Optimalisasi Struktur Modal PT.Plavour Indonesia (Pendekatan Model CAPM)

Handayani, Mia Kania (2005) Optimalisasi Struktur Modal PT.Plavour Indonesia (Pendekatan Model CAPM). Masters thesis, Institut Pertanian Bogor.

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Abstract

The purpose of this study is to estimate an optimal capital structure of PT.Flavour Indonesia considering that the company is a new comer in food and beverage industry. In order to provide the fix assets and working capital PT.Flavour Indonesia still use their own money as the source of fund. The CAPM analysis is used to estimate the expected return from investors and creditors if company uses debt in the future. It has 466 observations that collected from 20 food and beverage companies listed in Jakarta Stock Exchange from 1998 until 2004 (quarterly period). The data were used to estimate the expected return from investors and creditors as benchmark for PT.Flavour Indonesia (pooled data). The risk factors influencing the expected return of investors are the IHSG return, exchange rate, inflation rate, capital structure, ROI and liquidity. The risk factors that influence the expected return of creditors are coverage ratio; profit operating ratio, capital structure and liquidity. PT.Flavour Indonesia will achieve the optimal capital structure at 22.5 percent rate of debt and 77.5 percent of equity. The optimal capital structure shows that when WACC minimum the value of company will maximize. In this composition PT.Flavour Indonesia is able to fulfill the expected return of investors and creditors and the company would gain the tax benefit. The optimal capital structure has 16.53 percent rate of interest, upper from that rate the company should increase the sales in order to return the debt. The rill interest below from the optimal capital structure, the company should reduce the debt in order to custody the optimal capital structure. The company could not provide the expected return of investors if use the debt more than 60 percent. PT. Flavour Indonesia should grow for 2 percent to achieve the optimal capital structure.

Item Type: Thesis (Masters)
Additional Information: 6(E21)HAN o
Uncontrolled Keywords: Modal Sendiri, Hutang, Struktur Modal Optimal, Resiko, CAPM, Biaya Modal, Resiko Kebangkrutan, Penjualan, Biaya Tetap, Biaya Variabel Weighted Average Cost of Capital (WACC)
Subjects: Manajemen Keuangan
Depositing User: Library
Date Deposited: 24 Mar 2014 08:02
Last Modified: 27 Sep 2016 08:42
URI: http://repository.sb.ipb.ac.id/id/eprint/125

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