investasi

INVESTASI

KULIAH 1

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OUTLINE

• INVESTASI DALAM PERSPEKTIF KONVENSIONAL

• MODEL INVESTASI KONVENSIONAL• INVESTASI DALAM PERSPEKTIF ISLAM• MODEL INVESTASI ISLAM

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Pengertian Investasi

• investasi diartikan sebagai penanaman uang atau modal dalam suatu perusahaan atau proyek untuk tujuan memperoleh keuntungan

• investasi diartikan sebagai komitmen atas sejumlah dana atau sumberdaya lainnya yang dilakukan pada saat ini, dengan tujuan memperoleh sejumlah keuntungan di masa datang

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PENGGOLONGAN INVESTASI (1)

1. Investasi pada financial asset dilakukan di pasar uang, misalnya berupa sertifikat deposito, commercial paper, Surat Berharga Pasar Uang (SBPU), dan lainnya. Investasi juga dapat dilakukan di pasar modal, misalnya berupa saham, obligasi, warrant, opsi, dan yang lainnya.

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PENGGOLONGAN INVESTASI (2)

2. investasi pada real asset dapat dilakukan dengan pembelian aset produktif, pendirian pabrik, pembukaan pertambangan, perkebunan, dan yang lainnya.

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Bentuk Investasi………….1

1. Investasi tetap bisnis (business fixed investment), yaitu pengeluaran investasi untuk pembelian berbagai jenis barang modal yaitu mesin-mesin dan peralatan produksi lainnya untuk mendirikan berbagai jenis industri dan perusahaan

2. Investasi residensial (residential investment), yaitu pengeluaran untuk mendirikan rumah tempat tinggal, bangunan kantor, bangunan pabrik dan bangunan lainnya

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Bentuk investasi ………….2

3. Investasi persediaan (Inventory investment) yaitu berupa pertambahan nilai stok barang-barang yang belum terjual, bahan mentah dan barang yang masih dalam proses produksi pada akhir tahun perhitungan pendapatan nasional.

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• Business fixed investment includes the equipment and structures that businesses buy to use in production.

• Residential investment includes the new housing that people buy to live in and that landlords buy to rent out.

• Inventory investment includes those goods that businesses put aside in storage, including materials and supplies, work in progress, and finished goods.

The standard model of business fixed investment is called theneoclassical model of investment. It examines the benefits and costs of owning capital goods. Here are three variables that shift investment:

1) the marginal product of capital2) the interest rate3) tax rules To develop the model, imagine that there are

two kinds of firms: production firms that produce goods and services using the capital that they rent and rental firms that make all

the investments in the economy.

To see what variables influence the equilibrium rental price, let’s consider the Cobb-Douglas production function as a good approximationof how the actual economy turns capital and labor into goods andservices. The Cobb-Douglas production function is: Y = AKL1- , where Y is output, K capital, L labor, and a parameter measuring the level of technology, and a a parameter between 0 and 1 that measures capital’s share of output. The real rental price of capital adjusts to equilibrate the demand for capital and the fixed supply.

K Capital stock, K

Real re

nta

lpri

ce,

R/P

Capital demand (MPK)

Capital supply

The marginal product of capital for the Cobb-Douglas production function is MPK = aA(L/K)1-a. Because the real rental price equals the marginal product of capital in equilibrium, we can write R/P = aA(L/K)1-a . This expression identifies the variables that determine the real rental price. It shows the following:

• the lower the stock of capital, the higher the real rental price of capital• the greater the amount of labor employed, the higher the real rental price of capitals• the better the technology, the higher the real rental price of capital.

Events that reduce the capital stock, or raise employment, or improvethe technology, raise the equilibrium real rental price of capital.

Let’s consider the benefit and cost of owning capital. For each period of time that a firm rents out a unit of capital, the rental firm bears three costs:1) Interest on their loans, which equals the purchase price of a unit ofcapital PK times the interest rate, i, so i PK.2) The cost of the loss or gain on the price of capital denoted as -PK .3) Depreciation defined as the fraction of value lost per period because of the wear and tear, so PK .Therefore the total cost of capital = i PK - PK + PK or

= PK (i - PK/ PK + )Finally, we want to express the cost of capital relative to other goods inthe economy. The real cost of capital-- the cost of buying and rentingout a unit of capital measured in terms of the economy’s output is:The Real Cost of Capital = (PK / P )(r + ), where r is the real interestrate and PK / P equals the relative price of capital. To derive this equation, we assume that the rate of increase of the price of goods in general is equal to the rate of inflation.

Now consider a rental firm’s decision about whether to increase or decrease its capital stock. For each unit of capital, the firm earns realrevenue R/P and bears the real cost (PK / P )(r + ). The real profit per unit of capital is

Profit rate = Revenue - Cost = R/P - (PK / P )(r + ).

Because the real rental price equals the marginal product of capital, wecan write the profit rate as Profit rate = MPK - (PK / P )(r + ).The change in the capital stock, called net investment depends on thedifference between the MPK and the cost of capital. If the MPK exceedsthe cost of capital, firms will add to their capital stock. If the MPKfalls short of the cost of capital, they let their capital stock shrink, thus:

K = In [MPK - (PK / P )(r + )],where In ( ) is the function showing how much net investment respondsto the incentive to invest.

We can now derive the investment function in the neoclassical model ofinvestment. Total spending on business fixed investment is the sum of net investment and the replacement of depreciated capital. The investment function is:

I = In [MPK - (PK / P )(r + )] + K.I = In [MPK - (PK / P )(r + )] + K.

investment

depends on

marginal product of capital

the cost of capitalamount of depreciation

This model shows why investment depends on the real interest rate. A decrease in the real interest rate lowers the cost of capital.

Investment, I

Real in

t ere

st

rat e

, r

Notice that business fixed investment increases when the interest rate falls-- hence the downward slope of the investment function. Also,

an outward shift in the investment function may be a result of an increase in the marginal product of capital.

Finally, we consider what happens as this adjustment of the capitalstock continues over time. If the marginal product begins above thecost of capital, the capital stock will rise and the marginal product willfall. If the marginal product of capital begins below the cost of capital,the capital stock will fall and the marginal product will rise. Eventually, as the capital stock adjusts, the MPK approaches the cost of capital. When the capital stock reaches a steady state level, we can write:

PK = (PK / P )(r + ).

Thus, in the long run, the MPK equals the real cost of capital. Thespeed of adjustment toward the steady state depends on how quicklyfirms adjust their capital stock, which in turn depends on how costlyit is to build, deliver and install new capital.

The term stock refers to the shares in the ownership of corporations, andthe stock market is the market in which these shares are traded.The Nobel-Prize-winning economist James Tobin proposed that firmsbase their investment decisions on the following ratio, which is nowcalled Tobin’s q:

q = Market Value of Installed Capital Replacement Cost of Installed Capital

The numerator of Tobin’s q is the value of the economy’s capital as determined by the stock market. The

denominator is the price of capital as if it were purchased today. Tobin conveyed that net investment should depend on whether q is greater or less than 1. If q >1, then firms can raise the value of their stock by increasing capital,

and if q < 1, the stock market values capital at less than its replacement cost and thus, firms will not replace their

capital stock as it wears out. Tobin’s q measures the expected future profitability as well as the current

profitability.

1) Higher interest rates increase the cost of capital and reduce businessfixed investment.

2) Improvements in technology and tax policies such as the corporateincome tax and investment tax credit shift the business fixed investment function.

3) During booms higher employment increases the MPK and therefore,increases business fixed investment.

We will now consider the determinants of residential investment by looking at a simple model of the housing market. Residential investment includes the purchase of new housing both by people who plan to live init themselves and by landlords who plan to rent it to others.

There are two parts to the model:

1) the market for the existing stock of houses determines the equilibrium housing price

2) the housing price determines the flow of residential investment.

Demand

Rela

tive P

rice

of

housi

ng P

H/P

PH/P

The relative price of housing adjusts to equilibrate supply and demand for the existing stock of housing capital. The relative price thendetermines residential investment, the flow of new housing that construction firms build.

Stock of housing capital, KH Flow of residential investment, IH

Demand

Rela

tive P

rice

of

housi

ng P

H/P

PH/P

Stock of housing capital, KH Flow of residential investment, IH

When the demand for housing shifts, the equilibrium price of housingchanges, and this change in turn affects residential investment. An increase in housing demand, perhaps due to a fall in the interestrate, raises housing prices and residential investment.

Demand'

1) An increase in the interest rate increases the cost of borrowingfor home buyers and reduces residential housing investment.2) An increase in population and tax policies shift the residentialhousing investment function.3) In a boom, higher income raises the demand for housing andincreases residential investment.

Inventory investment, the goods that businesses put aside in storage, is at the same time negligible and of great significance. It is one of the smallest components of spending-- but its volatility makes it critical in the study of economic fluctuations.

When sales are high, the firm produces less that it sells and it takes the goods out of inventory. This is called production smoothing. Holding inventory may allow firms to operate more efficiently. Thus, we can view inventories as a factor of production. Also, firms don’t want to run out of goods when sales are unexpectedly high. This is called stock-out avoidance. Lastly, if a product is only partially completed, the components are still counted in inventory, and are called, work inprocess.

The accelerator model assumes that firms hold a stock ofinventories that is proportional to the firm’s level of output. Thus, ifN is the economy’s stock of inventories and Y is output, then

N = Ywhere is a parameter reflecting how much inventory firms wish to hold as a proportion of output. Inventory investment I is the change in the stock of inventories N. Therefore, I = N = Y.

The accelerator model assumes that firms hold a stock ofinventories that is proportional to the firm’s level of output. Thus, ifN is the economy’s stock of inventories and Y is output, then

N = Ywhere is a parameter reflecting how much inventory firms wish to hold as a proportion of output. Inventory investment I is the change in the stock of inventories N. Therefore, I = N = Y.

Persamaan Investasi …………….1

• investasi bersifat autonomos atau tidak dipengaruhi oleh variabel lain. Sehingga persamaan untuk investasi sbb

_ I = I

• investasi yang dipengaruhi oleh variabel suku bunga atau interest (i)

I = I - d i

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Y0 Y1 Y2 Y

C + I2

C + I1

C

C+I

∆I

I1 I2 I = Investasi

i2

i1

Investasi

INVESTASI YANG DIPENGARUHI SUKU

BUNGA

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Persamaan Investasi …………….2

• investasi bersifat autonomos atau tidak dipengaruhi oleh variabel lain. Sehingga persamaan untuk investasi sbb

_ I = I

• investasi yang dipengaruhi oleh Tingkat Pendapatan Nasional atau GNP

I = I + d Y

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Autonomos dan Induced Investment

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YY

II

Autonomos

Induced

KESEIMBANGAN PEREKONOMIAN DUA SEKTOR

• karena asumsi yang digunakan bahwa investasi bersifat autonomos ataupun dipengaruhi oleh tingkat suku bunga maka keseimbangan perekonomian dua sektor

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Y = a + bY + I - di _

Y = 1 ( a + I – di) . (1-b)

INVESTASI DALAM PERSPEKTIF ISLAM

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KONSEP PENGETAHUANIslam sangat menjunjung tinggi ilmu pengetahuan yang

memiliki gradasi (tadrij), dari tahapan diskursus (‘ilmu al yaqin), implementasi (‘ain al yaqin), serta hakikat akan sebuah ilmu (haqq al yaqin).

Scheller dalam trichotomy pengetahuan menjelaskan bahwa ada 3 (tiga) jenis pengetahuan, yaitu pengetahuan instrumental (herrschafswissen), pengetahuan intelektual (beldungswissen), dan pengetahuan spiritual (erlosungswissen) sebagaimana dituangkan oleh Rich dalam bukunya the knowledge cycle

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KONSEP INVESTASI

• Investasi merupakan salah satu ajaran dan konsep Islam yang memenuhi proses tadrij dan trichotomy pengetahuan tersebut. Hal tersebut dapat dibuktikan bahwa konsep investasi selain sebagai pengetahuan juga bernuansa spiritual karena menggunakan norma syariah, sekaligus merupakan hakekat dari sebuah ilmu dan amal, oleh karenanya investasi sangat dianjurkan bagi setiap muslim

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DASAR HUKUM INVESTASI……1

• Qur’an Surat Al Hasyr : 18

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• Lafadz لغـد قـدNمت ما نفس ditafsirkan ولتنظرdengan: ‘’hitung dan instropeksilah diri kalian sebelum diinstropeksi, dan lihatlah apa yang telah kalian simpan (invest) untuk diri kalian dari amal shalih (after here investment) sebagai bekal kalian menuju hari perhitungan amal pada hari kiamat untuk keselamatan diri di depan Allah SWT’’ (Katsir (2000)

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• QS : LUQMAN : 34

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Dalam Qur’an Surat Lukman ayat 34 secara tegas Allah SWT menyatakan bahwa tiada seorang pun di alam semesta ini yang dapat mengetahui apa yang akan diperbuat, diusahakan, serta kejadian apa yang akan terjadi pada hari esok. Sehingga dengan ajaran tersebut seluruh manusia diperintahkan untuk melakukan investasi sebagai bekal dunia dan akhirat:

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• Dalam kitab Zubdatu Tafsir karya Al Asyqar lafadz غـدا تكسب ditafsirkan ماذاdengan دنيا كسب أو دين كسب , منyang dalam Bahasa Indonesia diterjemahkan ‘’Dari usaha untuk bekal akhirat ataupun usaha untuk bekal dunia’’ (Al Asyqar, (2000)

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RAMBU POKOK INVESTASI

• Terbebas dari unsur riba • Terhindar dari unsur gharar• Terhindar dari unsur judi (maisir)• Terhindar dari unsur haram • Terhindar dari unsur syubhat

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FUNGSI INVESTASI DALAM ISLAM…1

• Fungsi investasi dengan pendekatan ekonomi islam tentu berbeda dengan fungsi investasi dengan pendekatan ekonomi konvensional. Perbedaannya karena fungsi investasi dalam ekonomi konvesional dipengarhi tingkat suku bunga, hal ini tentunya tidak berlaku dalam pendekatan ekonomi Islam.

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Menurut Metwally (1995), Investasi di negara penganut ekonomi Islam memiliki kriteria :

1. Hoarding Idle Assets, adanya sanksi untuk pemegang asset kurang/tidak produktif

2. Dilarang melakukan berbagai macam bentuk spekulasi dan segala macam judi

3. Tingkat bunga untuk berbagai macam pinjaman adalah nol dan sebagai gantinya dipakai sistem bagi hasil

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• Dari kriteria tersebut jelas bahwa investasi dalam ekonomi Islam adalah fungsi dari tingkat keuntungan yang diharapkan. Tingkat keuntungan yang diharapkan tergantung pada pangsa keuntungan relatif antara investor dan penyedia dana sebagai mitra usaha.

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FUNGSI INVESTASI DALAM ISLAM…4Menurut Metwally fungsi investasi dalam ekonomi

IslamI = f ( r,Za,Zp, m )r = SI/SF

Dimana :I = Permintaan akan investasir = Tingkat keuntungan yang diharapkanSI = Bagian/pangsa keuntungan/kerugian investorSF = Bagian/pangsa keuntungan/kerugian peminjam

danaZa = Tingkat zakat atas aset yang tidak/kurang

produktifZp = Tingkat zakat atas keuntungan dari Investasim = pengeluaran lain selain zakat atas aset yang

tidak/kurang produktif44


• Akan tetapi karena tingkat zakat adalah tetap maka dianggap given sehingga I = f ( r,m)

• Sehingga permintaan investasi akan meningkat dalam ekonomi Islam jika :– Meningkatnya tingkat keuntungan yang

diharapkan– Meningkatnya tingkat iuran terhadap aset yang

tidak atau kurang produktif

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Khan dalam sebuah makalahnya yang berjudul A simple model of income determination, growth and economic development in the perspective of an interest free economy (2004) menyatakan bahwa permintaan investasi (investment demand) ditentukan oleh tingkat keuntungan yang diharapkan (expected profits)

tingkat keuntungan yang diharapkan tergantung pada : Total profit yang diharapkan

dari kegiatan firm (entrepreneurial)

Share in profit yang diklaim oleh pemilik dana

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I 1

Tingkat Keuntungan Yang Diharapkan (r)

I = Investasi

I 2

r 1

r 2


• Berdasarkan gambar tersebut terlihat terdapat hubungan positif antara tingkat investasi dengan tingkat keuntungan yang diharapkan maksudnya jikatingkat keuntungan yang diharapkan mengalami kenaikan maka akan meningkatkan tingkat investasi sebaliknya jika tingkat keuntungan yang diharapkan mengalami penurunan maka akan menyebabkan penurunan tingkat investasi.

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