Analisis struktur modal dalam memaksimumkan nilai perusahaan pada pt. sang hyang seri (persero) jakarta

Susie, Sugiarti (2001) Analisis struktur modal dalam memaksimumkan nilai perusahaan pada pt. sang hyang seri (persero) jakarta. Masters thesis, Institut Pertanian Bogor.

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Abstract

Seed industry development becomes a crucial part in developing modern agricultural sector with market orientation towards agribusiness system. As forecasted by Faqi, A.M. in 1997, until 2003 demand of rice will increase 2.48 percent per year. Unfortunately, the food diversification to replace rice as staple food in Indonesia has not been succeded yet. PT Sang Hyang Seri (Persero) is one of state-owned companies which is responsible to multiply and distribute qualified seeds including rice seeds throughout Indonesia. The aims of this thesis are to (1) evaluate the company's business and financial risks through its leverage level, and (2) analyze optimal capital sbucture which maximizes company value. Using breakeven analysis, margin of safety of PT sang Hyang Seri (Persero) in I999 was only 12.98 percent. It shows that the company has a relatively high business risk to its income. The degree of operating leverage was 770 percent and the degree offinancial leverage was 74/percent. Both leverages result 57.06 degree of total leverage. Therefore, the implications are the earning per share will increase 57.06percent for each 1 percent of sales increase and on the other hand the earning per share will decrease 57.06 percent for each I percent of sales decrease. The composition of debt and equity in capital structure depends on the company capability to gain EBIT which can cover the cost of debt. In 1999, the company had EBIT at 4,26 billion rupiahs level. Based on the 1999 EBIT condition, the maximum debt in capiral structure is 60 percent of 103 billion rupiahs of total investment.

Item Type: Thesis (Masters)
Uncontrolled Keywords: Analisis struktur modal dalam memaksimumkan nilai perusahaan pada pt. sang hyang seri (persero) jakarta
Subjects: Manajemen Keuangan
Divisions: Sekolah Bisnis > Perpustakaan
Depositing User: Staff-4 Perpustakaan
Date Deposited: 05 Jan 2012 01:45
Last Modified: 05 Jan 2012 01:45
URI: http://repository.sb.ipb.ac.id/id/eprint/910

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