CD Tesis
Pengembangan Alternatif Kelayakan Finansial Investasi Jalan Tol Melalui Pendekatan Stokastik ( Studi Kasus Jalan Tol Pekanbaru – Bangkinang)
This research aims to create a deterministic and stochastic cash flow model for the financial feasibility of Pekanbaru - Bangkinang toll road investment. Determine the financial variables that are most influential (sensitive) on toll road infrastructure project investment stochastically using @Risk software.
This research is exploratory in nature by taking a case study of financial analysis in investment in the construction of the Pekanbaru – Bankinang section of the toll road. The research data is primary data taken from the Pekanbaru - Bangkinang toll road project documents and to complete the undocumented data, interviews were conducted with BPJT staff, PT. Hutama Karya (Persero) staff, PT. Hutama Karya Infrastruktur, as well as telephone communication with practitioners and experts in the field of toll road construction.
Net Present Value (NPV) is one of the parameters to determine the financial feasibility of toll road investment. This paper analyzes the development of alternative financial feasibility in investing in the Pekanbaru-Bangkinang section of the toll road infrastructure project through a stochastic method approach using the @ Risk software application.
The results of the analysis with feasibility support from the government for the Pekanbaru-Bangkinang section of the toll road in the form of State Capital Participation (PMN) of 15% of investment costs, can be an alternative composition of the DER (Debt Equity Ratio) capital structure of 25:75 (25% debt and equity 75%) with Net Present Value (NPV) results of 95% in the range of minus Rp. 20,590,000,000 to positive Rp. 48,998,000,000 with a Mean Value of Rp. 5,654,080,000. meaning it is financially feasible but there is still a probability of loss of IDR. 20,590,000,000 (5%). So it is necessary to carry out an analysis to mitigate existing risks. (see the most influential financial variables. The most sensitive financial variables are SBI (Bank Indonesia Rate), initial operating tariff, class 1 traffic volume, Riau inflation, class 2 traffic volume.
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