ANALISIS NILAI INTRINSIK PERUSAHAAN: APLIKASI METODE ABNORMAL EARNING DAN PRICE EARNING RATIO
DAFTAR ISI
LEMBAR PENGESAHAN ................................................................................... i
SURAT PERNYATAAN ...................................................................................... ii
ABSTRAK ............................................................................................................ iii
ABSTRACT .......................................................................................................... iv
KATA PENGANTAR ........................................................................................... v
UCAPAN TERIMA KASIH ............................................................................... vi
DAFTAR ISI ......................................................................................................... ix
DAFTAR TABEL .............................................................................................. xiii
DAFTAR GAMBAR .......................................................................................... xiv
DAFTAR LAMPIRAN ....................................................................................... xv
BAB I PENDAHULUAN
1.1 Latar Belakang Penelitian ........................................................................ 1
1.2 Identifikasi Masalah ................................................................................. 7
1.3 Tujuan Penelitian...................................................................................... 7
1.4 Manfaat penelitian .................................................................................... 8
1.5 Sistematika Skripsi ................................................................................... 9
BAB II TINJAUAN PUSTAKA
2.1 Landasan Teoritis ................................................................................... 10
2.1.1 Manajemen Keuangan ...................................................................... 10
2.1.1.1 Pengertian Manajemen Keuangan .......................................... 10
2.1.1.2 Fungsi Manajemen Keuangan ................................................ 11
2.1.1.3 Tujuan Manajemen Keuangan ................................................ 11
2.1.2 Kinerja Keuangan ............................................................................... 12
2.1.2.1 Pengertian Kinerja Keuangan ................................................. 12
ix
2.1.2.2 Tujuan Kinerja Keuangan ....................................................... 13
2.1.2.3 Pengukuran Kinerja Keuangan ............................................... 13
2.1.3 Analisis Rasio Keuangan .................................................................... 14
2.1.3.1 Pengertian Rasio Keuangan ..................................................... 14
2.1.3.2 Jenis Analisis Rasio Keuangan ................................................ 14
2.1.4 Konsep Nilai ........................................................................................ 16
2.1.5 Analisis Fundamental .......................................................................... 16
2.1.6 Nilai Intrinsik ...................................................................................... 18
2.1.7 Perhitungan Nilai Intrinsik ................................................................. 19
2.1.7.1 Abnormal Earning ……………………………..……………. 19
2.1.7.2 Relative Valuation .................................................................. 20
2.1.7.2.1 Price Earning Ratio ………………………………..……20
2.1.7.2.2 Price to Book Value …………………..……….……… 23
2.1.7.2.3 Price Sales Ratio ……………………………….. ........... 23
2.1.8 Harga Saham ………… ....................................................................... 24
2.1.8.1 Pengertian Harga Saham .......................................................... 24
2.1.8.2 Faktor-Faktor Yang Mempengaruhi Harga Saham .................. 25
2.2 Kajian Penelitian Sebelumnya ................................................................ 26
2.3 Kerangka Pemikiran ................................................................................ 30
2.4 Hipotesis Penelitian ................................................................................. 33
BAB III METODOLOGI PENELITIAN
3.1 Objek Penelitian ................................................................................... 34
3.2 Unit Analisis ......................................................................................... 34
3.3 Populasi dan Sampel ............................................................................. 35
3.4 Jenis dan Sumber Data ......................................................................... 35
x
3.4.1 Jenis Data.............................................................................. 35
3.4.2 Sumber Data ......................................................................... 36
3.5 Teknik Pengumpulan Data ..................................................................... 36
3.6 Operasionalisasi Variabel ....................................................................... 36
3.7 Metode Penelitian ................................................................................... 38
3.7.1 Metode Perhitungan Nilai Intrinsik ............................................. 39
3.7.2 Metode Perhitungan Error ........................................................... 40
3.7.3 Analisis Statistik .......................................................................... 40
3.7.3.1 Independent T-Test ............................................................. 40
BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1 Analisis Perusahaan .............................................................................. 42
4.1.1 Rasio Profitability ........................................................................ 42
4.1.2 Rasio Price ................................................................................... 44
4.1.3 Rasio Liquidity. ........................................................................... 45
4.1.4 Rasio Leverage ............................................................................ 46
4.1.5 Rasio Efficiency .......................................................................... 47
4.2 Perhitungan Nilai Intrinsik ................................................................... 48
4.2.1 Abnormal Earning ....................................................................... 48
4.2.2 Price Earning Ratio ...................................................................... 52
4.3 Perbandingan Hasil Perhitungan ............................................................. 55
4.4 Metode Perhitungan Error ....................................................................... 58
4.5 Analisis Statistik...................................................................................... 63
4.5.1 Independent T-Test ...................................................................... 63
xi
BAB V KESIMPULAN DAN SARAN
5.1 Kesimpulan............................................................................................. 64
5.2 Saran ....................................................................................................... 65
DAFTAR PUSTAKA
LAMPIRAN
RIWAYAT HIDUP
xii
LEMBAR PENGESAHAN ................................................................................... i
SURAT PERNYATAAN ...................................................................................... ii
ABSTRAK ............................................................................................................ iii
ABSTRACT .......................................................................................................... iv
KATA PENGANTAR ........................................................................................... v
UCAPAN TERIMA KASIH ............................................................................... vi
DAFTAR ISI ......................................................................................................... ix
DAFTAR TABEL .............................................................................................. xiii
DAFTAR GAMBAR .......................................................................................... xiv
DAFTAR LAMPIRAN ....................................................................................... xv
BAB I PENDAHULUAN
1.1 Latar Belakang Penelitian ........................................................................ 1
1.2 Identifikasi Masalah ................................................................................. 7
1.3 Tujuan Penelitian...................................................................................... 7
1.4 Manfaat penelitian .................................................................................... 8
1.5 Sistematika Skripsi ................................................................................... 9
BAB II TINJAUAN PUSTAKA
2.1 Landasan Teoritis ................................................................................... 10
2.1.1 Manajemen Keuangan ...................................................................... 10
2.1.1.1 Pengertian Manajemen Keuangan .......................................... 10
2.1.1.2 Fungsi Manajemen Keuangan ................................................ 11
2.1.1.3 Tujuan Manajemen Keuangan ................................................ 11
2.1.2 Kinerja Keuangan ............................................................................... 12
2.1.2.1 Pengertian Kinerja Keuangan ................................................. 12
ix
2.1.2.2 Tujuan Kinerja Keuangan ....................................................... 13
2.1.2.3 Pengukuran Kinerja Keuangan ............................................... 13
2.1.3 Analisis Rasio Keuangan .................................................................... 14
2.1.3.1 Pengertian Rasio Keuangan ..................................................... 14
2.1.3.2 Jenis Analisis Rasio Keuangan ................................................ 14
2.1.4 Konsep Nilai ........................................................................................ 16
2.1.5 Analisis Fundamental .......................................................................... 16
2.1.6 Nilai Intrinsik ...................................................................................... 18
2.1.7 Perhitungan Nilai Intrinsik ................................................................. 19
2.1.7.1 Abnormal Earning ……………………………..……………. 19
2.1.7.2 Relative Valuation .................................................................. 20
2.1.7.2.1 Price Earning Ratio ………………………………..……20
2.1.7.2.2 Price to Book Value …………………..……….……… 23
2.1.7.2.3 Price Sales Ratio ……………………………….. ........... 23
2.1.8 Harga Saham ………… ....................................................................... 24
2.1.8.1 Pengertian Harga Saham .......................................................... 24
2.1.8.2 Faktor-Faktor Yang Mempengaruhi Harga Saham .................. 25
2.2 Kajian Penelitian Sebelumnya ................................................................ 26
2.3 Kerangka Pemikiran ................................................................................ 30
2.4 Hipotesis Penelitian ................................................................................. 33
BAB III METODOLOGI PENELITIAN
3.1 Objek Penelitian ................................................................................... 34
3.2 Unit Analisis ......................................................................................... 34
3.3 Populasi dan Sampel ............................................................................. 35
3.4 Jenis dan Sumber Data ......................................................................... 35
x
3.4.1 Jenis Data.............................................................................. 35
3.4.2 Sumber Data ......................................................................... 36
3.5 Teknik Pengumpulan Data ..................................................................... 36
3.6 Operasionalisasi Variabel ....................................................................... 36
3.7 Metode Penelitian ................................................................................... 38
3.7.1 Metode Perhitungan Nilai Intrinsik ............................................. 39
3.7.2 Metode Perhitungan Error ........................................................... 40
3.7.3 Analisis Statistik .......................................................................... 40
3.7.3.1 Independent T-Test ............................................................. 40
BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1 Analisis Perusahaan .............................................................................. 42
4.1.1 Rasio Profitability ........................................................................ 42
4.1.2 Rasio Price ................................................................................... 44
4.1.3 Rasio Liquidity. ........................................................................... 45
4.1.4 Rasio Leverage ............................................................................ 46
4.1.5 Rasio Efficiency .......................................................................... 47
4.2 Perhitungan Nilai Intrinsik ................................................................... 48
4.2.1 Abnormal Earning ....................................................................... 48
4.2.2 Price Earning Ratio ...................................................................... 52
4.3 Perbandingan Hasil Perhitungan ............................................................. 55
4.4 Metode Perhitungan Error ....................................................................... 58
4.5 Analisis Statistik...................................................................................... 63
4.5.1 Independent T-Test ...................................................................... 63
xi
BAB V KESIMPULAN DAN SARAN
5.1 Kesimpulan............................................................................................. 64
5.2 Saran ....................................................................................................... 65
DAFTAR PUSTAKA
LAMPIRAN
RIWAYAT HIDUP
xii