ABSTRACT
The influence of Mergers and Acquisitions To Performance Businesses on Listed Companies in Indonesia Stock Exchange Period 2011-2014 This study tries to identify the variables that are affected by mergers and acquisitions. The variable used is the performance of companies that assessed using financial ratios include profitability, solvency (financial leverage), activity, and liquidity. Fundamental ratios used are Net Profit Margin (NPM), Return On Investment (ROI), Return on Equity (ROE), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), and the Current Ratio (CR). Samples were taken by using purposive sampling method. Descriptive analysis model used in this study as a model for data analysis. As for the hypothesis analysis using Independent Sample T-Test. The results showed there were significant differences in the Return On Investment (ROI), Return on Equity (ROE), and Total Asset Turnover (TATO) between before and after mergers and acquisitions carried out, while the Net Profit Margin (NPM), Debt to Equity Ratio (DER), and the Current Ratio (CR ) did not experience any significant difference between before and after mergers and acquisitions carried out. Keywords:
Mergers and Acquisitions, Net Profit Margin (NPM), Return On Investment (ROI), Return on Equity (ROE), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), the Current Ratio (CR), Independent Sample T-Test
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ABSTRAK
Pengaruh Merger dan Akuisisi Terhadap Kinerja Perusahaan yang Terdaftar di BEI Periode 2011-2014 Penelitian ini mencoba untuk mengidentifikasi variabel yang dipengaruhi oleh Merger dan Akuisisi. Adapun variabel yang digunakan adalah kinerja perusahaan yang dinilai dengan menggunakan rasio keuangan meliputi profitabilitas, solvabilitas (financial leverage), aktivitas, dan likuiditas. Rasio fundamental yang digunakan adalah Net Profit Margin (NPM), Return On Investment (ROI), Return On Equity (ROE), Debt to Equity Ratio (DER), Total Asset TurnOver (TATO), dan Current Rasio (CR). Sampel diambil dengan menggunakan metode purposive sampling. Model analisis deskriptif digunakan dalam penelitian ini sebagai model analisis data. Sedangkan untuk analisis hipotesis menggunakan uji Independent Sample T-Test. Hasil penelitian menunjukkan terdapat perbedaan yang signifikan pada Return On Investment (ROI), Return On Equity (ROE), dan Total Asset TurnOver (TATO) antara sebelum dan sesudah merger dan akuisisi dilakukan, sedangkan Net Profit Margin (NPM), Debt to Equity Ratio (DER), dan Current Rasio (CR) tidak mengalami perbedaan yang signifikan antara sebelum dan sesudah merger dan akuisisi dilakukan.
Kata-kata Kunci :
Merger dan Akuisisi, Net Profit Margin (NPM), Return On Investment (ROI), Return On Equity (ROE), Debt to Equity Ratio (DER), Total Asset TurnOver (TATO), Current Rasio (CR), Independent Sample T-Test
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DAFTAR ISI
Halaman HALAMAN JUDUL..................................................................................................... i HALAMAN PENGESAHAN ...................................................................................... ii PERNYATAAN KEASLIAN KARYA TULIS SKRIPSI ......................................... iii PERNYATAAN PUBLIKASI LAPORAN PENELITIAN…………………………iv KATA PENGANTAR ................................................................................................. v ABSTRACT………………. ....................................................................................... viii ABSTRAK……… ...................................................................................................... ix DAFTAR ISI………. ................................................................................................... x DAFTAR GAMBAR ................................................................................................ xiii DAFTAR TABEL ..................................................................................................... xiv
BAB I PENDAHULUAN ............................................................................................ 1 1.1 Latar Belakang Penelitian ......................................................................... 1 1.2 Identifikasi Masalah .................................................................................. 7 1.3 Tujuan Penelitian....................................................................................... 7 1.4 Kegunaan Penelitian .................................................................................. 7
BAB II
KAJIAN TEORI, KERANGKA PEMIKIRAN, DAN PENGEMBANGAN HIPOTESIS…………………………………………………………...……9 2.1 Kajian Teori...…………………………………………………………. 9 2.1.1
Pola Restrukturisasi Perusahaan ................................................ 9
x
2.1.2
Kombinasi Bisnis (Merger, Akuisisi dan Spin Off) .................. 9
2.1.3
Bentuk-bentuk Kombinasi Bisnis ............................................ 12
2.1.4
Jenis-jenis Kombinasi Bisnis ................................................... 16
2.1.5
Pengertian Akuisisi .................................................................. 16
2.1.6
Klasifikasi Akuisisi.................................................................. 17
2.1.7
Motivasi Akuisisi ..................................................................... 19
2.1.8
Manfaat Akuisisi...................................................................... 24
2.1.9
Resiko Akuisisi ........................................................................ 25
2.1.10 Proses Akuisisi ........................................................................ 25 2.1.11 Perlakuan Akuntansi Akuisisi ................................................. 27 2.1.12 Pihak-Pihak yang berkepentingan ........................................... 29 2.1.13 Kinerja Keuangan .................................................................... 30 2.1.14 Penelitian Terdahulu ................................................................. 34 2.2
Kerangka Pemikiran ............................................................................ 35
2.3
Pengembangan Hipotesis ..................................................................... 38
BAB III METODE PENELITIAN ............................................................................ 39 3.1
Subjek Penelitian ................................................................................. 39
3.2
Definisi Operasionalisasi Variabel ..................................................... 39
3.3
Populasi dan Sampel ............................................................................ 42
3.4
Metode Pengumpulan Data ................................................................. 44
3.5
Metode Analisis ................................................................................... 44 3.5.1
Uji asumsi normalitas dan homogenitas .................................. 45
3.5.2
Uji Independent Sample T-Test............................................... 47
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BAB IV HASIL PENELITIAN DAN PEMBAHASAN……………………..…….48 4.1
4.2
Hasil Penelitian .................................................................................... 48 4.1.1
Gambaran Umum Perusahaan ................................................. 48
4.1.2
Hasil Pengumpulan Data ......................................................... 62
Pembahasan ......................................................................................... 67 4.2.1
Uji asumsi normalitas dan homogenitas…………………….. 67
4.2.2
Uji Independent Sample T-Test..............................................70
BAB V SIMPULAN DAN SARAN ........................................................................ 73 5.1
Simpulan .............................................................................................. 73
5.2
Implikasi Penelitian ............................................................................. 75
5.3
Saran .................................................................................................... 76
DAFTAR PUSTAKA ................................................................................................ 78 RIWAYAT HIDUP (Curriculum Vitae) ................................................................... 80
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DAFTAR GAMBAR Halaman Gambar 1
Pola Restrukturisasi Perusahaan…………………………………......9
Gambar 2
Penggabungan dan Peleburan Perusahaan………………………….10
Gambar 3
Pengambilalihan Perusahaan………………………………………..11
Gambar 4
Pemisahan Perusahaan……………………………………………...11
Gambar 5
Penggabungan horisontal…………………………………………...12
Gambar 6
Penggabungan vertikal………………………………………….…..13
Gambar 7
Penggabungan konglomerasi…………………………………….…14
Gambar 8
Klasifikasi Akuisisi Perusahaan…………………………………....19
Gambar 9
Rumus Perhitungan Goodwill...…………………………………....27
Gambar 10
Bagan Kerangka Pemikiran……………………….……….……….37
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DAFTAR TABEL Halaman Tabel I
Daftar Penelitian Terdahulu ............................................................... 34
Tabel II
Operasionalisasi Variabel................................................................... 42
Tabel III
Perusahaan yang terdaftar di Bursa Efek Indonesia dan melakukan merger dan akuisisi tahun 2013.......................................................... 43
Tabel IV
Nama Perusahaan dan Kode Perusahaan ........................................... 64
Tabel V
Data Rasio Net Profit Margin ............................................................ 64
Tabel VI
Data Rasio Return On Investment...................................................... 65
Tabel VII
Data Rasio Return On Equity............................................................. 65
Tabel VIII
Data Debt to Equity Ratio .................................................................. 66
Tabel IX
Data Rasio Total Asset TurnOver ...................................................... 66
Tabel X
Data Current Ratio ............................................................................. 67
Tabel XI
Uji normalitas ..................................................................................... 68
Tabel XII
Uji homogenitas ................................................................................. 69
Tabel XIII
Uji Independent Sample T-Test (beda rata-rata) ................................ 70
Tabel XIV
Uji Independent Sample T-Test (perbedaan signifikan) .................... 71
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