ANALISIS KINERJA KEUANGAN PERUSAHAAN MANUFAKTUR DI PASAR MODAL INDONESIA SEBELUM DAN SELAMA KRISIS MONETER ( Studi Pada Perusahaan Manufaktur di Bursa Efek Jakarta Tahun 1995 1998 )

Nur , Muhammad (2001) ANALISIS KINERJA KEUANGAN PERUSAHAAN MANUFAKTUR DI PASAR MODAL INDONESIA SEBELUM DAN SELAMA KRISIS MONETER ( Studi Pada Perusahaan Manufaktur di Bursa Efek Jakarta Tahun 1995 1998 ). Masters thesis, Program Pascasarjana Universitas Diponegoro.

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Abstract

ABSTRACT Since the monetary crisis occurred in the middle of 1997 has broken the economy and the world of business of Indonesia, especially in companies' financial performance that has public listed in Jakarta Stock Exchange. The effect problem of the monetary crisis toward manufacture industries' financial performance in capital market and the sector of manufacture industries which is the most potential to be influenced by monetary crisis is very interesting to be observed. This research is aimed to identify and to analyze the effects of monetary crisis toward manufacture companies' financial performance in Indonesia. 87 manufacture companies are selected to be samples of this research, divide to be 3 business (the sector grouping is due to the information from Capital Market Directory of Jakarta Stock Exchange). All hypothesizes are tested by using the t-test, Wilcoxon's Sign Rank Test and Spearman's Rank Correlation. The proxy of financial performance is financial ratios that have been selected and has been used according to previous research about the benefit of financial report in a form of financial report analysis which has been used in this research is the ratios of Liquidity, Solvability, Total Profitability and Internal Profitability. From the result of analysis has been found that during the monetary crisis, all of samples showed a decreasing of the financial performance (Liquidity, Solvability, Total Profitability and Internal Profitability) significantly. Basic industry and varied industry sector are the most potential to be effected by the monetary crisis than the consumer goods industry sector (relatively safer). This shows that sector one and sector two are over investment in the capital which has been caused by the cheapness foreign loan fund. A company needs to make a negotiation the dead line of loan, to reduce imported contents in its raw materials, to make an hedging of loan in foreign currencies, and to increase its capital. The safer investment in buying stocks is in the consumer goods sector, because its products are the most needed goods by the people. ABSTRAKSI Krisis moneter yang terjadi sejak pertengahan tahun 1997 menyebabkan terpukulnya ekonomi dan dunia bisnis di Indonesia khususnya kinerja keuangan perusahaan-perusahaan yang go publik di bursa efek Jakarta. Permasalahan dampak krisis moneter terhadap kinerja keuangan industri manufaktur di pasar modal dan sektor mana dari industri manufaktur yang paling rentan terkena dampak krisis moneter sangat menarik untuk diteliti. Penelitian ini bertujuan untuk mengidentifikasi dan menganalisis pengaruh krisis moneter terhadap kinerja keuangan perusahaan manufaktur di Indonesia. Sebanyak 87 industri manufaktur terpilih menjadi sampel penelitian, terbagi dalam 3 sektor usaha (pengelompokan sektor berdasarkan informasi dari Capital Market Directory of Jakarta Stock Excange). Seluruh hipotesis diuji dengan menggunakan t-test, Wilcoxon Sign Rank Test dan Korelasi Rank Spearman. Proksi kinerja keuangan adalah rasio-rasio keuangan terpilih yang diseleksi dan digunakan berdasar penelitian-penelitian terdahulu tentang manfaat laporan keuangan dalam bentuk analisis laporan keuangan yang dinyatakan dalam bentuk rasio-rasio keuangan. Rasio keuangan yang digunakan dalam penelitian ini adalah rasio Likuiditas, Solvabilitas, Profitabilitas Total dan Profitabilitas Internal. Berdasarkan basil analisis ditemukan bahwa selama krisis moneter keseluruhan sampel menunjukkan secara signifikan kinerja keuangannya (Likuiditas, Solvabilitas, Profitabilitas Total, Profitabilitas Internal) menunjukkan penurunan yang signifikan. Sektor industri dasar dan sektor aneka industri paling rentan terkena dampak krisis moneter dibanding sektor industri barang-barang konsumsi (relatif lebih aman).Hal ini memperlihatkan bahwa sektor satu dan sektor dua over investment pada aktiva yang disebabkan murahnya dana utang luar negeri. Perusahaan perlu melakukan negosiasi jatuh tempo hutang, mengurangi kandungan impor dalam bahan bakunya, melakukan hedging atas hutang dalam mata uang asing dan meningkatkan kas yang dimiliki (aktiva lancar). Investasi yang aman dalam pembelian saham adalah di sektor consumer goods karena produknya merupakan barang-barang kebutuhan pokok masyarakat.

Item Type:Thesis (Masters)
Subjects:H Social Sciences > HG Finance
Divisions:Postgraduate Program > Master Program in Management
ID Code:9355
Deposited By:Mr UPT Perpus 2
Deposited On:27 Apr 2010 13:49
Last Modified:27 Apr 2010 13:49

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