Pengaruh Restrukturisasi Utang RDI/SLA Pada Likuiditas, Struktur Modal, Dan Kinerja Keuangan BUMN

Nurpramana, Dwitya Estu and Gumanti, Tatang Ary and Safitri, Julia and Handriani, Eka (2020) Pengaruh Restrukturisasi Utang RDI/SLA Pada Likuiditas, Struktur Modal, Dan Kinerja Keuangan BUMN. Indonesian Treasury Review Jurnal Perbendaharaan, Keuangan Negara Dan Kebijakan Publik, 7 (3). pp. 225-237.

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Abstract

This study analyzes the effect of RDI/SLA debt restructuring on the liquidity, capital structure and financial performance of State-Owned Enterprises (SOEs). Investment Fund Accounts (RDI) are sourced domestically and Subsidiary Loan Agreements (SLA) are sourced from abroad. RDI/SLA is a government loan to State-Owned Enterprises whose activities support national priority programs. The data are 19 SOEs that underwent RDI/SLA debt restructuring during 2014-2019. The data were analysed using the Wilcoxon signed rank test. The liquidity variables are the current ratio (CR), quick ratio (QR), and cash ratio (KR). The capital structure variables are total debt to total assets (TDTA), short term debt to total assets (SDTA), and long term debt to total assets (LDTA). Financial performance variables are operating margin (OPM), return on assets (ROA), and return on equity (ROE). The results show that debt restructuring RDI/SLA has a significant effect on CR but not on QR and KR as liquidity measurement. It also has significant effect for SDTA, but not for TDTA and LDTA as capital structure measurement. For financial performance, it has a significant effect on all measurements of OPM, ROA, and ROE. This shows that RDI/SLA debt restructuring has an effect on improving financial of SOEs for only short-term periode.

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