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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$ujuan Keseuaian%
!anajer dari subunit membuatkeputusan yang menapai tujuan
manajemen punak.
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13-&
*en-ukur Performa di*en-ukur Performa di
Pusat InvestasiPusat Investasi *anaer Pusat*anaer Pusat
InvesatsiInvesatsi
mem0uat keputusanmem0uat keputusan
yan- mempern-aruhiyan- mempern-aruhikeuntun-an dankeuntun-an danmodal yan-modal yan-diinvestsikandiinvestsikan 'orporate (ead)uarters'orporate (ead)uarters
Evaluasi
Pusat Investasi
Return on investment,
residual income, or
economic value added
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13-*
eturn oneturn on InvestmentInvestment"4I%"4I%
ROI =Income
Invested Capital
ROI =Income
Sales Revenue+
Sales RevenueInvested Capital
,ales!argin
,ales!argin
'apital$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$$$
Lets calculate ROI.Lets calculate ROI.
eturn oneturn on InvestmentInvestment"4I%"4I%
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ROI =Income
Sales Revenue+
Sales RevenueInvested Capital
eturn oneturn on InvestmentInvestment"4I%"4I%
ROI =$30,000
$500,000+
$500,000$200,000
ROI = 6 + 2.#0 1#0
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7onomi7 :alue &dded7onomi7 :alue &dded
7onomi7 value added mem0eri tahu kita 0erapa 0anyakkekayaan peme-an- saham sedan- di0uat.
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7onomi7 :alue &dded7onomi7 :alue &dded
Investment 7enter;s after Investment 7har-e? 7onomi7 :alue &dded
@ei-htedavera-e
7ost of 7apital
Investment7enter;s
total assets
Investment7enter;s
7urrent lia0ilities>" %
&fter
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7onomi7 :alue &dded7onomi7 :alue &dded
8(92#9$$$ &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- $I
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ROI =Income
Sales Revenue+
Sales RevenueInvested Capital
eturn oneturn on InvestmentInvestment"4I%"4I%
ROI =$#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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esidual In7omeesidual In7ome
Flo'er Co. has an opportunity to invest81$$9$$$ in a proe7t that 'ill return 82#9$$$.
Flo'er Co. has a 2$ per7ent reAuired rate ofreturn and a 3$ per7ent 4I on e=istin-0usiness.
Lets calculate %esidual incomeLets calculate %esidual income
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esidual In7omeesidual In7ome
Investment 7enter profit ? 82#9$$$> Investment 7har-e ? 2$9$$$? esidual in7ome ? 8 #9$$$
Investment 7apital ? 81$$9$$$DImputed interest rate ? 2$E? Investment 7har-e ? 8 2$9$$$
*inimum tin-kat pen-em0alianyan- diharuskan
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esidual In7omeesidual In7ome
e0a-ai seoran- manaerdi Flo'er Co9 akankah&nda 0erinvestasi 8
1$$.$$$ ika &ndadievaluasi men--unakanesidual In7omeG
&kan keputusan &ndaakan 0er0eda ika &ndadievaluasi men--unakan4IG
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esidual In7omeesidual In7ome
Residual incomeResidual incomemendo%on& mana'e% untu(mendo%on& mana'e% untu(a(u(an investasi )an& men&untun&(an )an&a(u(an investasi )an& men&untun&(an )an&
ditola( ole! mana'e% men&&una(an ROI.ditola( ole! mana'e% men&&una(an ROI.
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Isu 6 *en-ukur *odal InvestasiIsu 6 *en-ukur *odal Investasi
Ti-a isu yan- harus dipertim0an-kanse0elum kita 0enar dapat men-ukur modalinvestasi6
aset apa yan- harus dimasukkanG
1. Total &set.
2. Total &set produktif.
3. Total &set kuran- Ke'ai0an an7ar.
(. 5anya aset dikendalikan oleh manaer yan-sedan- dievaluasi.
.
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*en-ukur *odal Investasi*en-ukur *odal Investasi
The e7ond Issue
1. 5aruskah kita men-ukur investasi padaa'al atau akhir dari umlah periode9 atause0aiknya kita men--unakan rata
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Hross or +et Book :alueHross or +et Book :alue Hri!!lyCo sedan- mempertim0an-kan investasi
yan- diproyeksikan untuk men-hasilkan keuntun-anoperasi se0esar 8 2#.$$$ 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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7enario I6 +o =7ess Capa7ity7enario I6 +o =7ess Capa7ity
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($.
Transfer'ill noto77ur.
Transfer'ill
o77ur.
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Heneral ule
@hen the sellin- division is operatin-at 7apa7ity9 the transfer pri7e should0e
set at the market pri7e.
7enario I6 +o =7ess Capa7ity7enario I6 +o =7ess Capa7ity
i II C it
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The Battery /ivision makes a standard 12
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Transferpri7e
&dditionaloutlay7ostper unit
in7urred 0e7ause-oods are
transferred
4pportunity 7ostper unit to theor-ani!ation0e7ause of
the transfer
?
Transfer
pri7e ?
81) varia0le
7ost per 0attery
Transferpri7e ? 81) per 0attery
7enario II6 =7ess Capa7ity7enario II6 =7ess Capa7ity
8$
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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.
ettin- Transfer Pri7esettin- 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
ettin- Transfer Pri7esettin- Transfer Pri7es
+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!
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