Analisis Kenerja Perusahaan Perbankan Sebelum Dan Setelah Menjadi Perusahaan Go Publik Di Bursa Efek Jakarta (BEJ)

Abstract

Go public is selling stock or a company obligation to the public in the stock market, in which by Initial Public Offering (IPO). Go public company will receive fund or cash, therefore it is expected that the company prospect might get better through the expansion, which is done. Some studies on the effect of go public on Jakarta Stock Exchange showed that there have been significant positive effects on the company working -system, conversely, the other research gave inconsistent finding. Furthermore, this research aimed to analyze the differences of the banking system in the years before and after the go public. The banking working system was measured based on the Camel Rating, an indicator of working system or banking working condition. There are five aspects of banking working system as the following: 1. Capital Adequacy Ratio 2. Asset Quality S. Liquidity 3. Management 4. Earning Accordingly, Wilcoxon Signed Ranks was used for the research to find out any partial differences between the variable of banking working system before and after the go public. The hypothesis of the research have resulted two conclusions as follows: 1. There were not differences with Camel Ratio in the financial statement before and after the Initial Public Offering. 2. There were some changes occurred on some of Camel Ratio, which showed increasing working system of a bank, but those changes were insignificant one. Capital Adequacy Ratio, Return on Risked Asset, Net Profit Margin, Return on Asset, Operational Cost to Operational Income and Call Money showed various result in operation to the period of test out of a four timed test. Based on the result of the hypothesis, it can be concluded that there is no differences between go public and the result of selling new stock when IPO is no longer having positive influence on the improvement of the working system of the bank involved after the listing. Go publik merupakan peristiwa penjualan saham atau obligasi perusahaan kepada rhasyarakat di pasar modal, melalul Intial Publik Offerings (IPO) perusahaan yang melakukan go public akan menerima dana atau uang tunal. Sehingga diharapkan akan menyebabkan membaiknya prospek perusahaan yang mungkin teijadi karena ekspansi yang akan dilakukan. Sejumlah studi tentang pengaruh go publik di Bursa Efek Jakarta (BE)) menunjukkan adanya pengaruh positif yang signifikan terhadap kinerja perusahaan, namun dalam penelitian yang lainnya niemberikan temuan yang tidak konsisten. Penelitian mi bertujuan untuk menganalisa perbedaan kinerja perusahaan perbankan untuk tahun — tahun sebelum dan sesudah go publik. Kineija bank diukur berdasarkan Camel Rating, yang merupakan indIkator pengukur kinerja atau kondisi kinerja bank. Kinerja bank diukur dengan lima aspek yaitu aspek 1. Capital Adequacy Ratio 2. Asset Quality 3. Management 4. Earning 5. Uquidity Untuk mencapai penelitian mi digunakan Wilcoxon Signed Ranks Test, untuk menguji perbedaan pensial antara variabel kinerja bank sebelum dan sesudah go publik. 1-lasil pengujian hipotesis menunjukkan suatu kesimpulan bahwa: 1) Tidak ada perbedaan rasio CAMEL pada laporan keuangan yang o publik antara tahun-tahun sebelum dan setelah Initial Public Offerings. 2) Terjadi perubahan dan beberapa rasio camel yang menunjukkan adanya peningkatan kinerja perusahaan perbankan, namun perubahan tersebut tidak signifikan. Rasio Capital Adequacy, Return On Risked Asset, Net Profit Margin, Return On Asset, Biaya Operasional terhadap Pendapatan Operasional, dan Call Money terhadap Aktiva likuid yang menunjukkan hasil yang berbeda secara operasional terhadap periode pengujian dan 4 kali pengujian yang dilakukan. Berdasarkan hasil pengujian hipotesis dapat disimpulkan bahwa tidak ada perbedaan go publik dengan hasil penjualan saham baru pada saat IPO tidak berpengaruh positif terhadap perbaikan kineija perbankan yang bersangkutan setelah listing.