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Vol. 2 No. 01 2017 | 260 ANALISIS STRUKTUR MODAL TERHADAP WACC DAN ANALISIS WACC TERHADAP NILAI PERUSAHAAN (Studi Kasus pada Perusahaan Rokok Yang Terdaftar DI BEI Periode 2009-2013) Hari Sulistiyo Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis Universitas Singaperbangsa Karawang Jl. Ronggowaluyo Telukjambe Timur Karawang ABSTRACT Cost of capital is very important for a company in their business especially to analyze cost of capital to the rate of investment’s return. The higher the investor’s demands for the share, the higher the share’s price. The objective of this study is to exa mine empirically if capital structure has a positive effect to the firm’s value and if cost of capital has a negative effect to the firm’s value. Capital structure is represented by long -term debt to equity ratio, cost of capital is represented by weighted- average cost of capital (WACC), and firm’s value is represented by average stock price. Samples used in this research are 3 manufacture companies which are listed in Indonesian Stock Exchange period 2009-2013. Analytical method which is used to test the influence of capital structure and Cost of Capital (in this case, WACC) against value of companies is simple regression analysis. The result of this research shows that capital structure has positive effect to the firm’s value. That shows if higher the val ue of capital structure it will make the higher firm’s value. Besides that, this research also shows that cost of capital has no negative effect to the firm’s value. It’s caused by global crisis in 2008 that makes liability and stock price unstable. Keywo rds: Capital structure, cost of capital, firm’s value, long term debt to equity ratio, weighted -average cost of capital, average stock price. A. PENDAHULUAN Nilai perusahaan dapat memberikan kemakmuran pemegang saham secara maksimum apabila harga saham perusahaan meningkat. Semakin tinggi harga saham, maka makin tinggi kemakmuran pemegang saham. Untuk mencapai nilai perusahaan umumnya para pemodal menyerahkan pengelolaannya kepada para profesional. Para profesional diposisikan sebagai manajer ataupun komisaris. Teori-teori keuangan di bidang keuangan perusahaan memiliki satu fokus: bagaimana memaksimumkan kemakmuran pemegang saham atau pemilik perusahaan? Tujuan normatif ini dapat diwujudkan dengan memaksimumkan nilai perusahaan dengan asumsi bahwa pemegang saham akan lebih makmur jika saham perusahaan naik. Memaksimumkan nilai pasar saham sama dengan memaksimumkan harga pasar. Hal ini dapat dijelaskan secara sederhana sebagai berikut: Nilai perusahaan (V = Value) adalah utang (D=Debt) ditambah modal sendiri (E=Equity), Atmaja (2008:4). Jika utang diasumsikan tetap, nilai perusahaan
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Vol. 2 No. 01 2017 | 261 naik maka modal sendiri akan naik. Naiknya modal sendiri akan meningkatkan harga per lembar saham.
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