TA DIGITAL
Penentuan Struktur Modal Optimal pada Perusahaan BUMN di Indonesia dengan Penerapan Simulasi Monte Carlo = Optimal Capital Structure Determination of Indonesian State Corporation by Applying Monte Carlo Simulation
Optimal capital structure determination in the state corporation is crucial due to their capital source was from the state budget. The state corporation should manage its capital structure so that the financial risk can be avoided. This research aims to determine the optimal capital structure for the Indonesian State Corporation by applying the Monte Carlo Simulation method. The population of this research is Indonesian state corporations listed on the Indonesian Stock Exchange in 2019 – 2023 and four companies were selected using the purposive sampling method. The
Monte Carlo Simulation is conducted using Python programming language with 10.000 different scenarios of capital structure. The result of this research indicates that the optimal debt ratio for ANTM, TLKM, SMGR, and PTBA is 51,27%, 61,53%, 54,67%, and 46,85%, respectively. The analysis shows that WACC is the most sensitive to changes in market return, beta, and interest expenses.
Keywords: Optimal Capital Structure, Monte Carlo Simulation, Weighted
Average Cost of Capital (WACC)
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