mnc

INVESTASI SAHAM ASING OLEH MNC DI NEGARA BERKEMBANG, ATAS DASAR APA ?

Foreign direct investmen

Globalisasi adalah sebuah fenomena yang berwatak mejemuk. Di satu sisi mendatangkan kemakmuran serta menjaga berlangsungnya pertumbuhan ekonomi. Sementara di lain sisi, globalisasi juga telah menelan korban selama masa perkembangannya. Ekspresi ini selaras dengan apa yang ditulis oleh Karl Polanyi dalam bukunya The Great Transformation; “…Membiarkan mekanisme pasar bertindak sebagai satu-satunya penuntun nasib umat manusia dan lingkungannya … akan berujung pada runtuhnya masyarakat…” (Polanyi, 1944). Lalu, apakah kini masyarakat global lebih pro terhadap Fair Trade atau Free Trade ? Setujukah dengan adanya intervensi pemerintah terhadap perdagangan atau membiarkan pasar berjalan dengan sendiri tanpa campur tangan dari pihak birokrat negara ?

Dampak dari globalisasi di era kontemporer kini ditandai dengan implementasi FDI (foreign direct investment) dalam konteks perdagangan internasional. MNC (multi-national cooperation) saling berlomba-lomba menjadi aktor dominan bagi negara-negara berkembang dengan penawaran yang begitu menjanjikan, seperti rekonstruksi pembangunan, peminjaman dana, jasa pemanfaatan sumber daya alam, dan sebagainya. Istilah FDI (foreign direct investment) bermula pada saat perusahaan asing menanamkan modalnya dalam jangka panjang ke perusahaan negara lain, dengan harapan akan membawakan keuntungan demi kesejahteraan masyarakat yang terlibat. Hal ini lah yang disebut globalisasi / neo-liberalisasi sistem pasar.

Lantas mengapa MNC (multinational cooperation) melakukan foreign direct investment? Dan faktor apa saja yang memotivasi para investor untuk berinvestasi di negara berkembang? Menyikapi pertanyaan tersebut, ada tiga alasan utama yang akan diulas secara singkat guna menanggapi kedua pertanyaan di atas yaitu, Hambatan Perdagangan, Ketidaksempurnaan Pasar Produksi, dan Aset Tidak Berwujud.

Tiga hal tersebut didasarkan pada pendaapat Prof. Dr. Ferdinand D. Saragih, M.A, dalam bukunya yang berjudul Dasar-Dasar Keuangan Internasional tentang Hambatan Perdagangan, Ketidaksempurnaan Pasar, dan Aset Tidak Berwujud (Mc Graw Hill Education, 2014). Buku tersebut lahir dengan harapan sebagai salah satu solusi untuk menganalisis faktor di balik investasi saham yang digalakkan secara liberal di negara berkembang dalam ranah perdagangan internasional.

HAMBATAN PERDAGANGAN

Perdagangan internasional atas barang dan jasa seringkali dibuat tidak sempurna oleh tindakan-tindakan pemerintah. Pemerintah dianggap dapat membebankan tarif, kuota, cukai dan beberapa faktor penghambat lainnya atas ekspor impor. Menghadapi hambatan-hambatan ini, MNC selaku aktor perdagangan internasional mengalihkan kegiatan produksinya ke negara-negara asing sebagai sarana menghindari hambatan perdagangan. Studi kasus FDI yang termotivasi adalah investasi Honda di Ohio.

KETIDAK SEMPURNAAN PASAR TENAGA KERJA

Ketidaksempurnaan pasar tenaga kerja menyebabkan ketidakstabilan upah yang berlangsung antarnegara. Ketika tenagakerja tidak dapat berpindah-pindah dikarenakan hambatan imigrasi, maka perusahaan itu sendiri yang harus mendekati tenagakerja. Inilah salah satu alasan mengapa perusahaan MNC melakukan FDI di negara-negara berkembang. Alasan lain yang mendukung adalah karena tenagakerja di negara berkembang relatif lebih murah dibandingkan dengan tenagakerja di negara maju.

ASET TAK BERWUJUD

Menurut teori Internalisasi FDI, perusahaan yang memiliki aset tak berwujud dengan kepemilikan barang publik cenderung untuk berinvestasi secara langsung di negara asing untuk menggunakan aset-aset pada skala yang lebih besar. Pada saat yang sama, menghindari penyalahgunaan aset tidak berwujud yang dapat terjadi ketika melakukan transaksi di pasar luar negeri melalui mekanisme pasar (Mc Graw Hill Education, 2014).

MNC dapat mengambil proyek investasi luar negeri di negara asing, meskipun faktanya bahwa perusahaan lokal lebih menikmati dampak dari aset tak berwujud perusahaan asing. Ini menunjukkan bahwa perusahaan asing harus memiliki keunggulan atas perusahaan lokal. Akibatnya, MNC seringkali menikmati comparative advantage akibat aset ak berwujud yang mereka miliki. Contohnya; teknologi, manajerial, pemasaran, kapabilitaas research and development yang unggul, dan merek (Brand). Adapun contoh aset tak berwujud, yaitu; hak sewa, hak paten, trade mark, organization cost, copyright, licences, franchise, dsb.

Dalam mengevaluasi proyek investasi luar negeri, penting bagi MNC untuk mempertimbangkan beberapa faktor tentang hambatan perdagangan, ketidaksempurnaan pasar tenaga kerja, dan aset tidak berwujud. Faktor-faktor tersebut berfungsi sebagai dasar perumusan kebijakan perusahaan berinvestasi di negara berkembang.

Selain itu, ada hal urgen yang mendominasi perkembangan ketiga faktor tersebut. Para ahli menyebutnya sebagai “resiko politik”. Penting sekali untuk meninjau kembali beberapa hal berikut; sistem politik/pemerintahan negara setempat, catatan historis partai politik dan kekuasaan relatifnya, integrasi negara setempat ke dalam sistem politik dunia, stabilitas religius dan etnik negara setempat, keamanan regional, dan indikator-indikator ekonomi penting lainnya.

KESIMPULAN

Perekonomian global yang kian berkembang pesat menyebabkan para stakeholder MNC bersaing dalam investasi saham perusahaan di negara berkembang. Pada tahun-tahun terakhir, MNC yang menerapkan FDI cenderung fokus pada permasalahan ketidaksempurnaan pasar, yaitu ketidaksempurnaan pada produk, dan pasar modal yang memotivasi MNC untuk intervensi saham ke negara asing. Menurut World Investment Report 2002, secara umum teori FDI dapat meningkatkan reputasi MNC dengan cara:
1. Menambah modal dalam negeri untuk ekspor.
2. Melakukan transfer teknologi dan produk baru untuk ekspor.
3. Memberikan akses kepada pasar asing.
4. Menyediakan pelatihan kepada tenaga kerja di dalam negeri yang dapat meningkatkan kemampuan teknis dan skill management. (by, Fitrah Alfiansyah)

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Sumber
BanjarNahor, E. (2019, 9 20). FDI (penanaman modal asing) atau investasi langsung luar negeri. Retrieved from anabanjarnahor19-wordpress-com.cdn.ampproject.org: anabanjarnahor19-wordpress-com.cdn.ampproject.org
Cahyono, I. (2008). Menjinakkan METAKUASA GLOBAL. Jakarta: Pustaka LP3ES.
Cahyono, I. (2008, Desember). Menyibak Jantung Globalisasi. Menjinakkan METAKUASA GLOBAL, pp. 1-19.
Chen, J. (2019, september 19). Pasar Pasar Internasional. Retrieved from Investopedia: investopedia.com
Fachrullah, N. E. (2018). ANALISIS DETERMINAN FOREIGN DIRECT INVESTMENT DI NEGARA EMERGING ASIA PERIODE 2011-2015. Jurnal Administrasi Bisnis (JAB), 160-169.
Mc Graw Hill Education. (2014). Keuangan Internasional. Jakarta: Salemba Empat.
Polanyi, K. (1944). The Great Transformation. New York: Reinhart and Co.

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