Pengaruh Right Issue terhadap Kinerja Keuangan Perusahaan

Abstract

Penelitian ini menyelidiki pengaruh right issue terhadap kinerja keuangan perusahaan yang go public di Bursa Efek Indonesia. Sampel meliputi dua puluh satu perusahaan yang melakukan right issue dari tahun 2003-2006. Variabel penelitian adalah kinerja keuangan yang diukur dengan rasio likuiditas, leverage, profitabilitas, aktivitas, dan rasio pasar. Paired t-test dan uji Wilcoxon digunakan untuk menentukan perbedaan kinerja keuangan sebelum dan sesudah right issue. Dari rasio kinerja likuiditas, leverage, profitabilitas, aktivitas, dan rasio pasar (Rasio Lancar, Hutang Jumlah Untuk Jumlah Aktiva, Net Profit Margin, Asset Turn Over dan Rasio Price Earning) pada dua tahun sebelum dan dua tahun setelah right issue, hanya dua rasio-Harga Earning ratio dan Current Ratio secara signifikan berbeda pada sebelum dan sesudah right issue. Kedua rasio ini meningkat secara signifikan.

 

This study investigated the effect of right issue on the financial performance of companies that go public on the Indonesian Stock Exchange. The sample included twenty-one company that does the right issue from the years 2003-2006. Research variable is financial performance as measured by the liquidity ratio, leverage, profitability, activity, and the ratio of the market. Paired t-test and Wilcoxon test used to determine differences in financial performance before and after the rights issue. From the performance ratios of liquidity, leverage, profitability, activity, and the market ratio (Current Ratio, Total Debt To Total Assets, Net Profit Margin, Asset Turn Over and Price Earning Ratio) at two years before and two years after the right issue, only two ratio--Price Earning Ratio and Current Ratio are significantly different at the before and after the rights issue. Both these ratios increased significantly.