INVESTASI
KULIAH 1
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OUTLINE
• INVESTASI DALAM PERSPEKTIF
KONVENSIONAL
• MODEL INVESTASI KONVENSIONAL
• INVESTASI DALAM PERSPEKTIF ISLAM
• MODEL INVESTASI ISLAM
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Pengertian Investasi
• investasi diartikan sebagai penanaman uang
atau modal dalam suatu perusahaan atau
proyek untuk tujuan memperoleh keuntungan
• investasi diartikan sebagai komitmen atas
sejumlah dana atau sumberdaya lainnya yang
dilakukan pada saat ini, dengan tujuan
memperoleh sejumlah keuntungan di masa
datang
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PENGGOLONGAN INVESTASI (1)
1. Investasi pada financial asset dilakukan
di pasar uang, misalnya berupa
sertifikat deposito, commercial paper,
Surat Berharga Pasar Uang (SBPU), dan
lainnya. Investasi juga dapat dilakukan
di pasar modal, misalnya berupa
saham, obligasi, warrant, opsi, dan yang
lainnya.
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PENGGOLONGAN INVESTASI (2)
2. investasi pada real asset dapat
dilakukan dengan pembelian
aset produktif, pendirian pabrik,
pembukaan
pertambangan,
perkebunan, dan yang lainnya.
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Bentuk Investasi………….1
1. Investasi
tetap
bisnis
(business
fixed
investment), yaitu pengeluaran investasi untuk
pembelian berbagai jenis barang modal yaitu
mesin-mesin dan peralatan produksi lainnya
untuk mendirikan berbagai jenis industri dan
perusahaan
2. Investasi residensial (residential investment),
yaitu pengeluaran untuk mendirikan rumah
tempat tinggal, bangunan kantor, bangunan
pabrik dan bangunan lainnya
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Bentuk investasi ………….2
3. Investasi persediaan (Inventory investment)
yaitu berupa pertambahan nilai stok barangbarang yang belum terjual, bahan mentah
dan barang yang masih dalam proses
produksi pada akhir tahun perhitungan
pendapatan nasional.
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• Business fixed investment includes the equipment
and structures that businesses buy to use in
production.
• Residential investment includes the new housing
that people buy to live in and that landlords buy to
rent out.
• Inventory investment includes those goods that
businesses put aside in storage, including materials
and supplies, work in progress, and finished goods.
The standard model of business fixed investment is called the
neoclassical model of investment. It examines the benefits and costs of
owning capital goods. Here are three variables that shift investment:
1) the marginal product of capital
2) the interest rate
3) tax rules
To develop the model, imagine that there are two kinds of
firms: production firms that produce goods and services using
the capital that they rent and rental firms that make all the
investments in the economy.
To see what variables influence the equilibrium rental price, let’s
consider the Cobb-Douglas production function as a good approximation
of how the actual economy turns capital and labor into goods and
services. The Cobb-Douglas production function is: Y = AKaL1-a ,
where Y is output, K capital, L labor, and a a parameter measuring the
level of technology, and a a parameter between 0 and 1 that measures
capital’s share of output. The real rental price of capital adjusts to
equilibrate the demand for capital and the fixed supply.
Capital supply
Capital demand (MPK)
K
Capital stock, K
The marginal product of capital for the Cobb-Douglas production
function is MPK = aA(L/K)1-a. Because the real rental price equals the
marginal product of capital in equilibrium,
we can write R/P = aA(L/K)1-a . This expression identifies the variables
that determine the real rental price. It shows the following:
• the lower the stock of capital, the higher the real rental price of
capital
• the greater the amount of labor employed, the higher the real
rental price of capitals
• the better the technology, the higher the real rental price of capital.
Events that reduce the capital stock, or raise employment, or
improve
the technology, raise the equilibrium real rental price of capital.
Let’s consider the benefit and cost of owning capital.
For each period of time that a firm rents out a unit of capital, the rental firm
bears three costs:
1) Interest on their loans, which equals the purchase price of a unit of
capital PK times the interest rate, i, so i PK.
2) The cost of the loss or gain on the price of capital denoted as -DPK .
3) Depreciation d defined as the fraction of value lost per period
because of the wear and tear, so d PK .
Therefore the total cost of capital = i PK - DPK + dPK or
= PK (i - D PK/ PK + d)
Finally, we want to express the cost of capital relative to other goods in
the economy. The real cost of capital-- the cost of buying and renting
out a unit of capital measured in terms of the economy’s output is:
The Real Cost of Capital = (PK / P )(r + d), where r is the real interest
rate and PK / P equals the relative price of capital. To derive this equation, we
assume that the rate of increase of the price of goods in general is equal to the
rate of inflation.
Now consider a rental firm’s decision about whether to increase or
decrease its capital stock. For each unit of capital, the firm earns real
revenue R/P and bears the real cost (PK / P )(r + d).
The real profit per unit of capital is
Profit rate = Revenue - Cost
= R/P
- (PK / P )(r + d).
Because the real rental price equals the marginal product of capital, we
can write the profit rate as
Profit rate = MPK - (PK / P )(r + d).
The change in the capital stock, called net investment depends on the
difference between the MPK and the cost of capital. If the MPK exceeds
the cost of capital, firms will add to their capital stock. If the MPK
falls short of the cost of capital, they let their capital stock shrink, thus:
DK = In [MPK - (PK / P )(r + d)],
where In ( ) is the function showing how much net investment responds
to the incentive to invest.
We can now derive the investment function in the neoclassical model of
investment. Total spending on business fixed investment is the sum of
net investment and the replacement of depreciated capital.
The investment function is:
I = In [MPK - (PK / P )(r + d)] + dK.
the cost of capital
depends on
investment
amount of depreciation
marginal product of capital
This model shows why investment depends on the real interest rate.
interest rate lowers the cost of capital.
A decrease in the real
Notice that business fixed investment increases when the interest rate falls-- hence the downward
slope of the investment function. Also,
an outward shift in the investment function may be a result of an increase in the marginal product
of capital.
Investment, I
Finally, we consider what happens as this adjustment of the capital
stock continues over time. If the marginal product begins above the
cost of capital, the capital stock will rise and the marginal product will
fall. If the marginal product of capital begins below the cost of capital,
the capital stock will fall and the marginal product will rise.
Eventually, as the capital stock adjusts, the MPK approaches the cost
of capital. When the capital stock reaches a steady state level,
we can write:
PK = (PK / P )(r + d).
Thus, in the long run, the MPK equals the real cost of capital. The
speed of adjustment toward the steady state depends on how quickly
firms adjust their capital stock, which in turn depends on how costly
it is to build, deliver and install new capital.
The term stock refers to the shares in the ownership of corporations, and
the stock market is the market in which these shares are traded.
The Nobel-Prize-winning economist James Tobin proposed that firms
base their investment decisions on the following ratio, which is now
called Tobin’s q:
q = Market Value of Installed Capital
Replacement Cost of Installed Capital
The numerator of Tobin’s q is the value of the economy’s capital as
determined by the stock market. The denominator is the price of capital
as if it were purchased today. Tobin conveyed that net investment should
depend on whether q is greater or less than 1. If q >1, then firms can
raise the value of their stock by increasing capital, and if q < 1, the stock
market values capital at less than its replacement cost and thus, firms will
not replace their capital stock as it wears out. Tobin’s q measures the
expected future
profitability as well as the current profitability.
1) Higher interest rates increase the cost of capital and reduce business
fixed investment.
2) Improvements in technology and tax policies such as the corporate
income tax and investment tax credit shift the business fixed
investment function.
3) During booms higher employment increases the MPK and therefore,
increases business fixed investment.
We will now consider the determinants of residential investment
by looking at a simple model of the housing market. Residential
investment includes the purchase of new housing both by people
who plan to live in
it themselves and by landlords who plan to rent it to others.
There are two parts to the model:
1) the market for the existing stock of houses determines the equilibrium housing price
2) the housing price determines the flow of residential investment.
The relative price of housing adjusts to equilibrate supply and demand
for the existing stock of housing capital. The relative price then
determines residential investment, the flow of new housing that
construction firms build.
Demand
Stock of housing capital, KH
Flow of residential investment, IH
When the demand for housing shifts, the equilibrium price of housing
changes, and this change in turn affects residential investment.
An increase in housing demand, perhaps due to a fall in the interest
rate, raises housing prices and residential investment.
Demand'
Demand
Stock of housing capital, KH
Flow of residential investment, IH
1) An increase in the interest rate increases the cost of borrowing
for home buyers and reduces residential housing investment.
2) An increase in population and tax policies shift the residential
housing investment function.
3) In a boom, higher income raises the demand for housing and
increases residential investment.
Inventory investment, the goods that businesses put aside in storage, is at the
same time negligible and of great significance. It is one of the smallest
components of spending-- but its volatility makes it critical in the study of
economic fluctuations.
When sales are high, the firm produces less that it sells and it takes the
goods out of inventory. This is called production smoothing. Holding
inventory may allow firms to operate more efficiently. Thus, we can view
inventories as a factor of production. Also, firms don’t want to run out of
goods when sales are unexpectedly high. This is called stock-out avoidance.
Lastly, if a product is only partially completed, the components are still
counted in inventory, and are called, work in
process.
The accelerator model assumes that firms hold a stock of
inventories that is proportional to the firm’s level of output. Thus, if
N is the economy’s stock of inventories and Y is output, then
N=bY
where b is a parameter reflecting how much inventory firms wish to
hold as a proportion of output. Inventory investment I is the change in
the stock of inventories DN. Therefore, I = DN = b DY.
Persamaan Investasi …………….1
• investasi
bersifat • investasi
autonomos atau tidak
dipengaruhi
dipengaruhi
oleh
variabel suku
variabel lain. Sehingga
atau interest (i)
persamaan
untuk I = I
- di
investasi sbb
_
I= I
yang
oleh
bunga
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C+I
C + I2
C + I1
∆I
INVESTASI YANG
DIPENGARUHI SUKU
BUNGA
C
Y0
Y1
Y2
Y
i1
i2
Investasi
I1
I2
I = Investasi
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Persamaan Investasi …………….2
• investasi
bersifat • investasi
yang
autonomos atau tidak
dipengaruhi
oleh
dipengaruhi
oleh
Tingkat
Pendapatan
variabel lain. Sehingga
Nasional atau GNP
persamaan
untuk I = I
+ dY
investasi sbb
_
I= I
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Autonomos dan Induced Investment
I
I
Induced
Autonomos
Y
Y
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KESEIMBANGAN PEREKONOMIAN DUA SEKTOR
• karena asumsi yang digunakan bahwa
investasi bersifat autonomos ataupun
dipengaruhi oleh tingkat suku bunga maka
keseimbangan perekonomian dua sektor
Y
Y
= a + bY + I - di
_
= 1 ( a + I – di) .
(1-b)
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INVESTASI DALAM PERSPEKTIF
ISLAM
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KONSEP PENGETAHUAN
Islam sangat menjunjung tinggi ilmu pengetahuan yang
memiliki gradasi (tadrij), dari tahapan diskursus (‘ilmu
al yaqin), implementasi (‘ain al yaqin), serta hakikat
akan sebuah ilmu (haqq al yaqin).
Scheller dalam trichotomy pengetahuan menjelaskan
bahwa ada 3 (tiga) jenis pengetahuan, yaitu
pengetahuan
instrumental
(herrschafswissen),
pengetahuan intelektual (beldungswissen), dan
pengetahuan spiritual (erlosungswissen) sebagaimana
dituangkan oleh Rich dalam bukunya the knowledge
cycle
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KONSEP INVESTASI
• Investasi merupakan salah satu ajaran dan
konsep Islam yang memenuhi proses tadrij
dan trichotomy pengetahuan tersebut. Hal
tersebut dapat dibuktikan bahwa konsep
investasi selain sebagai pengetahuan juga
bernuansa spiritual karena menggunakan
norma syariah, sekaligus merupakan hakekat
dari sebuah ilmu dan amal, oleh karenanya
investasi sangat dianjurkan bagi setiap muslim
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DASAR HUKUM INVESTASI……1
• Qur’an Surat Al Hasyr : 18
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DASAR HUKUM INVESTASI……2
• Lafadz ‫ ولتنظر نفس ما قـ ّدمت لغـد‬ditafsirkan
dengan: ‘’hitung dan instropeksilah diri kalian
sebelum diinstropeksi, dan lihatlah apa yang
telah kalian simpan (invest) untuk diri kalian
dari amal shalih (after here investment)
sebagai bekal kalian menuju hari perhitungan
amal pada hari kiamat untuk keselamatan diri
di depan Allah SWT’’ (Katsir (2000)
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DASAR HUKUM INVESTASI……3
• QS : LUQMAN : 34
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DASAR HUKUM INVESTASI……4
Dalam Qur’an Surat Lukman ayat 34 secara
tegas Allah SWT menyatakan bahwa tiada
seorang pun di alam semesta ini yang dapat
mengetahui apa yang akan diperbuat,
diusahakan, serta kejadian apa yang akan
terjadi pada hari esok. Sehingga dengan ajaran
tersebut seluruh manusia diperintahkan untuk
melakukan investasi sebagai bekal dunia dan
akhirat:
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DASAR HUKUM INVESTASI……5
• Dalam kitab Zubdatu Tafsir karya Al
Asyqar lafadz ‫ ماذا تكسب غـدا‬ditafsirkan
dengan ‫ من كسب دين أو كسب دنيا‬, yang
dalam Bahasa Indonesia diterjemahkan
‘’Dari usaha untuk bekal akhirat ataupun
usaha untuk bekal dunia’’ (Al Asyqar,
(2000)
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RAMBU POKOK INVESTASI
•
•
•
•
•
Terbebas dari unsur riba
Terhindar dari unsur gharar
Terhindar dari unsur judi (maisir)
Terhindar dari unsur haram
Terhindar dari unsur syubhat
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FUNGSI INVESTASI DALAM ISLAM…1
• Fungsi investasi dengan pendekatan ekonomi
islam tentu berbeda dengan fungsi investasi
dengan pendekatan ekonomi konvensional.
Perbedaannya karena fungsi investasi dalam
ekonomi konvesional dipengarhi tingkat suku
bunga, hal ini tentunya tidak berlaku dalam
pendekatan ekonomi Islam.
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FUNGSI INVESTASI DALAM ISLAM…2
 Menurut Metwally (1995), Investasi di negara
penganut ekonomi Islam memiliki kriteria :
1. Hoarding Idle Assets, adanya sanksi untuk
pemegang asset kurang/tidak produktif
2. Dilarang melakukan berbagai macam
bentuk spekulasi dan segala macam judi
3. Tingkat bunga untuk berbagai macam
pinjaman adalah nol dan sebagai gantinya
dipakai sistem bagi hasil
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FUNGSI INVESTASI DALAM ISLAM…3
• Dari kriteria tersebut jelas bahwa investasi
dalam ekonomi Islam adalah fungsi dari
tingkat keuntungan yang diharapkan. Tingkat
keuntungan yang diharapkan tergantung pada
pangsa keuntungan relatif antara investor dan
penyedia dana sebagai mitra usaha.
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FUNGSI INVESTASI DALAM ISLAM…4
Menurut Metwally fungsi investasi dalam ekonomi
Islam
I
r
= f ( r,Za,Zp, m )
= SI/SF
Dimana :
I
r
SI
SF
Za
Zp
m
= Permintaan akan investasi
= Tingkat keuntungan yang diharapkan
= Bagian/pangsa keuntungan/kerugian investor
= Bagian/pangsa keuntungan/kerugian peminjam dana
= Tingkat zakat atas aset yang tidak/kurang produktif
= Tingkat zakat atas keuntungan dari Investasi
= pengeluaran lain selain zakat atas aset yang
tidak/kurang produktif
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FUNGSI INVESTASI DALAM ISLAM…5
• Akan tetapi karena tingkat zakat adalah tetap
maka dianggap given sehingga
I = f ( r,m)
• Sehingga permintaan investasi akan
meningkat dalam ekonomi Islam jika :
– Meningkatnya tingkat keuntungan yang
diharapkan
– Meningkatnya tingkat iuran terhadap aset yang
tidak atau kurang produktif
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FUNGSI INVESTASI DALAM ISLAM…6
 Khan
dalam
sebuah
makalahnya yang berjudul A
simple model of income
determination, growth and
economic development in
the perspective of an
interest
free
economy
(2004) menyatakan bahwa
permintaan
investasi
(investment
demand)
ditentukan oleh tingkat
keuntungan
yang
diharapkan
(expected
profits)
 tingkat keuntungan yang
diharapkan tergantung pada
:
 Total profit yang diharapkan
dari kegiatan firm
(entrepreneurial)
 Share in profit yang diklaim
oleh pemilik dana
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FUNGSI INVESTASI DALAM ISLAM…7
Tingkat Keuntungan Yang
Diharapkan (r)
r2
r1
I1
I2
I=
Investasi
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FUNGSI INVESTASI DALAM ISLAM…8
• Berdasarkan gambar tersebut terlihat terdapat
hubungan positif antara tingkat investasi
dengan tingkat keuntungan yang diharapkan
maksudnya jikatingkat keuntungan yang
diharapkan mengalami kenaikan maka akan
meningkatkan tingkat investasi sebaliknya jika
tingkat
keuntungan
yang
diharapkan
mengalami
penurunan
maka
akan
menyebabkan penurunan tingkat investasi.
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