Dampak Akuisisi terhadap Harga Saham: Studi Kasus PT Semen Indonesia dan PT Solusi Bangun Indonesia

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh proses akuisisi terhadap abnormal return dan kinerja keuangan, serta memberikan rekomendasi keputusan investasi saham PT Semen Indonesia (SMGR) dan PT Solusi Bangun Indonesia (SMCB). Penelitian ini menggunakan metode event study dengan uji beda, penilaian saham menggunakan pendekatan Price Earning Ratio (PER) dan Price Book Value (PBV). Hasil penelitian menunjukkan akuisisi SMGR tidak meningkatkan kinerja keuangan menyeluruh, namun SMCB menunjukkan peningkatan. Uji hipotesis menunjukkan bahwa abnormal return kedua perusahaan dan Return on Equity (ROE) SMGR tidak berbeda sebelum dan sesudah akuisisi. Namun ROE SMCB, Return on Asset dan Debt Equity Ratio kedua perusahaan menunjukkan perbedaan sebelum dan sesudah akuisisi. Analisis fundamental menunjukkan harga saham SMGR dalam kondisi undervalued, sementara SMCB dalam kondisi overvalued. Implikasi Manajerial bagi SMGR perlu evaluasi hasil akuisisi terhadap kinerja keuangan. SMCB perlu mensinergikan teknologi dan sumber daya. Investor perlu bergerak cepat terhadap isu di pasar modal. Saran untuk penelitian selanjutnya diharapkan mempertimbangkan kondisi ekonomi makro dan menggunakan periode pengamatan paska akuisisi yang panjang.

This study aims to analyze the effect of the acquisition process on abnormal returns and financial performance, and provide recommendations for stock investment decisions of PT Semen Indonesia (SMGR) and PT Solusi Bangun Indonesia (SMCB). This study uses the event study method with a different test, stock valuation uses the Price Earning Ratio (PER) and Price Book Value (PBV) approaches. The results of the study show that the acquisition of SMGR has not been able to improve overall financial performance, but SMCB has shown an improvement. The hypothesis test shows that the abnormal returns of the two companies and SMGR's Return on Equity (ROE) are not different before and after the acquisition. However, SMCB's ROE, Return on Assets and Debt Equity Ratio of the two companies show differences before and after the acquisition. Fundamental analysis shows that SMGR's stock price is undervalued, while SMCB's is overvalued. Managerial implications for SMGR need to evaluate the results of the acquisition on financial performance. SMCB need to synergize technology and resources. Investors need to move quickly on issues in the capital market. Recommendations for further research are expected to consider macroeconomic conditions and use a long post-acquisition observation period.