PENERAPAN ANALISIS ECONOMIC VALUE ADDED (EVA) DALAM MENILAI KINERJA KEUANGAN (Studi Pada Perusahaan Telekomunikasi yang Tercatat di BEI 2005-2007)

Nofi Yulianawati


The research aimed to find out a telecommunication company financial
performance listed in Indonesia Stock Exchange between 2005 to 2007. performance
measurement was Economic Value Added (EVA) method. EVA itself is a
performance combined value achievement with cost to get additional value. EVA
method aimed to measure whether the company owed additional economic value or
un-healthy company which mean that it has no economic additional value.
Data used was secondary data where the data was data found indirectly from the
company and related institution. Data used was financial report of each company
between 2005-2007. Stock Price Index 2005-2007 and the interest level of Indonesia
Bank certificate 2005-2007. The population taken in this research were all
telecommunication company listed in Indonesia Stock Exchange 2005-2007.
Calculation of all telecommunication in 2005-2007 there some has additional
economic value and some of them has no additional economic value. In
telecommunication company, there only PT. Telekomunikasi Indonesia Tbk, which
owed positive value (EVA>0) or have additional value. PT. Indosat Tbk, PT.
Excelcomindo Pratama Tbk, PT. Mobile-8 Telecom Tbk, PT. Bakrie Telecom Tbk
and PT. Infoasia Tekhnologi Global Tbk, owed negative additional value (EVA<0) or
has no additional economic value.
According to the existing calculation, there could be concluded that PT.
Telekomunikasi Tbk, is a company which owed better additional value than the other
company. The existing positive value (EVA>0) from PT. Telekomunikasi Indonesia
Tbk, showed that the existing profit by the company able to fulfil the hope of fundholder.
For telecommunication company which owed negative value (EVA<0) or has
no additional economic value, it showed that the company profit could not fulfill the
hope of the fund-holder.
According to the conclusion, the suggestion for the company was the company
should be able to defend and increase the company performance for the upcoming
years. The un-healthy company or negative performance company should increase
their performance and pay attention to the capital structure in upcoming years.
Investor should pay attention to the EVA in every company which became
investment place. For the investors who gave the stock to the healthy company, they
should return the fund invested. Investor who invested their stock in un-healthy
company could not be able to return their fund.


Keyword : Economic Value Added, Kinerja Keuangan

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Economic Value Added; Kinerja Keuangan