Analisis Penetapan Struktur Modal Yang Optimal Guna Meningkatkan Nilai Perusahaan (Studi Pada PT. Seemount Garden Sejahtera, Jiwan, Kabupaten Madiun Periode 2011-2013)

Abstract

This research aims to know the management policy in determining the capital structure on a PT Seemount Garden Sejahtera in 2011-2013 and to determining a capital structure that can increase the firm value in 2014. The results of analysis showed that the management policy in determining the capital structure in 2011 until 2013 is more use thier own capital despite,the debt increased. Although the use of debt increases, but weighted average cost of capital decreased and firm value of the company increases. Optimal capital structure from 2011 to 2013 is in 2013, when the cost of capital is the weighted average cost of capital minimum and firm value maximum. Based on the results of the projection of the balance sheet and income statment projections 2014, it is known that the optimal capital structure composition is on the composition of 21,43% long-term debt and their own capital 78,57%. In these composition the weighted average cost of capital to be 26,148% and the firm value to be Rp. 12.775.818.943,-The firm value is calculated by dividing the weighted average cost of capital and net income, multiplied by (1-T)