SOURCES OF
FINANCING
MAMDUH M HANAFI
SOURCES OF FUND
• Internally generated: datang dari laba perusahaan
• External
• Short-term
• Spontaneous financing: hutang dagang, akrual..
• Non-spontaneous financing: hutang bank, obligasi..
• Long-term
• Debt – borrowing, pinjaman
• Stock – ownership
• Variasi-variasi lainnya: saham preferen, perbankan syariah
Apple Net Income in billion $ (2005-2017)
Rp672 trilyun vs Rp3.922,6 triliun (GDP Indonesia Q1 2020 harga konstan 2010)
Apple cash hoard
Rp3.752 trilyun vs Rp3.922,6 triliun (GDP Indonesia Q1 2020 harga konstan 2010)
AS OF 2018
• Total asset : $321 billion
• Long term debt: $75 billion
• Ratio of debt to total asset around 23%
• Why? Possibly:
• Profit from overseas operation
• Debt from the past
PECKING ORDER SUPPORT
Source: Baskin (1979)
SHORT-TERM
• Spontaneous:
• Move along with company’s activities
• Payables, accruals, etc
• Non-spontaneous
• Does not automatically move in line with activities
• Shot-term bank loan, factoring, commercial paper, etc
EXTERNAL: DEBT
• Borrowing
• Creditor lends money to borrower and receive interest payment
as compensation
• Creditors do not own, hence do not have right to vote
• Borrowing can be direct to investors in the form of selling bond
• Borrowing can be done through financial intermediaries (such as
banks) or directly to investors
• Intermediation vs disintermediation
INTERMEDIATION VS DISINTERMEDIATION
Disintermediation
Fund Surplus
Fund Deficit
Intermediation
Fund Surplus
Banks
Fund Deficit
Which one is more efficient, intermediation or disintermediation?
Which one is more efficient?
• Intermediation:
• Banks collect deposit and pay (for example) 3.5% interest
to depositors
• Then banks loan fund and charge 12% to corporations
• Banks earn spread of 8.5%
• Disintermediation
• Corporations sell bond directly to investors and pay 9%.
Investors receive 9% of interest
BAGAIMANA DENGAN PROSPEK
BANK?
• Apakah akan hilang (punah)…
• Pasar tidak/belum sesempurna yang kita inginkan/bayangkan..
• Bank sebagai delegated monitoring..perantara asimetri informasi..
• Skripsi tahun 80-an? Topik keuangan.. Cari neraca dan lap Laba-rugi
perusahaan langsung.. Datanya diganti.. Dikasih cap oleh
perusahaan.. Garbage in garbage out (GIGO)..
• Bank sbg perantara denominasi, jangka waktu (likuiditas) dan lainnya
• Bank bergeser ke fee-based income..
FEE BASED
• BCA
• Gebyar BCA.. Indosiar…
• Mercedes mobil 100 buah.. Disiarkan di TV
• Tabungan masuk, misal Rp100 Trlyun. Bunga 2%
• Investasi tabungan di SBI (sertifikat bank Indonesia), bunga 8%
• Spread = 6% x Rp100 Tr = Rp6 Trilyun
• Mercedes harganya (1 milyar x 100 ) + 20 milyar = 120 milyar
• Untung: 6T – 120 m = 5,8T
• BCA menjadi transaction bank..
ANALYZE
• A company is considering two financing alternatives:
• Borrow from a bank, the amount is Rp100 billion, maturity is 5 years, adminis- tration cost
is 2% paid in advance, and 3% paid at maturity. Interest rate is 10% per-year for 5 years.
• Sell bond, with par value is Rp120 billion, maturity is 7 years, flotation cost is 5% paid in
advance, coupon rate is 8%.
0
1
+98m
-10m
98 = 10/(1+r)^1 + ….. + 113 / (1+r)^5
5
-113m
Tingkat keuntungan tinggi.
Saham yang bersiko
Bunga = 15%
FINANCIAL INNOVATIONS
• The basic: fixed coupon bond, Par-value, with certain maturity
• Then
• Floating rate: LIBOR+2%, Deposito+1%
• Zeroes (no coupon) : obligasi tanpa kupon bunga..
• Consol (no maturity): obligasi tanpa jatuh tempo
• Income bond: obligasi yang dikaitkan dengan aset tertentu
• Project financing
• Asset backed securities (securitization)
• And others
PREFERENSI INVESTOR: BERAGAM
• Ada yang tertarik dengan zeroes..
• Dana pensiun… melakukan perhitungan, tahun ke 10 ada kewajiban senilai Rp100 milyar
• Dia beli zeroes dengan nominal Rp100 milyar, jatuh tempo 10 tahun..
• 10 tahun yad.. Kewajiban jatuh tempo, obligasi cair.. Selesai
• Tidak menghadapi reinvestment risk..
• Bunga tetap ada..
• Obligasi zeroes jangka pendek lebih popular di Indonesia, dengan nama Commercial paper..
VALUASI ZEROES
• Nominal Rp100 milyar, jangka waktu = 10 tahun
• Bunga pasar = 10%
• P = 100/(1+0,1)^10 = 38 miliar……………… menentukan r ??
0
1
???
0
10
100
MENGHITUNG COST OF EQUITY INVESTASI
RUMAH
• Beli rumah dengan harga Rp550 juta
• Bisa disewakan pertahun 22 juta
• Kenaikan harga pertahun adalah 5%
• Berapa cost of equity investasi rumah, implied by market?
• P = D1 / (r – g)
• r = ke = D1/P + g = 22 (1+0,05)/550 + 0.05 = sekitar 9%
SECURITIZATION
• Converting loan (non-liquid assets) to liquid assets (sekuritas)
• How it works?
• Prinsip: semua bisa disekuritisasi
• Yang ideal: homogen asetnya dan banyak…
• Kartu kredit, pinjaman mobil…
Bowie Bond
In 1997, David Pullman,
An investment banker, sold
Bowie Bond. Bowie bond is
backed by revenue from 25
albums (287 songs) recorded
by David Bowie before 1990.
The value of bond sold
reached $55 million. In 2004,
Moodys lowered rating for
this bond from A3 to Baa3,
one level above junk bond.
EXTERNAL: STOCKS
• Stock financing: takes ownership
• Simple example: I put up some amount of money in a company and
become one of the owners of the company
• Ownership entitles you to control (hire and fire directors) and residual
rights (the leftover of value after all liabilities are paid out)
• Many types of ownership investment:
• Private equity financing
• Venture capitalist
• Go public
BEZOS EXPEDITIONS
Overview
UPDATE
Investments
52 Investments in 35 Companies
Exits
3 IPOs & 7 Acquisitions
Headquarters:
Mercer Island, WA
Description:
Bezos Expeditions manages Jeff Bezos' personal venture capital investments.
Website:
http://www.bezosexpeditions.com
Investor Details
UPDATE
Founded:
2005
Type:
Family Investment Office that does Seed, Early Stage Venture, and Later Stage Venture Investments
Sectors:
SaaS, Mobile, Software
Bezos Expeditions manages Jeff Bezos' personal venture capital investments.
VENTURE CAPITALIST WHO BACK UP MICROSOFT
• David F. Marquardt of Technology Venture Investors (TVI)
was the sole venture capital investor in Microsoft. He and
the firm owned 6.2% of Microsoft stock at the time of its
IPO in 1985.
• At the time [1980], Marquardt was a rarity in the VC
world filled with ex-bankers; he was a design engineer and
deeply technical. This resonated with Gates and Ballmer,
and Marquardt spent the next year going up to Redmond
almost every weekend to spend time with Gates and his
team.
• He sat on Microsoft's board of directors from 1981-2014.
• Negara dengan modal ventura paling aktif
• AS, Inggris, Israel
• Kenapa di negara lain kurang aktif?
• Governance kurang bagus, sistem peradilan kurang efiisen  proteksi terhadap pemodal
kurang
• Teknologi valuasi kurang canggih..
• Exit nya kurang lancar..
GO PUBLIC
• Sell shares to public
• Since public at large is involved, then we need regulation
• The company who wants to go public must report to FSA
or OJK who will supervise the going public companies
• Also list at Exchange (Indonesia Stock Exchange for
example)
• See the text, ppt..
The process for selling stock to public
investors (IPO)
• Stockholders meeting: decision
• Contact investment bankers
• Do valuation
• Book building
• Primary market: full commitment and best effort
• Secondary market: public trading
• Underpricing
• Listing on the exhange
MANFAAT VS BIAYA GO PUBLIC
• Manfaat
• Akses ke pendananaan lebih besar, dana segar
• Nilai naik  lebih likuid, reputasi meningkat
• Keberlangsungan lebih baik, memfasilitasi merjer akusisi
• Biaya
• Sharing kendali
• Disclosure
• Manfaat > Biaya  jual saham ke publik
• Generasi 1 : membangun
• Generasi 2: mengembangkan
• Generasi 3: membangkrutkan/mennghancurkan..
• Bagaimana mencegah generasi ketiga menghancurkan?
• Go public..
• Banyak pemilik baru masuk  membantu mengawasi perusahaan
SOME TERMS
• Best effort vs full commitment
• Road show, book building
• Listing
• Underpricing
• Delisting
PROCESS OF SHARES TRADING
• Trading is conducted through Indonesia Stock Exchange
• JATS matches buy and sell orders
• Trading is conducted through continuous auction
• Another alternative of trading mechanism: negotiated trading
• In negotiated trading, buyer and seller negotiate, and close the
deal, then report to the Exchange
Innovations
• Crowdfunding
• ??
Another innovation: Fintech (Crowdfunding
and Peer to Peer Lending)
• Taking advantage of internet
• Small investors everywhere combined into a big fund
• Many Success stories
• Angel investors:
• SkyBell
• When someone knocks at your front door, you want to see who it is without delay –
no matter what time it is.
• The team behind SkyBell developed an affordable camera system with speakers and a
microphone, that works through their smartphone app. With it, you can see who’s at
your door without having to do anything except glance at your phone.You can then
decide on whether you want to talk to that person, give them instructions, or ignore
them.
• When they asked the crowdfunding community for help, they responded with over
$600,000 – which is over 500% more than what SkyBell initially asked for.
Syariah bank
• Borrowing using profit-loss sharing scheme (which is similar to stock
financing):
• Mudaraba and Musyaraka
• However, there are other variations
• Syariah banks to complete financial market
• Produk Syariah: akad sesuai dengan prinsip Syariah
• Margin trading  Syariah margin trading
• Upaya melengkapi pasar keuangan (complete).. Inovasi keuangan
• Di yogya, godean, tahun 1980an, sangat patuh dg Islam.. Dana tidak mau
ditaruh di bank karena riba.. Dana ditaruh di bantal..
• Muncul bank Syariah.. Dana ditaruh di bank Syariah..
SYARIAH VS NON-SYARIAH POSITIONING
Mengambangkan usaha
yang unik (differensiasi),
berdaya saing
• https://wolipop.detik.com/hijab-update/d-5341922/anisa-rahma-rilis-sepatu-syari-inibedanya-dengan-sepatu-biasa
MNC FINANCIAL MANAGEMENT
• Manajemen keuangan dalam konteks perusahaan MNC
• Financial management for MNC
• Two key words: MNC and financial management
How MNC works:
An example MNC for Apparel
Fashion? Paris dan Milan
Textile? India
Labor? China
Machine? Jerman
Money? Jepang
Market? Amerika Serikat
Manager? Singapura
Incorporated? Bermuda
Owners? Indonesia
Halliburton Moves
Headquarters to Dubai, UAE.
March 12, 2007 11:23 AM
Oil services giant Halliburton, parent company of soon to be spun off
KBR, and recipient of many no-bid government contracts, is moving its
corporate headquarters to Dubai in the United Arab Emirates.
Meanwhile, the US and the UAE are working on a free trade agreement.
The UAE and China are the two largest exporters to Iran, and some
speculate that the purpose of the move is to open up Iran as a legitimate
market for Halliburton, because as a US firm its acknowledged trade with
Iran is of questionable legality. Among the implications of this corporate
move is that the US military will now be heavily dependent on a
contractor that is a foreign company.
(http://www.metafilter.com/59378/Halliburton-Moves-Headquarters-to-Dubai-UAE)
TIGA KEPUTUSAN
• Keputusan Investasi
• Keputusan Pendanaan
• Keputusan operasional
•  tujuan  memakismumkan kemakmuran pemegang saham
• Namun konteksnya adalah multinasional..
EXAMPLE: INVESTMENT DECISION FOR MNC
• Indonesian MNC is planning to open subsidiary in US. The cash flows are predicted as
follows:
Year
0
1
2
3
4
5
Cash
flows
-$1,000
+$500
+$200
+$300
+$400
+$500
WACC
10%
• Spot rate is Rp13,000/$
• Inflation rate in Indonesia is 8%, in US is 3% peryear PPP: et = e0 (1+ih)^t/(1+if)^t
• Should we accept the proposal?
EXAMPLE OF FINANCING DECISION FOR MNC
• MNC is considering two financing alternatives
• Borrow from Bank Mandiri, the amount is Rp120 billion, interest
rate is 12%, maturity is 5 years
• Borrow from JP Morgan. The amount is $ 10 million, interest rate is
5%, maturity is 7 years.
• Spot rate is Rp13,000/$.
• Inflation in Indonesia is 7% and in US is 3%
• Which one you recommend?
EXAMPLE OF WORKING CAPITAL DECISION FOR
MNC
• US MNC holds cash in Indonesia subsidiary for Rp100 billion. Spot rate is
Rp13,000/$. Rupiah is expected to depreciate to Rp15,000/$. Should we
lead or lag (transfer from Rupiah to $)?
• Konversi ke dollar
• 100milyar /13000 = $7,69juta
• Pada waktu rupiah melemah jadi 15000, dikonversi balik.. Jadi lebih banyak..
• 7,69juta x 15000 = 153 milyar
SOURCES OF FUND FOR MNC
• Domestic
• International financial market
• Borrowing
• Foreign market: foreign bond, foreign banks, foreign stock
(Stock: Foreign listing)
• Eurodollar: Eurobond, eurobanks (euroloans)
• Internal market
• Financial Market within MNC
Kupon Samurai Bond Terendah
Sepanjang Sejarah
TEMPO.CO, Jakarta - DirekturJenderalPengelolaanUtangKementerianKeuangan,
Robert Pakpahan, mengatakankupon Samurai Bond yang dikeluarkan hari ini
terendah sepanjang sejarah. Pemerintah hari ini resmi menandatangani penerbitan
Samurai Bond senilai 60 miliar yen atausetaraRp 7,2 triliun dengan kupon 1,13
persen.
"Samurai Bond akanbertenor 10 tahun dengan bunga terendah sepanjang sejarah
dari Jepang, yakni 1,13persen," kata Robert kepada wartawan di kantornya, Senin,
19 November 2012.
Pemberianbunga yang sangat rendah ini, menurut Robert, karena semakin tingginya
kepercayaan investor kepada Indonesia."Terbukti atas kinerja investasi Indonesia
2012 ini, di mana kita sudah mendapat peringkat Investment Grade dari empat
lembaga rating," ujarnya. Mereka yakni Fitch Rating, Moddys, JCI Jepang, dan R&I.
Robert menambahkan, penerbitan obligasi berdenominasi yen Jepang ini digaransi
oleh Japan Bank for International Cooperation yang dirilis pada April 2010.
Adapun penjamin emisi dilakukan oleh SMBC Securities Inc. dan Mizuho Securities
Co. Ltd. Dengan eksekusi settlement yang akan dilakukan pada 22 November 2012.
http://www.tempo.co/read/news/2012/11/19/088442611/Kupon-Samurai-Bond-Terendah-Sepanjang-Sejarah
PENERBITAN SAMURAI BOND TEMBUS ¥ 100 MILIAR
(SENEN 24 MEI 2020)
• Minat yang cukup tinggi, oversubscribe 1,6 kali. Penerbitan Samurai Bonds kali ini
ditujukan untuk pembiayaan defisit APBN 2021, termasuk untuk penanganan Covid19 dan upaya pemulihan ekonomi nasional.
• Seri RIJPY0524 memiliki tenor 3 tahun, kupon 0,33% dan nominal penerbitan ¥ 29
miliar
• Seri RIJPY0526 memiliki tenor 5 tahun kupon 0,57% dan nominal ¥ 46,8 miliar
• Seri RIJPY0528 memiliki tenor 7 tahun kupon 0,7% dan nominal ¥1,2 miliar
• Seri RIJPY0531 memiliki tenor 10 tahun kupon 0,89% dan nominal ¥ 18,2 miliar
• Seri RIJPY0536 memiliki tenor 15 tahun kupon 1,17% dan nominal ¥ 2,5 miliar
• Seri RIJPY0541 memiliki tenor 20 tahun kupon 1,44% dan nominal ¥ 2,3 miliar
YIELD PER-AKHIR MEI 2021
TRANSEFR PRICE
• Harga Fortuner pasar Rp500 juta
• Toyota Indonesia menjual Fortuner ke cabang singapura dengan harga Rp200 juta
• Pajak Indonesia 25%, Singaputa 15%
• HPP produksi fortuner Indonesia : Rp198 juta.
• Laba Toyota Indonesia : Rp2 juta --.> 25% x 2juta = 500 rb.
• Potensi : 500 jt – 198jt = 300jt x 0,25 = 75 juta
FOREIGN BOND VS EUROBOND
• AS: yankee bond
• Spanyol: matador bond
• Inggris: james bond?? Yang benar Bulldog bond
• IBM jual saham di Inggris dalam poundsterling  foreign bond
• Eurobond?
• IBM jual obligasi di Inggris dalam $  Eurobond
• Eurodollar  $ yang dipegang oleh bank non-AS
• $ yang beredar diluar AS  2/3
• Sejarah? Berawal dari blok Soviet vs AS
• Sekarang: trigger: regulasi yang longga menurunkan biaya regulasi sehingga menjadi lebih efisien
Exchange Rate
• Exchange rate is the value of one currency relative to other currency.
• Example: Rp14500/$
• Exchange rate keep changing
• Exchange rate system: fixed vs floating
• Rupiah Depreciation/Devaluation: from Rp14500/$ into Rp15000/$
• Rupiah Appreciation/Revaluation: from Rp14500/$ into Rp14000/$
Exchange Rate
• Suppose exchange rate at beginning year is Rp14,000/$. At the end of
year, exchange rate become Rp15,000/$
• How much Rupiah appreciate/depreciate against $?
• How much $ appreciate/depreciate against $?
• The effect of exchange rate changes.
• If Rupiah depreciate against dollar, which one gains, exporter of
importer, show
JIKA RUPIAH MELEMAH SIAPA YANG DIUNTUNGKAN?
EKSPORTIR ATAU IMPORTIR INDONESIA?
Kurs Rp/$
10.000
20.000
Saya terima $1
Rp10.000
Rp20.000
Kurs Rp/$
10.000
20.000
Harga barang Rp10.000
$1
$ 0,5
CHINA VS AS
• AS menuduh China menggunakan kurs untuk mendorong daya saing China secara artifisial
• AS meminta China untuk mengambangkan mata uangnya…
• China menolak..
• Kenapa AS meminta China untuk mengambangkan kursnya?
DAYA SAING CHINA AKAN TURUN, AS AKAN NAIK
JIKA DIAMBANGKAN  YUAN DIPERPIRAKAN AKAN
NAIK  KARENA PERTUMBUHAN EKONOMI CEPAT
Harga (yuan)
Kurs (yuan/$)
Harga ($)
10
10
1
10
5
2
Harga ($)
Kurs (yuan/$)
Harga (Yuan)
1
10
10
1
5
5
• Perusahaan ditawari dua pinjaman. Spot rate saat ini Rp14.000/$. Inflasi di Indonesia 5%,
inflasi di AS=2%.
• A: Pinjaman dari Bank Mandiri, jangka waktu= 1 tahun, bunga 10%, nilai: Rp100
milyar
• B: Pinjaman dari Citibank, nilai $10 juta, bunga 5%, jangka waktu= 1 tahun.
• Pertanyaan
• Jika perusahaan tidak melakukan hedge, pinjaman mana yang dipilih? Kurs satu tahun
yang akan datang di-forecast dengan PPP
• Jika kurs forward 1 tahun adalah Rp14.500/$. Perusahaan meng-hedge. Pilih
pinjaman mana?
• Pada tingkat kurs berapa pinjaman dalam $ sama dengan pinjaman dalam Rupiah?
• Mandiri : th0 : 100m th1= -110m
• 100m = 110m / (1+ r)^1  r= 10%
• Citibank: th0: +10jt$ th1: -10,5jt $  10jt = 10,5jt / (1+r$)^1  r$=5%
• Forecast kurs PPP: e1 = 14000 (1+0,05)/(1,02) = 14.412
• Dlm Rp : th0: Rp140m
th1: 10,5jt x kurs = 10,5jt x 14.412 = 151,323m
• 140m = 151,323m /(1+rRp)^1 = 8,09%
• Dihedge: Rp14500/$  th1: 10,5jt x 14.500 = 152,25m
• Dlm Rp: 140m = 152,25 / (1+r)^1  r= 8,75%
• Pinjm dlm rupiah = 10%
• 140 m = 10,5 jt x kurs th1 / (1+0,1)^1
• Kurs th1 = (140m x 1,1 ) / 10,5jt = Rp14.667/$ …..
• Mandiri 10%  benchmark
• Citibank pinjmana 10jt $, 5%, jk wkt 1 thn.. Spot: Rp14000/$. Ih = 5%, if = 2%
• 140 m = 10.5 jt $ x kurs spot / (1 + r)^1
• Spot = 14000 (1+0,05)/(1+0,02) = 14.412
• 140 m = 10.5jt x 14.412 / (1+r)^1
• r = 8%
• Mandiri 10%  benchmark
• Citibank pinjmana 10jt $, 5%, jk wkt 1 thn.. Spot: Rp14000/$. Ih = 5%, if = 2%
• 140 m = 10.5 jt $ x kurs spot / (1 + 0.1)^1
• Spot =140m x (1.1) / 10.5jt
• Spot tahun depan =
**************