ANALISIS PERBANDINGAN KINERJA KEUANGAN SEBELUM DAN SESUDAH MERGER PADA PT BENTOEL INTERNASIONAL INVESTAMA Tbk

Abstract

The existence of the free market requires the company to continuosly develop the corporate strategy in order to maintain its existence and improve their performance, one with the merger. The goal is to achieve positive synergies expected, but many mergers that would not result in financial gain as expected or desired by the company. Corporate performance is measured by using financial ratios, that is: CR (Current Ratio), QR (Quick Ratio), ROA (Return On Asset), ROE (Return On Equity), DER (Debt to Equity Ratio), DAR (Debt to Asset Ratio), ITO (Inventory Turn Over), TATO (Total Assets Turn Over), PER (Price Earning Ratio), dan PBV (Price Book Value). This study uses only one company that merged in 2009, that is PT Bentoel Internasional Investama Tbk. Data analysis methods used to answer the hypothesis in this study is the test for normality with the Kolmogorov-Smirnov test, and different test with Paired Samples T Test. Test results using Paired Samples T Test showed that of 10 financial ratios that were tested only two financial ratios that are significantly defferent for the three quarters before and after merger, the ratio of the QR (Quick Ratio) and PER (Price Earning Ratio).