Page 13 - Modul CA - Manajemen Keuangan Lanjutan (Plus Soal)

MANAJEMEN
KEUANGAN LANJUTAN

4. Nilai Investasi

1. Tingkat
2. Tingkat VALUE Pengembalian yang
Pengembalian Aktual
Dipersyaratkan

3. Periode Waktu
Investasi

Selisih antara faktor ke-3 dan ke-2 dalam gambar menciptakan performance spread.
Performance spread diukur dalam persentase di atas atau di bawah tingkat pengembalian yang
dipersyaratkan yang diharapkan oleh pihak yang menyediakan pendanaan bagi perusahaan yaitu kreditor
dan pemegang saham.
Contoh:

Tingkat pengembalian yang dipersyaratkan PT ABC adalah 14%. Nilai investasi sebuah proyek adalah
dipersyaratkan) DOKUMEN
$1.000.000.000. Tingkat pengembalian aktual sebesar 17%.

Penciptaan nilai tahunan = Investasi × (tingkat pengembalian aktual – tingkat pengembalian yang

IAI
Penciptaan nilai tahunan = $1.000.000 (17% – 14%) = $30.000.

1.6 Pendahuluan - Aplikasi Prinsip Nilai

Berikut ini adalah gambar yang memperlihatkan aplikasi prinsip nilai.

Defining The Strategic Business Corporate Value Systems Incentives, Financial
Firms Objective Unit (SBU) Strategy Creation and Target Setting, Structure and
Mind-Set/ Processes Performance Dividend
Culture Measurement Policy
Portfolio Manage Strategic Provide Pervading Structure, e.g.
Choosing Between (Resource Value Drivers Philosophy to Centralise
Allocation) Shared by Two and Governing or Decentralise
or More Strategic Objective Services Organisational Resources
Business Units (Institutional Value Drivers)
Non-shareholder Earning, Discounted Examples
Wealth Goals eps, Cash Existing Identification Acquisition, Training Goal Congruence Skills, Systems, Drive,
ROCE, Flows Set of of Areas for Divestiture, Equipment, Ability,
etc. SBUs Potential Shutdown Continous Improvement,
Reviewed Growth
Rewards Commitment Generation of Good Ideas,
Determination, Enthusiasm,
Review of Project Budgeting Structure Strategy Knowledge, Tools,
Present Appraisal Constraints, Common
Value Objective, Superior
Creation Workforce
Strategic Assesment Strategic Choice Strategic
Implementation
Corporate SBU Level Functional
Industry Competitive Life-cycle Sustainable Qualitative Quantitative Level Level
Attractiveness Position Stage Competitive Analysis Analysis
Advantage External Only Discounted Operating
Value Metrics Cash Flow, Value Drivers,
Strategy Planes TSR, SVA, EP, e.g. Product Quality
WAI,
Cost Differentiation MVA, EVA Customer Satisfaction
Cost of Output
MBR Rule of Innovation
COMMUNICATION EDUCATION CONVERSION COMMITMENT

4 Ikatan Akuntan Indonesia