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Rabu, 30 Mei 2012

INVESTMENT IN CAPITAL MARKET GROWING

INVESTMENT IN CAPITAL MARKET GROWING

In the era of globalization, where economic barriers fade, shift the flow of funds from the surplus to a deficit will be more quickly and without hassle. Capital Markets as an investing doors to the flow of funds from the excess wealth (surplus) to the parties that lack of funds (deficit) to act as financial intermediaries. Investors here are the parties in connection with a financial surplus.

Who are the parties of this surplus? In relation to the investment and use of sources of funds, investors can be divided. First, the domestic investor is the investor who comes from a portfolio of domestic assets in domestic capital markets. The second is the foreign investor, the investor who has a number of funds from abroad that make up the portfolio of assets on a number of different countries.

Foreign investment coming to other countries actually have classical motifs which include, motif search for raw materials or natural resources, find new markets and minimize costs. Of classical motifs such investors sometimes have another motive, namely the motive to develop the technology. Investors to channel funds to other countries usually do not only carry a single motif alone but could be due to several motives at once.

There are at least four ways investors can enter a country: distressed asset investment, strategic investment, direct investment and portfolio investment. Distressed asset investment is the investment made to obtain possession or purchase the debt of a company in financial difficulties. Second, the strategic investment of foreign investors in general have acquired a large enough market share and be in the business segment as well as location factors that support the company's expansion strategy of the investor. The third direct investment (direct investment) usually takes place in the underdeveloped sector, for example, the technology-laden construction or development in the automotive sector, usually the company. The fourth is an investment portfolio that is invested in bonds and shares in the capital market.

Portfolio investment is what has been a concern of many practitioners in the field of capital markets. Why is that? Because this type of investor is the fastest moving the exposure in a country if there is turmoil (political, economic, exchange rate) which is interpreted as uncertainty. They also are investors who have the most extensive selection compared to the above three types of investors. So that if certain events occur both at the macro level, sekoral or government regulation, then the investor is more vulnerable and sensitive to the reflection on that information. The amount of foreign investment in or out, practically will also affect the overall market due to the large volume of transactions.

The role of foreign capital in the country's development has long been discussed by development economists. Broadly speaking, according to the first Chereney and Carter, external funding sources (foreign capital) can be exploited by emerging country as a base to accelerate investment and economic growth. Second, increased economic growth needs to be followed by changes in the structure of production and trade. Third, foreign capital can play an important role in the mobilization of funds and structural transformation. Fourth, the need for foreign capital to be dropped soon after the structural change actually occurred (even if foreign capital is more productive later in life).

Emerging Markets Emerging in Country

Indonesia had experienced economic devastation that had been built through the joints of the new order policy began to crawl back up the foundation of its economy. International Financial Corporation (IFC) classification relate to the classification of the stock market. If the country is still classified as a developing country, then the market in the country are also in the developing stage, although the stock market is fully functional and well organized.

Developing capital markets can be identified through a country, whether the country is classified as developed countries or developing countries. Indicator is the income per capita of a country, usually included in the low to middle income countries. But the most striking characteristic is seen its market capitalization is the number of listed companies, the cumulative trading volume, the tightness of capital markets regulation, to the domestic investor sophistication and culture.

Consequences of developing the capital market is a small market capitalization value. The size of the market capitalization ratio is usually seen from the comparison with the value of a country's gross domestic product. Besides other consequences is the presence of the thin trading volume (thin trading) caused by
not synchronized trade (non-syncronous trading) on ​​the market. Trades that are not synchronized due to the number of securities traded not entirely, meaning that there are some specific time in which a securities transaction does not occur (Hartono, 2003).

Indonesia which is still listed on the IFC is still a developing country with the worst investment climate in East Asia region. Even with a record like that, in fact we still ogled by foreign investors. The fact that there are national companies with a strategic sector in fact be in the country, offered by a foreign institution through the acquisition of shares. The presence of inflows as investments which are generally foreign investment should be a macro economic levers.

The main reason foreign investors transfer funds to developing countries is that developing countries have the potential untapped business entirely, as in the classic pattern of investment to other countries. Michael Fairbanks and Stace Lindsay senior consultant at Monitor Company suggested destination of foreign investors coming to poor countries is usually just see the opportunity to appeal to natural resources, cheap labor and wages as the target product or service that is not good quality.

But there are other reasons that accompany such a motive, which is a striking difference with the developed countries. If we use life-cycle approach to the business of developing countries into the category of growth (growth) than developed countries that fall within the mature (mature). It means that there is the allure of
 high economic growth which of course is accompanied by a high return as well, because economic growth is an aggregate indicator of the industry in a country. For example, the mobile telecommunications business in Indonesia is explored in a new compact on the island of Java alone, whereas outside it is still a high potential to serve new markets.

Monetary Policy


MONETARY POLICY

In a system of free exchange rate and perfect capital mobility, monetary policy is more effective than fiscal policy in an effort to achieve balance and monetary stability economics. The policy larger role in stimulating the recovery of effective monetary economics. The policy promising achievement of low inflation, stable exchange rate and interest.

One of the effects of capitalism that is out of control fluctuates with no standard reference. The concept of money that was originally used as:
medium of exchange or payment media
means for storing the value
tool unit of account
also used as a means of speculation.
When money is traded on the foreign exchange market will continue to fluctuate in value following the market price (supply and demand). Based on reality, the real rate of exchange with fiat money, where money is made trading commodities extremely detrimental to the individual and society. For example, Indonesia's foreign debt amounts originally U.S. $ 102 billion in just over a year rose five-fold to U.S. $ 510 billion, as a result of funds that should be used for the welfare of the people living in accordance with the mandate of the 1945 Constitution, most aspirated to pay interest and the loan principal. To close the budget deficit the government again had to rely on debt as a funding source.

Economists
 agreed the characteristics of a country that is vulnerable to financial crisis if the country:
have the amount of foreign debt is large enough
Uncontrolled inflation
large balance of payments deficit
Currency exchange rates are not balanced
interest rates on equity
If the above characteristics are owned by a state, then certainly the State is only a matter of time of economic crisis.

What Economists Islam about the crisis

Listened interesting is the opinion of Islamic economists about the causes of the crisis. Crisis occurs because of imbalance between the monetary sector to the real sector. In the case of Islamic economics is called usury. Monetary sector (finance) grew much faster to leave the real sector (goods and services). In harmony with the principles of capitalist economy to be the center of the world economy after the collapse of socialist thought that was carried by the Soviets did not connect at all between the real sector with the monetary sector. Both stood separately.

The rapid growth of the monetary sector is outpacing growth in the real sector can be observed in the movement of transactions in the stock market and foreign exchange markets are filled with the practice of usury and speculation. Peter Ducker (1980), a management expert said that the symptoms of imbalance between the rate of growth of the monetary sector with a growth rate of real sector (goods and services) is caused by the decoupling between the monetary sector with the real sector. The existence of this imbalance, of course, be a serious threat to the world economy. The speculators in the stock market and foreign exchange markets would easily buy or take off their assets without regard to the stability of the currency of a country.
If the panic, the original value of the currency will balance freefall as speculators took off all his assets to the market and move investments to other markets that provide benefits. The amount of money circulating in the market without a significant offset movement of the trade / services resulting in value for money to be dropped so that the prices to rise. Situations like this led to the growth of uncontrolled inflation.

To ensure the stability of the monetary sector and real sector, the role of government in this case the Central Bank is very much needed.
Bank Indonesia has the objective to achieve and maintain rupiah stability. To achieve these objectives, the central bank monetary policy instruments needed to influence money supply, among others:
Required reserves (reserve requirement)
Open Market Operations With Repurchase Agreement (Open market repurchase agreements)
Discount Interest Rate.

To create a balance between the monetary sector to the real sector policies that can be taken are:
Strictly controlling or limiting the amount of money circulating in the community.
Accelerate the velocity of money circulating in the community. To accelerate the velocity of money the government must remove the system of interest / usury banking system of the body. If the system was abolished interest of the real sector will be encouraged by the existing fund is fully invested in the real sector for a profit.

pengertian variabel costing


I.    Pengertian Variable Costing
Penentuan harga pokok variabel (variable costing) adalah suatu konsep penentuan harga pokok yang hanya memasukkan  biaya produksi variabel sebagai elemen harga pokok produk. Biaya produksi tetap dianggap sebagai biaya periode atau atau biaya waktu (period cost) yang langsung dibebankan kepada laba-rugi periode terjadinya dan tidak diperlakukan sebagai biaya produksi.

II.  Tujuan Penentuan  Harga Pokok Variabel (Variable Costing)
 Penentuan harga pokok variabel ditujukan untuk memenuhi kebutuhan manajemen dalam memperoleh informasi yang berorientasi  pada pengambilan keputusan jangka pendek, yaitu:
1.      Membantu manajemen untuk mengetahui batas kontribusi (contribution margin) yang sangat berguna untuk perencanaan laba melalui analisa hubungan biaya-volume-laba (cost-profit-volume)  dan untuk pengambilan keputusan (decision making) yang berhubungan dengan kebijaksanaan manajemen jangka pendek.
2.      Memudahkan manajemen dalam mengendalikan kondisi-kondisi operasional yang sedang berjalan serta menetapkan penilaian dan pertanggungjawaban kepada departemen atau divisi tertentu dalam perusahaan.
Jika dihubungkan dengan pihak-pihak yang memakai laporan biaya, maka variabel costing bertujuan sebagai berikut:
1.      Untuk pihak internal, variabel costing digunakan untuk tujuan-tujuan:
a.       Perencanaan laba
b.      Penentuan harga jual produk
c.       Pengambilan keputusan oleh manajemen
d.      Pengendalian biaya
2.      Untuk pihak eksternal
Meskipun tujuan utamanya untuk pihak internal, konsep variabel costing dapat pula digunakan oleh pihak eksternal untuk tujuan:
  1. Penentuan harga pokok persediaan
  2. Penentuan laba
Tujuan eksternal tersebut hanya dapat dicapai apabila laporan yang disusun atas dasar variabel costing disesuaikan dengan teknik-teknik tertentu, menjadi laporan yang disusun atas dasar konsep harga pokok penuh (full costing), sebab konsep variabel costing tidak sesuai dengan prinsip akuntansi yang berlaku umum.



III.  Perbedaan Konsep Variable Costing Dengan Full Costing
Perbedaan antara kedua konsep tersebut terletak pada tujuan utamanya, yaitu konsep variabel costing mempunyai tujuan utama untuk pelaporan internal sedangkan konsep full costing mempunyai tujuan utama untuk pelaporan eksternal. Adanya kedua perbedaan tersebut mengakibatkan perbedaan perlakuan terhadap biaya produksi tetap yang selanjutnya mempengaruhi:
1.      Penentuan besarnya harga pokok produk dan besarnya harga pokok persediaan.
2.      Penggolongan dan penyajian di dalam laporan laba-rugi.
Pembahasan tentang perbedaan metode variable costing dengan metode full costing dapat ditinjau dari segi;
1.      Penentuan harga pokok produk
Pada metode full costing, semua elemen biaya produksi baik tetap maupun variabel dibebankan ke dalam harga pokok produk. Oleh karena itu elemen harga pokok produk meliputi:
  1. BBB (raw material cost)
  2. BTKL (direct labor cost)
  3. BOP  variabel (variable FOH)
  4. BOP  tetap (fixed FOH
Sedangkan pada metode variabel costing hanya memasukkan atau membebankan biaya produksi variabel  ke dalam harga pokok produk. Elemen harga pokok produk meliputi:
  1. BBB (raw material cost)
  2. BTKL (direct labor cost)
  3. BOP  variabel  (variable FOH)

Elemen biaya
Full costing
Variable costing
BBB(raw material cost)
BTKL(direct labor cost)
BOP variabel (variable FOH)
BOP tetap (fixed FOH)
Jumlah Harga Pokok Produk
Rp.xxx
Rp.xxx
Rp.xxx
Rp.xxx
Rp. xxx
Rp.xxx
Rp.xxx
Rp.xxx
_
Rp.xxx

2.      Penentuan harga pokok persediaan
Dengan adanya perbedaan pembebanan elemen biaya produksi (production cost) kepada produk antara metode full costing dengan metode variable costing, mengakibatkan pula perbedaan harga pokok persediaan. Pada metode full costing BOP tetap (fixed FOH) dibebankan ke dalam harga pokok produk. Oleh karena itu jika sebagian produk masih ada dalam persediaan atau belum terjual maka sebagian BOP tetap (fixed FOH) masih melekat pada harga pokok persediaan. Metode variable costing tidak membebankan BOP tetap (fixed FOH) ke dalam harga pokok produk, akan tetapi BOP tetap (fixed FOH) langsung dibebankan ke dalam laba-rugi sebagai biaya periode. Oleh karena itu produk yang masih ada dalam persediaan atau belum terjual hanya dibebani biaya produksi variabel atau BOP tetap (fixed FOH) tidak melekat pada harga pokok persediaan.

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tugas kewirausahaan 2

Nama : Akbar.wibowo
Npm   : 40210473
Kelas  : 2DA03

KEWIRAUSAHAAN 2

1. Pembiayaan usaha baru berasal dari mana ?
2. Masalah-masalah dalam pencarian modal yang terjadi pada wirausaha?
3. Penentuan hubungan finansial perusahaan atau usaha ?
4. Penetapan kelayakan usaha baru ?
5. Analisa kelayakan teknisnya ?
6. Penilaian kemampuan organisasi ?
7. analisa persaingan dalam wirausaha ?
8. Pengertian, resiko dan syarat dari waralaba Franchise ?

Jawab :
1.  Sumber - sumber modal yang dapat kita gunakan untuk memulai usaha baru ada 3 cara, yaitu :
     a. Dana Sendiri ( berupa dana yang diperoleh dari sang pemilik perusahaan )
     b. Dana Pinjaman ( berupa dana yang diperoleh dari modal lain / asing )
     c. Dana Gabungan Usaha ( berupa dana gabungan antara modal sendiri dengan orang / perusahaan lain )

2. Ada beberapa yang bisa dijadikan masalah dalam pencarian modal, diantaranya :
    a. Kinerja atau konsep perusahaan yang meragukan
    b. Kegagalan perusahaan untuk menindaklanjuti masalah perusahaan
    c. Kurangnya pengalaman dan ketajaman usaha
    d. Kurangnya hubungan dengan sumber-sumber modal

3. Penentuan hubungan finansial perusahaan dapat dilihat dari :
    a. Bentuk produk yang ingin dipasarkan
    b. Tempat pemasaran produk dan minat konsumen terhadap produk yang dipasarkan
    c. Kegiatan kerjasama dengan perusahaan lain
    d. Kegiatan proses produksi

4. Kelayakan pada usaha baru dapat digunakan melalui beberapa tahap, yaitu :
    a. Memiliki perkiraan pertambahan nilai kas perusahaan dari Nilai Sekarang dengan Nilai Yanga Akan Datang
    b. Terdapat modal yang cukup, bisa dari modal sendiri maupun modal asing
    c. Peluang penjualan produk
    d. Terdapat Arus Kas Keluar ( Cash Outflow) dan Arus Kas Masuk ( Cash Inflow )

5. Analisa Kelayakan Teknis merupakan analisa yang dapat dilihat Efektivitas dan Ketercukupan (Adequacy). Namun terkadang ketercukupan tidak dapat dipastikan hanya karena keberadaan proyek, banyak yang memperngaruhinya. Oleh karena itu, kelayakan teknis dapat juga dilihat dengan cara melihat apakah proyek seperti itu secara teknis dapat dilaksanakan di tempat lain.

6. Kemampuan organisasi dapat dinilai dari :
    a. Keputusan yang diberikan oleh pemimpin dalam menentukan kebijakan
    b. Pembagian tugas yang jelas kepada anggotanya dalam melakukan kegiatan organisasi
    c. Tujuan yang ingin dicapai oleh suatu organisasi

7. Analisa Persaingan dalam Wirausaha ditentukan oleh kemampuan memahami persaingan. Analisis dilakukan dengan cara identifikasi industri dan karakteristiknya, identifikasi bisnis di dalam industri, kemudian masing-masing bisnis pun dievaluasi, prediksi aktifitas pesaing termasuk identifikasi pesaing baru yang mungkin menerobos pasar maupun segmen pasar.


8. Waralaba Frinchise adalah hak suatu produk yang dimiliki perusahaan untuk melakukan bisnis dengan merek, nama, sistem, prosedur dan cara-cara yang telah ditetapkan sebelumnya dalam jangka waktu tertentu meliputi area tertentu.


Resiko yang terdapat pada Waralaba Franchise diantaranya jika terjadi penyalahgunaan terhadap merek, nama, atau yang lainnya berkaitan dengan perusahaan tersebut maka akan merugikan penghasilan penjualan produknya.


Syarat melakukan Waralaba Franchise ( Permendag No. 31/2008 tentang Tatacara Penerbitan Surat Tanda Usaha Waralaba), yaitu :
    a. Memilki ciri khas usaha misalnya merek, bahan baku, cara penyajian dan sebagainya.
    b. Perusahaan harus membukukan keuntungan selama minimal 2 tahun
    c. Wajib memilki standar operasi pelayanan (SOP) atas barang atau jasa yang ditawarkan
    d. SOP tersebut harus mudah diajarkan dan diaplikasikan
    e. Harus memperhatikan adanya kesinambungan usaha