OVERVIEW MANAJEMEN KEUANGAN

Financial Intermediaries

Household Households
Business firms Business
Governments Financial Markets firms
Foreigners Governments
Money markets & Capital Foreigners
markets
Debt and Equity markets
Primary and secondary
markets
Exchanges and private
markets
Foreign exchange markets
Spot markets and Futures
markets
Derivative markets
World and national markets
 Securities (Stocks, Bonds)

Direct Business Savers

Transfer Firm

Dollars
 Securities Securities
Indirect Business Investment
Transfer via
Investment
Firm Bankers Savers
Bankers

Dollars Dollars
 Intermediary’s
Busisness’s Securities
Securities Savers
Indirect Business
Transfer via Firm Financial
Financial Intermediaries
Intermediary
Dollars

Dollars
Types of Financial Intermediaries

1.Depository Institutions: Commercial banks; Saving banks

2.Contractual Savings Institutions

 Life insurance companies
 Property and casualty insurance
 Pension funds

3.Investment Intermediaries
 Finance companies
 Mutual funds
Money market mutual funds
 Flows of Cash

Business firm memperoleh cash dengan

menerbitkan (menjual) financial assets
(saham, obligasi, dll) kepada investors

Kemudian Cash diinvestasikan in the firm’s

operations and used to purchase real assets
untuk menghasilkan cash lagi.

Cash generated by the firm’s operations:

•This cash is reinvested in the firm
•Cash is returned to investors
 THE ROLE OF FINANCIAL MANAGER

•Making investment decision: What real assets should a firm invest in?
•Making financing decision: How should the cash for the investment be
raised?

Beberapa versi financial management’s responsibilities dalam text books

A B C
Financial analysis and Financial analysis and Capital budgeting
planning planning
Capital structure
Investment and financing Investment decision
decision Working capital
Financing and capital management
Coordination and control structure decision

Dealing with the financial Management of financial

markets resources (cash, working
capital, dll)
Risk management
 Basic Forms of Business Organization
Advantages
1. A sole proprietorship
- No formal charter is required
- Organizational costs are minimal
- Profits and control are not shared with others
2. A partnership
- It is easily established with minimal
organizational efforts or costs
- It is free from special government regulation
3. A corporation (merupakan badan hukum dan
ownership dibuktikan dengan pemilikan saham)
- It has an unlimited life
- It carries only a limited liability for its owners
(stockholders)
- Ownership is easily transferred through transfer
of stock
- It has the ability to raise large amount of capital
Disadvantages
-Its liability to raise large sums of capital is limited
-It carries unlimited liability for the owners
-It is limited to the life of the owners
-It carries unlimited liability for the individual
partners
-It is dissolved upon the withdrawal or death of any
of the partners
-Its ability to raise large amounts of capital is limited
-It is difficult and expensive to establish, as a formal
charter is required
- It is subject to double taxation on its earnings and
dividends paid to stockholders
Neraca Perusahaan
 Assets (Aktiva = Harta) Liabilities & Equity (Hutang dan Modal)

Aktiva Lancar (Current Assets) Current Liabilities

Cash $...... Accounts payable $......
Securities Notes payable
Acc Receivable Accruals
Inventory Total Current Liabilities $......
Prepaid exp
Total Current Assets $...... LT Debt
Bonds $......
Fixed Assets (Borrowing, Loan)
Plant & Equip $...... Total Long-term Debt $......
Building
Total Fixed Assets $...... Equity
Preferred stock $......
Other Assets Common stock $......
Investment $...... Par value
Intangible : Hak paten (Patent) Paid-in surplus
Goodwill Ret Earnings
Total Aktiva Lainnya $...... Total Equity $......

Jumlah Aktiva (Total Assets) $........ Jumlah Hutang & Modal (Liab&Equity) $........
Off-Balance Sheet Items:
(1)Leasing;
(2) Take or pay;
(3) Sale of receivable;
(4) Finance subsidiary;
(5) Joint venture, SPE, etc
 Income Statement
Penjualan (Sales) Rp……
Harga pokok penjualan (Cost of goods sold)
Laba kotor (Gross margin) Rp.
Biaya penjualan, umum, dan adm (SG&A exp)
Depresiasi aktiva (Depreciation expenses)
Laba usaha atau operasi (Earning before interest and taxes or EBIT) Rp.
Biaya bunga (Interest expense)
Laba sebelum pajak (Earning before tax or EBT) Rp.

Pajak (Taxes)
Laba bersih untuk pemegang saham (Net Income) Rp.

Income Statement: (1) Recurring items and (2) Non recurring items

Nonrecurring items: Unusual and infrequent items; Extraordinary items;

Discontinued operation; Accounting changes
 Menyusun Neraca dan Laporan Rugi-Laba

Neraca 31 Desember 2005

Cash 500 Account payable 700
Account Receivable 0 Long-term debt 2000
Inventory 700 Equity
Fixed Assets 2800 Saham 1200
Intangibles 500 Retained Earnings 600
Jumlah assets 4500 Jml Liab & Equity 4500

Transaksi
Selama tahun 2006

Pembelian (Barang Dagang) 5000

Penjualan 7000
Bayar bunga 100
Penagihan piutang 3000
Bayar SGA expenses 400
Penyusutan aktiva 200
Bayar barang yang dibeli 2000
 Account Receivable Sales Revenue
Dec 31, 0 7000

7000 3000

Purchase Account Payable

5000 Dec 31, 700
2000 5000

Cash
Dec 31, 500 100 Interest Expenses
3000 400 100
600
2000
SGA Expenses
400
Tax Expenses
600 Depreciation Expense
200
Allowance for Depreciation Acc
200
 Neraca 31 Desember 2006
Cash 400 Account payable 3700
Account Receivable 4000 Long-term debt 2000
Inventory 900 Equity
Fixed Assets 2600 Saham 1200
Intangibles 500 Retained Earnings 1500
Jumlah assets 8400 Jml Liab & Equity 8400

Income Statement 2006

Sales 7000
CGS 4800
Gross Margin 2200
SGA Expenses 400
EBITDA 1800
Depreciation 200
EBIT 1600
Interest expense 100
EBT 1500
Tax 40% 600
Net Income 900
Balance sheet (neraca) melaporkan jenis dan
jumlah assets, liabilities, dan stockholders’ equity
pada tanggal tertentu. Assets dan liabilities disusun
berdasarkan urutan likuiditasnya, yaitu berdasarkan
lama penggunaan dalam operasi perusahaan atau
waktu yang diperlukan untuk mengubahnya
menjadi cash. Untuk liabilities dan equity disusun
berdasarkan urutan waktu jatuh temponya.
Income statement melaporkan revenue yang dihasilkan dari
penjualan barang atau jasa (dari continuing operation); the
costs and expenses yang timbul untuk memperoleh revenue
tersebut.
Dilaporkan pula didalam income statement pendapatan
(kerugian) dari aktivitas yang lain seperti bunga dan dividend
dari investasi, rugi atau laba dari penjualan asset
perusahaan yang sudah usang, rugi atau laba dari unusual
or infrequent atau extraordinary items, effek dari accounting
changes, dll.
The Goals of the Firm

Possible goals are to : survive, avoid financial distress or

bankruptcy, beat the competition, maximize sales or market
shares, minimize cost, maximize profits, maintain steady
earnings growth, etc.

The goal of the firm in financial management: Maximizing the

wealth of shareholders translated into maximizing the price of
common stocks.
Financial manager dapat mewujudkan harga saham maximum dengan
membuat policies yang mempengaruhi: Present and future EPS; Timing,
duration, dan risk daripada EPS ini; Dividend policy; dan the manner of
financing the firm.

A firm value ditentukan oleh kemampuan menghasilkan cash flow

sekarang dan yang akan datang.

Setiap financial asset termasuk saham hanya mempunyai nilai jika asset
tersebut memberikan cash flow. Timing dari cash flow ini sangat penting
dalam arti cash diterima lebih cepat adalah lebih baik. Investors adalah
risk averse, dalam arti mereka berani membeli dengan harga yang lebih
tinggi bila cash flownya pasti. Managers dapat meningkatkan value
perusahaan dengan menaikkan size dari expected cash flow, speeding up
their receipt, dan reducing their risk.
The cost (price) of money

The cost of debt = interest rate

The cost of equity = dividend dan capital gain expected by shareholders
Factors yang mempengaruhi cost of money:

1.Expected rate of return yang dikehendaki investor dari peluang bisnis (production)
yang merobah capital (dana) menjadi benefit. Merupakan the upper limit pengguna
dana mampu membayar kepada pemilik dana.
2.Timing konsumsi yang menjadi pilihan pemilik dana. Ada dua pilihan, konsumsi
sekarang atau in the future. Investasi merupakan penundaan konsumsi dengan
harapan memperoleh lebih banyak konsumsi in the future
3.Risk. Semakin risky investasi semakin tinggi expected return yang diminta untuk
kompensasi mengambil tambahan risiko
4.Inflasi mengharuskan penyesuaian angka return yang diharapkan sehingga return
yang akan diperoleh tidak berkurang nilainya akibat inflasi.
Determinants of market interest rates

Interest rate = real risk-free rate + Inflation premium + Default

risk premium + Liquidity premium + Maturity risk premium

Interest rate = Nominal risk-free rate + Default risk premium +

Liquidity premium + Maturity risk premium

Faktor-faktor ekonomi yang mempengaruhi tingkat bunga:

Kebijakan bank sentral, Budget deficits or surpluses,

International trade deficits or surpluses, dan Business activity.
Typical stages in the corporate life cycle: Dimulai dari bentuk
perusahaan perorangan (proprietorship) yang beroperasi
setelah ada ijin usaha

A corporation (merupakan badan hukum dan ownership

dibuktikan dengan pemilikan saham).

Pemisahan antara pemilik dan manager memberikan manfaat berikut:

It has an unlimited life

It carries only a limited liability for its owners
Ownership is easily transferred through transfer of stock
Agency relationship = hubungan antara pemegang saham dan pihak management
yang diangkatnya.
Agency problem = Keadaan dimana terjadi conflict of interest antara pemegang
saham dan management. Secara teoritis bias terjadi bila management menguasi
ownership kurang dari 100%.
1.Management tidak bersungguh-sungguh bekerja untuk memaksimumkan value
saham karena berpendapat hanya sebagian saj yang dapat mereka nikmati
2.Management bermewah-mewah atas beban perusahaan (to consume more
perquisites).

Ada hal-hal yang dapat memaksa management bekerja untuk kepentingan

shareholders yang meliputi:
1.Managerial labor markets: Semakin baik kinerja management dalam arti
semakin tingginya stock price, semakin tinggi salary nya, baik untuk sekarang
maupun masa datang.
2.The threat of firing (ancaman pemecatan)
3.The threat of take over. Ancaman akuisisi akan terjadi bila stock price terlalu
rendah (undervalued) relative to its potentials. Tentunya pemilik baru dapat
memberhentikan existing management.
4.Structuring managerial incentives.