ANALISA KINERJA KEUANGAN BUMN SEBELUM DAN SESUDAH PRIVATISASI

Julianto, Dr. Sumiyana, M.Si., Akt

2013 | Tesis | S2 Magister Manajemen

Penelitian ini bertujuan melihat apakah terdapat perbedaan kinerja keuangan BUMN antara sebelum dan sesudah privatisasi. Data penelitian diperoleh dari Badan Usaha Milik Negara(BUMN) yang melakukan privatisasi dalam periode tahun 1998 – 2011 dengan metode Initial Public Offering di Bursa Efek Indonesia yakni sebanyak 13 BUMN. Sampel yang digunakan adalah laporan keuangan tahunan BUMN selama dua tahun sebelum dan sesudah melakukan privatisasi.kinerja keuangan diukur melalui tujuh indikator yaitu: Return on Sales(ROS), Return on Asset(ROA), Return on Equity(ROE), Sales Efficiency(SALEF), Debt to Asset(DEBTAS), Long Term Debt to Equity(LTDEQ) dan Dividend to Net Income(DEVNI). Metode analisa data yang dipergunakan adalah uji normalitas one sample of Kolmogorov-Smirnov and Paired Sample Test. Hasil penelitian menunjukkan bahwa kinerja keuangan BUMN yang diprivatisasi tidak mengalami peningkatan signifikan, bahkan pada beberapa indikator terdapat penurunan kinerja yakni indikator ROS, ROA, ROE dan SALEF. Hasil pengujian hipotesis juga menunjukkan bahwa tidak terdapat perbedaan kinerja keuangan sebelum dan sesudah privatisasi pada indikator Return on Sales(ROS) dan Return on Asset (ROA).

This research was aimed to know the financial’s performance of state company (BUMN) before and after privatized. The observational data acquired from BUMN’s corporate which was privatized during 1998-2011 by Initial Public Offering’s (IPO) method. The sample of this research was the financial performance of BUMN’s corporate which was privatized with time interval of two years period before and after privatized. The financial performance measured by seven indicators, that among those: Return on Sales (ROS), Return on Asset (ROA), Return on Equity (ROE), Sales Efficiency (Saleff), Debt to Asset (DEBTAS), Long Term Debt to Equity (LTDEQ) and Dividend to Net Income (DEVNI). The analysis method’s data that utilized is one sample of Kolmogorov-Smirnov and Paired Sample Test. The result of the analysis found that BUMN’s financial performance which privatized by IPO was not made much progress, even some indicators of finance performance decreased. Hypothesizing examination yield shows that there were not differentiate and poor relationship in finance’s performance before and after privatized.

Kata Kunci : privatisasi, Badan Usaha Milik Negara (BUMN), kinerja keuangan