KINERJA KEUANGAN PASCA SEASONED EQUITY OFFERINGS

Penelitian ini bertujuan menguji perbedaan kinerja keuangan perusahaan sebelum dan sesudah aksi Seasoned Equity Offerings (SEO). Kinerja keuangan dalam penelitian ini diproksikan dengan rasio WCR, DER,  ROA, ROE, Asset Turnover (ATO) dan Growth yang merepresentasikan nilai likuiditas, pembiayaan, aktivitas, kinerja dan pertumbuhan perusahaan. Penelitian ini melibatkan 67 sampel perusahaan yang terdaftar di Bursa Efek Indonesia yang melakukan Seasoned Equity Offerings selama periode 2008-2013 dan dipilih melalui metode purposive random sampling serta menggunakan data Laporan Keuangan periode 2005-2016. Pengujian hipotesis menggunakan Wilcoxon Signed Rank Test. Hasil penelitian ini menunjukkan bahwa tidak terdapat perbedaan yang signifikan pada rasio ROA dan ROE antara sebelum dengan sesudah Seasoned Equity Offerings, tetapi terdapat perbedaan yang signifikan pada rasio WCR, DER, Asset Turnover dan Growth.  Rasio WCR sesudah Seasoned Equity Offerings meningkat, sedangkan rasio DER sesudah Seasoned Equity Offerings menurun, kondisi kedua rasio tersebut mengindikasikan kinerja yang lebih baik. Sedangkan indikasi kinerja yang buruk terlihat pada penurunan rasio Asset Turnover dan rasio Growth.This study aims to examine the differences in corporate financial performance before and after Seasoned Equity Offerings (SEO). The financial performance is proxy of WCR, DER, ROA, ROE, Asset Turnover (ATO) and Growth ratio which representing the value of liquidity, financing, activity, performance and growth of the firm. The study involved 67 samples of the companies listed on the Indonesia Stock Exchange conducting Seasoned Equity Offerings during 2008-2013 period and selected through purposive random sampling method and using Financial Statement data from 2005-2016 period. Hypothesis test using Wilcoxon Signed Rank test. The results of this study indicate that there is no significant difference in the ratio of ROA and ROE between before and after Seasoned Equity Offeringss, but there are significant differences in the ratio of WCR, DER, Asset Turnover and Growth. WCR ratio after Seasoned Equity Offerings increased, while DER ratio after Seasoned Equity Offerings decreased, the condition of both ratios showed better performance. While the indication of poor performance seen in decreasing asset turnover ratio and growth ratio