PENGUKURAN RISIKO BISNIS DAN RISIKO PENDANAAN DALAM PERUSAHAAN
Abstrak: Pengukuran Risiko Bisnis dan Risiko Pendanaan dalam Perusahaan. Dalam melakukan pengambilan keputusan leverage, manajer keuangan tidak cukup hanya memperhatikan laba, melainkan juga risiko yang ditimbulkan. Risiko dapat berupa risiko bisnis, risiko pendanaan, dan risiko total. Pengukurannya...
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| Format: | Article |
| Language: | Indonesian |
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Universitas Negeri Yogyakarta
2013-04-01
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| Series: | Jurnal Economia |
| Online Access: | http://journal.uny.ac.id/index.php/economia/article/view/1380 |
| _version_ | 1811220831708119040 |
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| author | Miswanto Miswanto |
| author_facet | Miswanto Miswanto |
| author_sort | Miswanto Miswanto |
| collection | DOAJ |
| description | Abstrak: Pengukuran Risiko Bisnis dan Risiko Pendanaan dalam Perusahaan. Dalam melakukan pengambilan keputusan leverage, manajer keuangan tidak cukup hanya memperhatikan laba, melainkan juga risiko yang ditimbulkan. Risiko dapat berupa risiko bisnis, risiko pendanaan, dan risiko total. Pengukurannya dapat dilakukan dengan pendekatan statistika dan pendekatan pasar. Menurut pendekatan statistika, risiko total diukur dengan Koefisien Variasi EPS, atau dihitung dari Koefisien Variasi EBIT kali Degree of Financial Leverage (DFL). Risiko bisnis diukur dengan Koefisien Variasi EBIT, dan risiko pendanaan diukur dengan Koefisien Variasi EPS dikurangi dengan Koefisien Variasi EBIT. Menurut pendekatan pasar, risiko total diukur dengan beta leverage firm, risiko bisnis diukur dengan beta unleveraged firm, dan risiko pendanaan diukur dari beta leverage firm dikurangi dengan beta unleverage firm. Melalui pendekatan pasar dapat diperoleh adanya keterkaitan yang berupa trade-off antara risiko leverage dan return yang diharapkan.
Kata kunci: beta, bisnis, laba, leverage, pendanaan, dan risiko
Abstract: Business and Financial Risk Measurement in the Firms. In making decisions on leverage, financial managers is not enough to pay attention to the earnings, but should also pay attention to the risks. The risks can be business risk, financial risk, and total risk. They can be measured either by statistical or market approach. With the statistical approach, the total risk is measured by the coefficient of variation of EPS, or calculated from the coefficient of variation of EBIT times the Degree of Financial Leverage (DFL). Business risk is measured by the coefficient of variation of EBIT, and financial risk is measured by the coefficient of variation of EPS reduced coefficient of variation of EBIT. With the market approach, the total risk is measured by beta leverage firm, business risk measured by beta unleveraged firm, and financial risk obtained by reducing beta leverage firm by beta unleveraged firm. Through market approach a trade-off relationship between risk and expected return in leverage can be obtained.
Keywords: beta, business, earnings, leverage, financing, and risk |
| first_indexed | 2024-04-12T07:49:36Z |
| format | Article |
| id | doaj.art-02fbd6c871794e54ad211d81bea721b9 |
| institution | Directory Open Access Journal |
| issn | 1858-2648 2460-1152 |
| language | Indonesian |
| last_indexed | 2024-04-12T07:49:36Z |
| publishDate | 2013-04-01 |
| publisher | Universitas Negeri Yogyakarta |
| record_format | Article |
| series | Jurnal Economia |
| spelling | doaj.art-02fbd6c871794e54ad211d81bea721b92022-12-22T03:41:38ZindUniversitas Negeri YogyakartaJurnal Economia1858-26482460-11522013-04-01911021151120PENGUKURAN RISIKO BISNIS DAN RISIKO PENDANAAN DALAM PERUSAHAANMiswanto Miswanto0STIE YKPN YogyakartaAbstrak: Pengukuran Risiko Bisnis dan Risiko Pendanaan dalam Perusahaan. Dalam melakukan pengambilan keputusan leverage, manajer keuangan tidak cukup hanya memperhatikan laba, melainkan juga risiko yang ditimbulkan. Risiko dapat berupa risiko bisnis, risiko pendanaan, dan risiko total. Pengukurannya dapat dilakukan dengan pendekatan statistika dan pendekatan pasar. Menurut pendekatan statistika, risiko total diukur dengan Koefisien Variasi EPS, atau dihitung dari Koefisien Variasi EBIT kali Degree of Financial Leverage (DFL). Risiko bisnis diukur dengan Koefisien Variasi EBIT, dan risiko pendanaan diukur dengan Koefisien Variasi EPS dikurangi dengan Koefisien Variasi EBIT. Menurut pendekatan pasar, risiko total diukur dengan beta leverage firm, risiko bisnis diukur dengan beta unleveraged firm, dan risiko pendanaan diukur dari beta leverage firm dikurangi dengan beta unleverage firm. Melalui pendekatan pasar dapat diperoleh adanya keterkaitan yang berupa trade-off antara risiko leverage dan return yang diharapkan. Kata kunci: beta, bisnis, laba, leverage, pendanaan, dan risiko Abstract: Business and Financial Risk Measurement in the Firms. In making decisions on leverage, financial managers is not enough to pay attention to the earnings, but should also pay attention to the risks. The risks can be business risk, financial risk, and total risk. They can be measured either by statistical or market approach. With the statistical approach, the total risk is measured by the coefficient of variation of EPS, or calculated from the coefficient of variation of EBIT times the Degree of Financial Leverage (DFL). Business risk is measured by the coefficient of variation of EBIT, and financial risk is measured by the coefficient of variation of EPS reduced coefficient of variation of EBIT. With the market approach, the total risk is measured by beta leverage firm, business risk measured by beta unleveraged firm, and financial risk obtained by reducing beta leverage firm by beta unleveraged firm. Through market approach a trade-off relationship between risk and expected return in leverage can be obtained. Keywords: beta, business, earnings, leverage, financing, and riskhttp://journal.uny.ac.id/index.php/economia/article/view/1380 |
| spellingShingle | Miswanto Miswanto PENGUKURAN RISIKO BISNIS DAN RISIKO PENDANAAN DALAM PERUSAHAAN Jurnal Economia |
| title | PENGUKURAN RISIKO BISNIS DAN RISIKO PENDANAAN DALAM PERUSAHAAN |
| title_full | PENGUKURAN RISIKO BISNIS DAN RISIKO PENDANAAN DALAM PERUSAHAAN |
| title_fullStr | PENGUKURAN RISIKO BISNIS DAN RISIKO PENDANAAN DALAM PERUSAHAAN |
| title_full_unstemmed | PENGUKURAN RISIKO BISNIS DAN RISIKO PENDANAAN DALAM PERUSAHAAN |
| title_short | PENGUKURAN RISIKO BISNIS DAN RISIKO PENDANAAN DALAM PERUSAHAAN |
| title_sort | pengukuran risiko bisnis dan risiko pendanaan dalam perusahaan |
| url | http://journal.uny.ac.id/index.php/economia/article/view/1380 |
| work_keys_str_mv | AT miswantomiswanto pengukuranrisikobisnisdanrisikopendanaandalamperusahaan |