MANAJEMEN KEUANGAN EDISI 1

Dr. Manduh M. Hanafi, M.B.A.

DAFTAR ISI
KATA PENGANTAR ............................................................................................................. iii
DAFTAR ISI............................................................................................................................ v

BAB 1. OVERVIEW MANAJEMEN KEUANGAN ................................................... 1

1. Model Neraca Keuangan untuk Memahami Manajemen .......................... 3
2. Menciptakan Nilai: Meningkatkan Aliran Kas Masuk .............................. 5
3. Maksimimasi Keuntungan Versus Maksimimasi Nilai Saham ................. 7
4. Manajer dan Pasar keuangan ..................................................................... 8
5. Perusahaan Sebagai Serangkaian Kontrak ................................................. 9
6. Topik yang Dicakup Buku Ini.................................................................... 18
Rangkuman ...................................................................................................... 24
Pertanyaan Review........................................................................................... 25
Problem ............................................................................................................ 25

BAB 2. LAPORAN KEUANGAN ................................................................................ 27

1. Laporan Keuangan ..................................................................................... 27
2. Analisis Laporan Keuangan ....................................................................... 35
3. Economic Value Added (EVA) ................................................................. 52
Rangkuman ...................................................................................................... 57
Beberapa Istilah ............................................................................................... 57
Pertanyaan ........................................................................................................ 57
Problem ............................................................................................................ 58

BAB 3. PASAR KEUANGAN ...................................................................................... 61

1. Pasar Keuangan .......................................................................................... 61
2. Perantara Keuangan ................................................................................... 65
3. Instrumen Keuangan .................................................................................. 73
Rangkuman ...................................................................................................... 76
Beberapa Istilah ............................................................................................... 77
Pertanyaan ........................................................................................................ 77
Problem ............................................................................................................ 78

BAB 4. NILAI WAKTU UANG ................................................................................... 83

 1. Future Value .............................................................................................. 84
2. Nilai Sekarang (Present Value) ................................................................. 89
3. Tingkat Bunga Efektif ............................................................................... 96
4. Aplikasi Nilai Waktu Uang ....................................................................... 98
Rangkuman....................................................................................................... 104
Beberapa Istilah ................................................................................................ 104
Pertanyaan ........................................................................................................ 104
Problem ............................................................................................................ 104
Lampiran-Lampiran ......................................................................................... 109

BAB 5. PENILAIAN SURAT BERHARGA ................................................................ 113

1. Penilaian Obligasi ...................................................................................... 113
2. Penilaian Saham ......................................................................................... 124
3. Saham Preferen .......................................................................................... 132
4. Penilaian Suatu Perusahaan ....................................................................... 135
Rangkuman ...................................................................................................... 138
Beberapa Istilah ............................................................................................... 139
Pertanyaan ........................................................................................................ 140
Problem ............................................................................................................ 140

BAB 6. ANALISIS PENGANGGARAN MODAL (ANALISIS USULAN

INVESTASI) .................................................................................................... 141
1. Menaksir Aliran Kas .................................................................................. 142
2. Kriteria Penilaian Investasi ........................................................................ 150
Rangkuman ...................................................................................................... 166
Beberapa Istilah ............................................................................................... 166
Pertanyaan ........................................................................................................ 166
Problem ............................................................................................................ 167

BAB 7. PENGANGGARAN MODAL : ISU LANJUTAN .......................................... 169

1. Proyek dengan Usia Berbeda ..................................................................... 169
2. Pengaruh Inflasi ......................................................................................... 173
3. Analisis Risiko Investasi ............................................................................ 174
Rangkuman ...................................................................................................... 189
Beberapa Istilah ............................................................................................... 189
Pertanyaan ........................................................................................................ 189
Problem ............................................................................................................ 190

BAB 8. RETURN DAN RISIKO : PENDAHULUAN ................................................. 191

1. Risiko Return: Perhitungan Dasar ............................................................. 192
2. Return dan Risiko dalam Konteks Portofolio ............................................ 194
 3. Set yang Efisien ......................................................................................... 202
4. Risiko dan Return Portofolio dengan Lebih dari Dua Aset ....................... 208
5. Model Indeks Tunggal ............................................................................... 211
Rangkuman ...................................................................................................... 214
Beberapa Istilah ............................................................................................... 215
Pertanyaan ........................................................................................................ 215
Problem ............................................................................................................ 215

BAB 9. MODEL KESEIMBANGAN RISIKO DAN RETURN CAPITAL

ASSET PRINCING MODEL .......................................................................... 219
1. Hubungan Positif Antara Risiko dengan Return ........................................ 219
2. Capital Asset Princing Model .................................................................... 221
3. Estimasi Beta (Risiko Sistematis) .............................................................. 233
4. Perubahan pada Garis SML ....................................................................... 237
5. Perbandingan Model Indeks Tunggal dengan Model Markowitz. ............. 239
Rangkuman ...................................................................................................... 240
Beberapa Istilah ................................................................................................ 241
Pertanyaan ........................................................................................................ 241
Problem ............................................................................................................ 242

BAB 10. ARBITRAGE PRICING THEORY, MODEL EMPIRIS, DAN

PENGUJIAN EMPIRIS MODEL KESEIMBANGAN ................................... 245
1. Arbitrage Pricing Theory (APT) ................................................................ 245
2. Pengujian Model Keseimbangan ................................................................ 253
3. Model Empiris dan Model Tiga Faktor ...................................................... 267
Rangkuman....................................................................................................... 269
Beberapa Istilah ................................................................................................ 270
Pertanyaan ........................................................................................................ 270
Problem ............................................................................................................ 271

BAB 11. BIAYA MODAL .............................................................................................. 275

1. Biaya Modal Rata-rata Tertimbang ............................................................ 275
2. Biaya Modal Marginal dan Biaya Modal Rata-rata ................................... 285
3. Lompatan dalam Biaya Modal Rata-rata Tertimbang dan Skedul
Investasi ...................................................................................................... 285
4. Pertimbangan Dinamis: Review Biaya Modal secara Reguler .................. 289
5. Menghitung Biaya Modal untuk J.C. Penney ............................................ 290
Rangkuman....................................................................................................... 293
Beberapa Istilah ................................................................................................ 293
Pertanyaan ........................................................................................................ 294
Problem ............................................................................................................ 294
BAB 12. TEORI STRUKTUR MODAL ......................................................................... 297
1. Pendekatan Tradisional .............................................................................. 297
2. Pendekatan Modigliani dan Miller (MM) .................................................. 299
3. Teori Trade-Off dalam Struktur Modal ...................................................... 309
4. Model Miller dengan Pajak Perusahaan dan Personal ............................... 311
5. Pecking Order Theory ................................................................................ 313
6. Teori Asimetri: Informasi dan Signaling ................................................... 314
7. Teori Lainnya ............................................................................................. 316
Rangkuman....................................................................................................... 318
Beberapa Istilah ................................................................................................ 319
Pertanyaan ........................................................................................................ 319
Problem ............................................................................................................ 320
Lampiran .......................................................................................................... 320

BAB 13. KEPUTUSAN STRUKTUR MODAL ............................................................. 327

1. Konsep Leverage ........................................................................................ 327
2. Pendekatan EBIT-EPS ............................................................................... 337
3. Rasio Coverage .......................................................................................... 340
4. Pendekatan Biaya Modal ............................................................................ 341
5. Perbandingan dengan Struktur Modal Industri Perusahaan Lain ............... 343
6. Standar dari Pihak Luar .............................................................................. 344
7. Analisis Aliran Kas .................................................................................... 344
8. Kombinasi .................................................................................................. 344
9. Pertimbangan Lainnya................................................................................ 345
Rangkuman....................................................................................................... 346
Beberapa Istilah ................................................................................................ 346
Pertanyaan ........................................................................................................ 346
Problem ............................................................................................................ 347

BAB 14. ANALISIS INVESTASI LANJUTAN:

PENDEKATAN ADJUSTED PRESENT VALUE ......................................... 349
1. Metode Adjusted Present Value (APV) ..................................................... 349
2. Perbandingan APV dengan WACC ........................................................... 353
3. Menghitung Beta Unlevered ...................................................................... 355
Rangkuman....................................................................................................... 359
Beberapa Istilah ................................................................................................ 359
Pertanyaan ........................................................................................................ 359
Problem ............................................................................................................ 359

BAB 15. KEBIJAKSANAAN DIVIDEN ....................................................................... 361

1. Tipe dan Cara Pembayaran Dividen........................................................... 361
 2. Kontroversi Kebijakan Dividen ................................................................. 362
3. Isi Informasi Dividen dan Efek Clientele ................................................... 371
4. Teori Dividen Residual (Residual Theory of Dividen) .............................. 372
5. Beberapa Faktor dalam Kebijakan Dividen ............................................... 375
6. Pembelian Saham Kembali (Stock Repurchase), Dividen Saham,
dan Stock Split ........................................................................................... 376
Rangkuman ...................................................................................................... 383
Beberapa Istilah ................................................................................................ 383
Pertanyaan ........................................................................................................ 384
Problem ............................................................................................................ 384

BAB 16. EFISIENSI PASAR KEUANGAN .................................................................. 387

1. Pendahuluan ............................................................................................... 389
2. Kenapa Terjadi Pasar yang Efisien ............................................................ 392
3. Efisiensi Pasar dan Beberapa Kategori Efisiensi Pasar .............................. 394
4. Bukti Empiris ............................................................................................. 400
5. So, Is Market Efficient? (Apakah Pasar Sudah Efisien?)........................... 418
Rangkuman....................................................................................................... 422
Beberapa Istilah ................................................................................................ 422
Pertanyaan ........................................................................................................ 423
Problem ............................................................................................................ 423

BAB 17. SUMBER PENDANAAN JANGKA PANJANG: SAHAM DAN

MODAL VENTURA ....................................................................................... 425
1. Overview Sumber Pendanaan Jangka Panjang .......................................... 425
2. Saham ......................................................................................................... 427
3. Modal Ventura............................................................................................ 455
Rangkuman....................................................................................................... 461
Beberapa Istilah ................................................................................................ 461
Pertanyaan ........................................................................................................ 462
Problem ............................................................................................................ 462

BAB 18. SUMBER PENDANAAN JANGKA PANJANG: UTANG DAN

SAHAM PREVERAN ...................................................................................... 465
1. Intermediasi dan Disintermediasi ............................................................... 465
2. Obligasi ...................................................................................................... 469
3. Pinjaman dari Lembaga Keuangan ............................................................ 482
4. Saham Preveren .......................................................................................... 485
Rangkuman....................................................................................................... 487
Beberapa Istilah ................................................................................................ 488
Pertanyaan ........................................................................................................ 488
 Problem ............................................................................................................ 489

BAB 19. SUMBER PENDANAAN: LEASING, PEGADAIAN DAN BANK

ISLAM ............................................................................................................. 491
1. Leasing ....................................................................................................... 491
2. Pegadaian ................................................................................................... 499
3. Bank Islam.................................................................................................. 500
Rangkuman....................................................................................................... 504
Beberapa Istilah ................................................................................................ 505
Pertanyaan ........................................................................................................ 505
Problem ............................................................................................................ 505

BAB 20. PERENCANAAN KEUANGAN ..................................................................... 507

1. Anggaran Kas ............................................................................................. 507
2. Laporan Keuangan Proforma ..................................................................... 512
3. Proforma Neraca dan Kebutuhan Dana ...................................................... 514
Rangkuman....................................................................................................... 516
Beberapa Istilah ................................................................................................ 516
Pertanyaan ........................................................................................................ 516
Problem ............................................................................................................ 516

BAB 21. KEBIJAKAN MODAL KERJA ....................................................................... 519

1. Pengertian Modal Kerja ............................................................................. 519
2. Faktor-faktor yang Mempengaruhi Tingkat Modal Kerja.......................... 521
3. Strategi Modal Kerja .................................................................................. 522
4. Siklus Kas (Cash Conversion Cycle) ......................................................... 526
5. Memonitor Modal Kerja (Posisi Likuiditas) .............................................. 532
Rangkuman....................................................................................................... 533
Beberapa Istilah ................................................................................................ 534
Pertanyaan ........................................................................................................ 534
Problem ............................................................................................................ 535

BAB 22. MANAJEMEN KAS ........................................................................................ 537

1. Manajemen Kas .......................................................................................... 537
2. Mempercepat Pemasukan Kas dan Memperlambat Pengeluaran Kas ....... 540
3. Menentukan Saldo Kas Optimal ................................................................ 544
Rangkuman....................................................................................................... 550
Beberapa Istilah ................................................................................................ 550
Pertanyaan ........................................................................................................ 551
Problem ............................................................................................................ 551

BAB 23. MANAJEMEN PIUTANG DAGANG DAN PERSEDIAAN ......................... 553

 Manajemen Piutang Dagang ............................................................................. 554
1. Faktor yang Mempengaruhi Piutang .......................................................... 554
2. Kebijakan Piutang ...................................................................................... 557
3. Pengendalian Piutang ................................................................................. 563
Manajemen Persediaan ..................................................................................... 570
1. Persediaan: Tipe, Manfaat, dan Biaya ........................................................ 570
2. Penentuan Saldo Persediaan Optimal: Model Ekonomic Order
Quantity (EQQ) .......................................................................................... 572
3. Sistem Pengendalian Persediaan ................................................................ 577
Rangkuman....................................................................................................... 579
Beberapa Istilah ................................................................................................ 579
Pertanyaan ........................................................................................................ 580
Problem ............................................................................................................ 580

BAB 24. PENDANAAN JANGKA PENDEK ................................................................ 581

1. Tipe Pendanaan Jangka Pendek ................................................................. 581
2. Pendanaan Spontan (Spontaneous Financing) ........................................... 582
3. Pendanaan Tidak Spontan .......................................................................... 585
4. Evaluasi Sumber Pendanaan Jangka Pendek ............................................. 598
Rangkuman....................................................................................................... 599
Beberapa Istilah ................................................................................................ 600
Pertanyaan ........................................................................................................ 600
Problem ............................................................................................................ 600

BAB 25. MANAJEMEN KEUANGAN INTERNASIONAL ........................................ 603

1. Perusahaan Multinasional .......................................................................... 604
2. Lingkungan Perusahaan Multinasional ...................................................... 607
3. Keputusan Investasi Internasional .............................................................. 620
4. Keputusan Pendanaan Internasional ........................................................... 623
5. Pendanaan Jangka Pendek .......................................................................... 629
Rangkuman....................................................................................................... 634
Beberapa Istilah ................................................................................................ 635
Pertanyaan ........................................................................................................ 635
Problem ............................................................................................................ 635

BAB 26. RESTRUKTURISASI DAN KEBANGKRUTAN .......................................... 637

1. Pengertian dan Definisi Kesulitan Keuangan dan Kebangkrutan .............. 637
2. Penyebab Kesulitan Keuangan ................................................................... 639
3. Alternatif Perbaikan Kesulitan Keuangan .................................................. 641
4. Prediksi Kebangkrutan ............................................................................... 654
Rangkuman....................................................................................................... 657
 Beberapa Istilah ................................................................................................ 658
Pertanyaan ........................................................................................................ 658
Problem ............................................................................................................ 659

BAB 27. MERGER DAN AKUISISI .............................................................................. 661

1. Takeover, Merger, dan Akuisisi: Pendahuluan .......................................... 661
2. Implementasi dan Manajemen Merger dan Akuisisi.................................. 665
3. Merger dan Akuisisi yang Baik dan yang Tidak Baik ............................... 668
4. Penilaian dalam Merger dan Akuisisi ........................................................ 676
5. Strategi dan Taktik Merger dan Akuisisi ................................................... 684
Rangkuman....................................................................................................... 687
Beberapa Istilah ................................................................................................ 688
Pertanyaan ........................................................................................................ 688
Problem ............................................................................................................ 688

BAB 28. INSTRUMEN KEUANGAN DERIVATIF ..................................................... 691

1. Forward ...................................................................................................... 691
2. Futures ........................................................................................................ 697
3. Opsi ............................................................................................................ 701
4. Swap ........................................................................................................... 704
5. Waran dan Obligasi Konvertibel ................................................................ 706
Rangkuman....................................................................................................... 712
Beberapa Istilah ................................................................................................ 712
Pertanyaan ........................................................................................................ 713
Problem ............................................................................................................ 713

DAFTAR PUSTAKA .............................................................................................................. 715

Analysis for FINANCIAL MANAGEMENT (10th edision )
Robert C. Higgins

Contents
PART ONE

ASSESING THE FINANCIAL HEALTH OF THE FIRM 1

Chapter 1
Interpreting financial statement 3

The cash flow cycle 3

The balance sheet 6
Current assets and liabilities 9
Sharebolders equity 11
The income statement 11
Measuring earnings 12
Sources and uses statements 16
The two – finger approach 18
The cash flow statements 18
Financial statements and the value problem 23
The market value vs book value 23
Economic income vs accounting income 27
Imputed cost 28
Summary 30
Additional resouces 31
Problems 32

Chapter 2
Evaluating Financial performance 37

The levers of financial performance 37

Return equity 38
The three determinants of ROE 38
The profit margin 40
 Assets turnover 42
Financial levarage 47
Is ROE a reliable financial yardstick? 53
The timing problem 53
The risk problem 54
The value problem 56
ROE or market price? 57
Ratio analysis 60
Using ratios effectively
Ratio anaysis of sensient technoligies corporation 62
Appendix
International differences in financial structure
Comparisons among foreign companies trading on U.S markets 71
Public companies 73
The move toward international accounting standard 77
Summary 79
Additional resources 80
Problems 82

PART TWO
PLANNING FUTURE FINANCIAL PERFORMANCE 87

Chapter 3
Financial forecasting 89

Pro forma statements 89

Percents of sales forecasting 90
Interest expense 96
Seasonality 97
Pro forma statement and financial planning 97
Computer based forecasting 98
Coping with uncertainty 102
Sensitivy analysis 102
Scenario analysis 103
Simulation
Cash flow forecast 106
Cash budgets 107
The teqniques compared 110
Planning in large companies 111
Summary 113
Additional resources 114
Problem 116

Chapter 4
Managing Growth 123

Sustainable growth 124

The sustainable growth equations 124
Too much growth 127
Balanced growth
Medifast’s sustainable growth rate 129
What if questions 130
What to do when actual growth exceeds sustainable growth 131
Sell new equity 131
Increase leverage 133
Reduce the payuot ratio 133
Profitable prunning 134
Outsourcing 135
Pricing 135
Is merger the answer? 136
Too little growth 136
What to do when sustainable growth 137
Ignore the problem 138
Return the money to share holders 139
Buy growth 139
Sustainable grwoth and inflation 140
Sustainable growth and proforma forecast 141
New equity financing 142
Whny don’t U.S corporation issue more equity? 144
Summary 146
Problems 147

PART THREE
FINANCING OPERATIONS 151

Chapter 5
Financial instruments and markets 153

Financial instruments 154

Bonds 155
Common stock 162
Preffered stock 166
Financial marketing 168
Private equity financing 168
Initial public offering 170
 Seasoned issues 172
Issue cost 177
Efficient markets 178
What is an efficient market? 179
Implication of efficiency 181
Appendix
Using financial instruments to manage risk 183
forward markets 184
heading in money and capital market 189
heading with options 189
limitation of financial market heading 192
valuing options 194
summary 197
additional resources 198
problem 200

CHAPTER 6
The financing decision 203

Financial leverage 205

Measuring the effect of leverage on a business 209
Leverage and risk 211
Leverage and earnings 213
How to much borrow 216
Irrelevance 217
Tax benefits 219
Distress cost 219
Flexibility 223
Market signaling 226
Management incentives 229
Selecting a maturity structure 232
Inflation and financing strategy 233
Appendix
The irrelevance proposition 233
No taxes 234
Taxes 236
Summary 238
Additional resources 239
Problems 240

Chapter 7
Discounted cash flow techniques 247

Figures of Merit 248

The payback period and the accounting rate of return 249
The time value of money 250
Equivalence 254
The net present value 255
The benefit cost ratio 257
The internal rate of return 257
A few applications and extensions 261
Mutually exclusive alternatives and capital rationing 264
The IRR in perspective 265
Determining the relevant cash flows 266
Depreciations 268
Working capital and spontancous sources 270
Sunk cost 271
Allocated cost 272
Cannibalization 273
Excess capacity 274
Financing cost 276
Appendix
Mutually exclusive alternatives and capital rationing 278
What happened to the otber $578,000? 279
Unequal lives 280
Capital rationing 282
The problem future opportunities 284
A decision tree
Summary 285
Additional resources 287
Problems 287

Chapter 8
Risk Analysis in Investment decision 295

Risk defined 297

Risk and diversification 299
Estimating invesment risk 301
Three techniques for estimating investment risk 302
Including risk in investment evaluation 303
Risk – adjusted discount rates 303
The cost of capital 304
The cost of capital defined 305
Cost of capital for sensient technologies corporation 307
The cost of capital in investment apprasial 314
Multiple hurdle rates 315
Four pitfalls in the use of discounted cash Flow techniques 317
The enterprise perspective versus the equity perspective 318
Inflation 320
 Real option 321
Excessive risk adjustment 329
Economic value added 330
EVA and investment analysis 331
EVA’s appeal 334
A cautionary note 334
Appendix
Assets beta and adjusted present value 334
beta and financial laverage 335
using asset beta to estimate equity beta 336
asset beta and adjusted present value 337
summary 340
additional resources 341
problems 343

chapter 9

Business valuations and corporate restructuring 349

Valuing a bussiness 351

Asset for equity? 352
Dead or alive? 352
Minority interest or control? 354
Discounted cash flow valuation 335
Free cash flow 356
The terminal value 357
A numerical example 360
Problem with present value approaches to valuation 363
Valuation based on comparable trades 363
Lack of marketability 367
The market for control 368
The premium for control 368
Financial reason for restructuring 370
The empirical evidence 378
The cadburry buyout 379
Appendix
The venture capital method of valuation 382
The venture capital method – one Financial round 382
The venture capital method – multiple financing rounds 385
Why do venture capitalist demand such high return? 387
Summary 389
Additional resources 390
Problems 391

Appendix A Present value of $1 397

Appendix B Present value of an annuity of $1 399

Glossary 401

Suggested answer to odd-number problems 413

Index 443