4. REFERENCE
Principles of Managerial Finance
14th edition, Pearson, Addison Wesley
Publishing Company. 2015
by : Gitman, Lawrence J. and Zutter,
Chad J.
5. MANAJEMEN KEUANGAN
Bahan bacaan:
1. Financial Management
Theory and Practice
Eugene F. Brigham & Michael C. Ehrhardt
2. Manajemen Keuangan
Teori dan Aplikasi
Agus Sartono
6. Materi Pertemuan 1 s 4
1 1. THE ROLE AND ENVIRONMENT OF MANAGERIAL FINANCE
2. Finance and Business
3. The Managerial Finance Function
4. Goal of the Firm
5. Financial Institutions and Market
6. Business Taxes
2 1. INTEREST RATES AND BOND VALUATION
2. Interest rates and required returns
3. Corporate Bonds
4. Valuation Fundamentals
5. Bond Valuation
3 1. STOCK VALUATION
2. Differences between Debt and Equity Capital
3. Common and Preferred Stock
4. Common Stock Valuation
4 1. STOCK VALUATION
2. Common Stock Valuation
3. Decision Making and Common Stock Value
7. Pertemuan 5 sd 8
5 1. CAPITAL BUDGETING CASH FLOWS
2. The Capital Budgeting Decision Process
3. The Relevant Cash Flows
4. Finding the Initial Investment
5. Finding the Operating Cash Inflows
6. Finding the Terminal Cash Flow
7. Summarizing the Relevant Cash Flows
6 1. CAPITAL BUDGETING TECHNIQUES
2. Overview of Capital Budgeting Techniques
3. Payback period
4. Net Present Value (NPV)
7 1. REVIEW
8 1. U T S
8. Pertemuan 9 sd 15
9 1. CAPITAL BUDGETING TECHNIQUES
2. Internal Rate of Return (IRR)
3. Comparing NPV and IRR Techniques
10 1. THE COST OF CAPITAL
2. An Overview of the Cost of Capital
3. The Cost of Long-term Debt
4. The Cost of Preferred Stock
5. The Cost of Common Stock
11 1. THE COST OF CAPITAL
2. The Cost of Common Stock
3. The Weighted Average Cost of Capital
4. The Marginal Cost & Investment Decisions
12 1. LEVERAGE & CAPITAL STRUCTURE
2. Leverage
3. The Firm's Capital Structure
4. The EBIT_EPS Approach to Capital Structure
13 1. LEVERAGE & CAPITAL STRUCTURE
2. The EBIT_EPS Approach to Capital Structure
3. Choosing the Optimal Capital Structure
14 1. REVIEW
15 1. U A S
9. Manajemen Keuangan 2
P1: The Role of Managerial Finance = Ch.1 & Ch. 2
P2: Interest Rates and Bond Valuation = Ch.6
P3 & P4: Stock Valuation = Ch. 7
P5: Capital Budgeting Cash Flows = Ch. 11
P6:Capital Budgeting Techniques = Ch. 10
P7& P8: Review & UTS
P9: Capital Budgeting Techniques = Ch. 10
P10 & P11: The Cost of Capital = Ch. 9
P12 & P13: Leverage and Capital Structure = Ch. 13
P14 & P15 : Rewbiew & UAS
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47. Biaya modal perusahaan (1)
• Biaya modal, yaitu biaya yang harus dikeluarkan atau dibayar
untuk mendapatkan modal baik yang berasal dari hutang, saham
preferen, saham biasa, maupun laba ditahan untuk membiayai
investasi perusahaan.
• Biaya modal ;
1. Biaya modal saham preferen
2. Biaya hutang (cost of debt)
3. Biaya modal sendiri
4. Biaya modal sendiri dalam kontek pasar
5. Biaya modal saham baru
6. Biaya modal rata-rata
7. Biaya modal depresiasi
8. Biaya modal rata-rata tertimbang
48. Biaya modal perusahaan (2)
(1). Biaya modal saham preferen :
Po = Dp / kp
Po, harga saham preferen
Dp, dividen saham preferen
Kp, tingkatkeuntungan yg disyaratkan pemegang saham preferen
Kp = Dp/Pnet
Kp = Rp 1000 / (Rp 12.600 – Rp 100) = 8 %
(2). Biaya hutang (cost of debt):
kj = kd(1-t)
kj, biaya hutang
kd, tingkat bunga
kj = 8,5 % (1-40%)=5,1%
(3) Biaya modal sendiri :
ke = (D/Po) + g
ke, biaya modal sendiri
D, dividen yg dibagikan tahun itu
Po, harga jual saham (kurs)
G, pertumbuhan pembayaran dividen pertahun
Ke = (Rp 1000 / Rp 8000) + 5% = 17,5 %
49. Biaya modal perusahaan (3)
(4) Biaya modal sendiri dlm kontek pasar :
Ri = Rf + Bi(Rm - Rf)
Ri = 7% + 0,705 (15,40% - 7%) = 12,92 %
Biaya modal 12,92 %
(5) Biaya modal saham baru ;
Ke = (D/Pnet) + g
Pnet, harga jual dikurangi biaya flotation
Ke = (Rp 1000/(Rp 8000 – Rp 250)) + 5% =
Ke = (1000/7750) + 5 % = 17,90 %
(6) Biaya modal rata-rata (WACC= weighted average cost
of capital) :
Ko = (E/(D+E)) kd +(D/(D+E)) ki
Contoh : Investasi Rp 1 M, dibiayai dgn mdl Rp750 jt (75%) dan
hutang Rp 250 jt (25%), kd 15% dan ki 10%, pajak 40%
Ko = (75% x 15%) + (25% x 10%) (1 - 40%) = 11,25% + 1,5% =12,75%
WACC = 12,75%
50. Biaya modal perusahaan (4)
(7) Biaya modal depresiasi :
Biaya modal depresiasi sama dengan WACOC
Ke = (75% x 15%) + (25% x10%) (1-40%) = 12,75%
Investasi sebagai AT yg disusutkan setiap tahun, yaitu dividen 15% dan
bunga 10 %, pajak 40%, proporsi modal 75 % dan proporsi hutang 25%
(8) Biaya modal rata-rata tertimbang:
ke = (Prop H x % bunga) + (Prop SF x % Div SF) +
(Prop SB x % Div SB) + (Prop LD x % Div LD)
ke atau biaya modal rata-rata tertimbang = 20,15 %
Sumber Dana Jumlah Proporsi Biaya mdl Biaya mdl
Modal (%) Setlh pjk Rata2 tertbg
1 2 3 4 5=3x4
1. Hutang 45,000,000 30% 15.50% 4.65%
2. Saham preferen 30,000,000 20% 18.75% 3.75%
3. Saham biasa 45,000,000 30% 24.50% 7.35%
4. Laba ditahan 30,000,000 20% 22.00% 4.40%
Jumlah 150,000,000 100.00% - 20.15%
