Analisis Struktur Modal Optimal Studi Kasus PT Patra Jasa
Siti Karina Rahmanti, Prof. Dr. Tandelilin Eduardus, M.B.A.
2024 | Tesis | S2 MANAJEMEN (MM) JAKARTA
PT Patra Jasa merupakan anak usaha PT Pertamina
(Persero) bergerak di bidang Property & Development, Hotels &
Resorts serta Services. Banyaknya perusahaan yang bergerak pada
industri hotel dan properti di Indonesia, menimbulkan persaingan di dalam
industri yang semakin ketat. Sehingga
perusahaan dituntut untuk dapat memiliki
suatu keunggulan kompetitif agar mampu bersaing. Bukti aksi korporasi dalam
menghadapi persaingan usaha diantaranya renovasi atau pengembangan lokasi hotel
baru, pembelian lahan baru, aktivitas promosi dan lain-lain. Namun, untuk
mewujudkan hal tersebut perusahaan harus sadar akan pentingnya komposisi
penggunaan struktur pendanaan yang optimal baik utang maupun modal yang
digunakan bagi keberlangsungan perusahaan.
Penelitian ini merupakan studi kasus, pada PT Patra
Jasa. Langkah awal dimulai dengan melakukan identifikasi komposisi struktur
modal historis baik proporsi utang dan ekuitas berdasarkan pada laporan
keuangan PT Patra Jasa periode September 2023. Kemudian dalam penelitian ini
dibuat skenario penggunaan komposisi utang dengan jangkauan/rentang 10%,
sehingga terdapat 9 skenario struktur modal perusahaan yang akan dilakukan
analisis.
Atas
dasar hasil perhitungan historis nilai utang dan ekuitas perusahaan
masing-masing sebesar Rp 2.842.219.000.000,- dan Rp 2.808.450.000.000,- per
September 2023 sehingga diperoleh struktur modal PT Patra Jasa dengan komposisi
utang 50?n komposisi ekuitas sebesar 50%. Hasil perhitungan atas 9 skenario
komposisi utang dan ekuitas di PT Patra Jasa, dapat ditarik kesimpulan bahwa
struktur modal optimal bagi perusahaan berada pada kondisi proporsi utang 40?n proporsi ekuitas sebesar 60% yang menghasilkan nilai biaya modal rata-rata
tertimbang terendah senilai 10,54?n nilai Perusahaan sebesar Rp
1.861.756.610.730,-. Jika dibandingkan dengan struktur modal historis per September
2023, secara keseluruhan PT Patra Jasa belum mencapai struktur modal yang
optimal.
PT Patra Jasa is a subsidiary of PT Pertamina
(Persero) engaged in Property & Development, Hotels & Resorts, and
Services. The number of companies engaged in the hotel and property industry in
Indonesia, causing competition in the industry is increasingly tight. So that
companies are required to be able to have a competitive advantage in order to
be able to compete. Evidence of corporate actions in facing business
competition includes renovation or development of new hotel locations, purchase
of new land, promotional activities and others. However, to realize this,
companies must be aware of the importance of the composition of the use of
optimal funding structures, both debt and capital used for the sustainability
of the company.
This research is a case study, at PT Patra Jasa. The
first step begins by identifying the historical capital structure composition
of both debt and equity proportions based on PT Patra Jasa financial statements
for the September 2023 period. Then in this study, a scenario of using debt
composition with a range of 10% was made, so that there are 9 scenarios of the
company's capital structure to be analyzed.
Based on the results of historical calculations, the
company's debt and equity values are IDR 2,842,219,000,000 and IDR
2,808,450,000,000 respectively as of September 2023, so that PT Patra Jasa has
a capital structure of 50?bt and 50% equity composition, respectively. The
results of the calculation of 9 scenarios of debt and equity composition at PT
Patra Jasa, it can be concluded that the optimal capital structure for the
company is in the condition of a debt proportion of 40% and an equity
proportion of 60% which results in the lowest weighted average cost of capital
value of 10.54% and firm value of Rp 1,861,756,610,730,-. When compared to the
historical capital structure as of September 2023, overall PT Patra Jasa has
not achieved an optimal capital structure.
Kata Kunci : Struktur Modal Optimal,Biaya Utang,Biaya Modal,Biaya Modal Rata-Rata Tertimbang,Nilai Perusahaan.