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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
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
15 Shanghai
10 Shenzhen
LA/LongBeach
5
Pusan
0
2005
Source: L.A. Times C-1, 2/22/2006
10
Port of Long Beach/Los Angeles
11
A Containerized Port in China
12
13
14
15
Containerized Shipping is
Intermodal
By air mode
16
A “Small” Container Ship
17
Intermodal Transport
The U.S. Land Bridge
18
The Time Length Of Global Shipping
Voyages to Hong Kong
on Hanjin
From Departure Arrival Transit Service Vessel
New York Metro Mon Sep 17 Tue Oct 16 29 days AWE Lt Genova
Long Beach Tue Oct 2 Sat Oct 20 18 days AWEPD German Senator
19
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
23
Management Structure of MNC
1. Centralized
2. Decentralized
24
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
26
26
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
• 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
37
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