Harimbi, Umar Refa and Drs. Ubud Salim, MA, and Drs. Soemarsono, MM. (2003) Analisis Ukuran Kinerja Keuangan Pada Bumn Antara Sebelum Dan Sesudah Diprivatisasi Tahun 1991-1997. Magister thesis, Universitas Brawijaya.
Abstract
Krisis keuangan yang melanda sejumlah kawasan Asia dan Rusia telah banyak mempengaruhi berbagai kebijakan ekonomi, diantaranya perkembangan program Privatisasi. Hal ini dapat dianggap sebagai pertanyaan fundamental dari kebijakan Privatisasi, seiring dengan keadaan tersebut penelitian ini dilaksanakan dengan tujuan untuk menganalisis perbedaan kinerja BUMN antara sebelum dan sesudah diprivatisasi, dimana untuk menghitung kineija mei > rgunakan rasio-rasio keuangan pada KKEP- 100/MBU/2002 tentang Tata Cara Pei ilaian Tingkat Kesehatan BUMN Non Jasa Keuangan, rasio-rasio yang digunakan antara lain Return On Equity, Return On Investment, Rasio modal sendiri/total ak iva , Rasio Lancar, Collection Periods, Total Asset Turn Over, dan Rasio kas. Populasi penelitian adalah BUMN yang go public, dengan sampel penelitian adalah BUMN Non Jasa Keuangan dan diprivatisasi tahun 1990-an dengan periode waktu 2 tahun sebelum dan sesudah diprivatisasi, alasan peinilihan sampel adalah BUMNBUMN yang dijual pada investor dengan penawaran umum di bursa efek (Go Public) pasti mengumumkan laporan keuangan sebelum proses privatisasi (go public), dan terus mengumumkan data keuangan dan akuntansinya setelah go public, sehingga dapat terus dibandingkan dengan data sebelum privatisasi. Hasil penelitian menunjukkan bahwa terdapat peningkatan yang signifikan pada rasio Total Asset Turn Over, dan penurunan yang signifikan pada Rasio Kas, Penurunan ini teijadi karena pada beberapa BUMN sampel, periode dua tahun setelah privatisasi Indonesia sedang mengalami kondisi ekonomi yang sulit sebagai akibat depresiasi rupiah atas dollar AS, peningkatan suku bunga, kekurangan likuiditas serta pengetatan penyediaan kredit, fluktuasi nilai tukar dan meningkatnya suku bunga telah menurunkan kegiatan ekonomi. Sehingga berpengaruh terhadap peningkatan jumlah kewajiban perusahaan yang harus dipenuhi dalam dolar, akibat dari depresiasi rupiah atas dollar AS, sementara nilai kas perusahaan dalam dolar semakin turun. Sedangkan peningkatan terhadap Return On Equity, Return On Investment, Rasio Lancar, Collection Periods, terbukti tidak signifikan. Hal ini disebabkan beberapa hal, pertama, laporan keuangan sebelum privatisasi tidak dapat dibandingkan dengan setelah privatisasi, karena adanya perubahan PSAK (Persyaratan Standar Akuntansi Keuangan), hal ini memang tidak berimbas terhadap keseluruhan sampel, tetapi karena penelitian ini hanya dapat memuat 5 BUMN, sehingga perubahan terhadap satu sampel, secara simultan mampu mempengaruhi sampel lain, sehingga berdampak pada uji statistiknya. Kedua, teijadi penurunan terhadap rasio Return On Equity, Return On Investment, dan Rasio Lancar pada beberapa sampel yang diprivatisasi dimana saat itu perekonomian negara dalam kondisi krisis sehingga sangat riskan bila dibandingkan dengan sebelum privatisasi, Indonesia mengalami kondisi ekonomi yang sulit sebagai akibat depresiasi rupiah atas dollar AS, suku bunga meningkat, kenaikan serentak atas harga barang dan jasa, kekurangan likuiditas serta pengetatan penyediaan kredit, kondisi berkepanjangan tersebut antara lain berpengaruh terhadap kenaikan jumlah kewajiban, penurunan nilai aktiva, peningkatan biaya investasi, serta pendanaan, dan penurunan likuiditas dan arus kas, serta kerugian akibat selisih kurs yang signifikan dari pinjaman atau kewajiban lainnya, yang akhimya menyebabkan penurunan terhadap rasio Return On Equity, Return On Investment, dan Rasio Lancar.
English Abstract
Financial crisis that attack violently to some countries in Asia and Russia had many effect to economic decisions, one of them is the development of privatisation program. Many question about the privatization result always asked because this is a fundamental question about privatization decisions. However, the privatisation program cannot be separated from State Owned Enterprises management program. The impact of privatisation is always questioned, based on that fact this observe want to analyze the differences of financial performance before and after privatisation. We use financial rasio of BUMN taken from KKEP-100/MBU/2002 about Tata Cara Penilaian Tingkat Kesehatan BUMN Non Jasa Keuangan, the ratio are Return On Equity, Return On Investment total equity/total asset, quick ratio, Collection Periods, Total Asset Turn Over, and cash ratio. Population of this observe is State Owned Enterprises that privatised by go public. Sample is taken from BUMN non financial services that privatised in 1990s, 1 limit this anlysis to those BUMN that are sold to private investors through a public share offering, primarily because companies that are privatised in this way continue to generate post-issue financial and accounting data that are directly comparable to predivesture data. We select BUMN that have their offering of share during the years 1990s and have at least two in the years-2 to-1 and in the period +1 to +2, where the year of privatsation defined as 0. in all cases, we solicit directly from the privatised BUMN: (1) the effering prospectus for their offer, which invariably presents multiple years of preprivatisation financial data, as well as details about the offering itself, and (2) annual reports from privatisation periods. We found a significant increase in Total Asset Turn Over, and significant decrease in cash ratio, this decrease happened because Indonesia in bad economic condition in the two years period post privatisation caused by rupiahs deprecition to US Dollar, interest increasing, lack of liquidity and the tight of credit, that foreign exchange fluctuation and interest increasing had decrease economic activity, So it give bad impact to firm liabilities because it can increase firm liabilities that should be payed in to US dollar, while firm cash yield in dollar is decrease. While the increases of Return On Equity, Return On Investment, Quick Ratio, Collection Periods is unsignificant. This is caused of; first, Different Accounting Practices or different PSAK (Requirements for Financial Accounting Standard). In some cases the financial report pre privatisation cannot be comparable with the financial report post privatisation. Actually This effect is not always happened to the whole sample, but just because this analysis only take 5 sample, so the changing to one sample will effect simultaneously to others, and then will effect to the statistical test. Second, there are declining of ROE, ROI and current ratio for the two years postprivatisation. At that moment Indonesia get the financial crisis, It is so risky to compare financial performance (using financial ratio) of the some sample privatised when the situation of country in the crisis. Indonesia economy in the bad condition caused by rupiahs depreciation to US dollar, interest increasing, totally increasing in good and services price, lack of liquidity, the tight of credit. This condition give bad impact to the sample such as the increase of liabilities, asset yield decrease, increasing investment cost, financing, and decreasing liquidity and cash flow, also financial loss caused by fluctuation of foreign exchange, that effects indicated decline of Return On Equity, Return On Investment and Current Ratio.
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | 040302 |
| Divisions: | S2/S3 > Magister Manajemen, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Unnamed user with username nova |
| Date Deposited: | 11 Dec 2024 02:20 |
| Last Modified: | 11 Dec 2024 02:20 |
| URI: | http://repository.ub.ac.id/id/eprint/233525 |
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