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Oe n g a n p e n u h r a s a g e mb i r a s a y a p a n j a t k a n s e g a l a p u « j i s y u k u r k e h a d a p a n T u h a n Ya n g Fl a h a Ku a s a , h a n y a k a r a n a b e r k a t d a n k e h e n d a k Ny a s a j a l a h a k h i r n y a t e r u u j u d p e n y u s u n - a n s k r i p s i s a y a y a n g b e r j u d u l " T i n j a u a n S e g i Hu k u m At a s P T V"

Ya n g Go P u b l i c " ,

Da n d a n g a n s e g a l a k a r e n d a h a n h a t i s a r t a d e n g a n s e p e - n u h k e ma mp u a n y a n g a d a , s a y a b e r u s a h a u n t u k me n y u s u n s k r i p ­ s i i n i g u n a me me n u h i s a l a h s a t u a y a r a t d a l a m me n y e l e s a i k a n s t u d i d i F a k u l t a s Hu k u m Un i v e r s i t a s Ai r l a n g g a S u r a b a y a *

S a d a r a k a n k e t e r b a t a s a n k e ma mp u a n d a n p e n g e t a h u a n y a n g s a y a mi l i k i f ma k a b i l a d a l a m s k r i p s i i n i t e r d a p a t b a n y a k k e k u - r e n g a n , s a y a me n g h a r a p k a n k r i t i k ma u p u n s a r a n - s a r a n y a n g s a n g a t b e r g u n a d e mi k e s e mp u r n a a n d a n k e ma j u a n s e l a n j u t n y a *

De n g a n a e l e s a i n y a p e n y u s u n a n s k r i p s i i n i ma k a p e r - t a ma - t a ma s a y a ma n g h a t u r k a n t e r i ma k a s i h k e p a d a B a p a k Dr « R u - d h i P r a a e t y a , S . H. y a n g d i e n t s r a k e s i b u k a n n y a b e l i a u ma s i h b a r k e n a n me l u a n g k a n u a k t u n y a u n t u k me mb i mb i n g d a n ma n g a r a h -

k a n p a d a ma t e r i y a n g s a y a t u l i s . Uc a p a n t e r i ma k a s i h i n i j u g a s a y a b a t u r k a n k e p a d a Da p a k A. Oe ma r U o n g s o d i u i r j o

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S . H. d a n B a p a k S a mz a r i B o e n t o r o , S . H. y a n g b e r k e n a n me n g o r e k s i d a n me n g u j i s k r i p s i s a y a .

S e l a n j u t n y a d a l a m k e s e mp a t a n i n i p u l a s a y a i n g i n ma n g h a t u r k a n t e r i ma k a s i h k e p a d a s e g e n a p d o s e n y a n g t e l a h me mb a k a l i s a y a d e n g a n i l mu s e l a ma s a y a me n j a d i ma h a s i s u i

d i s i n i , k e p a d a De k a n F a k u l t a s Hu k u m Un i v e r s i t a s Ai r l a n g g a , k e p a d a Ke p a l a Bi r o Hu k u m d a n R i s e t B a p e p a m b e s e r t a s t a f f , t a k l u p a k e p a d a Ba p a k R a c h ma d , S . H. d a n B a p a k Dr s . Ag u n g £ d i y a r t o Ak * s a r t a b a p a k - b a p a k y a n g l a i n y a n g t i d a k b i s a s a y a s e b u t s a t u p e r s a t u , y a n g t e l a h b a n y a k me mb a n t u s a y a s e l a ma me n g a d a k a n p e n e l i t i a n d i Ba p e p a m, j u g a s a y a s a mp a i k a n k e p a ­ d a f i h a k P T Da n a r e k s a , k e p a d a Ke p a l a Oa g i a n Bi r o Ad i n i n i s t r a s i Ak a d e mi k F a k u l t a s Hu k u m Un a i r b e s e r t a s t a f f , p i mp i n a n d e n s e g e n a p k a r y o u a n p e r p u s t a k a a n Un a i r s e r t a t a k l u p a p u l a k e p a d a t e ma n - t e ma n k u y a n g t e l a h me mb e r i k a n d o r o n g a n y a n g t a k k e c i l a r t i n y a b a g i s a y a .

T e r a k h i r g e l a r y a n g s a y a r a i h i n i a k a n s a y a p e r s e m- b a h k a n k e p a d a B a p a k I b u t e r c i n t a y a n g t e l a h b e r h a s i l me m- b i mb i n g d a n me n d i d i k s a y a s e l a ma i n i , d e mi k i a n j u g a k e p a d a k e d u a a d i k k u t e r s a y a n g Yo y o k d a n E d h i y a n g t e l a h me mb e r i k a n s e ma n g a t d e mi k e b e r h a s i l a n c i t a - c i t a s a y a .

Ak h i r n y a s a y a b e r h a r a p b a h u a s k r i p s i i n i d a p a t me r u - p a k a n s u mb a n g a n p e mi k i r a n u n t u k s e mu a f i h a k .

P e n u l i s

Tujuan pembangunan antara lain untuk meningkatkan taraf hidup dan kesejahteraan

rakyat dengan mengusahakan peningkatan pendapatan masyarakat serta pemerataan

pendapatan.

Dengan berbagai cara Pemerintah mengambil langkah agar dari PT yang ada,

sedemikian rupa dapat dimanfaatkan oleh masyarakat. Namun dalam hal masyarakat ikut

serta menanamkan modalnya tersebut, masyarakat perlu dilindungi yaitu harus adanya

keterbukaan merupakan syarat yang paling penting, dan perusahaan itu harus sehat dan baik,

dengan maksud agar resiko pemodal dapat ditekan sekecil mungkin. Karenanya PT yang

akan go public harus bersedia mengungkapkan sepenuhnya akan keadaan perusahaan yang

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BAB I : P E NDAHUL UAN. . . 1

1 * P e r ma s a l a h a n d a n L a t a r B e l a k a n g . . . 1

2 . P e n j e l a s e n 3 u d u l . . . 4

3 . Al a s e n P o mi l i h a n 3 u d u l . . . 5

4 . T u j u a n P e n u l i s a n . . . 6

5 . Me t o d o l o g i d a n P o n d e k a t a n Ma s a l a h . . . 6

6 * P e r t a n g g u n g j a u a b a n S i s t e ma t i k a . . . • • • • 7

BAB I I : GAMB AR AN UMUM P AS AR MODAL DI I NDONE S I A. . . 9

1 * P e n g e r t i a n d a n T u j u a n P a s a r Pl oc t a l * * . . . 9 2 . S e j a r a h b P a s a r Mo d a l * . . , * . . . * 1 3 3 . L a t a r B e l a k a n g P e mi k i r a n Me n g h i d u p k a n P a s a r

Mo d a l S a h a m P T . . . » . . . 2 2 4 . P e r a t u r a n P e r u n d a n g - u n d a n g a n y a n g Me n u n j a n g . . 2 5 BAB I I I : KAR AKT E R I S T I K P T S E BAGAI AS OS I AS I MO D A L . . . 2 0

1 . S e j a r a h d a n P e r k e mb a n g a n l e r j a d i n y a P T . . . 2 8 2 * T i g a Ka r a k t e r i s t i k Do mi n a n P T . . . - 2 9 3 . P s a r Mo d a l d a l a m Ka i t a n n y a d e n g a n P T s e b a g a i

As o s i a s i Mo d a l . , . . . * 3 6 BAB I V : ME KANI S ME P E NGAUAS AN P E ME R I NT AH T E R HADAP P E

NA-S ARAN NA-S AHAM P ADA P ANA-S AR MDDAL DI I N D O NE NA-S I A . . . 4 0

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-S a h a m. . . ♦. . . * 4 6 B AB l i t P C N U 1 U P . . . 5 7

1 . Ka s l mp u l a n . . . , 5 7 2 . S a r a n . . . *

P E NDAHUL UAN BAB I

1 * P e r ma s a l a h a n d a n L a t a r B e l a k a n q

Ne g a r a I n d o n e s i a d e u a s a i n i s e d a n g g i b t - g i a t n y a me - l a k s a n a k a n p e mb a n g u n a n n a a i o n a l * T u j u a n p e mb a n g u n a n n a s i o - n a l s e b a g a i ma n a t e r c a n t u m d a l a m T a p . MP R. n o . I l / MP R / 1 9 0 3 t e n t a n g Ga r i s - g a r i s B e s a r Ha l u a n Ne g a r a e d a l a h u n t u k me u u - j u d k a n ma s y a r a k a t a d i l d a n ma k mu r y a n g me r a t a b a i k ma t e r i -i l ma u p u n s p -i r -i t u -i l b a r d a s a r k a n P a n c a s -i l a d -i d a l a m u a d a h n e g a r a k e s a t u a n R e p u b l i k I n d o n e s i a . Da n d e n g a n p e r j u a n g a n y a n g s u n g g u h - s u n g g u h P e me r i n t a h Or d e Ba r u b e r u s a h a me n c i p - t a k a n s t a b i l i t a s n a s i o n a l b a i k d l b i d a n g s o s i a l , e k o n o mi , h u k u m ma u p u n b i d a n g - b i d a n g l a i n n y a .

S e l a n j u t n y a d a l a m r a n g k a me n g i s i k e me r d e k a a n s e r t a me n c a p a i t u j u a n n a s i o n a l t e r s e b u t d i p e r l u k a n s e r a n g k a i a n k a g i a t a n p e mb a n g u n a n y a n g h a r u s d i l a k s a n a k a n s e c a r a t e r u s - me n e r u s , t e r a r a h , t e r p a d u , b e r t a h a p d a n b e r e n c a n a .

S e b a g a i ma n a k i t a k e t a h u i b a h u a p a d a d e u a s a i n i n e g a ­ r a k i t a t e n g a h me n g g a l a k k a n p r o g r a m p e mb a n g u n a n d i s e g a l a b i d a n g . Da n d a l a m e r a p e mb a n g u n a n i n i , b u k a n s a j a f i h a k P e ­ me r i n t a h y a n g s e n a n t i a s a h a r u s me n a n g a n i , n a mu n d i h a r a p k a n p u l a b a i k d a r i f i h a k p e r o r a n g a n ma u p u n s u a s t a s e c a r a b e r s a - ma s a me me mb e r i k a n a n d i l u n t u k L e r p e r a n a e r t a d a l a m p r o s e s p e mb a n g u n a n y a n g s e d a n g d i l a k s a n a k a n i n i *

Ka r e n n n y a P e me r i n t a h me n y a d a r i b a h u a d a l a m p e r t u mb u h

me r e k a s a j a *

Ak h i r n y a d i d a l a m l a j u p e r t u mb u h a n e k o n o mi y a n g s e -

r o a k l n ma mb o l k r n u k a o l e h P o f i n u i n t u h d l b e r i t u k l a h P a a &r Mo d a l y a n g d i d a s a r k a n p a d a Ke p p r a s n o . 5 2 t a h u n 1 9 7 6 , y a n g a n t a - r a l a i n b e r t u j u a n u g a r s a h a m- s a h a m d a r i p a r u s a h a a n d a p a t me ma s y a r a k a t ( g o p u b l i c ) .

Na mu n d e mi k i a n h a n y a d e n g a n P a s a r Mo d a l s a j a ma s y a - r a k a t l u a s b a l u ml a h d a p a t me mi l i k i s a h a m, s e h i n g g a d a l a m l a n g k a h s e l a n j u t n y a P e me r i n t a h me n d i r i k a n P T Da n a r e k s a , y y a n g d i d a s a r k a n p a d a P e r e t u r a n P e me r i n t a h n o . 2 5 t a h u n 1 9 7 6 y a n g a n t a r a l a i n b e r t u g a s u n t u k me n g e l o l a d a n a , b a i k d a n a d a r i ma s y a r a k a t ma u p u n d a r i P e me r i n t a h . B e r d i r i n y a P T D a ­ n a r e k s a i n i b e r f u n g s i me mb e l i s a h a m- s a h a m d a r i p e r u s a h a a n - p e r u s a h a a n y a n g g o p u b l i c me l a l u i P a s a r Mo d a l d a n k e mu d i a n me me c a h n y a me n j a d i s e r t i f i k a t s a h a m y a n g a k h i r n y a d i p e r j u - a l b e l i k a n p a d a ma 9 y a r a k a t l u a s . De n g a n d e mi k i a n P e me r i n t a h me mb e r i k a n k e s e mp a t a n p a d a ma s y a r a k s t l u a s me l a l u i P T D a n a ­ r e k s a , a g e n d a n s u b a g e n d i s e l u r u h p e l o s o k t a n a h a i r s e ­ h i n g g a d a p a t l a h d i h a r a p k a n a k a n t e r u u j u d n y a p e me r e t a a n p e n - d a p a t a n . •

De n g a n i k u t s e r t a n y a ma s y a r a k a t d i d a l a m p e r u s a h a a n y a i t u d e n g a n j a l a n me mi l i k i s a h a m d a r i p e r u s a h a a n y a n g b e - r u p a s e r t i f i k a t s a h a m d a r i P T Da n a r e k s a i t u , ma s y a r a k a t d a ­ p a t me n i k ma t i k e u n t u n g a n y a n g b e r u p a d e v i d e n , s e h i n g g a p a d a

ma s y a r a k a t d a p a t u n t u k ms n a mb a h d a n me n i n g k a t k a n p e mb i a y a - an, p e mb a n g u n a n n a s i o n a l *

Gi l a k i t a l i h a t l e b i h j a u h l a g i ma k a s e b e n p . r n y a p e - ma n f a a t a n P a s a r Mo d a l s e b a g a i s u mb e r p e mb e l a n j a a n p e r u s a h a -

a n t i d a k s a j a s e b a g a i s a r a n a p e me r a t a a n d a n p e n g e r a h a n d a - » a > t e t a p i s e k e l i g u s j u g a me n d o r o n g t i mb u l n y a p e r u s a h a a n y a n g s e h a t , y a n g p a d a s a a t n y a n a n t i i k u t me mp e r k o k o h p e r e - k o n o mi a n n a s i o n a l d a n me n i n g k a t k a n p e r t u mb u h a n e k o n o mi . S e ­ h i n g g a p r i n s i p k e t e r b u k a a n ( f u l l d i s c l o s u r e ) y a n g d i a n u t o l e h P a s a r Mo d a l me mu n g k i n k a n s e t i a p p e r u s a h a a n y a n g me ma n - f a a t k a n n y a b e r s i k a p t e r b u k a b a g i p e n g a u a s a n ma s y a r a k a t l u - a s , k e t r b u k a a n i n i l a h y a n g me n d o r o n g u s a h a me n y e h a t k a n p e - n g e l o l a a n p e r u s a h a a n .

B e r t o l a k d a r i l a t a r b e l a k a n g d a n b e r d a s a r k a n u r a i a n - u r a i a n d i a t a s ma k e p o k o k p o r ma s a l a h a n y a n g a k a n s a y a b a h a s

d a l a m s k r i p s i i n i a d a l a h s e b a g a i b e r i k u t :

a' , p e r a n a n a P a s a r Mo d a l s e b a g a i s a l a h s a t u s a r a n a p o n g h i mp u n d a n a d a n s a r a n a p e me r a t a a n p e n d a p a t a n me l a l u i p e mi l i k k a n

s a h a m- s a h a m p e r u s a h a a n j

b . s a mp a i s e j a u h ma n a p r a s e s a t a u h a l - h a l l a i n y a n g d i l a k u - k a n o l e h P T - P T d a l a m r a n g k a u s a h a n y a u n t u k g o p u b l i c ,

2 . P e n j e l a s a r r 3 u d u l

S e b a g a i j u d u l d a r i s k r i p s i s a y a i n i a d a l a h " T i n j a u - a n S e g i Hu k u m At a s P T Ya n g Go P u b l i c " , Ad a p u n s e b a g a i p e n -

s u a t u b e n t u k b a d a n u s a h a y a n g me mp u n y a i k e d u d u k a n s e b a g a i b a d a n h u k u m, d i d i r i k a n d e n g a n mo d a l y a n g t e r b a g i a t a s s a ­ h a m- s a h a m, y a n g d a l a m h a l i n i d i a t u r d a l a m B a g i a n I I I t 3a b I I I Bu k u I p a s a l 3 6 s / d 5 6 KUHD.

S e d a n g k a n y a n g s a y a ma k s u d k a n d e n g a n g o p u b l i c a d a - l a h t i n d a k a n d a r i P T d a l a m me n j u a l s a h a m- s a h e mn y a k e p a d a ma s y a r a k a t l u a s s e h i n g g a me r e k a d a p a t t u r u t s e r t a me mi l i k i s a h a m- s a h a m d a r i P T y a n g b e r s a n g k u t a n *

De n g a n j u d u l t e r s e b u t s a y a b e r ma k s u d a k a n me l i h a t

b a g a i ma n s s e g i h u k u mn y a a t a s P T - P T y a n g g o p u b l i c i t u ,

3 . f l l a s a n P e mi l i h a n J u d u l

S e b a g a i ma n a d i k e t a h u i b a h u a t u j u a n p e mb s n g u n a n a n t a - r a l a i n u r j t u k me n i n g k a t k a n t a r a f h i d u p d a n k e s e j a h t e r a a n r a k y a t d e n g a n me n g u s a h a k a n p e n i n g k a t a n p e n d a p a t a n ma s y a r a ­ k a t s e r t a p e me r a t a a n p e n d a p a t a n .

De n g a n b e r b a g a i c a r a P e me r i n t a h me n g a mb i l l a f f r Qk a h a g a r d a r i P T y a n g a d a , s e d e mi k i a n r u p a d a p a t d i ma n f a a t k a n o l e h ma s y a r a k a t * Na mu n d a l a m h a l ma s y a i a k a t i k u t s e r t a me - n a n a mk a n mo d a l my a t e r s e b u t , ma s y a r a k a t p e r l u d i l i n d u n g i y a - i t u h a r u s a d a n y a k e t e r b u k a a n me r u p a k a n s y a r a t y a n g p a l i n g p e n t i n g , d a n p e r u s a h a a n i t u h a r u s s e h a t d a n b a i k , d e n g a n ma k s u d a g a r r e s i k o p e mo d a l d a p a t d i t e k a n s e k e c i l mu n g k i n *

Ka r e n a n y a P T y a n g a k a n g o p u b l i c h a r u s b e r s e d i a me n g u n g k e p - k a n s e p e n u h n y a a k a n k e a d a a n p e r u s a h a a n y a n g b o r s a n y k u t a n *

g a mp a n g , k a r e n a h a r u s me l i p t a t i s e r a mg k a i a n k e g i a t a n y a n g c u k u p r u mi t , y a n g k e s e mu a n y a i t u d i d a s a r k a n p a d a p e r a t u r a n * * p e r a t u r a n y a n g a d a .

P e r ma s a l a h a n - p e r ma s a l a h a n t e r s e b u t d i a t a s l a h y a n g me n d o r o n g s a y a u n t u k me mi l i h j u d u l " T i n j a u a n S e g i Hu k u m At a s P T Ya n g Go P u b l i c " .

4 . T u j u a n P e n u l i sar i ,

T u j u a n p e n u l i s a n s k r i p s i i n i p e r t a ma - t a ma a d a l a h u n ­ t u k me l e n g k a p i s a l a h s a t u s y a r a t me n c a p a i Ge l a r Ke s a r j a n a a n p a d a F a k u l t a s Hu k u m Un i v e r s i t a s Ai r l a n g g a . Ya n g k e d u a a d a l a h u n t u k me n g k a j i d a n me n g u r a i k a n p e r ma s a l a h a n me n g e n a i P T y a n g g o p u b l i c d i t i n j a u d a r i s e g i h u k u m.

5 * Me t o d o l o q i d a n P e n d e k a t a n Ma s a l a h

Di d a l a m me n g u r a i k a n p e r ma s a l a h a n y a n g s a y a t u l i s ma k a s a y a b e r u s a h a me n c a r i , me n g u mp u l k a n , me mp e l a j a r i d a n me n g o l a h s k r i p s i i n i me l a l a u i c a r a :

a . me f t a k u k a n p e n e l i t i a n k e p u s t a k a a n , y a n g d i ma k s u r i k a n u n t u k me n d a p a t k a n p e n g e t a h u a n d a s a r u n t u k me mu d a h k o n me n i p e r o l e h p e n g e t a h u a n y a n g l e n g k a p b o r t a l i a n d e n g a n ma s a l a h y a n g d i s u s u n , a n t a r n l a i n t e n t a n g k e t e n t u a n Un d a n g - Uo d a n g y a n g b e r l a k u , P e r a t u r a n P e me r i n t a h , Ke p u t u s a n P r e s i d e n d n n o e

-*1 r a t u r a n - p e r a t u r a n y a n g b e r t a l i a n d e n g a n i t u *

b , me l a k u k a n p e n e l i t i a n l a p a n g a n , y a i t u d e n g a n me n g a d a k a n

i

u a u a n c a r a d e n g a n p e j a b a t - p e j a b a t B a p e p e m d a n P T Da n a r e k s a i

s e h i n g g a d i p e r o l e h d a t a l a p a n g a n y a n g e mp i r i s .

6 , P e f c t a n g g u n q j a u a b a n S i s t e ma t i k a

S k r i p s i s a y a i n i t e r d i r i d a r i 5 b a b y a i t u s e b a g a i b e r i k u t :

Ba b I , y a n g - me i u p a k a n Ba b P e n d a h u l u a n , y a n g d i d a l a m- n y a s a y a u r a i k a n me n g e n a i L a t a r B e l a k a n g d a n P e r ma s a l a h a n , P e n j e l a s a n j u d u l , Al a s a n P e mi l i h a n 3 u d u l , T u j u a n P e n u l i s a n , Me t o d o l o g i d a n P e n d e k a t a n Ma s a l a h s e r t a P e r t a n g g u n g j a u a b a n S i s t e ma t i k a .

Ba b I I , s e b e t t u m b e r a n j a k p a d a ma t e r i p e n u l i s a n s k r i p - s i i n i ma k a s a y a a k a n me n g a u a l i n y a d e n g a n me n g u r a i k a n t e n . , t a n g Ga mb a r a n Umu m P a s a r Mo d a l d i I n d o n e s i a , y a n g . s e k a l i g u s s a y a j a d i k a n j u d u l b a b d i ma n a d i d a l a mn y a a k a n s a y a u r a i k a n t a n t a n g p e n g e r t i a n d a n t u j u a n d i i d r i k a n y a p a s a r mo d a l , s e j a - r a h p a s a r mo d a l d a n h a l - h a l y a n g me l a t a r b e l a k a n g i d i h i d u p - k a n n y a k e mb a l i p a s a r mo d a l s e t e l a h s e k i a n l a ma t i d a k me mp u ­ n y a i k e a k t i f a n . Da n s e h u b u n g a n d e n g a n d i a k t i f k a n n y a k e mb a l i p a s a r mo d a l t e r s e b u t , ma k a a k a n s a y a s e r t a k a n p u l a b e b o r a p a p e r a t u r a n p e n u n j o n g o y a . Ma k s u d p e n u l i s a n b a b i n i t i a d a l s i n a g a r l e b i h d a h u l u d i p e r o l e h g a mb a r a n l a t a r b e l a k a n g n y a *

Ba b I I I , s a y a b e r i j u d u l 0 Ka r a k t e r i s t i k P T s e b a g a i

d i mo t i v a 9 i k a n u n t u k me n g h i mp u n mo d a l . Da n l e b i h l a n j u t s a ­ y a u r a i k a n p u l a o a mp a i s e j a u h m. a n a h a k d a n t a n g g u n g j a u a b p a r a p e me g a n g s a h a m p a d a P T . Un t u k s u. b b a b t e r a k h i r i n i s a ­ y a a k a n me n g u r a i k a n s a mp a i s e b e r a p a j a u h k e t e r l i b a t a n P a s a * Mo d a l d a l a m k a i t a n n y a d e n g a n P T s e b a g a i a s o s i a s i mo d a l . Ma k s u d p e n g u r a i a n b a b i n i a d a l a h a g a r d i p e r o l e h g a mb a r a h t e n t a mg k g r a k t e r i s t i k P T t e r s e b u t *

Ga b I V, me r u p a k a n i n t i d a r i p e n u l i s a n s k r i p s i s a y a i n i , y a i t u u r a i a n t e n t a n g Me k a t b i s me P e n g a u a s a n P e me r i n t a h T e r h a d a p P e ma s a r a n S a h a m P a d a P a s a r Mo d a l d i I n d o n e s i a , b a ­ i k d i t i n j a u d a r i l e mb a g a - l e mb a g a y a n g t e r l i b a t d i d a l a mn y a ma u p u n p r o s e s y a n g h a r u s d i t e mp u h d a l a m p e ma s a r a n s a h a m

( g o p u b l i c ) .

GAMB AR AN UMUM P AS AR MODAL DI I NDONE S I A BAB I I

1 • P e n q e r t i a n d a n T u j u a n P a s a r Mo d a l d i I n d o n e s i a

S e b a g a i ma n a k i t a k e t a h u i b a h u a d i d a l a m me l a k s a n a k a n t u g a s s e h a r i - h a r i s u a t u u s a h a n i e g a me me r l u k a n d a n a y a n g c u k u p b e s a r j u ml a h n y a . Da n a - d a n a y a n g d i p e r l u k a n i t u d a p a t d i a d a k a n o l e h p e n g u s a h a s e n d i r i a t a u me n c a r i s u mb e r - s u mb e r d a r i l u a r , d a n s u mb e r - s u mb e r t e r s e b u t p a d a u mu mn y a d i k u a s a i o l e h l e mb a g a - l e mb a g a k e u a n g e n a t a u i n d i v i d u - i n d i v i d u d a l a m ma s y a r a k a t . De n g a n d e mi k i a n d a p a t d i k a t a k a n b a h u a d i d a l a m ma s y a r a k a t a d a d u a f i h a k y a i t u , f i h a k y a n g me mb u t u h k a n d a n a d a n f i h a k y a n g me n a u a r k a n d a n a . Ke d u a f i h a k t e r s e b u t h a r u s d i p e r t e mu k a n a g a r f u n g s i ma s i n g - ma s i n g f i h a k d a p a t b e r j a l a n s e b a g a i ma n a me s t i n y a . S e b a g a i u a d a h p e r t e mu a n k e d u a f i h a k t e r s e b u t d i p e r l u k a n a d e n y a p a s a r , k a r e n a p a s a r a d a l a h me r u - p a k a n s u a t u t i t i k b e r f c e mu n y a f i h a k y a n g me mb u t u h k a n d a n f i - h a k y a n g me n a u a r k a n d a n a . Da n a - d a n a i n i l a h y a n g a k a n me r u p e - k a n mo d a l b a g i y a n g me mb u t u h k a c v d a n a , y a n g s e l a n j u t n y a a k a n d i p a s a r k a n s e h i n g g a d i s i n i l a h t i mb u l a d a n y a p a s a r mo d a l .

! Me n u r u t Ke p u t u s a n P r e s i d e n n o . 5 2 t a h u n 1 9 7 6 Ba b I p a s a l 1 P a s a r Mo d a l a d a l a h B u r s a E f e k s e p e r t i y a n g d i ma k s u d d i d a l a m Un d a n g - u n d a n g n o . 1 5 t a h u n 1 9 5 2 ( LN t a h u n 1 9 5 2 - n o . 5 7 ) y a n g me n y e b u t k a n b a h u a y a n g d i ma k s u d d e n g a n b u r s e

Be p e p a m, P a s a r Mo d a l d a n Me k a n i s me n v a i J a k a r t a , h . 1 1 . 2

d a l a m a r t i Un d a n g u n d a n g t e r s e b u t a d a l a h b u r s a b u r s a p e r d a -g a n -g a n d i I n d o n e s i a y a n -g d i d i r i k e n u n t u k p e r d a -g a n -g n n u a n -g d a n e f e k t e r ma s u h s e mu a p e l e l a n g a n e f e k *

3 a d i j e l a s n y a p a s a r mo d a l a d a l a h s a r a n a y a n g me mp e r t e mu k a n p e n j u a l d a n a d a n p e mb e l i d a n a . Da n a y a n g d i p e r j u a l -b e l i k a n i t u a d a l a h d a n a y a n g a k a n d i p e r g u n a k a n u n t u k j a n g k a p a n j a n g y a i t u y a n g j a n g k a u a k t u n y a l e b i h d a r i s a t u t a h u n s e p e r t i s a h a m, o b l i g a s i d a n s u r a t b e r h a r g a l a i n n y a y a n g s e j e -n i s * Ya -n g d i ma k s u d k a -n d e -n g a -n s u r a t - s u r a t b e r h a r g a me -n u r u t Ke p u t u s a n P r e s i d e n n o 5 2 t a h u n 1 9 7 6 p a s a l l a y a t 3 ,

E f e k a d a l a h s e t i a p s a h a m, o b l i g a s i , a t a u b u k t i l a i n n y a , t e r ma s u k s e f c t i f i k a t a t a u s u r a t p e n g g a n t i s e r t a b u k t i s e me n t a r a d a r i s u r a t - s u r a t j a mi n a n , o p s i , a t a u h a k - h a k l a i n n y a u n t u k me me s a n a t a u me mb e l i s a h a m, o b l i g a s i , a t a u b u k t i p e n y e r t a a n d a l a m mo d a l a t a u p i n j a ma n l a i n n y a , s e r ­ t a s e t i a p a l a t y a n g l a z i m d i k e n a l s e b a g a i e f e k .

Da l a m h a l i r t i u u j u d d a n a y a n g d i p a s a r k a n d i P a s a r Mo d a l a d a ­ l a h s u r a t b e r h a r g a s e p e r t i s a h a m d a n o b l i g a s i .

Ad a p u n y a n g d i ma k s u d d e n g a n s a h a m me n u r u t Ke p u t u s a n Me n t e r i Ke u a n g a n R e p u b l i k I n d o n e s i a n o . 6 9 5 / KMK. 0 1 1 / 1 9 8 5 a d a l a h t a n d a p e n y e r t a a n mo d a l p a d a P T s e b a g a i ma n a d i a t u r d a l a m KUHD ( S t b l . 1 8 4 7 n o . 2 3 ) .

S e d a n g a r t i o b l i g a s i a d a l a h s u r a t p e n g a k u a n h u t a n g a t a s p i n j a ma n u a n g o l e h e mi t e n d a r i ma s y a r a k a t u n t u k j a n g k a u a k t u s e k u r a n g - k u r a n g n y a 3 t . a h u n d e n g a n i mb a l a n b u n g a y a n g j u ml a h s e r t a s a a t p e mb a y a r a n n y a t e l a h d i t e n f c u k a c i .

y a n g d i ma s u k k a n s a j a , d a l a m a r t i k a l a u P T i t u me n d e r i t a r u g i ma k a p e me g a n g s a h a m i t u h a n y o me n d e r i t a . s e b e s a r mo ­ d a l y a n g d i ma s u k k a n s a j a ;

b . k a l a u P T me mp e r o l e h k e u n t u n g a n ma k a p e me g a n g s a h a m a k a n 5

me mp e r o l e h b a g i a n k e u n t u n g a n y a i t u d e v i d e n ,

L e b i h l a n j u t p e r l u d i k e t a h u i b a h u a p a d a u r n u mn y a y a n g me n j a d i p e mb e l i d i . P a s a r Mo d a l a d a l a h :

a . p e r u s a h a a n a s u r a n s i ; b . y a y a s a n d a n a p e n s i u n ; c . b a n k t a b u n g a n ;

d . s e mu a j e n i s p e r u s a h a a n ; e . p e n a n a m mo d a l p e r o r a n g a n * ^

S e j a u h i t u d a l a m P e r a t u r a n P e me r i n t a h n o , 2 5 t a h u n - 1 9 7 6 t e n t a n g P e n y e r t a a n Mo d a l Ne g a r a R e p u b l i k I n d o n e s i a Un ­ t u k P e n d i r i a n P e r u s a h a a n P e r s e r o a n ( P E R S E R O ) Da n a r e k s a ma k a P e me r i n t a h d a l a m h a l i n i P a s a r Mo d a l r n e mp u n y a i j a n g - k a u a n d a n t u g a s y a n g l u a s , y a n g me n c a k u p 3 a s p e k ,

a * mo mp e r c e p a t p r o s e s p e r l u a s a n p e n g i k u t s e r t a a n ma s y a r a k a t d a l a m p e mi l i k a n s a h a m p e r u s a h a a n ;

b , p e me r a t a a n , p e n d a p a t a n ma s y a r a k a t me l a l u i p e me r a t a a ' n p e - mi l i k a n s a h a m p e r u s a h a a n ;

c . me n g g a i r a h k a n p a r t i s i p a s i ma s y a r a k a t d a l a m p e n g e r a h a n d a n p e n g h i mp u n a n d a n a u n t u k d i g u n a k a n s e c a r a p r o d u k t i f .

5

Ke t i g a a s p e k t e r s e b u t s e j a l a n d e n g a n i s i p a s a l 3 3 a y a t J - UUD* 4 5 , y a n g me n y e b u t k a n b a h u a p e r e k o n o mi a n I n d o n e s i a d i j a - l a n k a n b e r d a s a r k a n a s a s k e k e &u a r g a a n d a n mo t i u a s i n y a di kecn- i - b a n g k a n l a g i y a i t u me n u j u k e a d i l a n y a n g d i c i t a - c i t a k a n . S e ­ h i n g g a l a n d a s a n i d i i l P a s a r Mo d a l d i I n d o n e s i a , b e n a r - b e n a r s e s u a i d e n g a n k e t e n t u a n y a n g t e r d a p a t d a l a m UUD' AS d a n f a l - s a f a h P a n c a s i l a ,

S e g i p e n e k a n a n l a i r r n y a d a l a m P a s a r n o d a l a d a l a h b a h ­ u a p i a d a s e t i a p P T y a n g g o p u b l i c h a r u s d a p a t me mb e r i k e u n ­ t u n g a n p a d a n a s a b a h n y a s e h i n g g a d i s t r d i b u s i k e k a y a a n p e r u ­ s a h a a n d a p a t l a n g s u n g d i n i k r n a t i ma s y a r a k n t l u a s , d i s a mp i n g u p a y a - u p a y a u n t u k me n g i n d o n e s i a n i s a s i k a n P f - P T y a n g P MA*

P r e s i d e n S o e h a r t o d a l a m s a mb u t a n p e mb u k a a n P a s a r Mo ­ d a l t a n g g a l 1 0 Ag u s t u s 1 9 7 7 me n y a t a k a n d e mi k i a n :

P a s a r Mo d a l h a r u s d i a r a h k a n p a d a u s a h a - u s a h a p e me r a t a a n p e n d a p a t a n ma s y a r a k a t d e mi me n c a p a i k e a d i l a n s o s i a l y a n g l e b i h t i n g g i d a l a m s t r u k t u r e k o n o mi I n d o n e s i a . Be r b i c a r a t e n t a n g k e a d i l a n s o s i a l , d i d a l a m s i t u a s i e k o n o ­ mi y a n g t e r b e l a k a n g s a ma s a j a d e n g a n me n y e b a r r a t a k a n k e mi s k i n a n .

S e k a l i l a g i d a l a m p e r t i mb a n g a n P r e s i d e n R e p u b l i k I n ­ d o n e s i a me n g e l u a r k a n Ke p u t u s a n P r e s i d e n n o . 5 2 t a h u n 1 9 7 6 t e n t a n g P a s o r Mo d a l b a h u a t u j u a n P a s a r Mo d a l d i I n d o n e s i a a d a l a h p e me r a t a a n p e n d a p a t a n me l a l e i p e me r a t a a n p e mi l i k a n s a h a m p e r u s a h a a n s e h i n g g a ma s y a r a k a t d a p a t i k u t me n i k ma t i p e mb a n g u n a n .

2 • S s j a r a h P a s a r Mo d a l

me l a l u i t a h a p - t a h a p d i mu l a i n y a P a s a r Mo d a l d a r i j a me n Be - l a nf c l a s a mp a i d i a k t i f k a n n y a k e mb a l i .

a . P e r i o d e s e b e l u m P e r a n g Du n i a I I s a mp a i 1 9 5 1 ' .

P a d a p e r t e n g a h a n a b a d k e 1 9 d a l a m r a n g k a p e n g e mb a n g - a n u s a h a u n t u k k e p e n t i n g a n P e me r i n t a h Hi n d i a B e l a n d a y a i t u d a l a m r a n g k a me n i b u k a p e r k e b u n a n s e c a r a b e s a r - b e s a r a n , ma k a d i p e r l u k a n d a n a y a n g c u k u p b a n y a k . S a l a h s a t u c a r a y a n g d i - t e mp u h u n t u k me me n u h i k e b u t u h a n t e r s e b u t a d a l a h d e n g a n me - n g e r a h k a n d a n a d a r i ma s y a r a k a t ( p e mo d a l ) . P a r a p e mo d a l i n i a d a l a h o r a n g - o r a n g B e l a n d a d a n o r a n g E r o p a , d a n h a n y a me r e - k a l a h y a n g b e r k e c i mp u n g d a l a n r P a s a r Mo d a l , o r a n g I n d o n e s i a t i d a k a d a . De n g a n me n c o n t o h k e a d a a n d i n e g e r i B e l n n d a , ma k a d i f i k i r k a n l a h u n t u k me n d i r i k a n P a s a r Mo d a l d i B a t a v i a . S e - s u d a h d i a d a k a n p e r s i a p a n . s e l u r u h n y a p a r a p e n g u s a h a B e l a n d a me n d i r i k a n " V’e r e n i g i n g v o o r d e E f f e c t e n h a n d e l ,f d i Qa t a wi a d a n s e k a l i g u s me mu l a i p e r d a g a n g a n e f e k p a d a t a n g g a l 1 2 De - s e mb e r 1 9 1 2 , k e mu d i a n d i S u r a b a y a t a n g g a l 11 Da n u a r i 1 9 2 5

j

da n . d i n S e ma r a n g t a n g g a l 1 Ag u s t u s 1 9 2 5 .

P a d a mu l a n y a a n g g o t a n y a t e r d i r i d a r i 1 3 ma k e l a f c d a « p a d a t a h u n 1 9 2 8 d i t a mb a h d e n g a n 3 b u a h b a n k s u a s t a B e l a n ­ d a , j a d i s e mu a a n g g o t a b u r s a e f e k t e r s e b u t a d a l a h p a r a ma - k e l a r , k o mi s i o n e r d a m b a n k - b a n k s u a s t a a d a l a h p e n g u s a h a B e l a n d a d a n md j n g k i n a d a p e n g u s a h a B e l a n d a l a i n n y a .

B e l a n d a s e h i n g g a p a d a h a k e k a t n y a p a d a u a k t u i t u b u r s a e f e k h a n y a me r u p a k a n s o t u s a r a n a u n t u k k e p s n t i n g a n ma s y a r a k a t Be l a n d a .

P e r mu l a a n t a h u n 1 9 3 9 k e t i k a s u h u p o l i t i k d i E r o p a m me mu n c a k , d e n g a n me mu n c o k n y a k e k u a s a a n Ad o l f Hi t l e r p c me - r i n t a h a n Hi n d i a B e l a n d a b e r a n g g a p a n l e b i h b a i k me mu s a t k a n p e r d a g e n g a n e f e k d i J a k a r t a s a j a d a n a k h i r n y a b u r s a e f e k d i S e ma r a n g d a n d i S u r a b a y a d i t u t u p .

Ke t i k a p e r a n g d u n i a k e d u a b e r k e c a mu k , k e g i n t a n b u r ­ s a e f e k d i J a k a r t a p a d a t a n g g a l 1 0 Ne i 1 9 4 0 j uc j a i k u t d i t u ­ t u p , d e n g a n a l a s a n k e b a n y a k a n d a r i s a h a m B e l a n d a d a n I n d o ­ n e s i a d i mi l i k i o l e h mu s u h y a i t u o r a n g - o r a n g De r ma n s e h i n g ­ g a d i k e l u a r k s n p e r a t u r a n p a d a t a n g g a l 1 7 Me i 1 9 4 0 b a h u a s

s e mu a e f e k h a r u s d i s i mp a n d i d a l a m b a n k y a n g d i t u n j u k P e - me r i n t a h Hi n d i a Be l a n d a .

P e n u t u p a n b u r s a e f e k d i k e t i g a c e mp a t t e r s e b u t y a i ­ t u d i J a k a r t a , S e ma r a n g d a n S u r a b a y a s a n g a t mc n g g a n g g u l i - k u i d o t a s e f e k d i s a mp i n g j u g a me n y u l i t k a n b a g i p a r a p e mi - l i k e f e k , h a l i n i b e r a r t i p u l a p e n u t u p a n k a n t o r - k a n t o r ma - k e l a r d a n p e l e p a s a n p c g o u a i me r e k a . S e l a ma p e n d u d u k a n De ­ p a n g b u r s a e f e k i t u p u n t i d a k d i b u k a .

De mi k i a n p u l a d i ma s a p u r a n g k o me r d e k a a n p a r a p e n g u

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s a h a d a n p e r o r a n g a n B e l a n d a ma s i h k u r a n g b e r h a s r a t u n t u k

k e l u a r n e g e r i , u mu mn y a k e n e g e r i B e l a n d a .

b . P e r i o d e P e me r i n t a h a n Or d e L a ma d a r i 1 9 5 2 s a mp a i 1 9 6 7 P e n g a k u a n k e d a u l a t a n R e p u b l i k I n d o n e s i a o l e h p e me - r i n t a h a n B e l a n d a d i t a h u n 1 9 4 9 d i s e r t a i d i k e l u a r k a n n y a o b l i ­ g a s i R e p u b l i k I n d o n e s i a t a h u n 1 9 5 0 , t e l a h me n d o r o n g k e i n g i n - a n P e me r i n t a h u n t u k me n g e k t i f k a n k e mb a l i b u r s a e f e k *

Di d a h u l u i o l e h Un d a n g - Un d a n g Da r u r a t n o . 1 2 t a h u n 1 9 5 1 t a n g g a l 1 S e p t e mb e r 1 0 5 1 , y a n g k e mu d i a n d i j a d i k a n Un d a n g - Un d a n g n o . 1 5 t a h u n 1 9 5 2 t e n t a n g Bf - ur s a d a n Ke p u t u s e n f ' - e n t e r i Ke u a n g a n n o 2 8 9 7 3 7 / UU, t a n g g a l 1 No v e mb e r 1 9 5 1 , Da n a k h i r ­ n y a p u d a t a n g g a 3 3 u n i 1 9 5 2 B u r s a E f e k d i b u k a k e mb a l i s e c a ­ r a r e s mi d i Da k a r t a , y a n g p e n y e l e n g g a r a a n n y a d i s e r a h k a n p a ­ d a P e r s e r i k a t a n P e r d a g a n g a n Ua n g d a n E f e k ( P P UE ) y a n g t e r - d i r i d a r i t i g a b a n k n e g a r a d e n g a n B a n k I n d o n e s i a s e b a g a i p e - n a s e h a t .

S e j e k s a a t i t u Ou r a a E' f e k b e r k e mb a n g d e n g a n p e s a t . E f e k y a n g d i p . v r d a g e n g k a n a d a l a h y a n g d i k e l u a r k a n s e b e l u m a t a u s e s u d a h P e r a n g Du n i a k e d u a . Ak t i f i t a s i n i s e ma k i n me - n i n g k a t s e j a k p e me r i n t a h me n g e l u a r k a n p i n j a ma n o b l i g a s i Da n k I n d u s t r i Ne g a r a b e r t u r u t - t u r u t p a d a t a h u n 1 9 4 5 , 1 9 5 5 , 1 9 5 6 ,

-B u r s a E f e k J a k a r t a , i n i d i k a r e n a k a n u e r g a Qe l s n d a r n e n j . n g g a l - k a n I n d o n e s i a a k i b a t p o l i t i k k o n f r o n t a s i y a n g d i l c ^ n c a r k a n

p e me r i n t a h t e r h a d a p De l a n d a d a n d i s u s u l p u l a d e n g n n n e s i o - n a l i s a s i p e r u s a h a a n Be l a n d a .

De n g a n me mb u r u k n y a h u b u n g a n B e l a n d a , me n g c n a i s e n g k e - t a I r i a n J a y a , y a n g me mu n c a k d e n g a n p c n g a mb i 1 - a l i h a n s e r n u a p e r u s a h a a n De l a n d a d i I n d o n e s i a b c r d a s a ^ Un d a n y - b n d a n o i . a- s i o n a l - n o . 8 6 t a h u n 1 9 5 6 y a n g k e mu d i a n d i s u s u l d e mj r n I n s - t r u k s i d a r i B a d a n Na s i o n a l i s a s i P e r u s a h a a n B e l a n d a (

B

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p a d a t a h u n 1 9 6 0 , y a i t u l c : r a n g a n u n t u k me mp e r d a g a n g k a n d i B B u r s a E f e R I n d o n e s i a s e r n u a e f t a k d c r i p e r u s a h a a n B e l a n d a y a n g b e r o p e r a s i d i I n d o n e s i a t e r ma s u k s e n i u a e f e k y a n g b e r b u n y i d a l a m ma t a u a n g Nf , y a n g me n g a k i b a t k a n p e r d a g a n g a n e f e k I n ­ d o n e s i a me n j a d i j a u h b e r k u r a n g . Di s a mp i n g i t u s e b a g i a n b e - s a r p a r a p e mo d a l y a n g t e r d i r i d a r i p e r o r a n g a n d a n p e r u s a h a a n B e l a n d a s e b a g a i a k i b a t t i n d a k a n : n a s i o n a l i s a s i b a n y a k y a n g

me n i n g g a l k a n I n d o n e s i a .

I n f l a s i p a d a u q k t u i t u me n g g a n a s , t e l a h me n g g o n c a n g - k a n k e h i d u p a n p e r e k o n o n u a n , y a n g p a d a a k h i r n y a mo n g u r a n g i p u l a k e p e r c a y a a n ma s y a r a k a t , b a i k t e r h a d a p p a s a r u a n g d c m mo d a l ma u p u n t e r h a d a p ma t a u a n g r u p i n h . Da l a m u s a h a me n a h a n k e c e p a t a n i n f l a s i , u a n g r u p i a h d i t u r u n k a n n i l a i n y n d a r i Rp . 1 . 0 0 0 . 0 0 me n j a d i R p . 1 , 0 0 y a n g b e r l n k u j u g a u n t u k s a h a m

De mi k i a n l a h p e r k e mb a n g a n P a s a r Mo d a B: d i I n d o n e s i a d i j a ma n p e me r i n t a h a n o r d e l a ma y a n g ma t i d e n g a n s e n d i r i n y n

p a d a a k h i r t a h u n 1 9 5 8 k a r e n a s o a l p o l i t i s d a n i n f l a s i y a n g s a n g a t t i n g g i , s e h i n g g a r a k y a t t i d a k me r n p u n y s i p e r h a t i a n t t e r h a d a p i t u l a g i .

c . P e r i o d e t i n d a k a n P e me r i n t a h a n Or d e Ba r u ( 1 9 6 0 s a mp a i k e p e r e s r n i a n a k t i f i t a s )

T i n d a k a n p e r t a ma y a n g d i a mb i l o l e h P e me r i n t a h o r d e b a r u a d a l a h me n e k a n i n f l a s i d a n me mb u a t p e r e k o n o r n i a n I n d o n e ­ s i a n o r ma l k e mb a l i . De n g a n j a l a n mo n e k a n i n f l a s i t e r s e b u t d i ma k s u d k a n a g a r k e p e r c a y a a n r a k y a t k e p a d a ma t ? u c n g r u p i a h s e ma k i n me mb a i k , h a l mo n a me r u p a k a n d n s a r y o n g p e n t i n g b a g i P e me r i n t a h u n t u k me n g a mb i l l a n g k a h s e l a n j u t n y a P e r t a m a - t a m a P e me r i n t a h me n g d a k a n R e n c a n a P e mb a n g u n a n Ua s i o n a l L i ma T a h u n p a d a t a h u n 1 9 6 9 y a n g me me r l u k a n mo d a l d a l a m d a n l u a r n e g e r i y a n g s a n g a t b e s a r . Un t u k i n i r a k y a t d i a n j u r k a n u n t u k me mb i - a s a k a n d i r i me n a b u n g , d a n u n t u k mo n c a p a i ma k s u d t e r s e b u t P e ­ me r i n t a h p a d a t a h u n 1 9 6 9 s a mp a i s e k a r a n g me n g a d a k a n , d e p o s i - t o b e r j a n g k a d e n g a n s u k u b u n g a y a n g mo n a r i k d a n T a b a n a s - T a s k a y a n g d a p a t t e r j a n g k a u o l e h ma s y a r a k a t l u a s . Oe r s a ma a n d e ~ n g a n t a b u n g a n i n i , Da n k I n d o n e s i a p a d a t a h u n 1 9 7 0 me n g e l u a r - k a n s e r t i f i k a t Da n k I n d o n e s i a , s e b a g a i u s a h a u n t u k mo r n b e r i - k n n k o s e mp a t a n p a d a d u n i a p e r u s a h a a n p e r b a n k a n d m p u r o r a n g - a n me n a n a mk a n d a n a l e b i h i n e r e k a d o d n l a m s u r a t - s u r a t t a n r h e r - g a y a n g a ma n d a n me n d a t p n g k a n h a s i l s e r t a me mp p r k o n a l k a n j e -

-s y a r a k a t . De n g a n p e r k e n a l a n -s e r t i f i k a t Da n k I n d o n e -s i a i t u ,

p e r t e n g a h a n t a h u n 1 9 7 1 b a n k - b a n k P e me r i n t a h d a n k o me r s i i l

a s i n g i k u t j u c j a me n g e l u a r k a n s e r t i f i k a t d a p o s i t o ma r e k a d a ­

l a m u a n g r u p i a h d e n g a n ma k s u d u n t u k me n a r i k d a n a d a r i ma s y a ~

r a k a t .

Un t u k me n g h i n d a r i p e r s a i n g a n a n t a r a k e d u a r o a c a m s e r ­ t i f i k a t t a d i , Ba n k I n d o n e s i a me n g h e n t i k a n p e n g e l u a r a n s e r t i ­ f i k a t d a n h a n y a me n g a u a s i s e t i a p p e n g e l u a r a n s e r t i f i k a t b a - r u . Vo l u me p e r e d a r a n d a r i t a h u n k e t y h u n t e r u s me n i n g k a t s a mp a i a k h i r t a h u n 1 9 7 7 .

Da l a m k u r u n u a k t u a n t a r a t a h u n 1 9 6 7 s a mp a i t a h u n 1 9 7 6 P e me r i n t a h t e r u s me n g a d a k a n p e r s i a p a n - p e r s i a p a n k h u s u s u n t u k d a p a t t e r u u j u d n y a P a s a r f l o d a l d i I n d o n e s i a s e b a g a i s a r a n a p e n g e r a h a n d a n a d a r i ma s y a r a k a t .

L a n g k a h p e r t a ma y a i t u d e n g a n d i k e l u a r k a n n y a S u r a t Ke - p u t u s a n Di r e k s i Ba n k I n d o n e s i a n o . 4 / 1 6 Ke p , Di r . 2 6 3 u l i 1 9 6 G t e n t a n g P e mb e n t u k a n T e a m P e r s i a p a n P a s a r Ua n g d a n Mo d a l . S e - l a n j u t n y a d e n g a n S u r a t Ke p u t u s a n F l e n t e r i Ke u a n g a n n o . Ke p . - 0 2 / n K/ l V/ l / 1 9 7 0 d i b e n t u k T u n m P a s a r Uo n y d a n Mo d a l . Da n d e ­ n g a n p e r t i mb a n g a n b ^ h u a T e a m P a s a r . Ua n g d a n f ' l oda l s u d a h me - n y e l e s a i k a n t u g a s n y a ma k a d e n g a n S u r a t Ke p u t u s a n P l e n t e r ! Ke - u a n g a n n o . Ke p . 2 5 / HK/ l U/ 1 / 1 9 7 2 t a n g g a l 1 3 Da n u a r i 1 9 7 2 t e a m t e r s e b u t d i b u b a r k a n d a n d i b e n t u k Oa d a n P e mb i n a P a s a r Ua n g d a n n o d a l .

d i k e l u a r k a n S u r a t Ke p u t u s a n Me n t e r i Ke u a n g a n n o . Ke p . - 3 6 / MK/ I U/ I / 1 9 7 2 t e n t a n g L e mb a g a Ke u a n g a n No n B a n k y a n g me m- p u n y a i p e r a n a n p e n t i n g d a l a m p e n y e l e n g g a r a a n P a s a r Mo d a l .

S e b a g a i l a n g k a h a k h i r , s e t e l a h d i r a s a c u k u p ma k a p a ­ d a t a n g g a l 2 8 De s e mb e r 1 9 7 6 d i k e l u a r k a n l a h s e p e r a n g k a t p c r s - t u r a n y a n g me n y a n g k u t P a s a r Mo d a l , t e r b i t a n De p a r t e me n Ke u - a n g a n y a n g i s i n y a a n t a r a l a i n :

a . Ke p u t u s a n P r e s i d e n n o . 5 2 t a h u n 1 9 7 G t e n t a n g p t n d i r i a n P a s a r Mo d a l , p o mb e n t u k a n f Ba d a n P e mb i n a P a s a r Mo d a l , p e m- b e n t u k a n Da d a n P e l a k s a n a P a s a r No d a l d a n p e i n b o n t u k a n b a - d a n y a n g me me c a h s a h a m d a l a m s e r t i f i k a t s a h a m y a i t u

-P T Da n a r e k s a ;

b . P e r a t u r a n P e me r i n t a h n o . 2 5 t a h u n 1 9 7 6 t e n t a n g Di t e t a p k a n - n y a PT Da n a r e k s a d e n g a n P e n y e r t a a n Mo d a l Ne g a r a RI s e b a - n y a k 5 0 mi l y a r t ;

c . p e mb e r i a n f a s i l i t a s p e r p a j a k a n k e p a d a p e r u s n h a a n - p c r u s a - h a a n y a n g me n j u a l s a h a m k e p a d a p e mb e l i - p e mb e l i s a h a m me - l a l u i P a s a r Mo d a l ;

d . p e r a t u r a n p e r ma i n a n y a n y h a r u s d i i k u t i o l e h s e mu a f i h a k s e s u a i d e n g a n k e p e n f c i n g a n ma s i n g - ma s i n g d i P p s s r Mo d a l .

P a d a t a n g g a l 1 0 Ag u s t u s 1 9 7 7 o l e h P r e s i d e n RI d i l a k u - k a n p e r e s mi a n P a s a r Mo d e l d a n P T Da n a r e k s a d i I n d o n e s i a d n n

s e t e l a h i t u d i s a k s i k a n l o n g s u n g p u n j u n l a n p e r d a n a s e r t i f i ­

d * P e r i o d e s e s u d a h 1 0 Ag u s t u s 1 9 7 7 s a mp a i s e k a r a n g

T u j u a n P a s a r Mo d a l y a n g d i r e s mi k a n P r e s i d e n RI p a d a

t a n g g a l 1 0 Ag u s t u s 1 9 7 7 a d a l a h b a h u a P a s a r Mo d a l s e b a g a i s s r a n a u n t u k me n g h i mp u n d o n a d a r i ma s y a r a k a t d a n s e b a g a i p e me r a t a a n p e n d a p a t a n i n s l a l u i p e me r a t a a n p e mi l i k a n s a h a m p e r u s a h a a n d a p a t d i u u j u d k a n u a l a u d a l a m j u ml a h y a n g r e l a t i f ma s i h k e c i l *

Di b a n d i n g k a n d e n g a n j u ml a h P MA d a n P MDN y a n g a d a , j u ml a h p e r u s a h a a n y a n g g o p u b l i c t e r s e b u t ma s i h j a u h d a r i me n g g e mb i r a k a n • Ha l i n i d i s e b a b k a n a d a n y a k e b i j a k s a n a a n P e ­ me r i n t a h k a r e n a t i d a k s e mu a p e r u s a h a a n y a n g r na u g o p u b l i c a k a n d i s e t u j u i o l e h P e me r i n t a h ,

P e me r i n t a h t i d a k s e ma t a - ma t a h a n y a i n g i n a g a r s e b a - n y a k mu n g k i n p e r u s o h a a n - p e r u s a h a a n y a n g g o p u b l i c , me l a i n - k a n me n g u t a ma k a n p e r l i n d u n g a n , a g a r ma s i n g - ma s i n g p e mb e l i s a h a m t i d a k d i r u g i k a n . Ol e h k a r e n a i t u p a d a h a k e k a t n y a h a ­ n y a s a h a m- s a h a m d a r i p e r u s a h a a n y a n g s e h a t d a n me mp u n y a i ma s a d e p a n y a n g b a i k s a j a y a n g d a p a t g o p u b l i c d a n d a p a t d i p e r d a g a n g k a n d i b u i s a e f e k I n d o n e s i a , d e n g a n d e mi k i a n P e - me r i n t a h s a n g a t s e l e k t i f d a l a m me n y e t u j u i s u a t u p e r u s a h a a n u n t u k r n e n d a p a t k a n d a n a me s k i p u n p r o g r a m me ma s y a r a k a t k a n s a ­ h a m j u g a me r u p a k a n p r o g r a m P e me r i n t a h d a l a m r a n g k a me me r a

3 . L a t a r B e l a k a n g P e mi k i r a n Me n g h i d u p k a n P a s a r Mo d a l S a ­ h a m P T

Ke b i j a k s a n a a n p e me r a t a a n d a l a m k o n s e p p e mb a n g u n a n n a s i o n a l s u d a h me r u p a k a n s t r a t e g i p o l i t i k e k o n o mi n a s i o n a l s a s u a i d e n g a n T r i l o g i p e mb a n g u n a n , Ak a n t e t a p i s e b a g a i ma n a ma k s u d d a r i p e me r a t a a n y a n g t e r c a k u p d a l a m d e l a p a n j a l u r p e me r a t a a n , p e me r a t a a n b u k a n l a g i h a n y a s e k e d a r k o n s e p s t r a - t o g i s b e l a k a t e t a p i s u d a h me n j a d i b a g i a n d a r i s e t i a p l a n g - k a h k e g i a t a n p e mb a n g u n a n , S e h i n g g a d a p a t k i t a r a s a k a n b a g a i - ma n a s e t i a p b i d a n g k e g i a t a n p e mb a n g u n a n , ma s a l a h p e me r a t a a n

s e n a n t i a s a d i i k u t - s e r t a k a n d i d a l a mn y a ,

De mi k i a n p u l a d e n g a n s a l a h s a t u d a r i l a t a r b e l a k a n g p e mi k i r a n me n g h i d u p k a n P a s a r Mo d a l s a h a m P T d i I n d o n e s i a a d a l a h s e g i p e me r a t a a n h a s i l - h a s i l p e mb a n g u n a n t e r u t a ma d a ­ r i s e k t o r s u a s t a y a n g t e l a h b e r k e mb a n g p e s a t ,

m-b u k a k e s e mp a t a n l e m-b i h l u a s l a 9 i m-b a g i t u mm-b u h n y a d u n i a u s a h a

d a n i n d u s t r i b a r u . P e me r i n t a h me n g a j a k p a r a p e n g u s a h a u n t u k

i k u t b e r s a ma - s a ma me n g e mb a n g k a n P a s a r n o d a l i n i t a n p a r e g u -

r a g u . ^

S e j a u h i t u p u l a k i t a h a r u s d a p a t me l i h a t b a h u a t u j u ­

a n d a r i l a h i r n y a P a s a r Mo d a l d i t i n j a u d a r i s u d u t k e p e n t i n g - a n ma s i n g - t n a s i n g f i h a k h r n y a a k a n b e r k e mb a n g h a i k , b i l a r oe - me n u h i h a l b e r i k u t , y a i t u P e me r i n t a h d a l a m p e me r a t a a n p e n ­ d a p a t a n d a n d i s t r i h u s i k e k a y a a n s e r t a mo b i l i s a s i s e b a g a i s u mb e r p e mb n n g u n a n e k o n o mi , b a g i p e n g u s a h a i a l a h me n c a r i mo d a l y a n g r e l a t i f mu r a h t s e d a n g k a n b a g i ma s y a r a k a t a t a u p e mo d a l i a l a h h a r a p a n a k a n me n d a p a t k a n d e v i d e n *

P a s a r n o d a l d a p a t p u l a me n i n g k a t k a i e f i s i e n s i p e ma - k a i a n d a n a d a l a m p e r e k o n o mi a n d e n g a n me n y a l u r k a n d a n a d a r i s e k t o r y a n g k e l e b i h a n d a n a k e s e k t o r y a n g me mb u t u h k a n d a n a , s e h i n g g a s e b a g i a n d a r i k e b u t u h a n d a n a d u n i a u s a h a d a p a t d i - p e n u h i d e n g a n u a n g y a n g s wd a h b e r e d a r d i ma s y a r a k a t me l a l u i

g p e n i n g k a t a n p e r p u t a r a n p e ma k a i a n d a n a *

De n g a n a d a n y a p e mi k i r a n u n t u k me n g h i d u p k a n P a s a r

n

o ­

d a l s a h a m P T d i r a s a p a r l u a d a n y a c a mp u r t a n g a n P e me r i n t a h s e b a g a i p e n d o r o n g d a n p e mb i n a * Ad a p u n s a s a r a n c a r a p u r t a n g a n P e me r i n t a h i n i d i t u j u k a n u n t u k :

a . me mb a n t u d a n me mp e r c e p a t p e n g h i mp u n a n d a n a d i d a l a m n e - g e r i u n t u k d i a r a h k a n k e s e k t o r - s e k t o r p r o d u k t i f g u n a mo

m-g

Ua u a n c a r a d e n g a n S t a f f E a p s p a m, 7 Ag u s t u s 1 9 8 5 , g

p e r t a h a n k a n s t a b i l i t a s e k o n o mi d a n me mp a r l u a s k e s e mp a t ­

a n k e r j a ;

b . d e n g a n : a d a n y a s a r a n a P a s a r Mo d a l y a n g t e l a h d i s e d i a k a n P e me r i n t a h ma k a P T - P T y a n g g o p u b l i c me l a l u i P a s a r Mo ­ d a l t e r s e b u t d i h a r a p k a n d a p a t me mp e r b a i k i s t r u k t u r p e r - d a l a n d a l a m u p a y a me n i n g k a t k a n k e ma mp u a n p e r mo d a l a n n y a # t i d a k l a g i d i t e mp u h d e n g a n j a l a n me l a k u k a n p i n j a ma n d a r i f i h a k l a i n ;

c * d a p a t me mp e r c e p a t p r o s e s Xn d o n e s i a n i s a s i p e r u s a h a a n - p e r u s a h a a n y a n g d i d i r i k a n d a l a m r a n g k a P MA;

d . me n g i k u t - s e r t a k a n ma s y a r a k a t d e n g a n c a r a me n a n a mk a m d a n a - n y a k e d a l a m P T y a n g b e r s a n g k u t a n , d e n g a n h a r a p a n d a p a t me n g u r a n g i b e b a n b i a y a b a g i P T i t u ;

e * d e n g a n i k u t s e r t a n y a ma s y a r a k a t s e c a r a l a n g s u n g d i h a r a p ­

k a n t e r c i p t a n y a s u a t u k e a d a a n y a n g me mb u k a k e mu n g k i n a n t e r c a p a i n y a p e me r a t a a n p a n d a p a t a n ma s y n r a k a t d a l a m r a n g ­ k a me n i n g k a t k a n t a r a f h i d u p r a k y a t . ^

De n g a n d e mi k i a n a p a y a n g d i mo t i v a s i k a n o l e h Tr i l o c j i P e mb a n g u n a n d a p a t t e r c a p a i t e r u t a ma d a l a m l o g i p e r t a ma , y a ­ i t u p e me r a t a a n p e mb a n g u n a n d a n h a s i l n y a , S e h i n g g a k e h a d i r a n P a a a r Mo d a l d i I n d o n e s i a h a r u s d a p a t d i d e y a g u n a k a n u n t u k me mb e r i k a n ma n f a a t b a g i P e me r i n t a h , p e r u s a h a a n s e r t a ma s y a ­

r a k a t .

Ba g i P e me r i n t a h d a mp a k p o s i t i f n y e , a d a l a h p e mu p u k a n

i n i l a h o l e h P e me r i n t a h d i k e l u a r k a n b e b e r e p a p e r a t u r a n y a n g

me n u n j a n g n y a , d i a n t a r a n y a s e p e r t i s a y a u r a i k a n d i b a u a h i n i ,

P e r a t u r a n P e me c i n t a h n o , 2 5 t a h u n 1 9 7 6 t a n g g a l 2 7 De -

s e mb a r 1 9 7 6 t e n t a n g P e n y e r t a a n Mo d a l Ne g a r a RI u n t u k P e n d i - r i a n P e r u s a h a a n P e r s e r o a n T e r b a t a s ( P e r s e r o ) Da n a r e k s a * De n g a n P e r a t u r a n P e me r i n t a h i n i f P T Da n a r e k s a s e b a g a i l e mb a - g a mi l i k P e me r i n t a h me l a k u k a n p e n y e r t a a n d a l a m mo d a l p e r u ­ s a h a a n , T u j u a n n y a a d a l a h a n t a r a l a i n d i n t u k me n j a mi n b a h u a s a h a m- s a h a m y a n g d i j u a l me l a l u i b u r s a i t u a k a n me r n t a d a n d a p a t d i j a n g k a u o l e h ma s y a r a k a t l u a s d e n g a n c a r e ma mb e l i s a h a m- s a h a m p e r u s a h a a n t e r l e b i h d a h u l u , b a r u k e mu d i a n me me - c a h n y a d a l a m p e c a h a n - p e c a h a n k e c i l ( s e r t i f i k a t s a h a m ) s e ­ h i n g g a d a p a t t e r j a n g k a u o l e h ma s y a r a k a t l u a s , Di s a mp i n g i t u j u g a me n i n g k a t k a n p a r t i s i p a s i ma s y a r a k a t d a l a m p e n g e r a h a n d a n a d e n g a n me mb e l i e f e k p e r u s a h a a n - p e r u s a h a a n u n t u k me n - d a p a t k a n k e u n t u n g a n d a n me n j u a l s e r t i f i k a t s e n d i r i d e n g a n me k s u d e g a r ma s y a r a k a t l u a s p e mb e l i s e r t i f i k a t d a p a t me n i k - ma t i k e u n t u n g a n n y a ,

-b e r i p e m-b i n a e n d a n p e n g a r a h a n d a l a m P a s a r Mo d a l , S e d a n g k a n

Ba p e p a m d a l a m h a l i n i b e r t u g a s me l a k u k a n p e n g e n d a l i a n t e r ­

h a d a p P a s a r Do d a l , k a r e ma i t u Ba p e p a m a n t a r a l a i n b e r t u g a s

me n g a d a k a n p e n i l a i a n t e r h a d a p p e r u s a h a a n - p e r u s a h a a n y a n g

a k a n me n j u a l s a h a mn y a a p a k a h s e h a t d a n b a i k , s e r t a me n g i k u t i

p e r k e mb e n g a n p e r u s a h a a n y a n g me n j u a l s e h a m- s a h a mn y a .

Ke p u t u s a n n e n t e r i Ke u a n g a n n o 6 6 / Kn K. 0 4 / 1 9 8 2 t e n t a n g

P e n i l a i a n Ke mb a l i r t k t i v a T e t a p P e r u s a h a a n P T d a l a m Ra n g k a

P e n j u a l a n S a h e m s e h e mn y a Me l a l u i P a s a r n o d a l . P e n i l a i a n e k

-t i v a -t e r s e b u -t h e r u s d i l a k u k a m o l e h p e r u s a h a a n p e n i l a i y a n g

d i t u n j u k o l e h n e n t e r i Ke u a n g a n , s e d a n g k a n t u j u a n n y a a d a l a h

a g a r t e r d a p a t n i l a i u a j a r a t a s k e k a y a a n p e r u s a h a a n t e r s e b u t ,

s e h i n g g a ma s y a r a k a t t e r l i n d u n g , d a l a m a r t i t i d a k me n g a l a mi

k e r u g i a n .

Ke p u t u s a n Me n t a r i Ke u a n g a n n o . 6 9 5 / KI * l K. 0 1 1 / 1 9 8 5 t e n ­

t a n g £ mi s i E f e k n e l e l u i P a s a r n o d a l . Da l a m p e r a t u r a n i n i

d i a t u r t e n t a n g s u a t u t i n d a k a n me n e r b i t k a n e f e k u n t u k d i t a

u a r k e n p a d a ma s y a r a k a t . Da n d a l a m k a i t a n n y a d e n g a n i n i , s a

-l a h s a t u p a s a -l n y a me n y e b u t k a n b a h u a y a n g d a p a t b e r t i n d a k

s e l a k u e mi t e n u n t u k e mi s i s a h a m a d a l a h b a d a n u s a h a , b a i k

b a d a n u s a h a mi l i k n e g a r a - a t a u d a e r a h ma u p u n mi l i k s u a s t a

y a n g b e r s t a t u s b a d a n h u k u m. Da n u n t u k i n i ma k a s a y a a k a n

KARAKT E RI S T I K P T S E BAGAI AS OS I AS I MODAL BAB I I I

1, S e j a r a h d a n P e r f c e mb a n q a n T e r j a d l n y a PT

S e b a g a i ma n a d i k e t a h u i b a h u a n e g a r a I n d o n e s i a p e r n a h

me n j a d i j a j a h a h Be l a n d a s e l a ma h a mp l r t i g a s e t e n g a h a b a d ,

h a l i n i s u d a h b a r a n g t e n t u i k u t me mp e n g a r u h i k e a d a a n s o s i

-a l v e k o n o mi d -a n h u k u m y -a n g b e r l -a k u d i I n d o n e s i -a * l e b i h - l e b i h

d a l a m b i d a n g h u k u m t i d a k b i s a d i p u n g k i r i l a g i , b a h u a s e b a g i

-a n b -a s e r h u k u m y -a n g b e r l -a k u d -a n d i p -a k -a i s e k -a r -a n g i n i b e r -a s -a l

d a r i h u k u m Be l a n d a .

S e h u b u n g e n d e n g a n i t u , p e r l u d i k e t a h u i b a h u a l e mb a g a

P T y a n g d i k e n a l d i I n d o n e s i a i n i ma s u k me l a l u i h u k u m Ba l a n ~

d a . L e mb a g a i n i d i Ne g e r i Be l a n d a d i s e b u t d e n g a n Na a ml o z e

Ve n n o o t s c h a p ( NV ) . Ha l t e r s e b u t d i a u a l i d e n g a n l a h i r n y a

d e Ve r e e n i g d e Do s t I n d i s c h e Co mp a g n i e ( VOC ) y a n g d i d i r i

-k a n p a d a t a h u n 1 6 0 2 .

T u mb u h n y a VOC b e r mu l a k a r e n a a d a n y a k e b u t u h a n mo d a l

y a n g a m8 t b e s a r d a l a m me n y e l e n g g a r a k a n p e r d a g a n g a n r e mp a h

-r e mp a h me l a l u i p e l a y a -r a n k e k e p u l a u a n Mu s a n t a -r a y a n g k i a n

h a r i k i a n me l u a s . Un t u k i t u me r e k a mu l a mu l a me n c o b a me n g a

-t a s i n y a d e n g a n j a l a n me n g g a b u n g k a n d i r i y a i -t u a n -t a r a f i h a k

p s n a n a m mo d a l ( c o mme n d a p a r t i c i p a l e ) d a l a m s u a t u b a d a n

y a n g d i n a ma k a n c o mme n d a p a r t i c i p a t i e d e n g a n p a r a p e n g u s a h a

k a p a l ( p r i n c i p e l o r e d e r s ) .

Da l a m c o mme n d a p a r t i c i p a t i e i n i s e mu a p e n a n a * mo d a l

t i d a k p e r l u me n j a l a n k a n p e n g a u a s a n p e r u s a h a a n J e n t i d a k p u

l a i k u t b e r t a n g g u n g j a u a b l e b i h d a r i h o r t a k e k a y a a n y a n g

t e r t a n a m d i d a l a mn y s .

S e d a n g k a n p a d a p a r a r e d e r s ma s i h t e t a p r n e mp u n y a i

t a n g g u n g j a u a b s e c a r a p r i b a d i s e r t a me mi mp i n p e n g u r u s a n

p e r u s a h a a n •

Ka r e n a i t u l a h k e d u a n y a b e r g a b u n g d a n ma j u s e l a n g k a h

l a g i y a i t u me mb e n t u k s u a t u b a d a n y a n g d i n a r o a k a n V/ DC, d i ma

-n a s s l u r u h t a -n g g u -n g j a u a b d i b e b a -n k a -n s e p e -n u h -n y a s e ma ' t a - ma t o

p a d a h a r t a k e k a y a a n y a n g t e r k u mp u l d a l a m

\i

OC* S e b a g a i p e r

-t a n d a p e n a n a ma n mo d a l , k e p a d a me r e k a d i b e r i k a n p e n n i n g a n ,

d a n p e n n i n g i n i l a h y a n g ma r u p a k a n c i k a l b a k a l d a r i s a h a m.

Da r i p e r t u mb u h a n s a mp a i t e r j a d i n y a s t r u k t u r VOC i n i ­

l a h y a n g k e mu d i a n d i j e l a s k a n k e d a l a m b e n t u k N V # h a l i n i

d i k a r e n a k a n a d a n y a mo t i u a s i u n t u k me n g h i mp u n mo d a l . Da l a m

r a n g k a i n i l a h l a l u d i k a t a k a n b a h u a NV ( a t a u y a n g l e b i h d i

-k e n a l d a l a m t a t a h u -k u m d i I n d o n e s i a s e b a g a i PT. ) ma r u p a -k a n

1 3 a s o s i a s i mo d a l .

2 . T i g a Ka r a k t e r l s t i k Do mi n a n PT

Un t u k me n c a p a i s a s a r a n a g a r t e r k u mp u l n y a mo d a l t e r ­

s e b u t , ma k a me n u r u t Ru d h i P r a s a t y a d i k o n s t r u k s i k a n l a h :

a . p a r t a n g g u n g j a u a b a n y a n g t i mb u l s e ma t a - ma t a d i b e b a n k a n

k e p a d a h a r t a k e k a y a a n y a n g t e r h . i mp u n d a l a m a s o s i a s i ;

u a b u n t u k s e l u r u h n y a a t a s s e g a l a p e r i k a t a n d a r i p e r s e r o a n M.

Un t u k i t u p e r l u d i i n g a t p u l a b a h u a d i d a l a m k e p u s t a k a a n d i

-s e b u t k a n b a h u a f i r ma me r u p a k a n b e n t u k a -s o -s i a -s i o r a n g , y a n g

j u ml a h s e k u t u n y a h a n y a t a r d i r i d a r i b e b e r a p a o r a n g s a j a * *

s e h i n g g a t i d a k l a h me n j a d i ma s a l a h b i l a o a n a s e o r a n g s e k u t u

h a r u s i k u t b e r t a n g g u n g j a u a b s a mp a i p a d a h a r t a k e k a y a a n p r i

-b a d i n y a k a r e n a p e r -b u a t e n s e k u t u l a i n .

Na mu n t i d a k l a h d e mi k i a n h a l n y a d e n g a n P T, p a d a P T ma ­

k a h a l y a n g d e mi k i a n i t u a k a n me n g a l a mi k e s u l i t a n k a r e n a

j u ml a h s e k u t u n y a y a n g a ma t b a n y a k . Ke a d a a n i n i j u g a n a mp a k

d a r i s e j a r a h p e r k e mb a n g a n t e r j a d i n y a P T y a n g b e r mu l a d a r i

r e d e r s s a mp a i t e r b e n t u k n y a

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OC* s e b a g a i ma n a t e l a h s e y a u r a i

-k a n s e b e l u r o n y a .

Ka l a u d i a t a s t e l a h s a y a s i n g g u n g b a h u a f i r ma s e b a g a i

a s o s i a s i o r a n g , ma k a PT me r u p a k a n a s o s i a s i mo d a l .

PT s e b a g a i a s o s i a s i mo d e l y a i t u a k a n d i h i mp u n n y a s u ­

a t u mo d a l y a n g b e s a r d a r i o r a n g y a n g a ma t b a n y a k j u ml a h n y a ,

■ e h i n g g a b i l a s e o r a n g p e me g a n g s a h a m h a r u s i k u t b e r t a n g g u n g

j a u a b p e n u h s a mp a i k e h a r t a k e k a y a a n p r i b a d i my a u n t u k p e r

-b u a t a n y a n g d i l a k u k a n o l e h s a l a h s e o r a n g p e me g a n g s a h a m

y a n g j u ml a h n y a a ma t b a n y r k i t u , a k a n me n g a l a mi k e s u k a r a n

k a r e n a t i d a k s a l i n g me n g e n a l . S e h i n g g a b e n a r l a h t e n t a n g a p a

y a n g d i k e mu h a k a n o l e h Ru d h i P r a s e t y a , y a n g me n y a t a k a n b a h u a :

11 ♦* . . k a r a k t e r i s t i k p e r t a n g g u n g j a u a b a n t e r b a t a s i t u t i d a k

a s o s i a s i mo d a l d a r i PT

T e n t a n g s i f a t mo b i l i t a s a t a s h a k p e n y e r t a a n d i ma k s u d d i a t a s h a r u s k i t a l i h a t d a l a m h u b u n g a n n y a d e n g a n j a ma n VOC,

s e b a g a i t a n d a i k u t s e r t a n y a s e s e o r a n g d a l a m s u a t u b i d a n g u s a h a d i b e r i t a n d a p a n n i n g . P a d a j a ma n y a n g t e l a h ma j u s e k a - r a n g i n i p e n n i n g d i g a n t i d e n g a n t a n d a s a h a m. De n g a n d e mi k i a n t a n d a s a h a m i n i p a d a h a k e k a t n y a me r u p a k a n t a n d a b u k t i i k u t s e r t a n y a s e s e o r a n g mo n a n a mk a n mo d a l n y a d a l a m P T • S e h i n g g a s e b a g a i c i r i k h a s d a r i P T, k e i k u t s e r t a a n n y a d i u u j u c f k a n me ­

l a l u i l e mb a g a s a h a m.

P e r l u d i i n g a t b a h u a t a n d a s a h a m t i d a k l a h s e k e d a r s e ­ b a g a i t a n d a b u k t i i k u t s e r t a s a j a , n a mu n y a n g l e b i h d a r i i t u a d a l a h a d a n y a s i f a t a s o s i a s i mo d a l d a r i P T d i ma n a P T s e b a g a i u a d a h p e n g h i mp u n mo d a l a d a l a h d i ma k s u d k a n a g a r s e - k a l i mo d a l i t u t e l a h t e r k u mp u l , h a r u s d i j a g a j a n g a n s a mp a i t e r c o r a i b e r a i l a g i . Me l a l u i l e mb a g a s a h a m y a n g d i a d a k a n P T ma k a d a l a m h a l s e o r a n g p e me g a n g s a h o m t i d a k I r g i b e r k e i n g i n - a n u n t u k me l a n j u t k e n p e n y e r t a a n n y a , ma k a c u k u p h a n y a me n g - a l i h k a n s a h a mn y a p a d a f i h a k l a i n y a n g b e r s e d i a me n g g a n t i k a n a t a u b i l a p e me g a n g s ^ h a m i t u me n i n g g a l d u n i a , ma k n h a k a t a s s a h a m i t u d i a n g g a p b e r a l i h p a d a a h l i u a r i s n y a * De r i y a n d e n i - k i a n k o n s t r u k s i PT i t u t e t a p d i p e r t a h a n k a n , d e n g a n r n a k s u d a g a r b i s a b e r l a n g s u n g t e i u s t a n p a a d o p e mb a h r r u a n P T y a n g a d a s e r t a s t a b i l i t a s mo d a l y a n g t e l a h t e r k u mp u l t i d a k t e r a n - c a m s e h i n g g a t i d a k a d a k e mu n y k i n a n d i . i n i n t a n y a k o mb e l i b a g i

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