What is Finance? (Gitman, 2009:4). Finance can be defined as the art and
science of managing money. Virtually all individuals and organizations earn or
raise ...
Ruang Lingkup dan Tujuan Manajemen Keuangan
What is Finance? (Gitman, 2009:4) Finance can be defined as the art and science of managing money. Virtually all individuals and organizations earn or raise money and spend or invest money.
Finance is concerned with the process, institutions, markets, and instruments involved in the transfer money among individuals, businesses, and governments.
Manajemen keuangan berkaitan dengan kegiatan perencanaan, analisis dan pengendalian mengenai perolehan dana dan penggunaan dana untuk memaksimumkan nilai perusahaan.
Kegiatan pokok yang dilakukan manajer keuangan, antara lain: 1. Perencanaan keuangan 2. Keputusan investasi dan pendanaannya 3. Bekerja sama dengan manajer lain, agar perusahaan dapat bekerja efisien 4. Memanfaatkan pasar modal dan pasar uang
The Role of Financial Managers The financial manager of a firm plays an important role in the company’s goals, policies, and financial success. The financial manager’s responsibilities include: 1. Financial analysis and planning 2. Investment decisions 3. Financing and capital structure decisions 4. Management of financial resources 5. Risk management:protecting assets
The Managerial Finance Function • The size and importance of the managerial finance function depends on the size of the firm. • In small companies, the finance function may be performed by the company president or accounting department. • As the business expands, finance typically evolves into a separate department linked to the president as was previously described in Figure 1.1.
Corporate Organization
Manajemen Keuangan dan Akuntansi
WHAT’S ACCOUNTING?
* What is Accounting?
*
LG1
• Accounting -- Recording, classifying, summarizing and interpreting of financial events and transactions in an organization to provide interested parties needed financial information.
• Outside parties - like employees, owners, creditors, unions, investors and the government make use of a firm’s accounting information.
17-10
The Managerial Finance Function: Relationship to Accounting • The firm’s finance (treasurer) and accounting (controller) functions are closely-related and overlapping. • In smaller firms, the financial manager generally performs both functions.
• One major difference in perspective and emphasis between finance and accounting is that accountants generally use the accrual method while in finance, the focus is on cash flows. • The significance of this difference can be illustrated using the following simple example.
The Nassau Corporation experienced the following activity last year: • Sales: • Cost of Goods: terms) • Expenses:
$100,000 (uncollected) $ 60,000 (all paid in full under supplier $ 20,000 (all paid in full)
Now contrast the differences in performance under the accounting method versus the cash method.
INCOME STATEMENT SUMMARY
Sales Costs Profit/ (Loss)
ACCRUAL $100,000 (80,000) $ 20,000
CASH $ 0 (80,000) $ (80,000)
• Accrual method, mengakui pendapatan pada saat penjualan dan mengakui beban pada waktu beban tersebut terjadi. • Cash method, mengakui pendapatan dan beban hanya berdasarkan terjadinya aliran kas masuk dan keluar.
• Finance and accounting also differ with respect to decision-making. • While accounting is primarily concerned with the presentation of financial data, the financial manager is primarily concerned with analyzing and interpreting this information for decision-making purposes. • The financial manager uses this data as a vital tool for making decisions about the financial aspects of the firm.
Tipe-tipe akuntansi
MANAGERIAL ACCOUNTING
* Managerial Accounting LG2
*
• Managerial Accounting -- Provides information and analysis to managers inside the organization to assist them in decision making.
• Managerial accounting is involved with: - Costs of production - Costs of marketing - Preparation and control of budgets - Minimizing tax liabilities 17-18
FINANCIAL ACCOUNTING
* Financial Accounting
*
LG2
• Financial Accounting -- Financial information and analyses are generated for people primarily outside the organization. Outside users are interested in these questions: - Is the organization profitable? - Is it able to pay its bills? - How much debt does it owe?
• Annual Report -- A yearly statement of the financial condition, progress, and expectations of the firm. 17-19
Financial Activities
What is Finance? ABC Company Balance Sheet As of December 31, 19xx
Working Capital
Assets:
Liabilities & Equity:
Current Assets
Current Liabilities
Cash & M.S.
Accounts payable
Accounts receivable
Notes Payable
Inventory Total Current Assets Fixed Assets:
Investment Decisions
Gross fixed assets
Total Current Liabilities Long-Term Liabilities Total Liabilities Equity:
Less: Accumulated dep.
Common Stock
Goodw ill
Paid-in-capital
Other long-term assets
Retained Earnings
Total Fixed Assets Total Assets
Working Capital
Total Equity Total Liabilities & Equity
Financing Decisions
Fungsi keuangan dalam perusahaan
Fungsi manajemen keuangan terdiri dari 3 keputusan keuangan: 1. Investment decisions determine both the mix and the type of assets held by the firm. Gitman (2009:13) 2. Financing decisions determine both the mix and the type of financing used by the firm. Gitman (2009:13) 3. keputusan pembagian laba/kebijakan dividen
Investment Decisions Most important of the three decisions. 1. What is the optimal firm size? 2. What specific assets should be acquired? 3. What assets (if any) should be reduced or eliminated?
Financing Decisions • Determine how the assets will be financed. 1. What is the best type of financing? 2. What is the best financing mix? 3. What is the best dividend policy? 4. How will the funds be physically acquired?
Tujuan Manajemen Keuangan
Nilai perusahaan Tujuan manajemen keuangan seringkali dinyatakan untuk memaksimumkan nilai perusahaan. Nilai perusahaan merupakan harga yang bersedia dibayar oleh pembeli jika perusahaan tersebut dijual. Perusahaan yang go public, harga saham yang diperjualbelikan merupakan indikator nilai perusahaan.
Dengan demikian, tujuan perusahaan dapat dinyatakan dengan bentuk memaksimalkan nilai kepemilikan perusahaan atau memaksimalkan harga saham.
Martin, Keown, Petty & Scott: Tujuan utama semua perusahaan adalah memaksimalkan laba atau kekayaan , terutama bagi para pemegang sahamnya, terwujud upaya peningkatan atau maksimalisasi nilai pasar dari harga saham perusahaannya.
Memaksimalkan laba sering disebut sebagai tujuan perusahaan dalam pengertian mikroekonomi, tapi belum cukup disebut sebagai tujuan jika ditinjau dari sudut keuangan. Tujuan memaksimalkan laba mengabaikan risiko dan waktu.
Goal of the Firm: Maximize Profit?
Which Investment is Preferred? Earnings per share (EPS) Investment
Year 1
Year 2
Year 3
Total (years 1-3)
Rotor
$
1.40
$
1.00
$
0.40
$
2.80
Valve
$
0.60
$
1.00
$
1.40
$
3.00
Goal of the Firm Maximize Shareholder Wealth!!! The wealth of corporate the owners is measured by the share price of the stock. This can be illustrated using the following simple valuation equation: level & timing of cash flows
Share Price = Future Dividends Required Return
risk of cash flows
Goal of the Firm: Maximize Shareholder Wealth! Profit maximization is no reasonable goal, it ignores: (1) the timing of returns, (2) cash flows available to stockholders, and (3) risk. Maximizing shareholder wealth properly considers cash flows, the timing of these cash flows, and the risk of these cash flows.
Memaksimumkan nilai perusahaan tidak sama dengan memaksimumkan laba per lembar saham (earning per share), karena: (a) memaksimumkan EPS mungkin memusatkan laba pada EPS saat ini; (b) mengabaikan nilai waktu dari uang dan (c) tidak memperhatikan faktor risiko.
The Goals of Managerial Finance Shim & Siegel (1998:1) Typical goals of the firm include: 1. Stockholder wealth maximization 2. Profit maximization 3. Managerial reward maximization 4. Behavioral goals 5. Social responsibility
Modern managerial finance theory operates on the assumption that the primary goal of the firm is to maximize the wealth of its stockholders, which translates into maximizing the price of the firm’s common stock. Note that the traditional goal frequently stressed by economists – profit maximization – is not sufficient for most firms today.
Brigham & Houston(2007:3) Management’s goal should be to maximize shareholder wealth, which means maximizing the value of the stock. When we say “maximizing the value of the stock”, we mean the “true long-run value”, which may be different from the current stock price.
Konsep Manajemen Keuangan 1. Risk and return 2. Discount/diskonto 3. Finance and accounting
Risk and Return Risk is the chance of financial lost or, more formally, the variability of returns associated with given asset. Gitman (2006:226) Return is the total gain or loss experienced on an investment over a given period of time. Gitman (2006:226)
Return : monetary terms & percentage terms. • Invested $ 1,000 • Received 1,100 • Return : $ 100 & 10%
Ada 2 alternatif investasi: Data untuk kedua investasi sbb: Investasi A Investasi B Prob Return Prob Return 0,20 0,10 0,10 0,10 0,60 0,20 0,80 0,20 0,20 0,30 0,10 0,30
Expected (Return A) = 0,20 Expected (Return B) = 0,20 Standar Deviasi A = 0,063 Standar Deviasi B = 0,045
Dalam ketidakpastian, keputusan investor berdasarkan pada: 1.pendapatan rata-rata di waktu yang akan datang yang diukur dari nilai harapan pendapatan sesuai distribusi probabilitasnya 2.risiko arus pendapatan yang diukur dari standar deviasi distribusi probabilitasnya
