APAKAH PEMBENTUKAN HOLDING MENINGKATKAN KINERJA PERUSAHAAN ? ANALISIS PERBANDINGAN KINERJA ANAK PERUSAHAAN ABC BUMN HOLDING SEBELUM DAN SETELAH HOLDINGISASI DAN FAKTOR YANG MEMPENGARUHINYA
DOI:
https://doi.org/10.22441/mix.2019.v9i2.001Abstract
Abstract: The government has established ABC BUMN Holding, with the hope that the performance of its subsidiaries' performance after holding has increased sharply. Unfortunately the financial performance of its subsidiaries is no better than before the holding. This study is intended to analyze the performance of ABC BUMN subsidiaries before and after holding and look for factors that affect their performance, with non-parametric statistical methods and discussions with experts. The results showed that the poor performance of subsidiaries was partly due to the focus of the holding Directors still on restructuring the debt of subsidiaries which were carried out before the establishment of holding, the low productivity of plantations as a result of late replenting, fertilization and maintenance that are not in accordance with the standard, the cost of revitalizing sugar mills has not been able to be prepared by the holding, the synergy between the parent company and its subsidiaries has not gone well, and there has been a tendency to decline in plantation commodity prices. Keywords: Holding, financial performance, low productivity of plantation, statistic non parametric.
Abstrak :Pemerintah telah membentuk ABC BUMN Holding, dengan harapan kinerja anak perusahaan setelah dilakukan holding meningkat secara tajam. Sayangnya kinerja keuangan anak perusahaannya tidak lebih baik dari sebelum holding. Penelitian ini dimaksudkan untuk menganalisis kinerja anak perusahaan ABC BUMN sebelum dan setelah holding dan mencari faktor yang memengaruhi kinerjanya, dengan metode statistic non parametric dan diskusi dengan pakar. Hasil penelitian menunjukkan bahwa belum baiknya kinerja anak perusahaan antara lain disebabkan fokus Direksi holding masih pada restrukturisasi hutang anak perusahaan yang terbawa dari sebelum pembentukan holding, rendahnya produktivitas perkebunan sebagai dampak terlambat replenting, pemupukan dan pemeliharaan yang tidak sesuai standar, besarnya biaya revitalisasi pabrik gula yang belum mampu disiapkan oleh holding, sinergi antara perusahaan induk dan anak perusahaan belum berjalan dengan baik, dan adanya kecenderungan turunnya harga komoditas perkebunan.
Kata kunci: Holding, Kinerja keuangan, rendahnya produktivitas perkebunan, statistic non parametric.
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