Hasil Pencarian  ::  Simpan CSV :: Kembali

Abstrak :
Multinational companies have been doing business in China for over 25 years, with their presence and manning of their operations varying over time. Some mistakes of managing businesses are strikingly common and detrimental. This book explores those mistakes providing guidance that will help readers become more conscious and avoid repeating them.

Abstrak :
Thesis ini mempelajari bagaimana suatu Perusahaan Multinasional (MNC) mengatur kegiatan finansialnya dalam skala internasional dimana dalam transaksinya menggunakan mata uang beberapa negara dalam hal keragaman mata uangnya. Tujuan riset adalah (1) mempelajari dan menganalisa bagaimana resiko yang berhubungan dengan mata uang pada alur kas bisa berkurang dengan menggunakan alat hedging lindung nilai yang dipilih dalam menangani operating exposure selama 5 (lima) tahun periode keuangan (2) untuk mengumpulkan seluruh komponen literature yang berhubungan dengan topik tesis dan menyajikan suatu analisa yang komprehensif mengenai operating exposure. Pada perdagangan internasional, segala bentuk mata uang bergerak dengan cepat. Karena nilai pada aset, kewajiban, pendapatan dan biaya sensitif terhadap fluktuasi nilai tukar mata uang asing, terdapat berbagai kemungkinan exposure dalam kegiatan keuangan contohnya currency esxposure. Apabila terjadi fluktuasi yang tidak terduga, perusahaan bisa mengalami kerugian atau bisa sebaliknya memperoleh keuntungan. Keputusan untuk mengurangi resiko exposure bisa berbeda setiap tahunnya. Apabila pada tahun ini perusahaan mampu mengurangi resiko dengan suatu alat lindung nilai hedging, cara yang sama dapat dilakukan ditahun berikutnya atau melakukan penelitian lebih lanjut untuk memilih strategi hedging yang lebih baik. Suatu MNC yang berbasis di Australia, Amcor Limited (AL), dipilih sebagai obyek studi karena beroperasi secara global dan merupakan perusahaan manufaktur kemasan dengan produknya yang beragam yang memperoleh bahan baku diimpor dari negara lain dan melakukan penjualan produknya ke luar negeri. Tesis ini pada akhirnya memberikan rekomendasi kepada Amcor dalam hal melindungi perusahaan dari resiko mata uang di tahun mendatang serta meningkatkan kualitas pengambilan keputusan eksekutif dalam manajemen resiko. Langkah-langkah analisa yaitu membandingkan kurs aktual AL dengan kurs pasar yang diperoleh dari RBA. Hasil perbandingan menunjukkan bagaimana AL mengeluarkan uangnya untuk membeli mata uang asing. Selain itu analisa sensitifitas terhadap cash dan analisa prediksi nilai tukar dengan menggunakan rumus absolute forecast error as a percentage of the realised value. Amcor sudah menetapkan kebijakan menggunakan fixed price swaps, options and futures dalam lindung nilai. Selain itu juga membuat perjanjian interest rate dan cross currency swaps, forward rate, serta interest rate options dalam hal lindung nilai suku bunga dan exposure mata uang asing. Analisa studi kasus AL pada periode analisa 2004 sampai 2008 menunjukkan bahwa cash flow AL sensitive terhadap fluktuasi. AL merubah kebijakan lindung nilai pada tahun 2008 setelah diadakan peninjauan kembali mengenai jumlah dan volume exposure mata uang asing. Rekomendasi diberikan untuk AL bahwa mereka dapat menggunakan forward contract jangka panjang dan money market hedging sebagai strategi alternative mengingat kondisi krisis global saat ini. Saran lain adalah ekspansi usaha kenegara lain dan difersifikasi produk untuk mendapatkan matching currency cash flow yang lebih baik sehingga operating exposure dapat diperkecil. ......This thesis examines how a Multinational Corporation (MNC) manages their international financial activities in terms of diversity of currencies. The research purpose is thus aiming (1) to study and analyse whether the currency risk in MNC?s cash flows can be reduced with the hedging instruments they have used during the period of 5 (five) financial years in order to manage the operating exposure (2) to pull together all relevant strands of the literature and to present a comprehensive analysis on operating exposure. In international trading, currencies move rapidly amongst countries. Since value of assets, liabilities, revenues and costs are sensitive to fluctuation of foreign exchange rates, there are always possibilities of exposure in the financial activities, for example, currency exposure. Should there be an unexpected fluctuation of exchange rate, company suffers loss or in reverse gain profit. The decisions to reduce risk on exposure may vary year to year. If the Company is able to reduce risk this year by using a hedging instrument, they may apply the same one in the following year or do a further research to select better hedging instrument. An Australian based MNC, Amcor Limited (AL), was selected to be the object study as it is operating globally and a manufacturing company with diversified products on packaging which its raw material imported from more than one country and sell their products abroad. This thesis gives recommendation to Amcor in order to protect firm?s value from currency risk in the following years and improve their executive decision-making in risk management. Steps of data analysis consist of comparison between actual rate of AL and market rate from RBA. The variance of this comparison showing how AL spent their cash to buy the foreign currencies. Analysis of sensitivity to the cash flow and analysis on forecasted exchange rates using the formula of absolute forecast error as a percentage of the realised value. AL has set up to use the fixed price swaps, options and futures. AL enters into interest rate and cross currency swaps, forward rate agreements and interest rate options to hedge interest rate and foreign currency exposures. Analysis on case study of AL in the period of 2004 to 2008 showing that cash flow of AL is sensitive to fluctuation. AL has changed its hedging policy in 2008 after a reassessment of amounts and volume of foreign currency exposures. Recommendation provided is AL can also use a long term forward contract and money market hedging as an alternative hedging strategy considering to the company and market condition especially during current economic crisis. Other suggestion is business expansion to other country and product diversification to get higher matching currency cash flow, therefore, the operating exposure can be minimized.

Abstrak :
One of nowadays paradigm shift in business is to realize that community surrounding is one of the prominent factors that may affect the sustainability of the business organization. So, community development program as corporate social responsibility became so important in international scale business organizations. But, what is actually the advantages of the company if the company concerns to the community surrounding ? This research is qualitative research with the field observation as primary data and supported by previous research as secondary data. And to answer the question, researcher took PT. RAPP at Pangkalan Kerinci, Pelalawan, Riau province as the research case. The depth interview and field observation based on the several concepts such as corporate social responsibility, community development, and the corporate sustainability. The field observation implemented by doing some inspection about the real condition of research object and indepth interview to several villagers surrounding the company, the staffs on the forestry sector areas, and the management of CD department located on three of ten PT. RAPP's concession areas, namely Pelalawan, Langgam, and Ukui. PT. RAPP CD program already reached about 14.000 people from about 200 villages surrounding the company. The impact to the community is the shift of resource income, the improvement of education, health, and social infrastructure of community surrounding the company. But still, the dependencies of the community to the program's support will become another problem in the future if it didn't anticipate immediately. Beside obstructed the self-reliance progress of the community, the dependencies will allocate the support of the program to certain location which might interrupt the improvement of program coverage. However, the changes of community condition brought the advantages to the company as well. Decreasing interruption to the resource input process and cooperative attitude of the community in solving their problem with the company are the impacts of PT. RAPP CD program implementation. The other impact of the CD program is the international recognitions such as ISO 14001 in 2000 and 2001 that might affect the company image in international market. From the coverage point of view, this research might need improvement in the future. But the social concerns of business organization should paid attention by the' government. Then, from what researcher discovered, the implementation of CD concept by PT. RAPP could be an alternative model for other multinational corporation in creating and maintaining the good relation between the company and the community surrounding.