ANALISIS TINGKAT KEDALAMAN INVESTIGASI PROSES BISNIS PADA PENILAIAN ENTITAS USAHA PERIKANAN TANGKAP STUDI: PT. XWZ

INDAH ASROWATI N, Dr. Dumairy, M.A dan Dr. Untung Supardi, M.Si.

2021 | Tesis | Magister Ekonomika Pembangunan

Penelitian ini mengkaji tingkat kedalaman investigasi pada penilaian entitas usaha dan aset kapal milik PT.XWZ, dengan menyusun proses bisnis dan melakukan analisis kewajaran pada laporan keuangan PT.XWZ. Penilaian entitas usaha dilakukan menggunakan pendekatan pendapatan dengan metode Discounted Cash Flow (DCF) untuk mengestimasi nilai wajar usaha. Penilaian aset kapal perikanan tangkap menggunakan pendekatan biaya dengan metode Replacement Cost New (RCN) untuk mengestimasi nilai pasar aset kapal perikanan tangkap milik PT.XWZ. Berdasarkan analisis tingkat kedalaman investigasi proses bisnis utama (level 0 dan 1) usaha perikanan tangkap milik PT.XWZ, mengindikasikan bahwa biaya operasional kapal berupa biaya bahan bakar (solar) dan upah tenaga kerja (ABK) merupakan aset utama yang berkontribusi besar terhadap pendapatan usaha perikanan tangkap, sehingga dalam proses penilaian dilakukan koreksi normalitas atau kewajaran biaya operasional solar dan ABK kapal sesuai laporan keuangan PT. XWZ yang merujuk pada laporan kegiatan penangkapan ikan, dari analisis tingkat kedalaman investigasi terhadap komponen biaya bahan bakar (solar) dan tenaga kerja (ABK) dianggap telah wajar dan proses penilaian entitas usaha dapat dilakukan. Analisis penilaian entitas usaha dalam penelitian ini mampu menggambarkan penilaian dalam berbagai asumsi (kondisi), penilaian dilakukan menggunakan tiga asumsi skenario perhitungan berdasarkan kondisi perekonomian yaitu pada skenario pesimis, moderat dan optimis. Berdasarkan perhitungan 3 skenario yang digunakan, diperoleh nilai wajar usaha perikanan tangkap pada tanggal 31 Desember 2020 sebesar Rp877 miliar, sedangkan nilai pasar kapal penangkap ikan milik PT. XWZ pada tanggal 31 Januari 20020 sebesar Rp84 miliar. Indikasi nilai kapal yang diperoleh tersebut menunjukkan bahwa nilai pasar aset kapal perikanan tangkap memiliki proporsi sebesar 9,55% dari total nilai usaha perikanan atau setara 10 kali dari nilai pasar aset usaha perikanan tangkap terhadap total nilai usaha perikanan tangkap milik PT.XWZ.

This study examines the level of depth of investigation on the valuation of business entities and ship assets owned by PT. XWZ, by compiling business processes and conducting a fairness analysis on the financial statements of PT. XWZ. Business entity valuation is carried out using the income approach with the Discounted Cash Flow (DCF) method to estimate the fair value of the business. The capture fishing vessel asset valuation is carried out using a cost approach with the Replacement Cost New (RCN) method to estimate the market value of the fishing boat assets owned by PT. XWZ. Based on the depth level analysis of the main business process investigation (level 0 and 1) capture fisheries business owned by PT. XWZ, indicates that the operating costs of the ship in the form of fuel costs (diesel) and labor costs (ABK) are the main assets that contribute greatly to the income of the capture fisheries business, so that the valuation process is carried out correcting the normality or reasonableness of the operational costs of diesel and ship crews according to the financial statement of PT. XWZ which refers to the fishing activity report, from the depth level analysis of the investigation of the components of the cost of fuel (diesel) and labor (ABK) is considered reasonable and the business entity valuation process can be carried out. The assessment analysis of business entities in this study is able to describe the valuation in various assumptions (conditions). The valuation is carried out using three assumptions based on calculation scenarios based on economic conditions, namely the pessimistic, moderate and optimistic scenarios. Based on the calculation of the 3 scenarios used, the fair value of the capture fisheries business on December 31, 2020 is Rp877 billion, while the market value of the fishing vessels owned by PT. XWZ on January 10, 2021, amounting to Rp84 billion. The indication of the value of the vessels obtained shows that the market value of fishing boat assets has a proportion of 9,55%. of the total value of the fishery business or the equivalent of 10 times the market value of the capture fisheries business asset to the total value of the capture fishery business owned by PT. XWZ.

Kata Kunci : Penilaian bisnis, penilaian properti, analisis proses bisnis, analisis kedalaman investigasi, pendekatan pendapatan, pendekatan biaya, metode Discounted Cash Flow (DCF) dan metode Replacement New Cost (RCN).