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Pengantar

Perkembangan tehnologi baru dan


globalisasi
Perbaikan komunikasi dan
transportasi
Skandal korporasi perubahan
hukum, 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 restruturisasi PHK

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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 tidak
memberikan perhatian yang cukup
prinsip dasar keuangan

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Sekilas Perekonomian

1776- Adam Smith invisible hand
yang memandu perusahaan dalam
mencari laba keputusan yang
mengarah ke manfaat masyarakat
Maksimalisasi laba
Sistem pasar bebas adalah yang terbaik

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Kondisi sekarang

Perusahaan besar multinasional
Perusahaan memiliki jutaan karyawan dan
pemegang saham
Perusahaan harus menyeimbangkan
kepentingan pelanggan, karyawan, pemasok,
dan masyarakat secara keseluruhan
Perlu modifikasi teori: Adam Smith
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Modifikasi Teori Adam Smith

Tujuan perusahaan memaksimalkan
kesejahteraan pemegang saham
maksimalisasi harga saham
Pasar bebas masih dianggap sistem terbaik bagi
suatu negara
Perlu dipertimbangkan beberapa kendala
seperti: polusi udara dan air, praktek hubungan
kerja yang adil, praktek monopoli yang
mengeksploitas konsumen

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Laba tergantung pada penjualan prsh harus
mengembangkan produk dan jasa secara efesien dan
menjualnya dengan harga bersaing bermanfaat bagi
masyarakat
GE: Patuh pada hukum saja tidak cukup excellent
reputation paling penting
Google Inc Dont Be Evil
Bill Gate such system twin mission 1) making profit and
2) improving lives those who dont fully benefit from market
forces 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 assets
Obtain fund selling securities
Selling securities financial 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

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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 pasar behavioral 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, Human
Resources, and Other Operating
Departments
Chief Financial Officer (CFO)
Accounting, Treasury, Credit,
Legal, Capital Budgeting, and
Investor Relations
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 PT
Asosiasi 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 komisaris
independen)
Kekuasaan Tertinggi berada di RUPS


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Proprietorships and Partnerships
Advantages
Ease of formation
Subject to few regulations
No corporate income taxes
Disadvantages
Difficult to raise capital
Unlimited liability
Limited life

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Corporation
Advantages
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 is
shareholder wealth maximization, which translates to
maximizing 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 and
as investors obtain new information about a companys
prospects.
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Perusahaan memiliki berbagai departemen:
marketing, produksi, SDM, dan finance
Tugas utama departmen financial adalah menilai
usulan keputusan dan mempertimbangkan
dampaknya terhadap harga saham kemakmuran
pemegang saham
Harga saham berubah-ubah dari waktu ke waktu
sejalan dengan perubahan kondisi dan informasiyang
diperoleh 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 its
intrinsic value.
Ideally, managers should avoid actions that reduce
intrinsic value, even if those decisions increase the
stock price in the short run.
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Determinants of Intrinsic Values
and Stock Prices
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True Investor
Returns
True
Risk
Perceived
Investor Returns
Perceived
Risk
Managerial Actions, the Economic
Environment, Taxes, and the Political Climate
Stocks
Intrinsic Value
Stocks
Market Price
Market Equilibrium:
Intrinsic Value = Stock Price
Proyek suatu perusahaan akan memengaruhi harga
saham
Sulit untuk menentukan harga saham yang tepat
Persepsi vs kebenaran


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Some Important Business
Trends
Recent corporate scandals have reinforced the
importance of business ethics, and have spurred
additional regulations and corporate oversight.
Increased globalization of business.
The effects of ever-improving information technology
have had a profound effect on all aspects of business
finance.
Corporate governance
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Business Ethics
What 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 the
interest 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 project
succeeds. 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 the
use of additional debt and constrain managers
actions.

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