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  • 1. Manajemen Keuangan Ario, SST, SE Akt, MIEF
  • 2. 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
  • 3. Overview (Tidak Diujikan)
    • 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
  • 4. Chapter 13 Managing for Shareholder Value
    • Main question: How can we be sure the assets will be managed and operated so as to maximize shareholder value?
    • Who are the top creators of shareholder value?
    • Business valuation: the key to create shareholder value
      • Accounting model
      • FCF model
    • Value drivers
    • Economic Value Added
    • Paying for performance
  • 5. Value Drivers
  • 6. Who are the top creators of shareholder value? (1)
  • 7. Who are the top creators of shareholder value? (2)
    • MVA
    • Assume Invested Capital = Total Assets
  • 8. Business valuation: the key to create shareholder value (1)
    • The accounting model
    • FCF valuation model
  • 9. Business valuation: the key to create shareholder value (2)
  • 10. Value Drivers (1)
  • 11. Value Drivers (2)
  • 12. Economic Value Added (1)
    • MVA (particular point in time) Vs. EVA (specific interval of time)
  • 13. Economic Value Added (2)
    • Alternative to calculate EVA
  • 14. Paying for performance (1)
    • Basic components of compensation policy
    • Compensation program design
  • 15. Paying for performance (2)
  • 16. Ch. 14: Raising Capital in Financial Markets
    • The Financial Manager, Internal And External Funds, and Flexibility
    • The Mix of Corporate Securities Sold In The Capital Market
    • Why Financial Markets Exist
    • Financing Of Business: The Movement Of Funds Through The Economy
    • Components of The U.S. Financial Market System
    • The Investment Banker
    • More on Private Placements: The Debt Side
    • Flotation Costs
    • Regulation (self reading)
  • 17. The Financial Manager, Internal And External Funds, and Flexibility
    • At times, internally generated funds will not be sufficient to finance all of the firm's proposed expenditures. The corporation may find it necessary to attract large amounts of financial capital externally or otherwise forgo pr
    • The financial market system must be both organized and resilient.
    • Corporate profitability also plays a role in the determination of the internal-external
    • The point for the executive: As economic activity and policy shape the environment of the financial markets, financial managers must understand the meaning of the economic ups and downs and remain flexible in their decision-making processes.
  • 18. The Mix of Corporate Securities Sold In The Capital Market
    • What type of financing vehicle is most favored?
    • Interest expense is deductible
    • The after-tax cost of capital on the debt is less than that incurred on preferred stock.
    • The firm has unused debt capacity and the general level of equity prices is depressed
  • 19. Why Financial Markets Exist (1)
    • Financial markets are institutions and procedures that facilitate transactions in all types of financial claims.
    • mechanism is needed to facilitate the transfer of savings
    • allocate the supply of savings in the economy to the demanders of those savings
    • The rate of capital formation would not be as high if financial markets did not exist
  • 20. Why Financial Markets Exist (2)
  • 21. Why Financial Markets Exist (3)
  • 22. The Movement of Funds Through The Economy
  • 23. Components of The U.S. Financial Market System (1)
    • Public offering
    • Private placement
      • organized private equity market
      • organized private debt market
    • Primary markets Vs. secondary markets
    • Money market: all institutions & procedures that provide for transactions in short-term debt instruments
    • Capital market: all institutions and procedures that provide for transactions in long-term financial instruments.
    • Organized security exchanges Vs over-the-counter markets
  • 24. Components of The U.S. Financial Market System (2)
    • Stock exchange benefits:
      • Providing a continuous market
      • Establishing and publicizing fair security prices
      • Helping business raise new capital
  • 25. The Investment Banker
    • A financial specialist involved as an intermediary in the merchandising of securities
    • Functions:
      • Underwriting
      • Distributing
      • Advising
    • Floatation costs: The underwriter's spread and issuing costs associated with the issuance and marketing of new securities.
  • 26. Ch. 15: Analysis & Impact of Leverage
    • Business and Financial Risk
    • Break-even Analysis
    • Operating Leverage
    • Financial Leverage
    • Combination of Operating and Financial Leverage
  • 27. Business and Financial Risk
    • Business risk refers to the relative dispersion (variability) in the firm's expected earnings before interest and taxes (EBIT).
    • Operating leverage The incurrence of fixed operating costs in the firm's income stream.
    • Financial risk , conversely, is:
      • the additional variability in earnings available to the firm's common shareholders
      • the additional chance of insolvency borne by the common shareholder caused by the use of financial leverage
    • Financial leverage means financing a portion of the firm's assets with securities bearing a fixed (limited) rate of return in hopes of increasing the ultimate return to the common stockholders.
  • 28. Break-even Analysis (1)
    • The objective of break-even analysis is to determine the break-even quantity of output by studying the relationships among the firm's cost structure, volume of output, and profit.
    • BEP if EBIT level equal to zero
    • Fixed costs, variable costs & semi variable
  • 29. Break-even Analysis (2)
    • Total revenue
    • Contribution margin
    • BEP (in quantity)
    • BEP (in dollar)
    • Limitations BEP analysis
  • 30. Operating Leverage
    • Operating leverage arises from the firm's use of fixed operating costs.
    • The responsiveness of the firm's EBIT to fluctuation in sales
    • The greater the sales level, the lower the degree of operating leverage
  • 31. Financial Leverage (1)
    • The practice of financing a portion of the firm's assets with securities bearing a fixed rate of return in hope of increasing the ultimate return to the common shareholders.
  • 32. Financial Leverage (2)
  • 33. Combination of DOL & DFL
    • The firm that by its very nature incurs a low level of fixed operating costs might choose to use a high degree of financial leverage in the hope of increasing earnings per share and the rate of return on the common equity investment.