Feronica Romauli


of BUMN in business is "questionable". The Financial
performance of BUMN is also often considered to be
still far compared to private companies. Management
of BUMN in general do not follow the principle of ef-
fectiveness and eciency they deserve. To overcome the
problems faced, privatization is one eort to reform the
SOEs to improve the eciency and eectiveness of public
companies. Privatization is the sale of shares Persero,
either partially or wholly, to other parties in order to im-
prove performance and corporate value. This study tested
the signicant dierences in the nancial performance of
SOEs before and after privatization. Tests using eight
indicators measuring the health of KEP100/MBU/2002 on
SOEs in Indonesia, namely: Return On Equity, Return On
Investment, Cash Ratio, Current Ratio, Collection Period,
Inventory Turnover, Total Assets Turnover, Total Assets
Total Equity Against. After testing the hypothesis against
six state-owned non-nancial services to be privatized
through IPO method, namely PT Kimia Farma Tbk., PT
Indofarma Tbk., PT Bukit Asam Tbk Coal Mine., PT
PGN Tbk., PT Adhi Karya Tbk., And PT Wijaya Karya
Tbk. using a Paired Sample T-test and signicance level a
= 0.05 is known that there is no signicant dierence from
the level of nancial performance of BUMN before and
after privatization. The above results at least give you an
idea that something good-as privatization of state-did not
give as good. In order to build the healthy and professional
of BUMN , privatization should be to be a well that will
deliver business benets and the real economy.

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