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Jurnalkompilek JURNAL KOMPILEK Jurnal Kompilasi Ilmu Ekonomi HM. Pudjihardjo MENCIPTAKAN DAYA TARIK INVESTASI UNTUK MENDORONG PERTUMBUHAN EKONOMI Iwan Setya Putra PENGGUNAAN ECONOMIC VALUE ADDED (EVA) DAN Z- SCORE SEBAGAI METODE PENILAIAN KINERJA KEUANGAN PERUSAHAAN Siti Sunrowiyati ANALISIS PENGARUH PEMILIHAN METODA AKUNTANSI TERHADAP TINGKAT UNDERPRICING SAHAM PERDANA Rony Ika Setiawan PENGARUH IKLAN DAN MEREK SEPEDA MOTOR SUZUKI TERHADAP MINAT BELI KONSUMEN Aris Sunandes ANALISIS PERSEPSI MASYARAKAT TERHADAP KUALITAS PELAYANAN UMUM DI KANTOR KECATAMAN WATES KABUPATEN BLITAR Hadi Utomo POTRET DINAMIKA EKONOMI PROVINSI JAWA TIMUR SEKTOR KEUANGAN DAN SEKTOR PERDAGANGAN UNTUK PERIODE TAHUN 2004-2008 Retno Murni Sari PENGARUH BEBERAPA FAKTOR KUALITAS PELAYANAN TERHADAP KEPUASAN PUBLIK PADA DINAS PERHUBUNGAN KABUPATEN TULUNGAGUNG [Vol 2, No. 1] Hal. 1 - 83 Juni 2010 ISSN 2088-6268 Diterbitkan oleh: LEMBAGA PENELITIAN DAN PENGABDIAN MASYARAKAT (LPPM) SEKOLAH TINGGI ILMU EKONOMI KESUMA NEGARA BLITAR Jl. Mastrip 59 Blitar 66111, Telp./Fax : (0342) 802330/813779 Email : [email protected] [ STI E KESUMA NEGARA BLITAR ] Vol.2, No. 1, Juni 2010 ISSN 2088-6268 JURNAL KOMPILEK Jurnal Kompilasi Ilmu Ekonomi Daftar Isi: HM. Pudjihardjo MENCIPTAKAN DAYA TARIK INVESTASI UNTUK MENDORONG PERTUMBUHAN EKONOMI (Hal. 1 - 8) Iwan Setya Putra PENGGUNAAN ECONOMIC VALUE ADDED (EVA) DAN Z- SCORE SEBAGAI METODE PENILAIAN KINERJA KEUANGAN PERUSAHAAN (Hal. 9 - 22) Siti Sunrowiyati ANALISIS PENGARUH PEMILIHAN METODA AKUNTANSI TERHADAP TINGKAT UNDERPRICING SAHAM PERDANA (Hal. 23 - 33) Rony Ika Setiawan PENGARUH IKLAN DAN MEREK SEPEDA MOTOR SUZUKI TERHADAP MINAT BELI KONSUMEN (Hal. 34 - 52) Aris Sunandes ANALISIS PERSEPSI MASYARAKAT TERHADAP KUALITAS PELAYANAN UMUM DI KANTOR KECATAMAN WATES KABUPATEN BLITAR (Hal. 53 - 61) Hadi Utomo POTRET DINAMIKA EKONOMI PROVINSI JAWA TIMUR SEKTOR KEUANGAN DAN SEKTOR PERDAGANGAN UNTUK PERIODE TAHUN 2004-2008 (Hal. 62 - 71) Retno Murni Sari PENGARUH BEBERAPA FAKTOR KUALITAS PELAYANAN TERHADAP KEPUASAN PUBLIK PADA DINAS PERHUBUNGAN KABUPATEN TULUNGAGUNG (HAL. 72 - 83) iii PENGGUNAAN ECONOMIC VALUE ADDED (EVA) DAN Z-SCORE SEBAGAI METODE PENILAIAN KINERJA KEUANGAN PERUSAHAAN Iwan Setya Putra ABSTRAKSI: Penelitian ini merupakan penelitian diskriptif dengan tujuan penelitian yaitu untuk mengetahui bagaimana tingkat kinerja keuangan perusahaan PT. HM Sampoerna Tbk pada tahun 2002-2006 berdasarkan penerapan analisis Economic Value Added dan teori kebangkrutan model Altman (Z-Score). Untuk keperluan analisis data, maka data yang digunakan dalam penelitian ini adalah laporan keuangan PT. HM Sampoerna Tbk tahun 2002–2006. Adapun tahapan analisa data, pertama adalah menghitung nilai Z-Score kemudian menentukan nilai EVA. Untuk menentukan nilai EVA didapat dengan tahapan, pertama menghitung biaya modal hutang (cost of debt), menghitung biaya modal saham (cost of equity), menghitung struktur modal, menghitung biaya modal rata-rata tertimbang (WACC), menentukan nilai EVA dengan cara mengurangkan nilai WACC (cost of capital) pada laba setelah pajak, dan terakhir menginterpretasikan data hasil penelitian. KATA KUNCI: Kinerja Keuangan, Economic Value Added, Kebangkrutan I. PENDAHULUAN Dewasa ini fenomena kepailitan perusahaan telah menjadi obyek penelitian yang intensif. Hal ini didorong oleh banyaknya perusahaan mengalami kesulitan likuiditas. Salah satu area penelitian terkait yang telah berkembang selama ini telah menghasilkan kajian atas asosiasi informasi laporan keuangan terhadap kemungkinan perusahaan mampu dengan sukses mempertahankan bisnisnya atau harus dinyatakan bermasalah karena gagal secara ekonomi dan keuangan. Keadaan dunia usaha yang semakin komplek dan mulai menipisnya batas antar negara membuat tingkat persaingan semakin bertambah bebas dan hanya perusahaan–perusahaan yang mempunyai kinerja yang baik saja yang akan mampu bersaing dengan perusahaan sejenis, baik yang datang dari dalam negeri maupuan yang dari luar negeri. Untuk itu perusahaan dituntut untuk mampu merumuskan dan menyempurnakan strategi- strategi bisnis mereka dalam rangka memenangkan persaingan dan menghindari kebangkrutan. Untuk mengetahui seberapa jauh efektifitas penerapan strategi tersebut, manajemen perusahaan perlu mengukur atau menilai kinerja bisnis mereka. Dalam hubungannya dengan penilaian kinerja keuangan suatu perusahaan, tingkat kinerja perusahaan akan menjadi dasar dalam pengambilan keputusan baik bagi pihak kreditur dan pemegang saham maupun pihak intern perusahaan. Para calon kreditur dan pemegang saham sangat berkepentingan untuk mengetahui kondisi sebenarnya dari perusahaan, sehingga mereka dapat meminimalkan resiko yang akan dihadapi. Dari beberapa model alat analisa kinerja keuangan, terdapat suatu alat analisis keuangan untuk mengevaluasi kinerja dan keuangan perusahaan yang kemudian dikenal dengan analisis Economic Value Added (EVA) yang diterjemahkan dalam Bahasa Indonesia menjadi Nilai Tambah Ekonomi (NITAMI). Metode EVA ini dikembangkan oleh Stern Steward dan CO`s sebuah jasa konsultan di New York. Analisis Economic Value Added sangat cocok untuk menilai kinerja operasional economic suatu perusahaan sekaligus menjawab keinginan para eksekutif dalam penyajian suatu ukuran yang secara adil memperhatikan harapan setiap penyedia dana (kreditur dan pemegang saham). Derajat keadilannya dinyatakan dalam ukuran tertimbang dari struktur modal yang ada, yang disebut dengan weighted average cost of capital (WACC) yang diterjemahkan dalam Bahasa Indonesia menjadi biaya modal rata-rata tertimbang. Oleh kalangan praktisi analisis EVA yang berdasarkan pada konsep cost of capital ini telah digunakan secara luas, antara lain untuk mengukur kinerja serta sebagai alat pendukung keputusan manajemen seperti penentuan bonus karyawan, keputusan investasi dan sebagainya. Dalam rangka mendapatkan hasil analisa yang baik, maka sebaiknya sebelum dilakukan analisis Economic Value Added, dilakukan terlebih dahulu analisis 9 kebangkrutan model Altman (Z-Score). Z-Score merupakan model untuk memprediksi kebangkrutan perusahaan yang diperkenalkan oleh Edward Altman seorang professor of finance dari New York University School of Business pada tahun 1968 yang terkenal dengan istilah Altman’s Bankruptcy Prediction Model. Rumus ini menggunakan komponen dalam laporan keuangan sebagai alat prediksi terhadap kemungkinan bangkrut tidaknya perusahaan. Jadi alasan dilakukan analisis Z-Score adalah dapat digunakan sebagai sistem peringatan dini dan untuk mengetahui apakah perusahaan dalam keadaan sehat atau sebaliknya diambang kebangkrutan. II. RUMUSAN MASALAH DAN LINGKUP PEMBAHASAN Dalam tulisan ini penulis merumuskan masalah sesuai dengan latar belakang diatas adalah : ”Bagaimana tingkat kinerja keuangan perusahaan PT. HM Sampoerna Tbk berdasarkan penerapan analisis Economic Value Added dan teori kebangkrutan model Altman (Z- Score)?” Sedangkan ruang lingkup yang dibahas dalam penelitian ini dibatasi hanya pada laporan keuangan PT. HM Sampoerna Tbk tahun 2002–2006 yang sudah dipublikasikan serta data sekunder lain. III. LANDASAN TEORI A. Penilaian Kinerja Keuangan Perusahaan Setiap perusahaan pasti mempunyai tujuan tertentu yang menunjukan apa yang akan dikerjakan dan seberapa jauh tujuan tersebut dapat dicapai. Tujuan-tujuan tersebut diwujudkan dalam perencanaan baik jangka pendek atau jangka panjang yang dirumuskan setiap awal tahun. Salah satu faktor yang harus dipertimbangkan dalam penyusunan rencana tersebut adalah kinerja keuangan perusahan. Pengertian kinerja adalah ukuran seberapa efektif dan efisien seorang manajer atau organisasi, seberapa baik manajer atau organisasi itu mencapai tujuan yang memadai. Sedangkan pengertian efektifitas dan efisiensi yaitu efektifitas diartikan sebagai kemampuan suatu unit untuk mencapai tujuan yang diinginkan, sedangkan efisiensi mengambarkan berapa masukan (input) yang diperlukan untuk menghasilkan satu unit keluaran (output). Berdasarkan pendapat di atas dapat disimpulkan bahwa kinerja perusahaan adalah hasil dari banyak keputusan yang telah dilakukan secara terus menerus berkaitan dengan keuangan perusahaan oleh manajer untuk mencapai tujuan tertentu. Untuk dapat mengevaluasi kondisi keuangan perusahaan dan kinerjanya serta untuk mengukur kekuatan maupun kelemahan suatu perusahaan diperlukan pemeriksaan atas berbagai aspek kesehatan keuangan perusahaan. B. Analisis Kebangkrutan Model Altman Edward Altman seorang professor of finance dari New York University School of Business memperkenalkan rumus Z-Score pada tahun 1968. Z-Score adalah suatu model analisis keuangan yang dibuat dengan mengkombinasikan lima rasio keuangan yang berbeda-beda untuk menentukan potensi atau kemungkinan bangkrutnya sebuah perusahaan. Dapat juga diartikan bahwa Z-score merupakan skor yang ditentukan dari hitungan standar kali nisbah-nisbah keuangan yang akan menunjukan tingkat kemungkinan kebangkrutan perusahaan. Adapun rumus analisis kebangkrutan model Altman (Z-Score) adalah sebagai berikut: Z -Score = 1,2 X1 + 1,4 X2 + 3,3 X3 + 0,6 X4 + 0,999 X5 Dimana : X1 = WC / TA = Working Capital / Total Aset X2 = RE / TA = Retained Earning / Total Aset X3 = EBIT / TA = Earning Before Income Tax / Total Aset X4 = MVE / BVD = Market Value Equity / Book Value of Debt X5 = S / TA = Sales / Total Aset Market Value Equity atau harga pasar modal sendiri merupakan jumlah saham yang beredar dikalikan dengan harga rata-rata saham setiap tahun. Sedangkan Book Value of Debt atau nilai buku kewajiban adalah total dari kewajiban lancar dan 10 kewajiban tidak lancar perusahaan. Berdasarkan
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