MANAJEMEN KEUANGAN

INTERNASIONAL
SUMBER : INTERNATIONAL
FINANCIAL MANAGEMENT
EDISI 9
BY JEFF MADURA
ABDUL BASYITH
17 JULI 2016
PRODI MAGISTER MANAJEMEN
UNIVERISTAS MUHAMMADIYAH
PALEMBANG
 LINGKUP PEMBAHASAN
1. The International Financial Environment
2. Exchange Rate Behavior
3. Exchange Rate Risk Management
4. Long Term Asset and Liability Management
5. Short-Term Asset and Liablity Management
 1. LINGKUNGAN MANAJEMEN
KEUANGAN INTERNASIONAL
1. MFM : An Overview
2. International Flow of Fund
3. International Financial Market
4. Exchange Rate Determination
5. Currency Derivative
 2. Exchange Rate Behavior
7. Government Influence on Exchange Rate
8. International Arbitrage and Interest Rate
Parity
9. Relationship Among Inflation, Interest Rates
and Exchange Rates
3. Exchange Rate Risk Management
9. Forescating Exchange Rate
10. Measuring Exposure to Exchange Rate
Fluctuation
11. Managing Transaction Exposure
12.Managing Economic Exposure and
Translation Exposure
 CHAPTER 1

Multinational Financial
Management :
An Overview
 PART I.
THE RISE OF INTER-MODAL
INTERNATIONAL TRADE

A.THE REVOLUTION IN WORLD TRADE AND

FINANCE (1985)
1. Containerization
a. Containers (20’ (TEU)
and 40’)
b. Make Inter-modal
transport possible
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 This New Method of Shipping Has Revolutionized
Global Trade and Finance

8
 CARGO CRUSH

7.5
NO. 1 LA
7.3

NO. 2 Long B
6.7
5.8

4.8 = 2005
NO. 3 NY/NJ
4.5 = 2004

Source: L.A. Times, C-1, 2/4/2006

- IN MILLIONS OF TWENTY FOOT CONTAINERS (TEUs)

9
 World’s Top 5 Container Ports
25
Singapore
Millions of Twenty
20 Foot Containers Hong Kong

15 Shanghai

10 Shenzhen

LA/LongBeach
5
Pusan
0
2005
Source: L.A. Times C-1, 2/22/2006

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 Port of Long Beach/Los Angeles

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 A Containerized Port in China

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13
14
15
 Containerized Shipping is
Intermodal

By rail mode By ground mode

By air mode
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 A “Small” Container Ship

17
 Intermodal Transport
The U.S. Land Bridge

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 The Time Length Of Global Shipping
Voyages to Hong Kong
on Hanjin
From Departure Arrival Transit Service Vessel

Long Beach Tue Sep 25 Sat Oct 13 18 days AWEPD Priwall

New York Metro Mon Sep 17 Tue Oct 16 29 days AWE Lt Genova

Oakland Tue Oct 2 Wed Oct 17 15 days PSPD1 H.J. Athens

Le Havre Thu Sep 27 Wed Oct 17 20 days CEX H.J. Savannah

Oakland Fri Oct 5 Fri Oct 19 14 days PSPD2 Portugal Senator

Le Havre Fri Sep 28 Fri Oct 19 21 days PDA H.J. Amsterdam

Long Beach Tue Oct 2 Sat Oct 20 18 days AWEPD German Senator
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 DEFENISI PERUSAHAAN
MULTINASIONAL (MNC)
• Adalah perusahaan yang memiliki operasi-
operasi yang signifikan di dua atau lebih
Negara secara bersamaan, namun keputusan
utama dan kontrolnya dilakukan oleh
perusahaan di Negara asalnya.
 MULTINATIONAL CORPORATION
Perusahaan yang beroperasi di lebih dari 1 negara
• Perusahaan memiliki fasilitas dan aset-aset
lainnyapada sekurang-kurang satu negara
• Memiliki kantor dan fasilitas produksi (pabrik) di
beberapa negara berbeda dan biasanya memiliki
kantor pusat yang mengkoordinasikan
manajemen secara global
• Beberapa MNC memiliki yang sangat besar dan
bahkan ada yag melebihi budget dari suatu
negara. Disebut juga sebagai “ Transnational
Corporation
 Manajemen Keuangan
Internasional

• Tujuan manajemen keuangan adalah

memaksimalkan kekayaan pemegang saham
yang ditranslasikan ke maksimalisasi harga per
lembar saham perusahaan
 Facing Agency Problems

1. Agency Problem: conflict of goals between managers

and shareholders.
2. Agency Conflict Reduced by:
a. Parent control of agency problems
b. Corporate control of agency problems
c. Sarbanes-Oxley Act (SOX) of 2002

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 Management Structure of MNC

1. Centralized
2. Decentralized

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CARA PERUSAHAAN MEMASUKI PASAR
ASING
1. Internasional trade
2. Licensing
3. Franchising/waralaba
4. Joint ventures
5. Merger dan Akuisisi
6. Investasi Langsung
 Exhibit 1.3 Cash Flow Diagrams for MNCs

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 Gelombang Munculnya MNC
• Pengaruh kekuatan pertukaran pasar
• Deregulasi besar-besaran
• Bangkrutnya komunis
• Privatisasi perusahaan industry pemerintah (BUMN)
• Revolusi teknologi informasi
• Gelombang merger dan Akuisisi
• Munculnya Negara dunia ke-3 pada pasar bebas
(cina,Vietnam,brazil)emergence(Nampak)
• Dampak dari ketidakcintaan produk dalam negeri
Theory of Comparative Advantage
• The theory of comparative advantage
explains and justify international trade in
a model world
– Assumption
• free trade,
• perfect competition,
• no uncertainty,
• costless information and
• no government interference.
 Theory of Comparative Advantage

• Absolute advantage [Adam Smith, The Wealth of

Nations (1776)]
– countries could produce more in total and
exchange products which it possessed
absolute advantage
– trade –
for goods that were cheaper in price than
those produced at home.
Theory of Comparative Advantage

• Comparative advantage [David Ricardo, On the

Principles of Political Economy and Taxation (1817)],

– Even if a country possessed absolute

advantage in two products,
– it might still be relatively more efficient than
the other country in one product than the
other.
– The country can gain more benefits by
specialising in the product where it is more
efficient in.
Theory of Comparative Advantage
• Problems of the comparative advantage model
– The government interference
• Reasons
– full employment, economic development, national self-
sufficiency in defence-related industries and protection
of an agricultural sectors.
• Form of government interference
– tariffs, quotas and other non-tariff restrictions
– Trends in production, capital and technology
• Factor mobility
• Modern factors of production (more numerous
than in this simple model).
 Theory of Comparative Advantage
• Problems of using the comparative
advantage model
– Other issues
• the effect of uncertainty and information costs,
• the role of differentiated products in imperfectly
competitive markets
– Product differentiation can be achieved in many ways.
– It may be as simple as packaging the goods in a creative way, or as elaborate as incorporating
new functional features.
– Sometimes differentiation does not involve changing the product at all, but creating a new
advertising campaign or other sales promotions instead.)

• and
• benefits of economies of scale
 Theory of Comparative Advantage
• Supply chain outsourcing: Comparative advantage
today
– The comparative advantage is based more on services and
their cross-border facilitation by telecommunications and
the Internet.
– The source of a nation’s comparative advantage, is still
created from the mixture of its own labour skills, access to
capital and technology.
 Theory of Comparative Advantage
Figure 1.2 Global outsourcing of comparative
advantage (Page 60)
Table 1.1 What is different about
global financial
management? (Page7)
Market Imperfections: A Rationale for
the Existence of the MNE
– Large international companies are better able to
exploit such competitive factors than are their
local competitors because of:
• economies of scale,
– managerial and technological expertise,
– product differentiation and
– financial strength
 3. Teori Siklus Produk
[Product Cycle Theory}
* As a firm matures, it may recognize
additional opportunities outside its home
country. [pasar domestik jenuh/kecil]
-* mature [cash cow];
 Indo pasar besar bagi produk food &
beverages

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 Internasional bisnis dan keuangan
• Globalisasi
• Perubahan politik dan serikat pekerja
• Konsekuensi kompetisi global
 Tiga kendala yang dihadapi MNC

• 1. Kendala lingkungan
• 2. Kendala regulasi
• 3. Kendala etika
 Teori dan praktek MNC
• Tujuannya :
• Memaksimalkan kesejahteraan pemegang
saham
• Menciptakan kemampuan jaringan