Analisis Kinerja Keuangan Perusahaan Publik Sebelum dan Sesudah Merger dan Akuisisi

Dinavia Tri Riandari, Prof. Dr. Eduardus Tandelilin, M.B.A.

2013 | Tesis | S2 Magister Manajemen

Penelitian ini bertujuan untuk menguji perbedaan rasio likuditas, tingkat efisiensi pemanfaatan aset, rasio leverage, rasio profitabilitas dan rasio pasar pada perusahan publik sebelum dan sesudah merger dan akuisisi. Penelitian menggunakan data sekunder dengan jumlah sampel sebanyak 31 perusahaan, dengan kriteria yaitu perusahaan tercatat pada Bursa Efek Indonesia, melakukan merger dan akusisi periode tahun 2000 sampai dengan 2005, tidak berasal dari industri perbankan maupun lembaga keuangan lainnya, tidak melakukan merger dan akuisisi lagi sampai dengan 5 tahun sesudah merger dan akusisi, menerbitkan laporan keuangan pada periode satu tahun sebelum sampai dengan lima tahun sesudah merger dan akuisisi. Rasio yang diuji Current Ratio, Total Asset Turnover, Debt to Total Asset, Operating Profit Margin, Net Profit Margin, Return On Investment, Return On Equity, Price Earning Ratio, dan Price Book Value. Metode analisa data menggunakan analisa deskriptif, kemudian menggunakan uji normalitas One Sample Kolmogorov Smirnov Test dan uji Wilcoxon Signed Ranks Test. Hasil pengujian analisa deskriptif, secara umum kinerja keuangan menunjukkan perbaikan sesudah merger dan akuisisi, namun tidak cukup kuat untuk membuktikan secara statistik bahwa adanya merger dan akuisisi membuat perusahaan lebih likuid, lebih efisien dalam penggunaan aset, tingkat leverage lebih rendah, profitabilitas lebih besar, dan memiliki kinerja pasar yang lebih tinggi.

This paper planned to examine differences in liquidity ratios, efficiency of utilization of the company's assets, leverage ratios, profitability ratios and the ratio of enterprise market before and after mergers and acquisitions. Data collection methods used in this research is a method of documentation. The population in this study was all active public companies listed on the Indonesia Stock Exchange (BEI) in the period 1999 to 2010 that meet the following criteria Companies listed on the Indonesian Stock Exchange with merger and acquisitions in the period 2000 to 2005, the Company excludes the banking industry and other financial institutions, the Company does not undertake merger and acquisition activity either in period of 1 (one) year prior to 5 (five) years after the merger and acquisition activity, Company's financial statements issued one (1) year prior to 5 (five) years after the events of mergers and acquisitions. Based on the sample selection criteria and the availability of data, obtained a sample of 31 companies that do mergers and acquisitions in 2000 to 2005. Based on the descriptive analysis, the general financial performance showed improvement after mergers and acquisitions, but not strong enough to prove statistically that the mergers and acquisitions make the company more liquid, has more efficient use of assets, lower leverage levels, greater profitability, and higher market performance. This is evidenced by the results of tests performed on the financial ratios in this study that shows that the majority of the company's performance showed no significant difference between before and after mergers and acquisitions. Significant differences were found only in the ratio of Total Asset Turnover for the period of 3 years and 5 years after the merger and acquisitions, leverage ratios in the period of 3 years after the mergers and acquisitions, as well as the ratio of operating profit margin in period 2, 3, and 5 years after mergers and acquisitions.

Kata Kunci : Merger dan akuisisi, rasio keuangan, Wilcoxon Signed Ranks Test