CHAPTER IINTRODUCTION
1.1 Background ResearchCommunity needs more and more the result of human needs that are not limited to that followed by the sophistication of technology, so development of business has increased to meet the needs of society and the resulting competition competitive. Companies that will survive otherwise strong companies that are unable to compete will likely be liquidated or went bankrupt. Therefore, in order to face the changes that occur, the company certainly needs to carry out management functions, which among others include planning, organizing, and controlling the well, thus the company's main objectives will be achieved. In addition the company also needs to perform well for the management of capital available sufficient capital to implement increased operational activities, such as adding labor, machinery, etc., or in business expansion.To view the financial condition and development of an enterprise, usually head of the company prepare financial statements that describe the events or any transactions that occur in companies that are then used to interpret or analyze to financial data company. The financial statements published by companies is a product of the accounting process must have the characteristics and limitations. The financial statements produced for specific purposes based on Generally Accepted Accounting Principles. Interpretation or analysis of the company's financial statements are very useful for analysts to know the circumstances and financial development company.One analysis of financial statements is an analysis report of sources and uses of working capital is an analysis of where the sources and use of working capital in a company. Working capital is funds that should be available within a company that can be used to finance day-to-day operations, such as to give advance purchase of raw materials, pay workers' wages, salaries, etc., in which money or funds that have been issued it is expected to be able to return again entered in the company in a short time through the sale of its products. From the statement of sources and uses of working capital will help finance manager in implementing the company's activities in terms of determining the amount of funds that must be available and to be able to see the origin, source of funding was obtained. In addition, the report can also assist financial managers in planning how the use of funds as well as possible in order to avoid the things that companies do not want if the company because of lack of funds would be difficult to develop. Lack of ongoing working capital that are not immediately resolved will certainly hamper the company in achieving its goals.Working capital to be used should be available in sufficient quantities to provide the maximum benefit that a company can operate economically as well as sufficient working capital to push the company into a low cost, supporting all activities of the company's operations on a regular basis. In addition, sufficient working capital ownership would provide several advantages, among others, enables the company to pay all its obligations in a timely manner, enabling the company to have the supplies in sufficient quantities to serve the consumer, and allows the company to operate more efficiently because it does not there is difficulty to obtain goods or services required.Determining the amount of working capital needed by different companies, one of which depends on the type of company. The company's policy in managing the exact amount of capital will result in profits, while the effect of working capital investment will result in losses of less precise. In order to assess the financial position of a company in completing its obligations, it is necessary to use analysis tool called liquidity ratio, which means the ratio which shows the company's ability to pay its current liabilities. From the calculation of this ratio is expected to help managers to assess the effectiveness and efficiency of working capital used by the company in business. Ratio analysis of any company's working capital are needed to understand and interpret short-term financial position of companies as well as examining the efficiency and the use of working capital in the company.If the amount of liquid assets is too small, it will cause illikuid situation, whereas if the amount of current assets that are too large will result in the emergence of current assets or funds that are unemployed. All of this will affect the course of operations that will ultimately reduce the benefits or profits which have accrued to the company during the period. Good working capital management will be more smooth than the company's activities also can increase the success of efforts to achieve the expected benefits.Therefore, companies must be careful in dealing with financial problems in the management of sources and uses of working capital. Report sources and uses of working capital is a report that is useful for enterprise management, the creditors, shareholders, and other parties. The management and short-term creditors will be mainly interested in short-term financial position (the position of working capital) of an enterprise, including the changes that occurred during that period. The increase in working capital may be indicated in cash, securities, accounts receivable and in inventory or a decline or decrease in current liabilities, and the increase in working capital will be interpreted depending on the sources that cause the increase. If all these changes are all derived from operating results the company, then this will be assessed as very good or beneficial than the increase in working capital that comes from spending long-term debt.Based on the above description, the author interested in conducting research with the title: "Analysis of Consolidated Sources and Uses of Working Capital and Liquidity The Company"1.2 Identification of ProblemsIn preparing these financial statements, analysis of financial statements conducted by using the method of analysis that the emphasis on analysis of sources and uses of working capital and liquidity ratios. This method is very helpful to know the efficiency of management of working capital used in the company.From the description, the authors identified the problem as follows:1 How to report analyzes sources and uses of working capital in the cigarette industry companies that go public.2 How to analyze the level of corporate liquidity on the cigarette industry companies that go public.
1.3 Research ObjectivesThe purpose of this study is to analyze the data or information required in the form of thesis writing scientific papers in order to meet the requirements in the undergraduate exams. In addition, the purpose of this research is to understand and know how far the application of science that the author learned in reality.The research objectives to be achieved authors in this study are as follows:1 To find out the results of the analysis report of sources and uses the company's working capital at the cigarette industry companies that go public.2 To find out the results of analysis of corporate liquidity levels in the cigarette industry companies that go public.
1.4 Research PurposeThis research is expected to be useful both in langsung or indirectly, for interested parties other anatra:1 For authors hoped to obtain a deeper understanding of the concept analysis of sources and uses of working capital and its relationship with the company's liquidity ratio.2 For the studied companies is expected to be used as input in making improvements, formulate policies and subsequent actions in connection with the use of financial statement analysis.3 To colleague is expected to serve as a contribution to science to be useful for those who need it, especially his fellow students.
1.5 Framework for ThinkingThe structure of the wealth of a company closely associated with its capital structure. By comparing these elements with the elements of assets liabilities, we can obtain a picture of a company's financial situation. One is the state of liquidity of a company at a given time.In carrying out its activities, the company must conduct an evaluation and measurement of what he has done so the company can take better decisions for the future that can be seen from the ratio calculations. However, in order to finance activities of daily operations, the company is always in need of working capital or funds in which money has been issued it is expected to re-enter into the company in a relatively short period of time through the sale of its products. Capital is one of limited resources, and any business entity requires working capital to finance its daily operations, for example, to buy raw materials, pay workers' wages, salaries, and so forth. Companies generally have to maintain a favorable working capital is current assets which must be greater than the total current liabilities. It is intended as a guarantee of the company's ability to pay its short term obligations. This statement is reinforced by Bambang Riyanto (2001: 58) of the definition of working capital based on qualitative concepts:"Therefore, the working capital according to this concept is part of the current assets that can really be used to finance its operations without disrupting the company's liquidity, the matrix is in excess of current assets over current liabilities. Working capital in this sense is often called net working capital (net working capital). "The statement indicates that if the company can not maintain a satisfactory level of working capital, it is very likely the company will be in a state insolvent (unable to pay the obligations that have matured) and even may be forced to must dilikuidir (bankrupt).According to Lukman Shamsuddin (2005: 227):"Net working capital is often used to measure the risk of" technical insolvency "(the inability of companies to pay the obligations immediately due). The greater the net working capital, more liquid state of a company and the less likely the company to not to fulfill the obligations immediately due. "To be able to control the net working capital, it can be done by making a statement of sources and uses of working capital. Regarding the use of working capital, the greater the current assets can cover current liabilities mean the greater the company's ability to pay its debts, which means the company more liquid. The level of liquidity should be followed by the use of company funds effectively and efficiently, because if there is excess funds caused by the use of these funds ketidakefektivan indicate deposition fund called the idle money, which the excess funds are not profitable company but even harmful, because funds are not can increase profits.Company's ability to meet its financial obligations associated with parties outside the company called "liquidity business entities", whereas when dealing with a business or production process is called "the company's liquidity."Companies are able to meet financial obligations on time means the company is in a state of "liquid", meaning the company has current assets or means of payment that is greater than current liabilities. Conversely, if the company can not meet payments when billed or obligations on the due date, means the company is in a state of "illikuid".Liquidity of an enterprise will change if the elements that influence it is also changing. There are two analytical tools used to analyze the use of working capital that is the analysis of sources and uses of working capital and financial ratio analysis. Reports of changes in working capital will give an overview of how companies manage their working capital management which can be seen from the increase or decrease in working capital for two periods or more. By analyzing the sources and uses of working capital in addition to working capital can see the changes that occur can also be useful to know how to repay company loans. Statement of changes in working capital is very important because some corporate performance measures still use the working capital components, namely the company's liquidity. If the company can maintain a condition where the source is greater than the use of working capital, this means that it will obtain sufficient working capital, it is expected that the company's liquidity will increase. If the company had working capital shortage, this situation will encourage companies experienced in bank credit, which by increasing the length of time the loan then the interest expense will bear the greater the so could result in reduced profits and ultimately will reduce the company's ability to repay the obligations that must be immediately met.Based on the above description, hence writer formulate the hypothesis as follows:"Working capital increased to improve the company's liquidity"1.6 Research MethodologyResearch techniques to be used is the author of a comparative study, while the research method used is descriptive analytical method, the method is trying to collect the appropriate data the actual situation, present and analyze it so that it can provide a clear comparison of the studied object which can then be withdrawn a conclusion.In preparing this paper, the authors used data sources are secondary data, ie data obtained from the materials available in the books, and other resources related to this research which will assist authors in processing and interpreting data financial companies acquired. The author in collecting secondary data include theories about the Analysis of Financial Statements relating to the issues discussed, namely the analysis of Sources and Uses of Working Capital and Liquidity Ratio.The technique of collecting data and information made by the author in the preparation of this paper is as follows:1. Research Library (Library Research)That is a research method to obtain theoretical data from literature, lecture notes, other written materials in connection with the problems examined so that it can be used as secondary data. The aim of the research literature is to get the basic theory and various understanding of the problems examined.2. Field Research (Field Research)That is a research method that is used by way of direct research on the issues to be discussed which is the object of researchto obtain data and information needed.1.7 Location and Time ResearchData used in this research is secondary data, obtained from the Jakarta Stock Exchange and www.jsx.co.id. While the study was conducted from November 2005 until March 2006.
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