ANALISIS PENGARUH MERGER DAN AKUISISI TERHADAP PENINGKATAN KINERJA PERUSAHAAN

Anindya Putri Maharani Sutarto, Prof. Dr. Abdul Halim, MBA.

2013 | Tesis | S2 Magister Manajemen

Merger dan Akuisisi (M&A) merupakan strategi perusahaan untuk tumbuh dan berkembang melalui jalur eksternal (external growth) atau sering disebut an-organic growth. Strategi ini ditempuh perusahaan untuk dapat meningkatkan kinerja perusahaan dalam waktu relatif singkat. Melalui kegiatan M&A, perusahaan berharap dapat menciptakan sinergi sehingga diperoleh economies of scale serta economies of scope guna memiliki keunggulan bersaing dan menjadikannya pemimpin di pasar, baik dalam hal kepemimpinan pasar (market leadership), kepemimpinan biaya (cost leadership) dan focused. Namun, banyak kegiatan M&A justru tidak menghasilkan keuntungan finansial seperti yang diharapkan perusahaan. Penelitian ini bertujuan menganalisis perbedaan kinerja perusahaan yang diukur dengan rasio keuangan (likuiditas, solvabilitas, aktivitas, profitabilitas, nilai pasar) dan return saham sesudah dilakukannya M&A dibandingkan sebelum M&A. Penelitian ini menggunakan data perusahaan manufaktur yang melakukan M&A pada tahun 2005 – 2008 dan terdaftar di pasar modal Indonesia Stock Exchange (IDX), Singapore Stock Exchange (SGX) dan Stock Exchange of Thailand (SET) dengan pengambilan sampel menggunakan purposive sampling. Periode yang diteliti adalah kinerja perusahaan 3 tahun sebelum dan 3 tahun sesudah M&A. Analisis yang digunakan dalam pengujian hipotesis penelitian ini adalah analisis kuantitatif dengan menggunakan uji normalitas Kolmogorov- Smirnov Test dan uji non parametrik Wilcoxon Signed Rank Test. Hasil pengujian menunjukkan bahwa terdapat perbedaan signifikan untuk rasio keuangan Current Ratio (CR), Quick Ratio (QR), Debt Asset to Ratio (DAR), Debt Equity Ratio (DER), Fixed Assed Turnover Ratio (FATO) dan Operating Profit Margin (OPM) serta abnormal return saham. Perbedaan signifikan positif terjadi pada QR dan OPM, sedangkan signifikan negatif terjadi pada CR, DAR, DER, FATO dan abnormal return saham. Sedangkan, hasil pengujian menunjukkan tidak terdapat perbedaan yang signifikan pada rasio Total Asset Turnover Ratio (TATO), Net Profit Margin (NPM), Return on Asset (ROA), Return on Equity (ROE), Earnings per Share (EPS) dan Price Earnings Ratio (PER).

Mergers and Acquisitions (M&As) is company’s strategy to grow and expand through outside of organization (external growth), called as an-organic growth. This strategy is intended to improve the performance of the company in a relatively short time. Through M & A activities, the company hopes to create synergies in order to obtain economies of scale and economies of scope in order to have a competitive advantage and leadership in the market, by having a market leadership, cost leadership and focused. However, many M&A results did not provide financial benefit as company’s expected. The purpose of this study is to analyze the difference of company's performance after M&A compared before the M&A. The performance of company is measured by financial ratios (liquidity, solvency, asset management, profitability, market value) and stock returns. Companies analyzed in this study are manufacturing firms that conduct M&A in the year 2005 - 2008 and listed in capital markets of the Indonesian Stock Exchange (IDX), Singapore Stock Exchange (SGX) and the Stock Exchange of Thailand (SET). The Method of data sampling used in this study is purposive sampling. This study analyzed period performance of the company using 3 years before and 3 years after M&A. Analysis hypothesis using in this study is quantitative analysis consists of descriptive statistics analysis, Kolmogorov-Smirnov normality test and nonparametric Wilcoxon Signed Rank Test. This study finds there is a significant difference to the financial ratios Current Ratio (CR), Quick Ratio (QR), Debt to Asset Ratio (DAR), Debt Equity Ratio (DER), Fixed Assed Turnover Ratio (FATO) and Operating Profit Margin (OPM) and abnormal stock returns. Positive significant difference occurred in QR and OPM, while significant negative occurred in CR, DAR, DER, FATO and abnormal stock returns. Meanwhile, it finds no significant difference of Total Asset Turnover ratio (TATO), Net Profit Margin (NPM), Return on Assets (ROA), Return on Equity (ROE), Earnings per Share (EPS) and Price Earnings ratio (PER).

Kata Kunci : Merger dan Akuisisi, Kinerja Keuangan, Analisis Rasio Keuangan, Abnormal Return