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FACTORS AFFECTING DIFFERENCES OF ECONOMIC VALUE ADDED IN TOBACCO COMPANIES

FACTORS AFFECTING DIFFERENCES OF ECONOMIC VALUE ADDED IN TOBACCO COMPANIES

2017
Master Theses from JBPTITBPP / 2017-10-02 11:02:58
Oleh : Gameyla Puteri Estrid 29115124, S2 - MBA-ITB (g)
Dibuat : 2017-09-25, dengan file

Keyword : tobacco, cigarettes, economic value added.

Dalam beberapa tahun terakhir, ekspor dan jumlah produksi tembakau di Indonesia menurun dari tahun ke tahun, sementara impor meningkat. Ini menjadi salah satu indikasi jika permintaan rokok di Indonesia meningkat dan berpotensi untuk tumbuh, sehingga para investor asing tidak ragu untuk investasi besar-besaran di industri tembakau. Industri ini memiliki peran penting dalam ekonomi nasional melalui kontribusi cukai yang besar. HM Sampoerna adalah pemain terbesar dengan market share sebesar 35%. Selain itu ada Gudang Garam, Bentoel, dan Wismilak. Dilihat dari profit, HM Sampoerna adalah yang paling besar di antara yang lain, kemudian diikuti oleh Gudang Garam dan Wismilak. Sementara itu, Bentoel mengalami kerugian di 2016. Tetapi jika perusahaan menghasilkan profit belum tentu menghasilkan value. Menggunakan economic value added (EVA) sebagai alat ukur, sehingga penelitian ini bertujuan untuk melihat apakah semua perusahaan yang profit juga menghasilkan value added dalam rangka memaksimalkan shareholder-value. Dan melihat faktor apa yang mempengaruhi nilai EVA. Formula of EVA dipecah menjadi tiga level. Level pertama, EVA terdiri dari invested capital dan economic spread. Level kedua, economic spread dibagi menjadi weighted average cost of capital dan return on invested capital. Pada level ketiga, terdiri dari capital structure, cost of capital, NOPAT margin, and invested capital turnover. Analisis sebab-akibat dari tiap level dengan menggunakan successive substitutions method. Hasilnya, dari empat perusahaan yang diuji terdapat dua perusahaan dengan EVA negatif yang disebabkan oleh NOPAT margin yang rendah.


Kata kunci: tembakau, rokok, economic value added.

Deskripsi Alternatif :

In recent years, export and production quantities of tobacco in Indonesia fell from year to year, while an amount of import is increasing. This become one of the indications the demand for cigarettes in Indonesia is increasing and has the potential to grow, so it is no wonder that foreign investors dare to make massive investments in tobacco industry in Indonesia. Tobacco industry has an important role in the national economy through contributing excise duty. HM Sampoerna is the biggest player in tobacco industry with 35% of market share. And there are Gudang Garam, Bentoel, and Wismilak. From profit it can be said that HM Sampoerna is the largest among others, followed by Gudang Garam and Wismilak. Meanwhile, Bentoel suffer loss in 2016. But create profit it does not mean also create value added. Using economic value added (EVA) as a measurement so this study aims to see whether all companies that generate profit also generate value added in order to maximize shareholder value. And it can be seen what factors affect the value of EVA. The formula of EVA was transformed and divided into three levels. At the first level, EVA depends on invested capital and economic spread. At the second level, the economic spread divided into the weighted average cost of capital and return on invested capital. At third level, there are capital structure, cost of capital, NOPAT margin, and invested capital turnover. Using successive substitutions method do analyze the causes and effects of each level. The results of the four companies tested were two companies with negative EVA caused by low NOPAT margins

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  • Martin P.H Panggabean Ph.D, Editor: Yose Ali Rahman