Capital Budgeting Multinasional, Biaya Modal dan Struktur Modal

Capital Budgeting Multinasional, Biaya Modal dan

Struktur Modal

Topik:

(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

Definition: 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

A. Dasar Capital Budgeting

Faktor 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

 Harga Transfer (Transfer prices)  Penerimaan fee dan royalti.

 Menggabungkan arus kas dan menetapkan tingkat diskonto yang berlaku untuk masing-masing

Dasar-dasar Capital Budgeting …

Popular Techniques

1. 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.





NPV I CF k t t t n     



0 1 1

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 .

7

3. Profitability Index (PI): Ratio dari perbandingan nilai sekarang dari aliran kas masuk dengan dana awal investasi.

CF_t = cash flow at time t I₀ = initial outlay

k = required rate of return (cost of capital)

Decision Rule: When PI > 1, accept the project.

When PI < 1, reject the project.

PI CF k I t t t n 



1 (1 ) 0

4. 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.

CF

IRR

I

t t t n

(

1

)

1 0









http://id.wikipedia.org/wiki/IRR

5. Modified Internal Rate of Return (MIRR):

This is given by:

PV Cost = PV of Terminal Value (TV)

I₀ I₁ I₂ I_j CF_t CF_t+1 CF_t+2 CF_n-t |---|---|---|---|---|---|---| 0 1 2 _j t t+1 t+2 n

where: I = cash outflows, COF; CF = cash inflows

n MIRR TV PVCost ) 1 (  





       j t n t n t n t t t MIRR K CIF k COF 0 1 (1 ) ) 1 ( ) 1 (



       n t n t n t n MIRR k CIF MIRR TV PVCost 1 (1 ) ) 1 ( ) 1 (

 _{Tujuan 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 Flows



Mempengaruhi 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



_{Transfer 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.



_{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

.



Fees 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.

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.

 _{Remittance 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}

 _{Unanticipated 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.}

Availability 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

.

International Capital Budgeting Decision Model

 _{Multinational 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}

Lessard (1981) extends this approach to deal with 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 project’s contribution to corporate debt capacity

+PV of residual plant and equipment (salvage)

Multinational Cost of Capital & Capital Structure A firm’s capital consists of:

 Laba ditahan (Retained Earnings)

 Penyertaan modal/Equity (existing or newly issued)

 Saham istimewa (Preferred Stock)

 Utang / Debt (borrowed funds)

The firm’s cost of retained earnings reflects the opportunity cost - what existing shareholders could have earned if they invested the funds themselves.

The firm’s 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 firm’s cost of debt increases with the level of

debt. Increases in the level of debt also increases the



Tax 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 firm’s weighted average cost of capital

(WACC) can be computed as:

(Total Capital = Debt + Equity + Pref. Stock)

Asumsi 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,

K_d = Cost of debt,

K_e = Cost of Equity and t = tax rate.

 

_e d

K

E

D

E

t

K

E

D

D

WACC



































1

Factor yang mempengaruhi Cost of

Capital Multinasional

 Size 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.

 _{Exposure 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.

Cost 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.

 Differences in the Risk Premium:

 The risk premium is affected by the relationship between borrowers and creditors (e.g.. Japan’s 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.

International Differences in Cost of Equity Capital

 Effectiveness of a Country’s 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.

Some 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.}

 _{Entry and cross-border barriers to investing.}

 _{Interest rates in host countries are affected by capital}

controls, tax rates & country risks.

 A MNC’s preference for debt or equity may depend

on relative costs in a particular country.

 _{Host country currency innovations.}  _{Country risks.}

 _{Relative tax laws.}

 Target 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".

 _{When 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.

 Firms 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 Factors……

 Stock restrictions in host countries

 Interests rates in host countries

 Strength of host country currencies

 Country risk in host countries

 Tax laws in host countries

Pertanyaan 1: The following are major factors in multinational cost

of capital except:

 Size of the firm

 Access to international capital markets

 International diversification of firm

 Exposure 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 rate

 Differences in risk premium