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Analisis Alternatif Sumber Pembiayaan Perusahaan Melalui Penerbitan Obligasi, Asset Sales Dan Sumber Pembiayaan Lainnya Serta Pengaruhnya Terhadap Kinerja Perusahaan Dengan Pendekatan EVA

Sitaresmi, Nurina (2010) Analisis Alternatif Sumber Pembiayaan Perusahaan Melalui Penerbitan Obligasi, Asset Sales Dan Sumber Pembiayaan Lainnya Serta Pengaruhnya Terhadap Kinerja Perusahaan Dengan Pendekatan EVA. Masters thesis, Program Pascasarjana Manajemen Dan Bisnis IPB.

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            Abstract

            ANALYSIS OF ALTERNATIVE SOURCES OF COMPANY FINANCING THROUGH THE ISSUANCE OF CORPORATE BONDS, ASSET SALES AND OTHERS SOURCES OF COMPANY FINANCING AND THE EFFECTS ON COMPANY PERFORMANCE BASED ON EVA METHOD Nurina Sitaresmi The Purposes of this study are : (1) analyze the composition of alternative sources of financing that give the lowest weighted average cost of capital (WACC) through asset sales, issuing coporate bond and others sources of company financing (bank debt and equity) and also give the best company performance based on EVA method, (2) analyze and identify contribution effect from issuing bond, asset sales and others sources of company financing based on Economic Value Added (EVA), (3) analyze correlation between alternative sources of company financing and NOPAT as a consequences from selected alternative. In this research, we represent EVA to assess the best company financial performance from one of the leading financial companies in Indonesia during March 2006 - December 2009. The indicator of good company financial performance based on eva method if the value of WACC lower than NOPAT (Net Operating Profit After Tax). In order to know which alternative that produced lowest WACC based on EVA method, this research divided into three simulation with a differences propotion of sources company financing. The results from this study suggest that : (1) on over all, financing through asset sales in simulation II produced the lowest cost of capital and the best company financial performance based on EVA method. The composition of financing are asset sales 61%, bank debt 30%, equity 9% and without corporate bond. (2) there's no significant effect between company financing from issuance corporate bond, asset sales and bank debt to company financial performance. Other variable that makes significant effect are NOPAT and equity. (3) equity have a significant correlation with EVA based on correlation analysis.

            Item Type: Thesis or Disertation (Masters)
            Uncontrolled Keywords: Asset sales, Corporate bond, NOPAT (Net Operating Profit After Tax), Economic Value Added (EVA), Weighted Average Cost of Capital (WACC)
            Subjects: Manajemen Keuangan
            Divisions: UNSPECIFIED
            Depositing User: Library
            Date Deposited: 02 Aug 2011 07:51
            Last Modified: 02 Aug 2011 07:51
            URI: http://repository.mb.ipb.ac.id/id/eprint/40

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