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Biaya Modal

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

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Biaya Modal

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  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?

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