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
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A. Dasar Capital Budgeting
Definition: Capital budgeting is proses pengambilan
keputusan sehubungan dengan aktivitas investasi asetaset 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) KEUANGAN INTERNASIONAL MODIFIED BY ZAINUL MUCHLAS
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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
 Risisko politik / risiko negaraPolitical risk /Country risk.
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 Harga Transfer (Transfer prices)
 Penerimaan fee dan royalti.
 Menggabungkan arus kas dan menetapkan tingkat
diskonto yang berlaku untuk masing-masing
komponen.
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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.
NPV   I 0 
n

t 1
CFt
t
1  k 
k = required rate of return on "project."
Cost of KEUANGAN
capital isINTERNASIONAL
the cost of MODIFIED
long-term
fundsMUCHLAS
for the firm.
BY ZAINUL
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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 .
http://id.wikipedia.org/wiki/NPV
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3. Profitability Index (PI): Ratio dari perbandingan
nilai sekarang dari aliran kas masuk dengan dana
awal investasi.
n
PI 

t 1
CFt
(1  k ) t
I0
CFt = cash flow at time t
I0 = initial outlay
k = required rate of return (cost of capital)
Decision Rule: When PI > 1, accept the project.
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When PI < 1, reject the project.
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
n
CFt

t  I0
t  1 (1  IRR)
Decision Rule:
Jika IRR > required rate of return, Proyek diterima.
Jika IRR < required rate of return, Proyek ditolak.
http://id.wikipedia.org/wiki/IRR
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5. Modified Internal Rate of Return (MIRR):
This is given by:
PV Cost = PV of Terminal Value (TV)
TV
PVCost 
(1  MIRR) n
n
COFt
CIFt (1  K ) n t


t
n
(
1

k
)
(
1

MIRR
)
t 0
t 1
j
n
CIFt (1  k ) nt
TV
PVCost 

n
n
(1  MIRR)
(
1

MIRR
)
t 1
I0
I1
I2
Ij
CFt CFt+1 CFt+2
CFn-t
|--------|--------|----------|----------------|-------|--------|-----------------|
0
1
2
t
t+1
t+2
n
j
where: IKEUANGAN
outflows,MODIFIED
COF; BY
CF
inflows
ZAINUL
MUCHLAS
t = cashINTERNASIONAL
t = cash
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Incremental Cash Flows and Factors
Affecting Cash Flows

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.
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Dampak “Incremental” and
“Total” Cash Flows bagi Peursahaan
 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.
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
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.
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Factor-Factor lain:

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.
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
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.
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Foreign Complexities and Opportunities
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.
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
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
in competitive position.
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
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.

Market diversification.
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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.
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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
discountKEUANGAN
rate forINTERNASIONAL
its levelMODIFIED
of systematic
risk.
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
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
Capital Budgeting Examples.
(See
sample problem set III, part B)
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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.
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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
probability of default.
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
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)
WACC = WdKd (1-t) + WpKp + WeKe
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Asumsi yang berlaku modal di dapat dari
utang dan penyertaan modal, maka rumus
WACC :
 D 
 E 
WACC  
 K d 1  t   
Ke
 DE
 DE
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.
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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.
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
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.

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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.
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 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.
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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.
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Multinational Capital Structure:
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.
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Influence of Country Characteristics


Entry and cross-border barriers to investing.
Interest rates in host countries are affected bycapital
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.


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Multinational Target Capital Structure

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".
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Partially Owned Subsidiaries :

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.
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Capital Structure Across Countries

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





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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
 Differences in cost of equity
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