PERBANDINGAN KINERJA KEUANGAN BADAN USAHA MILIK NEGARA SEBELUM DAN SESUDAH PRIVATISASI

Abstract

The purpose of privatization is to improve the financial performance of BUMN. This study examines whether there are differences in BUMN financial performance, namely profitability, liquidity, efficiency, and leverage after privatization. The test uses 4 financial ratios representing profitability, liquidity, efficiency, and leverage, namely return on equity, current ratio, total asset turnover, and debt to assets ratio for 2 years before and 2 years after privatization. This study uses a purposive sampling method, namely non-financial BUMN that went public during 2007 to 2013. There were 7 sample companies as privatized, PT. Wijaya Karya (Persero) Tbk, PT. Jasa Marga (Persero) Tbk, PT. Pembangunan Perumahan (Persero) Tbk, PT. Krakatau Steel (Persero) Tbk, PT. Garuda Indonesia (Persero) Tbk, PT. Waskita Karya (Persero) Tbk and PT Semen Baturaja (Persero) Tbk. The hypothesis was analyzed using the Wilcoxon Signed Rank Test. This study provides empirical results that there are significant differences in profitability (ROE), liquidity (current ratio), and leverage (debt to assets ratio) while efficiency (total assets turn over) there is no significant difference in BUMN after privatization.