ANALISA PERBANDINGAN KINERJA KEUANGAN SEBELUM DAN SESUDAH MERGER DENGAN MENGGUNAKAN METODE FINANCIAL VALUE ADDED (FVA)
Abstract: The purpose of this
research is to find out whether there is any different of the financial
performance before and after the merger of
PT Bentoel Internasional
Investama Tbk with
using metode financial value
added (FVA). The
result proved that
there was no difference
with the financial
performance before and
after merger using Financial
Value Added (FVA)
caused by a
decrease in the average
value of NOPAT
and increased depreciation
value and the average value of Equivalent Depreciation
after a merger. In addition, the
increase in raw
material prices and
declining sales in
2012, making the average value of
FVA after the merger becomes smaller than before
the merger. This shows that
the company has
not been able to create the
maximum contribution of fixed assets. So it can not obtain the
maximum benefit for
the company and
the investors. By decreasing
the value of
FVA after the
merger, the company
did not get the synergies of
merger is done. It also means that the purpose of the merger
of PT Bentoel
International Investama cigarette
is to strengthen the business can
not be achieved .
Penulis: RAKHMI INDAH HERDINI,
NADIA ASANDIMITRA
Kode Jurnal: jpmanajemendd141032
