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ABSTRACT
ABSTRACT
This research is analyzing financial performance of PT HM Sampoerna, Tbk.
Financial performance is measured by a ratio of finance: liquidity ratio, solvability
ratio, activity ratio, profitability ratio. It uses secondary data, where as the
population is tobacco industry companies that are registered in Indonesian Stock
Exchange (IDX). This research uses purposive sampling and states PT HM
Sampoerna, Tbk. The result shows liquidity and solvability ratio are unfavorable for
current liabilities is especialy cigarette custom. Meanwhile, activity and profitability
ratio are better for the effectiveness create in managing receivable accounts. Besides
the company’s ability to create profit is good for well managed productivity.
Keywords: ratio analysis, liquidity ratio, solvability ratio, activity ratio, profitability
ratio
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Universitas Kristen Maranatha
ABSTRAK
Penelitian ini bertujuan untuk menganalisis kinerja keuangan dengan menggunakan
analisis rasio pada PT HM Sampoerna, Tbk. Kinerja keuangan perusahaan diukur
dengan rasio-rasio keuangan: rasio likuiditas, rasio solvabilitas, rasio aktifitas, dan
rasio profitabilitas. Data yang digunakan dalam penelitian ini adalah data sekunder,
sementara populasi studi yang digunakan adalah perusahaan dalam industri rokok
yang terdaftar pada BEI. Teknik pengambilan sample yang digunakan adalah
purposive sampling dan sampel yang tersaring adalah PT HM Sampoerna, Tbk. Hasil
dari penelitian tersebut ialah dimana pada rasio likuiditas dan solvabilitas perusahaan
dikategorikan kurang baik. Karena total hutang yang tinggi terutama pada hutang
lancar karena tingginya hutang cukai perusahaan. Sementara itu, rasio aktivitas dan
profitabilitas perusahaan dikategorikan baik. Karena keefetifan perusahaan dalam
mengelola piutang sangat baik. Selain itu kemampuan perusahaan dalam mencari
keuntungan atau laba sangat baik karena produktifitas yang dikelola dengan baik.
Kata-kata kunci : analisis rasio, rasio likuiditas, rasio solvabilitas, rasio aktivitas,
profitabilitas
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Universitas Kristen Maranatha
DAFTAR ISI
HALAMAN JUDUL............................................................................................... i
HALAMAN PENGESAHAN ................................................................................. ii
SURAT PERNYATAAN KEASLIAN SKRIPSI ................................................... iii
KATA PENGANTAR ............................................................................................ iv
ABSTRACT .............................................................................................................. vii
ABSTRAK .............................................................................................................. viii
DAFTAR ISI ........................................................................................................... ix
DAFTAR GAMBAR .............................................................................................. xii
DAFTAR TABEL ................................................................................................... xiii
DAFTAR LAMPIRAN ........................................................................................... xv
DAFTAR ISTILAH ................................................................................................ xvi
BAB I PENDAHULUAN
1.1 Latar Belakang Masalah .................................................................................... 1
1.2 Identifikasi Masalah .......................................................................................... 4
1.3 Tujuan Penelitian .............................................................................................. 5
1.4 Manfaat Penelitian ............................................................................................ 5
BAB II KAJIAN PUSTAKA
2.1 Kajian Pustaka ................................................................................................... 7
2.1.1 Pengertian Kinerja Keuangan Perusahaan .............................................. 7
2.1.1.1 Tujuan Pengukuran Kinerja Keuangan ................................................ 8
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Universitas Kristen Maranatha
2.1.1.2 Ukuran Kinerja..................................................................................... 9
2.1.2 Laporan Keuangan .................................................................................. 10
2.1.2.1 Tujuan Laporan Keuangan ................................................................... 11
2.1.2.2 Unsur-unsur Laporan Keuangan .......................................................... 12
2.1.2.3 Karakteristik Laporan Keuangan ......................................................... 15
2.1.2.4 Pemakai Laporan Keuangan ................................................................ 16
2.1.3 Analisis Laporan Keuangan .................................................................... 18
2.1.3.1 Analisis Rasio Keuangan ..................................................................... 19
2.1.3.2 Jenis-Jenis Rasio Keuangan ................................................................. 20
2.1.2.3 Keunggulan dan Keterbatasan Analisis Rasio Keuangan .................... 22
2.1.2.4 Pembanding Rasio Keuangan .............................................................. 23
2.2 Rerangka Pemikiran .......................................................................................... 24
2.3 Penelitian Terdahulu ......................................................................................... 26
BAB III METODE PENELITIAN
3.1 Objek Penelitian ................................................................................................ 29
3.2 Jenis Penelitian .................................................................................................. 30
3.3.Teknik Pengumpulan Data ................................................................................ 30
3.4 Populasi dan Sampel ......................................................................................... 31
3.5 Teknik Pengambilan Sampel............................................................................. 31
3.6 Definisi Operasional Variabel ........................................................................... 32
BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1 Rasio Likuiditas ................................................................................................ 40
4.1.1 Rasio Lancar/Current Ratio .................................................................... 40
4.1.2 Rasio Cepat/Quick Ratio ......................................................................... 41
4.1.3 Rasio Kas/Cash Ratio ............................................................................. 42
4.1.4 Perputaran Kas/Cash Turn Over ............................................................. 43
4.1.5 Invetory to Net Working Capital ............................................................. 44
4.2 Rasio Solvabilitas .............................................................................................. 45
4.2.1 Rasio Hutang terhadap Total Aktiva/Debt to Assets Ratio ..................... 45
4.2.2 Rasio Hutang terhadap Ekuitas/Debt to Equity Ratio ............................. 46
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Universitas Kristen Maranatha
4.2.3 Long Term Debt to Equity Ratio ............................................................. 47
4.2.4 Times Interest Earned ............................................................................. 48
4.3 Rasio Aktivitas .................................................................................................. 49
4.3.1 Perputaran Piutang/Receivable Turn Over.............................................. 49
4.3.2 Perputaran Persediaan/Inventory Turn Over ........................................... 50
4.3.3 Perputaran Modal Kerja/Working Capital Turn Over ............................ 51
4.3.4 Fixed Asset Turn Over ............................................................................ 52
4.3.5 Perputaran Total Aktiva/Total Assets Turn Over .................................... 53
4.4 Rasio Profitabilitas ............................................................................................ 53
4.4.1 Net Profit Margin .................................................................................... 54
4.4.2 Return on Investment .............................................................................. 54
4.4.3 Return on Equity ..................................................................................... 55
BAB V SIMPULAN DAN SARAN
5.1 Simpulan ........................................................................................................... 57
5.2 Saran.................................................................................................................. 59
DAFTAR PUSTAKA ............................................................................................. 60
DAFTAR RIWAYAT HIDUP PENULIS (CURRICULUM VITAE) ..................... 62
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Universitas Kristen Maranatha
DAFTAR GAMBAR
Gambar 2.1 Rerangka Pemikiran ............................................................................ 25
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Universitas Kristen Maranatha
DAFTAR TABEL
Tabel 4.1 Perhitungan Rasio Lancar/Current Ratio PT HM Sampoerna,
Tbk. pada periode 2008-2012 (dalam jutaan rupiah) ......................................... 40
Tabel 4.2 Perhitungan Rasio Cepat/Quick Ratio PT HM Sampoerna, Tbk.
pada periode 2008-2012 (dalam jutaan rupiah) .................................................. 41
Tabel 4.3 Perhitungan Rasio Kas/Cash Ratio PT HM Sampoerna, Tbk.
pada periode 2008-2012 (dalam jutaan rupiah) .................................................. 42
Tabel 4.4 Perhitungan Perputaran Kas/Cash Turn Over PT HM
Sampoerna, Tbk. pada periode 2008-2012 (dalam jutaan rupiah) ..................... 43
Tabel 4.5 Perhitungan Inventory to Net Working Capital PT HM
Sampoerna, Tbk. pada periode 2008-2012 (dalam jutaan rupiah) ..................... 44
Tabel 4.6 Perhitungan Rasio Hutang terhadap Total Aktiva/Debt to
Assets Ratio PT HM Sampoerna, Tbk. pada periode 2008-2012 (dalam
jutaan rupiah)...................................................................................................... 45
Tabel 4.7 Perhitungan Rasio Hutang terhadap Ekuitas/Debt to Equity
Ratio PT HM Sampoerna, Tbk. pada periode 2008-2012 (dalam jutaan
rupiah) ................................................................................................................ 46
Tabel 4.8 Perhitungan Long Term Debt to Equity Ratio PT HM
Sampoerna, Tbk. pada periode 2008-2012 (dalam jutaan rupiah) ..................... 47
Tabel 4.9 Perhitungan Times Interest Earned PT HM Sampoerna, Tbk.
pada periode 2008-2012 (dalam jutaan rupiah) .................................................. 48
Tabel 4.10 Perhitungan Perputaran Piutang/Recivable Turn Over PT HM
Sampoerna, Tbk. pada periode 2008-2012 (dalam jutaan rupiah) ..................... 49
Tabel 4.11 Perhitungan Perputaran Persediaan/Inventory Turn Over PT
HM Sampoerna, Tbk. pada periode 2008-2012 (dalam jutaan rupiah) .............. 50
Tabel 4.12 Perhitungan Perputaran Modal Kerja/Working Capital Turn
Over PT HM Sampoerna, Tbk. pada periode 2008-2012 (dalam jutaan
rupiah) ................................................................................................................ 51
Tabel 4.13 Perhitungan Fixed Asset Turn Over PT HM Sampoerna, Tbk.
pada periode 2008-2012 (dalam jutaan rupiah) .................................................. 52
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Universitas Kristen Maranatha
Tabel 4.14 Perhitungan Perputaran Total Aktiva/Total Assets Turn Over
PT HM Sampoerna, Tbk. pada periode 2008-2012 (dalam jutaan
rupiah) ................................................................................................................ 53
Tabel 4.15 Perhitungan Net Profit Margin PT HM Sampoerna, Tbk. pada
periode 2008-2012 (dalam jutaan rupiah) .......................................................... 54
Tabel 4.16 Perhitungan Return on Investment PT HM Sampoerna, Tbk.
pada periode 2008-2012 (dalam jutaan rupiah) .................................................. 54
Tabel 4.17 Perhitungan Return on Equity PT HM Sampoerna, Tbk. pada
periode 2008-2012 (dalam jutaan rupiah) .......................................................... 55
Tabel 5.1 Data Penelitian Kinerja Keuangan PT HM Sampoerna, Tbk.
(2008-2012) ................................................................................................... 57
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Universitas Kristen Maranatha
DAFTAR LAMPIRAN
Lampiran A Laporan Keuangan PT HM Sampoerna, Tbk tahun 2008
Lampiran B Laporan Keuangan PT HM Sampoerna, Tbk tahun 2009
Lampiran C Laporan Keuangan PT HM Sampoerna, Tbk tahun 2010
Lampiran DLaporan Keuangan PT HM Sampoerna, Tbk tahun 2011
Lampiran E Laporan Keuangan PT HM Sampoerna, Tbk tahun 2012
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DAFTAR ISTILAH
AR
= Account Receivable
C
= Cash
CaR
= Cash Ratio
CA
= Current Assets
CL
= Current Liabilities
CR
= Current Ratio
CTO
= Cash Turn Over
DtAR
= Debt to Asset Ratio
DtER
= Debt to Equity Ratio
E
= Equity
EAT
= Earning After Tax
EBIT
= Earning Before Tax
FATO = Fixed Asset Turn Over
I
= Inventory
In
= Interest
INWC = Inventory Net Working Capital
ITO
= Inventory Turn Over
LTD
= Long Term Debt
LTDtER = Long Term Debt to Equity Ratio
NPM
= Net Profit Margin
NWC
= Net Working Capital
QR
= Quick Ratio
ROE
= Return On Equity
ROI
= Return On Investment
RTO
= Receivable Turn Over
S
= Sales
TA
= Total Assets
TATO = Total Assets Turn Over
TD
= Total Debt
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Universitas Kristen Maranatha
TFA
= Total Fixed Assets
TIE
= Times Interest Earned
WCTO = Working Capital Turn Over
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Universitas Kristen Maranatha
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