Nama NIM Prodi

: Siti Nur Faizah : 1162097 : Akuntansi Reguler A2

Mata Kuliah : Bahasa Inggris

ABSTRACT
By : Lusi Widayanti.2010. Combination leverage analysis for measuring risk in the pharmacy that go public. Keywords : Operating Leverage, financial Leverage, combination Leverage analysis. In a company, the concept of Leverage is important to increase the return. Companies use Leverage because the capital alone is not sufficient to carry out operational activities, especially for companies going public. The higher of Leverage companys risk is also high because of the uncertainty return that is directly related to the companys ability to pay its fixed obligations. But the high risk will be offset by the high degree of operating Leverage (DOL) and degree of financial Leverage (DFL), or a combination of both the degree of combined Leverage (DCL). If DCL higher mean increase in earning per share (EPS), which is one indicator of the success of a company is much faster than the increase in sales, and this is one of the motivators of investors to invest. The research method used is descriptive quantitative. Companies that become the population are listed pharmaceutical company in indonesia stock exchange (BEI). And samples were taken randomly by 5 companies, namely PT. Darya-Varia Laboratoria Tbk, PT. Indofarma (persero) Tbk, PT. Kimia Farma (persero) Tbk, PT. Kalbe Farma Tbk, and PT. Merck Tbk. By using an analysis tool that leverage are operating leverage,financial leverage, and combine leverage. The calculation result shows the ratio of DOL and DFL PT. Kalbe Farma Tbk, and PT Merck Tbk has the best ratio value. This means that the management company succeeds in the operational activities and spending decisions are correct. So even if the highly leveraged company, but the risk remains low and acceptable level of profit is the maor shareholder. To PT. Darya-Varia Laboratoria Tbk, and PT. Kimia Farma (persero) Tbk value of DOL and DFL is quite good, while that with unfavorable ratio is PT. Indofarma (persero) Tbk. If the value of both DOL and DFL then automatically the ratio of the degree of combined leverage (DCL) is also good. DCL is a good ratio, if there is positive change in sales, earnings before interest and taxes (EBIT) and earnings per share (EPS) .