Multinational Capital Budgeting , Cost of Capital and Capital
Structure
1
Capital Budgeting Multinasional, Biaya Modal dan Struktur
ModalTopik:(a) Data yang diperlukan dalam Keputusan Capital
Budgeting (b) Factor-Factor dalam Capital Budgeting
Multinasional(c) Metode perhitungan Present Value (d) Biaya modal
internasional(e) Struktur modal
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS12Definition:
Capital budgeting is proses pengambilan keputusan sehubungan dengan
aktivitas investasi aset-aset tetap. Misalnya pembelian mobil baru,
mesin pabrik baru dan lain-lain
Variabel-variabel dalam Keputusan Capital Budgeting Investasi
awal (Initial investment) Permintaan pembeli (Consumer demand)
Harga (Price) Biaya variabel (Variable cost) Biaya Tetap (Fixed
cost) Usia Proyek (Project lifetime) Salvage value (nilai
penyelamatan dari risiko) Perpajakan (Tax-laws) Tingkat
pengembalian yang diharapkan (Required rate of return)A. Dasar
Capital BudgetingKEUANGAN INTERNASIONAL MODIFIED BY ZAINUL
MUCHLAS23Faktor lain yang perlu dipertimbangkan dalam Capital
Budgeting Multinasional Fluktuasi nilai tukar Inflasi Fasilitas
pembiayaan (Financing arrangements subsidies /penalties) Pembekuan
dana (Blocked funds) Biaya provisi bank (Remittance provisions)
Ketidakpastian sukses/gagal dalam aktivitas incestasi (Uncertain
salvage values) Dampak proyek bagi arus kas perusahaan Insentif
pemerintah (Government incentives) Biaya sosial (Social costs) /
Externalities Risisko politik / risiko negaraPolitical risk
/Country risk.KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS34
Harga Transfer (Transfer prices) Penerimaan fee dan royalti.
Menggabungkan arus kas dan menetapkan tingkat diskonto yang berlaku
untuk masing-masing komponen.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS5Dasar-dasar
Capital Budgeting Popular Techniques1. Payback Period: Lama waktu
yang diperlukan kembalinya dana investasi awal. Artinya jumlah
kumulatif penerimaan sama dengan dana awal yang diinvestasikan
Discounted Payback Period adalah modifikasi teknik Payback Period
dengan cara di perhitungkan nilai waktu. 2. Net Present Value:
adalah nilai bersih waktu sekarang dari sebuah proyek
investasi.
k = required rate of return on "project."Cost of capital is the
cost of long-term funds for the firm.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS6 Aturan
keputusan: Jika NPV > 0, proyek diterima Jika NPV < 0, proyek
ditolak.Jika NPV = 0 ???
Jika ada dua proyek yang bersifat saling melengkapi maka proyek
yang memiliki NPV lebih besar yang dipilih . KEUANGAN INTERNASIONAL
MODIFIED BY ZAINUL MUCHLAShttp://id.wikipedia.org/wiki/NPV 73.
Profitability Index (PI): Ratio dari perbandingan nilai sekarang
dari aliran kas masuk dengan dana awal investasi.
CFt = cash flow at time tI0 = initial outlayk = required rate of
return (cost of capital)
Decision Rule: When PI > 1, accept the project. When PI <
1, reject the project.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS84. Internal
Rate of Return (IRR): adalah pengembalian yang diharapkan bagi
suatu proyek atau investasi. Mathematically, it is the "discount
rate" that equates the present value of cash flows to the initial
outlay, so that
Decision Rule: Jika IRR > required rate of return, Proyek
diterima.Jika IRR < required rate of return, Proyek ditolak.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL
MUCHLAShttp://id.wikipedia.org/wiki/IRR 9 5. Modified Internal Rate
of Return (MIRR): This is given by:PV Cost = PV of Terminal Value
(TV)
I0 I1 I2 Ij CFt CFt+1 CFt+2 CFn-t
|--------|--------|----------|----------------|-------|--------|-----------------|
0 1 2 j t t+1 t+2 nwhere: It = cash outflows, COF; CFt = cash
inflows
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS10Tujuan umum
pemegang saham adalah memaksimalkan kesejahteraan.
Pemegang saham sangat tertarik dengan adanya berapa banyak
tambahan lembar-lembar rupiah yang diterima dimasa yang datang dari
kegiatan investasi yang dilakukan hari ini. Oleh karena itu bukan
inkremental nya, tetapi apa yang terjadi.
Incremental Cash Flows and Factors Affecting Cash FlowsKEUANGAN
INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS1011Mempengaruhi tingkat
penjualan yang telah berjalan selama ini.
Cannibalization: atau kanibalisasi produk baru terhadap produk
lama. Contoh Produk subsitusi di host country akan mempengaruhi
volume ekspor perusahaan induk.
Sales Creation: Investasi baru akan menciptakan tambahan volume
penjualan bagi produk yang ada.Dampak Incremental and Total Cash
Flows bagi Peursahaan KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL
MUCHLAS1112Transfer Pricing: Harga barang atau jasa yang berlaku
pada proses perdagangan antara induk perusahaan dengan anak
perusahaan (internalitas).
Kesimpulannya harga yang berlaku di setiap proyek atau investasi
baru baik harga bahan atau harga jual harus berpedoman pada harga
pasar bukan harga transfer.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS13 Opportunity
Costs: Biaya Proyek harus meliputi biaya ekonomi senyatanya bagi
setiap sumber daya yang dibutuhkan proyek atau investasi.
Sunk Costs: Seluruh biaya yang hrus dikeluarkan walaupun proyek
tadi jadi dijalankan atau dibatalkan, e.g., site analysis,
feasibility studies, etc. Exclude sunk costs from cost
considerations.Factor-Factor lain:KEUANGAN INTERNASIONAL MODIFIED
BY ZAINUL MUCHLAS1314Fees and Royalties: Fee dan royalti sebagai
biaya dalam proyek tetapi sebagai keuntungan bagi perusahaan induk.
e.g., legal counsel, power, lighting, heat, rent, R&D, H.Q.
cost, and management costs, etc.
A project should be charged only for additional expenditures
that are attributable to the project.
In general, incremental cash flows associated with an investment
can be found by subtracting worldwide corporate cash flows without
the new investment from "with" the new investment cash flows.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS15 Capital
budgeting analysis for a foreign project is considerably more
complex than domestic case for a number of reasons including:
Parent Cash Flows Vs. Project Cash Flows: Cash flows perusahaan
induk acapkali tergantung pada format pembiayaan jadi cash flow nya
secara jelas dipisahkan antara keputusan pembiayaan dengan
keputusan investasi tetapi Capital budgeting bagi anak perusahaan
akan secara jelas bahwa aktivitas nya berupa investasi.
Foreign Complexities and OpportunitiesKEUANGAN INTERNASIONAL
MODIFIED BY ZAINUL MUCHLAS1516Remittance of funds to parent is
compounded by differences in tax systems and financial markets and
institutions as well as legal and political constraints on funds
movement.
Cash flows from affiliate to parent can be generated by an array
of operational, financial or non-financial payments, e.g., fees,
royalties, transfer pricing, etc.
Different rates of national inflation introduce changes in
competitive position.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS17Unanticipated
changes in foreign exchange rates have direct and indirect effects
on costs, prices, and sales volume.
Transaction across segmented national markets may create
opportunities for financial gains or lead to additional costs.
Benefits of enhanced global service network.
Diversification of production facilities.
Market diversification.KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL
MUCHLAS18Availability of host government subsidized loans may
complicate capital structure decisions and the appropriate
WACC.
Political risks must be evaluated, and costs may be involved in
the management of political risks.
Terminal value is more difficult to estimate, i.e., uncertain
salvage value.
Foreign complexities must be quantified as modifications to
either expected cash flows or the rate of discount.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS19International
Capital Budgeting Decision ModelMultinational capital budgeting
problems can be solved by appealing to the principle of value
additivity. This states that the whole value of a project is equal
to the sum of its parts.
The Adjusted Present Value (APV) rule divides up the present
value terms and focuses on each component to maximize the
development and use of information. Each present value term employs
an appropriate discount rate for its level of systematic
risk.KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS20Lessard
(1981) extends this approach to dealwith foreign investment
projects as follows:APV= -PV of capital outlays+PV of remittable
after tax operating cash flows +PV of tax savings from
depreciation+PV of financial subsidies +PV of other tax savings+PV
of extra (indirect) remittances+PV of projects contribution to
corporate debt capacity +PV of residual plant and equipment
(salvage) Multinational Capital Budgeting Examples. (See sample
problem set III, part B)
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS21Multinational
Cost of Capital & Capital Structure A firms capital consists
of: Laba ditahan (Retained Earnings) Penyertaan modal/Equity
(existing or newly issued) Saham istimewa (Preferred Stock) Utang /
Debt (borrowed funds)
The firms cost of retained earnings reflects the opportunity
cost - what existing shareholders could have earned if they
invested the funds themselves.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS2122The firms
cost of new equity also reflects an opportunity cost - what the new
shareholders could have earned if they had invested their funds
elsewhere.
The cost of new equity exceeds the cost of retained earnings by
the floatation costs.
The firms cost of debt increases with the level of debt.
Increases in the level of debt also increases the probability of
default. KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS23Tax
deductibility of interest payments on debts enhances the
attractiveness of debt financing. A firm must maintain a proper
balance between the tax advantage of debt and its disadvantage
(greater probability of bankruptcy).
The firms weighted average cost of capital (WACC) can be
computed as: (Total Capital = Debt + Equity + Pref. Stock)
WACC = WdKd (1-t) + WpKp + WeKe
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS24Asumsi yang
berlaku modal di dapat dari utang dan penyertaan modal, maka rumus
WACC :
where: D = Proportion of capital (D+E) made up of debt, E = The
proportion of equity, Kd = Cost of debt, Ke = Cost of Equity and t
= tax rate.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS25Factor yang
mempengaruhi Cost of Capital MultinasionalSize of the Firm:
Perusahaan besar selalu jumlah pinjamannya juga besar. Penerbitan
saham atau obligasi dengan jumlah yang besar akan memperkecil
tingkat biaya modal (cost of capital).
Access to International Capital Markets: Akses ke Pasar modal
internasional MNE akan memperoleh tingkat biaya modal yang lebih
murah dibanding memanfaatkan sumber pendanaan di negara lokal (host
country)
International Diversification: Keanekaragaman aliran kas dari
berbagai sumber pendanaan menghasilkan stabilisasi aliran kas bagi
MNE dan pada akhirnya akan terhindar dari problem likuiditas.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS2526Exposure to
Exchange Rate Risk: Perusahaan harus mampu mengelola valuta asing
agar terhindar dari risiko nilai tukar.
Dengan cara mengelola bermacam-macam valuta asing akan
menghilangkan risiko nilai tukar Exposure to Country Risks: Oleh
karena risiko negara sulit di diversifikasikan, maka setial
kenaikan volatilitas aliran kas akan menghaailkan biaya modal
meingkat.
KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS27Cost of
Capital Across Countries:Variasi dalam biaya modal antar negara,
membuat MNE mampu melakukan bisnis internasional dengan memanfaat
pendanaan internasional. Perbedaan tingkat biaya modal antar negara
membuat MNE dapat memilih tingkat biaya yang efisien di beberapa
negara untuk membiayai struktur modalnya. Differences in the
Risk-Free Interest Rate: T-bills (Treasury Bills) 3 bulanan adalah
sebuah pendanaan yang bebas risiko (The risk-free rate)Faktor lain
yang menentukan tinggi rendahnya risiko bagi MNE adalah faktor
penawaran-permintaan di masing-masing negara, undang-undang
perpajakan, kebijakan moneter, faktor demografi dan kondisi
perekonomian.KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS28
Differences in the Risk Premium: The risk premium is affected by
the relationship between borrowers and creditors (e.g.. Japans
Keiretsu http://id.wikipedia.org/wiki/Keiretsu ), and kecenderungan
pemerintah untuk campur tangan dan menyelamatkan perusahaan yang
sakit atau gagal (bandingkan AS untuk Inggris.)Also firms in some
countries have greater borrowing capacity because creditors are
tolerant of higher degrees of financial leverage (e.g. Japanese and
German firms have higher degrees of financial leverage than US.
firms).
Country Differences in the Cost of Equity: The cost of equity is
related to investment opportunities in each country. In a country
with many investment opportunities, potential returns may be
relatively high resulting in a relatively high opportunity cost of
funds.KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS29
International Differences in Cost of Equity Capital
Effectiveness of a Countrys Legal Institutions:
Sistem hukum yang berfungsi dengan baik akan melindungi
investor, mengurangi biaya monitoring dan penegakan hukum untuk
investor, mengurangi biaya perusahaan 'modal dengan cara
mempermudah investor dalam segala pengurusan yang berhubunga dengan
perizinan
Differences in Securities Regulation:
Persyaratan yang ketat , dan penegakan, pengungkapan keuangan
tertentu membantu mengurangi asymmetric information antara
perusahaan dengan kalangan investor. KEUANGAN INTERNASIONAL
MODIFIED BY ZAINUL MUCHLAS30Some of the firm specific
characteristics that affect MNCs capital structure include:
Stability of MNCs cash flows.
MNC credit risk - a MNC with assets acceptable as collateral has
greater access to loans.
Tingkat laba ditahan.
Multinational Capital Structure:KEUANGAN INTERNASIONAL MODIFIED
BY ZAINUL MUCHLAS3031Entry and cross-border barriers to
investing.Interest rates in host countries are affected bycapital
controls, tax rates & country risks.
A MNCs preference for debt or equity may depend on relative
costs in a particular country.
Host country currency innovations.Country risks.Relative tax
laws.
Influence of Country CharacteristicsKEUANGAN INTERNASIONAL
MODIFIED BY ZAINUL MUCHLAS3132Target struktur modal MNC dapat
berbeda dengan negara host dengan cara konsolidasi. yaitu, MNC
dapat mengabaikan "lokal" target struktur modal dalam mendukung
target struktur modal "global".
Multinational Target Capital StructureKEUANGAN INTERNASIONAL
MODIFIED BY ZAINUL MUCHLAS3233When MNCs allow (or are forced to
allow) foreign subsidiaries to issue stocks to local investors,
such a subsidiary becomes partially owned by the parent. This can
affect MNCs capital structure.
In some countries, a MNC will be allowed to establish a
subsidiary only if it meets the minimum percentage of ownership by
local investors.
A minority interest in a subsidiary by local investors may,
however, offer some protection against threats of any adverse
action by the host government.Partially Owned Subsidiaries
:KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS3334Firms in
Japan and Germany tend to use a higher degree of financial leverage
than U.S or U.K firms. The system of interlocking ownership in
Japan may encourage a greater use of leverage.
Other International FactorsStock restrictions in host
countriesInterests rates in host countriesStrength of host country
currenciesCountry risk in host countriesTax laws in host
countriesCapital Structure Across CountriesKEUANGAN INTERNASIONAL
MODIFIED BY ZAINUL MUCHLAS34Pertanyaan 1: The following are major
factors in multinational cost of capital except:Size of the
firmAccess to international capital marketsInternational
diversification of firmExposure to exchange risk Exposure to
country risk Pertanyaan 2: Which of the following is not a factor
accounting for variations in the cost of capital across
countries:Differences in risk free interest rateDifferences in risk
premiumDifferences in cost of equity35KEUANGAN INTERNASIONAL
MODIFIED BY ZAINUL MUCHLAS