Download - EFM2e, Ch 01, Slides
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Pengantar
Perkembangan tehnologi baru danglobalisasi
Perbaikan komunikasi dantransportasi
Skandal korporasi perubahanhukum, pelaporan keuangan
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Krisis Keuangan 2008
Harga saham turun 50% Para pensiunan kembali bekerja Pembangunan perumahan berhenti
Harga rumah turun 20% - 50% di AS Hutang hipotik melebih harga rumah bank rugi
bankrut restruturisasiPHK
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Dampak krisis keuangan terhadap
manajemen keuangan
Adakah dampaknya thdp Manajemen Keuangan?
Konsep manajemen keuangan? Krisis 2008 disebabkan karena
perusahaan dan individu tidakmemberikan perhatian yang cukupprinsip dasar keuangan
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Sekilas Perekonomian
1776- Adam Smith invisible handyang memandu perusahaan dalammencari laba keputusan yang
mengarah ke manfaat masyarakat Maksimalisasi laba Sistem pasar bebas adalah yang terbaik
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Kondisi sekarang
Perusahaan besarmultinasional Perusahaan memiliki jutaan karyawan dan
pemegang saham
Perusahaan harus menyeimbangkankepentingan pelanggan, karyawan, pemasok,dan masyarakat secara keseluruhan
Perlu modifikasi teori: Adam Smith
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Modifikasi Teori Adam Smith
Tujuan perusahaan memaksimalkankesejahteraan pemegang saham maksimalisasi harga saham
Pasar bebas masih dianggap sistem terbaik bagi
suatu negara Perlu dipertimbangkan beberapa kendalaseperti: polusi udara dan air, praktek hubungankerja yang adil, praktek monopoli yangmengeksploitas konsumen
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Laba tergantung pada penjualan prsh harusmengembangkan produk dan jasa secara efesien danmenjualnya dengan harga bersaing bermanfaat bagimasyarakat
GE: Patuh pada hukum saja tidak cukup excellent
reputation
paling penting Google IncDont Be Evil Bill Gatesuch systemtwin mission 1) making profit and
2) improving lives those who dont fully benefit from marketforces Bill & Melinda gate foundation (assets $37.6 billion
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Financial Management
Financial Planning Financial Control
Financial Decision Making
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Scope and Objective of FM
Meaning Scope of FM
Investment Decision Financing Dividend Decision
Objective Profit maximization Wealth maximization
Role of CFO Relationship FM and MA and FM
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Meaning
Planning and controlling of the financial resources Forecasting Planning Organizing
Directing Coordinating Controlling Of all activities relating to acquisition and application of
financial resources financial objective
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Firms need variety of assets Real assets Intangible assetsObtain fund selling securities
Selling securitiesfinancial market
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Introduction to Financial
Management
Chapter 1
Forms of Business Organization Stock Prices and Shareholder Value Intrinsic Values, Stock Prices, and
Executive Compensation Important Business Trends Conflicts Between Managers,
Stockholders, and Bondholders 1-12
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What is Finance? Corporate Finance (Financial Management)
Aset apa yang harus dibeli Bagaimana mencari sumber dana untuk membeli aset Bagaimana mengelola perusahaan untuk meningkatkan nilai
perusahaan Capital Market
Menentukan harga obligasi dan saham Mempelajari institusi keuangan yang memasok modal ke perusahaan
(bank, bank investasi, pialang, manajemen investasi, asuransi, dll) Lembaga pemerintah: BI, Pajak, OJK dll
Investment Keputusan sehubungan dengan saham dan obligasi:
Analisis sekuritas Teori portfolio Analisis pasarbehavioral finance
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Finance Within the Organization
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Board of Directors
Chief Executive Officer (CEO)
Chief Operating Officer (COO)
Marketing, Production, HumanResources, and Other Operating
Departments
Chief Financial Officer (CFO)
Accounting, Treasury, Credit,Legal, Capital Budgeting, and
Investor Relations
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Forms of Business Organization Proprietorship (Perusahaan Perseorangan) Partnership (Maatschap=Persekutuan)VOP atau Vennootschap Onder Firma atau Fa) CV atau Commanditaire Vennootschap Cooperative (Koperasi)Yayasan (Foundation) Corporation (Perseroan Terbatas)
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Perseroan Terbatas
PT Tertutup (Private)
Modal Dasar minimal Rp20 juta
Untuk bidang usaha tertentu bisa ditentukan berbeda
PT Terbuka (Public)
Modal Disetor minimal Rp3 milyar
Pemegang saham minimal 300 pesero
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Karakteristik PTAsosiasi Modal
Kekayaan dan utang terpisah dari kekayaan dan utang
pemegang saham Pemegang Saham
Bertanggungjawab sebatas modal yang disetor
Tidak bertanggungjawab atas kerugian PT yang
melebihi nilai saham yang diambil Tidak bertanggungjawab secara pribadi atas perikatan
yg dibuat atas nama perseroan
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Pemisahan Fungsi Pemegang Saham dan Pengurus(Direksi)
Memiliki Komisaris (minimal 1/3 komisarisindependen)
Kekuasaan Tertinggi berada di RUPS
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Proprietorships and PartnershipsAdvantages
Ease of formation Subject to few regulations No corporate income taxes
Disadvantages Difficult to raise capital Unlimited liability
Limited life
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CorporationAdvantages
Unlimited life Easy transfer of ownership Limited liability Ease of raising capital
Disadvantages Double taxation
Cost of set-up and report filing
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Stock Prices and Shareholder Value
The primary financial goal of management isshareholder wealth maximization, which translates tomaximizing stock price. Value of any asset is present value of cash flow stream to
owners. Most significant decisions are evaluated in terms of their
financial consequences.
Stock prices change over time as conditions change andas investors obtain new information about a companysprospects.
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Perusahaan memiliki berbagai departemen:marketing, produksi, SDM, dan finance
Tugas utama departmen financial adalah menilaiusulan keputusan dan mempertimbangkandampaknya terhadap harga saham kemakmuranpemegang saham
Harga saham berubah-ubah dari waktu ke waktusejalan dengan perubahan kondisi dan informasiyangdiperoleh investor.
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Stock Prices and Intrinsic Value In equilibrium, a stocks price should equal its true or
intrinsic value. Intrinsic value is a long-run concept. To the extent that investor perceptions are incorrect, a
stocks price in the short run may deviate from itsintrinsic value.
Ideally, managers should avoid actions that reduce
intrinsic value, even if those decisions increase thestock price in the short run.
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Determinants of Intrinsic Values
and Stock Prices
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True InvestorReturns TrueRisk PerceivedInvestor Returns PerceivedRisk
Managerial Actions, the EconomicEnvironment, Taxes, and the Political Climate
Stocks
Intrinsic Value
Stocks
Market Price
Market Equilibrium:Intrinsic Value = Stock Price
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Proyek suatu perusahaan akan memengaruhi hargasaham
Sulit untuk menentukan harga saham yang tepat
Persepsi vs kebenaran
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Some Important Business
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Some Important Business
Trends
Recent corporate scandals have reinforced theimportance of business ethics, and have spurredadditional regulations and corporate oversight.
Increased globalization of business. The effects of ever-improving information technology
have had a profound effect on all aspects of businessfinance.
Corporate governance
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Business EthicsWhat companies doing
Consequences of Unethical Behavior
How should employee deal with Unethical Behavior?
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Conflicts Between Managers and
Stockholders Managers are naturally inclined to act in their own
best interests (which are not always the same as theinterest of stockholders).
But the following factors affect managerial behavior: Managerial compensation packages Direct intervention by shareholders The threat of firing
The threat of takeover
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Conflicts Between Stockholders
and Bondholders Stockholders are more likely to prefer riskier projects,
because they receive more of the upside if the projectsucceeds. By contrast, bondholders receiving fixed
payments are more interested in limiting risk. Bondholders are particularly concerned about the use
of additional debt.
Bondholders attempt to protect themselves by
including covenants in bond agreements that limit theuse of additional debt and constrain managersactions.
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