Analisis Kinerja Perusahaan Kelapa Sawit Terbuka Atas Penerbitan Right Issue

Abstract

Industri kelapa sawit berperan krusial bagi perekonomian Indonesia. Perusahaan kelapa sawit merupakan bagian utama industri yang memerlukan dukungan modal untuk meningkatkan produksi. Salah satu mekanismenya adalah right issue. Right issue merupakan penawaran saham setelah perusahaan sawit terbuka melakukan Initial Public Offering (IPO). Penelitian ini bertujuan menganalisis perbedaan kinerja perusahaan kelapa sawit terbuka atas penerbitan right issue. Objek penelitian adalah PT Astra Agro Lestari Tbk (AALI) yang bertujuan refinancing dan PT Tunas Baru Lampung Tbk (TBLA) yang bertujuan menambah modal kerja. Kinerja keuangan diukur menggunakan rasio Net Profit Margin (NPM), Return on Equity (ROE), Debt to Equity (DER), Debt to Asset (DAR), Total Asset Turnover (TATO), dan Current Ratio (CR). Analisis data menggunakan uji normalitas, uji t sampel berpasangan, dan wilcoxon signed rank test. Hasil penelitian menunjukkan right issue AALI berbeda signifikan pada NPM, ROE, dan TATO akibat efek dilusi, namun tidak signifikan pada perbaikan solvabilitas. Sementara, right issue TBLA signifikan berdampak pada DER dan DAR, namun belum memberikan perbedaan signifikan pada profitabilitas akibat adanya time lag konversi modal kerja.

The palm oil industry plays a crucial role in Indonesia's economy. As key players, palm oil companies require capital support to enhance production. One mechanism is a rights issue, a share offering following an Initial Public Offering (IPO). This study analyzes the differences in the financial performance of public palm oil companies following rights issues. The subjects are PT Astra Agro Lestari Tbk (AALI) aiming for refinancing, and PT Tunas Baru Lampung Tbk (TBLA) aiming for working capital. Financial performance is measured using Net Profit Margin (NPM), Return on Equity (ROE), Debt to Equity (DER), Debt to Asset (DAR), Total Asset Turnover (TATO), and Current Ratio (CR). Data analysis employs normality tests, paired sample t-tests, and wilcoxon signed rank tests. Results show AALI’s rights issue significantly impacted NPM, ROE, and TATO due to dilution effects, yet was insignificant regarding solvency improvement. Meanwhile, TBLA’s rights issue significantly affected DER and DAR, but showed no significant profitability difference due to a time lag in working capital conversion.