Analisis Prospek Perusahaan yang Mengalami Underpricing di Bursa Efek Indonesia

Abstract

Underpricing adalah kondisi yang menunjukan harga saham di pasar primer lebih rendah dibandingkan di pasar sekunder. Penelitian tentang underpricing sudah banyak dilakukan tetapi lebih banyak yang fokus ke faktor-faktor penyebabnya. Berdasarkan hal tersebut, penelitian ini mencoba menilai dari hal yang berbeda yaitu mengetahui prospek perusahaan yang mengalami underpricing setelah IPO. Penelitian ini mencari bukti empiris tentang kinerja saham dan kinerja keuangan setelah IPO. Kinerja saham akan dinilai menggunakan harga saham jangka pendek dan jangka panjang, sedangkan kinerja keuangan akan dinilai menggunakan rasio net profit margin, return on asset dan return on equity. Penelitian ini menggunakan uji berpasangan, dan sampelnya adalah perusahaan yang IPO di BEI dari tahun 2008-2009. Hasil penelitian menunjukan bahwa tidak ada perbedaan dari kinerja saham tetapi ada perbedaan untuk kinerja keuangan sebelum dan setelah IPO.

Underpricing is conditions which show that stocks price at primary market was too low than secondary market. There are several researchs have done but many of them just focus on analyse influence which have an impact to underpricing. Based on that argument, this research try to find the prospect of company that experiencing of underpricing after Initial Public Offering (IPO). This research is aimed to obtain empirical evidence about the differentiation in financial performance and stock performance after initial public offering. Stock performance will be evaluated using to look at the stock price in short-term and long-term. While financial performance will be usedratio of net profit margin, return on asset and return on equity. This research used match paired, and the sample is company that IPO in BEI from 2008-2009. The results showed that there is not difference of stock performance but any difference of financial performance between before and after initial public offering. Keyword :underpricing, initial public offering, stock, financial, short-term, long-term, net profit margin, return on asset, return on equity.