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?
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.
The International Product Life Cycle 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.
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 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.
