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H pa rvalue )merupakan nlia i g n a y m a h a s r a b m e l p a it e s i a li n e m m a l a d n a a h a s u r e p h e l o n a k u t n e ti d g n a y n a n i g n i e k i r a d g n u t n a g r e t i n i l a n i m o n a g r a h a y n r a s e B . a y n n a k r a u l e k i d . n a a h a s u r e p .
b HargaPerdana
e f e a s r u b i d n a k t a t a c i d m a h a s m u l e b e s a g r a h n a k a p u r e m a n a d r e p a g r a
H k ,
. r o t s e v n i a d a p e k i s i m e n i m a j n e p i r a d l a u j a g r a h n a k a p u r e m i n i a g r a h a n a m i d n a d n e ti m e a r a t n a n a t a k a p e s e k a d a p g n u t n a g r e t i n i a n a d r e p a g r a h a y n r a s e B .i s i m e n i m a j n e p .
c HargaPasar
n a g n e d u t a s g n a y r o t s e v n i i r a d l a u j a g r a h n a k a p u r e m m a h a s r a s a p a g r a H o t s e v n
i ryang l ain ,dimana harga i n imerupakan harga yang t ejrad id ipasa r . a s r u b i d n a k t a t a c i d t u b e s r e t m a h a s h a l e t e s i d a jr e t i n i r a s a p a g r a H . l a d o m n a k h a b t a p e c n a g n e d i s a u t k u lf r e b u a t a h a b u r e b t a p a d m a h a s r a s a p a g r a H . k it e d n a g n u ti h u a t a t i n e m n a g n u ti h m a l a
d Fluktuas ihargasahamdtientukan oleh a b a l h e l o r e p m e m n a u p m a m e K . a b a l n a k li s a h g n e m m a l a d n a a h a s u r e p n a u p m a m e k r e b m u s a l o l e g n e m m a l a d n a a h a s u r e p n a u p m a m e k h e l o n a k u t n e ti d a y n a h k a d it y n a a h a s u r e p r a u li d n i a l r o t k a f h e l o n a k u t n e ti d a g u j n u m a n , a d a g n a y a y a
d ang
3 . 1 .
2 Risiko 1 . 3 . 1 .
2 PengeritanRi isko
t a k e l e m u l a l e s n a k a o k i s ir , l a d o m r a s a p i d i s a t s e v n i s a ti v it k a m a l a D n a g n a p m i y n e p i a g a b e s n a k i s i n if e d i d g n ir e s o k i s i R . a y n m a l a d i
d antara apa yang
i d i s a K t u r u n e m o k i s i R . n a a t a y n e k i d a j n e m g n a y a p a n a d n a p a r a h i d a j n e m t a p a d g n a y n a p a r a h i r a d n a g n a p m i y n e p a y n i d a jr e t n a n i k g n u m e k h a l a d a ) 4 : 0 1 0 2 ( “ h a l a d a o k i s ir a w h a b n a k a t a y n e m ) 9 : 4 0 0 2 ( s e n o J . n a i g u r e k n a k l u c n u m e
m the
u t c a e h t t a h t e c n a h
c a lreturn on inve tsmen twli lbe differen tfrom the expected n
r u t e
r ” .Menurut B irgham dan Houston (2010:323) , irsiko merupakan “peluang . ” n a k g n u t n u g n e m k a d it g n a y a w it s ir e p u t a u s a y n i d a jr e t n a k a “ p e s n o k a y n a d a l a n e k i d , n a g n a u e k i rt s u d n i m a l a
D highr iskhighreturn” . , r a s e b h i b e l g n a y l i s a h h e l o r e p m e m n i g n i a k ij a w h a b n a k a t a y n e m i n i p e s n o K , m a h a s i s a t s e v n i a d a p i tr e p e S . a l u p r a s e b h i b e l a g u j i p a d a h i d g n a y o k i s ir a k a m n a k t a p a d n e m k u t n u g n a u l e p a k u b m e m n a k a m a j a t a r a c e s m a h a s a g r a h i s a u t k u lf l g n a y n a il a b m e g n e
p ebih besar ,namun ijka harga saham bergerak belrawanan . h e l o r e p i d n a k a g n a y n a i g u r e k a k a m n a g n e d n a ti a k r e b i s a t s e v n i o k i s ir , ) 2 1 : 2 1 0 2 ( k c o l B n a d t ri H t u r u n e M n w o e K t u r u n e M . i s a t s e v n i u t a u s ir a d l i s a h n a it s a p k a d it e
k e tal,. (2010:104) , irsiko
g n a y n a k u s a m e p n a ri l a t u k g n a y n e m i d a jr e t n i k g n u m g n a y s a ti li b a ir a v n a k a p u r e m . n a t u k g n a s r e
b Sehinggasecaraumum , irsiko dapa tdiaritkansebaga isuatubentuk ( n a it s a p k a d it e
a r a t n a n a a d e b r e p n a k a p u r e m o k i s ir , i s a t s e v n i s k e t n o k m a l a
D actua l
n r u t e
r dengan expected return .Maka dar i tiu ,investo rdalam seitap mengambi l i s a s il a m i n i m i d k u t n u i n i l e b a ir a v n a k g n a b m it r e p m e m u l a l e s i s a t s e v n i n a s u t u p e k
m a l a d i d a jr e t g n a y n a h a b u r e p p a it e S . g n a j n a p a k g n a j n u p u a m k e d n e p a k g n a j k i a b
m n u p u a m o r k i m k i a b n a i m o n o k e r e p a i n u
d akro mendorong investo r untuk h
e l o r e p m e m p a t e t r a g a i g e t a rt s n a k u k a l e
m return.
2 . 3 . 1 .
2 Jeni sRi isko
s e n o J t u r u n e m o k i s ir , n r e d o m i s a t s e v n i s i s il a n a s k e t n o k m a l a D
m a l a d i s a ir a v a y n i d a jr e t b a b e y n e p i a g a b e s n a k i s a k if it n e d ii d g n a y ) 4 4 1 : 4 0 0 2 (
t a k g n
it pengembailandikatego irkanmenjad iduaj eni syatiu: .
1 RisikoSistemaits
l a t o t i r a d s a ti li b a ir a v a n a m i d o k i s ir n a k a p u r e m i n i o k i s i
R return suatu
r a s a p i r a d n a h a b u r e p n a g n e d g n u s g n a l n a g n u b u h r e b i s a t s e v n
i atau kondis i
i s i R . n a h u r u l e s e k a r a c e s n a i m o n o k e r e
p ko in iakan memengaruh isekurtia s n a k u k a l e m n a g n e d n u p i k s e m r o t s e v n i h e l o i r a d n i h i d t a p a d k a d it n a d
h u r u l e s k u t n u g n it n e p u k a lr e b i n i o k i s ir , a y n s a l e j h i b e L . i s a k if i s r e v i d
.r o t s e v n i .
2 RisikoTidakSistemaits
a ti li b a ir a v a n a m i d o k i s ir n a k a p u r e m i n i o k i s i
n a k i a r u i d h a l e t g n a y n e n o p m o k a u d m a l a d o k i s ir i g a b m e m n a g n e D
i r a d n a h a l m u j n e p n a k a p u r e m g n a y l a t o t o k i s ir h e l o r e p i d t a p a d a k a m , a y n m u l e b e s
r a b m a g m a l a d n a k n i m r e c i d g n a y s it a m e t s i s k a d it o k i s ir n a d s it a m e t s i s o k i s ir
.i n i t u k ir e
b
Gambar2.1
s it a m e t s i S k a d i T o k i s i R n a d s it a m e t s i S o k i s i R
) 4 1 2 : 4 0 0 2 ( s e n o J : r e b m u S
n a h a l m u j n e p n a k a p u r e m l a t o t o k i s ir a w h a b n a k k u j n u n e m 1 . 2 r a b m a G
t a p a d g n a y i s a rt s u lI . s it a m e t s i s k a d it o k i s ir n a d s it a m e t s i s o k i s ir i r a
d diperoleh
m a h a s h a l m u j a y n k a y n a b n i k a m e s n a g n e d a w h a b h a l a d a t u b e s r e t r a b m a g i r a d
s it a m e t s i s k a d it o k i s ir a k a m o il o f o tr o p n a i a k g n a r u t a u s m a l a d n a k k u s a m i d g n a y
s it a m e t s i s o k i s ir n a g n e d a y n l a h n a i k i m e d k a d it n u m a N . li c e k n i k a m e s i d a j n e m
h a s h a l m u j n u p a p a r e
b am yang d tiambahkan , irsiko sistemait s itdak berubah dan .i
s a n i m il e i d t a p a d k a d it
3 . 3 . 1 .
2 TipeInvestorMenuru tPro if lRisiko
a y n li b m a i d n a k a g n a y o k i s ir l if o r p n a k r a s a d r e b r o t s e v n i e p it n u p a d A
e i d o B t u r u n e
m e tal,.( 2006:219-222 )adalahs ebaga ibeirku t: .
bersfia t pada persentase pasit .Investo r itpe penghinda r irsiko in ibersedia memperitmbangkan prospek yang beba s irsiko atau yang prem i irsikonya posiit.f
.
2 Investo r pencinta irsiko (risk lover ) merupakan itpe investo r yang menyesuaikan ekspektas i itngka t pengembailan lebih itngg i dengan memasukkan kesenangan atau kenikmatan tersendri i dalam menghadap i prospekyangbe irsikobesar .
.
3 Investo ryang nerta lterhadap irsiko (rsik neutral )merupakan investo ryang menlia i prospek beirsiko hanya dar i itngka t pengembailan yang diharapkannya.I nvesto ryang seperiti n iakansenangbliadihadapkandengan irsikoyang itngg inamundengan itngka tpengembailanyang itnggij uga.
4 . 1 .
2 RisikoSistema its
n a h a b u r e p n a g n e d n a ti a k r e b g n a y o k i s ir n a k a p u r e m s it a m e t s i s o k i s i R
a r a c e s r a s a
p keseluruhandan perubahant ersebu tmemengaruh ivairablitia sreturn n a g n e d t u b e s i d g n ir e s s it a m e t s i s o k i s i R . ) 0 5 : 1 0 0 2 , n il il e d n a T ( i s a t s e v n i u t a u s i r a d
n a k u t n e b m e p i u l a l e m i s a k if i s r e v i d i d t a p a d k a d it i n i o k i s ir n a d r a s a p o k i s ir
s it a m e t s i s o k i s i R . o il o f o tr o
p seirng disebu tdengan irsiko pasa rkarena lfuktuas i r
o t k a f h e l o n a k b a b e s i d i d a jr e t g n a
y -fakto ryang memengaruh iseluruh perusahaan r
o t k a F . i s a r e p o r e b g n a
y -faktor t ersebu tantaral ain kondis iperekonomian, i n lfasi , n
i a l n a d , a g n u b t a k g n
it -lain.
ir B t u r u n e
M gham dan Houston (2010:346) , irsiko pasa r merupakan r
o t k a f t a b i k a l u c n u m g n a y o k i s
g e n a r a c e s i h u r a g n e p i d m a h a s n a k a y n a b e K . i g g n
it ait foleh faktor-fakto ryang .i s a k if i s r e v i d i u l a l e m n a k g n a li h i d t a p a d k a d it i n i o k i s ir a g g n i h e s n a k t u b e s i d h a l e t
n il il e d n a T t u r u n e m i s a k if i s r e v i d i d t a p a d k a d it g n a y o k i s ir s i n e j a p a r e b e B 8 4 : 1 0 0 2
( -50 )adalahs ebaga ibe irkut: .
1 RisikoSukuBunga n
a h a b u r e
P suku bunga dapa tmemengaruh i vairablitia s return dar isuatu investas idan perubahan i n iakan memengaruh ihargasaham secarat erbailk . Aritnya , ijka suku bunga meningka tmaka harga saham akan menurun dan sebailknya ijkas ukubungat urun ,makahargas ahamakanmeningka.t
.
2 RisikoPasar
t a p a d g n a y n a h u r u l e s e k a r a c e s r a s a p i s a u t k u lf n a k a p u r e m r a s a p o k i s i R
memengaruh ivairab litia sreturn dar isuatu investas idan disebabkan oleh berbaga i fakto r sepetr i munculnya reses i ekonomi , kerusuhan , maupun perubahanpoilitk.
.
3 RisikoI n lfasi
i l e b a y a d n a t a u k e k i g n a r u g n e m n a k a g n u r e d n e c t a k g n i n e m g n a y i s a lf n I
i a g a b e s a g u j t u b e s i d i n i o k i s ir a g g n i h e s n a k i s a t s e v n ii d h a l e t g n a y h a i p u r
o k i s
ir daya beil . Jika in lfas i meningkat , investo r cenderung menuntu t g n a y i l e b a y a d n a n u r u n e p i s a s n e p m o k g n e m k u t n u i s a lf n i m u i m e r p n a h a b m a t
.
4 RisikoNlia iTuka rMataUang
i a li n n a g n e d k it s e m o d g n a u a t a m r a k u t i a li n n a g n e d n a g n u b u h r e b i n i o k i s i R
a t a m o k i s ir i a g a b e s a g u j t u b e s i d i n i o k i s i R . a y n n i a l a r a g e n g n a u a t a m r a k u t
( g n a
u currencyr isk )atau irsikonliait ukar( exchanger isk.) .
5 RisikoNegara( CountryRisk)
a g g n i h e s a r a g e n u t a u s n a k it il o p r e p i s i d n o k n a g n e d n a g n u b u h r e b i n i o k i s i R
b e s i d g n ir e
s u tsebaga i irsiko poilitk .Perusahaanyangakan beroperas idliua r .i
n i o k i s ir a m a s k e s n a g n e d n a k it a h r e p m e m a y n k i a b e s ,i r e g e n
. m a h a s a t e b s k e d n i n a k a n u g g n e m n a g n e d r u k u i d t a p a d s it a m e t s i s o k i s i R
2 1 0 2 ( k c o l B n a d t ri
H :13) menyatakan bahwa beta digunakan untuk menguku r i u l a l e m i s a k if i s r e v i d i d t a p a d k a d it g n a y s a ti r u k e s u t a u s i r a d s it a m e t s i s o k i s ir
.r o t s e v n i a r a p i g a b g n it n e p t a g n a s i n i l a h a g g n i h e s o il o f o tr o p n a k u t n e b m e p
o k i s ir r u k u t a l a n a k a p u r e m a t e b , ) 6 6 2 : 3 0 0 2 ( o t n a y i g o J t u r u n e M
ti r u k e s u t a u s i r a d s it a m e t s i
s a satau po trofilo relait fterhadap irsiko pasar .Beta u
t a u s n a il a b m e g n e p t a k g n it s a ti v it i s n e s n a r u k u n a k a p u r e
m sekurtia sterhadap
.) 9 6 : 1 0 0 2 , n il il e d n a T ( r a s a p n a il a b m e g n e p t a k g n
it Indek sbeta saham d tientukan u
t a u s o k i s ir t a k g n it n a k g n i d n a b m e m a r a c n a g n e
d saham terhadap itngka t irsiko m a h a s a g r a h i s a u t k u lf h e l o n a k i s k e lf e ri d i n i o k i s ir t a k g n it a n a m i d , m a h a s h u r u l e s
a t a r r a s a p a g r a h n a g n e d n a t u k g n a s r e b g n a
y -ratadairs eluruhs ahamyangt ercata.t i m a l a g n e m m a h a s u t a u s a g r a h a n a m h u a j e s r u k u g n e m a t e b s k e d n I
lfuktuas iatau naik turun bersamaan dengan naik turunnya harga pasar .Indek s i
s a u t k u lf , u t a s i a li n r e b g n a y m a h a s a t e
b return sekurtia sbergerak mengikut i i
r a d i s a u t k u
a k a m , s a ti r u k e s u t a u
s semakin senstifij ugasekurtiast ersebutt erhadapperubahan .r
a s a p
5 . 1 .
2 UkuranPerusahaan
n a a h a s u r e p u t a u s a y n r a s e b u a t a n a r u k u n a k a p u r e m n a a h a s u r e p n a r u k U
n a k a n u g g n e m g n u r e d n e c l i c e k n a a h a s u r e P . i k il i m i d g n a y t e s a l a t o t i r a d u a j n it i d
n a d i ri d n e s l a d o
m utang jangka pendek da irpada utang jangka panjang karena i k il i m e m g n u r e d n e c r a s e b n a a h a s u r e p n a k g n a d e S . h a d n e r h i b e l g n a y a y a i b
r a s a p i d s a ti v it k a r e b a y n l a s i m , r a s e b n a d t a u k h i b e l g n a y n a a n a d n e p r e b m u s
.l a d o m
n a r u k u , ) 3 1 0 2 , it n a y a v E m a l a d ( r i w a S t u r u n e
M perusahaan dapa t
n a a h a s u r e p n a h a d u m e k t a k g n it n a k u t n e n e
m mendapatkan danadar ipasa rmodal , u
k e k n a k u t n e n e
m atan tawar-menawa r dalam pejran ijan keuangan , dan n
a k n i k g n u m e
m adanya pengaruh skala dalam biaya dan return yang dapa t h
i b e l g n a y n a a h a s u r e p t a u b m e
m besa rmemperolehl abayangl ebihbanyak. n a g n e d n a a h a s u r e p , ) 3 1 0 2 , it n a y a v E m a l a d ( r e b u r G n a d n o tl E t u r u n e M
n a k g n i d n a b i d a li b n a k g n u t n u g n e m g n a r u k g n u r e d n e c l i c e k h i b e l g n a y a l a k s
r o t k a F . r a s e b a l a k s r e b g n a y n a a h a s u r e p n a g n e
d -fakto rpendukung dalam j umlah m a l a d n a k g n u t n u g n e m g n a r u k g n u r e d n e c l i c e k n a a h a s u r e p t a u b m e m s a t a b r e t
l a t o t n a g n e d r u k u i d t a p a d n a a h a s u r e p n a r u k U . a y n i s k u d o r p s a ti v it k a n a k u k a l e m
a m ti r a g o l n a g n u ti h r e p n a k a n u g g n e m n a g n e d n a a h a s u r e p a tr a h a y n r a s e b u a t a t e s a
1 .
2 6. Proftiablitias y e l a e r B t u r u n e
M e tal. ,(2007:80 )proftiablitia smenguku rfoku spada n a k k u j n u n e m g n a y o i s a r n a k a p u r e m s a ti li b a ti f o r p o i s a R . n a a h a s u r e p a b a l . i s a r e p o l i s a h a d a p g n a t u n a d , t e s a n e m e j a n a m , s a ti d i u k il h u r a g n e p i r a d i s a n i b m o k b a ti f o r p o i s a
R litia smencerminkan hasi lakhi rdar iseluruh kebjiakan keuangan .) 6 4 1 : 0 1 0 2 , n o t s u o H n a d m a h g ir B ( l a n o i s a r e p o n a s u t u p e k n a d , i n i n a it il e n e p m a l a
D return on asset s(ROA )diambi lsebaga ivairabe l u t a s h a l a s n a k a p u r e m A O R . s a ti li b a ti f o r p o i s a r r u k u g n e m k u t n
u elemendairr asio
u a t a t e s a l a t o t n a d h i s r e b a b a l a r a t n a n a g n i d n a b r e p r u k u g n e m g n a y s a ti li b a ti f o r p u t a u s a d a p k a j a p n a d a g n u b h a l e t e s t e s a l a t o t s a t a n a il a b m e g n e p a n a m i a g a b .) 8 4 1 : 0 1 0 2 , n o t s u o H n a d m a h g ir B ( n a a h a s u r e p g a b e s A O R n a k a n u g g n e m i n i n a it il e n e
P a i ukuran dar i proftiablitia s i n i l a H . s a ti li b a ti f o r p n a k n i m r e c n e m m a l a d k i a b h i b e l p a g g n a i d A O R a n e r a k a w h a b ) 4 5 2 : 5 0 0 2 ( i h t y e M h e l o n a k a k u m e k i d g n a y n a a t a y n r e p n a g n e d i a u s e s n a h u b m u tr e p n a k i s k i d e r p m e m m a l a d k i a b g n il a p g n a y n a r u k u n a k a p u r e m A O R s l a W . a b a
l h (2003:48 )menyatakan bahwa ROA membeirkan ukuran e ifsiens i . n a h u r u l e s e k a r a c e s n a a h a s u r e p i s a r e p o g n a y n a a h a s u r e p h a u b e s a w h a b n a k a t a y n e m a g u j ) 8 5 : 3 0 0 2 ( h s l a W , u ti n i a l e S n a k li s a h g n e m n i k g n u m k a d it r i p m a h k i a b g n a y A O R i k il i m e m k a d
it return on
y ti u q
) 2 4 : 4 0 0 2 , if a n a H ( t e s a n a a l o l e g n e p i s n e i s if
e . Adapun perhtiungan rasio in i :
t u k ir e b i a g a b e s s u m u r n a k a n u g g n e m
� �
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2 .
2 PeneilitanTerdahulu
, R E D , S P E h u r a g n e P “ l u d u j n a g n e d n a it il e n e p n a k u k a l e m ) 3 1 0 2 ( i rt u P
n a a h a s u r e P m a h a S a g r a H p a d a h r e T s it a m e t s i S o k i s e R n a d , n e d i v e D n a k a ji b e K
i d 5 4 Q L s k e d n I m a l a d k u s a M g n a y n a a h a s u r e P a d a p i d u t S ( I E B i d r a tf a d r e T g n a y
9 0 0 2 e d o ir e P a i s e n o d n I k e f E a s r u
B -2011)” .Vairabe lbeba syangdigunakandalam h
a l a d a i n i n a it il e n e
p earning pe r share (EPS) , deb t to equtiy raito (DER) , o
it a r t u o y a p d n e d i v i
d (DPR) , dan irsiko sistemaits . Vairabe l teirka t yang a
m g n a y n a a h a s u r e p m a h a s a g r a h h a l a d a i n i n a it il e n e p m a l a d n a k a n u g i
d sukdalam
9 0 0 2 e d o ir e p 5 4 Q L s k e d n
I -2011 . Metode anailsi s yang digunakan dalam n a it il e n e p l i s a H . a d n a g r e b r a e n il i s e r g e r s i s il a n a h a l a d a i n i n a it il e n e p
n a k if i n g i s k a d it n a d f it a g e n h u r a g n e p r e b s it a m e t s i s o k i s ir a w h a b n a k k u j n u n e m
. m a h a s a g r a h p a d a h r e t
t n a s u
S o (2012 )melakukan peneilitan dengan judu l“Pengaruh Likuid tias , m a h a S a g r a H p a d a h r e T n a a h a s u r e P n a r u k U n a d , s a ti li b a v l o S , s a ti li b a ti f o r P
i n i n a it il e n e p m a l a d n a k a n u g i d g n a y s a b e b l e b a ir a V . ” I E B i d i s a m r a F n a a h a s u r e P
h a l a d
a debt t o equtiy ra ito (DER) ,curren traito (CR) ,return on asset s(ROA) , (
n a a h a s u r e p n a r u k u n a
d ifrm size) . Vairabe l teirka t yang digunakan dalam k e f E a s r u B i d r a tf a d r e t g n a y i s a m r a f n a a h a s u r e p m a h a s a g r a h h a l a d a i n i n a it il e n e p
i s e r g e r s i s il a n a e d o t e m n a k a n u g g n e m i n i n a it il e n e P . a i s e n o d n
s a b e b l e b a ir a v h u r u l e s n a tl u m i s a r a c e s a w h a b n a k k u j n u n e m n a it il e n e p l i s a H n a r u k u a y n a h , l a i s r a p a r a c e S . m a h a s a g r a h p a d a h r e t n a k if i n g i s h u r a g n e p r e b . m a h a s a g r a h p a d a h r e t n a k if i n g i s n a d f it i s o p a r a c e s h u r a g n e p r e b g n a y n a a h a s u r e p ( o s r a i d i
W 2012 ) melakukan peneilitan dengan judu l “Pengaruh Rasio m a h a S a g r a H p a d a h r e T s it a m e t s i S o k i s e R n a d , s a ti li b a v l o S o i s a R , s a ti li b a ti f o r P g n a y s a b e b l e b a ir a V . ” a i s e n o d n I k e f E a s r u B i d i s a k i n u m o k e l e T i rt s u d n I h a l a d a i n i n a it il e n e p m a l a d n a k a n u g i
d return on asset s(ROA) , return on equ tiy ,
) E O R
( debt t o equtiy raito (DER) ,dan irsiko sistemait s(beta) .Vairabel t eirka t n a a h a s u r e p m a h a s a g r a h h a l a d a i n i n a it il e n e p m a l a d n a k a n u g i d g n a y h a l a d a n a k a n u g i d g n a y s i s il a n a e d o t e M . I E B i d r a tf a d r e t g n a y i s a k i n u m o k e l e t a n
a ilsi sregres i ilnea rberganda .Hasi lpeneilitan in imenunjukkan bahwa ROA a y n n i a l l e b a ir a v a g it e k n a k g n a d e s n a k if i n g i s n a d f it i s o p a r a c e s h u r a g n e p r e b . n a k if i n g i s n a d f it a g e n a r a c e s h u r a g n e p r e b d u j n a g n e d n a it il e n e p n a k u k a l e m ) 0 1 0 2 ( i t a w a m li N n a d h i s g n i n i d
E u l“EVA
. ” m a h a S a g r a H p a d a h r e T n a a h a s u r e P l a t n e m a d n u F l e b a ir a V a p a r e b e B n a d h a l a d a i n i n a it il e n e p m a l a d s a b e b l e b a ir a
V economicvalueadded (EVA) ,curren t o
it a
r (CR) ,return on inve tsmen t(ROI) ,ukuran perusahaan (size) ,dan price o it a r g n i n r a
e (PER) .Vairabe lteirka tdalam peneilitan in iadalah harga saham n u h a t a d a p A V E i a li n n a k r a s a d r e b 0 0 1 A W S t a k g n ir e m e p k u s a m g n a y n a a h a s u r e p 5 0 0
2 -2006 .Metode anailsi syang digunakan dalam peneilitan i n iadalah anailsi s k u j n u n e m n a it il e n e p l i s a H . a d n a g r e b r a e n il i s e r g e
r kan bahwa secara simutlan
. m a h a s a g r a h p a d a h r e t n a k if i n g i s n a d f it a g e n h u r a g n e p r e b R E P n a k g n a d e s m a h a s
ir a
V abe lCRdansize itdakberpengaruhs ecaras igni ifkant erhadaphargas aham. a
i s a t s a n
A e tal .(2003 )melakukan peneilitan dengan judu l“Anailsi sFakto r . ” J E B i d i tr e p o r P m a h a S a g r a H p a d a h r e T k it a m e t s i S o k i s i R n a d l a t n e m a d n u F
i n a it il e n e p m a l a d s a b e b l e b a ir a
V n iadalah return on asset s(ROA) ,return on y
ti u q
e (ROE) ,book value (BV) ,payou traito ,required rate o freturn (r) ,dan m a h a s a g r a h h a l a d a i n i n a it il e n e p m a l a d t a k ir e t l e b a ir a V . ) a t e b ( k it a m e t s i s o k i s ir
n a it il e n e p e d o t e M . a tr a k a J k e f E a s r u B i d i tr e p o r
p yang digunakanadalah anailsi s h u r a g n e p r e b A O R a w h a b n a k k u j n u n e m n a it il e n e p l i s a H . a d n a g r e b r a e n il i s e r g e r
f it a g e n a r a c e s h u r a g n e p r e b k it a m e t s i s o k i s ir n a d n a k if i n g i s k a d it n a d f it i s o p a r a c e s
l a d n a k ij a s i d u l u h a d r e t n a it il e n e p s k ir t a M . n a k if i n g i s k a d it n a
d am Tabe l2.1
Tabe l2.1 u l u h a d r e T n a it il e n e P s k i r t a M o
N Nama i ti l e n e P ) n u h a T ( l u d u
J Peneilitan Teknik s is il a n
A PVeanreiailbitean l Ha is lPeneilitan
.
1 Paramtiha i rt u P i d I ) 3 1 0 2 ( , S P E h u r a g n e P n a k a ji b e K , R E D n a d , n e d i v e D s it a m e t s i S o k i s e R a g r a H p a d a h r e T m a h a S g n a y n a a h a s u r e P I E B i d r a tf a d r e T a d a P i d u t S ( g n a y n a a h a s u r e P m a l a d k u s a M i d 5 4 Q L s k e d n I k e f E a s r u B e d o ir e P a i s e n o d n I 9 0 0
2 -2011)
s i s il a n A r a e n il i s e r g e r a d n a g r e b : t a k ir e t l e b a ir a V m a h a s a g r a H : s a b e b l e b a ir a V
-Earningpe r e r a h s
-Debtt oequtiy o
it a r
-DividendPayou t o
it a R
-ResikoSistemaits
s it a m e t s i s o k i s e R h u r a g n e p r e b n u m a n f it a g e n n a k if i n g i s k a d it a g r a h p a d a h r e t m a h a s .
2 Achmad l u fi a y S o t n a s u S ) 2 1 0 2 ( h u r a g n e P , s a ti d i u k i L , s a ti li b a ti f o r P n a d , s a ti li b a v l o S n a r u k U n a a h a s u r e P a g r a H p a d a h r e T m a h a S n a a h a s u r e P I E B i d i s a m r a F s i s il a n A r a e n il i s e r g e r a d n a g r e b : t a k ir e t l e b a ir a V m a h a s a g r a H : s a b e b l e b a ir a V
-Debtt oequtiy o
it a r
-Currentr aito -Returnonassets -Firms ize
-Secaras imutlan l e b a ir a v h u r u l e s s a b e b h u r a g n e p r e b n a k if i n g i s a g r a h p a d a h r e t m a h a s
-Secaraparsial , A O R h u r a g n e p r e b k a d it f it i s o p n a k if i n g i s a g r a h p a d a h r e t m a h a s -FirmSize
h u r a g n e p r e b n a d f it i s o p n a k if i n g i s a g r a h p a d a h r e t m a h a s .
3 Windo o s r a i d i W ) 2 1 0 2 ( o i s a R h u r a g n e P , s a ti li b a ti f o r P o i s a R , s a ti li b a v l o
S dan
s it a m e t s i S o k i s e R a g r a H p a d a h r e T i rt s u d n I m a h a S i s a k i n u m o k e l e T k e f E a s r u B i d a i s e n o d n I s i s il a n A r a e n il i s e r g e r a d n a g r e b :t a k ir e t l e b a ir a V m a h a s a g r a H : s a b e b l e b a ir a V
- Returnon s t e s s a - Returnon
y ti u q e
- Debtt oequtiy o
it a r - Risiko
) a t e b ( s it a m e t s i s
- ROA h u r a g n e p r e b n a d f it i s o p n a k if i n g i s a g r a h p a d a h r e t m a h a s - Risiko
o
N Nama i ti l e n e P
) n u h a T (
l u d u
J Peneilitan Teknik s is il a n
A PVeanreiailbitean l Ha is lPeneilitan
.
4 SirI sworo h i s g n i n i d E
n a d
i t a w a m li N
) 0 1 0 2 (
n a d A V E
a p a r e b e B
l e b a ir a V
l a t n e m a d n u F
n a a h a s u r e P
a g r a H p a d a h r e T
m a h a S
s i s il a n A
r a e n il i s e r g e r
a d n a g r e b
:t a k ir e t l e b a ir a V
m a h a s a g r a H
: s a b e b l e b a ir a V
- Economicvalue d
e d d a
- Currentr aito - Returnon
t n e m t s e v n i - Ukuran
n a a h a s u r e p
- Priceearning o
it a
r (PER)
- Secaras imutlan l e b a ir a v h u r u l e s
s a b e b
h u r a g n e p r e b
n a k if i n g i s
a g r a h p a d a h r e t
m a h a s
- Secaraparsial , I
O R
h u r a g n e p r e b
f it i s o p
n a d n a k if i n g i s
n a r u k u
n a a h a s u r e p
h u r a g n e p r e b
n a d f it a g e n
n a k if i n g i s k a d it
a g r a h p a d a h r e t
m a h a s .
5 Njo
, a i s a t s a n A
y n n a Y
y t u t s a i d i W
, n a w a n u G
n a d
a d l e m I
i t n a y ij i W
) 3 0 0 2 (
r o t k a F s i s il a n A
n a d l a t n e m a d n u F
k it a m e t s i S o k i s i R
a g r a H p a d a h r e T
i d i tr e p o r P m a h a S
J E B
s i s il a n A
r a e n il i s e r g e r
a d n a g r e b
: t a k ir e t l e b a ir a V
m a h a s a g r a H
: s a b e b l e b a ir a V
- Returnon s t e s s a - Returnon
y ti u q e
- Bookvalue - Payoutr aito - Debtt oequtiy
o it a r
- Requiredr ate n r u t e r f o - Risiko
k it a m e t s i s
) a t e b (
- Secaras imutlan l e b a ir a v h u r u l e s
s a b e b
h u r a g n e p r e b
a r a c e s
n a k if i n g i s
a g r a h p a d a h r e t
m a h a s
- Secaraparsial , A
O R
h u r a g n e p r e b
k a d it f it i s o p
a d n a k if i n g i
s n
o k i s ir
k it a m e t s i s
h u r a g n e p r e b
k a d it f it a g e n
n a k if i n g i s
a g r a h p a d a h r e t
3 .
2 KerangkaKonseptual
n a k t a p a d n e m k u t n u h a l a d a i s a t s e v n ir e b r o t s e v n i n a u j u t a y n r a s a d a d a P a y n n a k u k a li d g n a y i s a t s e v n i s a t a a b a l n a h u b m u tr e p n a d , n a n a m a e k , n a g n u t n u e k m a h a s k u t n e b m a l a d i s a t s e v n i n a k u k a l e m m a l a d , u ti a n e r a k h e l O . ) 1 : 3 1 0 2 , ir t u P ( i h u r a g n e m e m t a p a d g n a y r o t k a f p a d a h r e t s i s il a n a n a k u k a l e m s u r a h r o t s e v n i g n a y n a r a b m a g i u h a t e g n e m k u t n u h a l a d a a y n n a u j u T . n e ti m e n a a h a s u r e p i s i d n o k a h a s u r e p n a u p m a m e k s a t a s a l e
j anuntuk t umbuhdan berkembangsetramencegah .i d a jr e t g n a y n a i g u r e k o k i s ir a y n i d a jr e t t a k e l e m u l a l e s n a
