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PENGENALAN
Kimi Ford merupakan pengurus portfolio di NorthPoint Group dimana syarikat ini adalah syarikat pengurusan dana. NorthPoint Large-Cap yang berada di bawah NorthPoint Group telah banyak melaburkan dananya dalam syarikat-syarikat seperti ExxonMobil, General Motors, McDonald’s, 3M, dan lain-lain. Walaupun bursa saham telah menurun sejak 18 bulan terakhir, NorthPoint Large-Cap telah menunjukkan prestasi yang baik. Kimi Ford sedang mengkaji dan mempertimbangkan sama ada untuk melabur di sebuah perusahaan besar iaitu Nike. Ford membuat pertimbangan terhadap data syarikat yang dinyatakan di dalam laporan fiskal tahun 2001. Walaupun pengurusan Nike ditangani beberapa isu yang menyebabkan penurunan dalam jualan pasaran dan harga saham, pengurusan mendedahkan satu rancangan untuk memperbaiki prestasi supaya menjadi lebih baik. Pihak ketiga juga menjadi sumber untuk memberikan pendapat sama ada saham itu merupakan pelaburan yang kukuh ataupun tidak.
Justeru, Kos Modal Purata Berwajaran (WACC) dapat melihat pelaburan yang memaksimumkan nilai syarikat. WACC adalah kadar (dinyatakan sebagai peratusan, seperti faedah) bahawa syarikat dijangka untuk membayar kepada pemegang hutang (kos hutang) dan pemegang saham (kos ekuiti) untuk membiayai asetnya. Ia adalah pulangan minimum yang syarikat perlu terima atas aset asas sedia ada untuk memenuhi pemiutang, pemilik dan pembekal modal lain. Syarikat mengumpul wang dari beberapa sumber seperti ekuiti biasa, waran, liabiliti pencen, opsyen saham eksekutif, subsidi kerajaan, dan sebagainya. Sekuriti berlainan dijangka menjana pulangan yang berbeza. WACC adalah dikira dengan mengambil kira berat relatif setiap komponen modal struktur hutang dan ekuiti, dan digunakan untuk melihat sama ada pelaburan itu sesuai untuk dijalankan atau tidak
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LATAR BELAKANG SYARIKAT
Nike, Inc, adalah sebuah perusahaan yang ditubuhkan pada 1964 di Portland. Pada mulanya, perusahaan ini hanya mengeluarkan kasut sukan kemudian, ianya berkembang dengan mengeluarkan pelbagai produk sukan. Secara umumnya, produk yang dikeluarkan oleh Nike terbahagi kepada dua produk iaitu produk Nike dan produk bukan Nike. Contoh produk Nike ialah kasut dan pakaian sebagai pelengkap sukan selain dari bola olahraga, skates, bats dan cermin mata. Manakala, produk bukan Nike adalah pakaian ‘Cole Haan’ dan ‘casual footwear’, skates’, kayu hoki dan produk-produk lain yang di bawah ‘Bauer trademark’.

MASALAH YANG DIHADAPI
Nike mengeluarkan bilangan produk yang tinggi hampir $9 bilion, tetapi peningkatan itu menjadikan syarikat ini mengalami kejatuhan dalam pendapatan bersih. Selain itu, harga saham Nike juga menurun pada awal tahun. Disebabkan berlakunya kejatuhan harga saham ini, maka Ford cuba mempertimbangkan untuk melabur saham di syarikat Nike dengan melihat kedudukan kewangan syarikat ini.

PENYELESAIAN MASALAH
Bagi menyelesaikan masalah penurunan dalam pendapatan bersih, syarikat Nike perlu menjual produknya pada separuh harga iaitu diantara $70 hingga $90 sepasang. Syarikat ini juga perlu menekankan garis pakaian seperti yang di bawah kepimpinan industi veteran Mindy Grossman dimana Mindy Grossman mempunyai pencapaian yang terbaik dalam pengeluaran Polo Jeans.
Pihak pengurusan juga perlu 1. Keputusan belanjawan modal
Kos modal boleh digunakan sebagai jalan pengukur untuk menerima satu cadangan pelaburan. Secara umumnya, syarikat akan memilih projek yang memberikan pulangan yang memuaskan. Dalam pelbagai kaedah belanjawan modal, kos modal adalah faktor utama dalam menentukan projek. Ia mengukur prestasi kewangan dan menentukan kebolehterimaan semua peluang pelaburan.

2. Mereka bentuk struktur kewangan korporat
Kos modal adalah penting dalam mereka bentuk struktur modal syarikat. Kos modal dipengaruhi oleh peluang dalam struktur modal. Seorang eksekutif kewangan perlu membuka mata terhadap ketidakstabilan pasaran modal dan cuba untuk mencapai struktur modal ekonomi bagi syarikat itu. Dalam usaha lain, syarikat cuba untuk menggantikan pelbagai kaedah kewangan dalam usaha untuk mengurangkan kos modal bagi meningkatkan harga pasaran dan nilai seunit saham.

3. Menitikberatkan mengenai kaedah pembiayaan
Seorang eksekutif kewangan perlu mempunyai pengetahuan mengenai ketidakstabilan dalam pasaran modal dan perlu menganalisis kadar faedah ke atas pinjaman dan kadar dividen biasa di pasaran dari semasa ke semasa. Hal ini bermakna, setiap kali syarikat memerlukan kewangan tambahan, syarikat tersebut boleh menetapkan pilihan yang baik daripada sumber kewangan yang menanggung kos minimum modal. Walaupun kos modal adalah faktor penting dalam keputusan itu, namun pertimbangan berkaitan kawalan dan mengelakkan risiko juga adalah suatu keputusan yang penting.

PENGIRAAN KOS MODAL
Cohen membuat pengiraan WACC iaitu 8.4% menggunakan kaedah capital asset pricing model (CAPM). Kami tidak bersetuju dengan kaedah yang digunakan atas sebab-sebab seperti di bawah:- 1) Nilai ekuiti
Cohen menggunakan nilai buku bagi pengiraan nilai ekuiti dan nilai hutang. Walaupun nilai buku untuk hutang diterima sebagai suatu anggaran nilai pasaran, namun nilai buku untuk ekuiti tidak digunakan apabila mengira kos modal.

Nilai ekuiti = Harga saham x Bilangan saham yang diterbitkan (E) = $42.09 x $271.5 = $ 11,427.44

2) Nilai hutang
Nilai pasaran hutang perlu digunakan dalam pengiraan kos hutang. Ianya bertentangan dengan kaedah yang digunakan oleh Cohen iaitu Cohen menggunakan nilai buku untuk mengira kos hutang. Cohen sepatutnya menggunakan nilai diskaun hutang jangka panjang yang terdapat pada kunci kira-kira. Nilai pasaran hutang yang diperolehi hasil tambah daripada hutang jangka panjang, nota belum bayar dan hutang jangka panjang terdiskaun.

Nilai hutang = Hutang Jangka Panjang + Nota Belum Bayar + Hutang Jangka Panjang Terdiskaun = $5.40 + $855.30 + $416.72 = $1277.42

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