Perbandingan Kinerja Keuangan Perusahaan Perkebunan BUMN dan Swasta Berdasarkan Rasio Keuangan dan Economic Value Added - Luci Paonganan (Penelitian dan Pengabdian Masyarakat Universitas Bina Insani, 2018)
Abstrak: Penelitian ini bertujuan untuk menemukan perbedaan kinerja keuangan antara perusahaan perkebunan milik negara dan milik swasta. Kinerja keuangan perusahaan diukur dengan metode top down approach yakni menganalisa data-data ekonomi global/makro/industri dilanjutkan dengan analisa rasio keuangan dan analisa nilai tambah ekonomis (Economic Value Added) perusahaan. Rasio keuangan yang digunakan adalah rasio profitabilitas (Gross Profit Margin, Net Profit Margin, Operation Profit Margin, Cash Flow Margin, Return On Asset dan Return On Equity), rasio solvabilitas (Debt to Asset, Debt to Equity dan Time Interest Earned), rasio aktivitas (Fixed Asset Turn Over dan Total Asset Turn Over) dan rasio likuiditas (Current Ratio). Untuk menganalisa perbandingan kinerja keuangan kedua jenis perusahaan digunakan metode penelitian deskriptif komparatif dan uji beda independent sample T-test. Penelitian dilakukan pada 11 perusahaan perkebunan milik swasta go public dan delapan perusahaan perkebunan milik negara tahun 2012 - 2016. Hasil penelitian menunjukkan adanya perbedaan signifikan antara kinerja keuangan perusahaan perkebunan milik negara dan swasta berdasarkan rasio net profit margin, operation profit margin, return on asset, debt to asset, debt to equity dan time interest earned. Hal ini berarti profitabilitas dan solvabilitas perusahaan perkebunan swasta secara signifikan lebih baik dari perusahaan perkebunan milik negara. Hasil perhitungan nilai tambah ekonomis tidak menunjukkan perbedaan yang signifikan namun secara rata-rata nilai tambah ekonomis perusahaan perkebunan swasta bernilai positif sementara perusahaan perkebunan milik negara bernilai negatif. Kata kunci: Perusahaan Perkebunan, Kinerja Keuangan, Rasio Keuangan, Nilai Tambah Ekonomis Abstract: This research aimed to find differences in financial performance between state-owned and private-owned plantation companies in the period 2012 - 2016. The company’s financial performance was measured by using top down approach method, which analyzed global/macro/industrial economic data followed by financial ratio and economic value added analysis. The financial ratios used are profitability ratios (gross profit margin, net profit margin, operation profit margin, cash flow margin, return on assets and return on equity), solvency ratio (debt to asset, debt to equity and time interest earned, activity ratio (fixed asset turn over, total asset turn over) and liquidity ratio (current ratio). To analyze the comparison of the financial performance of the two types of companies, a descriptive comparative research method and independent sample T-test were used. The research was conducted on 11 listed private-owned plantation companies and eight state-owned plantation companies in 2012-2016. The results showed significant differences between the financial performance of state-owned and private-owned plantation companies based on net profit margin, operation profit margin, return on asset, debt to asset, debt to equity and time interest earned. This means that the profitability and solvency of private-owned plantation companies is significantly better than state-owned plantation companies. The economic value added analysis did not show a significant difference but on average economic value added of private-owned plantation companies was positive while the state-owned plantation companies was negative. Keywords: Plantation Companies, Financial Performance, Financial Ratios, Economic Value Added