FINANCIAL PERFORMANCE ASSESSED FROM QUICK RATIO, CURRENT RATIO, RETURN ON INVESTMENT, NET PROFIT MARGIN IN MANUFACTURING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE 2017 – 2019

: This study aims to determine the financial performance of manufacturing companies listed on the Indonesia Stock Exchange in 2017-2019 in terms of the Quick Ratio, Current Ratio, Return On Investment, and Net Profit Margin.This type of research is quantitative research. The population in this study were all 182 manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2019. The sampling technique used was purposive sampling and the number of samples in this study were 11 companies. The data collection technique is secondary data, so the data is taken from the financial statements of Manufacturing Companies listed on the IDX 2017-2019 through the Indonesia Stock Exchange website (www.idx.co.id). Testing the research hypothesis using multiple linear regression analysis through SPSS 26.The results of this study indicate that each company, judging from the ratios owned, has increased and decreased quite varied. From the points obtained, it can be seen that the companies that have the best level of financial health during 2017 to 2019 are PT HM Sampoerna Tbk, PT Tempo Scan Pasific Tbk and PT Mayora Indah Tbk. And the company that has the most unhealthy level of financial health during 2017 to 2019 is PT Wismilak Inti Makmur Tbk.


Introduction
Manufacturing companies in Indonesia strive to produce high quality goods with cost reduction in order to increase competitiveness in both the domestic market and the global market. So that it becomes even more attractive and is predicted to be the most promising industry. This situation encourages companies to adapt manufacturing systems that can accelerate the process of creating added value, namely by establishing contractual relationships with suppliers and investors.
The establishment of a company must have clear objectives. The first objective is to achieve maximum profit. The second goal is to make the company owners or shareholders prosper. Meanwhile, the third company goal is to maximize the value of the company which is reflected in its share price. The three objectives of the company are not substantially different. It's just that the emphasis that each company wants to achieve differs from one another (Harjito and Martono, 2014).
The financial statements of companies that go public are very important as a basis for evaluating financial performance. Financial reports are designed to help report users identify the variable relationships of financial statements. For investors who perform financial ratio analysis, financial reports are one type of information that is easiest to obtain than other information. Financial performance is the result or achievement that has been achieved by company management in managing company assets effectively during a certain period. Financial performance is needed by companies to determine and evaluate the company's success rate based on the financial activities that have been implemented (Rudianto, 2013).
According to research by Laily and Putri (2016). From the calculation of the average profitability ratio on the net profit margin, return on assets, gross profit margin shows that the condition of the company is in good condition. While the calculation of the liquidity ratio in the quick ratio, the cash ratio shows that the condition of the company is in good condition and the current ratio shows that the condition the company is not doing well. Significant financial performance means that it is feasible to be a company benchmark in competing with other companies and a point of view for companies in making decisions. Liquidity also has a significant effect on financial performance, concluded from the research of Hutajulu, etc (2019). Based on the background described above, the researcher describes the problems that arise so that they can be resolved. The formulation of the problem is how the financial performance of manufacturing companies listed on the Indonesia Stock Exchange in 2017-2019 in terms of Quick Ratio, Current Ratio, Return On Investment, and Net Profit Margin?
This study aims to determine the financial performance of manufacturing companies listed on the Indonesia Stock Exchange in 2017-2019 in terms of Quick Ratio, Current Ratio, Return On Investment, and Net Profit Margin.

Review Of Theory Financial performance
According to Irhan Fahmi (2012) financial performance is an analysis carried out to see the extent to which a company has implemented proper and correct financial implementation rules. Company performance is a description of the financial condition of a company which is analyzed by means of financial analysis, so that it can be seen about the good and bad financial condition of a company that reflects the work performance in a certain period. This is very important so that resources are used optimally in the face of environmental changes.

Financial Performance Measurement
This performance measurement is used by the company to then make an improvement on its operational activities or activities so that it can or can compete with other companies. The analysis of financial performance is a process in a critical assessment of data review, then calculating, measuring, then interpreting, and also providing a solution to the company's finances in a certain period.

Financial Ratios
According to Kasmir (2016), financial ratios are an activity of comparing numbers in financial statements by dividing one number by another. Comparisons can be made between one component with components in one financial report or between components that exist between financial statements.

The Purpose and Benefits of Liquidity Ratio
The objectives and benefits that can be obtained from the results of the liquidity ratio according to Kasmir (2012), are: a. Measures the company's ability to pay obligations or debts that are due immediately when they are collected. b. Measure the company's ability to pay short-term liabilities with current assets as a whole. c. Measure the company's ability to pay short-term liabilities with current assets without taking into account inventories or receivables. d. Measure or compare the number of existing stocks with the company's working capital. e. Measure how much cash is available to pay debts.

Type of Liquidity Ratio
The types of liquidity ratios used in this study are: a. Quick Ratio or Acid Test ratio is a ratio that shows a company's ability to meet or pay its liabilities or current debt (long-term debt) with current assets without taking inventory value into account.
Quick Ratio = x100% b. Current Ratio (Current Ratio) is a ratio to measure the company's ability to pay short-term obligations or debts that are due immediately when they are collected as a whole.

Purpose and Benefits of Profitability Ratio
The purpose of using profitability ratios for companies and other parties according to Kasmir (2012) is: a. Measure or calculate the profit earned by the company in a certain period. b. Assess the company's profit position from the previous year to the current year. c. Assess the progress of profit over time. d. Assess the amount of net profit after tax with your own capital. e. Measuring the productivity of all company funds that are used both for loan capital and for own capital. The benefits obtained according to Kasmir (2012: 198) are: a. Knowing the level of profit obtained by the company in one period. b. Knowing the company's profit position from the previous year to the current year. c. Knowing the progress of profit over time. d. Knowing the amount of net profit after tax with own capital.

Types of Profitability Ratios
The types of profitability ratios used in this study are: a. Net Profit Marginis one of the ratios used to measure the profit margin on sales.
Net Profit Margin = b. Return on Investment (ROI) is a measure of management effectiveness in managing its investment.
Return on Investment =

Research Methods Types of research
This type of research is quantitative research. Quantitative research is a scientific approach that views a reality that can be classified, concrete, observable, measurable, the relationship between variables is causal in which the research data is in the form of numbers and the analysis uses statistics (Sugiono, 2008).

Place of research
The place of this research is in manufacturing companies listed on the Indonesia Stock Exchange (BEI).

Data source
The data source used is a secondary data source. This study uses secondary data sources derived from the financial statements of companies listed on the Indonesia Stock Exchange 2017-2019.

Population
The population of this study were all Manufacturing Companies listed on the IDX in 2017-2019, namely 182 companies.

Sampling technique
The sampling technique in this study was purposive sampling, namely the sampling technique with certain criteria.

Sample
The samples in this study were 11 companies that met the purposive sampling criteria.

Data collection technique
Data collection techniques are taken from the financial statements of Manufacturing Companies listed on the IDX 2017-2019 through the Indonesia Stock Exchange website (www.idx.co.id).

Variables and Variable Operational Definitions
, namely the analysis carried out to see the extent to which the company carries out financial activities guided by proper and correct financial implementation rules. The rules in question are the standards made in SAK (Financial Accounting Standards). 2) Quick Ratio (variable X1) is the ratio used to measure the company's ability to pay its short-term liabilities by using more liquid assets. 3) Current Ratio (variable X2) that is the ratio used to measure the company's ability to pay its short-term liabilities using current assets owned. 4) Return on investment (variable X3), namely this ratio is to determine to what extent the assets used can generate profits. 5) Net Profit margin(variable X4) namely the ratio used to measure net profit after tax and then compared with sales volume Data Analysis Method 1) Normality test Pawenang (2011) explains that the normality test aims to test whether the confounding variable (e) is normally distributed or not. In this study using the Kolmogrov -Smirnov test, data is normally distributed if the significance value is more than 0.05.

2) Multicollinearity Test
Basuki (2016) Multicollinearity test aims to determine whether the regression model found a strong correlation between independent variables. The prerequisite that must be met in the regression model is the absence of cases of multicollinearity. This problem can be identified by looking at the Variance Influence Factor (VIF) value in the regression model. Multicorelity test can be done by looking at tolerance values or by using SPSS 26.

3) Heteroscedasticity Test
The heteroscedasticity test aims to determine the probability distribution remains the same in all x observations, and the variance of each residual is the same for all values of the explanatory variable. One of the methods of testing heteroscedasticity in the regression model is the Glacier test. The glacier test method regresses absolute residual values with independent variables, with a significant level of 5%, if the significance value is above 0.05, heteroscedasticity does not occur (Ghozali, 2005).

4) Autocorrelation test
The autocorrelation test is used to test whether in the multiple linear regression model there is a correlation between the confounding error in period t and the error in period t-1 (previous). The method used to diagnose autocorrelation is the Durbin-Watson test (DW test).

5) Multiple Linear Regression Analysis
Multiple linear regression analysis is used to measure the effect of independent variables on the dependent variable. Source: Data processed in 2020

Results And Discussion Financial Performance is based on the Aspect of Liquidity Ratio and Profitability 1. Quick Ratio(QR)
A company that is said to be unhealthy indicates that the company cannot pay its current obligations in a short time. These are bad signs for Creditors, Business Partners and Investors. Therefore, the company must immediately pay for these short-term obligations by collecting receivables and then turning them into cash or paying with other securities.  Source: Data processed in 2020 The company is said to be unhealthy, indicating that the company cannot pay its current obligations in a short time and receivables that are difficult to collect tend to increase. Therefore, the company must immediately pay these short-term obligations with available cash and other securities or must be able to make the best use of current assets. Source: Data processed in 2020 The company is said to be unhealthy or unhealthy, indicating that it is very detrimental to the company in the future if it does not improve this NPM ratio. Because NPM is the benchmark for the company's future success. Therefore the company must be able to improve quality so that profits will increase and improve the NPM ratio.

Multicollenearity Test
Based on the results of SPSS 26, it can be seen that VIF QR is 3.010 tolerance, QR is 0.332 VIF CR is 2.833 tolerance, CR is 0.353 VIF ROI is 2.518 tolerance of 0.397 VIF NPM is 2.682 tolerance of 0.373 so it can be said that there is no multicollenearity because the Tolerance value of the variable is more than 0 , 1 and a VIF value of less than 10 3. Heteroscedacity test Based on the results of SPSS 26, it can be seen that the QR sig is 0.111 CR of 0.848 ROI of 0.787 NPM of 0.814, so it is said that tThere are no symptoms of heteroscedasticity because sig> 0.05.

Autocorrelation Test
The calculated Durbin-Watson value of 2.596 is greater than the limit (dU) of 1.7928 and less than (4-du) 4-1.7928 = 2.2072. 2.2072> 1.1927 So dw> dU then there is no positive autocorrelation, So as the basis for decision making in the Watson Durbin test above, it can be concluded that there are no problems or symptoms of autocorrelation. = Net Profit margin Based on the results of the regression equation above, it can be interpreted as follows: a. A constant (α) of 0.032 indicates that the QR, CR, ROI, and NPM factors are constant, so financial performance will increase by 0.032. b. The regression coefficient for the X1 variable is 0.250shows that every 1% increase in QR while the variables CR, ROI, and NPM are assumed to be constant, it will cause an increase in financial performance of 0.250 c. The regression coefficient for the X2 variable is 0.250, indicating that every time there is an increase in CR of 1% while the variables CR, ROI, and NPM are assumed to be constant, it will cause an increase in financial performance of 0.250 d. The regression coefficient for the X3 variable is 0.250, indicating that every 1% increase in ROI while the variables CR, ROI, and NPM are assumed to be constant, it will cause an increase in financial performance of 0.250. e. The regression coefficient for the X4 variable is 0.250%, indicating that each time there is an increase in NPM of 1% while the variables CR, ROI, and NPM are assumed to be constant, it will cause an increase in financial performance of 0.250

Conclusions And Suggestions Conclusion
Based on the results of the research and discussion presented regarding research on financial performance in terms of quick ratios, current ratios, return on investment, net profit margins in manufacturing companies listed on the Indonesia Stock Exchange in 2017 -2019, it can be concluded that: 1) Of the eleven companies that have been analyzed and assessed based on points, it can be seen that the company with the best level of financial health during 2017 to 2019 is PT HM Sampoerna Tbk, PT Tempo Scan Pacific Tbkand PT Mayora Indah Tbk. This is indicated by the highest point gain from 3 years of research and compared to nine similar companies. 2) Of the eleven companies that have been analyzed and assessed based on points, it can be seen that the company with the most unhealthy level of financial health during 2017 to 2019 is PT Wismilak Inti Makmur Tbk. The company is said to be unhealthy because the ratio value is very low compared to ten similar companies. Suggestion Based on the conclusions that have been stated above, the research suggestions are as follows: 1) From the results of this study can be taken into consideration by investors in investing in stocks by first looking at the company's financial performance. 2) We recommend that the management further improve the company's financial performance each year in order to increase investor confidence in investing in the company. 3) Further researchers are expected to expand the object of research, namely using all types of companies listed on the Indonesia Stock Exchange, not limited to Manufacturing Companies. 4) The next researcher is expected to extend the research period, so that the research results can be generalized.