MARWANTO, MARWANTO (2006) ANALISA POTENSI KERUGIAN DAN KEUNTUNGAN MENGGUNAKAN INSTRUMEN HEDGING FORWARD CONTRACT TERHADAP HUTANG USANCE L/C PADA PT “L” TAHUN 2003 - 2005. S2 thesis, Universitas Mercu Buana Jakarta-Menteng.
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Abstract
Setiap perusahaan multi nasional dalam arus kasnya tentu bersentuhan dengan valuta asing (foreign exchange), maka perusahaan multi nasional ini akan menghadapi resiko yang disebut dengan foreign exchange exposure, yaitu suatu resiko yang akan dihadapi oleh perusahaan sebagai akibat dari fluktuasi kurs. Resiko tersebut adalah apabila terjadi apresiasi valuta asing (misal USD) terhadap mata uang domestik (misal Rp), maka perusahaan dimaksud akan mengalami kerugian karena nilai hutang yang harus dibayar menjadi lebih besar dalam mata uang domestik, sedangkan apabila terjadi depresiasi USD terhadap Rp maka perusahan multi nasional ini akan mengalami keuntungan karena nilai hutang yang harus dibayar pada saat jatuh tempo dalam mata uang domestik akan menjadi lebih kecil. Hal ini mendorong perlunya perusahaan melakukan pengendalian guna mengurangi resiko akibat fluktuasi kurs valas dengan melakukan hedging. PT “L” merupakan salah satu perusahaan multinasional di Indonesia selama ini belum memanfaatkan instrumen hedging untuk mengurangi resiko fluktuasi valas, sehingga konversi hutang usance L/C atas impor bahan baku ditentukan dengan kurs pada saat jatuh tempo. Sehubungan dengan fenomena tersebut di atas, maka penulis tertarik untuk menganalisa apakah kebijakan PT “L” tidak memanfaatkan instrumen hedging tersebut dapat dipertahankan atau perlu diubah. Sesuai praktik treasury dan perbankan terdapat beberapa metode hedging yang dapat dimanfaatkan, namun dalam kesempatan ini dipilih forward contract hedge sebagai alat analisa. Hedging forward contract merupakan kesepakatan antara pihak bank dengan nasabah untuk menjual/membeli valuta asing dengan nilai tukar/kurs yang telah ditentukan saat ini (dial date). Harga forward/nilai tukar yang disepakati adalah sebesar nilai tukar saat ini (face value) ditambah sejumlah premi. Mengingat forward contract termasuk privat transaction, maka harga forward ditentukan berdasarkan kesepakatan antara bank dengan nasabah. Walau demikian harga forward tidak dapat ditentukan sembarangan namun terdapat bench mark yang berlaku secara umum. Dalam penelitian ini dibuat perhitungan harga forward rata rata dengan variabel data bunga perbankan dalam dan luar negeri, kurs Bank Indonesia yang berlaku serta jangka waktu forward dikehendaki. Kemudian angka yang dihasilkan disimulasikan dengan hutang usance L/C PT “L” periode tahun 2003 s.d tahun 2005. Berdasarkan hasil simulasi pemanfaatan instrumen hedging forward pada PT “L” tahun 2003 s.d 2005, ternyata hedging ini dapat mengurangi potensi resiko kerugian akibat fluktuasi kurs. Karena walaupun dalam kenyataan perusahaan ini mengalami kerugian akibat pemanfaatan hedging forward sebesar Rp. 4.252.510.711 pada tahun 2003, namun mendapatkan keuntungan Rp. 1.473.572.706 pada tahun 2004 dan keuntungan Rp. 5.757.756.910 pada tahun 2005. Sehingga wacana penggunaan instrumen hedging atas utang usance L/C pada PT “L” dan perusahaan multinasional lainnya pantas dipertimbangkan dengan nilai tambah positif bila perusahaan tersebut dapat memprediksi nilai tukar pada waktu mendatang. Each company multi national in his cash flow certainly was touching by foreign currency (foreign exchange), then the company multi national this will face the risk that was mentioned with foreign exchange exposure, that is a risk that will be dealt with by the company as resulting from the fluctuation in the exchange rate. This risk was if the appreciation of foreign currency happening (the USD example) against domestic currency (the Rp example), then the company was meant to experience the loss because of the value of the debt that must be paid became bigger in domestic currency, whereas if USD depreciation against Rp happening then company multi national will experience the profit because of the value of the debt that must be paid when being due in domestic currency will become smaller. This pushed the need of the company to carry out the control in order to reduces the risk resulting from the fluctuation in the exchange rate of foreign currency with did hedging. PT “L” was one of the multinational companies in Indonesia until now did not yet make use of the instrument hedging to reduce the risk of the fluctuation in foreign currency, so as the conversion of the debt usance L/C was on the import of the raw material determined with the exchange rate when being due. In connection with the above phenomenon, then the writer was interested to analyse whether the policy of PT “L” did not make use of the instrument hedging this must be maintained or changed. In accordance with the practice treasury and banking was received by several methods hedging that could be made use of, but in this opportunity was chosen forward contract hedge as the analysis implement. Hedging forward contract was the agreement between the bank's side and the customer to sell/bought foreign currency with the exchange rate that was determined at this time (dial date). The price forward/the exchange rate that was agreed to was of the exchange rate at this time (face value) was increased several premiums forward contract including private transaction, then the price forward was determined was based on the agreement between the bank and the customer. Nevertheless the price forward could not be determined at random but was gotten bench mark that was valid generally. In this research was made by the calculation of the price forward level variably the domestic and foreign data of the interest banking, the exchange rate of the Indonesian Bank that acted as well as the period forward was desired. Afterwards the figure that was produced was simulated with the debt usance L/C PT “L” the period in 2003 until 2005. Was based on results of the simulation of the utilisation of the instrument hedging forward to PT “L” in 2003 until 2005, evidently hedging this could reduce the potential for the risk of the loss resulting from the fluctuation in the exchange rate. Because although in fact this company experienced the loss resulting from the utilisation hedging forward of Rp. 4.252.510.711 during 2003, but got the Rupiah profit 1.473.572.706 during 2004 and the Rupiah profit. 5.757.756.910 during 2005. So as the use discourse of the instrument hedging on the debt usance L/C to PT “L” and the multinational company other deserved to be considered with positive added value when this company could predict the exchange rate when coming.
| Item Type: | Thesis (S2) |
|---|---|
| Call Number CD: | CDT-551-06-065 |
| NIM/NIDN Creators: | 1310301-048 |
| Uncontrolled Keywords: | MKU, Manajemen Keuangan |
| Subjects: | 600 Technology/Teknologi > 650 Management, Public Relations, Business and Auxiliary Service/Manajemen, Hubungan Masyarakat, Bisnis dan Ilmu yang Berkaitan > 658 General Management/Manajemen Umum |
| Divisions: | Pascasarjana > Magister Manajemen |
| Depositing User: | Admin Perpus UMB |
| Date Deposited: | 22 Jun 2012 12:23 |
| Last Modified: | 29 Jul 2022 04:41 |
| URI: | http://repository.mercubuana.ac.id/id/eprint/31869 |
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