Analisis Pengaruh Penyertaan Modal Negara, Solvabilitas, Likuiditas Dan Pertumbuhan Aktiva Terhadap Kinerja Keuangan Bumn

Abstract

Financial performance was an indicator that showed the future prospects for the company's sustainability. By researching financial performance, it will likely be able to measure the effectiveness of providing state equity participation to Indonesia's State-Owned Enterprises (SOEs) because every year, the government always allocates a large budget. However, few SOEs were losing money, and the losses were increasing yearly. Furthermore, it aimed to analyze the effect of solvency, liquidity, and asset growth on the financial performance of Indonesian SOE recorded on the BUMN20 Index for the 2018– 2020 period. Data was collected by using purposive sampling. Twelve SOEs listed on the BUMN20 Index were used as research samples. The analysis technique was multiple linear regression. State equity participation was calculated by comparing equity with total assets. The solvency ratio used was the debt ratio and the liquidity ratio used was the current ratio. Asset growth was calculated by calculating the annual change in total assets, while ROE and ROA calculated financial performance. The study showed that state equity participation had no significant effect on financial performance, while solvency and asset growth significantly negatively affected financial performance. The liquidity had a significant negative effect on financial performance when measured by ROE, while if measured by ROA, the results were insignificant. Kinerja keuangan merupakan indikator yang menunjukkan prospek keberlangsungan perusahaan pada masa yang akan datang. Dengan melakukan penelitian pada kinerja keuang- an diharapkan mampu mengukur keefektifan pemberian PMN pada perusahaan BUMN karena setiap tahunnya pemerintah selalu mengalokasikan anggaran yang besar untuk Penyertaan Modal Negara pada BUMN. Namun, tidak sedikit BUMN yang justru merugi dan kerugiannya semakin besar setiap tahunnya. Selain itu, penelitian ini juga bertujuan menganalisis pengaruh solvabilitas, likuiditas dan pertumbuhan aktiva pada kinerja keuangan Badan Usaha Milik Negara yang tercatat pada Indeks BUMN20 periode 2018–2020. Teknik sampling yang dipakai pada penelitian ini adalah purposive sampling. Terdapat 12 (dua belas) BUMN yang tercatat pada Indeks BUMN20 yang dipakai sebagai sampel penelitian. Teknik analisis yang dipakai adalah regresi linear berganda. Hasil penelitian menyimpulkan bahwa penyertaan modal negara tidak berpengaruh secara signifikan pada kinerja keuangan, sedangkan solvabilitas dan pertumbuhan aktiva berpengaruh negatif signifikan pada kinerja keuangan. Adapun likuiditas berpengaruh negatif signifikan pada kinerja keuangan jika diukur dengan ROE, sedangkan jika diukur dengan ROA hasilnya adalah tidak signifikan.

Analysis of State Capital Participation

“…Based The PMN study must contain information regarding the urgency of providing PMN to the BUMN. Research on BUMN for the 2018-2020 period found that state capital participation did not affect financial performance (Andreas, 2022). By carrying out a comprehensive analysis through the preparation of a PMN study, it is hoped that the implementation of PMN will become a strategic matter that will provide benefits for companies in particular and the country at a macro level.…”