ANALISIS EFEK PRIVATISASI MELALUI METODE PENAWARAN UMUM PERDANA TERHADAP RASIO PROFITABILITAS DAN EFISIENSI BUMN DI INDONESIA

This research�s purpose is to find out the increase of company�s financial performance after privatitation. In this case, financial performance is determined by profitability and operation efficiency. In addition, Profitability aspect is measured by Return On Asset (ROA), Return On Equity (ROE), and Return On Sales (ROS). While, operation efficiency is calculated by Sales Efficiency (SALEFF) and Net Income Efficiency (NIEFF). Furthermore, the samples in this research are fifteen SEO who did privatitation between 1991 and 2007. This study uses data from 2 years before privatitation compare with 3rd years and 4th years after privatitation, and then this data was tested by nonparametric. In order to differ finance company and nonfinance company we used Mann Whiney Test. Overall, there is no the significance different between finance and nonfinance company. This result therefore, using Wilxocon test only could give the proff that the operation efficiency rose significantly in 3rd and 4t