Pentingnya Penggunaan Hutang sebagai Sumber Pembiayaan Modal Kerja dalam Rangka Meningkatkan Profitabilitas pada PT. Mustika Ratu Tbk
| Main Authors: | Rachmawatik, Arvita Puri, jadi P, Moel |
|---|---|
| Format: | Article info application/pdf eJournal |
| Bahasa: | eng |
| Terbitan: |
Fakultas Ekonomi dan Bisnis Universitas Brawijaya
, 2013
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| Online Access: |
https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/308 https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/308/255 |
Daftar Isi:
- The background of this research is the analysis of the sources and uses of working capital based on the company's financial statements in the form of balance that can be used by the company's management in particular financial managers to know how a company manages its working capital to improve profitability. This study aims to provide advice to the PT. Mustika Ratu Tbk in determining the appropriate financing to meet its working capital needs in improving the company's profitability. This research includes descriptive research with quantitative methods. Object of this study is PT. Mustika Ratu Tbk year observation period 2009-2011. Data analysis techniques using comparative balance sheet analysis, analyzing the sources and uses of working capital, determine sales projections, analyze the external funding needs, determine the indifference point between debt with common stock, determine the projected EBIT, EBIT-EPS analysis at various levels of EBIT.The results showed that PT. Mustika Ratu need additional capital amounting to Rp 53,299,990,284 to be obtained through bank loans or issuing new common stock. From the analysis it can be seen that the expected level of EBIT is greater than his Indifference Point. So the company should use the composition of debt is greater than common stock. With the increasing use of debt, the company will increase EPS when the company earned EBIT EBIT above the indifference point. The company has been trading on the eqity run because the company used the funds to fixed charges that result in beneficial effects of funds to holders of ordinary shares are in form EPS enlarge it. Keywords: Working Capital, Financial Leverage, Indifference Point, Earning Before Interest & Tax, and Earning Per Share