Penelitian ini dimaksudkan untuk melihat pengaruh merger dan akuisisi yang dilakukan oleh perusahaan pengakuisisi terhadap kmerja perusahaan dan perubahan beta dengan perbandingan 5 tahun sebelum dan 5 tahun sesudah merger dan akuisisi. Konsep yang diterapkan dalarn penelitian mi adalah metodologi event study. Penelitian mi menggunakan 5 sampel perusahaan publik yang melakukan kegiatan merger dan akuisisi dalain periode waktu tahun 2000 hingga 2001. Berdasarkan metodologi event study, data-data yang diperlukan meliputi: tanggal kejadian, tanggal listing, data IHSI masing-masmg saham sampel, data IHSG dan laporan keuangan. Kinerja perusahaan diukur dengan menggunakan rasio keuangan diantaranya: current ratio, quick ratio, times interest earned ratio, debt to total asset ratio, receivable turnover, inventory turnover, asset turnover, profit margin, return on asset, return on equity, earning per share. Untuk hipotesa penelitian rasio mi digunakan uji t, wilcoxon sign test dan manova. Tes dengan menggunakan uji wilcoxon ditemukan 3 rasio yang secara signifikan berbeda setelah 5 tahun melakukan merger dan akuisisi, yaitu: receivable turnover, asset turnover, earning per share. Rasio keuangan mi menjadi semakin baik setelah merger dan akuisisi. Sedangkan hasil dari uji t dan manova secara serentak menunjukkan bahwa secara signifikan tidak terdapat perbedaan. Hasil tersebut menunjukkan bahwa merger dan akuisisi tidak memberikan sinergi kepada perusahaan. Untuk menghitung beta menggunakan dua metode perhitungan: (1) market model, (2) weighted average beta. Hasilnya tidak terdapat perbedaan signifikan sebelum dan sesudah merger dan akuisisi.
This research aims to examine the effect of merger and acquisition on firms' performance and change of beta with comparison five year before and five year after merger and acquisition. Concept which applied in this research is methodologies of event study. Sample of this research consists of five company public doing activity of merger and acquisition in period of year time 2000 until 2001. Pursuant to methodologies of event study, needed datas cover: date of occurrence, date of listing, data of IHSI the each share of sampel, data of IHSG, and financial statement. Performance company measured by using financial ratio among others: current ratio, quick ratio, times interest earned ratio, debt to total asset ratio, receivable turnover ratio, inventory turnover ratio, asset turnover ratio, profit margin ratio, return on asset ratio, return on equity ratio, earning per share ratio. For hypothesis research this ratio is used wilcoxon sign test and manova. Wilcoxon sign test shows that receivable turnover, asset turnover and earning per share at 5 years before and 5 years after merger and acquisition are significantly different. These financial ratio getting better after merger and acquisition. The results from t - test and manova test shows that financial ratios simultaneously indifference between before and after merger and acquisition. These results indicated that merger and acquisition does not provide synergy for the finns. To calculate beta use two methods into: (1) market model method; (2) weighted average beta method. The results shows that beta simultaneously indifference between before and after merger and acquisition. |
