Fundamental Keuangan dan Investasi

Pertemuan 1
Introduction to Corporate Finance
 Tim Dosen Pengampu
1. Prof. Dr. Ir. Noer Azam Achsani, MS
2. Dr. Ir. Hartoyo, M.Sc
3. Lokita Rizky Megawati, S.Pd, MM
4. Salsa Dilla, SE, M.Si
5. Zenal Asikin, SE, M.Si
6. Muchamad Bachtiar, STP, MM
 Rencana Pembelajaran Semester (RPS)
Minggu Topik D/H/A
Penjelasan kuliah, kontrak kuliah, Introduction
1 D
to Corporate Finance
2 Laporan Keuangan, Pajak, dan Arus Kas H
3 Penugasan Individu: Analisis Laporan Keuangan A
4 Long-term Financial Planning and Growth H
Introduction to Valuation: Time Value of
5 D
Money
6 Discounted Cash Flow Valuation D
Bond Valuation and Stock Valuation (sharing
7 D
session)
UTS
8 Penugasan kelompok: Bond and Stock Valuation A
9 The Basic of Capital Budgeting D
10 Risk and Return H
11 Cost of Capital and Long-term Policy D
12 Leverage and Capital Structure H
13 Dividend Policy D
14 Sharing session (pengalaman empiris) D
UAS (diganti dengan laporan project)
Sumber Belajar:
1. Ross et al. 2010. 9th Edition, Corporate Finance Fundamental. McGraw-Hill
2. Brealey et al. 2006. Corporate Finance. McGraw-Hill
3. Brigham and Eisenhardt. 2011. Finacial Management: Theory and Practice. Thomson South-Western
4. Bacaan lainnya seperti jurnal, prosiding atau majalah yang diberikan pada saat perkuliahan.
 KONTRAK PERKULIAHAN (1)

Tata Tertib Huruf Mutu Ketua Kelas

Ketentuan Ujian
YourPerkuliahan
text here

1. Untuk perkuliahan daring, di awal perkuliahan video harap

diaktifkan.
2. Mahasiswa join zoom meeting dan hadir di kelas tepat
waktu dengan maksimal toleransi waktu yang disepakati
3. Kehadiran mahasiswa dalam kuliah minimal 80% (Syarat
mengikuti UTS/UAS)
4. Pakaian rapih sesuai dengan peraturan IPB
 KONTRAK PERKULIAHAN (2)

Tata Tertib Ketentuan Huruf Mutu Ketua Kelas

Perkuliahan Ujian

1. Ujian Tengah Semester menggunakan media course.ipb.ac.id

2. Ujian Akhir Semester digantikan dengan membuat laporan project dan
dipresentasikan dalam bentuk video.
3. Mahasiswa yang tidak tercantum dalam daftar hadir ujian tidak
diperkenankan mengikuti ujian
4. Kehadiran dalam perkuliahan > 80%
5. Peserta tidak diperbolehkan melakukan kecurangan dalam penugasan maupun
ujian, jika melakukannya akan diberikan nilai 0.
6. Ujian susulan hanya dilaksanakan sekali dalam waktu periode ujian
7. Peserta ujian susulan harus membawa surat keterangan dari KaProdi
 KONTRAK PERKULIAHAN (3)

Tata Tertib Ketentuan Huruf Mutu Ketua Kelas

Perkuliahan Ujian

❖ Partisipastif di Kelas (10%)

❖ Project based learning/UAS (50%)
❖ Tugas Mandiri (5%)
❖ Tugas Kelompok (10%)
❖ UTS (25%)
❖ Huruf mutu: A (=> 80), AB (75-79.9), B (70-74,9), BC (65 –
69.9), C (55 – 64.9), D (45 – 54.9), E (< 45)
 KONTRAK PERKULIAHAN (4)

Tata Tertib Ketentuan

Huruf Mutu Ketua Kelas?
Perkuliahan Ujian

• Nama :
• NIM :
• No. HP :
 Setiap kelompok menentukan satu perusahaan sesuai dengan
industrinya untuk dianalisis sesuai dengan materi berupa
pengalaman empiris tentang fundamental dan investasi yang
akan disampaikan oleh dosen praktisi.

Setiap pertemuan harap diikuti dengan baik agar dapat

diimplementasikan ke dalam laporan project sesuai dengan
studi kasus perusahaan yang diambil.
Penjelasan
Laporan Laporan akhir project dan video presentasi sebagai pengganti
Project UAS dengan batas pengumpulan sesuai dengan jadwal UAS
dari akademik.

Laporan project studi kasus dan video presentasi dengan

durasi maksimal 10 menit dan diupload di course.ipb.ac.id

Satu kelompok terbaik, dilihat dari hasil laporan akhir dan

video presentasi akan mendapatkan reward ☺
 10 Industri yang Akan Dibahas

Pertanian Peternakan Perikanan Perkebunan

Pertambangan Konstruksi Pariwisata Perbankan

Restoran Bidang Jasa

 Silahkan bentuk 10 kelompok.
Masing-masing kelompok akan
membahas satu perusahaan di
industri yang berbeda.

Penjelasan Pemilihan anggota kelompok

bebas, ditentukan masing-
Pembagian masing agar memudahkan
untuk kerjasama dan koordinasi.
Kelompok
PJ kelas mohon dibantu untuk
pembagian industri mana yang
akan dibahas setiap kelompok.
 Key Concepts and Skills

❑ Know the basic types of financial

management decisions and the role of the
Financial Manager
❑ Know the financial implications of the
various forms of business organization
❑ Know the goal of financial management
❑ Understand the conflicts of interest that
can arise between owners and managers
❑ Understand the various types of financial
markets

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 Chapter Outline
1.1 What is Corporate Finance?
1.2 The Corporate Firm
1.3 The Goal of Financial Management
1.4 The Agency Problem and Control of the
Corporation
1.5 Financial Markets

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 1.1 What is
Corporate Finance?
Corporate Finance addresses the following three
questions:
1. What long-term investments should the firm
choose?
2. How should the firm raise funds for the
selected investments?
3. How should short-term assets be managed
and financed?

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 Balance Sheet Model of the Firm
Total Value of Assets: Total Firm Value to Investors:
Current
Liabilities
Current Assets
Long-Term
Debt

Fixed Assets
1 Tangible
Shareholders’
2 Intangible Equity

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 The Capital Budgeting Decision
Current
Liabilities
Current Assets
Long-Term
Debt

Fixed Assets
What long-term
1 Tangible investments Shareholders’
should the firm
2 Intangible Equity
choose?

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 The Capital Structure Decision
Current
Liabilities
Current Assets
Long-Term
How should the Debt
firm raise funds
for the selected
Fixed Assets
investments?
1 Tangible Shareholders’
2 Intangible Equity

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 Short-Term Asset Management
Current
Liabilities
Current Assets
Net
Working Long-Term
Capital Debt

How should
Fixed Assets
short-term assets
1 Tangible be managed and
financed? Shareholders’
2 Intangible Equity

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 Capital Structure
The value of the firm can be
thought of as a pie.
The goal of the manager is 70%50%30%
25%
to increase the size of the DebtDebt
Equity
pie.
75%
50%
The Capital Structure Equity
decision can be viewed as
how best to slice the pie.

If how you slice the pie affects the size of the pie,
then the capital structure decision matters.

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 The Financial
Manager

The Financial Manager’s primary

goal is to increase the value of the
firm by:
1. Selecting value creating projects

2. Making smart financing decisions

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 Hypothetical Organization Chart
Board of Directors

Chairman of the Board and

Chief Executive Officer (CEO)

President and Chief

Operating Officer (COO)

Vice President and

Chief Financial Officer (CFO)

Treasurer Controller

Cash Manager Credit Manager Tax Manager Cost Accounting

Capital Expenditures Financial Planning Financial Accounting Data Processing

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 The Firm and the Financial Markets
Firm Firm issues securities (A) Financial
markets
Invests
Retained
in assets cash flows (F)
(B)
Short-term debt
Current assets Cash flow Dividends and Long-term debt
Fixed assets from firm (C) debt payments (E)
Equity shares

Taxes (D)

Ultimately, the firm The cash flows from

must be a cash
generating activity.
McGraw-Hill/Irwin
the firm must exceed
Government
the cash flows from
the financial markets.
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 1.2 The Corporate
Firm
 The corporate form of business is the standard
method for solving the problems encountered in
raising large amounts of cash.
 However, businesses can take other forms.

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 Forms of Business
Organization
• The Sole Proprietorship
• The Partnership
• General Partnership
• Limited Partnership
• The Corporation

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 A Comparison
Corporation Partnership

Liquidity Shares can be easily Subject to substantial

exchanged restrictions

Voting Rights Usually each share gets one General Partner is in charge;
vote limited partners may have
some voting rights

Taxation Double Partners pay taxes on

distributions
Reinvestment and dividend Broad latitude All net cash flow is
payout distributed to partners

Liability Limited liability General partners may have

unlimited liability; limited
partners enjoy limited
liability
Continuity Perpetual life Limited life

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 1.3 The Goal of
Financial Management
 What is the correct goal?
◼ Maximize profit?
◼ Minimize costs?
◼ Maximize market share?
◼ Maximize shareholder wealth?

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 1.4 The Agency
Problem
 Agency relationship
◼ Principal hires an agent to represent his/her
interest
◼ Stockholders (principals) hire managers (agents)
to run the company
 Agency problem
◼ Conflict of interest between principal and agent

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 Managerial
Goals
 Managerial goals may be
different from shareholder goals
◼ Expensive perquisites
◼ Survival
◼ Independence
 Increased growth and size are
not necessarily equivalent to
increased shareholder wealth

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 Managing
Managers
 Managerial compensation
◼ Incentives can be used to
align management and
stockholder interests
◼ The incentives need to be
structured carefully to make
sure that they achieve their
intended goal
 Corporate control
◼ The threat of a takeover may
result in better management
 Other stakeholders

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 1.5 Financial
Markets
 Primary Market
◼ Issuance of a security for the first time
 Secondary Markets
◼ Buying and selling of previously issued securities
◼ Securities may be traded in either a dealer or
auction market
 NYSE
 NASDAQ

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
 Financial Markets

Stocks and
Investors
Bonds
Firms securities
Money Bob Sue
money

Primary Market
Secondary
Market

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
Thank you