并购后的财务绩效与企业价值(以印尼制造业发行人为例)

Pub Date : 2020-03-23 DOI:10.29121/ijetmr.v5.i11.2018.314

Son Ekabiakto, BambangMulyana

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引用次数: 0

摘要

本研究旨在分析公司并购前后的财务绩效。财务绩效采用流动比率(CR)、债务与权益比率(DER)、总资产周转率(TATO)、库存周转率(ITO)、营业利润率(OPM)、资产收益率(ROA)、净资产收益率(ROE)来衡量，而企业价值采用市净率(PBV)来衡量。本研究仅限于2003年至2011年间并购的制造业发行人。样本采用目的抽样法，共11家企业。数据分析采用配对样本t检验进行统计参数分析。研究结果发现，并购后的CR、DER、TATO、ITO、OPM、ROA、ROE和PBV均优于并购前，甚至ROA和ROE也有显著改善。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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FINANCIAL PERFORMANCE AND CORPORATE VALUE POST MERGER AND ACQUISITION (STUDY ON MANUFACTURING INDUSTRY ISSUER IN INDONESIA)

This study was aimed to analyze company financial performance before and after merger or acquisition. Financial performance was measured using Current Ratio (CR), Debt to Equity Ratio (DER), Total Assets Turnover (TATO), Inventory Turnover (ITO), Operating Profit Margin (OPM), Return on Assets (ROA), Return on Equity (ROE), while corporate value was measured using Price to Book Value (PBV). This study was limited to manufacturing industry issuers which had merged and acquisited between 2003 and 2011. Sample was collected using purposive sampling method and there were 11 companies. Data analysis was statistic parametric analysis using paired sample t-test. Study result found that CR, DER, TATO, ITO, OPM, ROA, ROE, and PBV after merger and acquisition was better than before merger and acquisition, even ROA and ROE showed significant improvement.

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