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Publicity Essay

1602 words - 7 pages


Pengertian Biaya Modal.
Biaya modal (coc) merupakan biaya yang harus dikeluarkan atau dibayar oleh perusahaan untuk mendapatkan modal yang diguna-kan untuk investasi perusahaan.

Modal :
1. Hutang Obligasi.
2. Saham Preferen.
3. Saham Biasa.
4. Laba ditahan.

Konsep biaya modal penting dalam pembelanjaan perusahaan, karena dapat dipakai untuk menentukan besarnya biaya yang secara riil harus ditanggung oleh perusahan untuk memperoleh modal dari berbagai sumber.

Konsep perhitungan biaya modal dapat dilakukan dengan menggunakan konsep rata-rata tertimbang (wacc) dari keseluru-han modal yang digunakan didalam perusahaan.

WACC sifatnya “explicit”, sama dengan ...view middle of the document...

Biasanya bank me-motong bunganya didepan, plus premi asuransi, sehingga jumlah yang diterima dibawah nilai nominal hutangnya.

Interest Payment + Premi Asuransi
Cod = x 100%
Nilai Nominal Hutang – (IP + PA)

Cod After Tax = (Cod before tax)(1-tax).

Biaya Hutang dari Obligasi.
Dapat dihitung dengan dua cara, yaitu denga rumus pendek atau Short Cut Formula, dan dengan Metode Accurate (menggunakan table Present Value).

Short Cut Formula : (before tax)

F – P

C + dimana :
N C = Annual Int. Payment.
YTM = x 100% F = Value of Bond.
P + F P = Market Price of Bond.
N = Period.

Metode Accurate.
Metode ini diselesaikan dengan trial and error, menggunakan tabel PV kemudian diinterpolasi.

Interpolasi :

Selisih Selisih PV of Int. Selisih PV of Interest dengan
Bunga & NV of Bond PV of Market Value of Bond

Bunga I PV of Int. & VB I PV of Interest & VB I
Bunga II PV of Int. & VB II PV of Nominal Value of Bond

YTM = Bunga I + ( )(A)%

YTM After Tax = (YTM before tax)(1-t).

Biaya Penggunaan Modal dari Saham Preferen.
Biaya modal saham preferen adalah sebesar tingkat keuntungan yang diisyaratkan atau diharapkan oleh pemegang saham preferen.

Biaya Saham Preferen (kp) = x 100%

Biaya modal saham preferen sudah diperhitungkanatas dasar se-sudah pajak.

Biaya Modal dari Laba Ditahan (RE).
Biaya modal dari laba ditahan adalah sebesar tingkat pendapatan investasi (ror) dalam saham yang diharapkan akan diterima. Ini berarti sama dengan biaya modal dari saham biasa.
Biaya modal dari laba ditahan dapat dihitung dengan menggunakan 3 model pendekatan :

1. Model Pendiskontoan Aliran Kas.
Model ini dihitung dengan mengestimasikan biaya modal de-ngan mendiskontokan aliran kas, yaitu dari dividen yang diha-rapkan akan diterima pemegang saham.

~ Dt dimana :
Po = ( Po = Harga pasar saham saat ini.
t=1 (1+ke)t Dt = Dividend diterima untuk periode t
ke = Expected return bagi investor.

Besarnya ke ditentukan oleh besarnya dividend yang diharapkan akan diterima selama periode t. Saham dimiliki untuk jangka waktu tidak terbatas, dan dividend tidak mengalami pertumbuh-an, maka biaya modalnya menjadi :

ke = x 100%

Namun yang lebih realistis sesuai dengan harapan investor dividend mengalami pertumbuhan, sebesar g. Sehingga biaya modalnya menjadi :

~ Do(1+g)t
Po = ( dimana Do merupakan dividend yg di-
t=1 (1+ke)t terima pada t = 0.

Diasumsikan bahwa ke > g, maka persamaan tersebut dapat diubah menjadi :

Po = x 100% dimana; D1 = Do(1+g).
ke – g

maka, biaya modal sendiri dapat ditulis :

ke = + g

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