ANALISIS KARAKTERISTIK KEUANGAN PERUSAHAAN DAN MARKET PERFORMANCE STUDI PADA EMITEN SEKTOR PROPERTI DI BEI

HASTUTI, ELISABET (2012) ANALISIS KARAKTERISTIK KEUANGAN PERUSAHAAN DAN MARKET PERFORMANCE STUDI PADA EMITEN SEKTOR PROPERTI DI BEI. S2 thesis, Universitas Mercu Buana Jakarta-Menteng.

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Abstract

Penelitian ini menganalisis market performance pada kelompok sektor saham properti – real estate di Bursa Efek Indonesia (BEI). Ukuran market performance yang digunakan dalam penelitian ini adalah Sharpe’s measure, sedangkan karakteristik keuangan yang digunakan adalah PER,PBV dan DER. Sampel yang digunakan adalah saham-saham yang termasuk ke dalam sector property-real estate yang dipilih dengan menggunakan metode judgement sampling. Data karakteristik keuangan diambil dari laporan keuangan perusahaan periode 31 Desember 2007 sampai dengan 31 Desember 2011, sedangkan data yang digunakan untuk menghitung market performance, yaitu harga saham, IHSG, dan suku bunga SBI, diambil secara bulanan pada periode Januari 2007 sampai dengan Januari 2011. Pengujian dalam penelitian ini menggunakan model analisis regresi linear, dimana model regresi linear merupakan analisis yang digunakan untuk menunjukan bagaimana sifat dari hubungan antar variabel yang diteliti. Dengan demikian dapat dilakukan analisa apakah pengaruh karakteristik keuangan (sebagai variabel independen) yang diukur dengan PER, PBV, DER terhadap market performace (sebagai variable dependen). Penelitian ini terdiri dari pengujian pengaruh karakteristik keuangan terhadap market performance. Dari hasil pengujian statistic yang dilakukan pada penelitian ini, diperoleh kesimpulan bahwa PER secara parsial memiliki pengaruh yang signifikan terhadap market performance. PBV secara parsial memiliki pengaruh yang signifikan terhadap market performance. DER secara parsial tidak memiliki pengaruh yang signifikan terhadap market performance, dan variable PER, PBV dan DER, secara simultan mampu menjelaskan market performance pada sektor property real estate. Kata Kunci : Market Performance, Karakteristik Keuangan Perusahaan. This studies analyzed market performance on property – real estate stock group listed on Bursa Efek Indonesia (BEI). The standard of market performance used in this studies is “Sharpe’s Measure”, while for financial characteristics we ues PER, PBV, and DER. Samples are taken from stocks of property – real estate sector companies that were choosen using judgement sampling method. Financial characteristics data were taken from financial reports of those companies in the period of December 31st 2007 up to December 31st 2011, while the data to calculate maket companies monthly data in the period of January 2007 up to January 2011. The research in this thesis is using linear regretion model of analysis, to perform the relation within the variables. Therefore, this research is to analyze the effect on the financial characteristic (independent variable) measured by PER, PBV, DER to market performance (dependent variable). This study is comprises from the testing of financial characteristics effects on market performance of each companies that were being sampled. From the statistical analysis in this study, a conclusion were reached that PER as a single comparison on partial, have a significant effect on market performance. PBV as a single comparison or partial also have a significant effect to market performance. Also DER as single comparison or partial does not have significant effect to market performance, and variables of PER, PBV, and DER simultaneously as a whole be used to explain market performance in property – real estate sector. Keywords : Market Performance, Financial Characteristics of companies

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