JuliWibowo (2010) Pengaruh Kinerja Keuangan Perbankan Terhadap Harga Saham : studi Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2003-2008. Sarjana thesis, Universitas Brawijaya.
Abstract
Keberadaan pasar modal memegang peranan penting dalam menunjang terciptanya iklim investasi pada suatu negara. Dengan adanya pasar modal, memungkinkan perusahaan memperoleh sumber pembiayaan jangka panjang yang berasal dari instrumen-instrumen keuangan dalam berbagai surat berharga (sekuritas). Disamping itu pasar modal menjadi sarana melakukan investasi melalui transaksi surat berharga baik itu saham, obligasi, reksadana dan instrumen derivatif. Investasi yang dapat memberikan daya tarik tersendiri bagi para investor adalah berinvestasi dalam saham. Sebelum memutuskan untuk berinvestasi dalam saham, investor perlu melakukan penilaian saham suatu perusahaan, salah satunya menggunakan analisis fundamental dengan menganalisis kinerja keuangan. Dengan melakukan analisis kinerja keuangan maka investor dapat melakukan penilaian terhadap kinerja perusahaan, karena kinerja perusahaan ini akan menjadi tolak ukur seberapa besar resiko yang akan ditanggung investor. Adapun tujuan dari penelitian ini adalah untuk mengetahui pengaruh kinerja keuangan perbankan secara simultan dan parsial yang diukur dengan CAR, NPL, ROA, LDR, BOPO, EPS terhadap harga saham perbankan, serta untuk mengetahui variabel kinerja keuangan perbankan yang mempunyai berpengaruh dominan terhadap harga saham perbankan Jenis penelitian yang digunakan adalah bersifat eksplanatory research dengan menggunakan pendekatan kuantitatif. Populasi dari penelitian ini adalah seluruh perusahaan perbankan yang terdaftar di Bursa Efek Indonesia selama tahun 2003-2008 sejumlah 18 perusahaan. Adapun jumlah populasi dalam penelitian ini hanya 18 perusahaan perbankan, dimana hal ini termasuk dalam populasi kecil, maka peneliti menjadikan seluruh obyek atau populasi untuk diteliti, sedangkan sumber data yang digunakan adalah data sekunder dari Indonesian Capital Market Directory (ICMD) dan IDX Statistic serta situs resmi BEI www.idx.co.id . Metode analisis yang digunakan adalah analisis regresi linier berganda dengan memperhatikan asumsi klasik agar diperoleh hasil yang BLUE ( Best Linier Unbiased Estimation ). Analisis data dilakukan dengan menggunakan program SPSS 13 for windows . Variabel dalam penelitian ini ada 2, yaitu : variabel bebas yang terdiri dari Capital Adequancy Ratio (X 1), Non Performing Loan (X2), Return On Asset (X3), Loan to Deposit Ratio (X4), Beban Operasional terhadap Pendapatan Operasional (X5) dan Earning Per Share (X6). Sedangkan untuk variabel terikatnya adalah harga saham yang diwakili oleh harga saham penutupan ( closing price ) masing-masing perusahaan. Hasil penelitian diketahui bahwa secara simultan variabel bebas yang terdiri dari CAR, NPL, ROA, LDR, BOPO, EPS berpengaruh signifikan terhadap variabel terikat yaitu Harga Saham (Y) yang dapat dilihat dari hasil uji F didapatkan nilai F hitung sebesar 49,741 dan diperoleh nilai signifikansi sebesar 0,000 (<0,10) serta nilai Adjusted R Square pada hasil pengujian menunjukkan sebesar 0,732 yang berarti bahwa besarnya pengaruh variabel independen (X) terhadap variabel dependen (Y) sebesar 73,2%. Sedangkan sisanya sebesar 26,8% dipebngaruhi variabel lain yang tidak digunakan dalam penelitian ini. Secara parsial yang dapat dilihat dari hasil uji t menunjukkan bahwa CAR (X1), LDR(X4) dan EPS (X6) memiliki pengaruh positif dan signifikan terhadap harga saham dengan masing-masing nilai thitung sebesar 1,889, 2,065 dan 12,93 dan tingkat signifikansi < 0,10, serta variabel ROA(X3) berpengaruh negatif dan signifikan terhadap harga saham dengan nilai thitung sebesar -2,621 dengan tingkat signifikansi < 0,10, sedangkan variabel NPL (X2) dan BOPO (X5) berpengaruh negatif dan tidak signifikan terhadap harga saham dengan nilai thitung masing-masing sebesar -0,134 dan -1,034 dengan tingkat signifikansi < 0,10. Sedangkan varibel bebas yang berpengaruh dominan terhadap Harga Saham (Y) adalah Earning Per Share (X6) yang dapat diliaht dari hasil uji t diperoleh nilai tertinggi pada standard coefficient beta dimiliki oleh Earning per Share (EPS), yaitu sebesar 0,976. Hasil ini menunjukkan bahwa EPS mempunyai pengaruh dominan terhadap harga saham. Berdasarkan hasil penelitian diketahui bahwa dalam mengambil keputusan investasi jangka panjang para investor cenderung memperhatikan besarnya EPS. Adapun saran yang dapat penulis berikan adalah agar para investor sebaiknya melakukan observasi terhadap kinerja keuangan perusahaan yang dapat dilihat antara lain melalui variabel Capital Adequancy Ratio (CAR), Non Performing Loan (X2), Return On Asset (X3), Loan to Deposit Ratio (X4), Beban Operasional terhadap Pendapatan Operasional (X5) dan Earning Per Share (X6) mengingat pengaruhnya terhadap harga saham. Sedangkan bagi peneliti selanjutnya disarankan dapat mencari pemecahan masalahnya atau hendaknya dapat melakukan penambahan variabel independennya
English Abstract
The existence of the capital market held the important role in supporting the climate creation of investment in a country. The existence of the capital market, enabled the company to receive the source of long-term funding that came from instruments of finance in various valuable letters (the security). Nearby that the capital market became a place for doing investment through the valuable letter transaction such as the stock, the debenture, mutual funds (reksadana) and the derivative instrument. Investment that could give the special attraction for the investors was investing in the share or stock. Before deciding to invest in the share or stock, the investor must carry out the assessment of the company’s share, one of the tools to asses is using the fundamental analysis by analyzing the financial performance. By carrying out the financial performance analysis, the investor could carry out the appraisal towards the company performance, because the company performance will become a benchmark about how big is the risk that will be borne by the investor. As for the aim of this research are to know the influence of the banking financial performance simultaneously and partially that was measured with CAR, NPL, ROA, LDR, BOPO, EPS towards the banking share price, this research also has the purpose to know the performance variable of banking finance that had influential dominant towards the banking share price. The research is an eksplanatory research by using the quantitative approach. The population from this research is the banking company that was registered in the Indonesian Stock Exchange for the year 2003-2008. The population consists of 18 banking companies. The number of this population is only 18 companies, it means this is a small population so the researcher used all the objects or population to be examined. The data source of this research is a secondary data from Indonesian Capital Market Directory (ICMD), IDX Statistic and official website of BEI, www.idx.co.id . Analysis Method that used in this research is regresi linier berganda by focused in the classic assumption in purpose to get a BLUE (Best Linier Unbiased Estimation) results. Data analysis is processed by using the SPSS 13 for windows program. The variable in this research was 2, that is: the independent variable that consists of Capital Adequancy Ratio (X1), Non Performing Loan (X2), Return ounce Asset (X3), Loan to Deposit Ratio (X4), Operational towards the Operational Income (X5) and Earning Per Share (X6). The dependent variable is the price of the share that is represented by the closing share price (closing price) in each company. The results of this research is shown that simultaneously the independent variable that consisted of CAR, NPL, ROA, LDR, BOPO, EPS is influential significant against the dependent variable that is the Price of the Share (Y) that could be seen from results of the F test is obtained the counted F value is 49.741 and the significance value is 0.000 (<0.10) and the Adjusted R Square value is 0.732 that means independent variable against/influence the dependent variable (Y) as big as 73.2%. Whereas the rest of them, 26.8% are influenced by the other variable that is not used in this research. Partially that could be seen from results of the t test showed that CAR (X1), LDR (X4) and EPS (X6) had the positive and significant influence on the price of the share in each t hitung value as big as 1.889, 2.065 and 12.93 and the level of the significance < 0.10, then the ROA variable (X3) influential the negative and significant towards the price of the share with the value thitung -2.621 with the level of the significance < 0.10, whereas the NPL variable (X2) and BOPO (X5) influential the negative and not significant towards the price of the share with the value thitung respectively of -0.134 and -1.034 with the level of the significance < 0.10. The independent variable that is dominant influential towards the Price of the Share (Y) was Earning Per Share (X6) that could be seen from results of the t test. The t test results are showed the highest value in beta standard coefficient is hold by Earning per Share (EPS), that is 0.976. These results showed that EPS had the dominant influence on the share price. Based on results of the research it is known that in taking the decision of long-term investment, the investors dispose to pay attention to the value of EPS. The suggestion from the writer that is better for the investors to do some observations towards the company’s financial performance that could be seen through the Capital Adequancy Ratio variable (CAR), Non Performing Loan (X2), Return ounce Asset (X3), Loan to Deposit Ratio (X4), Operational towards the Operational Income (X5) and Earning Per Share (X6) because those variables have an influence on the share price. Whereas for the further researcher is suggested to look for the solution f the problem or could add another independent variable to measure the influence.
| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FIA/2010/12/051000331 |
| Subjects: | 600 Technology (Applied sciences) > 658 General management |
| Divisions: | Fakultas Ilmu Administrasi > Ilmu Administrasi Bisnis / Niaga |
| Depositing User: | Unnamed user with email heriprayitno@ub.ac.id |
| Date Deposited: | 23 Feb 2010 11:42 |
| Last Modified: | 21 Oct 2021 07:16 |
| URI: | http://repository.ub.ac.id/id/eprint/114431 |
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