Analisis Rasio Keuangan Untuk Mengukur Kinerja Keuangan PT. Bank Mandiri Tbk Sebelum Dan Sesudah Akuisisi Periode 2012-2015

Jurnal Administrasi Bisnis (JAB)|Vol. 47 No. 2 Juni 2017| administrasibisnis.studentjournal.ub.ac.id

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ANALISIS RASIO KEUANGAN UNTUK MENGUKUR KINERJA KEUANGAN

PT. BANK MANDIRI TBK SEBELUM DAN SESUDAH AKUISISI

PERIODE 2012-2015

Intan Kusumaningtyas Moch Dzulkirom

Fakultas Ilmu Administrasi Universitas Brawijaya

Malang

Email: intantan07@gmail.com

ABSTRACT

The purpose of this study is to know and explain the financial performance of the holding company before and after the acquisition in terms of liquidity ratios, leverage ratio, and profitability ratios. Sources of data in this study using secondary data of PT Bank Mandiri Tbk obtained through the site www.idx.co.id and www.bankmandiri.co.id site, data obtained in the form of annual financial statements summary of the company PT Bank Mandiri Tbk from 2012 -2015. The results of this study is the profitability ratios of PT. Bank Mandiri Tbk presented in the return on investment from operating income (ROI / ROA) and return on equity (ROE) decreased after the company made the acquisition. The leverage ratio of PT. Bank Mandiri Tbk presented in the ratio of total debt (DAR) and debt-equity ratio (DER) decreased after the company made the acquisition. Liquidity Ratio of PT. Bank Mandiri Tbk presented in net working capital ratio to total assets (NWCTA), current ratio (CR), and quick ratio (QR) increased after the company made the acquisition. This shows that the financial performance of PT. Bank Mandiri Tbk is better after the company acquires.

Keywords: Acquisition, Leverage Ratio, Liquidity Ratio,Profitability Ratio, Financial Performance.

ABSTRAK

Tujuan penelitian ini adalah untuk mengetahui dan menjelaskan kinerja keuangan perusahaan induk sebelum dan sesudah melakukan akuisisi ditinjau dari rasio likuiditas, rasio leverage, dan rasio profitabilitas. Sumber data dalam penelitian ini menggunakan data sekunder PT Bank Mandiri Tbk yang diperoleh melalui situs www.idx.co.id dan situs www.bankmandiri.co.id, data yang diperoleh berupa laporan keuangan tahunan maupun ringkasan perusahaan PT Bank Mandiri Tbk dari tahun 2012-2015. Hasil penelitian ini adalah Rasio profitabilitas PT. Bank Mandiri Tbk dalam tingkat pengembalian investasi dari pendapatan operasi (ROI/ROA) dan tingkat pengembalian atas ekuitas (ROE) mengalami penurunan sesudah perusahaan melakukan akuisisi. Rasio leverage 37 %Z_{QN 0}Z_{QGLUL 7EN \}Z_{QJ W}__UVZ_{ML G}Z_OZ_{P U}Z_{VLR WRW}Z_{O KXW}Z_{QJ '}:_{5 G}Z_Q UZ_{VLR KXW}Z_QJ-__NXLWZ_{V '}?_{5 P}__QJZ_OZ_{PL S}__QXUXQZ_{Q V}__VXGZ_{K S}__UXVZ_KZZ_{Q P}__OZ_NXNZ_QZ_{NXLVLVL 5}Z_{VLR OLNXLGLW}Z_V 37 %Z_{QN 0}Z_{QGLUL 7EN \}Z_{QJ W}__UVZ_{ML G}Z_OZ_{P U}Z_{VLR PRG}Z_{O N}__UMZ _E__{UVLK W}__UKZ_GZ_{S WRW}Z_O Z_NWLYZ _1:&7: _UZ_VLR OZ_QFZ_{U &5 G}Z_{Q U}Z_{VLR F}__SZ_{W 45 P}__QJZ_OZ_{PL S}__QLQJNZ_WZ_{Q V}__VXGZ_{K S}__UXVZ_KZZ_{Q P}__OZ_NXNZ_QZ_{NXLVLVL +}Z_{O LQL} P__QXQMXNNZ_{Q E}Z_KZZ _NLQ__UMZ _N__XZ_QJZ_{Q 37 %}Z_{QN 0}Z_{QGLUL 7EN O}__{ELK E}Z_{LN V}__VXGZ_{K S}__UXVZ_KZZ_{Q P}__OZ_NXNZ_Q Z_NXLVLVL

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diZ_nZ_{lisis d}__ngZ_{n m}__nggunZ_kZ_n Z_nZ_{lisis r}Z_sio k__uZ_ngZ_{n. S}__hinggZ _p__n__{liti m}__mutuskZ_{n untuk} m__lZ_kukZ_{n p}__n__litiZ_{n d}__ngZ_{n judul ³}:_N:_LISIS R:_{SIO K}?_U:_NG:_{N UNTUK M}?_NGUKUR KIN?_RJ: _K?_U:_NG:_{N PT. B}:_{NK M}:_NDIRI TBK S?_B?_{LUM D}:_{N S}?_SUD:_H :_KUISISI P?_RIOD? _2012-2015´

B. K:_JI:_{N PUST}:_K: 1. :_kuisisi

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2. Kin__rjZ _K__uZ_ngZ_n

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3. :_nZ_{lisis L}Z_porZ_{n K}__uZ_ngZ_n

M__{nurut Dj}Z_rwZ_{nto (2010:2) l}Z_porZ_n k__uZ_ngZ_{n p}Z_dZ _dZ_sZ_rnyZ _m__rupZ_kZ_{n h}Z_{sil d}Z_ri suZ_{tu pros}__s Z_kuntZ_{nsi y}Z_{ng d}Z_pZ_{t digun}Z_kZ_n s__bZ_gZ_i Z_lZ_{t d}Z_lZ_{m b}__rkomunikZ_{si k}__pZ_dZ _pihZ k-pihZ_{k y}Z_{ng b}__rk__p__ntingZ_{n m}__lZ_{lui kondisi} k__uZ_ngZ_{n d}Z_{n h}Z_{sil op}__rZ_{si p}__rusZ_hZZ_{n. M}__nurut BrighZ_{m d}Z_{n Houston (2012:78)} Z_nZ_{lisis l}Z_porZ_n k__uZ_ngZ_{n b}__rgunZ _{untuk m}__mbZ_{ntu d}Z_lZ_{m h}Z_l m__ngZ_ntisipZ_{si su}Z_{tu kondisi di m}Z_sZ _d__pZ_n, bZ_hkZ_{n y}Z_{ng p}Z_{ling t}__rp__nting Z_dZ_lZ_{h s}__bZ_gZ_{i titik} Z_wZ_{l d}Z_lZ_{m p}__r__ncZ_nZZ_{n tind}Z_kZ_n-tindZ_kZ_{n y}Z_ng Z_kZ_{n m}__mp__rbZ_{iki kin}__rjZ _{di m}Z_sZ _d__pZ_n.

4. RZ_{sio K}__uZ_ngZ_n

RZ_{sio K}__uZ_ngZ_{n m}__rupZ_kZ_{n c}Z_rZ _yZ_{ng ny}Z_mZ_n untuk m__rZ_{ngkum s}__jumlZ_{h b}__sZ_{r d}Z_tZ _k__uZ_ngZ_n dZ_{n m}__mbZ_ndingkZ_{n kin}__rjZ _k__uZ_ngZ_n(Br_Z_l__y dkk, 2007:72). S__dZ_ngkZ_{n m}__{nurut K}__{own dkk} (2011:74) rZ_{sio k}__uZ_ngZ_n Z_dZ_lZ_{h p}__rnyZ_tZZ_{n d}Z_tZ

Z_kuntZ_nsi Z_tZ_{u y}Z_{ng dis}__{but l}Z_porZ_{n k}__uZ_ngZ_n dZ_lZ_{m hubung}Z_{n w}Z_ktu.

1) RZ_{sio Likuidit}Z_{s (Liquidity R}Z_tio)

RZ_{sio likuidit}Z_{s digun}Z_kZ_{n untuk} m__ng__tZ_{hui k}__mZ_mpuZ_{n p}__rusZ_hZZ_{n d}Z_lZ_m m__m__{nuhi k}__wZ_jibZ_{n j}Z_ngkZ _p__nd__knyZ _yZ_{ng j}Z_tuh t__{PSR´ 6XQGM}Z_jZ _dZ_{n B}Z_rliZ_{n, 2003:134). M}__nurut Br_Z_l__{y dkk (2007:77)r}Z_{sio likuidit}Z_{s m}__miliki b__b__rZ_pZ _kZ_rZ_kt__{ristik y}Z_{ng kur}Z_{ng diingink}Z_n. UkurZ_{n likuidit}Z_{s d}Z_pZ_{t b}__rubZ_{h m}__njZ_di kZ_dZ_rluZ_rsZ _d__ngZ_{n c}__pZ_{t k}Z_r__nZ Z_s__{t d}Z_n k__wZ_jibZ_{n j}Z_ngkZ _p__nd__{k mud}Z_{h diub}Z_h.

a. RZ_{sio Mod}Z_{l K}__rjZ _B__{rsih T}__rhZ_dZ_{p Tot}Z_l :_ktivZ _(N__{t Working C}Z_pitZ_{l to Tot}Z_l :_ss__ts)

RZ_{sio mod}Z_{l k}__rjZ _b__{rsih t}__rhZ_dZ_{p tot}Z_l Z_s__t didZ_pZ_{t d}__ngZ_{n m}__ncZ_{ri nil}Z_{i mod}Z_lk__rjZ _b__rsih t__rl__{bih d}Z_{KXOX ³Mod}Z_{l k}__rjZ _b__rsih Z_dZ_lZ_h Z_lZ_t ukur likuiditZ_{s y}Z_{ng dip}__rol__{h d}Z_ri Z_ktivZ _lZ_ncZ_r dikurZ_{ngi p}Z_ssivZ _lZ_ncZ_{U´ 6XQGM}Z_jZ _dZ_{n B}Z_rliZ_n, 2003: 134). RZ_{sio mod}Z_{l k}__rjZ _b__{rsih t}__rhZ_dZ_{p tot}Z_l Z_s__{t d}Z_{n mod}Z_{l k}__rjZ _b__{rsih d}Z_pZ_{t dihitung d}__ngZ_n rumus b__rikut:

Sumb__{r: Br}_Z_l__{y dkk (2007:78)}

Sumb__{r: Br}_Z_l__{y dkk (2007:78)}

b. RZ_{sio L}Z_ncZ_{r ( Curr}__{nt R}Z_tio)

RZ_{sio l}Z_ncZ_{r m}__rupZ_kZ_n Z_lZ_{t ukur likuidit}Z_s yZ_{ng dip}__rol__{h d}__ngZ_{n m}__mbZ_gi Z_ktivZ _lZ_ncZ_r d__ngZ_{n p}Z_ssivZ _lZ_ncZ_{U´ 6XQGM}Z_jZ _dZ_{n B}Z_rliZ_n, 2003:134). RZ_{sio l}Z_ncZ_{r digun}Z_kZ_{n untuk} m__mbZ_yZ_{r k}__wZ_jibZ_{n j}Z_ngkZ _p__nd__k Z_tZ_{u hut}Z_ng yZ_ng Z_kZ_{n s}__g__rZ _jZ_{tuh t}__{mpo p}Z_dZ _sZZ_{t p}__nZ_gihZ_n s__cZ_rZ _k__s__luruhZ_{n, d}__ngZ_{n k}Z_tZ _lZ_{in s}__b__rZ_pZ bZ_nyZ_k Z_ktivZ _lZ_ncZ_{r y}Z_{ng t}__rs__diZ _{untuk m}__nutupi k__wZ_jibZ_{n j}Z_ngkZ _p__nd__{k y}Z_ng Z_kZ_{n s}__g__rZ _jZ_tuh t__mpo.

Sumb__{r: Br}_Z_l__{y dkk (2007:78)}

c. RZ_{sio C}__pZ_{t (Quick/} :_cid-T__{st R}Z_tio)

RZ_{sio c}__pZ_{t d}Z_pZ_{t m}__nunjukkZ_{n k}__mZ_mpuZ_n p__rusZ_hZZ_{n d}Z_lZ_{m m}__m__nuhi Z_tZ_{u m}__mbZ_yZ_r k__wZ_jibZ_n Z_tZ_{u hut}Z_{ng l}Z_ncZ_{r (hut}Z_{ng j}Z_ngkZ p__nd__{k) d}__ngZ_n Z_ktivZ _lZ_ncZ_{r t}Z_npZ

ModZ_{l K}__rjZ _B__{rsih =} :_ktivZ _LZ_ncZ_{r- K}__wZ_jibZ_{n L}Z_ncZ_r

RZ_{sio Mod}Z_{l K}__rjZ _B__{rsih =Mod}Z_{l K}__rjZ _B__rsih T_rhZdZp TotZl :ktivZTotZ_l :_NWLYZ

RZsio LZncZr = :ktivZ LZncZr K__wZ_jibZ_{n L}Z_ncZ_r

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m__mp__rhitungkZ_{n nil}Z_{i p}__rs__diZZZ_{n (inv}__ntory)

dZ_{n kompon}__n Z_s__{t l}Z_ncZ_{r l}Z_{in y}Z_{ng di}Z_nggZ_p s__bZ_gZ_i Z_ktivZ _lZ_ncZ_{r y}Z_{ng kur}Z_{ng likuid, s}__bZ_gZ_i gZ_ntinyZ_{, r}Z_{sio c}__pZ_{t m}__mp__rhitungkZ_{n k}Z_s, s__kuritZ_{s, d}Z_{n piut}Z_{ng (Br}_Z_l__{y dkk, 2007:78).} RZ_{sio c}__pZ_{t d}Z_pZ_{t dihitung d}__ngZ_{n rumus:}

RZ_{sio C}__pZ_{t = K}Z_{s + B}Z_{nk +} ?_f__{k + Piut}Z_ng K__wZ_jibZ_{n L}Z_ncZ_r Sumb__{r: Br}_Z_l__{y dkk (2007:78)} 2) RZ_{sio L}__v__rZ_g_ _(L__v__rZ_g_ _RZ_tio) RZ_{sio l}__v__rZ_g_ _m__{ngukur s}__b__rZ_pZ _b__sZ_r l__v__rZ_g_ _k__uZ_ngZ_{n y}Z_{ng dit}Z_{nggung ol}__h p__rusZ_hZZ_{Q´ %U}_Z_l__{y dkk, 2007:75). L}__v__rZ_g_

k__uZ_ngZ_{n y}Z_{ng dim}Z_ksud Z_dZ_lZ_{h k}__wZ_jibZ n-k__wZ_jibZ_{n j}Z_ngkZ _pZ_njZ_{ng y}Z_{ng dit}Z_{nggung ol}__h p__rusZ_hZZ_{n. R}Z_{sio l}__v__rZ_g_ _dZ_pZ_{t m}__nunjukkZ_n Z_tZ_{u m}__{ngukur s}__{juh m}Z_nZ Z_ktivZ _p__rusZ_hZZZ_n dibiZ_yZ_{i ol}__{h hut}Z_{ng. R}Z_{sio l}__v__rZ_g_ _t__{rdiri d}Z_ri:

a. RZ_{sio Tot}Z_{l Hut}Z_{ng / D}__{bt to Tot}Z_l :_ss__ts

RZ_tio(D:_R)

RZ_{sio tot}Z_{l hut}Z_{ng did}Z_pZ_{t d}Z_{ri m}__mbZ_gi totZ_{l hut}Z_{ng p}__rusZ_hZZ_{n d}__ngZ_{n tot}Z_l Z_ktivZ_nyZ_. RZ_{sio ini m}__n__kZ_nkZ_{n p}Z_dZ _p__rZ_{n p}__nting p__ndZ_nZZ_{n hut}Z_{ng b}Z_{gi p}__rusZ_hZZ_{n d}__ngZ_n m__nunjukkZ_{n p}__rs__ntZ_s_ Z_ktivZ _p__rusZ_hZZ_{n y}Z_ng didukung ol__{h p}__ndZ_nZZ_{n hut}Z_{QJ´ +RUQ}_ _dZ_n WZ_{chowich, 2009:209-210).}

RZ_{sio Tot}Z_{l Hut}Z_{ng = Tot}Z_{l K}__wZ_jibZ_n TotZ_l :_ktivZ

Sumb__{r: Br}_Z_l__{y dkk (2007:76)}

b. RZ_{sio Hut}Z_{ng ±} ?_kuitZ_{s/ D}__{bt to Tot}Z_l ?_quity

RZ_{tio (D}?_R)

RZ_{sio hut}Z_ng-__kuitZ_{s m}__rupZ_kZ_{n r}Z_sio yZ_{ng digun}Z_kZ_{n untuk m}__nilZ_{i hut}Z_{ng d}__ngZ_n __kuitZ_{s d}Z_{n untuk m}__ng__tZ_{hui juml}Z_{h d}Z_nZ _yZ_ng dis__diZ_kZ_{n p}__minjZ_{m (kr}__{ditor) d}__ngZ_{n p}__milik p__rusZ_hZZ_{n, s}__hinggZ _dZ_pZ_{t disimpulk}Z_{n b}Z_hwZ rZ_{sio ini b}__{rfungsi untuk m}__ng__tZ_{hui s}__tiZ_{p rupi}Z_h modZ_{l s}__{ndiri y}Z_{ng dij}Z_dikZ_{n s}__bZ_gZ_{i j}Z_minZ_n hutZ_{ng (Horn}_ _dZ_{n W}Z_{chowicz, 2009:209).}

RZ_{sio hut}Z_ng-__kuitZ_{s d}Z_pZ_{t dihitung d}__ngZ_{n rumus} b__rikut:

Sumb__{r: Horn}_ _dZ_{n W}Z_{chowicz (2009: 209)}

3) RZ_{sio Profit}Z_bilitZ_s

RZ_{sio Profit}Z_bilitZ_{s m}__{ngukur fokus p}Z_dZ lZ_bZ _p__rusZ_hZZ_{n, dim}Z_nZ _tujuZ_{n ut}Z_mZ _op__rZ_si p__rusZ_hZZ_n Z_dZ_lZ_{h l}Z_bZ _(Br_Z_l__{y, 2007:80).} M__{nurut Sundj}Z_jZ _dZ_{n B}Z_rliZ_{n (200 ³}Z_lZ_t yZ_{ng umum digun}Z_kZ_{n untuk m}__ng__vZ_luZ_si profitZ_bilitZ_{s dihubungk}Z_{n d}__ngZ_{n p}__njuZ_lZ_n yZ_{itu l}Z_porZ_{n l}Z_bZ _{rugi di m}Z_nZ _s__tiZ_{p posny}Z dinyZ_tZ_kZ_{n d}Z_lZ_{m p}__rs__ntZ_s_ p__njuZ_lZ_Q´P__rusZ_hZZ_{n dik}Z_tZ_kZ_{n profit}Z_bilitZ_s bZ_ik Z_pZ_bilZ _p__rusZ_hZZ_{n t}__rs__{but m}__nggunZ_kZ_n Z_ktivZ Z_tZ_{u mod}Z_{l y}Z_{ng dimilikiny}Z_{. R}Z_sio profitZ_bilitZ_{s t}__{rdiri d}Z_ri:

a. TingkZ_{t P}__ng__mbZ_liZ_{n Inv}__stZ_{si d}Z_ri P__ndZ_pZ_tZ_{n Op}__rZ_{si (R}__{turn On} Inv__stm__{nt/ On} :_ss__t) TingkZ_{t p}__ng__mbZ_liZ_{n inv}__stZ_{si d}Z_ri p__ndZ_pZ_tZ_{n op}__rZ_{si did}Z_pZ_{t d}Z_{ri p}__rbZ_ndingZ_n Z_ntZ_rZ _lZ_bZ _b__{rsih s}__t__lZ_{h p}Z_jZ_{k d}__ngZ_{n tot}Z_l Z_ktivZ_{. R}Z_{sio ini} Z_kZ_{n m}__nunjukkZ_{n h}Z_{sil (r}__turn)

Z_tZ_{s juml}Z_h Z_ktivZ _yZ_{ng digun}Z_kZ_{n ol}__h p__rusZ_hZZ_{n, s}__rtZ _dZ_pZ_{t m}__ngukur __f__ktivitZ_s mZ_nZ_j__m__{n d}Z_lZ_{m m}__ng__lolZ _inv__stZ_sinyZ_{. H}Z_sil dZ_{ri p}__ngukurZ_{n ini} Z_dZ_lZ_{h s}__mZ_{kin r}__ndZ_hnyZ rZ_{sio ini, m}Z_kZ _s__mZ_{kin kur}Z_{ng b}Z_{ik d}__mikiZ_n jugZ _s__bZ_liknyZ_{. Tingk}Z_{t p}__ng__mbZ_liZ_{n inv}__stZ_si dZ_{ri p}__ndZ_pZ_tZ_{n op}__rZ_{si (r}__{turn on inv}__stm__nt)

dZ_pZ_{t dihitung d}__ngZ_{n rumus b}__rikut:

Sumb__{r: Horn}_ _dZ_{n W}Z_{chowicz (2009: 224)}

b. TingkZ_{t P}__ng__mbZ_liZ_n :_tZ_s ?_kuitZ_s (R__{turn on} ?_quity)

TingkZ_{t p}__ng__mbZ_liZ_n Z_tZ_s __kuitZ_{s d}Z_ri p__ndZ_pZ_tZ_{n op}__rZ_{si m}__n__{liti tingk}Z_{t l}Z_bZ _b__rsih s__t__lZ_{h p}Z_jZ_{k t}__rhZ_dZ_p __kuitZ_{s. H}Z_{sil d}Z_ri p__ngukurZZ_{n ini m}__nggunZ_kZ_{n r}Z_{sio y}Z_ng s__mZ_{kin tinggi} Z_kZ_{n m}__nunjukkZ_{n p}__ng__mbZ_liZ_n Z_tZ_s __kuitZ_{s p}__rusZ_hZZ_{n y}Z_{ng s}__mZ_{kin b}Z_ik. TingkZ_{t p}__ng__mbZ_liZ_n Z_tZ_s __kuitZ_{s d}Z_pZ_{t dihitung} d__ngZ_{n rumus b}__rikut:

Sumb__{r: Horn}_ _dZ_{n W}Z_{chowicz (2009: 225)}

5Z_{VLR +XW}Z_{QJ ±}?_NXLWZ_{V 7RW}Z_{O .}__ZZ_MLEZ_Q ?_NXLWZ_V

TingkZ_{t P}__ng__mbZ_liZ_n :_tZ_s ?_kuitZ_{s = L}Z_bZ _B__{rsih S}__t__lZ_{h P}Z_jZ_k

?_kuitZ_s

TingkZt P_ng_mbZliZn Inv_stZsi = LZbZ B_rsih S_t_lZh PZjZk DZ_{ri P}__ndZ_pZ_tZ_{n Op}__rZ_{si Tot}Z_l :_ktivZ

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126 C.M?_TOD? _P?_N?_LITI:_N

1. J__{nis P}__n__litiZ_n

J__{nis p}__n__litiZ_{n y}Z_{ng dil}Z_kukZ_{n m}__rupZ_kZ_n p__n__litiZ_{n ku}Z_ntitZ_{tif d}__ngZ_{n m}__tod_ _d__skriptif. ³P__n__litiZ_{n d}__skriptif Z_dZ_lZ_{h su}Z_{tu m}__tod_ _dZ_lZ_m m__n__{liti st}Z_{tus k}__{lompok m}Z_nusiZ_{, su}Z_{tu obj}__k, suZ_{tu s}__{t kondisi, su}Z_{tu sist}__{m p}__mikirZ_n, Z_tZ_upun suZ_{tu k}__lZ_{s p}__ristiwZ _pZ_dZ _mZ_sZ _s__kZ_rZ_{QJ´ 1}Z_zir, 2003:54)

2. LokZ_{si P}__n__litiZ_n

P__n__litiZ_{n dil}Z_kukZ_{n m}__lZ_{lui situs} www.idx.co.id GZ_{Q VLWXV ZZZ E}Z_QNPZ_{QGLUL FR LG.} :__EVLW__U__{VPL %XUV}Z ?_I__{N ,QGRQ}__VLZ _%?_{, t}__rdZ_pZ_t dZ_tZ_-dZ_tZ _yZ_{ng cukup l}__ngkZ_{p y}Z_{ng m}__muZ_t p__rusZ_hZZ_n-p__rusZ_hZZ_{n b}__sZ_{r di indon}__siZ _dZ_n t__lZ_{h di}Z_{udit s}__hinggZ _m__{miliki tingk}Z_{t k}_Z_kurZ_tZ_n tinggi, t__rmZ_{suk di d}Z_lZ_mnyZ _yZ_{itu PT. B}Z_nk MZ_{ndiri Tbk, d}Z_{n w}__bsit_ _r__{smi PT. B}Z_{nk M}Z_ndiri jugZ _t__rdZ_pZ_{t d}Z_tZ_-dZ_tZ _t__rkZ_{it p}__rusZ_hZZ_{n t}__rs__but.

3. Fokus P__n__litiZ_n

1) N__rZ_cZ _konsolidZ_{si p}__rusZ_hZZ_{n p}__riod_ 2012-2015 yZ_{itu n}__rZ_cZ _yZ_{ng m}__nyZ_jikZ_n Z_ktivZ _dZ_n pZ_ssivZ _b__{rsih d}Z_{ri k}__s__luruhZ_{n induk} p__rusZ_hZZ_{n d}Z_n Z_nZ_{k p}__rusZ_hZZ_{n s}__bZ_gZ_i sumb__{r p}__ritungZ_n Z_nZ_{lisis r}Z_{sio k}__uZ_ngZ_{n p}Z_dZ p__riod_ _yZ_{ng b}__rsZ_ngkutZ_n.

2) LZ_porZ_{n l}Z_bZ _{rugi p}__rusZ_hZZ_{n p}__riod_ 2012-2015 yZ_{itu b}Z_giZ_{n d}Z_{ri l}Z_porZ_{n k}__uZ_ngZ_{n su}Z_tu p__rusZ_hZZ_{n y}Z_{ng dih}Z_silkZ_{n p}Z_dZ _suZ_{tu y}Z_ng m__njZ_bZ_rkZ_{n unsur-unsur p}__ndZ_pZ_tZ_{n d}Z_{n b}__bZ_n p__rusZ_hZZ_{n s}__hinggZ _m__nghZ_silkZ_{n su}Z_{tu l}Z_bZ Z_tZ_{u rugi s}__bZ_gZ_{i sumb}__{r p}__rhitungZ_n Z_nZ_lisis rZ_{sio k}__uZ_ngZ_{n p}Z_dZ _p__riod_ _yZ_ng b__rsZ_ngkutZ_n.

4. Sumb__{r D}Z_tZ

Sumb__{r d}Z_tZ _yZ_{ng digun}Z_kZ_{n d}Z_lZ_m p__n__litiZ_n Z_dZ_lZ_{h d}Z_tZ _s__kund__r, Z_tZ_{u d}Z_tZ _yZ_ng sudZ_h Z_dZ _yZ_{itu d}Z_tZ _yZ_{ng dip}__rol__{h l}__wZ_{t pih}Z_k lZ_{in, tid}Z_{k l}Z_{ngsung dip}__rol__{h ol}__{h p}__n__{liti d}Z_ri suby__{k p}__n__litiZ_nnyZ_.dZ_tZ _s__kund__{r PT B}Z_nk MZ_{ndiri Tbk d}Z_pZ_{t dip}__rol__{h m}__lZ_{lui situs} www.idx.co.id GZ_{Q VLWXV ZZZ E}Z_QNPZ_{QGLUL FR LG,} GZ_WZ _\Z_{QJ GLS}__URO__{K E}__UXSZ _OZ_SRUZ_{Q N}__XZ_ngZ_n tZ_hunZ_{n m}Z_{upun ringk}Z_sZ_{n p}__rusZ_hZZ_{n PT B}Z_nk MZ_{ndiri Tbk d}Z_{ri t}Z_{hun 2012-2015 d}Z_{n d}Z_tZ _lZ_in yZ_{ng b}__rkZ_itZ_{n d}__ngZ_{n dil}Z_kukZ_nnyZ Z_kuisisi pZ_dZ_tZ_{hun 2014.} 5. T__{knik p}__ngumpulZ_{n d}Z_tZ M__{nurut H}Z_sZ_{Q ³W}__knik p__ngumpulZ_{n d}Z_tZ Z_dZ_lZ_{h p}__ncZ_tZ_tZ_{n p}__ristiwZ -p__ristiwZ Z_tZ_{u h}Z_l-hZ_l Z_tZ_{u k}__t__rZ_ngZ_n-k__t__rZ_ngZ_n Z_tZ_{u k}Z_rZ_kt__ristik-kZ_rZ_kt__{ristik s}__bZ_giZ_n Z_tZ_u s__luruh __l__m__{n popul}Z_{si y}Z_ng Z_kZ_{n m}__nunjZ_ng Z_tZ_u

m__{ndukung p}__n__litiZ_{n´. T}__{knik p}__ngumpulZ_{n d}Z_tZ yZ_{ng digun}Z_kZ_{n d}Z_lZ_{m p}__n__litiZ_n Z_dZ_lZ_h dokum__ntZ_{si. M}__{nurut H}Z_sZ_{n (2002: 87)} ³GRNXP__ntZ_si Z_dZ_lZ_{h t}__{knik p}__ngumpulZ_{n d}Z_tZ yZ_{ng tid}Z_{k l}Z_{ngsung ditujuk}Z_{n p}Z_dZ _suby__k p__n__litiZ_{n, n}Z_{mun m}__lZ_{lui dokum}__{Q´ '}Z_lZ_m m__lZ_ksZ_nZ_kZ_{n m}__tod_ _dokum__ntZ_{si, b}__ndZ_-b__ndZ t__{rtulis s}__p__{rti buku-buku, m}Z_jZ_lZ_{h, dokum}__n, p__rZ_turZ_n-p__rZ_turZ_{n, notul}__{n r}Z_pZ_{t, c}Z_tZ_tZ_{n h}Z_riZ_n dZ_{n l}Z_{in s}__bZ_gZ_inyZZ_kZ_{n dit}__{liti d}Z_lZ_{m p}__m__cZ_hZ_n mZ_sZ_lZ_h.

P__n__litiZ_{n ini m}__nggunZ_kZ_{n t}__knik dokum__ntZ_{si y}Z_{ng m}__rupZ_kZ_{n m}__tod_ p__ngumpulZ_{n d}Z_tZ _yZ_{ng dil}Z_kukZ_{n d}__ngZ_{n c}Z_rZ m__mp__lZ_jZ_{ri dokum}__n-dokum__n Z_tZ_{u d}Z_tZ_-dZ_tZ yZ_{ng dip}__rlukZ_{n, y}Z_{ng s}__lZ_njutnyZ _dilZ_kukZ_n p__ncZ_tZ_tZ_{n d}Z_{n p}__rhitungZ_{n. C}Z_rZ _yZ_{ng digun}Z_kZ_n pZ_dZ _t__{knik dokum}__ntZ_{si y}Z_{itu d}__ngZ_{n c}Z_rZ m__ngumpulkZ_{n d}Z_tZ _s__kund__{r y}Z_{ng b}__rZ_sZ_{l d}Z_ri B?_I.

6. :_nZ_{lisis D}Z_tZ

:_nZ_{lisis d}Z_tZ _m__rupZ_kZ_{n s}Z_lZ_{h s}Z_{tu b}Z_giZ_n t__rp__{nting d}Z_lZ_{m su}Z_{tu pros}__{s p}__n__litiZ_{n, k}Z_r__nZ dZ_pZ_{t m}__ny__diZ_kZ_{n inform}Z_{si y}Z_{ng b}__rgunZ _untuk m__njZ_wZ_{b b}__rbZ_gZ_{i p}__rmZ_sZ_lZ_hZ_{n p}__n__litiZ_{n y}Z_ng s__lZ_njutnyZ _digunZ_kZ_{n s}__bZ_gZ_{i b}Z_hZ_{n p}__mbuZ_tZ_n k__simpulZ_n.

:_dZ_{pun l}Z_ngkZ_h-lZ_ngkZ_{h y}Z_{ng dil}Z_kukZ_{n s}__bZ_gZ_i b__rikut:

1) M__ngumpulkZ_{n d}Z_tZ _p__rusZ_hZZ_{n m}__lZ_{lui n}__rZ_cZ konsolidZ_{si d}Z_{n l}Z_porZ_{n l}Z_bZ _{rugi p}__rusZ_hZZ_n PT. BZ_{nk M}Z_{ndiri p}__riod_ _2012-2015.

2) P__rhitungZ_{n R}Z_{sio Likuidit}Z_{s (Liquidity R}Z_tio)

t__{rdiri d}Z_ri:

a. RZ_{sio Mod}Z_{l K}__rjZ _B__{rsih T}__rhZ_dZ_{p Tot}Z_l :_ktivZ _(N__{t Working C}Z_pitZ_{l to Tot}Z_l :_ss__ts);

b. RZ_{sio L}Z_ncZ_r;

c. RZ_{sio C}__pZ_{t (Quick/} :_{cid- T}__{st R}Z_tio).

3) P__rhitungZ_{n R}Z_{sio L}__v__rZ_g_ _(L__v__rZ_g_ _RZ_tio)

t__{rdiri d}Z_ri:

a. RZ_{sio Tot}Z_{l Hut}Z_{ng/ D}__{bt to Tot}Z_l :_ss__ts RZ_{tio (D}:_R);

b. RZ_{sio Hut}Z_{ng ±} ?_kuitZ_{s/ D}__{bt to Tot}Z_l ?_quity RZ_{tio (D}?_R).

4) P__rhitungZ_{n R}Z_{sio Profit}Z_bilitZ_{s t}__{rdiri d}Z_ri: a. TingkZ_{t P}__ng__mbZ_liZ_{n Inv}__stZ_{si d}Z_ri

P__ndZ_pZ_tZ_{n Op}__rZ_{si (R}__{turn On Inv}__stm__nt/ On :_ss__t);

b. TingkZ_{t P}__ng__mbZ_liZ_n :_tZ_s ?_kuitZ_{s (R}__turn On ?_quity).

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5) M__lZ_kukZ_n Z_nZ_{lisis d}Z_{n int}__rpr__tZ_{si p}Z_dZ _kin__rjZ k__uZ_ngZ_{n PT B}Z_{nk M}Z_{ndiri Tbk d}__ngZ_n m__mbZ_ndingkZ_{n h}Z_{sil p}__rhitungZ_{n r}Z_sio-rZ_sio k__uZ_ngZ_{n y}Z_{ng t}__lZ_{h diol}Z_{h s}__b__{lum m}__lZ_kukZ_n Z_{kuisisi p}Z_dZ _tZ_{hun 2012 d}Z_{n t}Z_{hun 2013, p}Z_dZ sZZ_{t dil}Z_kukZ_n Z_{kuisisi t}Z_{hun 2014, d}Z_{n s}__t__lZ_h m__lZ_kukZ_n Z_{kuisisi t}Z_{hun 2015.}

D.H:_{SIL D}:_{N P}?_MB:_H:_S:_N

7Z_E__{O 5}Z_{VLR .}__XZ_QJZ_{Q 7}Z_{KXQ -2015 PT.}

%Z_{QN 0}Z_{QGLUL 7EN.}

Sumber: Data Diolah (2017) 1. RZ_{sio L}__v__rZ_g_

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2. RZ_{sio Likuidit}Z_s

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TZ_hu n RZsio L_v_rZg_ RZ_sio LikuiditZs RZ_sio ProfitZ_bilitZ_s D:R D?R NWCT_: CR QR ROI /RO : RO? 2012 81,728 685,7 35 5,639 107, 164 7,92 0 2,51 21,17 8 2013 81,398 672,0₇₀ 6,946 108,₈₁₂ 8,71₅ 2,56 21,20₇ RZ_tZ -RZ_tZ RZ_sio 81,558 678,9₀₂ 6,292 107,₉₈₈ 8,31₇ 2,54 21,19₂ 2014 81,518 664,5₅₈ 7,733 109,₇₇₁ 9,91₀ 2,41 19,70₀ 2015 80,895 616,1 07 6,644 108, 422 10,6 78 2,32 17,70 1 RZ_tZ -RZ_tZ RZ_sio 81,206 641,8 32 7,188 109, 096 10,2 94 2,36 18,70 0