FAKULTAS EKONOMI DAN BISNIS

UNIVERSITAS UDAYANA
Made Reina Candradewi, S.E., M.Sc.

PENGANGGARAN MODAL
MULTINATIONAL
Manajemen Keuangan Internasional – Pertemuan 8
 TOPIK PERKULIAHAN
1 Pendahuluan
2 Aliran Dana Internasional
3 Pasar Keuangan Internasional
4 Penentuan Nilai Tukar
5 Derivatif Mata Uang
6-7 Eksposur Nilai Tukar
8 Penganggaran Modal Multinational
9 - 10 Biaya Modal dan Struktur Modal Multinational
11 Pendanaan Jangka Panjang
12 Pendanaan Perdagangan Internasional
13 Pendanaan Jangka Pendek
14 Kasus: Keputusan Keuangan Perusahaan Multinasional
OUTLINE

1. Perspektif anak dan induk perusahaan multinasional

2. Input untuk penganggaran modal multinasional

3. Faktor-faktor yang perlu dipertimbangkan dalam penganggaran

modal multinasional

Made Reina Candradewi, S.E., M.Sc.

INDIKATOR PENCAPAIAN

 Mahasiswa paham dan mampu menjelaskan perspektif anak dan

induk perusahaan multinasional, input untuk penganggaran modal
multinasional dan faktor-faktor yang perlu dipertimbangkan dalam
penganggaran modal multinasional.

Made Reina Candradewi, S.E., M.Sc.

Subsidiary versus Parent Perspective

 Haruskah penganggaran modal bagi suatu proyek multinasional

dilakukan dari perspektif anak perusahaan yg akan mengelola proyek
atau dari perspektif perusahaan induk yg kemungkinan akan
membiayai sebagian besar proyek?

 Implementasi analisa penganggaran modal bervariasi menurut

perspektif, karena arus kas setelah pajak neto bagi anak perusahaan
bisa berbeda secara substansial dari arus kas setelah pajak neto
perusahaan induk.
Subsidiary versus Parent Perspective

Perbedaan tsb diakibatkan oleh beberapa faktor:

 Perbedaan tarif pajak
 Pembatasan pemulangan laba
 Pemulangan berlebihan
 Pergerakan nilai tukar
Remitting Subsidiary Earnings to the Parent

Cash Flows Generated by Subsidiary Corporate Taxes

Paid to Host
Government
After-Tax Cash Flows to Subsidiary
Retained Earnings
by Subsidiary
Cash Flows Remitted by Subsidiary
Withholding Tax
Paid to Host
After-Tax Cash Flows Remitted by Subsidiary Government

Conversion of Funds
to Parent’s Currency
Cash Flows to Parent

Parent
Subsidiary versus Parent Perspective

 A parent’s perspective is appropriate when evaluating a project,

since any project that can create a positive net present value for the
parent should enhance the firm’s value.

 However, one exception to this rule may occur when the foreign
subsidiary is not wholly owned by the parent.
Input Utk Penganggaran Modal MNC

MNC membutuhkan proyeksi data ekonomi dan keuangan berikut:

1. Initial investment / Investasi Awal
2. Consumer demand / Permintaan Konsumen
3. Product price / Harga jual
4. Variable cost / Biaya variabel
5. Fixed cost / Biaya tetap
6. Project lifetime / Usia proyek
7. Salvage (liquidation) value / Nilai sisa (nilai likuidasi)
8. Fund-transfer restrictions / Restriksi-restriksi transfer dana
9. Tax laws / Undang-undang perpajakan
10. Exchange rates / Nilai tukar
11. Required rate of return / Tingkat pengembalian yang diinginkan
Multinational Capital Budgeting

 Capital budgeting is necessary for all long-term projects that

deserve consideration.

 One common method of performing the analysis is to estimate the

cash flows and salvage value to be received by the parent, and
compute the net present value (NPV) of the project.
Multinational Capital Budgeting

The Net Present Value (NPV) of the project is estimated as the

present value of the net cash flows to the parent as a result of the
project minus the initial outlay for the project,

 If NPV > 0, the project can be accepted.

Capital Budgeting Analysis
Period t
1.Demand (1)
2.Price per unit (2)
3.Total revenue (1) x (2)=(3)
4.Variable cost per unit (4)
5.Total variable cost (1) x (4)=(5)
6.Annual lease expense (6)
7.Other fixed periodic expenses (7)
8.Noncash expense (depreciation) (8)
9.Total expenses (5)+(6)+(7)+(8)=(9)
10. Before-tax earnings of subsidiary (3)–(9)=(10)
11. Host government tax tax rate x (10)=(11)
12. After-tax earnings of subsidiary (10)–(11)=(12)
Capital Budgeting Analysis
Period t
13.Net cash flow to subsidiary (12)+(8)=(13)
14.Remittance to parent (14)
15.Tax on remitted funds tax rate x (14)=(15)
16.Remittance after withheld tax (14)–(15)=(16)
17.Salvage value (17)
18. Exchange rate (18)
19. Cash flow to parent (16) x (18) + (17) x (18)=(19)
20. Investment by parent (20)
21.Net cash flow to parent (19)–(20)=(21)
22.PV of net cash flow to parent (1+k) – t x (21)=(22)
23. Cumulative NPV PVs=(23)
Capital Budgeting Analysis: Spartan, Inc.
Factors to Consider in Multinational
Capital Budgeting

 Exchange rate fluctuations.

 Different scenarios should be considered together with their probability of

occurrence.

 Meskipun peramalan sulit utk dilakukan dg akurat, analisa penganggaran

modal perusahaan MNC paling tidak dapat memasukkan skenario-skenario
pergerakan nilai tukar yg lain, spt skenario pesimis dan skenario optimis.

 Dari perspektif perusahaan induk, apresiasi dolar singapura akan

menguntungkan, karena arus kas masuk dolar singapura suatu hari akan
dikonversikan kedalam dolar yg lebih banyak.

 Sebaliknya, depresiasi dolar singapura akan merugikan karena menghasilkan

jumlah dolar yg lebih kecil saat dikonversi
Factors to Consider in Multinational
Capital Budgeting

Analysis Using Different Exchange Rate Scenarios: Spartan, Inc.

Factors to Consider in Multinational
Capital Budgeting

 Inflation. Although price/cost forecasting implicitly considers inflation,

inflation can be quite volatile from year to year for some countries.

 Financing arrangement. Financing costs are usually captured by the

discount rate. However, many foreign projects are partially financed
by foreign subsidiaries.

 Blocked funds. Some countries may require that the earnings be

reinvested locally for a certain period of time before they can be
remitted to the parent.
Factors to Consider in Multinational
Capital Budgeting
 Uncertain salvage value. The salvage value typically has a significant
impact on the project’s NPV, and the MNC may want to compute
the break-even salvage value.

 Impact of project on prevailing cash flows. The new investment may

compete with the existing business for the same customers.

 Host government incentives. These should also be considered in the

analysis.
Adjusting Project Assessment for Risk

 If an MNC is unsure of the cash flows of a proposed project, it

needs to adjust its assessment for this risk.

 One method is to use a risk-adjusted discount rate. The greater the

uncertainty, the larger the discount rate that is applied.

 Many computer software packages are also available to perform

sensitivity analysis and simulation.
Impact of Multinational Capital Budgeting on an MNC’s Value

Multinational Capital Budgeting

Decisions

m 
n 
E CFj , t  E ER j , t 
 j 1 
Value =   
t =1  1  k  t

 
E (CFj,t ) = expected cash flows in currency j to be received by the U.S.
parent at the end of period t
E (ERj,t ) = expected exchange rate at which currency j can be converted to
dollars at the end of period t
k = weighted average cost of capital of the parent
Chapter Review

 Subsidiary versus Parent Perspective

 Tax Differentials
 Restricted Remittances
 Excessive Remittances
 Exchange Rate Movements
 Input for Multinational Capital Budgeting
 Multinational Capital Budgeting
Chapter Review

 Factors to Consider in Multinational Capital

Budgeting
 Exchange Rate Fluctuations
 Inflation
 Financing Arrangement
 Blocked Funds
 Uncertain Salvage Value
 Impact of Project on Prevailing Cash Flows
 Host Government Incentives
Chapter Review

 Adjusting Project Assessment for Risk

 Risk-Adjusted Discount Rate
 Sensitivity Analysis
 Simulation
 Impact of Multinational Capital Budgeting on
an MNC’s Value
DAFTAR PUSTAKA

 Jeff Madura, 2012, International Financial Management, 10th

edition, South-Western Cengage Learning: USA
THANK YOU