Efektivitas investasi real asset sebagai hedge terhadap inflasi di Indonesia

ADINATA, Hardiyan Nugraha, Jogiyanto Hartono, Prof., Dr., MBA

2009 | Tesis | S2 Magister Manajemen

hillasi menyebabkan nilai sebcnarnya suatu pciidapalan Icbih kecil dibandingkan nilai nominalnya. Pada beberapa negara real estate berfungsi dcngan baik scbagai hed^e icrhadap inilasi. Kemungkinan dan Tdcklivilas real estate dapat dilihat dari pengaruh dan hubungannya tcrhadap inilasi dun financial asset yang ada didalam portolbiio investor Indonesia. Penelilian terdalnilu (Ka/ak, 2006) mcnunjukkan bahwa dari real estate yang diuji; apartcmen, perkantoran, dan pcrumahan. Hanya aparlemen dan perkantoran yang memiliki hubungan positifwaiau tidak signiflkan dalam uji stalistik, scdangkan perumahan tidak. i'enclitian dilanjutkan dcngan mengiiji kcmungkinan dan cfektivilas real asset yang dapat dilihat dari pengaruh inflasi terhadap real asset dengan lingkup Jabotabek, rentang waktu yang lebih lama, pendapatan sewa, dan pembedaan antara bear market dan hull market. Hasil dari penelitian yang dilakukan mcnunjukkan bahwa dari real asset yang diuji; apartcmen, pcrkimtoran, perumahan, dan emas. Hanya apartcmen yang dapat dijadikan scbagai hedging terhadap inilasi pada saat hear market. Selain apiirtemen puda saat hear market, real asset tidak dapat dijadikan scbagai hedging terhadap inilasi, karena real asset terbukti tidak dipengaruhi olch inilasi yang terjadi. Kata kunci: efektivitas hedging, real asset

Infhtlion causes the real value of income is smaller than its face value. In some countries real estate function well as a heJge against inflation. The possibility and effectiveness of real estate can be seen from the correlation with inflation and financial as.sets in the portfolut of existing Indonesian investors. Previous studies (Razak, 2006) showed that the real estate being tested: apartments, offices, and housing. Only apartments and offices that have a positive correlation, although not significant in statistical tests, while the housing is not. Apartments, offices, and housing returns are generally smaller than financial assets. With the exception of housing return is greater than the 3-month SBl return. Research continues to examine the possibility and effectiveness of real assets that can be seen from 'he eff ects of inflation on real assets with .Jabotabek scope, longer time period, rental income, and the distinction between the bear market and bull market. Results from studies conducted showed that of the real as.sets tested; apartments, offices, housing, and gold. Only the apartment can be used as hedging againts inflation during bear market. In addition to the apartment at the time of bear market, real assets can not be u.sed as a hedge against inflation, because it proved not affected inflation. Keyword: hedging effectiveness, real asset

Kata Kunci : Efektivitas hedging,Real asset