Abstrak 
Model Restrukturisasi Utang sebagai dampak dari Karakteristik Keuangan Perusahaan dan Kondisi Industri
Dr. Nanny Dewi, SE., Mcomm., Ak
Unpad
Inggris
Unpad
Debt Restructuring, Debt Restructuring Model, Internal Financial Characteristic, Market Reaction
This empirical research has studied the choice of debt restructuring model carried out by the companies listed at PT. BEJ which is caused by the fact that the companies have difficulty paying their debts. The result of observation considers it important to reevaluate the factors that affect the choice of debt restructuring model as the result of negotiation among the Firm, creditor and Firm investor.
Considering the 1998 SKBI No. 31/150/KEP/DIR which obliges credit restructuring by analyzing based on the debtor’s business prospect and its pay ability in line with cash flow projection, the firm’s financial characteristics and industrial conditions are the determining factors of the choice of Debt Restructuring Model. Negotiations to choose the model of debt restructuring are discussed in asymmetric information contexts.
The debt restructuring model that can be chosen by the Firm is not mutually exclusive. The Firm can combine the existing models, which is certainly with the agreement of the creditor and investor. With the possibility to combine debt restructuring models which can be chosen by considering the effects of determining factors, the analysis model used is SUR (Seemingly Unrelated Regression).
The Firm’s Internal financial characteristics is proxied by Liquidity, Capital Structure, Asset, and its profitability. While Industrial Condition is measured with Industrial output growth and Firm’s Competitive Capability, which is an interconnection between the industrial condition and the profitability achieved by the Firm. Debt restructuring models to choose include Rescheduling, Asset Sales, Equity Swap, Bond Swap, and Hair-Cut.
The result of the data processing of the 67 companies which carried out debt restructuring during 1998-2002 shows the tendency to debt restructuring model influenced by the Firm’s Internal financial characteristics and its industrial conditions.