ANALISIS KINERJA KEUANGAN PERUSAHAAN PERUSAHAAN MANUFAKTUR SEBELUM DAN SESUDAH GO PUBLIK DI BURSA EFEK JAKARTA ( STUDI KASUS PADA SEKTOR BASIC INDUSTRY AND CHEMICALS ) PERIODE TAHUN 1989 - 1996

Abstract

ABSTRAK Perkembangan pasar modal telah meningkat dengan pesat, dengan ditandai peningkatan jumlah perusahaan yang go publik. Namun peningkatan itu diikuti dengan peningkatan terlambatnya perusahaan dalam melakukan publikasi laporan keuangan tahunan perusahaan. Hal ini disebabkan karena kurang baiknya kinerja keuangan perusahaan. Kondisi perusahaan yang rentan terhadap gejolak ekonomi makro dapat diidentifikasi sejak dini dengan mendeteksi kinerja keuangan perusahaan. Kinerja keuangan sangat penting karena merupakan salah satu indikator untuk mengetahui kondisi atau keadaan perusahaan. Pada saat perusahaan akan melakukan go publik maka informasi dapat dilihat dalam prospektus perusahaan. Setelah perusahaan melakukan go publik maka keterbukaan informasi harus selalu dilaksanakan oleh manajemen perusahaan. Oleh karena itu perusahaan harus selalu berusaha untuk meningkatkan kinerja keuangannya, mengingat para penanam modal atau masyarakat yang menanamkan modalnya dengan membeli saham akan percaya bahwa kinerja perusahaan tersebut balk. Penelitian ini mengkaji apakah ada perbedaan yang signifikan pada kinerja keuangan perusahaan — perusahaan manufaktur sebelum dan sesudah melakukan go publik. Kinerja keuangan diukur dengan menggunakan rasio keuangan yaitu likuiditas, solvabilitas, profitabilitas total dan profitabilitas internal. Empat rasio keuangan diatas akan dibandingkan antara masa sebelumdan sesudah go publik sehingga akan dapat dilihat apakah perusahaan tersebut setelah melaksanakan go publik ki erja keuangannya meningkat, sama atau justru menurun. Dalam penelitian ini menggunakan 41 sampel perusahaan — perusahaan manufaktur. Data diperoleh dari pro pektus dan dokumen dalam Jakarta Stock Exchange ( JSX ) yang ada di Bursa E ek Jakarta. Untuk dapat menjawab apakah perusahaan itu kinerjanya sebelum dan sesudah go publik berbeda, maka menggunakan dua alat statistik yait dengan menggunakan Wilcoxon Signed Rank Test dan Uji t. Berdasarkan hasil analisis dengan menggunakan Wilcoxon Signed Ranks Test dan Uji t, maka dapat di4roleh hasiinya bahwa kinerja keuangan menunjukkan tidak adanya perbeda n kinerja keuangan yang signifikan antara masa sebelum dan sesudah go publik. Meskipun diantaranya yaitu rasio likuiditas, solvabilitas dan profitabili s internal memberikan indikasi adanya perbedaan kinerja keuangan, namun 'erbedaan itu sifatnya temporer atau tidak konsisten. Hasil penelitian diatas konsi ten dengan penelitian terdahulu yang dilakukan oleh Payamta dan Mas'ud M chfoedz serta Nurofik dan Wijaya.ABSTRACT The growth of market stock exchange has increased fastly, it was reflected from the increased sum of the go public companies. In the other hand it's followed also by increasement of delayed publication annual financial statements by the companies. It's caused of bad financial performance of the companies. The closed relationship between the corporate condition and the folatiled of up and down macrp economic condition can be detected earlier by company financial performance. The financial performance is very important because it's one of some indicators to know the company condition. When the company will be make a public company, so the financial statements can be seen in the company prospectus. After the company decide to go public so transparent information have to be prepared by the management. It means company should effort to increasing the financial performance, in order to make good response and trustee of investors or others people who are interested in. This research investigates whether there is any significant difference in manufacturing companies performance before and after going public. Manufacturing company performance is measured using financial ratios. Financial performance is evaluated based 'on four aspects : liquidity, solvability, total profitability and internal profitability. The four financial ratios will be comparedABSTRACT The growth of market stock exchange has increased fastly, it was reflected from the increased sum of the go public companies. In the other hand it's followed also by increasement of delayed publication annual financial statements by the companies. It's caused of bad financial performance of the companies. The closed relationship between the corporate condition and the folatiled of up and down macrp economic condition can be detected earlier by company financial performance. The financial performance is very important because it's one of some indicators to know the company condition. When the company will be make a public company, so the financial statements can be seen in the company prospectus. After the company decide to go public so transparent information have to be prepared by the management. It means company should effort to increasing the financial performance, in order to make good response and trustee of investors or others people who are interested in. This research investigates whether there is any significant difference in manufacturing companies performance before and after going public. Manufacturing company performance is measured using financial ratios. Financial performance is evaluated based 'on four aspects : liquidity, solvability, total profitability and internal profitability. The four financial ratios will be comparedABSTRACT The growth of market stock exchange has increased fastly, it was reflected from the increased sum of the go public companies. In the other hand it's followed also by increasement of delayed publication annual financial statements by the companies. It's caused of bad financial performance of the companies. The closed relationship between the corporate condition and the folatiled of up and down macrp economic condition can be detected earlier by company financial performance. The financial performance is very important because it's one of some indicators to know the company condition. When the company will be make a public company, so the financial statements can be seen in the company prospectus. After the company decide to go public so transparent information have to be prepared by the management. It means company should effort to increasing the financial performance, in order to make good response and trustee of investors or others people who are interested in. This research investigates whether there is any significant difference in manufacturing companies performance before and after going public. Manufacturing company performance is measured using financial ratios. Financial performance is evaluated based 'on four aspects : liquidity, solvability, total profitability and internal profitability. The four financial ratios will be comparedbefore and after period of go public, so they can be seen company financial performance changes. The study used 41 sample of manufacturing companies. Data collected from prospectus and document in Jakarta Stock Exchange ( JSX ). Data are analized by two statistic tools Wilcoxon's signed rank test and t test to see if there are the difference of financial performance or not. Based the analize, the result shows there is no significant different of the financial performance between before and after period of go public. Although there are difference of the financial ratios : liquidity, solvability and internal profitability, however is temporary or inconsistent. The result of the study is consistent with the earlier thesis and studies which are perfomed by Payamta and Mas'ud Machfoedz, Nurofik and Wijaya.