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Analisis Aliansi, Akuisisi dan Determinannya pada Industri Pembiayaan Indonesia/ . -- 2013

Alliance, Acquisition and Determinant Analysist in Indonesia Financial Services Industry.

PhD Theses from MBIPB / 2017-03-05 15:50:23
Oleh : Suwinto Johan, Manajemen dan Bisnis -Institut Pertanian Bogor
Dibuat : 2014-01-25, dengan 10 file

Keyword : akuisisi, backward integration, determinan,forward integration,perusahaan pembiayaan
Subjek : MANAJEMEN KEUANGAN
Nomor Panggil (DDC) : 1(6DM) Joh a



Industri pembiayaan merupakan salah satu industri yang bertumbuh pesat selama sepuluh tahun terakhir. Industri perbankan merupakan penyedia pendanaan terbesar, telah menjadikan perusahaan pembiayaan sebagai model integrasi bisnis. Industri otomotif yang menyediakan produk pembiayaan juga melakukan strategi yang sama.Akuisisi perusahaan pembiayaan telah mencapai 30 transaksi sejak tahun 2002 hingga 2012. Penelitian ini menganalisis tujuh rasio keuangan (rasioprofitabilitas, rasio efisiensi, rasio pertumbuhan, rasio ukurang, rasio likuiditas, rasio solvabilitas dan rasio kualitas aset).Penelitian ini mempergunakan non parametrik Mann Whitney, non parametrik Wilcoxondan parametrikPanel Data Dummy Regression.Total sampel yang dipergunakan adalah 100 perusahaan pembiayaan yang menerbitkan laporan keuangannya sejak tahun 2001 hingga 2011.Hasil penelitian menemukan perusahaan pembiayaan yang memiliki aliansi atau integrasi memiliki kinerja lebih baik pada efisiensi, profitabilitas, ukuran aset dan pertumbuhan.Perusahaan aliansi juga memiliki rasio pencadangan piutang yang lebih besar dan rasio likuiditas yang lebih rendah. Aliansi dengan perbankan memiliki kinerja yang kurang efisien, profitabilitas yang lebih rendah, pencadangan yang lebih besar dan likuditas yang lebih rendah, dibandingkan dengan aliansi antara perusahaan pembiayaan dengan industri otomotif.Forward integration meningkatkan kapasitas memperoleh pendapatan yang lebih besar dibandingkan dengan backward integration.Penelitian ini juga menemukan tidak terdapat perbedaan pada ukuran aset pada forward danbackward integration.Hasil penelitian lainnya menunjukkan bahwa determinan akuisisi perusahaan pembiayaan adalah ukuran aset dan profitabiltias perusahaan pembiayaan.

Deskripsi Alternatif :

Indonesia finance company industry is one of the fastest growing in Indonesia during the last ten years Finance company industry is a derived demand industry. Finance company is financing the product or service that purchased by the consumer for consumption and capital goods.Finance company is financing the equipment for farming, agricultural dan mining. The palm farming equipment such as heavy equipment, transportation equipment and machinery. Source of funding are from banking and commercial paper issued to public such as bond Banking contributed 90% of total funding needs by finance company. Alliance with banking and manufacturing will become an important consideration for the future of the industry.

The aims of this research are to study the financial performance between the independent and the integrated finance company, the financial performance between the backward integration and the forward integration finance company, the financial performance of finance company between pre and post acquisition, the financial performance between cross border and local finance company, and the acquisition determinant.

The results show that the integrated finance companies are better in efficiency, profitability, size and growth. The integrated finance company has higher reserve policy and lower liquidity. On the other side, the research compare between the backward integration with bank and the forward integration with automotive manufacturer. We found that finance companies with backward integration are less efficient, lower profit, higher reserve and lower liquidity than forward integration. Forward integration finance companies have the ability to increase the revenue compared to backward integration. There is no significant evidence in firm size and growth ability in both forward and backward integration.

Finance company will have better performance post acquisition compared to pre acquisition and finance company who do not involve in the acquisition. Cross border finance company have better performance in profitability, efficiency, growth and firm size.The empirical results also show that the determinants of finance companies that were targeted for all types of takeover are the size of the assets and return on equity ratio.

Copyrights : Copyright @ 2001 by Graduate Program of Management and Business - Bogor Agricultural University (MB IPB). Verbatim copying and distribution of this entire article is permitted by author in any medium, provided this notice is preserved.

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