Analisis Pengaruh Merger dan Akuisisi terhadap Kinerja Keuangan Perusahaan (Studi Empiris pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia)

Abstract

The world is changing faster, while the consequences of the industry and the company was required to move faster than ever before. Companies in the capital market will compete to demonstrate that they are able to stay afloat even have better financial performance in the midst of increasing and sharp competition. One of the strategies that can be done is expansion. There are two forms of expansion of the company to do, by internal expansion or external expansion. After along time the company prefers external expansion rather than internal expansion for external expansion is considered a quick way to realize the goal of the company in which the company does not have to start from scratch a new business. Mergers and acquisitions are included external expansion strategy. But many mergers and acquisitions that it does not generate financial returns as expected or desired by the company. It pushes this study to analyze the effect of mergers and acquisitions on the financial performance of the company if it increased or decreased. This research was conducted to examine the financial performance ratios that is CR (Current Ratio), DER (Debt to Equity Ratio), DR (Debt Ratio), tattoo (Total Asset Ratio Over turn), ROI (Return On Investment), ROE (Return On Equity ) and NPM (Net Profit Margin). This study uses the entire mining companies listed on the Indonesia Stock Exchange merger and acquisition period 2006-2010. Sampling in this study using purposive sampling method, a sample of 14 companies mining mergers and acquisitions, according to predetermined criteria, the ratio of the data obtained from the Indonesian Capital Market Directory (ICMD). The analysis used to test the hypothesis of this study is a quantitative analysis method of descriptive statistics, normality test data and test smirnov kolmogrov different test using Paired Sample T Test. Test results using different test paired sample t-test showed that there was no significant difference for almost all ratios before and after mergers and acquisitions. Only DR (Debt Ratio) which undergo significant changes, but the results are not too strong enough to prove the effect of mergers and acquisitions on the financial performance of mining companies listed on the Indonesia Stock Exchange.