ANALISIS LAPORAN KEUANGAN SEBAGAI PERBANDINGAN INTERNAL DAN EKSTERNAL DALAM MERUMUSKAN STRATEGI KEUANGAN (Studi Pada BUMN Sektor Konstruksi Tahun 2013-2017)

Abstrak

Abstract

BUMN Construction Sector is a State-Owned Enterprise whose ownership is wholly owned by the Government of the Republic of Indonesia.  BUMN Construction Sector plays a role in providing construction services. One factor that is able to drive Indonesia's economic growth is an investment in the construction sector. The research objective is to analyze the condition and financial performance, significant deviations and relative performance, formulation of financial strategies carried out by BUMN construction sector in the 2013-2017 period. The analytical tool used as an internal comparison and external comparison is trend analysis, linear regression analysis, and Altman Z-score analysis. Trend analysis is an analysis that illustrates or shows changes in the average of a particular variable over time. Linear regression analysis to test and analyze factors that affect a company's financial performance. Altman Z-score analysis is used as a measurement  of  the  financial  status  of  a  company  that  is  experiencing  financial  difficulties (financial distress) and is also used as a tool to predict bankruptcy of a company (bankruptcy model). The condition and performance of the BUMN Construction Sector for the period 2013-2017 is in a condition of financial difficulties because it must bear a large financial burden on creditors.  Significant  Deviations  and  Relative  Performance  of  the  BUMN  in  the  2013-2017 Construction  Sector  are  below  average,  due  to  low margins  in  selected  construction  service segments. The Financial Strategy Formulation undertaken to improve the Financial Performance of the BUMN Construction Sector is not to add long-term debt to reduce the financial burden, increase the number of current assets, and improve the level of receivables.

     Keywords: Financial Performance, Financial Strategy