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ANALISIS FAIRNESS OPINION ATAS TRANSAKSI SEWA PROPERTI ANTARA PT HMS DAN PT PMID

LUKI HENTRIAWAN, Wakhid Slamet Ciptono,M.B.A, M.P.M, Ph.D.

2017 | Tesis | S2 Ekonomika Pembangunan

The objective of this research is to analyse the fairness opinion on leased property transaction between PT HMS with PT PMID as stipulated in Bapepam Regulation IX.E.1, in which the transaction requires afairness opinion from an independent party. Fairness opinion isan opinion from an independent party regarding a proposed transaction. Fairness opinion is an evidence that management has been looking for professional advice regarding financial aspects of the proposed transaction. The fairness opinion conclusion, whether it is fair or not fair, of a proposed corporate transaction is obtained by using two analysis tools. Qualitative analysis includes dentification and analysis of parties involve in the transactions, background of the transaction, and agreement or requirement the transaction.Meanwhile, quantitative analysis is an analysis or fairness test upon the lease rate and incremental analysis, where the analysis to determine the fairness of the lease rate is expressed quantitatively in comparison with the agreed upon transaction lease rate. Based on the analysis that has been conducted, thus it can be concluded thatthe leased property transaction between PT HMS and PT PMID from the financial economic perspective is fair to PT HMS and provides positive impact. /Penelitian ini bertujuan untuk menganalisis fairness opinion atas transaksi sewa properti antara PT HMS dan PT PMID sebagaimana diatur dalam Peraturan Bapepam IX.E.1. sehingga atas transaksi tersebut diperlukan pendapat kewajaran. Analisis pendapat kewajaran merupakan pendapat yang dikeluarkan oleh pihak independen terkait suatu rencana transaksi. Pendapat kewajaran merupakan bukti bahwa pimpinan perusahaan telah mencari nasehat professional menyangkut aspek keuangan dari transaksi. Untuk memperoleh kesimpulan pendapat kewajaran atas suatu transaksi korporasi tersebut wajar atau tidak wajar dengan memakai dua alat analisis. Analisis kualitatif adalah meliputi identifikasi, analisis atas pihak-pihak yang bertransaksi, alasan dilakukannya transaksi, dan kesepakatan atau syarat dalam perjanjian transaksi. Sedangkan analisis kuantatif adalah analisis atau uji kewajaran atas harga sewa dan uji nilai tambah, dimana analisis menentukan kewajaran harga sewa yang dinyatakan dalam angka dengan harga dari transaksi yang disepakati. Berdasarkan hasil analisis yang telah dilakukan, maka didapat kesimpulan bahwa transaksi pendapat kewajaran atas sewa properti antara PT HMS dan PT PMID ditinjau dari segi ekonomis keuangan wajar bagi PT HMS dan mampu berdampak positif.

The objective of this research is to analyse the fairness opinion on leased property transaction between PT HMS with PT PMID as stipulated in Bapepam Regulation IX.E.1, in which the transaction requires afairness opinion from an independent party. Fairness opinion isan opinion from an independent party regarding a proposed transaction. Fairness opinion is an evidence that management has been looking for professional advice regarding financial aspects of the proposed transaction. The fairness opinion conclusion, whether it is fair or not fair, of a proposed corporate transaction is obtained by using two analysis tools. Qualitative analysis includes dentification and analysis of parties involve in the transactions, background of the transaction, and agreement or requirement the transaction.Meanwhile, quantitative analysis is an analysis or fairness test upon the lease rate and incremental analysis, where the analysis to determine the fairness of the lease rate is expressed quantitatively in comparison with the agreed upon transaction lease rate. Based on the analysis that has been conducted, thus it can be concluded thatthe leased property transaction between PT HMS and PT PMID from the financial economic perspective is fair to PT HMS and provides positive impact.

Kata Kunci : Pendapat Kewajaran, Consideration/Fairness Opinion, Consideration.

  1. S2-2017-343500-abstract.pdf  
  2. S2-2017-343500-bibliography.pdf  
  3. S2-2017-343500-tableofcontent.pdf  
  4. S2-2017-343500-title.pdf