Capstruc Struktur Modal & Leverage Nov 2013 Reg B Malam

8/17/2019 Capstruc Struktur Modal & Leverage Nov 2013 Reg B Malam

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Struktur Modal dan Leverage

Oleh : Anwar Azazi - FE Untan


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2

Modigliani dan Miller (MM)

Teori dasar: Franco Modigliani dan MertonH. Miller (MM) tahun 1958 dan 1963

Sudah lama seali ! ta"i menga"a ita

masih mem"ela#ari teori merea$ Se%elume MM& tida ada cara untu

menganalisis hutang se%agai sum%er"em%ia'aan "erusahaan

Merealah 'ang "ertama ali mem"ela#ari

hu%ungan strutur modal dan ** Teori strutur modal& **& dan nilai"erusahaan mem%a+a merea men#adi"emenang hadiah ,o%el "ada tahun 199-


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endahuluan

Strutur Modal menun#uan %auran hutangdan euitas "erusahaan Saham "re/eren diangga" se%agai %agian dari

hutang "erusahaan Financial le0erage men'ataan "enggunaan

uang 'ang di"in#am (hutang) untumeningatan e/eti0itas euitas 'ang

diin0estasian Financial le0erage se%esar 1- artin'astrutur modal "erusahaan terdiri atas 1-hutang dan 9- euitas (modal sendiri)


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2suisu "enting :

"aah "enggunaan hutang da"atmeningatan nilai euitas "erusahaan$ 4aitu : harga saham "erusahaan

alam ondisi a"a "eru%ahan le0eragemeningatan harga saham$ Strutur modal o"timal memasimuman harga

saham

Hu%ungan antara strutur modal dan hargasaham tida selalu te"at (searah) danarenan'a tida se"enuhn'a di"ahami


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isio dalam onte 7e0erage 1

7e0erage mem"engaruhi harga saham Mengu%ah hu%ungan risreturn dalam in0estasi euitas

(saham)

Menguur iner#a "erating income (: ; 2n0estor mengangga" ;S se%agai suatu indiator "enting dari"ro/ita%ilitas "erusahaan


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"

esio dalam onte 7e0erage A

edi/inisi resio untu isuisu 'ang%eraitan dengan 7e0erage

isio 'ang %eraitan dengan le0erageadalah 0ariasi ; dan ;S

>


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Cam%ar 1 :


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7e0erage dan esio

Menghu%ungan strutur %ia'a"erusahaan

4aitu "enggunaan /i=ed cost dan 0aria%lecosts

7e0erage o"erasi ("erating le0erage)

%er"engaruh terhada" resio %isnis"erusahaan


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Financial 7e0erage

alam ondisi tertentu& /inancial le0erageda"at mem"er%aii ; dan ;S

"erusahaan an teta"i& "ada ondisi 'ang lain ia

%ahan %isa mem"er%uru ;S dan ;


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Ta%le 13.1

etia de%t ratio

"erusahaanmeningat& ;S

dan ;meningat secaradrastis. etia ;T

turun& #umlah

saham %eredarturun "ada tingat'ang le%ih ce"at

%ila hutangmenggantian

euitas.


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&&

Financial 7e0erage

eturn on *a"ital ;m"lo'ed (*;) Measures the "ro/ita%ilit' o/ o"erations %e/ore /inancing

charges %ut a/ter ta=es on a %asis com"ara%le to ;

( );


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&2

Ta%le 13.A

ondisi"erusahaan


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&3

Financial 7e0erageB;=am"le

: ingasan in/ormasi euangan T. l%an' *or"oration adalah se%agai %eriut :

* o n t o h

Harga "er saham D G1-; D ;T ÷ e?uit' D G13&5-- ÷ G9-&--- D 15

;S D ;T ÷ #umlah saham D G13&5-- ÷ 9&---&--- D G1.5-

G13&5--;T

9&---&---,um%er o/ sharesD9&---Ta= (I-)

G1--&---*a"italGAA&5--;


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&

Financial 7e0erageB;=am"le

: ;S aan meningat #ia *; le%ih %esar dari a/terta= cost o/ de%t. *; saat iniadalah :

* o n t o h

( )A3.JM 1 -.I-*; D 1I.A

G1--.-M =

a/terta= cost o/ de%t adalah 1A = (1 ! -.I)& or J.A. arena J.A K 1I.A&maa "erdagangan saham selain hutang aan meningatan ;S.

Se%agai misal& anda da"at menentuan %ah+a hutang GI5 #uta adalah #umlahhutang 'ang mem%uat ;S sama dengan GA.--.


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Financial 7e0erage danFinancial is

Financial le0erage %agai se%ilah "isau %ermatadua

Multi"lies good results into great results Multi"les %ad results into terri%le results

; da ;S untu le0eraged /irms mengalami/lutuasi le%ih %esar

Financial ris adalah meningatn'a 0aria%ilitashasil euangan arena tam%ahan le0erage


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&"

engaruh le0erage terhada"

harga saham 7e0erage meningatan iner#a sementara ia

meningatan resio& ai%atn'a mendorong

harga saham dengan arah 'ang %erla+anan Meningatn'a iner#a mem%uat e="ected return onstoc le%ih tinggi& meningatan harga saham

Meningatn'a resio mendorong "enurunan harga

saham> engaruh mana 'ang le%ih mendominasi& a"an$


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erilau eal 2n0estor danStrutur Modal "timal

etia le0erage rendah& "eningatan hutangmem"un'ai e/e "ositi/ terhada" in0estor

Tingat hutang 'ang tinggi "erhatian "adamasalah resio meningat dan meningatanle%ih %an'a hutang menurunan harga saham

etia le0erage meningat& "engeruhn'a

%ergesar dari "ositi/ e negati/& danmenghasilan strutur modal o"timal


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&$

Cam%ar A : engaruh7e0erage "ada Harga Saham


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&%

Menemuan strutur modalo"timum ! suatu masalah "ratis

Tida ada cara untu menentuan #umlah le0erageo"timum 'ang te"at untu suatu "erusahaan tertentu"ada +atu tertentu.

Tingaat le0erage 'ang te"at cenderung %er%eda sesuaidengan :> Sihat %isnis suatu "erusahaan

> Lia "erusahaan mem"un'ai resio %snis 'ang tinggi& seharusn'a iamengurangi "enggunaan le0erage

> 2lim eonomi

> Lia ondisi eonomi %uru& in0estor %arangali men#adi le%ih sensiti/terhada" resio

arena masalah "ratis terse%ut& maa strutur modalo"timum tida da"at ditentuan secara te"at


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2'

Target *a"ital Structure

Strutur modal 'ang ditargetan (targetca"ital structure) se%uah "erusahaan

adalah estimasi mana#emen tentangstrutur modal o"timal Suatu "endeatan atau tasiran ter%ai

mengenai #umlah hutang 'ang aanmemasimuman harga saham "erusahaan

engar h le erage %ila saham tida


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2&

engaruh le0erage %ila saham tidadi"erdagangan %erdasaran nilai %uu

(


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enguuran egree o/ Financial7e0erage (F7

Financial le0erage meningatan "eru%ahan;


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*ontoh "enguuran egree o/Financial 7e0erage (F7) 1

: ingasan in/ormasi eunagan dan modal T. MM Manu/acturing *om"an' adalah (G---):

* o n t o h

ada saat ini terda"at J--.--- saham 'ang sedang %eredar. Tingat %unga atas hutang"erusahaan se%esar 15& dan "erusahaan mem"eriraan da"at memin#am %era"a"undengan suu %unga 'ang sama. Tingat "a#a "erusahaan I-

T. MM %ereinginan meningatan harga sahamn'a. Nntu itu& mana#emen sedang

mem"ertim%angan restruturisasi modal dengan hutang dengan "ro"orsi 5- denganhara"an "eningatan ;S aan mem"un'ai "engaruh "ositi/ terhada" harga. anteta"i& ondisi eonomid di masa 'ang aan datang tida %egitu %ai& "im"inan"erusahaan %er"iir %ah+a mem%urun'a ondisi %isnis "adai tahun 'ang aan datangaan mengurangi ;


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2

*ontoh enguuran egree o/Financial 7e0erage (F7)A

: arena saham di"erdagangan "ada nilai %uu& maa contoh soal ini relati/ sederhana.

* o n t o h

I--&---J--&---Shares outstanding

iusulanSaat ini

G8&---G8&---Total

I&---J&--- ;?uit'

GI&---G1&--- e%t

*a"ital

&'G1.-5I;S

GI68GJ38;T

iusulanSaat ini

31AI9ATa= (I-)

GJ8-G1&A3-;


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*ontoh enguuran egree o/Financial 7e0erage (F7)3

:


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2"

nalisis ;


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2#

Cam%ar 13.3: nal'sis ;


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2$

7e0erage "erasi ("erating7e0erage)

Terminologi dane/inisi isio "erasiBisio ariasi ; Lumlah /i=ed costs dalam strutur %ia'a


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2%

nalisis


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3'

nalisis


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3&

Cam%ar 13.5: iagram


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nalisis


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3

S


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3!


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3"

e% 7ins

**H@s


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3#

The ;//ect o/ "erating7e0erage

etia 0olume %ergera men#auhi %reae0en& maa "ro/it atauloss meningat le%ih ce"at %ila o"erating le0erage le%ih %esar

engaruhn'a "ada resio o"erating le0erage 'ang le%ih %esar mengerah e"ada 0ariasi ;


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3$

am ar . : agram rea e0en"ada ondisi "erating 7e0erage

tinggi dan rendah


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3%

engaruh "erating 7e0erageB*ontoh

: Misaln'a "erusahaan mem"un'ai /i=ed costs se%esar G1&--- "er "eriode&men#ual "rodun'a dengan harga G1- "er unit& dan 0aria%le costs "er unitadalah G8. Misalnan lagi& "erusahaan < hmem"un'ai /i=ed costs se%esarG1&5-- dan men#ual "rodun'a dengan harga 'ang sama dengan "rodu"erusahaan & 'aitu G1- "er unit. edua "erusahaan %erada "ada


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The egree o/ "erating 7e0erage(7)B Measurement

"erating le0erage am"li/ies changes insales 0olume into larger changes in ;


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The egree o/ "erating 7e0erage(7)B Measurement

: The l%ergetti *or". sells its "roduct at an a0erage "rice o/ G1-. aria%le costsare GJ "er unit and /i=ed costs are G6-- "er month. ;0aluate the degree o/o"erating le0erage +hen sales are 5 and then 5- a%o0e the %reae0en le0el.

: First& com"ute the %reae0en 0olume: G6-- ÷ (G1- GJ) D A-- units.


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2

*om"aring "erating andFinancial 7e0erage

Financial and o"erating le0erage are similar in that %oth canenhance results +hile increasing 0ariation

Financial le0erage in0ol0es su%stituting de%t /or e?uit' in the /irm@sca"ital structure

"erating le0erage in0ol0es su%stituting /i=ed costs /or 0aria%lecosts in the /irm@s cost structure


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The *om"ounding ;//ect o/"erating and Financial 7e0erage

The e//ects o/ /inancial and o"erating le0eragecom"ound one another

*hanges in sales are am"li/ied %' o"erating le0erage

into larger relati0e changes in ;


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Figure 13.9: The *om"ounding ;//ect o/"erating 7e0erage and Financial

7e0erage


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The *om"ounding ;//ect o/ "eratingand Financial 7e0erageB;=am"le

: The lleghen' *om"an' is considering re"lacing a manual "roduction "rocess+ith a machine. The mone' to %u' the machine +ill %e %orro+ed. There"lacement o/ "eo"le +ith a machine +ill alter the /irm@s cost structure in /a0oro/ /i=ed costs& +hile the loan +ill mo0e the ca"ital structure in the direction o/more de%t. The /irm@s le0erage "ositions at e="ected out"ut le0els +ith and+ithout the "ro#ect are summariQed as /ollo+s:

The economic outloo is uncertain and some managers /ear a decline in sales o/as much as 1- in the coming 'ear. ;0aluate the e//ect o/ the "ro"osed "ro#ect

on ris in /inancial "er/ormance.

: The /irm@s current T7 is A = 1.5& or 3& meaning a 1- decline in sales couldresult in a 3- decline in ;S. Nnder the "ro"osal& the T7 +ill %e muchhigher: 8.J5& or 3.5 = A.5& meaning a 1- dro" in sales could lead to a 8J.5dro" in ;S.

; = a m " l e

A.53.5ro"osed

1.5A.-*urrent

F77


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*a"ital Structure Theor'

oes ca"ital structure a//ect stoc "riceand the maret 0alue o/ the /irm$

2/ so& is there an o"timal structure thatma=imiQes either or %oth$

esults indicate that ca"ital structure

does im"act stoc "rices %ut there@s no+a' to determine the o"timal structure+ith an' "recision


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#


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$

The /irm@s maret 0alue is the sum o/ their "resent 0alues

/

d e

/

a

annual interest "aid to %ondholders total annual di0idend "aid to stocholders D

+hich is e?ui0alent to sa'ing

"erating 2ncome D

+

eturns dri0e 0aluein an in0erse

relationshi".


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%

Figure 13.1-: ariation in alue and 0erage eturn +ith *a"ital Structure

The 0alue o/ the /irmand the /irm@s stoc

"rice reach ama=imum +hen the

a0erage cost o/ ca"italis minimiQed.

Th ; l Th % M di li i


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!'

The ;arl' Theor' %' Modiglianiand Miller (MM)

estricti0e ssum"tions in the riginalModel

2n 1958 MM "u%lished their /irst "a"er onca"ital structure> 2ncluded numerous restrictions such as

> ,o income ta=es

> Securities trade in "er/ectl' e//icient ca"ital marets +ith

no transaction costs> ,o costs to %anru"tc'

> 2n0estors and com"anies can %orro+ as much as the'+ant at the same rate



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!&


The ssum"tions and ealit' ealisticall' income ta=es e=ist

ealisticall' the costs o/ %anru"tc' are?uite large

ealisticall' indi0iduals cannot %orro+ at thesame rate as com"anies and interest ratesusuall' rise as more mone' is %orro+ed



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!2


The esult Nnder MM@s initial set o/ restrictions& 0alue is

inde"endent o/ ca"ital structure s chea"er de%t is added the cost o/ e?uit'

increases %ecause o/ increased ris> Ho+e0er the +eight o/ the more e="ensi0e e?uit'

is decreasing +hile the +eight o/ the chea"erde%t is increasing& leading to a constant +eighteda0erage cost o/ ca"ital

Fi 13 11 Th


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Figure 13.11: The2nde"endence H'"othesis



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The r%itrage *once"t r%itrage means maing a "ro/it %' %u'ing and selling the

same thing at the same time in t+o di//erent marets

MM "ro"osed that ar%itrage %' e?uit' in0estors +ould hold the0alue o/ the /irm constant as de%t le0els changed

> ;?uit' in0estors could sell shares in a le0eraged /irm and %u'shares in an unle0eraged /irm %' %orro+ing mone' on their o+n

2nter"reting the esult The MM result im"lies that le0erage a//ects 0alue %ecause o/

maret im"er/ections

> Such as ta=es and transaction costs (including %anru"tc')

l i th ti


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!!

ela=ing the ssum"tionsBMore 2nsights

Financing and the N.S. Ta= S'stem Ta= s'stem /a0ors de%t /inancing o0er e?uit'

/inancing> 2nterest e="ense on de%t is ta= deducti%le +hile

di0idends on stoc are not


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Ta%le 13.I

Total "a'ments toin0estors arehigher /or the

le0eragedcom"an'.

The ll ;?uit' /irm

"a's more ta=es%ecause it recei0esno interest e="ense

deduction.

l i th ti


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!#

ela=ing the ssum"tionsBMore 2nsights

2ncluding *or"orate Ta=es in the MMTheor'

hen ta=es e=ist o"erating income (2) must%e s"lit %et+een in0estors and thego0ernment

> This lo+ers the /irm@s 0alue com"ared to +hat it+ould %e i/ no ta=es e=isted

> mount o/ reduction de"ends on the /irm@s use o/le0erage

> Nse o/ de%t reduces ta=a%le income +hich reducesta=es

2 l di * t T i


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!$

2ncluding *or"orate Ta=es inthe MM Theor'

2n the MM model +ith ta=es interest "ro0ides ata= shield that reduces go0ernment@s share o/the /irm@s earnings hen a /irm uses de%t /inancing the go0ernment@s

tae is reduced %' (cor"orate ta= rate P intereste="ense) e0er' 'ear

> resent 0alue o/ ta= shield D (cor"orate ta= rate P interest

e="ense) ÷ d > Since interest is the amount o/ de%t (


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!%

2ncluding *or"orate Ta=es inthe MM Theor'

Ha0ing de%t in the ca"ital structureincreases a /irm@s 0alue %' the magnitude

o/ that de%t times the ta= rate The %ene/it o/ de%t accrues entirel' to

stocholders %ecause %ond returns are

/i=ed

Fi 13 1A MM Th ith


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"'

Figure 13.1A: MM Theor' +ithTa=es

2n the MM model +ith ta=es0alue increases steadil' as

le0erage is added. Thus& the/irm@s 0alue is ma=imiQed +ith

1-- de%t. ,ote that d remains

constant across all le0els o/de%t.

2ncl ding


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"&

2ncluding


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"2

Figure 13.13: MM Theor' +ithTa=es and


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"3

n 2nsight into Mergers and c?uisitions

2n man' mergers one com"an' %u's thestoc o/ another com"an' called thetarget

The %u'ing com"an' needs to %u' shareso/ the target com"an' at a "remium o0erthe current maret "rice a'ing t+ice the current maret 0alue /or a

target /irm is not unheard o/ h' do com"anies do this$

n 2nsight into Mergers and


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n 2nsight into Mergers and c?uisitions

ne argument is that target /irms ma' %eunderutiliQing their de%t ca"acit' Thus& a restructuring o/ ca"ital ma' raise the 0alue

o/ the target /irm

c?uiring /irms o/ten raise the cash needed to%u' the target /irm@s shares +ith de%t

The resulting merged %usiness ends u" +ith morede%t than the indi0idual /irms had %e/ore the merger > Ma' theoreticall' %e #usti/ied i/ adding de%t adds 0alue

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Capstruc Struktur Modal & Leverage Nov 2013 Reg B Malam