je kerecu. doprineo da se sredstva preusmeravaju sa produktivne upotrebe prema postojećim Zaključak problematičnim dužnicima. Pa ipak, aktivnosti kerecua u posleratnom Jedna od važnih karakteristika japanskog periodu doživele su veliki uspeh. Za manje finansijskog sistema odnosi se na postojanje od dve decenije industrijski sektor je izgradio kerecua, grupacija koje su na više načina Japan podižući životni standard stanovništva olakšavale koordinaciju, finansiranje i nadzor od siromaštva do jednog od najviših u svetu. investicija kompanija unutar grupe. Dobre A veliki udeo u tom rastu imala je i politika veze unutar grupacije obezbedile su japanskim japanske vlade koja je promovisala ove grupacije kompanijama stratešku konkurentnu prednost (Miyashita, Russel, 1994: 194-195) i kerecui koji u inostranstvu, lakši pristup sredstvima za su uvek bili glavni igrači na japanskom tržištu. bankarstvo 4 2013

164 entering the Japanese market. Despite all this, brought the Japanese companies a strategic, some analysts, especially the Japanese ones, competitive advantage abroad, along with defending the economic advantages of keiretsu, easier access to finance in times of economic refused to accept that it had come to an end. It turmoil, support by the banks’ management is difficult to say whether it really is the end or and many other benefits (Hoshi, Kashap, 2001). not, but while the ties among some corporations This relationship essentially enabled banks to weaken, the ties among the financial members monitor companies more efficiently, thereby of keiretsu grow stronger, as indicated by the managing them in times of financial difficulties. recent developments in the Japanese financial When financial problems occurred, the system. In addition, non-financial companies companies reaped the benefits from the banks are now considerably less dependent on banks, since they had the possibility to borrow funds which has caused an increase of confidence on and invest. Until the 1980s, these specificities of the part of their creditors. the Japanese system were considered extremely Today the Japanese economy faces a new positive, but today the economists wonder problem, i.e. the lack of educated work force. whether this system was partially responsible At the same time, this poses a problem for for the slump in the Japanese economy. companies as well. The rate of natural increase Eser, Peek and Rosengren (in: Hutchinson, in Japan has been declining, which will soon Westermann, 2006: 129-157) claim that the result in a reduced number of employees. In the traditional system of connectedness with the foreseeable future Japan will probably be forced banks often caused bad judgements on the part to open its labour market for immigrants, trying of the bank in the process of granting loans. to attract more foreign employees. Although Banks granted too many loans to the companies Japan has always been a homogenous society, they had close ties with, and frequently these it is rather likely that in the foreseeable future loans enabled the concerned companies to pay a large number of employees from abroad will off the interest on the already existing loans. join the Japanese companies. The question Thus, the system contributed to the funds being remains how this would further impact the redirected from productive uses towards the structure and performance of the typically existing, non-performing debtors. Japanese concepts such as keiretsu. Nevertheless, the activities of keiretsu were a great success in the post-war period. In less Conclusion than two decades, the industrial sector built up Japan, raising the standard of living from the One of the important characteristics of the poverty level to one of the highest in the world. Japanese financial system refers to the existence A considerable role in this growth was played of keiretsu - corporate groups which have in by the Japanese government policy promoting several ways facilitated coordination, finance keiretsu groups (Miyashita, Russel, 1994: 194- and monitoring of investments of companies 195), and by keiretsus themselves, as the main within the group. Steady inter-group relations players in the Japanese market. bankarstvo 4 2013

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