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Capital Budgeting Essay

5245 words - 21 pages

The Capital Budgeting Practices of Listed Irish Companies Insights from CFOs on Their Investment Appraisal Techniques
George Kester and Geraldine Robbins

Pendahuluan Adanya keterbatasan kredit dan sumber pendanaan lainnya yang saat ini tidak menentu dan memberikan tantangan bagi lingkungan ekonomi. Prinsip kehati-hatian dalam mengevaluasi profitabilitas dari investasi modal yang diusulkan dan alokasi kelangkaan modal menjadi jauh lebih penting dari sebelumnya. Survey dilakukan pada bulan November 2009 yang ditujukan kepada CFO perusahaan masuk bursa Irlandia, yaitu bagaimana pandangan CFO tentang beberapa isu secara teori, kebijakan financial dan prakteknya di tiga area utama : kebijakan ...view middle of the document...

Informasi yang diharapkan ddiperoleh adalah praktek penerapan capital budgeting dalam perusahaan – perusahaan yang masuk Bursa Irlandia.

Kesimpulan Penerapan praktek penggunaan Capital Budgeting perusahaan di Irlandia mengalami peningkatan, hal ini tercermin dalam perusahaan – perusahaan yang termasuk dalam daftar perusahaan yang diteliti. Makin

banyak perusahaan yang menggunakan teknik Discounted Cash Flow. Untuk melakukan penilaian resiko digunakan analisis skenario dan analisis sensitivitas sebagai dua teknik yang paling penting dibandingkan teknik probabilitas.

Hasil survey juga memperlihatkan bahwa banyak perusahaan yang melakukan evaluasi project cash flow berdasarkan before-tax basis dan dalam melakukan perkiraan Cost of Equity Capital metode yang paling popular menggunakan CAPM, diikuti oleh risk premium method.

Pengaruh krisis financial global pada metode terhadap kebijakan capital budgeting policy bagi empat respopnsen adalah tidak terpengaruh. Sebanyak sembilan responden mengurangi capital expenditure karena keterbatasan modal yang ada. Dari sisi pengaruh krisis financial global terhadap analisis prosedur capital investment, sembilan responden tidak terpengaruh, namun responden yang lain melakukan prosedur yang lebih ketat dan detail dan penekanan forecasting pada kondisi ekonomi pesimis.

Manfaat yang Dapat Diambil Manfaat yang dapat diambil dari penelitian ini adalah praktek capital budgeting di perusahaan Irlandia yang masuk Bursa mengalami peningkatan dibandingkan dekade sebelumnya dalam penggunaan teknik DCF yang canggih. Untuk menilai risiko digunakan scenario analysis dan sensitivity analysis sebagai dua teknik yang paling penting. Dengan metode yang digunakan tersbeut, maka apabila terjadi krisis financial berlanjut maka perusahaan yang menggunakan Capital Budgeting tidak merasakan dampak tersebut. Hal ini disebabkan perusahaan harus mengurangi jumlah pengeluaran modal karena terbatasnya dana yang tersedia.

Capital Budgeting in Upstream Oil and Gas: A Review of the Techniques, Processes and Context (A. Michael Johnson) Perihal Jurnal Perusahaan dapat menciptakan nilai melalui investasi. Keputusan investasi bersifat jangka panjang, melibatkan dana saat ini dan arus pengembalian di masa datang. Sehingga harus sesuai dengan kriteria dan konsisten dengan strategi perusahaan, tidak hanya melalui kelayakan sejumlah proyek. Ada tiga proses yang umumnya ditemukan dalam keputusan investasi (1) evaluasi proposal proyek menggunakan beberapa mekanisme keputusan, (2) pengelolaan proposal proyek melalui persetujuan anggaran, (3) implementasi, pengawasan, dan kontrol atas anggaran modal (capital budget). Ketiga proses ini sangat signifikan dalam upstream petroleum industry dalam kaitan dengan beban kerja dan implikasi kelangsungan bisnis jangka panjang. Upstream oil and gas merujuk pada sektor eksplorasi dan produksi, yang mencari, melakukan recovery, dan produksi minyak mentah dan gas alam. Upstream petroleum industry...

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