BIAYA MODAL.ppt - BIAYA MODAL(COST OF CAPITAL DEFINISI •...

  • No School
  • AA 1
  • 26

This preview shows page 1 - 8 out of 26 pages.

BIAYA MODAL (COST OF CAPITAL)
Image of page 1

Subscribe to view the full document.

DEFINISI Modal ( Capital ): dana yg digunakan untuk membiayai pengadaan asset dan operasional suatu perusahaan Modal dapat dilihat di neraca sisi kanan: hutang, saham biasa, saham preferen dan laba ditahan
Image of page 2
DEFINISI Cost of Capital - The return the firm’s investors could expect to earn if they invested in securities with comparable degrees of risk. Return yang dapat diharapkan oleh investor suatu perusahaan apabila mereka berinvestasi pada sekuritas- sekuritas yang mempunyai tingkat risiko yang sebanding.
Image of page 3

Subscribe to view the full document.

Contoh: Daimler-Benz berencana untuk membuat Mercedes ML 320 SUV dan membuat pabrik di Alabama. Mereka harus menghitung total investasi dan biaya dari modal yg diperlukan. Ternyata setelah dihitung tingkat return yang diharapkan melebihi dari biaya modal . Akhirnya Daimler-Benz memutuskan untuk membangun pabrik tersebut.
Image of page 4
DEFINISI Perhitungan biaya modal sangat penting karena: 1. Maksimalisasi nilai perusahaan mengharuskan biaya2 (termasuk biaya modal) diminimumkan 2. Keputusan penganggaran modal ( capital budgeting) memerlukan estimasi biaya modal 3. Keputusan2 penting lain seperti leasing dan modal kerja juga memerlukan estimasi biaya modal
Image of page 5

Subscribe to view the full document.

BIAYA HUTANG (COST OF DEBT) Biaya hutang = Kd atau yield to maturity Yaitu: tingkat keuntungan yg dinikmati oleh pemegang/pembeli obligasi Dalam perhitungan WACC, kita memakai: Biaya hutang setelah pajak = Kd (1-T) Cnth: Kd=10%, Pajak=15%, Berapa biaya hutang setelah pajak? 10%(1-15%) = 8.5%
Image of page 6
BIAYA HUTANG Notes: Penggunaan hutang sebagai modal, menurunkan penghasilan yg dikenai pajak karena bunga yg harus dibayar. Karena itu penggunaan hutang dapat mengurangi pajak yang dibayar (tax deductible) Cnth lain: PT Aksara menerbitkan obligasi yg membayar bunga 5% dengan pajak 25%, berapa biaya hutang. PT Aksara? (Kd) Kd = 0.05 x (1-0,25) =0,0375 = 3,75 %
Image of page 7

Subscribe to view the full document.

Image of page 8
  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes