HUBUNGAN INFORMASI SILPA APBD DAN

ARUS KAS DENGAN PENGANGGARAN

BELANJA MODAL PEMERINTAH
KABUPATEN DI INDONESIA
BERDASARKAN KLASTER PERMENDAGRI
NOMOR 21 TAHUN 2007

SKRIPSI

Diajukan sebagai salah satu syarat

untuk menyelesaikan Program Sarjana (S1)
pada Program Sarjana Fakultas Ekonomika dan Bisnis
Universitas Diponegoro

Disusun oleh :
MUAMMAR FAUZY
NIM 12030112150001

FAKULTAS EKONOMIKA DAN BISNIS

UNIVERSITAS DIPONEGORO
SEMARANG
2014

3(51<$7$$125,6,1$/,7$66.5,36,
<DQJ EHUWDQGD WDQJDQ GL EDZDK LQL VD\D 0XDPPDU )DX]\ PHQ\DWDNDQ
EDKZD VNULSVL GHQJDQ MXGXO 3HQJDUXK ,QIRUPDVL 6L/3$ $3%' GDQ $UXV .DV
WHUKDGDS 3HQJDQJJDUDQ %HODQMD 0RGDO 3HPHULQWDK .DEXSDWHQ GL ,QGRQHVLD
EHUGDVDUNDQ NODVLILNDVL 3HPHULQWDK 'DHUDK PHQXUXW 3HUPHQGDJUL 1RPRU 
7DKXQ  DGDODK KDVLO WXOLVDQ VD\D VHQGLUL 'HQJDQ LQL VD\D PHQ\DWDNDQ
GHQJDQ VHVXQJJXKQ\D EDKZD GDODP VNULSVL LQL WLGDN WHUGDSDW NHVHOXUXKDQ DWDX
VHEDJLDQ WXOLVDQ RUDQJ ODLQ \DQJ VD\D DPELO GHQJDQ FDUD PHQ\DOLQ DWDX PHQLUX
GDODP EHQWXN UDQJNDLDQ NDOLPDW DWDX VLPERO \DQJ PHQXQMXNNDQ JDJDVDQ DWDX
SHQGDSDW DWDX SHPLNLUDQ GDUL SHQXOLV ODLQ \DQJ VD\D DNXL VHRODKRODK VHEDJDL
WXOLVDQVD\DVHQGLULGDQDWDXWLGDNWHUGDSDWEDJLDQDWDXNHVHOXUXKDQWXOLVDQ\DQJ
VD\D VDOLQ LWX DWDX \DQJ VD\D DPELO GDUL WXOLVDQ RUDQJ ODLQ WDQSD PHPEHULNDQ
SHQJDNXDQSHQXOLVDVOLQ\D
$SDELOD VD\D PHODNXNDQ WLQGDNDQ \DQJ EHUWHQWDQJDQ GHQJDQ KDO WHUVHEXW
GLDWDVEDLNGLVHQJDMDPDXSXQWLGDNGHQJDQLQLVD\DPHQ\DWDNDQPHQDULNVNULSVL
\DQJ VD\D DMXNDQ VHEDJDL KDVLO WXOLVDQ VD\D VHQGLUL LQL %LOD NHPXGLDQ WHUEXNWL
EDKZDVD\DPHODNXNDQWLQGDNDQPHQ\DOLQDWDXPHQLUXWXOLVDQRUDQJODLQVHRODK
RODK KDVLO SHPLNLUDQ VD\D VHQGLUL EHUDUWL JHODU GDQ LMDVDK \DQJ WHODK GLEHULNDQ
ROHKXQLYDUVLWDVEDWDOVD\DWHULPD


6HPDUDQJ-XQL
<DQJPHPEXDWSHUQ\DWDDQ








0XDPPDU)DX]\
1,0







$%675$.
3HQHOLWLDQ LQL EHUWXMXDQ XQWXN PHQJXML SHQJDUXK GDUL LQIRUPDVL 6L/3$
$3%' GDQ DUXV NDV GDUL DNWLYLWDV RSHUDVL LQYHVWDVL VHUWD SHPELD\DDQ WHUKDGDS
SHQJDQJJDUDQ EHODQMD PRGDO SHPHULQWDK NDEXSDWHQ GL ,QGRQHVLD GHQJDQ
PHQJJXQDNDQ NODVLILNDVL NHPDPSXDQ NHXDQJDQ SHPHULQWDK GDHUDK EHUGDVDUNDQ
3HUPHQGDJUL 1RPRU  7DKXQ  3HQJXNXUDQ NHPDPSXDQ NHXDQJDQ
SHPHULQWDK GDHUDK GLODNXNDQ GHQJDQ SHUKLWXQJDQ MXPODK WRWDO SHQGDSDWDQ
SHPHULQWDKGLNXUDQJLGHQJDQEHODQMDSHJDZDL
3HQHOLWLDQ LQL PHUXSDNDQ SHQHOLWLDQ SRSXODVL GHQJDQ PHQJJXQDNDQ GDWD
VHOXUXK SHPHULQWDK GDHUDK NDEXSDWHQ \DQJ WHUGDSDW GL ,QGRQHVLD GHQJDQ NULWHULD
PHPLOLNL/DSRUDQ.HXDQJDQ7DKXQ$QJJDUDQ\DQJWHODKGLDXGLWROHK%DGDQ
3HPHULNVD .HXDQJDQ 5HSXEOLN ,QGRQHVLD %3. 5, VHUWD PHPLOLNL 6LVD /HELK
3HUKLWXQJDQ $QJJDUDQ 6L/3$ $3%' -XPODK SHPHULQWDK GDHUDK \DQJ
PHPHQXKL NXDOLILNDVL WHUVHEXW GDQ GLJXQDNDQ GDODP SHQHOLWLDQ LQL DGDODK 
SHPHULQWDK GDHUDK -HQLV GDWD \DQJ GLJXQDNDQ DGDODK GDWD VHNXQGHU \DQJ
GLSHUROHK GDUL ,NKWLVDU +DVLO 3HPHULNVDDQ 6HPHVWHU %3. 5, 7DKXQ  $ODW
VWDWLVWLN \DQJ GLJXQDNDQ GDODP SHQHOLWLDQ LQL DGDODK UHJUHVL OLQLHU EHUJDQGD
GHQJDQPHQJJXQDNDQSHUDQJNDW63666WDWLVWLFDO3DFNDJHIRU7KH6RFLDOYHUVL

+DVLOSHQHOLWLDQPHQXQMXNNDQEDKZDLQIRUPDVL6L/3$GDQLQIRUPDVLDUXV
NDV RSHUDVLRQDO LQYHVWDVL VHUWD SHPELD\DDQ EHUSHQJDUXK SDGD SHQJDQJJDUDQ
EHODQMD PRGDO SHPHULQWDK GDHUDK NODVWHU E 3DGD SHPHULQWDK GDHUDK NODVWHU D
KDQ\D YDULDEHO LQIRUPDVL DUXV NDV SHPELD\DDQ \DQJ WLGDN PHPLOLNL SHJDUXK
VLJQLILNDQ WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO 6HPHQWDUD SDGD SHPHULQWDK
GHUDK NODVWHU F VHPXD YDULDEHO WLGDN PHPLOLNL SHQJDUXK VLJQLILNDQ WHUKDGDS
SHQJDQJJDUDQEHODQMDPRGDO

.DWDNXQFL,QIRUPDVL6L/3$$3%'$UXV.DV$NWLYLWDV2SHUDVL$UXV.DV
$NWLYLWDV ,QYHVWDVL $UXV .DV $NWLYLWDV 3HPELD\DDQ
3HQJDQJJDUDQ%HODQMD0RGDO.ODVWHU3HPHULQWDK'DHUDK






$%675$&7
7KLVVWXG\DLPVWRH[DPLQHWKHHIIHFWRI1HW5HDOL]HG,QFRPHRI$3%'DQG
FDVK IORZ LQIRUPDWLRQ IURP RSHUDWLQJ DFWLYLW\ LQYHVWLQJ DFWLYLW\ DQG ILQDQFLQJ
DFWLYLW\RQ,QGRQHVLDQORFDOJRYHUQPHQWFDSLWDOEXGJHWLQJXVLQJFODVVLILFDWLRQRI
ILQDQFLDO FDSDFLW\ EDVHG RQ 3HUPHQGDJUL 1RPRU  7DKXQ  /RFDO
JRYHUQPHQWV ILQDQFLDO FDSDFLW\ LV PHDVXUHG E\ FDOFXODWH ORFDO JRYHUQPHQWV
JOREDOUHYHQXHVPLQXVVDODU\DQGDOORZDQFHVRIHPSOR\HH
7KLV VWXG\ LV D SRSXODWLRQ VWXG\ WKDW XVLQJ DOO RI ORFDO JRYHUQPHQW
UHJHQF\ LQ ,QGRQHVLD ZLWK WKH TXDOLILFDWLRQ WKH\ KDYH )LQDQFLDO 6WDWHPHQW IRU
WKH\HDUWKDWKDYHEHHQDXGLWHGE\6XSUHPH$XGLW%RDUGRI7KH5HSXEOLFRI
,QGRQHVLD%3.5,DQGDOVRKDYH1HW5HDOL]HG,QFRPH6L/3$RI$3%'LQWKHLU
ILQDQFLDOVWDWHPHQW1XPEHUVRIORFDOJRYHUQPHQWWKDWXVHGRQWKLVVWXG\DUH
ORFDO JRYHUQPHQWV 7KH GDWD ZKLFK LV XVHG LV WKH VHFRQGDU\ GDWD REWDLQHG IURP
6HPHVWHUV $XGLW 5HVXOWV 6XPPDU\ ,+36 RI %3. 5,  \HDU  7KH VWDWLVWLF
PHWKRG WKDW XVHG RQ WKLV VWXG\ LV PXOWLSOH UHJUHVVLRQ XVLQJ VHWV RI 6366
6WDWLVWLFDO3DFNDJHIRU7KH6RFLDOYHUVLRQ
7KHUHVXOWRIWKLVVWXG\VKRZVWKDWWKHLQIRUPDWLRQRI1HW5HDOL]HG,QFRPH
RI $3%' DQG FDVK IORZ LQIRUPDWLRQ IURP RSHUDWLQJ DFWLYLW\ LQYHVWLQJ DFWLYLW\
DQG ILQDQFLQJ DFWLYLW\ KDYH VLJQLILFDQW HIIHFW RQ FDSLWDO EXGJHWLQJ IRU E ORFDO
JRYHUQPHQW FOXVWHU 2Q WKH D ORFDO JRYHUQPHQW FOXVWHU RQO\ FDVK IORZ IURP
ILQDQFLQJDFWLYLW\WKDWKDYHQRVLJQLILFDQWHIIHFWRQFDSLWDOEXGJHWLQJ2QWKHF
ORFDO JRYHUQPHQW WKHUH DUH QR YDULDEOHV KDYH HIIHFW RQ FDSLWDO EXGJHWLQJ
SDUWLDOO\

.H\ZRUGV 1HW 5HDOL]HG ,QFRPH RI $3%' &DVK )ORZ IURP 2SHUDWLQJ
$FWLYLW\ &DVK )ORZ IURP ,QYHVWLQJ $FWLYLW\ &DVK )ORZ IURP
)LQDQFLQJ$FWLYLW\&DSLWDO%XGJHWLQJ/RFDO*RYHUQPHQW&OXVWHU




.$7$3(1*$17$5


$OKDPGXOLOODKLUREELODODPLQ VHJDOD SXML GDQ V\XNXU GLSDQMDWNDQ NHSDGD

$OODK 6:7 DWDV VHOHVDLQ\D SHQ\XVXQDQ VNULSVL GHQJDQ MXGXO +XEXQJDQ
,QIRUPDVL 6L/3$ $3%' GDQ $UXV .DV GHQJDQ 3HQJDQJJDUDQ %HODQMD 0RGDO
3HPHULQWDK.DEXSDWHQGL,QGRQHVLD%HUGDVDUNDQ.ODVWHU3HUPHQGDJUL1RPRU
7DKXQVHEDJDLVDODKVDWXV\DUDWXQWXNPHQ\HOHVDLNDQSHQGLGLNDQSURJUDP
VDUMDQD6GL)DNXOWDV(NRQRPLNDGDQ%LVQLV8QLYHUVLWDV'LSRQHJRUR
3DGDNHVHPSDWDQNDOLLQLSHQXOLVLQJLQPHQJXFDSNDQWHULPDNDVLKNHSDGD
EHUEDJDL SLKDN \DQJ WHODK PHPEDQWX GDQ PHPELPELQJ SHQ\HOHVDLDQ VNULSVL LQL
\DLWX
 %DSDN3URI'UV0RKDPPDG1DVLU06L$NW3K'VHODNX'HNDQ)DNXOWDV
(NRQRPLNDGDQ%LVQLV8QLYHUVLWDV'LSRQHJRUR
 %DSDN 'U +DU\DQWR 6( 06L $NW VHODNX GRVHQ SHPELPLQJ \DQJ WHODK
PHPEHULNDQELPELQJDQDUDKDQGDQEDQ\DNPDVXNDQNHSDGDSHQXOLV
 %DSDN 3URI 'U 0XFKDPDG 6\DIUXGGLQ 06L $NW VHODNX .HWXD -XUXVDQ
$NXQWDQVL)DNXOWDV(NRQRPLNDGDQ%LVQLV8QLYHUVLWDV'LSRQHJRUR
 %DSDN$GLW\DZDUPDQ6(0$FF$NWVHODNXGRVHQZDOL
 %DSDN'U5DKDUMD06L$NWGDQ%DSDN'UV$6DQWRVR$GLZLERZR06L
$NW VHODNX GRVHQ SHQJXML \DQJ WHODK PHPEHULNDQ EDQ\DN PDVXNDQ DUDKDQ
GDQNRUHNVL




 %DSDN GDQ ,EX 'RVHQ GL )DNXOWDV (NRQRPLND GDQ %LVQLV 8QLYHUVLWDV
'LSRQHJRUR\DQJWHODKPHPEHULNDQELPELQJDQGDQEDQ\DNLOPXSHQJHWDKXDQ
NHSDGDSHQXOLVVHODPDSURVHVSHUNXOLDKDQ
 6HOXUXK NDU\DZDQ )DNXOWDV (NRQRPLND GDQ %LVQLV 8QLYHUVLWDV 'LSRQHJRUR
\DQJWHODKPHPEDQWXNHODQFDUDQSURVHVEHODMDUGLNDPSXV
 'LUHNWRUDW 8WDPD 3HUHQFDQDQ (YDOXDVL 3HQJHPEDQJDQ 3HQGLGLNDQ GDQ
3HODWLKDQ3HPHULNVDDQ.HXDQJDQ1HJDUD'LWDPD5HYEDQJ%DGDQ3HPHULNVD
.HXDQJDQ5HSXEOLN ,QGRQHVLD%3.5, \DQJWHODKPHQ\HGLDNDQGDWDXQWXN
GLJXQDNDQGDODPSHQHOLWLDQLQL
 5HNDQUHNDQGL%LUR6XPEHU'D\D0DQXVLD%3.5, \DQJWHODKPHPEHULNDQ
SHQXOLVNHVHPSDWDQXQWXNPHODNVDQDNDQ7XJDV%HODMDULQL
6HOXUXKNHOXDUJDWHUFLQWDLVWHULRUDQJWXDNDNDNGDQDGLNDGLNDWDVGRDGRD
KDUDSDQGDQPRWLYDVL\DQJWDNSHUQDKSXWXVGLEHULNDQNHSDGDSHQXOLV
5HNDQUHNDQ $NXQGLS PDKDVLVZD 7XJDV %HODMDU GL )DNXOWDV (NRQRPLND
GDQ%LVQLV8QLYHUVLWDV'LSRQHJRUREDLNGDUL%3.5,PDXSXQGDUL'LUHNWRUDW
-HQGHUDO 3HUEHQGDKDUDDQ WHULPD NDVLK DWDV VHJDOD NHEHUVDPDDQ \DQJ WHODK
GLODOXLEHUVDPD
.DZDQNDZDQ NRVW -O 3URI 6RHGKDUWR % %DQJ $VSDU 5RPD <XJR 1XL
$QJJDGDQ<XGKDDWDVGXNXQJDQPRWLYDVLGDQNHEHUVDPDDQVHODPDLQL
6HPXD SLKDN \DQJ WLGDN GDSDW GLVHEXWNDQ VDWX SHUVDWX \DQJ WHODK PHPEDQWX
NHODQFDUDQSHQXOLVGDODPSHQ\XVXQDQVNULSVLLQL
3HQXOLV PHQ\DGDUL EDKZD VNULSVL LQL PDVLK MDXK GDUL VHPSXUQD 2OHK
NDUHQD LWX VDUDQ GDQ NULWLN \DQJ PHPEDQJXQ VDQJDW GLKDUDSNDQ ROHK SHQXOLV




VHEDJDLPDVXNDQ\DQJGDSDWEHUJXQDXQWXNSHUEDLNDQGLPDVD\DQJDNDQGDWDQJ
6HPRJDVNULSVLLQLGDSDWEHUPDQIDDWEDJLSHPEDFDGDQVHPXDSLKDN


6HPDUDQJ-XQL
3HQXOLV


0XDPPDU)DX]\





02772'$13(56(0%$+$1
+DVEXQDOODKZDQLPDOZDNLLOQLPDOPDZODZDQLPDQQDVKLLU
&XNXSODK$OODKWHPSDWEHUVHUDKGLULEDJLNDPLVHEDLNEDLNSHOLQGXQJNDPLGDQ
VHEDLNEDLNSHQRORQJNDPL

-LNDNLWDVHODOXPHPLNLUNDQDSDNDWDRUDQJKLGXSNLWDDNDQVHODOXWHUOLKDWVDODK
XFDSDQ%X\D+DPNDNHSDGDLVWULQ\DGLVXDWXVHQMD

%HUEDKDJLDODKGLD\DQJPDNDQGDULNHULQJDWQ\DVHQGLULEHUVXNDNDUHQDXVDKDQ\D
VHQGLULGDQPDMXNDUHQDSHQJDODPDQQ\DVHQGLUL
3UDPRHG\D$QDQWD7RHUGDODP%XPL0DQXVLD






















6NULSVLVHGHUKDQDLQLNXSHUVHPEDKNDQXQWXN
0LUDQWL.XUQLDVLKLVWULNX\DQJWHUFLQWDGDQFDORQEXDKKDWLNDPL
,EXEDSDNNX\DQJNXVD\DQJL
6HPXDNHOXDUJD\DQJWHUXVPHPRWLYDVLNX
7HULPDNDVLKXQWXNVHJDODFLQWDGDQNDVLKVD\DQJNDOLDQ\DQJWLGDNVHGHUKDQD




'$)7$5,6,

3(56(78-8$16.5,36,L
3(1*(6$+$1.(/8/86$18-,$1LL
3(51<$7$$125,6,1$/,7$66.5,36,LLL
$%675$.LY
$%675$&7Y
.$7$3(1*$17$5YL
02772'$13(56(0%$+$1L[
'$)7$5,6,[
'$)7$57$%(/[LLL
'$)7$5*$0%$5[LY
%$%, 3(1'$+8/8$1


/DWDU%HODNDQJ0DVDODK

5XPXVDQ0DVDODK

7XMXDQGDQ.HJXQDDQ3HQHOLWLDQ


 7XMXDQ3HQHOLWLDQ

 .HJXQDDQ3HQHOLWLDQ

6LVWHPDWLND3HQXOLVDQ

%$%,, 7(/$$+3867$.$


/DQGDVDQ7HRUL


 7HRUL6LQ\DO

 7HRUL6LNOXV+LGXS3HUXVDKDDQ

 .ODVWHU.HPDPSXDQ.HXDQJDQ'DHUDK

3HQHOLWLDQ7HUGDKXOX

.HUDQJND3HPLNLUDQ

+LSRWHVLV




 3HQJDUXK,QIRUPDVL6L/3$$3%'WHUKDGDSSHQJDQJJDUDQ
%HODQMD0RGDO

 3HQJDUXK ,QIRUPDVL $UXV .DV GDUL $NWLYLWDV 2SHUDVL

WHUKDGDS3HQJDQJJDUDQ%HODQMD0RGDO

 3HQJDUXK ,QIRUPDVL $UXV .DV GDUL $NWLYLWDV ,QYHVWDVL

WHUKDGDS3HQJDQJJDUDQ%HODQMD0RGDO

 3HQJDUXK ,QIRUPDVL $UXV .DV GDUL $NWLYLWDV 3HQGDQDDQ

WHUKDGDS3HQJDQJJDUDQ%HODQMD0RGDO

%$%,,, 0(72'(3(1(/,7,$1


9DULDEHO3HQHOLWLDQGDQ'HILQLVL2SHUDVLRQDO


 %HODQMD0RGDO

 ,QIRUPDVL6L/3$

 ,QIRUPDVL$UXV.DV

3RSXODVL

-HQLVGDQ6XPEHU'DWD

0HWRGH3HQJXPSXODQ'DWD

0HWRGH$QDOLVLV


 3HQJHORPSRNNDQ3HPHULQWDK'DHUDK

 6WDWLVWLN'HVNULSWLI

 8ML.HOD\DNDQ0RGHO

 8ML+LSRWHVLV

7DKDSDQ3HODNVDQDDQ.HJLDWDQ

%$%,9 3(0%$+$6$1


'HVNULSVL8PXP2EMHN3HQHOLWLDQ

$QDOLVLV'HVNULSWLI

8ML.HOD\DNDQ0RGHO

3HQJXMLDQ+LSRWHVLV


 3HQJXMLDQ3DUVLDO0RGHO.ODVWHU$

 3HQJXMLDQ3DUVLDO0RGHO.ODVWHU%





 3HQJXMLDQ3DUVLDO0RGHO.ODVWHU&
,QWHUSUHWDVL+DVLO3HQJXMLDQ+LSRWHVLV

 ,QWHUSUHWDVL +DVLO 3HQJXMLDQ +LSRWHVLV WHUKDGDS

3HPHULQWDK'DHUDK.ODVWHU$

 ,QWHUSUHWDVL +DVLO 3HQJXMLDQ +LSRWHVLV WHUKDGDS

3HPHULQWDK'DHUDK.ODVWHU%

 ,QWHUSUHWDVL +DVLO 3HQJXMLDQ +LSRWHVLV WHUKDGDS

3HPHULQWDK'DHUDK.ODVWHU&

%$%9 3(18783


6LPSXODQ

.HWHUEDWDVDQ

,PSOLNDVLGDQ6DUDQ

'$)7$53867$.$
/$03,5$1/$03,5$1






'$)7$57$%(/

7DEHO3HQHOLWLDQ7HUGDKXOX



7DEHO3URVHV6HOHNVL'DWD3RSXODVL



7DEHO3HPEDJLDQ.ODVWHU3HPHULQWDK'DHUDK



7DEHO6WDWLVWLN'HVNULSWLI9DULDEHO3HQHOLWLDQ



7DEHO3HQJXMLDQ.HOD\DNDQ0RGHO



7DEHO3HQJXMLDQ3DUVLDO0RGHO.ODVWHU$



7DEHO3HQJXMLDQ3DUVLDO0RGHO.ODVWHU%



7DEHO3HQJXMLDQ3DUVLDO0RGHO.ODVWHU&



7DEHO5LQJNDVDQ+DVLO3HQJXMLDQ+LSRWHVLV












'$)7$5*$0%$5

*DPEDU.HUDQJND3HPLNLUDQ














%$%,
3(1'$+8/8$1



/DWDU%HODNDQJ0DVDODK
'DODPPHQMDODQNDQRUJDQLVDVLPDQDMHPHQSHUOXPHQ\XVXQVXDWXODSRUDQ

SHUWDQJJXQJMDZDEDQ6DODKVDWXWXMXDQGDULODSRUDQSHUWDQJJXQJMDZDEDQWHUVHEXW
DGDODK XQWXN PHQJXNXU NLQHUMD \DQJ WHODK GLODNXNDQ ROHK RUJDQVLVDVL GDQ
PHPSUHGLNVL NHODQMXWDQ NLQHUMD RUJDQLVDVL GL PDVD \DQJ DNDQ GDWDQJ /DSRUDQ
NHXDQJDQ VHEDJDL EHQWXN SHUWDQJJXQJMDZDEDQ \DQJ GLVXVXQ ROHK PDQDMHPHQ
RUJDQLVDVL GDSDW PHPEHULNDQ LQIRUPDVL NHSDGD SDUD SHPLOLN NHSHQWLQJDQ
PHQJHQDL NLQHUMD NHXDQJDQ \DQJ WHODK GLODNXNDQ GDQ SUHGLNVL NHXDQJDQ
RUJDQLVDVLGLPDVD \DQJDNDQGDWDQJ/DSRUDQNHXDQJDQMXJDGDSDWPHPEHULNDQ
PDQIDDW ROHK LQYHVWRU GDQ NUHGLWXU GDODP PHQLODL NLQHUMD NHVHOXUXKDQ RUJDQLVDVL
6DUDVZDWL
.RPSRQHQ\DQJSDOLQJVHULQJPHQMDGLIRNXVXWDPDGDODPPHQLODLNLQHUMD
PHODOXL ODSRUDQ NHXDQJDQ DGDODK ODED HDUQLQJV GDQ DUXV NDV 'DQLDWL 
6XVDQWR6DUDVZDWL+DOWHUVHEXWGLVHEDENDQROHKODEDGDQDUXVNDV
GL\DNLQL VHEDJDL NRPSRQHQ \DQJ PDPSX PHQJJDPEDUNDQ VHFDUD PHQ\HOXUXK
NRQGLVL HNRQRPL VHUWD SURVSHN SHUXVDKDDQ XQWXN EHUWXPEXK GL PDVD GHSDQ
6XVDQWR
6HODLQ SHUWLPEDQJDQ ODED GDQ DUXV NDV SDUD SHPLOLN NHSHQWLQJDQ KDUXV
PHOLKDW XNXUDQ SHUXVDKDDQ \DQJ GLKXEXQJNDQ GHQJDQ VLNOXV KLGXS SHUXVDKDDQ







GDODP PHQJHYDOXDVL ODED GDQ DUXV NDV %ODFN  GDODP SHQHOLWLDQQ\D
PHQHPXNDQ EDKZD ODED GDQ DUXV NDV SHUXVDKDDQ PHPLOLNL NDUDNWHULVWLN \DQJ
EHUEHGDGDODPVHWLDSVLNOXVKLGXSSHUXVDKDDQ+DOWHUVHEXWPHQ\HEDENDQXNXUDQ
NLQHUMD\DQJEHUEHGDEHGDGDODPVHWLDSWDKDSDQVLNOXVKLGXSSHUXVDKDDQ
6HODLQ LWX 0\HUV GLNXWLS GDUL 6DUDVZDWL  PHQJXQJNDSNDQ EDKZD
GDODPSHQLODLDQNHPDPSXDQVXDWXSHUXVDKDDQWHUGDSDWGXDNRPSRQHQ\DQJGDSDW
GLSHUWLPEDQJNDQ \DLWX MXPODK DVHW \DQJ GLPLOLNL DVVHWV LQ SODFH GDQ
NHVHPSDWDQ EHUWXPEXK JURZWK RSSRUWQLWLHV %ODFN  PHQ\DWDNDQ EDKZD
SDGD WDKDS DZDO SHUXVDKDDQ VWDUWXS NRPSRQHQ NHVHSDWDQ EHUWXPEXK OHELK
EHVDU GLPLOLNL ROHK SHUXVDKDDQ VHPHQWDUD SDGD WDKDS DNKLU VLNOXV KLGXS
SHUXVDKDDQ NRPSRQHQ \DQJ SDOLQJ EHVDU MXVWUX MXPODK DVHW \DQJ GLPLOLNL
SHUXVDKDDQ2OHKNDUHQDLWXLQIRUPDVLXNXUDQNLQHUMDDNXQWDQVLVHSHUWLODEDGDQ
DUXVNDVMXJDDNDQEHUEHGD
6HMDODQ GHQJDQ KDO WHUVHEXW +DU\DQWR  PHODNXNDQ SHQHOLWLDQ \DQJ
EHUKXEXQJDQ GHQJDQ XNXUDQ NLQHUMD DNXQWDQVL SHUXVDKDDQ GDQ VLNOXV KLGXS
SHUXVDKDDQ WHUKDGDS SHPHULQWDK GDHUDK 'DODP SHQHOLWLDQ WHUVHEXW SHQHUDSDQ
VLNOXV KLGXS SHUXVDKDDQ NH GDODP XNXUDQ SHPHULQWDK GDHUDK GLODNXNDQ
EHUGDVDUNDQ 3HUPHQGDJUL 1RPRU  7DKXQ  \DQJ PHPEDJL NODVWHU
SHPHULQWDK GDHUDK VHVXDL GHQJDQ NHPDPSXDQ GDHUDK 6HPHQWDUD XNXUDQ NLQHUMD
\DQJ GLWHUDSNDQ GDODP DNXQWDQVL SHPHULQWDK GDHUDK DGDODK 6LVD /HELK
3HUKLWXQJDQ $QJJDUDQ 6L/3$ $3%' GDQ DUXV NDV GDUL DNWLYLWDV RSHUDVL
LQYHVWDVLGDQSHPELD\DDQ0DUGLDVPRPHQ\DWDNDQEDKZD6L/3$$3%'




PHUXSDNDQ SDUDPHWHU XWDPD \DQJ PHQMDGL SHUKDWLDQ GDUL SDUD SHPLOLN

NHSHQWLQJDQGDODPPHQJXNXUNLQHUMDRUJDQLVDVLSHPHULQWDK
6LVD /HELK 3HUKLWXQJDQ $QJJDUDQ 6L/3$ $3%' PHUXSDNDQ VDODK VDWX
SDUDPHWHU NLQHUMD RUJDQLVDVL SHPHULQWDK GDHUDK \DQJ PHQGDSDW SHUKDWLDQ XWDPD
GDUL SDUD SHPDQJNX NHSHQWLQJDQ 0DUGLDVPR  'HYDV GLNXWLS GDUL
+DU\DQWR  PHQMHODVNDQ EDKZD ,QIRUPDVL 6L/3$ $3%' \DQJ DGD GDODP
/DSRUDQ5HDOLVDVL$QJJDUDQ/5$PHUXSDNDQVDODKVDWXLQGLNDWRUEDJLUHNDQDQ
SHPHULQWDKGDHUDKGDODPPHPEXDWNHSXWXVDQSHUHQFDQDDQLQYHVWDVL6HPHQWDUD
LQIRUPDVL DUXV NDV SHPHULQWDK GDHUDK GL\DNLQL PDPSX PHPEHULNDQ LQIRUPDVL
XQWXN PHPEDQWX SDUD SHPLOLN NHSHQWLQJDQ GDODP PHPSUHGLNVL DUXV NDV \DQJ
DNDQ GLGLVWULEXVLNDQ ROHK SHPHULQWDK GDHUDK GDODP SHQ\HOHQJJDUDDQ
SHPHULQWDKDQQ\DGLPDVD\DQJDNDQGDWDQJ
'DODP

SHQHOLWLDQQ\D

+DU\DQWR



PHQJJXQDNDQ

YDULDEHO

SHQJDQJJDUDQ EHODQMD PRGDO XQWXN PHQJXNXU NHNXDWDQ KXEXQJDQQ\D GHQJDQ

LQIRUPDVL6L/3$$3%'GDQDUXVNDV3HQJJXQDDQYDULDEHOSHQJDQJJDUDQEHODQMD
PRGDO GLPDNVXGNDQ XQWXN PHQJHWDKXL NRPLWPHQ SHPHULQWDK GDHUDK GDODP
PHPEDQJXQ SHUHNRQRPLDQ GDHUDKQ\D GDQ PHQLQJNDWNDQ NHVHMDKWHUDDQ
PDV\DUDNDW 6XODUVR  PHQ\DWDNDQ EDKZD DORNDVL EHODQMD PRGDO \DQJ
GLWHWDSNDQROHKSHPHULQWDKGDHUDKPHUXSDNDQVDODKVDWXKDO\DQJPHPSHQJDUXKL
SHUWXPEXKDQ HNRQRPL GDHUDK 0HQXUXW +DOLP GLNXWLS GDUL %DGUXGLQ 
EHODQMD PRGDO DGDODK LQYHVWDVL EHUXSD SHPEHOLDQ DVHW \DQJ PHPLOLNL PDVD
PDQIDDWOHELKGDULGXDEHODVEXODQXQWXNGLJXQDNDQGDODPNHJLDWDQSHPHULQWDKDQ




\DQJ EHUPDQIDDW VHFDUD HNRQRPLV VRVLDO GDQ PDQIDDW ODLQQ\D VHKLQJJD GDSDW
PHQLQJNDWNDQNHPDPSXDQSHPHULQWDKGDODPPHOD\DQLPDV\DUDNDW
+DVLO SHQHOLWLDQ \DQJ GLODNXNDQ ROHK +DU\DQWR  PHQXQMXNNDQ
EDKZD SDGD SHPHULQWDK GDHUDK NODVWHU D GDQ F 6L/3$ $3%' GDQ DUXV NDV
LQYHVWDVL EHUSHQJDUXK VHFDUD VLJQLILNDQ WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO
6HPHQWDUD SDGD SHPHULQWDK GDHUDK NODVWHU E WLGDN WHUGDSDW YDULDEHO \DQJ VHFDUD
SDUVLDO PHPSHQJDUXKL SHQJDQJJDUDQ EHODQMD PRGDO 1DPXQ SHQHOLWLDQ WHUVHEXW
PDVLK PHPLOLNL NHWHUEDWDVDQ NDUHQD KDQ\D PHQJJXQDNDQ VDPSHO VHEDQ\DN 
SHPHULQWDKGDHUDKNDEXSDWHQGL,QGRQHVLD
3HQHOLWLDQ \DQJ PHPDVXNNDQ IDNWRU NODVLILNDVL NHPDPSXDQ NHXDQJDQ
GDHUDK GDODP NDLWDQQ\D GHQJDQ VLNOXV KLGXS SHUXVDKDDQ PDVLK UHODWLI VHGLNLW
GLODNXNDQGL ,QGRQHVLD 3HQHOLWLDQWHUNDLWVLNOXVKLGXSSHUXVDKDDQWHUNDLWGHQJDQ
SHQJXNXUDQ NLQHUMD SHUXVDKDDQ PDVLK EDQ\DN GLODNXNDQ WHUKDGDS VHNWRU ELVQLV
3HQHOLWLDQSHQHOLWLDQ WHUVHEXW DQWDUD ODLQ SHQHOLWLDQ \DQJ GLODNXNDQ ROHK %ODFN
\DQJPHPSHUROHKEXNWLHPSLULVEDKZDYDOXHUHOHYDQWGDULXNXUDQNLQHUMD
SHUXVDKDDQ EHUXSD ODED GDQ DUXV NDV GLSHQJDUXKL ROHK VLNOXV KLGXS SHUXVDKDDQ
6HODQMXWQ\D (NDZDWL  PHQGDSDWNDQ EXNWL HPSLULV EDKZD VLNOXV KLGXS
SHUXVDKDDQ EHUSHQJDUXK WHUKDGDS SHQFLSWDDQ QLODL SHUXVDKDDQ GDODP
KXEXQJDQQ\DGHQJDQWLQJNDWSHUWXPEXKDQSHQMXDODQ6HODLQLWX6DQ6XVDQWRGDQ
(UQL (NDZDWL  MXJD PHQGDSDWNDQ EXNWL HPSLULV EDKZD 6LNOXV KLGXS
SHUXVDKDDQEHUSHQJDUXKWHUKDGDSSHQDPEDKDQYDOXHUHOHYDQFHGDULODEDGDQDUXV
NDV




%HUGDVDUNDQXUDLDQODWDUEHODNDQJWHUVHEXWSHQHOLWLDQLQLEHUWXMXDQXQWXN
PHQJHPEDQJNDQ SHQHOLWLDQ \DQJ GLODNXNDQ ROHK +DU\DQWR  PHQJHQDL
SHQJDUXK6L/3$$3%'GDQ,QIRUPDVL$UXV.DVGDULDNWLYLWDV2SHUDVL,QYHVWDVL
GDQ 3HPELD\DDQ WHUKDGDS SHPHULQWDK GDHUDK GHQJDQ NHPDPSXDQ SHPHULQWDK
GDHUDK EHUGDVDUNDQ 3HUDWXUDQ 0HQWHUL 'DODP 1HJHUL 3HUPHQGDJUL 1RPRU 
7DKXQ2OHKNDUHQDLWXSHQHOLWLPHODNXNDQSHQHOLWLDQEHUMXGXO+XEXQJDQ
,QIRUPDVL6L/3$$3%'GDQ$UXV.DVGHQJDQ3HQJDQJJDUDQ%HODQMD0RGDO
3HPHULQWDK .DEXSDWHQ GL ,QGRQHVLD EHUGDVDUNDQ .ODVWHU 3HUPHQGDJUL
1RPRU7DKXQ


5XPXVDQ0DVDODK
%HUGDVDUNDQODWDUEHODNDQJGDULPDVDODKWHUVHEXWPDNDUXPXVDQPDVDODK

GDODPSHQHOLWLDQLQLDGDODKVHEDJDLEHULNXW
 $SDNDK LQIRUPDVL 6,/3$ $3%' EHUSHQJDUXK VLJQLILNDQ WHUKDGDS
3HQJDQJJDUDQ %HODQMD 0RGDO SDGD NODVWHU SHPHULQWDK GDHUDK \DQJ
EHUEHGD"
 $SDNDK LQIRUPDVL DUXV NDV GDUL DNWLYLWDV RSHUDVL EHUSHQJDUXK
VLJQLILNDQ WHUKDGDS 3HQJDQJJDUDQ %HODQMD 0RGDO SDGD NODVWHU
SHPHULQWDKGDHUDK\DQJEHUEHGD"
 $SDNDK LQIRUPDVL DUXV NDV GDUL DNWLYLWDV LQYHVWDVL EHUSHQJDUXK
VLJQLILNDQ WHUKDGDS 3HQJDQJJDUDQ %HODQMD 0RGDO SDGD NODVWHU
SHPHULQWDKGDHUDK\DQJEHUEHGD"




 $SDNDK LQIRUPDVL DUXV NDV GDUL DNWLYLWDV SHPELD\DDQ EHUSHQJDUXK

VLJQLILNDQ WHUKDGDS 3HQJDQJJDUDQ %HODQMD 0RGDO SDGD NODVWHU
SHPHULQWDKGDHUDK\DQJEHUEHGD"


7XMXDQGDQ.HJXQDDQ3HQHOLWLDQ
%DJLDQLQLDNDQPHQMHODVNDQWXMXDQGDQNHJXQDDQGDULSHQHOLWLDQ7XMXDQ

SHQHOLWLDQ PHUXSDNDQ KDVLO GDUL SHQJXUDLDQ UXPXVDQ PDVDODK \DQJ WHODK

GLWHWDSNDQVHPHQWDUDNHJXQDDQSHQHOLWLDQPHUXSDNDQPDQIDDW\DQJDNDQGLWHULPD
ROHK SHQHOLWL SHPHULQWDK GDHUDK GDQ SHPDQJNX NHSHQWLQJDQ ODSRUDQ NHXDQJDQ
SHPHULQWDKGDHUDK
 7XMXDQ3HQHOLWLDQ
%HUGDVDUNDQSHQMHODVDQODWDUEHODNDQJGDQSHUXPXVDQPDVDODK\DQJWHODK
GLXUDLNDQPDNDWXMXDQ\DQJGLKDUDSNDQGDODPSHQHOLWLDQLQLDGDODK
 0HQJDQDOLVLV GDQ PHPEHULNDQ EXNWL HPSLULV SHQJDUXK LQIRUPDVL 6L/3$
$3%' WHUKDGDS 3HQJDQJJDUDQ %HODQMD 0RGDO SDGD NODVWHU SHPHULQWDK
GDHUDK\DQJEHUEHGD
 0HQJDQDOLVLVGDQPHPEHULNDQEXNWLHPSLULVSHQJDUXKLQIRUPDVL$UXV.DV
GDULDNWLYLWDV2SHUDVLWHUKDGDS3HQJDQJJDUDQ%HODQMD0RGDOSDGDNODVWHU
SHPHULQWDKGDHUDK\DQJEHUEHGD
 0HQJDQDOLVLVGDQPHPEHULNDQEXNWLHPSLULVSHQJDUXKLQIRUPDVL$UXV.DV
GDULDNWLYLWDV,QYHVWDVLWHUKDGDS3HQJDQJJDUDQ%HODQMD0RGDOSDGDNODVWHU
SHPHULQWDKGDHUDK\DQJEHUEHGD




 0HQJDQDOLVLVGDQPHPEHULNDQEXNWLHPSLULVSHQJDUXKLQIRUPDVL$UXV.DV
GDUL DNWLYLWDV 3HPELD\DDQ WHUKDGDS 3HQJDQJJDUDQ %HODQMD 0RGDO SDGD
NODVWHUSHPHULQWDKGDHUDK\DQJEHUEHGD

 .HJXQDDQ3HQHOLWLDQ
+DVLOGDULSHQHOLWLDQLQLGLKDUDSNDQGDSDWPHPEHULNDQPDQIDDWEHULNXW
 %DJL$NDGHPLVL
3HQHOLWLDQ LQL GLKDUDSNDQ GDSDW PHPEHULNDQ NRQWULEXVL GDODP
SHQJHPEDQJDQLOPX$NXQWDQVL3HPHULQWDKDQWHQWDQJSHQJDUXKGDUL6LO3$
$3%'GDQODSRUDQDUXVNDVSHPHULQWDKGDHUDK
 %DJL3HPHULQWDK'DHUDK
3HQHOLWLDQLQLGLKDUDSNDQGDSDWGLJXQDNDQVHEDJDLVHEDJDLEDKDQLQIRUPDVL
GDQ PDVXNDQ XQWXN PHQJHPEDQJNDQ SRWHQVL GDHUDK VHVXDL GHQJDQ
NHPDPSXDQ NHXDQJDQ EHUGDVDUNDQ LQIRUPDVL GDUL 6L/3$ $3%' GDQ
ODSRUDQDUXVNDVSHPHULQWDKGDHUDK
 %DJLSHPDQJNXNHSHQWLQJDQODSRUDQNHXDQJDQGDHUDK
3HQHOLWDQ LQL GLKDUDSNDQ GDSDW GLMDGLNDQ VHEDJDL EDKDQ LQIRUPDVL XQWXN
PHQJDPELO NHSXWXVDQ GDQ NHELMDNDQ EHUGDVDUNDQ LQIRUPDVL GDUL 6L/3$
$3%'GDQODSRUDQDUXVNDVSHPHULQWDKGDHUDK


6LVWHPDWLND3HQXOLVDQ
6NULSVL LQL GLVXVXQ DWDV OLPD EDE DJDU PHPLOLNL VXVXQDQ \DQJ VLVWHPDWLV

VHUWDGDSDWPHPXGDKNDQXQWXNPHQJHWDKXLGDQPHPDKDPLKXEXQJDQDQWDUDEDE




\DQJVDWXGHQJDQEDEODLQQ\DVHEDJDLVXDWXUDQJNDLDQ\DQJNRQVLVWHQ6LVWHPDWLND
\DQJGLPDNVXGDGDODKVHEDJDLEHULNXW
%$%,3(1'$+8/8$1
%DE LQL EHULVL WHQWDQJ SHQGDKXOXDQ \DQJ PHQJXUDLNDQ ODWDU EHODNDQJ
GLWXOLVQ\D NDU\D LOPLDK LQL UXPXVDQ PDVDODK WXMXDQ SHQHOLWLDQ PDQIDDW
SHQHOLWLDQGDQVLVWHPDWLNDSHQXOLVDQVNULSVL
%$%,,7(/$$+3867$.$
%DE LQL PHQJXUDLNDQ ODQGDVDQ WHRUL \DQJ PHQGDVDUL WLDSWLDS YDULDEHO
ULQJNDVDQKDVLOKDVLOSHQHOLWLDQVHEHOXPQ\D\DQJVHMHQLVNHUDQJNDSHPLNLUDQGDQ
KLSRWHVLV
%$%,,,0(72'2/2*,3(1(/,7,$1
%DE LQL PHQJXUDLNDQ WHQWDQJ GHVNULSVL GDQ GHILQLVL RSHUDVLRQDO YDULDEHO
YDULDEHOSHQHOLWLDQSHQHQWXDQSRSXODVLGDQVDPSHOMHQLVGDQVXPEHUGDWDPHWRGH
SHQJXPSXODQGDWDGDQPHWRGHDQDOLVLVGDWD
%$%,93(0%$+$6$1
%DE LQL PHQJXUDLNDQ WHQWDQJ GHVNULSVL REMHN SHQHOLWLDQ DQDOLVLV GDWD
LQWHUSUHWDVLKDVLOGDQDUJXPHQWDVLWHUKDGDSKDVLOSHQHOLWLDQ
%$%93(18783
%DE LQL EHULVL NHVLPSXODQNHVLPSXODQ \DQJ GLSHUROHK GDUL KDVLO SHQJRODKDQ
GDWD SHQHOLWLDQ 6HODLQ LWX GDODP EDE LQL MXJD EHULVL VDUDQVDUDQ EDJL SHQHOLWLDQ
ODLQQ\D




%$%,,
7(/$$+3867$.$




/DQGDVDQ7HRUL

 7HRUL6LQ\DO
7HRUL VLQ\DO VLJQDOOLQJ WKHRU\ PHUXSDNDQ WHRUL \DQJ PHQMHODVNDQ
EDJDLPDQD VHKDUXVQ\D PDQDMHPHQ PHPEHULNDQ VLQ\DO NHSDGD SDUD SHQJJXQD
ODSRUDQ NHXDQJDQ :DWWV GLNXWLS ROHK -DPDDQ  PHQMHODVNDQ EDKZD
PDQDMHU PHPEHULNDQ LQIRUPDVL PHODOXL ODSRUDQ NHXDQJDQ EDKZD PHUHND
PHQHUDSNDQ NHELMDNDQ DNXQWDQVL NRQVHUYDWLVPH \DQJ PHQJKDVLONDQ ODED OHELK
EHUNXDOLWDV NDUHQD SULQVLS LQL PHQFHJDK SHUXVDKDDQ PHODNXNDQ WLQGDNDQ
PHPEHVDUEHVDUNDQ ODED GDQ PHPEDQWX SHQJJXQD ODSRUDQ NHXDQJDQ GHQJDQ
PHQ\DMLNDQODEDGDQDNWLYD\DQJWLGDNRYHUVWDWH
6HODLQ LWX %ULJKDP GLNXWLS ROHK -DPDDQ  PHQ\DWDNDQ EDKZD
LQWHJULWDV GDUL ODSRUDQ NHXDQJDQ \DQJ PHUXSDNDQ VLQ\DO SRVLWLI GDSDW
PHPSHQJDUXKL RSLQL LQYHVWRU GDQ NUHGLWRU DWDX SLKDN ODLQ \DQJ EHUNHSHQWLQJDQ
'DODP VLJQDOOLQJ WKHRU\ SHQJHOXDUDQ LQYHVWDVL GDSDW PHPEHULNDQ VLQ\DO SRVLWLI
WHQWDQJ SHUWXPEXKDQ GL PDVD \DQJ DNDQ GDWDQJ VHKLQJJD GDSDW PHQLQJNDWNDQ
KDUJD VDKDP VHEDJDL LQGLNDWRU SHUXVDKDDQ 6HODLQ LWX DGDQ\D SHQLQJNDWDQ XWDQJ
GDSDWGLDUWLNDQEDKZDSHUXVDKDDQPHPLOLNLNHPDPSXDQSHPED\DUDQNHZDMLEDQGL
PDVD\DQJDNDQGDWDQJ
6HPHQWDUDLWX+DU\DQWRPHQMHODVNDQKDO\DQJGLEDKDVGDODPWHRUL
VLQ\DODGDODKPHQJHQDLEDJDLPDQDVHKDUXVQ\DNHEHUKDVLODQDWDXNHJDJDODQSLKDN







PDQDMHPHQ VXDWX RUJDQLVDVL EDLN SHUXVDKDDQ PDXSXQ SHPHULQWDK GDHUDK GDSDW

GLVDPSDLNDQ NHSDGD SDUD SHPDQJNX NHSHQWLQJDQ DWDX SHPHJDQJ VDKDP %ODFN
GLNXWLS ROHK +DU\DQWR  PHQ\HEXWNDQ EDKZD LQWL DUJXPHQWDVL GDUL WHRUL
VLQ\DO VLJQDOOLQJ WKHRU\ DGDODK DGDQ\D GRURQJDQ DWDX IDNWRU HNRQRPL XQWXN
PHODNXNDQ VXDWX KDO PHVNLSXQ KDO EXUXN GDODP UDQJND PHPEXDW ODSRUDQ
NHXDQJDQ
 7HRUL6LNOXV+LGXS3HUXVDKDDQ
'DODP SHQHOLWLDQQ\D %ODFN  PHQJJXQDNDQ WHRUL VLNOXV KLGXS
SHUXVDKDDQFRUSRUDWHOLIHF\FOHWKHRU\VHEDJDLSHQJHPEDQJDQGDULNRQVHSOLIH
F\FOHSURGXN\DQJGLNHPEDQJNDQGDODPLOPXSHPDVDUDQGDQHNRQRPLPLNURROHK
5LQNGDQ6ZDQVHUWD0XHOOHU%ODFNGLNXWLSROHK6DUDVZDWL
GDQ(NDZDWLPHQJJXQDNDQVLNOXVKLGXSSHUXVDKDDQ \DQJGLJXQDNDQROHK
3DVKOH\ GDQ 3KLOLSSDWRV  \DQJ WHUGLUL GDUL HPSDW WDKDS \DLWX SLRQHHULQJ
H[SDQVLRQ PDWXULW\ GDQ GHFOLQH %ODFN PHQJJXQDNDQ LVWLODK VWDUWXS XQWXN
PHQJJDQWL LVWLODK WDKDS SLRQHHULQJ GDQ LVWLODK JURZWK XQWXN PHQJJDQWL LVWLODK
WDKDS H[SDQVLRQ 6HPHQWDUD (NDZDWL PHQJJDQWL LVWLODK WDKDS SLRQHHULQJGHQJDQ
LVWLODK WDKDS SKDVHVLQWURGXFWLRQ 3DGD SHPEDJLDQ WDKDSDQ EHULNXWQ\D PHUHND
PDVLKPHQJJXQDNDQLVWLODK\DQJVDPDXQWXNWDKDSDQPDWXULW\GDQGHFOLQH
0DQXUXW 3DVKOH\ GDQ 3KLOLSSDWRV GLNXWLS GDUL 6DUDVZDWL  WDKDSDQ
JURZWK PHUXSDNDQ WDKDS SDGD VDDW SHUXVDKDDQ PHQJDODPL SHQLQJNDWDQ GDODP
MXPODKSHQMXDODQODEDOLNXLGLWDVGDQDNWLYLWDVSHPELD\DDQ3DGDWDKDSLQLUDVLR
DVVHWV LQ SODFH SHUXVDKDDQ DNDQ OHELK EHVDU GLEDQGLQJNDQ GHQJDQ WDKDS
VHEHOXPQ\D\DLWXWDKDSVWDUWXSSLRQHHULQJ




3DVKOH\ GDQ 3KLOLSSDWRV GLNXWLS GDUL 6DUDVZDWL  NHPXGLDQ

PHQGHILQLVLNDQ WDKDS PDWXUH VHEDJDL WDKDS NHPDWDQJDQ SURGXN GDQ NRPSHWLQVL
\DQJ WLQJJL 3DGD WDKDS LQL SHUXVDKDDQ DNDQ EHUDGD SDGD WLWLN SXQFDN MXPODK
SHQMXDODQ GDQ PHPLOLNL WLQJNDW OLNXLGLWDV \DQJ WLQJJL 1DPXQ SHUXVDKDDQ DNDQ
PHQJDODPLSHQXUXQDQODEDNDUHQDSHUVDLQJDQKDUJDVHUWDPHQJDODPLNHODQJNDDQ
LQYHVWDVL
3DGDWDKDSWHUDNKLU \DLWXWDKDSGHFOLQH3DVKOH\GDQ3KLOLSSDWRVGLNXWLS
GDUL6DUDVZDWLPHQMHODVNDQEDKZDSHUXVDKDDQDNDQPHQJDODPLSHQXUXQDQ
SHUPLQWDDQ SURGXN PDUNHW VKDUH \DQJ UHQGDK GDQ DNDQ PHQJDODPL NHUXJLDQ
3DGD WDKDS LQL YDOXH GDUL DVVHWV LQ SODFH DNDQ VDQJDW EHVDU NDUHQD SHUXVDKDDQ
PHQMXDODNWLYD\DQJWLGDNSURGXNWLI
 .ODVWHU.HPDPSXDQ.HXDQJDQ'DHUDK
'DODP SHQHOLWLDQQ\D WHUKDGDS SHPHULQWDK NDEXSDWHQ +DU\DQWR 
PHQJJXQDNDQ WHRUL VLNOXV KLGXS SHUXVDKDDQ GDODP PHPEDJL NODVWHU WDKDSDQ
NHPDPSXDQ SHPHULQWDK NDEXSDWHQ 3HQHUDSDQ WHRUL VLNOXV KLGXS SHUXVDKDDQ
GDODPNODVLILNDVLNHPDPSXDQSHPHULQWDKNDEXSDWHQWHUVHEXWPHQJJXQDNDQGDVDU
3HUPHQGDJUL1RPRU7DKXQ
'DODP SHUDWXUDQ WHUVHEXW NHPDPSXDQ NHXDQJDQ GDHUDK WHUEDJL PHQMDGL
WLJD NHORPSRN \DLWX WLQJJL VHGDQJ GDQ UHQGDK GHQJDQ SHPEDJLDQ VHEDJDL
EHULNXW
 3HPHULQWDKGDHUDKGHQJDQNHPDPSXDQGLDWDV5S
HPSDW UDWXV PLO\DU UXSLDK GLNHORPSRNNDQ SDGD NHPDPSXDQ




NHXDQJDQ GDHUDK WLQJJL GDODP SHQHOLWLDQ LQL DNDQ GLVHEXW VHEDJDL

NODVWHUD
 3HPHULQWDK GDHUDK GHQJDQ NHPDPSXDQ DQWDUD 5S
GXD UDWXV PLO\DU UXSLDK VDPSDL GHQJDQ 5S
HPSDW UDWXV PLO\DU UXSLDK GLNHORPSRNNDQ SDGD NHPDPSXDQ
NHXDQJDQ GDHUDK VHGDQJ GDODP SHQHOLWLDQ LQL DNDQ GLVHEXW VHEDJDL
NODVWHUE
 3HPHULQWDK

GDHUDK

GHQJDQ

NHPDPSXDQ

GL

EDZDK

5SGXDUDWXVPLO\DUUXSLDKGLNHORPSRNNDQSDGD

NHPDPSXDQNHXDQJDQGDHUDKUHQGDKGDODPSHQHOLWLDQLQLDNDQGLVHEXW
VHEDJDLNODVWHUF
-LNDGLKXEXQJNDQGHQJDQWHRULVLNOXVKLGXSSHUXVDKDDQPDNDSHPHULQWDK
SDGDNHORPSRNNODVWHUDPHUXSDNDQSHQHUDSDQGDULWDKDSPDWXUH3DGDWDKDSLQL
SHPHULQWDK GDHUDK VHGDQJ GDODP PDVD SXQFDNQ\D PHPLOLNL LQIUDVWUXNWXU OHELK
EDQ\DNGDQNDSDVLWDVNHXDQJDQ\DQJNXDW+DU\DQWR
.ODVWHU E PHUXSDNDQ FHUPLQDQ GDUL WDKDS JURZWK 0HQXUXW +DU\DQWR
 NRQGLVL SHPHULQWDK GDHUDK SDGD NHORPSRN NODVWHU LQL VHGDQJ PHQJDODPL
SHUNHPEDQJDQLQYHVWDVL3HPHULQWDKGDHUDKWHODKPHPLOLNLMXPODKDVHWDVVHWVLQ
SODFH OHELK EDQ\DN GDULSDGD SHPHULQWDK GDHUDK NODVWHU F NDUHQD WHODK
PHQGDSDWNDQVXPEHUSHPELD\DDQ
.ODVWHU F PHUXSDNDQ NODVWHU WHUEDZDK GDQ JDPEDUDQ GDUL WDKDS VWDUWXS
7DKDS LQL PHUXSDNDQ WDKDS GL PDQD SHPHULQWDK GDHUDK EDUX WHUEHQWXN DWDX
PHOHSDVNDQGLULGDULSHPHULQWDKLQGXNQ\D0HQXUXW+DU\DQWRSDGDWDKDS




LQL SHPHULQWDK GDHUDK EDQ\DN PHODNXNDQ SHQJHOXDUDQ NDV XQWXN SHPEDQJXQDQ

ILVLN LQIUDVWUXNWXU SHQMDMDNDQ LQYHVWDVL ODQJVXQJ GDUL VHNWRU VZDVWD NH
SHPHULQWDKGDHUDKGDQHNVWHQVLILNDVLVXPEHUSHQGDSDWDQDVOLGDHUDK3$'
7DKDS GHFOLQH WLGDN ELVD GLWHUDSNDQ GDODP SHQHOLWLDQ LQL NDUHQD SDGD
SULQVLSQ\D SHPHULQWDK GDHUDK WLGDN SHUQDK PHQJDODPL NHUXJLDQ VHSHUWL \DQJ
GLDODPL ROHK SHUXVDKDDQ 6HODLQ LWX WXMXDQ GDUL SHPHULQWDK GDHUDK GDODP
PHQMDODQNDQ IXQJVLQ\D DGDODK XQWXN PHPEHULNDQ SHOD\DQDQ VHEDJDLPDQD
RUJDQLVDVLVHNWRUSXEOLNEXNDQXQWXNPHQFDULODED


3HQHOLWLDQ7HUGDKXOX
3DGD WDKXQ  (UYLQ / %ODFN PHODNXNDQ SHQHOLWLDQ WHQWDQJ

SHUEDQGLQJDQ PDQD \DQJ OHELK PHPLONL NHWHUNDLWDQ QLODL GDODP SHQJXNXUDQ

DNXQWDQVLDQWDUDODEDGDQDUXVNDVFDVKIORZVGDODPKXEXQJDQQ\DGHQJDQVLNOXV
KLGXS SHUXVDKDDQ 'DODP SHQHOLWLDQQ\D WHUVHEXW %ODFN PHQHPXNDQ EDKZD SDGD
VDDWSHUXVDKDQPHQFDSDLVLNOXVNHPDWDQJDQPDWXUHODEDOHELKPHPLOLNLYDOXH
UHOHYDQW GLEDQGLQJNDQ GHQJDQ DUXV NDV 7HWDSL SDGD VDDW SHUXVDKDDQ EDUX
EHURSHUDVL VWDUWXS VWDJH DUXV NDV GDUL DNWLYLWDV LQYHVWDVL \DQJ OHELK PHPLOLNL
YDOXHUHOHYDQW6HPHQWDUDNHWLNDSHUXVDKDDQPHFDSDWDKDSSHUWXPEXKDQJURZWK
VWDJHDUXVNDVGDULDNLYLWDVRSHUDVL\DQJPHPLOLNLYDOXHUHOHYDQW
7DKXQ  (UQL (NDZDWL PHODNXNDQ SHQHOLWLDQ PHQJHQDL KXEXQJDQ
DQWDUD WLQJNDW SHUWXPEXKDQ GDQ SURILWDELOLWDV DNXQWDQVL GDODP NDLWDQQ\D GHQJDQ
VWUDWHJL SHQFLSWDDQ QLODL SHUXVDKDDQ 3DGD SHQHOLWLDQ LQL (NDZDWL PHQHPXNDQ
EDKZD SHUWXEXKDQ SHQMXDODQ VDPSDL GHQJDQ OHYHO WHUWHQWX DNDQ PHQLQJNDWNDQ
QLODL SHUXVDKDDQ 7HWDSL MLND SHUWXPEXKDQ SHQMXDODQ PHODPSDL OHYHO WHUVHEXW




MXVWUX DNDQ PHQLPEXONDQ HIHN VHEDOLNQ\D 3DGD WDKDS LWXODK SHUXVDKDDQ EHUDGD
SDGDVLNOXV\DQJGLQDPDNDQWDKDSSHQXUXQDQGHFOLQHVWDJH
1LQQD 'DQLDWL GDQ 6XKDLUL SDGD WDKXQ  PHODNXNDQ SHQHOLWLDQ
PHQJHQDL VHEHUDSD EHVDU SHQJDUXK LQIRUPDVL ODSRUDQ DUXV NDV ODED NRWRU GDQ
XNXUDQ SHUXVDKDDQ WHUKDGDS H[SHFWHG UHWXUQ VDKDP SDGD LQGXVWUL WHNVWLO GDQ
RWRPRWLI +DVLO SHQHOLWLDQ PHUHND PHQXQMXNNDQ EDKZD DUXV NDV GDUL DNWLYLWDV
LQYHVWDVL ODED NRWRU GDQ XNXUDQ SHUXVDKDDQ EHUSHQJDUXK VHFDUD VLJQLILNDQ
WHUKDGDSH[SHFWHGUHWXUQVDKDP
3HQHOLWDQWHUNDLWVLNOXVKLGXSSHUXVDKDDQMXJDGLODNXNDQROHK6DQ6XVDQWR
GDQ (UQL (NDZDWL SDGD WDKXQ  WHUNDLW GHQJDQ UHOHYDQVL QLODL LQIRUPDVL ODED
GDQDOLUDQNDVWHUKDGDSKDUJDVDKDP+DVLOSHQHOLWLDQPHUHNDPHQXQMXNNDQEDKZD
SDGDWDKDSVWDUWXSKDUJDVDKDPGLSHQJDUXKLROHKDUXVNDVGDULDNWLYLWDVLQYHVWDVL
GDQ SHPELD\DDQ 3DGD WDKDS JURZWK KDUJD VDKDP OHELK GLSHQJDUXKL ROHK ODED
DUXVNDVGDULDNWLYLWDVRSHUDVLGDQDUXVNDVGDULDNWLYLWDVLQYHVWDVL3DGDWLQJNDW
NHPDWDQJDQSHUXVDKDDQPDWXUHVWDJHEDLNSHQGDSDWDQPDXSXQVHPXDLQIRUPDVL
DUXVNDVPHPSHQJDUXKLKDUJDVDKDP6HPHQWDUDSDGDWDKDSGHFOLQHKDUJDVDKDP
OHELK GLSHQJDUXKL ROHK DUXV NDV GDUL DNWLYLWDV RSHUDVL GDQ SHPELD\DDQ
%HUGDVDUNDQKDVLOSHQHOLWLDQ\DQJPHUHNDODNXNDQPHUHNDPHQ\LPSXONDQEDKZD
VLNOXV KLGXS SHUXVDKDDQ EHUSHQJDUXK WHUKDGDS SHQDPEDKDQ YDOXHUHOHYDQFH GDUL
ODEDGDQDUXVNDV
7HUNDLWGHQJDQEHODQMDPRGDOSDGDWDKXQ+DYLG6XODUVRGDQ<DQXDU
(5HVWLDQWRPHODNXNDQSHQHOLWLDQPHQJHQDLSHQJDUXKNLQHUMDNHXDQJDQWHUKDGDS
DORNDVLEHODQMDPRGDOGDQSHUWXPEXKDQHNRQRPLNDEXSDWHQNRWDGL-DZD7HQJDK




'DODP SHQHOLWLDQQ\D PHUHND PHQJJXQDNDQ NLQHUMD NHXDQJDQ GDHUDK XQWXN

PHQXQMXNDQ NHPDPSXDQ NHXDQJDQ GDHUDK 6HPHQWDUD DORNDVL EHODQMD PRGDO
PHUXSDNDQ VDODK VDWX KDO \DQJ PHPSHQJDUXKL SHUWXPEXKDQ HNRQRPL GDHUDK
+DVLO SHQHOLWLDQ \DQJ PHUHND ODNXNDQ PHQXQMXNNDQ EDKZD NLQHUMD NHXDQJDQ
GDHUDK PHPSHQJDUXKL DORNDVL EHODQMD PRGDO GDHUDK \DQJ DUWLQ\D VHFDUD WLGDN
ODQJVXQJNLQHUMDNHXDQJDQGDHUDKPHPSHQJDUXKLSHUWXPEXKDQHNRQRPLGDHUDK
3DGD WDKXQ  +DU\DQWR PHQJDSOLNDVLNDQ WHRUL PHQJHQDL VLNOXV KLGXS
SHUXVDKDDQ NH GDODP SHPHULQWDK GDHUDK GDODP NDLWDQQ\D GHQJDQ PHOLKDW
SHQJDUXK 6L/3$ $3%' GDQ DUXV NDV WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO
3HQHUDSDQVLNOXVKLGXSSHUXVDKDDQ\DQJGLODNXNDQ+DU\DQWRWHUKDGDSSHPHULQWDK
GDHUDKGHQJDQPHPEDJLSHPHULQWDKGDHUDKNHGDODPNODVWHUNODVWHUEHUGDVDUNDQ
3HUPHQGDJUL 1RPRU  7DKXQ  'DUL KDVLO SHQHOLWLDQQ\D +DU\DQWR
PHQHPXNDQ EDKZD SDGD SHPHULQWDK GDHUDK NODVWHU D GDQ F 6L/3$ $3%' GDQ
DUXV NDV LQYHVWDVL EHUSHQJDUXK VHFDUD VLJQLILNDQ WHUKDGDS SHQJDQJJDUDQ EHODQMD
PRGDO6HPHQWDUDSDGDSHPHULQWDKGDHUDKNODVWHUEWLGDNWHUGDSDWYDULDEHO\DQJ
VHFDUDSDUVLDOPHPSHQJDUXKLSHQJDQJJDUDQEHODQMDPRGDO
%HULNXW LQL DNDQ GLVDMLNDQ ULQJNDVDQ GDUL GDIWDU SHQHOLWLDQ VHEHOXPQ\D
\DQJWHODKGLXUDLNDQGDODPWDEHO
7DEHO
3HQHOLWLDQ7HUGDKXOX

1DPDGDQ7DKXQ
-XGXO3HQHOLWLDQ
3HQHOLWLDQ
(UYLQ/%ODFN
:KLFKLV0RUH9DOXH

5HOHYDQW(DUQLQJVRU
&DVK)ORZV"$/LIH
&\FOH([DPLQDWLRQ

+DVLO3HQHOLWLDQ
3HUXVDKDQSDGDWDKDSVWDUWXS
YDOXHUHOHYDQWWHUGDSDWSDGD
DUXVNDVLQYHVWDVL3DGDWDKDS
JURZWK\DQJOHELKPHPLOLNL
YDOXHUHOHYDQWDGDODKDUXVNDV




1DPDGDQ7DKXQ
3HQHOLWLDQ

-XGXO3HQHOLWLDQ

+DVLO3HQHOLWLDQ

RSHUDVL6HPHQWDUDSDGD
NRQGLVLPDWDQJSHUXVDKDDQ
PDWXUHODEDHDUQLQJV\DQJ
OHELKPHPLOLNLYDOXHUHOHYDQW
(UQL(NDZDWL
/HYHORI*URZWKDQG
3HUWXEXKDQSHQMXDODQVDPSDL

$FFRXQWLQJ3URILWDELOLW\ GHQJDQOHYHOWHUWHQWXDNDQ
LQ&RUSRUDWH9DOXH
PHQLQJNDWNDQQLODL
&UHDWLRQ6WUDWHJ\
SHUXVDKDDQ7HWDSLMLND
SHUWXPEXKDQSHQMXDODQ
PHODPSDLOHYHOWHUVHEXWMXVWUX
DNDQPHQLPEXONDQHIHN
VHEDOLNQ\D
1LQQD'DQLDWLGDQ 3HQJDUXK.DQGXQJDQ
$UXVNDVGDULDNWLYLWDV
6XKDLUL
,QIRUPDVL.RPSRQHQ
LQYHVWDVLODEDNRWRUGDQ
$UXV.DV/DED.RWRU
XNXUDQSHUXVDKDDQ
GDQ6L]H3HUXVDKDDQ
EHUSHQJDUXKVHFDUDVLJQLILNDQ
WHUKDGDS([SHFWHG
WHUKDGDSH[SHFWHGUHWXUQ
5HWXUQ6DKDP
VDKDP
6DQ6XVDQWRGDQ
5HOHYDQVL1LODL,QIRUPDVL 6LNOXVKLGXSSHUXVDKDDQ
EHUSHQJDUXKWHUKDGDS
(UQL(NDZDWL
/DEDGDQ$/LUDQ.DV

WHUKDGDS+DUJD6DKDP
SHQDPEDKDQYDOXHUHOHYDQFH
GDODP.DLWDQQ\DGHQJDQ GDULODEDGDQDUXVNDV
6LNOXV+LGXS3HUXVDKDDQ
+DYLG6XODUVRGDQ 3HQJDUXK.LQHUMD
.LQHUMDNHXDQJDQGDHUDK
NHPDPSXDQNHXDQJDQ
<DQXDU(
.HXDQJDQ7HUKDGDS
5HVWLDQWR
$ORNDVL%HODQMD0RGDO
GDHUDKPHPSHQJDUXKLDORNDVL
EHODQMDPRGDOGDHUDK\DQJ
GDQ3HUWXPEXKDQ
(NRQRPL
VHFDUDWLGDNODQJVXQJ
.DEXSDWHQ.RWDGL-DZD PHPSHQJDUXKLSHUWXPEXKDQ
7HQJDK
HNRQRPLGDHUDK
3DGDSHPHULQWDKGDHUDKNODVWHU
+DU\DQWR
3HQJDUXK,QIRUPDVL
DGDQF6L/3$$3%'GDQ
6L/3$$3%'GDQ$UXV
DUXVNDVLQYHVWDVLEHUSHQJDUXK
.DVWHUKDGDS
VHFDUDVLJQLILNDQWHUKDGDS
3HQJDQJJDUDQ%HODQMD
SHQJDQJJDUDQEHODQMDPRGDO
0RGDOEHUGDVDUNDQ
6HPHQWDUDSDGDSHPHULQWDK
NODVLILNDVL3HPHULQWDK
GDHUDKNODVWHUEWLGDNWHUGDSDW
'DHUDKPHQXUXW
3HUPHQGDJUL1RPRU YDULDEHO\DQJVHFDUDSDUVLDO
PHPSHQJDUXKLSHQJDQJJDUDQ
7DKXQ
EHODQMDPRGDO
6XPEHU'LULQJNDVGDULEHUEDJDLMXUQDOLOPLDK





3HQHOLWLDQ LQL PHUXSDNDQ UHSOLNDVL SHQHOLWLDQ \DQJ GLODNXNDQ ROHK

+DU\DQWR  GHQJDQ PHQJJXQDNDQ REMHN SHQHOLWLDQ SHPHULQWDK GDHUDK
NDEXSDWHQGL,QGRQHVLD3HPLOLKDQSHPHULQWDKGDHUDKEHUEHQWXNNDEXSDWHQNDUHQD
PHPLOLNL MXPODK \DQJ OHELK EHVDU GDQ WHUGDSDW GL KDPSLU VHPXD SURYLQVL GL
,QGRQHVLD VHKLQJJD GLKDUDSNDQ GDSDW PHPEHULNDQ JDPEDUDQ VHFDUD PHQ\HOXUXK
SRODNHELMDNDQSHQJDQJJDUDQEHODQMDPRGDOSDGDSHPHULQWDKGDHUDKGL,QGRQHVLD
$ODVDQ SHQXOLV PHODNXNDQ UHSOLNDVL DGDODK XQWXN PHQJXML NHPEDOL DSDNDK
WHUGDSDW KXEXQJDQ DQWDUD LQIRUPDVL 6L/3$ $3%' GDQ DUXV NDV WHUKDGDS
SHQJDQJJDUDQ EHODQMD PRGDO DSDELOD PHQJJXQDNDQ VHOXUXK GDWD SRSXODVL
SHPHULQWDKGDHUDKNDEXSDWHQGL,QGRQHVLD


.HUDQJND3HPLNLUDQ
7HRUL VLQ\DO PHQMHODVNDQ EDJDLPDQD SLKDN RUJDQLVDVL SHUXVDKDDQ DWDX

SHPHULQWDK PHQ\XVXQ ODSRUDQ NHXDQJDQ VHEDJDL VDUDQD XQWXN PHPEHULNDQ

LQIRUPDVLNHSDGDSDUDSHPHJDQJNHSHQWLQJDQPHQJHQDLDNWLYLWDV\DQJGLODNXNDQ
ROHK RUJDQLVDVL WHUVHEXW 'DODP WHRUL LQL %ULJKDP GLNXWLS GDUL -DPDDQ 
PHQMHODVNDQEDKZDSHQJHOXDUDQLQYHVWDVLPHQ\DWDNDQDGDQ\DVLQ\DOSRVLWLI\DQJ
PHQJLQGLNDVLNDQWHUGDSDWSHUWXPEXKDQRUJDQLVDVLGLPDVD\DQJDNDQGDWDQJ
6HPHQWDUD WHRUL VLNOXV KLGXS SHUXVDKDDQ PHPEDJL WDKDS SHUNHPEDQJDQ
SHUXVDKDDQ NH GDODP HPSDW WDKDS \DLWX SLRQHHULQJ H[SDQVLRQ PDWXULW\ GDQ
GHFOLQH 7DKDS SLRQHHULQJVWDUWXS PHQJJDPEDUNDQ SHUXVDKDDQ \DQJ EDUX
PHPXODL XVDKD WDKDS H[SDQVLRQJURZWK PHQXQMXNNDQ SHUXVDKDDQ \DQJ VHGDQJ
EHUNHPEDQJ GDQ PHQJDODPL SHUOXDVDQ WDKDS PDWXULW\PDWXUH PHQXQMXNNDQ




SHUXVDKDDQ\DQJVHGDQJGDODPPDVDSXQFDNNHPDWDQJDQVHPHQWDUDWDKDSGHFOLQH
PHUXSDNDQWDKDSGLPDQDSHUXVDKDQPHQJDODPLPDVDSHQXUXQDQ
6HMDODQ GHQJDQ WHRULWHRUL WHUVHEXW SHPHULQWDK VHEDJDL VDODK VDWX EHQWXN
RUJDQLVDVL PHPLOLNL NHZDMLEDQ XQWXN PHQ\XVXQ ODSRUDQ NHXDQJDQ /DSRUDQ
NHXDQJDQ WHUVHEXW QDQWLQ\D DNDQ EHUJXQD EDJL SDUD SHQJDPELO NHSXWXVDQ
SHPEXDW NHELMDNDQ GDQ SDUD SHPDQJNX NHSHQWLQJDQ ODLQQ\D .LQHUMD GDUL
SHPHULQWDK WHUVHEXW GDSDW GLXNXU PHODOXL YDULDEHOYDULDEHO VHSHUWL 6L/3$ GDQ
$UXV .DV GDUL DNWLYLWDV RSHUDVL LQYHVWDVL VHUWD SHPELD\DDQ 6HPHQWDUD XQWXN
PHOLKDW VLQ\DO SRVLWLI GDUL SHUNHPEDQJDQ SHPHULQWDK GL PDVD \DQJ DNDQ GDWDQJ
GDSDWGLOLKDWGDULSHQJDQJJDUDQEHODQMDPRGDOQ\D8QWXNPHOLKDWWDKDSDQVLNOXV
KLGXS SHPHULQWDK SHQHOLWLDQ LQL PHQJJXQDNDQ 3HUPHQGDJUL 1R  7DKXQ 
VHEDJDLGDVDUNODVLILNDVLNHPDPSXDQNHXDQJDQGDHUDKSHPHULQWDK
3HQHOLWLDQ LQL EHUWXMXDQ XQWXN PHQJHWDKXL VHMDXK PDQD YDULDEHO 6L/3$
$3%'VHUWD$UXV.DVGDUL$NWLYLWDV2SHUDVL,QYHVWDVLGDQ3HPELD\DDQWHUKDGDS
3HQJDQJJDUDQ%HODQMD0RGDOSDGD3HPHULQWDK'DHUDK\DQJGLNODVLILNDVLNDQSDGD
PDVLQJPDVLQJ NODVWHU EHUGDVDUNDQ 3HUPHQGDJUL 1RPRU  7DKXQ  6HFDUD
JDULV EHVDU JDPEDUDQ NHUDQJND SHQHOLWLDQ LQL GLWDPSLONDQ GDODP JDPEDU 
EHULNXW














*DPEDU
.HUDQJND3HPLNLUDQ


W

<
<




^>WW
<K
</



W
D<


<W 
^>WW


W
<

<

<K


W
D<

</

<W

^>WW





W
<
<





<K
</


W
D<


<W 

+LSRWHVLV
+LSRWHVLV ELVD GLGHILQLVLNDQ VHEDJDL KXEXQJDQ \DQJ GLSHUNLUDNDQ VHFDUD

ORJLVGLDQWDUDGXDDWDXOHELKYDULDEHO\DQJGLXQJNDSNDQGDODPEHQWXNSHUQ\DWDDQ
\DQJGDSDWGLXML6HNDUDQ'DODPSHQHOLWLDQLQLKLSRWHVLV\DQJGLUXPXVNDQ
WHUNDLW GHQJDQ SHQJDUXK LQIRUPDVL 6L/3$ $3%' VHUWD $UXV .DV GDUL DNWLYLWDV
RSHUDVLLQYHVWDVLGDQSHPELD\DDQWHUKDGDSSHQJDQJJDUDQEHODQMDPRGDO




 3HQJDUXK ,QIRUPDVL 6L/3$ $3%' WHUKDGDS SHQJDQJJDUDQ %HODQMD

0RGDO
3HPHULQWDK GDHUDK \DQJ EHUDGD GDODP NODVWHU F PHPLOLNL NHPDPSXDQ
NHXDQJDQ\DQJOHELKNHFLOGLEDQGLQJNDQGHQJDQSHPHULQWDKGDHUDKGDODPNODVWHU
ODLQQ\D 3DGD NODVWHU LQL SHPHULQWDK GDHUDK FHQGHUXQJ PHPLOLNL DQJJDUDQ
SHQJHOXDUDQ EHODQMD OHELK EHVDU GLEDQGLQJNDQ GHQJDQ SHQHULPDDQQ\D VHKLQJJD
SHPHULQWDK GDHUDK WHUVHEXW DNDQ PHODSRUNDQ VLVD OHELK SHUKLWXQJDQ $3%'
6L/3$ $3%' GHQJDQ MXPODK \DQJ UHODWLI NHFLO 1DPXQ PHVNLSXQ PHPLOLNL
6LO3$$3%'\DQJNHFLOSHPHULQWDKGDHUDKGDODPNODVWHULQLDNDQEHUXVDKDXQWXN
PHQLQJNDWNDQSRWHQVLQ\DXQWXNEHUWXPEXKGDQPHQJHPEDQJNDQLQIUDVWUXNWXUQ\D
GHQJDQMDODQPHQLQJNDWNDQMXPODKDQJJDUDQSDGDEHODQMDPRGDO
3HPHULQWDKGDHUDKGDODPNODVWHUEPHPLOLNLNHFHQGHUXQJDQEHUDGDGDODP
WDKDS SHUNHPEDQJDQ LQYHVWDVL 3HPHULQWDK GDHUDK WHUVHEXW VXGDK PXODL
PHQJDODPLSHQLQJNDWDQMXPODKSHQGDSDWDQGDHUDK6HODLQLWXSHPHULQWDKGDHUDK
GDODP NODVWHU E OHELK FHQGHUXQJ PHPLOLNL DVHW OHELK EDQ\DN GDUL SHPHULQWDK
GDHUDK GDODP NODVWHU F 2OHK NDUHQD LWX 6L/3$ $3%' SHPHULQWDK NODVWHU E
FHQGHUXQJOHELKEHVDUGLEDQGLQJNDQGHQJDQSHPHULQWDKGDHUDKNODVWHUF1DPXQ
SHPHULQWDK GDHUDK GDODP NODVWHU E MXJD WHWDS EHUXSD\D XQWXN PHQJHPEDQJNDQ
GDHUDKQ\DGHQJDQPHQJDQJJDUNDQEHODQMDPRGDOOHELKEDQ\DN
0HQXUXW +DU\DQWR  SHPHULQWDK GDHUDK SDGD NODVWHU D PHPLOLNL
LQIUDVWUXNWXU \DQJ OHELK EDQ\DN GDQ NDSDVLWDV NHXDQJDQ \DQJ NXDW VHKLQJJD
PHPLOLNL 6L/3$ $3%' GDODP MXPODK \DQJ UHODWLI OHELK EHVDU GLEDQGLQJNDQ
GHQJDQSHPHULQWDKGDHUDKSDGDNODVWHUEGDQNODVWHUF'HQJDQ6L/3$\DQJEHVDU




PDND SHPHULQWDK GDHUDK WHUVHEXW DNDQ PHPLOLNL NHPDPSXDQ \DQJ EHVDU GHQJDQ
PHPEDQJXQ NHPEDOL LQIUDVWUXNWXUQ\D 2OHK NDUHQD LWX GLKDUDSNDQ WHUGDSDW
KXEXQJDQ \DQJ SRVLWLI DQWDUD EHVDUQ\D 6L/3$ GHQJDQ SHQJDQJJDUDQ EHODQMD
PRGDOQ\D +DO WHUVHEXW VHVXDL GHQJDQ KDVLO SHQHOLWLDQ %ODFN  \DQJ
PHQJXQJNDSNDQ WHUGDSDW SHQJDUXK SRVLWLI \DQJ VLJQLILNDQ WHUKDGDS NHPDPSXDQ
NHXDQJDQSHUXVDKDDQSDGDWDKDSDQPDWXUH
%HUGDVDUNDQ SHQMHODVDQSHQMHODVDQ WHUVHEXW PDND SHQXOLV GDSDW
PHUXPXVNDQ KLSRWHVLVKLSRWHVLV WHUNDLW KXEXQJDQ 6L/3$ $3%' GHQJDQ
SHQJDQJJDUDQEHODQMDPRGDOVHEDJDLEHULNXW
+D 7HUGDSDW SHQJDUXK SRVLWLI \DQJ VLJQLILNDQ DQWDUD LQIRUPDVL 6,/3$
$3%' WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO SDGD SHPHULQWDK
GDHUDKNODVWHUD
+E  7HUGDSDW SHQJDUXK SRVLWLI \DQJ VLJQLILNDQ DQWDUD LQIRUPDVL 6,/3$
$3%' WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO SDGD SHPHULQWDK
GDHUDKNODVWHUE
+F  7HUGDSDW SHQJDUXK QHJDWLI \DQJ VLJQLILNDQ DQWDUD LQIRUPDVL 6,/3$
$3%' WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO SDGD SHPHULQWDK
GDHUDKNODVWHUF
 3HQJDUXK ,QIRUPDVL $UXV .DV GDUL $NWLYLWDV 2SHUDVL WHUKDGDS
3HQJDQJJDUDQ%HODQMD0RGDO
3DGD VLVL ELVQLV $NWLYLWDV 2SHUDVL DGDODK DNWLYLWDV SHQJKDVLO XWDPD
SHQGDSDWDQ SHUXVDKDDQ SULQFLSDO UHYHQXH DFWLYLWLHV GDQ DNWLYLWDV ODLQ \DQJ
EXNDQPHUXSDNDQ DNWLYLWDVLQYHVWDVLGDQSHQGDQDDQ'DQLDWLGDQ6XKDLUL 




6HODLQLWXDUXVNDVGDULDNWLYLWDVRSHUDVLMXJDPHPEHULNDQLQIRUPDVL\DQJUHOHYDQ
WHQWDQJMXPODKGDQULVLNRDUXVNDVDVVHWVLQSODFH6DUDVZDWL6HPHQWDUD
GDUL VLVL SHPHULQWDK DUXV NDV EHUVLK DNWLYLWDV RSHUDVL PHQXUXW 3HUDWXUDQ
3HPULQWDK 1RPRU  7DKXQ  DGDODK DNWLYLWDV XWDPD \DQJ PHQXQMXNNDQ
NHPDPSXDQ RSHUDVLRQDOQ\D GL PDVD \DQJ DNDQ GDWDQJ WDQSD PHQJDQGDONDQ
VXPEHUSHQGDQDDQGDULOXDU
+DU\DQWRPHQ\HEXWNDQEDKZDDUXVNDVRSHUDVLSHPHULQWDKGDHUDK
\DQJEHUDGDSDGDNODVWHUFGLDVXPVLNDQEHUQLODLQHJDWLINDUHQDSHPHULQWDKGDHUDK
PDVLK GDODP WDUDI DNDQ PHPEDQJXQ LQIUDVWUXNWXU GDQ EHOXP PDPSX
PHQJKDVLONDQ DUXV NDV PDVXN GDUL DNWLYLWDV RSHUDVL GDODP MXPODK \DQJ EHVDU
GLEDQGLQJNDQ GHQJDQ DUXV NDV NHOXDUQ\D 0HVNLSXQ EHJLWX SHPHULQWDK GDHUDK
SDGD NODVWHU F MXVWUX DNDQ EHUXSD\D XQWXN PHPEDQJXQ LQIUDVWUXNWXUQ\D XQWXN
PHPEXND NHVHPSDWDQ SHQLQJNDWDQ SHUWXPEXKDQ HNRQRPLQ\D 2OHK NDUHQD LWX
SHPHULQWDK GDHUDK SDGD NODVWHU F DNDQ FHQGHUXQJ PHPLOLNL DQJJDUDQ EHODQMD
PRGDO\DQJWLQJJLPHVNLSXQPHPLOLNLDUXVNDVGDULDNWLYLWDVRSHUDVL\DQJNHFLO
3DGD NODVWHU E SHPHULQWDK GDHUDK XPXPQ\D VXGDK PDPSX PHPSHUROHK
SHQGDSDWDQ DVOL GDHUDK 3$' VHUWD PHQJKDVLONDQ DUXV NDV RSHUDVL \DQJ SRVLWLI
PHVNL PDVLK UHODWLI NHFLO +DU\DQWR  3HPHULQWDK GDHUDK SDGD NODVWHU E
FHQGHUXQJ OHELK PDSDQ GLEDQGLQJNDQ GHQJDQ SHPHULQWDK GDHUDK SDGD NODVWHU F
VHKLQJJD PHPLOLNL DUXV NDV GDUL DNWLYLWDV RSHUDVL \DQJ OHELK EHVDU 3HPHULQWDK
GDHUDK SDGD NODVWHU E MXJD WHWDS EHUXVDKD PHQLQJNDWNDQ SHPEDQJXQDQ
LQIUDVWUXNWXU PHUHND PHODOXL SHQJDQJJDUDQ EHODQMD PRGDO \DQJ WLQJJL +DO
WHUVHEXW VHMDODQ GHQJDQ SHQHOLWLDQ \DQJ GLODNXNDQ ROHK %ODFN  \DQJ




PHQHPXNDQ WHUGDSDW KXEXQJDQ SRVLWLI \DQJ VLJQLILNDQ DQWDUD DUXV NDV RSHUDVL
SHUXVDKDDQSDGDWDKDSJURZWKGHQJDQNHPDPSXDQNHXDQJDQQ\D
3HPHULQWDK GDHUDK \DQJ EHUDGD SDGD NODVWHU D FHQGHUXQJ VXGDK EHUDGD
GDODP SRVLVL PDSDQ 3HQGDSDWDQ DVOL GDUHDK 3$' \DQJ GLKDVLONDQ ROHK
SHPHULQWDK GDHUDK VXGDK UHODWLI WLQJJL VHKLQJJD DUXV NDV GDUL DNWLYLWDV RSHUDVL
FHQGHUXQJOHELKEHVDUGLEDQGLQJNDQGHQJDQSHPHULQWDKGDHUDKSDGDNODVWHUEGDQ
NODVWHUF'HQJDQEHVDUQ\DDUXVNDVGDULDNWLYLWDVRSHUDVLGLKDUDSNDQNHPDPSXDQ
SHPHULQWDK GDHUDK XQWXN PHQLQJNDWNDQ LQIUDVWUXNWXU PHODOXL EHODQMD PRGDO MXJD
PHQLQJNDW +DO WHUVHEXW VHVXDL GHQJDQ SHQHOLWLDQ \DQJ GLODNXNDQ ROHK %ODFN
 EDKZD SDGD WDKDS PDWXUH DUXV NDV DNWLYLWDV RSHUDVL EHUSHQJDUXK VHFDUD
VLJQLILNDQWHUKDGDSNHPDPSXDQSHUXVDKDDQ
%HUGDVDUNDQ SHQMHODVDQSHQMHODVDQ WHUVHEXW SHQXOLV PHUXPXVNDQ
KLSRWHVLVKLSRWHVLV WHUNDLW SHQJDUXK LQIRUPDVL DUXV NDV GDUL DNWLYLWDV RSHUDVL
WHUKDGDSSHQJDQJJDUDQEHODQMDPRGDOVHEDJDLEHULNXW
+D  7HUGDSDWSHQJDUXK SRVLWLI\DQJVLJQLILNDQDQWDUDLQIRUPDVLDUXVNDV
GDUL DNWLYLWDV RSHUDVL WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO SDGD
SHPHULQWDKGDHUDKNODVWHUD
+E  7HUGDSDWSHQJDUXK SRVLWLI\DQJVLJQLILNDQDQWDUDLQIRUPDVLDUXVNDV
GDUL DNWLYLWDV RSHUDVL WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO SDGD
SHPHULQWDKGDHUDKNODVWHUE
+F  7HUGDSDWSHQJDUXK QHJDWLI\DQJVLJQLILNDQDQWDUDLQIRUPDVLDUXVNDV
GDUL DNWLYLWDV RSHUDVL WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO SDGD
SHPHULQWDKGDHUDKNODVWHUF




 3HQJDUXK ,QIRUPDVL $UXV .DV GDUL $NWLYLWDV ,QYHVWDVL WHUKDGDS

3HQJDQJJDUDQ%HODQMD0RGDO
'DUL VLVL ELVQLV DNWLYLWDV LQYHVWDVL DGDODK DNWLYLWDV \DQJ PHQ\DQJNXW
SHUROHKDQ DWDX SHOHSDVDQ DNWLYD MDQJND SDQMDQJ DNWLYD WLGDN ODQFDU VHUWD
LQYHVWDVL ODLQ \DQJ WLGDN WHUPDVXN GDODP VHWDUD NDV VHUWD PHPSHUROHK GDQ
PHQMXDOLQYHVWDVLGDQDNWLYDMDQJNDSDQMDQJSURGXNWLI'DQLDWLGDQ6XKDLUL
0HQXUXW 6DUDVZDWL  DUXV NDV GDUL DNWLYLWDV LQYHVWDVL PHPEHULNDQ VHGLNLW
LQIRUPDVL PHQJHQDL IXWXUH FDVK IORZ GDUL ULVLNR DVVHW LQ SODFH NDUHQD LQIRUPDVL
DUXVNDVGDULDNWLYLWDVLQYHVWDVLPHQJJDPEDUNDQIXWXUHJURZWKRSSRUWXQLWLHV-DGL
VHPDNLQEHVDUSHQJHOXDUDQNDVXQWXNDNWLYLWDVLQYHVWDVLDWDXVHPDNLQQHJDWLIQLODL
LQIRUPDVL DUXV NDV GDUL DNWLYLWDV LQYHVWDVL DUWLQ\D SHUXVDKDDQ VHGDQJ PHODNXNDQ
HNVSDQVLGDQPHPEXNDSHOXDQJXQWXNWHUXVWXPEXKGDQEHUNHPEDQJ
'DUL VLVL SHPHULQWDKDQ 3HUDWXUDQ 3HPHULQWDK 1R  7DKXQ 
PHQ\HEXWDUXVNDVGDULDNWLYLWDVLQYHVWDVLVHEDJDLDUXVNDVGDULDNWLYLWDVLQYHVWDVL
QRQNHXDQJDQ$UXVNDVWHUVHEXWPHQFHUPLQNDQSHQHULPDDQGDQSHQJHOXDUDQNDV
EUXWR GDODP UDQJND SHUROHKDQ GDQ SHOHSDVDQ VXPEHU GD\D HNRQRPL \DQJ
EHUWXMXDQ PHQLQJNDWNDQ GDQ PHQGXNXQJ SHOD\DQDQ SHPHULQWDK NHSDGD
PDV\DUDNDW GL PDVD \DQJ DNDQ GDWDQJ -LND SHPHULQWDK GDHUDK EHUXVDKD XQWXN
PHQLQJNDWNDQ NDSDVLWDV LQIUDVWUXNWXUQ\D GHQJDQ PHQLQJNDWNDQ SHQJDQJJDUDQ
EHODQMD PRGDOQ\D PDND DUXV NDV GDUL DNWLYLWDV LQYHVWDVL DNDQ PHQJKDVLONDQ
MXPODK \DQJ NHFLO $UWLQ\D DUXV NDV GDUL DNWLYLWDV LQYHVWDVL LQL GLKDUDSNDQ
EHUSHQJDUXK QHJDWLI WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO +DO WHUVHEXW EHUODNX




SDGD VHPXD SHPHULQWDK GDHUDK EDLN \DQJ WHUGDSDW SDGD NODVWHU D NODVWHU E
PDXSXQNODVWHUF
+DOWHUVHEXWVHVXDLGHQJDQKDVLOSHQJXMLDQ%ODFN\DQJPHQHPXNDQ
WHUGDSDW SHQJDUXK QHJDWLI \DQJ VLJQLILNDQ SDGD DUXV NDV GDUL DNWLYLWDV LQYHVWDVL
WHUKDGDS NHPDPSXDQ NHXDQJDQ SHUXVDKDDQ SDGD WDKDS VWDUWXS GDQ JURZWK
1DPXQDUXVNDVGDULDNWLYLWDVLQYHVWDVLEHUSHQJDUXKSRVLWLIWLGDNVLJQLILNDQSDGD
SHUXVDKDDQWDKDSPDWXUH
%HUGDVDUNDQSHQMHODVDQWHUVHEXWSHQXOLVGDSDWPHQDULNEHEHUDSDKLSRWHVLV
WHUNDLW SHQJDUXK DUXV NDV GDUL DNWLYLWDV LQYHVWDVL WHUKDGDS SHQJDQJJDUDQ EHODQMD
PRGDOVHEDJDLEHULNXW
+D 7HUGDSDW SHQJDUXK QHJDWLI \DQJ VLJQLILNDQ DQWDUD LQIRUPDVL DUXV
NDV GDUL DNWLYLWDV LQYHVWDVL WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO
SDGDSHPHULQWDKGDHUDKNODVWHUD
+E  7HUGDSDW SHQJDUXK QHJDWLI \DQJ VLJQLILNDQ DQWDUD LQIRUPDVL DUXV
NDV GDUL DNWLYLWDV LQYHVWDVL WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO
SDGDSHPHULQWDKGDHUDKNODVWHUE
+F  7HUGDSDW SHQJDUXK QHJDWLI \DQJ VLJQLILNDQ DQWDUD LQIRUPDVL DUXV
NDV GDUL DNWLYLWDV LQYHVWDVL WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO
SDGDSHPHULQWDKGDHUDKNODVWHUF
 3HQJDUXK ,QIRUPDVL $UXV .DV GDUL $NWLYLWDV 3HQGDQDDQ WHUKDGDS
3HQJDQJJDUDQ%HODQMD0RGDO
'DUL VLVL ELVQLV 'DQLDWL GDQ 6XKDLUL  PHQGHILQLVLNDQ DNWLYLWDV
SHQGDQDDQ DGDODK DNWLYLWDV \DQJ PHQJDNLEDWNDQ SHUXEDKDQ GDODP MXPODK VHUWD




NRPSRVLVLHNXLWDVGDQSLQMDPDQSHUXVDKDDQ6DUDVZDWLPHQMHODVNDQEDKZD

PDQIDDWDUXVNDVGDULDNWLYLWDVSHQGDQDDQWHUVHEXWDGDODKPHPEHULNDQLQIRUPDVL
WHQWDQJ EDJDLPDQD NHPDPSXDQ DVVHWV LQ SODFH SHUXVDKDDQ GDODP PHQJKDVLONDQ
NDVXQWXNPHPED\DUKXWDQJGDQPHPSHUROHKWDPEDKDQGDQD
'DUL VLVL SHPHULQWDKDQ DNWLYLWDV SHQGDQDDQ PHUXSDNDQ DNWLYLWDV
SHQHULPDDQ GDQ SHQJHOXDUDQ NDV \DQJ EHUKXEXQJDQ GHQJDQ SHPEHULDQ SLXWDQJ
MDQJND SDQMDQJ GDQDWDX SHOXQDVDQ XWDQJ MDQJND SDQMDQJ \DQJ PHQJDNLEDWNDQ
SHUXEDKDQGDODPMXPODKGDQNRPSRVLVLSLXWDQJMDQJNDSDQMDQJGDQXWDQJMDQJND
SDQMDQJ3HPHULQWDKGDHUDKEDLNSDGDNODVWHUDNODVWHUEPDXSXQNODVWHUFDNDQ
WHWDS PHPEXWXKNDQ GDQD XQWXN SHPEDQJXQDQ LQIUDVWUXNWXUQ\D GHQJDQ KDUDSDQ
SHPHULQWDK GDHUDK GDSDW PHPEHULNDQ SHOD\DQDQ PDNVLPDO EDJL PDV\DUDNDWQ\D
2OHK NDUHQD LWX GLKDUDSNDQ DUXV NDV GDUL DNWLYLWDV SHQGDQDDQ LQL PHPLOLNL QLODL
\DQJ EHVDU 'HQJDQ GDQD \DQJ PHQFXNXSL SHPHULQWDK GDHUDK MXJD PHPLOLNL
NHPDPSXDQ XQWXN PHQLQJNDWNDQ SHQJDQJJDUDQ EHODQMD PRGDOQ\D 6HKLQJJD
GLKDUDSNDQ DUXV NDV GDUL DNWLYLWDV SHQGDQDDQ WHUVHEXW PHPEHULNDQ SHQJDUXK
SRVLWLI\DQJVLJQLILNDQWHUKDGDSSHQJDQJJDUDQEHODQMDPRGDO
+DOWHUVHEXWVHMDODQGHQJDQSHQHOLWLDQ\DQJGLODNXNDQROHK%ODFN
3DGD SHQHOLWLDQ WHUVHEXW DUXV NDV GDUL DNWLYLWDV SHQGDQDDQ PHPLOLNL SHQJDUXK
SRVLWLI WHUKDGDS NHPDPSXDQ NHXDQJDQ SHUXVDKDDQ SDGD EHUEDJDL WDKDSDQ 3DGD
WDKDS JURZWK GDQ PDWXUH DUXV NDV WHUVHEXW PHPLOLNL SHQJDUXK SRVLWLI \DQJ
VLJQLILNDQ 6HPHQWDUD SDGD WDKDS VWDUWXS DUXV NDV GDUL DNWLYLWDV SHQGDQDDQ
PHPLOLNLSHQJDUXKSRVLWLI\DQJWLGDNVLJQLILNDQ




%HUGDVDUNDQ SHQMHODVDQ WHUVHEXW SHQXOLV PHQDULN EHEHUDSD KLSRWHVLV

WHUNDLWSHQJDUXKDUXVNDVGDULDNWLYLWDVSHQGDQDDQVHEDJDLEHULNXW
+D 7HUGDSDWSHQJDUXK SRVLWLI\DQJVLJQLILNDQDQWDUDLQIRUPDVLDUXVNDV
GDUL DNWLYLWDV SHPELD\DDQ WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO
SDGDSHPHULQWDKGDHUDKNODVWHUD
+E  7HUGDSDWSHQJDUXK SRVLWLI\DQJVLJQLILNDQDQWDUDLQIRUPDVLDUXVNDV
GDUL DNWLYLWDV SHPELD\DDQ WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO
SDGDSHPHULQWDKGDHUDKNODVWHUE
+F  7HUGDSDWSHQJDUXK SRVLWLI\DQJVLJQLILNDQDQWDUDLQIRUPDVLDUXVNDV
GDUL DNWLYLWDV SHPELD\DDQ WHUKDGDS SHQJDQJJDUDQ EHODQMD PRGDO
SDGDSHPHULQWDKGDHUDKNODVWHUF




%$%,,,
0(72'(3(1(/,7,$1




9DULDEHO3HQHOLWLDQGDQ'HILQLVL2SHUDVLRQDO
3HQHOLWLDQLQLPHQFREDPHQJXMLYDULDEHOYDULDEHOLQGHSHQGHQGDQYDULDEHO

GHSHQGHQ VHSHUWL \DQJ WHODK GLJDPEDUNDQ SDGD NHUDQJND SHPLNLUDQ 9DULDEHO

GHSHQGHQ XQWXN SHQHOLWLDQ LQL DGDODK 3HQJDQJJDUDQ %HODQMD 0RGDO SDGD $3%'
VDDW WDQJJDO SHODSRUDQ NHXDQJDQ 7DKXQ $QJJDUDQ  9DULDEHO LQGHSHQGHQ
\DQJ GLJXQDNDQ GDODP SHQHOLWLDQ LQL DGDODK LQIRUPDVL 6LVD /HELK 3HUKLWXQJDQ
$QJJDUDQ $3%' 6L/3$ $3%' GDODP /DSRUDQ 5HDOLVDVL $QJJDUDQ /5$
SHPHULQWDK NDEXSDWHQ 7DKXQ $QJJDUDQ  /DSRUDQ $UXV .DV RSHUDVL
LQYHVWDVLGDQSHPELD\DDQ7DKXQ$QJJDUDQ
 %HODQMD0RGDO
%HODQMD 0RGDO DGDODK SHQJHOXDUDQ SHPHULQWDK GDHUDK \DQJ PDQIDDWQ\D
OHELKGDULVDWXWDKXQDQJJDUDQGDQDNDQPHQDPEDKDVHWDWDXNHND\DDQGDHUDKGDQ
EHUDNLEDW PHQDPEDK EHODQMD \DQJ EHUVLIDW UXWLQ 6XODUVR GDQ 5HVWLDQWR 
'DODP SHQHOLWLDQQ\D 6XODUVR GDQ 5HVWLDQWR  PHPEDJL NODVLILNDVL EHODQMD
PRGDO NH GDODP GXD NHORPSRN .HORPSRN SHUWDPD DGDODK NHORPSRN EHODQMD
PRGDO\DQJWHUPDVXNGDODPEHODQMDSXEOLN\DLWXEHODQMDPRGDO\DQJPDQIDDWQ\D
ELVD ODQJVXQJ GLQLNPDWL GDQ GLUDVDNDQ ROHK PDV\DUDNDW &RQWRK GDUL EHODQMD
PRGDO NHORPSRN LQL DGDODK SHPEDQJXQDQ MDODQ GDQ MHPEDWDQ SHPEHOLDQ PRELO
DPEXODQ XQWXN GLJXQDNDQ VHEDJDL IDVLOLWDV XPXP GDQ VHEDJDLQ\D .HORPSRN
NHGXD DGDODK EHODQMD PRGDO DSDUDWXU .HORPSRN LQL PHUXSDNDQ EHODQMD PRGDO







\DQJ PDQIDDWQ\D WLGDN ODQJVXQJ GLQLNPDWL ROHK PDV\DUDNDW WHWDSL GLUDVDNDQ

ODQJVXQJ ROHK DSDUDWXU QHJDUD &RQWRKQ\D DGDODK EHODQMD SHPEDQJXQDQ JHGXQJ
SHPHULQWDKSHQJDGDDQNHQGDUDDQGLQDVGDQODLQODLQ
3HUDWXUDQ 3HPHULQWDK 1R  7DKXQ  PHQ\HEXWNDQ GHILQLVL GDUL
EHODQMD

PRGDO

DGDODK

SHQJHOXDUDQ

\DQJ

GLODNXNDQ

GDODP

UDQJND

SHPEHOLDQSHQJDGDDQDVHWWHWDSGDQDVHWODLQQ\D\DQJPHPSXQ\DLPDVDPDQIDDW
OHELK GDUL  EXODQ XQWXN GLJXQDNDQ GDODP NHJLDWDQ SHPHULWDKDQ VHSHUWL GDODP
EHQWXN WDQDK SHUDODWDQ GDQ PHVLQ JHGXQJ GDQ EDQJXQDQ MDULQJDQ EXNX
SHUSXVWDNDDQ GDQ KHZDQ 3HUQ\DWDDQ 1R  6$3 WHQWDQJ /DSRUDQ 5HDOLVDVL
$JJDUDQ PHQGHILQLVLNDQ EHODQMD PRGDO VHEDJDL SHQJHOXDUDQ DQJJDUDQ XQWXN
SHUROHKDQ DVHW WHWDS GDQ DVHW ODLQQ\D \DQJ PHPEHUL PDQIDDW OHELK GDUL VDWX
SHULRGH DNXQWDQVL 3HUQ\DWDDQ LQL MXJD PHPEDJL NODVLILNDVL EHODQMD SHPHULQWDK
PHQXUXW HNRQRPL NH GDODP GXD MHQLV EHODQMD \DLWX EHODQMD RSHUDVL GDQ EHODQMD
PRGDO
6XODUVRGDQ5HVWLDQWREHUSHQGDSDWEDKZDEHODQMDPRGDOEHUNDLWDQ
HUDW GHQJDQ LQYHVWDVL \DQJ GLODNXNDQ ROHK SHPHULQWDK GDHUDK 0HQXUXW +DOLP
GLNXWLS ROHK 6XODUVR GDQ 5HVWLDQWR  GDODP PHQJDUWLNDQ LQYHVWDVL ELVD
GLODNXNDQ GHQJDQ EHUEDJDL PDFDP VXGXW SDQGDQJ DWDX NRQWHNV PHQJDUWLNDQQ\D
6HFDUD DNXQWDQVL SDGD NRQWHNV MHQLV EHODQMDELD\D LQYHVWDVL PXQFXO NDUHQD
DGDQ\D SHUEHGDDQ UHYHQXH H[SHQGLWXUH GDQ FDSLWDO H[SHQGLWXUH %HODQMD PRGDO
GDSDW GLJRORQJNDQ NH GDODP LQYHVWDVL NDUHQD SHQJHUWLDQ EHODQMD PRGDO WHUVHEXW
GDSDWGLNDWHJRULNDQVHEDJDLFDSLWDOH[SHQGLWXUH




 ,QIRUPDVL6L/3$
6L/3$ $3%' PHUXSDNDQ EDJLDQ GDUL /DSRUDQ 5HDOLVDVL $QJJDUDQ \DQJ
GLODSRUNDQROHKSHPHULQWDKSDGDWDKXQDQJJDUDQEHUVDQJNXWDQ3HUQ\DWDDQ1R
6$3WHQWDQJ/DSRUDQ5HDOLVDVL$QJJDUDQEHUEDVLV.DVPHQ\HEXWNDQEDKZD6LVD
/HELK 3HPELD\DDQ $QJJDUDQ DGDODK VHOLVLK OHELKNXUDQJ DQWDUD UHDOLVDVL
SHQHULPDDQGDQSHQJHOXDUDQVHODPDVDWXSHULRGHSHODSRUDQ0HQXUXW'HYDV\DQJ
GLNXWLS ROHK +DU\DQWR  6L/3$ $3%' PHQMDGL VDODK VDWX LQGLNDWRU EDJL
UHNDQDQSHPHULQWDKGDHUDKGDODPPHPEXDWNHSXWXVDQSHUHQFDQDDQLQYHVWDVL
 ,QIRUPDVL$UXV.DV
/DPSLUDQ,3HUDWXUDQ3HPHULQWDK5HSXEOLN,QGRQHVLD1RPRU7DKXQ
3HUQ\DWDDQ1R6WDQGDU$NXQWDQVL3HPHULQWDKDQ6$3WHQWDQJ/DSRUDQ
$UXV .DV PHQ\HEXWNDQ EDKZD /DSRUDQ DUXV NDV EHUWXMXDQ XQWXN PHPEHULNDQ
LQIRUPDVL PHQJHQDL VXPEHU SHQJJXQDDQ SHUXEDKDQ NDV GDQ VHWDUD NDV VHODPD
VXDWXSHULRGHDNXQWDQVLVHUWDVDOGRNDVGDQVHWDUDNDVSDGDWDQJJDOSHODSRUDQ
3HUQ\DWDDQ1R6$3WHUVHEXWMXJDPHQ\HEXWNDQPDQIDDWGDULLQIRUPDVL
DUXVNDVDGDODK
D 6HEDJDL LQGLNDWRU MXPODK DUXV NDV GL PDVD \DQJ DNDQ GDWDQJ VHUWD
EHUJXQD XQWXN PHQLODL NHFHUPDWDQ DWDV WDNVLUDQ DUXV NDV \DQJ WHODK
GLEXDWVHEHOXPQ\D
E 0HQMDGLDODWSHUWDQJJXQJMDZDEDQDUXVNDVPDVXNGDQDUXVNDVNHOXDU
VHODPDSHULRGHSHODSRUDQ
F $SDELODGLNDLWNDQGHQJDQODSRUDQNHXDQJDQODLQQ\DODSRUDQDUXVNDV
PHPEHULNDQ LQIRUPDVL \DQJ EHUPDQIDDW EDJL SDUD SHQJJXQD ODSRUDQ




GDODP PHQJHYDOXDVL SHUXEDKDQ NHND\DDQ EHUVLKHNXLWDV VXDWX HQWLWDV

SHODSRUDQ GDQ VWUXNWXU NHXDQJDQ SHPHULQWDK WHUPDVXN OLNXLGLWDV GDQ
VROYDELOLWDV
'DODP SHQ\DMLDQQ\D /DSRUDQ $UXV .DV DGDODK EDJLDQ GDUL ODSRUDQ
ILQDQVLDO \DQJ PHQ\DMLNDQ LQIRUPDVL SHQHULPDDQ GDQ SHQJHOXDUDQ NDV VHODPD
SHULRGH WHUWHQWX \DQJ GLNODVLILNDVLNDQ EHUGDVDUNDQ DNWLYLWDV RSHUDVL LQYHVWDVL
SHQGDQDDQGDQWUDQVLWRULV
,QIRUPDVL$UXV.DV$NWLYLWDV2SHUDVL
3HUQ\DWDDQ 1R  6$3 PHQ\HEXWNDQ GHILQLVL $NWLYLWDV 2SHUDVL DGDODK
SHQHULPDDQ GDQ SHQJHOXDUDQ NDV \DQJ GLWXMXNDQ XQWXN NHJLDWDQ RSHUDVLRQDO
SHPHULQWDKVHODPDVDWXSHULRGHDNXQWDQVL$UXVNDVLQLPHUXSDNDQLQGLNDWRU\DQJ
PHQXQMXNNDQSHPHULQWDKGDODPPHQJKDVLONDQNDV \DQJFXNXSXQWXNPHPELD\DL
DNWLYLWDV RSHUDVLRQDOQ\D GL PDVD \DQJ DNDQ GDWDQJ WDQSD PHQJDQGDONDQ VXPEHU
SHQGDQDDQGDULOXDU
'DULVH  PHQMHODVNDQ EDKZD SHQHULPDDQSHQHULPDDQ \DQJ
GLODSRUNDQ VHEDJDL DUXV NDV PDVXN GDUL DNWLYLWDV RSHUDVL LQL KDUXV PHUXSDNDQ
SHQGDSDWDQ SDGD SHULRGH DNXQWDQVL \DQJ EHUVDQJNXWDQ 3HUQ\DWDDQ 1R  6$3
PHQ\HEXWNDQ SHQHULPDDQSHQHULPDDQ SHPHULQWDK \DQJ GLODSRUNDQ VHEDJDL DUXV
NDVPDVXNGDULDNWLYLWDVRSHUDVLWHUGLULGDUL
D 3HQHULPDDQ3HUSDMDNDQ
E 3HQHULPDDQ1HJDUD%XNDQ3DMDN31%3
F 3HQHULPDDQ+LEDK
G 3HQHULPDDQ%DJLDQ/DED3HUXVDKDDQQHJDUDGDDHUDKGDQLQYHVWDVLODLQQ\D




H 3HQHULPDDQODLQODLQSHQHULPDDQGDULSHQGDSDWDQOXDUELDVD
I 3HQHULPDDQ7UDQVIHU
'DULVH  MXJD PHQMHODVNDQ EDKZD SHQJHOXDUDQ EHODQMD \DQJ
GLODNXNDQROHKSHPHULQWDKGDQGLODSRUNDQNHGDODPDUXVNDVNHOXDUGDULDNWLYLWDV
RSHUDVL KDUXV PHUXSDNDQ SHQJHOXDUDQ \DQJ GLODNXNDQ SDGD SHULRGH \DQJ
EHUVDQJNXWDQ 3HUQ\DWDDQ 1R  6$3 PHQ\HEXWNDQ SHQJHOXDUDQSHQJHOXDUDQ
SHPHULQWDK\DQJPHUXSDNDQEDJLDQGDUL$UXVNDVNHOXDUWHUGLULGDUL
D 3HPED\DUDQ3HJDZDL
E 3HPED\DUDQ%DUDQJ
F 3HPED\DUDQ%XQJD
G 3HPED\DUDQ6XEVLGL
H 3HPED\DUDQ+LEDK
I 3HPED\DUDQ%DQWXDQ6RVLDO
J 3HPED\DUDQ/DLQODLQ.HMDGLDQ/XDU%LDVD
K 3HPED\DUDQ7UDQVIHU
,QIRUPDVL$UXV.DV,QYHVWDVL
'HILQLVL DNWLYLWDV LQYHVWDVL \DQJ WHUGDSDW GDODP 3HUQ\DWDDQ 1R  6$3
DGDODKDNWLYLWDVSHQHULPDDQGDQSHQJHOXDUDQNDV\DQJGLWXMXNDQXQWXNSHUROHKDQ
GDQSHOHSDVDQDVHWWHWDSVHUWDLQYHVWDVLODLQQ\D\DQJWLGDNWHUPDVXNGDODPVHWDUD
NDV $UXV NDV LQL PHQFHUPLQNDQ SHQHULPDDQ GDQ SHQJHOXDUDQ NDV EUXWR GDODP
UDQJND SHUROHKDQ GDQ SHOHSDVDQ VXPEHU GD\D HNRQRPL \DQJ EHUWXMXDQ XQWXN
PHQLQJNDWNDQGDQPHQGXNXQJSHOD\DQDQSHPHULQWDKNHSDGDPDV\DUDNDWGLPDVD
\DQJDNDQGDWDQJ




3HUQ\DWDDQ 1R  6$3 PHQ\HEXWNDQ VXPEHUVXPEHU SHQHULPDDQ

SHPHULQWDK\DQJWHUPDVXNNHGDODPDUXVNDVPDVXNGDULDNWLYLWDVLQYHVWDVLWHUGLUL
GDUL
D 3HQMXDODQ$VHW7HWDS
E 3HQMXDODQ$VHW/DLQQ\D
F 3HQFDLUDQ'DQD&DGDQJDQ
G 3HQHULPDDQGDUL'LYHVWDVL
H 3HQMXDODQ,QYHVWDVLGDODPEHQWXN6HNXULWDV
6HPHQWDUD MHQLVMHQLV SHQJHOXDUDQ SHPHULQWDK \DQJ GDSDW GLJRORQJNDQ
VHEDJDLDUXVNDVNHOXDUGDULDNWLYLWDVLQYHVWDVLWHUGLULGDUL
D 3HUROHKDQ$VHW7HWDS
E 3HUROHKDQ$VHW/DLQQ\D
F 3HPEHQWXNDQ'DQD&DGDQJDQ
G 3HQ\HUWDDQ0RGDO3HPHULQWDK
H 3HPEHOLDQ,QYHVWDVLGDODPEHQWXN6HNXULWDV
,QIRUPDVL$UXV.DV3HPELD\DDQ
3HUQ\DWDDQ 1R  6$3 PHQ\HEXWNDQ DNWLYLWDV SHPELD\DDQ VHEDJDL
DNWLYLWDV SHQGDQDDQ 'HILQLVL GDUL DNWLYLWDV SHQGDQDDQ \DQJ GLPDNVXG DGDODK
DNWLYLWDV SHQHULPDDQ GDQ SHQJHOXDUDQ NDV \DQJ EHUKXEXQJDQ GHQJDQ SHPEHULDQ
SLXWDQJ MDQJND SDQMDQJ GDQDWDX SHOXQDVDQ XWDQJ MDQJND SDQMDQJ \DQJ
PHQJDNLEDWNDQ SHUXEDKDQ GDODP MXPODK GDQ NRPSRVLVL SLXWDQJ MDQJND SDQMDQJ
GDQ XWDQJ MDQJND SDQMDQJ $UXV NDV LQL PHQFHUPLQNDQ SHQHULPDDQ GDQ




SHQJHOXDUDQNDV \DQJEHUKXEXQJDQGHQJDQSHUROHKDQDWDXSHPEHULDQSLQMDPDEQ
MDQJNDSDQMDQJ
-HQLV DNWLYLWDV SHQHULPDDQ \DQJ PHUXSDNDQ EDJLDQ DUXV NDV PDVXN GDUL
DNWLYLWDVSHQGDQDDQEHUGDVDUNDQSHUQ\DWDDQ1R6$3WHUGLULGDUL
D 3HQHULPDDQXWDQJOXDUQHJHUL
E 3HQHULPDDQGDULXWDQJREOLJDVL
F 3HQHULPDDQNHPEDOLSLQMDPDQNHSDGDSHPHULQWDKGDHUDK
G 3HQHULPDDQNHPEDOLSLQMDPDQNHSDGDSHUXVDKDDQQHJDUD
6HPHQWDUD MHQLV DNWLYLWDV SHQJHOXDUDQ \DQJ PHUXSDNDQ EDJLDQ DUXV NDV
NHOXDUGDULDNWLYLWDVSHQGDQDDQEHUGDVDUNDQSHUQ\DWDDQ1R6$3DQWDUDODLQ
D 3HPED\DUDQSRNRNXWDQJOXDUQHJHUL
E 3HPED\DUDQSRNRNXWDQJREOLJDVL
F 3HQJHOXDUDQNDVXQWXNGLSLQMDPNDQNHSDGDSHPHULQWDKGDHUDK
G 3HQJHOXDUDQNDVXQWXNGLSLQMDPNDQNHSDGDSHUXVDKDDQQHJDUD


3RSXODVL
3RSXODVL \DQJ DNDQ GLJXQDNDQ GDODP SHQHOLWLDQ LQL DGDODK VHPXD

SHPHULQWDKGDHUDK\DQJEHUEHQWXNSHPHULQWDKNDEXSDWHQ\DQJWHODKGLDXGLWROHK
%3. 5, \DLWX  SHPHULQWDK GDHUDK 7XMXDQ SHQJJXQDDQ SRSXODVL KDQ\D
SHPHULQWDK NDEXSDWHQ DGDODK XQWXN PHQJKLQGDUL ELDV DNLEDW SHUEHGDDQ
NDUDNWHULVWLNDQWDUDSHPHULQWDKNDEXSDWHQGDQSHPHULQWDKQRQNDEXSDWHQ7DKXQ
$QJJDUDQ  GLSLOLK NDUHQD GDWD WHUVHEXW GLQLODL SDOLQJ OHQJNDS GDQ PHPDGDL
VHFDUD NXDQWLWDV SDGD VDDW SHQHOLWLDQ GLODNXNDQ +DO WHUVHEXW EHUWXMXDQ DJDU




SHQHOLWLDQ GDSDW PHQJJDPEDUNDQ VHXWXKQ\D NRQGLVL SHULODNX SHPHULQWDK GDHUDK

EHUEHQWXNNDEXSDWHQGL,QGRQHVLDGDODPSHQJDQJJDUDQEHODQMDPRGDOQ\D
8QWXN PHQJXML KLSRWHVLV + + + GDQ + SHQXOLV DNDQ PHQJDPELO
VHOXUXKSRSXODVL.HPXGLDQGDULMXPODKSRSXODVLWHUVHEXWDNDQGLNHORPSRNNDQNH
GDODPNODVWHUVHVXDLGHQJDQ3HUPHQGDJUL1RPRU7DKXQ\DLWX
 .ODVWHU D \DQJ PHUXSDNDQ NHORPSRN GDHUDK GHQJDQ NHPDPSXDQ
NHXDQJDQWLQJJL
 .ODVWHU E \DQJ PHUXSDNDQ NHORPSRN GDHUDK GHQJDQ NHPDPSXDQ
NHXDQJDQVHGDQJ
 .ODVWHU F \DQJ PHUXSDNDQ NHORPSRN GDHUDK GHQJDQ NHPDPSXDQ
NHXDQJDQUHQGDK


-HQLVGDQ6XPEHU'DWD
-HQLVGDWD\DQJGLJXQDNDQGDODPSHQHOLWLDQLQLDGDODKGDWDVHNXQGHU\DQJ

GLSHUROHKGDULGDWD/DSRUDQ.HXDQJDQ3HPHULQWDK'DHUDK7DKXQ$QJJDUDQ
'DWD \DQJ GLJXQDNDQ WHUVHEXW WHUGLUL GDUL /DSRUDQ 5HDOLVDVL $QJJDUDQ 7DKXQ
$QJJDUDQ  /DSRUDQ $UXV .DV 7DKXQ $QJJDUDQ  3HQHWDSDQ $3%'
7DKXQ $QJJDUDQ  GDQ &DWDWDQ DWDV /DSRUDQ .HXDQJDQ 'DWDGDWD WHUVHEXW
GLSHUROHKGDUL,NKWLVDU+DVLO3HPHULNVDDQ6HPHVWHU,+36%3.5,7DKXQ


0HWRGH3HQJXPSXODQ'DWD
'DWD\DQJGLJXQDNDQGDODPSHQHOLWLDQLQLDGDODKGDWDVHNXQGHUVHKLQJJD

PHWRGH SHQJXPSXODQ GDWD \DQJ GLJXQDNDQ DGDODK PHWRGH GRNXPHQWDVL 0HWRGH

GRNXPHQWDVL WHUVHEXW GLODNXNDQ GHQJDQ FDUD PHQJXPSXONDQ PHQFDWDW GDQ




PHQJKLWXQJGDWDGDWD\DQJEHUKXEXQJDQGHQJDQSHQHOLWLDQ'DWD\DQJGLJXQDNDQ
GDODPSHQHOLWLDQDGDODKGDWDSRSXODVLSHPHULQWDKGDHUDKNDEXSDWHQGL ,QGRQHVLD
GHQJDQ NULWHULD WHODK PHPLOLNL /DSRUDQ .HXDQJDQ 3HPHULQWDK 'DHUDK 7$
\DQJWHODKGLDXGLWROHK%3.5,GDQPHPLOLNL6L/3$GDODPODSRUDQNHXDQJDQQ\D
WHUVHEXW


0HWRGH$QDOLVLV

 3HQJHORPSRNNDQ3HPHULQWDK'DHUDK
3HQJHORPSRNNDQ 3HPHULQWDK 'DHUDK GDODP SHQHOLWLDQ LQL PHQHUDSNDQ
SHQGHNDWDQ WHRUL VLNOXV KLGXS SHUXVDKDDQ \DQJ GLNHPXNDNDQ ROHK %ODFN 
GHQJDQ PHQJJXQDNDQ 3HUPHQGDJUL 1R  7DKXQ  VHEDJDL GDVDU
SHQJHORPSRNNDQ 0DVLQJPDVLQJ SHPHULQWDK DNDQ GLKLWXQJ NHPDPSXDQ
GDHUDKQ\D GHQJDQ SHUKLWXQJDQ WRWDO UHDOLVDVL SHQGDSDWDQ SHPHULQWDK GDHUDK
VHODPD VDWX WDKXQ DQJJDUDQ GLNXUDQJL GHQJDQ UHDOLVDVL EHODQMD SHJDZDL SDGD
WDKXQ DQJJDUDQ WHUVHEXW 6HODQMXWQ\D EHUGDVDUNDQ NHPDPSXDQ NHXDQJDQ GDHUDK
WHUVHEXWSHPHULQWDKGDHUDKDNDQGLEDJLNHGDODPWLJDNODVWHU\DLWX
D .ODVWHUDVHEDJDLNODVWHUWHUWLQJJLGHQJDQNODVLILNDVLSHPHULQWDKGDHUDK
\DQJ

PHPLOLNL

NHPDPSXDQ

NHXDQJDQ

GDHUDK

GL

DWDV

5SHPSDWUDWXVPLO\DUUXSLDK
E .ODVWHUEVHEDJDLNODVWHUWHQJDKGHQJDQNODVLILNDVLSHPHULQWDKGDHUDK
\DQJ

PHPLOLNL

NHPDPSXDQ

NHXDQJDQ

GDHUDK

GL

DQWDUD

5S GXD UDWXV PLO\DU UXSLDK VDPSDL GHQJDQ

5SHPSDWUDWXVPLO\DUUXSLDK




F .ODVWHU F VHEDJDL NODVWHU WHUHQGDK GHQJDQ NODVLILNDVL SHPHULQWDK

GDHUDK \DQJ PHPLOLNL NHPDPSXDQ NHXDQJDQ GDHUDK GL EDZDK
5SGXDUDWXVPLO\DUUXSLDK
 6WDWLVWLN'HVNULSWLI
6WDWLVWLN GHVNULSWLI PHPEHULNDQ JDPEDUDQ DWDX GHVNULSVL VXDWX GDWD \DQJ
GLOLKDW GDUL QLODL UDWDUDWD PHDQ VWDQGDU GHYLDVL YDULDQ PDNVLPXP PLQLPXP
VXPUDQJHNXUWRVLVGDQVNHZQHVV*KR]DOL'DODPSHQHOLWLDQLQLVWDWLVWLN
GHVNULSWLI GLJXQDNDQ XQWXN PHPEHULNDQ JDPEDUDQ MXPODK GDUL YDULDEHOYDULDEHO
SDGDPDVLQJPDVLQJNODVWHUSHPHULQWDKGDHUDK
 8ML.HOD\DNDQ0RGHO
8ML .HOD\DNDQ 0RGHO DWDX NRHILVLHQ GHWHUPLQDVL 5 SDGD LQWLQ\D
PHQJXNXU VHEHUDSD MDXK NHPDPSXDQ PRGHO GDODP PHQHUDQJNDQ YDULDEHO
GHSHQGHQ *KR]DOL  'DODP NRHILVLHQ GHWHUPLQDVL LQL VNDOD QLODL \DQJ
GLJXQDNDQDGDODKDQWDUDQROVDPSDLGHQJDQVDWX6HPDNLQNHFLOQLODL5DUWLQ\D
NHPDPSXDQYDULDEHOLQGHSHQGHQGDODPPHQMHODVNDQYDULDEHOGHSHQGHQPHPLOLNL
NHWHUEDWDVDQ
0HQXUXW *KR]DOL  NHOHPDKDQ GDODP SHQJJXQDDQ NRHILVLHQ
GHWHUPLQDVLDGDODKELDVWHUKDGDSMXPODKYDULDEHOLQGHSHQGHQ\DQJGLPDVXNNDQNH
GDODP PRGHO $UWLQ\D VHWLDS SHQDPEDKDQ VDWX YDULDEHO LQGHSHQGHQ PDND 5
DNDQPHQLQJNDWPHVNLSXQYDULDEHOLQGHSHQGHQWHUVHEXWWLGDNEHUSHQJDUXKVHFDUD
VLJQLILNDQWHUKDGDSYDULDEHOGHSHQGHQ2OHKNDUHQDLWXGDODPPHQJHYDOXDVLPDQD
PRGHO UHJUHVL \DQJ WHUEDLN SDUD SHQHOLWL PHQJDQMXUNDQ XQWXN PHQJJXQDNDQ
$GMXVWHG5




 8ML+LSRWHVLV
0RGHO DQDOLVLV GDWD \DQJ GLJXQDNDQ XQWXN PHQJXML KLSRWHVLV + VDPSDL
GHQJDQ + GDODP SHQHOLWLDQ LQL DGDODK PRGHO UHJUHVL EHUJDQGD 0XOWLSOH
5HJUHVVLRQ3HQJXMLDQGLODNXNDQGHQJDQPHQJJXQDNDQDODWEDQWXDSOLNDVL6366
 6WDWLVWLFDO3DFNDJHIRU6RFLDO6FLHQFH 7XMXDQSHQJXMLDQLQL DGDODKXQWXN
PHQJHWDKXL SHQJDUXK LQIRUPDVL 6LVD /HELK 3HPELD\DDQ $QJJDUDQ 6L/3$
$3%'LQIRUPDVLDUXVNDVGDULDNWLYLWDVRSHUDVLLQIRUPDVLDUXVNDVGDULDNWLYLWDV
LQYHVWDVL GDQ LQIRUPDVL DUXV NDV GDUL DNWLYLWDV SHPELD\DDQSHQGDQDDQ WHUKDGDS
SHQJDQJJDUDQ EHODQMD PRGDO 0RGHO UHJUHVL GDODP SHQHOLWLDQ LQL DGDODK VHEDJDL
EHULNXW
0RGHO,/13LW 6,/3$LW&)236LW&),36LW&))36LWHLW

8QWXN PHQJXML SHQJDUXK 6L/3$ &)326 &),36 GDQ &))36 WHUKDGDS
SHQJDQJJDUDQEHODQMDPRGDOSDGDSHPHULQWDKGDHUDKNODVWHUD
0RGHO,,/13LW 6,/3$LW&)236LW&),36LW&))36LWHLW

8QWXN PHQJXML SHQJDUXK 6L/3$ &)326 &),36 GDQ &))36 WHUKDGDS
SHQJDQJJDUDQEHODQMDPRGDOSDGDSHPHULQWDKGDHUDKNODVWHUE
0RGHO,,,/13LW 6,/3$LW&)236LW&),36LW&))36LWHLW

8QWXN PHQJXML SHQJDUXK 6L/3$ &)326 &),36 GDQ &))36 WHUKDGDS
SHQJDQJJDUDQEHODQMDPRGDOSDGDSHPHULQWDKGDHUDKNODVWHUF





.HWHUDQJDQ
/13LW

 /1 GDUL SHQJDQJJDUDQ EHODQMD PRGDO SHPHULQWDK GDHUDK L SDGD

SHULRGHW

6,/3$LW

6L/3$$3%'SHPHULQWDKGDHUDKLSDGDSHULRGHW

&)236LW

$UXVNDVGDULDNWLYLWDVRSHUDVLSHPHULQWDKGDHUDKLSDGDSHULRGHW

&),36LW

$UXVNDVGDULDNWLYLWDVLQYHVWDVLSHPHULQWDKGDHUDKLSHULRGHW

&))36LW

$UXVNDVGDULDNWLYLWDVSHPELD\DDQSHQGDQDDQSHPHULQWDKGDHUDKL
SDGDSHULRGHW

.RHILVLHQNRQVWDQWD

 .RHILVLHQYDULDEHOLQGHSHQGHQSDGDSHPHULQWDKGDHUDKNODVWHUD
 .RHILVLHQYDULDEHOLQGHSHQGHQSDGDSHPHULQWDKGDHUDKNODVWHUE
 .RHILVLHQYDULDEHOLQGHSHQGHQSDGDSHPHULQWDKGDHUDKNODVWHUF
HLW

9DULDEHOJDQJJXDQSHPHULQWDKGDHUDKLSDGDSHULRGHW
3HQJXMLDQ KLSRWHVLV GDODP SHQHOLWLDQ LQL DNDQ HQJJXQDNDQ XML VWDLVWLN W

PHODOXL XML SDUVLDO SDGD PDVLQJPDVLQJ NODVWHU SHPHULQWDK GDHUDK 0HQXUXW

*KR]DOL  WXMXDQ XML VWDWLVWLN W SDGD GDVDUQ\D DGDODK XQWXN PHQXQMXNNDQ
VHEHUDSDMDXKSHQJDUXKVDWXYDULDEHOSHQMHODVLQGHSHQGHQVHFDUDLQGLYLGXDOGDODP
PHQHUDQJNDQYDULDVLYDULDEHOLQGHSHQGHQ8QWXNPHODNXNDQXMLWGDSDWGLODNXNDQ
VHEDJDLEHULNXW
D 'HQJDQFDUD4XLFN/RRN \DLWXDSDELODMXPODKGHJUHHRIIUHHGRPGI
DGDODK  DWDX OHELK GDQ GHUDMDW NHSHUFD\DDQ VHEHVDU  PDND +
\DQJ PHQ\DWDNDQ EL   GDSDW GLWRODN ELOD QLODL W OHELK EHVDU GDUL 
GDODPQLODLDEVROXW




E 0HPEDQGLQJNDQ QLODL VWDWLVWLN W GHQJDQ WLWLN NULWLV PHQXUXW WDEHO

$SDELOD QLODL VWDWLVWLN W KDVLO SHUKLWXQJDQ OHELK WLQJJL GLEDQGLQJNDQ
QLODL W WDEHO NLWD PHQHULPD KLSRWHVLV DOWHUQDWLYH \DQJ PHQ\DWDNDQ
EDKZD VXDWX YDULDEHO LQGHSHQGHQ VHFDUD LQGLYLGXDO PHPSHUQJDUXKL
YDULDEHOGHSHQGHQ


7DKDSDQ3HODNVDQDDQ.HJLDWDQ
.HJLDWDQ SHQHOLWLDQ LQL GLODNXNDQ PHODOXL EHEHUDSD WDKDSDQ VHEDJDL

EHULNXW
, 7DKDS3HUVLDSDQ
D 3HQHQWXDQWRSLNSHQHOLWLDQ
E 3HUXPXVDQPDVDODK
F 3HQHWDSDQKLSRWHVLVSHQHOLWLDQ
G 3HUXPXVDQPHWRGRORJLSHQHOLWLDQ
H 3HQ\XVXQDQSURSRVDOSHQHOLWDQ
,, 7DKDS3HODNVDQDDQ
D 0HQ\XVXQLQVWUXPHQSHQJXPSXODQGDWD
E 0HQJDGDNDQXMLFREDLQVWUXPHQ
F 0HQJXPSXONDQGDWDSHQHOLWLDQ
,,, 7DKDS3HQJRODKDQ'DWD
0HODNXNDQWDEXODVLGDQSHQJRODKDQGDWDSHQHOLWLDQ
,9 7DKDS3HQ\XVXQDQ/DSRUDQ3HQHOLWLDQ
0HQ\XVXQODSRUDQKDVLOSHQHOLWLDQ