インドネシアの企業セクター再編

抄録

In the aftermath of the Asian financial crisis and post-Soeharto reform, the Indonesian banking and corporate sectors underwent extensive restructuring. While bank restructuring resulted in dramatic changes in the institutions and ownership of this sector, the consequences of corporate restructuring remain obscure due to the prolonged debt disposal process. This study explores how corporate ownership and behavior have changed through corporate restructuring.
A notable change in the ownership structure is a shift from domestic private to foreign ownership. Among the domestic private sphere, companies affiliated with business groups reduced their presence. Most of the business group affiliated banks were closed or transformed into foreign-affiliated banks. Highly indebted business groups sold their assets to foreign investors. Foreign ownership has thus emerged. Among the business groups, the most heavily damaged were “rapid growth groups” under the Soeharto regime. “Established groups” survived relatively well, and “other groups” showed a wide range of performance. Along with bank restructuring and debt disposal, proximity to the Soeharto government was a crucial factor affecting the survival of groups. Of the listed companies in 2004, almost half are new since 1996 — either new listings or by virtue of a change in ownership. Closer examination reveals, however, that the major part of this turnover was due to reshuffling of assets among the existing business groups.
The performance of listed companies was almost normalized by 2004, but the profit ratios are lower than those in the pre-crisis period. However, business group affiliated companies, especially “established groups”, show high profitability, with low current ratios and high debt ratios. This feature was also observed in the pre-crisis period. One marked change in the post-crisis corporate fund-raising behavior, which can be observed particularly in business group affiliated companies, is a fall of short-term bank borrowing. A split of banks and business groups lies behind this change in behavior. As a substitute for bank borrowing, “established groups” have tended to shift to equity financing and long-term liability, and “other groups” are actively utilizing inter-company credits.