ANALISIS PEMILIHAN ALTERNATIF PEMBIAYAAN UTANG DENGAN PERTIMBANGAN MANFAAT, BIAYA, DAN RISIKO MENGGUNAKAN METODE ANALYTIC HIERARCHY PROCESS (AHP) PADA TAMBAK UDANG TANI RAKYAT PENGUJAN

• Main Author: Nora Kusuma, Thierris
• Format: Final Project
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/62089
• Institution: Institut Teknologi Bandung

Tani Rakyat Pengujan (TARAP) is one of the companies that has been operating in the cultivation of L.vannamei shrimp. Looking at the shrimp cultivation potentials, the company wants to increase the scale of the company and it requires additional financing. To make effective and efficient financing decisions, the company needs to consider the usage of long-term debt financing to balance the equity financing which is reflected on the optimal capital structure. There are so many long-term loan alternatives with their respective benefits, costs, and risks. Therefore, this study aims to determine the best long-term loan alternative based on the criteria of benefits, costs, and risks that can be used by TARAP as a financing solution to increase the company scale. The research begins by determining the loan amount based on the results of feasibility study of the company’s scale increasing plan and determining the optimal capital structure, resulting in Rp 4,135,086,000.00 with the weighted average cost of capital (WACC) value of 0.1387 and the debt equity ratio value of 0.82. Then an assessment is carried out using the Analytic Hierarchy Process (AHP) method to determine the value of tangible and intangible criteria in terms of benefits and costs. After obtaining the value of benefits and costs, the cost benefit ratio and risk analysis for each alternative are calculated to determine the best long-term loan alternative. The results showed that the investment credit program from Bank Mandiri had the highest benefit cost ratio of 1.686. The result of the risk analysis shows that the risk level of this alternative is low-moderate. Based on the obtained results, the investment credit program from Bank Mandiri is the best alternative considering the benefits, costs, and risks so that it can be used as a long-term debt financing solution in increasing the scale of TARAP.