Perpustakaan Digital ITB

PT VWX is one of supporting institution of the Indonesian Capital Market. PT VWX is credit rating agency that set up in 1994. PT VWX wants to build the working capital strategy which has a goal to improve their efficiency. There is a fact indicate that the current ratio of PT VWX for the six years period in 2012 – 2017 has a number that is too high. It shows the inefficient condition of the Company. Therefore, the aim of this research are to analyze the best forecasting model for the working capital of PT VWX, to calculate the amount of the working capital needed of PT VWX for the next five years, and to calculate and analyze the cost of the working capital financing of PT VWX for the next five years. This research is using time series data analysis, which is using six years period between 2012 – 2017. Based on the analysis, the best forecast model for this research is ARIMA(1,0,1)-GARCH(1,1). The forecast result shows that there is a stagnan phase for the working capital needed for the next five years. Based on the total cost financing strategy calculation that the aggressive financing strategy is far less expensive than the conservative financing strategy. Since 2012, PT VWX didn't have any debt to the financial institution. Thus, the cost of borrowing in this context would be an opportunity cost for the Company and suppose to be able to gain more profitability through the investment of any surplus balance.