RESUME NAMA : DEWI MASITA : C 301 11 112

STAMBUK

MANAJEMEN KEUANGAN Rasio Keuangan 1 Analisis a!o"an Keuangan Un#u$ %a!a# &e&!e"ole' ga&(a"an #en#ang !e"$e&(angan $euangan sua#u !e"usa'aan) !e"lu %ila$u$an sua#u in#e"!"e#asi a#au analisis #e"'a%a! %a#a*%a#a +inansial !e"usa'aan, Da#a +inansial i#u a$an #e"-e"&in$an %ala& la!o"an $euangann.a, Ba&(ang Ri.an#o / 2001 : 320 1 &enge&u$a$an (a'2a : 3 a!o"an +inansial / Financial Statement 1 &e&(e"i$an i$'#isa" #e"'a%a! $ea%aan +inansial sua#u !e"usa'aan) %i&ana Ne"a-a / Balance sheet 1 &en-e"&in$an nilai a$#i4a) u#ang %an &o%al sen%i"i !a%a sua#u saa# #e"#en#u) #e"#en#u (iasan.a &eli!u#i !e"io%e sa#u #a'un,5 Dala& &enga%a$an analisis %an in#"e!"es#asi la!o"an $euangan sua#u !e"usa'aan) seo"ang !enganalisis $euangan &e&e"lu$an a%an.a u$u"an, U$u"an .ang se"ing %iguna$an %ala& analisa +inansial a%ala' (e"u!a Rasio Keuangan, Ja%i %engan &enga%a$an analisa a#au &enga%a$an in#"e!"e#asi #e"'a%a! la!o"an $euangan sua#u !e"usa'aan a$an sanga# (e"&an+aa# (agi !enganalisa un#u$ %a!a# &enge#a'ui $ea%aan %an !e"$e&(angan +inansial %a"i !e"usa'aan .ang (e"sang$u#an, Dengan &enga%a$an analisa %a#a $euangan %a"i #a'un*#a'un .ang lalu) %an la!o"an Rugi %an a(a / Income Statement 1 &en-e"&in$an 'asil*'asil .ang %i-a!ai sua#u !e"io%e

%a!a# %i$e#a'ui $ele&a'an*$ele&a'an %a"i sua#u !e"usa'aan se"#a 'asil*'asil .ang #ela' %iangga! -u$u! (ai$, 2 a Leverage 6enge"#ian Leverage Se#ia! !e"usa'aan %ala& &en7alan$an $egia#an o!e"asionaln.a se'a"i*'a"i !as#i &e&(u#u'$an &o%al, Mo%al #e"se(u# (e"asal %a"i &o%al sen%i"i &au!un &o%al .ang (e"asal %a"i !in7a&an, 6e"usa'aan .ang &engguna$an su&(e" %ana %a"i lua" un#u$ &e&(ia.ai o!e"asional !e"usa'aan (ai$ .ang &e"u!a$an su&(e" !e&(ia.aan 7ang$a !en%e$ &au!un 7ang$a !an7ang &e"u!a$an !ene"a!an %a"i $e(i7a$an leverage, A"#i leverage sa-a"a 'a"+ia' a%ala' !engung$i#, 6engung$i# (iasan.a %iguna$an un#u$ &e&(an#u &engan$a# (e(an .ang (e"a#, Dala& $euangan leverage 7uga &e&!un.ai &a$su% .ang se"u!a) .ai#u leverage (isa %iguna$an un#u$ &ening$a#$an #ing$a# $eun#ungan .ang %i'a"a!$an, Is#ila' Leverage (iasan.a %i!e"guna$an un#u$ &engga&(a"$an $e&a&!uan !e"usa'aan un#u$ &engguna$an a$#i4a a#au %ana .ang &e&!un.ai (e(an #e#a! / fixed cost assets or funds1 un#u$ &e&!e"(esa" #ing$a# !eng'asilan /return1 (agi !e&ili$ !e"usa'aan, Dengan &e&!e"(esa" #ing$a# Leverage &a$a 'al ini a$an (e"a"#i (a'2a #ing$a# $e#i%a$!as#ian /Uncertainty1 %a"i return .ang a$an %i!e"ole' a$an se&a$in #inggi !ula) #e#a!i !a%a saa# .ang sa&a 'al #e"se(u# 7uga a$an &e&!e"(esa" 7u&la' return .ang a$an %i!e"ole', Ting$a# Leverage ini (isa sa7a (e"(e%a*(e%a an#a"a !e"usa'aan .ang sa#u %engan .ang lainn.a) a#au %a"i sa#u !e"io%e $e !e"io%e lainn.a %i %ala& sa#u !e"usa'aan) #e#a!i .ang 7elas se&a$in #inggi #ing$a# Leverage a$an se&a$in #inggi #ing$a# "esi$o .ang %i 'a%a!i se"#a se&a$in (esa" #ing$a# return a#au !eng'asilan .ang %i'a"a!$an, Is#ila' "esi$o /risk1 %isini %i&a$su%$an %engan

$e#i%a$!as#ian /Uncertainty1 %ala& 'u(ungann.a %engan $e&a&!uan !e"usa'aan &e&(a.a" $e2a7i(an*$e2a7i(an #e#a!n.a /fixed payment obligation1, Da"i u"aian %ia#as) Menu"u# Joel G %an Jae K %ala& Ka&us Is#ila' A$un#ansi /1888:2901 Leverage %i%e+inisi$an se(agai (e"i$u# : 3Is#ila' .ang (iasa %i!e"guna$an %ala& $euangan %an a$un#ansi un#u$ &en7elas$an $e&a&!uan (ia.a #e#a! un#u$ &ening$a#$an la(a (agi !e&ili$ !e"usa'aan5, 6enge"#ian lain %a"i Leverage &enu"u# u$&an S.a&su%%in %ala& (u$un.a Mana7e&en Keuangan 6e"usa'aan /2001::81 a%ala' : 3Leverage a%ala' $e&a&!uan !e"usa'aan un#u$ &enguna$an a$#i4a a#au %ana .ang &e&!un.ai (e(an #e#a! /fixed cost assets or funds1 un#u$ &e&!e"(esa" #ing$a# !eng'asilan /return1 (agi !e&ili$ !e"usa'aan5, A%a!un !enge"#ian Leverage &enu"u# Ba&(ang Ri.an#o/20011 a%ala' 3Leverage %i%e+inisi$an se(agai !enggunaan a$#i4a a#au %ana %i&ana un#u$ !enggunaan #e"se(u# !e"usa'aan 'a"us &enu#u! (ia.a #e#a! a#au &e&(a.a" (e(an #e#a!5, Ja%i $e(i7a$an leverage #i&(ul 7i$a !e"usa'aan %ala& &e&(ia.ai $egia#an o!e"asionaln.a &engguna$an %ana !in7a&an a#au %ana .ang &e&!un.ai (e(an #e#a! se!e"#i (e(an (unga, Tu7uan !e"us'aan &enga&(il $e(i7a$an leverage .ai#u %ala& "ang$a &ening$a#$an %an &e&a$si&al$an $e$a.aan %a"i !e&ili$ !e"usaan i#u sen%i"i, A%a #iga 7enis Leverage .ai#u : Operating Leverage ) Financial Leverage %an Total Leverage a#au Ko&(inasi Leverage, 6e"usa'aan &engguna$an Operating Leverage %an Financial Leverage %engan #u7uan aga" $eun#ungan .ang %i!e"ole' le(i' (esa" %a"i !a%a (ia.a*(ia.a asse# %an su&(e" %anan.a) %engan %e&i$ian a$an

&ening$a#$an

$eun#ungan

!e&egang

sa'a&,

Se(ali$n.a

Leverage

7uga

&ening$a#$an ;a"ia(ili#as /"esi$o1 $eun#ungan) $a"ena 7i$a !e"usa'aan #e"n.a#a &en%a!a# $eun#ungan .ang le(i' "en%a' %a"i !a%a (ia.a #e#a!n.a &a$a !enggunaan Leverage a$an &enu"un$an $eun#ungan !e&egang sa'a&, ( < &o%al Jenis*Jenis Leverage Operating Leverage 6e"usa'aan .ang &e&ili$i (ia.a o!e"asi #e#a! a#au (ia.a #e#a!) &a$a !e"usa'aan #e"se(u# &engguna$an leverage, Dengan

&engguna$an o!e"a#ing le4e"age !eusa'aan &eng'a"a!$an (e'2a !e"u(a'an !en7ualan a$an &enga$i(a#$an !e"u(a'an la(a se(elu& (unga %an !a7a$ .ang le(i' (esa", Menu"u# (en#u$ : 3 Ke&a&!uan !e"usa'aan %i %ala& &engguna$an fixed operating cost un#u$ &e&!e"(esa" !enga"u' %a"i !e"u(a'an 4olu&e !en7ualan #e"'a%a! earning before interest and taxes /EBIT15, Menu"u# Ma&%u' M, =ana+i /200>:3201 &en7elas$an5 Operating Leverage %ia"#i$an se(agai se(e"a!a (esa" !e"usa'aan &engguna$an (e(an #e#a! o!"asional5, Be(an #e#a! o!e"asional #e"se(u# (iasan.a (e"asal %a"i (ia.a %e!"esiasi) (ia.a !"o%u$si %an !e&asa"an .ang (e"si+a# #e#a! / &isal ga7i $a".a2an 1, Se(agai $e(ali$ann.a a%ala' (e(an 4a"ia(el o!"asional, Con#o' (ia.a 4a"ia(el a%ala' (ia.a #enaga $e"7a .ang %i(a.a" (e"%asa"$an !"o%u$ .ang %i'asil$an, A%a!un !enge"#ian lain %a"i Operating Leverage &enu"u# Joel G %an Jae K %ala& Ka&us Is#ila' A$un#ansi /1888:2901 e4e"age ?!e"asional a%ala' : 3Se(ua' u$u"an &engenai "esi$o o!e"asi .ai#u (ia.a o!e"asi #e#a! .ang %i#e&u$an %ala& la!o"an "ugi la(a !e"usa'aan5, u$&an S.a&su%%in) %ala& (u$un.a Mana7e&en Keuangan 6e"usa'aan /2001:100 Operating Leverage se-a"a le(i' #e!a# %i%e+inisi$an %ala&

6enge"#ian lain %a"i Operating Leverage Ba&(ang Ri.an#o/2001) (a'2a Leverage ?!e"asi a%ala' : 3!engunaan a$#i4a #e#a! %engan (ia.a #e#a! a%ala' %engan 'a"a!an (a'2a revenue .ang %i'asil$an ole' !enggunaan a$#i4a i#u a$an -u$u! &enu#u! (ia.a #e#a! %an 4a"ia(el5, Da"i !enge"#ian .ang %i$e&u$a$an !a"a a'li %ia#as $i#a &eli'a# (a'2a unsu"* unsu" .ang &eling$u!i Operating Leverage a%ala' la(a se(elu& (unga %an !a7a$ se"#a !e"u(a'an #ing$a# !en7ualan, a(a se(elu& (unga %an !a7a$ sa&a %engan "e4enue %i$u"angi (ia.a 4a"ia(el le(i' (esa" %a"i !a%a (ia.a #e#a!n.a, Kon%isi ini %i$a#a$an !e"usa'aan &e&ili$i Operating Leverage .ang favorable, Se(ali$n.a Operating Leverage %i$a#a$an unfavorable (ila revenue %i$u"angi %engan (ia.a 4a"ia(el (elu& %a!a# &enu#u! (e(an #e#a!n.a, Selan7u#n.a un#u$ &engu$u" !enga"u' 4olu&e !en7ualan #e"'a%a! la(a o!e"asi /!"o+i#a(ili#as1 a%ala' %engan &eng'i#ung #ing$a# Operating Leverage /degree of operating leverage @ D? 1) .ai#u "asio %a"i !e"u(a'an !e"sen#ase la(a o!e"asi #e"'a%a! !e"u(a'an !e"sen#ase uni# .ang #e"7ual a#au #o#al !an%a!a#an) %engan !e"'i#ungan se-a"a al7a(a" se(agai (e"i$u# : A 6e"u(a'an EBIT D? B A 6e"u(a'an !en7ualan

< Financial Leverage Ke(i7a$an !e"usa'aan &en%a!a#$an &o%al !in7a&an %a"i lua" %i#in7au %a"i (i%ang &ana7e&en $euangan) &e"u!a$an !ene"a!an Financial Leverage %i&ana !e"usa'aan &e&(ia.ai $egia#ann.a %engan &engguna$an &o%al

!in7a&an se"#a &enanggung sua#u (e(an #e#a! .ang (e"#u7uan un#u$ &ening$a#$an la(a !e" le&(a" sa'a&. Financial Leverage #i&(ul $a"ena a%an.a $e2a7i(an*$e2a7i(an +inansial

.ang si+a#n.a #e#a! /fixed financial charges1 .ang 'a"us %i$elua"$an ole' !e"usa'aan, Ke2a7i(an*$e2a7i(an +inansial .ang #e#a! ini #i%a$la' (e"u(a' %engan a%an.a !e"u(a'an #ing$a# EBIT %an 'a"us %i (a.a" #an!a &eli'a# se(esa" a!a !un #ing$a# EBIT .ang %i-a!ai !e"usa'aan, Di%ala& analisis Financial Leverage %iasu&si$an (a'2a %e4i%en un#u$ !e&egang sa'a& !"e+e"en selalu %i(a.a" %ala& se#ia! !e"io%e) asu&si ini %i!e"lu$an $a"ena #u7uan u#a&a %a"i Financial Leverage a%ala' un#u$ &enge#a'ui se(e"a!a 7au' uang .ang sesunggu'n.a #e"se%ia (agi !e&egang sa'a& (iasa se#ela' (unga %an %e4i%en un#u$ sa'a& !"e+e"en %i(a.a"$an, Menu"u# Joel G %an Jae K %ala& Ka&us Is#ila' A$un#ansi /1888:2901 Leverage Keuangan %ia"#i$an se(agai (e"i$u# : 3Financial Leverage a%ala' se(ua' u$u"an &engenai "esi$o $euangan &engenai !e&(ia.aan se(agai a$#i4a !e"usa'aan) %i#u7u$an !a%a !e&(ia.aan (agian a$#i4a #e#a! .ang &enanggung (e(an !e&(ia.aan #e#a! %engan 'a"a!an a$an &e&(an#u &ening$a#$an $eun#ungan (agi !e&ili$n.a5, A%a!un !enge"#ian lain %a"i Financial Leverage &enu"u# &en7elas$an Financial Leverage a%ala' : 3Se(agai $e&a&!uan !e"usa'aan %ala& &engguna$an $e2a7i(an*$e2a7i(an +inansial .ang si+a#n.a #e#a! un#u$ &e&!e"(esa" !enga"u' !e"u(a'an EBIT #e"'a%a! !en%a!a#an !e" le&(a" sa'a& (iasa / arning !er Share15, 6a%a Leverage ?!e"asi !enggunaan a$#i4a %engan (ia.a #e#a! a%ala' %engan 'a"a!an (a'2a revenue .ang %i'asil$an ole' !engguna a$#i4a i#u a$an -u$u! un#u$ &enu#u! (ia.a #e#a! %an (ia.a 4a"ia(el, Ma$a !a%a Leverage Keuangan !enggunaan u$&an

S.a&su%%in) %ala& (u$un.a Mana7e&en Keuangan 6e"usa'aan /2001:1131

%ana %engan (e(an #e#a! i#u a%ala' %engan 'a"a!an un#u$ &e&!e"(esa" !en%a!a#an !e"le&(a" sa'a& (iasa /E6S1, Se%ang$an !enge"#ian Financial Leverage &enu"u# Agus Sa"#ono/2001:2901) &enge&u$a$an (a'2a: 3Financial Leverage a%ala' !enggunaan su&(e" %ana .ang &e&ili$i (e(an #e#a! %engan 'a"a!an &e&(e"i$an #a&(a'an $eun#ungan .ang le(i' (esa" %a"i (e(an #e#a!n.a5 6enggunaan Financial Leverage ini %engan 'a"a!an aga" #e"7a%i !e"u(a'an la(a !e" le&(a" sa'a& /E6S1 .ang le(i' (esa" %a"i!a%a !e"u(a'an la(a se(elu& (ungan %an !a7a$/EBIT1 Menu"u# S.a+"u%in Al2i /2001:30115Financial Leverage &e"u!a$an

!e"(an%ingan #o#al 'u#ang %engan selu"u' %ana a#au a$#i4a %ala& !e"usa'aan .ang %ise(u# leverage factor5 Kalau !e"usa'aan %engan &enggun$an %ana %engan (e(an #e#a! i#u &eng'asil$an e+e$ .ang &engun#ung$an (agi !e&egang sa'a& (iasa /!e&il$ &o%al sen%i"i1 .ai#u : %ala& (en#u$n.a &e&!e"(esa" earning per share /E6S1 n.a %i$a#a$an !e"usa'aan i#u &en7alan$an trading in e"uity, Leverage Keuangan &enun7u$$an !enggunaan (e(an #e#a! (unga !a%a s#"u$#u" (ia.a !e"usa'aan se'ingga &e&!enga"u'i #ing$a# la(a (e"si' /EAT1 .ang %i#e"i&a ole' !e&ili$, Financial Leverage a%ala' $e!e$aan %a"i !e"u(a'an !en%a!a#an !e" le&(a" sa'a& /E6S1 $a"ena !e"u(a'an la(a o!e"asi /EBIT1, Ke!e$aan !e"u(a'an ini %i u$u" %engan %e"a7a# Financial Leverage /degree of financial leverage @ DC 1 .ai#u !e"sen#ase !e"u(a'an !en%a!a#an !e" le&(a" sa'a& /E6S1 %i(agi %engan !e"sen#ase !e"u(a'an la(a o!e"asi /EBIT1 se"#a financial leverage %a!a# %i u$u" %engan Leverage Factor
Leverage= Factor

.ai#u !e"(an%ingan #o#al 'u#ang %engan #o#al a$#i4a, Se-a"a al7a(a" %i#ulis se(agai (e"i$u# :
DFL=

Total #ebt Total $sset

A!e"u(a'an E6S A !e"u(a'an EBIT

A!a(ila !e"usa'aan &engguna$an "en-ana 100A &o%al sen%i"i un#u$ &e&(elan7a$an usa'an.a) &a$a nilai DC a%ala' sa#u un#u$ selu"u' "en-ana la(a o!e"asi) nilai DC .a&g (esa" &enun7u$an (a'2a !e"u(a'an #ing$a# EBIT a$an &eng'asil$an !e"u(a'an .ang (esa" !a%a la(a (e"si' /EAT1 a#au !en%a!a#an !e" le&(a" sa'a& /E6S1, Be(an #e#a! (unga ini !a%a $en.a#aann.a %a!a# (e"u!a (e(an selu"u' u#ang a#au o(ligasi .ang a%a %an (ia.a %e4i%en un#u$ sa'a& !"e+e"en .ang &e&!un.ai (e(an !e&(a.a"an #e#a! se#ela' !e"'i#ungan se(elu& !a7a$, < Ko&(inasi e4e"age Ko&(inasi Leverage #e"7a%i a!a(ila !e"usa'aan &e&ili$i (ai$ Leverage ?!e"asi &au!un Leverage Keuangan %ala& usa'an.a un#u$ &ening$a#$an $eun#ungan (agi !e&egang sa'a&, Leverage ?!e"asi &en.e(a($an $enai$an a#au !enu"unan .ang (esa" !a%a la(a o!e"asi /EBIT1 %ise(a($an !a%a !e"u(a'an !a%a #ing$a# !en7ualan Financial Leverage &en.e(a($an $enai$an a#au !enu"unan .ang (esa" !a%a la(a (e"si' se#ela' (unga %an !a7a$ /EAT1 a#au !en%a!a#an !e" le&(a" sa'a& /E6S1 $a"ena !e"u(a'an #ing$a# !en7ualan, Ke!e$aan !e"u(a'an ini %iu$u" %engan %e"a7a# $o&(inasi Leverage /degree of combinet leverage @ DC 1 .ai#u : !e"sen#ase !e"u(a'an !en%a!a#an !e"le&(a" sa'a& %i(agi %engan !e"sen#ase !e"u(a'an #ing$a# !en7ualan) se-a"a al7a(a" a%ala' se(agai (e"i$u#: DC B D? D DC

6enge#a'uan #en#ang !engu$u"an leverage a$an &e&(an#u &ana7e&en $euangan %ala& &enen#u$an #ing$a# "esi$o #o#al .ang #e!a# un#u$ %iasu&si$an, A!a(ila %e"a7a# "esi$o usa'a .ang %i'a%a!i !e"usa'aan #inggi a$an %i'u(ung$an %egan a$#i+i#as usa'a .ang %i7alan$an, Ma$a sua#u #ing$a# "esi$o $euangan .ang "en%a' %a!a# &e&ini&alisasi +lu$#uasi !en%a!a#an .ang %ise(a($an !e"u(a'an #ing$a# !en7ualan, Da"i u"aian %i a#as, Menu"u# Mana7e&en Total Leverage a%ala' : 3Ke&a&!uan !e"usa'an %ala& &engguna$an (ia.a #e#a!) (ai$ (ia.a*(ia.a #e#a! o!e"asi &au!un (ia.a*(ia.a #e#a! +inansial un#u$ &e&!e"(esa" !enga"u' !e"u(a'an 4olu&e !en7ualan #e"'a%a! !en%a!a#an !e" le&(a" sa'a& (iasa /E6S15. 3 arning !er Share Bagi !a"a in4es#o" .ang &ela$u$an analisis !e"usa'aan) la!o"an $euangan .ang %i#e"(i#$an !e"usa'aan &e"u!a$an sala' sa#u 7enis in+o"&asi .ang !aling &u%a' %an &u"a' %ia!a#$an %i(an%ingal#e"na#i+ in+o"&asi lainn.a, Dengan &engguna$an la!o"an $euangan) 7uga a$an &ang'i#ung (e"a!a (esa"n.a !e"#u&(u'an earning .ang #ela' %i-a!ai !e"usa'aan #e"'a%a! 7u&la' sa'a& !e"usa'aan, 6a%a u&u&n.a &ana7e&en !e"usa'aan) !e&egang sa'a& (iasa %an -alon !e&egang sa'a& sanga# #e"#a"i$ a$an arning !er Share) $a"ena 'al ini &engga&(a"$an 7u&la' "u!ia' .ang %i!e"ole' un#u$ se#ia! le&(a" sa'a& (iasa, 6a"a -alon !e&egang sa'a& #e"#a"i$ %enagn arning !er Share /E6S1 .a&g (esa" $a"ena 'al ini &e"u!a$an sala' sa#u in%i$a#o" $e(e"'asilan sua#u !e"usa'aan, A(%ul =ali& /2003:121 &en.a#a$an (a'2a 3 E6S a%ala' !e"(an%ingan an#a"a $eun#ungan (e"si' se#ela' !a7a$ .ang %i!e"ole' e&i#en %engan 7u&la' sa'a& .ang (e"e%a"5 u$&an s.a&su%%in , %ala& (u$un.a

Keuangan 6e"usa'aan /2001:1211 %e+inisi $o&(inasi Leverage a#au

Se%ang$an %e+inisi arning !er Share /E6S1 %ala& Ka&us Is#ila' A$un#ansi) Joel G %an Jae K /1888:1E:1 arning !er Share a%ala' : 3Keun#ungan .ang %i(e"i$an $e!a%a !e&egang sa'a& un#u$ #ia! le&(a" sa'a& .ang %i!egangn.a5. Besa"n.a a(a !e" le&(a" sa'a& (iasa %i 'i#ung %engan &e&(agi la(a (e"si' /EAT1 %engan 7u&la' sa'a& .ang (e"e%a", se-a"a al7a(a" a%ala' se(agai (e"i$u#:
EPS=

EAT Ju&la' sa'a& .ang (e"e%a" > 6enga"u' Financial Leverage #e"'a%a! arning !er Share Ke!u#usan !e"usa'aan %ala& &enga&(il $e(i7a$an Financial Leverage a#au %engan &engguna$an &o%al !in7a&an %ala& s#u$#u" &o%aln.a a$an &e&!enga"u'i #e"'a%a! $eun#ungan a#au la(a !e" le&(a" sa'a& .ang %i!e"ole' !e"usa'aan, Financial Leverage %i%e+inisi$an se(agai $e&a&!uan !e"usa'aan %ala& &engguna$an %fixed financial cost& un#u$ &e&!e"(esa" !enga"u' %an !e"u(a'an EBIT #e"'a%a! !en%a!a#an !e" le&(a" sa'a& (iasa /E6S1, Se&a$in #inggi +iDe% financial cost /(iasan.a (e"(en#u$ (unga %an %e4i%en sa'a& !"e+e"en1 a$an se&a$in (esa" !ula financial leverage. Ting$a# financial leverage a#au leverage factor %a!a# %i 'i#ung %engan sala' sa#u %a"i %ua -a"a .ang #e"se%ia) Mo'a&&a% Musli-' /2000:031 &en7elas$an 3 Financial Leverage &engu$u" #ing$a# $e!e$aan #ing$a# return un#u$ se#ia! sa'a& /E6S1 $a"ena !e"u(a'an %a"i !en%a!a#an se(elu& (unga %an !a7a$ /EBIT15, Total leverage %i%e+inisi$an se(agai $e&a&!uan !e"usa'aan %ala& &enguna$an fixed cost (ai$ o!e"a#ing &au!un financial cost un#u$ &e&!e"(esa" !enga"u' %a"i !e"u(a'an !en7ualan #e"'a%a! #ing$a# E6S, Total leverage &e"u!a$an

e+e$ $o&(inasi %a"i operating %an financial leverage) %an degree of total leverage %a!a# %i'i#ung %engan 7alan &engali$an degree of operating leverage /D? 1 %engan degree of financial Ieverage /DC 1. Se!e"#i 'aln.a %engan $e%ua (en#u$ leverage %ia#as &a$a total leverage %a!a# %i 'i#ung %engan %ua -a"a, To#al "esi$o sua#u !e"usa'aan %i$ai#$an %engan $e&a&!uann.a un#u$ &enu#u! se&ua fixed operating cost %an fixed financial cost) se'ingga %engan %e&i$ian #o#al "esi$o ini a$an (e"#a&'a' (esa" %engan &ening$a#n.a total leverage, %e&i$ian !ula se(ali$n.a. a(a .ang %i!e"ole' !e"usa'aan &e"u!a$an 'asil (e"si' .ang %i#e"i&a !e"usa'aan a#as !en%a!a#an usa'a se#ela' %i$u"angi (ia.a, Bagi !e"usa'aan .ang $egia#ann.a (an.a$ %i(ia.ai %engan 'u#ang 7ang$a !an7ang &a$a !en%a!a#an .ang %i!e"ole' se#ela' %i$u"angi (ia.a*(ia.a lain 7uga 'a"us %i$u"angi %engan (e(an #e#a! !e"usa'aan (e"u!a (unga !in7a&an) ini (e"a"#i a$an &engu"angi la(a (e"si' !e"usa'aan &a$a a$an &e&!e"$e-il la(a !e"le&(a" sa'a& /E6S1, 6a%a #ing$a# !en%a!a#an #e"#en#u 2alau!un $e(u#u'an &o%al !e"usa'aan (e"asal %a"i 'u#ang 7ang$a !an7ang .ang (e"a$i(a# !e"usa'aan 'a"us &e&(a.a" (e(an #e#a! se'ingga &engu"angi la(a (e"si' !e"usa'aan a$an #e#a!i %a!a# &ening$a#$an la(a !e" le&(a" sa'a& $a"ena %engan !e&enu'an &o%al %a"i u#ang 7ang$a !an7ang (e"a"#i !e"usa'aan #i%a$ !e"lu &ena&(a' sa'a& (a"u se'ingga 7u&la' sa'a& .ang (e"e%a" #e#a! 7u&la'n.a. Ja%i %engan &ene"a!$an $e(i7a$an Financial Leverage a#au !enggunaan &o%al !in7a&an %ala& s#"u$#u" &o%al !e"usa'aan %i'a"a!$an %a!a# &ening$a#$an la(a (e"si' !e"usa'aan .ang nan#in.a %a!a# &ening$a#$an la(a !e" le&(a" sa'a& /E6S1, Dengan &ening$a#$an E6S !e"usa'aan !a"a in4es#o" a$an le(i' #e"#a"i$ un#u$ &ena&a$an sa'a&n.a $e"ena %a!a# &e&(e"i$an %e4i%en .ang le(i' (esa" $e!a%a in4es#o",