DETERMINAN YIELD SURAT UTANG NEGARA YANG DIPERDAGANGKAN TAHUN 2017-2021

AGUSTY, ROSANA MIA (2021) DETERMINAN YIELD SURAT UTANG NEGARA YANG DIPERDAGANGKAN TAHUN 2017-2021. S2 thesis, Universitas Mercu Buana Jakarta.

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Abstract

Government Bond is an important financial instrument for state budget of Indonesia Government. For investors, Government Bond has become important and quite attractive among other financial instruments. It is important to understand about macroeconomic variables that influence Government Bond Yield. By using the right research data and model, Government as well as investors will be able to define factors that influence the Government bond yield hence to decide the right monetary policy and decision to invest. Using BI 7-Day Repo Rate, Money Supply, Jakarta Composite Index, Exchange Rate, and Covid-19 pandemic as independent variables, this research has done to find out the determinant of Government Bond Yield. The research population is bond issued by Indonesia Government, the sampling is 10-years traded Government Bond fixed rate serries during 2017-2021 with 324 data collected which since 2020 Indonesia has been facing the Covid-19 pandemic that affecting the global economy and financial markets. This research finds that Government Bond Yield positively and significantly affected by BI 7-Day Repo Rate, and pandemic Covid-19, while negatively and significantly affected by Money Supply and Exchange Rate. This research also finds that Jakarta Composite Index has no effect to Government Bond Yield. Keywords: Yield, BI 7-Day Repo Rate, Money Supply, Indonesia Composite Index, Exchange Rate Surat Utang Negara merupakan instrumen pendanaan APBN yang penting bagi Pemerintah Indonesia. Baik pemerintah dan investor perlu mengetahui faktor-faktor yang mempengaruhi Yield Obligasi Pemerintah. Dengan data dan model penelitian yang tepat, pemerintah dan para investor dapat mengetahui faktor apa saja yang mempengaruhi YOP untuk mengambil kebijakan moneter dan keputusan investasi yang tepat. Penelitian ini dilakukan untuk melihat pengaruh BI 7-Day Repo Rate, Jumlah Uang yang Beredar, Index Harga Saham Gabungan, Kurs USD/IDR, dan Covid-19 pandemic terhadap YOP. Populasi penelitian ini adalah obligasi yang diterbitkan oleh pemerintah, sampel dalam penelitian ini adalah Surat Utang Negara Fixed Rate tenor 10 tahun yang aktif diperdagangkan tahun 2017-2021, terdiri dari 324 data, dimana selama tahun 2020 dan 2021 terjadi Covid-19 pandemic yang mengguncang dunia termasuk Indonesia. Penelitian ini dilakukan menggunakan analisis regresi data panel dengan Covid-19 pandemic sebagai variabel dummy. Hasil dari penelitian ini menunjukkan bahwa BI 7-Day Repo Rate dan Covid-19 pandemic berpengaruh positif signifikan, sedangkan Jumlah Uang yang Beredar dan Kurs USD/IDR berpengaruh negatif signifikan terhadap Yield Obligasi Pemerintah. Dari penelitian ini, diketahui pula bahwa Indeks Harga Saham Gabungan tidak berpengaruh terhadap Yield Obligasi Pemerintah. Kata kunci: Yield, BI 7-Day Repo Rate, Inflasi, Jumlah Uang Beredar, Index Harga Saham Gabungan

Item Type: Thesis (S2)
NIM/NIDN Creators: 55119110030
Uncontrolled Keywords: Yield, BI 7-Day Repo Rate, Inflasi, Jumlah Uang Beredar, Index Harga Saham Gabungan
Subjects: 400 Language/Bahasa > 400. Language/Bahasa > 406 Organizations and management/Organisasi dan Manajemen
Divisions: Pascasarjana > Magister Manajemen
Depositing User: CALVIN PRASETYO
Date Deposited: 05 Jul 2023 03:17
Last Modified: 05 Jul 2023 03:17
URI: http://repository.mercubuana.ac.id/id/eprint/78732

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