MANAGEMENT CASH The basic objective in cash management is to keep the investment in cash as low as possible while still operatings the firm’s activities.

Slides:



Advertisements
Presentasi serupa
Lecture Note: Trisnadi Wijaya, SE., S.Kom. Waktu: Arus Kas:-100 5%
Advertisements

PRESENT WORTH ANALYSIS
MANAJEMEN KAS.
MANAJEMEN KAS.
ACCOUNT RECEIVABLES AND INVENTORY
Chapter 13 - Managing for Shareholder Value
Materi ke 5 Financial Management Bagian I Kelas : AP 1
MATERIAL RESOURCE PLANNING
Model Matematis Keuangan Pertemuan 3 dan 4
KEWIRAUSAHAAN MATERI XI ASPEK KEUANGAN.
Materi ke – 9 Bag 2 AP2 Manajemen Keuangan
Chapter 23: Statement of Cash Flows
Compound Amount Factors
 Present Value, Capital Principles of Corporate Finance Brealey and Myers Sixth Edition Slides by Matthew Will Chapter © The McGraw-Hill Companies,
O P T I O N A. PENDAHULUAN. Option  Pasca Fischer Black and Myron Scholes mempublikasikan hasil penelitian tentang Model Penentuan Harga Opsi 1973 yang.
Inventory Management. Introduction Basic definitions ? An inventory is an accumulation of a commodity that will be used to satisfy some future demand.
CAPITAL BUDGETING Hendra Gyda Chandra
Pertemuan 08 Modeling Business Processes Matakuliah: M0034 /Informasi dan Proses Bisnis Tahun: 2005 Versi: 01/05.
Soal-soal Long-Term Liabilities
MANAJEMEN MODAL KERJA & PENDANAAN JANGKA PENDEK
Masalah Transportasi II (Transportation Problem II)
1 Pertemuan 22 Analisis Studi Kasus 2 Matakuliah: H0204/ Rekayasa Sistem Komputer Tahun: 2005 Versi: v0 / Revisi 1.
Pertemuan 07 Peluang Beberapa Sebaran Khusus Peubah Acak Kontinu
Suku Bunga Nominal dan Suku Bunga Efektif Pertemuan 5 s.d 6
Inventory System Simulation Pemodelan Sistem. Kapan saat yang tepat untuk meng- order? Berapa banyak yang perlu di-order? Inventory Systems.
9.3 Geometric Sequences and Series. Objective To find specified terms and the common ratio in a geometric sequence. To find the partial sum of a geometric.
Keuangan dan Akuntansi Proyek Modul 2: BASIC TOOLS CHRISTIONO UTOMO, Ph.D. Bidang Manajemen Proyek ITS 2011.
BIAYA: Konsep, Klasifikasi dan Perilaku BAB 2. Manufacturing Cost Concepts Financial Accounting Cost is a measure of resources used or given up to achieve.
EKIVALENSI NILAI SEKARANG
Pertemuan 03 Materi : Buku Wajib & Sumber Materi :
PRESENT WORTH ANALYSIS
STATISTIKA CHATPER 4 (Perhitungan Dispersi (Sebaran))
Statistik TP A Pengujian Hipotesis Satu Populasi (Mean dan Proporsi)
Expected return = (Div1 + P1 – P0)/P0
Anuitas Akhir (immediate)
Accounting Information Systems: An Overview
Portofolio Capm.
Manajemen Kas Dan Surat Berharga
STIE Muhammadiyah Jakarta
LAPORAN ARUS KAS.
CAPITAL BUDGETING.
Bab 16 Manajemen Kas dan Surat Berharga
NILAI WAKTU DARI UANG DASAR MANAJEMEN KEUANGAN, MANAJEMEN, 3 SKS.
Piutang.
Obligasi.
PENGANTAR AKUNTANSI (Siklus dan Jurnal)
Modul Pengantar Akuntansi 1 MODUL KE 10 & 11
MANAJEMEN PIUTANG DASAR MANAJEMEN KEUANGAN, MANAJEMEN, 3 SKS.
METODE2 KEPUTUSAN PENGANGGARAN MODAL
CAPITAL BUDGETING BY. ELIA ARDYAN.
KEWIRAUSAHAAN MATERI XI MANAJEMEN KEUANGAN.
MANAJEMEN KAS.
EKONOMI REKAYASA PERTEMUAN 4 INFLATION & DEFLATION Oleh :
PENGANTAR AKUNTANSI (Siklus dan Jurnal)
UNIVERSITAS SRIWIJAYA
Capital Budgeting.
EKONOMI INTERNASIONAL
PRESENT WORTH ANALYSIS
ACCUMULATION PROBLEMS
Cost-Volume-Profit Analysis
Manajemen Proyek Perangkat Lunak (MPPL)
Master data Management
CAPITAL BUDGETING.
INVESTASI PADA INSTRUMEN EKUITAS
Master Budget Master-budget komprehensif adalah pernyataan manajemen secara formal mengenai penjualan, biaya, volume, dan transaksi keuangan lainnya untuk.
PENGANTAR AKUNTANSI (Siklus dan Jurnal)
Persamaan Dasar Akuntansi
Capital Budgeting April Penganggaran Modal (Capital Budgeting) Modal (Capital) menunjukkan aktiva tetap yang digunakan untuk produksi Anggaran (budget)
1-1 Chapter 1 Charles P. Jones, Investments: Analysis and Management, Tenth Edition, John Wiley & Sons Prepared by G.D. Koppenhaver, Iowa State University.
Wednesday/ September,  There are lots of problems with trade ◦ There may be some ways that some governments can make things better by intervening.
Transcript presentasi:

MANAGEMENT CASH The basic objective in cash management is to keep the investment in cash as low as possible while still operatings the firm’s activities efficiently and effectively Determining the appropriate target cash balance Determining the appropriate target cash balance Collecting and disbursing cash efficiently Collecting and disbursing cash efficiently Investing excess cash in marketable securities Investing excess cash in marketable securities

REASONS FOR HOLDING CASH 1. Transactions motive 2. Compensating balances DETERMINING THE TARGET CASH BALANCE The target cash balance involves a trade-off between the oppurtunity costs of holding too much cash and the trading costs of holding too little.

THE BAUMOL MODEL The Baumol Model : Suppose : the Golden Socks Corporation began week 0 with a cash balance of C = $1.2 million, & outflows exceed inflows by $600,000 per week. Its cash balance will drop to zero at the end of week 2, & its average cash balance will be C/2 = $600,000 over the two- week period. At the end of week 2, Golden Socks must replace its cash either by selling marketable securities or by borrowing. The opportunity costs : equal to the average cash balance multiplied by interest rate

THE BAUMOL MODEL  The opportunity costs : equal to the average cash balance multiplied by interest rate = (C/2) x K  Trading costs ($) = (T/C) x F F = the fixed cost of selling securities to replenish cash T = the total amount of new cash needed for transactions purposes over the relevant planning period, say, one year. K = the oppurtunity cost of holding cash; this is the interest rate on marketable securities  Total Cost (TC) = (C/2) x K + (T/C) x F  (dTC/dC) = (K/2) – (TF/C 2 ) = 0  Cash Balance = C* = (2TF/K) 1/2

LIMITATIONS THE BAUMOL MODEL 1. The model assumes the firm has a constant disbursement rate 2. The model assumes there are no cash receipts during the projected period 3. No safety stock is allowed for. Example : The Baumol model, if F = $1,000, T = $31,200,000, and K = 0.10, then C* = $789, Given the value of C*, Oppurtunity costs are : (C*/2) x K = ($789,936.71/2)x0.10 = $39, Trading costs are : (T/C*) x F = ($31,200,000/$789,936.71)x$1,000 = $39, Total costs = $39, $39, = $78,

THE MILLER-ORR MODEL This model to deal with cash inflows and outflows that fluctuate randomly (normal distributed) from day to day. The model operates in terms of upper (H) and lower (L) control limits, and a target cash balance (Z). Z* = (3Fσ 2 /4K) 1/3 + L H* = 3Z* - 2L where * denotes optimal value, and σ 2 /4K) 1/3 is the variance of net daily cash flows. The average cash balance in the Miller-Orr model is = (4Z – L)/3

continue Example : Suppose F = $1,000, the interest rate is 10 percent annually and the standard deviation of daily net cash flows is $2,000. The daily oppurtunity costs, K, is (1 + K) 365 – 1.0 = K = (1.10) 1/365 = K = The variance of daily net cash flows is, σ 2 = (2,000) 2 = 4,000,000 Let us assume that L = 0 Z* = [(3 x $1,000 x 4,000,000)/(4 x 0,000261)] 1/3 + 0 = $22,568 H* = 3 x $22,568 = $67,704 Average cash balance = (4 x $22,568)/3 = $30,091

MANAGING THE COLLECTION AND DISBURSEMENT OF CASH ► Example : Imagine that GMI currently has $100,000 on deposit with its bank. It purchases some raw materials, paying its vendor with a check written on July 8 for $100,000. The company’s book are changed to show the $100,000 reduction in the cash balance. But the firm’s bank will not find out about this check until it has been deposited at the vendor’s bank and has been presented to the firm’s bank for payment on, say, July 15. Until the check’s presentation, the firm’s bank cash is greater than its book cash, and it has positive float. ► Position Prior to July 8 : Float = Firm’s bank cash – Firm’s book cash = $100,000 - $1,00,000 = 0 = $100,000 - $1,00,000 = 0 ► Position from July 8 throughJuly 14 : Float = Firm’s bank cash – Firm’s book cash = $100,000 – 0 = $100,000 = $100,000 – 0 = $100,000

ACCELERATING COLLECTIONS  The basic parts of the cash collection process : customer mails payment  company receives payment  company deposits payment  cash received  Some of the tehniques used to accelerate collections and reduce collection time : a. Lockboxes : corporate customers  post office box 1  local bank collects funds from post office boxes  envelopes opened; separation of checks and receipts  etc. b. Concentration banking (cash manager analyzes bank balance and deposit information and revises cash allocation) ; (maintenance of cash reserves, disbursements, short-term investments of cash, maintenance of compensating balance at creditor bank) c. Wire transfer : the fastest and most expensive

CASH DISBURSEMENT Disbursement process : Firm prepares check to supplier  post office processing  delivery of check to supplier  deposit goes to supplier’s bank  bank collects funds INVESTING IDLE CASH - Short-term marketable securities (money market), the maturity is one year or less, low risk debt securities - US Treasury bills, certificates of deposit, commercial paper, etc

a) PT. HAR merencanakan untuk mempunyai kas sebesar Rp 12 Milyar untuk pengeluaran kas tahun depan. Perusahaan memperkirakan bahwa tingkat suku bunga yang berlaku sebesar 8% dan akan menanggung biaya sebesar Rp 12 juta setiap kali meminjam (menarik uang). Pengeluaran kas diharapkan stabil selama tahun depan. Dengan menggunakan model BAUMOL : Tentukan jumlah saldo kas yang optimal untuk perusahan tersebut dan berapa biaya total untuk penggunaan kas yang diperlukan untuk keperluan transaksi ?

b. PT. BAHSAR memperkirakan bahwa pola pengeluaran kasnya tidak bisa diperkirakan (distribusi normal). Berdasarkan pengalaman, untuk setiap kali mengubah kas menjadi surat berharga atau sebaliknya, diperlukan biaya sebesar Rp 20 juta. Variance pengeluaran kas bersih sebesar Rp 80 juta. Tingkat bunga yang bisa diperoleh dari investasi pada surat-surat berharga sebesar 24% per tahun. Satu tahun = 365 hari. Berdasarkan data tersebut, hitunglah berapa batas atas jumlah kas yang sebaiknya ?