Analisis Perbandingan Kinerja Keuangan Sebelum dan Sesudah Privatisasi Pada Bumn di Indonesia (Sektor Non-infrastruktur dan Non-jasa Keuangan yang Go Public Tahun 2001-2012)

Abstract

This study aims to compare the financial performance of State-Owned Enterprises in Indonesia before and after privatization (Non-Infrastructure and Non-Financial Sector Go Public 2001-2012).The population of the research is Stated-Owned Enterprises which are privatized through Initial Public Offering (IPO). The sample drawn using the method of purposive sampling. Based on the sampling criteria, this research was addressed to ten State-Owned Enterprises. Financial performance is projected using current ratio cash ratio, total turn over assets collection periods, return on equity, return on investment and debt to equity ratio. Based on Wilcoxon’s Signed Rank test result indicate that the liquidity ratio measured using current ratio and cash ratio after privatization has increased significantly, whereas profitability ratios are measured using return on equity and return on investment then efficiency ratio measured using total assets turn over and leverage ratio measured using debt to equity ratio decreased significantly after privatization, and efficiency ratios measured using collection periods are not significantly increased. This study found six indicators of financial performance of State-Owned Enterprises after privatization changed significantly and one indicator changed insignificantly.