PENGARUH VARIABEL EKONOMI MAKRO, HARGA DAN IMBAL HASIL TERHADAP VOLUME PENERBITAN SURAT BERHARGA SYARIAH NEGARA SUKUK RITEL SERI 007 PERIODE 2015 - 2018

SHINTYAWATI, RIMA AYU (2019) PENGARUH VARIABEL EKONOMI MAKRO, HARGA DAN IMBAL HASIL TERHADAP VOLUME PENERBITAN SURAT BERHARGA SYARIAH NEGARA SUKUK RITEL SERI 007 PERIODE 2015 - 2018. S1 thesis, Universitas Mercu Buana Jakarta.

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Abstract

In Islamic finance, Sukuk instruments are similar to the bond market in conventional finance and are intended to increase long-term investment capital. However, according to Sharia, Sukuk means there is no uncertainty (Garar), interest (usury) and gambling (Maisir).This is also new in the financial market in Islamic Bank. The government uses Sukuk as an instrument for financing the state budget, and Sukuk financing has contributed to the development and financing of state projects. The amount of Sukuk issuance volume is influenced by external factors such as macroeconomic conditions and internal factors, namely prices and yields of Sukuk. The problem is whether inflation, exchange rates, Sukuk prices and returns affect the volume of Sukuk issuance. This research aims to determine the effect of macroeconomic variables (inflation and exchange rates), Sukuk prices and Sukuk yields on the volume of Retail Sukuk issuance in Indonesia, using the Vector Error Correction Model (VECM) research model and the assistance of econometrics EViews 9. The data used in this study are time-series data from April 2015 to March 2018, with a research sample of Retail Sukuk with the latest maturity in March 2018, namely Retail Sukuk SR-007 series. The results of the study show that the inflation and price variables have a long-term significant influence on the volume of Retail Sukuk SR-007 issuance and only yield variables that do not influence both the long- and short-term, while the exchange rate variable has significant long- and short-term effects. Keywords: Issuance volume, Retail Sukuk, Inflation, Exchange Rate, Sukuk Prices, Yield, VECM Dalam keuangan Islam, instrumen Sukuk mirip dengan pasar obligasi dalam keuangan konvensional dan dimaksudkan untuk menambah modal investasi jangka panjang. Namun, menurut Syariah, Sukuk berarti tidak ada ketidakpastian (Gharar), bunga (Riba) dan perjudian (Maisyir). Ini juga baru di pasar keuangan Islam. Pemerintah menggunakan Sukuk sebagai instrumen untuk membiayai anggaran negara dan pembiayaan Sukuk telah berkontribusi pada pengembangan dan pembiayaan proyek-proyek negara. Besarnya volume penerbitan Sukuk dipengaruhi oleh faktor eksternal seperti kondisi ekonomi makro dan faktor internal, yaitu harga dan hasil Sukuk. Masalahnya adalah apakah inflasi, nilai tukar, harga dan pengembalian Sukuk mempengaruhi volume penerbitan Sukuk. Penelitian ini bertujuan untuk mengetahui pengaruh variabel makroekonomi (inflasi dan nilai tukar), harga Sukuk dan imbal hasil Sukuk terhadap volume penerbitan Sukuk Ritel di Indonesia dengan menggunakan model penelitian Vector Error Correction Model (VECM) dan bantuan ekonometrika EViews 9. Data yang digunakan dalam penelitian ini adalah data runtut waktu dari April 2015 hingga Maret 2018, dengan sampel penelitian Sukuk Ritel dengan jatuh tempo terbaru pada Maret 2018, yaitu Sukuk Ritel seri SR-007. Hasil penelitian menunjukkan bahwa variabel inflasi dan harga memiliki pengaruh signifikan jangka panjang terhadap volume penerbitan Sukuk Ritel SR- 007 dan hanya variabel imbal hasil sukuk yang tidak mempengaruhi secara jangka panjang dan jangka pendek, sedangkan variabel nilai tukar berpengaruh dalam jangka panjang dan pendek yang signifikan. Kata kunci: Volume penerbitan, Sukuk Ritel, Inflasi, Nilai Tukar, Harga Sukuk, Yield, VECM

Item Type: Thesis (S1)
Call Number CD: FE/AK. 19 102
NIM: 43215110156
Uncontrolled Keywords: Volume penerbitan, Sukuk Ritel, Inflasi, Nilai Tukar, Harga Sukuk, Yield, VECM
Subjects: 300 Social Science/Ilmu-ilmu Sosial > 330 Economics/Ilmu Ekonomi
300 Social Science/Ilmu-ilmu Sosial > 330 Economics/Ilmu Ekonomi > 339 Macroeconomics and Related Topics/Makroekonomi, Ekonomi Makro dan Topik Terkait
300 Social Science/Ilmu-ilmu Sosial > 330 Economics/Ilmu Ekonomi > 339 Macroeconomics and Related Topics/Makroekonomi, Ekonomi Makro dan Topik Terkait > 339.5 Macroeconomics Policy/Kebijakan Makroekonomi, Kebijakan Ekonomi Makro
Divisions: Fakultas Ekonomi dan Bisnis > Akuntansi
Depositing User: Dede Muksin Lubis
Date Deposited: 22 Oct 2019 07:35
Last Modified: 31 Oct 2019 08:19
URI: http://repository.mercubuana.ac.id/id/eprint/51581

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