PERBANDINGAN KINERJA KEUANGAN SEBELUM DAN SESUDAH AKUISISI PADA PERUSAHAAN MANUFAKTUR

Abstract

The purpose of this research is to find out the difference of financial performance of the acquirer which is
measured by using current ratio, net profit margin, return on asset, return on equity, debt to equity ratio, debt
to total asset, total asset turnover, fixed asset turnover, earnings per share, and price earnings ratio before and
after acquisition. The research is a comparative research and the population is the manufacturing companies
which are listed in Indonesia Stock Exchange in 2008-2014 periods. The sample collection technique has been
done by using purposive sampling, so 4 manufacturing companies which has carried out the acquisition
activities in 2011 period based on the supervision of the Business Competition Supervisory Commission have
been selected as samples. The data analysis technique has been done by performing Paired Sample t-test. Based
on the result of the analysis which has been carried out by using paired sample t-test that 8 financial ratios have
significant difference i.e.: current ratio, net profit margin, return on asset, return on equity, total asset turnover,
fixed assets turnover, earning per share, and price earnings ratio. that are 2 financial ratios which do not have
any significant differences i.e. debt to equity ratio and debt to total asset ratio which means that there are no
significant differences in these two ratios, it shows that the company cannot be stated to be able to pay the whole
debt of the company and the company undergoes difficulties to maximize their own capital.
Keywords: Financial Performance, Financial Ratios and Acquisition.