Creating the great business leaders

Prinsip dan Ruang Lingkup

Manajemen Keuangan

Team Teaching
Finance Management
2021
 Fakultas Ekonomi dan Bisnis
School of Economic and Business

Telkom University

Why
Study
Finance ?

2 Creating the great business leaders

 Fakultas Ekonomi dan Bisnis
School of Economic and Business

Telkom University

MANAJEMEN KEUANGAN
Memaximalkan
Kekayaan Pemegang
Saham

Keputusan- keputusan keuangan:

❖ Produk Baru
❖ Investasi aset baru
❖ Pergantian aset
❖ Pinjaman
❖ Penerbitan saham/ obligasi
❖ Arus Kas

3 Creating the great business leaders

 Fakultas Ekonomi dan Bisnis
School of Economic and Business Goal of The Firm :
Telkom University

To create value for the company’s owners

(i.e., its shareholders)
This goal is frequently stated as
“Maximization of shareholder wealth”
ÒR

Maximization of the price of the existing common stock

4 Creating the great business leaders

Fakultas Ekonomi dan Bisnis
School Economics and Business

Profit Maximization

Stresses the efficient use of Not specific to time frame

capital resources for profits to be measured

Goals are not precise, allow Ignores uncertainty and

for misinterpretation timing

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5 Creating the great business leaders
 Fakultas Ekonomi dan Bisnis
School of Economic and Business

Telkom University

Benefits of Maximizing Shareholder Wealth

Good decisions are those that create wealth for Societal benefits as businesses compete to
the shareholder create wealth Includes effects of all financial
decisions

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 Fakultas Ekonomi dan Bisnis
School of Economic and Business Financial Management (Manajemen Keuangan) 1
Telkom University

Manajemen keuangan adalah aktivitas manajerial

yang berkaitan dengan perencanaan dan
pengendalian sumber daya keuangan perusahaan
( Pandey)

7 Creating the great business leaders

 Fakultas Ekonomi dan Bisnis
School of Economic and Business Financial Management (Manajemen Keuangan) 2
Telkom University

Financial management deals with how the corporation

obtains the funds and how it uses them

(Hoagland)

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 Fakultas Ekonomi dan Bisnis
School of Economic and Business Financial Management (Manajemen Keuangan) 3
Telkom University

“Financial Management is concerned with the

management decisions that result in the acquition and
financing of the long term and short term of a firm”
(Phillippatuo)

9 Creating the great business leaders

 Fakultas Ekonomi dan Bisnis
School of Economic and Business Financial Management (Manajemen Keuangan) 4
Telkom University

“Financial Management is the application of the planning

and control functions to the finance functions, financial
management involves the application of general
management principles to a particular financial operation”
(Howard and Upton)

10 Creating the great business leaders

 Fakultas Ekonomi dan Bisnis
School of Economic and Business Financial Management (Manajemen Keuangan) 4
Telkom University

““Financial Management is the area of business

management, devoted to a judicious use of capital ini order
to enable the direction of reaching it goods”
(Prof Bradley)

11 Creating the great business leaders

 Fakultas Ekonomi dan Bisnis
School of Economic and Business

Telkom University
Finance addresses three basic types of issues:
1. What long-term investments should the firm undertake?
This area of finance is generally referred to as capital
budgeting.
2. How should the firm raise money to fund these
investments? The firm’s funding choices are generally
referred to as capital structure decisions.
3. How can the firm best manage its cash flows as they arise
in its day-to-day operations? This area of finance is
generally referred to as working capital management.
Source: Titman, Keown and Martin (2018)

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 Fakultas Ekonomi dan Bisnis Keputusan dalam Manajemen Keuangan (Van Horne,
School of Economic and Business
2002)
Telkom University
1. Keputusan Pendanaan (financing decisions) 🡪 capital
structure
a. Sumber internal (modal sendiri)
b. Sumber eksternal (hutang/pinjaman)
2. Keputusan Investasi (investment decisions) 🡪 alokasi dana
untuk investasi dan aset-aset tetap jangka panjang 🡪
penganggaran modal (capital budgeting)
3. Keputusan Pembagian Keuntungan (dividend/share
re-purchase decisions) 🡪 distribusi dana kepada pemilik
modal 🡪 rasio pembayaran dividen (dividend payout ratio)

13 Creating the great business leaders

 Fakultas Ekonomi dan Bisnis
School of Economic and Business

Telkom University

Bentuk –Bentuk Perusahaan

■ Sole Proprietorship (Perusahaan Perseorangan)

■ Partnership (Kemitraan)
■ Corporation (Korporasi)

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 Fakultas Ekonomi dan Bisnis
School of Economic and Business Sole Proprietorship (Perusahaan Perseorangan)
Telkom University

■ Dimiliki oleh perseorangan

■ Pemilik berhak atas seluruh harta perusahaan dan keuntungan
■ Secara pribadi bertanggung jawab tanpa batas (bertanggung jawab
atas kerugian)
■ Tidak ada persyaratan hukum yang harus dipenuhi untuk memulai
suatu usaha
■ Pembubaran perusahaan dapat dilakukan atas inisiatif pemilik/ jika
pemilik meninggal dunia
■ Bebas dari struktur bentuk hokum perusahaan yang formal

15 Creating the great business leaders

 Fakultas Ekonomi dan Bisnis
School of Economic and Business Partnership (Kemitraan)
Telkom University
■ Persekutuan dari dua atau lebih individu yang bergabung bersama
sebagai pemilik bersama untuk mengoperasikan suatu bisnis agar
bisa meraih keuntungan.
■ Adanya persetujuan antar mitra didalamnya
■ Dibagi menjadi 2 bentuk :
■ Kemitraan Umum :
Setiap mitra bertanggung jawab penuh atas semua kewajiban yang timbul
dari para mitranya.
Kemitraan Terbatas :
■ Harus ada mitra yg bertanggung jawab secara penuh secara penuh atas
jalannya perusahaan
■ Nama-nama mitra komanditer tidak muncul dalam nama perusahaan

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 Fakultas Ekonomi dan Bisnis
School of Economic and Business Corporation (Korporasi)
Telkom University
■ Memiliki badan hukum
■ Memiliki kekayaan tersendiri yang terpisah dari kekayaan para
pemilik perusahaan
■ Pemilik memilih dewan direksi
■ Kepemilikan dicerminkan dalam bentuk saham
■ Saham dapat dipindahtangankan
■ Pertanggungjawaban investor hanya sebesar jumlah investasinya

17 Creating the great business leaders

 Fakultas Ekonomi dan Bisnis
School of Economic and Business Struktur Korporasi
Telkom University

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 Fakultas Ekonomi dan Bisnis
School of Economic and Business Interaksi Korporasi dan Pasar Keuangan
Telkom University

19 Creating the great business leaders

 Fakultas Ekonomi dan Bisnis
School of Economic and Business An Overview of Financial Management
Telkom University

Sumber: Pandey (2015)

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 Fakultas Ekonomi dan Bisnis
School of Economic and Business Prinsip Manajemen keuangan
Telkom University
■ Principle 1: Cash Flow is What Matters

■ Understand that cash flows, not profits, represent

money that can be spent.
Consequently, it is cash flow, not profits, that determines
the value of a business. For this reason when we analyze
the consequences of a managerial decision, we focus on
the resulting cash flows, not profits.
■ We need to make another important point about cash
flows. Recall from your economics classes that we should
always look at marginal, or incremental, cash
flows when making a financial decision.

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 Fakultas Ekonomi dan Bisnis
School of Economic and Business Prinsip Manajemen keuangan
Telkom University
■ Principle 2: Money Has a Time Value

■ Very simply, a dollar received today is more valuable than

a dollar received 1 year from now because we can invest
the dollar we have today to earn interest so that at the
end of 1 year we will have more than one dollar.

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 Fakultas Ekonomi dan Bisnis
School of Economic and Business Prinsip Manajemen keuangan
Telkom University
■ Principle 3: Risk Requires a Reward

■ A return for delaying

consumption
■ An additional return
for taking on risk

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 Fakultas Ekonomi dan Bisnis
School of Economic and Business Prinsip Manajemen keuangan
Telkom University
■ Principle 4: Market Prices Are Generally Right

■ An efficient market concept, is one in which the prices of

the assets traded in that market fully ref lect
all available information at any instant in time.

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 Fakultas Ekonomi dan Bisnis
School of Economic and Business Prinsip Manajemen keuangan
Telkom University
■ Principle 5: Conflict of Interest Cause Agency Problems

■ Conflicts of interest lead to what economists describe as

an agency cost or agency problem.

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