PENGARUH MANAJEMEN MODAL KERJA TERHADAP PROFITABILITAS PERUSAHAAN MANUFATUR PMA DAN PMDN YANG GO PUBLIK DI BURSA EFEK JAKARTA YANG (WI PT TRUK DI RTTRSA F.FRK JAKARTA

Abstract

ABSTRACT This study is aimed at assessing the effect of the management of working capital on the profitability of manufacturing companies in the Jakarta Stock Exchange (Bursa Efek Jakarta), by finding out the differences between PMA and PMDN manufacturing companies in their cash efficiency, debt efficiency, inventory efficiency, liability rate, working capital and liquidity efficiency and their effects on the profitability. The hypothesis states that it is predicted that (1) there is a difference between PMA and PMDN companies in the cash efficiency, debt efficiency, inventory efficiency, liability rate, working capital efficiency, liquidity, and profitability, and (2) there is an effect of cash efficiency, debt efficiency, inventory efficiency, liability rate, working capital efficiency, liquidity on the companies' profitability. The study sample includes 56 manufacturing companies which published financial reports on December 31, 1999. Twenty-eight of the companies are PMA and the other 28 are PMDN. To find out the difference in means, Mann Whitney U-Test is used. To test the effect, linear regression is used. The study results show that there is a difference between PMA and PMDN companies in the profitability rate, cash efficiency, liability rate, working capital efficiency and liquidity. There is also an effect of liability rate on the profitability. Based on the findings, it implies that both PMA and PMDN managements put priority on the higher rate of liability in their capital structure to obtain the expected profits. Therefore, when the monetary crisis persisted, causing higher rate on the interest rate, the companies had to pay for the expense which in turn affected the profitability. The PMA companies are more efficient in cash, so that the obtained higher liquidities reflected in the higher means of cash turnover and current ratio (33.04 and 34.16 respectively) as compared with those of PMDN (23.96 and 22 84 respectively). In fact, only 6 of the PMA companies lost profits as compared with 34 of PMDN companies. Based on the results of the study, the writer suggests that public companies should improve their managements of working capitals by concentrating more on the elements of working capitals so as to obtain the expected profits without neglecting the liquidity rates. ABSTRAKSI Penelitian ini bertujuan untuk mengkaji pengaruh pengelolaan modal kerja terhadap profitabilitas perusahaan manufaktur di Bursa Efek Jakarta, dengan mengetahui perbedaan perusahaan manufaktur PIV1A dan PMDN dalam hal efisiensi kas, efisiensi piutang, efisiensi persediaan, tingkat hutang, efisiensi modal kerja dan likuiditas serta pengaruhnya terhadap profitabilias. Hipotesis penelitian menyatakan, diduga (1) ada perbedaan antara perusahaan PMA dan PMDN dalam hal efisiensi kas, efisiensi piutang, efisiensi persediaan, tingkat hutang, efisiensi modal kerja, likuiditas dan profitabilitas, (2) ada pengaruh efisiensi kas, efisiensi piutang, efisiensi persediaan, tingkat hutang, efisiensi modal kerja dan likuiditas terhadap profitabilitas Sampel 56 perusahaan manufaktur yang mempublikasikan laporan keuangan per 31 Desember 1999, terdiri 28 perusahaan PMA dan 28 perusahaan PMDN. Teknik analisis adalah uji beda Mann Whitney U-Test dan uji pengaruh regresi berganda. Hasil penelitian menemukan ada perbedaan tingkat profitabilitas, efisiensi kas, tingkat hutang, efisiensi modal kerja dan likuiditas antara perusahaan PMA dan PMDN serta adanya pengaruh tingkat hutang terhadap profitabilitas. Dad semua temuan yang didapat tersirat bahwa pihak manajemen perusahaan PMA dan PMDN sama-sama lebih mengutamakan besar proporsi hutang dalam struktur modalnya guna mencapai tingkat keuntungan yang diinginkan. Oleh sebab itu begitu situasi perekonomian dilanda krisis, dengan tingkat bunga yang tinggi maka perusahaan-perusahaan tersebut harus menanggung beban bunga yang tinggi yang pada akhirnya berpengaruh terhadap tingkat keuntungan yang diperoleh. Tetapi perusahaan PMA lebih efisien dalam kas sehingga likuiditasnya Iebih tinggi, terbuk-ti dengan mean rank cash turnover dan current ratio (33,04 dan 34,16) yang lebih tinggi dibandingkan perusahaan PMDN (23,96 dan 22,84) sehingga hanya 6 perusahaan PMA yang rugi dibandingkan 34 perusahaan PMDN. Dan hasil penelitian maka perusahaan publik harus mampu memperbaiki pengelolaan modal kerjanya dengan lebih memperhatikan pengelolaan unsur¬unsur modal kerjanya sehingga mampu mencapai keuntungan yang diinginkan tanpa melupakan tingkat likuiditas yang hams terjaga.