Analisis Rasio Keuangan dalam Memprediksi Laba yang Akan Datang pada Perusahaan Manufaktur di Bursa Efek Indonesia

(1)

! " ! " # $ % " " " & " ' ())*+()), ( " " # -*. / 0 % " # 1 0 " # 1 % + / 0 " # 2 # " # $ 1 " &,,3 % " # ' " " # ' 1 ' 1 / / ())* " % " % &.# / ())* " # ' ())* " % ( ,.# 4 / ())5 " " ( ). 6 ()&& # " " " # 6 " " " # 1 " "

(2)

% & ' ( ) $ *+)) 7 " 0 # 8 " " " " , # 1 / ()&) 7 7&. ()), " # ' ' 1 &, *,. &* 5 . &) ((.# 1 9:()&) ()&) * 7&. " ()),# $ ' 1 9 # 9:()), 7 75. " ())3 % & *&. 9:()) # $ % % # $ ()&) ( 5*. ( & .# :()&) ( 7(. :()&) & 3 . 9:()),# 1 9:()&) % $ 0 # . 1 0 ) (. # $ & . " # 1 ' 1 " % *. ()&) 0 " , )(. % 3 5. # 1 " 5 5 . 5 7&. * 7. # % " " " +* 7 . " " + 57. +( )&. ; < ()&& # ())3 # 1 " # 1 # % # $ 0 % 0 "

(3)

& " # $ * 0 # 6 " 0 % 0 # = " 0 0 " # > % " 0 " " % # 8 0 0 0 " " # " " " # 1 / ())* " " / " " % - % = - & - % =6= ! 1 . # $ 1?; # 1 % . ? / @ %" ! 1 % 0 - % = - & - % =6= . # $ 1?; " # 1 A ())5 / " / @ # " # - ()) " / 0 -& - =6= / @ % # 1 . " - & A?=6 . # $ - ?; %" ! - & =; - & - % =6= / @ % # 4 1 ()) / % . ? $ 0 $ - & - % =6= " # % " . ? $ 0 $ # - " ()) " / % - & $ - & -% 2 % # 1 % / - & - % 2 % # $ " " + " % # 8 0 % 0 # 0 " . 3 0 - & - 3 0 # 2 $ 3 0 3 ! 34 6 " 0

(4)

% & ' ( ) $ *+)) 5 0 " " % " % # $ " " ' # ! " # $ ; " " # ' / ())7 % + " " # ; / + # - ()) ! # ; % 7 % " % + # 1 6 4 " " ())7 " / 2 # " " " " # # ; # %# ; " 5 " / " " % " " # ! " # $ - 6 ())) " / " + " + + + " + + " # = % % " % " " # - ())

(5)

& " # $ " 0 # / ())7 + " 2 # ' " " " : " # ' " % " + " " # # ' / % " " " # 1 " + 0 " / / / " % " # %# ' " # ; " " % # # ' 0 " " " " # " 0 " # # ' " " # # ' " / : % " " % # $ / " % " " " % / " 2 # 0 # 4 %# # + # +

(6)

% & ' ( ) $ *+)) 3 # + " B # # $ 6 " " # - 6 ())) C C # 6 % # -" C % C# - - ()) % * " " 2 # 0 " " / " # # 0 : ! " " 0 0 # %# 0 " " / " # # " $ " " # # : " " # % #&!"#' % ( $ % $ ) " * ( + , % #&!"#' % ( $ % $ 1 ())& $ " # 1 # " 2 & " # " 0 # ; # " " + # - - ()) # " + " # > ())) " " " " / # 4

(7)

& " # $ , " # - - ()) " " " # " " " # ' $ 4 84 6 " ())5 + 2 + D &*. " &)) " + &). + &7 . " * " % + &. + ,. " *) " + E &. " ) " ( % 0 # # - " ())) " " " 0 # # 4 0 " " " # ' $ 4 84 6 " ())5 + 2 + D (&. " &)) " + &). + () . " * " % + &. + ,. " *) " + E &. " ) " % 0 " " 0 0 # = " 0 " # " " " " " # $ % " 0 " # $ " " # ' $ 4 84 6 " ())5 " 2 + D &). " &)) " + 5. + , . " * " % + ). + *. " *) " + E ). " ) "

(8)

% & ' ( ) $ *+)) 3) () # + , % #&!"#' % ( $ % $ $ 164 # *5 )& " / " # -" # " % " " 0 0 # % # " # " " ! 6 3# = ()&) % # 1 % " " # 4 " " " / % " % # 1 # "#' % ( $ % $ . " " # ; 0 / " " # 1 6 4 " " ())7 " 0 " # 8 " # " " " " # F61' ! &!! 7 " # 1 " 1F6? # & ())( " # ; " % " # " / " " " % # ' 0

(9)

& " # $ 3& 0 " " " # - &! " % ' % % " # " / " " " # A ())5 " ' > ' > # $ ())&+()) 5 # " " " 6 1 " ! 0 / @ # # - % / @ # " # 1 ()) ! $ 0 ' > ' > # $ ())&+())7 77 # - / % ! ? $ 0 $ =6= " # % " " ! ? $ 0 $ # 1 =6= " # = ()) + " # 1 ())&+())*# "

" . " & 0 ! 6.& 3 & 6 ' "

' # " ;$ ; ; @ A @A # $ / 6 % # 1 " ?6 6 " # " " " ' " A ())5 1 ()) = ()) # " % 0 0 # % : 0 % 0 " # 9 " 2

(10)

% & ' ( ) $ *+)) 3( . 6. 3 - & - =6= # 2 $ 0 ! 6 3# 1 " ())* ()), A ())5 # #" $% #"! % " " $ ! " ' " % # ; " B " 0 + " # > 0 % 0 0 + " " # $ % " % # - - ()) " # 6 " # 6 B " % # 6 0 0 # / + / " " / # " ! # - - ()) / % " " % " " 0 % " " " # 6 0 % % " 0 # > / " # 0 " " " 0 + 0 # 0 - & -=6= # - - ()) " / " " " " " 0 " " 0 # - " # 1 0 # # " # 6 0 " " " # > " " " "

(11)

& " # $ 3 - 6 ())) # ' A ())5 0 " # $ " # # = " " " " " # $ " # -- " ()) - ()) " " " " # # " 0 " " # -" - -" ()) " " / " # - " ())) " " " 0 # - - ()) # > " # 1 " # = ()) / ())* " / % 0 " # = ()&) % # 4 " " " / % " % # 1 # A ())5 " # % " # $ % " 0 # " " " # $ " " # 4 " " # 1 " 0 " # 1 " #

(12)

% & ' ( ) $ *+)) 37 0 " " # ! # - " 2 -& 2 $ 0 " # -( 2 $ ! " # - 2 $ " # # " ' ())*+()), " &75 # " " " " " " " # = & 6 6 % " 0 # 6 " " 0 " ! 6 3 " # ( 6 6 0 0 # #$"# 6 " " *& " ' 1 11 &3#)) 5 5 # ' +)#57 # 4 0 )# ), +&# 5( )#)*) )#), # $ " 2 G H +)#57 I )# ), I +&# 5( I )#)*) I )#), I 2

(13)

& " # $ 3* # 4 +)#57 " / " )#57 # # 4 )# ), " / & " )# ), / # = " " # %# 4 +&# 5( " / & " )# 5( / # = " / " # # 4 )#)*) " / & " )#)*) / # = " " # # 4 )#), " / & " )#), / # - ! # $ 0 0 % 2 # 8 F 0 0 % + # ' 6 96 F 1 11 &3#)) 5 5 F 3#) ) )#)))# 4 )#))) E *. / % + " # # 8 8 0 % 0 # -1 -1-1 &3#)) 5 5 " # ' / )#,() )# 5 # - )# 5 J *. " % " # - +)#&*3 )#3 *# )#3 * J *. " % " # )#)&) )#,,(#

(14)

% & ' ( ) $ *+)) 35 - )#,,( J *. " 0 % " # 9 *#7&7 )#)))# $ / )#))) E *. % + " # # $ " . " * ( + , #". ' ! "#' % ( $ % $ + , - / " " % " # 6 " " + " " # ' " " # 6 " - # 6 " " # - " ()) " K 0 4 1 C# $ # " " + " " # 1 " # -()) " K6 4 8 ; C# - " # / " " % " " " # " / " % # $ % 0 0 " " " " # ' / " - % " " " # 1 " # A 1 " - " ())7 / -" # = " " " " " % - # -#

(15)

& " # $ 3 () + , - " " % " # $ / " # -" " # > " # " " % # - " " " " # - " ()) " K 0 4 1 C# -# " " 0 # - " 0 " " # = ()) " C6 F + F " ; 1 = $ = C# = " " / 6 % # -/ 6 # ' / 0 # 6 0 " % " # 4 # -A 1 " - " ())7 " " / 0 # 1 0 0 # ) + , - " 0 " % " # # $ " . # + , #". ' ! "#' % ( $ % $ - " / " " ! 6 3 " % " # " # =

(16)

% & ' ( ) $ *+)) 33 # - / +/ # - " % ())3 " 6 1 6 " " % # 1 " 0 5 # 6 " % # -1 ! " " ())3# = ! $ % ())3# 4 " " # - A ())5 " K6 4 ; " ' > ' > C# - " " # ' / " 0 % " 0 # 0 " # 1 # $ " / # > % " # # $ " . " * ( ' # #". ' ! "#' % ( $ % $ ' F / % + " # 6 " 0 " 0 0 # 8 " 0 " + " " # 1 % " " # 1 0 " ! " " # - " - 1 / ())* # " 0 " " " " % % # - # $ " "

(17)

& " # $ 3, 0 " " # # " % " # 4 - & - % =6= # # " ! % " # - " # %# F / % + " # -/ " " " % " # " # - % " 0 0 " " ((#, . " #& . + " # 8 " # " # 1 + # 8 " " " " " ! " # 6 " # 0 " 0 # %# " " " # 8 " " " # 8 " # # " * " ())*+()),# $

(18)

% & ' ( ) $ *+)) ,) " " " # # " 0 " " # 6 6 $ 2::///# #% : &7 ()&&# 6 " ())5 & 6 ! 3 " $ " 7 > 6 9 # * # (# 6 ())) & 8 - 4 ' F G " # 6 &,, 7 8 # ' / L ())7 &!! 4 ? ' F G " # ' F > F# - ())& 4 ' 4 > # F % 6%% 1 ' F61' ())( ! &!! . ! " 4) % 0 F % " ' 1 ? % % 4 @ < ())* &" & ' 8 0 $ 1 # @ $ &,,, 7 ! ! ! % @ / - % / G # - 6 - ()) & # " 0 ? 8 6 G4 G " # - 6" ()) & " $ # $ = 1 8 0 $ 1 #

- 1 " 1" &,,3 & & # " =# 6 M

(19)

& " # $ ,& - " $/ ()) " $ # $ " 1 F 8 0 1 # - " 1 ())) & 7 $ " 7 1 > # - ' " 6 ())) ! & ; > # 6 ())7 & 1 > # ? $ % " ? $ ' > > ())3# ? $ % " ? $ ' > > ()&)# > > ())) & &!! % ! @ 8 > # ; < - " $ 9 9):# 2::///# #% : : )3 F ()&&# 18 $# 6 - ()) ? 4 G " # / 1 ())( & # " 4 ? 4 ; " G " # / / - ())* $ ? 4 @ 8 0 " G " # / ; ())* " " $ # $ 1 F 8 0 G " # " ' &,,* ; $ 4 ' F G " # 1 G ()) . $ - 0 - & - % - " $ # $ 7 < 1 F 8 0 1 # 1 / 6 *++= & ! = @ 8 > #

(20)

% & ' ( ) $ *+)) ,(

1 " &,,& & # " 8 &

? ; " G " # 1 ())& ? 4 G " # 1 / 6 ())7 " " $ $ 1 @ ' > > 6 4 0 # ) # )(# = ! ! 7 ' # 2:: M# #% &7 F ()&&# = ' # # $ 7 " # $ # 2:: # #% : &( F ()&&# = 1 / ()) & ; > " $ # $ - - = 1 8 0 $ 1 # 9 6 # < # 2:: + # #% # &7 F ()&&# A G ())* ? @ 8 0 " 6 46 G " # A 6 ())5 & " $ # $ > - 7 < 67 <3 1 F 8 0 G " # G L ())) ? G " #