Struktur Modal
Topik:
(a) Data yang diperlukan dalam Keputusan Capital
Budgeting
(b) Factor-Factor dalam Capital Budgeting Multinasional
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MUCHLAS
CFt
NPV I 0
t
t 1 1 k
n
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MUCHLAS
Aturan keputusan:
Jika NPV > 0, proyek diterima
Jika NPV < 0, proyek ditolak.
Jika NPV = 0 ???
Jika ada dua proyek yang bersifat saling melengkapi
maka proyek yang memiliki NPV lebih besar yang
dipilih .
http://id.wikipedia.org/wiki/NPV
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MUCHLAS
P I
t1
C Ft
(1 k )
I0
t 1
C Ft
(1 IR R )
Decision Rule:
Jika IRR > required rate of return, Proyek diterima.
Jika IRR < required rate of return, Proyek ditolak.
http://id.wikipedia.org/wiki/IRR
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MUCHLAS
t
n
(
1
k
)
(
1
MIRR
)
t 0
t 1
j
I0
CIFt (1 k ) n t
TV
PVCost
n
n
(1 MIRR)
(
1
MIRR
)
t 1
I1
I2
Ij
CFt
CFt+1 CFt+2
CFn-t
|--------|--------|----------|----------------|-------|--------|-----------------|
0
1
2
t
t+1
t+2
n
j
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where: It = cash outflows,
COF; CFt = cash
inflows
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MUCHLAS
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Factor-Factor lain:
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14
15
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Market diversification.
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D
E
WACC
K d 1 t
Ke
DE
DE
where:
D = Proportion of capital (D+E) made up of debt,
E = The proportion of equity,
Kd = Cost of debt,
Ke = Cost of Equity and
t = tax rate.
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