PENILAIAN KINERJA KEUANGAN PERUSAHAAN DENGAN METODE ECONOMIC VALUE ADDED (EVA) DAN MARKET VALUE ADEED(MVA)

Desi Indayani

Abstract


This is the descriptive study at the “Telecommunication Company by the title “The Evaluation of Company Finance Performance by Using Economic Value Added (EVA) and Market Value Added (MVA) Methods (The Study at The Go Public Telecommunication Company at Jakarta Stock Exchange).
This study is aimed to examine The Evaluation of Company Finance Performance by Using EVA and MVA Methods.
The measuring rod used by EVA is that if EVA >0 so there is economical value into the certain company or bussiness, if EVA =0 so it shows that the company is equal because all of the profit is used for paying its duty toward creditor or stock holder, and if EVA <0 so it shows that there is no added value because the existing profit cannot fulfill the creditor, especially the stock holder. Besides, the measuring rod used by MVA is that if MVA is positive (>0) so that the management has succeed in developing company’s wealth as well as the stock holders’ wealth, and if MVA is negative (<0) it means that the manager has decreas the company’s wealth as well as the stock holders’. The concept of EVA and MVA have same purpose that is creating economic added value for the creditors.
The counting result of the telecommunication company PT. TELKOM is positive in 2001 and 2002 by using EVA method, that is Rp 6.263.708.229.500 and Rp 6.405.058.919.200. Whereas, it is negative in 2003, that is Rp 2.389.027.045.200. While the counting result of the telecommunication company PT.INDOSAT is positive in 2001 by using EVA method, that is Rp 3.127.965.674.000. Whereas, it is negative in 2002 and 2003, that is Rp 584.512.073.000 and Rp 7.228.724.417.200. The MVA counting result for PT TELKOM is positive in 2001, 2002, and 2003 Rp 23.373.000.000.000, Rp 32.382.000.000.000, and Rp 43.302.000.000.000. In the other hand, the result of MVA of PT INDOSAT is positive in 2001, 2002, 2003 those are Rp. 8.335.775.000.000, Rp 9.215.950.000.000 and Rp 8.719.773.000.000. Between the two companies, the Company Finance Performance of PT TELKOM is better because in 2001 and 2002 EVA and MVA are positive, in 2003 EVA is negative and MVA is positive. Besides, the Company Finance Performance of PT INDOSAT in 2001 is positive for both EVA and MVA, and in 2002 and 2003 EVA is negative and MVA is positive.
Based on the conclusion above, the writer can imply that to increase positive EVA, it is supposed to pay attantion on the capital structure, whether it is long period debt or its stock capital because the capital structure will influence the number of WACC which is finally influence EVA.

 

Keyword : EVA; MVA

 

Link Terkait : http://skripsi.umm.ac.id/files/disk1/34/jiptummpp-gdl-s1-2005-desiindaya-1681-PENDAHUL-N.pdf


Keywords


EVA; MVA