financial leverage
DESCRIPTION
Materi Asistensi Pengungkit Keuangan Credit to RossTRANSCRIPT
Pertemuan 5
10 Oktober 2012
FINANCIAL LEVERAGE
Capital Structure• Manajer akan mencari capital structure yang
memaksimalkan value lebih besar bagishareholder
• Manajer akan mencari capital structure yangmeminimalkan WACC– Memaksimalkan value perusahaan
• Financial Leverage sejauh manaperusahaan menggunakan utang/obligasiuntuk pembiayaan
Efek dariFinancialLeverage
Homemade Leverage• Apakah capital structure menjadi sesuatu yang
penting?
Modigliani&Miller (M&M) 1• Bagaimana pun bentuk capital structure, firm
value sama
Modigliani&Miller (M&M) 2• Cost of Equity memiliki fungsi linear dengan
capital structure
Semakin banyak perusahaanmemiliki debt. Semakinbesar required return equity
Adanya financial risk
M&M 1 with corporate tax• Firm value meningkat linear dengan capital
structure
M&M 2 with corporate tax
WACCsemakin kecilapabilacapitalstructuremeningkat
Financial Distress• It is expensive to go bankrupt• Direct Bankruptcy Cost
– Legal, accountant, lawyer, administrativeexpenses, consultant etc
• Indirect Bankruptcy Cost– Cost of avoiding a bankruptcy filing– Loss of confidence from supplier, consumer
loss on sales
Optimal Capital Structure
At very highdebt levels,possibility offinancialdistress ischronic
Optimal Capital Structure and Cost ofCapital
Pecking Order Theory• Firm prefer to use internal financing whenever
possible• As insider, we know our stock is undervalued• Internal financing first, issue debt if necessary
and sold equity as last resort• Implication:
– No target capital structure– Profitable firms use less debt– Companies will want financial slack