Pengaruh Pengelolaan Modal Kerja Terhadap Kinerja Perusahaan Jasa Konstruksi PT Waskita Karya (Persero) Tbk

Abstract

Penelitian ini dilatarbelakangi oleh tekanan keuangan yang dialami PT Waskita Karya (Persero) Tbk (WSKT) sejak 2015 akibat ekspansi besar-besaran ke sektor jalan tol. Meskipun aset meningkat, tidak terjadi peningkatan pendapatan yang sebanding, sehingga menimbulkan arus kas negatif dan penurunan ekuitas. Kondisi ini menegaskan pentingnya pengelolaan modal kerja yang efisien untuk menjaga stabilitas dan kinerja keuangan perusahaan. Penelitian ini bertujuan menganalisis pengaruh pengelolaan modal kerja, yaitu Average Collection Period (ACP), Average Payment Period (APP), Inventory Conversion Period (ICP), dan Cash Conversion Cycle (CCC), serta kebijakan modal kerja seperti Aggressive Investment Policy (AIP) dan Aggressive Financing Policy (AFP) terhadap Return on Assets (ROA), Return on Equity (ROE), dan Tobin’s Q. Metode yang digunakan adalah regresi linear berganda dengan data laporan keuangan PT WSKT periode 2013–Q1 2024. Tiga model digunakan: model dasar, model dasar dengan AIP, dan model dasar dengan AFP. Variabel kontrol meliputi pertumbuhan ekuitas, leverage, dan dampak pandemi Covid-19. Hasil Penelitian adalah sebagai berikut: 1. Model Dasar: Hanya ACP yang berpengaruh signifikan terhadap Tobin’s Q. APP, ICP, CCC tidak signifikan terhadap ROE dan Tobin’s Q. Leverage berpengaruh negatif terhadap kedua indikator. 2. Model dasar dengan AIP: AIP berpengaruh signifikan terhadap Tobin’s Q, menunjukkan bahwa investasi agresif menaikkan ekspektasi pasar, namun belum meningkatkan profitabilitas langsung. 3. Model dasar dengan AFP: AFP tidak berpengaruh signifikan terhadap ROE dan Tobin’s Q, hal ini mengindikasikan bahwa pembiayaan agresif menambah risiko tanpa meningkatkan kinerja. Berdasarkan hasil penelitian maka dapat disimpulkan bahwa pengelolaan modal kerja berpengaruh terhadap kinerja perusahaan, terutama dari sisi nilai pasar (Tobin’s Q). ACP (piutang) adalah komponen modal kerja paling berpengaruh terhadap Tobin’s Q. Kebijakan investasi agresif (AIP) efektif dalam meningkatkan nilai pasar, sementara kebijakan pembiayaan agresif (AFP) tidak berdampak positif secara signifikan. Berdasarkan hasil penelitian ini, disarankan PT WSKT untuk menyeimbangkan antara agresivitas investasi dan efisiensi operasional, terutama dalam penagihan piutang dan manajemen kas.

This research is motivated by the financial pressure experienced by PT Waskita Karya (Persero) Tbk (WSKT) since 2015 due to massive expansion into the toll road sector. Although assets increased, there was no comparable increase in revenue, resulting in negative cash flow and a decrease in equity. This condition emphasizes the importance of efficient working capital management to maintain the company's financial stability and performance. This study aims to analyze the effect of working capital management, namely Average Collection Period (ACP), Average Payment Period (APP), Inventory Conversion Period (ICP), and Cash Conversion Cycle (CCC), as well as working capital policies such as Aggressive Investment Policy (AIP) and Aggressive Financing Policy (AFP) on Return on Assets (ROA), Return on Equity (ROE), and Tobin's Q. The method used is multiple linear regression with PT WSKT financial report data for the period 2013–Q1 2024. Three models are used: the basic model, the basic model with AIP, and the basic model with AFP. Control variables include equity growth, leverage, and the impact of the Covid-19 pandemic. The results of the study are as follows: 1. Basic Model: Only ACP has a significant effect on Tobin's Q. APP, ICP, CCC are not significant on ROE and Tobin's Q. Leverage has a negative effect on both indicators. 2. Basic model with AIP: AIP has a significant effect on Tobin's Q, indicating that aggressive investment increases market expectations, but has not increased direct profitability. 3. Basic model with AFP: AFP has no significant effect on ROE and Tobin's Q, indicating that aggressive financing increases risk without improving performance. Based on the results of the study, it can be concluded that working capital management affects company performance, especially in terms of market value (Tobin's Q). ACP (receivables) is the most influential working capital component on Tobin's Q. Aggressive investment policy (AIP) is effective in increasing market value, while aggressive financing policy (AFP) does not have a significant positive impact. Based on the results of this study, it is recommended that PT WSKT balance investment aggressiveness and operational efficiency, especially in receivables collection and cash management.