KATA PENGANTAR
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DAFTAR ISI Halaman DAFTAR TABEL ................................................................................. vi DAFTAR GAMBAR ............................................................................... ix DAFTAR LAMPIRAN. .......................................................................... x I. PENDAHULUAN 1.1. Latar Belakang ........................................................................... 1 1.2. Identifikasi Masalah .................................................................... 10 1.3. Pembatasan Masalah ................................................................. 12 1.4 Perumusan Masalah .................................................................. 12 1.5. Tujuan Penelitian ....................................................................... 13 1.6 Manfaat Penelitian ..................................................................... 13 II. TINJAUAN PUSTAKA 2.1.Kerangka Teoritis 2.1.1.Kondisi Makro Ekonomi Dan Perkembangan Pasar Modal ........................................................................ 14 2.1.2.Penilaian Kinerja Finansial dengan Pendekatan Akuntansi ............................................................................. 17 2.1.2.1.Penggunaan ROE, ROA, ROI Dalam Penilaian Kinerja ..................................................................... 17 2.1.2.2.Distorsi Dalam Analisis Akuntansi ........................... 29 2.1.2.3.Penilaian Yang Wajar Atas Kinerja Manajemen .............................................................. 20 2.1.3. Penilaian Kinerja Finansial Dengan Pendekatan EVA dan MVA .................................................................... 22 2.1.3.1. Konsep Economic Value Added dan Maket Value Added ................................................ 22 2.1.3.2. Kontroversi Terhadap Penggunaan EVA ............... 25 2.1.3.3. Penentuan Biaya Modal ......................................... 27 2.1.3.4. Penggunaan CAPM Dalam Penentuan Biaya Modal ........................................................... 29 2.2. Kajian Penelitian Terdahulu ...................................................... 31 Halaman 2.3. Kerangka Pemikiran Konseptual .............................................. 32 2.4. Hipotesis Penelitian .................................................................. 35 III. METODOLOGI PENELITIAN 3.1. Tempat dan Waktu Penelitian .................................................. 36 3.2. Metode Penelitian .................................................................... 36 3.3. Jenis dan Sumber Data ........................................................... 36 3.4. Metode Analisis Data ............................................................... 37 IV. GAMBARAN UMUM PERUSAHAAN 4.1. Bursa Efek Jakarta..................................................................... 40 4.2. Kelompok Industri Makanan dan Minuman 4.2.1. PT. Aqua Golden Mississippi Tb.................................... 41 4.2.2. PT. Cahaya Kalbar Tbk.................................................. 41 4.2.3. PT. Davomas Abadi Tbk............................................... 42 4.2.4. PT. Delta Djakarta Tbk.................................................. 42 4.2.5. PT. Indofood Sukses Makmur Tbk................................. 42 4.2.6. PT. Mayora Indah Tbk................................................... 43 4.2.7. PT. Multi Bintang Indonesia Tbk.................................... 43 4.2.8. PT. Sari Husada Tbk..................................................... 43 4.2.9. PT. SMART Tbk............................................................ 43 4.2.10. PT. Siantar TOP Tbk................................................... 44 4.2.11. PT. Tunas Baru Lampung.Tbk..................................... 44 4.2.12. PT. Ultra Jaya Milk Tbk................................................ 45 iv Halaman V. HASIL DAN PEMBAHASAN 5.1. Data – Data Pendukung Dalam Penghitungan EVA ................ 46 5.1.1. Beta Saham ................................................................... 47 5.1.2. Suku Bunga Sertifikat Bank Indonesia .......................... 48 5.1.3. Indeks Harga Saham ..................................................... 49 5.1.4. Market Risk Premium .................................................... 49 5.2. Analisis Kinerja Dengan Rasio Akuntansi ............................... 50 5.2.1. Return on Asset ............................................................. 50 5.2.2. Return on Equity ............................................................ 51 5.2.3. Earning Per Share ......................................................... 53 5.2.4. Price Earning Rasio ....................................................... 53 5.2.5. Price Book Value ........................................................... 54 5.3. Perhitungan Analisis Kinerja Dengan EVA ............................. 55 5.3.1. PT. Aqua Golden Mississippi Tbk ................................. 55 5.3.2. PT. Cahaya Kalbar Tbk ................................................ 58 5.3.3. PT. Davomas Abadi Tbk ............................................... 61 5.3.4. PT. Delta Djakarta Tbk ................................................. 63 5.3.5. PT. Indofood Sukses Makmur Tbk ................................ 65 5.3.6. PT. Mayora Indah Tbk .................................................. 67 5.3.7. PT. Multi Bintang Indonesia Tbk ................................... 70 5.3.8. PT. Sari Husada Tbk ................................................... 72 5.3.9. PT. SMART Tbk .......................................................... 74 5.3.10. PT. Siantar TOP Tbk .................................................. 76 5.3.11. PT. Tunas Baru Lampung.Tbk ..................................... 79 5.3.12. PT. Ultra Jaya Milk Tbk ................................................ 81 v Halaman 5.4. Perhitungan Nilai MVA Perusahaan Tahun 2003 dan 2002 .... 83 5.5. Analisis Korelasi EVA dan MVA Terhadap Indeks Harga Saham .................................................................................... 85 5.6. Analisis Korelasi Rasio Akuntansi Terhadap Indeks Harga Saham ..................................................................................... 86 5.7. Analisis Signifikansi Korelasi EVA dan MVA Dengan Rasio Akuntansi Terhadap Perubahan Harga Saham ...................... 87 VI. KESIMPULAN DAN SARAN 6.1. Kesimpulan ............................................................................... 91 6.2. Saran ....................................................................................... 92 DAFTAR PUSTAKA ............................................................................... 94 LAMPIRAN ............................................................................................ 97 vi DAFTAR TABEL No. 1 Halaman Perkembangan Suku Bunga Rata-Rata SBI tiga Bulan, Suku Bunga Deposito Dan Suku Bunga Kredit Investasi Serta Angka Inflasi ................................................................................................... 2 Perkembangan Pasar Modal di Indonesia Sejak 1995 – 2003 Ditelaah Dari Segi Jumlah Emiten Dan Jumlah Saham Yang Diperdagangkan Serta IHSG ............................................................... 4 Perkembangan Nilai Kapitalisasi Pasar BEJ dan BES Tahun 1995 – 2003 ......................................................................................... 4 Perkembangan Jumlah Investor Nasional dan Asing Pada Saham Tahun 1995 – 2003 .............................................................................. 5 Persentase Rata-Rata Per Kapita Belanja Bulanan Pada Kelompok Komoditi ............................................................................................... 7 Persentase Pengeluaran Rata-Rata Per Kapita Sebulan Untuk SubKelompok Makanan Di Indonesia ......................................................... 8 Beta (β) Saham Perusahaan Industri Makanan dan Minuman Tahun 2002 dan 2003 ...................................................................................... 48 8. Suku Bunga Sertifikat Bank Indonesia (SBI) Tiga Bulan ....................... 49 9. Indeks Harga Saham Perusahaan Industri Makanan dan Minuman Di BEJ ................................................................................................... 50 10. Hasil Analisis Kinerja Dengan Rasio Akuntansi Tahun 2002 ................. 51 11. Hasil Analisis Kinerja Dengan Rasio Akuntansi Tahun 2003 ................. 52 12. Perhitungan Invested Capital PT. Aqua Golden Mississippi Tbk ......... 55 13. Perhitungan WACC PT. Aqua Golden Mississippi Tbk ........................ 56 14. Perhitungan NOPAT PT. Aqua Golden Mississippi Tbk ....................... 57 15. Perhitungan Nilai EVA PT. Aqua Golden Mississippi Tbk ..................... 57 16. Perhitungan Invested Capital PT. Cahaya Kalbar Tbk ........................ 58 17. Perhitungan WACC PT. Cahaya Kalbar Tbk ......................................... 59 2 3 4. 5. 6. 7. Halaman vii 18. Perhitungan NOPAT PT. Cahaya Kalbar Tbk ........................................ 60 19. Perhitungan Nilai EVA PT. Cahaya Kalbar Tbk ..................................... 60 20. Perhitungan Invested Capital PT. Davomas Abadi, Tbk ........................ 61 21. Perhitungan WACC PT. Davomas Abadi Tbk ...................................... 62 22. Perhitungan NOPAT PT. Davomas Abadi Tbk ..................................... 62 23. Perhitungan Nilai EVA PT. Davomas Abadi Tbk .................................. 63 24. Perhitungan Invested Capital PT. Delta Djakarta Tbk ........................... 63 25. Perhitungan WACC PT. Delta Djakarta Tbk ......................................... 64 26. Perhitungan NOPAT PT. Delta Djakarta Tbk ........................................ 64 27. Perhitungan Nilai EVA PT. Delta Djakarta Tbk ..................................... 65 28. Perhitungan Invested Capital PT. Indofood Sukses Makmur Tbk .......... 65 29. Perhitungan WACC PT. Indofood Sukses Makmur Tbk ....................... 66 30. Perhitungan NOPAT PT. Indofood Sukses Makmur Tbk ..................... 66 31. Perhitungan Nilai EVA PT. Indofood Sukses Makmur Tbk .................... 67 32. Perhitungan Invested Capital PT. Mayora Indah Tbk ............................ 68 33. Perhitungan WACC PT. Mayora Indah Tbk .......................................... 68 34. Perhitungan NOPAT PT. Mayora Indah Tbk ........................................ 69 35. Perhitungan Nilai EVA PT. Mayora Indah Tbk ....................................... 70 36. Perhitungan Invested Capital PT. Multi Bintang Indonesia Tbk ............ 70 37. Perhitungan WACC PT. Multi Bintang Tbk ............................................ 71 38. Perhitungan NOPAT PT. Multi Bintang Indonesia Tbk ......................... 72 39. Perhitungan Nilai EVA PT. Multi Bintang Indonesia Tbk ...................... 72 40. Perhitungan Invested Capital PT. Sari Husada Tbk................................. 73 41. Perhitungan WACC PT. Sari Husada Tbk ............................................. 73 42. Perhitungan NOPAT PT. Sari Husada Tbk ........................................... 74 43. Perhitungan Nilai EVA PT. Sari Husada Tbk ........................................ 74 Halaman viii 44. Perhitungan Invested Capital PT. SMART Tbk .................................... 75 45. Perhitungan WACC PT. SMART Tbk ................................................... 75 46. Perhitungan NOPAT PT. SMART Tbk .................................................. 76 47. Perhitungan Nilai EVA PT. SMART Tbk ............................................... 76 48. Perhitungan Invested Capital PT. Siantar TOP Tbk ............................. 77 49. Perhitungan WACC PT. Siantar TOP Tbk ............................................ 77 50. Perhitungan NOPAT PT. Siantar TOP Tbk ........................................... 78 51. Perhitungan Nilai EVA PT. Siantar TOP Tbk ........................................ 78 52. Perhitungan Invested Capital PT. Tunas Baru Lampung Tbk ............... 79 53. Perhitungan WACC PT. Tunas Baru Lampung Tbk ............................. 79 54. Perhitungan NOPAT PT. Tunas Baru Lampung Tbk ............................ 80 55. Perhitungan Nilai EVA PT. Tunas Baru Lampung Tbk ......................... 81 56. Perhitungan Invested Capital PT. Ultra Jaya Milk Tbk .......................... 81 57. Perhitungan WACC PT. Ultra Jaya Milk Tbk ....................................... 82 58. Perhitungan NOPAT PT. Ultra Jaya Milk Tbk ....................................... 82 59. Perhitungan Nilai EVA PT. Ultra Jaya Milk Tbk ..................................... 83 60. Nilai Market Value Added Tahun 2003 dan 2002 .................................. 84 61. Hasil Korelasi Pearson Antara Analisa EVA dan MVA Terhadap Perubahan Indeks Harga Saham .......................................... 86 62. Hasil Korelasi Pearson Antara Analisa Rasio Akuntansi Dengan Perubahan Indeks Harga Saham Tabel ................................... 87 63. Hasil Analisis Signifikansi EVA dan MVA dengan Rasio Akuntansi Terhadap Indeks Harga Saham ............................ 88 64. Hasil Perhitungan Perbandingan Analisis EVA dan MVA Dengan Rasio Akuntansi Tahun 2003 ............................................................... 90 65. Hasil Perhitungan Perbandingan Analisis EVA dan MVA Dengan Rasio Akuntansi Tahun 2002 ................................................................ 90 ix DAFTAR GAMBAR No. 1 2. Halaman Data Ekspor Impor Produk Makanan Dan Minuman Olahan Tahun 1995 – 2000.............................................................................. 9 Kerangka Pemikiran Konseptual Penelitian......................................... 34 x DAFTAR LAMPIRAN Nomor Halaman 1. Laporan Keuangan PT. Aqua Golden Mississippi Tbk ……………………… 97 2. Laporan Keuangan PT. Cahaya Kalbar Tbk …………………………………. 99 3. Laporan Keuangan PT. Davomas Abadi Tbk …………………………………. 100 4. Laporan Keuangan PT. Delta Djakarta Tbk ………………………………….. 101 5. Laporan Keuangan PT. Indofood Sukses Makmur Tbk …………………….. 103 6. Laporan Keuangan PT. Multi Bintang Indonesia Tbk ……………………….. 105 7. Laporan Keuangan PT. Mayora Indah Tbk ……………………………………. 107 8. Laporan Keuangan PT. Sari Husada Tbk …………………………………….. 109 9. Laporan Keuangan PT. SMART Tbk ………………………………………….. 111 10. Laporan Keuangan PT. Siantar TOP Tbk …………………………………….. 113 11. Laporan Keuangan PT. Tunas Baru Lampung Tbk ………………………….. 115 12 Laporan Keuangan PT. Ultra Jaya Milk Tbk …………………………………. 117 13. Perhitungan Cost of Equity (Ke) Tahun 2002 …………………………………. 119 14. Perhitungan Cost of Equity (Ke) Tahun 2003 …………………………………. 119 15. Perhitungan Return Bebas Resiko (Risk free rate = Rf) ……………………… 120 16. Perhitungan Return Pasar (Return market = Rm) ……………………………. 121 17. Hasil Regressi Perhitungan Beta (β) ………………………………………….. 122 18. Nilai EVA dan MVA 2002 dan 2003 ……………………………………………. 126 19. Hasil Analisis Korelasi Linear (Pearson Correlation) ................................... 127 20. Hasil Analisis Korelasi Rank Spearman ………………………....................... 129 xi