ANALISIS KINERJA KEUANGAN PT KRAKATAU STEEL Tbk. YANG MELAKUKAN PRIVATISASI MELALUI IPO
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Institusion
Sekolah Tinggi Ilmu Ekonomi Indonesia Jakarta
Author
Mayasari, Dian
Subject
Akuntansi Keuangan
Datestamp
2022-08-11 03:29:44
Abstract :
ABSTRAK Tujuan penelitian ini adalah mengetahui perbedaan kinerja PT Krakatau Steel (Persero) Tbk. sebelum dan sesudah privatisasi serta menguji signifikansi perubahan tersebut.Privatisasi dipilih sebagai salah satu jalan keluar meningkatkan efisiensi BUMN dan memaksimalkan keuntungan baik bagi pertumbuhan perusahaan maupun masyarakat.Kementerian BUMN telah mengeluarkan Keputusan Menteri BUMN Nomor KEP-100/MBU/2002 tentang Penilaian Kesehatan BUMN, dan menetapkan indikator/rasio keuangan seperti ROE, ROI, Cash Ratio, Current Ratio,Total Modal Sendiri Terhadap Aset (TMSTA), Collection Periods, Perputaran Persediaan, dan Total Aset Turn Over(TATO), sebagai ukuran kesehatan kinerja BUMN. Pada penelitian ini, penulis menggunakan analisis deskriptif kuantitatif dengan melakukan uji Paired-Samples t Test pada SPSS versi 17 untuk menguji signifikansi perubahan indikator/rasio dimaksud sebelum dan sesudah privatisasi. Berdasarakan hasil penelitian, ternyata rasio ROE, ROI, Current Ratio, Collection Periods dan Total Aset Turn Over (TATO) setelah privatisasi mengalami penurunan kinerja. Sedangkan Total Modal Sendiri Terhadap Aset (TMSTA) dan Perputaran Persediaan lebih baik kinerjanya. Di sisi lain, Cash ratio relatif stabil nilainya setelah privatisasi. Terkait signifikansi, hanya penurunan TATO yang signifikan. Penurunan sebagian disebabkan adanya kerugian perusahaan pada tahun 2011-2013 dan tingginya tingkat investasi aset serta biaya produksi. Untuk itu, perusahaan seharusnya lebih meningkatkan efisiensi dalam operasional perusahaan sehingga keuntungan perusahaan dapat dioptimalkan. Kata Kunci : ROE, ROI, Cash Ratio, Current Ratio, Total Modal Sendiri Terhadap Aset, Collection Period, Perputaran Persediaan, Total Aset Turn Over // ABSTRACT The ultimate purposes of this research are determining the differences of PT Krakatau Steel?s financial performance before and after privatization as well as testing the significance of these changes. Privatization is an option to improve SOE?s efficiency and to optimize profit toward sustainable growth of SOE and public benefit. However, the aim of privatization is not always succcessfully applied to the SOE. Ministry of SOE has already issued Ministry of SOE Decree number KEP-100/MBU/2002 on SOE Financial Health Valuation, and setting up financial indicators i.e. ROE, ROI, Cash Ratio, Current Ratio, Owners Equity to Assets Ratio, Collection Period, Inventory Turnover, and Total Asset Turn Over (TATO) as sets of measurement for financial performance of SOE. In this research, the author use quantitative descriptive analysis method by conducting Paired Samples t Test using SPSS version 17 to test the significant changes of the financial indicators before and after privatization. Based on the result of the research, apparently ROE, ROI, Current Ratio, Collection Periods, and Total Aset Turn Over decreased after privatization. Meanwhile, SOE?s performance reflected by Owners Equity to Assets Ratio and Inventory Turnover improved. On other hand, Cash ratio after privatization moved relatively stable. In highlight, the most significant changes in SOE?s financial performances is the decrease of TATO. The main problem of the financial performance decrease are firm?s financial loss in 2011-2013 and the SOE is in investment period (high capital outflow) as well as production cost is relatively high. Therefore, SOE should improve its operational efficiency in order to optimize SOE?s profits. Keywords : ROE, ROI, Cash Ratio, Current Ratio, Owners Equity to Assets Ratio, Collection Period, Inventory Turnover, and Total Aset Turn Over
ABSTRAK Tujuan penelitian ini adalah mengetahui perbedaan kinerja PT Krakatau Steel (Persero) Tbk. sebelum dan sesudah privatisasi serta menguji signifikansi perubahan tersebut.Privatisasi dipilih sebagai salah satu jalan keluar meningkatkan efisiensi BUMN dan memaksimalkan keuntungan baik bagi pertumbuhan perusahaan maupun masyarakat.Kementerian BUMN telah mengeluarkan Keputusan Menteri BUMN Nomor KEP-100/MBU/2002 tentang Penilaian Kesehatan BUMN, dan menetapkan indikator/rasio keuangan seperti ROE, ROI, Cash Ratio, Current Ratio,Total Modal Sendiri Terhadap Aset (TMSTA), Collection Periods, Perputaran Persediaan, dan Total Aset Turn Over(TATO), sebagai ukuran kesehatan kinerja BUMN. Pada penelitian ini, penulis menggunakan analisis deskriptif kuantitatif dengan melakukan uji Paired-Samples t Test pada SPSS versi 17 untuk menguji signifikansi perubahan indikator/rasio dimaksud sebelum dan sesudah privatisasi. Berdasarakan hasil penelitian, ternyata rasio ROE, ROI, Current Ratio, Collection Periods dan Total Aset Turn Over (TATO) setelah privatisasi mengalami penurunan kinerja. Sedangkan Total Modal Sendiri Terhadap Aset (TMSTA) dan Perputaran Persediaan lebih baik kinerjanya. Di sisi lain, Cash ratio relatif stabil nilainya setelah privatisasi. Terkait signifikansi, hanya penurunan TATO yang signifikan. Penurunan sebagian disebabkan adanya kerugian perusahaan pada tahun 2011-2013 dan tingginya tingkat investasi aset serta biaya produksi. Untuk itu, perusahaan seharusnya lebih meningkatkan efisiensi dalam operasional perusahaan sehingga keuntungan perusahaan dapat dioptimalkan. Kata Kunci : ROE, ROI, Cash Ratio, Current Ratio, Total Modal Sendiri Terhadap Aset, Collection Period, Perputaran Persediaan, Total Aset Turn Over // ABSTRACT The ultimate purposes of this research are determining the differences of PT Krakatau Steel?s financial performance before and after privatization as well as testing the significance of these changes. Privatization is an option to improve SOE?s efficiency and to optimize profit toward sustainable growth of SOE and public benefit. However, the aim of privatization is not always succcessfully applied to the SOE. Ministry of SOE has already issued Ministry of SOE Decree number KEP-100/MBU/2002 on SOE Financial Health Valuation, and setting up financial indicators i.e. ROE, ROI, Cash Ratio, Current Ratio, Owners Equity to Assets Ratio, Collection Period, Inventory Turnover, and Total Asset Turn Over (TATO) as sets of measurement for financial performance of SOE. In this research, the author use quantitative descriptive analysis method by conducting Paired Samples t Test using SPSS version 17 to test the significant changes of the financial indicators before and after privatization. Based on the result of the research, apparently ROE, ROI, Current Ratio, Collection Periods, and Total Aset Turn Over decreased after privatization. Meanwhile, SOE?s performance reflected by Owners Equity to Assets Ratio and Inventory Turnover improved. On other hand, Cash ratio after privatization moved relatively stable. In highlight, the most significant changes in SOE?s financial performances is the decrease of TATO. The main problem of the financial performance decrease are firm?s financial loss in 2011-2013 and the SOE is in investment period (high capital outflow) as well as production cost is relatively high. Therefore, SOE should improve its operational efficiency in order to optimize SOE?s profits. Keywords : ROE, ROI, Cash Ratio, Current Ratio, Owners Equity to Assets Ratio, Collection Period, Inventory Turnover, and Total Aset Turn Over
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