ANALISIS INVESTASI PUBLIK.docx

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Makalah

AKUNTANSI MANAJEMEN SEKTOR PUBLIK

“ Analisis Investasi Publik ”

OLEH :

KELOMPOK IV

SITI ARIFAH NUR F. A311 12 112

SRI MARDHANI A311 12 286

FADHIL AZHAR A311 12 314

SRI MARDHANI A3 31112314

JURUSAN AKUNTANSI

FAKULTAS EKONOMI

UNIVERSITAS HASANUDDIN

2015

1



BAB I

PENDAHULUAN

Dalam melaksaaka !"#s$ %ela&aa mas&a'aka() %eme'$(ah *$ha*a%ka %a*a masalah

%e#am+$la ke%"("sa $,es(as$ %"+l$k- Ke%"("sa I,es(as$ %"+l$k *$%e'l"ka "("k

me*"k"# %elaksaaa %'.#'am) ke#$a(a) *a !"#s$ &a# me/a*$ %'$.'$(as ke+$/aka-

I,es(as$ %"+l$k mem$l$k$ ka$(a e'a( *e#a %e#a##a'a m.*al$,es(as$- e#a##a'a

m.*al$,es(as$ me'"%aka %'.ses "("k me#aal$s$s %'.&ek%'.&ek *a mem"("ska a%akah

%'.&ek (e'se+"( *a%a( *$ak.m.*as$ .leh a##a'a m.*al$,es(as$- Aal$s$s $,es(as$

+e'h"+"#a e'a( *e#a %e#a##a'a !"#s$.al) al.ka$ s"m+e' *a&a) *a %'ak($k maa/eme

ke"a#a *$sek(.' %"+l$k- Sela$ $(") %'.#'am $,es(as$ %"+l$k me'"%aka +e("k *a'$ *"al

+"*#e($# &a$(" %em$saha a##a'a m.*al$,es(as$ *a'$ a##a'a '"($-

ee("a ke+"("ha $,es(as$ %"+l$k +e'ka$(a *e#a /"mlah a##a'a &a# aka

*$(e(a%ka +a#$ mas$#mas$# "$( .'#a$sas$- Dalam e'e3aaa *a aal$s$s $,es(as$ ha'"s

*$%e'($m+a#ka +e+e'a%a as%ek &a# se3a'a +e'samasama me"/"ka ke"("#a a(a"

ma!aa( &a# *$%e'.leh ak$+a( a*a&a s"a(" $,es(as$ (e'(e("- As%ek Tek$s) as%ek s.3$al

+"*a&a) as%ek ek..m$ *a !$a3$al) as%ek *$s('$+"s$)

Fak(.'!ak(.' &a# ha'"s *$%e'($m+a#ka *alam aal$s$s $,e(as$ %"+l$k a*alah4

1- T$#ka( *$sk.(. &a# *$#"aka2- T$#ka( $!las$- '$s$k. *a ke($*ak%as($a

6- 7a%$(al 'a($.$#

BAB II

2



PEMBAHASAN

ANALISIS INVESTASI PUBLIK

A. Pror!" I#$%&'!&( P)*+(,

Dalam melaksaaka !"#s$ %ela&aa mas&a'aka() %eme'$(ah *$ha*a%ka %a*a masalah

%e#am+$la ke%"("sa $,es(as$ %"+l$k- Ke%"("sa $,es(as$ %"+l$k *$%e'l"ka "("k

me*"k"# %elaksaaa %'.#'am) ke#$a(a) *a !"#s$ &a# me/a*$ %'$.'$(as ke+$/aka-

e#el"a'a "("k $,es(as$ %"+l$k ha'"s me*a%a( %e'ha($a &a# le+$h +esa' *$+a*$#ka

*e#a %e#el"a'a '"($) ka'ea %e#el"a'a $,es(as$m.*al mem$l$k$ e!ek /a#ka %a/a#)

se*a#ka %e#el"a'a '"($ le+$h +e'*am%ak /a#ka %e*ek- Kesalaha *alam melak"ka

%e#am+$la ke%"("sa $,es(as$ ($*ak sa/a aka +e'*am%ak %a*a a##a'a (ah" +e'/ala)

am" /"#a aka mem+e+a$ a##a'a (ah"(ah" +e'$k"(&a-I,es(as$ %"+l$k mem$l$k$ ka$(a &a# e'a( *e#a %e#a##a'a m.*al$,es(as$-

e#a##a'a m.*al$,es(as$ me'"%aka %'.ses "("k me#aal$s$s %'.&ek%'.&ek *a

mem"("ska a%akah %'.&ek (e'se+"( *a%a( *$ak.m.*as$ .leh a##a'a m.*al$,es(as$- U("k

mem+e'$ka meka$sme *alam me#a("' %'.&ek $,es(as$ %"+l$k se3a'a le+$h e!$s$e *a e!ek($!)

maka %e'l" *$lak"ka aal$s$s $,es(as$ se3a'a me*alam- Aal$s$s $,es(as$ +e'h"+"#a e'a(

*e#a %e#a##a'a !"#s$.al) al.kas$ s"m+e' *a&a) *a %'ak($k maa/eme ke"a#a *$

se3(.' %"+l$k- Sela$ $(") %'.#'am $,es(as$ %"+l$3 me'"%aka +e("k *a'$ dual budgeting ) &a$("

%em$saha a##a'a m.*al$,es(as$ *a'$ a##a'a '"($-D$ ke+a&aka Ne#a'a +e'kem+a#) a##a'a %em+a#"a *a a##a'a '"($

*$%$sahka- F.k"s %e'ha($a&a *$("/"ka "("k me#$(e#'as$ka ke+$/aka *e#a

%e#el"a'a maa/eme- Dalam %'ak($k&a (e'*a%a( %e'masalaha &a# s"l$( *$selesa$ka)

*$aa(a'a&a a*alah4

a- Memas($ka +ah8a %'.#'am $,es(as$ %"+l$k &a# *$a/"ka me'"%aka %'.#'am &a#

k.m%'ehes$!-

+- Mem%e'k$'aka %e#el"a'a &a# *$+"("hka *$ masa &a# aka *a(a#-

3- Me#e,al"as$ 'ele,as$ %'.&ek%'.&ek &a# a*a-

*- Me#em+a#ka aal$s$s *a %e'e3aaa "("k %e#el"a'a $,es(as$ *a %e#el"a'a

'"($-

Se+el"m *$am+$l ke%"("sa "("k melak"ka $,es(as$) %eme'$(ah (e'le+$h *ah"l" %e'l"

mee("ka ke+"("ha $,es(as$ &a# *$%e'l"ka- U("k mee("ka ke+"("ha $,es(as$ %e'l"

*$lak"ka e,al"as$ &a# me3ak"%41- I,e(a'$sas$ $,es(as$

3



2- I,e(a'$sas$ $,es(as$ mem"a( *a!(a' ama *a /e$s $,es(as$) $la$ $,es(as$) k.s$*$

+a'a# m.*al &a# saa( $$ a*a) a%akah +a$k a(a" +"'"k-- 7ak"%a la&aa *e#a ($#ka( $,es(as$ &a# seka'a# a*a-

6- Tam+aha 3ak"%a la&aa &a# *$+"("hka saa( $$ *a masa &a# aka *a(a#-

5- I,e(as'$sas$ ke+"("ha $,es(as$

9- E,al"as$ kela&aka $,es(as$:- K'$(e'$a kela&aka $,es(as$ mel$%"($ as%ekas%ek (ek$s) s.s$al+"*a&a) !$a3$al *a

as%ek ek..m$) *a as%ek *$s('$+"s$- e'h$("#a kela&aka $,es(as$ *a%a( *$lak"ka

*e#a me##"aka ala( aal$s$s) m$sal&a4 NV) IRR) ARR) ; Payback Period <)

Cost-Benefit Analysis, *a Cost Effectiveness Analysis.

B. P%#%#')!# K%*)')-!# I#$%&'!&( P)*+(,

ee("a ke+"("ha $,es(as$ %"+l$k +e'ka$(a *e#a /"mlah a##a'a &a# aka

*$(e(a%ka +a#$ mas$#mas$# "$( .'#a$sas$- Aal$s$s &a# me*alam se+el"m *$lak"ka

$,es(as$ sa#a( %e($# *$lak"ka ka'ea $,es(as$ %"+l$k +e'ka$(a e'a( *e#a masalah

('as%a'as$ *a ke8a/a$a'a a##a'a- ee("a ke+"("ha $,es(as$ %"+l$k (e'ka$( *e#a *"a

ke#$a(a) &a$(" %e$#ka(a k"a($(as *a %e$#ka(a k"al$(as $,es(as$-

A*a +e+e'a%a 3a'a *alam me##.l.#ka "s"l"s"l $,es(as$- Salah sa("

%e##.l.#a&a a*alah4

1- I,es(as$ %e##a($a

e#el"a'a $,es(as$ "("k %e##a($a +a'a# m.*al me#$k"($ %.la "m"' ma!aa(

+a'a# m.*al- =$la "m"' ek..m$ +a'a# m.*al (elah ha+$s) maka %e'l" %em+el$a

+a'a# m.*al +a'" "("k me##a($&a- e$la$a $,es(as$ %"+l$3 %e'l"

mem%e'($m+a#ka "m"' (ek$s *a "m"' ek..m$s *a'$ +a'a# m.*al &a# aka *$+el$-

Um"' ek..m$ (e'ka$( *e#a %e'k$'aa 8ak(" e!ek($! s"a(" +a'a# m.*al *a%a(

mem+e'$ka ma!aa() se*a#ka "m"' (ek$s (e'ka$( *e#a kemam%"a +a'a# m.*al

*alam mem+e'$ka ma!aa( h$##a ($*ak mam%" la#$ mem+e'$ka ma!aa(- Ja*$ "m"'

(ek$s s"a(" +a'a# m.*al +$sa le+$h lama *a'$%a*a "m"' ek..m$s&a- =$la +a'a#

m.*al (elah "s$# *a ($*ak mam%" la#$ mem+e'$ka ma!aa() +e'a'($ "m"' (ek$s +a'a#

m.*al (e'se+"( (elah ha+$s-2- I,es(as$ %eam+aha ka%as$(as

I,es(as$ %eam+aha +a'a# m.*al %e'l" *$lak"ka +$la (e'/a*$ ("("(a %e$#ka(a

3ak"%a %ela&aa- J"mlah %eam+aha "$( +a'a# m.*al *$(e("ka .leh %'.*"k($,$(as

+a'a# m.*al &a# saa( $$ a*a- '.*"k($,$(as +a'a# m.*al *$"k"' +e'*asa'ka 'as$.

a(a'a $%"( *e#a ."(%"( &a# *$has$lka- Ras$. $$ %a*a *asa'&a me3e'm$ka

4



($#ka( e!$s$es$ +a'a# m.*al &a# +e'sa#k"(a- J$ka s"a(" +a'a# m.*al s"*ah k"'a#

;($*ak< e!$s$e la#$) seme(a'a (e'/a*$ kea$ka 3ak"%a %ela&aa &a# ha'"s *$lak"ka

%eme'$(ah) maka %eme'$(ah ha'"s mem%e'($m+a#ka "("k melak"ka $,es(as$

%eam+aha ka%as$(as-

- I,es(as$ +a'"I,es(as$ /"#a *a%a( +e'"%a $,es(as$ +a'" &a# +el"m a*a se+el"m&a- U("k /e$s

$,es(as$ +a'") maka %e'($m+a#a me#ea$ as%ek (ek$s) ek..m$) s.s$al+"*a&a) *a

as%ek *$s('$+"s$ ha'"s me*a%a( %e'ha($a le+$h +esa'-

. A&/%, K%+!0!,!# I#$%&'!&(

Dalam %e'e3aaa *a aal$s$s $,es(as$ ha'"s mem%e'($m+a#ka +e+e'a%a as%ek &a#

se3a'a +e'samasama me"/"kka ke"("#a a(a" ma!aa( &a# *$%e'.leh ak$+a( a*a&a s"a("

$,es(as$ (e'(e("- Sel"'"h as%ek ha'"s *$%e'($m+a#ak *a *$e,al"as$ *alam se($a% (aha%

%e'e3aaa a##a'a *a s$kl"s %elaksaaa) ka'ea as%ekas%ek (e'se+"( sa(" sama sal$#

+e'h"+"#a *a sal$# mem%e#a'"h$-a- As%ek Tek$s

As%ek (ek$s me'"%aka +a#$a %e($# *a'$ aal$s$s $,es(as$ &a# ha'"s

*$%e'($m+a#ka- J$ka s"a(" "s"la $,es(as$ s"*ah ($*ak la&ak *$l$ha( *a'$ as%ek

(ek$s&a) maka "s"la (e'se+"( me*"*"k$ %'$.'$(as %e'(ama "("k *$(.lak-

+- As%ek S.s$al *a ="*a&aU("k melaksaaka s"a(" %'.&ek maka %e'l" mem%e'($m+a#ka $m%l$kas$ s.s$al &a#

le+$h l"as *a'$ $,es(as$ &a# *$"s"lka- As%ek s.s$al+"*a&a $$ me&a#k"(

%e'($m+a#a %e*$s('$+"s$a %ela&aa se3a'a a*$l *a me'a(a) seh$##a mam%"

mem+e'$ka ma!aa( &a# +esa' +a#$ mas&a'aka(- As%ek s.s$al +"*a&a me3ak"% /"#a

as%ek le#al l$#k"#a- S"a(" %'.&ek $,es(as$ &a# aka *$lak"ka ha'"s

mem%e'($m+a#ka as%ek le#al$(as *a *am%ak l$#k"#a &a# me'"#$ka-

3- As%ek Ek..m$ *a F$as$al

e'($m+a#a as%ek ek..m$ mel$%"($ ke#$a(a me#aal$s$s a%akah s"a(" %'.&ek &a#

*$"s"lka aka mem+e'$ka k.('$+"s$ &a# &a(a (e'ha*a% %em+a#"a %e'ek..m$a

se3a'a kesel"'"ha *a a%akah k.('$+"s$&a 3"k"% +esa' *alam mee("ka

%e##"aa s"m+e's"m+e' *a&a &a# *$#"aka- As%ek !$as$al mee'a#ka

%e#a'"h%e#a'"h !$as$al *a'$ s"a(" %'.&ek &a# *$"s"lka- =e'*asa'ka %e'e3aaa

a##a'a) ke%"("sake%"("sa me#ea$ e!$s$es$ %'.&ek se3a'a !$as$al) s.l,a+$l$(as)

*a l$k"$*$(as %e'l" *$%e'($m+a#ka-

*- As%ek D$s('$+"s$

5



Ke%"("sa $,es(as$ me'"%aka ke%"("sa &a# %e'l" *$ka$(ka *e#a masalah

*$s('$+"s$ %ela&aa %"+l$3 se3a'a a*$l *a me'a(a- U("k $(" %e'l" *$ke(ah"$ s$a%a &a#

aka mee'$ma ma!aa( a(a" ke"("#a &a# *$has$lka *a'$ %'.&ek $,es(as$> *a'$

maa me*a%a(ka m.*al "("k melaksaaka %'.&ek) a%akah *a'$ public revenue a(a"

.leh $*$,$*"> a%akah (e'*a%a( %a/ak %e#has$la a(a" ($*ak> a%akah %'.&ek *$/alaka

.leh public agencies a(a" .leh $*$,$*"- As%ek *$s('$+"s$ (e'ka$( *e#a kea*$la *a

%e'samaa kesem%a(a "("k me*a%a(ka %ela&aa %"+l$3 ;equity ? equality).

D. F!,'orF!,'or !# M%"/%#!r)-( I#$%&'!&( P)*+(,

Fak(.'!ak(.' &a# ha'"s *$%e'($m+a#ka *alam aal$s$s $,es(as$ %"+l$3 a*alah41- T$#ka( *$sk.(. &a# *$#"aka

T$#ka( *$sk.(. me'e!leks$ka ($#ka( ke"("#a ;rate of return< &a# *$%e'.leh *a'$

s"a(" %'.&ek *e#a ($#ka( '$s$k. (e'(e("- J$ka s"a(" %'.&ek ($*ak mem+e'$ka

ke"("#a &a# *$$s&a'a(ka ;required rate of return<) maka %'.&ek (e'se+"( ha'"s

*$(.lak- e'h$("#a ($#ka( *$sk.(. me'"%aka +a#$a &a# 3"k"% k.m%leks *alam

aal$s$s $,es(as$-

a*a se3(.' s8as(a (e'*a%a( *"a s"m+e' %e*aaa) &a$(" %em+$a&aa m.*al ;equity

finance< *a %em+$a&aa "(a# ;debt finance<- Ke"("#a &a# *$%e'.leh %a'a k'e*$(.'

se+a#a$ %em+e'$ "(a#) +e'"%a %em+a&a'a +"#a "(a#) se*a#ka $,es(.' mem%e'.leh

ke"("#a +e'"%a *e,$*e *a gain a(as saham &a# *$m$l$k$&a- Ha'#a %e' saham

me'e!leks$ka la+a *$ masa *e%a &a# *$ha'a%ka ;epected future earnings<-

em+$a&aa h"(a# mem$l$k$ '$s$k. &a# le+$h 'e*ah *$+a*$#ka *e#a %em+$a&aa

m.*al seh$##a k'e*$(.' aka mem$(a ($#ka( kem+al$a ;rate of return< &a# le+$h

'e*ah *$+a*$#ka *e#a $,es(.' ka'ea '$s$k. $,es(as$ +e'+a*$# l"'"s *e#a

return $,es(as$- Semak$ ($##$ '$s$k. $,es(as$) maka return &a# *$ha'a%ka /"#a

semak$ ($##$- D$sam%$# $(") %em+$a&aa "(a# mem$l$k$ +$a&a &a# le+$h ke3$l

*$+a*$#ka *e#a %em+$a&aa m.*al- =$a&a "(a# ;cost of *e+(< le+$h m"'ah

*$+a*$#ka *e#a +$a&a m.*al se*$'$ ;cost of equity< ka'ea %em+a&a'a +"#a

"(a# me'"%aka +$a&a &a# me#"'a#$ %a/ak- =$a&a m.*al (.(al *a%a( *$&a(aka

*alam +e("k +$a&a m.*al 'a(a'a(a (e'($m+a# *e#a '"m"s4

K . @ K e-;EV< ;K *-;1 B T<-;DV<Dalam hal $$4

K . @ +$a&a m.*al (.(al

K e @ +$a&a m.*al ;($#ka( ke"("#a &a# *$$s&a'a(ka a(as $,es(as$ m.*al<K * @ +$a&a "(a# ;($#ka( ke"("#a &a# *$$s&a'a(ka a(as $,es(as$ "(a#<

6



T @ ($#ka( %a/ak

E @ Ha'#a %asa' saham

D @ ha'#a %asa' s"'a( +e'ha'#a "(a#V @ E D @ $la$ %asa' %e'"sahaa se3a'a kesel"'"ha

=e'*asa'ka as"ms$ +ah8a sel"'"h +$a&a *a ma!aa( s"a(" %'.&ek (elah *$$la$ 3"k"%)

masalah +e'$k"(&a &a# %e'l" *$%e'($m+a#ka +e'!.k"s %a*a ($#ka( *$sk.(.

;discount rate< &a# 3.3.k &a# aka *$#"aka- A(a'a +$a&a *a ma!aa( (e'/a*$ %a*a

($($k 8ak(" &a# +e'+e*a) seh$##a $la$ (e'se+"( %e'l" *$*$sk.(.ka "("k +e+e'a%a

%e'$.*e 8ak(" se+el"m +e'+a#a$ al(e'a($! $,es(as$ *$%e'+a*$#ka "("k *$(e("ka

$,es(as$ maa &a# aka *$lak"ka- U("k ("/"a aal$s$s +$a&a ma!aa() maka %e'l"

*$#"aka ($#ka( *$sk.(. s.s$al ; social discount rate<-

Salah sa(" %e*eka(a &a# *a%a( *$lak"ka a*alah *e#a me&a(aka social discount

rate se+a#a$ s"a(" ($#ka( &a# me'e!leks$ka %'e!e'es$ mas&a'aka( (e'ha*a% ma!aa(

saa( $$ a(as ma!aa( &a# aka *$(e'$ma *$ masa &a# aka *a(a#) a(a" *$se+"( social

ti!e preference ti!e ;STR<- Masalah &a# m"3"l a*alah +ah8a alasa mem$l$h

ma!aa( seka'a# ;current benefit < m"#k$ *$%e#a'"h$ .leh %e$la$a $*$,$*" &a#

me$la$ (e'lal" 'e*ah ;underesti!ate< ma!aa( &a# aka *$%e'.leh *$ masa *e%a-

As"ms$ *alam %e*eka(a $$ a*alah #ee'as$ me*a(a# aka le+$h se/ah(e'a *a'$%a*a

#ee'as$ seka'a#- Oleh ka'ea $(" *$lak"ka %e#"'a#a (e'ha*a% ke+"("ha benefits

&a# (e'se*$a-

2- T$#ka( $!las$

e$la$a $,es(as$ ha'"s mem%e'h$("#ka %e'k$'aa ($#ka( $!las$- Semak$ ($##$

($#ka( $!las$) semak$ 'e*ah $la$ '$$l ke"("#a *$ masa *e%a &a# *$ha'a%ka

;epected future returns) seh$##a semak$ ($##$ ($#ka( ke"("#a &a# *$$s&a'a(ka-

I!las$ &a# ($##$ me&e+a+ka required rate of return semak$ ($##$-

- R$s$k. *a ke($*ak%as($a

"equired rate of return aka semak$ ($##$ /$ka '$s$k. $,es(as$ a$k- Ke($*ak%as($a

ek..m$ *a h.k"m) keka3a"a s.s$al%.l$($k) ($*ak a*a&a /am$a keamaa) *a

ke+$/aka &a# ($*ak k.s$s(e *a%a( me$#ka(ka '$s$k. $,es(as$- Fak(.'!ak(.'

(e'se+"( me&"m+a# '$s$k. $,es(as$ s"a(" e#a'a ;country risk < &a# /$ka s"*ah sa#a(

%a'ah *a%a( me#a'ah %a*a ka(e#.'$ default country. Te'/am$&a keamaa +e'$,es(as$)

%ee#aka h.k"m *a *em.k'as$) (e'/am$&a property rig#t *a contract rig#t *a%a(

me"'"ka '$s$k. $,es(as$-

6- Capital rationing

7



Capital rationing a*alah kea*aa ke($ka .'#a$sas$ me#ha*a%$ masalah ke(e'se*$aa

*aa "("k melak"ka %e#el"a'a $,es(as$- Dalam kea*aa se%e'($ $$ (e'*a%a(

+e+e'a%a al(e'a($! $,es(as$ &a# *a%a( *$lak"ka aka (e(a%$ ($*ak (e'se*$a 3"k"% *aa

"("k mem+$a&a$ $,es(as$$,es(as$ &a# *$a/"ka- Oleh ka'ea $(" ha'"s *$lak"ka

%e'ak$#a $,es(as$- e'ak$#a *a%a( *$lak"ka *e#a me##"aka 'as$.

ma!aa(+$a&a a(a" *a%a( /"#a me##"aka m.*el %em'.#'ama l$ea'-

a*a .'#a$sas$ se3(.' %"+l$k) sela$ mem%e'ha($ka !ak(.'!ak(.' *$ a(as %e$la$a

$,es(as$ %"+l$k /"#a ha'"s mem%e'ha($ka halhal +e'$k"(4

a- T$#ka( "(a# %eme'$(ah- T$#ka( "(a# %eme'$(ah a*alah /"mlah &a# ha'"s

*$+a&a'ka %eme'$(ah seh"+"#a *e#a %e'.leha s"m+e' %em+$a&aa *$l"a' %a/ak)

se%e'($ "(a# l"a' e#e'$ *a .+l$#as$ %eme'$(ah &a$(" +e'"%a +"#a *a %.k.k "(a#-

+- T$#ka( kesem%a(a s.s$al &a# *$k.'+aka- D$se+"( /"#a social opportunity cost rate

&a# (e'ka$( *e#a %e#e'($a +ah8a %'.&ek %eme'$(ah ha'"s *a%a( me#has$lka

($#ka( ke"("#a ;return) &a# m$$mal sama *e#a ($#ka( ke"("#a %'.&ek se3(.'

s8as(a *e#a %e##"aa *aa &a# sama- A(a" *e#a ka(a la$) *e#a /"mlah

$,es(as$ &a# sama) %'.&ek $,es(as$ %"+l$3 &a# *$lak"ka %eme'$(ah ha'"s mem$l$k$

k"al$(as &a# m$$mal sama /$ka %'.&ek (e'se+"( *$lak"ka .leh s8as(a-

3- $ocial ti!e preference rate. $ocial ti!e preference rate me'e!leks$ka ($#ka( ke"("#a

&a# *$$s&a'a(ka .leh mas&a'aka( /$ka me"*a k.s"ms$ saa( $$ "("k ke%e($#a

k.s"ms$ *$ masa *e%a-

E. T%,#(, D!&!r P%#(+!(!# I#$%&'!&( P)*+(,

a*a *asa'&a) %'$s$% %e$la$a $,es(as$ sa#a( se*e'haa- Te'*a%a( em%a( la#kah

"(ama "("k me#e,al"as$ s"a(" %'.&ek $,es(as$) &a$("4

1- I*e($!$kas$ ke+"("ha $,es(as$ &a# m"#k$ *$lak"ka-

O'#a$sas$ se3(.' %"+l$3 se'$#kal$ *$ha*a%ka %a*a +a&ak al(e'a($,e $,es(as$ "("k

me3a%a$ ("/"a .'#a$sas$&a- Oleh ka'ea $(" %e'l" *$$*e($!$kas$ al(e'a($!al(e'a($!

&a# mem"#k$ka "("k *$aal$s$s le+$h la/"(- Ke(e'ka$(a a(a'a sa(" %'.&ek *e#a

%'.&ek la$ &a# %e'l" *$%e'($m+a#ka "("k me#e(ah"$ se/a"h maa %ee'$maa a(a"

%e.laka s"a(" $,es(as$ aka mem%e#a'"h$ $,es(as$ la$-

2- Mee("ka sem"a ma!aa( *a +$a&a *a'$ %'.&ek &a# aka *$laksaaka ;cost%benefit

relations#ip)-

8



e'h$("#a ma!aa( *a +$a&a ha'"s %"la memas"kka aal$s$s ma!aa( *a +$a&a s.3$al

; social cost%benefit < &a# *$($m+"lka *a'$ $,es(as$ %"+l$3 &a# aka *$lak"ka- a*a

.'#a$sas$ se3(.' %"+l$3 +$a&a *a ma!aa( se'$#kal$ ($*ak *a%a( se3a'a la#s"# *$"k"'

*e#a sa("a "a#) seh$##a (ek$k(ek$k aal$s$s +$a&a ma!aa( sa#a( 3.3.k "("k

*$(e'a%ka- Dalam aal$s$s +$a&ama!aa( $$) benefit ;ma!aa(< *$(ekaka %a*a sem"a

ke"##"la ek..m$ *a s.3$al &a# *$%e'.leh) se*a#ka "("k cost ;+$a&a< *$(ekaka

%a*a kelemahakelemaha %'.&ek &a# *$k"a($!$kas$ka *alam +e("k "a#- Se+a#a$

3.(.h ke($ka s"a(" .'#a$sas$ sek(.' %"+l$k me'e3aka mem+"a( se+"ah /ala +a'")

maka aka m"3"l !onetary cost "("k +$a&a k.s('"ks$ *a %e'a8a(a- D$ sam%$# $("

/"#a aka ($m+"l +$a&a+$a&a s.s$al *a'$ %'.&ek (e'se+"() m$sal +$a&a &a# m"3"l *alam

+e("k %e'"saka %ema*a#a) %.l"s$ "*a'a) %.l"s$ s"a'a) kem"#k$a +e'(am+ah&a

ke3elakaa) *a la$ se+a#a$&a- D$ la$ %$hak) ma!aa(ma!aa( s.s$al /"#a aka

*$%e'.leh *a'$ %em+"a(a /ala +a'" (e's+"( se%e'($ %e#"'a#a kema3e(a lal" l$(as)

mem%e'3e%a( %e'/alaa) me#"'a#$ +$a&a %e*$s('$+"s$a +a'a#) *a la$ se+a#a$&a-

- Me#h$("# ma!aa( *a +$a&a *alam '"%$ah-

La#kah ke*"a a*alah me#h$("# ma!aa( *a +$a&a $,es(as$ *alam sa("a '"%$ah-

Te'ka*a# (e'*a%a( kes"l$(a *alam la#kah ke*"a $$- Kes"l$(a &a# *$ha*a%$ a*alah

a%a+$la +$a&a *a ma!aa( *a'$ s"a(" %'.&ek ($*ak *a%a( *$"k"' *alam +e("k '"%$ah)

m$sal&a ma!aa( *a +$a&a s.s$al- Dalam k.*$s$ (e'se+"() &a# *a%a( *$lak"ka a*alah

me#h$("# $la$ ma!aa( *a'$ %'.&ek se3a'a ($*ak la#s"#) &a$(" *e#a me##"aka

aal$s$s e!ek($,$(as +$a&a ;cost-effectiveness analysis<-

6- Mem$l$h %'.&ek &a# mem$l$k$ ma!aa( (e'+esa' *a e!ek($,$(as +$a&a &a# ($##$-

Ras$. +$a&a *a ma!aa( a(a" e!ek($,$(as +$a&a me'"%aka ($($k a8al %ee("a

%ee'$maa %'.&ek) a*a +a&ak ke($*ak%as($a &a# *a%a( mem%e#a'"h$ %e'h$("#a-

T$*ak sem"a +$a&a *a ma!aa( s.s$al *a%a( *$mas"kka *alam %e'h$("#a) +ahka

+e+e'a%a *$a(a'a&a ($*ak *a%a( *$%aka$ *alam %e#"k"'a &a# .+&ek($! *alam +e("k

m.e(e'- Aal$s$s m.e(e' m"#k$ me#$*$kas$ka +ah8a %'.&ek aka mem+e'$ka

$la$ "a# (e'+a$k) (e(a%$ !ak(.'!ak(.' %.l$($k) 'es%. %eme'$(ah) se'(a (ekaa(ekaa

s.s$al me&e+a+ka %e'($m+a#a +$a&a ma!aa( *$%e'l"ka a(as %'.&ek (e'se+"(-

9



Te'*a%a( +e+e'a%a (ek$k "("k melak"ka %e$la$a $,es(as$- Tek$k "("k me#e,al"as$

$,es(as$ *$+e*aka me/a*$ *"a me(.*e) &a$("4

1- Me(.*e %e$la$a $,es(as$ ('a*$s$.al

2- Me(.*e al$'a kas &a# *$*$sk.(.ka ;discounted cas# flo&% D7F<

Me(.*e ('a*$s$.al &a# se'$# *$#"aka a*alah ($#ka( %e#em+al$a m.*al &a#

*$$,es(as$ka ;accounting rate of return on capital e!ployed RO7E< *a payback period ;<-

RO7E se3a'a se*e'haa *$'"m"ska4

Laba akuntansi

Juumlahmodal yang diinvestasikan

I!.'mas$ me#ea$ la+a ak"(as$ *$%e'.leh *a'$ la%.'a '"#$la+a .'a#$sas$) se*a#ka

$!.'mas$ m.*al *a%a( *$ke(ah"$ *a'$ e'a3a- Te'*a%a( *"a masalah *alam me##"aka me(.*e

RO7E $$- e'(ama) %e#h$("#a a#ka ak"(as$ *$*asa'ka %a*a k.se% ak"(as$ ak'"al *a

memas"kka $(em$(em +"ka kas) se%e'($ *e%'es$as$ *a 3a*a#a ke'"#$a %$"(a#- Ke*"a)

RO7E ha&a me#"k"' %e'$.*e ("##al (a%a mem%e'h$("#ka $la$ 8ak(" "a# ;ti!e valur of

!oney<-

Me(.*e %e$la$a $,es(as$ *e#a me##"aka discounted cas# flo& m$sal&a a*alah

net present value ;NV< *a internal rate of return ;IRR<- NV *$h$("# *e#a 3a'a

me*$sk.(.ka al$'a kas *$ masa *a($# ; future cas# flo&< *e#a !a3(.' *$sk.(. (e'(e("&a# me'e!leks$ka +$a&a kesem%a(a m.*al opportunity cost of capital <- NV *$%e'.leh *e#a

3a'a me#"'a#ka %e#el"a'a $,es(as$ a8al *e#a al$'a kas *$ masa *e%a &a# *$ present

valueka- '.&ek &a# mem+e'$ka $la$ NV %.s$($! a*alah %'.&ek &a# mem$l$k$ %'$.'$(as

"("k *$(e'$ma *a %'.&ek &a# *$$la$ =V&a e#a($,e a*alah %'.&ek &a# ha'"s *$(.lak-

IRR me*$sk.(.ka future cas# flo& %a*a ($#ka( NV &a# +e'$la$ .l- A(a" *e#a

ka(a la$ a*alah "k"'a &a# me&e'(aka al$'a kas +e's$h *$ masa *a($# ; future net cas# flo&<

*e#a %e#el"a'a $,es(as$ a8al- IRR *$&a(aka *alam %'ese(ase) %'.&ek &a# mem$l$k$

$la$ IRR &a# +esa' a*alah %'.&ek &a# %.(es$al "("k *$(e'$ma-

U("k me#a$l$s$s "s"la $,es(as$ %"+l$k) maa/e' %"+l$k *a%a( me##"aka ala(

aal$s$s &a# +$asa *$#"aka "("k me$la$ kela&aka s"a(" %'.&ek %a*a sek(.' s8as(a)

m$sal&a NV) IRR) payback period ) *a se+a#a$&a-

10



Net Present Value

'et Present (alue *a%a( *$'"m"ska se+a#a$ +e'$k"(4

NPV =CFo+ CF 1

(1+i)+

CF 2

(1+i)²+

CF 3

(1+i) ³+…+

CFn

(1+i) ʱ

A(a"4

∑t =0

nCFt

(1+ i ) ͭ

Dalam hal $$4

$ @ ($#ka( *$sk.(.

@ 1) C) 50 (h ;"m"' %'.&ek<

7F @ cas# flo&

De#a !.'m"las$ la$) NV *$&a(aka>

NPV =(Cashflow x Present value factor )− Investasi

¿ (CF x vf )− I

;C pvf < *$se+"( /"#a *ross Present (alue

Net Present Benefit NPB

'et Present Benefit ;Ma!aa( =e's$h Seka'a#< me'"%aka $la$ +e's$h s"a(" %'.&ek

se(elah *$k"'a#$ sel"'"h +$a&a %a*a sa(" (ah" (e'(e(" *a'$ ke"("#a a(a" ma!aa( &a#

*$(e'$ma %a*a (ah" &a# +e'sa#k"(a *a *$*$sk.(.ka *e#a ($#ka( +"#a &a# +e'lak"-

'et present benefit *a%a( *$'"m"ska se+a#a$ +e'$k"(4

NP!= "o−Co+ " −C

(1+t )+

" 2

(1+ t ) ²+

" 3

(1+ t )³+…+

"n−Cn

(1+t ) ʱ

A(a"4

∑n=0

n "n−!n

(1+i ) ͭ

Dalam hal $$4

N= @ $la$ +e's$h) &a$(" ma!aa( *$k"'a#$ *e#a +$a&a %a*a (ah" ke

$ @ ($#ka( +"#a

11



@ 1) C ) 50 (h ;"m"( %'.&ek<

M @ ma!aa(

7 @ +$a&a

7a(a(a4 %'.&ek &a# *$%$l$h a*alah /e$s %'.&ek &a# mem$l$k$ $la$ N= (e'($##$-

A#!+(&(& Payback Period

Me(.*e payback period *$#"aka "("k me#e(ah" /a#ka 8ak(" %e#em+al$a

$,es(as$- Payback period *$'"m"ska se+a#a$ +e'$k"(4

Payback eriod= Investasi #wal

$euntungan tahunan

Payback period me'"%aka (ek$k aal$s$s $,es(as$ &a# 'ela($,e m"*ah *a se*e'haa-

Seh$##a +a&ak *$#"aka- Nam" *em$k$a) Payback period me#a*"# kelemaha) &a$("4

1- Me(.*e $$ me#a+a$ka %ee'$maa%ee'$maa $,es(as$ a(a" proceeds &a# *$%e'.leh

se(elah payback period (e'3a%a$-

2- Me(.*e payback period me#a+a$ka $la$ 8ak(" "a#

- Me(.*e payback period ($*ak *a%a( *$#"aka "("k %e#am+$la ke%"("sa $,es(as$

&a# +e's$!a( !utually eclusive.

Aal$s$s =$a&aMa!aa( ;Cost Benefit Analysis<Me(.**e cost benefit analysis ;7=A< a(a" benefit cost ratio me'"%aka 3a'a

me#e,al"as$ s"a(" %'.&ek *e#a mem+a*$#ka $la$ seka'a# ; present value< *a'$ sel"'"h

ma!aa( ke"("#a &a# *$%e'.leh *e#a $la$ seka'a# *a'$ sel"'""h +$a&a %'.&ek (e'se+"()

+e'*asa'ka 7=A 3'$(e'$a ke%"("sa &a# le+$h +esa' *a'$ +$a&a&a- Ke"("#a *alam aal$s$s

+$a&a ma!aa( ha'"s %"la memas"kka ke"("#a s.3$al *a +$a&a s.3$al- '.&ek &a# *$(e'$ma

a*alah %'.&ek &a# mem$l$k$ ke"("#a s.3$al &a# *$*$sk.(.ka ;discounted value of social

benefits< &a# le+$h +esa' *a'$ $la$ +$a&a s.3$al &a# *$*$sk.(.ka ;discounted value of social

cost <-

Aal$s$s benefit-cost ratio *$'"m"ska se+a#a$ +e'$k"(4

" = "o+ " 1

(1+ t )+

" 2

(1+t )²+…+

"n

(1+t ) ʱ

12



C =Co+ C 1

(1+t )+

C 2

(1+ t )²+…+

Cn

(1+t ) ʱ

=e'*asa'ka me(.*e $$) s"a(" %'.&ek aka *$laksaaka +$la ;M7<1- Me(.*e $$ aka

mem+e'$ka has$l &a# k.s$s$(e *e#a me(.*e 'et Present Benefit a%a+$la =71 +e'a'($ %"la

=7 le+$h +esa' *a'$ 0-

Benefit%cost ratio *a%a( /"#a *$'"m"ska se+a#a$ +e'$k"(4

%ross Present Value=!enefit /cost ratio

Investasi

Kelemaha me(.*e =7 'a($. a*alah ($*ak a*a&a %e*.ma &a# /elas me#ea$ halhal &a#

mas"k se+a#a$ %e'h$("#a +$a&a *a ma!aa(- D$ sa(" s$s$ *a%a( *$mas"kka se+a#a$ +$a&a)

am" *$ s$s$ la$ *a%a( *$mas"kka se+a#a$ ma!aa() seh$##a kem"#k$a (e'/a*$ ma$%"las$

+esa'- Se3a'a "m"m) kelemaha $$ *$se+a+ka ka'ea a*a&a kes"l$((a *alam %e#h$("#a

ma!aa( *a +$a&a- =$a&a *$a##a% se+a#a$ ma!aa( e#a($,e- De#a *em$k$a =7 'a($. *a%a(

+e'%el"a# mem+e'$ka has$l &a# kel$'" *alam mee(""ka %'.&ek-

U("k mem+e'$ka $l"s('as$ me#ea$ k..se% Benefit%cost ratio, se+a#a$ 3.(.h

%eme'$(ah mem$l$k$ *"a %'.%.sal %'.&ek mem+"("hka $,es(as$ se+esa' R% 19)000)000) *a

mem+e'$ka al$'a kas mas"l R% )200)000) sa(" (ah" *a'$ seka'a#- '.&ek ke*"a

mem+"("hka $,es(as$ se+esa' R% 26)000)000) *e#a mem+e'$ka al$'a kas se+esa' R%

:)200)000) %e' (ah" selama l$ma (ah"- J$ka ($#ka( ke"("#a &a# *$s&a'a(ka se+esa' 10)

maka %e#h$("#a Benefit%cost ratio a*alah se+a#a$ +e'$k"(4

'.&e

k

I,es(as$ 7ash I!l.8 V ;10< G'.ss 'ese( Val"e =ee!$(7.s( Ra

A R% 19)000)000) R% )200)000) (ah" 1 0)0 R% 1:)652)00) 1)0

= R% 26)000)000) R% :)200)000) (ah" 15 ):1 R% 2:)25)200) 1)16

=e'*asa'ka Benefit%cost ratio) maka %'.&ek = le+$h la&ak *$(e'$ma *a'$%a*a %'.&ek Aka'ea %'.&ek = mem$l$k$ 'a($. ma!aa(+$a&a &a# le+$h +esa' *a'$ %'.&ek A-

Ke%"("sa me#ea$ ak($,$(as $,es(as$ *alam private sector *$(ekaka *e#a $la$

a%akah %em$l$k %e'"sahaa aka me/a*$ le+$h +a$k *e#a melak"ka $,es(as$ (e'se+"(-

Seme(a'a $(") ke%"("sa $,es(as$ *elam .'#a$sas$ sek(.' %"+l$k le+$h *$!.k"ska %a*a

%e$la$a a%akah mas&a'aka( se3a'a kesel"'"ha aka me/a*$ +a$k *e#a a*a&a $,es(as$

13



(e'se+"(- Aal$s$s +$a&ama!aa( *$kem+a#ka se+a#a$ ala( "("k mem+a#" k'$(e'$ak'$(e'$a

(e'ha*a% %e$la$a $,es(as$ sek(.' %"+l$k) (e'mas"k *$ s$$ ma!aa( s.3$al +e's$h &a# *$%e'.leh

*a'$ $,es(as$-

U("k mee("ka ma!aa( s.3$al +e's$h $$ ($*ak ha&a *$%e'h$("#ka ma!aa( &a#

tangible mela$ka /"#a (e'mas"k ma!aa( &a# intangible) se%e'($4 +e+as *a'$ %.l"s$) h$*"%

*e#a l$#k"#a &a# ama) %e#hema(a 8ak(") *a la$ se+a#a$&a- Dem$k$a hal&a

ke($ka %e'ha($a *$a'ahka %a*a %e#"k"'a +$a&a) +e+e'a%a $(em &a# +e's$!a( intangible se%e'($

ke'"saka l$#k"#a ha'"s *$%e'h$("#ka-

Me"'"( D$. ;166< *alam =l"*ell *a M"'*.3k ;1:<) aal$s$s +$a&ama!aa( %a*a

*asa'&a ha'"s *a%a( me#"k"' ma!aa( s.s$al +e's$h ;net social benefit <- Ma!aa( s.s$al +e's$h

se3a'a #a'$s +esa' *a%a( *$&a(aka se+a#a$ +e'$k"(4

D$. mee'a#ka +ah8a (e'*a%a( ($#a la#kah *alam melak"ka aal$s$s +$a&a

ma!aa() &a$("4

1- Me"("ska +$a&a *a ma!aa( a%a sa/a &a# aka *$mas"kka

Hal $$ *$maks"*ka "("k me#h$*a'$ kem"#k$a (e'/a*$&a double counting )

&a$(" sa(" ma!aa( a(a" +$a&a &a# me&e+a+ka ma!aa( a(a" +$a&a &a# la$

*$mas"kka se3a'a +e'samasama- M$sal&a) /$ka *e#a (ek$k %e3e#aha

ke+aka'a (e'(e(" *a%a( me&e+a+ka %e#"'a#a s(a! &a# *$+"("hka (e(a%$

*$as %ema*am ke+aka'a mem"("ska "("k me##"aka %e#hema(a 8ak("

(e'se+"( "("k %ela($ha s(a! (am+aha) maka *alam aal$s$s +$a&ama!aa( ($*ak

*a%a( me#h$("# ke*"ake*"a&a se+a#a$ ma!aa(- Dem$k$a /"#a) +e+e'a%a

*am%ak ;e!ek< &a# 'ela($,e ($*ak s$#$!$ka ($*ak %e'l" *$mas"kka *alam aal$s$s

+$a&ama!aa(- Se+a#a$ 3.(.h (ek$k %ema*am ke+aka'a (e'(e(" m"#k$

mem$l$k$ %e#a'"h +e'"%a %e#"'a#a %.l"s$ l$#k"#a (e'ka$( *e#a ke/a*$a

ke+aka'a# '"mah) am" hal $$ ($*ak s$#$!$ka *$mas"kka *alam aal$s$s-

14

Sosial beneft/private beneft +

Sosial cost/private beneft +

Net Social eneft



2- Me#"k"' *a me#e,al"as$ +$a&a *a ma!aa(-

Ma!aa( *a +$a&a &a# +e'8"/"* ;tangible< le+$h m"*ah "("k *$h$("#) aka (e(a%$

&a# +e's$!a( ($*ak +e'8"/"* ;intangible< 'ela($,e s"l$( "("k *$h$("#- Mas$h *e#a

me##"aka 3.(.h *$as %ema*am ke+aka'a *$ a(as) cost of ti!e &a# *$ha+$ska

.leh %e("#as %ema*am ke+aka'a *a %e&e*$aa ala'm ke+aka'a me'"%aka

+e("k +$a&a &a# s$!a(&a tangible- Nam" *em$k$a) /$ka (ek$k %ema*am *$$la$

m$sal&a *e#a /"mlah .'a# &a# (e'selama(ka *a'$ ke+aka'a) +a#a$maakah k$(a

me$la$ intangible benefit (e'se+"( se3a'a k"a($(a$! =$asa&a "("k me#"k"'&a

*$#"aka ha'#a +a&a#a ; s#ado& price< m$sal&a +$a&a as$.al "("k me'a8a(

se/"mlah .'a# &a# me/a*$ k.'+a ke+aka'a *a keh$la#a %e*a%a(a *a

ha'(a +e*a ka'ea %e'$s($8a (e'se+"(-

- +i!ing *a al$'a +$a&a *a ma!aa(-

Taha% ke($#a (e'ka$( *e#a masalah 8ak(" %eekaa +$a&a a(a" ma!aa( &a#

(e'/a*$- =$asa&a $la$ &a# (e'($##$ *$mas"kka *alam +$a&a *a ma!aa( &a#

(e'/a*$ le+$h a8al- U("k me&es"a$ka $la$ +$a&a *a ma!aa( &a# +e'+e*a ka'ea

8ak(") maka *$#"aka ($#ka( *$sk.(. ;discount rate<-

Aal$s$s E!ek($!$(as =$a&a ;Cost-Effectiveness Analysis<

Aals$s e!ek($,$(as +$a&a *$lak"ka ka'ea (e'**a%a( kes"l$(a *alam me#h$("# +$a&a

*a ma!aa( s.s$al se3a'a k"a($(a($!- Aals$s cost-effectiveness mel$%"($ %e$la$a (e'ha*a%

+$a&a *a ma!aa( &a# *a%a( *$k"a($!$kas$) +a$k *$ masa seka'a# ma"%" *$ masa &a# aka

*a($# a(as s"a(" %'.&ek *e#a %e#a'"h a(a" *am%ak &a# ($*ak *a%a( *$k"a($!$kas$ka)

am" ($*ak *$$la$- De#a ka(a la$) aal$sa cost-effectiveness mem"sa(ka %a*a %e#"k"'a

s"a(" &a# *a%a( *$"k"'-

La#kahla#kah *alam melak"ka aal$s$s e!ek($,$(as +$a&a a*alah se+#a$ +e'$k"(4

1- Mee("ka /"mlah *a 8ak(" a(as sem"a +$a&a m.*al- Hal (e'se+"( mel$%"($ %"la

%ee("a +$a&a +a#"a) %e'la(a) *a (aah- Hal $$ %e($# ka'ea s"m+e' *a&a &a#

*$%e'l"ka .leh se+"ah %'.&ek ha'"s *$$la$ %a*a opportunity cost %e"h&a- De#a

*em$k$a) /$ka .'#a$sas$ me##"aka (aah&a se*$'$ &a# maa se+"ah +a#"a

aka *$*$'$ka *$ a(as&a) maka +$a&a &a# *$%aka$ ha'"s *$$la$ +e'*asa'ka ha'#a %asa'

%a*a saa( $(" ;current !arket value<

15



2- Mem+"a( es($mas$ +$a&a &a# aka (e'/a*$ ;running cost < selama "m"' &a# *$ha'a%ka

*a'$ s"a(" %'.&ek

- Mem+"a( es($mas$ ."(%"( (e'"k"( selama "m"' &a# *$ha'a%ka *a'$ s"a(" %'.&ek

6- Mem+"a( es($mas$ %e#a'"h +$a&a *a %e*a%a(a a(as ak($,$(as &a# *$lak"ka

5- Me*$sk.(.ka +$a&a *a ma!aa( &a# *a%a( *$"k"' "("k mem"#k$ka melak"ka

%e'+a*$#a- '.se*"' &a# +$asa *$%aka$ a*alah me#h$("# $la$ seka'a# ; present

value< (e(a%$ %'.&ek%'.&ek &a# *$m$l$k$ "m"' &a# +e'+e*aa m"#k$ le+$h (e%a(

*$+a*$#ka *e#a me##"aka +$a&a (ah"a ek"$,ale ;equivalent annual cost <-

9- Me/elaska se3a'a 'eal$s($s me#ea$ kem"#k$a a*a&a +$a&a+$a&a *a ma!aa(

&a# ($*ak *a%a( *$k"a($!$kas$ &a# aka m"3"l *a'$ %'.&ek &a# aka *$/alaka-

Dalam %'ak($k&a) (e'*a%a( +e+e'a%a kes"l$(a *alam melak"ka aal$s$s e!ek($,$(as

+$a&a- Kes"l$(a (e'se+"( (e'/a*$ %a*a 8ak(" mem+"a( es($mas$ a(a" %e'k$'aa me#ea$ 8ak("

*a +esa'&a /"mlah +$a&a *a ma!aa( *$ masa *a($#- Kes"l$(a /"#a *$alam$ %a*a saa(

%em$l$ha ($#ka( *$sk.(. ;discount rate< &a# (e%a( a(a" %e&es"$a "("k ($"#ka( '$s$k. *a

ke($*ak%as($a) se+a#a$ #am+a'a *alam seks$ %e*ah"l"a %a*a aal$sa cost-benefit - Nam"

*em$k$a) meka$sme %e*$sk.(.a %a*a *asa'&a ($*ak +e'+e*a *a'$ &a# +$asa *$(e'a%ka

%a*a se3(.' s8as(a-

16



BAB III

PENUTUP

KESIMULAN

Dalam melak"ka !"#s$ %ela&aa mas&a'aka() %eme'$(ah *$ha*a%ka %a*a masalah

%e#am+$la ke%"("sa $,es(as$ %"+l$k- Ke%"("sa $,es(as$ %"+l$k *$%e'l"ka "("k

me*"k"# %elaksaaa %'.#'am) ke#$a(a *a !"#s$ &a# me/a*$ %'$.'$(as ke+$/aka-

e#el"a'a "("k $,es(as$ %"+l$k ha'"s me*a%a( %e'ha($a &a# le+$h +esa' *$+a*$#ka

*e#a %e#el"a'a '"($) ka'ea %e#el"a'a '"($ le+$h +e'*am%ak /a#ka %e*ek) se*a#ka

%e#el"a'a $,es(as$ mem%"&a$ e!ek /a#ka %a/a#- Kesalaha *alam melak"ka $,es(as$

%e#am+$la ke%"("sa $,es(as$ ($*ak sa/a aka +e'*am%ak %a*a a##a'a (ah" +e'/ala)

am" /"#a aka mem+e+a$ a##a'a (ah"(ah" +e'$k"(&a-

I,es(as$ %"+l$k mem%"&a$ ka$(a &a# e'a( *e#a %e#a##a'a m.*al $,es(as$-

e#a##a'a m.*al $,es(as$ me'"%aka %'.ses "("k me#aal$s$s %'.&ek%'.&ek *a

mem"("ska a%aka %'.&ek (e'se+"( *a%a( *$ak.m.*as$ .leh a##a'a m.*al $,es(as$- U("k

mem+e'$ks meka$sme *alam me#a("' %'.&ek $,es(as$ %"+l$k se3a'a le+$h e!$s$e *a e!ek($!)

17



maka %e'l" *$lak"ka aal$s$s $,es(as$ se3a'a me*alam- Aal$s$s $,es(as$ +e'h"+"#a e'a(

*e#a %e#a##a'a !"#s$.al) al.kas$ s"m+e' *a&a) *a %'ak(ek maa/eme ke"a#a *$

sek(.' %"+l$k- Sela$ $(") %'.#'am $,es(as$ %"+l$k me'"%aka +e("k *a'$ dual budgeting ) &a$("

%em$saha a##a'a m.*al $,es(as$ *a'$ a##a'a '"($-

DAFTAR PUSTAKA

♥ h((%s4888-s3'$+*-3.m*.355922Aal$s$sI,es(as$Sek(.'"+l$k

♥ Ma'*$asm.) 2002- Ak"(as$ Sek(.' "+l$k- .#&aka'(a 4 A*$

♥ h((%s4('$has("($e-8.'*%'ess-3.m20101116$,es(as$%"+l$k

♥ h((%4*.l%h$+l"ela!!e's-+l.#s%.(-3.-$*201105aal$s$s$,es(as$sek(.'%"+l$k-h(ml

18

https://www.scribd.com/doc/55996223/Analisis-Investasi-Sektor-Publik

https://trihastutie.wordpress.com/2010/11/14/investasi-publik/

https://trihastutie.wordpress.com/2010/11/14/investasi-publik/

https://www.scribd.com/doc/55996223/Analisis-Investasi-Sektor-Publik



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