ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SETELAH MERGER DAN AKUISISI (Pada Perusahaan Manufaktur di BEI Tahun 2003-2007)

Abstract

The era of free trade globalization Asean-China Free Trade aggrement (ACFTA) requires companies to continuously develop the company's strategy in order to maintain its existence and improve their performance, one of them by doing a corporate merger and acquisition action. Mergers and acquisitions are a known phenomenon and develop not only in Indonesia, but throughout the world in line with the development of the business world. The aim is to exploit synergies and achieve the expected positive, but a lot of mergers and acquisitions that would not result in financial gain as expected or desired by the company. This is what motivates this study to analyze the effect of mergers and acquisitions on the financial performance of the company whether to increase or decrease. This research was conducted to examine the financial performance of the CR ratio (Current Ratio), DER (Debt to Equity Ratio), TATO (Total Asset Turn Over Ratio), ROA (Return On Asset), and ROE (Return On Equity). This study takes population from all company that merger and acquisition activity in period 2003-2007. The samples in this study using purposive sampling methode, a sample of 14 companies from the manufacturing category in the period 2003-2007, with the appropriate criteria have been determined, the ratio of data obtained from the Indonesian Capital Market Directory (ICMD). The analysis used to test the hypothesis of this research is quantitative analysis with inferential statistical methods with the use of data normality test, Wilcoxon Signed Rank Test and Paired Sample T Test. The test results using the Wilcoxon Signed Rank Test showed that there was no significant difference for all the ratios after the merger and acquisition activity in all periods of observation and testing. But for the ratio of CR (Current ratio) only in the period 2 years before to 2 years after mergers and acquisitions showed significant difference. Based on the description of changes in average (mean) ratio of DER (Debt to Equity Ratio) have increased, but the results are not strong enough to prove the effect of mergers and acquisitions on the financial performance of manufacturing companies