Maturity Matching Struktur Aset dan Struktur Keuangan: Studi pada Perusahaan Manufaktur, Dagang, dan Jasa di Bursa Efek Indonesia
DOI:
https://doi.org/10.33603/jibm.v3i2.2566Keywords:
asset structure, canonical correlation, financial structure, maturity matchingAbstract
Abstract. This canonical study aims to determine the relationship between asset structure and financial structure in manufacturing, trading, and service companies, represented by food and beverages, retail trade, as well as restaurants, hotels and tourism firms listed on BEI. The analysis result shows that there is a powerfully positive relationship between asset structure and financial structure. It means interdependence occurs between sub-variables on asset structure and financial structure. The companies matched the maturity between funding sources and the age of the funded assets. Manufacturing and trading companies used equity to fund non-current assets; accounts payable to fund accounts receivable, cash and cash equivalents to secure non-current liabilities; and other current assets to guarantee other current liabilities. Meanwhile, service companies employed equity to fund the non-current assets, current liabilities to fund other current assets, and current liabilities and account payables to fund accounts receivable.
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Keywords: asset structure; canonical correlation; financial structure; maturity matching.
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Abstrak. Penelitian ini menggunakan analisis kanonikal untuk mengetahui hubungan antara struktur aset dan struktur keuangan di perusahaan manufaktur, dagang, dan jasa yang diwakili oleh sub-sektor makanan dan minuman, perdagangan eceran, restoran, hotel, dan pariwisata yang terdaftar di BEI. Hasil penelitian menunjukkan bahwa terdapat hubungan positif yang sangat kuat antara struktur aset dan struktur keuangan. Ini artinya ada interdependensi antar sub-variabel pada variabel struktur aset dan struktur keuangan. Perusahaan di tiga sub-sektor tersebut mencocokkan maturitas antara sumber pendanaan dengan usia aset yang didanai. Perusahaan manufaktur dan dagang menggunakan ekuitas untuk mendanai aset jangka panjang dan menggunakan utang usaha untuk mendanai piutang usaha. Kas dan setara kas dijadikan jaminan liabilitas jangka panjang, serta aset jangka pendek lainnya digunakan sebagai kolateral liabilitas jangka pendek lainnya. Perusahaan jasa menggunakan ekuitas untuk mendanai aset jangka panjang dan menggunakan liabilitas jangka pendek untuk mendanai aset jangka pendek lainnya. Piutang usaha didanai liabilitas jangka pendek dan utang usaha.
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Kata Kunci: kecocokan maturitas; korelasi kanonikal; struktur aset; struktur keuangan.
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