Analisis Anggaran Investasi Dalam Pengambilan Keputusan Investasi
DOI:
https://doi.org/10.63822/2pzc7518Keywords:
investment budgeting; capital budgeting; investment feasibility; risk and return; investment decision-makingAbstract
Investment budgeting is an essential component of corporate financial planning that serves as the basis for long-term investment decision-making. This study aims to analyze the role of investment budgeting, types of investment, investment feasibility assessment methods, sources of investment financing, and the relationship between risk and return in investment decisions. This research employed a descriptive qualitative approach using literature review and a case study of PT. Kharisma Abadi Arta Guna Luwuk. The research data were obtained from relevant scientific literature and company data analyzed using capital budgeting methods, namely Net Present Value (NPV), Payback Period (PP), Profitability Index (PI), and Accounting Rate of Return (ARR). The results indicate that investment budgeting plays a strategic role in helping companies allocate resources effectively, select profitable investment alternatives, and minimize decision-making risks. Furthermore, investment financing sources and the relationship between risk and return are important factors that should be considered in determining investment feasibility. The case study findings reveal that the stone cruiser machine replacement investment at PT. Kharisma Abadi Arta Guna Luwuk is feasible, with an NPV of IDR 4,480,418,187.754, a Payback Period of 1.9 years, a Profitability Index of 8.5, and an Accounting Rate of Return of 10.368%. These findings demonstrate that the application of capital budgeting methods can support more objective, effective, and value-oriented investment decision-making.
References
Ahmad, R., Rani, S. C., Pribadi, C. A., et al. (2025). Analisis kelayakan investasi usaha Laga Lagi Thrift menggunakan pendekatan capital budgeting: Studi kasus metode payback period, NPV, dan IRR. Jurnal Akuntansi, Manajemen dan Ekonomi, 4(1).
Assani, W. M., Meiyenti, I., & Tumija. (2024). Investasi modal publik dan pertumbuhan daerah: Implikasi fiskal dari pembangunan IKN Indonesia (2020–2024). Jurnal Inovasi Pembangunan.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Cengage Learning.
Fazzari, S. M., Hubbard, R. G., & Petersen, B. C. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 1988(1), 141–206.
Haryanto, B., & Lestari, S. (2024). Digitalisasi dan efisiensi usaha melalui investasi teknologi pada sektor bisnis Indonesia. Jurnal Manajemen dan Bisnis Indonesia, 10(1), 45–56.
Hidayat, T., & Nurhayati, S. (2021). Pengaruh struktur modal terhadap keputusan investasi perusahaan manufaktur di Indonesia. Jurnal Akuntansi dan Keuangan, 23(2), 145–158. https://doi.org/10.9744/jak.23.2.145-158
Kementerian Keuangan Republik Indonesia. (2023). Kamus istilah keuangan: Investasi. Kementerian Keuangan Republik Indonesia.
Magni, C. A., & Peasnell, K. V. (2012). Economic profitability and the accounting rate of return. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2027607
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.
Nasution, S. A., Sirait, T. A., Pamungkas, T. H., & Shadiq, Y. N. (2025). Efektivitas keputusan investasi dan pendanaan dalam perspektif profitability index serta weighted average cost of capital. Kajian Ekonomi dan Akuntansi Terapan, 2(4), 347–354. https://doi.org/10.61132/keat.v2i4.1983
Otoritas Jasa Keuangan. (2022). Literasi dan inklusi keuangan: Investasi. Otoritas Jasa Keuangan.
Putri, D. A., & Saputra, R. (2025). Peran investasi dalam transformasi ekonomi berbasis inovasi di Indonesia. Jurnal Ekonomi Pembangunan Indonesia, 6(1), 12–24.
Rahman, F., & Firmansyah, A. (2023). Investasi dan ekspansi bisnis dalam meningkatkan daya saing perusahaan. Jurnal Akuntansi dan Bisnis, 9(2), 88–97.
Reilly, F. K., & Brown, K. C. (2012). Investment analysis and portfolio management (10th ed.). South-Western Cengage Learning.
Savitri, E. (2016). Penganggaran perusahaan II. Pustaka Sahila.
Setiawan, I., & Pratama, Y. (2024). Dampak investasi terhadap pertumbuhan ekonomi Indonesia. Jurnal Ekonomi dan Kebijakan Publik, 11(1), 33–44.
Sinaga, A. S., Sari, M. M., Hutasuhut, A. A., Zahara, S. T., Amanda, A., Fitri, A., & Caesario, M. A. (2023). Comparison of capital budgeting methods: NPV, IRR, payback period. World Journal of Advanced Research and Reviews, 19(2), 1078–1081. https://doi.org/10.30574/wjarr.2023.19.2.1483
Sjahrial, D. (2022). Manajemen keuangan (Edisi revisi). Mitra Wacana Media.
Sutrisno. (2013). Manajemen keuangan: Teori, konsep, dan aplikasi. Ekonisia.
Tandelilin, E. (2017). Pasar modal: Manajemen portofolio dan investasi. Kanisius.
Yuliana, R., & Kurniawati, D. (2023). Investasi dan penyerapan tenaga kerja di Indonesia. Jurnal Ekonomi dan Pembangunan, 8(3), 120–131.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Siti Nur Reskiyawati Said (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
