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Publicity

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BIAYA MODAL.

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 “discount rate” yang dapat menjadikan PV dari modal neto yang diterima perusahaan sama dengan PV dari semua biaya yang harus dibayarkan karena penggunaan modal tersebut.

Biaya yang harus dibayar :
1. Pembayaran Bunga.
2. Pembayaran dividen.
3. Pembayaran angsuran pokok pinjaman atau “principal”.

Biaya modal dapat diukur dengan “rate of return” minimum dari investasi baru yang dikeluarkan perusahaan, dengan asumsi bahwa tingkat risiko dari investasi baru sama dengan risiko dari aktiva yang dimiliki saat ini.

BIAYA MODAL SECARA INDIVIDUAL.

Biaya Modal dari Hutang Perniagaan.
Biaya modal ini bersifat explicit, karena perusahaan gagal mem-bayar pada tepat waktu, sehingga kehilangan kesempatan untuk mendapatkan discount.

Cash Discount
Cod = x 100% Average Payable

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

Biaya Modal dari Hutang Wesel.
Dalam hutang wesel bunga dibayar dimuka, dengan memotong jumlah yang akan diterima.

Interest Payment
Cod = x 100% Nominal Wesel – Interest Payment

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

Biaya Modal dari Hutang Jangka Pendek.
Hutang jangka pendek dikeluarkan oleh bank, disebut kredit bank, jangka waktu pinjaman paling lama satu tahun. 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. 2

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

A B C C
YTM = Bunga I + ( )(A)% B

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.

Dp
Biaya Saham Preferen (kp) = x 100% Pn

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 :

D ke = x 100% Po

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 :

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

maka, biaya modal sendiri dapat ditulis :

D1 ke = + g Po

Model ini juga dapat digunakan untuk dividend yang meng-alami pertumbuhan beberapa tahap.

m Do(1+g1)t Dm

Po = ( +

t=1 (1+ke)t (1+ke)m

m Do(1+g1)t 1 D m+1 = ( + ( )( ) t=1 (1+ke)t (1+ke)m ke – g2

dimana : Po = Harga pasar saham. g1 = Tingkat pertumbuhan dividend tahap pertama. g2 = Tingkat Pertumbuhan dividend tahap kedua. m = Periode waktu pertumbuhan.

2. Model Penentuan Harga Aktiva (CAPM). Biaya modal dihitung dengan memperhatikan premium risiko pasar dan beta saham.

ke = Rf + (i(Rm – Rf)

dimana : Rf = Tingkat keuntungan bebas risiko. Rm = Tingkat keuntungan pasar. ← = Beta saham perusahaan.

Persamaan tersebut sebenarnya diperoleh dari persamaan Garis Pasar Sekuritas (GPS), sebagai berikut :

Ri = Rf + (i (Rm – Rf)

dimana : Ri = Tingkat keuntungan yang diharapkan pemilik saham biasa.

Ri = ke

I GPS

ke2

ke1

Rf

Risiko, (. 0 (1 (2

3. Model Bond Yield Premium Risk. Model ini biasanya digunakan oleh para analis yang tidak mem-percayai CAPM. Model ini lebih subyektif, hanya menambah-kan premi risiko mereka sendiri sebesar 3 sampai dengan 5 poin persentase.

ke = Hasil Obligasi + Premi Risiko.

Semakin berisiko obligasi, maka biaya modalnya akan menjadi lebih tinggi pula.

Biaya Modal dari Emisi aham Baru.
Biaya modal dari emisi saham baru lebih tinggi dari biaya modal dari laba ditahan, karena saham baru dibebani biaya emisi (flotati-on cost). Ror yang diharapkan dari Saham Biasa ke = 1 – Persentase Biaya Emisi.

Catatan : Persentase biaya emisi dihitung dari harga jual sebelum dikurangi biaya emisi.

D1
Atau : ke = x 100% Pnet dimana :
D1 = Divident yang diharapkan.
Pnet = Harga pasar saham dikurangi biaya emisi saham.

Jika diharapkan dividend akan mengalami pertumbuhan selamanya sebesar g, maka besarnya biaya modal :

D1 ke = + g Pnet

BIAYA MODAL SECARA KESELURUHAN.
Tingak biaya modal yang harus dihitung perusahaan adalah tingkat biaya modal secara keseluruhan. Perhitungannya menggunakan konsep Weighted Average Cost of Capital ( WACC).

Komponen Biaya Masing-Masing Jumlah Persentase
Modal Komponen Modal

Bond Payable 10% $ 100,000 20%
Preferred Stock 15 100,000 20
Common Stock 21 300,000 60

$ 500,000 100%

Tambahan Modal.
Tambahan modal akan dapat mengakibatkan kenaikan marginal cost of capital (MCC), sehingga WACC-nya naik, apabila tambah-an modal tersebut begitu besarnya sehingga perusahaan harus melakukan emisi saham baru. Agar supaya tambahan modal tidak menaikan WACC, maka tambahan modal harus memperhatikan besarnya laba ditahan pada periode tersebut.
Besarnya tambahan modal yang diperlukan supaya tidak mening-katkan WACC dapat dihitung dengan rumus sbb :

Laba Ditahan
Tambahan Modal = Persentase Saham Biasa

Misalkan, diketahui :
Komponen Jumlah Modal Biaya masing- Persentase
Modal komponen dari total

Obligasi Rp 200.000.000 4,8% 20%
Saham Preferen 50.000.000 10 5
Saham Biasa 750.000.000 12 75

Total Rp 1.000.000.000 100%

Dalam operasinya perusahaan memperoleh laba ditahan sebesar Rp 150.000.000,00.

Besarnya tambahan modal maksimum yang diperlukan untuk mempertahankan WACC-nya adalah :

Rp 150.000.000
Tambahan Modal = Rp 200.000.000,00. 0,75
Jika tambahan modal lebih besar dari Rp 200 juta, maka WACC-nya akan naik, karena perusahaan harus menerbitkan saham baru. Dimana penerbitan saham baru ini akan dibebani biaya emisi atau flotation cost, sehingga wacc-nya naik.

Biaya Saham Lama
Biaya Saham Baru = 1 – Biaya Emisi

Marginal Cost of Capital (MCC).
Adalah biaya yang dikeluarkan untuk mendapatkan tambahan ru-piah modal baru; biaya rata-rata tertimbang dari rupiah terakhir modal baru yang diperoleh. Skedul biaya modal marginalnya sbb :

WACC (%)

WACC = MCC

15

0 1 2 3 4 Jutaan Rupiah Modal Baru

MCC tetap, karena setiap rupiah tambahan modal baru mempunyai biaya sebesar 15%.

WACC (%)

MCC

11,46 10,46

Jutaan 0 500 Rupiah Modal Baru

Skedul Biaya Modal Marginal

Jika tambahan modal lebih besar dari Rp 200 juta, misalkan Rp 500 juta berarti perusahaan harus menerbitkan saham baru, sehing-ga WACC-nya naik menjadi 11,46%.

Komposisi Tambahan Modal :

Jika Rp 200 juta. Jika Rp 500 juta.

Obligasi Rp 40 juta. Obligasi Rp 100 juta.
Saham Preferen Rp 10 juta. Saham Preferen Rp 25 juta.
Laba Ditahan Rp 150 juta. Saham Biasa Rp 375 juta.

Biaya Modal dari Depresiasi.
Biaya modal dari depresiasi sama dengan biaya modal rata-rata sebelum menggunakan modal yang berasal dari emisi saham baru.

Skedul Oportunitas Investasi (IOS).
Merupakan sebuah grafik dari oportunitas investasi perusahaan yang diberi peringkat berdasarkan tingkat pengembalian proyek tersebut.

Return (%)

A = 13% 13 B = 12,5% C = 12% 12

MCC

10 IOS D = 10,2%

0 50 100 150 200 Jutaan Tambahan Modal Anggaran Modal Optimal Baru. Sebesar Rp 180 juta.

Proyek Modal (Rp) Return (%) A 50.000.000 13,00 B 50.000.000 12,50 C 80.000.000 12,00 D 80.000.000 10,20

FAKTOR-FAKTOR YANG MEMPENGARUHI BIAYA
MODAL.

1. Faktor yang Tidak Dapat Dikendalikan Perusahaan.

Tingkat Suku Bunga. Jika suku bunga dalam perkonomian meningkat, maka biaya utang juga akan meningkat karena perusahaan harus membayar pemegang obligasi dengan suku bunga yang lebih tinggi untuk memperoleh modal utang.

Tarif Pajak. Tarif Pajak digunakan dalam perhitungan biaya utang yang digunakan dalam WACC, dan terdapat cara-cara lainnya yang kurang nyata dimana kebijakan pajak mempengaruhi biaya modal.

2. Faktor yang Dapat Dikendalikan Peusahaan.

Kebijakan Struktur Modal. Perhitungan WACC didasarkan pada tarif bunga setiap kompo-nen modal dengan komposisi struktur modalnya. Sehingga jika struktur modalnya berubah, maka biaya modalnya akan ber-ubah.

Kebijakan Dividend. Penurunan ratio pembayaran dividend mungkin dapat menye-babkan biaya modal sendiri meningkat, sehingga MACC-nya naik.

Kebijakan Investasi. Akibat dari kebijakan investasi akan membawa dampak yang berrisiko. Besar kecilnya risiko inilah yang akan mempengaruhi biaya modal.

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...permission. The law that Ellen is presented in the court is misappropriation and right of publicity against the Clean Clothes Company. The Clean Clothes Company is countersuing Ellen DeGeneres for product disparagement. While Joseph A. Banks, is suing Ellen DeGeneres for the reduction of sales on clothes because of an unsolicited comment on her show. And the law of the right of publicity means Right of publicity means the right of an individual to control any commercial use of his/her name, image, or some other aspects of one's identity. In the U.S., it is a state law-based right. In the U.S., right of publicity is enforced through state law. The recognition of the right varies from state to state. Some states have clearly provided this right by way of statute. States which do not have specific legislation relating to the right to publicity recognize the right by way of common law. It is generally considered a property right rather than a personal right. So the right of publicity is descendible to the person's heirs after their death. The Right of Publicity is a rapidly-evolving right with great increase in reported cases in the United States and worldwide. The right of publicity is also termed as publicity rights or personality rights. The following is an example of a state statute (Indiana) defining the right of publicity. Burns Ind. Code Ann. § 32-36-1-7. Right of publicity. "Right of publicity" means a personality's property interest in the personalities: (1) Name; (2) Voice; ...

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Advantages of Publicit

...The Advantages of Publicity Publicity is a way to get your company in front of potential customers. Unlike marketing, which can come across as a sales pitch, publicity often carries the authority of an independent voice. Proper use of publicity can result in higher sales, as your company and products are exposed to a wider net of customers. While publicity cannot always be directly controlled, strategies to garner publicity often prove beneficial to corporate growth. Cost * Publicity and marketing are often used interchangeably to describe a company's promotional activity, but there are significant differences. Whereas companies generate their own marketing materials, publicity is granted by outside sources, such as the media. One of the biggest advantages of publicity is that it is usually free. A marketing staff and promotional activities can cost a company a significant amount of money. However, publicity -- ranging from unsolicited newspaper reviews to social media word-of-mouth -- typically costs nothing. Credibility [The quality of being believable or worthy of trust] * Consumers expect a certain level of bias or exaggeration in the commercials or advertisements a company produces about its products. However, third-party sources, such as magazine articles or online reviews, are often considered less biased. This is particularly true with reputable sources, such as longstanding publication houses or well-regarded professional reviewers. As opposed to company-generated...

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