ANALISIS EFEK PRIVATISASI MELALUI IPO TERHADAP KINERJA KEUANGAN BUMN DI INDONESIA TAHUN 1991-2011

This study aimed to see that financial performance after privatization. Financial performance is measured by Return on Asset (ROA), Return on Equity (ROE), Return on Sales (ROS), Total Asset Turn Over (TATO), Current Ratio and Debt to Equity Ratio (DER). Samples from this study were seventeen SOE (State- Owned Enterprises) companies in Indonesia that do privatization by IPO from 1991 to 2011. This study used data two years before and two years after privatization by IPO, which was tested using a parametric and non parametrics tests. Debt to Equity ratio data, the normal distribution was tested using paired t-Test Samples. Meanwhile, data from the five other variables, which are not normally distributed, were tested using the Wilcoxon test. Test results of this study prove that there is no overall hypothesis is supported. Keywords: Privatization, SOE (State- Owned Enterprises), Financial Performanc