ANALISIS KINERJA KEUANGAN PERUSAHAAN PUBLIKSEBELUM DAN SESUDAH MELAKUKAN MERGER DANAKUISISI DI BURSA EFEK INDONESIA

Mergers and acquisitions are one way of external expansion the company with the primary objective in order to survive in the midst of business competition is getting tight and fierce. The purpose of this study was to provide empirical evidence of the influence of mergers and acquisitions of public company financial performance prior to the implementation of mergers and acquisitions with after the implementation of mergers and acquisitions seen from the financial ratios include: liquidity, activity, solvency, and profitability. This study used 38 companies that make mergers and acquisitions in Indonesia Stock Exchange in the period between the years 2000-2007. The method used in this study is Paired Sample t-test to test the hypothesis of differences in financial performance. The results show that there is no significant difference to quick ratio, total asset turnover, debt to total assets ratio, debt to equity ratio, operating profit margin, net profit margin and return on Investment in the period one year prior to implementing mergers and acquisitions with a period one year and two years after the merger and acquisition. Significant difference found only in the financial performance of current ratio and fixed asset turnover in the period sate years after mergers and acquisitions, as well as return on equity performance period of two years after mergers and acquisitions. Factors to be possible causes of the absence of a positive difference is due to weak companies in implementing strategies, as well as any other purpose other than economic objectives such as control of other companies to build a larger company.