ANALISIS PENGARUH FAKTOR FUNDAMENTAL DAN MATURITY TERHADAP YIELD TO MATURITY OBLIGASI KORPORASI YANG DIPERDAGANGKAN DI BURSA EFFEK INDONESIA TAHUN 2020

FITRIADI, SURYA (2022) ANALISIS PENGARUH FAKTOR FUNDAMENTAL DAN MATURITY TERHADAP YIELD TO MATURITY OBLIGASI KORPORASI YANG DIPERDAGANGKAN DI BURSA EFFEK INDONESIA TAHUN 2020. S2 thesis, Universitas Mercu Buana Jakarta.

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Abstract

The volume of corporate bond issuance in Indonesia has fluctuated since 2015- 2020 following the economic developments. The Covid 19 pandemic in 2020 has caused declining the number of companies issuing bonds. The pandemic leaded a big impact on bond market. Low key interest rates decrease the return obtained in bonds investment. The economic slowdown has pushed central bank of Indonesia cut the key rates from 5% to 3.75% in 2020. The lower key rates will cause the increasing of bank loans then the government can control economy growth and inflation rate. Partially, the study aims to analyze the effect of the current ratio, debt to equity, return on assets, total assets, and maturity on the yield to maturity of bonds traded in Indonesia Stock Exchange (IDX) in 2020. Quantitative methods with an associative approach were used as research methods. 302 corporate bonds issued by 69 companies were taken into sample in this study. The sampling method used purposive judgment sampling. Data analysis of the proposed hypothesis used multiple linear regression method by using SPSS version 24 program. The research found that there were significant effect among the return on assets, total assets, and maturity variables on the bond’s yield. However, the current ratio and debt to equity variables were found have no effect on the yield to maturity of all corporate bonds traded on the IDX in 2020. Keywords: Current Ratio, Debt to Equity Ratio, Return on Asset, Total Asset, Maturity, Yield to Maturity Volume penerbitan obligasi khususnya obligasi korporasi di Indonesia berfluktuasi sejak tahun 2015-2020 mengikuti kondisi perekonomian. Pandemi COVID-19 ditahun 2020 menyebabkan turunnya jumlah perusahaan yang menerbitkan obligasi. Pandemi membawa dampak besar pada pasar obligasi korporasi. Rendahnya tingkat suku bunga acuan berdampak pada turunnya imbal hasil yang diperoleh investor dalam berinvestasi di obligasi. Melemahnya perekonomian akibat pandemic mengakibatkan Bank Indonesia menurunkan tingkat suku bunga acuan dari 5% menjadi 3,75% ditahun 2020. Turunnya tingkat bunga acuan ini dapat meningkatkan naiknya jumlah pinjaman ke perbankan, naiknya peredaran uang dimasyarakat, meningkatkan daya beli dan pemerintah dapat mengendalikan tingkat inflasi. Penelitian bertujuan untuk menganalisa pengaruh current ratio, debt to equity, return on asset, total asset, dan maturity terhadap yield to maturity obligasi korporasi yang diperdagangkan di Bursa Efek Indonesia (BEI) tahun 2020. Metode kuantitatif dengan pendekatan asosiatif digunakan sebagai metode penelitian. Sample yang dipilih sebanyak 302 obligasi korporasi dari 69 perusahaan yang diperdagangkan selama tahun 2020. Adapun metode pengambilan sampel memanfaatkan purposive judgement sampling. Analisis data terhadap hipotesis yang diajukan menggunakan metode regresi linear berganda dengan bantuan program SPSS versi 24. Dari hasil penelitian diperoleh hasil bahwa terdapat pengaruh return on asset, total asset, dan maturity terhadap yield to maturity obligasi pada obligasi korporasi yang diperdagangkan pada BEI pada tahun 2020. Namun current ratio dan debt to equity didapati tidak berpengaruh terhadap yield to maturity obligasi. Kata kunci : Current Ratio, Debt to Equity Ratio, Return on Asset, Total Asset, Maturity, Yield to Maturity

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