S PEA 1204102 Table of content
DAFTAR ISI
ABSTRAK
LEMBAR PENGESAHAN
KATA PENGANTAR ............................................................................................. i
DAFTAR ISI .......................................................................................................... iii
DAFTAR TABEL .................................................................................................. vi
DAFTAR GAMBAR ............................................................................................. ix
BAB I PENDAHULUAN ........................................................................................1
1.1
Latar Belakang ..........................................................................................1
1.2
Rumusan Masalah .....................................................................................9
1.3
Tujuan Penelitian .....................................................................................10
1.4
Kegunaan Penelitian ................................................................................11
1.4.1
Kegunaan Teoritis ............................................................................11
1.4.2
Kegunaan Praktis .............................................................................11
BAB II LANDASAN TEORI ................................................................................12
2.1
Kajian Pustaka .........................................................................................12
2.1.1
Kinerja Keuangan.............................................................................12
2.1.2
Analisis Laporan Keuangan .............................................................12
2.1.2.1 Tujuan dan Manfaat Analisis Laporan Keuangan ........................13
2.1.2.2 Bentuk dan Teknik Analisis .........................................................14
2.1.3
Analisis Rasio ..................................................................................15
2.1.3.1 Hasil Pengembalian Ekuitas (Return On Equity/ROE) ................19
2.1.3.2 Hasil Pengembalian Investasi (Return On Investment/ROI) ........19
2.1.3.3 Rasio Kas (Cash ratio) .................................................................20
2.1.3.4 Rasio Lancar (Current ratio) ........................................................20
2.1.3.5 Collection Period/Days of Raceivable .........................................21
2.1.3.6 Perputaran Persediaan (Inventory Tunover) .................................21
2.1.3.7 Perputaran Total Aset (Total Assets Turnover) ............................22
2.1.3.8 Total Equity to Total Assets..........................................................22
2.1.4
Faktor-Faktor yang Mempengaruhi Kinerja keuangan ....................22
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu
2.1.5
Laporan Keuangan ...........................................................................24
2.1.5.1 Tujuan Laporan Keuangan ...........................................................24
2.1.5.2 Jenis-Jenis Laporan Keuangan .....................................................27
2.1.5.3 Keterbatasan Laporan Keuangan ..................................................34
2.1.6
Perbedaan BUMN dengan Perusahaan Swasta ................................35
2.1.6.1 BUMN ..........................................................................................35
2.1.6.2 Perusahaan Swasta (BUMS) ........................................................38
2.1.6.3 Perbedaan BUMN dengan Perusahaan Swasta (BUMS) .............39
2.2
Penelitian Terdahulu ................................................................................40
2.3
Kerangka Pemikiran ................................................................................42
2.3
Hipotesis ..................................................................................................44
BAB III METODE PENELITIAN.........................................................................46
3.1
Objek Penelitian ......................................................................................46
3.2
Metode Penelitian ....................................................................................46
3.2.1
Desain Penelitian ..............................................................................46
3.2.2
Operasionalisasi Variabel.................................................................47
3.2.2
Populasi dan Sampel ........................................................................48
3.2.2.1 Teknik Sampling ..........................................................................49
3.2.4
Teknik Pengumpulan Data ...............................................................49
3.2.5
Teknik Analisis Data ........................................................................50
3.2.5.1 Uji Beda Independen Sample t Test .............................................52
BAB IV PEMBAHASAN ......................................................................................55
4.1
Hasil Penelitian........................................................................................55
4.1.1
Gambaran Umum Perusahaan BUMN ............................................55
4.1.1.1 PT Semen Indonesia (Persero) Tbk ..............................................55
4.1.1.2 PT Semen Baturaja (Persero) Tbk ................................................56
4.1.2
Gambaran Umum Perusahaan Swasta .............................................57
4.1.2.1 PT Holcim Indonesia Tbk ............................................................57
4.1.2.1 PT Indocemen Tunggal Prakarsa Tbk ..........................................57
4.1.3
Deskripsi Hasil Penelitian ................................................................58
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu
4.1.3.1 Analisis Rasio Return On Equity..................................................58
4.1.3.2 Analisis Rasio Return On Investment ...........................................60
4.1.3.3 Analisis Cash Ratio ......................................................................61
4.1.3.4 Analisis Current Ratio..................................................................62
4.1.3.5 Analisis Rasio Collection Period .................................................64
4.1.3.6 Analisis Rasio Inventory Turnover...............................................65
4.1.3.7 Analisis Rasio Assets Turnover ....................................................66
4.1.3.8 Analisis Rasio Total Equity to Total Assets .................................67
4.1.4
Uji Normalitas Data .........................................................................69
4.1.4.1 Uji Normalitas Rasio Return On Equity .......................................70
4.1.4.2 Uji Normalitas Rasio Return On Investment ................................71
4.1.4.3 Uji Normalitas Cash Ratio ...........................................................72
4.1.4.4 Uji Normalitas Current Ratio .......................................................73
4.1.4.5 Uji Normalitas Rasio Collection Period.......................................74
4.1.4.6 Uji Normalitas Rasio Inventory Turnover ....................................75
4.1.4.7 Uji Normalitas Rasio Assets Turnover .........................................76
4.1.4.8 Uji Normalitas Rasio Total Equity to Total Assets.......................77
4.1.4
Pengujian Hipotesis ..........................................................................78
4.1.4.1 Uji Hipotesis Rasio Return On Equity .........................................81
4.1.4.2 Uji Hipotesis Rasio Return On Investment...................................82
4.1.4.3 Uji Hipotesis Cash Ratio ..............................................................83
4.1.4.4 Uji Hipotesis Current Ratio .........................................................84
4.1.4.5 Uji Hipotesis Rasio Collection Period .........................................85
4.1.4.6 Uji Hipotesis Rasio Inventory Turnover.......................................86
4.1.4.7 Uji Hipotesis Rasio Assets Turnover ............................................88
4.1.4.8 Uji Hipotesis Rasio Total Equity to Total Assets .........................89
4.2
Pembahasan .............................................................................................90
BAB V KESIMPULAN DAN SARAN .................................................................97
5.1
Kesimpulan ..............................................................................................97
5.2
Saran ........................................................................................................98
DAFTAR PUSTAKA
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu
DAFTAR TABEL
Tabel 1.1 Penjualan Semen di Indonesia 2002-2015 ..........................................1
Tabel 1.2 Jumlah Semen yang Digunakan pada Pembangunan Infrastruktur
pada Tahun tahun 2012-2015 ...............................................................................2
Tabel 1.3 Kapasitas Produksi Perusahaan Semen Milik BUMN dan Perusahaan
Semen Milik Swasta .............................................................................................3
Tabel 1.4 Jumlah Total Aset Perusahaan Semen Milik BUMN dan Perusahaan
Semen Milik Swasta (dalam jutaan) .....................................................................3
Tabel 1.5 Jumlah Keuntungan Perusahaan Semen Milik BUMN dan
Perusahaan Semen Milik Swasta (dalam jutaan) .................................................4
Tabel 1.6 Perbedaan Sektor Publik dan Sektor Swasta .......................................4
Tabel 2.1 Perbedaan Perum dan Persero ...........................................................36
Tabel 2.2 Perbedaan Sektor Publik dan Sektor Swasta ....................................39
Tabel 2.2 Penelitian Terdahulu .........................................................................40
Tabel 3.1 Operasionalisasi Variabel .................................................................47
Tabel 3.2 Daftar Perusahaan Industri Semen yang Terdaftar di BEI ...............48
Tabel 3.3 Daftar Sampel Perusahaan Industri Semen yang Terdaftar di BEI ..49
Tabel 4.1 Rasio Return On Equity tiap Perusahaan...........................................59
Tabel 4.2 Rasio Return On Investment tiap Perusahaan ....................................60
Tabel 4.3 Cash Ratio tiap Perusahaan ...............................................................61
Tabel 4.4 Current Ratio tiap Perusahaan...........................................................62
Tabel 4.5 Rasio Collection Period tiap Perusahaan ..........................................64
Tabel 4.6 Rasio Inventory Turnover tiap Perusahaan .......................................65
Tabel 4.7 Rasio Assets Turnover tiap Perusahaan .............................................66
Tabel 4.8 Rasio Total Equity to Total Assets tiap Perusahaan .........................68
Tabel 4.9 Uji Kolmogorov Smirnov Rasio Return On Equity ..........................70
Tabel 4.10 Uji Kolmogorov Smirnov Rasio Return On Investment ................71
Tabel 4.11 Uji Kolmogorov Smirnov Cash Ratio .............................................72
Tabel 4.12 Uji Kolmogorov Smirnov Current Ratio .......................................73
Tabel 4.13 Uji Kolmogorov Smirnov Rasio Collection Period ........................74
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu
Tabel 4.14 Uji Kolmogorov Smirnov Rasio Inventory Turnover ....................75
Tabel 4.15 Uji Kolmogorov Smirnov Rasio Assets Turnover ...........................76
Tabel 4.16 Uji Kolmogorov Smirnov Rasio Total Equity to Total Assets .......77
Tabel 4.17 Hasil Gabungan Uji Normalitas ......................................................77
Tabel 4.18 Uji t-test independent two samples Rasio Return On Equity ..........81
Tabel 4.19 Uji t-test independent two samples Rasio Return On Investment ..82
Tabel 4.20 Uji t-test independent two samples Cash Ratio ...............................83
Tabel 4.21 Uji t-test independent two samples Current Ratio .........................84
Tabel 4.22 Uji t-test independent two samples Collection Period ....................85
Tabel 4.23 Uji t-test independent two samples Inventory Turnover ................86
Tabel 4.24 Uji t-test independent two samples Assets Turnover .......................88
Tabel 4.25 Uji t-test independent two samples Rasio Total Equity to Total
Assets .................................................................................................................89
Tabel 4.26 Uji Beda Keseluruhan Rasio ...........................................................90
Tabel 4.27 Perbandingan Rata-Rata Rasio Keuangan Perusahaan Semen Milik
Negara BUMN dan Swasta ................................................................................91
Tabel 4.28 Perbandingan Nilai Tertinggi dan Terendah Rasio Kinerja
Keuangan Perusahaan Semen Milik Negara (BUMN) dan Swasta....................91
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu
DAFTAR GAMBAR
Gambar 2.1 Kerangka Pemikiran ......................................................................44
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu
ABSTRAK
LEMBAR PENGESAHAN
KATA PENGANTAR ............................................................................................. i
DAFTAR ISI .......................................................................................................... iii
DAFTAR TABEL .................................................................................................. vi
DAFTAR GAMBAR ............................................................................................. ix
BAB I PENDAHULUAN ........................................................................................1
1.1
Latar Belakang ..........................................................................................1
1.2
Rumusan Masalah .....................................................................................9
1.3
Tujuan Penelitian .....................................................................................10
1.4
Kegunaan Penelitian ................................................................................11
1.4.1
Kegunaan Teoritis ............................................................................11
1.4.2
Kegunaan Praktis .............................................................................11
BAB II LANDASAN TEORI ................................................................................12
2.1
Kajian Pustaka .........................................................................................12
2.1.1
Kinerja Keuangan.............................................................................12
2.1.2
Analisis Laporan Keuangan .............................................................12
2.1.2.1 Tujuan dan Manfaat Analisis Laporan Keuangan ........................13
2.1.2.2 Bentuk dan Teknik Analisis .........................................................14
2.1.3
Analisis Rasio ..................................................................................15
2.1.3.1 Hasil Pengembalian Ekuitas (Return On Equity/ROE) ................19
2.1.3.2 Hasil Pengembalian Investasi (Return On Investment/ROI) ........19
2.1.3.3 Rasio Kas (Cash ratio) .................................................................20
2.1.3.4 Rasio Lancar (Current ratio) ........................................................20
2.1.3.5 Collection Period/Days of Raceivable .........................................21
2.1.3.6 Perputaran Persediaan (Inventory Tunover) .................................21
2.1.3.7 Perputaran Total Aset (Total Assets Turnover) ............................22
2.1.3.8 Total Equity to Total Assets..........................................................22
2.1.4
Faktor-Faktor yang Mempengaruhi Kinerja keuangan ....................22
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu
2.1.5
Laporan Keuangan ...........................................................................24
2.1.5.1 Tujuan Laporan Keuangan ...........................................................24
2.1.5.2 Jenis-Jenis Laporan Keuangan .....................................................27
2.1.5.3 Keterbatasan Laporan Keuangan ..................................................34
2.1.6
Perbedaan BUMN dengan Perusahaan Swasta ................................35
2.1.6.1 BUMN ..........................................................................................35
2.1.6.2 Perusahaan Swasta (BUMS) ........................................................38
2.1.6.3 Perbedaan BUMN dengan Perusahaan Swasta (BUMS) .............39
2.2
Penelitian Terdahulu ................................................................................40
2.3
Kerangka Pemikiran ................................................................................42
2.3
Hipotesis ..................................................................................................44
BAB III METODE PENELITIAN.........................................................................46
3.1
Objek Penelitian ......................................................................................46
3.2
Metode Penelitian ....................................................................................46
3.2.1
Desain Penelitian ..............................................................................46
3.2.2
Operasionalisasi Variabel.................................................................47
3.2.2
Populasi dan Sampel ........................................................................48
3.2.2.1 Teknik Sampling ..........................................................................49
3.2.4
Teknik Pengumpulan Data ...............................................................49
3.2.5
Teknik Analisis Data ........................................................................50
3.2.5.1 Uji Beda Independen Sample t Test .............................................52
BAB IV PEMBAHASAN ......................................................................................55
4.1
Hasil Penelitian........................................................................................55
4.1.1
Gambaran Umum Perusahaan BUMN ............................................55
4.1.1.1 PT Semen Indonesia (Persero) Tbk ..............................................55
4.1.1.2 PT Semen Baturaja (Persero) Tbk ................................................56
4.1.2
Gambaran Umum Perusahaan Swasta .............................................57
4.1.2.1 PT Holcim Indonesia Tbk ............................................................57
4.1.2.1 PT Indocemen Tunggal Prakarsa Tbk ..........................................57
4.1.3
Deskripsi Hasil Penelitian ................................................................58
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu
4.1.3.1 Analisis Rasio Return On Equity..................................................58
4.1.3.2 Analisis Rasio Return On Investment ...........................................60
4.1.3.3 Analisis Cash Ratio ......................................................................61
4.1.3.4 Analisis Current Ratio..................................................................62
4.1.3.5 Analisis Rasio Collection Period .................................................64
4.1.3.6 Analisis Rasio Inventory Turnover...............................................65
4.1.3.7 Analisis Rasio Assets Turnover ....................................................66
4.1.3.8 Analisis Rasio Total Equity to Total Assets .................................67
4.1.4
Uji Normalitas Data .........................................................................69
4.1.4.1 Uji Normalitas Rasio Return On Equity .......................................70
4.1.4.2 Uji Normalitas Rasio Return On Investment ................................71
4.1.4.3 Uji Normalitas Cash Ratio ...........................................................72
4.1.4.4 Uji Normalitas Current Ratio .......................................................73
4.1.4.5 Uji Normalitas Rasio Collection Period.......................................74
4.1.4.6 Uji Normalitas Rasio Inventory Turnover ....................................75
4.1.4.7 Uji Normalitas Rasio Assets Turnover .........................................76
4.1.4.8 Uji Normalitas Rasio Total Equity to Total Assets.......................77
4.1.4
Pengujian Hipotesis ..........................................................................78
4.1.4.1 Uji Hipotesis Rasio Return On Equity .........................................81
4.1.4.2 Uji Hipotesis Rasio Return On Investment...................................82
4.1.4.3 Uji Hipotesis Cash Ratio ..............................................................83
4.1.4.4 Uji Hipotesis Current Ratio .........................................................84
4.1.4.5 Uji Hipotesis Rasio Collection Period .........................................85
4.1.4.6 Uji Hipotesis Rasio Inventory Turnover.......................................86
4.1.4.7 Uji Hipotesis Rasio Assets Turnover ............................................88
4.1.4.8 Uji Hipotesis Rasio Total Equity to Total Assets .........................89
4.2
Pembahasan .............................................................................................90
BAB V KESIMPULAN DAN SARAN .................................................................97
5.1
Kesimpulan ..............................................................................................97
5.2
Saran ........................................................................................................98
DAFTAR PUSTAKA
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu
DAFTAR TABEL
Tabel 1.1 Penjualan Semen di Indonesia 2002-2015 ..........................................1
Tabel 1.2 Jumlah Semen yang Digunakan pada Pembangunan Infrastruktur
pada Tahun tahun 2012-2015 ...............................................................................2
Tabel 1.3 Kapasitas Produksi Perusahaan Semen Milik BUMN dan Perusahaan
Semen Milik Swasta .............................................................................................3
Tabel 1.4 Jumlah Total Aset Perusahaan Semen Milik BUMN dan Perusahaan
Semen Milik Swasta (dalam jutaan) .....................................................................3
Tabel 1.5 Jumlah Keuntungan Perusahaan Semen Milik BUMN dan
Perusahaan Semen Milik Swasta (dalam jutaan) .................................................4
Tabel 1.6 Perbedaan Sektor Publik dan Sektor Swasta .......................................4
Tabel 2.1 Perbedaan Perum dan Persero ...........................................................36
Tabel 2.2 Perbedaan Sektor Publik dan Sektor Swasta ....................................39
Tabel 2.2 Penelitian Terdahulu .........................................................................40
Tabel 3.1 Operasionalisasi Variabel .................................................................47
Tabel 3.2 Daftar Perusahaan Industri Semen yang Terdaftar di BEI ...............48
Tabel 3.3 Daftar Sampel Perusahaan Industri Semen yang Terdaftar di BEI ..49
Tabel 4.1 Rasio Return On Equity tiap Perusahaan...........................................59
Tabel 4.2 Rasio Return On Investment tiap Perusahaan ....................................60
Tabel 4.3 Cash Ratio tiap Perusahaan ...............................................................61
Tabel 4.4 Current Ratio tiap Perusahaan...........................................................62
Tabel 4.5 Rasio Collection Period tiap Perusahaan ..........................................64
Tabel 4.6 Rasio Inventory Turnover tiap Perusahaan .......................................65
Tabel 4.7 Rasio Assets Turnover tiap Perusahaan .............................................66
Tabel 4.8 Rasio Total Equity to Total Assets tiap Perusahaan .........................68
Tabel 4.9 Uji Kolmogorov Smirnov Rasio Return On Equity ..........................70
Tabel 4.10 Uji Kolmogorov Smirnov Rasio Return On Investment ................71
Tabel 4.11 Uji Kolmogorov Smirnov Cash Ratio .............................................72
Tabel 4.12 Uji Kolmogorov Smirnov Current Ratio .......................................73
Tabel 4.13 Uji Kolmogorov Smirnov Rasio Collection Period ........................74
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu
Tabel 4.14 Uji Kolmogorov Smirnov Rasio Inventory Turnover ....................75
Tabel 4.15 Uji Kolmogorov Smirnov Rasio Assets Turnover ...........................76
Tabel 4.16 Uji Kolmogorov Smirnov Rasio Total Equity to Total Assets .......77
Tabel 4.17 Hasil Gabungan Uji Normalitas ......................................................77
Tabel 4.18 Uji t-test independent two samples Rasio Return On Equity ..........81
Tabel 4.19 Uji t-test independent two samples Rasio Return On Investment ..82
Tabel 4.20 Uji t-test independent two samples Cash Ratio ...............................83
Tabel 4.21 Uji t-test independent two samples Current Ratio .........................84
Tabel 4.22 Uji t-test independent two samples Collection Period ....................85
Tabel 4.23 Uji t-test independent two samples Inventory Turnover ................86
Tabel 4.24 Uji t-test independent two samples Assets Turnover .......................88
Tabel 4.25 Uji t-test independent two samples Rasio Total Equity to Total
Assets .................................................................................................................89
Tabel 4.26 Uji Beda Keseluruhan Rasio ...........................................................90
Tabel 4.27 Perbandingan Rata-Rata Rasio Keuangan Perusahaan Semen Milik
Negara BUMN dan Swasta ................................................................................91
Tabel 4.28 Perbandingan Nilai Tertinggi dan Terendah Rasio Kinerja
Keuangan Perusahaan Semen Milik Negara (BUMN) dan Swasta....................91
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu
DAFTAR GAMBAR
Gambar 2.1 Kerangka Pemikiran ......................................................................44
Rinna Muliawati Sunjaya, 2014
ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN MILIK NEGARA (BUMN) DENGAN
PERUSAHAAN MILIK SWASTA
Universitas Pendidikan Indonesia | repository.upi.edu| perpustakaan.upi.edu