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Manajemen keuangan.lecture 4 min
 

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
    • Chapter 9 CapitaI-Budgeting Decision Criteria
      Finding Profitable Projects
      Payback Period
      Net Present Value
      Profitability Index (Benefit/Cost Ratio)
      Internal Rate of Return
    • 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