KEBIJAKAN UTANG PERUSAHAAN DAN EFEKTIVITAS KEBIJAKAN PEMBATASAN DEBT-TO-EQUITY RATIO (DER) STUDI EMPIRIS PADA PERUSAHAAN SEKTOR PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2010 - 2012

The government plans to re-enact debt-to-equity ratio (DER) limitation policy to regulate financing activity of business enterprise. DER limitation policy is a policy which limiting the interest expense that can be recognized as fiscal cost thus reducing the tax deductibility of interest. This study aims to investigate and analyze the effectiveness of DER limitation policy. The effectiveness of this policy can be seen from the policy�s objective, which focused on tax revenue and thin capitalization practice. This study use mining companies which listed on Bursa Efek Indonesia (BEI) on 2010- 2012 as a sample and average DER of sample as a limitation. The results indicate that DER limitation policy is not effective, as evidenced by the number of samples that have DER below the limitation which �produce� negative non-deductible interest expense, which means the government cannot obtain additional tax revenues from those samples. In order to obtain tax benefit of interest expense, those samples practice thin capitalization. Samples which have DER above the limitation, thus �produce� positive non-deductible interest expense, seek a way to avoid tax disincentives by practicing creative accounting