CHAPTER 16.pptx - CHAPTER 16 CAPITAL STRUCTURE DECISION...

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CHAPTER 16 CAPITAL STRUCTURE DECISION PART II DISUSUN OLEH : RESI INTAN PENATARI (S431808011) YOGA ANINDITA (S431808017)
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INTRODUCTION Chapter 15 presented some basic material on capital structure, including a brief introduction to capital structure theory. We saw that debt concentrates a firm’s business risk on its stockholders, thus raising stockholders’ risk, but it also increases the expected return on equity. We also saw that there is some optimal level of debt that maximizes a company’s stock price, and we illustrated this concept with a simple model. Now we go into more detail on capital structure theory. This will give you a deeper understanding of the benefits and costs associated with debt financing.
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CAPITAL STRUCTURE THEORY: ARBITRAGE PROOFS OF THE MODIGLIANI-MILLER MODELS MM menggunakan konsep arbitrase untuk mengembangkan teori struktur modal. Konsep arbitrase merupakan konsep guna memperoleh keuntungan dari perbedaan harga yang terjadi di antara dua pasar. Dalam pembahasan ini arbitrase terjadi jika dua asset penjualan saham unleveraged dan leveraged pada harga yang berbeda.
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Teori MM didasarkan pada asumsi-asumsi penting, yaitu: Tidak ada pajak, baik pribadi maupun perusahaan Risiko bisnis dapat di/terukur oleh EBIT , dan perusahaan dengan derajat tingkat risiko bisnis yang sama disebut dalam suatu kelas resiko yang homogen. Semua calon investor mempunyai perkiraan yang serupa dari prospek EBIT suatu perusahaan dan itu berarti investor mempunyai harapan yang homogen tentang laba masa depan perusahaan yang diharapkan dan berani mengambil resiko atas laba tersebut. Saham dan obligasi akan diperdagangkan dalam pasar modal sempurna. Hutang adalah suatu resiko. Semua arus kas adalah bersifat selamanya
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Konsep MM tanpa Pajak when there are no taxes, the value of the firm is independent of its leverage . As we shall see, this also implies the following: The weighted average cost of capital to the firm, WACC, is completely independent of its capital structure.
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