Case 6 the Lakeside Company

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Valuation and Capital Budgeting For Levered Firm

Analisis leverage operasi dan leverage keuanga. Contoh pada rumah sakit swasta (tujuan profit). Konsep operating dan financial leverage adalah bermanfaat untuk analisis, perencanaan, dan pengendalian keuangan leverage adalh penggunaan assets dan sumber dana oleh rumah sakit yang memiliki biaya tetap dengan maksud agar meningkatkan keuntungan potensial pemegang saham rumah sakit menggunakan operating dan financial leverage dengan tujuan agar keuntungan yang diperoleh lebih besar daripada biaya assets dan sumber dananya, dengan demikian akan meningkatkan keuntungan pemegang saham sebaliknya leverage juga meningkatkan variabilitas (resiko). Biaya variabel adalah baiaya yang dalam jangka pendek berubah karena perubahaan operasi rumah sakit contoh: biaya bahan baku, biaya tenaga kerja langsung dan biaya pemasaran langsung biaya tetap adalah biaya yang dalam jangka pendek tidak berubah karena variabilitas operasi (tingkat output yang dihasilkan) maupun penjualan. Contoh: depresiasi bangunan kantor dan pabrik, kendaraan, peralatan kantor, asuransi kecelakaan, kesehatan, dan gaji manajer). Penggunaan operating leverage rumah sakit diharapkan bahwa perubahaan penjualan jasa dan produk akan mengakibatkan perubahan laba sebelum bunga dan pajak yang lebih besar multiplier effect hasil penggunaan biaya operasi tetap terhadap laba sebelum bunga dan pajak disebut dengan degree of operating leverage (dol). Dol dapat juga didefinisikan sebagai persentase perubahan laba sebelum bunga dan pajak sebagai akibat persentase perubahan penjualan. dengan demikian maka: dol pada x = % perubahan ebit % perubahan penjualan * dapat diwujudkan dalam bentuk lain: δebit dol pada x = ebit . δpenjualan…...

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