Ch.

1 - An Introduction to

Financial Management

IIS

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
IIS

Pokok Bahasan
Definisi dan keputusan manajemen
keuangan
Tujuan perusahaan
Bentuk hukum organisasi perusahaan
Perusahaan dan Pasar Keuangan
Menjelaskan 10 aksioma yang mendasari
manajemen keuangan
IIS

What Is Finance
Financial management is concerned with
the maintenance and creation of economic
value and wealth

IIS

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?
IIS

Big Picture of
Corporate Finance

IIS

Goal of the Firm

Profit Maximization
Or

Value Maximization
Kelemahan tujuan maksimalisasi laba:
Mengabaikan faktor waktu dan risiko
IIS

Goal of the Firm

Shareholder Wealth
Maximization?
this is the same as:
a) Maximizing Firm Value
b) Maximizing Stock Price
IIS

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.
IIS

Legal Forms of Business

2a) General Partnership
All partners have unlimited liability.

2b) Limited Partnership

IIS

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.

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.
IIS

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.

IIS

The Corporation and Financial

Markets
cash

Corporation

Investors

securities
reinvest

Cash flow

dividends,
etc.

Secondary
markets

tax

Government
IIS

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.
IIS

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
IIS

Penutup
Tugas

IIS