BENTUK HUKUM PERUSAHAANSole ProprietorshipPartnershipCorporation

KerugianTanggung jawab tidak terbatasBesarnya usaha terbatasUmur perusahaan terbatasModalnya terbatasKontinuitas tidak terjaminSusah memperoleh kreditTergantung pada seseorangButuh banyak waktuHilangnya kenikmatan (fringe benefits)PERUSAHAAN PERSEORANGAN

KeuntunganBiaya pendiriannya murahMenjadi Boss untuk dirinya sendiriMerupakan kebanggaanMudah berdiri dan bubarBebas mengoperasikanKeuntungan pajakDapat diwariskanKeuntungan dimiliki sepenuhnyaPERUSAHAAN PERSEORANGAN

KerugianTanggung jawab tidak terbatasKeuntungan harus dibagiKontinuitas tidak terjaminPemerolehan kredit terbatasSulit untuk diakhiriKemungkinan terjadinya konflikPARTNERSHIP

KeuntunganMudah mendirikannyaModalnya cukup memadaiLebih lama bertahanBiaya pendiriannya murahLebih banyak ahli yang terkumpulKeuntungan pajakPARTNERSHIP

Imo Gandakusuma*Pasal 16 KUHDPersekutuan untuk menjalankan perusahaan di bawah nama bersamaFIRMA

Imo Gandakusuma*Pasal 19 KUHDBentuk perjanjian kerjasama untuk berusaha bersama antara orang-orang yang bersedia memimpin pengelolaan perusahaan dan bertanggung jawab penuh dengan kekayaan pribadinya dengan orang-orang yang memberikan dana yang tidak bersedia memimpin dan bertanggung jawab sebatas pada dana yang ditanamkannya.COMANDITAIRE VENNOTSCHAP

General PartnerAktifLimited PartnerNon AktifSilent PartnerPublicitySecret PartnerAktif & non PublicityDormant PartnerNon Aktif & non PublicityNominal PartnerNon Pemilik saranKEANGGOTAAN CV

BENTUK LAIN PARTNERSHIP

Limited Liability Partnership :Partnership yang membatasi risiko tanggung renteng hanya atas tindakan partner yang bersangkutan dan tidak harus bertanggung jawab atas tindakan partner lainnya

KerugianMudah diambil alih secara paksaBiaya pendiriannya mahalBeban administrasi tinggiTimbulnya konflik agency problems agency costTerikat pada peraturan (UU PT)Sulit untuk dihentikanBesarnya usaha tidak fleksibelPemilik terkena pajak bergandaKurangnya rahasia perusahaanPERSEROAN TERBATAS

KeuntunganTanggung jawab terbatasKontinuitasnya lamaBesarnya usahaMenggunakan SDM yang profesionalMudah mendapatkan tambahan danaKepemilikan mudah untuk dipindah tangankanMudah untuk berkembangTerpisahnya kepemilikan dengan manajemenPERSEROAN TERBATAS

JENIS - JENIS PT

PERBANDINGANSource : Nickels, McHugh/McHugh page 128

STOCKSShareholders claim on the assets of the firm

AUTHORIZED, ISSUED, ANDOUTSTANDING STOCKS Authorized Number of Shares :The maximum number of shares of a corporations capital stock that can be issued as specified in the charterIssued Shares :The total number of shares of stock that have been soldOutstanding Shares :The total number of shares of stock that owned by stockholders on any particular date

STOCKHOLDERS RIGHTVoting RightChoose DirectorsOther decisionsDividend RightLiquidation RightPreemptive Right

STOCK PRICESWall Street Journal, March 6, 2010

Sheet1

19951996199719981999Average

EPS$2.95$3.25$3.46$3.55$3.88

P/E13.4015.6016.1014.2013.3014.52

CFPS$4.74$5.17$5.61$5.95$6.45

P/CFPS8.349.819.938.478.008.91

SPS$38.06$38.58$40.93$43.09$46.85

P/SPS1.041.311.361.171.101.20

Sheet2

52WEEKSYLDVOLNET

HILOSTOCKSYMDIV%PE100sHILOCLOSECHG

52.7519.06Gap IncGPS0.090.5156517220.501919.25-1.75

Sheet3

MBD00094D60.doc

1990

1991

1992

1993

1994

Average

EPS

$2.95

$3.25

$3.46

$3.55

$3.88

P/E

13.40

15.60

16.10

14.20

13.30

14.52

CFPS

$4.74

$5.17

$5.61

$5.95

$6.45

P/CFPS

8.34

9.81

9.93

8.47

8.00

8.91

SPS

$38.06

$38.58

$40.93

$43.09

$46.85

P/SPS

1.04

1.31

1.36

1.17

1.10

1.20

STOCK EXAMPLE 1

STOCK EXAMPLE 2

TYPES OF STOCKS VALUEDifferent Values of Stock :

Market ValueSelling ValueRedemption ValueLiquidation ValueBook ValueIntrinsic Value

INTRINSIC VALUENilai saham yang didasarkan atas kemampuan perusahaan menghasilkan uang dan keuntungan dimasa yang akan datangContoh :Saham BCA harga pasar 1.500/lembar, dibeli oleh Farallon Indonesia sebesar 1.775 intrinsic value

BOOK VALUEStockholders Equity--------------------------------------------------------------------Paid-in Capital :Preferred Stock, 6%, $10 par, 5.000 issued 50.000Common Stock, $1 par, 20.000 sh authorized, 10.000 sh issued 10.000Paid-in Capital in excess of par210.000Total Paid-in Capital270.000Retained Earnings120.000Total Stockholders Equity390.000

Book Value C/S = 390.000 50.000 = 340.000Book Value C/S per share = 340.000/10.00 = 34

OWNERS EQUITYStockholders Equity :

Contributed Capital/Paid-in Capital

Retained Earnings

ELEMENTSStockholders Equity :* Paid-in Capital : Common Stock100* Retained Earnings300Total Stockholders Equity400

OWNERS RIGHTSStockholders Rights :

Voting RightChoose DirectorsOther decisionsDividend RightLiquidation RightPreemptive Right

ISSUING STOCK ACCOUNTINGPerusahaan menjual 3.200.000 lembar saham biasa, par $ 10, seharga $ 10

Dr. Cash..32.000.000Cr. Common Stock..32.000.000

Menjual 3.200.000 lembar saham, par $ 10, seharga $ 100Dr. Cash320.000.000Cr. Common Stock.. 32.000.000Cr. Capital in Excess of par.288.000.000 (Paid in Capital in excess of par)

Paid-in Capital:Common Stock, $10 par, 5.000.000 sharesauthorized, 3.200.000 issued $ 32.000.000Capital in excess of par 288.000.000Total paid-in capital $ 320.000.000Retained earnings 100.000.000Total stockholders equity $ 420.000.000Stockholders EquityREPORTING

STOCK VS ASSETSPerusahaan mengeluarkan 1.500 lembar saham par $ 10, dan memperoleh peralatan dengan nilai pasar $ 4.000 dan bangunan dengan nilai pasar $ 120.000

Dr. Equipment.. 4.000Dr. Building..120.000Cr. Common Stock 15.000Cr. Capital in excess of par109.000

Ethical Problem

ISSUING PREFERRED STOCKPerusahaan mengeluarkan saham preferen 1.000 lembar par $ 500, dengan harga $ 600

Dr. Cash..600.000 Cr. Preferred Stock500.000 Cr. Capital in excess of par-P/S.100.000

PREFERRED STOCKPreferred Stock memiliki ciri :

Tidak memiliki hak suaraDividennya bersifat tetapPembagian dividennya didahulukanLiquidation right didahulukanRisikonya lebih kecil dari common stock

TYPES OF PREFERRED STOCKSCurrent Dividend Preferred Stockhanya mendapat dividen pada saat adanya pembagian dividenCumulative Dividend Preferred Stocksetiap tahun berhak memperoleh dividen, bila ada dividen yang belum terbayar, maka akan diakumulasikan pada saat pembagian dividen berikutnyaParticipating Dividend Preferred Stockselain memperoleh hak dividenyang sudah ditetapkan, pemegang saham P/S mendapat tambahan dividen jika jumlah dividen yang dibagi sangat besar

Paid-in Capital:Preferred Stock, $100 par, 5.000 sharesauthorized, 1.000 issued $ 100.000Capital in excess of par-P/S 150.000Common Stock, $10 par, 50.000 sharesauthorized, 10.000 issued $ 100.000Capital in excess of par-C/S 500.000Total paid-in capital $ 850.000Retained earnings 115.000Total stockholders equity $ 965.000Stockholders EquitySTOCK COMPOSITION

DIFFERENT TYPES OF DIVIDENDSMany companies pay a regular cash dividendsPublic companies often pay quarterly.Sometimes firms will throw in an extra cash dividend.The extreme case would be a liquidating dividend.Often companies will declare stock dividendsNo cash leaves the firm.The firm increases the number of shares outstanding.

DIFFERENT TYPES OF DIVIDENDS 2Some companies declare a stock splitNo cash leaves the firm.The firm increases the number of shares outstandingThe firm reduces the par value with the same percentage of increases in the number of shares outstandingSome companies declare a stock repurchase (share buy back)The firm uses it cash to buy back shares of its stockThe shares are held by the firm and accounted as treasury stock

DIFFERENT TYPES OF DIVIDENDS 3Some companies declare a dividend in kind.Wrigleys Gum sends around a box of chewing gum.Dundee Crematoria offers shareholders discounted cremations.

PROCEDURE FOR CASH DIVIDEND PAYMENTDeclaration Date : The Board of Directors declares a payment of dividendsCum Dividend Date : The last day the buyer of a stock is entitled to the dividendEx Dividend Date : The first day that the buyer of a stock is not entitled to the dividendRecord Date : the corporation prepares a list of all individuals believed to be stockholders as of 6 November.Payment Date: the Corporation pay dividends25 Oct.1 Nov.2 Nov.6 Nov.7 Dec.Declaration DateCum-dividend DateEx-dividend DateRecord DatePayment Date.

ACCOUNTING FOR DIVIDENDPengumuman Dividen :

Dr. Retained Earnings 40.000.000Cr. Dividend Payable. 40.000.000

Alternatif :Dr. Dividends 40.000.000Cr. Dividend Payable. 40.000.000Dr. Retained Earnings 40.000.000Cr. Dividends .... 40.000.000

Date of Record : No Journal / Transaction

Pembayaran Dividen :

Dr. Dividend Payable40.000.000Cr. Cash . 40.000.000

ACCOUNTING FOR DIVIDEND 2

STOCK DIVIDENDPembagian Dividen dalam bentuk saham :

Alasan Stock Dividend :Kesulitan likuiditasMenjaga ketentuan tentang pembagian dividenMengurangi harga pasar sahamKontinuitas hak pemegang saham

AMOUNT OF STOCK DIVIDENDStock dividend :

> 25 % large stock dividend< 20 % small stock dividend

Tidak ada pembagian stock dividend diantara 20% - 25%

IRRELEVANCE OF STOCK DIVIDENDS : EXAMPLEShimano USA has 2 million shares currently outstanding at $15 per share. The company declares a 50% stock dividend. How many shares will be outstanding after the dividend is paid?A 50% stock dividend will increase the number of shares by 50%: 2 million1.5 = 3 million sharesAfter the stock dividend what is the new price per share and what is the new value of the firm?The value of the firm was $2m $15 per share = $30 m. After the dividend, the value will remain the same.Price per share = $30m/ 3m shares = $10 per share

STOCK DIVIDEND EXAMPLEPaid-in Capital:Common Stock, $10 par, 50.000 sharesauthorized, 20.000 issued $ 200.000Capital in excess of par 70.000Total paid-in capital $ 270.000Retained earnings 85.000Total stockholders equity $ 355.000Stockholders Equity

Large stock dividend : at par50 % stock dividendsDr. R/E . 100.000Cr. C/S 100.000 (50 % x 20.000 x $10)

Small stock dividend : at market value10 % stock dividends, market value $16/sharesDr. R/E .. 32.000 (10 % x 20.000 x $16)Cr. C/S 20.000 (10% x 20.000 x $10)Cr. Capital in excess of par . 12.000STOCK DIVIDEND EXAMPLE 2

Setelah small stock dividendPaid-in Capital:Common Stock, $10 par, 50.000 sharesauthorized, 20.000 issued $ 220.000Capital in excess of par 82.000Total paid-in capital $ 302.000Retained earnings 53.000Total stockholders equity $ 355.000Stockholders EquitySTOCK DIVIDEND EXAMPLE 3

STOCK SPLITMenambah jumlah lembar saham dengan memperkecil jumlah nilai nominal sahamPaid-in Capital:Common Stock, $10 par, 5,000 sharesauthorized, 1.500 issued $ 15.000Capital in excess of par 10.000Total paid-in capital $ 25.000Retained earnings 25.000Total stockholders equity $ 50.000Stockholders EquityPaid-in Capital:Common Stock, $ 5 par, 10,000 sharesauthorized, 3.000 issued $ 15.000Capital in excess of par 10.000Total paid-in capital $ 25.000Retained earnings 25.000Total stockholders equity $ 50.000Stockholders EquityStock split 2 : 1

Common Stock :Par Value (1.000.000 shares outstanding; $2 par value)$ 2.000.000Paid-in-capital 8.000.000Retained Earnings15.000.000Total Equity$25.000.000Common Stock :Par Value (1.150.000 shares outstanding; $2 par value)$ 2.300.000Paid-in-capital 9.800.000Retained Earnings12.900.000Total Equity$25.000.000Common Stock :Par Value (2.000.000 shares outstanding; $1 par value)$ 2.000.000Paid-in-capital 8.000.000Retained Earnings15.000.000Total Equity$25.000.000Pembagian 15 % stock dividend, market value $ 14Stock-split 2 : 1

STOCK REPURCHASE (TREASURY STOCK)Pembelian kembali saham perusahaan yang telah beredar : Alasan Stock Repurchase :Memberikan saham pada karyawan ESOPMeningkatkan EPS dan Harga SahamMeningkatkan nilai saham dikemudian hari buy low, sell highMenghindari hostile take-overMerupakan alat untuk berinvestasi dikemudian hariMemodifikasi struktur permodalanMengeliminasi pemegang saham minoritasMengurangi biaya untuk melayani investor minoritas

STOCK REPURCHASE VERSUS DIVIDEND Consider a firm that wishes to distribute $100,000 to its shareholders.

If they distribute the $100,000 as cash dividend, the balance sheet will look like this:STOCK REPURCHASE VERSUS DIVIDEND

If they distribute the $100,000 through a stock repurchase, the balance sheet will look like this:STOCK REPURCHASE VERSUS DIVIDEND

STOCK REPURCHASE EXAMPLEC/S, $ 1 par, 10.000 shares authorized,8.000 shares issued . 8.000Capital in excess of par ...12.000Total Paid-in-Capital .20.000Retained Earnings ..14.600Total Stockholders Equity 34.600

STOCK REPURCHASE EXAMPLE 2Membeli 1.000 saham sendiri dengan market value sebesar $ 7,50/sahamDr. T/S Common (1.000 x 7,50) .7.500Cr. Cash ..7.500

C/S, $ 1 par, 10.000 shares authorized,8.000 shares issued, 7.000 outstanding. 8.000Capital in excess of par 12.000Total Paid-in-Capital ..20.000Retained Earnings .14.600Sub-Total ..34.600Less : T/S, 1.000 shares at cost, ( 7.500)Total Stockholders Equity 27.100

Sale of Treasury Stock :

Sale at Cost :

Jual 200 saham T/S seharga $ 7,50

Dr. Cash (200 x 7,50) .1.500Cr. T/S ..1.500

Sale above cost :

Jual 200 saham T/S seharga $ 9,00

Dr. Cash (200 x 9) ..1.800Cr. T/S (200 x 7,50) . 1.500Cr. Capital in excess of par T/S . 300STOCK REPURCHASE EXAMPLE 3

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