Path: TopS1-Final ProjectSchool of Business and Management2007

ANALISA PERUSAHAAN TELEKOMUNIKASI SWASTA DAN NEGARA DI INDONESIA PRABUKUSUMO PRAKOSO

ANALYZING INDONESIA PRIVATE AND STATE-OWNED TELECOMMUNICATION COMPANIES

Undergraduate Theses from JBPTITBPP / 2012-06-18 14:44:53
Oleh : Prabukusumo Prakoso (19004064), Institute Technology Bandung
Dibuat : 2007-07-00, dengan 7 file

Keyword : Capital Structure; Indonesia Telecommunication Industry; Debt Ratio Leverage.
Subjek : School of Business and Management
Kepala Subjek : Business and Management

Abstrk:



Perkembangan industri telekomunikasi sebagai infrastruktur internasional telah memainkan peranan penting dalam membentuk arus informasi. Globalisasi juga merupakan salah satu unsur yang mempercepat perkembangan industri tersebut. Di Indonesia, perkembangan telekomunikasi dimulai dengan inisiatif pemerintah dengan mendirikan badan usaha swasta penyedia layanan pos dan telegraf. Layanan komunikasi tersebut membantu kelancaran arus informasi dalam jaman kolonial pemerintah Hinda Belanda mengingat bahwa landasan geografis Indonesia yang menarik. Lalu pada tahun 1961, status tersebut diubah menjadi Perusahaan Negara Pos dan Telekomunikasi dan tahun 1965 perusahaan tersebut dipecah mencadi Perusahaan Negara Pos dan Giro dan Perusahaan Negara Telekomunikasi. Dari segi struktur permodalan (capital structure),perkembangan industri telekomunikasi di Indonesia berjalan dengan perubahan regulasi pemerintah terhadap sektor telekomunikasi, kemajuan teknologi yang ada, serta peran serta perusahaan tersebut dalam menyikapi perilaku pasar telekomunikasi di Indonesia. Perlu diketahui bahwa modal merupakan salah satu faktor utama dalam mendirikan perusahaan, karena dengan adanya struktur modal yang proporsional dapat mendatangkan keuntungan yang strategis dalam jangka waktu yang pendek maupun panjang. Dilihat dari perkembangan industri telekomunikasi Indonesia, PT Indosat merupakan salah satu contoh nyata dari struktur permodalan yang mengalami perubahan, diawali dari pendirian perusahaan yang bermodalkan dana asing pada tahun 1967, menjadi Badan Usaha Milik Negara pada tahun 1980, serta menjadi Perusahaan bermodalkan dana Asing pada awal 2000. Dilihat dari pandangan umum terhadap perusahaan telekomunikasi yang ada di Indonesia sekarang ini sudah cukup membuktikan bahwa persaingan usaha di industri ini termasuk kompetitif baik dalam menghadapi kemajuan di bidang teknologi, kesigapan perusahaan dalam menghadapi pasar telekomunikasi, serta peran serta pemerintah dalam membuat regulasi di sektor telekomunikasi. Perusahaan telekomunikasi baik dari swasta dan pemerintah sangat menonjol baik secara struktur permodalan dan perubahan layanan telekomunikasi dalam menunjang kemajuan industri telekomunikasidi Indonesia. Oleh karena itu sangatlah penting untuk memahami karakteristik dari struktur pendanaan yang mendanai perusahaan tersebut dalam membantu menjelaskan performa perusahaan itu.

Deskripsi Alternatif :

Abstract:



The development of telecommunication industry has played as a vital global infrastructure to define the information flows. Globalization has also one of the variables that excel the industry development process. For Indonesia, the development of the telecommunication itself derived from the government initiative by establishing a privately owned company that provides mail service and telegraph. This communication service has a tremendous effort for the distribution of the information in the Netherlands colony, considering the geographical challenges of Indonesia. Then at 1961, this status has changed to be Perusahaan Negara Pos dan Telekomunikasi (State-owned Post and Telecommunication Company) and by the year 1986 the company has split in to two which is the Perusahaan Negara Pos dan Giro ( The state-owned Post and Giro Company) and Perusahaan Negara Telekomunikasi ( The State-owned Telecommunication Company. We put forward a theory of the optimal capital structure of the firm based on Modigliani and Miller (Levine ,1958:23) hypothesis that the value of a firm is unaffected by how that firm is financed in an efficient market. This study investigates the capital structure pattern of the Telecommunication companies which is listed in the Jakarta Stock Exchange and determines the factors that influence the capital structure behavior over different type of financing in Indonesia. The impact of economic condition and industrial on long-term, short- term, total debt ratios was studied. The findings shows that state owned company has a tendency in adjusting their debt ratio in responding to the long run of monopolization in this industries. Besides, the debt ratio was found to be industry specific and it is best used in analyzing the related companies in the same industry. Result from the independent t-test samples shows that the ratio of debt ratio, debt to equity ratio, return on assets, return on equity, and current assets are the variables that have the lower ratio on the state-owned company than the private-owned company. All the determinants proved to agree with the Modigliani theories and previous findings in the Shumi Akhtars journals in developed this final project. The assumptions also indicate time effect and the determinants behave differently under different economic condition will remain constant, yet the result will illustrate the ratio pattern which is treated from the financial ratio in the financial statements of each companies, particularly in dividing the state and private-owned company in Indonesia. From seeing the company profile that operates in Indonesia, it indicates that the telecommunication industry is competitive both in technology and its service. So it is dependable to the company in answering the challenge from the global telecommunication users and capital structure is one of the key to determine the performance on each company and to analyze the significant patterns which the state and private owned company responds to the dynamics of telecommunication industry.

Copyrights : Copyright (c) 2007 by School of Business and Management .Information Dissemination Right @2007 ITB Central Library, Jl. Ganesha 10 Bandung,40132, Indonesia.



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  • Pembimbing : Deddy P. Koesrindartoto Ph.D.




    Scanner: Alice Diniarti; 2007-12-06., Editor: Alice Diniarti

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