2. Prof.Dr.H.Syamsu Alam,SE,M.Si,CIPM,CWM
GURU BESAR FAKULTAS EKONOMI JURUSAN
MANAJEMEN
ALAMAT: KOMPLEKS UNHAS BLOK AC/22
TAMALANREA MAKASSAR
TLP HP.0812 422 7595 Email; Syamsu.alam60@yahoo.co
Jl C. Simanjuntak N0 645 gang baladewa gk V
Yogyakarta (Nired)
Nired-yogya@yahoo.co.Id
4. LUCK Institutional Factors
- Equity analysts
- Ratings agencies
The Economy
- Interest rate
- Inflation
- Exchange rate
THE
FINANCING
DECISION
*Debt vs. equity
Debt/equity-mix
Financing needs
- from retained earnings
- from new equity
- from new debt
THE DIVIDEND
DECISIONS
How much do you
return to your
stockholders?
Cost of capital
Risk;
Beta
Cash flows from
operations
THE ALLOCATION DECISION
* How do you want to allocate
resources?
(capital budgeting)
Earning & cash flows Dividends
MARKET EXPECTATIONS
* Of growth in earnings and cash flows from firm
* Of dividends payouts
PREMIUM FOR RISK
E(R) = Risk-free rate + Risk premium
MARKET PRICE/VALUE
Investor Observe
Form Expectations
Correct for risk
And then react
5. Financial Management Axioms
1) Risk - return trade-off
2) Time value of money
3) Cash - not profits - is king
4) Incremental cash flows count
5) The curse of competitive markets
6) Efficient capital markets
7) The agency problem
8) Taxes bias business decisions
9) All risk is not equal
10) Ethical dilemmas are everywhere in
finance
8. Fixed Claim
Tax Deductible
High Priority in Financial Trouble
Fixed Maturity
No Management control
DEBT vs. EQUITY
Residual Claim
Non Tax Deductible
Lowest Priority in Financial
Trouble
Infinity Life
Management Control
DEBT EQUITY
HYBRID
SECURITIES
9. Utang Tanpa Utang
Penjualan Rp.100.000 Rp.100.000
HPP “ 50.000 50.000
EBIT Rp. 50.000 50.000
I (bunga) 20.000 -
EBT 30.000 50.000
T (pajak:50%) 15.000 25.000
EAT 15.000 25.000
10. Goal of the Firm
1) Profit Maximization?
this goal ignores:
a) TIMING of Returns
b) UNCERTAINTY of
Returns
11. Goal of the Firm
2) Shareholder Wealth
Maximization?
this is the same as:
a) Maximizing Firm Value
b) Maximizing Stock Price
12. Ownership vs. Management
Difference in
Information :
Stock prices and
returns
Issues of shares and
other securities
Dividends
Financing
Difference in
Objectives
Top mgmt vs.
operating mgmt
Managers vs.
stockholders
Stockholders vs.
banks and lenders
25. Primary Market
• Market in which new
issues of a security are
sold to initial buyers.
The Corporation and
Financial Markets
26. Primary Market
• Market in which new
issues of a security are
sold to initial buyers.
Secondary Market
The Corporation and
Financial Markets
27. Primary Market
• Market in which new
issues of a security are
sold to initial buyers.
Secondary Market
• Market in which previously
issued securities are
traded.
The Corporation and
Financial Markets
28. Initial Public Offering
(IPO)
The Corporation and
Financial Markets
29. Initial Public Offering (IPO)
The first time the firm’s stock is
sold to the general public.
The Corporation and
Financial Markets
30. Initial Public Offering (IPO)
The first time the firm’s stock is
sold to the general public.
Seasoned New Issue
The Corporation and
Financial Markets
31. Initial Public Offering (IPO)
The first time the firm’s stock is
sold to the general public.
Seasoned New Issue
A new stock offering by a firm
that already has stock that is
traded in the secondary market.
The Corporation and
Financial Markets
34. KEPUTUSAN INVESTASI
CASH FLOW DISCOUNT
• Cash Flow Cost of Equity
to Equity
• Cash Flow Cost Of Capital
to firm
INVESTMENT YIELDS
• Equity NPV to Equity
Investment IRR to Equity
• Total NPV to firm
IRR to Firm
35. Investor
Beli/Jual Saham
Membuka Rekening di A/B
Memberikan Amanat (Order)
BURSA
Amanat (Order)
dilaksanakan (T+0)
Konfirmasi Tertulis
Terjadinya Transaksi
Perusahaan Pialang A/B
Investor
Terima saham/uang (T+5)
Menerima saham/uang
dari KDEI (T+5)
Menyerahkan Saham/uang
ke KDEI(T+4)
KDEI
PROSES PERDAGANGAN SAHAM DI BEJ
37. PENAWARAN UMUM (PUBLIC OFFERING)
SEBELUM EMISI
INTERN
PERUSAHAAN BAPEPAM
PASAR PRIMER
(IPO)
EMISI SESUDAH EMISI
PASAR
SEKUNDER
PELARORAN
1.LAPORAN
BERKALA
2.LAPORAN
KEJADIAN
PENTING
1.PERDAGANGAN
2.PENCATATAN
1.PENAWARAN OLEH
UNDERWRITER
2.PENJATAHAN PADA
INVESTOR
3.PENYERAHAN EFEK
PADA INVESTOR
1.PENYAMPAIAN PERNYATAAN
OLEH EMITEN
2.EXPOSE DI BAPEPAM
3.TANGGAPAN
4.KOMENTAR TERTULIS DALAM
WAKTU 45 HARI
5.PENDAFTARAN EFEKTIF
1.RENCANA GO PUBLIC
2.PENUNJUKAN UNDERWRITER
3.PERSIAPAN DOKUMEN
4.KONTRAK PENDAHULUAN (JSX)
5.PUBLIC EXPOSE
38. UNSUR-UNSUR
POKOK
PASAR MODAL
ADANYA EMITEN
ADANYA INVESTOR
ADANYA PEDAGANG PERANTARA
(PRINSIP GOOD DELIVERY AND FUND)
ADANYA LEMBAGA YANG
MEMPERTEMUKAN
EMITEN DAN INVESTOR
ADANYA UNDERWRITER
ADANYA PROFESI/LEMBAGA
PENUNJANG
39. BULL & BEAR OPTIMIS DAN PESIMIS A BULL SEORANG
YANG BERPENDAPAT BAHWA PASAR & SAHAM
KHUSUS AKAN MENGALAMI KENAIKAN DAN
A BEAR KEADAAN SEBALIKNYA
CATS AND DOGS : SAHAM-SAHAM YANG SANGAT SPEKULATIF DAN
KUALITASNYA DIRAGUKAN
CUT A MELON : ADA PEMBAYARAN DIDIDEND EXTRA
TAKE A BATH : MENDERITA KERUGIAN YANG BESAR
SHORT SELLING : MENJUAL SAHAM YANG SAMA SEKALI TIDAK
DIMILIKINYA
MARGIN BUYING : MEMBELI SAHAM DENGAN HARAPAN
HARGA NAIK
42. ALIRAN SAHAM DAN UANG
PADA TRANSAKSI DI BURSA EFEK JAKARTA
BIRO
ADMINISTRASI
EFEK
EMITEN
UNDERWRITER
PIALANG
BELI
PEMODAL
BELI
PIALANG
JUAL
PEMODAL
JUAL
BURSA EFEK
JAKARTA
KASTODIAN
DEPOSITORY
EFEK INDONESIA
(KDEI)
PASAR
PERDANA
PASAR
SECUNDER
UANG
UANG
UANG
UANG
SAHAM SAHAM
SAHAM
SAHAM
JASA
ADMINISTRASI
SAHAM
43. ADVANTAGE
GOING PUBLIC
TOTHECOMPANY :
RAISE INITIAL CAPITAL
STOCK VALUE APPRETIATION
BROADER EQUITY BASE
IMPROVEMENT IN CORPORATE
IMAGE
TO THE FOUNDERS :
OPPORTUNITYTODIVERSIFYTHEIRPERSONAL
INVESTMENTPORTFOLIO
MINIMIZINGESTATETAX PROBLEM
FORTHEENTIRECOMMUNITYOFTHECOMPANY:
(EMPLOYEEANDMANAGEMENT)
