analisis kewangan
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Transcript of analisis kewangan
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Chapter 1
Concept of Managerial Finance
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Copyright © 2006 Pearson Addison-Wesley. All rights reserved. 1-2
Learning Goals
1. Define finance, its major areas and opportunities available in this field.
2. Identify the primary activities of the financial manager.
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What is Finance?
• Finance can be defined as the art and science of managing money.
• Finance is concerned with the process, institutions, markets, and instruments involved in the transfer of money among individuals, businesses, and governments.
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Copyright © 2006 Pearson Addison-Wesley. All rights reserved. 1-4
Major Areas & Opportunities in Finance: Financial Services
• Financial Services is the area of finance concerned with the design and delivery of advice and financial products to individuals, businesses, and government.
• Career opportunities include banking, personal financial planning, investments, real estate, and insurance.
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Major Areas & Opportunities in Finance: Managerial Finance
• Managerial finance is concerned with the duties of the financial manager in the business firm.
• The financial manager actively manages the financial affairs of any type of business, whether private or public, large or small, profit-seeking or not-for-profit.
• They are also more involved in developing corporate strategy and improving the firm’s competitive position.
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Investment Year 1 Year 2 Year 3 Total (years 1-3)
Rotor 1.40$ 1.00$ 0.40$ 2.80$
Valve 0.60$ 1.00$ 1.40$ 3.00$
Earnings per share (EPS)
Which Investment is Preferred?
Goal of the Firm: Maximize Profit???
• Profit maximization fails to account for differences in the level of cash flows (as opposed to profits), the timing of these cash flows, and the risk of these cash flows.
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Copyright © 2006 Pearson Addison-Wesley. All rights reserved. 1-7
Share Price = Future Dividends
Required Return
level & timing of cash flows
risk of cash flows
Goal of the Firm: Maximize Shareholder Wealth!!!
• Why?
• Because maximizing shareholder wealth properly considers cash flows, the timing of these cash flows, and the risk of these cash flows.
• This can be illustrated using the following simple stock valuation equation:
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Goal of the Firm: Maximize Shareholder Wealth!!! (cont.)
• The process of shareholder wealth maximization can be described using the following flow chart:
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Copyright © 2006 Pearson Addison-Wesley. All rights reserved. 1-9
Financial Institutions & Markets: Financial Institutions
• Financial institutions are intermediaries that channel the savings of individuals, businesses, and governments into loans or investments.
• The key suppliers and demanders of funds are individuals, businesses, and governments.
• In general, individuals are net suppliers of funds, while businesses and governments are net demanders of funds.
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Financial Institutions & Markets: Financial Markets
• Financial markets provide a forum in which suppliers of funds and demanders of funds can transact business directly.
• The two key financial markets are the money market and the capital market.
• Transactions in short term marketable securities take place in the money market while transactions in long-term securities take place in the capital market.
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Financial Institutions & Markets: Financial Markets (cont.)
• Whether subsequently traded in the money or capital market, securities are first issued through the primary market.
• The primary market is the only one in which a corporation or government is directly involved in and receives the proceeds from the transaction.
• Once issued, securities then trade on the secondary markets such as the New York Stock Exchange or NASDAQ.
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The Relationship between Financial Institutions and Financial Markets
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The Money Market
• The money market exists as a result of the interaction between the suppliers and demanders of short-term funds (those having a maturity of a year or less).
• Most money market transactions are made in marketable securities which are short-term debt instruments such as T-bills and commercial paper.
• Money market transactions can be executed directly or through an intermediary.
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The Money Market (cont.)
• The international equivalent of the domestic (U.S.) money market is the Eurocurrency market.
• The Eurocurrency market is a market for short-term bank deposits denominated in U.S. dollars or other marketable currencies.
• The Eurocurrency market has grown rapidly mainly because it is unregulated and because it meets the needs of international borrowers and lenders.
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The Capital Market
• The capital market is a market that enables suppliers and demanders of long-term funds to make transactions.
• The key capital market securities are bonds (long-term debt) and both common and preferred stock (equity).
• Bonds are long-term debt instruments used by businesses and government to raise large sums of money or capital.
• Common stock are units of ownership interest or equity in a corporation.
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Question
Would it be better for a company to invest
$100,000 in a product that would return a total
of $200,000 after one year, or one that would
return $220,000 after two years?
The Role of Time Value in Finance
• Most financial decisions involve costs & benefits that are spread out over time.
• Time value of money allows comparison of cash flows from different periods.
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Answer
It depends on the interest rate!
The Role of Time Value in Finance (cont.)• Most financial decisions involve costs &
benefits that are spread out over time.
• Time value of money allows comparison of cash flows from different periods.