Alternatif Struktur Modal Investasi Proyek Jalan Tol Ciawi-Sukabumi dengan Pembiayaan Sukuk

Anggraini, Lala (2024) Alternatif Struktur Modal Investasi Proyek Jalan Tol Ciawi-Sukabumi dengan Pembiayaan Sukuk. Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Indonesia menghadapi kebutuhan pembiayaan infrastruktur yang besar hingga tahun 2030. Pengusahaan jalan tol yang menjadi salah satu urgensi pembangunan nasional, sebagai salah satu upaya peningkatan konektivitas dan perokonomian. Untuk itu diperlukan berbagai upaya pemenuhan pembiayaan, salah satunya dengan melipatkan pihak swasta. Meskipun demikan, masih ditemui berbagai tantangan pemenuhan kebutuhan pembiayaan pengusahaan jalan tol. Salah satu sumber pembiayaan yang perlu dipertimbangkan yaitu pembiayaan syariah melalui penerbitan Sukuk project-based. Tingkat pengembalian yang dapat disesuaikan dengan aset dasar penerbitannya, memiliki potensi risiko yang lebih kecil. Untuk itu pemahaman mendalam mengenai struktur modal dalam skema pembiayaan Sukuk diperlukan, sehingga dapat memaksimalkan nilai proyek dan menjamin keberlanjutan pembiayaan. Objek penelitian ini adalah Jalan Tol Ruas Ciawi-Sukabumi. Skema pembiayaan telah ditinjau dengan menggunakan pembiayaan Sukuk project-based. Tujuan yang dicapai dari penelitian ini adalah menganalisis dinamika struktur modal dalam investasi proyek jalan tol, dengan penggunaan pembiayaan Sukuk project-based. Metode yang digunakan adalah analisis deskriptif dari pemodelan keuangan dengan studi kasus pada proyek jalan tol Ciawi-Sukabumi. Data primer dikumpulkan melalui wawancara dengan narasumber ahli pembiayaan proyek dan narasumber ahli penerbitan Sukuk. Sedangkan, data sekunder berupa data pengusahaan proyek jalan tol. Analisis struktur modal dilakukan melalui perhitungan nilai investasi awal, proyeksi pendapatan dan biaya pengoperasian jalan tol selama masa konsesi. Melalui berbagai kemungkinan risiko sumber alternatif pembiayaan Sukuk dianalisis melalui arus kas, laba bersih serta pengembalian terhadap ekuitas Return on Equity (ROE), dan terhadap total aset melalui Return on Investment (ROI). Hasil dari penelitian yang telah dilakukan adalah beberapa kondisi alternatif pembiayaan Sukuk tidak lebih menguntungkan, tetapi memiliki ketidakpastian yang lebih rendah. Penggunaan proporsi struktur modal yang sama tetapi alternatif sumber pembiayaan yang berbeda terlihat pada arus kas pembiayaan, serta besaran laba bersih yang diterima yang berpengaruh pada return baik terhadap ekuitas maupun investasi
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Indonesia faces a large need for infrastructure financing until 2030. The construction of toll roads is one of the emergencies of national development, as an effort to improve connectivity and the economy. For this reason, various efforts to fulfill financing are needed, one of which is by involving the private sector. Despite this, there are still various challenges in meeting the financing needs of toll road operations. One source of financing that needs to be considered is sharia financing through the issuance of project-based Sukuk. A rate of return that can be adjusted to the underlying asset of the issue, has a smaller potential risk. For this reason, an in-depth understanding of the capital structure in the Sukuk financing scheme is needed, so as to maximize project value and ensure the sustainability of financing. The object of this research is the Ciawi-Sukabumi Toll Road. The financing scheme has been reviewed using project-based Sukuk financing. The aim of this research is to analyze the dynamics of capital structure in toll road project investment, using project-based Sukuk financing. The method used is descriptive analysis of financial modeling with a case study on the Ciawi-Sukabumi toll road project. Primary data was collected through interviews with expert sources on project financing and expert sources on Sukuk issuance. Meanwhile, secondary data is in the form of toll road project exploitation data. Capital structure analysis is carried out by calculating the initial investment value, revenue projections and toll road operating costs during the concession period. Through various possible risks alternative sources of Sukuk financing are analyzed through cash flow, net profit and return on equity Return on Equity (ROE), and on total assets through Return on Investment (ROI). The results of the research that has been carried out are that several alternative conditions for Sukuk financing are not more profitable, but have lower uncertainty. The use of the same capital structure proportions but different alternative sources of financing can be seen in the financing cash flow, as well as the amount of net profit received which influences the return on both equity and investment

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	pembiayaan,jalan tol,sukuk; financing, toll roads, sukuk
Subjects:	T Technology > TH Building construction > TH438 Construction industry--Management. Project management. T Technology > TH Building construction > TH880 Sustainable buildings. Sustainable construction. Green building
Divisions:	Faculty of Civil, Planning, and Geo Engineering (CIVPLAN) > Civil Engineering > 22101-(S2) Master Thesis
Depositing User:	Lala Anggraini
Date Deposited:	09 Feb 2024 02:11
Last Modified:	09 Feb 2024 02:11
URI:	http://repository.its.ac.id/id/eprint/106424

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