Risang Cahyo G Akuntansi 08/264695/EK/16886 1. Investment Corporate bond Preferred stock 2.

Direct expenses Underwriting spread 1 million*$1,90 $1,90 million Other expenses $1,65 million Total direct expenses $0,25 million Money raised 1million*$23 = $23 million Cost of underpricing 1 million*($27.5-$23) = $4.5 million Total cost $0,25 million+$4.5 million = $4.75 million Total market value 1 million*$27.5 = $27.5 million Direct cost and the cost of under pricing absorbed nearly 17% of the market value of the shares 3. Value of the firm before restructuring 10,000*$20 = $200,000 After restructuring equity falls by $50,000 EPS After restructuring $30,000 Operating income interest $30,000 $30,000/10,000=$3 Sells for Par $40.00 Coupon/dividend(return) Tax rate 9% 9% ($3.60/$40.00) 35% 35% Adjustment 9%*35% = 3,15% 9%*35% = 3,15% after-tax rates of return 5,85% (9%-3,15%) 5,85% (9%-3,15%)

Before restructuring Operating income interest Equity earning EPS

$30,000 $4,000 $26,000 $26,000/7,500=$3.47

Rate of return before restructuring$3/$20 = 0.15 Rate of return after restructuring$3.47/$20 = 0.17 Terdapat perubahan pada rate of return pada sebelum dan sesudah restructuring. 4. Jika dibandingkan, cash dividen sebesar 5%(dari harga saham) maka pembayaran dividen tersebut akan mengurangi kas dan juga equity perusahaan sebesar $1,000. Dengan penurunan value of the firm dibagi dengan jumlah saham beredar yang tetap menjadi $19, berarti terjadi penurunan harga saham sebesar $1. Sedangkan pada kasus stock repurchase, perusahaan mengeluarkan kas dan melakukan pengurangan equity dengan jumlah yang sama yaitu $1,000 untuk melakukan pembelian kembali saham yang beredar. Dengan penurunan value of the firm dibagi dengan jumlah saham yang beredar yang menurun sebanyak 50 lembar menjadi $20, berarti penurunan

value of the firm dibarengi dengan penurunan saham yang beredar menyebabkan harga saham berada pada harga yang sama.
Kesimpulannya cash dividen 5% sama dengan stock repurchase 50 lembar, yaitu terjadi penurunan value of firm sebesar $1,000. Namun stock repurchase tidak mempengaruhi harga saham per lembarnya

Contoh perhitungan: Original balance sheet Cash $10,000 Other assets $10,000 Value of firm $20,000 Shares 1000 outstanding Price per share $20,000/1000 = $ 20 After cash dividend Cash $ 9,000 Other assets $10,000 Value of firm $19,000 Shares 1000 outstanding Price per share $19,000/1000 = $ 19 After stock repurchase Cash $ 9,000 Other assets $10,000 Value of firm $19,000 Shares 950 outstanding Price per share $19,000/950 = $ 20

Debt Equity Value of firm

$20,000 $20,000

Debt Equity Value of firm

$19,000 $19,000

Debt Equity Value of firm

$19,000 $19,000