Pengaruh Faktor Fundamental Terhadap Harga Saham Industri Perbankan di Indonesia

Ardin Sianipar : Pengaruh Faktor Fundamental Terhadap Harga Saham Industri Perbankan di Indonesia, 2005

USU Repository © 2006

Pengaruh Faktor Fundamental Terhadap Harga Saham
Industri Perbankan di Indonesia
Tesis
Ardin Sianipar
Universitas Sumatera Utara
Sekolah Pascasarjana
Magister Ilmu Akuntansi
Medan
2006
Abstrak
Pada tahun 1997 kondisi-kondisi perbankan sangat memprihatinkan, ini ditandai dengan
dilikuidasinya 16 bank. Kondisi tersebut mengakibatkan berkurangnya kepercayaan masyarakat
terhadap industri perbankan. Fenomena di atas berakibat pada turunnya minat investor untuk
membeli saham perbankan. Konsekuensi yang terjadi harga saham perbankan mengalami penurunan.
Penilitian ini bertujuan untuk menguji dan melihat pengaruh faktor fundamental terhadap
harga saham perbankan di BEJ. Variabel yang menjadi faktor fundamental adalah capital edequacy
ratio, return on asset, return on equity, net interest margin, loan to deposit ratio, not performing asset

to earning asset dan earning per share sebagai variabel bebas dan harga saham pada saat
pengumuman sebagai variabel terikat. Penelitian dilakukan terhadap 20 bank yang terdaftar di BEJ.
Model analisis yang digunakan adalah regresi linier berganda.
Hasil penelitian menunjukkan bahwa secara simultan, capital edequacy ratio, return on asset,
return on equity, net interest margin, loan to deposit ratio, not performing asset to earning asset dan
earning per share mempunyai pengaruh terhadap harga saham. Secara partial variable bebas hampir
semua berpengaruh signifikan terhadap harga saham kecuali ROA, LDR dan NPATEA.
Kata Kunci : Faktor Fundamental, Harga Saham

Ardin Sianipar : Pengaruh Faktor Fundamental Terhadap Harga Saham Industri Perbankan di Indonesia, 2005

USU Repository © 2006

The Influence of Fundamental Factor Toward
Banking Industries Share Prices in Indonesia
Thesis
Ardin Sianipar
North Sumatera University
Post Graduate School
Accountancy Magister Science

Abstract
In 1997 the banking conditions is very poor, this can be seen by the liquidation of 16 banks.
The liquidation had caused decrease in publik trust toward banking system. The phenomena had
reduced investors interest in banks stocks. The consequence is the drop in bank’s stock prices.
The purpose of the study is to analyze effect of fundamental factors towards banking stock
price at Jakarta Stock Exchange. Variables in fundamental factors are capital adequacy ratio, return
on asset, return on equity, net interest margin, loan to deposit ratio, not performing asset to earning
asset and earning per share as independent variables, and stock prices announced as dependent
variable.
This study is conducted on 20 banks listed at Jakarta Stock Exchange. The model of analysis
is multiple linier regression. Outcome of the study reveals that as simultaneously, effect of capital
adequacy ratio, return on asset, return on equity, net interest margin, loan to deposit ratio, not
performing asset to earning asset and earning per share is effecting the stock prices. Partially most of
the independent variable significantly influence the stock price except ROA, LDR and NPATEA.
Key word : Fundamental Factor, Stock Price.

Ardin Sianipar : Pengaruh Faktor Fundamental Terhadap Harga Saham Industri Perbankan di Indonesia, 2005

USU Repository © 2006