Analisis Faktor – Faktor yang Mempengaruhi Rating Obligasi Syariah pada Perusahaan yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2011-2014

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LAMPIRAN

LAMPIRAN I

Daftar Sukuk yang Menjadi Sampel

No.

Nama Perusahaan

Tanggal

Listed

Tanggal

Jatuh

Tempo

Rating Obilgasi Syariah

2011

2012

2013

1 PT Salim Ivomas Pratama Tbk.

-

Sukuk Ijarah Salim Ivomas

Pratama I 2009

02-12-2009

01-12-2014

AA-

2 PT Summarecon Agung Tbk.

-

Sukuk

Ijarah

I

Summarecon Agung Tahun

2008

26-06-2008

25-06-2013

A-

3 PT Indosat Tbk.

-

Sukuk Ijarah Indosat II

Tahun 2007

-

Sukuk Ijarah Indosat III

Tahun 2008

-

Sukuk Ijarah Indosat IV

Tahun 2009 Seri A

-

Sukuk Ijarah Indosat IV

Tahun 2009 Seri B

30-05-2007

10-04-2008

09-12-2009

29-05-2017

09-04-2013

08-12-2014

08-12-2016

AA+

Tanker Tahun 2007

-

Sukuk Ijarah Berlian Laju

06-07-2007

29-05-2009

05-07-2013

28-05-2013

28-05-2014

A-

5 PT Matahari Putra Prima Tbk.

-

Sukuk

Ijarah

Matahari

Putra Prima II Tahun 2009

Seri B

15-04-2009

14-04-2014

A+

6 PT Mitra Adiperkasa Tbk.

-

Sukuk

Ijarah

Mitra

Adiperkasa I Tahun 2009

Seri B

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Lampiran II

Lampiran ini berisikan rata-rata data rasio (

Debt Ratio

), (

Profit Margin

), Rasio Profitabilitas (

Return on Equity

) dan Rasio Likuiditas

(

Cash Ratio

) dari tahun 2011-2014.

Nama Perusahaan

Nama Sukuk

Debt Ratio (X1)

ROE (X2)

Cash Ratio

(X3)

Profit

Margin (X4)

Rating Obligasi

(Y)

Average

PT Salim Ivomas Pratama

Tbk

Sukuk Ijarah Salim Ivomas

0,42

0,24

1,22

0,23

15 PT Sumarecon Agung Tbk

Sukuk Ijarah I Sumarecon

0,67

0,20

1,23

0,28

12 PT Indosat Tbk

Sukuk Ijarah Indosat II

0,68

0,09

0,54

0,07

17 Sukuk Ijarah Indosat III

0,68

0,09

0,54

0,07

17 Sukuk Ijarah Indosat IV A

0,68

0,09

0,54

0,07

17 Sukuk Ijarah Indosat II B

0,68

0,09

0,54

0,07

17 PT. Berlian Laju Tanker

Sukuk Ijarah Berlian 2007

2,545

0,79

0,52

1,02

12 Sukuk Ijarah Berlian II 2009 Seri A

2,545

0,79

0,52

1,02

12 Sukuk Ijarah Berlian II 2009 Seri B

2,545

0,79

0,52

1,02

12 PT Matahari Putra Prima

Sukuk Ijarah Matahari II Seri B

2009

0,495

0,11

1,47

0,03

14

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Lampiran III

1. Statistik Deskriptif

Descriptive Statistics

N Minimum Maximum Mean Std. Deviation

Debt_Ratio 11 ,42 2,55 1,1427 ,90464

ROE 11 ,09 ,79 ,3136 ,31004

Cash_Ratio 11 ,52 1,47 ,8018 ,38212

Profit_Margin 11 ,03 1,02 ,3573 ,43260

Rating_Sukuk 11 12,00 17,00 14,4545 2,25227

Valid N (listwise) 11

2. Uji Asumsi Klasik

2.1 Uji Normalitas

One-Sample Kolmogorov-Smirnov Test

Unstandardized Residual

N 11

Normal Parametersa,b Mean ,0000000

Std. Deviation ,48533125

Most Extreme Differences Absolute ,349

Positive ,265

Negative -,349

Kolmogorov-Smirnov Z 1,158

Asymp. Sig. (2-tailed) ,137

a. Test distribution is Normal.

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Korelasi Antar Variabel Independen

Coefficient Correlationsa

Model Profit_Margin Cash_Ratio Debt_Ratio ROE

1 Correlations Profit_Margin 1,000 ,307 ,046 -,835

Cash_Ratio ,307 1,000 ,774 -,650

Debt_Ratio ,046 ,774 1,000 -,581

ROE -,835 -,650 -,581 1,000

Covariances Profit_Margin 21,056 1,373 ,339 -29,537

Cash_Ratio 1,373 ,952 1,204 -4,890

Debt_Ratio ,339 1,204 2,542 -7,143

ROE -29,537 -4,890 -7,143 59,427

a. Dependent Variable: Rating_Obligasi

2.3 Uji Autokorelasi

Hasil Uji Autokorelasi

Model Summaryb

Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson

dimension0 1 ,977

a _,954 _,923 _,62656 _2,507

a. Predictors: (Constant), Profit_Margin, Cash_Ratio, Debt_Ratio, ROE

b. Dependent Variable: Rating_Obligasi

2.2 Uji Multikolinearitas

Hasil Uji Multikolinearitas

Coefficientsa

Model Unstandardized

Coefficients

Standardized

Coefficients

t Sig.

Collinearity Statistics

B Std. Error Beta Tolerance VIF

1 (Constant) 21,427 1,254 17,091 ,000

Debt_Ratio -3,154 1,594 -1,267 -1,978 ,095 ,019 52,996

ROE 14,442 7,709 1,988 1,873 ,110 ,007 145,511

Cash_Ratio -5,484 ,976 -,930 -5,621 ,001 ,283 3,540

Profit_Margin -9,799 4,589 -1,882 -2,135 ,077 ,010 100,375

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2.4 Uji Multikolinearitas

Uji Glejser

Coefficients

a

Model Unstandardized

Coefficients

Standardized

Coefficients

t Sig.

B Std. Error Beta

1 (Constant) -,918 ,218 -4,212 ,006

Debt_Ratio ,711 ,277 1,738 2,563 ,043

ROE -,389 1,341 -,326 -,290 ,781

Cash_Ratio 1,156 ,170 1,195 6,817 ,000

Profit_Margin -1,117 ,798 -1,307 -1,400 ,211

a. Dependent Variable: absut

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Lampiran IV

Lampiran ini berisi data hasil pengujian hipotesis simultan dan parsial.

Hasil Uji F

ANOVAb

Model Sum of Squares df Mean Square F Sig.

1 Regression 48,372 4 12,093 30,804 ,000a

Residual 2,355 6 ,393

Total 50,727 10

b. Dependent Variable: Rating_Obligasi

Tabel 4.9

Hasil Uji t

Coefficientsa

Model

Unstandardized Coefficients

Standardized

Coefficients

t Sig.

B Std. Error Beta

1 (Constant) 21,427 1,254 17,091 ,000

Debt_Ratio -3,154 1,594 -1,267 -1,978 ,095

ROE 14,442 7,709 1,988 1,873 ,110

Cash_Ratio -5,484 ,976 -,930 -5,621 ,001

Profit_Margin -9,799 4,589 -1,882 -2,135 ,077

a. Dependent Variable: Rating_Sukuk

Uji Regresi Menggunakan Metode R

2 Model Summaryb

Model R R Square Adjusted R Square Std. Error of the Estimate

dimension0 1 ,977

a _,954 _,923 _,62656

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