ANALISIS KINERJA KEUANGAN SEBELUM DAN SESUDAH AKUISISI PADA TAHUN 2012 DI BEI

Abstract

Acquisition is carried out by the company with the expectation to attract some profit and able to produce
synergy. The impact of the synergy of the company is expected to be able to increase the performance of the
company. This research is aimed to analyze the different of financial performance before and after the
acquisition. The performance of the company is measured by using financial ratio i.e. current ratio (CR), quick
ratio (QR), debt to equity ratio (DER), debt to total asset ratio (DAR), total asset turnover (TATO), fixed asset
turnover (FATO), net profit margin (NPM), return on asset (ROA), return on equity (ROE). This research has
been conducted by using quantitative method, by obtaining the data from all public companies which have
conduct acquisition which are listed in indonesia stock exchange (IDX) in 2012. The sample collection of this
research has been carried out by using purposive sampling method, and the data which has been obtained from 2
companies which have been carried out acquisition. The hypothesis in this research has been answered by using t
test (paired sample t-test). The result of this research shows that the 2 financial ratios, CR ratio, and QR in the
acquirer company shows that there are some differences before and after the acquisition. Meanwhile, 7 financial
ratios i.e., DAR, DER, TATO, FATO, NPM, and ROE on the acquirer company does not give any difference
before and after the acquisition.

Keywords: acquisition, financial performance, quantitative, paired sample t-test.