Analisis Skema Pembiayaan CPF (Contractor Pre-Financing) Dengan SCF (Supply Chain Financing) Pada Proyek Jalan Tol Sebagai Pilihan Strategis Penyedia Jasa Konstruksi (Kontraktor)

Kusumathalhah, Novri (2026) Analisis Skema Pembiayaan CPF (Contractor Pre-Financing) Dengan SCF (Supply Chain Financing) Pada Proyek Jalan Tol Sebagai Pilihan Strategis Penyedia Jasa Konstruksi (Kontraktor). Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Proyek jalan tol merupakan proyek infrastruktur berskala besar yang membutuhkan pengelolaan pembiayaan dan arus kas secara cermat agar pelaksanaan pekerjaan dapat berjalan sesuai target biaya, waktu, dan mutu. Dalam praktiknya, kontraktor sering menghadapi tekanan likuiditas akibat tingginya kebutuhan modal kerja, besarnya biaya pelaksanaan awal, serta ketidaksesuaian waktu antara pengeluaran proyek dan penerimaan pembayaran termin. Kondisi tersebut mendorong perlunya pemilihan skema pembiayaan yang tepat, terutama antara Contractor Pre-Financing (CPF) dan Supply Chain Financing (SCF). Penelitian ini bertujuan untuk menganalisis secara komparatif pengaruh skema CPF dan SCF terhadap kinerja keuangan kontraktor pada proyek jalan tol, dengan indikator utama berupa biaya bulanan proyek, profit bulanan, dan arus kas bersih bulanan. Penelitian menggunakan pendekatan kuantitatif komparatif dengan data sekunder bulanan dari proyek Jalan Tol Solo–Jogja Seksi 1.1. Data yang dianalisis meliputi progres pekerjaan bulanan, biaya proyek, pendapatan, profit, bunga Interest During Construction (IDC) pada skema CPF, potongan bunga diskonto pada skema SCF, kas masuk, kas keluar, serta arus kas bersih. Metode analisis yang digunakan adalah regresi linier berganda. Hasil penelitian menunjukkan bahwa skema CPF dan SCF memiliki pengaruh signifikan terhadap biaya bulanan proyek, namun tidak memiliki pengaruh signifikan terhadap profit bulanan dan arus kas bersih bulanan. Skema CPF memberikan keunggulan berupa tambahan nilai melalui bunga IDC dan fleksibilitas pembiayaan internal, tetapi membutuhkan modal kerja yang besar serta memiliki risiko defisit kas yang lebih tinggi apabila pembayaran dari pemilik proyek mengalami keterlambatan. Sebaliknya, skema SCF mampu mempercepat penerimaan kas, mengurangi tekanan modal kerja, menjaga stabilitas arus kas, serta memperkuat hubungan keuangan antara kontraktor, pemilik proyek, pemasok, dan lembaga keuangan. Berdasarkan hasil analisis, SCF direkomendasikan sebagai skema pembiayaan yang lebih strategis bagi kontraktor pada proyek jalan tol, khususnya dalam kondisi keterbatasan kas internal, risiko keterlambatan pembayaran termin, dan kebutuhan menjaga likuiditas proyek secara berkelanjutan.
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Toll road projects are large-scale infrastructure projects that require careful financing and cash flow management to ensure that construction works are completed according to cost, time, and quality targets. In practice, contractors frequently face liquidity pressure due to high working capital requirements, substantial upfront project costs, and a timing mismatch between project expenditures and progress payments received from project owners. This condition highlights the importance of selecting an appropriate financing scheme, particularly between Contractor Pre-Financing (CPF) and Supply Chain Financing (SCF). This study aims to comparatively analyze the effects of CPF and SCF schemes on contractors’ financial performance in toll road projects, using monthly project costs, monthly profit, and monthly net cash flow as the main indicators. The study applies a comparative quantitative approach using monthly secondary data from the Solo–Jogja Toll Road Project Section 1.1. The data analyzed include monthly work progress, project costs, revenue, profit, Interest During Construction (IDC) under the CPF scheme, discount charges under the SCF scheme, cash inflows, cash outflows, and net cash flow. The analytical method employed is multiple linear regression using dummy variables to distinguish the effects of CPF and SCF financing schemes. The results indicate that CPF and SCF have a significant effect on monthly project costs, but do not have a significant effect on monthly profit and monthly net cash flow. CPF offers advantages through additional value generated from IDC and greater flexibility in internal financing; however, it requires substantial working capital and exposes contractors to a higher risk of cash deficits when progress payments are delayed. In contrast, SCF enables faster cash inflows, reduces working capital pressure, improves cash flow stability, and strengthens financial relationships among contractors, project owners, suppliers, and financial institutions. Based on the analysis, SCF is recommended as the more strategic financing scheme for contractors in toll road projects, particularly under conditions of limited internal cash, potential payment delays, and the need to maintain sustainable project liquidity.

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	Contractor Pre-Financing, Supply Chain Financing, Profitabilitas, Arus Kas, Risiko Keuangan Contractor Pre-Financing, Supply Chain Financing, profitability, cash flow, financial risk.
Subjects:	T Technology > T Technology (General) > T174.5 Technology--Risk assessment. T Technology > T Technology (General) > T56.8 Project Management T Technology > TE Highway engineering. Roads and pavements > TE175 Road and highway design T Technology > TE Highway engineering. Roads and pavements > TE7 Transportation--Planning
Divisions:	Interdisciplinary School of Management and Technology (SIMT) > 61101-Master of Technology Management (MMT)
Depositing User:	Novri Kusumathalhah
Date Deposited:	05 Aug 2026 01:45
Last Modified:	05 Aug 2026 01:45
URI:	http://repository.its.ac.id/id/eprint/143886

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