Analisis Kinerja Keuangan Subsektor Resort dan Hotel (Studi Kasus: Saung Dolken)

Abstract

Selama pandemi Covid-19, industri pariwisata merupakan salah satu industri yang mengalami tekanan besar. Penurunan jumlah wisatawan internasional berimbas pada penurunan okupansi hotel di Indonesia. Perbandingan tingkat okupansi hotel berbintang di Indonesia pada periode Juli 2019 dan Juli 2020 mengalami penurunan dari 64,15% menjadi 41,03%. Sementara untuk hotel non-berbintang mengalami penurunan dari 58,78% menjadi 28,01%. Penelitian ini bertujuan untuk menganilis kinerja keuangan Subsektor Resort Dan Hotel dengan studi kasus Sung Dolken. Tujuan tersebut dijabarkan dalam tiga hal yaitu: menganalisis kondisi eksisting kinerja keuangan Resort dan Hotel Saung Dolken, menganalisis potensi kebangkrutan Resort dan Hotel Saung Dolken pada periode Covid-19, dan menilai model kinerja keuangan Resort dan Hotel Saung Dolken. Data yang digunakan pada penelitian ini adalah data laporan keungan Saung Dolken dari tahun 2018-2022. Metode penelitian ini meliputi; analisis Dupont, Altman Z-score dan regresi berganda dengan robust standar error. Variabel penelitian untuk tujuan satu adalah komponen dalam Dupont anlisis yang meliputi: return on equity (ROE), tax burden (TaxB), interest burden (IntB), operating profit margin (OPM), asset turnover ratio (ATO), dan financial leverage (LEV). Variabel untuk tujuan penelitian ke dua adalah variabel dalam skor Z- Altman. Dan variabel untuk tujuan penelitian ke tiga adalah variabel dependen yaitu return on equity (ROE), variabel independent meliputi: tax burden (TaxB), interest burden (IntB), operating profit margin (OPM), asset turnover ratio (ATO), dan financial leverage (LEV). Hasil penelitian ini menunjukkan ROE Saung Dolken berada di bawah rata-rata industry pada periode sebelum Covi-19 dan di atas rata-rata industry pada saat Covid 19. Skor Altman untuk menilai potensi kebangkrutan menunjukkan Saung Dolken berada pada zona aman (safe zone) selama periode Covid-19. Faktor-faktor yang mempengaruhi kinerja keuangan Saung Dolken yang didapatkan dari model kinerja keuangan adalah: terdapat 4 variabel yang berpengaruh signifikan terhadap ROE. Variabel yang sesuai dengan hipotesis penelitian adalah: tax burden (TaxB), interest burden (IntB), asset turnover ratio (ATO), dan financial leverage (LEV). Sedangkan variabel operating profit margin (OPM) tidak sesuai dengan hipotesis penelitian atau tidak memiliki pengaruh signifikan terhadap ROE. Implikasi manajerial dari penelitian ini di mana hasil penelitian ini menunjukkan bahwa ROE Saung Dolken pada masa Covid-19 di atas rata-rata industri. Hal ini memberikan implikasi bagi manajemen Saung Dolken untuk menyusun kebijakan apakah akan tetap berada pada level Equity multiplier yang rendah atau menggunakan pendanaan eksternal dalam aktivitas investasinya

During the Covid-19 pandemic, the tourism industry is one of the industries that has experienced great pressure. The decline in the number of international tourists has an impact on the decrease in hotel occupancy in Indonesia. The comparison of the occupancy rate of star-rated hotels in Indonesia in the period July 2019 and July 2020 decreased from 64.15% to 41.03%. Meanwhile, non-star hotels decreased from 58.78% to 28.01%. This study aims to analyze the financial performance of the Resort and Hotel Subsector with the case study of Sung Dolken. The objectives are described in three ways, namely: analyzing the existing condition of the financial performance of Saung Dolken Resort and Hotel, analyzing the potential bankruptcy of Saung Dolken Resort and Hotel in the Covid-19 period, and assessing the financial performance model of Saung Dolken Resort and Hotel. The data used in this study was Saung Dolken's financial report data from 2018-2022. These research methods include; Dupont analysis, Altman Z-score and multiple regression with robust error standards. Research variables for purpose one are components in Dupont analysis which include: return on equity (ROE), tax burden (TaxB), interest burden (IntB), operating profit margin (OPM), asset turnover ratio (ATO), and financial leverage (LEV). The variable for the purpose of the second study is the variable in the Z-Altman score. And the variables for the purpose of the third study are dependent variables, namely return on equity (ROE), independent variables include: tax burden (TaxB), interest burden (IntB), operating profit margin (OPM), asset turnover ratio (ATO), and financial leverage (LEV). The results of this study show that Saung Dolken's ROE was below the industry average in the period before Covi-19 and above the industry average during Covid 19. Altman's score to assess potential bankruptcy shows Saung Dolken is in a safe zone during the Covid-19 period. The factors that affect Saung Dolken's financial performance obtained from the financial performance model are: there are 4 variables that have a significant effect on ROE. The variables that fit the research hypothesis are: tax burden (TaxB), interest burden (IntB), asset turnover ratio (ATO), and financial leverage (LEV). While the operating profit margin (OPM) variable does not match the research hypothesis or does not have a significant influence on ROE. Managerial implications of this study are the results of this study show that Saung Dolken's ROE during the Covid-19 period was above the industry average. This has implications for Saung Dolken's management to formulate policies whether to remain at a low Equity multiplier level or use external funding in its investment activities. One of the most significant implications of the Altman Z-Score is its ability as an early warning against potential bankruptcy. Managers can take corrective measures or financial restructuring to prevent these risks from becoming a reality.