MANAJEMEN KEUANGAN

BISNIS (MNZ16)
CAPITAL INVESTMENT DECISION
ANALYSIS
 MATERI
1) Finding Profitable Projects
2) Capital-Budgeting Decision Criteria:
-The Payback Period and Discounted Payback
Period
-The Net Present Value
-The Profitability Index (Benefit-Cost Ratio)
-The Internal Rate of Return
3) Ranking Mutually Exclusive Projects
 BOOK
• Keown, Arthur J., Martin, John D., Petty, J.
William
BAB : 10
Hal : 330-369
 KOMPETISI KHUSUS
• Mahasiswa dapat menghitung kelayakan
suatu proyek dengan kriteria keputusan
capital-budgeting satu proyek serta
menghitung ranking mutually exclusive
projects(C3)
 FINDING PROFITABLE PROJECTS
• Capital Budgeting = proses dalam mengambil
keputusan investasi pada fixed assets : apakah
layak diinvestasi (accepted) atau tidak layak
(rejected)?
Capital-Budgeting Decision
Criteria :
PP, DPP, NPV, Benefit Cost
Ratio, IRR
 CAPITAL BUDGETING DECISION
CRITERIA
1. PAYBACK PERIOD (PP)
Jumlah tahun yang diperlukan untuk mendapatkan
kembali initial outlay/investasi awal sebuah project
(berapa lama investasi diperlukan)
Criteria = jika PP kurang dari required payback
period, project is accepted, shorter payback
periods are preferred over longer payback periods
Unrecovered amount at
beginning of year
Number of years just
Payback Period = + payback is completed
Prior to complete
Recovery of initial outlay
Free cash flow in year
payback is completed
2. DISCOUNTED PAYBACK PERIOD
Berapa tahun diperlukan untuk mendapatkan
kembali initial outlay dari project dari
discounted free cash flow

Unrecovered amount at
Number of years just beginning of year
Discounted Prior to complete
= + payback is completed
Payback Period Recovery of initial outlay
using discounted cash flows Discounted free cash
flow in year payback is
completed
3. NET PRESENT VALUE
Merupakan present value dari annual free cash flows suatu investasi
dikurangi dengan initial outlay
NPV = (present value of all the future annual free cash flows) – (the initial
cash outlay)
FCF1 FCF2 FCFn
NPV  1
 2
 ...  n
 IO
(1  k ) (1  k ) (1  k )
Where :
FCFt = annual free cash flows in time period t (can be positive or negative)
k = the firm’s required rate of return or cost of capital
IO = initial cash outlay
n = project’s expected life Whenever the project’s NPV is greater than
or equal to zero, we will accept this project ;
NPV = PVbenefits – Pvcosts whenever the NPV is negative, we will reject
the project.
NPV >= 0 : ACCEPTED If the project’s NPV is zero, then it returns
the required rate of return and should be
NPV < 0 : REJECT accepted.
4. PROFITABILITY INDEX / PI (BENEFIT-COST
RATIO)
Rasio present value dari future free cash flow suatu investasi
di bagi dengan initial outlay investasi tersebut
present value of all the future annual free cash flows
PI 
initial cash outlay
FCF1 FCF2 FCFn
1
 2
 ... 
(1  k ) (1  k ) (1  k ) n
PI 
IO

PI >= 1 : NPV positive, ACCEPTED

PI < 1 : REJECT
5. INTERNAL RATE OF RETURN
IRR = the rate of return that equates the
present value of the project’s free cash flows
with the initial outlay, a rate of return that the
projects earns
FCF1 FCF2 FCFn
IO  1
 2
 ... 
(1  IRR) (1  IRR) (1  IRR) n

IRR >= firm’s required rate of return or cost of capital : ACCEPTED

IRR < firm’s required rate of return or cost of capital : REJECT
If the project earns more than the required rate of return, then the
NPV must be positive. The project creates value and should be
accepted
Cari IRR dengan Interpolasi

RR 1 = Tingkat diskonto yang menghasilan NPV (+)

NPV 1 = NPV positive
RR 2 = Tingkat diskonto / tingkat bunga yang menghasilkan NPV (-)
NPV 2 = NPV negative
 RANKING MUTUALLY EXCLUSIVE
PROJECTS
• Mutually exclusive projects = Project yang jika diambil,
akan menghasilkan tujuan yang sama. Jika accept salah
satu, maka yang lain harus di reject
• 3 general types of ranking problems :
a. The size-disparity problem (perbedaan size, misal A
IO nya 200, B IO nya 1500)
b. The time-disparity problem (perbedaan waktu dalam
penerimaan cash flow, misal A 3 tahun baru balik
modal, B 2 tahun uda balik, tapi NPVnya A lebih besar)
c. The unequal-lives problem (ketidaksetaraan, contoh :
lifespan A = 5 tahun, B = 15 tahun)