Harina Paramastri, H. Wahyuni, Eki Andhika Ratnawardhani
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引用次数: 0
摘要
本研究旨在通过2014年塔浑1号和2017年塔浑1号政府法规分析矿产出口政策的影响。出口政策是指政府规定矿业公司在出口前必须在印尼进行矿产加工。本研究比较了管制实施前、期间和实施后矿业公司的价值,并采用市场绩效和会计绩效进行分析。矿业公司于2011-2017年期间在印度尼西亚证券交易所(IDX)上市,其标准根据UU No.4 Tahun 2009。本研究采用有目的的抽样方法,共有49家公司,样本为20家公司。使用Friedman和wilcoxon分析对数据进行处理。本研究的结果表明,由于采取了降低公司价值的政策,公司的价值存在差异。公司价值的下降发生在政府实施2014年塔浑1号政府法规之后,在政府法规没有实施之后,公司价值逐渐提升。本研究结果显示,卡方为6.100(p=0.047)的市场绩效值显著。同时,基于DER的会计绩效卡方为1.300(p=0.500),结果不显著。ROA的卡方为14.700 (p=0.001), ROE的卡方为15.600 (p= 0000), ROI的卡方为14.800 (p=0.000)。
Analysis of Influence of Mineral Export Policy on Mining Company Value
This study aims to analyze the influence of mineral export policy through government regulation No.1 Tahun 2014 and No.1 Tahun 2017. Export policy refers to the government regulation that mining companies must carry out mineral processing in Indonesia before export is carried out. This study compares the value of mining companies before, during, and after the regulation is applied which is analyzed using market performance and accounting performance. The mining companies are listed in Indonesia Stock Exchange (IDX) period 2011-2017 that has criteria according to UU No.4 Tahun 2009. This study used purposive sampling which had a population of 49 companies with the sampel of 20 companies. The data were processed by using Friedman and wilcoxon analysis. The results of this study indicate that there is a difference in the value of the company due to the policy applied to decrease the value of the company. The decline in the value of the company occurred after the government imposed government regulation No.1 Tahun 2014, after the government regulation was not implemented the value of the company gradually improved. The result of this study shows that the value of Market Performance that has chi square 6.100(p=0.047) is significant. Meanwhile, the result is not siqnificant for the accounting performance based on DER has chi square 1.300(p=0.500). The results are significant for ROA which has chi square 14.700 (p=0.001), chi square of ROE is 15.600 (p=0,000) and chi square of ROI is 14.800 (p=0.000).