Analisis Penilaian Kinerja Keuangan Melalui Pendekatan Economic Value Added dan Rasio Probitabilitas pada Manufaktur Mie Instan dan Pengolahan Terigu Terbesar di Indonesia  

Oleh:

Halim, Johan

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI - atma jaya
Dalam koleksi: Telaah Manajemen: Jurnal Riset & Konsep Manajemen vol. 2 no. 1 (May 2007), page 18-36.
Topik: Economic Value Added (EVA); Return On Asset (ROA); Return On Equity (ROE); Net Profit Margin (NPM); Cost of Capital; Financial Performance
Fulltext: 18-36.pdf (197.4KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: TT32.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada	Lihat Detail Induk
Perpustakaan PKPM Nomor Panggil: T39 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada	Lihat Detail Induk

Isi artikel

In general, companies use profitability ratio such as Return on Asset (ROA), Return on Equity (ROE), and Net Profit Margin (NPM) to evaluate their financial performances which then used as indicators of successful management in the companies. However, the usage of profitability ratio as the sole measurement of maximizing the company value has several weaknesses which ignore the present of cost of equity that makes it difficult to know whether the company has really create values. In this research, the writer tries to use a different approach using the Economic Value Added (EVA) principle to evaluate the company financial performance. EVA principle states that EVA calculates all cost of capital. This research uses descriptive approach that explains and describes financial performance of the company based on analysis which develops concepts, collects facts, and uses performance valuation method through hypothesis testing. For the period of 1999 – 2003, PT Indofood Sukses Makmur, Tbk. (INDF) had generated positive ROA, ROE and NPM with a downward trend. In contrast, the company had generated negative EVA for the year 1999 and showed upward trend for the following two years which reached its highest in 2001 and then showed downward trend for the next following two years which reached its lowest in 2003. Based on the result of correlation coefficient and hypotheses testing of the above phenomenons, the writer concludes that EVA does not have significant relationship either with ROA nor ROE nor NPM. This indicates that financial performance valuation through ROA, ROE, and NPM analyses are not in line with financial performance valuation through EVA analysis. This concludes that the company’s net income did not reflect its real income due to the high cost of capital which was not calculated in income statement.

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