DAFTAR ISI
ABSTRAK ............................................................................................................i KATA PENGANTAR ........................................................................................ii UCAPAN TERIMA KASIH ...............................................................................iii DAFTAR ISI .......................................................................................................iv DAFTAR TABEL ...............................................................................................vii DAFTAR GAMBAR & GRAFIK .....................................................................viii DAFTAR LAMPIRAN ...................................................................................... ix BAB I PENDAHULUAN 1.1 Latar Belakang .........................................................................................1 1.2 Identifikasi Masalah dan Rumusan Penelitian .........................................7 1.3 Maksud dan Tujuan Penelitian .................................................................8 1.4 Kegunaan Hasil Penelitian .......................................................................8 1.5 Kerangka Berpikir ....................................................................................9 1.6 Metodologi Penelitian ..............................................................................16 1.7 Lokasi dan Waktu Penelitian....................................................................17 BAB II TINJAUAN PUSTAKA 2.1 Kinerja Perusahaan ...................................................................................18 2.1.1 Pengertian Kinerja Perusahaan.......................................................18 2.1.2 Ukuran Kinerja Kuantitatif.............................................................18 2.1.3 Manfaat Penilaian Kinerja ..............................................................19 2.1.4 Kinerja Keuangan ...........................................................................20 2.2 Economic Value Added ............................................................................21 2.2.1 Pengertian EVA.............................................................................21 2.2.2 Mengukur Nilai EVA ....................................................................22 2.2.3 Kelebihan dan Kelemahan EVA ...................................................24 2.2.4 Model Perhitungan EVA ...............................................................25 2.2.4.1 Capital ...............................................................................25 2.2.4.2 NOPAT(Net Operating After Tax) ....................................26 2.2.4.3 Cost of Capital (Biaya Modal) ..........................................27 2.2.4.3.1 Cost of Debt ........................................................31
2.2.4.3.2 Cost of Equity .....................................................33 2.2.4.3.3 Cost of Preferred Stock ......................................36 2.2.4.3.4 Biaya Modal Rata-Rata Tertimbang (WACC) ...37 2.2.5 Penilaian Kinerja Keuangan Perusahaan Berdasarkan Konsep-Konsep Keuangan ............................................................38 2.3 Financial Value Added .............................................................................39 2.3.1 Kelebihan dan Kelemahan FVA....................................................40 2.3.2 Model Perhitungan FVA ...............................................................41 2.3.2.1 Depreciation (Depresiasi) ..................................................41 2.3.2.1.1 Metode-Metode Depresiasi ................................44 2.3.3 Penilaian Kinerja Keuangan Perusahaan Berdasarkan Konsep-Konsep Financial Value Added .......................................48 BAB III OBJEK DAN METODE PENELITIAN 3.1 Objek Penelitian .......................................................................................49 3.1.1 Gambaran Umum Perusahaan ........................................................49 3.1.1.1 PT. Telekomunikasi Indonesia Tbk ...................................49 3.1.1.2 PT. Indosat Tbk ..................................................................51 3.2 Metode Penelitian .....................................................................................53 3.2.1 Jenis dan Sumber data ....................................................................54 3.2.2 Teknik Pengumpulan Data .............................................................54 3.2.3 Operasionalisasi Variabel ...............................................................55 3.2.4 Populasi dan Sampel Penelitian .....................................................56 3.2.5 Teknik Analisis Data ......................................................................57 3.2.5.1 Pengujian Hipotesis ............................................................58 BAB IV HASIL PENELITIAN DAN PEMBAHASAN 4.1 Perhitungan Kinerja Keuangan PT. Telekomunikasi Indonesia Tbk. dan PT. Indosat Tbk. Berdasarkan EVA ..................................................61 4.1.1 Perhitungan NOPAT .....................................................................61 4.1.2 Perhitungan Capital (Modal) ........................................................66 4.1.3 Perhitungan Cost of Capital ..........................................................71 4.1.3.1 Cost of Debt.......................................................................71 4.1.3.2 Cost of Equity ....................................................................76
4.1.3.3 Weighted Average Cost of Capital (WACC) ....................84 4.1.4 Perhitungan EVA ..........................................................................89 4.2 Perhitungan Kinerja Keuangan PT. Telekomunikasi Indonesia Tbk. dan PT. Indosat Tbk. Berdasarkan FVA ..................................................94 4.2.1 Perhitungan NOPAT .....................................................................94 4.2.2 Perhitungan Depresiasi..................................................................95 4.2.3 Perhitungan FVA ...........................................................................100 4.3 Perbandingan Kinerja Keuangan PT. Telekomunikasi Indonesia Tbk. dan PT. Indosat Tbk. berdasarkan EVA (Economic Value Added) dan FVA (Financial Value Added) ..........................................................105 BAB V KESIMPULAN DAN SARAN 5.1 Kesimpulan .............................................................................................108 5.2 Saran .......................................................................................................109 DAFTAR PUSTAKA LAMPIRAN
DAFTAR TABEL Tabel 3.1
Operasionalisasi Variabel...................................................... 56
Tabel 4.1
Perkembangan Net Operating Profit After Tax (NOPAT) (dalam jutaan rupiah)............................................................. 62
Tabel 4.2
Perkembangan Capital (dalam jutaan rupiah)....................... 67
Tabel 4.3
Perkembangan Cost of Debt After Tax (dalam persentase)... 72
Tabel 4.4
Perkembangan Beta............................................................... 77
Tabel 4.5
Perkembangan Cost of Equity (dalam persentase)................. 80
Tabel 4.6
Perkembangan Weighted Average Cost of Capital (WACC) (dalam persentase)................................................................. 85
Tabel 4.7
Perkembangan Economic Value Added (EVA) (dalam jutaan rupiah)............................................................. 90
Tabel 4.8
Perkembangan Depresiasi (dalam jutaan rupiah).................. 96
Tabel 4.9
Perkembangan Financial Value Added (FVA) (dalam jutaan rupiah)............................................................. 101
Tabel 4.10
Pengolahan Data Kinerja Keuangan Perusahaan berdasarkan EVA (Economic Value Added) dan FVA (Financial Value Added)........................................................ 106
DAFTAR GAMBAR & GRAFIK Gambar 1.5
Bagan Kerangka Pemikiran............................................................... 15
Gambar 3.2
Daerah Penolakan dan Penerimaan (Uji )........................... 60
Grafik 4.1
Perkembangan Net Operating Profit After Tax (NOPAT) (dalam jutaan rupiah)......................................................................... 65
Grafik 4.2
Perkembangan Capital (dalam jutaan rupiah)................................... 70
Grafik 4.3
Perkembangan Cost of Debt After Tax (dalam persentase)............... 75
Grafik 4.4
Perkembangan Cost of Equity (dalam persentase)............................. 83
Grafik 4.5
Perkembangan Weighted Average Cost of Capital (WACC) (dalam persentase)............................................................................. 88
Grafik 4.6
Perkembangan Economic Value Added (EVA) (dalam jutaan rupiah)......................................................................... 93
Grafik 4.7
Perkembangan Depresiasi (dalam jutaan rupiah).............................. 99
Grafik 4.8
Perkembangan Financial Value Added (FVA) (dalam jutaan rupiah)..........................................................................104
Gambar 4.9
Daerah Penolakan dan Penerimaan Hipotesis....................................107
DAFTAR LAMPIRAN Lampiran 1
Capital PT. Telekomunikasi Indonesia Tbk
Lampiran 2
Capital PT. Indosat Tbk
Lampiran 3
Cost of Debt After Tax PT. Telekomunikasi Indonesia Tbk
Lampiran 4
Cost of Debt After Tax PT. Indosat Tbk
Lampiran 5
Cost of Equity PT. Telekomunikasi Indonesia Tbk
Lampiran 6
Cost of Equity PT. Indosat Tbk
Lampiran 7
WACC PT. Telekomunikasi Indonesia Tbk
Lampiran 8
WACC PT. Indosat Tbk
Lampiran 9
EVA PT. PT. Telekomunikasi Indonesia Tbk
Lampiran 10 EVA PT. Indosat Tbk Lampiran 11 FVA PT. Telekomunikasi Indonesia Tbk Lampiran 12 FVA PT. Indosat Tbk Lampiran 13 Suku Bunga Bank Indonesia (SBI)
