Manajemen keuangan.lecture 4 min
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Manajemen keuangan.lecture 4 min Manajemen keuangan.lecture 4 min Presentation Transcript

  • ManajemenKeuangan
    Ario, SST, SE Akt, MIEF
  • Overview (Diujikan)
    Part 1: The Scope And Environment Of Financial Management
    Definition of financial management
    Understanding Financial Statements, Taxes, and Cash Flows
    Evaluating a Firm's Financial Performance
    Financial Forecasting, Planning, and Budgeting
    Part 2: Valuation Of Financial Assets
    The Value of Money
    Risk and Rates of Return
    Valuation and Characteristics of Bonds
    Stock Valuation
    Part 3: Investment In Long-term Assets
    Capital Budgeting Decision Criteria
    Cash Flows and Other Topics in Capital Budgeting
    Capital Budgeting and Risk Analysis
    Cost of Capital
    Managing for Shareholder Value
  • Overview (TidakDiujikan)
    Part 4: Capital Structure And Dividend Policy
    Raising Capital in the Financial Markets
    Analysis and Impact of Leverage
    Planning the Firm's Financing Mix
    Dividend Policy and Internal Financing
    Part 5: Working-capital Management And Special Topics In Finance
    Working-Capital Management and Short-Term Financing
    Cash and Marketable Securities Management
    Accounts Receivable and Inventory Management
    Part 6: Special Topics In Finance
    Risk Management
    International Business Finance
    Corporate Restructuring: Combinations and Divestitures
    Term Loans and Leases
    View slide
  • Chapter 9 CapitaI-Budgeting Decision Criteria
    Finding Profitable Projects
    Payback Period
    Net Present Value
    Profitability Index (Benefit/Cost Ratio)
    Internal Rate of Return
    View slide
  • Payback Period
    Payback Period
    number of years needed to recover the initial cash outlay of the capital budgeting project
    ignores the time value of money
    all cash flows that occur after the payback period are ignored
    discounted payback period
    the number of years needed to recover the initial cash outlay from the discounted free cash flows.
  • Payback Period
    Positive features
    deal with free cash flows as opposed to accounting profits
    easy to visualize, quickly understood, and easy to calculate
    often used as rough screening devices to eliminate projects whose returns do not materialize until later years.
  • NPV
    the present value of the free cash flows after tax less the project's initial outlay.
    The accept-reject criterion
  • NPV
    Most favorable for the reasons that:
    Deals with free cash flows rather than accounting profits
    Sensitive to the true timing of the benefits resulting from the project
    Accepted only if a positive net present value, & it will increase the value of the firm
    Disadvantages:
    need for detailed, long-term forecasts of free cash flows
  • Profitability index (PI), or benefit/cost ratio
    The ratio of the present value of the future free cash flows to the initial outlay.
    Decision criterion:
    The net present value and profitability index criteria are essentially the same
  • Internal Rate of Return
    The discount rate that equates the present value of the inflows with the present value of the outflows.
    Decision criterion:
    If the NPV is positive, then the IRR must be greater than the required rate of return.
  • Internal Rate of Return
    The same general advantages and disadvantages as both the net present value and profitability index but has an additional disadvantage:
    being tedious to calculate if a financial calculator is not available.
    the NPV method implicitly assumes that cash flows over the life of the project can be reinvested at the project's required rate of return, whereas the use of the IRR method implies that these cash flows could be reinvested at the IRR
  • Internal Rate of Return
    Even Cash Flows
    Uneven Cash Flows
    NPV-IRR Relationship
  • Internal Rate of Return
    Multiple Rates Of Return
    Modified Internal Rate of Return (MIRR)
  • Ch. 10 Cash Flows
    Guidelines For Capital Budgeting
    An Overview Of The Calculations of A Project's Free Cash Flows
    Initial outlay
    Annual cash flow
    Terminal cash flow
    Complications In Capital Budgeting: Capital Rationing And Mutually Exclusive Projects
  • Guidelines
    Guidelines For Capital Budgeting
    Use Free Cash Flows Rather Than Accounting Profits
    Think Incrementally
    Beware Of Cash Flows Diverted From Existing Products
    Look For Incidental Or Synergistic Effects
    Work In Working-capital Requirements
    Consider Incremental Expenses
    Remember That Sunk Costs Are Not Incremental Cash Flows
    Account For Opportunity Costs
    Decide If Overhead Costs Are Truly Incremental Cash Flows
    Ignore Interest Payments And Financing Flows
  • Free Cash Flow
    Initial outlay: the immediate cash outflow necessary to purchase the asset and put it in operating order.
    Tax Effects-sale of Old Machine
  • Free Cash Flow
    Annual Free Cash Flows
    Accounting For Interest
    Accounting For Depreciation And Taxes
    Depreciation Calculation
    Working Capital
    Why Accounting Income Doesn't Measure Up?
    Terminal Cash Flow
  • Capital rationing
    A limit on the dollar size of the capital budget.
    Indivisible project
    Rationale
    Project Selection: the highest net present value
    Choose A & C
  • Project Ranking
    Mutually Exclusive Projects
    Problems (conflicting)
    Size Disparity
    Time Disparity
    Unequal Lives
  • OPTIONS IN CAPITAL BUDGETING
    Potential to be modified after some future uncertainty has been resolved
    The option to
    Delay
    Expand
    Abandon
    The Bottom Line: Because of the potential to be modified in the future after some future uncertainty has been resolved, we may find that a project with a negative net present value based upon its expected free cash flows is a "good" project and should be accepted