Pengaruh Rasio Keuangan Terhadap Return Saham Dengan Kebijakan Divivden Sebagai Moderating Variabel Pada Perusahaan Manufaktur Di Bursa Efek Indonesia

PENGARUH RASIO KEUANGAN TERHADAP RETURN SAHAM
DENGAN KEBIJAKAN DIVIDEN SEBAGAI MODERATING
VARIABEL PADA PERUSAHAAN MANUFAKTUR
DI BURSA EFEK INDONESIA

ABSTRAK
Tujuan penelitian ini adalah untuk mengetahui dan menganalisis pengaruh
rasio keuangan (current ratio, debt to equity ratio, return on assets, size, cash
flow to debt, dan cash flow) secara simultan dan parsial terhadap return saham
pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia, serta untuk
mengetahui dan menganalisis pengaruh kebijakan dividen pada hubungan
pengaruh rasio keuangan (current ratio, debt to equity ratio, return on assets, size,
cash flow to debt, dan cash flow) terhadap return saham pada perusahaan
manufaktur yang terdaftar di Bursa Efek Indonesia. Populasi penelitian ini yaitu
sebanyak 131 perusahaan yang merupakan perusahaan manufaktur yang terdaftar
di Bursa Efek Indonesia sejak tahun 2008-2011. Sampel yang dipilih dengan
menggunakan metode purposive sampling berjumlah 27 perusahaan, Data diolah
dengan menggunakan metode uji Kaiser-Meyer-Olkin (KMO) dan metode uji
statistik regresi linier berganda untuk hipotesis pertama. Untuk hipotesis kedua
menggunakan uji residual dengan menggunakan software SPSS. Hasil penelitian
ini membuktikan pada hipotesis pertama bahwa current ratio, debt to equity ratio,

return on asset, size, cash flow to debt dan cash flow berpengaruh terhadap return
saham melalui uji faktor. Variabel current ratio, debt to equity ratio, return on
asset, size, cash flow to debt dan cash flow berpengaruh secara simultan terhadap
return saham sedangkan secara parsial hanya variabel current ratio berpengaruh
terhadap return saham. Pada hasil penelitian untuk hipotesis kedua, kebijakan
dividen tidak mampu secara signifikan memoderasi hubungn rasio keuangan
(current ratio, debt to equity ratio, return on asset, size, cash flow to debt dan
cash flow) dengan return saham.
Kata Kunci : current ratio, debt to equity ratio, return on assets, size, cash flow to
debt, cash flow, kebijakan dividend dan return saham.

Universitas Sumatera Utara

EFFECT OF FINANCIAL RATIO INFLUENCING RETURN SHARES
WITH DIVIDEND POLICY AS MODERATING VARIABLE AT
MANUFACTURING COMPANY IN THE
INDONESIA STOCK EXCHANGE

ABSTRACT
The purpose of this research is to investigate and analyze the effect of

financial ratio (current ratio, debt to equity ratio, return on assets, size, cash flow
to debt, and cash flow) simultaneously and partially to the stock return in
manufacturing companies listed on the Stock Exchange Indonesia, as well as to
indentify and analyze whether the dividend policy as a moderating variable affect
correlation variable of current ratio, debt to equity ratio, return on assets, size,
cash flow to debt, and cash flow to return shares. Population of this research
amount to 131 companies which were manufacturing company listed on the
Indonesia Stock Exchange the year 2008-2011. Sample selected by using method
of purposive sampling amount to 27 companies. Data was processed using the
method of test KMO (Kaiser-Meyer-Olkin) for the first hypothesis and method of
multiple linear regression statistical test. For the second hypothesis was
processed by using residual test and using SPSS software. The result of this
research proves the first hypothesis that the current ratio, debt to equity ratio,
return on assets, size, cash flow to debt, and cash flow after test factor and
simultaneously affect the return shares and partially just current ratio affect the
return shares. When dividend policy is used as a moderating variable in the
second hypothesis, dividend policy is not able to significantly moderate the effect
of financial ratio on stock return. It means not support the independent variable
with stock return.
Keywords : Current ratio, debt to equity ratio, return on asset, size, cash flow to

debt, cash flow, dividend policy and stock return.

Universitas Sumatera Utara