Comparative Analysis of Open Position and Hedging Techniques in The Import Value Management of PT Pertamina (Persero)
Keywords:
International trade, import, exchange rate, foreign exchange, open position, forward contract hedging, money market hedging
Abstract
Fluctuations in currency exchange rates result in the value of the company's debt of import payment to be uncertain because any time may be changing. Companies can do hedge techniques to protect the value of the import debt or leave it in a state without the hedge. The purpose of this research is to know the value of the company's debt of import when using forward contract hedge, money market hedge, and open position and choose the most efficient method. This research uses import transaction data of PT Pertamina (Persero). The analysis technique used is the Wilcoxon Signed Ranks Test and calculation with Microsoft Excel. From this research, it is found that there is no difference in the average value of the company's import debt when using forward contract hedging technique with an open position. But there is a difference when using money market hedge technique with the open position. The result of the research is the value of import debt is more efficient when the company uses open position or without the hedge.
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References
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Brealey, R. A., Myers, S. C., & Marcus, A. J. (2007). Dasar-Dasar Manajemen Keuangan Perusahaan Jilid 2. Erlangga.
Choi, M. S., Sung, B., & Song, W. Y. (2019). The effects of the exchange rate on value-added international trade to enhance free trade sustainability in GVCs. Sustainability (Switzerland). https://doi.org/10.3390/su11102740
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Enggawati, J. (2013). Analisis Penggunaan Teknik Hedging Contract Forward Untuk Mengurangi Kerugian Selisih Kurs Valas Atas Hasil Penjualan Ekspor. Jurnal Administrasi Bisnis (JAB)
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Haq, A., & Andir. M. (2015). Analisis Pengelolaan Valuta Asing Terdahap Profitabilitas PT Garuda Indonesia (Persero) TBK. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi).
Indonesia. (2013). Peraturan Bank Indonesia No. 15/8/PBI/2013 Tentang Transaksi Lindung Nilai Kepada Bank. Lembaran Negara Republik Indonesia Tahun 2013 Nomor 162 DPM. Tambahan Lembaran Negara Republik Indonesia Nomor 5451.
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Levi, M. D. (2001). Keuangan Internasional. Andi.
Madura, J. (2011). Keuangan Perusahaan Internasional. Selemba Empat.
Menteri BUMN Republik Indonesia. (2013). Permen BUMN No. PER-09/MBU/2013. September.
Miksalmina. (2015). Strategi Hedging Pada Pengelolaan Utang Luar negeri Pemerintah Indonesia Terhadap Resiko Fluktuasi Nilai Tukar US Dollar. QE Journal
Mitariani, N.W. (2001). Analisis Perbandingan Penggunaan Hedging Antara Forward Contract Dengan Currency Swap Untuk Meminmasi Risiko Foreign Exchange. Jurnal Manajemen, Strategi Bisnis, dan Kewirausahaan.
Mlambo, C. (2020). Exchange rate and manufacturing sector performance in SACU states. Cogent Business and Management. https://doi.org/10.1080/23311975.2020.1787735
Nagahisarchoghaei, M., Nagahi, M., & Soleimani, N. (2018). Impact of Exchange Rate Movements on Indian Firm Performance. International Journal of Finance and Accounting. https://doi.org/10.5923/j.ijfa.20180704.03
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Peraturan Menteri Badan Usaha Milik Negara Nomor PER-09/MBU/2013. Tentang Kebijakan Umum Transaksi Lindung Nilai Badan Usaha Milik Negara.
Peraturan Menteri Keuangan Nomor 12.PMK/.08/2013. Tentang Transaksi Lindung Nilai dalam Pengelolaan Utang Pemerintah.
Peraturan Menteri Keuangan Nomor 36/PMK.08/2017 . Tentang Transaksi Lindung Nilai dalam Pengelolaan Utang Pemerintah
Peraturan Menteri Keuangan Republik Indonesia. (2017). Peraturan Menteri Keuangan Republik Indonesia Nomor 36 /PMK.08/2017 Tentang Transaksi Lindung Nilai dalam Pengelolaan utang pemerintah. 2.
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Sudacevschi, M. (2017). Foreign Currency Risk Hedging. Challenges Of The Knowledge Society. Economics.
Yulianti, Y.D., & Yusra, I. (2019). Pengaruh Harga Emas Dunia, Kurs Rupiah, Harga Minyak Dunia Dan Suku Bunga Sbi Terhadap IHSG di Bursa Efek Indonesia. Academic Conference For Management 1
Zeinora. (2016). Analisis Perbandingan Hedging, Swap Contract Dengan OptionContract Untuk Meminimalisasi Kerugian Selisih Kurs Valas Dalam Pembayaran Utang Import. Jurnal Sosio-E-Kons
