日本、南韓與台灣是「發展型國家」理論之代表,發展型國家的特點是緊密的政商關係與明確的產業政策,政府所扮演的角色是採取「誘導」的方式來吸引民間企業的「配合」,而非直接進入市場進行干預。「政聯企業」是新加坡的特殊企業,它是一種政府僅持有部分股份而不干預其經營的私人企業,非政府持有的股份仍然可以自由在市場上進行買賣交易,而這也符合發展型國家理論當中的政商關係。新加坡地小人稠,天然資源缺乏,該政府從發展初期就採取轉口貿易、代工生產等不需大量資源的模式強化其自身競爭力。新加坡政府將其財政部底下所有政聯企業之持股全部移轉給新成立之淡馬錫集團,因此後者也成為新加坡政府在商業市場上面的對外窗口。近年來淡馬錫集團積極的進行多元化的海外併購,主要對象包括各國的金融機構。由於新加坡政府致力於將新加坡發展為世界金融中心,因此淡馬錫集團海外併購標的或受政府的經濟政策所誘導,透過多元化的海外併購,淡馬錫集團因此而加速了技術移轉與市場滲透,進而提升其在國際金融市場的競爭力。在全球化與民主化等因素的影響之下,學術界對發展型國家理論是否已經衰弱而爭議不斷,新加坡政府近年來在整體經濟發展中所扮演的角色或能為此議題挹入新的討論議題。
While Japan, South Korea and Taiwan are always cited as examples of the developmental state, Singapore also possesses many characteristics which fit well according to the theorem. Since the separation from Malaysia, Singapore government, under the leadership of Lee Kuan Yew, played an important role in economic development of this city state. The well crafted industrial policies and a powerful and stable government led this highly populated island with scarce resource into a newly industrialized country. The validity of the development state theorem is facing serious challenge especially after the Asian Financial crisis. Many even attributed strong government-business relations, one of the characteristics of developmental state, as major cause of the crisis. With the globalization of markets and democratization in many developing countries, governments in various countries are losing some of its power in dictating economic policy. As a result, government’s role in economic development is again declining. The purpose of this study is to examine whether the government can play a crucial role in directing industrial policy by analyzing investment strategies of Temasek Holdings, a government-linked corporation (GLC) in Singapore. Temasek Holdings is aggressively in expanding overseas through mergers and acquisitions, particularly in the financial sector and Telecommunications industry. This is coincident with the goal of Singapore government to enhance the island’s competency as one of the major financial centers and high technology hubs. Temasek case demonstrates how Singapore government is using its investment arm to actualize its industrial policy. This case study may revitalize the research and debate in developmental state theorem.