PENGUKURAN KINERJA KEUANGAN BERBASIS RETURN ON INVESTMENT (ROI) DAN ECONOMIC VALUE ADDED (EVA) PADA PERUSAHAAN SEMEN YANG LISTING DI BEJ

Muslikah Muslikah

Abstract


The research is a case study in the cement companies listed in the Jakarta Stock Market namely PT. Semen Gresik, Tbk and PT. Indocement TP,Tbk entitles “ The Measurement on the Return On Investment (ROI) and Economic Value Added (EVA) based financial performance on the listed cement companies at Jakarta Stock Market.
The purpose of the research is to know and do empirical testing about the implementation of Return On Investment (ROI) and Economic Value Added (EVA) in evaluating the financial performance of the company and to know the performance of each company weather by yielding a good ROI can create an economical plus value on the company. Whereas, the analysis means used is ROI (Return On Investment) using Margin Profit and Turnover Assets. Economic Value Added also used by using indicator dept capital cost, own capital cost by using Discount Cash Flow-DCF and the average capital balance.
Based on the ROI calculation, the financial performance was know by comparing the ROI calculation of cement industry listed in the Jakarta Stock Market. The ROI calculation on PT. Semen Gresik, Tbk showed the financial performance of the company durng the research period (1999-2001) was better than any other companies in the same industry. While PT. indocement TP Tbk at 1999 the financial performance of the company is good from the result of the comparison with other companies. While in 2000-2001 the company’s financial performance showed a bad performance. From the result of analysis EVA on PT. Cemen Gresik, Tbk for 1999-2001 have yielded a positive EVA value, which meant that company had created a plus economic value on the company. It also means that the company is well considered for the investor to invest their money. While in PT. Indocement TP Tbk yielded EVA<0, it means that the company during the research period did not yield a plus economic value in the company, so investor should reconsider their decision to invest their money.
Based on the elaborate conclusion, the researcher can give implication from research which show that the company which has a good financial performance from the same industry and can create a plus economic value so it should become a choice for the investor to invest their money. If the company showed not to good in financial performance from the comparison and calculation with the same industry, and cannot create a plus economic value so that company is not good to be used as an investment.

 

Keyword : pengkuran kinerja keuangan; roi; eva

 

Link Terkait : http://skripsi.umm.ac.id/files/disk1/25/jiptummpp-gdl-s1-2004-muslikah98-1234-PENDAHUL-N.pdf


Keywords


pengkuran kinerja keuangan; roi; eva