ANALISIS PENGARUH PRIVATISASI TERHADAP KINERJA KEUANGAN BUMN (Studi Kasus Privatisasi BUMN dengan Metode Placement, Employee and Management Buy Out, dan Spin Off )

Abstract

This research is conducted to test the privatization effect on the financial working of BUMN (The National Company Board). The financial working measurement of this research uses the financial ratio components used as financial working indicator of BUMN (The National Company Board) in accordance with the decision of the minister of The BUMN (The National Company Board) number: 100/MBU/2002 year 2002 about: the scoring of health level of BUMN (The National Company Board), and they are :ROE, ROI, Cash Ratio, Current Ratio, Collection Period, Inventory Turnover, Total Asset Turnover, Net Worth to Total Assets Ratio. The companies samples used in this research are the privated BUMN (The National Company Board) by using : Placement method, Employee and Management buy out, and spin off (non IPO method). Samples of this research consist of 5 BUMN (The National Company Board). The Hypothesis test uses Wilcoxon Signed Rank – Test, which the decision taking based on the significance level 5%, on account of the samples are relatively small. The research result of those ratio shows the significant difference. This is based on the Hypothesis test result showing that the score is less than 5%, hence the hypothesis is accepted. This research concludes that the privatization affects significantly against the financial working of BUMN (The National Company Board). Key words : Privatization, BUMN (The National Company Board), Financial working, Placement method, Employee and Management buy out, and spin off (non IPO method). ABSTRAKSI Penelitian ini dilakukan untuk menguji pengaruh privatisasi terhadap kinerja keuangan BUMN. Pengukuran kinerja keuangan pada penelitian ini menggunakan komponen rasio- rasio keuangan yang digunakan sebagai indikator kinerja keuangan BUMN sesuai keputusan Menteri Badan Usaha Milik Negara Nomor Kep-100/MBU/2002 Tahun 2002 Tentang Penilaian Tingkat Kesehatan Badan Usaha Milik Negara, yaitu : Imbalan kepada pemegang saham (ROE), Imbalan Investasi (ROI), Rasio Kas, Rasio Lancar, Colection Periode, Perputaran persediaan, Perputaran total asset, dan Rasio Modal Sendiri terhadap Total Aktiva. Sampel perusahaan-perusahaan yang digunakan dalam penelitian ini adalah BUMN yang diprivatisasi dengan metode Placement,Employee and Management Buy Out, dan Spin Off (metode non IPO). Sampel pada penelitian ini terdiri dari 5 BUMN. Untuk menguji hipotesis digunakan Wilcoxon signed rank – test, dengan pengambilan keputusan berdasar besarnya tingkat signifikansi sebesar 5%, karena jumlah sampel yang relatif kecil. Hasil penelitian pada rasio-rasio tersebut menunjukkan perbedaan yang signifikan. Hal ini berdasarkan hasil pengujian hipotesis yang menunjukkan angka kurang dari 5%, sehingga hipotesis yang diajukan diterima. Penelitian ini berkesimpulan bahwa privatisasi berpengaruh secara signifikan terhadap kinerja keuangan BUMN. Kata Kunci : Privatisasi, BUMN, Kinerja Keuangan, Metode Placement, Employee and Management Buy Out, dan Spin Off (metode non IPO).