ANALYSIS OF THE IMPACT OF INITIAL PUBLIC OFFERING ON FINANCIAL PERFORMANCE

Abstract

Abstract. The number of companies conducting IPOs on the Indonesia Stock Exchange continues to increase so that competition between companies also increases. One of the company's strategies to grow is the Initial Public Offering (IPO) to obtain additional capital. After an IPO, it is very important to conduct a financial performance assessment because it can affect the stock price and the value of a company. The purpose of this study is to describe the financial ratios and analyze the differences of the average financial performance before and after the IPO and describe the impact of the IPO on the financial performance of each company sector. The research method used was the wilcoxon signed ranks test and the MANOVA test on the financial statements of 48 companies that conducted IPOs in 2019. Based on the results of the study, there was a performance improvement in the ratio of liquidity and solvency, but in the ratio of profitability and activity, there was a decrease in performance. The results of the Wilcoxon signed ranks test showed that the ratio of profitability, solvency, liquidity, and activity had significant differences and the MANOVA test proved that the ratio of profitability, solvency, liquidity, and activity simultaneously had differences before and after the IPO Abstrak. Jumlah perusahaan yang melakukan IPO di Bursa Efek Indonesia terus meningkat sehingga persaingan antar perusahaan pun semakin meningkat. Salah satu strategi perusahaan untuk tumbuh adalah Initial Public Offering (IPO) untuk mendapatkan tambahan modal. Setelah IPO, sangat penting untuk melakukan penilaian kinerja keuangan karena dapat mempengaruhi harga saham dan nilai suatu perusahaan. Tujuan dari penelitian ini adalah untuk mendeskripsikan rasio-rasio keuangan dan menganalisis perbedaan rata-rata kinerja keuangan sebelum dan sesudah IPO serta mendeskripsikan dampak IPO terhadap kinerja keuangan masing-masing sektor perusahaan. Metode penelitian yang digunakan adalah uji peringkat bertanda wilcoxon dan uji MANOVA terhadap laporan keuangan 48 perusahaan yang melakukan IPO pada tahun 2019. Berdasarkan hasil penelitian terdapat peningkatan kinerja pada rasio likuiditas dan solvabilitas, namun pada tahun 2019 terdapat peningkatan kinerja pada rasio likuiditas dan solvabilitas. rasio profitabilitas dan aktivitas, terjadi penurunan kinerja. Hasil uji Wilcoxon Signed Ranks menunjukkan bahwa rasio profitabilitas, solvabilitas, likuiditas, dan aktivitas terdapat perbedaan yang signifikan dan uji MANOVA membuktikan bahwa rasio profitabilitas, solvabilitas, likuiditas, dan aktivitas secara simultan terdapat perbedaan sebelum dan sesudah IPO.