Pengaruh Restrukturisasi Utang RDI/SLA pada Likuiditas, Struktur Modal, dan Kinerja Keuangan BUMN
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Sep 30, 2022
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Abstract
Penelitian ini menganalisis pengaruh restrukturisasi utang RDI/SLA pada likuiditas, struktur modal, dan kinerja keuangan Badan Usaha Milik Negara (BUMN). Rekening Dana Investasi (RDI) bersumber dari dalam negeri dan Subsidiary Loan Agreement (SLA) bersumber dari luar negeri. RDI/SLA merupakan pinjaman pemerintah kepada BUMN yang aktifitasnya mendukung program prioritas nasional. Data yaitu 19 BUMN yang mengalami restrukturisasi utang RDI/SLA periode 2014-2019. Data dianalisis dengan menggunakan Wilcoxon signed rank test. Variabel untuk likuiditas yaitu current ratio (CR), quick ratio (QR), dan cash ratio (KR). Untuk struktur modal yaitu total debt to total assets (TDTA), shorterm debt to total assets (SDTA), dan longterm debt to total assets (LDTA). Untuk kinerja keuangan yaitu operating margin (OPM), return on assets (ROA), dan return on equity (ROE). Hasil uji menunjukkan bahwa restrukturisasi utang RDI/SLA berpengaruh secara signifikan pada CR tetapi tidak pada QR dan KR sebagai ukuran untuk likuiditas. Pada penurunan struktur modal restrukturisasi utang RDI/SLA berpengaruh signifikan untuk SDTA, tetapi tidak pada TDTA dan LDTA. Pada peningkatan kinerja keuangan restrukturisasi utang RDI/SLA berpengaruh signifikan untuk semua pengukuran OPM, ROA, dan ROE. Hal ini menunjukkan bahwa restrukturisasi utang RDI/SLA berpengaruh pada perbaikan keuangan BUMN hanya dalam jangka pendek.
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Nurpramana, D., Gumanti, T., Safitri, J., & Handriani, E. (2022). 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), 225-237. https://doi.org/https://doi.org/10.33105/itrev.v7i3.534
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References
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Banerji, S. (2008). Asset sales and debt–equity swap under asymmetric information. Economics Letters, 99(1), 189–191. https://doi.org/10.1016/J.ECONLET.2007.06.025
Beaver, W. H. (1966). Financial ratios as predictors of failure. Journal of Accounting Research, 4, 71–111. https://doi.org/10.2307/2490171
Bester, H. (1994). The role of collateral in a model of debt renegotiation. Journal of Money, Credit and Banking, 26(1), 72–86. https://doi.org/10.2307/2078035
Bhattacharjee, A., & Han, J. (2014). Financial distress of Chinese firms: Microeconomic, macroeconomic and institutional influences. China Economic Review, 30, 244–262. https://doi.org/10.1016/J.CHIECO.2014.07.007
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Borio, C. (2014). The financial cycle and macroeconomics: What have we learnt? Journal of Banking & Finance, 45, 182–198. https://doi.org/https://doi.org/10.1016/j.jbankfin.2013.07.031
Bravo-Urquiza, F., & Moreno-Ureba, E. (2021). Does compliance with corporate governance codes help to mitigate financial distress? Research in International Business and Finance, 55, 101344. https://doi.org/10.1016/J.RIBAF.2020.101344
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Brigham, E. F., & Ehrhardt, M. C. (2017). Financial Management; Theory and Practices, 15ed. Mason, OH: Cengage Learning.
Cepec, J., & Grajzl, P. (2020). Debt-to-equity conversion in bankruptcy reorganization and post-bankruptcy firm survival. International Review of Law and Economics, 61, 105878. https://doi.org/https://doi.org/10.1016/j.irle.2019.105878
Cheng, D. S. Y. (2015). Corporate debt estructuring from a lending bank’s perspective. The Journal of Global Business Management, 11(1), 68-76. http://www.jgbm.org/page/8%20David%20S.%20Y.pdf
Çolak, M. S. (2021). A new multivariate approach for assessing corporate financial risk using balance sheets. Borsa Istanbul Review, 21(3), 239–255. https://doi.org/https://doi.org/10.1016/j.bir.2020.10.007
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Direktorat Jenderal Kekayaan Negara. (2017). Buku Penatausahaan Kekayaan Negara Dipisahkan Tahun 2017.
Direktorat Jenderal Kekayaan Negara. (2018). Buku Penatausahaan Kekayaan Negara Dipisahkan Tahun 2018.
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Drehmann, M., & Nikolaou, K. (2014). Funding liquidity risk. Liquidity Risk, 1024, 77–92. https://doi.org/10.1057/9781137374400_4
Fan, P. (2019). Debt retirement at IPO and firm growth. Journal of Economics and Business, 101, 1–16. https://doi.org/https://doi.org/10.1016/j.jeconbus.2018.08.004
Firouzi, A., & Meshkani, A. (2021). Risk-based optimization of the debt service schedule in renewable energy project finance. Utilities Policy, 70, 101197. https://doi.org/https://doi.org/10.1016/j.jup.2021.101197
Flor, C. R. (2011). Asset substitution and debt renegotiation. Journal of Business Finance & Accounting, 38(7–8), 915–944. https://doi.org/https://doi.org/10.1111/j.1468-5957.2011.02253.x
García, V., Marqués, A. I., Sánchez, J. S., & Ochoa-Domínguez, H. J. (2019). Dissimilarity-Based linear models for corporate bankruptcy prediction. Computational Economics, 53(3), 1019–1031. https://doi.org/10.1007/s10614-017-9783-4
Geng, R., Bose, I., & Chen, X. (2015). Prediction of financial distress: An empirical study of listed Chinese companies using data mining. European Journal of Operational Research, 241(1), 236–247. https://doi.org/https://doi.org/10.1016/j.ejor.2014.08.016
Ghosh, S. (2019). Corporate distress, troubled debt restructurings and equity stripping. South Asian Journal of Business Studies, 8(1), 105–126. https://doi.org/10.1108/SAJBS-05-2018-0059
Gitman, L. J., & Zutter, C. J. (2019). Principles of managerial finance (14th ed.). London: Pearson.
Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for tax planning and avoidance: Evidence from the field. Accounting Review, 89(3), 991–1023. https://doi.org/10.2308/accr-50678
Greenwood, R. M., Iverson, B., & Thesmar, D. (2020). Sizing up Corporate Restructuring in the Covid Crisis. National Bureau of Economic Research Working Paper Series, No. 28104. https://doi.org/10.3386/W28104
Gumanti, T. A. (2017). Keuangan Korporat: Tinjauan Teori dan Bukti Empiris. Bogor: Mitra Wacana Media.
Jayasekera, R. (2018). Prediction of company failure: Past, present and promising directions for the future. International Review of Financial Analysis, 55, 196–208. https://doi.org/https://doi.org/10.1016/j.irfa.2017.08.009
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/https://doi.org/10.1016/0304-405X(76)90026-X
Jiang, J., Liu, B., & Yang, J. (2019). The impact of debt restructuring on firm investment: Evidence from China. Economic Modelling, 81, 325–337. https://doi.org/https://doi.org/10.1016/j.econmod.2019.05.019
Kang, K. Y. (2020). Optimal contract for asset trades: Collateralizing or selling? Journal of Financial Markets, 100590. https://doi.org/https://doi.org/10.1016/j.finmar.2020.100590
Kaur, D., & Srivastava, S. (2017). Corporate debt restructuring and firm performance: A study of Indian firms. Serbian Journal of Management, 12(2), 271–281. https://doi.org/10.5937/sjm12-11916
Kim, W., Ko, Y., & Wang, S.-F. (2019). Debt restructuring through equity issues. Journal of Banking & Finance, 106, 341–356. https://doi.org/https://doi.org/10.1016/j.jbankfin.2019.07.002
Lizares, R. M., & Bautista, C. C. (2021). Corporate financial distress: The case of publicly listed firms in an emerging market economy. Journal of International Financial Management & Accounting, 32(1), 5–20. https://doi.org/https://doi.org/10.1111/jifm.12122
Myers, S. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592. https://doi.org/https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81–102. https://doi.org/10.1257/jep.15.2.81
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/https://doi.org/10.1016/0304-405X(84)90023-0
Oz, I. O., & Simga-Mugan, C. (2018). Bankruptcy prediction models’ generalizability: Evidence from emerging market economies. Advances in Accounting, 41, 114–125. https://doi.org/10.1016/J.ADIAC.2018.02.002
Ross, S. A., Westerfield, R. W., Jaffe, J., Jordan, B. D. (2018). Corporate Finance. New York: McGraw-Hill Education.
Sánchez, C. P., Monelos, P. de L., & López, M. R. (2013). A parsimonious model to forecast financial distress, based on audit evidence. Contaduría y Administración, 58(4), 151–173. https://doi.org/https://doi.org/10.1016/S0186-1042(13)71237-3
Shahwan, T. M. (2015). The effects of corporate governance on financial performance and financial distress: evidence from Egypt. Corporate Governance, 15(5), 641–662. https://doi.org/10.1108/CG-11-2014-0140
Shamsudin, A., & Kamaluddin, A. (2015). Impending bankruptcy: Examining cash flow pattern of distress and healthy firms. Procedia Economics and Finance, 31, 766–774. https://doi.org/https://doi.org/10.1016/S2212-5671(15)01166-1
Sheskin, D. J. (2011). The wilcoxon signed-ranks test (nonparametric test employed with ordinal data). In Handbook of Parametric and Nonparametric Statistical Procedures (5th ed., p. 15). Boca Raton, FL: Chapman and Hall.
Silva, V. A. B., & Saito, R. (2018). Corporate restructuring: empirical evidence on the approval of the reorganization plan. RAUSP Management Journal, 53(1), 49–62. https://doi.org/https://doi.org/10.1016/j.rauspm.2017.12.008
Tedeschi, G., Vidal-Tomás, D., Delli-Gatti, D., & Gallegati, M. (2021). The macroeconomic effects of default and debt restructuring: An agent based exploration. International Review of Economics & Finance, 76, 1146–1163. https://doi.org/https://doi.org/10.1016/j.iref.2021.08.003
Vătavu, S. (2015). The impact of capital structure on financial performance in Romanian Listed Companies. Procedia Economics and Finance, 32, 1314–1322. https://doi.org/https://doi.org/10.1016/S2212-5671(15)01508-7
Veganzones, D., & Severin, E. (2021). Corporate failure prediction models in the twenty-first century: Areview. European Business Review, 33(2), 204–226. https://doi.org/10.1108/EBR-12-2018-0209
Zhang, X., Ouyang, R., Liu, D., & Xu, L. (2020). Determinants of corporate default risk in China: The role of financial constraints. Economic Modelling, 92, 87–98. https://doi.org/https://doi.org/10.1016/j.econmod.2020.07.005
Alfaro, L., Asis, G., Chari, A., & Panizza, U. (2019). Corporate Debt, Firm Size and Financial Fragility in Emerging Markets. National Bureau of Economic Research Working Paper Series, No. 25459. https://doi.org/10.3386/w25459
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589–609. https://doi.org/https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
Baginski, S. P., Bradshow, M. T., & Wahlen, J. M. (2018). Financial reporting, financial statement analysis, and valuation: a strategic perspective. Cengage.
Banerji, S. (2008). Asset sales and debt–equity swap under asymmetric information. Economics Letters, 99(1), 189–191. https://doi.org/10.1016/J.ECONLET.2007.06.025
Beaver, W. H. (1966). Financial ratios as predictors of failure. Journal of Accounting Research, 4, 71–111. https://doi.org/10.2307/2490171
Bester, H. (1994). The role of collateral in a model of debt renegotiation. Journal of Money, Credit and Banking, 26(1), 72–86. https://doi.org/10.2307/2078035
Bhattacharjee, A., & Han, J. (2014). Financial distress of Chinese firms: Microeconomic, macroeconomic and institutional influences. China Economic Review, 30, 244–262. https://doi.org/10.1016/J.CHIECO.2014.07.007
Borensztein, E., & Ye, L. S. (2021). Corporate debt overhang and investment in emerging economies: Firm-level evidence. International Finance, 24(1), 18–39. https://doi.org/https://doi.org/10.1111/infi.12382
Borio, C. (2014). The financial cycle and macroeconomics: What have we learnt? Journal of Banking & Finance, 45, 182–198. https://doi.org/https://doi.org/10.1016/j.jbankfin.2013.07.031
Bravo-Urquiza, F., & Moreno-Ureba, E. (2021). Does compliance with corporate governance codes help to mitigate financial distress? Research in International Business and Finance, 55, 101344. https://doi.org/10.1016/J.RIBAF.2020.101344
Brigham, E. F., & Daves, P. R. (2018). Intermediate financial management, 13th ed. Mason, OH: South Western Educational Publishing.
Brigham, E. F., & Ehrhardt, M. C. (2017). Financial Management; Theory and Practices, 15ed. Mason, OH: Cengage Learning.
Cepec, J., & Grajzl, P. (2020). Debt-to-equity conversion in bankruptcy reorganization and post-bankruptcy firm survival. International Review of Law and Economics, 61, 105878. https://doi.org/https://doi.org/10.1016/j.irle.2019.105878
Cheng, D. S. Y. (2015). Corporate debt estructuring from a lending bank’s perspective. The Journal of Global Business Management, 11(1), 68-76. http://www.jgbm.org/page/8%20David%20S.%20Y.pdf
Çolak, M. S. (2021). A new multivariate approach for assessing corporate financial risk using balance sheets. Borsa Istanbul Review, 21(3), 239–255. https://doi.org/https://doi.org/10.1016/j.bir.2020.10.007
Daisuke, M., & Kazuhiko, O. (2016). Multiple lenders, temporary debt restructuring, and firm performance: Evidence from contract-level data (Discussion Papers, Issue 16030). Research Institute of Economy, Trade and Industry (RIETI).
Direktorat Jenderal Kekayaan Negara. (2017). Buku Penatausahaan Kekayaan Negara Dipisahkan Tahun 2017.
Direktorat Jenderal Kekayaan Negara. (2018). Buku Penatausahaan Kekayaan Negara Dipisahkan Tahun 2018.
Direktorat Jenderal Kekayaan Negara. (2019). Buku Penatausahaan Kekayaan Negara Dipisahkan Tahun 2019.
Direktorat Jenderal Perbendaharaan. (2017). Treasury Knowledge Digest: All behind the strategic policies.
Drehmann, M., & Nikolaou, K. (2014). Funding liquidity risk. Liquidity Risk, 1024, 77–92. https://doi.org/10.1057/9781137374400_4
Fan, P. (2019). Debt retirement at IPO and firm growth. Journal of Economics and Business, 101, 1–16. https://doi.org/https://doi.org/10.1016/j.jeconbus.2018.08.004
Firouzi, A., & Meshkani, A. (2021). Risk-based optimization of the debt service schedule in renewable energy project finance. Utilities Policy, 70, 101197. https://doi.org/https://doi.org/10.1016/j.jup.2021.101197
Flor, C. R. (2011). Asset substitution and debt renegotiation. Journal of Business Finance & Accounting, 38(7–8), 915–944. https://doi.org/https://doi.org/10.1111/j.1468-5957.2011.02253.x
García, V., Marqués, A. I., Sánchez, J. S., & Ochoa-Domínguez, H. J. (2019). Dissimilarity-Based linear models for corporate bankruptcy prediction. Computational Economics, 53(3), 1019–1031. https://doi.org/10.1007/s10614-017-9783-4
Geng, R., Bose, I., & Chen, X. (2015). Prediction of financial distress: An empirical study of listed Chinese companies using data mining. European Journal of Operational Research, 241(1), 236–247. https://doi.org/https://doi.org/10.1016/j.ejor.2014.08.016
Ghosh, S. (2019). Corporate distress, troubled debt restructurings and equity stripping. South Asian Journal of Business Studies, 8(1), 105–126. https://doi.org/10.1108/SAJBS-05-2018-0059
Gitman, L. J., & Zutter, C. J. (2019). Principles of managerial finance (14th ed.). London: Pearson.
Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for tax planning and avoidance: Evidence from the field. Accounting Review, 89(3), 991–1023. https://doi.org/10.2308/accr-50678
Greenwood, R. M., Iverson, B., & Thesmar, D. (2020). Sizing up Corporate Restructuring in the Covid Crisis. National Bureau of Economic Research Working Paper Series, No. 28104. https://doi.org/10.3386/W28104
Gumanti, T. A. (2017). Keuangan Korporat: Tinjauan Teori dan Bukti Empiris. Bogor: Mitra Wacana Media.
Jayasekera, R. (2018). Prediction of company failure: Past, present and promising directions for the future. International Review of Financial Analysis, 55, 196–208. https://doi.org/https://doi.org/10.1016/j.irfa.2017.08.009
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/https://doi.org/10.1016/0304-405X(76)90026-X
Jiang, J., Liu, B., & Yang, J. (2019). The impact of debt restructuring on firm investment: Evidence from China. Economic Modelling, 81, 325–337. https://doi.org/https://doi.org/10.1016/j.econmod.2019.05.019
Kang, K. Y. (2020). Optimal contract for asset trades: Collateralizing or selling? Journal of Financial Markets, 100590. https://doi.org/https://doi.org/10.1016/j.finmar.2020.100590
Kaur, D., & Srivastava, S. (2017). Corporate debt restructuring and firm performance: A study of Indian firms. Serbian Journal of Management, 12(2), 271–281. https://doi.org/10.5937/sjm12-11916
Kim, W., Ko, Y., & Wang, S.-F. (2019). Debt restructuring through equity issues. Journal of Banking & Finance, 106, 341–356. https://doi.org/https://doi.org/10.1016/j.jbankfin.2019.07.002
Lizares, R. M., & Bautista, C. C. (2021). Corporate financial distress: The case of publicly listed firms in an emerging market economy. Journal of International Financial Management & Accounting, 32(1), 5–20. https://doi.org/https://doi.org/10.1111/jifm.12122
Myers, S. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592. https://doi.org/https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81–102. https://doi.org/10.1257/jep.15.2.81
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/https://doi.org/10.1016/0304-405X(84)90023-0
Oz, I. O., & Simga-Mugan, C. (2018). Bankruptcy prediction models’ generalizability: Evidence from emerging market economies. Advances in Accounting, 41, 114–125. https://doi.org/10.1016/J.ADIAC.2018.02.002
Ross, S. A., Westerfield, R. W., Jaffe, J., Jordan, B. D. (2018). Corporate Finance. New York: McGraw-Hill Education.
Sánchez, C. P., Monelos, P. de L., & López, M. R. (2013). A parsimonious model to forecast financial distress, based on audit evidence. Contaduría y Administración, 58(4), 151–173. https://doi.org/https://doi.org/10.1016/S0186-1042(13)71237-3
Shahwan, T. M. (2015). The effects of corporate governance on financial performance and financial distress: evidence from Egypt. Corporate Governance, 15(5), 641–662. https://doi.org/10.1108/CG-11-2014-0140
Shamsudin, A., & Kamaluddin, A. (2015). Impending bankruptcy: Examining cash flow pattern of distress and healthy firms. Procedia Economics and Finance, 31, 766–774. https://doi.org/https://doi.org/10.1016/S2212-5671(15)01166-1
Sheskin, D. J. (2011). The wilcoxon signed-ranks test (nonparametric test employed with ordinal data). In Handbook of Parametric and Nonparametric Statistical Procedures (5th ed., p. 15). Boca Raton, FL: Chapman and Hall.
Silva, V. A. B., & Saito, R. (2018). Corporate restructuring: empirical evidence on the approval of the reorganization plan. RAUSP Management Journal, 53(1), 49–62. https://doi.org/https://doi.org/10.1016/j.rauspm.2017.12.008
Tedeschi, G., Vidal-Tomás, D., Delli-Gatti, D., & Gallegati, M. (2021). The macroeconomic effects of default and debt restructuring: An agent based exploration. International Review of Economics & Finance, 76, 1146–1163. https://doi.org/https://doi.org/10.1016/j.iref.2021.08.003
Vătavu, S. (2015). The impact of capital structure on financial performance in Romanian Listed Companies. Procedia Economics and Finance, 32, 1314–1322. https://doi.org/https://doi.org/10.1016/S2212-5671(15)01508-7
Veganzones, D., & Severin, E. (2021). Corporate failure prediction models in the twenty-first century: Areview. European Business Review, 33(2), 204–226. https://doi.org/10.1108/EBR-12-2018-0209
Zhang, X., Ouyang, R., Liu, D., & Xu, L. (2020). Determinants of corporate default risk in China: The role of financial constraints. Economic Modelling, 92, 87–98. https://doi.org/https://doi.org/10.1016/j.econmod.2020.07.005