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WINARTIN, NIKEN (2008) PENERAPAN MODEL MILLER ORR UNTUK MENENTUKAN SALDO KAS OPTIMAL (Studi Kasus pada Perusahaan Garmen, PT. PESONA REMAJA MALANG). Other thesis, University of Muhammadiyah Malang.


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This research was a case study at Garment Manufacture PT. Pesona Remaja Malang titled “Application of Miller Orr Model to state Optimal Cash Balance”. The research aimed to find out whether cash balance of PT Pesona Remaja Malang has shown optimal level or not. Also state the scope of optimal cash balance at PT. Pesona Remaja Malang for 2008. Method used to state optimal cash balance was by using Miller Orr model, and to state the scope of optimal cash balance for the next year (2008) by using Least Square method. The result using Miller Orr model to determine the optimum cash balance, there could be made a comparison between cash in current balance with optimal cash measurement. Cash in current balance at 2005 was Rp 300.954.750; 2006 was Rp 604.054.675 and 2007 was Rp 695.697.800 and after the company applied optimal cash at 2005 Rp 117.431.282; 2006 was Rp 147.863.041; and 2007 was Rp 131.050.315 where the company had surplus in cash-flow at 2005 Rp 183.523.468; 2006 was Rp 457.091.634 and 2007 was 564.647.485. Surplus in cash balance would cause idle cash or free-cash, it would press the production and profit reach. From calculation using Least Square method, the balance reach for the next year (2008) was Rp 437.201.737 and optimal cash balance for the next year (2008) Rp 145.733.912. According to above analysis, there could be concluded that cash at PT pesona Remaja Malang was not optimal yet. There was still a large aggregate in cash between cash realization and optimal cash which should be existed. The excess cash caused by cash-flow or uninvested selling in securities but in cash, so that there could be cash accumulation since 2005 to 2007. To overcome the problem, it would be better for the company to invest it in securities or for the company widespread in order to increase the profit, so that would not be a free ineffective cash. The other alternative used to process the cash was by invested it in ORI 05 for 2008 which would give significant profit with high interest (11,45%).

Item Type: Thesis (Other)
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Economics > Department of Accounting (62201)
Depositing User: Rayi Tegar Pamungkas
Date Deposited: 09 Jun 2012 04:15
Last Modified: 09 Jun 2012 04:15

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