Evaluasi Kinerja Perusahaan Melalui Analisis Rasio Keuangan
Abstract
Penelitian ini bertujuan untuk mengevaluasi kinerja perusahaan melalui analisis rasio keuangan yang meliputi rasio likuiditas, solvabilitas, profitabilitas, dan efisiensi operasional. Rasio keuangan ini dihitung berdasarkan data laporan keuangan perusahaan dan memberikan wawasan mengenai kemampuan perusahaan dalam mengelola aset, utang, dan laba. Analisis ini juga bertujuan untuk mengeksplorasi potensi risiko yang mungkin timbul dari struktur pembiayaan dan operasional perusahaan. Rasio likuiditas, seperti rasio lancar dan rasio cepat, digunakan untuk menilai kemampuan perusahaan dalam memenuhi kewajiban jangka pendek, sementara rasio solvabilitas, seperti rasio utang terhadap ekuitas, menggambarkan ketergantungan perusahaan pada utang. Rasio profitabilitas, seperti return on assets (ROA) dan return on equity (ROE), mengukur efisiensi perusahaan dalam menghasilkan laba, sedangkan rasio efisiensi operasional seperti perputaran aset total menunjukkan seberapa efektif perusahaan dalam menggunakan aset untuk menghasilkan pendapatan. Hasil penelitian ini menunjukkan pentingnya pengelolaan rasio keuangan secara optimal untuk meningkatkan kinerja perusahaan dan memberikan dasar yang kuat bagi pengambilan keputusan yang lebih baik oleh kreditor, investor, dan manajer
References
Barnes, P. (1987). The Analysis and Use of Financial Ratios: A Review Article. Journal of Business Finance & Accounting, 14(4), 449–461. https://doi.org/10.1111/j.1468-5957.1987.tb00106.x
Brigham, E. F., & Houston, J. F. (2009). Fundamentals of Financial Management. South-Western Cengage Learning.
Certo, S. T., Busenbark, J. R., Kalm, M., & LePine, J. A. (2020). Divided We Fall: How Ratios Undermine Research in Strategic Management. Organizational Research Methods, 23(2), 211–237. https://doi.org/10.1177/1094428118773455
Chatterji, A. K., Durand, R., Levine, D. I., & Touboul, S. (2015). Do Ratings of Firms Converge? Implications for Managers, Investors and Strategy Researchers. Strategic Management Journal, 920(October), 1–43. https://doi.org/10.1002/smj
Chen, H., Xu, Y., & Yang, J. (2021). Systematic risk, debt maturity, and the term structure of credit spreads. Journal of Financial Economics, 139(3), 770–799. https://doi.org/10.1016/j.jfineco.2020.09.002
Cheng, M. C., & Tzeng, Z. C. (2014). Effect of leverage on firm market value and how contextual variables influence this relationship. Review of Pacific Basin Financial Markets and Policies, 17(1), 1–63. https://doi.org/10.1142/S0219091514500040
Daryanto, W. M., Dewanti, R. W., & Farras, R. (2020). Financial Ratio Analysis of Pt Unilever Indonesia Tbk To Measure Financial Performance. International Journal of Business, Economics and Law, 23(1), 93–100.
Durand, R., Paugam, L., & Stolowy, H. (2019). Do investors actually value sustainability indices? Replication, development, and new evidence on CSR visibility. Strategic Management Journal, 40(9), 1471–1490. https://doi.org/10.1002/smj.3035
Elaine, H. (2011). Financial Analysis Techniques (pp. 337–358). CFA Institute. https://doi.org/10.1142/9789811241055_0012
Fadah, I., Ayuningtyas, A., Puspitasari, N., & Yuswanto, I. B. (2020). Analysis of financial and non-financial factors affecting bond ratings. IOP Conference Series: Earth and Environmental Science, 485(1). https://doi.org/10.1088/1755-1315/485/1/012019
Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153–193. https://doi.org/10.1016/S0304-405X(96)00896-3
Febinda, Ruma, Z., Anwar, Ramli, A., & Amin, A. M. (2023). Analysis of Financial Distress in Broadcasting Sub-Sector Companies Listed on The Indonesia Stock Exchange. Journal of Management, Accounting, General Finance and International Economic Issues, 2(3), 628–644.
Fraser, L. M., & Ormiston, A. (2015). Understanding Financial Statements. Pearson. https://doi.org/10.1007/978-3-319-11095-0_7
Goldberg, J., & Nozawa, Y. (2021). Liquidity Supply in the Corporate Bond Market. Journal of Finance, 76(2), 755–796. https://doi.org/10.1111/jofi.12991
Hillegeist, S. A., Keating, E. K., Cram, D. P., & Lundstedt, K. G. (2004). Assessing the probability of bankruptcy. Review of Accounting Studies, 9(1), 5–34. https://doi.org/10.1023/B:RAST.0000013627.90884.b7
Hung, S., Ginting, E. S., & Joe, S. (2021). The Effect Of Profitability, Liquidity, Leverage On Bond Rating Of Financial Companies. Journal of Management Science (JMAS), 4(4), 106–112. https://doi.org/10.35335/jmas.v4i4.114
Kayhan, A., & Titman, S. (2007). Firms’ histories and their capital structures. Journal of Financial Economics, 83(1), 1–32. https://doi.org/10.1016/j.jfineco.2005.10.007
Lewellen, J. (2004). Predicting returns with financial ratios. Journal of Financial Economics, 74(2), 209–235. https://doi.org/10.1016/j.jfineco.2002.11.002
Nissim, D., & Penman, S. H. (2001). Ratio Analysis and Equity Valuation: From Research to Practice. Review of Accounting Studies, 6, 109–154.
Purba, M., Vini, C., & Andam, D. S. (2023). The Effect of Liquidity, Leverage, Profitability, and Company Size on Bond Ratings in Banking Sector Companies in Indonesia 2017- 2020. Journal of Economics, Finance and Management Studies, 06(07), 3319–3323. https://doi.org/10.47191/jefms/v6-i7-35
Smaranda, C. (2014). Scoring Functions and Bankruptcy Prediction Models – Case Study for Romanian Companies. Procedia Economics and Finance, 10, 217–226. https://doi.org/10.1016/s2212-5671(14)00296-2
Susanto, L., & Adria, C. (2020). Pengaruh Leverage, Likuiditas, Ukuran Perusahaan, Dan Perputaran Total Aset Terhadap Profitabilitas. Jurnal Paradigma Akuntansi, 2(1), 393. https://doi.org/10.24912/jpa.v2i1.7168
