EFM2e, Ch 01, Slides

8/11/2019 EFM2e, Ch 01, Slides

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Pengantar

Perkembangan tehnologi baru danglobalisasi

Perbaikan komunikasi dantransportasi

Skandal korporasi perubahanhukum, pelaporan keuangan

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Krisis Keuangan 2008

Harga saham turun 50% Para pensiunan kembali bekerja Pembangunan perumahan berhenti

Harga rumah turun 20% - 50% di AS Hutang hipotik melebih harga rumah bank rugi

bankrut restruturisasiPHK

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Dampak krisis keuangan terhadap

manajemen keuangan

Adakah dampaknya thdp Manajemen Keuangan?

Konsep manajemen keuangan? Krisis 2008 disebabkan karena

perusahaan dan individu tidakmemberikan perhatian yang cukupprinsip dasar keuangan

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Sekilas Perekonomian

1776- Adam Smith invisible handyang memandu perusahaan dalammencari laba keputusan yang

mengarah ke manfaat masyarakat Maksimalisasi laba Sistem pasar bebas adalah yang terbaik

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Kondisi sekarang

Perusahaan besarmultinasional Perusahaan memiliki jutaan karyawan dan

pemegang saham

Perusahaan harus menyeimbangkankepentingan pelanggan, karyawan, pemasok,dan masyarakat secara keseluruhan

Perlu modifikasi teori: Adam Smith

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Modifikasi Teori Adam Smith

Tujuan perusahaan memaksimalkankesejahteraan pemegang saham maksimalisasi harga saham

Pasar bebas masih dianggap sistem terbaik bagi

suatu negara Perlu dipertimbangkan beberapa kendalaseperti: polusi udara dan air, praktek hubungankerja yang adil, praktek monopoli yangmengeksploitas konsumen

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Laba tergantung pada penjualan prsh harusmengembangkan produk dan jasa secara efesien danmenjualnya dengan harga bersaing bermanfaat bagimasyarakat

GE: Patuh pada hukum saja tidak cukup excellent

reputation

paling penting Google IncDont Be Evil Bill Gatesuch systemtwin mission 1) making profit and

2) improving lives those who dont fully benefit from marketforces Bill & Melinda gate foundation (assets $37.6 billion

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Financial Management

Financial Planning Financial Control

Financial Decision Making

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Scope and Objective of FM

Meaning Scope of FM

Investment Decision Financing Dividend Decision

Objective Profit maximization Wealth maximization

Role of CFO Relationship FM and MA and FM

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Meaning

Planning and controlling of the financial resources Forecasting Planning Organizing

Directing Coordinating Controlling Of all activities relating to acquisition and application of

financial resources financial objective

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Firms need variety of assets Real assets Intangible assetsObtain fund selling securities

Selling securitiesfinancial market

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Introduction to Financial

Management

Chapter 1

Forms of Business Organization Stock Prices and Shareholder Value Intrinsic Values, Stock Prices, and

Executive Compensation Important Business Trends Conflicts Between Managers,

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What is Finance? Corporate Finance (Financial Management)

Aset apa yang harus dibeli Bagaimana mencari sumber dana untuk membeli aset Bagaimana mengelola perusahaan untuk meningkatkan nilai

perusahaan Capital Market

Menentukan harga obligasi dan saham Mempelajari institusi keuangan yang memasok modal ke perusahaan

(bank, bank investasi, pialang, manajemen investasi, asuransi, dll) Lembaga pemerintah: BI, Pajak, OJK dll

Investment Keputusan sehubungan dengan saham dan obligasi:

Analisis sekuritas Teori portfolio Analisis pasarbehavioral finance

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Finance Within the Organization

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Board of Directors

Chief Executive Officer (CEO)

Chief Operating Officer (COO)

Marketing, Production, HumanResources, and Other Operating

Departments

Chief Financial Officer (CFO)

Accounting, Treasury, Credit,Legal, Capital Budgeting, and

Investor Relations


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Forms of Business Organization Proprietorship (Perusahaan Perseorangan) Partnership (Maatschap=Persekutuan)VOP atau Vennootschap Onder Firma atau Fa) CV atau Commanditaire Vennootschap Cooperative (Koperasi)Yayasan (Foundation) Corporation (Perseroan Terbatas)

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Perseroan Terbatas

PT Tertutup (Private)

Modal Dasar minimal Rp20 juta

Untuk bidang usaha tertentu bisa ditentukan berbeda

PT Terbuka (Public)

Modal Disetor minimal Rp3 milyar

Pemegang saham minimal 300 pesero

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Karakteristik PTAsosiasi Modal

Kekayaan dan utang terpisah dari kekayaan dan utang

pemegang saham Pemegang Saham

Bertanggungjawab sebatas modal yang disetor

Tidak bertanggungjawab atas kerugian PT yang

melebihi nilai saham yang diambil Tidak bertanggungjawab secara pribadi atas perikatan

yg dibuat atas nama perseroan

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Pemisahan Fungsi Pemegang Saham dan Pengurus(Direksi)

Memiliki Komisaris (minimal 1/3 komisarisindependen)

Kekuasaan Tertinggi berada di RUPS

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Proprietorships and PartnershipsAdvantages

Ease of formation Subject to few regulations No corporate income taxes

Disadvantages Difficult to raise capital Unlimited liability

Limited life

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CorporationAdvantages

Unlimited life Easy transfer of ownership Limited liability Ease of raising capital

Disadvantages Double taxation

Cost of set-up and report filing

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Stock Prices and Shareholder Value

The primary financial goal of management isshareholder wealth maximization, which translates tomaximizing stock price. Value of any asset is present value of cash flow stream to

owners. Most significant decisions are evaluated in terms of their

financial consequences.

Stock prices change over time as conditions change andas investors obtain new information about a companysprospects.

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Perusahaan memiliki berbagai departemen:marketing, produksi, SDM, dan finance

Tugas utama departmen financial adalah menilaiusulan keputusan dan mempertimbangkandampaknya terhadap harga saham kemakmuranpemegang saham

Harga saham berubah-ubah dari waktu ke waktusejalan dengan perubahan kondisi dan informasiyangdiperoleh investor.

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Stock Prices and Intrinsic Value In equilibrium, a stocks price should equal its true or

intrinsic value. Intrinsic value is a long-run concept. To the extent that investor perceptions are incorrect, a

stocks price in the short run may deviate from itsintrinsic value.

Ideally, managers should avoid actions that reduce

intrinsic value, even if those decisions increase thestock price in the short run.

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Determinants of Intrinsic Values

and Stock Prices

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True InvestorReturns TrueRisk PerceivedInvestor Returns PerceivedRisk

Managerial Actions, the EconomicEnvironment, Taxes, and the Political Climate

Stocks

Intrinsic Value

Stocks

Market Price

Market Equilibrium:Intrinsic Value = Stock Price


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Proyek suatu perusahaan akan memengaruhi hargasaham

Sulit untuk menentukan harga saham yang tepat

Persepsi vs kebenaran

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Some Important Business


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Some Important Business

Trends

Recent corporate scandals have reinforced theimportance of business ethics, and have spurredadditional regulations and corporate oversight.

Increased globalization of business. The effects of ever-improving information technology

have had a profound effect on all aspects of businessfinance.

Corporate governance

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Business EthicsWhat companies doing

Consequences of Unethical Behavior

How should employee deal with Unethical Behavior?

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Conflicts Between Managers and

Stockholders Managers are naturally inclined to act in their own

best interests (which are not always the same as theinterest of stockholders).

But the following factors affect managerial behavior: Managerial compensation packages Direct intervention by shareholders The threat of firing

The threat of takeover

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Conflicts Between Stockholders

and Bondholders Stockholders are more likely to prefer riskier projects,

because they receive more of the upside if the projectsucceeds. By contrast, bondholders receiving fixed

payments are more interested in limiting risk. Bondholders are particularly concerned about the use

of additional debt.

Bondholders attempt to protect themselves by

including covenants in bond agreements that limit theuse of additional debt and constrain managersactions.

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Documents

EFM2e, Ch 01, Slides