Analisis Kinerja Perusahaan Sebelum dan Setelah Melakukan Merger dan Akuisisi

Abstract

Mergers and acquisitions are an alternative that can be taken by companies that are experiencing bankruptcy or for companies that want to expand their companies. There are many examples of successful mergers and companies that are even bigger than before. This has made mergers and acquisitions a concern in recent years, both in Indonesia and abroad. This research was conducted to test whether mergers conducted by several companies in 2015 can change company performance for the better or not, bearing in mind that not all mergers end beautifully and as expected. From the ten companies sampled, normality tests and paired sample t-tests were conducted using SPSS 24 software. The results obtained are differences in company performance before and after conducting mergers and acquisitions. This shows from the significance value < 0.05 also the results of the comparison of the value of t-count and t-table where the value of t-count > t-table. These findings are also supported by the results of the pair correlation test which shows that there is a relationship between each of the company's performance variables before and after mergers and acquisitions.
 
 Abstrak
 Merger dan akuisisi dapat menjadi alternative bagi perusahaan untuk mencegah kebangkrutan atau untuk mengembangkan perusahaannya. Ada banyak contoh perusahaan yang melakukan merger dan berhasil menjadikan perusahaannya lebih besar dari sebelumnya. Hal ini mendorong merger dan akuisisi menjadi perhatian bagi perusahaan dalam beberapa tahun terakhir, baik di Indonesia maupun di luar negeri. Penelitian bertujuan untuk menguji apakah merger yang dilakukan oleh sepuluh (10) perusahaan pada tahun 2015 merupakan keputusan yang tepat dan terbukti mampu meningkatkan nilai perusahaan. Bagaimanapun, ada beberapa perusahaan yang gagal dalam melakukan merger. Pengujian tes normalitas dan uji beda yang digunakan dalam penelitian ini diproses melalui perangkat lunak, SPSS 24. Hasil yang didapat adalah nilai signifikan < 0.05 dan nilai t-hitung > nilai t-tabel. Uji korelasi juga dilakukan untuk memperkuat hasil temuan yang menyimpulkan bahwa setelah melakukan merger dan akuisisi, performa perusahaan meningkat dan ada hubungan antar nilai perusahaan sebelum dan setelah melakukan merger. Maka, dapat disimpulkan bahwa melakukan merger dan akusisi merupakan langkah yang tepat untuk dilakukan.
 Kata kunci: Merger, Akuisisi, Current Ratio, Return on Equity, Debt to Asset Ratio

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