Investment efficiency pada badan usaha milik negara (BUMN) sebelum dan sesudah privatisasi

Oleh :
Rias Nuriasri - F0208195 - Fak. Ekonomi dan Bisnis

Berdasarkan penelitian sebelumnya, penelitian ini mencoba memberikan bukti empiris tentang peningkatan efisiensi investasi dari BUMN yang diprivatisasi di Indonesia dengan membandingkan kinerja keuangan sebelum dan sesudah privatisasi yang mencakup periode dua tahun sebelum dan sesudah privatisasi. Salah satu tujuan privatisasi adalah untuk meningkatkan efisiensi BUMN. Penelitian ini menguji apakah terdapat perbedaan kinerja investasi BUMN dan terjadi efisiensi investasi BUMN setelah BUMN tersebut diprivatisasi yang diwakilkan oleh lima rasio dari financial leverage ratio, profitability and cash holdings ratio, dan investment ratio selama periode dua tahun sebelum dan dua tahun sesudah privatisasi. Penelitian ini menggunakan metode purposive sampling yaitu BUMN non jasa keuangan yang go public selama tahun 1995 sampai 2007. Privatisasi dilakukan bukan pada anak perusahaan BUMN dan BUMN yang diprivatisasi tersebut terdaftar di Bursa Efek Indonesia. Sampel penelitian ini sebanyak 10 perusahaan yang melakukan revenue privatization. Hipotesis dianalisis menggunakan Two-related sample test: Wilcoxon. Penelitian ini memberikan hasil empiris bahwa tidak terdapat perbedaan leverage, profitabilitas dan investasi yang signifikan pada BUMN setelah privatisasi. Meskipun terdapat peningkatan pada rasio investasi dan rasio cash to sale, tetapi secara keseluruhan tidak terdapat perbedaan atau adanya investment efficiency. Efisiensi investasi BUMN tidak terjadi perbedaan yang signifikan sebelum dan sesudah privatisasi, dapat dilihat dari diterimanya H0. Penelitian berikutnya disarankan tidak hanya pada 5 rasio diatas saja, dapat dilakukan lebih rinci dengan mengelompokkan BUMN berdasarkan ukuran perusahaan dan jenis perusahaan serta memasukkan indicator pengaruh kepemilikan atau hak kendali Based on previous study, this study attempts to give the empirical evidence about the improvements of investment efficiency in Indonesia’s State-Owned Enterprise by comparing the pre-and post-privatization financial performance covering the two years before and the two years after privatization. Improvements in investment efficiency are often cited as a contributing factor to the value gains associated with going-private transactions. This paper aims to examine whether investment efficiency improves after publicly-traded firms are taken private, representative by five ratio from financial leverage ratios, profitability and cash ratios, and investment ratios covering the period two years before and two years after going private. This study used purposive sampling method to choose state-owned enterprise non finance that going private over the period 1995 to 2007. privatization do not on subsidiary State-Owned Enterprise company, and privatized State-Owned Enterprise listed in Stock Exchange. Based on that requirements, sample of this study are 10 State-Owned Enterprises . The hypotheses analyzed by Two-Related Sample Test: Wilcoxon. The findings of this study is after going private the financial leverage ratios, profitability and cash ratios, and investment ratios unsignificantly change. Although the investment ratio and cash to sale ratio show the improvement, as a whole there’s no difference and investment efficiency showing. Investment Efficiency of State-Owned Enterprise did not change significant pre- and post- privatization. So null hypotheses supported or H0 accepted. The next study suggest not only 5 ratios but also do more detail with State-Owned Enterprise group based on company measure and kind of company also include the effect of government ownership or the voting control.