1 / 15

Biaya Modal

Biaya Modal. Lecture Note: Trisnadi Wijaya , SE., S.Kom. Definisi. Modal adalah dana yang digunakan untuk membiayai pengadaan aktiva dan operasi perusahaan .

nelly
Download Presentation

Biaya Modal

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Biaya Modal Lecture Note: Trisnadi Wijaya, SE., S.Kom Trisnadi Wijaya, SE., S.Kom

  2. Trisnadi Wijaya, SE., S.Kom Definisi • Modal adalahdana yang digunakanuntukmembiayaipengadaanaktivadanoperasiperusahaan. • Modal terdiridari item-item yang adadisisikanansuatuneraca, yaituhutang, sahambiasa, sahampreferen, danlabaditahan. • Setiappeningkatan total aktivaharusdidanaidenganpeningkatandarisatuataulebihkomponen modal.

  3. Trisnadi Wijaya, SE., S.Kom BiayaUtang (Cost of Debt) • Jikaperusahaanmenggunakanobligasisebagaisaranauntukmemperolehdanadarihutangjangkapanjang, makabiayahutangadalahsamadenganKdatauYield to Maturity (YTM), yaitutingkatkeuntungan yang dinikmatiolehpemegangobligasi. Rumus YTM

  4. Trisnadi Wijaya, SE., S.Kom BiayaUtang (Cost of Debt) Rumus Biaya Utang

  5. Trisnadi Wijaya, SE., S.Kom BiayaSahamPreferen Biayasahampreferenadalahsamadengantingkatkeuntungan yang akandinikmatipembelisahampreferenatauKp.

  6. Trisnadi Wijaya, SE., S.Kom BiayaLabaDitahan • Suatuperusahaandapatmemperoleh modal sendirimelalui 2 cara: • Menahansebagianlaba • Menerbitkansahambiasabaru • Biayalabaditahanadalahsamadengan Ks atautingkatkeuntungan yang diharapkan investor padasahambiasaperusahaan yang bersangkutan. • Ada 3 metodeuntukmenghitung Ks, yaitu CAPM, DCF, dan Bond-Yield-Plus-Risk-Premium.

  7. Trisnadi Wijaya, SE., S.Kom BiayaLabaDitahan Pendekatan CAPM Pendekatan Discounted Cash flow (DCF)

  8. Trisnadi Wijaya, SE., S.Kom BiayaLabaDitahan Pendekatan Bond-Yield-Plus-Risk Premium

  9. Trisnadi Wijaya, SE., S.Kom BiayaSahamBiasaBaru • Biayasahambiasabaru (external equity capital) lebihtinggidaribiayalabaditahankarenapenjualansahambarumemerlukanbiayaemisisaham (flotation cost). • Flotation costakanmengurangipenerimaanperusahaandaripenjualansaham. • Floation costterdiridaribiayamencetaksaham, komisiuntukpihakpenjaminemisisaham, penawaransaham, dll.

  10. Trisnadi Wijaya, SE., S.Kom BiayaSahamBiasaBaru Gordon Model

  11. Trisnadi Wijaya, SE., S.Kom NilaiKomposit (WACC) WACC = Biaya modal rata-rata tertimbang wd = Persentasehutangdari modal kd(1-T) = Biayautang wp = Persentasesahampreferendari modal kp = Biayasahampreferen ws = Persentasesahambiasaataulabaditahandari modal ks = Biayalabaditahan ke = Biayasahambiasabaru

  12. Trisnadi Wijaya, SE., S.Kom BerbagaiFaktor yang MempengaruhiNilaiKompositBiaya Modal • Faktor-faktor yang tidakdapatdikendalikanperusahaan • Tingkat sukubunga • Tarifpajak • Faktor-faktor yang dapatdikendalikanperusahaan • Kebijakanstrukturpermodalan • Kebijakandividen • Kebijakaninvestasi

  13. Trisnadi Wijaya, SE., S.Kom EstimasiRisikoProyek • Riskoberdirisendiri (stand-alone risk) • Risikoperusahaanatau internal perusahaan (corporate/within firm risk) • Risikopasaratau beta (market/beta risk)

  14. Trisnadi Wijaya, SE., S.Kom BeberapaBidangMasalahdalamBiaya Modal • Dana yang disebabkanolehdepresiasi • Perusahaan yang dimilikisecaratertutup • Masalahpengukuran • Biaya modal untukproyek-proyekdengantingkatrisiko yang berbeda • Pembobotanstrukturpermodalan.

  15. Trisnadi Wijaya, SE., S.Kom Exercise (Page 499) • Percy Motors has a target capital structure of 40 percent debt and 60 percent equity. The yield to maturity on the company’s outstanding bonds is 9 percent, and the company’s tax rate is 40 percent. Percy’s CFO has calculated the company’s WACC as 9.96 percent. What is the company’s cost of common equity? • Tunney Industries can issue perpetual preferred stock at a price of $47.50 a share. The issue is expected to pay a constant annual dividend of $3.80 a share. What is the company’s cost of preferred stock, kp? • Javits & Sons’ common stock is currently trading at $30 a share. The stock is expected to pay a dividend of $3.00 a share at the end of the year (D1 = $3.00), and the dividend is expected to grow at a constant rate of 5 percent a year. If the company were to issue external equity, it would incur a 10 percent flotation cost. What are the costs of internal and external equity?

More Related