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MODUL. Manajemen Keuangan Agribisnis : ANALISIS LEVERAGE. 11. Riyanti Isaskar , SP, M.Si Lab. Manajemen Agribisnis , Faculty of Agriculture, Universitas Brawijaya Email : riyanti.fp @ub.ac.id. Pengertian dan Manfaat Leverage.

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MODUL

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  1. MODUL ManajemenKeuanganAgribisnis: ANALISIS LEVERAGE 11 RiyantiIsaskar, SP, M.Si Lab. ManajemenAgribisnis, Faculty of Agriculture, Universitas Brawijaya Email : riyanti.fp@ub.ac.id

  2. PengertiandanManfaat Leverage • Leveragedigunakanuntukmenggambarkankemampuanperusahaanuntukmenggunakanaktivaataudana yang mempunyaibebantetap (fixed cost assets or funds) untukmemperbesartingkatpenghasilan (return) bagipemilikperusahaan. • Semakinbesartingkat leverage berartitingkatketidakpastian (uncertainty) daripenghasilan yang akandiperolehakansemakintinggi pula

  3. Leverage Operasi • Ukuran leverage operasidisebutdegree of operating leverage (DOL). • Makin tinggi DOL, menunjukkanbahwaperusahaanmakinberesiko, karenaharusmenanggungbiayatetapsemakinbesar. Dimana: Q =Kuantitas P =Harga per Unit V =BiayaVariabel per Unit BT =BiayaTetap Total S =Penjualan BV = BiayaVariabel Total

  4. Leverage Finansial • Leverage finansialmengukurpengaruhperubahankeuntunganoperasi (EBIT) terhadapperubahanpendapatanbagipemegangsaham (EAT). • Ukuran leverage finansialdisebutdegree of financial leverage (DFL). Dimana: I=Tingkat bungadalam rupiah

  5. Leverage Kombinasi • Leverage kombinasiadalahpengaruhperubahanpenjualanterhadapperubahanlabasetelahpajak. Ukuran leverage kombinasidisebutdegree of combine leverage (DCL).

  6. Indifferent Point • Indifferent pointadalahtingkat EBIT yang dapatmenyamakankeuntunganbagiparapemegangsahamdenganberbagaikombinasi leverage faktor. • Indifferent pointdigunakanuntukmemilihalternatifsumberpendanaan (modal sendiriataupinjaman) yang bisameningkatkankeuntunganbagiparapemegangsahamdiukurdenganearning per share (EPS) ataureturn on equity (ROE).

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