Manajemen Keuangan Internasional

neraca pembayaran, lembaga internasional Madura 2015, Bab 2 3. Sabtu, 22 Okt. 2016 ... pasar keuangan internasional Madura 2015, Bab 3 4. Sabtu, 5 Nop...

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Manajemen Keuangan Internasional Ari Kamayanti

Perkenalan • • • • • • •

Dr. Ari Kamayanti, SE., Ak., MM. MSA., CA Surel: [email protected] 081555737916 @AriKamayanti arikamayanti arikamayanti kamayanti.wordpress.com

Deskripsi Mata Kuliah Memberikan pemahaman tentang kinerja keuangan perusahaan yang tidak terlepas dari jaringan internasional dan pengelolaan keuangan perusahaan dengan berbagai permasalahannya yang terkait dengan persoalan internasional. Mata Kuliah ini menjelaskan : • Lingkungan keuangan internasional dan perilaku Exchange Rate serta antisipasi yang perlu dilakukan oleh manajemen perusahaan • Resiko exchange rate dan Pengelolaannya • Short term asset liability dan long term asset liability. Pokok bahasan : Tinjauan Umum Keuangan Internasional, Sistem Moneter Internasional-Arus Dana Internasional dan Pasar Keuangan Internasional, Foreign Exchange Market, Future and Option Market, Pergerakan Nilai Tukar, Intenational Arbitrage, Paritas Suku Bunga, Forex Forcasting, Forex Exposure, Forex Risk Management and Hedging, Short Term Asset Liability Management, Foreign Direct and Portofolio Investment, Foreign Invesment Decisions, Long Term Financing Management, Country Risk and Debt Crisis.

Sesi/Tanggal

Materi

Sub Pokok Bahasan

Referensi

Lingkungan Keuangan Internasional

Perusahaan MNC dan Tujuannya, Teori Bisnis Internasional, Globalisasi, Metode Bisnis Internasional, Peluang & Risiko

Madura 2015, Bab 1

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 2016

Penentuan Nilai Tukar, Currency Futures dan Option

Ekuilibrium, pasar derivatif currency

Madura 2015, Bab 4-5

Perilaku Nilai Tukar

Pengaruh Pemerintah pada Nilai Tukar, Kebijakan Internasional

Madura 2015, Bab 6-8

Manajemen Risiko Nilai Tukar

Peramalan Nilai Tukar, Fluktuasi Nilai Tukar

Madura 2015, Bab 9-10

Foreign Direct Investment

Motif eksekusi FDI, Diversifikasi, Keuntungan FDI, Perspektif Pemerintah tentang FDI

Madura 2015, Bab 13

Multinational Capital Budgeting

Perspektif Induk dan Anak, Penilaian proyek untuk risiko

Madura 2015, Bab 14

1. Sabtu, 24 Sept. 2016

2. Sabtu, 8 Okt 2016

5. Sabtu, 19 Nop. 2016

6. Sabtu, 3 Des 2016

7. Sabtu, 17 Des. 2016;

8. Sabtu, 7 Jan 2017

Part I

The International Financial Environment Multinational Corporation (MNC)

Foreign Exchange Markets

Exporting & Importing Product Markets

Dividend Remittance & Financing

Subsidiaries

Investing & Financing International Financial Markets

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

Tujuan MNC

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

Teori Penting

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

Metode Bisnis Internasional

C1 - 4

Tujuan MNC The commonly accepted goal of an MNC is to: maximize shareholder wealth

Apa yang mempersulit pencapaian tujuan MNC?

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

•  Agency costs are normally larger for MNCs

Desentralisasi

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.

Masalah Keagenan

Biaya Keagenan

TEORI BISNIS INTERNASIONAL Mengapa Perusahaan Termotivasi untuk Mengekspansi Bisnis Secara Internasional?

Œ 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.

Ž Product Cycle Theory ¤ 

As a firm matures, it may recognize additional opportunities outside its home country.

The International Product Life Cycle Œ Firm creates product to accommodate local demand. a. Firm differentiates product from competitors and/ or expands product line in foreign country.

 Firm exports product to accommodate foreign demand.

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

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

C1 - 16

METODE BISNIS INTERNASIONAL

•  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.

•  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.

Risiko Internasional Œ exchange rate movements ¤ 

Exchange rate fluctuations affect cash flows and foreign demand.

 foreign economies ¤ 

Economic conditions affect demand.

Ž political risk ¤ 

Political actions affect cash flows.