Mengukur Risiko dan Atraktivitas Investasi Infrastruktur di Indonesia
Abstract. The availability of reliable and adequate infrastructure has a pivotal role for the national economic growth. However, the investment capital requirement in this sector is substantially high, which the Government alone cannot afford. The private sector is expected to bridge the financial gap through public-private-partnership schemes for the infrastructure development. For investors, the partnership should be one of the investment alternatives for asset diversification. Two critical issues to address are investment riskiness and compensation level for willingness to assume risk. This paper specifically discusses the measurement of the expected minimum rate of return and the attractiveness of infrastructural investment in Indonesia by comparison of the expected and earned rates of return using the Capital Asset Pricing Model for analysis. Data are derived from monthly stock indices of Jakarta Stock Exchange during the period January 2002-December 2005. Based on analysis, two sub sectors with highest risk levels are telecommunication and tollroad-airport-harbor while the corresponding expected minimum returns are 21.56% and 20.18%, respectively. The analysis reveals that infrastructure investment is in a general sense attractive from the equity perspective, but not from the asset one.
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