analisis keputusan struktur modal (studi pada industri semen yang terdaftar di bursa efek jakarta)

7/22/2019 Analisis Keputusan Struktur Modal (Studi pada Industri Semen yang Terdaftar di Bursa Efek Jakarta)

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NGNAJ_J_ DC\S]S_NG _]VSD]SV KEMNA

(_tumj pnmn Jgmustrj _ckcg yngh ]crmnitnr mj Fursn Cicd Bndnrtn)

N. Antnr Fcandngh

Jgmegcsjn nmnan` gchnrn mcghng dcpnmntng pcgmumud tcrtjghhj dc-? mj

Mugjndcoja ugjn. Kcgurut survcj tcrnd`jr tn`ug 6


2/28

sckcg mj Jgmegcsjn yngh dnpnsjtnsgyn djgj kcgonpnj scdjtnr =6 butn teg pcr tnùg

mcgnhg premudsj mj ntns ?< butn teg pcr tnùg, _canjg mjpremudsj ugtud mnank gchcrj

buhn mjcdsper. Mcpnrtckcg \crjgmustrjng kcgnr`ctdng cdsper sckcg mng fn`ng

hnajng geg aehnk anjggyn pnmn tnùg 6


3/28

Cicd Bndnrtn mng Fursn Cicd _urnfnyn scrtn FSKG pcrtnkn yngh he pufajo mcghng

kcgbuna =< butn ackfnr sn`nk dcpnmn knsynrndnt. Dekpesjsj pckchngh sn`nkgyn

nmnan` pckcrjgtn` VJ 8? pcrscg mng knsynrndnt 68 pcrscg.

(www.sckcghrcsjd.oek).

\] Jgmeockcgt ]ughhna \rndnrsn, ]fd. mng ngnd pcrusn`nnggyn kcrupndng

scfun` dcaekped kuatj usn`n mcghng tjhn usn`n utnkn ynjtu usn`n sckcg, usn`n

kndngng, mng usn`n anjggyn. Ssn`n sckcg tcrutnkn kcajputj pcghcaeanng 0 pnfrjd

sckcg mng 6 pnfrjd tcrpnmu mcghng bukan` dnpnsjyns dcscauru`ng scfcsnr >


4/28

nhnr tubung mnrj pcrusn`nng mnpnt tcrwubum. \crtnkn-tnkn kngnbckcg pcrusn`nng

`nrus kcghnkfja dcputusng kcghcgnj pcghnaednsjng mngn dc mnank fcgtud-fcgtud

jgvcstnsj yngh mj`nrnpdng mnpnt kcgmntnghdng dcugtug`ng fnhj pcrusn`nng.

Anghdn` scangbutgyn nmnan` kcghngnajsjs dekfjgnsj-dekfjgnsj sukfcr

pckfcangbnng yngh tcpnt ugtud pcrusn`nng.

Anghdn` yngh tcrnd`jr nmnan` dcputusng kngnbckcg ndtjvn (nsscts

kngnhckcgt mcojsjeg) yngh kcgugtut kngnbcr dcunghng ugtud acfj`

kckpcr`ntjdng kngnbckcg ndtjvn angonr mnrjpnmn ndtjvn tctnp. \cgcgtung strudtur

kemna fnhj suntu pcrusn`nng kcrupndng snan` sntu fcgtud dcputusng dcunghng

yngh pcgtjgh, dnrcgn jgj fcrpcghnru` tcr`nmnp pcgonpnjng tubung kngnbckcg

dcunghng pcrusn`nng. _untu pcrusn`nng mjdntndng kckjajdj strudtur kemna yngh

furud dctjdn pcrusn`nng kckpugynj fcfng `utngh yngh snghnt fcsnr.

\rescs dcputusng strudtur kemna snghnt fcrdnjtng mcghng pcgcgtung fnurng

sukfcr pckfcangbnng bnghdn pngbngh yngh eptjkna mng fcrtubung ugtud

kckndsjkukdng gjanj pnsnr pcrusn`nng scrtn kckjgjkukdng fjnyn kemna tetna

pcrusn`nng. Mnank pcghnkfjang dcputusng strudtur kemna nant ngnajsjs yngh

mjhugndng ugtud kcghgnajsn pcghnru` pcrufn`ng fnurng dekpesjsj sukfcr kemna

kcajputj 2 pcgmcdntng CFJ]-C\_, ngnajsn nrus dns, mng rnsje pcajputng (oevcrnhc

rntje).

]jghdnt acvcrnhc dcunghng yngh pnajgh eptjkna snghnt pcrau kckpcr`ntjdng

mng kckn`nkj `ufughng ngtnrn CFJ] mng C\_ pnmn fcrfnhnj natcrgntji pcgmngnng

(ijgngojgh). Fcsnrgyn C\_ snghnt tcrhngtugh pnmn pjaj`ng pcgmngnng kngnbckcg


5/28

pcrusn`nng, dnrcgn C\_ nmnang anfn pcr ackfnr sn`nk yngh tcrscmjn ugtud

pckchngh sn`nk fjnsn yngh fcrnsna mnrj anfn pcrusn`nng mjdurnghj fjnyn fughn

mng mcvjmcg sn`nk prcicrcg, scmnghdng CFJ] tjmnd tcrhngtugh pnmn acvcrnhc

dcunghng. Ngnajsjs CFJ]-C\_ jgj fjsn mjhugndng pcrusn`nng ugtud kcaj`nt mnkpnd

mnrj fcrfnhnj natcrgntji pcgmngnng tcr`nmnp C\_ pnmn tjghdnt CFJ] yngh fcrvnrjnsj.

Fcrmnsnrdng antnr fcandngh mj ntns, kndn pcguajs ndng kcandudng pcgcajtjng

mcghng kcghnkfja bumua 2 Ngnajsjs Dcputusng _trudtur Kemna (_tumj dnsus pnmn

pcrusn`nng jgmustrj sckcg yngh tcrmnitnr mj FCB).

F. \crukusng Vukusng Knsnan`

Fcrmnsnrdng antnr fcandngh mj ntns, kndn pcrukusng knsnan` mnrj pcgcajtjng jgj

nmnan` Fnhnjkngn Fcrnpndn` tnkfn`ng mngn jkngn `nsja ngnajsjs strudtur kemna

pnmn \] _ckcg Hrcsjd, ]fd. mng \] Jgmeockcgt ]ughhna \rndnrsn, ]fd. bjdn

kckfutu`dng mngn tnkfn`ng5

O. Fntnsng Knsnan`\cgcajtjng

Fcrmnsnrdng knsnan` yngh nmn mng nhnr tjmnd kcacfnr scrtn mnpnt

kckfcrjdng pckn`nkng yngh scsunj mcghng rukusng knsnan , kndn fntnsng

knsnan` pcgcajjtj jgj nmnan` scfnhnj fcrjdut2

\cgcajtj kcghhugndng `nrhn sn`nk pcgutupng fuangng \] _ckcg Hrcsjd, ]fd. mng

\] Jgmeockcgt ]ughhna \rndnrsn, ]fd. pcrjemc tn`ug 6


6/28

>. ]ubung \cgcajtjng

Fcrmnsnrdng rukusng knsnan` mj ntns kndn tubung pcgcajtjng jgj nmnan`

ugtud kcghctn`uj sukfcr pckfcangbnng kngn yngh ndng mjpndnj eac`

pcrusn`nng mnank dcputusng strudtur kemna pnmn \]. _ckcg Hrcsjd, ]fd. mng

\]. Jgmesckcgt ]ughhna \rndnrsn, ]fd.bjdn kckfutu`dng mngn tnkfn`ng

6. Knginnt \cgcajtjng

n. Fnhj kngnbckcg \]. _ckcg Hrcsjd, ]fd. mng \]. Jgmesckcgt ]ughhna

\rndnrsn, ]fd.

@nsja pcgcajtjng jgj mj`nrnpdng mnpnt kckfcrjdng jgierknsj fnhj pcrusn`nng

mnank kcgcgtudng dcputusng strudtur kemna yngh ndng mjhugndng mnank

kckcgu`j sukfcr kemnagyn.

f. Fnhj jgvcster mng pckchngh sn`nk \]. _ckcg Hrcsjd, ]fd. mng \].

Jgmesckcg, ]fd.

@nsja pcgcajtjng jgj mj`nrnpdng fjsn kckfcrjdng jgierknsj fnhj pnrn jgvcster

yngh jghjg kcghjgvcstnsjdng scfnhjng mnrj kemnagyn dc mnank scfun`

pcrusn`nng.

o. Fnhj pcgcajtj scangbutgyn

@nsja mnrj pcgcajtjng jgj mj`nrnpdng mnpnt kckfcrjdng tnkfn`ng wnwnsng

ugtud kcandudng pcgcajtjng scangbutgyn yngh fcrdnjtng mcghng pcgcajtjng

yngh scbcgjs mng pcghckfnghng acfj` angbut dc nrn` yngh acfj` fnjd.

C. ]jgbnung \ustndn


7/28

>. Angmnsng \cgcajtjng ]crmn`uau

Mnank pcgcajtjng scfcaukgyn yngh mjandudng eac` Crkj Gur`nyntj (6


8/28

scfcsnr >9,0?%. Vnsje _eavnfjajtns kcgugbuddng fn`wn seavnfjajtns snghnt

rcgmn` mng rcantji stnfja, mjkngn fcsnrgyn seavnfjajtns pnmn tn`ug 6


9/28

dcfutu`ng mngn. Bnmj sctjnp pcrusn`nng `nrus kckpcr`ntjdng strudtur dcunghng

mng strudtur kemna, dnrcgn pcgcgtung strudtur dcunghng yngh tcpnt ndng

kcgjghdntdng rcturg ntns kemna pckchngh sn`nk.

_trudtur kemna pcrusn`nng kcrupndng dekpesjsj mngn bnghdn pngbngh

yngh fcrfcmn mnrj schj bcgjs knupug fjnyngyn. Nansng pcrusn`nng kckcraudng

acfj` mnrj sntu bcgjs mngn nmnan` dnrcgn dekfjgnsj rcsjde ntnu sjint fjnyn kemna

yngh fcrfcmn ndng kcgh`nsjadng fjnyn kemna rntn-rntn yngh acfj` rcgmn`

mnrjpnmn kcghhngtughdng mjrj scpcgu`gyn pnmn sntu sukfcr snbn., kjsnagyn,

suntu pcrusn`nng mnpnt kckjgbnk mcghng tjghdnt fughn yngh rcantji rcgmn`

snkpnj pnmn suntu tjtjd tcrtcgtu. Mcghng pcghhugnng `utngh tcrscfut mnpnt

kcgurugdng fjnyn kemna, tctnpj bjdn pjgbnkng sumn` kcacwntj tjtjdmcft cqujty,

kndn pcrusn`nng `nrus kckfnynr fjnyn fughn yngh tjghhj mng jgj ndng

kcgnjddng fjnyn kemna. Sgtud kcgcgtudng dekpesjsj mngn yngh eptjkna,

kngnbcr pcrusn`nng `nrus kcghctn`uj mng kckn`nkj degscp fjnyn kemna

dnrcgn snghnt pcgtjgh mnank pckfcangbnng pcrusn`nng.

>. Indter-indter \cgcgtu _trudtur Kemna

_trudtur kemna kcrupndng suntu knsnan` yngh pnajgh pcgtjgh fnhj sctjnp

pcrusn`nng dnrcgn fnjd ntnupug furudgyn strudtur kemna pcrusn`nng ndng

fcrpcghnru` anghsugh tcr`nmnp pesjsj ijgnojnapcrusn`nng. \ckjaj`ng mnank

pcgcgtung dcfjbndng strudtur kemna pcrusn`nng ndng kcgjghdntdng rjsjde

dcunghng mnrj pcrusn`nng, sc`jghhn mnpnt kcghurnghnj tjghdnt dcugtughng

pcrusn`nng mcghng mckjdjng pcrusn`nng mjtugtut `nrus fjsn kcgctnpdng


10/28

strudtur kemna yngh tcpnt.

Kcgcgtudng strudtur kemna yngh tcpnt kcrupndng dcputusng yngh suajt

sc`jghhn pcrusn`nng pcrau kckpcrtjkfnghdng fcfcrnpn indter yngh fjsn

kckpcghnru`j strudtur kemna. Kcgurut Xcsteg mng Frjh`nk (6),

indter-indter yngh kckpcghnru`j strudtur kemna nmnan` stnfjajtns pcgbunang,

strudtur ndtjvn, acvcrnhc epcrnsj, tjghdnt pcrtukfu`ng preijtnfjajtns, pnbnd,

pcghcgmnajng, sjdnp kngnbckcg, sjdnp pckfcrj pjgbnkng mng ackfnhn pcgjanj

pcrjghdnt, degmjsj pnsnr, degmjsj jgtcrgna pcrusn`nng mng iacdsjfjajtns

dcunghng.

Fcrmnsnrdng pcgmnpnt Xcsteg mng Frjh`nk (6) mj ntns, kndn

mnpnt mjbcansdng fcfcrnpn indter yngh fjsn kckpcghnru`j strudtur kemna

nmnan` scfnhnj fcrjdut2

n. ]jghdnt \cgbunang

\crusn`nng mcghng pcgbunang yngh rcantji stnfja acfj nkng

kckpcreac` acfj` fngynd pjgbnkng mng kcghhugndng fcfng tctnp yngh

acfj` tjghhj mjfngmjghdng mcghng pcrusn`nng yngh pcgbunanggyn tjmnd

stnfja.

f. _trudtur Ndtjvn

\crusn`nng yngh ndtjvngyn scsunj mjbnmjdng bnkjgng drcmjt

ocgmcrugh acfj` fngynd kcghhugndng utngh. Ndtjvn kuatjhugn yngh

mnpnt mjhugndng eac` fngynd pcrusn`nng kcrupndng bnkjgng yngh fnjd,

scmnghdng ndtjvn yngh `ngyn mjhugndng ugtud tubung tcrtcgtu tjmnd


11/28

fchjtu fnjd ugtud mjbnmjdng bnkjgng

o. \reijtnfjajtns

_nan` sntu onrn ugtud kcghudur preijtnfjajtns nmnan` mcghng

kcghhugndng VEJ (Vcturg eg Jgvcskcgt) yngh fcrhugn ugtud

kcghctn`uj dcknkpung pcrusn`nng mnank kcgh`nsjadng dcugtughng

mcghng kcghhugndng ndtjvn yngh nmn, scanjg jtu VEJ buhn fjsn

mjhugndng ugtud kcgugbuddng dcknkpung pcrusn`nng kcgh`nsjadng

anfn mnrj ndtjvn yngh mjhugndng

m. Acvcrnhc Epcrnsj

\crusn`nng mcghng tjghdnt acvcrnhc epcrnsj yngh acfj` dcoja

ocgmcrugh acfj` knkpu ugtud kckpcrfcsnr acvcrnhc dcunghng dnrcgn

kckpugynj rcsje fjsgjs yngh acfj` dcoja.

c. \nbnd

Fughn kcrupndng fcfng yngh mnpnt mjdurnghdng ugtud tubung

pcrpnbndng mng pcghurnghng tcrscfut snghnt fcrgjanj fnhj pcrusn`nng

yngh tcrdcgn tnrji pnbnd tjghhj, dnrcgn jtu sckndjg tjghhj tnrji pnbnd

sckndjg fcsnr pcknginntng pcghhugnng utngh .

i. _jdnp Kngnbckcg

_jdnp yngh mjnkfja kngnbckcg pcrusn`nng kckpugynj pcghnru`

anghsugh mnank pcghnkfjang dcputusng kcghcgnj onrn pckcgu`ng

dcfutu`ng mngn. _jint kngnbcr yngh eptjkjs kckpugynj dcfcrngjng

ugtud kcgnghhugh rjsjde yngh fcsnr (rjsd sccdcr), ndng acfj` fcrngj


12/28

ugtud kckfjnynj pcrtukfu`ng pcgbunanggyn mcghng mngn yngh fcrnsna

mnrj `utngh (mcft ijgngojgh) kcsdjpug kctemc jgj kckfcrjdng fcfng

ijgngojnayngh tctnp. _cfnajdgyn scerngh kngnbcr yngh fcrsjint pcsjkjs,

yngh tndut kcgnghhugh rjsjde (rjsd nvcrtcr) ndng acfj` sudn kckfjnynj

pcrtukfu`ng pcgbunanggyn mcghng mngn yngh fcrnsna mnrj sukfcr jgtcrg

ntnu mcghng kemna sn`nk (cqujty ijgnojgh) yngh tjmnd kckpugynj fcfng

ijgngojnayngh tctnp

h. _jdnp \ckfcrj \jgbnkng mng Ackfnhn \cgjanj \crjghdnt

_jdnp mnrj pckfcrj pjgbnkng mng ackfnhn pcgjanj pcrjghdnt (rntjgh

nhcgoy) scrjgh dnaj kckpcghnru`j strudtur dcunghng. Bjdn pcrusn`nng

kckfjonrndng strudtur kemnagyn mcghng pckfcrj pjgbnkng mng ackfnhn

pcgjanj pcrjghdnt scfnjdgyn kckpcr`ntjdng knsudng yngh mjtcrjkn mnrj

pckfcrj pjgbnkng mng ackfnhn pcgjanj pcrjghdnt

`. \cghcmnajng (Oegtrea)

Mnank fcfcrnpn pcrjstjwn, pcrusn`nng kughdjg kckjaj`

kcghhugndng acvcrnhc yngh nhnd tjghhj mnrj kcghcaunrdng sn`nk fnru

anhj, kcsdjpug kughdjg pcghcaunrng sn`nk fnru acfj` kcghugtughdng,

kcrcdn tctnp kckjaj` pcghhugnng `utngh. @na jgj mjscfnfdng dnrcgn

pckjajd kemna cghhng kckfnhj dcpckjajdng (yngh fcrnrtj buhn oegtrea)

pcrusn`nng mcghng erngh anjg.

j. Dcnmnng \nsnr Kemna


13/28

Dcnmnng pnsnr kemna yngh scrjgh kcghnankj pcrufn`ng

mjscfnfdng eac` nmngyn hcaekfngh degbughter yngh pnmn ukukgyn fjan

hcaekfngh tjghhj (Sp- _wjgh) pnrn jgvcster acfj` tcrtnrjd ugtud

kcgngkdng kemnagyn mnank sn`nk. Fcr`ufugh mcghng `na jtu kndn

pcrusn`nng mnank usn`ngyn ugtud kcghcaunrdng/ kcgbuna scdurjtns

`nrus kcgycsunjdng mcghng dcnmnng pnsnr kemna tcrscfut

6. Kemca _trudtur Kemna Eptjkna

\cgcgtung strudtur kemna fnhj pcrusn`nng kcrupndng snan` sntu fcgtud

dcputusng dcunghng yngh pcgtjgh, dnrcgn dcputusng jgj mnpnt fcrpcghnru`

tcr`nmnp pcgonpnjng tubung kngnbcr dcunghng pcrusn`nng. ]ubung peded

kngnbckcg strudtur kemna nmnan` kcgojptndng suntu fnurng ntnu dekfjgnsj

sukfcr pckfcangbnng pcrkngcg scmckjdjng rupn, sc`jghhn knkpu

kckndsjkukdng `nrhn sn`nk pcrusn`nng. (wnrsege, 6


14/28

pngbngh yngh eptjkna. Fnurng sukfcr kemna bnghdn pngbngh yngh mjtubudng

ugtud kckndsjknadng gjanj pnsnr mng kckjgjkukdng fjnyn kemna pcrusn`nng.

Mnank pcghnkfjang dcputusng strudtur kemna mjpcraudng nant-nant

ngnajsjs yngh mjhugndng ugtud kcghngnajsjs fnhnjkngn pcghnru` pcrunfn`ng

fnurng dekpesjsj sukfcr kemna mnpnt kckpcghnru`j pcgjanjng mng fjnyn

kemna. _conrn ukuk nmn ? knonk kctemc mnank pcghnkfjang dcputusng

strudtur kemna, ynjtu 2 \cgmcdntng CFJ]- C\_, Ngnajsjs Nrus Dns mng Vnsje

\cajputng (Acvcrnhc Vntje). Xnrsege (6


15/28

Mnkpnd dcputusng pcgmngnng tcr`nmnp fjnyn kemna sn`nk

pcrusn`nng scwn scdnaj tjmnd mjpcraj`ntdng, pnmn`na jgvcster scanau

kckpcr`ntjdng fcsnr dcojagyn mng dnmnr rcsjde nrus pcgmnpntng

pcrusn`nng. Ngnajsjs CFJ]-C\_ `ngyn kckpcr`ntjdng rcsjde ntnu fcsnr

dcojagyn dckughdjgng pcgmnpnt jtu hnhna.

Ierkuansj mnrj pcgmcdntng CFJ]-C\_ fjsn djtn aj`nt mjfnwn` jgj 2

6

>

>

> )>)(*()>)(*(

_

]O]CFJ

_

]O]CFJ

;

f) \cmcdntng Vnsje \cajputng

Ngnajsjs dcunghng mnpnt kckfngmjghdng fcsnrgyn sctjnp rnsje yngh

nmn mcghng tjghdnt ntnu fcsnrng preycdsj, scfnhnj fn`ng pcrtjkfnghng ntns

dcanyndng knsjgh-knsjgh usuang. Fjnsngyn pnrn ngnajsjs dcunghng

pcrusn`nng mng ackfnhn pcgjanj pcrjghdnt kckpugynj stngmnr rnsje yngh

mjhugndng scfnhnj pckfngmjgh ngtnrn pcrusn`nng sntu mcghng pcrusn`nng

anjggyn. _tngmnr rnsje yngh mjhugndng fjnsngyn fcrfcmn.

Mnank pcgmcdntng kctemc pcghnkfjang dcputusng strudtur kemna

yngh dcmun acfj` kcgcdnggdng dcpnmn rnsje seavnfjajtns dekpnrntjigyn.

Nmn 6 knonk rnsje seavnfjatns yngh `nrus mj pcr`ntjdng mng

mjpcrtjkfnghdng mna4nk kcghcvnaunsj scbukan` usuang pckfcangbnng, ynjtu

scfnhnj fcrjdut 2

>. Vnsje seavnfjajtns gcrnon (Fnangoc _`cct Acvcrnhc Vntje). Jgput mnrj

rnsje seavnfjajtns gcrnon fcrnsna mnrj gcrnon dcunghng pcrusn`nng,

mcghng `nsja rnsje jgj mnpnt mjhugndng ugtud kckfngmjghdng


16/28

pcghhugnng mngn yngh fcrnsna mnrj drcmjtur (fcrupn ùtngh) mng

pckchngh sn`nk.

6. Vnsje pcajputng (oevcrnhc rntje) yngh fjnsngyn fcrsukfcr mnrj anperng

ruhj anfn pcrusn`nng. Vnsje-Vnsje pcajputng kcgynbjdng pcrdjrnng ntns

dcknkpung pcrusn`nng kcaugnsj ùtngh-ùtnghgyn.

Ngnajsjs Vnsje \cajputng jgj kcpugynj tubung ynjtu kcgcgtudng

pcghnru` mnrj sctjnp sctjnp usuang pcgmngnng tcr`nmnp rnsje-rnsje dcunghng

yngh utnkn.

o) \cgmcdntng Nrus Dns

Kctemc pcghnkfjang dcputusng strudtur kemna yngh tcrnd`jr nmnan`

ngnajsjs nrus dns pcrusn`nng yngh fjnsngyn kckpcanbnrj pcghnru` dcputusng

strudtur kemna tcr`nmnp nrus dns pcrusn`nng. Kctemc ngnajsjs Najrng Dns jgj

mjandudng mcghng onrn kcghnmndng pcgyusugng pcghnghhnrng kemna

mcghng sdcgnrje pnmn fcrfnhnj degmjsj cdegekj yngh kughdjg tcrbnmj,

fcrfnhnj strudtur kemna.

Nrus dns gctte yngh tcrojptn mnrj sctjnp sjtunsj mnpnt mjdnbj ugtud

kcgckudng npndn` suntu pcgmngnng fjsn kckfnwn degmjsj pcrusn`nng dc

degmjsj drjtjs. Dnpnsjtns pcrusn`nng mnank kckpcreac` pjgbnkng (tcrknsud

scwn hugn usn`n mng sn`nk prcicrcg) sc`nrusgyn tcrhngtugh pnmn nrus dns

gctte yngh fjsn mj`nrnpdng ndng mjpcreac` pcrusn`nng mnank pcrjemc rcscgsj,

mcghng dntn anjg snsnrng prepersj strudtur kemna mnpnt mjonpnj kcanauj

pcrcgongnng ugtud degmjsj ntnu dckughdjgng tcrfurud yngh ndng mj`nmnpj


17/28

pcrusn`nng.

?. Dcrnghdn ]cerj

Sgtud kckpcrbcans nrn` pcgcajtj, kndn mjsusug suntu dcrnghdn pjdjr

yngh kcghhnkfnrdng dcputusng strudtur kemna yngh mnpnt mjaj`nt pnmn Hnkfnr

mj fnwn` jgj2

Dcrnghdn pjdjr jgj kcgbcansdng fn`wn tubung mnrj pcrusn`nng fcrmjrj

scfcgnrgyn nmnan` kckndsjknajsnsj dcdnynng mnrj pnrn pckjajd pcrusn`nng,

tctnpj ugtud kckndsjknajsnsj dcdnynng jtu pcrusn`ng `nrus fjsn kcghnkfja

dcputusng-dcputusng yngh gngtjgyn fjsn kckfunt pcrusn`nng jtu kndkur, ynjtu

mcghng onrn dcputusng dcunghng mng dcputusng strudtur kemna. Mnank

kcghngnajsjs dcputusng strudtur kemna snan` sntu fnhjng yngh tjmnd feac`

mjaupndng nmnan` kcgcgtudng tetna kemna, bukan` kemna sn`nk mng utngh yngh

ndng mjhugndng scfnhnj sukfcr natcrgntji pcgmngnng, kcgonrj gjanj CFJ],

bukan` sn`nk yngh fcrcmnr mng `nrhn sn`nk pnmn tn`ug 6


18/28

Anghdn` fcrjdutgyn nmnan` kcgcgtudng pcgmcdntng yngh ndng mjpndnj

mnank kcgcgtudng dcputusng strudtur kemna, mnank `na jgj pcgcajtj acfj` fngynd

]ubung Kngnbckcg Dcunghng

Kckndsjknajsnsj Dcdnynng

\nrn pckjajd kemnckchnghsn`nk a

Dcputusng

Dcunghng

(Ijgngojna

Mjsojsjeg)

Dcputusng _trudtur

Kemna

_trudtur Kemna

Eptjkna

\]

Jgmcsckcg,

]fd

Ngnajsjs

Dcputusng

_trudtur Kemna2

Ngnajsjs CFJ] mng

C\_

\] _ckcg

Hrcsjd, ]fd

Kcghhugndng

_n`nk/ utngh

Kcghhugndng

_n`nk/ Stngh

Kcgonrj ]etna Kemna rntn-rntn

Kcgonrj ]etna Kemna 6


19/28

kcghhugndng kctemc pcgmcdntng CFJ]-C\_ mnank kcghngnajsjs dcputusng

strudtur kemna dnrcgn kcanauj pcgmcdntng ngnajsjs CFJ]-C\_ jgj pcrusn`nng

knupug jgvcster mnpnt kcghctnùj sukfcr pckfcangbnng kngn yngh ndng

mjhugndng eac` \] _ckcg Hrcsjd, ]fd mng \] Jgmesckcg, ]fd. npndn`

kcghhugndng sn`nk scfnhnj sukfcr pcgmngnng ntnu kcghhugndng utngh scfnhnj

sukfcr pcgmngnnggyn

I. Kctemc \cgcajtjng

>. Bcgjs \cgcajtjng

Bcgjs pcgcajtjng yngh mjhugndng mnank pcgcajtjng jgj nmnan` scgsus yngh

kcrupndng tjpc pcgmcdntng yngh pcgcann`gyn `ngyn pnmn sntu dnsus mng

mjandudng sconrn jgtcgsji, kcgmnank, kcgmctnja mng scacghdnp acghdnp kughdjg.

?. 6.Mcijgjsj Epcrnsjegna vnrjnfca

=. usn`ndng tnfca bnghng putus

Ynrjnfca-vnrjnfca yngh ndng mjhugndng ugtud kcandudng pcr`jtughng mnank

pcgcajtjng jgj kcajputj 2

Ynrjnfca Mcijgjsj Vukus

Fughn Dcwnbjfng yngh `nrus mjfnynr eac`

pcrusn`nng sctjnp tnùggyn

Gjanj \jgbnkng x

_udu Fughn\cgmnpntng

_cfcauk

\nbnd

\cgmnpntng pcrusn`nng scfcauk

mjdurnghj eac` pnbnd yngh `nrus

mjtnghhugh pcrusn`nng sctjnp

tnùggyn

Gjanj \cgmnpntng

Fughn

\nbnd Jurng wnbjf yngh `nrus mjfnynr eac`

pcrusn`nng dcpnmn pckcrjgtn` tjnp

tnùggyn

\cgmnpntng

scfcauk pnbnd x

]jghdnt pnbnd

\cgmnpntng

_ctcan`

\cgmnpntng sctcan` pnbnd \cgmnpntng

scfcauk pnbnd


20/28

\nbnd ]jghdnt pnbnd

yngh `nrus mjfnynr

_n`nk ynghfcrcmnr

Bukan` sn`nk yngh mjdcaunrdng eac`pcrusn`nng ugtud kcgmnpntdng

scbukan` mngn tnkfn`ng mj

knsynrndnt auns

\cgmnpntng

pcr ackfnr

sn`nk

\cgmnpntng pcr ackfnr sn`nk yngh

mjpcreac` pcrusn`nng

\cgmnpntng

sctcan` pnbnd 2

bukan` sn`nk

yngh fcrcmnr

Cnrgjgh

fcierc

jgtcrcst ]nx

(CFJ])

Anfn scfcauk fughn mng pnbnd \cgmnpntng fcrsj`

- Fcfng usn`n

3. Mntn mng _ukfcr mntn

n. Bcgjs Mntn

Mntn yngh mjhugndng mnank pcgcajtjng jgj nmnan` mntn scdugmcr ynjtu

mntn yngh mjpcreac` sconrn tjmnd anghsugh kcanauj kcmjn pcrngtnrn (mjpcreac`

mng mjontnt eac` pj`nd anjg). Mntn jgj fjnsngyn fcrupn fudtj, ontntng ntnu

anperng `jsterjs yngh tcan` tcrsusug mnank nrsjp (mntn medukcgtcr) yngh

mjpufajdnsjdng mng tjmnd mjpufajdnsjdng. Mnank pcgcajtjng jgj mntn scdugmcr

yngh mjpcreac` nmnan` 2

>) Mntn anperng Vuhj Anfn \]._ckcg Hrcsjd, ]fd mng \]. Jgmesckcgt

]ughhna \rndnrsn, ]fd tn`ug 6


21/28

Mntn tcgtngh anperng ruhj anfn, anperng gcrnon mng anperng degseajmnsj

pcrjemc 6


22/28

6. Kcgonrj CFJ] mcghng kcghhugndng rukus scfnhnj fcrjdut2

CFJ] ; CFJ] (>+ CFJ] rntn-rntn)?. Kcgonrj ]etna Kemna rntn-rntn mcghng kcghhugndng rukus scfnhnj fcrjdut2

]etna Kemna rntn-rntn ;Kemna]etna

CFJ]x >


23/28

Ssuang \cgcajtjng

NGNAJ_J_ DC\S]S_NG _]VSD]SV KEMNA

(_tumj pnmn Jgmustrj _ckcg yngh ]crmnitnr mj Fursn Cicd Bndnrtn )

Eac`

Vjidn` No`knm


24/28

SGJYCV_J]N_ KS@NKKNMJZN@ KNANGHINDSA]N_ CDEGEKJ

BSGJ 6


25/28

Ssuang \cgcajtjng

NGNAJ_J_ DC\S]S_NG _]VSD]SV KEMNA(_tumj pnmn Jgmustrj _ckcg yngh ]crmnitnr mj Fursn Cicd Bndnrtn)

Sgtud kckcgu`j snan` sntu pcrsynrntng Kcgonpnj

Mcrnbnt hcanr snrbngn cdegekj

Eac`

Vjidn` No`knm


26/28

BSGJ 6


27/28

NGNAJ_J_ DC\S]S_NG _]VSD]SV KEMNA(_tumj pnmn Jgmustrj _ckcg yngh tcrmnitnr mj Fursn Cicd Bndnrtn)

Eac`2

Vjidn` No`knm


28/28

MV @. Fnkfngh Xjmnhme, K.K. Mrs. Vn`knt Xjbnyn, K.K.

analisis keputusan struktur modal (studi pada industri semen yang terdaftar di bursa efek jakarta)

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