ANALISIS KEBIJAKAN PRIVATISASI PADA KINERJA KEUANGAN PERUSAHAAN BUMN PERIODE 2009-2018
Abstract
Persaingan dunia usaha secara global memunculkan risiko yang mempengaruhi kinerja keuangan perusahaan. Dalam konteks negara, perusahaan Badan Usaha Milik Negara (BUMN) menjadi pilar utama. Namun, BUMN kurang berdaya saing dalam investasi maupun penanaman modal, terutama di pasar modal. BUMN Indonesia belum sepenuhnya dapat bertransaksi di pasar modal, sehingga manfaat investasi belum banyak dirasakan. Melalui penelitian, diharapkan semakin banyak BUMN go public di pasar modal sebagai pintu masuknya investasi dan peningkatan kinerja keuangan. Penelitian menganalisis kebijakan privatisasi pada kinerja keuangan perusahaan BUMN selama satu dasawarsa terakhir (periode 2009-2018). Metode kuantitatif dan jenis penelitian kausal digunakan dalam penelitian. Kinerja keuangan diukur menggunakan 8 kriteria yaitu Rasio Imbalan Pemegang Saham (ROE), Rasio Imbalan Investasi (ROI), Rasio Kas, Rasio Lancar, Collection Period, Inventory Turnover, Total Asset Turnover, dan Rasio Modal Sendiri terhadap Total Aktiva (keputusan Menteri BUMN Nomor Kep-100/MBU/2002 mengenai Penilaian Tingkat Kesehatan BUMN). Seluruh perusahaan BUMN Indonesia sebanyak 117 perusahaan sebagai populasi penelitian. Penentuan sampel menggunakan metode purposive sampling terhadap BUMN yang melakukan privatisasi metode Initial Public Offering (IPO) dalam periode penelitian sehingga diperoleh 4 perusahaan sampel. Data sekunder digunakan berupa laporan keuangan tahunan BUMN periode pengamatan 3 tahun sebelum dan hingga tahun 2018 (tahun terakhir periode penelitian) sesudah kebijakan privatisasi. Uji hipotesis berupa uji beda Mann-Whitney (2-Independent Samples). Hasil penelitian yaitu kebijakan privatisasi berpengaruh positif terhadap kinerja keuangan perusahaan BUMN periode 2009-2018. Hasil menunjukkan bukti penghitungan kebijakan privatisasi secara rasio dan statistik, sebagai langkah tepat guna dalam peningkatan kinerja keuangan korporasi. Ketahanan ekonomi nasional dan Good Corporate Governance dapat didukung melalui kebijakan perusahaan di pasar modal Indonesia, salah satunya dengan penawaran umum perdana saham (Initial Public Offering / IPO).
Kata Kunci: Badan Usaha Milik Negara, Good Corporate Governance, Kebijakan Privatisasi, Ketahanan Ekonomi, Kinerja Keuangan
References
Daftar Pustaka
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Surat Keputusan Menteri BUMN Nomor: KEP-100/MBU/2002mengenai Penilaian Tingkat Kesehatan BUMN.
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