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"ABSTRAKGlobalisasi dalam dunia bisnis merupakan suatu fenomena yang tidak dapat dielakkan oleh semua pelaku-pelaku bisnis. Kondisi ini meinberi kesempatan seluas-luasnya kepada perusahaan untuk berkembang, tetapi sekaligus menimbulkan ancaman dengan semakin terbukanya kemungkinan munculnya pesaing-pesaing baru yang akan menawarkan produk dengan teknologi yang lebih baik.Bagi perusahaan yang turut serta dalam globalisasi dengan mengembangkan usahanya ke luar dari negara basisnya, aspek yang paling terpengaruh dengan kondisi ini adalah aspek manajemen dalam perusahaan itu sendiri. Hal ini timbul karena masing-masing negara mempunyai karakter yang berbeda-beda, seperti sosial budaya, sistem pemenntahan, sistem hukum, sistem perbankan, mata uang dan lain sebagainya yang tentunya menyebabkan manajemen manghadapi permasalahan yang lebih kompleks.Uang merupakan salah satu sumberdaya dalam perusahaan yang memegang peranan sangat penting dalam perekonomian modern. Kemampuan suatu perusahaan dalam mengelola keuangannya turut menentukan keberhasilan perusahaan tersebut dalam menjalankan dan mengembangkan usahanya. Pengelolaan keuangan; khususnya cash management (cash inflow dan cash outflow); bagi perusahaan yang melakukan ekspansi usahanya ke luar negeri membutuhkan penanganan yang khusus mengingat perbedaan-perbedaan tersebut di atas dapat menimbulkan resikoataupun keuntungan, diantaranya yangditimbulkan dari exchange rate dan floating time.Tujuan penulisan ini adatah mempelajari keadaan cash management yang sedang dijalankan oleh manajemen PT Garuda Indonesia, berikut Sistem Informasi Keuangan serta melihat permasalahan-permasalahan yang dihadapinya. Pemilihan PT Garuda Indonesia dalam tulisan ini didasarkan atas wilayah usaha PT Garuda Indonesia yang cukup luas mencakup wilayah domestik dan internasional. Dalam menyusun lulisan ini, penulis juga mempelajari literatur serta bahan-bahan kuliah yang berkaitan dengan topik yang diambil, sehingga diharapkan dari tulisan ini dapat diambil suatu manfaat yang dapat dipakai oleh manajemen PT Garuda Indonesia dalam menentukan kebijakan di masa datang. Di akhir penulisan ini, penulis berusaha mengambil beberapa kesimpulan dan membuat beberapa saran yang mungkin dapat dilaksanakan guna penyempurnaan cash management di PT Garuda Indonesia."

"ABSTRAKPengaturan aliran kas pada suatu perusahaan merupakan hal penting yang harus diperhatikan. Peran pengaturan aliran kas akan berpengaruh pada likuiditas perusahaan. Semakin cepat kas masuk kedalam perusahaan dan semakin lambat kas keluar dari perusahaan akan semakin baik, hal ini memungkinkan perusahaan memanfaatkan kas untuk investasi jangka pendek. Cash management memberikan cara-cara dalam melakukan percepatan kas masuk dan perlambatan kas keluar. Dengan demikian akan mempengaruhi tingkat likuiditas perusahaan secara umum. Pada PT Angkasa Pura I telah berhasil menerapkan sistem ini,terbukti dengan semakin pendeknya waktu penagihan piutang usaha, namun pada PT Angkasa Pura II belum terbukti memberikan hasil yang baik karena baru berjalan selama 10 bulan.

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ABSTRACTCash flow management in a company is an important thing that must be considered. The role of cash flow arrangements will affect the company's liquidity. The sooner cash in to the company and the slower cash out from company would be better, this allows company take advantage of the cash for short term investment. Cash management provided ways of doing cash acceleration and deceleration to cash out. Thus will affect the company's liquidity level in General. In PT Angkasa Pura I have managed to implement this system, as evidenced by shorter collection period of account receivable , however in PT Angkasa Pura II has not been proven to give good results due to recently have run for 10 months."

"ABSTRAKPenelitian ini bertujuan untuk mengetahui penetapan saldo kas optimal dan penyusunan anggaran kas dalam upaya manajemen kas pada PT XYZ. Metode yang digunakan adalah deskriptif kuantitatif dengan instrumen penelitian berupa studi kepustakaan, observasi, dan wawancara. Hasil dari penelitian ini menunjukkan bahwa PT XYZ belum memiliki kebijakan saldo kas optimal, pengelolaan rekening bank yang belum efektif dan anggaran kas sebagai acuan dalam manajemen kas. Disimpulkan bahwa perhitungan yang dilakukan dengan Model Miller Orr dianggap paling cocok dengan karakteristik perusahaan yaitu level kas optimal sebesar Rp172.057.134,62. Dengan menggunakan metode kuadrat terkecil dalam peramalan penjualan, anggaran kas diperlukan untuk menghindari masalah arus kas di perusahaan.

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ABSTRACTThe purpose of this study is to determine the optimal cash balance determination and preparation of a cash budget in an effort to cash management at PT XYZ. The method used is descriptive quantitative with reseach instruments such as literature studies, observations and interviews. The results of this study indicate that PT XYZ do not have optimal cash balance policy, management of bank account that have not been effective and a cash budget as a reference in cash management. It concluded that the calculations carried out by Miller Orr model is considered most suitable to the characteristics of the company with optimal cash level of Rp172.057.134,62. By using the least squares method in sales forecasting, a cash budget is needed to avoid cash flow problems in the company."

"Dalam suatu proyek bangunan gedung, biaya merupakan salah satu hal yang paling penting keberadaannya, selain mutu dan waktu. Dari biaya ini dapat diperoleh suatu cash flow yang menunjukkan apakah suatu proyek bangunan gedung tersebut mengalami kerugian atau keuntungan. Pada skripsi ini, penulis melakukan suatu simulasi cash flow untuk mendapatkan keuntungan maksimal ataupun kerugian minimal dengan berbagai macam sistem pembayaran yang dilakukan, yaitu dengan melakukan pembayaran secara bulanan (monthly payment) dengan down payment atau tidak down payment, pembayaran secara termyn (progress payment) dengan down payment atau tidak down payment dan pembayaran diakhir periode (turnkey payment) dengan down payment atau tidak down payment, dimana suku bunga dan inflasi yang terjadi pada tahun 2001, 2002 dan 2003 akan mempengaruhi masing-masing system pembayaran ini. Simulasi ini dilakukan dengan pendekatan Montecarlo yang menggunakan Software Cristal Ball 2000 Professional Edition v5.2 Data-data yang diperoleh dalam skripsi ini berdasarkan studi kasus yang telah terjadi di suatu proyek konstruksi bangunan gedung bertingkat. Hasil akhir dari penelitian adalah dapat mengetahui besarnya keuntungan maksimum ataupun kerugian minimal yang diperoleh dari suatu proyek konstruksi bangunan gedung bertingkat dengan melakukan simulasi terhadap berbagai macam sistem pembayaran yang dilakukan. Adapun hasil simulasi tersebut antara lain: Kerugian terkecil adalah sistem pembayaran monthly payment yang hanya dipengaruhi oleh suku bunga dengan down payment sebesar Rp 5.779.613.895,64. Kerugian terkecil adalah sistem pembayaran termyn payment yang hanya dipengaruhi oleh suku bunga dengan down payment sebesar Rp 6.456.980.343,62. Kerugian terkecil adalah sistem pembayaran turn key payment yang hanya dipengaruhi oleh suku bunga dengan down payment sebesar Rp 9.325.603.132,18.

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In a storey building project, expense is one of the most important things in its existence, besides time and quality. From this expense, we can get a cash flow which shows whether a storey building project in a good condition or not. At this paper, the writer makes a cash flow simulation to get maximal advantage or minimal disadvantage with various types of payment system. For the examples, monthly payment with down payment or not, progress payment with down payment or not and turn key payment with down payment or not, where rate of interest and inflation that is happened in the year of 2001, 2002 and 2003 will influence each of these payment systems. This simulation is done by using Software Crystal Ball 2000 Professional Edition v5.2 with Technique of Montecarlo. The data of this paper based on case study which had been happened in a storey building of construction project. From this paper we can get a result and know the level of maximum advantage or minimal disadvantage that is obtained from the simulation of payment systems of a construction project building and the result of simulation are: The smallest disadvantagous of monthly payment is the one that only influences by rate of interest with down payment and the value of simulation is Rp 5.779.613.895,64. The smallest disadvantagous of termyn payment is the one that only influences by rate of interest with down payment and the value of simulation is Rp 6.456.980.343,62. The smallest disadvantagous of turn key payment is the one that only influences by rate of interest with down payment and the value of simulation is Rp 9.325.603.132,18."

"Tesis ini membahas tentang valuasi terhadap nilai perusahaan PLN Batam dengan menggunakan metode discounted free cash flow. Langkah-langkah dalam valuasi dimulai dengan melakukan pemahaman sisi historis perusahaan, analisis laporan keuangan, proyeksi laporan keuangan, sampai kepada perhitungan nilai saham perusahaan. Proyeksi arus kas di buat selama sepuluh tahun dengan mempertimbangkan laporan keuangan historis, strategi perusahaan, serta pengaruh faktor-faktor eksternal melalui kondisi ekonomi makro maupun kondisi industri. Berdasarkan hasil valuasi PLN Batam, didapat nilai wajar per lembar saham sebesar Rp. 2.392 dengan metode free cash flow to equity (FCFE) dan Rp. 6.647 dengan metode free cash flow to the firm (FCFF).

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This thesis examines a valuation of PLN Batam using the Discounted Free Cash Flow (DCF) method. The DCF valuation steps include understanding the historical aspects of the company, analysing past financial statements, generating financial projections, and calculating the firm value. The cash flow projection is based on historical financial statements compiled over 10 years, corporate strategies, and external factors such as the economy and power service industry conditions. Using the Free Cash Flow to Equity (FCFE) valuation method we obtained a price per share Rp 2.392 whilst with the Free Cash Flow to Firm method we obtained a price per share Rp 6.647. These price per share could be used as references to assess the value of PLN Batam?s shares on the initial pubic offering."

"[ABSTRAK Laporan magang ini membahas mengenai cara melakukan valuasi menggunakan metode relative valuation yang penulis pelajari pada PT Bahana Securities dan discounted cash flow valuation yang penulis pelajari pada saat penulis berkuliah pada Fakultas Ekonomi Universitas Indonesia terhadap PT Ace Hardware Indonesia Tbk. Relative valuation mempunyai tingkat sensitifitas yang lebih rendah terhadap asumsi pada akun-akun kunci yang digunakan untuk melakukan proyeksi dan valuasi apabila dibandingkan dengan discounted cash flow valuation. Tantangan yang dihadapi oleh para analis di PT Bahana Securities ketika melakukan valuasi menggunakan discounted cash flow valuation yaitu data yang diperlukan lebih banyak apabila dibandingkan dengan data yang dibutuhkan ketika melakukan relative valuation, Sempitnya waktu yang dimiliki oleh para analis pada PT Bahana Securities sehingga lebih sulit bagi mereka untuk melakukan valuasi menggunakan metode discounted cash flow valuation, kurangnya pengetahuan yang dimiliki oleh analis mengenai metode dan tempat mencari data yang diperlukan ketika melakukan valuasi menggunakan metode discounted cash flow valuation.ABSTRACT This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities.;This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities.;This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities.;This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities.;This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities., This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities.]"

"Penelitian bertujuan untuk menganalisis pengaruh arus kas dan kesempatan investasi terhadap investasi perusahaan. Penelitian yang dilakukan terhadap 94 perusahaan manufaktur yang terdaftar di BEI juga menganalisis perbedaan tingkat pengaruh arus kas terhadap investasi pada masa sebelum dan sesudah krisis Subprime Mortgage serta perusahaan dengan tingkat konstrain finansial yang berbeda.Hasil penelitian menunjukkan arus kas berpengaruh signifikan terhadap investasi, sebaliknya kesempatan investasi dengan proxy Tobin?s Q tidak terbukti berpengaruh signifikan terhadap investasi. Sedangkan pengaruh arus kas terhadap investasi terbukti mengalami penurunan pasca krisis keuangan dan lebih rendah untuk perusahaan yang tidak membagikan dividen dan perusahaan berukuran besar.

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Research is conducted to analyze the effect of cash flow and investment opportunities on corporate investment. Research which is conducted on 94 manufacturing companies which are listed on IDX also compares the level of cash flow?s influence on investment prior to and following Subprime Mortgage and companies grouping based on financial constraints degree.

The result shows cash flow is proven significantly but Tobin?s Q (investment opportunities) is not proven significantly influence corporate investment, while the level is proven to be decreased following financial crisis and smaller for big size companies and companies with no dividend payment."

"Penelitian ini bertujuan untuk melihat pengaruh pemberian distributor financing bagi pengelolaan kas dari 6 perusahaan ditinjau dari days of inventory DOI days sales outstanding DSO days payable outstanding DPO dan cash conversion cycle CCC Jangka waktu penelitian adalah sebelum perusahaan mendapatkan distributor financing 2004 2008 dan sesudah perusahaan mendapatkan distributor financing 2009 2013 sehingga data yang diteliti adalah merupakan data Panel Dari hasil penelitian ini dapat dilihat bahwa pemberian distributor financing ini belum mempengaruhi secara signifikan pengelolaan kas perusahaan ditinjau dari DOI DSO DPO CCC Hal ini disebabkan beberapa faktor seperti berlebihnya persediaan yang diakibatkan kelebihan produksi yang tidak sebanding dengan penjualan yang rendah Kondisi perekonomian Indonesia yang mengalami resesi karena melemahnya nilai mata uang rupiah terhadap mata uang asing khususnya dollar Amerika turut berkontribusi terhadap kenaikan harga barang yang menyebabkan penjualan rendah Selain itu adanya komitmen perusahaan untuk melunasi hutangnya serta memperpanjang term of payment menyebabkan pengelolaan kas juga tidak bagus.

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This research aims to analyze if there is effect of giving the distributor financing to cash management of 6 company from the view of days of inventory DOI days sales outstanding DSO days payable outstanding DPO and cash conversion cycle CCC The time series of this research is before company gets the distributor financing 2004 2008 and after getting the distributor financing 2009 2013 and type of data are panel data From this research know that the distributor financing not effect significantly cash management from the view of of inventory DOI days sales outstanding DSO days payable outstanding DPO and cash conversion cycle CCC It caused some factors such as over production that cause over inventory that not followed by the low sales The economic condition of Indonesia that held recession because the weakness rupiah currency especially dollar USD is contributed the increase of price product that cause low sales Beside that the commitment of company to pay the debt and to extend the term of payment of receivable caused the cash management not good."

"ABSTRAKPenelitian ini bertujuan untuk menginvestigasi tren sekuler cash holding pada 852 perusahaan manufaktur antarnegara ASEAN 5 (Filipina, Indonesia, Malaysia, Singapura, dan Thailand) pada periode 2007-2011 serta menganalisis pengaruh faktor-faktor perubahan karakteristik perusahaan diantaranya cash flow yang semakin volatil, penurunan net working capital, penurunan capital expenditure, penurunan leverage, dan tingkat lagged cash holding dengan dikontrol variabel ukuran perusahaan, market to book ratio, cash flow, dan dividen. Hasil penelitian menunjukkan bahwa perubahan karakteristik perusahaan berkontribusi besar dalam menjelaskan tren cash holding yang sekuler. Hasil berbeda antara negara satu dengan negara yang lain dikarenakan perbedaan kebijakan tingkat pemegangan kas, struktur finansial negara, dan karakteristik masing-masing negara.

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ABSTRACTThis research is conducted to investigate secular cash holding trend of corporate cash holdings of 852 firms across ASEAN 5 countries (Philippines, Indonesia, Malaysia, Singapore, and Thailand) during period 2007-2011 and analyzing the impact of changes in firms characteristic such as cash flow volatility increases, less net working capital, capital expenditure declines, leverage declines, level of lagged cash holding and controlled by size, market to book, cash flow, dividend. The results find that changes of firm characteristics contribute greatly in explaining secular trend of cash holding. The results vary across countries because different cash policies, financial structure and characteristic of each country."