Tobin's Q 2018
September 8, 2022 | Author: Anonymous | Category: N/A
Short Description
Download Tobin's Q 2018...
Description
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
View more...
Comments
