Financial Management
Ch. 1 - An Introduction to Financial Management
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Tujuan Pembelajaran
Mahasiswa mampu untuk:
Menjelaskan definisi dan keputusan-keputusan dalam manajemen
keuangan
Menjelaskan tujuan perusahaan
Membandingkan berbagai bentuk badan hukum organisasi
perusahaan
Menjelaskan 10 aksioma yang mendasari manajemen keuangan
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Pokok Bahasan
Definisi dan keputusan manajemen keuangan
Tujuan perusahaan
Bentuk hukum organisasi perusahaan
Perusahaan dan Pasar Keuangan
Menjelaskan 10 aksioma yang mendasari manajemen keuangan
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What Is Finance
Financial management is concerned with the maintenance and
creation of economic value and wealth
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Financial Management Decisions
When to introduce a new product?
When to invest in new assets?
When to replace existing assets?
When to borrow from banks?
When to issue stocks or bonds?
When to extend credit to a customer?
How much cash to maintain?
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Big Picture ofCorporate Finance
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Goal of the Firm
Profit Maximization
Or
Value Maximization
Kelemahan tujuan maksimalisasi laba:
Mengabaikan faktor waktu dan risiko
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Goal of the Firm
Shareholder Wealth Maximization?
this is the same as:
a) Maximizing Firm Value
b) Maximizing Stock Price
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Legal Forms of Business
1) Sole Proprietorship
A business owned by a single individual.
Owner maintains title to the firms assets.
Owner has unlimited liability.
2) Partnership
Similar to a sole proprietorship, except that there are two or
more owners.
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Legal Forms of Business
2a) General Partnership
All partners have unlimited liability.
2b) Limited Partnership
Consists of one or more general partners, who have unlimited
liability, and
One or more limited partners (investors) whose liability is
limited to the amount of their investment in the business.
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Legal Forms of Business
3) Corporation
A business entity that legally functions separate and apart from
its owners.
Owners liability is limited to the amount of their investment in
the firm.
Owners hold common stock certificates, and ownership can be
transferred by selling the certificates.
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The Corporation and Financial Markets
Primary Market
Market in which new issues of a security are sold to initial
buyers.
Secondary Market
Market in which previously issued securities are traded.
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The Corporation and Financial Markets
cash
Investors
Secondary
markets
Government
securities
Cash flow
reinvest
tax
Corporation
dividends,
etc.
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The Corporation and Financial Markets
Initial Public Offering (IPO)
The first time the firms stock is sold to the general
public.
Seasoned New Issue
A new stock offering by a firm that already has stock that is
traded in the secondary market.
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Financial Management Axioms
1) Risk - return trade-off
2) Time value of money
3) Cash - not profits - is king
4) Incremental cash flows count
5) The curse of competitive markets
6) Efficient capital markets
7) The agency problem
8) Taxes bias business decisions
9) All risk is not equal
10) Ethical dilemmas are everywhere in finance
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