manajemen keuangan internasional · pdf filemanajemen keuangan internasional ... bab 6-8 6....

Manajemen Keuangan Internasional

Ari Kamayanti

Perkenalan

• Dr. Ari Kamayanti, SE., Ak., MM. MSA., CA • Surel: arikamayanti@rumahpeneleh.or.id • 081555737916 • @AriKamayanti • arikamayanti • arikamayanti • kamayanti.wordpress.com

Deskripsi Mata KuliahMemberikanpemahamantentangkinerjakeuanganperusahaanyangtidakterlepasdarijaringaninternasionaldanpengelolaankeuanganperusahaandenganberbagaipermasalahannyayangterkaitdenganpersoalaninternasional.MataKuliahinimenjelaskan: • LingkungankeuanganinternasionaldanperilakuExchangeRatesertaantisipasiyangperlu

dilakukanolehmanajemenperusahaan • ResikoexchangeratedanPengelolaannya • Shorttermassetliabilitydanlongtermassetliability.

Pokokbahasan:TinjauanUmumKeuanganInternasional,SistemMoneterInternasional-ArusDanaInternasionaldanPasarKeuanganInternasional,ForeignExchangeMarket,FutureandOptionMarket,PergerakanNilaiTukar,IntenationalArbitrage,ParitasSukuBunga,ForexForcasting,ForexExposure,ForexRiskManagementandHedging,ShortTermAssetLiabilityManagement,ForeignDirectandPortofolioInvestment,ForeignInvesmentDecisions,LongTermFinancingManagement,CountryRiskandDebtCrisis.

Sesi/Tanggal Materi Sub Pokok Bahasan Referensi

1. Sabtu, 24 Sept. 2016 Lingkungan Keuangan Internasional

Perusahaan MNC dan Tujuannya, Teori Bisnis Internasional, Globalisasi, Metode Bisnis

Internasional, Peluang & RisikoMadura 2015, Bab 1

2. Sabtu, 8 Okt 2016 Arus Dana Internasional Neraca Pembayaran, memperbaiki defisit neraca pembayaran, lembaga internasional Madura 2015, Bab 2

3. Sabtu, 22 Okt. 2016 Pasar Keuangan Internasional

Pasar valas, pasar saham internasional, manfaat pasar keuangan internasional Madura 2015, Bab 3

4. Sabtu, 5 Nop 2016Penentuan Nilai Tukar, Currency Futures dan

OptionEkuilibrium, pasar derivatif currency Madura 2015, Bab 4-5

5. Sabtu, 19 Nop. 2016 Perilaku Nilai Tukar Pengaruh Pemerintah pada Nilai Tukar, Kebijakan Internasional Madura 2015, Bab 6-8

6. Sabtu, 3 Des 2016 Manajemen Risiko Nilai Tukar Peramalan Nilai Tukar, Fluktuasi Nilai Tukar Madura 2015, Bab 9-10

7. Sabtu, 17 Des. 2016; Foreign Direct Investment Motif eksekusi FDI, Diversifikasi, Keuntungan

FDI, Perspektif Pemerintah tentang FDI Madura 2015, Bab 13

8. Sabtu, 7 Jan 2017 Multinational Capital Budgeting

Perspektif Induk dan Anak, Penilaian proyek untuk risiko Madura 2015, Bab 14

Multinational Corporation (MNC)

Foreign Exchange Markets

Product Markets Subsidiaries International Financial Markets

Dividend Remittance & Financing Exporting

& Importing Investing

& Financing

Part I The International Financial Environment

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Chapter Objectives

•  To identify the main goal of the multinational corporation (MNC) and conflicts with that goal;

•  To describe the key theories that justify international business; and

•  To explain the common methods used to conduct international business.

Tujuan MNC

Teori Penting

Metode Bisnis Internasional

Tujuan MNC

The commonly accepted goal of an MNC is

to: maximize

shareholder wealth

•  For corporations with shareholders who differ from their managers, a conflict of goals can exist - the agency problem.

•  Agency costs are normally larger for MNCs than for purely domestic firms. ¤  The sheer size of the MNC. ¤  The scattering of distant subsidiaries. ¤  The culture of foreign managers. ¤  Subsidiary value versus overall MNC value.

Apa yang mempersulit pencapaian tujuan MNC?

Masalah Keagenan Biaya Keagenan

Sentralisasi Desentralisasi

TEORI BISNIS INTERNASIONALMengapa Perusahaan Termotivasi untuk Mengekspansi Bisnis Secara

Internasional?

� Theory of Comparative Advantage ¤  Specialization by countries can increase

production efficiency.

� Imperfect Markets Theory ¤  The markets for the various resources

used in production are �imperfect.�

� Product Cycle Theory ¤  As a firm matures, it may recognize

additional opportunities outside its home country.

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� Firm exports product to accommodate foreign demand.

� Firm creates product to accommodate local demand.

The International Product Life Cycle

� Firm establishes foreign subsidiary to establish presence in foreign country and possibly to reduce costs.

�a. Firm differentiates product from competitors and/or expands product line in foreign country.

�b. Firm�s foreign business declines as its competitive advantages are eliminated.

or

•  International trade is a relatively conservative approach involving exporting and/or importing. ¤  The internet facilitates international trade

by enabling firms to advertise and manage orders through their websites.

METODE BISNIS INTERNASIONAL

•  Licensing allows a firm to provide its technology in exchange for fees or some other benefits.

•  Franchising obligates a firm to provide a specialized sales or service strategy, support assistance, and possibly an initial investment in the franchise in exchange for periodic fees.

METODE BISNIS INTERNASIONAL

•  Firms may also penetrate foreign markets by engaging in a joint venture (joint ownership and operation) with firms that reside in those markets.

•  Acquisitions of existing operations in foreign countries allow firms to quickly gain control over foreign operations as well as a share of the foreign market.

•  Firms can also penetrate foreign markets by establishing new foreign subsidiaries.

•  In general, any method of conducting business that requires a direct investment in foreign operations is referred to as a direct foreign investment (DFI).

•  The optimal international business method may depend on the characteristics of the MNC.

� exchange rate movements ¤  Exchange rate fluctuations affect cash

flows and foreign demand.

� foreign economies ¤  Economic conditions affect demand.

� political risk ¤  Political actions affect cash flows.

Risiko Internasional