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STRUKTUR MODAL

STRUKTUR MODAL. SLIDE BRIGHAM DIMODIFIKASI OLEH DR. KHAIRA AMALIA F, SE.AK, CA, MBA, MAPPI (CERT). CAPITAL STRUCTURE. Bauran hutang dan ekuitas untuk pendanaan perusahaan Bauran debt dan equity (Brigham dan Daves , 2004)

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STRUKTUR MODAL

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  1. STRUKTUR MODAL SLIDE BRIGHAM DIMODIFIKASI OLEH DR. KHAIRA AMALIA F, SE.AK, CA, MBA, MAPPI (CERT)

  2. CAPITAL STRUCTURE • Bauranhutangdanekuitasuntukpendanaanperusahaan • Bauran debt dan equity (Brigham danDaves, 2004) • Hutangjangkapendek yang bersifatpermanen, hutangjangkapanjang, dan modal sendiri (preferendansahambiasa)

  3. CAPITAL STRUCTURE VS FINANCIAL STRUCTURE • CS = noncurrent liabilities + preferred equity + common equity • FS = Capital Structure + Current liabilities • (Keown et al)

  4. Hubungan dengan Biaya Modal • Struktur modal mempengaruhibiaya modal (cost of capital) • PerhitunganCocdiperlukanuntuk: • MaksimalisasiNilai Perusahaan yang memerlukanbiaya modal minimum • KeputusanPenganggaran Modal (Capital Budgeting)

  5. Struktur Modal dan Nilai Perusahaan • Nilaiperusahaanbiladijual • Nilaidicerminkanhargasaham • Adabeberapa model

  6. Who are Modigliani and Miller (MM)?* • They published theoretical papers that changed the way people thought about financial leverage. • They won Nobel prizes in economics because of their work. • MM’s papers were published in 1958 and 1963. Miller had a separate paper in 1977. The papers differed in their assumptions about taxes.

  7. What assumptions underlie the MMand Miller models?* • Firms can be grouped into homogeneous classes based on business risk. • Investors have identical expectations about firms’ future earnings. • There are no transactions costs. (More...)

  8. All debt is riskless, and both individuals and corporations can borrow unlimited amounts of money at the risk-free rate. • All cash flows are perpetuities. This implies perpetual debt is issued, firms have zero growth, and expected EBIT is constant over time. (More...)

  9. Asumsi MM tanpa pajak • Tidak ada pajak pribadi maupun pajak perusahaan • Resiko bisnis dapat diukur dengan deviasi standar EBIT • Seluruh investor memiliki estimasi yang sama tentang EBIT perusahaan di masa yang akan datang

  10. Saham dan obligasi diperdagangkan di pasar modal yang sempurna • Hutang perusahaan dan individu tanpa resiko, sehingga suku bunga hutang adalah suku bunga bebas resiko • Seluruh aliran kas adalah perpetuitas, dengan kata lain

  11. Pertumbuhan perusahaan adalah nol atau EBIT selalu konstan

  12. MM’s first paper (1958) assumed zero taxes. Later papers added taxes. • No agency or financial distress costs. • These assumptions were necessary for MM to prove their propositions on the basis of investor arbitrage.

  13. MM with Zero Taxes (1958) Nilai perusahaan tidak tergantung pakai hutang or not atau tidak tergantung struktur modal Proposition I: VL = VU. Proposition II: rsL = rsU + (rsU - rd)(D/S).

  14. VL = VU = EBIT = EBIT • WACC KSU • Nilai Perusahaan • V = D + S • Dalam dunia tanpa pajak WACC = KSU • rsL = rsU + (rsU - rd)(D/S).

  15. Given the following data, find V, S,rs, and WACC for Firms U and L. Firms U and L are in same risk class. EBITU,L = $500,000. Firm U has no debt; rsU = 14%. Firm L has $1,000,000 debt at rd = 8%. The basic MM assumptions hold. There are no corporate or personal taxes.

  16. 1. Find VU and VL. EBIT rsU $500,000 0.14 VU = = = $3,571,429. VL = VU = $3,571,429. Questions: What is the derivation of the VU equation? Are the MM assumptions required?

  17. 2. Find the market value of Firm L’s debt and equity. VL = D + S = $3,571,429 $3,571,429 = $1,000,000 + S S = $2,571,429.

  18. 3. Find rsL. rsL = rsU + (rsU - rd)(D/S) = 14.0% + (14.0% - 8.0%)() = 14.0% + 2.33% = 16.33%. $1,000,000 $2,571,429

  19. 4. Proposition I implies WACC = rsU. Verify for L using WACC formula. WACC = wdrd + wcers = (D/V)rd + (S/V)rs = ()(8.0%) +()(16.33%) = 2.24% + 11.76% = 14.00%. Rsu tadi 14.00% juga kan… $1,000,000 $3,571,429 $2,571,429 $3,571,429

  20. Graph the MM relationships between capital costs and leverage as measured by D/V. Without taxes Cost of Capital (%) 26 20 14 8 rs WACC rd Debt/Value Ratio (%) 0 20 40 60 80 100

  21. Sjahrial p.130: Padasaatkeseimbangan, nilaiperush U dan L serta WACC sama. Prosesarbitraseterjadikarenajikanilai L tinggisahamnyaakandijualdanhargasahamakanturun. Pembeliansaham U akanmenyebabkannilainyanaik. So, nilaipasarkeduaperusahaan akansama

  22. The more debt the firm adds to its capital structure, the riskier the equity becomes and thus the higher its cost. • Although rd remains constant, rs increases with leverage. The increase in rs is exactly sufficient to keep the WACC constant.

  23. Graph value versus leverage. Value of Firm, V (%) 4 3 2 1 VL VU Firm value ($3.6 million) 0 0.5 1.0 1.5 2.0 2.5 Debt (millions of $) With zero taxes, MM argue that value is unaffected by leverage.

  24. Contoh UT • Tidak ada pajak • D = 0 S = Rp.40.000.000 • EBIT =4.800.000

  25. Apabila perusahaan tidak berhutang maka biaya modal sendiri KSU = 12% bila berhutang Kd = 8%, dan uang pinjaman digunakan untuk membeli kembali saham, dkl bila hutang bertambah sebesar X maka modal sendiri akan berkurang sebesar X pula sehingga aktiva atau nilai perusahaan konstan

  26. Vu = EBIT / Ksu • = 4.800.000 / 12% = Rp.40.000.000 • D = Rp.20.000.000 • S = V-D • S = 40.000.000 – 20.000.000 • = 20.000.000 • maka

  27. rsL = rsU + (rsU - rd)(D/S) • = 12% + (12% - 8.0%) x (20.000.000/20.000.000) • = 12% + 4% = 16%. • WACC =

  28. WACC = wdrd + wcers = (D/V)rd + (S/V)rs • = (20.000.000/40.000.000)(8.0%) • +(20.000.000/40.000.000)(16%) • = 4% + 8%% = 12.00%. Rsu tadi 12.00% juga kan…

  29. MM dengan Pajak WACC u > WACC L UT6.10-6.12 nilai < Find V, S, rs, and WACC for Firms U and L assuming a 40% corporatetax rate. With corporate taxes added, the MM propositions become: Proposition I: VL = VU + TD. Proposition II: rsL = rsU + (rsU - rd)(1 - T)(D/S).

  30. Notes About the New Propositions 1. When corporate taxes are added,VL VU. VL increases as debt is added to the capital structure, and the greater the debt usage, the higher the value of the firm. 2. rsL increases with leverage at a slower rate when corporate taxes are considered.

  31. EBIT(1 - T) rsU $500,000(0.6) 0.14 VU = = = $2,142,857. 1. Find VU and VL. Note: Represents a 40% decline from the no taxes situation. VL = VU + TD = $2,142,857 + 0.4($1,000,000) = $2,142,857 + $400,000 = $2,542,857.

  32. 2. Find market value of Firm L’s debt and equity. VL = D + S = $2,542,857 $2,542,857 = $1,000,000 + S S = $1,542,857.

  33. 3. Find rsL. rsL = rsU + (rsU - rd)(1 - T)(D/S) = 14.0% + (14.0% - 8.0%)(0.6)( ) = 14.0% + 2.33% = 16.33%. $1,000,000 $1,542,857

  34. 4. Find Firm L’s WACC. WACCL = (D/V)rd(1 - T) + (S/V)rs = ()(8.0%)(0.6) +()(16.33%) = 1.89% + 9.91% = 11.80%. When corporate taxes are considered, the WACC is lower for L than for U. $1,000,000 $2,542,857 $1,542,857 $2,542,857

  35. MM relationship between capital costs and leverage when corporate taxes are considered. Cost of Capital (%) rs 26 20 14 8 WACC rd(1 - T) Debt/Value Ratio (%) 0 20 40 60 80 100

  36. MM relationship between value and debt when corporate taxes are considered. Value of Firm, V (%) 4 3 2 1 VL TD VU Debt (Millions of $) 0 0.5 1.0 1.5 2.0 2.5 Under MM with corporate taxes, the firm’s value increases continuously as more and more debt is used.

  37. Contoh UT 6.11 • Ada pajak • EBIT = 8.000.000 T=40%, D=0 data lain sama Vu = EBIT(1 - T) • rsU • Vu = 8.000.000 (1-40%) / 0.12 • Vu = Rp.40.000.000

  38. VL = VU + TD • = 40.000.000 + (40% x 20.000.000) • = 48.000.000 maka • V = S + D • 48.000.000 = S + 20.000.000 • S = 28.000.000

  39. rsL = rsU + (rsU - rd)(1 - T)(D/S). • = 12% + (12% - 8%) (1-40%)(20jt/28jt) • = 13.71%

  40. WACCL = (D/V)rd(1 - T) + (S/V)rs • = (20jt/48jt)(8.0%)(0.6) • +(28jt/48jt)(13.71%) • = 10%.

  41. the Miller model Ada pajak perusahaan, pajak pribadi atas penghasilan saham, dan pajak pribadi atas penghasilan hutang Jika tidak ada pajak pribadi, Miller = MM dengan pajak Ut 6.16 MM dengan pajak gain dari leverage, misal 0.341D Miller, gain dari leverage 0.22D

  42. Lebih hemat MM dengan pajak Pajak pribadi menutup beberapa keuntungan penggunaan hutang perush

  43. Assume investors have the following tax rates: Tc=40%; Td = 30% and Ts = 12%. What is the gain from leverage according to the Miller model? Miller’s Proposition I: VL = VU + [1 - ]D. Tc = corporate tax rate. Td = personal tax rate on debt income. Ts = personal tax rate on stock income. (1 - Tc)(1 - Ts) (1 - Td)

  44. Model Hamada UT.6.12 Tidak ada hutang -> hanya resiko bisnis Ada hutang =resiko bisnis dan resiko keuangan Kombinasi CAPM + MM rsl= risk free rate + business risk premium + financial risk premium rsl = rf + (rm-rf) bu + (rm-rf)bu (1-T)(D/S) bu =beta perusahaan unleverage

  45. Model Trade-Off UT.6.17 Apabila cost of financial distress dan agency cost dipertimbangkan Semakin besar hutang semakin besar beban tetap biaya bunga dan semakin besar probabilitas perusahaan mengalami financial distress

  46. Financial Distress • Kesulitan keuangan biasanya dialami oleh perusahaan yang memiliki hutang. Semakin besar hutang yang digunakan semakin besar probabilitas perusahaan tersebut mengalami penurunan penghasilan yang akan menuju ke FD.

  47. Biaya FD • Biaya-biaya yang berhubungan dengan kesulitan keuangan, misalnya • Menjual dengan harga murah, proyek yang tidak jadi dijalankan, kegiatan manajerial yang tidak optimal seperti biaya yang dibebankan ke pelanggan, pemasok, dan kreditur

  48. Model Trade-Off UT.6.17 Agency cost Antara stockholder dan bondholder Masalah agensi muncul karena perusahaan menggunakan hutang, dan menginvestasikannya pada proyek beresiko tinggi. Kreditur bisa rugi Shg mrk bebankan biaya monitor.

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