DAFTAR lSI
HALANIAN JUDUL ............................................................................. i HALAMAN PENGESAHAN .................................................................. ii HALAlvfAN PERSEMBAHAN.............................................................. .iii KAT A PENGANTAR ......................................................................... .iv DAFTAR ISL ................................................................................... vii DAFTAR TABEL ............................................................................... xi DAFTAR GRAFfK ............................................................................ xiv DAFTAR GAMBAR ........................................................................... xv DAFTAR LANIPIRAN ....................................................................... xvi
B./.I..BI. PEND.AHULUAN ....................................................................... 1 1. 1. Latar Belakang Masalah ........................................................... 1 1.2. Pokok Masalah ...................................................................... 7 1 .3. BatasanMasalah .................................................................... 7 1.4. TujuanPenelitian ................................................................... 7 1.5. ManfaatPenelitian .................................................................. 7
1.6. HipotesisPenelitian ................................................................ 8 1.7. SistematikaPembahasan ....................... ~ ................................... 8
BABII. TINJAUAN PUSTAKA ............................................................. 10
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2.1. Akuntansi Keuangan dan Per.anannya ......................................... 10 2.2. Pengertian Laporan Keuangan .................................................. 10 2.3. Pengertian Likuiditas ............................................................ 13 2. 4. Pengertian Profitabilitas ......................................................... 15 2. 5. Pengertian Struki:ur Modal ...................................................... 17
BAB III. METODOLOGI PENELITIAN ................................................... 19 3.1. Subyek dan Obyek Penelitian ................................................... 19 3.2. Metodo1og1 Pengumpu1an dan Pengolahan Data ............................. 22 3.2.1. Metode Pengumpulan Data ............................................. .22 3.2.2. Tekn:ik Pengolahan Data ................................................. 22 3.3. Teknik Analisis Data ............................................................ .26
BAB IV. HASIL DAN ANALISIS PENELITIAN ........................................ 29 4.1. Perhitungan Rasio Keuangan ................................................... 29 4.1.1. Rasio Keuangan PT. Elang Reahy ...................................... 29 4.1.1.1. Rasio likuiditas .................................................. .29 4.1.1.2. Rasio Struktur Modal. ......................................... .32 4.1.1.3. Rasio Proti.tabilitas .............................................. 35 4.1.2. Rasio Keuangan PT. Plaza Indonesia Realty ......................... 39 4.1.2.1. Rasio Likuiditas .................................................. 39 4.1.2.2. Rasio Struktm ModaL ......................................... .42 4.1.2.3. Rasio Profitabiliats .............................................. 44
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4.1.3. Rasio Keuangan PT. Mulialand Realty ............................... .48 4.1.3.1. Rasio Likuidi1as ................................................. .48 4.1.3.2. Rasio Struktur Modal.. ......................................... 50 4.1.3.3. Rasio Profitabilitas .............................................. 53 4.1.4. Rasio Keuangan PT. Dharmala Intiland .............................. 57
4.1.4.1. Rasio Likt.1idi1as .................................................. 57 4.1.4.2. Rasio Struktur Modal. .......................................... 60 4.1.4.3. Rasio Profitabilitas .............................................. 62 4.1..5. Rasio Keuangan PT. Modemland Realty .............................. 66 4.1.5.1. Rasio Likuiditas .................................................. 66 4.1.5.2. Rasio Struktur Modal. .......................................... 68 4.1.5.3. Rasio Profitabilitas .............................................. 71 4.2. Analisis Rasio Keuangan ........................................................ 75 4.2.1. Analisis Struktur ModaL ................................................. 75 4.2.1.1. Total Debt to Equity Ratio ..................................... 75 4.2.1.2. Total Debt to Total Capital Assets ............................ 79 4.2.1.3. Long Tem1 Debt to Equity Ratio .............................. 82 4.2.2. Analisis Likuiditas ........................................................ 85 4.2.2.1. Current Ratio ..................................................... 85 4.2.2.2. Cash Ratio ........................................................ 88 4.2.2.3. Quick Ratio ....................................................... 91
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423. P.nalisis Profttabilitas .....................................................94 4.2.3.1. Operating Profit Margin ........................................ 94 4.2.3.2. Net Profit Margin ................................................ 97 4.2.3.3. Earning Power of Total Investment .......................... 100 4.2.3.4. ROI. .............................................................. l03 4.2.3.5. Rate of Return for the 0\Vilers ............................... 106 4.3. Pengujian Perbedaan Rasio Keuangan dengan Statistik. .................. 109 4.3.1. Uji Beda Dua Rata-rata pada Rasio Likuiditas ...................... 110
4.3.2. Uji Beda Dua Rata-rata pada Rasio StTuktur :Modal. ............... 113 4.3.3. Uji Beda DuaRata-rata padaRasio Profitabilitas ................... 116
BAB V. KESIMPULAN DAN SARAN ................................................... !23 5. 1. Kesimpulan ...................................................................... 123 5.2. Saran .............................................................................. 125
DAFTAR PUS TAKA LAMP IRAN
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DAFTAR TABEL
Tabel I.
: Jumlah populasi Perusahaan Properti dan Real Eastat. ............. 20
Tabel II.
: Daftar Sampel Perusahaan Proeprti dan Real Estat ................. 21
Tabe1 III.
: Rasio Likuiditas PT. Elang Realt-y .................................... 32
TabellV.
: Rasio Struktur Modal PT Elang Realty ............................... 34
Tabel V.
: Rasio Profitabilitas PT. Elang Realty ................................. .38
Tabel V1.
: Rasio Likuiditas PT. Plaza Indonesia Realty ........................ 41
Tabel VII.
: Rasio Struktur Modal PT. Plaza Indonesia Realty .................. 44
Tabel VIII.
: Rasio Profitabilitas. PT. Plaza Indonesia Realty ..................... .47
Tabel IX.
: Rasio Likuditas PT. Mulialand Realty ................................ 50
Tabel X.
: Rasio Struktur modal PT. Mttliland................................... 52
Tabel XI.
: Rasio Profitabihtas PT. Muhaland .................................... .56
Tabel XII.
: Rasio Likuiditas PT. Dharmala lntiland ............................... 59
Tabel XIII.
: Rasio Struktur Modal PT. Dharmala Intiland ........................ 62
Tabel XIV.
: Rasio Profitabilitas PT. Dharmala Intiland ........................... 65
Tabel XV.
: Rasio Likuiditas PT. Modemland ..................................... 68
Tabel XVI.
: Rasio Struktur Modal PT. Modernland ............................... 70
Tabel XVII.
: Rasio Profitabilitas PT. Modernland .................................. 74
Tabel XVIII.
:Rata-rata Rasio Total Debt to Equity Ratio ......................... 75
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TabelXIX.
: Taingk:at Pertumbuhan dan Perbandingan antara jumlah Hutang dengan jumlah Modal sendiri ................ 76
TabelXX.
:Rata-rata Total Debt to Total Capital Assets sebelum dan sesudah Go Public .................................................. 79
Tabel XXI.
: Tiangk:at Pertumbuhan dan Perbandingan antara Jumlah Hutang dengan Jumlah Aktiva ....................... 79
Tabel XXII.
: Rata-rata Long Term Debt to Equity sebelum dan sesudah Go Public ........................................ 82
TabelXXIIL
: Tiangkat Pertumbuhan dan Perbandi.ngan antara Hutang Jangka Panjang dengan Modal Sendiri ............. 82
TabelXXIV.
: Rata-rata Current Ratio sampel sebelum dan sesudah Go Public .................................................. 85
TabelXXV.
: Tingka Pertumbuhan dan Perbandi.ngan antara Aktiva Lancar dengan Hutnag Lancar. ....................... 86
Table :XXVI.
:Rata-rata cash Ratio sampel sebelum dan sesudah Go public ..... 88
Tabel XX:VH.
: Tingkat Pertumbuhan dan Perbandingan antara Kas + Efek dengan Hutang Lancar ............................ 89
Tabe1 XXVIII.
:Rata-rata Quick Ratio Sampel sebelum dan sesudah Go public... 91
TabelXXIX.
: Tingkat Perumbuhan dan Perbandingan antara Kas + Efek + Piutang dengan Hutang Lancar ............... 92
Tabel:XXX.
: Rata-rata Operating Profit Margin sampel sebelum dan sesudah Go Public ....................................... 94
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Tabel XXXI.
: Tingkat Pertumbuhan dan Perbandingan antara Laba Operasi dengan Penjualan Netto (Pendapatan) ............... 95
Tabel XXXII.
: Rata-rata Net Profit Margin sampel sebehnn dan sesudah go public ................................................... 97
Tabel XXXIII.
: Tingkat Pertumbuhan dan Perbandingan antara EAT dengan Penjualan (Pendapatan) ................................. 97
Tabel XXXIV.
: Rasio rata-rata Earning Power of total Investment sampel sebelurn dan sesudah Go public ...................................... 100
Tabel XXXV.
: Tingkat Pertumbuhan dan Perbandingan antara EBIT dengan Jurnlah Aktiva .......................................... 100
Tabel XXXVI.
: Rasio rata-rata ROI sampel sebelum dan sesudah go public ..... 103
Tabel XXXVII. : Tingkat Perturnbuhan dan Perbandingan antara EAT dengan Jumlah Aktiva .......................................... 103 Tabel XXXVIII. : Rasio rata-rata Rate of Return for the Owners ...................... 106 Tabel XXXIX.
: Tingkat Pertumbuhan dan Perbandingan antara EAT dengan Modal Sendiri .......................................... 106
Tabel XL.
: Uji Beda Dua Rata-rata rasio keuangan Perusahaan Properti dan Real Estat sebelum dans esudah Go Public .......... 122
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DAFTAR GRAFIK
Grafik I. Perbandingan Rata-rata Total Debt to Equity Ratio ............................ 78 Grafik U. Perbandingan Rata-rata Total Debt to Total Capital Assets .................. 81 Grafik III. Perbandingan Rata-rata Long Term Debt to Equity Ratio .................. 84 Grafik IV. Perbandingan Rata-rata Current Ratio .......................................... 87 Grafik V. Perbandingan Rata-rata Cash Ratio .............................................. 90 Grafik VI. Perbandingan Rata-rata Quick Ratio ............................................ 93 Grafik VII. Perbandingan Rata-rata Operating Profit Margin ............................ 96 Grafik VIII. Perbandingn Rata-rata Net Profit Margin .................................... 99 Grafik IX. Perbandingan Rata-rata Earning Power to Total Investment .............. 102 Grafik X. Perbandingan Rata-rata ROL. .................................................. 105 Grafik XL Perbandingan Rata-rata Rate of Return for the Owners .................... 108
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DAFTAR GAMBAR
Gambar 1. Daerah Pengujian Curent Ratio ................................................ 111 Gambar 2. Daerah Pengujian Cash Ratio .................................................. 112
"DaerahPenguJmn .. Q. . ................................................ 11" mekR atlo ~ d Gambar ::>. Gambar 4. Daerah Pengujian Total Debt To Equity Ratio .............................. 114 Gambar 5. Daerah Pengujian Total Debtto Total Capital Assets ...................... 115 Gambar 6. Daerah Pengujian Long Tenn Debt to Equity Ratio ........................ 116 Gambar 7. Daerah Pengujian Operating Profit Margin .................................. 117 Gambar 8. Daerah Pengujian Net Profit Margin .......................................... 118 Gambar 9. Daerah Pengujian Earning Power to Total Investment ..................... 119 Gambar 10. Daerah Pengujian ROI. ........................................................ 120 Gambar 11. Daerah Pengujian Rate ofReturn for the Owners ......................... 121
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DAFTAR LAMPIRAN
Lampiran 1a. Neraca PT. Elang Realty per 31- 12- 1993 & 31- 12- 1994 Lampiran 2a. Neraca PT. Muhaland per 31- 12- 1992 & 31- 12- 1993 Lampiran 3a. Neraca PT. Modemland per 31 - 12 - 1991 & 31 - 12 - 1992 Lampiran 4a. Neraca PT. Plaza Indonesia Realty per 31 - 12 - 1990 & 31 - 12 - 1991 Larnpiran 5a. Neraca PT. Dharmala Intiland per 31-12-1990 & 31-12-1991 Lampiran 6a. Laporan Laba Rugi PT. Elang Realty per 31 - 12- 1993 & 31 - 12 - 1994
Lampiran 7a. Laporan Laba Rugi PT. Mulialand per 31 - 12- 1992 & 31 - 12 - 1993 Lampiran 8a. Laporan Laba Rugi PT. Modemland per 31 -12-1991 & 31- 12- 1992 Lampiran 9a. Laporan Laba Rugi PT. Plaza Indonesia Realty per 31 - 12 - 1990 & 31- 12- 1991
Lampiran lOa. Laporan LabaRugi PT. Dhannala Intiland per 31 -12-1990 & 31 - 12- 1991
Lampiran lb. Neraca PT. Elang Realty per 31- 12- 1996 & 31- 12- 1997 Lampiran 2b. Neraca PT. Mulialand per 31- 12- 1995 & 31- 12- 1996 Lampiran 3b. Neraca PT. Modemland per 31 -12-1994 & 31-12-1995
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Lampiran 4b. Neraca PT. Plaza Indonesia Realty per 31 - 12 - 1993 & 31 - 12 - 1994
Lampiran 5b. Neraca PT. Dhannala Intiland per 31 - 12 - 1993 & 31 - 12 - 1994 Lampiran 6b. Laporan Laba Rugi PT. Elang Realty per 31 - 12 - 1996 & 31 - 12 - 1997
Lampiran 7b. Laporan Laba Rubri PT. iviulialand per 31 - 12- 1995 & 31- 12- 1996
Lampiran 8b. Laporan Laba Rugi PT. Modemland per 31 - 12 - 1994 & 31- 12- 1995
Lampiran 9b. Laporan Laba Rugi PT. Plaza Indonesia Realty per 31 - 12- 1993 & 31- 12-1994
Lampiran 1Ob. Laporan Laba Rugi PT. Dharma] a Intiland per 31 - 12- 1993 & 31 - 12 - 1994
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