ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN AKUISITOR SEBELUM DAN SESUDAH MERGER & AKUISISI (M&A) TAHUN 2015

COMPARATIVE ANALYSIS OF THE FINANCIAL PERFORMANCE OF THE ACQUISITOR COMPANIES BEFORE AND AFTER MERGER & ACQUISITION (M&A) IN 2015

Tujuan penelitian ini yaitu menganalisis perbedaan kinerja keuangan perusahaan akuisitor sebelum dan setelah merger & akuisisi (M&A) tahun 2015. Alat ukur kinerja keuangan adalah Current Ratio (CR), Debt to Equity Ratio (DER), Return on Equity (ROE), Total Asset Turnover (TATO), dan Market Value Added (MVA). Periode pengamatan dilakukan selama 3 tahun sebelum dan setelah merger & akuisisi. Teknik pengambilan sampel yaitu purposive sampling diperoleh 4 perusahaan akuisitor. Teknik analisis data menggunakan wilcoxon signed-rank t-test dan paired sample t-test. Hasil penelitian ini yaitu tidak ada beda CR dan DER namun ada perbedaan ROE, TATO, MVA pada perusahaan akuisitor 3 tahun sebelum dan sesudah M&A. Hasil keseluruhan disimpulkan bahwa kinerja keuangan perusahaan akuisitor paska M&A terjadi penurunan sehingga sinergi yang diharapkan perusahaan tidak tercapai.

Kata kunci: akuisisi; kinerja keuangan; merger 

The purpose of this study is to analyze differences in the financial performance of acquisitor companies before and after mergers & acquisitions (M&A) in 2015. Financial performance measurement tools are Current Ratio (CR), Debt to Equity Ratio (DER), Return on Equity (ROE), Total Assets Turnover (TATO), and Market Value Added (MVA). The observation period is for 3 years before and after mergers & acquisitions. The sampling technique that is purposive sampling was obtained by 4 companies of acquisitor. Data analysis techniques used Wilcoxon signed-rank t-test and paired sample t-test. The results of this study are that there is no difference in CR and DER but there are differences in ROE, TATO, MVA in the acquisition company 3 years before and after M&A. The overall results are concluded that the financial performance of the acquisition companies after M&A decreased so that the synergy expected by the company was not achieved.

Keywords: acquisition; financial performance; merger