Nicholas Asfouri/AFP/Getty Images

Memulihkan Investasi

JENEWA – Pada KTT G-20 bulan lalu di Hangzhou, Cina, para pemimpin dunia menguraikan sebuah rencana ambisius menuju “era baru pertumbuhan global”. Namun mereka melupakan satu unsur pokok: memperbaiki iklim investasi.

Kebijaksanaan konvensional menyakini bahwa melalui pasar keuangan yang efisien, tabungan rumah tangga akan mengalir ke perusahaan-perusahaan yang paling andal mengolah dana untuk kegunaan paling produktif. Namun di banyak negara berkembang, kemudahan akses pada pembiayaan – berkat aliran modal lintas batas yang bebas serta deregulasi pasar keuangan – masih belum menghasilkan tambahan pembiayaan untuk investasi jangka panjang, terutama di sektor manufaktur.

Keputusan investasi tergantung pada berbagai faktor dan kejadian di masa depan, maka gabungan pendanaan publik dan privat sangat penting agar proyek-proyek baru membuahkan hasil. Di Asia Timur, kawasan yang mengalami pertumbuhan dan pembangunan pesat dalam beberapa tahun terakhir, para pembuat kebijakan tidak hanya mengizinkan, tapi justru mendorong profit korporasi lebih tinggi, asalkan disalurkan pada investasi produktif. Hasilnya, empat per lima pengeluaran investasi yang dikucurkan perusahaan-perusahaan besar di Asia Timur didanai dari laba ditahan (retained earnings), sementara lembaga-lembaga keuangan milik negara membantu menjaga laju pertumbuhan yang dimotori investasi (investment-led growth).

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