Manajemen keuangan.lecture 5 min

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Manajemen keuangan.lecture 5 min

  1. 1. ManajemenKeuangan<br />Ario, SST, SE Akt, MIEF<br />
  2. 2. Overview (Diujikan)<br />Part 1: The Scope And Environment Of Financial Management<br />Definition of financial management<br />Understanding Financial Statements, Taxes, and Cash Flows<br />Evaluating a Firm's Financial Performance<br />Financial Forecasting, Planning, and Budgeting<br />Part 2: Valuation Of Financial Assets<br />The Value of Money<br />Risk and Rates of Return<br />Valuation and Characteristics of Bonds<br />Stock Valuation<br />Part 3: Investment In Long-term Assets<br />Capital Budgeting Decision Criteria<br />Cash Flows and Other Topics in Capital Budgeting<br />Capital Budgeting and Risk Analysis<br />Cost of Capital<br />Managing for Shareholder Value<br />
  3. 3. Overview (TidakDiujikan)<br />Part 4: Capital Structure And Dividend Policy<br />Raising Capital in the Financial Markets<br />Analysis and Impact of Leverage<br />Planning the Firm's Financing Mix<br />Dividend Policy and Internal Financing<br />Part 5: Working-capital Management And Special Topics In Finance<br />Working-Capital Management and Short-Term Financing<br />Cash and Marketable Securities Management<br />Accounts Receivable and Inventory Management<br />Part 6: Special Topics In Finance<br />Risk Management<br />International Business Finance<br />Corporate Restructuring: Combinations and Divestitures<br />Term Loans and Leases<br />
  4. 4. Chapter 11 Capital Budgeting and Risk Analysis<br />Risk And The Investment Decision<br />Methods For Incorporating Risk Into Capital Budgeting<br />Other Approaches To Evaluating Risk In Capital Budgeting<br />
  5. 5. Risk And The Investment Decision (1)<br />What Measure Of Risk Is Relevant In Capital Budgeting?<br />
  6. 6. Risk And The Investment Decision (2)<br />
  7. 7. Risk And The Investment Decision (3)<br />Measuring Risk For Capital-budgeting Purposes And A Dose Of Reality – Is Systematic Risk All There Is?<br />Complications:<br />Undiversified shareholders<br />The possibility of bankruptcy<br />Indirect costs of bankruptcy also<br />its implementation extremely difficult<br />Therefore we will concern ourselves with both the project's contribution-to-firm risk and the project's systematic and not try to make any specific allocation of importance between the two for capital-budgeting purposes<br />
  8. 8. Methods For Incorporating Risk Into Capital Budgeting (1)<br />Certainty Equivalent Approach<br />
  9. 9. Methods For Incorporating Risk Into Capital Budgeting (2)<br />Risk-adjusted Discount Rates<br />The primary difference between the certainty equivalent approach and the risk-adjusted discount rate approach involves the point at which the adjustment for risk is incorporated into the calculations.<br />
  10. 10. Methods For Incorporating Risk Into Capital Budgeting (3)<br />Historical data generally do not exist for a new project.<br />Beta Estimation Using Accounting Data<br />The Pure Play Method For Estimating A Project's Beta<br />
  11. 11. Other Approaches To Evaluating Risk In Capital Budgeting (1)<br />Simulation<br />Sensitivity analysis<br />Probability tree<br />
  12. 12. Other Approaches To Evaluating Risk In Capital Budgeting (2)<br />Probability Tree Example<br />
  13. 13. OTHER SOURCES OF RISK: TIME DEPENDENCE OF CASH FLOWS<br />The end effect of time dependence of cash flows is to increase the risk of the project over time. That is, because large cash flows in the first period lead to large cash flows in the second period, and low cash flows in the first period lead to low cash flows in the second period, the probability distribution of possible net present values tends to be wider than if the cash flows were not dependent over time.<br />
  14. 14. Ch. 12: Cost of Capital <br />Key Definitions And Concepts<br />Determining Individual Costs Of Capital<br />The Weighted Average Cost Of Capital<br />Calculating Divisional Costs Of Capital: PepsiCo, Inc.<br />Using A Firm's Cost Of Capital To Evaluate New Capital Investments<br />
  15. 15. Key Definitions And Concepts<br />Required rate of return Vs. Cost of Capital<br />The minimum rate of return necessary to attract an investor to purchase or hold a security.<br />Differences<br />Taxes<br />Floatation costs<br />Financial policy<br />WACC<br />
  16. 16. Determining Individual Costs Of Capital (1)<br />Cost of Debt<br />Cost of Preferred Stock<br />Cost of Common Stock<br />Drawbacks of cost of common stock calculation:<br />dividends are expected to grow at a constant rate g forever<br />we must arrive at an estimate of that growth rate.<br />CAPM<br />
  17. 17. The Weighted Average Cost Of Capital<br />
  18. 18. Calculating Divisional Costs Of Capital<br />
  19. 19. Using A Firm's Cost Of Capital To Evaluate New Capital Investments<br />Recall that the cost of capital depends primarily on the use of the funds, not their source. Consequently, the appropriate cost of capital for individual Investment opportunities should, in theory and practice, reflect the individual risk characteristics of the investment.<br />the firm's weighted average cost of capital is the appropriate discount rate for estimating a project's NPV only when the project has similar risk characteristics to the firm.<br />An investment's risk characteristics as coming from two sources: <br />business risk; and <br />financial risk<br />

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