SINTAMI, AYU ASIH (2021) ANALISIS FAKTOR YANG MEMPENGARUHI YIELD TO MATURITY OBLIGASI KORPORASI YANG DIPERDAGANGKAN DI BURSA EFEK INDONESIA 2016-2018. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This study analyzes the influence of the variable Debt Equity Ratio (DER), Maturity, Firm Size and Bond Rating on the Yield To Maturity (YTM) of corporate bonds. The study population consists of corporate bonds traded on the Indonesia Stock Exchange period 2016-2018. The sample selection technique by purposive sampling. The research sample 43 corporate bonds issued by 18 companies from all sectors except the banking and financial sectors. The research analysis method used is descriptive statistics and Common Effect Model (CEM) panel data regression. The results showed that partially the DER variable had no effect on YTM, maturity had a significant positive effect on YTM, Firm Size and Bond Rating significant negative effect on YTM. The implication of this research is that companies need to improve their bond ratings to maintain investor confidence. In addition, is easier for companies with large assets to find external sources of funds through the issuance of bonds. This is because both are proven to have a negative effect on YTM. For further research, is expected to study other variables that affect YTM because the coefficient of determination in this study is 59%, and 41% is influenced by other variables not explained in this study. Keywords: Debt to Equity Ratio, Maturity, Firm Size, Bond Rating and Yield To Maturity. Penelitian ini menganalisis pengaruh variabel Debt Equity Rasio (DER), Maturity, Ukuran Perusahan dan Peringkat Obligasi terhadap Yield To Maturity (YTM) obligasi korporasi. Populasi penelitian terdiri dari obligasi korporasi yang diperdagangkan di Bursa Efek Indonesia periode tahun 2016-2018. Teknik pemilihan sampel dilakukan secara purposive sampling. Sampel penelitian terdiri atas 43 obligasi korporasi yang diterbitkan oleh 18 perusahaan dari semua sektor kecuali sektor perbankan dan keuangan. Metode analisis penelitian yang digunakan adalah statistik deskriptif dan regresi data panel Common Effect Model (CEM). Hasil penelitian menunjukkan secara parsial variabel DER tidak berpengaruh terhadap YTM, maturity berpengaruh positif signifikan terhadap YTM sedangkan Ukuran Perusahaan dan Peringkat Obligasi berpengaruh negatif signifikan terhadap YTM. Implikasi dari penelitian ini adalah perusahaan perlu meningkatkan peringkat obligasinya untuk menjaga kepercayaan investor. Selain itu, perusahaan yang asetnya besar lebih mudah mencari sumber dana eksternal melalui penerbitan obligasi. Hal tersebut dikarenakan keduanya terbukti berpengaruh negatif terhadap YTM. Untuk penelitian selanjutnya diharapkan dapat mengkaji variabel lain yang mempengaruhi YTM dikarenakan nilai koefisien determinasi penelitian ini sebesar 59%, sedangkan sisanya 41%, dipengaruhi oleh variabel lain yang tidak dijelaskan dalam penelitian ini. Kata kunci: DER, Maturity, Ukuran Perusahan, Peringkat Obligasi dan Yield To Maturity
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