RASIO ARUS KAS SEBAGAI ALTERNATIF PENILAIANKINERJA
KEUANGAN PT KIMIA FARMA Tbk.
Oleh: Choiruman Nimroh Tsani ( 06620242 ) Accounting
Dibuat: 2011-02-09 , dengan 7 file(s).
Keywords: Kinerja, Rasio, Arus Kas
ABSTRAKSI
Tujuan Penelitian ini adalah untuk mengetahui prestasi atau kinerja keuangan berbasis laporan arus kas dalam mengelola kas dan setara kas.
Laporan arus kas merupakan suatu laporan yang menyajikan dari mana kas diperoleh dan di gunakan untuk apa kas tersebut dikeluarkan. Laporan arus kas menyediakan informasi yang relevan mengenai penerimaan kas dan pengeluaran kas dari perusahaan selama satu periode tertentu.
Subyek penelitian ini adalah PT KIMIA FARMA Tbk , perusahaan tersebut menggunakan Direct Method dalam penyusunan laporan arus kas. Data diambil dari Bursa Efek Indonesia (BEI) untuk tahun 2005-2008. Metode analisis yang digunakan adalah analisis rasio arus kas dengan 14 rasio terpilih dari aktivitas operasi, aktivitas investasi dan aktivitas pendanaan, diantaranya adalah rasio kecukupan arus kas, rasio pembayaran deviden, rasio reinvestasi, rasio penutupan hutang, rasio pengaruh depresiasi dan amortisasi, rasio arus kas terhadap penjualan, rasio kualitas pendapatan, rasio pengembalian arus kas terhadap aktiva, rasio laba bersih kas dari penerimaan operasi, rasio kegiatan reinvestasi, rasio arus kas yang memadai, rasio produktifitas, rasio arus kas per lembar saham biasa, dan rasio total sumber dana yang disediakan untuk hutang jangka panjang.
Secara umum dari 14 rasio arus kas yang digunakan dan selama empat tahun periode
pengamatan dari aktifitas operasi adalah kurang baik karena dari kedelapan rasio arus kas yang ada pada aktivitas operasi cenderung mengalami penurunan yaitu pada rasio kecukupan arus kas, penutupan hutang, arus kas terhadap penjualan, rasio kualitas pendapatan, dan hasil
ABSTRACT
The objectives of this current study were to determine the achievement or performance-based finance to manage cash flow statement cash and cash equivalents.
Cash flow statement is a report which presents the cash acquired and cash used for what is excluded. Cash flow statement provides relevant information about cash receipts and disbursements of cash from the company during a specific period.
The subject of this research was PT Kimia Farma Tbk, a company has used the Direct Method for preparing cash flow statement. Data taken from the Indonesia Stock Exchange (IDX) for the years 2005 to 2008. Analytical methods used ratio analysis, cash flow ratios with 14 elected from operating activities, investing activities and financing activities, including cash flow adequacy ratio, dividend payout ratio, the ratio of reinvestment, debt cover ratio, the ratio of the effect of depreciation and amortization, cash flow ratios to sales, earnings quality ratio, the ratio of cash flow return on assets, the ratio of net income flows from operating revenues, the ratio of
reinvestment activities, adequate cash flow ratios, productivity ratios, the ratio of cash flow per ordinary share, and the ratio of total financial resources provided for long-term debt.
In general, the 14 ratios and cash flow used during the four year observation period from
operating activities was less efficient because of the eight existing ratio of cash flow on operating activities tended to decrease in cash flow adequacy ratio, loan closing, the cash flow to sales, the ratio of earnings quality, cash flow and the return on assets. The advantages were the ratio of dividend payment, reinvestment and the effect of depreciation and amortization. Investing activities were less efficient because of visits of the five ratios that existed at the investment activity in the last four years at the ratio decreased, i.e, net income from operating revenues, the activities of reinvestment, cash flow were adequate, the ratio of productivity, and cash flow per share of common stock. From financing activities were not good because it viewed the existing ratio in financing activities in the last four years had increased at the ratio of the total sources of funds provided for long-term debt, which meant the higher the ratio the less the better
performance of the company because of its long-term debt increased eventhough lesser funds provided.
