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Copyright 2009 by The McGraw-Hill Companies, Inc. llMcGraw-Hill#Irwin

Pusat Investasi dan

Biaya Transfer

Chapter 13

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Kelompok 2Kelompok 2

1. Fahry e!a "###1#12$$$#% 2. &mri Ira'an "###1#12$$()%

3. *aureen Tasya +.F "###1#12$$,)%

(. &n--i Pressistha "###1#12$$(,%

13-2

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. u p e r v i s o r . u p e r v i s o r

* i d d l e

* a n a - e m e n t

. u p e r v i s o r . u p e r v i s o r

* i d d l e

* a n a - e m e n t

T o p

* a n a - e m e n t

PengambilanKeputusan ke JenjangLebih rendah.

/ele-asi Pen-am0ilan Keputusan/ele-asi Pen-am0ilan Keputusan

"/e"/esentralisasisentralisasi%%

Desentralisasi sering terjadi pada organisasiyang selalu berkembang .

13-3

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13-4

/+T&I&I/+T&I&I

Keuntungan

memungkinkan organisasiuntuk merespon lebih

epat keadaan

!embebaskan !anajemen PunakDari kegiatan "perasional sehari hari

!enggunakan Pengetahuandan Ketermpilan khusus

!anajer

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/+T&I&I/+T&I&I

Tantangan$ujuan Keseuaian%

!anajer dari subunit membuatkeputusan yang menapai tujuan

manajemen punak.

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*en-ukur Performa di*en-ukur Performa di

Pusat InvestasiPusat Investasi *anaer Pusat*anaer Pusat

InvesatsiInvesatsi

mem0uat keputusanmem0uat keputusan

yan- mempern-aruhiyan- mempern-aruhikeuntun-an dankeuntun-an danmodal yan-modal yan-diinvestsikandiinvestsikan 'orporate (ead)uarters'orporate (ead)uarters

Evaluasi

Pusat Investasi

Return on investment,

residual income, or

economic value added

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13-*

eturn oneturn on InvestmentInvestment"4I%"4I%

ROI =Income

Invested Capital

ROI =Income

Sales Revenue+

Sales RevenueInvested Capital

,ales!argin

,ales!argin

'apital$urnoer

'apital$urnoer

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13-

5olly Company reports the follo'in-6

In7ome 8 3$9$$$

ales evenue 8 #$$9$$$

Invested Capital 8 2$$9$$$

Lets calculate ROI.Lets calculate ROI.


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ROI =Income

Sales Revenue+



ROI =$30,000

$500,000+

$500,000$200,000

ROI = 6 + 2.#0 1#0

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7onomi7 :alue &dded7onomi7 :alue &dded

7onomi7 value added mem0eri tahu kita 0erapa 0anyakkekayaan peme-an- saham sedan- di0uat.

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Investment 7enter;s after Investment 7har-e? 7onomi7 :alue &dded

@ei-htedavera-e

7ost of 7apital

Investment7enter;s

total assets

Investment7enter;s

7urrent lia0ilities>" %

&fter

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8(92#9$$$ &fter (931#9,)$

? 8 ($932$ 7onomi7 value added

/0 + 1 305 + 64775 8 .12 + 6&775

6477 8 6&77

64#77 6&75 + ./*2 64731#7&

./*2

8,9#$9$$$ D "1 > 3$E%

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*enin-katkan 4I*enin-katkan 4I

3 $iga5 ara meningkatkan 9":

!eningkatkan!eningkatkan(arga Penjualan(arga Penjualan

!enurunkan!enurunkan

;eban;eban

!enurunkan!enurunkan

!odal yang!odal yangDiinesatsikanDiinesatsikan

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5olly;s mana-er 'as a0le to in7rease salesrevenue to 8,$$9$$$ 'hi7h in7reasedin7ome to 8(29$$$.

There 'as no 7han-e in invested 7apital.

Lets calculate t!e ne" ROI.Lets calculate t!e ne" ROI.

Improvin- $IImprovin- $I

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ROI =Income

Sales Revenue+



ROI =$#2,000

$600,000+

$600,000$200,000

ROI = + 30 210

(olly inreased 9":

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4I >4I > Kelemahan tamaKelemahan tama e0a-ai manaer divisi di @inston9 In7.9 paket

kompensasi &nda termasuk -ai ditam0ah 0onus0erdasarkan 4I divisi &nda < semakin tin--i 4I&nda9 semakin 0esar 0onus &nda.

Perusahaan mem0utuhkan 4I di 1#E pada semuainvestasi 0aru < divisi &nda telah memproduksi 4Ise0esar 3$E.

&nda memiliki kesempatan untuk 0erinvestasi dalam

proyek 0aru yan- akan men-hasilkan 4I dari 2#E

,ebagai manajer diisi akan,ebagai manajer diisi akan kahkah =nda=nda

berinestasi dalam proyek ini>berinestasi dalam proyek ini>

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esidual In7omeesidual In7ome

Investment 7enter profit> Investment 7har-e? esidual in7ome

Investment 7apitalDImputed interest rate? Investment 7har-e

Pusat Investasi ini minimumtin-kat pen-em0alian

yan- diharuskan

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Flo'er Co. has an opportunity to invest81$$9$$$ in a proe7t that 'ill return 82#9$$$.

Flo'er Co. has a 2$ per7ent reAuired rate ofreturn and a 3$ per7ent 4I on e=istin-0usiness.

Lets calculate %esidual incomeLets calculate %esidual income

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Investment 7enter profit ? 82#9$$$> Investment 7har-e ? 2$9$$$? esidual in7ome ? 8 #9$$$

Investment 7apital ? 81$$9$$$DImputed interest rate ? 2$E? Investment 7har-e ? 8 2$9$$$

*inimum tin-kat pen-em0alianyan- diharuskan

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e0a-ai seoran- manaerdi Flo'er Co9 akankah&nda 0erinvestasi 8

1$$.$$$ ika &ndadievaluasi men--unakanesidual In7omeG

&kan keputusan &ndaakan 0er0eda ika &ndadievaluasi men--unakan4IG

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Residual incomeResidual incomemendo%on& mana'e% untu(mendo%on& mana'e% untu(a(u(an investasi )an& men&untun&(an )an&a(u(an investasi )an& men&untun&(an )an&

ditola( ole! mana'e% men&&una(an ROI.ditola( ole! mana'e% men&&una(an ROI.

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Isu 6 *en-ukur *odal InvestasiIsu 6 *en-ukur *odal Investasi

Ti-a isu yan- harus dipertim0an-kanse0elum kita 0enar dapat men-ukur modalinvestasi6

aset apa yan- harus dimasukkanG

1. Total &set.

2. Total &set produktif.

3. Total &set kuran- Ke'ai0an an7ar.

(. 5anya aset dikendalikan oleh manaer yan-sedan- dievaluasi.

.

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*en-ukur *odal Investasi*en-ukur *odal Investasi

The e7ond Issue

1. 5aruskah kita men-ukur investasi padaa'al atau akhir dari umlah periode9 atause0aiknya kita men--unakan rata

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Hross or +et Book :alueHross or +et Book :alue Hri!!lyCo sedan- mempertim0an-kan investasi

yan- diproyeksikan untuk men-hasilkan keuntun-anoperasi se0esar 8 2#.$$$ se0elum penyusutanuntuk 3 tahun ke depan.

Pada a'al tahun pertama Hri!!lyCo akan

men-investasikan 8 1$$.$$$ dalam aset yan-memiliki umur 1$ tahun dan tidak ada nilaisisa. *en--unakan penyusutan -aris lurus.

Hri!!lyCo men-hitun- 4I 0erdasarkan nilai asetpada akhir tahun.

et;s 7al7ulate 4I usin- 0oth the-ross and net 0ook values.

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Hross or +et Book :alueHross or +et Book :alue

?ear

Pro

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?ear

et"perating

Pro

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*en-ukur Pendapatan Pusat*en-ukur Pendapatan Pusat

InvestasiInvestasi

*anaer divisi harus dievaluasi pada mar-inkeuntun-an mereka kontrol.

*en-e7ualikan 0iaya ini6> Biaya dapat dila7ak ke divisi tapi tidak

dikendalikan oleh manaer divisi.

> Biaya umum yan- tim0ul di tempat lain dandialokasikan untuk divisi.

!asalah Gtama adalah Pengendalian.

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Inflation6 5istori7al Cost versusInflation6 5istori7al Cost versus

Current

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4ther Issues in e-ment4ther Issues in e-ment

Performan7e valuationPerforman7e valuation hort Produ7t leadership.

> Produ7tivity.

> mployee attitudes.

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*easurin- Performan7e in*easurin- Performan7e in

+onprofit 4r-ani!ations+onprofit 4r-ani!ations

,ine inome is not the primarymeasure o< per

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Transfer Pri7in-Transfer Pri7in-

LetIs hange topis

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The transfer pri7e affe7ts the profit measure for0oth the sellin- division and the 0uyin- division.

= higher trans

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Hoal Con-ruen7eHoal Con-ruen7e

$he ideal trans

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Heneral

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The Battery /ivision makes a standard 12

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Transferpri7e

&dditionaloutlay7ostper unit

in7urred 0e7ause-oods are

transferred

4pportunity 7ostper unit to theor-ani!ation0e7ause of

the transfer

?

Transfer

pri7e ?

81) varia0le

7ost per 0attery

822 Contri0utionlost if outside

sales -iven up

Transferpri7e ? 8($ per 0attery

7enario I6 +o =7ess Capa7ity7enario I6 +o =7ess Capa7ity

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8($transfer

pri7e

&uto division 7anpur7hase 1$$9$$$0atteries from anoutside supplier

forless than 8($.

&uto division 7anpur7hase 1$$9$$$0atteries from anoutside supplier

formore than 8($.

Transfer'ill noto77ur.

Transfer'ill

o77ur.

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Heneral ule

@hen the sellin- division is operatin-at 7apa7ity9 the transfer pri7e should0e

set at the market pri7e.


i II C it

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The Battery /ivision makes a standard 12

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Transferpri7e

&dditionaloutlay7ostper unit

in7urred 0e7ause-oods are

transferred

4pportunity 7ostper unit to theor-ani!ation0e7ause of

the transfer

?

Transfer

pri7e ?

81) varia0le

7ost per 0attery

Transferpri7e ? 81) per 0attery

7enario II6 =7ess Capa7ity7enario II6 =7ess Capa7ity

8$

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Heneral ule

@hen the sellin- division isoperatin- 0elo' 7apa7ity9 theminimum transfer pri7e is the

varia0le 7ost per unit.,o7 the trans

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7enario II6 =7ess Capa7ity7enario II6 =7ess Capa7ity

Transfer'ill

o77ur.

81)transfer

pri7e

83transfer

pri7e

Transfer'ill not

o77ur.

Transfer'ill not

o77ur.

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ettin- Transfer Pri7esettin- Transfer Pri7es

The value pla7ed on transfer -oods isused to make it possi0le to transfer

-oods 0et'een divisions 'hile allo'in-

them to retain their autonomy.

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Hoal Con-ruen7eHoal Con-ruen7e

Confli7ts may arise 0et'een the 7ompany;sinterests and an individual mana-er;s interests

'hen transfer

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Confli7ts may 0e resolved 0y . . .

1. /ire7t intervention 0y top mana-ement.

2. Centrally esta0lished transfer pri7epoli7ies.

3. +e-otiated transfer pri7es.


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Top mana-ement may 0e7ome s'amped'ith pri7in- disputes 7ausin- division

mana-ers to lose autonomy.

I3ust'on;t

pay8,#for

thatp

artK

Lou reallydon;t have any

7hoi7e


+o'9 here is 'hat the t'oof you are -oin- to do.

Centrall sta0lishedCentrally sta0lished

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&s a -eneral rule9 a market pri7e

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+e-otiatin- the Transfer Pri7e+e-otiatin- the Transfer Pri7e

& system 'here transfer pri7es are arrived atthrou-h ne-otiation 0et'een mana-ers of

0uyin- and sellin- divisions.

& system 'here transfer pri7es are arrived atthrou-h ne-otiation 0et'een mana-ers of

0uyin- and sellin- divisions.

*u7h mana-ement

time is used in thene-otiation pro7ess.

*u7h mana-ement

time is used in thene-otiation pro7ess. +e-otiated pri7e may not0e in the 0est interest of

overall 7ompany operations.

+e-otiated pri7e may not0e in the 0est interest of

overall 7ompany operations.

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Cost

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&n International Perspe7tive&n International Perspe7tive

in7e ta= rates and import duties aredifferent in different 7ountries9 7ompanieshave in7entives to set transfer pri7es that

'ill6

1. In7rease revenues in lo'

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Behavioral Issues6Behavioral Issues6

isk &version and In7entivesisk &version and In7entives

The desi-n of a mana-erial performan7eevaluation system usin- finan7ial performan7e

measures involves a trade

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Hoal Con-ruen7e andHoal Con-ruen7e and

Internal Control ystemsInternal Control ystems

& 'ell Fraud.

> Corruption.

> Finan7ial *isrepresentation.> nauthori!ed &7tion.

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nd of Chapter 13nd of Chapter 13

Lets transfer some of yourLets transfer some of yourcapital to me so that my ratecapital to me so that my rateof return will be higher!of return will be higher!

chap013 (2)

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