Transcript MODEL INVESTASI ISLAMI

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MODEL INVESTASI ISLAMI
Tuesday, April 12,
2016
KULIAH 4
AGENDA
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INVESTASI DALAM PERSPEKTIF KONVENSIONAL
MODEL INVESTASI KONVENSIONAL
INVESTASI DALAM PERSPEKTIF ISLAM
MODEL INVESTASI ISLAM
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Pengertian Investasi
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investasi diartikan sebagai penanaman uang
atau modal dalam suatu perusahaan atau
proyek untuk tujuan memperoleh keuntungan
 investasi diartikan sebagai komitmen atas
sejumlah dana atau sumberdaya lainnya yang
dilakukan pada saat ini, dengan tujuan
memperoleh sejumlah keuntungan di masa
datang
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PENGGOLONGAN INVESTASI (1)
1.
Investasi pada financial asset dilakukan
di pasar uang, misalnya berupa
sertifikat deposito, commercial paper,
Surat Berharga Pasar Uang (SBPU), dan
lainnya. Investasi juga dapat dilakukan
di pasar modal, misalnya berupa
saham, obligasi, warrant, opsi, dan yang
lainnya.
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PENGGOLONGAN INVESTASI (2)
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investasi pada real asset dapat
dilakukan dengan pembelian
aset produktif, pendirian pabrik,
pembukaan
pertambangan,
perkebunan, dan yang lainnya.
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Bentuk Investasi………….1
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1.
2.
Investasi tetap bisnis (business fixed investment),
yaitu pengeluaran investasi untuk pembelian
berbagai jenis barang modal yaitu mesin-mesin
dan peralatan produksi lainnya untuk mendirikan
berbagai jenis industri dan perusahaan
Investasi residensial (residential investment), yaitu
pengeluaran untuk mendirikan rumah tempat
tinggal, bangunan kantor, bangunan pabrik dan
bangunan lainnya
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Bentuk investasi ………….2
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3.
Investasi persediaan (Inventory investment) yaitu
berupa pertambahan nilai stok barang-barang
yang belum terjual , bahan mentah dan barang
yang masih dalam proses produksi pada akhir
tahun perhitungan pendapatan nasional.
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• Business fixed investment includes the equipment and structures that businesses
buy to use in production.
• Residential investment includes the new housing that people buy to live in and
that landlords buy to rent out.
• Inventory investment includes those goods that businesses put aside in storage,
including materials and supplies, work in progress, and finished goods.
The standard model of business fixed investment is called the
neoclassical model of investment. It examines the benefits and costs of owning capital goods. Here
are three variables that shift investment:
1) the marginal product of capital
2) the interest rate
3) tax rules
To develop the model, imagine that there are two kinds of firms: production firms
that produce goods and services using the capital that they rent and rental firms
that make all the investments in the economy.
To see what variables influence the equilibrium rental price, let’s
consider the Cobb-Douglas production function as a good approximation
of how the actual economy turns capital and labor into goods and
services. The Cobb-Douglas production function is: Y = AKaL1-a ,
where Y is output, K capital, L labor, and a a parameter measuring the
level of technology, and a a parameter between 0 and 1 that measures
capital’s share of output. The real rental price of capital adjusts to
equilibrate the demand for capital and the fixed supply.
Capital supply
Capital demand (MPK)
K
Capital stock, K
The marginal product of capital for the Cobb-Douglas production function is MPK = aA(L/K)1-a.
Because the real rental price equals the marginal product of capital in equilibrium,
we can write R/P = aA(L/K)1-a . This expression identifies the variables that determine the real
rental price. It shows the following:
• the lower the stock of capital, the higher the real rental price of capital
• the greater the amount of labor employed, the higher the real rental price of capitals
• the better the technology, the higher the real rental price of capital.
Events that reduce the capital stock, or raise employment, or improve
the technology, raise the equilibrium real rental price of capital.
Let’s consider the benefit and cost of owning capital.
For each period of time that a firm rents out a unit of capital, the rental firm bears three costs:
1) Interest on their loans, which equals the purchase price of a unit of
capital PK times the interest rate, i, so i PK.
2) The cost of the loss or gain on the price of capital denoted as -DPK .
3) Depreciation d defined as the fraction of value lost per period
because of the wear and tear, so d PK .
Therefore the total cost of capital = i PK - DPK + dPK or
= PK (i - D PK/ PK + d)
Finally, we want to express the cost of capital relative to other goods in
the economy. The real cost of capital-- the cost of buying and renting
out a unit of capital measured in terms of the economy’s output is:
The Real Cost of Capital = (PK / P )(r + d), where r is the real interest
rate and PK / P equals the relative price of capital. To derive this equation, we assume that the
rate of increase of the price of goods in general is equal to the rate of inflation.
Now consider a rental firm’s decision about whether to increase or
decrease its capital stock. For each unit of capital, the firm earns real
revenue R/P and bears the real cost (PK / P )(r + d).
The real profit per unit of capital is
Profit rate = Revenue - Cost
= R/P
- (PK / P )(r + d).
Because the real rental price equals the marginal product of capital, we
can write the profit rate as
Profit rate = MPK - (PK / P )(r + d).
The change in the capital stock, called net investment depends on the
difference between the MPK and the cost of capital. If the MPK exceeds
the cost of capital, firms will add to their capital stock. If the MPK
falls short of the cost of capital, they let their capital stock shrink, thus:
DK = In [MPK - (PK / P )(r + d)],
where In ( ) is the function showing how much net investment responds
to the incentive to invest.
We can now derive the investment function in the neoclassical model of
investment. Total spending on business fixed investment is the sum of
net investment and the replacement of depreciated capital.
The investment function is:
I = In [MPK - (PK / P )(r + d)] + dK.
the cost of capital
depends on
investment
amount of depreciation
marginal product of capital
This model shows why investment depends on the real interest rate.
interest rate lowers the cost of capital.
A decrease in the real
Notice that business fixed investment increases when the interest rate falls-- hence the downward
slope of the investment function. Also,
an outward shift in the investment function may be a result of an increase in the marginal product
of capital.
Investment, I
Finally, we consider what happens as this adjustment of the capital
stock continues over time. If the marginal product begins above the
cost of capital, the capital stock will rise and the marginal product will
fall. If the marginal product of capital begins below the cost of capital,
the capital stock will fall and the marginal product will rise.
Eventually, as the capital stock adjusts, the MPK approaches the cost
of capital. When the capital stock reaches a steady state level,
we can write:
PK = (PK / P )(r + d).
Thus, in the long run, the MPK equals the real cost of capital. The
speed of adjustment toward the steady state depends on how quickly
firms adjust their capital stock, which in turn depends on how costly
it is to build, deliver and install new capital.
The term stock refers to the shares in the ownership of corporations, and
the stock market is the market in which these shares are traded.
The Nobel-Prize-winning economist James Tobin proposed that firms
base their investment decisions on the following ratio, which is now
called Tobin’s q:
q = Market Value of Installed Capital
Replacement Cost of Installed Capital
The numerator of Tobin’s q is the value of the economy’s capital as
determined by the stock market. The denominator is the price of capital
as if it were purchased today. Tobin conveyed that net investment should
depend on whether q is greater or less than 1. If q >1, then firms can
raise the value of their stock by increasing capital, and if q < 1, the stock
market values capital at less than its replacement cost and thus, firms will
not replace their capital stock as it wears out. Tobin’s q measures the
expected future
profitability as well as the current profitability.
1) Higher interest rates increase the cost of capital and reduce business
fixed investment.
2) Improvements in technology and tax policies such as the corporate
income tax and investment tax credit shift the business fixed
investment function.
3) During booms higher employment increases the MPK and therefore,
increases business fixed investment.
We will now consider the determinants of residential investment
by looking at a simple model of the housing market. Residential
investment includes the purchase of new housing both by people
who plan to live in
it themselves and by landlords who plan to rent it to others.
There are two parts to the model:
1) the market for the existing stock of houses determines the equilibrium housing price
2) the housing price determines the flow of residential investment.
The relative price of housing adjusts to equilibrate supply and demand
for the existing stock of housing capital. The relative price then
determines residential investment, the flow of new housing that
construction firms build.
Demand
Stock of housing capital, KH
Flow of residential investment, IH
When the demand for housing shifts, the equilibrium price of housing
changes, and this change in turn affects residential investment.
An increase in housing demand, perhaps due to a fall in the interest
rate, raises housing prices and residential investment.
Demand'
Demand
Stock of housing capital, KH
Flow of residential investment, IH
1) An increase in the interest rate increases the cost of borrowing
for home buyers and reduces residential housing investment.
2) An increase in population and tax policies shift the residential
housing investment function.
3) In a boom, higher income raises the demand for housing and
increases residential investment.
Inventory investment, the goods that businesses put aside in storage, is at the
same time negligible and of great significance. It is one of the smallest
components of spending-- but its volatility makes it critical in the study of
economic fluctuations.
When sales are high, the firm produces less that it sells and it takes the
goods out of inventory. This is called production smoothing. Holding
inventory may allow firms to operate more efficiently. Thus, we can view
inventories as a factor of production. Also, firms don’t want to run out of
goods when sales are unexpectedly high. This is called stock-out avoidance.
Lastly, if a product is only partially completed, the components are still
counted in inventory, and are called, work in
process.
The accelerator model assumes that firms hold a stock of
inventories that is proportional to the firm’s level of output. Thus, if
N is the economy’s stock of inventories and Y is output, then
N=bY
where b is a parameter reflecting how much inventory firms wish to
hold as a proportion of output. Inventory investment I is the change in
the stock of inventories DN. Therefore, I = DN = b DY.
Persamaan Investasi …………….1
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investasi
bersifat
autonomos atau tidak
dipengaruhi
oleh
variabel
lain.
Sehingga persamaan
untuk investasi sbb
_
I= I
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investasi
yang
dipengaruhi
oleh
variabel suku bunga
atau interest (i)
I = I - di
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C+I
C + I2
C + I1
∆I
INVESTASI YANG
DIPENGARUHI SUKU
BUNGA
C
Y0
Y1
Y2
Y
i1
i2
Investasi
I1
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I2
I = Investasi
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Persamaan Investasi …………….2
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investasi
bersifat
autonomos atau tidak
dipengaruhi
oleh
variabel
lain.
Sehingga persamaan
untuk investasi sbb
_
I= I
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investasi
yang
dipengaruhi
oleh
Tingkat Pendapatan
Nasional atau GNP
I = I + dY
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Autonomos dan Induced Investment
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I
I
Induced
Autonomos
Y
Y
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KESEIMBANGAN PEREKONOMIAN DUA SEKTOR
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karena asumsi yang digunakan bahwa investasi
bersifat autonomos ataupun dipengaruhi oleh
tingkat suku bunga maka keseimbangan
perekonomian dua sektor
Y
Y
= a + bY + I - di
_
= 1
( a + I – di) .
(1-b)
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INVESTASI DALAM
PERSPEKTIF ISLAM
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KONSEP PENGETAHUAN
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Islam sangat menjunjung tinggi ilmu pengetahuan yang
memiliki gradasi (tadrij), dari tahapan diskursus (‘ilmu al
yaqin), implementasi (‘ain al yaqin), serta hakikat akan
sebuah ilmu (haqq al yaqin).
Scheller dalam trichotomy pengetahuan menjelaskan
bahwa ada 3 (tiga) jenis pengetahuan, yaitu
pengetahuan
instrumental
(herrschafswissen),
pengetahuan
intelektual
(beldungswissen),
dan
pengetahuan spiritual (erlosungswissen) sebagaimana
dituangkan oleh Rich dalam bukunya the knowledge
cycle
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KONSEP INVESTASI
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Investasi merupakan salah satu ajaran dan konsep
Islam yang memenuhi proses tadrij dan trichotomy
pengetahuan tersebut. Hal tersebut dapat
dibuktikan bahwa konsep investasi selain sebagai
pengetahuan juga bernuansa spiritual karena
menggunakan norma syariah, sekaligus merupakan
hakekat dari sebuah ilmu dan amal, oleh
karenanya investasi sangat dianjurkan bagi setiap
muslim
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DASAR HUKUM INVESTASI……1
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Qur’an Surat Al Hasyr : 18
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DASAR HUKUM INVESTASI……2
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Lafadz ‫ ولتنظر نفس ما قـدّمت لغـد‬ditafsirkan
dengan: ‘’hitung dan instropeksilah diri kalian
sebelum diinstropeksi, dan lihatlah apa yang
telah kalian simpan (invest) untuk diri kalian
dari amal shalih (after here investment) sebagai
bekal kalian menuju hari perhitungan amal
pada hari kiamat untuk keselamatan diri di
depan Allah SWT’’ (Katsir (2000)
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DASAR HUKUM INVESTASI……3
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QS : LUQMAN : 34
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DASAR HUKUM INVESTASI……4
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Dalam Qur’an Surat Lukman ayat 34 secara
tegas Allah SWT menyatakan bahwa tiada
seorang pun di alam semesta ini yang dapat
mengetahui apa yang akan diperbuat,
diusahakan, serta kejadian apa yang akan
terjadi pada hari esok. Sehingga dengan
ajaran tersebut seluruh manusia diperintahkan
untuk melakukan investasi sebagai bekal dunia
dan akhirat:
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DASAR HUKUM INVESTASI……5
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Dalam kitab Zubdatu Tafsir karya Al
Asyqar lafadz ‫ ماذا تكسب غـدا‬ditafsirkan
dengan ‫ من كسب دين أو كسب دنيا‬, yang
dalam Bahasa Indonesia diterjemahkan
‘’Dari usaha untuk bekal akhirat ataupun
usaha untuk bekal dunia’’ (Al Asyqar,
(2000)
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RAMBU POKOK INVESTASI
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Terbebas dari unsur riba
Terhindar dari unsur gharar
Terhindar dari unsur judi (maisir)
Terhindar dari unsur haram
Terhindar dari unsur syubhat
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FUNGSI INVESTASI DALAM ISLAM…1
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Fungsi investasi dengan pendekatan ekonomi islam
tentu berbeda dengan fungsi investasi dengan
pendekatan ekonomi konvensional. Perbedaannya
karena fungsi investasi dalam ekonomi konvesional
dipengarhi tingkat suku bunga, hal ini tentunya
tidak berlaku dalam pendekatan ekonomi Islam.
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FUNGSI INVESTASI DALAM ISLAM…2
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Menurut Metwally (1995), Investasi di negara
penganut ekonomi Islam memiliki kriteria :
1. Hoarding Idle Assets, adanya sanksi untuk
pemegang asset kurang/tidak produktif
2. Dilarang melakukan berbagai macam
bentuk spekulasi dan segala macam judi
3. Tingkat bunga untuk berbagai macam
pinjaman adalah nol dan sebagai gantinya
dipakai sistem bagi hasil
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FUNGSI INVESTASI DALAM ISLAM…3
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Dari kriteria tersebut jelas bahwa investasi
dalam ekonomi Islam adalah fungsi dari
tingkat keuntungan yang diharapkan. Tingkat
keuntungan yang diharapkan tergantung pada
pangsa keuntungan relatif antara investor dan
penyedia dana sebagai mitra usaha.
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FUNGSI INVESTASI DALAM ISLAM…4
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Menurut Metwally fungsi investasi dalam ekonomi
Islam
I
r
= f ( r,Za,Zp, m )
= SI/SF
Dimana :
I
r
SI
SF
Za
Zp
m
= Permintaan akan investasi
= Tingkat keuntungan yang diharapkan
= Bagian/pangsa keuntungan/kerugian investor
= Bagian/pangsa keuntungan/kerugian peminjam dana
= Tingkat zakat atas aset yang tidak/kurang produktif
= Tingkat zakat atas keuntungan dari Investasi
= pengeluaran lain selain zakat atas aset yang
tidak/kurang produktif
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FUNGSI INVESTASI DALAM ISLAM…5
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Akan tetapi karena tingkat zakat adalah tetap
maka dianggap given sehingga
I = f ( r,m)
Sehingga permintaan investasi akan meningkat
dalam ekonomi Islam jika :
 Meningkatnya
tingkat keuntungan yang diharapkan
 Meningkatnya tingkat iuran terhadap aset yang tidak
atau kurang produktif
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FUNGSI INVESTASI DALAM ISLAM…6
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Khan
dalam
sebuah
makalahnya yang berjudul A
simple model of income
determination, growth and
economic development in the
perspective of an interest free
economy (2004) menyatakan
bahwa permintaan investasi
(investment
demand)
ditentukan
oleh
tingkat
keuntungan yang diharapkan
(expected profits)
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tingkat keuntungan yang
diharapkan tergantung pada
:
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
Total profit yang diharapkan
dari kegiatan firm
(entrepreneurial)
Share in profit yang diklaim
oleh pemilik dana
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FUNGSI INVESTASI DALAM ISLAM…7
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Tingkat Keuntungan Yang
Diharapkan (r)
r2
r1
I1
I2
I=
Investasi
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FUNGSI INVESTASI DALAM ISLAM…8
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Berdasarkan gambar tersebut terlihat terdapat
hubungan positif antara tingkat investasi dengan
tingkat keuntungan yang diharapkan maksudnya
jikatingkat keuntungan yang diharapkan mengalami
kenaikan maka akan meningkatkan tingkat investasi
sebaliknya jika tingkat keuntungan yang
diharapkan mengalami penurunan maka akan
menyebabkan penurunan tingkat investasi.
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