Manajemen keuangan.lecture 1 min


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Manajemen keuangan.lecture 1 min

  1. 1. ManajemenKeuangan<br />Ario, SST, SE Akt, MIEF<br />
  2. 2. Overview (Diujikan)<br />Part 1: The Scope And Environment Of Financial Management<br />Definition of financial management<br />Understanding Financial Statements, Taxes, and Cash Flows<br />Evaluating a Firm's Financial Performance<br />Financial Forecasting, Planning, and Budgeting<br />Part 2: Valuation Of Financial Assets<br />The Value of Money<br />Risk and Rates of Return<br />Valuation and Characteristics of Bonds<br />Stock Valuation<br />Part 3: Investment In Long-term Assets<br />Capital Budgeting Decision Criteria<br />Cash Flows and Other Topics in Capital Budgeting<br />Capital Budgeting and Risk Analysis<br />Cost of Capital<br />Managing for Shareholder Value<br />
  3. 3. Overview (TidakDiujikan)<br />Part 4: Capital Structure And Dividend Policy<br />Raising Capital in the Financial Markets<br />Analysis and Impact of Leverage<br />Planning the Firm's Financing Mix<br />Dividend Policy and Internal Financing<br />Part 5: Working-capital Management And Special Topics In Finance<br />Working-Capital Management and Short-Term Financing<br />Cash and Marketable Securities Management<br />Accounts Receivable and Inventory Management<br />Part 6: Special Topics In Finance<br />Risk Management<br />International Business Finance<br />Corporate Restructuring: Combinations and Divestitures<br />Term Loans and Leases<br />
  4. 4. Chapter 1<br />What Is Finance?<br /><ul><li>Financial management is concerned with the maintenance and creation of economic value or wealth</li></ul>Goal Of The Firm<br /><ul><li>maximization of shareholder wealth Vs. profit maximization
  5. 5. weaknesses of profit maximization (Kk, time, risk)</li></ul>Legal Forms Of Business Organization<br /><ul><li>sole proprietorship
  6. 6. Partnership
  7. 7. corporation</li></ul>Ten Principles That Form The Basics Of Financial Management<br />Finance And The Multinational Firm: The New Role<br /><ul><li>forced to look beyond our country's borders</li></li></ul><li>Ten Principles<br />PRINCIPLE 1: The Risk-Return Trade-Off-We won't take on additional risk unless we expect to be compensated with additional return<br />PRINCIPLE 2: The Time Value of Money-A dollar received today is worth more than a dollar received in the future<br />PRINCIPLE 3: Cash-Not Profits-Is King<br />PRINCIPLE 4: Incremental Cash Flows-It's only what changes that counts<br />PRINCIPLE 5: The Curse of Competitive Markets-Why it's hard to find exceptionally profitable projects<br />PRINCIPLE 6: Efficient Capital Markets-The markets are quick and the prices are right<br />PRINCIPLE 7: The Agency Problem-Managers won't work for owners unless it's in their best interest<br />PRINCIPLE 8: Taxes Bias Business Decisions<br />PRINCIPLE 9: All Risk Is Not Equal-Some risk can be diversified away, and some cannot<br />PRINCIPLE 10: Ethical behavior is doing the right thing, and ethical dilemmas are everywhere in finance<br />
  8. 8. Chapter 2<br />The Income Statement: Measuring A Company's Profits<br /><ul><li>Revenues -> COGS -> gross profit -> operating expenses -> EBIT -> financing costs (excluding C/S dividend) -> EBT -> Tax Expenses -> Net Income</li></ul>The Balance Sheet: Measuring A Firm's Book Value<br /><ul><li>Current asset or liabilities
  9. 9. Non-current asset or liabilities
  10. 10. Net working capital
  11. 11. Sources of financing</li></ul>Computing A Company's Taxes<br /><ul><li>taxable incomes & deductible expenses
  12. 12. marginal tax rates and average tax rate</li></ul>Measuring Free Cash Flows<br /><ul><li>An Asset Perspective: EBITDA - ∆ LT Assets - ∆ Net Operating Working Capital
  13. 13. Financing Perspective: </li></ul>Financial Statements And International Finance<br />
  14. 14. Chapter 3<br />Financial Ratio Analysis (Brealey)<br /><ul><li>Common-size income statement (percentage of revenue) and common-size balance sheet (percentage of total asset)
  15. 15. Leverage ratios
  16. 16. Debt Ratio
  17. 17. Times Interest Earned Ratio
  18. 18. Cash Coverage Ratio
  19. 19. Liquidity Ratios
  20. 20. Quick (or Acid-Test) Ratio
  21. 21. Current Ratio
  22. 22. Net Working Capital to Total Assets Ratio
  23. 23. Efficiency Ratios
  24. 24. Asset Turnover Ratio
  25. 25. Average Collection Period
  26. 26. Inventory Turnover Ratio
  27. 27. Profitability Ratios
  28. 28. Net Profit Margin
  29. 29. Return on Assets (ROA)
  30. 30. Return on Equity (ROE)
  31. 31. Payout Ratio</li></li></ul><li>Chapter 3<br />Financial Ratios (Keown):<br />Firm liquidity<br />Operating profitability<br />Financing decisions<br />ROE<br />Dupont Analysis<br />Limitations of ratio analysis<br />Difficult to identify the industry group to which a firm belongs<br />Published industry averages are only approximations<br />Accounting practices differ widely among firms<br />Industry average may not a target ratio<br />Many firms experience seasonality in their operation<br />
  32. 32. Chapter 3 (cont’d)<br />The DuPont Analysis: An Integrative Approach to Ratio Analysis<br />“A breakdown of ROE and ROA into component ratios”<br />
  33. 33. Chapter 4<br />Financial Forecasting<br />Is used to estimate a firm’s future financial needs.<br />Steps:<br />Forecast the firm’s sales revenues & expenses over planning period<br />Estimate the level of investment in current & fixed assets necessary to support the forecasted sales (using Percent of Sales Method)<br />Determine the firm’s financing needs (Spontaneous and Discretionary Sources of Financing)<br />The Discretionary Financing Needed (DFN)<br />DFNt+1 = Projected ∆ in assets t+1 - Projected ∆ in liabilities t+1 - Projected ∆ in <br /> owners’ equity t+1<br />Projected ∆ in owners’ equity t+1 = [Net Profit Margin t+1 × sales t+1 ] × (1-b)<br />
  34. 34. Chapter 4 (cont’d)<br />Limitations of the Percent of Sales Forecast Method<br />Pitfalls:<br />only a rough approximation and is not very detailed<br />Economies of scale<br />lumpy assets<br />The Sustainable Rate of Growth(the maximum growth rate of sales that the firm can sustain whle maintaining its present capital structure dan without having to sell new C/S)<br />Financial Planning and Budgeting<br />Budget functions:<br />Amount and timing of the firm’s need for future financing<br />Basis for corrective action<br />Performance evaluation<br />Cash budget: a detailed plan of future cash receipt and disbursements<br />
  35. 35. Projected B/S and I/S<br />
  36. 36. Chapter 4 (cont’d)<br />