ANALISIS KEBIJAKAN PRIVATISASI DALAM RANGKA PENINGKATAN KINERJA KEUANGAN BUMN

The privatization program state owned cmerprises in much country to cfficicncy increase state owned enterprises, performancc incrcase and to push economic growth in thc infrastructurc sector, healthy and cducation. Statc owned entcrpriscs privatization policy is managcment improvement method state owncd cnterprises and economic commonly. With competition growth to support market stiongly will to prevent buteaucracy intervention and politic importancc in the company activity. The purposc of the rcsearch to see effect incrcasing rctum on sales, return on asset, rctum on equity, and decreasing dcbt to asset, debt to equity and thcn differcntiation performance financial after and before privatization between statc ovmcd enterprise initial public offering and strategic sale privatization model. In this case to way comparc performance financial two year before and after privalization. Researeh output to statc owned enterprise find retum on salcs, rctum on asset, retum on cquity (prothability ratio) and debt to asset, debt to cquity (lcveragc ratio) aftcr privalization increase and decrease not significan for all mcthodc experiment (all sampel and differentiation privatizattion methode), many statc owncd entreprises prec.isely profitability decrease and leverage increase.