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Capital Investment Decision

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TYPES OF CAPITAL INVESTMENT DECISION Keputusan investasi modal (capital investment decision) berkaitan dengan proses perencanaan, penetapan tujuan dan prioritas, pegaturan pendanaan, serta penggunaan kriteria tertentu untuk memilih aktiva jangka panjang. Karena keputusan investasi modal menempatkan sejumlah besar sumber daya pada resiko jangka panjang dan mempengaruhi perkembangan perusahaan secara simultan di masa depan, hal itu merupakan salah satu keputusan terpenting yang dibuat manajer. Proses pengambilan keputusan investasi modal sering disebut penganggaran modal (capital budgeting). Ada dua jenis proyek penganggaran modal : proyek independen dan proyek saling eksklusif. Proyek independen (independent project) adalah proyek yang jika diterima atau ditolak, tidak akan mempengaruhi arus kas proyek lainnya. Sedangkan, proyek saling eksklusif (mutually exclusive project) adalah proyek – proyek yang apabila diterima akan menghalangi penerimaan proyek lain. Keputusan investasi modal sering berkaitan dengan masalah investasi dalam aktiva modal jangka panjang. Kecuali tanah, aktiva selalu disusurkan selama umur manfaatnya dan investasi dipakai ketika aktiva itu digunakan. Investasi modal yang baik umumnya akan menerima kembali modal awal sepanjang umurnya dan menghasilkan pengembalian yang cukup atas investasi awal pada saat yang sama. Jadi, salah satu tugas manajer adalah memutuskan apakah suatu investasi modal akan menghasilkan kembali sumber daya awalnya atau tidak dan memberikan pengembalian yang wajar.

MODEL NONDISKONTO Model dasar untuk keputusan investasi modal dapat diklasifikasikan menjadi dua kategori utama : model non diskonto dan model diskonto. Model nondiskonto (nondiscounting models) mengabaikan nilai waktu dari uang, sedangkan model diskonto (discounting models) mempertimbangkannya secara eksplisit. Walaupun banyak akuntan mendiskreditkan model nondiskonto karena mengabaikan nilai waktu dari uang, perusahaan – perusahaan masih terus menggunakannya dalam pengambilan keputusan investasi modal. Meskipun demikian, penggunaan model diskonto telah meningkat pada beberapa tahun terakhir dan perusahaan yang benar – benar menggunakan satu model hanya sedikit.

Payback Period Salah satu jenis model nondiskonto adalah periode pengembalian. Periode pengembalian (payback period) adalah waktu yang dibutuhkan suatu perusahaan untuk memperoleh investasi awalnya kembali. Payback period dirumuskan sebagai berikut :

Periode pengembalian = Investasi awal/Arus kas tahunan

Salah satu cara menggunakan periode pengembalian adalah menetapkan suatu periode pengembalian maksimum pada seluruh proyek dan menolak setiap proyek yang melewati tingkat ini. Mengapa perusaaan menggunakan periode pengembalian dengan cara ini? Beberapa analis mengatakan periode pengembalian dapat digunakan sebagai ukuran kasar dari resiko dengan pengertian bahwa semakin lama suatu proyek menghasilkan uang, semakin beresiko proyek tersebut. Perusahaan dengan arus kas yang lebih beresiko mungkin juga membutuhkan periode pengembalian yang lebih pendek dari biasanya. Selain itu, perusahaan yang sedang menghadapi masalah likuiditas akan lebih tertarik dengan proyek yang pengembaliannya cepat. Masalah kritis lainnya adalah keuangan. Pada beberapa industri, resiko keuangan adalah tinggi. Perusahaan dalam industri seperti ini lebih tertarik dengan pengembalian dana yang cepat. Periode pengembalian dapat digunakan untuk memilih alternatif – alternatif yang saling bersaing. Menurut pendekatan ini, investasi dengan periode pengembalian yang lebih panjang. Namun, menggunakan periode pengembalian kurang dapat dipertahankan karena ukuran ini memiliki dua kelemahan utama : mengabaikan kinerja investasi yang melewati periode pengembalian dan mengabaikan nilai waktu uang. Kesimpulannya, periode pengembalian memberi manajer informasi yang dapat digunakan sebagai berikut : 1. Membantu mengendalikan resiko yang berhubungan dengan ketidakpastian arus kas di masa depan, 2. Membantu meminimalkan dampak investasi terhadap masalah likuiditas perusahaan, 3. Membantu mengendalikan resiko keuangan, 4. Membantu mengendalikan pengaruh investasi terhadap ukuran kinerja.
Akan tetapi, metode tersebut mengandung kelemahan yang signifikan karena mengabaikan total profitabilitas proyek dan nilai waktu uang. Meskipun perhitungan periode pengembalian bermanfaat bagi seorang manajer, hanya mengandlkan perhitungan tersebut dalam keputusan investasi modal mungkin kurang bijaksana.

Accounting Rate of Return Tingkat pengembalian akuntansi (accounting rate of return) merupakan model nondiskonto kedua yang digunakan secara umum. Tingkat pengembalian akuntansi mengukur pengembalian atas suatu proyek dalam kerangka laba, bukan dari arus kas proyek. Tingkat pengembalian akuntansi dihitung dengan menggunakan rumus berikut :

Tingkat pengembalian akuntansi = Laba rata – rata/Investasi awal atau investasi rata – rata

Laba tidak setara dengan arus kas karena akrual dan penangguhan yang digunakan dalam perhitungannya. Laba rata – rata dari suatu proyek dihasilkan dengan menjumlahkan laba bersih setiap tahun dari proyek, kemudian membagi total laba bersih tersebut dengan jumlah tahun. Laba bersih rata – rata suatu proyek dapat ditaksir melalui pengurangan penyusuran rata – rata dari arus kas rata – rata. Dengan asumsi semua pendapatan yang diperoleh dalam satu periode dikumpulkan dan penyusutan merupakan satu – satunya beban nonkas, taksiran tersebut akan tepat. Investasi dapat didefinisikan sebagai investasi awal atau investasi rata – rata. Jika I adalah investasi awal, S adalah nilai sisa (salvage value). Dengan asumsi investasi dikonsumsi secara merata, investasi rata – rata dapat didefinisikan sebagai berikut :

Investasi rata – rata = (I + S)/2

Kontrak – kontrak utang kerap mensyaratkan agar perusahaan menggunakan rasio akuntansi keuangan tertentu yang dapat dipengaruhi oleh laba yang dilaporkan dan tingkat aktiva jangka panjang. Tingkat pengembalian akuntansi dapat digunakan sebagai ukuran penyaringan untuk memastikan setiap investasi baru tidak akan membawa pengaruh yang bertentangan dengan rasio tersebut. Berbeda dengan metode periode pengembalian, tingkat pengembalian akuntansi mempertimbangkan profitabilitas proyek. Seperti periode pengembalian, tingkat pengembalian akuntansi mengabaikan nilai waktu dari uang. Pengabaian nilai waktu uang juga merupakan kelemahan metode tingkat pengembalian akuntansi. Metode ini dapat mengarahkan seorang manajer untuk memilih investasi yang tidak memaksimalkan laba. Karena mengabaikan nilai waktu dari uang, periode pengembalian dan tingkat pengembalian akuntansi disebut model nondiskonto. Model diskonto menggunakan arus kas yang didiskontokan dimana arus kas masa depang dinyatakan dalam nilainya sekarang.

MODEL DISKONTO : THE NET PRESENT VALUE MODELS Secara eksplisit, model diskonto mempertimbangkan nilai waktu dari uang sehingga memasukkan konsep diskonto arus kas masuk dan arus kas keluar. Dua model diskonto akan dipertimbangkan : NPV dan internal rate of return (IRR).

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