EVALUASI KELAYAKAN INVESTASI AKTIVA TETAP MELALUI PENDEKATAN CAPITAL BUDGETING PADA UMKM TANDI’S BAKERY HOMEMADE
Keywords:
Capital Budgeting, MSME, InvestmentAbstract
This study aims to evaluate the feasibility of fixed asset investment in Tandi's Bakery Homemade MSMEs using the capital budgeting method. The background is the low level of financial literacy and the lack of use of formal investment analysis in MSMEs which can hinder business development. This study employs a case study method with a qualitative approach conducted through operational observations, interviews with owners, and analysis of financial statements such as balance sheets, income statements, and cash flows. Investment evaluation was conducted using four main methods, which are Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period (PP), and Profitability Index (PI). The results showed a positive NPV of IDR 34.705.285, IRR of 15,62% which is higher than the 6% discount rate, PP of less than 3 years, and PI of 1,34 (>1), so the investment was declared feasible. Cash flow and profit and loss projections also show increased profitability and operational efficiency. This finding confirms the importance of capital budgeting in MSME investment decision-making and recommends increased financial literacy and technical assistance to support business sustainability.
References
[1] R. R. Bakrie, S. Atikah Suri, Nabila, A. Sahara, V. H Pratama, and Firmansyah, “Pengaruh Kreativitas UMKM Serta Kontribusinya Di Era Digitalisasi Terhadap Perekonomian Indonesia,” J. Ekon. dan Bisnis, vol. 16, no. 2, pp. 82–88, 2024, doi: 10.55049/jeb.v16i2.308.
[2] S. Mudrikah, I. Nur Aeni, L. K. Pitaloka, and A. K. Widiatami, “Digitalisasi Pengelolaan Keuangan Pada Komunitas UMKM Karya Mapan Kota Salatiga,” BERNAS J. Pengabdi. Kpd. Masy., vol. 5, no. 1, pp. 104–114, 2024, doi: 10.31949/jb.v5i1.7068.
[3] Rahyono, E. Listyaningsih, and A. Alansori, “Kinerja dan Keberlangsungan UMKM,” vol. 12, no. 1, p. 13, 2022.
[4] Humas, “BPS Catat Ekonomi Indonesia Tumbuh 3,69 Persen Pada 2021.” [Online]. Available: https://setkab.go.id/bps-catat-ekonomi-indonesia-tumbuh-369-persen-pada-2021/
[5] M. Hidayat, T. S. Pratiwi, M. Sri Maryati, I. Siregar, and A. Saggaf, “Pengaruh Keputusan Investasi, Profitabilitas, Rasio Kecukupan Modal Dan Resiko Pasar Terhadap Nilai Perusahaan (Studi Kasus Perbankan Di Bursa Efek Indonesia),” vol. 13, no. 1, 2022.
[6] G. T. M. Putri and B. Santoso, “Sistem Investasi Di Indonesia,” TOMAN J. Top. Manaj., vol. 1, no. 2, pp. 303–316, 2024, [Online]. Available: https://jurnal.sitasi.id/toman/article/view/98
[7] A. Putri Ramadhani, I. Afifah Septyasari, F. Nur Hasannah, and D. Kustiawati, “Investasi ditinjau dari Perspektif Ekonomi dan Ekonomi Islam,” J. Indones. Sos. Sains, vol. 3, no. 12, pp. 1579–1589, 2022, doi: 10.36418/jiss.v3i12.746.
[8] R. Firdaus, Serliana, and G. Djuanda, “Risiko Investasi Pada Tiga Jenis Investasi Yang Populer di Indonesia (Saham, Reksadana, dan Obligasi) Metode Value At Risk,” Angew. Chemie Int. Ed. 6(11), 951–952., pp. 5–24, 2024.
[9] A. F. K. S. Lutfi Damayanti, Maslichah, “Pengaruh Risiko, Return, Dan Perekonomian Indonesia Terhadap Keputusan Berinvestasi Pada Era Disruptif Covid-19,” E-Jra, vol. 11, no. 09, pp. 84–92, 2022.
[10] D. W. Manullang, H. Karamoy, and W. Pontoh, “Analisis Kelayakan Investasi Aktiva Tetap (Studi Kasus Pada Cincau Jo, Blencho Dan Brownice Unit Kreativitas Mahasiswa Universitas Sam Ratulangi),” J. EMBA J. Ris. Ekon. Manajemen, Bisnis dan Akunt., vol. 7, no. 2, pp. 2561–2570, 2019.
[11] A. Rahmawaty, D. S. W. Pantjolo Giningroem, R. Vikaliana, and N. Wahyu Setyawati, “Analisis Penyusutan Aktiva Tetap dan Pengaruhnya Terhadap Laba Perusahaan pada PT Aneka Gas Industri,” Neraca J. Akunt. Terap., vol. 2, no. 2, pp. 92–98, 2021, doi: 10.31334/neraca.v2i2.1488.
[12] B. G. Rolando and R. Q. Anjilni, “Analisis Pengaruh Perubahan Arus Kas , Laba Akuntansi dan Risiko Sistematika Terhadap Return Saham Universitas Pamulang , Indonesia,” vol. 3, 2025.
[13] R. Syarif, S. Hasbiah, N. Nurman, and R. Sahabuddin, “Analisis Arus Kas dalam Menilai Kinerja Keuangan pada PT . Telkom Indonesia ( Persero ) Tbk Tahun 2019-2023 Universitas Negeri Makassar , Indonesia efektivitas kebijakan keuangan yang diterapkan , khususnya terkait dengan perolehan dan,” vol. 3, 2025.
[14] J. Z. Azhar, “Analisis Laporan Arus Kas untuk Menilai Kinerja Keuangan PT. Garuda Indonesia (Persero), Tbk Periode 2019-2023,” J. Masharif Al …, 2023, [Online]. Available: https://journal.um-surabaya.ac.id/Mas/article/view/18453%0Ahttps://journal.um-surabaya.ac.id/Mas/article/download/18453/6915
[15] C. W. Manawan and M. Iqbal, “PENGARUH PENGELOLAAN LAPORAN KEUANGAN TERHADAP EFEKTIVITAS ARUS KAS PADA PT. MABAR MITRA BERSAMA,” no. 1, pp. 44–52, 2021.
[16] A. Setiawan and A. P. Sari, “ANALISIS CAPITAL BUDGETING SEBAGAI ALAT PENGAMBILAN KEPUTUSAN INVESTASI: Studi Kasus,” Spektrum Ind., vol. 16, no. 2, p. 219, 2018, doi: 10.12928/si.v16i2.11542.
[17] P. Kameswara, R. Kurniasari, and T. Purwinarti, “ANALYSIS OF CAPITAL BUDGETING PROJECTIONS IN MAKING FUNDING,” vol. 8313, 2024.
[18] A. Aprilliani et al., “Analisis BEP, NPV, PP, Dan PI Pada UMKM Gym Amora,” Indones. J. Econ. Strateg. Manag., vol. 2, no. 2, pp. 1797–1805, 2024.
[19] M. P. Hendra, R. A. Pradana, A. N. Masulili, and W. M. Soeroto, “Mengukur Kinerja Dan Rianalisis Kelayakan Investasi Pengadaan 1(Satu) Unit Truck Mounted Crane Kapasitas 10 Ton Di Pabrik Pemurnian Minyak Bumi Siko Keuangan,” Sebatik, vol. 28, no. 1, pp. 121–128, 2024, doi: 10.46984/sebatik.v28i1.2447.
[20] E. Supriyantony, “Analisis Kelayakan Investasi Pembangunan Pasar Ikan Modern ‘Muara Baru,’” J. Ekon. dan Bisnis, vol. 3, no. 2, pp. 87–102, 2023, doi: 10.56145/jurnalekonomidanbisnis.v3i2.67.
