Tobin's Q 2018

 

TUGAS AKUNTANSI MANAJEMEN LANJUTAN Tentang NILAI TOBIN’S Q PADA PERUSAHAAN YANG MEMILIKI  SUSTA  SUS TA I N AB I L I TY R E POR T  TAHUN  TAHUN

2018

Dosen Pengampu: Dr. MUKHZARUDFA, S.E., M.Si.

Oleh: KELOMPOK II R-010 Rinda Lestari C1C017006

Risky Utami Ardi Putri

C1C017010

Mu’ammar Fauzan 

C1C017014

Intan Titik Mentary

C1C017018

Dewi Astuti

C1C017026

Muhammad Yasin Nur Wibowo

C1C017030

Gayandwip Nopaniriah

C1C017038

Ronie Surya Utama

C1C017042

Hazman Tharis Ika Munawaroh

C1C017058 C1C017074

Anissa Herlina Putri

C1C017090

Salsabila Merliana Ramadhani

C1C017102

Reni Mubaliroh

C1C017106

PROGRAM STUDI AKUNTANSI FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS JAMBI 2019

 

Tobin’s Q  Q  adalah indikator untuk mengukur kinerja perusahaan, khususnya tentang nilai perusahaan, yang menunjukkan suatu proforma manajemen dalam mengelola aktiva perusahaan. Nilai Tobin’s Q  Q  menggambarkan suatu kondisi peluang investasi yang dimiliki perusahaan (Lang, et al 1989) atau potensi  pertumbuhan perusahaan (Tobin & Braindard, 1968; Tobin 1969). Di dalam dala m penggunaannya, Tobin’s Q  Q  versi Chung dan Pruitt (1994) telah digunakan secara konsisten karena disederhanakan di berbagai simulasi permainan. Tobin’s Q  Q  versi ini secara statistik menghasilkan perkiraan 99,6% dari formulasi aslinya yang digunakan oleh Lindenberg & Ross (1981). Formulasi rumusnya sebagai berikut:

′   =

( + ) 

 

Dimana: MVS

= Market Value of All Outstanding Shares = Market

D

= Debt

TA

= Firm’s Asset’  = Firm’s  s

 Market value of all outstanding shares  shares  (MVS) merupakan nilai pasar saham yang diperoleh dari  perkalian jumlah saham yang beredar dengan harga saham (outstanding shares x  stock price). price). Debt merupakan besarnya nilai pasar hutang, dimana nilai ini dapat dihitung dengan menggunakan persamaan sebagai berikut:

 (   = (   − ) ) +   Dimana: AVCL

= Accounting Value of The Firm’s Current Liabilities  = Accounting Liabilities  = Liabilitas Jangka Pendek + Utang Pajak

AVCA

= Accounting Value of The Firm’s Current Assets  = Accounting Assets  = Kas + Piutang + Persediaan

AVLTD

= Accounting Value of The Firm’s = Accounting Firm’s Long Term Debt   = Liabilitas Jangka Panjang

 

Contoh cara mencari nilai Tobin’s Q pada Q pada perusahaan Astra Agro Lestari Tbk (AALI) (AALI)

′   =

( + ) ( 113.797.197.688.625 +  0,13363392675297 0,133633926752977) 7)   =   = 4,16    27.318.406.000.000 27.318.406.000.000

MVS

= Rp 113.797.197.688.625 113.797.197.688.625

D

= Rp 0,133633926752977 0,133633926752977

TA

= Rp 27.318.406.000.000 27.318.406.000.000

Interpretasi Interpre tasi Skor Nilai Tobin's Q

Kondisi Saham

Manajemen telah gagal dalam mengelola aktiva q1

Overvalued

Manajemen berhasil dalam mengelola aktiva  perusahaan. Potensi pertumbuhan investasi tinggi.

 

RINGKASAN NILAI TOBIN’Q 

PADA PERUSAHAAN YANG MEMILIKI SUS TA I N A B I L I TY R E POR T  TAHUN  TAHUN 2018

No.

NAMA PERUSAHAAN

KODE

Tobin's Q

AALI

4,16

1

Astra Agro Lestari Tbk

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

ABM Investama Tbk Aneka Tambang Tbk. Astra International Tbk PT Bank Central Asia Tbk. PT Bank Negara Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Tabungan Negara (Persero) BPD DKI Jakarta (Bank DKI) Bank Pembangunan Daerah Jawa Barat dan Banten PT Bank Mandiri (Persero) PT Bank CIMB Niaga Tbk PT Bank Maybank Indonesia Tbk Bank Permata Tbk PT Bank BRI Syariah Tbk Bumi Resources Minerals Tbk Bank Sinarmas Tbk Bank Sulawesi Utara (Bank Sulut) Garuda Indonesia (Persero) Tbk Vale Indonesia Tbk Indocement Tunggal Prakasa Tbk Indo Tambangraya Megah Tbk JAPFA Comfeed Indonesia Tbk Jasa Marga Tbk

ABMM ANTM ASII BBCA BBNI BBRI BBTN BDKI BJBR BMRI BNGA BNII BNLI BRIS BRMS BSIM BSLT GIAA INCO INTP ITMG JPFA JSMR

1,37 3,35 0,99 1,57 1,03 1,20 0,94 1,03 0,93 0,94 0,96 0,31 1,03 0,12 1,01 2,44 1,09 1,09 0,37

25 26 27 28 29 30 31 32 33 34 35 36

Kalbe Farma Tbk PP London Sumatra Indonesia PT Medco Energi Internasional Mitrabahtera Segara Sejati PT Bank OCBC NISP PT Perusahaan Gas Negara Tbk. Pembangunan Jaya Ancol Bukit Asam Tbk PP (Persero) Tbk Petrosea Tbk Salim Ivomas Pratama Tbk Semen Indonesia (Persero) Tbk

KLBF LSIP MEDC MBSS NISP PGAS PJAA PTBA PTPP PTRO SIMP SMGR

5,41 0,84 0,46 0,24 0,97 0,47 0,46 2,04 0,21 0,22 0,21 1,33

37

Sarana Multi Infrastruktur (Persero)

SMII

-

 

38 39 40 41 42 43 44 45 46

Sumberdaya Sewatama PT Sawit Sumbermas Sarana Tbk. PT Timah Tbk. Total Bangun Persada Tbk PT Mandiri Tunas Finance United Tractor Tbk Unilever Indonesia Tbk Wijaya Karya Tbk PT Waskita Beton Prescast Tbk.

SSMM SSMS TINS TOTL TUFI UNTR UNVR WIKA WSBP

1,05 0,37 0,59 0,87 17,74 0,25 0,65

 

Astra Agro Lestari Tbk (AALI)

′   =

( + ) ( 113.797.197.688.625 +  0,13363392675297 0,133633926752977) 7)   =   = 4,16    27.318.406.000.000 27.318.406.000.000

MVS

= Rp 113.797.197.688.625 113.797.197.688.625

D TA

= Rp 0,133633926752977 0,133633926752977 = Rp 27.318.406.000.000 27.318.406.000.000

ABM Investama Tbk (ABMM)

′   =

( + ) ( 21.247.200.000.000 + (− 0,20705957292866))   =   = 1,37    15.453.558.000.000

MVS

= Rp 21.247.200.000.000 21.247.200.000.000

D

= - Rp 0,20705957292866 0,20705957292866

TA

= Rp 15.453.558.000.000 15.453.558.000.000

Aneka Tambang Tbk. (ANTM)

′   =

( + ) ( 110.301.210.087.750 + (− 0,222206419051776)) 0,222206419051776))   =   = 3,35    32.846.366.000.000 32.846.366.000.000

MVS

= Rp 110.301.210.087.750 110.301.210.087.750

D

= - Rp 0,222206419051776 0,222206419051776

TA

= Rp 32.846.366.000.000 32.846.366.000.000

Astra International International Tbk (ASII)

′   =

( + ) ( 332.977.224.576.500 +  0,62264991369870 0,622649913698706) 6)   =   = 0,99    333.325.000.000.000 333.325.000.000.000

MVS

= Rp 332.977.224.576.500 332.977.224.576.500

D

= Rp 0,622649913698706 0,622649913698706

TA

= Rp 333.325.000.000.000 333.325.000.000.000

 

PT Bank Central Asia Tbk. (BBCA)

′   =

( + ) ( 634.619.937.120.000 634.619.937.120.000 +  668.438.779.000.000) 668.438.779.000.000)   =   = 1,57    824.787.944.000.000

TMV

= Rp 634.619.937.120.000 634.619.937.120.000

TBVL TBVA

= Rp 668.438.779.000.000 668.438.779.000.000 = Rp 824.787.944.000.000 824.787.944.000.000

PT Bank Negara Indonesia (Persero) Tbk (BBNI)

′   =

( + ) ( 162.467.095.058.400 162.467.095.058.400 +  671.237.546.000.000) 671.237.546.000.000)   =   = 1,03    808.572.011.000.000

TMV

= Rp 162.467.095.058.400 162.467.095.058.400

TBVL

= Rp 671.237.546.000.000 671.237.546.000.000

TBVA

= Rp 808.572.011.000.000 808.572.011.000.000

PT Bank Rakyat Indonesia (Persero) Tbk (BBRI)

′   =

( + ) ( 446.931.207.954.000 446.931.207.954.000 +  1.111.622.961.000.00 1.111.622.961.000.000) 0)   =   = 1,20    1.296.898.292.000.000

TMV

= Rp 446.931.207.954.000 446.931.207.954.000

TBVL

= Rp 1.111.622.961.000.000 1.111.622.961.000.000

TBVA

= Rp 1.296.898.292.000.000 1.296.898.292.000.000

PT Bank Tabungan Negara (Persero) (BBTN)

′   =

( + ) (Rp 26.629.614.000.000 26.629.614.000.000 + Rp 263.784.017.000.000) 263.784.017.000.000)   =   = 0,94   Rp 306.436.194.000.000

TMV

= Rp 26.629.614.000.000 26.629.614.000.000

TBVL

= Rp 263.784.017.000.000 263.784.017.000.000

TBVA

= Rp 306.436.194.000.000 306.436.194.000.000

 

BPD DKI Jakarta (Bank DKI) (BDKI)

′   =

TMV

= Rp

TBVL

= Rp

TBVA

= Rp

( + ) ( + )   =   =   

Bank Pembangunan Daerah Jawa Barat dan Banten (BJBR)

′   =

( + ) (Rp 19.967.818.542.450 19.967.818.542.450 + Rp 104.035.920.000.000) 104.035.920.000.000)   =   = 1,03   Rp 120.191.387.000.000

TMV

= Rp 19.967.818.542.450 19.967.818.542.450

TBVL

= Rp 104.035.920.000.000 104.035.920.000.000

TBVA

= Rp 120.191.387.000.000 120.191.387.000.000

PT Bank Mandiri (Persero) (BMRI)

′   =

TMV

= Rp

TBVL

= Rp

TBVA

= Rp

( + ) ( + )   =   =   

PT Bank CIMB Niaga Tbk (BNGA) ( + ) (Rp 25.155.839.995.333.125 + Rp 227.200.919.000.000) ′   =   =   = 0,93   Rp 266.781.498.000.000

TMV

= Rp 22.765.466.059. 22.765.466.059. 125

TBVL

= Rp 227.200.919.000.000 227.200.919.000.000

TBVA

= Rp 266.781.498.000.000 266.781.498.000.000

 

PT Bank Maybank Indonesia Tbk (BNII)

′   =

( + ) (Rp 15.523.631.385.666 15.523.631.385.666 + Rp 152.442.167.000.000) 152.442.167.000.000)   =   = 0,94   Rp 177.532.858.000.000

TMV

= Rp 15.523.631.385.666 15.523.631.385.666

TBVL TBVA

= Rp 152.442.167.000.000 152.442.167.000.000 = Rp 177.532.858.000.000 177.532.858.000.000

Bank Permata Tbk (BNLI)

′   =

( + ) (Rp 17.351.444.883.125 17.351.444.883.125 + Rp 130.440.930.000.000) 130.440.930.000.000)   =   = 0,96   Rp 152.892.866.000.000

TMV

= Rp 17.351.444.883.125 17.351.444.883.125

TBVL

= Rp 130.440.930.000.000 130.440.930.000.000

TBVA

= Rp 152.892.866.000.000 152.892.866.000.000

PT Bank BRI Syariah Tbk (BRIS)

′   =

TMV

= Rp

TBVL

= Rp

TBVA

= Rp

( + ) ( + )   =   =   

Bumi Resources Minerals Tbk (BRMS)

′   =

( + ) ( 3.116.122.845.100 3.116.122.845.100 +  0,490173175942673) 0,490173175942673)   =   = 0,31    10.015.993.653.500 10.015.993.653.500

MVS

= Rp 3.116.122.845.100 3.116.122.845.100

D

= Rp 0,490173175942673 0,490173175942673

TA

= Rp 10.015.993.653.500 10.015.993.653.500

 

Bank Sinarmas Tbk (BSIM)

′   =

( + ) (Rp 8.351.142.209.300 + Rp 23.532.846.000.000)   =   = 1,03   Rp 30.748.742.000.000

TMV

= Rp 8.351.142.209.300 8.351.142.209.300

TBVL TBVA

= Rp 23.532.846.000.000 23.532.846.000.000 = Rp 30.748.742.000.000 30.748.742.000.000

Bank Sulawesi Utara (Bank Sulut) (BSLT)

′   =

TMV

= Rp

TBVL

= Rp

TBVA

= Rp

( + ) ( + )   =   =   

Garuda Indonesia (Persero) Tbk (GIAA)

′   =

( + ) ( 7.714.199.723.692 7.714.199.723.692 +  1,314945567252161) 1,314945567252161)   =   = 0,12    65.723.224.363.500 65.723.224.363.500

MVS

= Rp 7.714.199.723.692 7.714.199.723.692

D

= Rp 1,314945567252161 1,314945567252161

TA

= Rp 65.723.224.363.500 65.723.224.363.500

Vale Indonesia Tbk (INCO)

′   =

( + ) ( 32.392.464.227.200 + (−  2,66304006695261)) 2,66304006695261))   =   = 1,01    31.935.554.000.000

MVS

= Rp 32.392.464.227.200 32.392.464.227.200

D

= - Rp 2,66304006695261 2,66304006695261

TA

= Rp 31.935.554.000.000 31.935.554.000.000

 

Indocement Tunggal Prakasa Tbk (INTP)

′   =

( + ) ( 67.918.724.846.550 + (−  12,677882006598848)) 12,677882006598848))   =   = 2,44    27.788.562.000.000 27.788.562.000.000

MVS

= Rp 67.918.724.846.550 67.918.724.846.550

D TA

= - Rp 12,677882006598848 12,677882006598848 = Rp 27.788.562.000.000 27.788.562.000.000

Indo Tambangraya Megah Tbk (ITMG)

′   =

( + ) ( 22.880.981.250.000 + (−  3,897445681600005)) 3,897445681600005))   =   = 1,09    20.919.556.000.000

MVS

= Rp 22.880.981.250.000 22.880.981.250.000

D

= - Rp 3,897445681600005 3,897445681600005

TA

= Rp 20.919.556.000.000 20.919.556.000.000

JAPFA Comfeed Indonesia Tbk (JPFA)

′   =

( + ) ( 25.212.136.682.150 + (−  0,639349037346111 0,639349037346111 ))   =   = 1,09    23.038.028.000.000 23.038.028.000.000

MVS

= Rp 25.212.136.682.150 25.212.136.682.150

D

= - Rp 0,639349037346111 0,639349037346111

TA

= Rp 23.038.028.000.000 23.038.028.000.000

Jasa Marga Tbk (JSMR)

′   =

( + ) ( 31.063.688.736.000 +  0,6277603445298 0,627760344529877) 77)   =   = 0,37    82.418.600.790.000 82.418.600.790.000

MVS

= Rp 31.063.688.736.000 31.063.688.736.000

D

= Rp 0,627760344529877 0,627760344529877

TA

= Rp 82.418.600.790.000 82.418.600.790.000

 

Kalbe Farma Tbk (KLBF)

′   =

( + ) ( 71.250.185.607.200 + (−  13,644707982924321)) 13,644707982924321))   =   = 5,41    13.146.206.145.369 13.146.206.145.369

MVS

= Rp 71.250.185.607.200 71.250.185.607.200

D TA

= - Rp 13,644707982924321 13,644707982924321 = Rp 13.146.206.145.369 13.146.206.145.369

PP London Sumatra Indonesia (LSIP)

′   =

( + ) ( 8.528.579.956.250 8.528.579.956.250 + (−  1,507487963428137)) 1,507487963428137))   =   = 0,84    10.037.294.000.000

MVS

= Rp 8.528.579.956.250 8.528.579.956.250

D

= - Rp 1,507487963428137 1,507487963428137

TA

= Rp 10.037.294.000.000 10.037.294.000.000

PT Medco Energi Internasional (MEDC)

′   =

( + ) ( 12.216.090.402.645 +  0,1346744126428 0,134674412642882) 82)   =   = 0,46    26.493.172.734.500 26.493.172.734.500

MVS

= Rp 12.216.090.402.645 12.216.090.402.645

D

= Rp 0,134674412642882 0,134674412642882

TA

= Rp 26.493.172.734.500 26.493.172.734.500

Mitrabahtera Segara Sejati (MBSS)

′   =

( + ) ( 854.012.999.832 + (−  0,664553367707044)) 0,664553367707044))   =   = 0,24    3.475.774.120.000 3.475.774.120.000

MVS

= Rp 854.012.999.832 854.012.999.832

D

= - Rp 0,664553367707044 0,664553367707044

TA

= Rp 3.475.774.120.000 3.475.774.120.000

 

PT Bank OCBC NISP (NISP)

′   =

( + ) (Rp 19.421.988.507.360 19.421.988.507.360 + Rp 149.154.640.000.000) 149.154.640.000.000)   =   = 0,97   Rp 173.582.894.000.000

TMV

= Rp 19.421.988.507.360 19.421.988.507.360

TBVL TBVA

= Rp 149.154.640.000.000 149.154.640.000.000 = Rp 173.582.894.000.000 173.582.894.000.000

PT Perusahaan Gas Negara Tbk. (PGAS)

′   =

( + ) ( 51.391.997.375.520 + (−  0,195969894697656)) 0,195969894697656))   =   = 0,47    107.202.460.921.500 107.202.460.921.500

MVS

= Rp 51.391.997.375.520 51.391.997.375.520

D

= - Rp 0,195969894697656 0,195969894697656

TA

= Rp 107.202.460.921.500 107.202.460.921.500

Pembangunan Pembanguna n Jaya Ancol (PJAA)

′   =

( + ) ( 2.015.999.994.960 2.015.999.994.960 +  0,306800450866901) 0,306800450866901)   =   = 0,46    4.361.394.289.871 4.361.394.289.871

MVS

= Rp 2.015.999.994.960 2.015.999.994.960

D

= Rp 0,306800450866901 0,306800450866901

TA

= Rp 4.361.394.289.871 4.361.394.289.871

Bukit Asam Tbk (PTBA)

′   =

( + ) ( 49.538.834.775.000 + (−  1,920165214229559)) 1,920165214229559))   =   = 2,04    24.172.933.000.000

MVS

= Rp 49.538.834.775.000 49.538.834.775.000

D

= - Rp 1,920165214229559 1,920165214229559

TA

= Rp 24.172.933.000.000 24.172.933.000.000

 

PP (Persero) Tbk (PTPP)

′   =

( + ) ( 11.190.814.723.970 +  0,2890791769069 0,289079176906962) 62)   =   = 0,21    52.549.150.902.972 52.549.150.902.972

MVS

= Rp 11.190.814.723.970 11.190.814.723.970

D TA

= Rp 0,289079176906962 0,289079176906962 = Rp 52.549.150.902.972 52.549.150.902.972

Petrosea Tbk (PTRO)

′   =

( + ) ( 1.800.359.925.000 1.800.359.925.000 + (−  0,254096354948175)) 0,254096354948175))   =   = 0,22    8.056.069.500.000 8.056.069.500.000

MVS

= Rp 1.800.359.925.000 1.800.359.925.000

D

= - Rp 0,254096354948175 0,254096354948175

TA

= Rp 8.056.069.500.000 8.056.069.500.000

Salim Ivomas Pratama Tbk (SIMP)

′   =

( + ) ( 7.275.502.600.000 7.275.502.600.000 +  0,221109601716634) 0,221109601716634)   =   = 0,21    34.666.506.000.000 34.666.506.000.000

MVS

= Rp 7.275.502.600.000 7.275.502.600.000

D

= Rp 0,221109601716634 0,221109601716634

TA

= Rp 34.666.506.000.000 34.666.506.000.000

Semen Indonesia (Persero) Tbk (SMGR)

′   =

( + ) ( 68.212.480.000.000 + (−  0,640785773908169)) 0,640785773908169))   =   = 1,33    51.155.890.227.000

MVS

= Rp 68.212.480.000.000 68.212.480.000.000

D

= - Rp 0,640785773908169 0,640785773908169

TA

= Rp 51.155.890.227.000 51.155.890.227.000

 

Sarana Multi Infrastruktur (Persero) (SMII)

′   =

MVS

=

D

=

TA

=

( + ) ( (  + )   =   =   

Sumberdaya Sewatama (SSMM)

′   =

MVS

=

D

=

TA

=

( + ) ( (  + )   =   =   

PT Sawit Sumbermas Sarana Tbk. (SSMS)

′   =

( + ) ( 11.906.250.000.000 + (−  0,358944699699749)) 0,358944699699749))   =   = 1,05    11.296.112.298.000

MVS

= Rp 11.906.250.000.000 11.906.250.000.000

D

= - Rp 0,358944699699749 0,358944699699749

TA

= Rp 11.296.112.298.000 11.296.112.298.000

PT Timah Tbk. (TINS)

′   =

( + ) ( 5.623.053.857.770 5.623.053.857.770 + (−  0,36689897083084)) 0,36689897083084))   =   = 0,37    15.117.948.000.000 15.117.948.000.000

MVS

= Rp 5.623.053.857.770 5.623.053.857.770

D

= - Rp 0,36689897083084 0,36689897083084

TA

= Rp 15.117.948.000.000 15.117.948.000.000

 

Total Bangun Persada (TOTL)

′   =

( + ) (Rp 1.909.600.000.000 + Rp 2,161586859968886)   =   = 0,59   Rp 3.228.718.157.000

MVS

= Rp 1.909.600.000.000 1.909.600.000.000

D TA

= Rp 2,161586859968886 2,161586859968886 = Rp 3.228.718.157.000 3.228.718.157.000

PT Mandiri Tunas Finance (TUFI)

′   =

MVS

= Rp

D

= Rp

TA

= Rp

( + ) ( (  + )   =   =   

United Tractor Tbk (UNTR)

′   =

( + ) ( 102.019.195.969.600 +  0,20640153372711 0,206401533727118) 8)   =   = 0,87    116.281.017.000.000 116.281.017.000.000

MVS

= Rp 102.019.195.969.600 102.019.195.969.600

D

= Rp 0,206401533727118 0,206401533727118

TA

= Rp 116.281.017.000.000 116.281.017.000.000

Unilever Indonesia Tbk (UNVR)

′   =

( + ) ( 346.402.000.000.000 +  3,73018488959337 3,730184889593371) 1)   =   = 17,74    19.522.970.000.000 19.522.970.000.000

MVS

= Rp 346.402.000.000.000 346.402.000.000.000

D

= Rp 3,730184889593371 3,730184889593371

TA

= Rp 19.522.970.000.000 19.522.970.000.000

 

Wijaya Karya Tbk (WIKA)

′   =

( + ) ( 14.845.269.520.660 +  0,1067863830218 0,106786383021887) 87)   =   = 0,25    59.230.001.239.000 59.230.001.239.000

MVS

= Rp 14.845.269.520.660 14.845.269.520.660

D TA

= Rp 0,106786383021887 0,106786383021887 = Rp 59.230.001.239.000 59.230.001.239.000

PT Waskita Beton Precast Tbk. (WSBP)

′   =

( + ) ( 9.911.795.232.784 9.911.795.232.784 + (−  37,129441645868013)) 37,129441645868013))   =   = 0,65    15.222.388.589.814

MVS

= Rp 9.911.795.232.784 9.911.795.232.784

D

= - Rp 37,129441645868013 37,129441645868013

TA

= Rp 15.222.388.589.814 15.222.388.589.814