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Introduction to capital market IDX
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Pengantar Pasar Modal
OlehDR. Ir. Perdana Wahyu Santosa, MM
Fakultas Ekonomi Universitas YarsiCAPITAL PRICE
Capital Market
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Bursa Efek Indonesia(Indonesia Stock Exchange)
Media pasar uang sebagai simbolperekonomian global dan modernWahana permintaan modal Emiten(Perusahaan) yg Go Public dan penawaranmodal dari para investor.Menyediakan modal jangka panjang yang besar tanpa batas waktu (going concern).Alternatif pembiayaan untuk ekspansi bisnisemiten yang likuid dan efisien
Manfaat Pasar ModalMenjadikan Manajemen ProfesionalMenerapkan Good Corporate Governance, Transparansi dan Keterbukaan InformasiSolusi Suksesi: Go Public (PemerataanKepemilikan) dan azas keadilanAlternatif Investasi bagi masyarakat umumAlternatif Sumber Dana (Modal) tanpaAgunan bagi perusahaanIndikator Ekonomi Makro melalui IndeksHarga Saham Gabungan (IHSG)
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Pasar Modal
Solusi Besar bagi Investor KecilSolusi Modal Jangka Panjang bagi
Emiten tanpa JaminanAlternatif Investasi Jangka panjang
yang Efisien
Pengertian Pasar ModalTempat untuk mentransaksikan dan investasijangka panjang (long-term investment)Permintaan modal diwakili oleh perusahaanpenerbit (issuer) surat berhargaPenawaran modal jangka panjang diwakilioleh para investorsPeran penting dalam kegiatan dan sumberkemajuan ekonomi suatu negaraMenjadi sumber dana alternatif bagi agenproduksi pembentuk GDP
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Bursa UtamaTempat abstrak aktivitas jual beli suratberharga melalui pialang (broker) yg mewakilipara investorsTempat atau pasar modal lazim disebutexchange dgn fasilitas hall dan galleryFasilitas transaksi on-line melalui Jakarta Automated Trading System (JATS)BEI mengarah sistem scripless trading(perdagangan tanpa warkat) dan remote trading (transaksi jarak jauh)
Over The Counter
The over the counter markets may be defined as those board markets for
securities that exist outside the organized exchanges
Saham ditransaksikan di luar bursa utama; NASDAQ
Transaksi OTC 82,4% dan Bursa 17,6%
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Operasi BEI
Hari perdagangan: Senin-Jum’atWaktu Trading:
Pre-opening: 09.00-09.30Senin-Kamis: 09.30-12.00 (Sesi Pagi)
13.30-16.00 (Sesi Siang)Jum’at : 09.30-11.30 (Sesi Pagi)
14.00-16.00 (Sesi Siang)
Produk Pasar ModalSaham (Equity)
Dividend dan Capital gainCapital loss dan Liquidity risk
Mutual Funds: for small investors and those who have less time and skill to count the risks of their investments. ReksadanaSyariah Product: In syariah-based capital market, the equity participation can be done in companies, which business activities are not against the Islamic principles such as gambling, usury, and manufacturing prohibited things in Islamic Law like beer, etc. Derivative : Derivative Security is a financial security whose value is derived from the value of another security (underlying asset) such as equity or debt instrument. Stock Option, Index FuturesObligasi (Bonds)
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Mutual FundsFrom the investment portfolio, mutual fund can be categorized as follow:Money Market Funds. This Mutual Fund only invests on debt securities, which maturity date is less than a year. The target is to keep the liquidity and maintain the capital.Fixed Income Funds. This Mutual Fund invests at least 80% of its assets in debt securities. This mutual fund has relatively higher risk than money market funds. The purpose is to produce stable return.Equity Funds. Mutual Fund that invest at least 80% of its assets in equities. Because it invests in stocks, it has higher risks than the previous two types of Mutual Fund. However, it gives higher rate of return.
Go PublicPenambahan Modal dengan caramenjual obligasi dan/atau saham kpdmasyarakat (public) di pasar modalMeningkatkan profesionalisme dantransparansi perusahaanMendapatkan sumber modal jangkapanjang yang transparan dan efisienmelalui penilaian yang fair
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Pelaku BursaPengawas: Badan Pengawas Pasar Modal (Bapepam LK)-Dep. Keuangan RIPenyenggara Bursa: Bursa Efek Indonesia(BEI) yang dimiliki oleh perusahaansekuritas/pialangPelaku Utama:
Emiten (Perusahaan)Investor/TradersPenjamin Emisi (Underwriter)Pialang (Brokers)Manajer Investasi (Investment Manager)Penasihat InvestasiAnalis/Periset Bursa
Lembaga Penunjang Pasar Modal
Lembaga Penunjang Pasar Modal:Biro Administrasi Efek (BAE)CustodianWali Amanat (Trust Agent)PenanggungLembaga Kliring dan Penjaminan (LKP)Lembaga Penyelesaian dan Penyimpanan (LPP)
BAE dan Custodian membantu emitenWali amanat dan Penanggung membantu investorsLKP dan LPP menunjang kegiatan operasional pasarmodal
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Capital Market Structure
Initial Public Offering (IPO)Penawaran perdana ke publik sebagai saranamendapatkan modal baru dan pemerataanpendapatanLangkah IPO:
Masa persiapan (Manajemen, RUPS, wali amanat, penanggung, BAE) dan profesi penunjangMerubah AD/ART perusahaanKesiapan Dokumen (Lap. Keuangan dll)Perjanjian EmisiPefindo untuk Obligasi dllPengajuan pendaftaran ke Bapepam-LKProspektus
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Initial Public Offering (IPO)
Masa PenawaranMempublikasikan ProspektusMelakukan Penawaran PerdanaPenjatahan EfekRefund
Masa Pencatatan (Listing)Revaluasi seluruh persyaratan dan penilaianListing Fee (Rp. 10-100 juta)Perdagangan efek di pasar sekunder dimulai
ProspektusDokumen resmi emiten sebagai informasi sebelum menjualsurat berharga (Saham/Obligasi).Isi prospektus:
Jadual proses Go PublicSejarah Singkat perusahaanAD/ARTKomisaris dan DireksiStruktur OrganisasiPendapat Konsultan HukumPendapat PenilaiLaporan Keuangan (Neraca, Rugi/Laba dan Lap. Perubahan modal)Proyeksi KeuanganDividen PolicyRisiko Investasi
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Trading Process in the Exchange
The Process of Remote Trading
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6 Types Indexes IDXIndividual index, the index that uses the price of each stock as its basic price, or index of each share listed in the JSX.Sector Stock Price Index, the index that uses all stocks that included in each sector, such as finance, mining, etc. In the JSX, sector index is divided into 9 sectors: agriculture, mining, basic industry, miscellaneous industry, consumption, property, infrastructure, finance, trades and services, and manufacture.Jakarta Composite Index, the index that uses all listed shares as the index’s component.LQ 45 Index, the index that consists of 45 chosen stocks by considering 2 variables: trading liquidity and market capitalization. There are new stocks listed in the LQ 45 index every 6 months.Main Board and Development Board Indices. Stock price indices that specifically based on group of stocks listed in JSX, Main Board Group and Development Board Group.
Biodata
A. PERSONAL DATA
Nama : PERDANA WAHYU SANTOSAHp : 0812 8969 319Email : [email protected]
B. PEKERJAAN • Wakil Dekan II Fakultas Ekonomi Universitas Yarsi, dan• Chief Knowledge Officer CAPITAL PRICE (Research
Center for Capital Market, Portfolio Investment, Corporate Finance & Economics), Jakarta.
• Pembawa Acara Radio Talk Show “CAPITAL MARKET REVIEW” di PAS FM 92.4 setiap Senin Pkl. 18.00-19.00.
