Analisis Perbandingan Kinerja Perusahaan Sebelum dan Sesudah Merger dan Akuisisi Terhadap Badan Usaha Milik Negara (BUMN)
Lampiran I
Daftar Perusahaan Sampel
Kriteria
No.
Memenuhi
Kriteria
Perusahaan Pengakuisisi
1
2
3
√
√
√
√
2
PT. Bank Rakyat Indonesia (Persero),
Tbk
PT. Aneka Tambak, Tbk
√
√
√
√
3
PT. Jasa Marga (Persero), Tbk
√
√
√
√
4
PT. Pertamina Hulu Energi
√
√
√
√
√
√
√
√
6
PT. Telekomunikasi Indonesia (Persero),
Tbk
PT. Pelabuhan Indonesia III (Persero)
√
√
√
√
7
PT. Bank Mandiri (Persero), Tbk
√
√
√
√
1
5
63
Universitas Sumatera Utara
Lampiran II
Data Variabel Net Profit Margin (NPM), Return On Equity (ROE), Debt
Ratio (DR), Debt to Equity Ratio (DER), Total Asset Turn Over (TATO), Return
on Investment (ROI), dan Current Ratio (CR) BUMN yang melakukan merger
dan akuisisi.
Nama Perusahaan
PT. Bank Rakyat
Indonesia (Persero),
Tbk
PT. Aneka Tambak,
Tbk
PT. Jasa Marga
(Persero), Tbk
PT. Pertamina Hulu
Energi
PT. Telekomunikasi
Indonesia (Persero),
Tbk
PT. Pelabuhan
Indonesia III (Persero)
PT. Bank Mandiri
(Persero), Tbk
Tahun
2010
NPM
0.26
ROE
0.41
DR
0.91
DER TATO
10.02
0.11
ROI
0.03
CR
2.60
2011
0.32
0.38
0.89
8.43
0.10
0.03
2.59
2010
2011
2010
2011
2012
2013
2013
0.19
0.19
0.28
0.25
0.30
0.30
0.24
0.24
0.24
0.14
0.13
0.86
0.60
0.24
0.22
0.29
0.56
0.57
0.55
0.60
0.39
0.28
0.41
1.27
1.32
1.25
1.51
0.65
0.72
0.68
0.23
0.23
0.21
0.15
0.65
0.14
0.13
0.06
0.06
0.40
0.55
0.16
3.82
10.64
1.65
1.06
0.73
1.04
1.12
2014
0.16
0.22
0.39
0.81
0.64
0.10
1.06
2013
2014
2013
2014
0.31
0.27
0.38
0.33
0.19
0.24
0.21
0.20
0.40
0.57
0.88
0.88
0.67
1.31
7.26
7.16
0.15
0.10
0.07
0.07
0.31
0.16
0.03
0.02
1.43
3.05
3.08
2.74
64
Universitas Sumatera Utara
Lampiran III
Hasil Statistika Deskriptif 1 tahun Sebelum Merger dan Akuisisi
Descriptive Statistics
Variabel
N
NPM
ROE
DR
DER
TATO
ROI
CR
Valid N
(listwise)
Minimum
7
7
7
7
7
7
7
Maximum
.19
.14
.22
.28
.07
.03
.73
.38
.86
.91
10.02
.72
.40
3.82
Mean
Std.
Deviation
.2800
.3271
.5586
3.0614
.3057
.1614
2.0614
.05972
.24951
.25661
3.90945
.26557
.14392
1.12894
7
Hasil Statistika Deskriptif 1 tahun Sesudah Merger dan Akuisisi
Descriptive Statistics
Variabel
NPM
ROE
DR
DER
TATO
ROI
CR
Valid N
(listwise)
N
Minimum
7
7
7
7
7
7
7
Maximum
.16
.13
.29
.41
.07
.02
1.04
.33
.60
.89
8.43
.68
.55
10.64
Mean
.2591
.2853
.5974
2.9919
.2809
.1516
3.1699
Std.
Deviation
.06432
.15587
.22500
3.32206
.26324
.18308
3.41063
7
65
Universitas Sumatera Utara
Lampiran IV
Hasil Uji Normalitas Kolmogrov-Smirnov
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N
7
Normal Parameters
a,,b
Mean
.0000000
Std. Deviation
Most Extreme Differences
.33042481
Absolute
.336
Positive
.336
Negative
-.307
Kolmogorov-Smirnov Z
.890
Asymp. Sig. (2-tailed)
.407
a. Test distribution is Normal.
b. Calculated from data.
Lampiran V
Hasil Uji Hipotesis Paired Sample T-test
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
NPM Sebelum –
1
NPM Sesudah
.02089
Std.
Std. Error
Deviation
Mean
.04375
.01653
of the Difference
Lower
-.01957
Upper
.06134
Sig. (2t
1.263
df
tailed)
6
66
Universitas Sumatera Utara
.253
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
ROE Sebelum –
1
ROE Sesudah
.04187
Std.
Std. Error
Deviation
Mean
.10082
of the Difference
Lower
.03811
-.05137
Upper
.13511
Sig. (2t
df
1.099
tailed)
6
.314
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
DR Sebelum –
1
DR Sesudah
-.03883
Std.
Std. Error
Deviation
Mean
.06484
of the Difference
Lower
.02451
-.09879
Sig. (2-
Upper
.02113
t
df
tailed)
-1.584
6
.164
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
DER Sebelum –
1
DER Sesudah
.06956
Std.
Std. Error
Deviation
Mean
.70815
of the Difference
Lower
.26765
-.58537
Upper
.72448
Sig. (2t
df
.260
tailed)
6
.804
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
TATO Sebelum -
1
TATO Sesudah
.02484
Std.
Std. Error
Deviation
Mean
.02538
.00959
of the Difference
Lower
.00137
Upper
.04831
Sig. (2t
2.590
df
tailed)
6
67
Universitas Sumatera Utara
.041
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
ROI Sebelum –
1
ROI Sesudah
.00986
Std.
Std. Error
Deviation
Mean
.08796
.03324
of the Difference
Lower
-.07149
Upper
.09120
Sig. (2t
df
.297
tailed)
6
.777
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
CR Sebelum –
1
CR Sesudah
-1.10843
Std.
Std. Error
Deviation
Mean
2.61864
.98975
of the Difference
Lower
-3.53026
Upper
1.31341
Sig. (2t
-1.120
df
tailed)
6
68
Universitas Sumatera Utara
.306
Daftar Perusahaan Sampel
Kriteria
No.
Memenuhi
Kriteria
Perusahaan Pengakuisisi
1
2
3
√
√
√
√
2
PT. Bank Rakyat Indonesia (Persero),
Tbk
PT. Aneka Tambak, Tbk
√
√
√
√
3
PT. Jasa Marga (Persero), Tbk
√
√
√
√
4
PT. Pertamina Hulu Energi
√
√
√
√
√
√
√
√
6
PT. Telekomunikasi Indonesia (Persero),
Tbk
PT. Pelabuhan Indonesia III (Persero)
√
√
√
√
7
PT. Bank Mandiri (Persero), Tbk
√
√
√
√
1
5
63
Universitas Sumatera Utara
Lampiran II
Data Variabel Net Profit Margin (NPM), Return On Equity (ROE), Debt
Ratio (DR), Debt to Equity Ratio (DER), Total Asset Turn Over (TATO), Return
on Investment (ROI), dan Current Ratio (CR) BUMN yang melakukan merger
dan akuisisi.
Nama Perusahaan
PT. Bank Rakyat
Indonesia (Persero),
Tbk
PT. Aneka Tambak,
Tbk
PT. Jasa Marga
(Persero), Tbk
PT. Pertamina Hulu
Energi
PT. Telekomunikasi
Indonesia (Persero),
Tbk
PT. Pelabuhan
Indonesia III (Persero)
PT. Bank Mandiri
(Persero), Tbk
Tahun
2010
NPM
0.26
ROE
0.41
DR
0.91
DER TATO
10.02
0.11
ROI
0.03
CR
2.60
2011
0.32
0.38
0.89
8.43
0.10
0.03
2.59
2010
2011
2010
2011
2012
2013
2013
0.19
0.19
0.28
0.25
0.30
0.30
0.24
0.24
0.24
0.14
0.13
0.86
0.60
0.24
0.22
0.29
0.56
0.57
0.55
0.60
0.39
0.28
0.41
1.27
1.32
1.25
1.51
0.65
0.72
0.68
0.23
0.23
0.21
0.15
0.65
0.14
0.13
0.06
0.06
0.40
0.55
0.16
3.82
10.64
1.65
1.06
0.73
1.04
1.12
2014
0.16
0.22
0.39
0.81
0.64
0.10
1.06
2013
2014
2013
2014
0.31
0.27
0.38
0.33
0.19
0.24
0.21
0.20
0.40
0.57
0.88
0.88
0.67
1.31
7.26
7.16
0.15
0.10
0.07
0.07
0.31
0.16
0.03
0.02
1.43
3.05
3.08
2.74
64
Universitas Sumatera Utara
Lampiran III
Hasil Statistika Deskriptif 1 tahun Sebelum Merger dan Akuisisi
Descriptive Statistics
Variabel
N
NPM
ROE
DR
DER
TATO
ROI
CR
Valid N
(listwise)
Minimum
7
7
7
7
7
7
7
Maximum
.19
.14
.22
.28
.07
.03
.73
.38
.86
.91
10.02
.72
.40
3.82
Mean
Std.
Deviation
.2800
.3271
.5586
3.0614
.3057
.1614
2.0614
.05972
.24951
.25661
3.90945
.26557
.14392
1.12894
7
Hasil Statistika Deskriptif 1 tahun Sesudah Merger dan Akuisisi
Descriptive Statistics
Variabel
NPM
ROE
DR
DER
TATO
ROI
CR
Valid N
(listwise)
N
Minimum
7
7
7
7
7
7
7
Maximum
.16
.13
.29
.41
.07
.02
1.04
.33
.60
.89
8.43
.68
.55
10.64
Mean
.2591
.2853
.5974
2.9919
.2809
.1516
3.1699
Std.
Deviation
.06432
.15587
.22500
3.32206
.26324
.18308
3.41063
7
65
Universitas Sumatera Utara
Lampiran IV
Hasil Uji Normalitas Kolmogrov-Smirnov
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N
7
Normal Parameters
a,,b
Mean
.0000000
Std. Deviation
Most Extreme Differences
.33042481
Absolute
.336
Positive
.336
Negative
-.307
Kolmogorov-Smirnov Z
.890
Asymp. Sig. (2-tailed)
.407
a. Test distribution is Normal.
b. Calculated from data.
Lampiran V
Hasil Uji Hipotesis Paired Sample T-test
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
NPM Sebelum –
1
NPM Sesudah
.02089
Std.
Std. Error
Deviation
Mean
.04375
.01653
of the Difference
Lower
-.01957
Upper
.06134
Sig. (2t
1.263
df
tailed)
6
66
Universitas Sumatera Utara
.253
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
ROE Sebelum –
1
ROE Sesudah
.04187
Std.
Std. Error
Deviation
Mean
.10082
of the Difference
Lower
.03811
-.05137
Upper
.13511
Sig. (2t
df
1.099
tailed)
6
.314
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
DR Sebelum –
1
DR Sesudah
-.03883
Std.
Std. Error
Deviation
Mean
.06484
of the Difference
Lower
.02451
-.09879
Sig. (2-
Upper
.02113
t
df
tailed)
-1.584
6
.164
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
DER Sebelum –
1
DER Sesudah
.06956
Std.
Std. Error
Deviation
Mean
.70815
of the Difference
Lower
.26765
-.58537
Upper
.72448
Sig. (2t
df
.260
tailed)
6
.804
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
TATO Sebelum -
1
TATO Sesudah
.02484
Std.
Std. Error
Deviation
Mean
.02538
.00959
of the Difference
Lower
.00137
Upper
.04831
Sig. (2t
2.590
df
tailed)
6
67
Universitas Sumatera Utara
.041
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
ROI Sebelum –
1
ROI Sesudah
.00986
Std.
Std. Error
Deviation
Mean
.08796
.03324
of the Difference
Lower
-.07149
Upper
.09120
Sig. (2t
df
.297
tailed)
6
.777
Paired Samples Test
Paired Differences
95% Confidence Interval
Mean
Pair
CR Sebelum –
1
CR Sesudah
-1.10843
Std.
Std. Error
Deviation
Mean
2.61864
.98975
of the Difference
Lower
-3.53026
Upper
1.31341
Sig. (2t
-1.120
df
tailed)
6
68
Universitas Sumatera Utara
.306