Integrasi Data Envelopment Analysis dan Analisis Rasio Keuangan untuk Penilaian Efisiensi Perusahaan IDXBUMN20
DOI:
https://doi.org/10.33603/jka.v8i2.11037Kata Kunci:
Analisis rasio keuanangan, Data envelopment analysis, Efisiensi perusahaan, IDX BUMN20, Kinerja keuanganAbstrak
Efisiensi perusahaan menjadi salah satu indikator penting dalam menilai kinerja Badan Usaha Milik Negara (BUMN) yang tercatat di Bursa Efek Indonesia (IDX). Dalam konteks persaingan global, BUMN dituntut untuk dapat mengoptimalkan sumber daya agar menghasilkan kinerja keuangan yang berkelanjutan. Salah satu metode yang banyak digunakan untuk mengukur efisiensi relatif antar perusahaan adalah Data Envelopment Analysis (DEA), yang dapat dikombinasikan dengan analisis rasio keuangan untuk memperoleh gambaran menyeluruh. Penelitian ini bertujuan untuk menilai efisiensi perusahaan anggota IDX BUMN20 dengan mengintegrasikan DEA dan analisis rasio keuangan. Variabel input yang digunakan meliputi Debt to Equity Ratio (DER), Price Earning Ratio (PER), dan standar deviasi return saham. Sementara itu, variabel output terdiri atas Return on Asset (ROA), Return on Equity (ROE), Price to Book Value (PBV), Dividend Yield (DY), dan Earnings per Share(EPS). Metode DEA model CCR digunakan untuk mengestimasi skor efisiensi masing-masing perusahaan. Hasil penelitian menunjukkan bahwa beberapa perusahaan seperti PTBA, BMRI, BJBR, AGRO, dan TLKM mencapai skor efisiensi 1,00, menandakan posisi efisien. Sebaliknya, perusahaan seperti SMGR dan BBNI menunjukkan skor di bawah 0,40 menandakan ketidakefisienan signifikan. Kesimpulan penelitian ini menegaskan pentingnya penerapan DEA berbasis rasio keuangan sebagai alat evaluasi kinerja, serta memberikan rekomendasi perbaikan manajerial bagi perusahaan yang belum efisien.
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