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    Keputusan Pendanaan

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    1. The document discusses various sources of financing including debt, equity, and capital markets instruments. 2. It analyzes the tradeoff between tax benefits of debt financing versus costs of financial distress when determining a firm's optimal capital structure. 3. Key factors that influence a firm's debt-to-equity ratio include taxes, asset type, revenue uncertainty, and pecking order theory which posits that internal financing is preferable to external financing due to information asymmetry.

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    Keputusan Pendanaan

    Uploaded by

    Bro Pedia
    51 views12 pages
    1. The document discusses various sources of financing including debt, equity, and capital markets instruments. 2. It analyzes the tradeoff between tax benefits of debt financing versus costs of financial distress when determining a firm's optimal capital structure. 3. Key factors that influence a firm's debt-to-equity ratio include taxes, asset type, revenue uncertainty, and pecking order theory which posits that internal financing is preferable to external financing due to information asymmetry.

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    Menentukan alternatif pendanaan

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    1. The document discusses various sources of financing including debt, equity, and capital markets instruments. 2. It analyzes the tradeoff between tax benefits of debt financing versus costs of financial distress when determining a firm's optimal capital structure. 3. Key factors that influence a firm's debt-to-equity ratio include taxes, asset type, revenue uncertainty, and pecking order theory which posits that internal financing is preferable to external financing due to information asymmetry.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    51 views12 pages

    Keputusan Pendanaan

    Uploaded by

    Bro Pedia
    1. The document discusses various sources of financing including debt, equity, and capital markets instruments. 2. It analyzes the tradeoff between tax benefits of debt financing versus costs of financial distress when determining a firm's optimal capital structure. 3. Key factors that influence a firm's debt-to-equity ratio include taxes, asset type, revenue uncertainty, and pecking order theory which posits that internal financing is preferable to external financing due to information asymmetry.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 12

    Keputusan Pendanaan

    • Mencari alternatif sumber pendanaan untuk


    kepentingan investasi
    • Menentukan komposisi hutang dan modal
    sendiri yang menghasilkan biaya modal yang
    minimal
    • Biaya modal terdiri dari bunga hutang + return
    yang dituntut oleh fihak investor
    Sumber Pembiyaan
    •operational Short term financing
    •Investment Longterm financing

    Problem with investment Investment increase


     Building cost
     Technology Innovation
    technology
    Tight competition
    Pasar Modal dan Pasar Uang
    Customer more demanding
    Instrumen Pasar Modal
    • Share/stock (saham)
    – PT
    • Modal dasar
    • Modal ditempatkan (25% dari Modal dasar)
    • Modal setor ( 50% dari Modal ditempatkan)
    • Modal portapel
    – Beared stocks (saham atas unjuk) Vs Registered
    stocks(saham atas nama)
    – Common stock Vs Prefered stocks

    • Bond (Obligasi)
    – Secured bond Vs Unsecured bond
    – Beared bond (saham atas unjuk) Vs Registered bond
    (saham atas nama)
    – Fixed rate Vs Floating Rate and Zero Coupon
    – Government Vs Private
    – Shorterm – Longterm
    I. The No-Tax Case
    Modigliani and Miller
    A. Proposition I: The value of the firm levered equals the value of the firm unlevered:

    VL = VU
    Implications of Proposition I:
    1. A firm’s capital structure is irrelevant.
    2. A firm’s WACC is the same no matter what mix of debt and equity is used.

    B. Proposition II: The cost of equity, RE, is


    RE = RA + (RA - RD) D/E
    where RA is the WACC, RD is the cost of debt, and D/E is the debt/equity ratio.
    C. Implications of Proposition II
    1. The cost of equity rises as the firm increases its use of debt financing.
    2. The risk of equity depends on the risk of firm operations and on the degree
    of financial leverage.
     II. The Tax Case
    A. Proposition I with Taxes:
    The value of the firm levered equals the value of the firm unlevered plus the
    present value of the interest tax shield (TcD):
    VL = VU + TcD
    where Tc is the corporate tax rate and D is the amount of debt.

    B. Implications of Proposition I:
    1. Debt financing is highly advantageous, and, in the extreme, a firm’s
    optimal capital structure is 100 percent debt.
    2. A firm’s WACC decreases as the firm relies more heavily on debt
    financing.
    Debt, Taxes, Bankruptcy, and Firm Value (concluded)

    • What’s the link between debt and firm value?


    Since interest creates a tax deduction, borrowing creates a tax
    shield. Its value is added to the value of the firm.
    • MM Proposition I (with taxes)
    PV(tax saving) = $24/.08 = $300
    = (TC  RD  D)/RD
    = (.30* .08 * 1,000)/.08= $300
    = TC D = .30*1000= 300

     Vu = [EBIT X (1-TC)]/Ru = [1,000X(1- 0.3)]/.1=7,000

     Vl = Vu + Tc X D = 7,000 + .30 X 1,000 = 7,300


    Debt, Taxes, Bankruptcy, and Firm Value
    • The interest tax shield and firm value
    For simplicity: (1) perpetual cash flows
    (2) no depreciation
    (3) no fixed asset or NWC spending
    A firm is considering going from zero debt to $1000 at 8%:
    Firm U Firm L
    (unlevered) (levered)
    EBIT $1000 $1000
    Interest 0 $80
    Tax (30%) $300 $276
    Net income $700 $644
    Cash flow
    from assets $700 $724
    Tax saving = $24 = .30  $80 = TC  RD  D
    M&M Proposition I with Taxes)
    Value of
    the firm
    (VL)
    VL = VU + TC x D

    = TC

    VL= $7,300 TC x D

    VU= $7,000 VU

    VU

    Total debt (D)


    $1,000
    Example: Debt, Taxes, and the WACC
    • WACC and the cost of equity (MM Proposition II with taxes)
    With taxes:

    RE = RU + (RU - RD)  (D/E)  (1 - TC )

    RE = .10+ (.10 - .8)  ($1,000/6,300)  (1 - .30)


    = 10.22%

    WACC = ($ 6,300/7,300).10.22%+(1,000/7,300).10 (1- .30)


    = 9.6%
    The Optimal Capital Structure and the Value of the Firm

    • Borrowing money is a good news/bad news proposition.


    The good news: interest payments are deductible and create a
    “debt tax shield” (i.e., TCD).

    The bad news: all else equal, borrowing more money increases the
    probability (and, therefore, the expected value) of direct and
    indirect bankruptcy costs.
    • Key issue: The Impact of Financial Distress on Firm Value
    • The Static Theory of Capital Structure

    The theory that a firm borrows up to the point where the tax benefit
    from an extra dollar of debt is exactly equal to the cost that comes
    from the increased probability of financial distress.
    The Optimal Capital Structure and the Value of the Firm

    Value of
    the firm
    (VL )

    VL = VU + TC  D

    Present value of tax Financial


    shield on debt distress costs
    Maximum
    firm value VL*

    Actual firm value


    VU VU = Value of firm
    with no debt

    Debt-equity ratio, D/E


    D/E Optimal amount of debt
    FAKTOR PENENTU DEBT EQUITY RATIO (DER)

    • PAJAK
    • JENIS ASET
    • KETIDAKPASTIAN PENDAPATAN
    • PECKING ORDER AND FINANCIAL SLACK
    – EXTERNAL FINANCING IS EXPENSIVE
    – IT IS HARD FOR SHAREHOLDER TO
    ACCRUTLY PRICE EXTERNAL EQUITY
    (ASYMATRIC INFORMATION)

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