© 2000 John Petroff  

D- Pengertian umum tentang suku bunga

 

Proses penaksiran (valuasi) didasarkan oleh pilihan suku bunga diskonto i yang sesuai. Suku bunga diskonto adalah, tingkat pulangan yang dikehendaki untuk sebuah tipe aset keuangan. Pilihan spesifik dari tingkat pulangan yang dikehendaki sangat bergantung dari kesempatan yang ada dari pasar keuangan. Penjelasan yang lengkap mengenai suku bunga pasar bisa ditemukan di buku pelajaran tentang pasar keuangan dan kebijakan moneter. Teori portepel modern memberikan dasar dari pemahaman akan bagaimana tingkat pulangan pasar disesuaikan dengan resiko yang berhubungan dengan perusahaan yang ditentukan.(Lihat Section E). Di sisi yang lain, market rates require the knowledge of how to forecast interest rates in general, and on the other hand, personal analytical skills and judgment are necessary to assess company risk. Most of this manual is devoted to correctly assessing elements that relate to company risk. It is useful, nevertheless, to understand what affects market rates in order to correctly predict changes in these rates and thus changes in all prices. Note, however, that prices do not all change in the same manner. This gives rise to various trading strategies, which themselves, in turn, affect prices.

In subsequent chapters and Chapter 4, in particular, we will encounter many instances of financial strategies based primarily on anticipated changes in market interest rates. Knowing how to forecast correctly these changes can, therefore, be one of the most important tasks of an analyst. The following distinguishes the different components that influence interest rates. Additional guidelines for forecasting of interest rates can be found in Chapter 15 Section C-6.

Rates of return can be broken down into 6 distinguishable components:
1- compensation for loss of purchasing power, i.e. inflation
2- compensation for the non-use of money
3- liquidity preference
4- length of contract
5- monetary policy impact
6- market risk premium.
The first 5 components affect all financial assets, the sixth differs according to type of security and type of company and is undertaken in Section E.

See review questions Q-2D.1 and Q-2D.2.

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Last modified: Jun/01/01
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