Analisis kinerja keuangan empat industri

LUBIS, Togap Suandi, Prof.Dr. Mas'ud Machfoedz, MBA

2004 | Tesis | Magister Manajemen

Setiap perusahaan memiliki posisi dan kondisi keuangan yang berbeda. Hal ini sangat tergantung pada kemampuan perusahaan untuk mengelola sumber-sumber kekayaan yang dimilikinya. Obyek penelitian yang digunakan adalah industri properti & estat real, automotive, garmen & tekstil, dan makanan & minuman, dimana industri properti & estat real, automotive, garmen & tekstil digolongkan kedalam cyclical industry sedangkan industri makanan & minuman digolongkan kedalam defensive industry. Oleh karena itu, penelitian ini bertujuan menganalisis kinerja keuangan dan membandingkan kinerja keuangan antara keempat industri tersebut. Sampel yang digunakan pada penelitian terdiri atas 37 industri properti & estat real, 17 industri automotive, 19 industri garmen & te kstil, dan 20 industri makanan & minuman. Data laporan keuangan masing-masing industri diambil dari buku Indonesian Capital Market Directory (ICMD) tahun 1999-2002. Variabel yang dipelajari pada penelitian ini terdiri atas variabel dependen (kinerja keuangan industri properti & estat real, automotive, garmen & tekstil, dan makanan & minuman) dan variabel independen (rasio keuangan dari setiap industri). Kinerja keuangan diproxy dengan 16 jenis rasio keuangan. Proses pengolahan data pada penelitian ini terdiri atas tiga tahap, yaitu 1) menguji normalisasi data, jika data tidak normal akan dilakukan transformasi data dengan Ln, 2) mengolah data dengan menggunakan four-group of stepwise discriminant analysis, dan 3) menentukan peringkat keempat industri tersebut berdasarkan hasil statistik deskriptif (mean dan standard deviation) dari variabel-variabel independen (rasio keuangan) yang signifikan. Hasil four-group of stepwise discriminant analysis menunjukkan bahwa dari 16 jenis rasio keuangan yang dianalisis hanya terdapat 5 jenis rasio keuangan yang efektif digunakan untuk menilai kinerja keuangan keempat industri, yaitu LTATO, LFATO, LDSO, LDR, dan LBEP. Model diskriminan yang digunakan mampu membedakan kinerja keuangan keempat industri tersebut secara signifikan. Prosentase ketepatan klasifikasi kinerja keuangan keempat industri berdasarkan model diskriminan adalah 65,1%. Prosentase tersebut diatas 50% sehingga model diskriminasi ini disimpulkan cukup valid digunakan untuk memprediksi atau menggolongkan industri properti & estat real, automotive, garmen & tekstil, dan makanan & minuman di Indonesia. Analisis statistik deskriptif menunjukkan bahwa kinerja keuangan industri terbaik dari lima rasio keuangan tersebut adalah industri makanan & minuman, lalu automotive, kemudian garmen & tekstil, dan terakhir properti & estat real.

Every company has a difference financial position and condition. This thing depends on the company ability to manage their assets. Used research objects are property & real estate industry, automotive industry, garment & textile industry, and food & beverage industry, where property & real estate industry, automotive industry, garment & textile industry are categorized as cyclical industry, and food & beverage industry is categorized as defensive industry. Therefore, this research is conducted to analyze and to compare financial performance between these fourths industry. This research used 37 property & real estate industries, 17 automotive industries, 19 garment & textile industries, and 20 food & beverage industries as the samples. Data of financial statement of each industry was taken from Indonesian Capital Market Directory (ICMD) in 1999-2002. Dependent variable (financial performance of property & real estate industry, automotive industry, garment & textile industry, and food & beverage industry) and Independent variable (financial ratios of each industry) was studied in this research. Proxies of financial performance are 16 financial ratios. This research is conducted to three steps of data processing, those are 1) testing normalization data, transformation data with ln numeric would done if data is not-normal, 2) four -group of stepwise discriminant analysis is used to process data in this research, and 3) descriptive statistic (mean and standard deviation) of significant independent variables is used to determine fourths industry rating. Result of four-group of stepwise discriminant analysis showed that from 16 financial ratios analyzed, there are only 5 effective financial ratios that used to assess the financial performance of those industries; those are LTATO, LFATO, LDSO, LDR, and LBEP. The applied discriminant model is able to distinguish financial performance of four industries as significant. Percentage of classification accuracy of fourths industry financial performance based on discriminant model is 65.1%. The percentage is over than 50%, with the result that applied discriminant model is enough valid to predict or to categorize property & real estate industry, automotive industry, garment & textile industry, and food & beverage industry in Indonesia. Descriptive statistic analysis showed the best financial performance of industries from significant five ratios. Their industry rating is food & beverage industry, next automotive industry, than garment & textile industry, and the last property & real estate industry.

Kata Kunci : Manajemen Perusahaan,Kinerja Keuangan, industry, financial performance, and stepwise discriminant analysis