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actually the same as long-term debt obtained through a bank. Only this obligation sales published
and sold to investors directly. Bond interest rate is usually fixed and paid once in a year or twice
in one year.
B. STOCKS
One of the effects that the market is generally sold on the capital market (stock exchange).
Stock is a sign of ownership to a limited liability company .
The benefits derived from ownership of shares is as follows:
1. Dividend: part of the profits distributed to shareholders.
2. Capital gains: gains from a positive difference in the purchase price and the selling price
of the stock.
3. 3. Non-financial benefits, which have voting rights in the company's activities.
Shares emiten issuing with two types, namely common stock and preferred stock . The
difference in these shares is based on the rights attached to these shares. This right
includes the right to receive a dividend, a share are wealth if the company is liquidated
after deducting all the liabilities of the company.
In a stock there are three (3) kinds of values:
Face value is the value that is listed on the stock.
The effective value is the value that is listed on the stock exchange if the official
traded on an exchange, whereas
Intrinsic value is at the time traded stock value
1 Preferred Stock
As a source of long-term capital position between preferred stock held long-term debt to
common stock. As well as common stock, preferred stock is also part of the capital itself. As
with any long-term debt, preferred stock also provides a relatively constant income in addition to
the capital cost of the preferred stock tends to be higher than the cost of debt, because of the risks
faced by holders of preferred stock is greater than the risk of the bond holders, preferred stock
holders have preference or priority in payment of dividends. There are two types of preferred
stock is preferred stock are cumulative and not cumulative. Preferred stock are the cumulative
dividend payment and then obligations are always taken into account before paying dividends to
ordinary shareholders. So suppose in a given year the company is unable to pay dividends to
holders of preferred stock is cumulative, it means the company has a debt and must pay it next
year before distributing dividends to ordinary shareholders.
2 Common Stock
Share holders of ordinary shares are the actual owners of the company. Common stock is a
permanent source of funding, because it will be embedded in the company for an indefinite
period as long as the company is still run operations. Unlike a bond or preferred stock, common
stock holders will enjoy the deviden acquired company. The rights of holders of ordinary shares
are:
1 Voting rights in the general meeting of shareholders. With these rights, shareholders have the
right to choose the directors to control the company.
2 Have rights on the basis of dividend payments per share owned and determining dividend
payout ratio.
3 The right to purchase additional new shares issued by the company in proportion to his own
right to buy a particular stock before being sold to the public.
4 Right to assets after payment of more senior rights in liquidation. Thus receive until the end.
C. LEASING
Leasing is defined as a financing activities in the supply of capital goods or other
depreciable assets and does not always end up with ownership of the goods by the tenant
(suffrage / option) and the existence of periodic payments.
Source :
1 Petty, Scott, Keown and Martin, Basics of Financial Management, Prentice Hall Inc.,
Singapore, latest edition.
2 Brigham and Erhardt (2002) or newest edition, Financial Management; Theory and Practice,
Hartcourt Brace Inc., New Jersey
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