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Kinerja Keuangan BUMN Sebelum dan Sesudah di Privatisasi.

Jurnal Teknologi dan Manajemen Informatika, Fakultas Teknologi Informasi, Universitas Merdeka Malang, volume 4, nomor 3, Desember 2006.
Journal from JIPTUNMERPP / 2008-01-09 09:44:55
Oleh : Vinus Maulina, Faculty_of_Information_Technology_-_Merdeka_Univer
Dibuat : 2006-12-01, dengan file

Keyword : Privatisation, financial performance.

We found a significant increase in Total Asset Turn Over, and significant decrease in cash ratio, this decrease happened because Indonesia get bad economic in the two years period post privatisation caused by rupiahs deprecition to US Dollar, interest increasing, lack of liquidity and the tight of credit, that foreign exchange fluctuation and interest increasing had decrease economic activity. So it give bad impact to firm liabilities because it can increase firm liabilities that should be payed in to US Dollar, while firm cash yield in dollar is decrease. While the increases of return On Equity. Return On Investment, Quick Ratio, Collection Periods is unsignificant. This is caused of: first, Different Accounting Practices or different PSAK (Requirements for Financial Accounting Standard). In some cases the financial report pre privatisation cannot be compartable with the financial report post privatisation. Actually this effect is not always happened to the whole sample, but just because this analysis only take 5 sample, so the changing to one sample will effect simultaneously to others, and then will effect to the statistical test. Second, there are declining of ROE, ROI and current ratio for the two years post privatisation. At that moment Indonesia get the financial crisis, It is so risky to compare financial performance (using financial ratio) of the some sample privatised when the situation of country in the crisis.

Deskripsi Alternatif :

We found a significant increase in Total Asset Turn Over, and significant decrease in cash ratio, this decrease happened because Indonesia get bad economic in the two years period post privatisation caused by rupiahs deprecition to US Dollar, interest increasing, lack of liquidity and the tight of credit, that foreign exchange fluctuation and interest increasing had decrease economic activity. So it give bad impact to firm liabilities because it can increase firm liabilities that should be payed in to US Dollar, while firm cash yield in dollar is decrease. While the increases of return On Equity. Return On Investment, Quick Ratio, Collection Periods is unsignificant. This is caused of: first, Different Accounting Practices or different PSAK (Requirements for Financial Accounting Standard). In some cases the financial report pre privatisation cannot be compartable with the financial report post privatisation. Actually this effect is not always happened to the whole sample, but just because this analysis only take 5 sample, so the changing to one sample will effect simultaneously to others, and then will effect to the statistical test. Second, there are declining of ROE, ROI and current ratio for the two years post privatisation. At that moment Indonesia get the financial crisis, It is so risky to compare financial performance (using financial ratio) of the some sample privatised when the situation of country in the crisis.

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