Analisis Perbandingan Model Manajemen Saldo Kas Pemerintah: Simple Cash Balance Management dan Active Cash Balance Management dengan Pendekatan Model Manajemen Kas Miller-ORR(Studi Kasus pada Saldo Kas Pemerintah Tahun 2009)
EKO SUMANDO (pembimbing: Mamduh M. Hanafi, Dr., M.B.A), Mamduh M. Hanafi, Dr., M.B.A
Penelitian ini bertujuan untuk menganalisis model manajemen saldo kas pemerintah sesuai best practice menurut Yibin Mu pada artikel Government Cash Management: Good Practice & Capacity Building Framework yaitu: simple cash balance management model dan active cash balance management model. Penelitian ini bermaksud mengetahui model manajemen kas mana yang mampu menghasilkan total cost of holding cash yang lebih rendah. Penentuan target saldo kas pada active cash balance management menggunakan pendekatan model manajemen kas Miller-Orr.
Penggunaan pendekatan model Miller-Orr pada active cash balance management sebagai alat penentuan target saldo kas menghasilkan target saldo kas sebesar Rp 10.347.348.698.319,60 dan saldo kas rata-rata sebesar Rp 11.129.798.264.426,10 lebih kecil dari nilai saldo kas rata-rata dari simple cash balance management sebesar Rp 80.158.150.861.507,20. Hasil penghitungan total cost of holding cash pada penelitian ini menghasilkan total cost of holding cash dari simple cash balance management sebesar Rp 8.507.021.329.178,53 dan active cash balance management sebesar Rp 14.576.227.994.216,40.
Active cash balance management mampu menghasilkan opportunity cost yang lebih rendah dari simple cash balance management namun menghasilkan trading cost yang lebih tinggi akibat kecilnya saldo kas rata-rata dibandingkan dengan total kebutuhan belanja tahun 2009. Penerapan active cash balance management melalui pendekatan model Miller-Orr tidak mampu menghasilkan target saldo kas yang meminimumkan total cost of holding cash.
The purpose of this study is to analyze the government cash balance management model based on best practice in an article by Yibin Mu: Government Cash Management: Good Practice & Capacity Building Framework, namely: simple cash balance management model and active cash balance management model. This study intends to find out which cash management model is able to generate a lower total cost of holding cash. Target cash balance on active cash balance management model is calculated with Miller-Orr cash management model approach.
The use of Miller-Orr model approach in active cash balance management resulting target cash balance Rp 10,347,348,698,319.60 and the average cash balance Rp 11,129,798,264,426.10 that is smaller than the average cash balance from simple cash balance management Rp 80,158,150,861,507.20. The total cost of holding cash in this study resulted in overall cost of holding cash from the simple cash balance management to Rp 8,507,021,329,178.53 and active cash balance management to Rp 14,576,227,994,216.40.
Active cash balance management is able to produce a lower opportunity cost of holding cash than simple cash balance management but produce a higher trading costs due to smaller average cash balance compared to the total expenditure needs in the year 2009. Application of active cash balance management through the Miller-Orr model approach is not able to produce an optimal target cash balance that minimize total cost of holding cash.
Kata Kunci : cash management, Miller-Orr, simple cash balance management, active cash balance management, total cost of holding cash
