Analisis komparatif terhadap kinerja keuangan perusahaan yang listing dan delisting di Jakarta Islamic Index (JII)

Bararatul, Hasanah (2014) Analisis komparatif terhadap kinerja keuangan perusahaan yang listing dan delisting di Jakarta Islamic Index (JII). Undergraduate thesis, Universitas Islam Negeri Maulana Malik Ibrahim.

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Abstract

INDONESIA:

Jakarta Islamic Index (JII) merupakan indeks syariah di Indonesia yang terdiri dari 30 saham unggulan, aktif dengan kapitalisasi pasar tertinggi dan dipilih dari tingkat likuiditas (nilai transaksi di pasar regular selama 1 tahun terakhir). Proses pengevaluasian terhadap dilakukan 6 bulan sekali. Dalam proses pengevaluasian tersebut akan ada saham yang tetap (listing) dan ada juga yang keluar (delisting). Dengan adanya fenomena tersebut, penulis tertarik untuk meneliti kinerja keuangan dari perusahaan yang listing dan perusahaan yang delisting.

Penelitian ini bertujuan untuk mengetahui apakah terdapat perbedaan kinerja keuangan perusahaan yang listing dan perusahaan yang delisting dengan menggunakan metode Economic Value Added (EVA), Financial Value Added (FVA) dan Shareholder Value Added (SVA). Objek dalam penelitian ini adalah saham-saham yang tergabung dalam Jakarta Islamic Index (JII).

Dari hasil penelitian menunjukkan bahwa kinerja keuangan perusahaan yang listing dan delisting di JII terdapat perbedaan apabila menggunakan metode Economic Value Added (EVA). Hal tersebut disebabkan nilai NOPAT (Net Operating After Tax) perusahaan yang listing lebih besar dibandingkan biaya modalnya. Sedangkan pada perusahaan yang delisting nilai NOPAT lebih rendah dibandingkan biaya modalnya. Apabila menggunakan metode Financial Value Added (FVA) menunjukkan bahwa kinerja keuangan perusahaan yang listing dan delisting tidak terdapat perbedaan. Hal tersebut disebabkan karena nilai NOPATD (Net Operating After Tax + Depreciation) lebih besar dibandingkan ED (Equivalent Depreciation) yang menunjukkan penggunaan asset kedua perusahaan tersebut sama besar. Begitupula dengan metode Shareholder Value Added (SVA) menunjukkan bahwa tidak terdapat perbedaan kinerja keuangan antara perusahaan yang listing dengan perusahaan yang delisting. Hal tersebut disebabkan karena perusahaan yang listing memiliki nilai WACC negative. Sedangkan pada perusahaan delisting indikator lainnya seperti tax rate, OPM, dan Incremental Working Capital memiliki nilai negative juga.

ENGLISH:

Jakarta Islamic Index (JII) is a sharia index in Indonesia represents 30 leading stocks, active with the highest market capitalization and are chosen from the level of liquidity (value of transactions in the regular market for the last 1 year). Process evaluation to be done every 6 months. In the evaluation process will be a fixed share (listings) and there is also the exit (delisted). Given this phenomenon, the authors are interested in examining the financial performance of companies listed and delisted companies.

This determine study aims to whether there are differences the financial performance of companies listed and delisted companies using Economic Value Added (EVA), the Financial Value Added (FVA) and Shareholder Value Added (SVA). Objects in this study are stocks that are members of the Jakarta Islamic Index (JII).

The results showed that the financial performance of companies listed and delisted in JII there is a difference when using Economic Value Added (EVA). This is due to the value of NOPAT (Net Operating After Tax) of listed companies is greater than the cost of capital. While the company is delisted NOPAT value is lower than their cost of capital. When using the Financial Value Added (FVA) shows that the financial performance of companies listed and delisted there is no difference. This is because the value NOPATD (Net Operating After Tax + Depreciation) greater than the ED (Equivalent Depreciation) that shows the use of the assets of both companies are equally large. Neither the method of Shareholder Value Added (SVA) showed that there were no differences between the financial performances of companies listed with the company delisted because SVA calculation results of both were negative. This is because the company has a listing WACC negative value. While on other indicators such as delisting the company tax rate, OPM, and Incremental Working Capital has a negative value as well.

Item Type: Thesis (Undergraduate)
Supervisor: Oktaviana, Ulfi Kartika
Keywords: Kinerja Keuangan; Econmic Value Added (EVA); Financial Value Added (FVA); Shareholder Value Added (SVA); Financial Performance;
Subjects: 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150203 Financial Institutions (incl. Banking)
Departement: Fakultas Ekonomi > Jurusan Manajemen
Depositing User: Saputra Edi
Date Deposited: 30 Jul 2015 03:54
Last Modified: 30 Jul 2015 03:54
URI: http://etheses.uin-malang.ac.id/id/eprint/684

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