ANALISIS KREDIT-

SOLVABILITAS
Dasar-dasar Solvabilitas
• Struktur modal merujuk pada sumber pendanaan
perusahaan
• Laba atau kemampuan menghasilkan laba menunjukkan
kemampuan berulang untuk menghasilkan kas dari
operasi
 Pentingnya struktur modal
• Ekuitas Tampilan 10.1
• Modal risiko perusahaan
• Imbal hasil yang tidak pasti
• Tidak memiliki pola pembayaran
kembali
• Berkontribusi terhadap stabilitas
dan solvabilitas perusahaan

• Utang jangka pendek maupun utang

jangka panjang
• Dibayar pokok dan bunganya
• Harus dilunasi terlepas
bagaimana kondisi keuangan
perusahaan

• Semakin besar proporsi utang

dalam struktur total modal
perusahaan, semakin tinggi beban
tetap dan komitmen pembayaran
kembali yang ditimbulkan
Laporan Common size dalam Analisis Solvabilitas

Keunggulan analisis commonsize atas struktur modal adalah

pengungkapan besaran relative sumber pendanaan bagi
seluruh perusahaan
Tennessee Teletech’s Capital Structure
Common-Size Analysis
Current liabilities $ 428,000 19 %
Long-term debt 500,000 22.2
Equity capital
Preferred stock 400,000 17.8
Common stock 800,000 35.6
Paid-in capital 20,000 0.9
Retained earnings 102,000 4.5
Total equity capital 1,322,000 58.8
Total liabilities and equity $2,250,000 100 %
Ukuran struktur modal untuk analisis solvabilitas

• Total Utang terhadap Total Modal (total debt to total

capital ratio)
Liabilitas jangka pendek+Liabilitas jangka Panjang+liabilitas lain
Total utang + Ekuita pemegang saham

• Total Utang terhadap Modal Ekuitas (total debt to

total equity capital ratio)
Total utang
Ekuitas pemegang saham

• Total utang jangka panjang terhadap modal ekuitas

Total utang jangka panjang
Ekuitas pemegang saham
Interpretasi Ukuran Struktur Modal

Analisis common size dan rasio struktur modal

umumnya mengukur risiko struktur modal
perusahaan.
Makin tinggi proporsi utang, makin besar beban.
Bunga tetap dan pembayaran kembali utang,
dan makin besar kemungkinan gagal bayar
pada periode penurunan laba atau masa sulit.
Ukuran struktur modal digunakan
sebagai alat penyaring.
Cakupan Laba
Hubungan Laba dan beban tetap

• Ukuran cakupan laba berfokus pada hubungan antara

beban tetap terkait utang dengan ketersediaan laba
perusahaan untuk melunasi laba tersebut
• Rasio laba terhadap beban tetap (Earnings to fixed
charges ratio)
Laba yang tersedia untuk beban tetap
Beban tetap
Earnings Coverage
Earnings to Fixed Charges
Earnings to Fixed Charges Ratio
Calculation:
Earnings Coverage
Times Interest Earned
• Times interest earned ratio
• Considers interest as the only fixed charge needing
earnings coverage:

• Numerator sometimes referred to as earnings before

interest and taxes, or EBIT.
• Potentially misleading and not as effective an analysis
tool as the earnings to fixed charges ratio.
Earnings Coverage

Relation of Cash Flow to Fixed Charges

• Cash flow to fixed charges ratio
• Computed using cash from operations rather than
earnings in the numerator of the earnings to fixed
charges ratio.
Earnings Coverage

Earnings Coverage of Preferred Dividends

• Earnings coverage of preferred dividends ratio
• Computation must include in fixed charges all expenditures taking
precedence over preferred dividends.
• Since preferred dividends are not tax deductible, after-tax income
must be used to cover them.
Earnings Coverage
Interpreting Earnings Coverage
• Earnings coverage measures provide insight into the
ability of a company to meet its fixed charges
• High correlation between earnings-coverage measures
and default rate on debt
• Earnings variability and persistence is important
• Use earnings before discontinued operations,
extraordinary items, and cumulative effects of
accounting changes for single year analysis — but,
include them in computing the average coverage ratio
over several years
Earnings Coverage

Capital Structure Risk and Return

• A company can increase risks (and potential returns) of
equity holders by increasing leverage
• Substitution of debt for equity yields a riskier capital
structure
• Relation between risk and return in a capital structure
exists
• Only personal analysis can reflect one’s
unique risk and return expectations
Return Risk
$ ?