PENCIPTAAN NILAI BUMN PERKEBUNAN: HARMONISASI PENILAIAN KESEHATAN KEUANGAN DENGAN PENDEKATAN KEUANGAN RANTAI PASOK

• Main Authors: , AGUSTINUS NURHADI DAIRO, , Dr. Ir. Adi Djoko Guritno, MSIE
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2013
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/119783/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=59787
• Institution: Universitas Gadjah Mada

Financial health valuation for Estate Crop-State Owned Enterprises (Estate SOE) is scored by eight indicators e.g. return on equity, return on investment, cash ratio, current ratio, collection period, inventory turnover, total asset turnover, and total equity to total asset. These indicators are accepting accounting principles which permit illusion for shareholder value creation. This research employs Economic Value Added (EVA) to estimate created shareholder value and to identify the illusion in financial health valuation. Moreover, the identified illusion could be reduced by focusing on Supply Chain Finance scheme. The research objectives are to collect information about EVA which had been created by Estate SOE during 2002-2011, to explore the harmony and bias side of financial health valuation, and to conduct supply chain finance scheme in harmonizing financial health valuation. Descriptive and empirical analysis will be applied to address these objectives. The results show that positive EVA on the average had been achieved two years after the implementation of financial health valuation with the EVAs growth rate about 1,7 times per year. Following on the time frame of the observation, lowest EVA about IDR -37 billion/ company occured in 2002 and highest EVA about IDR +185 billion/ company occured in 2011. The results find that Financial Health Score to EVA have strong correlation, significant relationship at 1% level, positive direction, and appear to have 78,77% of explanatory power. There are also findings due to harmony between eight indicators of Financial Health Score to EVA that indicate weak correlation, significant association at 1% level which have explanatory power ranging from 49,55% to 87,22%, and the direction of the association have been appropriate with what were defined in Decree of State Owned Entreprise Minister Number: Kep-100/MBU/2002 about SOE financial health valuation. However, our analysis discloses the illusion that actually 8% of Estate SOE destroy their value for shareholder whereas their trend line of Financial Health Score and Earning After Tax has been increasing. The shareholder value destruction is reflected by acute decresing of EVA trend line. Illusion appear because financial health valuation do not recognize cost of invested capital completely. By approaching with supply chain finance, enabling Estate SOE to control and replace this expensive invested working capital to no charge/ low risk working capital. The needs of working capital for investing inventory and accounts receivable can be adequately from accounts payable through arranging right disbursement cycle and receipt cycle. This research found weak correlation and significant association at 1% level if duration of the inventory, account receivable, and account payables shorter, and cash conversion cycle set to be zero days, ceteris paribus bring Estate SOE to generate optimum EVA.