PENILAIAN KINERJA KEUANGAN PERUSAHAAN DENGAN METODE ECONOMIC VALUE ADDED (EVA) (Studi pada Perusahaan Food and Beverages yang tercatat pada BEI2005-2007)

Septianingrum, Wahyu (2008) PENILAIAN KINERJA KEUANGAN PERUSAHAAN DENGAN METODE ECONOMIC VALUE ADDED (EVA) (Studi pada Perusahaan Food and Beverages yang tercatat pada BEI2005-2007). Other thesis, University of Muhammadiyah Malang.

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Abstract

The research was a research with case study method in Food and Beverages company titled: “Determining Organization’s Financial Performance by using Economic Value Added (EVA) Method – Study at Food Beverages Companies listed in Indonesia Stock Exchange 2005-2007). The research aimed to find out the financial performance at Food and Beverages Companies at 2005-2007 in health condition or has economic value addition when measured by EVA Method and finding out which companies gave better economic value. In this research, the writer took hypothesis: if the financial performance in Food and Beverages companies have economic value added or healthy financial performance when analyzed using Economic Value Added (EVA) Method; and according the profit reached in 2005 period, PT. Indofood Sukses Makmur Tbk has better economic value added. Analytical tool used to find out the Food and Beverage organization financial performance was Economic Value Added (EVA). EVA was a method which force a company focused its attention to company value creation. EVA was financial analytical tool used to measure realistic profitability of organization operation. This technique gave measurement at added value which was given by the organization to the shareholder. EVA was a system fitted with financial management since it focused on creditor’s value. Measurement point used to find out the organization financial performance was when EVA value2005 > EVA value2006 > EVA Value2007 > 0, the organization financial performance considered healthy and gave more economic value added. When EVA value2005 = EVA value2006 = EVA value2007 = 0; the financial performance could be considered even. When EVA value2005 < EVA Value2006 < EVA Value2007 < 0, the financial performance would be un-healthy and wouldn’t give more economic value added. The analysis by using EVA was for PT. Ades Waters Indonesia Tbk, Eva resulted in 2005 was Rp 15.581.878.226, 2006 was Rp 3.112.098.617, and 2007 was Rp (61.494.410.305). EVA resulted by PT. Davomas Abadi Tbk in 2005 was Rp 97.153.272.091, 2006 was Rp 93.561.570.618 and 2007 was Rp (344.050.921.737). EVA resulted by PT. Indofood Sukses Makmur Tbk in 2005 was Rp 467.832.543.522, 2006 was Rp 919.036.739.482, and 2007 was Rp (5.099.052.372.038). EVA resulted by PT. Mayora Indah Tbk in 2005 was Rp 82.019.420.575, 2006 was Rp 106.671.813.588, and 2007 was Rp (883.261.991.208). EVA resulted by PT. Multi Bintang Indonesia Tbk in 2005 was Rp 81.781.674.604, 2006 was Rp 58.606.001.289, and 2007 was Rp (93.162.916.883). EVA resulted by PT. Prashida Aneka Niaga Tbk in 2005 was Rp (16.100.579.196), 2006 was Rp 4.394.209.598, and in 2007 was Rp (81.463.896.274). EVA resulted by PT. Sekar Laut Tbk in 2005 was 64.128.927.153, in 2006 was Rp (750.117.815), and 2007 was Rp (82.033.890.702). EVA resulted by PT Siantar TOP Tbk in 2005 was Rp (960.072.063), 2006 was Rp (20.676.057.198), and 2007 was Rp (322.351.127.772). EVA resulted by PT. Tiga Pilar Sejahtera Food Tbk in 2005 was Rp (7.600.367.993), 2006 was Rp (12.601.289.444), and in 2007 was Rp (89.447.936.873). EVA resulted by PT. Ultra Jaya Milk Industry Tbk in 2005 was Rp (26.793.976.871), 2006 was Rp (41.248.774.835), and 2007 was Rp (745.126.149.187). From EVA analysis, according to the measurement point, financial performance of Food and Beverages companies, most of the companies didn’t create more economic value added, so that the financial performance were not healthy. Then the hypothesis rejected since EVA value in Food and Beverages companies had negative tendencies. Company who had the best financial performance was PT. Indofood Sukses Makmur Tbk, since EVA value was larger than 0 (EVA > 0). According to above conclusion, the writer implied that in determining company’s financial performance, a company should decide the EVA usage in maximize the company’s prosperity. When EVA value was negative, a company should decide the capital cost which should be paid to find out the real economic profit. Beside, EVA method was good to be measurement point in determining the financial performance. It could be manager direction in taking management decision and paid attention to the investor hope. Since EVA has similar pressure, the prosperity of investors (creditor and share-holder).

Item Type: Thesis (Other)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Economic > Department of Management
Depositing User: Rayi Tegar Pamungkas
Date Deposited: 13 Jun 2012 03:58
Last Modified: 13 Jun 2012 03:58
URI: http://eprints.umm.ac.id/id/eprint/7546

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