Analisis kinerja keuangan BUMN sebelum dan sesudah melakukan privatisasi (IPO) 1991-2004

AMBARSARI, Eni, Taufikur Rahman, SE., MBA., Akt

2010 | Tesis | S2 Magister Manajemen

Penelitian ini bertujuan untuk menguji apakah privatisasi BUMN dengan metode IPO memberikan peningkatan kinerja keuangan perusahaan BUMN secara signifikan pada periode 1991-2004. Rasio-rasio yang digunakan dalam penelitian ini antara lain: current ratio, quick ratio, working capital on sales, return on assets, return on equity, net profit margin, long term debt to assets ratio, current liabilities on total debt, debt to equity ratio dan devidend payout. Terdapat dua rasio kinerja perusahaan yang mengalami perubahan secara signifikan, antara lain: likuiditas, dan dividend. Sedangkan rasio profitabilitas dan leverage tidak mengalami perubahan secara signifikan. Terdapat tiga rasio kinerja perusahaan yang mengalami perbaikan, antara lain: likuiditas, leverage dan dividend. Sedangkan rasio profitabilitas tidak mengalami perbaikkan.

This study examine the financial performance of privatized firms in Indonesia durin the period 1991 and 2004. The purposes of this research is to test whether the privatization of state enterprises with IPO method provides enhanced financial performance of state-owned companies. Ratios used in this study include: current ratio, quick ratio, working capital on sales, return on assets, return on equity, net profit margin, long term debt to assets ratio, current liabilities on total debt, debt to equity ratio and devidend payout. There are two ratios that the company's performance changes significantly: liquidity and dividend ratio. we do not find significant improvements in privatised firms’ profitability and leverage.

Kata Kunci : BUMN, Privatisasi, Initial public offering, Profitability, state enterprises, IPO, privatised, profitability, leverage, liquidity and dividend.