49 p1 manajemen keuangan 1_ the role of managerial finance and the financial market environment (9 sep 2019)

MANAJEMEN KEUANGAN 1
(P1: The Role of Managerial Finance and The Financial Market
Environment)
Prof. Dr. H. Aminullah Assagaf, SE., MS., MM., M.Ak
Email : assagaf29@yahoo.com
Hp : 628113543409
Jakarta, September 2019

REFERENCE
Principles of Managerial Finance
13th edition, Pearson, Addison Wesley Publishing Company. 2012
by : Gitman, Lawrence J. and Zutter, Chad J.

• P7: Review
• P8: Mid-Term Examination
P7 & P8

P14 & P15
• P14: Review
• P15: Final Examination

Manajemen Keuangan 1
1. Ch. 1, 2 = P1…The role of managerial finance & The financial market
invironment
2. Ch. 3 = P2, P3 …Financial statement and ratio analysis
3. Ch. 4 = P4, P5… Cash flow and financial planning
4. Ch. 8 = P6 …Risk and return
Review, UTS = P7, P8
1. Ch. 5 = P9, P10 …Time value of money
2. Ch. 15 = P11, P12 …Working capital and current assets management
3. Ch. 16 = P13 …Current liabilities management
Review, UAS = P14, P15

SAP – Manajemen Keuangan 1
Pertemuanke Topi k Tugas
1 1. THE ROLE OF MANAGERIAL FINANCE
2. Finance and Business
3. Goal of the Firm
4. Managerial Finance Function
5. Governance and Agency
6. THE FINANCIAL MARKET ENVIRONMENT
7. Financial Institutions and Markets
8. The Financial Crisis
9. Regulation of Financial Institutions
10. Business Taxes
2 1. FINANCIAL STATEMENTS AND RATIO ANALYSIS
2. The Stockholders' Report
3. Using Financial Ratios
4. Liquidity Ratios
5. Activity Ratios

Pertemuanke Topik Tugas
3 1. FINANCIAL STATEMENTS AND RATIO ANALYSIS
2. Debt Ratios
3. Profitability Ratios
4. Market Ratios
5. A Complete Ratio Analysis
4 1. CASH FLOW AND FINANCIAL MANAGEMENT
2. Analyzing the Firm's Cash Flow
3. The Financial Planning Process
4. Cash Planning : Cash Budgets
5 1. CASH FLOW AND FINANCIAL MANAGEMENT
2. Profit Planning : Pro Forma Statements
3. Preparing The Pro Forma Income Statement
4. Preparing The Pro Forma Balance Sheet
5. Evaluating of pro Forma Statements

Pertemuanke Topik Tugas
6 1. RISK & RETURN
2. Risk & Return Fundamentals
3. Risk of a Single Asset
4. Risk of a Portfolio
5. Risk & Return: the Capital Asset Pricing Model (CAPM)
7 1. Review
8 1. Mid-Term Examination
9 1. TIME VALUE OF MONEY
2. The Role of Time Value in Finance
3. Single Amounts
4. Annuities
10 1. TIME VALUE OF MONEY
2. Mixed Streams
3. Compounding interest more frequently than annually
4. Special Applications of Time Value

1.1 Finance and Business
The field of finance is broad and dynamic. Finance influences everything that firms
do, from hiring personnel to building factories to launching new advertising
campaigns. Because there are important financial dimensions to almost any aspect
of business, there are many financially oriented career opportunities for those who
understand the basic principles of finance described in this textbook.
Even if you do not see yourself pursuing a career in finance, you’ll find that an
understanding of a few key ideas in finance will help make you a smarter consumer
and a wiser investor with your own money.

1.1 Finance and Business
WHAT IS FINANCE?
Finance can be defined as the science and art of managing money. At the personal level, finance is
concerned with individuals’ decisions about how much of their earnings they spend, how much
they save, and how they invest their savings. In a business context, finance involves the same
types of decisions: how firms raise money from investors, how firms invest money in an attempt
to earn a profit, and how they decide whether to reinvest profits in the business or distribute
them back to investors. The keys to good financial decisions are much the same for businesses
and individuals, which is why most students will benefit from an understanding of finance
regardless of the career path they plan to follow.
Learning the techniques of good financial analysis will not only help you make better financial
decisions as a consumer, but it will also help you understand the financial consequences of the
important business decisions you will face no matter what career path you follow.

CAREER OPPORTUNITIES IN FINANCE
Careers in finance typically fall into one of two broad categories: (1) financial services and (2) managerial finance.
Workers in both areas rely on a common analytical “tool kit,” but the types of problems to which that tool kit is
applied vary a great deal from one career path to the other.
Financial Services
Financial services is the area of finance concerned with the design and delivery of advice and financial products to
individuals, businesses, and governments. It involves a variety of interesting career opportunities within the areas
of banking, personal financial planning, investments, real estate, and insurance.
Managerial Finance
Managerial finance is concerned with the duties of the financial manager working in a business. Financial managers
administer the financial affairs of all types of businesses—private and public, large and small, profit seeking and not
for profit. They perform such varied tasks as developing a financial plan or budget, extending credit to customers,
evaluating proposed large expenditures, and raising money to fund the firm’s operations. In recent years, a number
of factors have increased the importance and complexity of the financial manager’s duties.
These factors include the recent global financial crisis and subsequent responsesby regulators, increased
competition, and technological change. For example, globalization has led U.S.

1.2 Goal of the Firm
What goal should managers pursue? There is no shortage of possible answers to
this question. Some might argue that managers should focus entirely on satisfying
customers. Progress toward this goal could be measured by the market share
attained by each of the firm’s products. Others suggest that managers must first
inspire and motivate employees; in that case, employee turnover might be the key
success metric to watch. Clearly the goal that managers select will affect many of
the decisions that they make, so choosing an objective is a critical determinant of
how businesses operate.

MAXIMIZE SHAREHOLDER WEALTH
Finance teaches that managers’ primary goal should be to maximize the wealth of the firm’s owners—the
stockholders. The simplest and best measure of stockholder wealth is the firm’s share price, so most
textbooks (ours included) instruct managers to take actions that increase the firm’s share price.
MAXIMIZE PROFIT?
It might seem intuitive that maximizing a firm’s share price is equivalent to maximizing its profits, but that is
not always correct.
Corporations commonly measure profits in terms of earning It might seem intuitive that maximizing a firm’s
share price is equivalent to maximizings per share (EPS), which represent the amount earned during the
period on behalf of each outstanding share of common stock. EPS are calculated by dividing the period’s
total earnings available for the firm’s common stockholders by the number of shares of common stock
outstanding.

THE ROLE OF BUSINESS ETHICS
Business ethics are the standards of conduct (tingkah laku) or moral judgment that apply to
persons engaged in commerce. Violations (melanggar) of these standards in finance involve
avariety of actions: “creative accounting,” earnings management, misleading financial forecasts,
insider trading, fraud, excessive executive compensation, options backdating, bribery, and
kickbacks. The financial press has reported many such violations in recent years, involving such
well-known companies as

Moral dan Etika
Moral
Moral adalah aturan kesusilaan, yang meliputi semua norma kelakuan, perbuatan tingkah laku yang
baik. Penentuan baik atau buruk, benar atau salah tentunya berdasarkan norma sebagai ukuran.
Pengertian Norma adalah kaidah, pedoman, acuan, dan ketentuan berperilaku dan berinteraksi antar manusia di
dalam suatu kelompok masyarakat.
Pengertian akhlak adalah suatu sifat atau perangai yang melekat pada diri seseorang yang tercermin dari tindakan
dan perbuatan orang tersebut dalam kehidupannya sehari-hari
Etika
Pengertian Etika Secara Umum dan Menurut Para Ahli – Etika (dalam bahasa Yunani Kuno: “ethikos”, berarti
“timbul dari kebiasaan”) adalah sebuah sesuatu di mana dan bagaimana cabang utama filsafat yang mempelajari
nilai atau kualitas yang menjadi studi mengenai standar dan penilaian moral. Etika mencakup analisis dan
penerapan konsep seperti benar, salah, baik, buruk, dan tanggung jawab.
Etika dan Miral memiliki arti yang sama akan tetapi untuk pemakaiannya di dalam kehidupan sehari-
hari sedikit berbeda, Moral di gunakan untuk perilaku/perbuatan yang sedang di nilai. Sedangkan
Etika di lakukan dengan system nilai yang ada.

1.3 Managerial Finance Function
People in all areas of responsibility within the firm must interact with finance personnel and
procedures to get their jobs done. For financial personnel to make useful forecasts and
decisions, they must be willing and able to talk to individuals in other areas of the firm. For
example, when considering a new product, the financial manager needs to obtain sales
forecasts, pricing guidelines, and advertising and promotion budget estimates from marketing
personnel. The managerial finance function can be broadly described by considering its role
within the organization, its relationship to economics and accounting, and the primary
activities of the financial manager.

ORGANIZATION OF THE FINANCE FUNCTION
The size and importance of the managerial finance function depend on the size
of the firm. In small firms, the finance function is generally performed by the
accounting department. As a firm grows, the finance function typically evolves
into a separate department linked directly to the company president or CEO
through the chief financial officer (CFO).

RELATIONSHIP TO ECONOMICS
The field of finance is closely related to economics. Financial managers must
understand the economic framework and be alert to the consequences of varying
levels of economic activity and changes in economic policy. They must also be able to
use economic theories as guidelines for efficient business operation. Examples
include supply-and-demand analysis, profit-maximizing strategies, and price theory.
The primary economic principle used in managerial finance is marginal cost–benefit
analysis, the principle that financial decisions should be made and actions taken only
when the added benefits exceed the added costs. Nearly all financial decisions
ultimately come down to an assessment of their marginal benefits and marginal
costs.

RELATIONSHIP TO ACCOUNTING
The firm’s finance and accounting activities are closely related and generally
overlap. In small firms accountants often carry out the finance function, and in
large firms financial analysts often help compile accounting information.
However, there are two basic differences between finance and accounting;
one is related to the emphasis (mengutamakan) on cash flows and the other
to decision making.

PRIMARY ACTIVITIES OF THE FINANCIAL MANAGER
In addition to ongoing involvement in financial analysis and planning, the financial
manager’s primary activities are making investment and financing decisions.
Investment decisions determine what types of assets the firm holds. Financing
decisions determine how the firm raises money to pay for the assets in which it
invests. One way to visualize the difference between a firm’s investment and
financing decisions is to refer to the balance sheet shown in Figure 1.3. Investment
decisions generally refer to the items that appear on the left-hand side of the
balance sheet, and financing decisions relate to the items on the right-hand side.
Keep in mind, though, that financial managers make these decisions based on their
impact on the value of the firm, not on the accounting principles used to construct
a balance sheet.

1.4 Governance and Agency
As noted earlier, the majority of owners of a corporation are normally distinct from its
managers. Nevertheless, managers are entrusted to only take actions or make decisions
that are in the best interests of the firm’s owners, its shareholders. In most cases, if
managers fail to act on the behalf of the shareholders, they will also fail to achieve the goal
of maximizing shareholder wealth. To help ensure that managers act in ways that are
consistent with the interests of shareholders and mindful of obligations to other
stakeholders, firms aim to establish sound corporate governance practices.

CORPORATE GOVERNANCE
Corporate governance refers to the rules, processes, and laws by which companies are
operated, controlled, and regulated. It defines the rights and responsibilities of the
corporate participants such as the shareholders, board of directors, officers and
managers, and other stakeholders, as well as the rules and procedures for making
corporate decisions. A well-defined corporate governance structure is intended to
benefit all corporate stakeholders by ensuring that the firm is run in a lawful and
ethical fashion, in accordance with best practices, and subject to all corporate
regulations. A firm’s corporate governance is influenced by both internal factors such
as the shareholders, board of directors, and officers as well as external forces such as
clients, creditors, suppliers, competitors, and government regulations. The corporate
organization, depicted in Figure 1.1 on page 8, helps to shape a firm’s corporate
governance structure. In particular, the stockholders elect a board of directors, who in
turn hire officers or managers to operate the firm in a manner consistent with the
goals, plans, and policies established and monitored by the board on behalf of the
shareholders.

REVIEW QUESTIONS
1–1 What is finance? Explain how this field affects all of the activities in which businesses engage.
1–2 What is the financial services area of finance? Describe the field of managerial finance.
1–3 Which legal form of business organization is most common? Which form is dominant in terms of
business revenues?
1–4 Describe the roles and the basic relationships among the major parties in a corporation—
stockholders, board of directors, and managers. How are corporate owners rewarded for the risks
they take?
1–5 Briefly name and describe some organizational forms other than corporations that provide
owners with limited liability.
1–6 Why is the study of managerial finance important to your professional life regardless of the
specific area of responsibility you may have within the business firm? Why is it important to your
personal life?

REVIEW QUESTIONS
1–7 What is the goal of the firm and, therefore, of all managers and employees? Discuss how one
measures achievement of this goal.
1–8 For what three basic reasons is profit maximization inconsistent with wealth maximization?
1–9 What is risk? Why must risk as well as return be considered by the financial manager who is
evaluating a decision alternative or action?
1–10 Describe the role of corporate ethics policies and guidelines, and discuss the relationship
that is believed to exist between ethics and share price.

REVIEW QUESTIONS
1–11 In what financial activities does a corporate treasurer engage?
1–12 What is the primary economic principle used in managerial finance?
1–13 What are the major differences between accounting and finance with respect to
emphasis on cash flows and decision making?
1–14 What are the two primary activities of the financial manager that are related to the
firm’s balance sheet?

REVIEW QUESTIONS
1–15 What is corporate governance? How has the Sarbanes-Oxley Act of 2002 affected it?
Explain.
1–16 Define agency problems, and describe how they give rise to agency costs. Explain how a
firm’s corporate governance structure can help avoid agency problems.
1–17 How can the firm structure management compensation to minimize agency problems?
What is the current view with regard to the execution of many compensation plans?
1–18 How do market forces—both shareholder activism and the threat of takeover—act to
prevent or minimize the agency problem? What role do institutional investors play in
shareholder activism?

Excesrsice: E1–1
Ann and Jack have been partners for several years. Their firm, A & J Tax
Preparation, has been very successful, as the pair agree on most business-related
questions. One disagreement, however, concerns the legal form of their business.
Ann has tried for the past 2 years to get Jack to agree to incorporate. She believes
that there is no downside to incorporating and sees only benefits. Jack strongly
disagrees; he thinks that the business should remain a partnership forever.
First, take Ann’s side, and explain the positive side to incorporating the business.
Next, take Jack’s side, and state the advantages to remaining a partnership.
Lastly, what information would you want if you were asked to make the decision for
Ann and Jack?

PROBLEMS: P1–1
Liability comparisons Merideth Harper has invested $25,000 in Southwest Development Company.
The firm has recently declared bankruptcy and has $60,000 in unpaid debts. Explain the nature of
payments, if any, by Ms. Harper in each of the following situations.
a. Southwest Development Company is a sole proprietorship owned by Ms. Harper.
b. Southwest Development Company is a 50–50 partnership of Ms. Harper and Christopher Black.
c. Southwest Development Company is a corporation.

P1–2
Accrual income versus cash flow for a period Thomas Book Sales, Inc., supplies textbooks to
college and university bookstores. The books are shipped with a proviso that they must be
paid for within 30 days but can be returned for a full refundcredit within 90 days. In 2009,
Thomas shipped and billed book titles totaling$760,000. Collections, net of return credits,
during the year totaled $690,000. The company spent $300,000 acquiring the books that it
shipped.
a. Using accrual accounting and the preceding values, show the firm’s net profit for the past
year.
b. Using cash accounting and the preceding values, show the firm’s net cash flow for the past
year.
c. Which of these statements is more useful to the financial manager? Why?

P1–3
Cash flows It is typical for Jane to plan, monitor, and assess her financial position using cash flows
over a given period, typically a month. Jane has a savings account, and her bank loans money at
6% per year while it offers short-term investment rates of 5%. Jane’s cash flows during August
were as follows:
a. Determine Jane’s total cash inflows and cash outflows.
b. Determine the net cash flow for the month of August.
c. If there is a shortage, what are a few options open to Jane?
d. If there is a surplus, what would be a prudent strategy for her to follow?

P1–4
Marginal cost–benefit analysis and the goal of the firm Ken Allen, capital budgeting
analyst for Bally Gears, Inc., has been asked to evaluate a proposal. The manager of
the automotive division believes that replacing the robotics used on the heavy truck
gear line will produce total benefits of $560,000 (in today’s dollars) over the next 5
years. The existing robotics would produce benefits of $400,000 (also in today’s
dollars) over that same time period. An initial cash investment of $220,000 would be
required to install the new equipment. The manager estimates that the existing
robotics can be sold for $70,000. Show how Ken will apply marginal cost–benefit
analysis techniques to determine the following:
a. The marginal (added) benefits of the proposed new robotics.
b. The marginal (added) cost of the proposed new robotics.
c. The net benefit of the proposed new robotics.
d. What should Ken Allen recommend that the company do? Why?
e. What factors besides the costs and benefits should be considered before the final
decision is made?

P1–5
Identifying agency problems, costs, and resolutions Explain why each of the following
situations is an agency problem and what costs to the firm might result from it. Suggest how
the problem might be dealt with short of firing the individual(s) involved.
a. The front desk receptionist routinely takes an extra 20 minutes of lunch time to run
personal errands.
b. Division managers are padding cost estimates so as to show short-term efficiency gains
when the costs come in lower than the estimates.
c. The firm’s chief executive officer has had secret talks with a competitor about the
possibility of a merger in which she would become the CEO of the combined firms.
d. A branch manager lays off experienced full-time employees and staffs customer service
positions with part-time or temporary workers to lower employment costs and raise this
year’s branch profit. The manager’s bonus is based on profitability.
P1–6
ETHICS PROBLEM What does it mean to say that managers should maximize shareholder
wealth “subject to ethical constraints”? What ethical considerationsmight enter into
decisions that result in cash flow and stock price effects that are less than they might
otherwise have been?

2.1 Financial Institutions and Markets
Most successful firms have ongoing needs for funds. They can obtain funds from external
sources in three ways. The first source is through a financial institution that accepts savings
and transfers them to those that need funds. A second source is through financial markets,
organized forums in which the suppliers and demanders of various types of funds can make
transactions. A third source is through private placement. Because of the unstructured
nature of private placements, here we focus primarily on the role of financial institutions and
financial markets in facilitating business financing.

FINANCIAL INSTITUTIONS
Financial institutions serve as intermediaries by channeling the savings of
individuals, businesses, and governments into loans or investments. Many
financial institutions directly or indirectly pay savers interest on deposited
funds; others provide services for a fee (for example, checking accounts for
which customers pay service charges). Some financial institutions accept
customers’ savings deposits and lend this money to other customers or to
firms; others invest customers’ savings in earning assets such as real estate or
stocks and bonds; and some do both. Financial institutions are required by the
government to operate within established regulatory guidelines.

COMMERCIAL BANKS, INVESTMENT BANKS, AND THE SHADOW BANKING
SYSTEM
• Commercial banks, Institutions that provide savers with a secure
place to invest their funds and that offer loans to individual and
business borrowers.
• Investment banks, Institutions that assist companies in raising capital,
advise firms on major transactions such as mergers or financial
restructurings, and engage in trading and market making activiti
• Shadow banking system, A group of institutions that engage in
lending activities, much like traditional banks, but do not accept
deposits and therefore are not subject to the same regulations as
traditional banks.

Flow of Fund, Financial Institution and Market

PROBLEMS
P2–1
Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a
major line of sporting goods. During 2010 the firm earned $92,500 before taxes.
a. Calculate the firm’s tax liability using the corporate tax rate schedule given in Table 2.1.
b. How much are Tantor Supply’s 2010 after-tax earnings?
c. What was the firm’s average tax rate, based on your findings in part a?
d. What is the firm’s marginal tax rate, based on your findings in part a?

PROBLEM
P2–2
Average corporate tax rates Using the corporate tax rate schedule given in Table 2.1, perform the
following:
a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of
corporate earnings before taxes: $10,000; $80,000; $300,000; $500,000; $1.5 million; $10 million; and
$20 million.
b. Plot the average tax rates (measured on the y axis) against the pretax income levels (measured on the
x axis). What generalization can be made concerning the relationship between these variables?

P2–3
Marginal corporate tax rates Using the corporate tax rate schedule given in Table 2.1, perform the following:
a. Find the marginal tax rate for the following levels of corporate earnings before taxes: $15,000; $60,000; $90,000;
$200,000; $400,000; $1 million; and $20 million.
b. Plot the marginal tax rates (measured on the y axis) against the pretax income levels (measured on the x axis).
Explain the relationship between these variables.
P2–4
Interest versus dividend income During the year just ended, Shering Distributors, Inc., had pretax earnings from
operations of $490,000. In addition, during the year it received $20,000 in income from interest on bonds it held in Zig
Manufacturing and received $20,000 in income from dividends on its 5% common stock holding in Tank Industries,
Inc. Shering is in the 40% tax bracket and is eligible for a 70% dividend exclusion on its Tank Industries stock.
a. Calculate the firm’s tax on its operating earnings only.
b. Find the tax and the after-tax amount attributable to the interest income from Zig Manufacturing bonds.
c. Find the tax and the after-tax amount attributable to the dividend income from the Tank Industries, Inc., common
stock.
d. Compare, contrast, and discuss the after-tax amounts resulting from the interest income and dividend income
calculated in parts b and c.
e. What is the firm’s total tax liability for the year?

P2–5
Interest versus dividend expense Michaels Corporation expects earnings before interest
and taxes to be $40,000 for the current period. Assuming an ordinary tax rate of 40%,
compute the firm’s earnings after taxes and earnings available for common stockholders
(earnings after taxes and preferred stock dividends, if any) under the following
conditions:
a. The firm pays $10,000 in interest.
b. The firm pays $10,000 in preferred stock dividends.
P2–6
Capital gains taxes Perkins Manufacturing is considering the sale of two nondepreciable
assets, X and Y. Asset X was purchased for $2,000 and will be sold today for $2,250.
Asset Y was purchased for $30,000 and will be sold today for $35,000. The firm
is subject to a 40% tax rate on capital gains.
a. Calculate the amount of capital gain, if any, realized on each of the assets.
b. Calculate the tax on the sale of each asset.

P2–7
Capital gains taxes The following table contains purchase and sale prices for the nondepreciable capital
assets of a major corporation. The firm paid taxes of 40% on capital gains.
a. Determine the amount of capital gain realized on each of the five assets.
b. Calculate the amount of tax paid on each of the assets.
P2–8
ETHICS PROBLEM The Securities Exchange Act of 1934 limits, but does not prohibit, corporate insiders
from trading in their own firm’s shares. What ethical issues might arise when a corporate insider wants
to buy or sell shares in the firm where he or she works?

Pendahuluan
• Pengertian usaha atau perusahaan secara lebih luas yaitu dapat dipandang
sebagai kumpulan dana dari berbagai sumber, kemudian diinvestasikan
kedalam aktiva tetap dan berbagai aktiva lancar dengan maksud untuk
memperoleh keuntungan yang lebih besar dari biaya dana tsb.
• Pengertian manajemen keuangan, yaitu sebagai manejemen dana baik yg
berkaitan dengan pengelolaan dana dalam berbagai bentuk investasi secara
efektif maupun usaha pengelolaan dana untuk pembiayaan investasi atau
pembelanjaan secara efisien.
• Tujuan manajemen keuangan, memaksimumkan nilai perusahaan untuk
memakmurkan pemegang saham atau pemilik
• Fungsi manajemen keuangan :
1. Menyangkut keputusan alokasi dana (investment decision) untuk
berbagai bentuk investasi
2. Keputusan pembelanjaan atau pembiayaan investasi atau
pemenuhan kebutuhan dana untuk (financing decision)
3. Kebijakan dividen (deviden decision atau dividen policy),
memaksimalkan kemakmuran pemegang saham melalui
maksimisasi nilai perusahaan (corporate value)
• Laporan keuangan (a) Neraca, (b) Laba (Rugi), dan (c) Arus kas
• Pengaruh berbagai disiplin terhadap manajemen keuangan :

1. Analisis investasi
2. Manajemen modal kerja
3. Sumber dan biaya modal
4. Penentuan struktur modal
5. Kebijakan dividen
6. Analisis risiko dan return
7. Dll
Keputusan Keuangan
Maksimisasi Kemakmuran
Pemegang Saham
1. Akuntansi
2. Ekonomi Makro
3. Ekonomi Mikro
1. Pemasaran
2. Produksi
3. Metode Kuantitatif
PENGARUH BERBAGAI DISIPLIN ILMU
TERHADAP MANAJEMEN KEUANGAN
MANAJEMEN KEUANGAN DAN DISIPLIN ILMU LAIN

PASAR PERDANA
- Penyebaran prospektus
- Iklan ringkasan
- Prospektura
- Penawaran umum
- Penjatahan
- Laporan pasar perdana
- Listing
- Pernyataan Pendaftaran
- Anggaran Dasar
- Susunan Organisasi
- Izin Usaha
- Rancangan Prospektus
- Rancangan Perjanjian
LEMBAGA PENUNJANG
- Notaris
- Appraisal / Valuer
- Akuntan Publik
- Konsultan Hukum
- Agen Penjual
Dep Teknin BKPM
Dep Kehakiman
EMITEN PENJAMIN EMISI
BAPEPAM
- Pemeriksaan
dan evaluasi
IZIN EMISI
Proses Emisi Saham
Fungsi pasar uang dan modal

ORGANISASI DAN LINGKUNGAN PERUSAHAAN
STAKEHOLDER
LAIN
PEMASOK
Mengapa Unit Organisasi Anda perlu berubah?
Lingkungan
internal
Lingkungan
Makro
Lingkungan
industri

KUNCI SUKSES PENCAPAIAN TUJUAN
MASYARAKAT
MANAJEMEN
BISNIS
SUMBERDAYA
EKONMI
MANFAAT
EKONOMI
SECARA LAYAK
-OWNER;’s
-SUPPLIER
- KONUMEN
-TENAGA KERJA
-PEMERINTAH
-MASYARAKAT
UMUNYA, DLL
PROFIT
STAKEHOLDER
(KEINGINAN &
KEBUTUHAN)

KONSEPPENCAPAIAN TUJUAN PERUSAHAAN
Faktor industri (Ling bisnis)
Faktor industri (Ling bisnis) :
1. Lingkungan industr
2. Lingkungan makro,:
• Lingk Ekonomi
• Lingk Teknologi
• Lingk politik
• Lingk hukum
• Lingk pendidik
• Lingk Sosbud
Faktor intern :
1. Manajemen fungsional :
• Manaj pemasaran
• Manaj Keuangan
• Manaj operasi
• Manaj SDM
• Manaj R&D
• SIM
2. Corporate culture
Tujuan Perusahaan :
1. Laba
2. Harga saham
3. Penjualan
4. Kontinyue
5. Eksis

PROCESS
MANAGEMENT
PHYSICAL
EVIDENCE
PRODUCT
PEOPLE
PROMOTION
PRICE
PLACE
(DISTRIBUTION)
THE MARKETING MIX
THE ELEMENTS OF THE MARKETING MIX (7Ps)

AGENCY THEORY
• Teori keagenan (agency theory) dikembangkan di tahun 1970-an
dikembangkan oleh Jensen dan Meckling (1976) pada tulisan yang
berjudul “Theory of the firm: Managerial behavior, agency costs, and
ownership structure
• Teori keagenan (Agency theory) merupakan basis teori yang
mendasari praktik bisnis perusahaan yang dipakai selama ini.
• Prinsip utama teori ini menyatakan adanya hubungan kerja antara
pihak yang memberi wewenang (prinsipal) yaitu investor dengan
pihak yang menerima wewenang (agensi) yaitu manajer, dalam
bentuk kontrak kerja sama yang disebut ”nexus of contract”.

AGENCY THEORY
Kontrak yang efisien adalah kontrak yang memenuhi dua faktor, yaitu :
1. Agen dan pinsipal memiliki informasi yang simetris artinya baik
agen maupun majikan memiliki kualitas dan jumlah informasi yang
sama sehingga tidak terdapat informasi tersembunyi yang dapat
digunakan untuk keuntungan dirinya sendiri
2. Risiko yang dipikul agen berkaitan dengan imbal jasanya adalah
kecil yang berarti agen mempunyai kepastian yang tinggi mengenai
imbalan yang diterimanya.

AGENCY THEORY
Terdapat tiga masalah utama dalam hubungan agensi, yaitu :
1. Kontrol pemegang saham kepada manajer
2. Biaya yang menyertai hubungan agensi
3. Meminimalisasi biaya agensi

Hubungan Manajemen Keuangan dan Neraca
MANAJEMEN
KEUANGAN
PEMBELANJAAN
AKTIF
PEMBELANJAAN
PASIF
NERACA
SISI AKTIVA
NERACA
SISI PASIVA
Manajemen keuangan sering juga disebut PEMBELANJAAN yang diartikan sebagai
Semua aktivitas perusahaan yang berhubungan dengan usaha-usaha mendapatkan
Dana dengan biaya yang murah serta menggunakannya dan mengalokasikan dana
Tersebut secara efektif dan efisien

Sumber Dana
SUMBER
DANA
DARI LUAR
DARI DALAM
PEMBELANJAAN SENDIRI
(Modal sendiri)
PEMBELANJAAN INTERN
(Cadangan , Laba ditahan)
PEMBELANJAAN INTENSIF
(Penyusutan aktiva tetap)
PEMBELANJAAN ASING
(Utang)

PENGGOLONGAN BIAYA
1. Biaya fungsi pokok perusahaan
a. Biaya produksi : bahan baku, tenaga kerja langsung, overhead pabrik (bahan penolong,
haji mandor, TK tak langsung, perlengkapan, penyusutan, listrik, air, pemeliharaan, dll
biaya pabrik selain bahan baku dan TK langsung)
b. Biaya non produksi (biaya operasi) : biaya pemasaran, biaya administrasi dan biaya
umum
2. Berdasar prilaku biaya
a. Biaya variabel
b. Biaya tetap
c. Biaya semi variabel

Berdasarkan Prilaku Biaya
• TC = FC + VCQ
• FC ; biaya terkait dengan waktu atau tidak terkait dengan volume
produksi atau penjualan
• VC ; biaya yang terkait dengan volume produksi atau penjualan

FIX COST
1000 2000
Q
Q
Rp
Rp
FC
AFC
1000 2000
50.000
50
25
0
0

VARIABLE COST
VC
AVC
Q
Q
Rp
Rp
0
0
1000 2000
1000 2000
100
100.000
200.000
A
B
A’ B’

TOTAL COST (TC)
FC
TC
Q
Q
Rp
Rp
0
0
1000 2000
1000 2000
50.000
150.000
250.000
AC
150
125

HUBUNGAN BIAYA, VOLUME & PENDAPATAN
(a) BEP
TC = FC + VCQ
TR = PQ
TR = TC  BEP
PQ = FC + VCQ
(PQ – VCQ) = FC
Q (P-VC) = FC
Q = FC / (P-VC) BEP
Atau :
TR = TC
PQ = FC + VCQ
P = (FC + VCQ) / Q BEP
(b) Marjin Kontribusi (MK)
MK = P - VC
>0 : tiap pertambahan Q akan menambah keuntungan atau mengurangi kerugian

Break Even Point (BEP)
Contoh :
FC =Rp 50.000 perthun
VC = Rp 100 perunit
P = Rp 200 perunit
Q =......? BEP
BEP = FC / (P-VC)
BEP = 50.000 / (200 – 100)
BEP = 50.000 / 100 = 500 unit

Q < BEP
Q = 499
Laba(Rugi)
TR = 499 x 200 = 99.800
Cost :
- FC : 50.000
- VC , 499 x 100 : 49.900
- Total cost = 99.900
- Rugi .......................... = (100)

Q > BEP
Q = 501
Laba(Rugi)
TR = 500 x 200 = 100.200
Cost :
- FC : 50.000
- VC , 501 x 100 : 50.100
- Total cost = 100.100
- Laba .......................... = 100

Break Even Point (BEP) - 1
FC
TC
Q
Rp
0
400 600
50.000
100.000
500
TR
BEP90.000
120.000
80.000
110.000
Laba
Rugi

FC
TC1
Q
Rp
0
400
50.000
100.000
500
TR
BEP1
Catatan :
BEP = FC / (P – VC)
BEP = 50.000/ (200-75) =400 unit
TR = 400 x Rp 200 = Rp 80.000
TC = 50.000 + (400 x Rp 100) = Rp 80.000
TC2
BEP2
80.000
Catatan :
- Pangsa Pasar < 500 unit
- Solusinya , VC ditekan
dari Rp Rp 100 perunit
menjadi Rp Rp 75 per unit

FC1
TC1
Q
Rp
0
400
50.000
100.000
500
TR
BEP1
Catatan :
BEP = 40.000/ (200-100) =400 unit
TR = 400 x Rp 200 = Rp 80.000
TC = 40.000 + (400 x Rp 100) = Rp 80.000
TC2
BEP2
80.000
Catatan :
- Solusinya , FC ditekan
dari Rp Rp 50.000 pertahun
menjadi Rp Rp 40.000 pertahun
FC240.000

TC
Q
Rp
0
400
50.000
100.000
500
TR1
BEP1
Catatan :
BEP = 50.000/ (225-100) =400 unit
TR = 400 x Rp 225= Rp 90.000
TC = 50.000 + (400 x Rp 100) = Rp 90.000
TR2
BEP2
90.000
Catatan :
- Solusinya , P dinaikkan
dari Rp Rp 200 perunit
menjadi Rp 225 perunit
FC

Margin Kontribusi (MK)
MARGIN KONTRIBUSI (MK)
MK = P – VC
MK > 0 atau posisitif, tiap pertambahan volume penjualan akan
menambah laba atau mengurangi kerugian
Mis :
Q1 = 1.000, VC = 100, FC = 50.000, P = 200
Tambahan Q2 = 1.000 dengan P = 110

Margin Kontribusi
Laba (Rugi)
Q1 = 1.000 unit
TR = 1.000 x 200 .................. = 200.000
Cost :
- FC : 50.000
- VC , 1.000 x 100 : 100.000
- Total cost ........................ = 150.000
- Laba .................................. = 50.000
Averga Cost (HPP) = 150.000 / 1000 = Rp 150 perunit

Margin Kontribusi
Laba (Rugi)
Q1 = 1.000 unit (P=Rp 200)
Q2 = 1.000 unit (P=Rp 110)
TR = (1000 x 200) + (1000 x 110) = 310.000
Cost :
- FC : 50.000
- VC ( 2.000 x 100) : 200.000
- Total cost ............................. = 250.000
- Laba ....................................... = 60.000
Averga Cost (HPP) = 250.000 / 2000 = Rp 120 perunit

Q
A
Rp
0 1000 2000
AC
150
125
Margin Kontribusi
B
P = Rp 130
100
AVC
Laba
Rugi

PRINSIP MANAJEMEN KEUANGAN
10 Prinsip Manajemen Keuangan
Prinsip 1 : The risk – return trade off, kita tidak akan mau menanggung tambahan risiko kecuali
kita berharap akan mendapat kompensasi tambahan imbal hasil [return].Investor menuntut return
minimal agar ia mau menunda konsumsinya sekarang dan menggunakan uangnya untuk
investasi. Setidaknya return minimal tersebut lebih besar dari tingkat inflasi yang diantisipasi
oleh investor tersebut.Ada banyak alternatif investasi dan setiap alternatif tersebut mempunyai
risiko dan return harapan yang berbeda-beda. Hubungan risiko dan return harapan adalah high
risk and high expected return, low risk and low expected return. Hubungan risk-return ini
merupakan konsep kunci dalam menghitung nilai: saham, bond, usulan proyek investasi, dan
lain-lain.

Prinsip 2: Time value of money, Rp. 1 jt uang yang kita terima saat ini lebih tinggi nilainya dari
Rp. 1 jt yang diterima di waktu mendatang. Hal ini disebabkan karena Rp. 1 jt yang diterima
saat ini dapat diinvestasikan sehingga uang tersebut akan menerima interest [bunga] dan di
waktu mendatang nilainya sudah lebih besar dari Rp. 1 jt. Uang yang diterima lebih awal akan
lebih berharga daripada uang yang sama besar bila diterima lebih akhir. Untuk mengukur wealth
atau value, kita akan menggunakan konsep time value of money untuk membawa manfaat di
periode mendatang ke periode sekarang. Bila benefit yang diterima lebih besar dari costnya,
maka proyek investasi tersebut menciptakan nilai. Bila benefit yang diterima lebih kecil dari
costnya maka proyek investasi tersebut tidak menciptakan nilai.

Prinsip 3: Cash-not profit-is king, kas lebih utama dibandingkan keuntungan. Dalam mengukur
wealth atau value, kita menggunakan cash flows dan bukan accounting profit. Hal ini berarti
perusahaan akan lebih memperhatikan pertanyaan-pertanyaan seperti: ‘Kapan uang tunai ada di
tangan?’, ‘Kapan perusahaan dapat meninvestasikan uang tunai?’, ‘Kapan perusahaan dapat
membayar dividen?’, dan lain-lain. Accounting profit dicatat saat profit itu dihasilkan, bukan saat
uang tunai benar-benar diterima. Cash flows perusahaan tidak sama dengan accounting profit
perusahaan. Cash inflows dan cash outflows adalah mengenai uang tunai masuk dan keluar dari
perusahaan.

Prinsip 4: Incremental cash flows, yang harus dihitung adalah perubahan arus kas. Incremental
cash flows adalah selisih antara arus kas bila suatu proyek investasi dilaksanakan versus arus kas
bila proyek investasi tersebut tidak dilaksanakan.

Prinsip 5: The curse of competitive market, mengapa sulit mencari proyek investasi yang
memberikan keuntungan sangat besar? Penjelasan mengenai hal ini adalah: bila suatu investasi
menghasilkan profit yang sangat besar, maka profit yang sangat besar akan mengundang
investor-investor lain untuk berusaha di bidang yang sama sehingga akan menurunkan profit ke
tingkat required rate of return. Demikian juga sebaliknya, bila suatu profit dalam suatu industri
berada di bawah required rate of return maka akan ada perusahaan yang keluar dari industri
tersebut.

Prinsip 6: Efficient Capital Market – The market are quick and the prices are right. Capital
market [pasar modal] adalah semua institusi dan prosedur yang memfasilitasi transaksi instrumen
keuangan jangka panjang [long term financial instrument]. Efficient market is a market in which
the values of all assets and securities at any instant in time fully reflect all available public
information. Implikasi dari pasar modal yang efisien adalah (1) Price is right. Harga saham di
pasar mencerminkan semua informasi publik tentang value perusahaan yang bersangkutan. Bila
perusahaan melakukan good decision maka akan menyebabkan harga saham perusahaan naik;
bila perusahaan melakukan bad decision maka akan menurunkan harga saham perusahaan
tersebut. (2) Manipulasi earning dengan cara mengubah metode akuntansi tidak akan mengubah
harga saham perusahaan

Prinsip 7: The Agency Problem – Managers won’t work for owners unless it’s in their best
interest. Agency Problem muncul sebagai akibat adanya pemisahan antara manajemen
perusahaan dengan kepemilikan perusahaan. Di perusahaan besar manajemen perusahaan
biasanya dilakukan oleh para profesional. Pemisahan antara pengambil keputusan dan pemilik
perusahaan, ada kemungkinan keputusan yang diambil oleh manajer adalah berdasarkan
kepentingan mereka sendiri dan tidak sesuai dengan kepentingan pemegang saham. Agency
problem adalah masalah yang muncul karena ada konflik kepentingan antara agen dan
principal. Agen adalah orang yang diberi otoritas untuk bertindak atas nama fihak lain yang
disebut principal. Biaya yang timbul sebagai akibat adanya agency problem sulit dihitung. Ada
dua jenis agency problem: (1) agency problem antara manajer dengan shareholders; (2) agency
problem antara shareholders dengan debt holders. Ada dua faktor yang berfungsi mencegah atau
paling tidak meminimumkan agency problem: (1) Market forces [kekuatan pasar]. Salah satu
kekuatan pasar adalah major shareholders, biasanya investor institusi yang besar seperti lembaga
asuransi, dana pensiun, dan lain-lain. Mereka dapat menekan manajer untuk memperhatikan
kepentingan shareholders, mengancam untuk menggunakan hak voting yang mereka miliki. (2)
Threat of takeover [ancaman pengambilalihan perusahaan oleh perusahaan lain. Salah satu cara
mengatasi agency problem adalah dengan struktur kompensasi manajemen. Dua jenis
kompensasi manajemen: (1) Incentive plans adalah jenis kompensasi manajemen yang
mengaitkan kompensasi manajemen dengan harga saham. Contoh insentive plans adalah stock
option. Stock option adalah opsi yang diberikan pada manajemen untuk membeli saham
perusahaan pada harga yang telah ditentukan saat opsi tersebut diberikan. (2) Performance plans
adalah jenis kompensasi manajemen yang mengaitkan kompensasi manajemen dengan target
ukuran keberhasilan tertentu, seperti nilai earning per share [EPS], pertumbuhan EPS, dan lain-
lain. Contoh performance plans adalah performance share dan cash bonus

Prinsip 8: Pajak membuat keputusan bisnis bias. .Pajak merupakan suatu hal yang sangat
signifikan dan sangat berpengaruh dalam pengambilan keputusan manajemen keuangan. Dalam
evaluasi free cash flow selalu dihitung setelah perhitungan pajak dimasukkan atau istilahnya
after tax.Selain itu dalam perhitungan nilai suatu perusahaan yang ditinjau dari EPS (Earning per
Share) terdapat istilah tax saving yaitu ketika suatu perusahaan mempunyai pilihan untuk
berhutang atau menerbitkan saham, jika Earning Before Interest and Taxes (EBIT) telah
melebihi kondisi indifference level (kondisi dimana EBIT dari berutang dan menerbitkan saham
adalah sama) maka EPS dari yang berutang akan melebihi dari yang menerbitkan saham. Hal ini
dikarenakan ketika kita berutang maka akan membayar bunga utang dan inilah yang akan
menjadi tax saving.

Prinsip 9: All Risk Is Not Equal – Some risk can be diversified away and some cannot. Risiko
tidak sama besarnya, beberapa risiko dapat didiversifikasi dan beberapa risiko tidak dapat
didiversifikasi. Berikut adalah yang perlu diketahui soal risiko: (1) proses diversifikasi dapat
mengurangi risiko, (2) risiko suatu proyek investasi dapat berubah tergantung apakah kita
menghitung risiko investasi yang berdiri sendiri atau menghitung risiko investasi bersama
dengan proyek lain yang juga diambil oleh perusahaan.

Prinsip 10: Perilaku beretika adalah melakukan hal yang benar dan dilema etika dalam
manajemen keuangan ada di mana-mana. Perilaku beretika adalah melakukan hal yang
benar. Kesulitannya adalah apa yang dimaksud dengan ‘melakukan hal yang benar’
tersebut? Konsep benar atau salah adalah konsep normatif, setiap masyarakat mempunyai ‘set of
value‘ [nilai-nilai] yang mereka percaya sebagai ‘melakukan hal yang benar’. Ethical error
[kesalahan etika] cenderung mematikan karir seseorang dan mematikan peluang di waktu
mendatang. Alasannya karena: (1) perilaku tidak beretika menghilangkan trust [rasa percaya
dari fihak lain]. Tanpa kepercayaan dari fihak lain, bisnis tidak bisa berjalan atau berinteraksi.
(2) Hal yang paling merusak yang dialami oleh suatu bisnis adalah hilangnya kepercayaan publik
pada standar etika bisnis tersebut.

7 PRINSIP MANAJEMEN KEUANGAN
Manajemen Keuangan Adalah tindakan yang diambil dalam rangka menjaga kesehatan keuangan
organisasi. Untuk itu, dalam membangun sistem manajemen keuangan yang baik perlulah kita
untuk mengidentifikasi prinsip-prinsip manajemen keuangan yang baik.
Ada 7 prinsip dari manajemen keuangan yang harus diperhatikan.
1. Konsistensi (Consistency). Sistem dan kebijakan keuangan dari organisasi harus konsisten dari
waktu ke waktu. Ini tidak berarti bahwa sistem keuangan tidak boleh disesuaikan apabila terjadi
perubahan di organisasi. Pendekatan yang tidak konsisten terhadap manajemen keuangan
merupakan suatu tanda bahwa terdapat manipulasi di pengelolaan keuangan.
2. Akuntabilitas (Accountability). Akuntabilitas adalah kewajiban moral atau hukum, yang
melekat pada individu, kelompok atau organisasi untuk menjelaskan bagaimana dana, peralatan
atau kewenangan yang diberikan pihak ketiga telah digunakan. Organisasi harus dapat
menjelaskan bagaimana dia menggunakan sumberdayanya dan apa yang telah dia capai sebagai
pertanggungjawaban kepada pemangku kepentingan dan penerima manfaat. Semua pemangku
kepentingan berhak untuk mengetahui bagaimana dana dan kewenangan digunakan.

3. Transparansi (Transparency). Organisasi harus terbuka berkenaan dengan pekerjaannya,
menyediakan informasi berkaitan dengan rencana dan aktivitasnya kepada para pemangku
kepentingan. Termasuk didalamnya, menyiapkan laporan keuangan yang akurat, lengkap dan
tepat waktu serta dapat dengan mudah diakses oleh pemangku kepentingan dan penerima
manfaat. Apabila organisasi tidak transparan, hal ini mengindikasikan ada sesuatu hal yang
disembunyikan.
4. Kelangsungan Hidup (Viability). Agar keuangan terjaga, pengeluaran organisasi di tingkat
stratejik maupun operasional harus sejalan/disesuaikan dengan dana yang diterima.
Kelangsungan hidup (viability) merupakan suatu ukuran tingkat keamanan dan keberlanjutan
keuangan organisasi. Manager organisasi harus menyiapkan sebuah rencana keuangan yang
menunjukan bagaimana organisasi dapat melaksanakan rencana stratejiknya dan memenuhi
kebutuhan keuangannya.

5. Integritas (Integrity). Dalam melaksanakan kegiatan operasionalnya, individu yang terlibat
harus mempunyai integritas yang baik. Selain itu, laporan dan catatan keuangan juga harus
dijaga integritasnya melalui kelengkapan dan keakuratan pencatatan keuangan.
6. Pengelolaan (Stewardship). Organisasi harus dapat mengelola dengan baik dana yang telah
diperoleh dan menjamin bahwa dana tersebut digunakan untuk mencapai tujuan yang telah
ditetapkan. Secara praktek, organisasi dapat melakukan pengelolaan keuangan dengan baik
melalui : berhati-hati dalam perencanaan stratejik, identifikasi resiko-resiko keuangan dan
membuat system pengendalian dan sistem keuangan yang sesuai dengan organisasi.
7. Standar Akuntansi (Accounting Standards). Sistem akuntansi dan keuangan yang digunakan
organisasi harus sesuai dengan prinsip dan standar akuntansi yang berlaku umum. Hal ini berarti
bahwa setiap akuntan di seluruh dunia dapat mengerti sistem yang digunakan organisasi

Prinsip Pengelolaan Menajamen Keuangan Negara
Prinsip-prinsip Pengelolaan Keuangan Negara Menurut menurut UU No.1 Tahun 2004, tentang
Perbendaharaan Negara, profesionalitas, proporsionalitas, reformasi manajemen keuangan
pemerintah, yaitu : (1) Akuntabilitas berorientasi pada hasil, (2) Profesionalitas, (3)
Proporsionalitas, (4) Keterbukaan dalam pengelolaan keuangan negara, dan (5) Pemeriksaan
keuangan oleh badan pemeriksa yang bebas dan mandiri.
Mengapa perlu Reformasi Manajemen Keuangan Pemerintah? Karena ada Fakta kelemahan
dibidang: (1) Peraturan perundangan, (2) Perencanaan & penganggaran, (3) Pengelolaan, (4)
perbendaharaan, (5) Audit, (6) Perubahan kedudukan Bank Indonesia, (7) Semakin
meningkatnya utang Pemerintah. Tujuan Reformasi Manajemen Keuangan Pemerintah? untuk
mewujudkan good governance and clean government

Tugas: Laporan Keuangan dan Analisis Rasio
• Download Laporan keuangan perusahan yang listed di Bursa efek
Indonesia, melalui: https://www.idx.co.id
• Laporan keuanga 2 tahun berturut, misalnya tahun 2017 dan 2018
• Hitung ratio keuangan untuk periode 2 tahun tersebut dan jelaskan
maknanya.
• https://www.idx.co.id
o Klik: Anggota Bursa dan partisipan
o Laporan keuangan perusahaan tercatat
o Kode/nama pweusahaan
o Tahun
o Periode
o Cari….
o Download…save atau open…dst

49 p1 manajemen keuangan 1_ the role of managerial finance and the financial market environment (9 sep 2019)

49 p1 manajemen keuangan 1_ the role of managerial finance and the financial market environment (9 sep 2019)

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