Analisis Pengaruh Biaya Modal Terhadap Penciptaan Nilai Tambah dan Return Perusahaan Studi Empiris Pada 24 Perusahaan Non Finansial LQ 45 di Bursa Efek Jakarta Periode 2003 - 2005

Rinofah, Risal , Bowo Setiyono, SE., M.Com

2007 | Skripsi | S1 Extention - Management

Saat ini sistem pengukuran kinerja yang berbasiskan pada nilai tambah banyak diadopsi karena dianggap lebih baik dan mampu mendorong aktivitas dan strategi yang dapat menciptakan nilai tambah secara menyeluruh daripada pengukuran kinerja yang didasarkan pada ukuran akuntansi yang tidak mampu merangkum kinerja perusahaan yang bersifat multidimensi. Penelitian ini bertujuan untuk menganalisis pengaruh biaya modal (WACC) terhadap nilai tambah yang diukur melalui Economic Value Added (EVA), Refined Economic Value Added (REVA), Market Value Added (MVA), dan Return saham perusahaan. Data yang digunakan bersifat gabungan (pooled data) dengan metode pemilihan purposive sampling. Hasil penelitian dengan model regresi linear sederhana untuk melihat pengaruh dan kontribusi variabel independen terhadap variabel dependen menunjukkan bahwa ternyata biaya modal (WACC) hanya berpengaruh signifikan terhadap EVA, REVA dan Return, sedangkan terhadap MVA tidak berpengaruh signifikan. Analisis tambahan juga menunjukkan bahwa (1) NOPAT paling berpengaruh terhadap EVA, (2) Cost of capital (WACC) paling berpengaruh terhadap REVA serta (3) Market value of stock paling berpengaruh terhadap MVA. Kata kunci : Nilai tambah (value added), Economic Value Added (EVA), Refined Economic Value Added (REVA), Market Value Added (MVA), Biaya modal (cost of capital/WACC)

Value based measurement has been widely adopted in many firms because it ability to summarize and measure the firm multi dimensional performances that will recognize and encourage management actions and strategy to increase the overall value of company, as opposite the unreliable of conventional accounting based measurement. This research trying to analyzed the impact of the firm cost of capital (WACC) to it value creating abilities using Economic Value Added (EVA), Refined Economic Value Added (REVA), Market Value Added (MVA), and stock Return as a proxy. Using the pooled data and purposive sampling method by simple linear regression indicates evidences that the firms cost of capital (WACC) have only significant impact to EVA, REVA and stock Return, but not significant to MVA. Additional analysis also shows that (1) EVA does strongly influenced by the firms NOPAT, (2) Cost of capital/WACC have strongly influences to REVA and (3), meanwhile MVA strongly influenced by firms Market value of stock Keyword : Value added, Economic Value Added (EVA), Refined Economic Value Added (REVA), Market Value Added (MVA), Return, Cost of Capital/WACC

Kata Kunci : Nilai tambah (value added), Economic Value Added (EVA), Refined Economic Value Added (REVA), Market Value Added (MVA), Biaya modal (cost of capital/WACC)