DEFISIT VS SURPLUS FINANSIAL DAN KETERKAITANNYA DENGAN STRUKTUR MODAL
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Abstract
Keputusan pendanaan merupakan kombinasi pendanaan jangka panjang dan jangka pendek dengan mempertimbangkan kemampuan membayar biaya modal kepada investor. Salah satu faktor dipertimbangkan sebelum menambah sumber dana adalah kondisi defisit vs surplus finansial sehingga tujuan riset mengekplorasi kondisi tersebut serta keterkaitanya dengan perubahan struktur utang. Pertama mengidentifikasi kondisi defisit vc surplus finansial berdasarkan pembayaran dividen, investasi jangka panjang, modal kerja bersih dan internal cash flow. Kedua membandingkan jumlah rata-rata penambahan utang jangka panjang antara kondisi surplus dengan deficit. Ketiga menguji efek indikator serta kondisi defisit financial terhadap perubahan utang. Dilakukan observasi 292 sektor manufaktur terdaftar di BEI periode 2008-2013 dengan hasil yaitu: (1) Terdapat perbedaan rata-rata perubahan utang jangka panjang antara deficit dengan surplus keuangan, (2) Terdapat pengaruh signifikan 1% diantara indikator deficit keuangan terhadap perubahan utang. (3) Deficit financial berpengaruh positif signifikan 1% terhadap perubahan utang. Hasil mengidentifikasi pentingnya deteksi kondisi financial untuk memonitor perubahan struktur utang. Terakhir, disimpulkan bahwa strategi pendanaan belum sepenuhnya menganut pecking order theory, melainkan terjadi kombinasi dengan trade off models.
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