Analisis struktur modal optimal dan pengaruh kinerja keuangan terhadap struktur modal kasus pt perkebunan nusantara v

Pahlevi, Riza (2016) Analisis struktur modal optimal dan pengaruh kinerja keuangan terhadap struktur modal kasus pt perkebunan nusantara v. Masters thesis, Institut Pertanian Bogor.

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Abstract

A company requires an amount of funds to run its operations. The funds are sourced from internal funding by using retain earning and external funding by issuing bond or stock. External funds create costs in the form of dividend payment to shareholders, as well as payment of interest and principal loans to bondholders. Selection of the best funding source is inseparable from the proper capital structure composition between internal and external funding that will generate optimum company value and minimum cost of capital. This study was conducted in PT Perkebunan Nusantara–V (PTPN-V). The company is engaged in plantation sector of palm oil and rubber commodity. The company vision is to become an integrated agribusiness company that are sustainable and environmentally sound. The long-term plan is conceived as a road map for achieving the vision. The company wants to grow, so the use of external funding is selected to conduct the operational and investment activity. This study aims to analyze the influence of financial performance on capital structure and figure out the optimum capital structure of the company, and analyze the optimum capital structure composition in the long-term plan of PTPN-V. Secondary data is used in this study in the form of monthly report 2010-2015 and long-term corporate plan 2015-2019. The results of multiple linear regression employed in the analysis of financial performance (profitability, size, growth, tangibility, liquidity, activity, and lag leverage) impact on capital structure (leverage) show that the model has the R2 of 93,00%. At the significance level of 5%, the size, growth, and lag leverage have significantly positive impact on leverage, while the tangibility and activity have significantly negative impact on leverage. Profitability and liquidity have insignificant impact leverage. Optimum capital structure is obtained when the Weighted Average Cost of Capital (WACC) has negative impact on company value. The results of simple linear regression analysis shows that WACC have negative impact on value of firm. It shows in observation period there is potensial capital structure optimum in PTPN-V. The composition of PTPN-V’s capital structure in long-term plan 2015-2019 is 52%-65% of debt proportion which is not the optimum capital structure. The calculation result finds out that the optimum composition of capital structure is 30%-40% of debt proportion. With this composition, the company has maximum value and minimum cost of capital.

Item Type: Thesis (Masters)
Additional Information: 3(54)Pah a
Uncontrolled Keywords: kinerja keuangan, struktur modal, struktur modal optimal, Weighted Average Cost of Capital, WACC, SPSS. capital structure, financial performance, optimum capital structure.
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 21 Mar 2017 04:11
Last Modified: 24 Oct 2019 02:25
URI: http://repository.sb.ipb.ac.id/id/eprint/2867

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