ANALISIS KINERJA KEUANGAN SEBELUM DAN SESUDAH MERGER PT.CHANDRA ASRI PETROCHEMICAL, Tbk

Abstract

The purpose of this research is to find out the difference of financial performance of PT. Chandra Asri
Petrochemical,Tbk before and after the merger with PT. Tri Polyta Indonesia,Tbk. The data is the
financial statement which consists of profit and loss statement and balance sheet in 2008-2014
periods. The comparison financial ratio analysis has been done by using some ratios i.e. profitability
ratio, liquidity ratio, and Economic value added. Meanwhile, the data analysis technique applies
paired sample t-test. The result of the calculation of 6 financial ratios and the method that has been
used undergo decline after the merger i.e.: Net Profit Margin, Return on Assets, Return on Equity,
Current Ratio, Quick Ratio and
Economic Value Added. It indicates that there is a decline of financial
performance which shows that the primary motive of the company conducting merger is not economic
motive but a non-economic motive like becoming large group, expanding market segment, and adding
product line. The result of the analysis by using paired sample t-test has shown that there are 2
financial ratios which show significance difference i.e. Return on Assets and Current Ratio whereas
the remaining 4 financial ratios do not show any significant difference are Net Profit Margin, Return
On Equity, Quick Ratio dan Economic Value Added.

Keywords: Financial Ratio, EVA, Financial Performance and Merger