Page 7 - Modul CA - Manajemen Keuangan Lanjutan (Plus Soal)

MANAJEMEN
KEUANGAN LANJUTAN

BAB V
KESULITAN KEUANGAN (FINANCIAL DISTRESS) ............................................................................... 29
5.1 Apakah Financial Distress?............................................................................................................................... 30
5.2 Apa yang Terjadi Ketika Perusahaan Mengalami Financial Distress? ..................................................... 30
5.3 Kebangkrutan, Likuidasi, dan Reorganisasi.................................................................................................. 31
5.4 Likuidasi .............................................................................................................................................................. 31
5.5 Reorganisasi .................................................................................................................................................... 32
5.6 Mana yang Lebih Baik: Private Workout atau Kepailitan? ........................................................................ 32
5.7 Prepackaged Bankruptcy ................................................................................................................................... 33
5.8 Prediksi Kebangkrutan Perusahaan & Model Z-Score ............................................................................... 34

BAB VI
MANAJEMEN TRESURI DAN MODAL KERJA .................................................................................... 35
6.1 Menelusuri Kas dan Modal Kerja Bersih ..................................................................................................... 36
6.2 Operating Cycle dan Cash Cycle ...................................................................................................................... 36
6.3 Beberapa Aspek Kebijakan Keuangan Jangka Pendek ................................................................................ 37
6.4 Rencana Keuangan Jangka Pendek ................................................................................................................ 39
6.5 Investasi Idle Cash ......................................................................................................................................... 40
6.6 Penentuan Target Saldo Kas ............................................................................................................................ 41
6.7 Pengelolaan Piutang Dagang ........................................................................................................................... 44
DOKUMEN
6.8 Kebijakan Kredit (credit policy) ...................................................................................................................... 45
6.9 Kebijakan Penagihan ..................................................................................................................................... 45
6.10 Manajemen Persediaan ..................................................................................................................................... 46
6.11 Teknik Pengelolaan Persediaan ....................................................................................................................... 45
IAI
BAB VII
OPSI DAN MANAJEMEN KEUANGAN ................................................................................................ 49
7.1 Opsi (option) ...................................................................................................................................................... 50
7.2 Transaksi Opsi ................................................................................................................................................... 50
7.3 Komponen Harga Opsi .................................................................................................................................... 51
7.4 Gabungan Opsi .................................................................................................................................................. 51
7.5 Faktor-faktor yang Mempengaruhi Harga Opsi (option premium) ......................................................... 52
7.6 Rumusan Harga Opsi ....................................................................................................................................... 53
7.7 Saham dan Utang sebagai Opsi ...................................................................................................................... 54
7.8 Aplikasi Opsi pada Keputusan Perusahaan .................................................................................................. 55
7.9 Investasi dalam Proyek Riil dan Opsi ......................................................................................................... 56
7.10 Executive Stock Options .................................................................................................................................... 57
7.11 Menilai Perusahaan yang Baru Berdiri ......................................................................................................... 57
7.12 Analisis Lanjutan Model Binomial .............................................................................................................. 57
7.13 Keputusan Untuk Menghentikan dan Melanjutkan Kembali .................................................................... 58

BAB VIII
WARRANTS DAN CONVERTIBLES ....................................................................................................... 59
8.1 Warrants .............................................................................................................................................................. 60
8.2 Perbedaan antara Warrants dan Call Options .............................................................................................. 60
8.3 Penilaian Warrants dan Model Black-Scholes ............................................................................................... 61
8.4 Obligasi Konversi (convertible bonds) ............................................................................................................ 61
8.5 Nilai Obligasi Konversi ................................................................................................................................. 62
8.6 Alasan Menerbitkan Warrants dan Convertibles.......................................................................................... 63
8.7 Mengapa Perusahaan Menerbitkan Warrants dan Convertibles? .............................................................. 64
8.8 Kebijakan Konversi............................................................................................................................................ 65

iv Ikatan Akuntan Indonesia