Ch. 16: Management and Short-Term Financing

1. Ch. 16:Managementand Short-Term Financing

2. Manajemen Modal Kerja / Working-Capital Management • Harta Lancar (Current Assets) • cash, marketable securities, inventory, accounts receivable • Harta Jk Panjang (Long-Term Assets) • equipment, buildings, land • Yang mana yang memberikan tingkat pengembalian yg tinggi? • Yang mana yang mengabaikan resiko Tidak likuiditas?

3. Working-Capital Management • Harta Lancar (CurrentAssets) • cash, marketable securities, inventory, accounts receivable • Harta Jk Panjang (Long-Term Assets) • equipment, buildings, land • Resiko tingkat pengembalian : Harta lancar menghasilkan tingkat pengembalian yg rendah, tapi membatu mengurangi resiko tidak likuiditas.

4. Working-Capital Management • Hutang Lancar (Current Liabilities) • short-term notes, accrued expenses, accounts payable • Hutang Jk Panjang & Ekuitas (Long-Term Debt and Equity) • bonds, preferred stock, common stock • Mana yg lebih Mahal bagi perusahaan? • Mana yg membantu mengabaikan resiko tidak likuid?

5. Working-Capital Management • Hutang Lancar (Current Liabilities) • short-term notes, accrued expenses, accounts payable • Hutang Jk Panjang & Ekuitas (Long-Term Debt and Equity) • bonds, preferred stock, common stock • Resiko tingkat pengembalian : Hutang lancar lebih murah, tapi menaikkan resiko tidak likuid

6. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock Misal: semua pendanaan harta lancar berasal dari hutang lancar,

7. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock Misal: semua pendanaan harta lancar berasal dari hutang lancar,

8. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock Misal: semua pendanaan harta lancar berasal dari hutang lancar, dan semua harta tetap berasal dari pendanaan jangka panjang.

9. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock Misal: semua pendanaan harta lancar berasal dari hutang lancar, dan semua harta tetap berasal dari pendanaan jangka panjang.

10. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock

11. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock Misal kita menggunakan pendanaan jangka panjang untuk membiayai harta lancar kita.

12. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock Misal kita menggunakan pendanaan jangka panjang untuk membiayai harta lancar kita.

13. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock Misal kita menggunakan pendanaan jangka panjang untuk membiayai harta lancar kita. Strategi ini lebih tidak beresiko, tapi lebih mahal.

14. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock

15. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock Misalkan kita menggunakan hutang lancar untuk membiayai harta tetap.

16. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock Misalkan kita menggunakan hutang lancar untuk membiayai harta tetap.

17. Balance Sheet Current Assets Current Liabilities Fixed Assets Long-Term Debt Preferred Stock Common Stock Misalkan kita menggunakan hutang lancar untuk membiayai harta tetap. Strategi ini lebih murah, tapi lebih berisiko.

18. Modal Kerja Total investasi perusahaan dalam aset lancar atau aset yang diharapkan bisa diubah menjadi kas dalam setahun atau kurang Modal Kerja netto : Perbedaan antara aset lancar dan kewajiban lancar perusahaan.

19. Prinsip Penyetaraan (The Hedging Principle) • Investasi Permanen ( > 1 year) • Harus didanai dengan sumber permanen ( utang jk menengah dan panjang, SP, SB) atau sumber spontan (kredit datang) • Investasi Temporer (< 1 year) • Harus didanai dengan sumber temporer.

20. Balance Sheet Temporary Current Assets

21. Balance Sheet Temporary Temporary Current Assets Short-term financing

22. Balance Sheet Temporary Temporary Current Assets Short-term financing Permanent Fixed Assets

23. Balance Sheet Temporary Temporary Current Assets Short-term financing Permanent Permanent Fixed Assets Financing and Spontaneous Financing

24. The Hedging Principle • Sumber Permanen • Hutang jangka menengah, hutang jangka panjang, saham preferen, saham biasa • Sumber pendanaan Spontan • Hutang dagang, hutang gaji, hutang bunga, hutang pajak • Sumber pendanaan jangka pendek • Hutang bank,unsecured bank loans, commercial paper, loans secured by A/R or inventory

25. The Hedging Principle Adalah : mencocokkan aset yang menghasilkan arus kas dengan jatuh tempo sumber pendanaan yang digunakan untuk mendana pembeliannya.

26. Cost of Short-Term Credit Interest = principal x rate x time ex: borrow $10,000 at 8.5% for 9 months Interest = $10,000 x .085 x 3/4 year = $637.50

27. Cost of Short-Term Credit We can use this simple relationship: Interest = principal x rate x time to solve for rate, and get the

28. Cost of Short-Term Credit We can use this simple relationship: Interest = principal x rate x time to solve for rate, and get the Annual Percentage Rate (APR)

29. APR = x Cost of Short-Term Credit We can use this simple relationship: Interest = principal x rate x time to solve for rate, and get the Annual Percentage Rate (APR) interest 1 principal time

30. Cost of Short-Term Credit

31. APR = x Cost of Short-Term Credit interest 1 principal time

32. APR = x Cost of Short-Term Credit interest 1 principal time example: If you pay $637.50 in interest on $10,000 principal for 9 months:

33. APR = x Cost of Short-Term Credit interest 1 principal time example: If you pay $637.50 in interest on $10,000 principal for 9 months: APR = 637.50/10,000 x 1/.75 = .085 = 8.5% APR

34. Cost of Short-Term Credit Annual Percentage Yield (APY) is similar to APR, except that it accounts for compound interest:

35. APY = ( 1 + ) - 1 Cost of Short-Term Credit Annual Percentage Yield (APY) is similar to APR, except that it accounts for compound interest: i m m

36. APY = ( 1 + ) - 1 Cost of Short-Term Credit Annual Percentage Yield (APY) is similar to APR, except that it accounts for compound interest: i m m i = the nominal rate of interest m = the # of compounding periods per year

37. Cost of Short-Term Credit What is the (APY) of a 9% loan with monthly payments? APY = ( 1 + ( .09 / 12 ) 12 -1 ) = .0938 = 9.38%

38. Sources of Short-term Credit • Unsecured

39. Sources of Short-term Credit • Unsecured • accrued wages and taxes

40. Sources of Short-term Credit • Unsecured • accrued wages and taxes • trade credit

41. Sources of Short-term Credit • Unsecured • accrued wages and taxes • trade credit • bank credit

42. Sources of Short-term Credit • Unsecured • accrued wages and taxes • trade credit • bank credit • commercial paper

43. Sources of Short-term Credit • Unsecured • accrued wages and taxes • trade credit • bank credit • commercial paper • Secured

44. Sources of Short-term Credit • Unsecured • accrued wages and taxes • trade credit • bank credit • commercial paper • Secured • accounts receivable loans

45. Sources of Short-term Credit • Unsecured • accrued wages and taxes • trade credit • bank credit • commercial paper • Secured • accounts receivable loans • inventory loans