DAFTAR ISI Halaman Lembar Judul .........................................................................................
i
Halaman Pengesahan .............................................................................
ii
Lembar Pernyataan ................................................................................
iii
Kata Pengantar.......................................................................................
iv
Daftar Isi................................................................................................
v
Daftar Tabel ...........................................................................................
viii
Daftar Gambar .......................................................................................
x
Intisari ...................................................................................................
xiii
Abstrak ..................................................................................................
xiv
BAB I PENDAHULUAN ......................................................................
1
1.1 Latar Belakang .................................................................................
1
1.2 Pertanyaan Penelitian .......................................................................
4
1.3 Tujuan Peneltian ..............................................................................
4
BAB II TINJAUAN PUSTAKA ............................................................
6
2.1 Karakteristik Perusahaan ..................................................................
6
2.2 Struktur Modal ................................................................................
6
2.2.1 Komponen Struktur Modal ............................................................
7
2.2.2 Komponen Biaya Modal Perusahaan .............................................
7
2.2.3 Faktor yang Mempengaruhi Struktur Modal .................................
9
2.2.4 Teori Struktur Modal.....................................................................
12
v
2.3 Hubungan Karakteristik Perusahaan dan Struktur Modal ..................
16
2.4 Hubungan Struktur Modal dan Kinerja Perusahaan ..........................
19
2.5 Operating dan Financial Leverage ...................................................
19
BAB III METODE PENELITIAN .........................................................
22
3.1 Desain Penelitian .............................................................................
22
3.2 Jenis dan Sumber Data .....................................................................
24
3.3 Teknik Analisis Data ........................................................................
24
BAB IV ANALISIS DATA ...................................................................
26
4.1 Karakteristik Keuangan PT. Unilever Indonesia ...............................
26
4.1.1 Profitabilitas..................................................................................
27
4.1.2 Profitabilitas dan Kondisi Ekonomi ...............................................
29
4.1.3 Kinerja Penjualan ..........................................................................
33
4.1.4 Produktifitas Aset..........................................................................
34
4.1.5 Modal Kerja dan Solvabilitas Jangka Pendek ................................
39
4.2 Sumber Kinerja Perusahaan .............................................................
44
4.2.1 Sumber Kinerja PT. Unilever Indonesia ........................................
45
4.2.2 Sumber Kinerja PT. Mayora Indah ................................................
47
4.3 Estimasi WACC ..............................................................................
51
4.4 Resiko Bisnis dan Keuangan ............................................................
59
4.4.1 Resiko Bisnis ................................................................................
59
4.4.2 Resiko Keuangan ..........................................................................
59
4.5 Pembahasan .....................................................................................
60
4.5.1 PT. Unilever Indonesia ..................................................................
60
vi
4.5.2 PT. Mayora Indah .........................................................................
65
BAB V KESIMPULAN DAN SARAN .................................................
77
5.1 Kesimpulan ......................................................................................
77
5.2 Saran................................................................................................
78
DAFTAR PUSTAKA LAMPIRAN
vii
DAFTAR TABEL
Halaman Tabel 1.1 struktur modal PT Unilever Indonesia ....................................
2
Tabel 1.2 struktur modal PT Mayora Indah ............................................
3
Tabel 4.1 FAT dan TAT rata-rata industri ............................................
37
Tabel 4.2 rasiomodal kerja PT Unilever Indonesia dan rata-rata industri
41
Tabel 4.3 rasio modal kerja PT. Mayora Indah .......................................
42
Tabel 4.4 tingkat leverage operasi PT. Unilever Indonesia .....................
45
Tabel 4.5 perubahan beban bunga dan laba operasi ................................
48
Tabel 4.6 DOL PT. Mayora Indah .........................................................
49
Tabel 4.7 Estimasi WACC PT Unilever Indonesia .................................
52
Tabel 4.8 Estimasi WACC PT Mayora Indah .........................................
53
Tabel 4.9 Tarif pajak PT Mayora Indah..................................................
54
Tabel 4.10 Tarif pajak PT Unilever Indonesia ........................................
54
Tabel 4.11 kreditur dan tingkat suku bunga PT Mayora Indah ................
55
Tabel 4.12 historical beta PT Unilever Indonesia ...................................
55
Tabel 4.13 historical beta PT Mayora Indah ..........................................
56
Tabel 4.14 Market Equity Risk Premium ................................................
56
Tabel 4.15 struktur modal PT Unilever Indonesia ..................................
60
Tabel 4.16 historical beta PT Unilever Indonesia ...................................
60
Tabel 4.17 struktur modal PT Mayora Indah ..........................................
65
Tabel 4.18 rasio FAT dan TAT rata-rata industri ..................................
70
viii
Tabel 4.19 rasio modal kerja PT Mayora Indah ......................................
71
Tabel 4.20 Penjualan dan HPP PT Mayora Indah ...................................
72
Tabel 4.21 laba bersih PT Mayora Indah dengan asumsi ........................
72
Tabel 4.22 Total Assets Turnover (TAT) pada PT Unilelver Indonesia ..
73
Tabel 4.24 Persentase beban usaha terhadap laba bruto PT Unilever Indonesia ..........................................................
74
ix
DAFTAR GAMBAR
Halaman Grafik 3.1 Alur penelitian ......................................................................
23
Grafik 4.1 rasio profitabilitas PT. Unilever Indonesia dan PT. Mayora Indah ..........................................................
28
Grafik 4.2 Inflasi dan profit margin PT. Unilever Indonesia dan PT. Mayora Indah ...........................................................
30
Grafik 4.3 kurs dan profit margin PT Unilever dan PT Mayora ..............
31
Grafik 4.4 BI Rate dan Net Profit Margin ..............................................
32
Grafik 4.5 Inflasi dan Penjualan .............................................................
33
Grafik 4.6 Kurs dan Penjualan ..............................................................
34
Grafik 4.7 FAT dan TAT PT. Unilever Indonesia ..................................
35
Grafik 4.8 Aktiva dan Perubahan Aktiva ................................................
36
Grafik 4.9 BEP PT. Unilever Indonesia..................................................
36
Grafik 4.10 FAT dan TAT PT. Mayora Indah ........................................
37
Grafik 4.11 aktiva dan perubahan aktiva PT. Mayora Indah ...................
38
Grafik 4.12 BEP PT. Mayora Indah .......................................................
39
Grafik 4.13 CR, QR PT. Unilever Indonesia dan rata-rata industri .........
41
Grafik 4.14 CR, QR PT. Mayora Indah dan rata-rata industri ................
42
Grafik 4.15 Modal kerja dan penjualan PT. Mayora Indah .....................
43
Grafik 4.16 proporsi aktiva tetap dan profit margin PT Unilever Indonesia .........................................................
47
Grafik 4.17 proporsi aktiva tetap dan profit margin PT Mayora Indah ................................................................
50
x
Grafik 4.18 hutang jangka panjang dan ROE PT Mayora Indah .............
51
Grafik 4.19 proporsi ekuitas dan hisotical beta PT Unilever Indonesia ...
57
Grafik 4.20 proporsi hutang jangka panjang dan beta PT Mayora Indah .
58
Grafik 4.21 proporsi ekuitas dan beta pada PT Unilever Indonesia .........
61
Grafik 4.22 TIE PT Unilever Indonesia ..................................................
62
Grafik 4.23 rasio ROA PT Unilever Indonesia .......................................
62
Grafik 4.24 proporsi aktiva tetap dan profit margin ...............................
63
Grafik 4.25 proporsi hutang jangka panjang dan beta PT Mayora Indah .
66
Grafik 4.26 rasio DER dan TIE PT Mayora Indah ..................................
67
Grafik 4.27 ROA PT Mayora Indah .......................................................
68
Grafik 4.28 Struktur dan Perubahan Aktiva PT Mayora Indah ................
69
Grafik 4.29 FAT dan TAT PT Mayora Indah .........................................
70
Grafik 4.30 rasio ROA dan ROE PT Mayora Indah ...............................
75
Grafik 4.31 rasio ROI dan ROE PT Mayora Indah dengan asumsi ........
75
Grafik 4.32 rasio ROA dan ROE PT Unilever Indonesia ........................
76
xi
DAFTAR LAMPIRAN
Lampiran 1 Laporan Keuangan PT Unilever Indonesia Lampiran 2 Laporan Keuangan PT Mayora Indah
xii
