KRITIK TERHADAP KINERJA PENDEKATAN PROFITABILITY INDEX DAN PENDEKATAN NET PRESENT VALUE UNTUK MEMILIH SEJUMLAH PROYEK INDEPENDEN DALAM CAPITAL RATIONING
ABSTRACT: Capital rationing is
a situation where a constraint (budget ceiling) is placed on the total size of
capital expenditures during a particular period. It is one of some potential
difficulties faced by a firm to determine all possible combinations of the
projects. The firm should choose some projects subject to available budget that
can increase the highest value, i.e. net present value, which is the difference
between the discounted cash inflows and cash outflow(s). Practically, from the
perspective of maximizing firm’s value, the highest NPV may frequently be the
decision makers’ actual goal. Two commonly used approaches to maximize organization
value are profitability index (PI) and net present value (NPV). Although the
two approaches are based on the concepts of linear programming, they do not
always produce an optimum solution. This is an interest argument to evaluate
performance of them, whether they can be applied to all cases faced by a firm.
This study used nine cases to test and evaluate the performance of two
approaches. Principal criticism towards performance of PI and NPV approaches
are that two approaches can not handle strongly to choose number of independent
investment project in situation capital rationing. The authors of the financial
management textbook should develop a new heuristic algorithm to choose several best
investment projects, besides with technique linear programming.
Keywords: capital rationing,
net present value, profitability index
Penulis: Y. Supriyanto
Kode Jurnal: jpmanajemendd070021
Pesan jurnal yang anda butuhkan disini.... >>> KLIK DISINI <<<
