Hasil Pencarian  ::  Simpan CSV :: Kembali

"ABSTRAKEase of investing supports the competitiveness of the region. Currently the licensing process in Boyolali District has a number of problems, among others, not all head of regions/head of Departments agree to delegate their authority to the head of Department of the One Stop Integrated Service (DPM-PTSP), insufficient human resources, and conflict between the licensing agency in the region with the technical unit (formed by the decision of the District Head that consists of elements of the related Regional Work Unit in charge of carrying out the field examination, technical discussion and provide recommendations/considerations regarding a license). The purpose of this study is to describe the efforts of the regional government in solving problems in the delegation of authority to the DPM-PTSP, overcoming the limitation of human resources and the conflict between the technical unit of the licensing services, transparency, accountability and certainty for the applicant. This study is using the qualitative case study approach. Data collection methods were conducted through in-depth interviews, secondary data and field observations. For the validity of the data, the researchers perform data triangulation. The sources of this study are the Head of Boyolali District, the Head of DPMPTSP and its officers. For data processing, the researchers perform open coding, axial coding and selective coding. The findings of this research are that some of the problem are solved by issuing the Boyolali Head of District Regulation Number 10 of 2013 Regarding Implementation Guideline of the Head of District Regulation Number 4 of 2012 (on the Integrated Licensing and Non-Licensing of Boyolali District) to delegate the District Head authority and synchronize the OPD. To overcome the limitations of their human resources, an online licensing application was created to provide an effective and efficient licensing process in Boyolali District."

"Penyelenggaraan perizinan dalam rangka Penanaman Modal dilaksanakan melalui berbagai sistem bermula sebagai embrio pelayanan dengan nama/nomenklatur Pelayanan Terpadu Satu Atap (PTSA) dimana dalam perkembangannya pelayanan itu tersebar dan memiliki aneka penamaan, mulai dari pelayanan bersama, Sistem Administrasi Manunggal Satu Atap (SAMSAT) dan PTSA. Akan tetapi dalam pelaksanaannya masih terdapat hambatan dan belum dapat menjamin serta memberikan pelayanan yang sederhana, cepat, mudah, murah dan transparan bagi masyarakat dan pelaku usaha. Oleh karena itu diharapkan penyelenggaraan perizinan Penanaman Modal saat ini melalui Pelayanan Terpadu Satu Pintu (PTSP) yang merupakan salah satu urusan wajib pemerintahan di bidang Penanaman Modal yang dilimpahkan kepada Pemerintah Daerah mampu memberikan perlindungan dan kepastian hukum, penyederhanaan proses pelayanan, pemberian pelayanan yang cepat, mudah, murah, transparan, pasti dan terjangkau serta mendekatkan pelayanan kepada masyarakat, calon investor dan pelaku usaha. Tesis ini bertujuan menganalisis bagaimana penyelenggaraan PTSP bidang Penanaman Modal sebelum berlakunya Peraturan Daerah No. 12 Tahun 2013 tentang Penyelenggaraan Pelayanan Terpadu Satu Pintu dan hal-hal apa saja yang menjadi hambatan dalam penyelenggaraannya serta menganalisis apakah penyelenggaraan PTSP bidang Penanaman Modal yang dilakukan oleh Pemerintah Provinsi DKI Jakarta setelah berlakunya Peraturan Daerah No. 12 Tahun 2013 tentang Penyelenggaraan Pelayanan Terpadu Satu Pintu telah sesuai dengan sistem hukum berdasarkan struktur, substansi dan budaya hukum. Penelitian yang akan digunakan peneliti adalah bersifat eksploratif dan deskriptif. Metode yang Penulis gunakan adalah metode penelitian hukum normatif dan bersifat evaluatif. Hasil penelitian menunjukkan bahwa penyelenggaraan perizinan Penanaman Modal melalui PTSP sebelum berlakunya Peraturan Daerah No. 12 Tahun 2013 tentang Penyelenggaraan Pelayanan Terpadu Satu Pintu masih terdapat hambatanhambatan yang ada dan Pemerintah Provinsi DKI Jakarta dalam penyelenggaraan perizinan Penanaman Modal melalui PTSP setelah berlakunya Peraturan Daerah No. 12 Tahun 2013 tentang Penyelenggaraan Pelayanan Terpadu Satu Pintu telah sesuai dengan sistem hukum berdasarkan sistem, substansi dan budaya hukum.

---

Investment licensing was implemented through various systems began as an embryo with the name/nomenclature One Roof Service (ORS) where the services were scattered and had various naming, ranging from joint service, One Stop Corporate Administration (OSCA) and ORS. However in its implementation there are still obstacles and have not been able to guarantee and provide as well as offer a service that simple, fast, cheap and transparently to the public and business operators. Hence it is expected that the implementation of investment licensing now through One Stop Service (OSS) which is one of the mandatory government affairs in the field of investment sector are delegated to local governments are able to provide protection and legal certainty, simplification service process, service delivery rapid, easy, cheap, transparent, definite and afforadable as well as facilitating the public, potential investors and business operators.

This thesis aims to analyze how the implementation of OSS investment before the enactment of local regulation, which was recorded in the Provincial Gazette as Local Regulation No. 12 Year 2013 on OSS Implementation and what things the obstacles in its commissioning and analyze whether conduct of the OSS investment undertaken by the Provincial Government of DKI Jakarta after the enactment of Local Regulation No. 12 Year 2013 on OSS Implementation were in line with the legal system based on the structure, substance and legal culture. The research will be used by researcher is exploratory and descriptive. The author use normative legal research methodology and tend to evaluative sense.

The results showed that the investment licensing through OSS prior to the Local Regulation No. 12 Year 2013 on OSS Implementation there are still barriers that exist and the Provincial Government of DKI Jakata through the enactment of Local Regulation No. 12 Year 2013 on OSS Implementation were in line with the legal system based on the system, substance and legal culture."

"Dalam keputusan investasi, penilaian terhadap nilai suatu saham merupakan hal yang sangat menentukan keberhasilan investasi tersebut. Penelitian - penelitian mengenai penilaian harga saham di Indonesia sebelumnya cenderung menunjukkan bahwa harga saham tidak sama dengan nilai intrinsik atau nilai fundamental perusahaan tersebut. Dalam karya akhir ini akan dibahas mengenai penilaian harga saham suatu perusahaan yang bergerak di industri ritel. PT. Mitra Adi Perkasa, Tbk adalah perusahaan ritel yang memiliki beberapa unit usaha yang terbagi dalam dua segmen utama yaitu department store dan specialty store. MAP merupakan pengelola dan pemilik beberapa lisensi merek - merek terkenal dunia seperti SOGO, SEIBU, Starbucks Coffee, Burger King, ZARA, Cold Stone Creamery, Kinokuniya Book Store, Giorgio Armani, Emporio Armani, Marks & Spencer dan lain - lain. Disamping itu perusahaan juga merupakan distributor dan produsen untuk beberapa produk/ merek pakaian dan alat olah raga ternama dunia seperti Reebok, Spalding, Lotto, Mizuno, Airwalk, Rockport, Golf House dan lain - lain. Sepanjang tahun 2007 harga saham MAP mengalami penurunan sebesar 23% dari Rp. 910 per lembar sahamnya pada awal tahun 2007 menjadi Rp. 700 per lembar saham pada akhir tahun tanggal 28 Desember 2007. Padahal kinerja perusahaan mengalami peningkatan yang cukup signifikan dimana total penjualan meningkat sebesar 16,6% pada tahun 2007 mencapai Rp. 3,8 triliun dimana sebelumnya Rp. 3,3 triliun pada tahun 2006. Laba operasi pada tahun 2007 juga mengalami peningkatan yang cukup tinggi yaitu sebesar 31,3% atau mencapai Rp. 257 miliar dimana sebelumnya Rp. 195 miliar. Laba bersih pada tahun 2007 meningkat sebesar 5,5% mencapai Rp. 115 miliar dimana sebelumnya Rp. 109 miliar. Pada tahun 2007 perusahaan juga menerima penghargaan dari dua majalah investasi dan keuangan ternama Asia yaitu Finance Asia dan Asia Magazine sebagai The Best Managed Company (Small Cap Sector). Hal ini cukup menarik perhatian penulis untuk mengetahui apakah saham MAP ini sudah dinilai pada nilai wajarnya. Penelitian karya akhir ini akan menggunakan pendekatan top down analysis yang diawali dengan melakukan analisis terhadap faktor eksternal perusahaan yaitu ekonomi makro yang terdiri dari faktor pertumbuhan ekonomi, faktor inflasi, nilai tukar, dan suku bunga. Kemudian penelitian ini dilanjutkan dengan melakukan analisis pada industri ritel di Indonesia. Selain itu analisis juga dilakukan terhadap faktor internal perusahaan yaitu strategi perusahaan dan keunggulan kompetitif yang dimiliki oleh perusahaan. Berdasarkan analisis yang dilakukan tersebut dapat disusun asumsi - asumsi pada proyeksi keuangan perusahaan dalam beberapa tahun mendatang untuk mendapatkan nilai intrinsik saham yang akan dilakukan dengan menggunakan metode Economic Value Added dan dua model pembanding lainnya yaitu metode Dividend Discount Model dan Earning Based Model atau yang disebut juga dengan Residual Income Model. Hasil penelitian dengan menggunakan tiga metode tersebut dilakukan dengan menggunakan analisis skenario yaitu skenario most likely, skenario pessimistic, dan skenario optimistic. Dari hasil perhitungan dengan metode Economic Value Added diperoleh nilai intrinsik saham perusahan sebesar Rp. 3.920,42 per lembar saham. Sementara itu dari hasil perhitungan dengan metode Dividend Discount Model diperoleh nilai intrinsik perusahaan sebesar Rp. 997,60 per lembar saham. Sedangkan dengan metode Earning Based Model/ Residual Income Model diperoleh nilai intrinsik sebesar Rp. 3.002,02 per lembar saham. Berdasarkan hasil perhitungan ketiga metode tersebut dapat disimpulkan bahwa nilai saham adalah undervalued karena nilai intrinsiknya lebih besar dari nilai pasarnya yang sebesar Rp. 700 per lembar sahamnya. Oleh karenanya berdasarkan hasil penelitian ini dapat disimpulkan bahwa saham PT. Mitra Adi Perkasa, Tbk layak untuk dibeli terutama bagi investor yang memiliki tujuan jangka panjang.

---

In the investment decision, valuation of the intrinsic value of the share is one of the most important determinants for the investment success. Previous researches regarding to the intrinsic value of share in Indonesia show that market price of a share tend to be not the same as the intrinsic value or the fundamental value of the company. This research will explain about the valuation of a company who engaged in retail industry. PT. Mitra Adi Perkasa, Tbk (MAP) is a retail company who owns several business line which comprises to two major segments namely department store and specialty store. MAP manage and owns several worldwide brand and license such as SOGO, SEIBU, Strabucks Coffee, Burger King, ZARA, Cold Stone Creamery, Kinokuniya Book Store, Giorgio Armani, Emporio Armani, Mark & Spencers and etc. The company also engaged as distributor and manufacturer of several apparel products and sports gear such as Reebok, Spalding, Lotto, mizuno, Airwalk, Rockport, Golf House and etc. During 2007 MAP`s stock price decreased 23% from Rp. 910 per share in the beginning of 2007 became Rp. 700 per share on December 28th 2007. In contrast, financial performance of the company increased significantly where the total sales increased 16,6% in 2007 to reach Rp. 3,8 trillion from previous Rp. 3,3 trillion in 2006. The operating income increased spectacularly 31,3% to reach Rp. 257 billion from previous Rp. 195 billion in 2006. The net income of the company increased 5,5% to reach Rp. 115 billion from previous Rp. 109 billion in 2006. In 2007 the company was awarded as best managed company at small cap sector by two famous Investment & finance Asian Magazines namely Finance Asia and Asia Magazine. Hence, it is interesting to know whether MAP`s stock or share price has been valued fairly or not. This research will use top down analysis approach which started with analysis of company`s external factors such macro economics consist of economic growth, inflation rate, exchange rate, and interest rate. The research continues with analysis of Indonesia`s retail industry. Beside external factor, there will be also the internal factor analysis such as company`s strategy and company`s competitive advantage. Based on the analysis which have been done several assumption can be made to make company`s financial projection for several coming years to calculate the intrinsic value of the company which will be done with Economic Value Added approach and two other methods : Dividend Discount Model and Earning Based Model/ residual Income model. The result of the research using this three methods is done by using the scenario analysis namely most likely scenario, pessimistic scenario and optimistic scenario. From the calculation using economic value added method it is showed that MAP has intrinsic value as much as Rp. 3,920.42 per share. Using the dividend discount model showed that MAP has intrinsic value amounting to Rp. 997.60 per share. While using the earning based model/ residual income model it is showed that MAP has intrinsic value amounting to Rp. 3,002.20 per share. Based on the calculation using that three methodology, can be summarized that the stock/ share price of the company is undervalued. Because of that the share of PT. Mitra Adi Perkasa, Tbk is feasible to buy especially for long term perspective investor."