Analisis Pengaruh Ukuran Perusahaan, Maturity, Financial Leverage, Profitabilitas Dan Likuiditas Terhadap Peringkat Obligasi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia
Lampiran 1 Proses Pengumpulan Sampel Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2010-2013 No Kode Nama Perusahaan Kriteria Sam 2010 2011 2012 2013 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
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20 JKSW Jakarta Kyoei Steel Works Tbk.
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21 JPRS Jaya Pari Steel Tbk.
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22 KRAS Krakatau Steel (Persero) Tbk.
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23 LION Lion Metal Works Tbk.
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24 LMSH Lionmesh Prima Tbk.
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25 NIKL Pelat Timah Nusantara Tbk.
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26 PICO Pelangi Indah Canindo Tbk.
27 TBMS Tembaga Mulia Semanan Tbk.
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34 LTLS Lautan Luas Tbk.
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33 INCI Intanwijaya Internasional Tbk.
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32 ETWA Eterindo Wahanatama Tbk.
31 EKAD Ekadharma International Tbk.
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30 DPNS Duta Pertiwi Nusantara Tbk.
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29 BUDI Budi Acid Jaya Tbk.
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28 BRPT Barito Pacific Tbk.
19 ISSP Steel Pipe Industry of Indonesia Tbk.
18 INAI Indal Aluminium Industry Tbk.
1 INTP Indocement Tunggal Prakarsa Tbk.
5 WTON Wijaya Karya Beton Tbk.
8 IKAI Intikeramik Alamasri Industi Tbk.
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7 ARNA Arwana Citramulia Tbk.
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6 AMFG Asahimas Flat Glass Tbk.
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9 KIAS Keramika Indonesia Assosiasi Tbk.
4 SMGR Semen Indonesia (Persero) Tbk.
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3 SMCB Holcim Indonesia Tbk.
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2 SMBR Semen Baturaja (Persero) Tbk.
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14 BAJA Saranacentral Bajatama Tbk.
17 GDST Gunawan Dianjaya Steel Tbk.
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16 CTBN Citra Tubindo Tbk.
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15 BTON Betonjaya Manunggal Tbk.
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10 MLIA Mulia Industrindo Tbk.
13 ALMI Alumindo Light Metal Industry Tbk.
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12 ALKA Alakasa Industrindo Tbk.
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11 TOTO Surya Toto Indonesia Tbk.
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35 MEDC Medco Energi International Tbk.
59 DAJK Dwi Aneka Jaya Kemasindo Tbk.
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62 INRU Toba Pulp Lestari Tbk.
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61 INKP Indah Kiat Pulp & Paper Tbk.
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60 FASW Fajar Surya Wisesa Tbk.
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58 BWPT BW Plantation Tbk.
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57 ALDO Alkindo Naratama Tbk.
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56 TIRT Tirta Mahakam Resources Tbk.
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63 KBRI Kertas Basuki Rachmat Indonesia Tbk.
64 SIMP Salim Ivomas Pratama Tbk.
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72 GJTL Gajah Tunggal Tbk.
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71 GDYR Goodyear Indonesia Tbk.
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70 BRAM Indo Kordsa Tbk.
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69 AUTO Astra Otoparts Tbk.
68 ASII Astra International Tbk.
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67 KRAH Grand Kartech Tbk.
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66 TKIM Pabrik Kertas Tjiwi Kimia Tbk.
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65 SPMA Suparma Tbk.
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55 SULI Sumalindo Lestari Jaya Tbk.
54 SIPD Sierad Produce Tbk.
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40 AKKU Alam Karya Unggul Tbk.
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43 BRNA Berlina Tbk.
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42 APLI Asiaplast Industries Tbk.
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41 AKPI Argha Karya Prima Industry Tbk.
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39 UNIC Unggul Indah Cahaya Tbk.
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38 TPIA Chandra Asri Petrochemical Tbk.
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37 SRSN Indo Acidatama Tbk.
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36 SOBI Sorini Agro Asia Corporindo Tbk.
44 FPNI Titan Kimia Nusantara Tbk.
45 IGAR Champion Pacific Indonesia Tbk.
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53 MAIN Malindo Feedmill Tbk.
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52 JPFA JAPFA Comfeed Indonesia Tbk.
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51 CPIN Charoen Pokphand Indonesia Tbk.
50 YPAS Yanaprima Hastapersada Tbk.
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49 TRST Trias Sentosa Tbk.
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48 SIMA Siwani Makmur Tbk.
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47 SIAP Sekawan Intipratama Tbk.
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46 IPOL Indopoly Swakarsa Industry Tbk.
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73 IMAS Indomobil Sukses Internasional Tbk.
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103 KBLM Kabelindo Murni Tbk.
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102 KBLI KMI Wire and Cable Tbk.
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101 JECC Jembo Cable Company Tbk.
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100 IKBI Sumi Indo Kabel Tbk.
99 BIMA Primarindo Asia Infrastructure Tbk.
104
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98 BATA Sepatu Bata Tbk.
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97 UNTX Unitex Tbk.
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96 UNIT Nusantara Inti Corporate Tbk.
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95 TRIS Trisula International Tbk.
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SCCO Supreme Cable Manufacturing & Commerce Tbk.
94 TFCO Tifico Fiber Indonesia Tbk.
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113 FAST Fastfood Indonesia Tbk.
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112 DLTA Delta Djakarta Tbk.
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111 DAVO Davomas Abadi Tbk.
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110 CEKA Cahaya Kalbar Tbk.
109 ALTO Tri Banyan Tirta Tbk.
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108 AISA Tiga Pilar Sejahtera Food Tbk.
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107 ADES Akasha Wira International Tbk.
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106 PTSN Sat Nusapersada Tbk.
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105 VOKS Voksel Electric Tbk.
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81 ARGO Argo Pantes Tbk.
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80 ADMG Polychem Indonesia Tbk.
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79 SMSM Selamat Sempurna Tbk.
78 PRAS Prima Alloy Steel Universal Tbk.
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77 NIPS Nipress Tbk.
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76 MASA Multitistrada Arah Sarana Tbk.
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75 LPIN Multi Prima Sejahtera Tbk.
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74 INDS Indospring Tbk.
82 CNTX Century Textile Industry Tbk.
83 ERTX Eratex Djaja Tbk.
93 STAR Star Petrochem Tbk.
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92 SSTM Sunson Textile Manufacturer Tbk.
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91 SRIL Sri Rejeki Isman Tbk.
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90 RICY Ricky Putra Globalindo Tbk.
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89 POLY Asia Pacific Fibers Tbk.
88 PBRX Pan Brothers Tbk.
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87 MYTX Apac Citra Centertex Tbk.
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86 INDR Indo-Rama Synthetics Tbk.
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85 HDTX Panasia Indo Resources Tbk.
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84 ESTI Ever Shine Textile Industry Tbk.
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114 ICBP Indofood CBP Sukses Makmur Tbk.
10
SIDO Industri Jamu & Farnasi Sido Muncul Tbk.
137
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136 SCPI Merck Sharp Dohme Pharma Tbk.
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135 PYFA Pyridam Farma Tbk.
PPKT Pupuk Kalimantan Timur √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ Sam
138
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133 MERK Merck Tbk.
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132 KLBF Kalbe Farma Tbk.
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SQBB Taisho Pharmaceutical Indonesia Tbk.
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143 UNVR Unilever Indonesia Tbk.
146 KICI Kedaung Indah Can Tbk.
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145 KDSI Kedawung Setia Industrial Tbk.
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144 CINT Chitose International Tbk.
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142 TCID Mandom Indonesia Tbk.
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141 MRAT Mustika Ratu Tbk.
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140 MBTO Martina Berto Tbk.
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139 TSPC Tempo Scan Pacific Tbk.
131 KAEF Kimia Farma (Persero) Tbk.
130 INAF Indofarma (Persero) Tbk.
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120 SKBM Sekar Bumi Tbk.
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119 ROTI Nippon Indosari Corpindo Tbk.
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118 PSDN Prasidha Aneka Niaga Tbk.
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√ √ X √ √ √ X √ √ √ X √ √ √ X √
117 MYOR Mayora Indah Tbk.
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116 MLBI Multi Bintang Indonesia Tbk.
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√ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ Sam
115 INDF Indofood Sukses Makmur Tbk.
121 SKLT Sekar Laut Tbk.
122 STTP Siantar Top Tbk.
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126 HMSP HM Sampoerna Tbk.
129 DVLA Darya-Varia Laboratoria Tbk.
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128 WIIM Wismilak Inti Makmur Tbk.
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127 RMBA Bentoel International Investama Tbk.
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125 GGRM Gudang Garam Tbk.
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√ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ Sam
124 ADHI Adhi Karya (Persero) Tbk.
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ULTJ Ultrajaya Milk Industry & Trading Co. Tbk.
123
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Lampiran 2 Daftar Sampel Penelitian No Kode Emiten Nama Emiten Peringkat Obligasi 2010 2011 2012 2013 1. ADHI Adhi Karya (Persero) Tbk.
Pupuk Kalimantan Timur Tbk. AA AA AA AA+
SIMP Salim Ivomas Pratama Tbk. 27,6960 27,7593 27,9965 28,1623 10.
8. PPKT Pupuk Kalimantan Timur Tbk. 30,6786 30,8701 30,9110 30,9655 9.
7. MYOR Mayora Indah Tbk. 29,1124 29,5181 29,7476 29,9042
6. MAIN Malindo Feedmill Tbk. 27,5968 27,9145 28,2187 28,4260
5. LTLS Lautan Luas Tbk. 28,9095 29,0273 29,0309 29,1422
4. JPFA JAPFA Comfeed Indonesia Tbk. 29,5740 29,7432 30,0254 30,3336
INDF Indofood Sukses Makmur Tbk. 31,4870 31,6123 31,7140 31,9889
2. BWPT BW Plantation Tbk. 28,6073 28,9089 29,2229 29,4556 3.
ADHI Adhi Karya (Persero) Tbk. 29,2259 29,4414 29,6943 29,9053
Lampiran 3 Ukuran Perusahaan (Ln Total Aset) No Kode Emiten Nama Emiten Ukuran Perusahaan 2010 2011 2012 2013 1.
10. SMSM Selamat Sempurna Tbk. AA- AA- AA- AA-
9. SIMP Salim Ivomas Pratama Tbk. AA- AA AA AA
Mayora Indah Tbk. AA- AA- AA- AA- 8. PPKT
A-
A- 7. MYOR
A-
A-
Malindo Feedmill Tbk. AA+
A- 6. MAIN
A-
A-
A-
A- A A A+ 5. LTLS Lautan Luas Tbk.
INDF Indofood Sukses Makmur Tbk. AA AA+ AA+ AA+ 4. JPFA JAPFA Comfeed Indonesia Tbk.
A- BBB+ 3.
2. BWPT BW Plantation Tbk. A A
A- A A
SMSM Selamat Sempurna Tbk. 29,8206 29,9951 30,1297 30,5265
Lampiran 4 Umur Obligasi (Maturity) No Kode Emiten Nama Emiten Peringkat Obligasi 2010 2011 2012 2013 1. ADHI Adhi Karya (Persero) Tbk.
1
1
1
1 9. SIMP Salim Ivomas Pratama Tbk.
1
1
1
1 10. SMSM Selamat Sempurna Tbk.
1
1
1 Lampiran 5
8. PPKT Pupuk Kalimantan Timur Tbk.
Rasio Financial Leverage (Total Kewajiban/Total Ekuitas) No Kode Emiten Nama Emiten Ukuran Perusahaan 2010 2011 2012 2013 1.
ADHI Adhi Karya (Persero) Tbk. 4,7148 5,1724 5,6661 5,2778
2. BWPT BW Plantation Tbk. 1,3518 1,5170 1,9486 1,8380 3.
INDF Indofood Sukses Makmur Tbk. 1,3359 ,6952 ,7375 1,0351
4. JPFA JAPFA Comfeed Indonesia Tbk. 1,1362 1,1838 1,3012 1,8440
5. LTLS Lautan Luas Tbk. 3,1428 3,2358 2,5771 2,2600
6. MAIN Malindo Feedmill Tbk. 2,7533 2,1478 1,6396 1,5675
7. MYOR Mayora Indah Tbk. 1,1845 1,7220 1,7063 1,4652
8. PPKT Pupuk Kalimantan Timur Tbk. ,7770 ,7220 ,6735 1,4235 9.
SIMP Salim Ivomas Pratama Tbk. 1,4646 ,6815 ,6514 ,7423 10.
1
1 7. MYOR Mayora Indah Tbk.
1
1
1
1
1 2. BWPT BW Plantation Tbk.
1
1
1
1 3.
INDF Indofood Sukses Makmur Tbk.
1
1
1 4. JPFA JAPFA Comfeed Indonesia Tbk.
1
1
1
1
1 5. LTLS Lautan Luas Tbk.
1
1
1
1 6. MAIN Malindo Feedmill Tbk.
1
1
SMSM Selamat Sempurna Tbk. ,9601 ,6953 ,7569 ,6896
Lampiran 6 Rasio Profitabilitas (Laba Bersih/ Total Aset) No Kode Emiten Nama Emiten Ukuran Perusahaan 2010 2011 2012 2013
ADHI Adhi Karya (Persero) Tbk. 1,1250 1,0889 1,2245 1,3663
SIMP Salim Ivomas Pratama Tbk. ,8169 1,3424 1,0710 ,5858 10.
8. PPKT Pupuk Kalimantan Timur Tbk. 1,2903 1,6603 1,7604 1,0201 9.
7. MYOR Mayora Indah Tbk. 2,1016 1,4948 1,9822 1,8899
6. MAIN Malindo Feedmill Tbk. 1,0950 ,9348 ,7407 ,6134
5. LTLS Lautan Luas Tbk. ,7312 ,6178 ,5231 ,7163
4. JPFA JAPFA Comfeed Indonesia Tbk. 1,3340 ,7393 ,7933 ,9807
INDF Indofood Sukses Makmur Tbk. 1,4640 1,4001 1,4082 1,2482
2. BWPT BW Plantation Tbk. 1,1624 ,5272 ,2317 ,2232 3.
Lampiran 7 Rasio Likuiditas (Aset Lancar-Persediaan/ Kewajiban Lancar) No Kode Emiten Nama Emiten Ukuran Perusahaan 2010 2011 2012 2013 1.
1. ADHI Adhi Karya (Persero) Tbk. ,0549 ,0375 ,0365 ,0627
10. SMSM Selamat Sempurna Tbk. ,4942 ,8282 ,5806 ,6466
9. SIMP Salim Ivomas Pratama Tbk. ,2368 ,4710 ,3323 ,1013
Pupuk Kalimantan Timur Tbk. ,4620 ,6368 ,7853 ,1696
Mayora Indah Tbk. ,4653 ,2621 ,3860 ,4004 8. PPKT
Malindo Feedmill Tbk. ,5047 ,3980 ,3546 ,2449 7. MYOR
Lautan Luas Tbk. ,0522 ,0438 ,0575 ,1469 6. MAIN
JAPFA Comfeed Indonesia Tbk. ,5687 ,2097 ,3058 ,1517 5. LTLS
INDF Indofood Sukses Makmur Tbk. ,2995 ,3910 ,3724 ,2651 4. JPFA
2. BWPT BW Plantation Tbk. ,3983 ,6196 ,5095 ,2542 3.
SMSM Selamat Sempurna Tbk. 1,1653 1,4900 1,1191 1,3372
Lampiran 8 Peringkat Obligasi No Kode Emiten Nama Emiten Peringkat Obligasi 2010 2011 2012 2013 1. ADHI Adhi Karya (Persero) Tbk.
15
15
15
15 8. PPKT Pupuk Kalimantan Timur Tbk.
15
16
16
16 9. SIMP Salim Ivomas Pratama Tbk.
15
15
15 10. SMSM Selamat Sempurna Tbk.
12 7. MYOR Mayora Indah Tbk.
16
16
16
17 Lampiran 9
Hasil Uji Analisis Statistik Deskriptif Descriptive Statistics
N Minimum Maximum Mean Std. Deviation Ukuran Perusahaan 40 27,5968 31,9889 29,574993 1,1501056 Umur Obligasi
40 1 ,90 ,304 Financial Leverage 40 ,6514 5,6661 1,809873 1,3339301 Profitabilitas 40 ,0365 ,8282 ,339964 ,2124613 Likuiditas 40 ,2232 2,1016 1,110412 ,4467308 Peringkat Obligasi
40
11 17 14,17 1,893 Valid N (listwise)
15
12
12
17
12
13
13 2. BWPT BW Plantation Tbk.
13
13
12
11 3.
INDF Indofood Sukses Makmur Tbk.
16
17
12
17 4. JPFA JAPFA Comfeed Indonesia Tbk.
12
13
13
14 5. LTLS Lautan Luas Tbk.
12
12
12
12 6. MAIN Malindo Feedmill Tbk.
17
40
Lampiran 10 Hasil Uji Normalitas
One-Sample Kolmogorov-Smirnov Test
Sumber: Diolah dengan SPSS (2015) Lampiran 11 Hasil Uji Multikolonieritas
d. Dependent Variable: Peringkat Obligasi
VIF (Constant) 4,311 5,733 ,752 ,457 Ukuran Perusahaan ,234 ,206 ,142 1,136 ,264 ,707 1,414 Maturity 1,537 ,883 ,247 1,740 ,091 ,549 1,820 Financial Leverage -,660 ,206 -,465 -3,205 ,003 ,525 1,905 Profitabilitas ,696 1,406 ,078 ,495 ,624 ,444 2,254 Likuiditas 2,702 ,714 ,638 3,782 ,001 ,389 2,573
B Std. Error Beta Tolerance
Standardized Coefficients t Sig. Collinearity Statistics
Model Unstandardized Coefficients
Coefficients
ab. Calculated from data.
Unstandardized Residual
Asymp. Sig. (2-tailed) ,811 a. Test distribution is Normal.
Kolmogorov-Smirnov Z ,638
Most Extreme Differences Absolute ,101 Positive ,101 Negative -,100
0E-7 Std. Deviation 1,16016000
40 Normal Parameters a,b Mean
N
Sumber: Diolah dengan SPSS (2015)
Lampiran 12
Hasil Uji Autokorelasi
b
Model Summary
Model R R Square Adjusted R Std. Error of the Durbin-Watson a Square Estimate 1 ,790 ,624 ,569 1,243 1,899 a. Predictors: (Constant), Likuiditas, Financial Leverage, Ukuran Perusahaan, Umur Obligasi, Profitabilitas
e. Dependent Variable: Peringkat Obligasi
Sumber: Diolah dengan SPSS (2015) Lampiran 13
Hasil Uji Heterokedastisitas
Coefficients a
Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta
1 (Constant) 6,955 3,484 1,996 ,054 Ukuran Perusahaan -,233 ,125 -,348 -1,860 ,072 Maturity ,574 ,537 ,227 1,069 ,293 Financial Leverage -,072 ,125 -,125 -,575 ,569 Profitabilitas ,506 ,854 ,140 ,592 ,558 Likuiditas ,201 ,434 ,117 ,462 ,647
a. Dependent Variable: AbsUt
Lampiran 14 Hasil Uji Regresi Linier Berganda
Coefficients
aModel Unstandardized Coefficients
Standardized Coefficients t Sig. Collinearity Statistics
B Std. Error Beta Tolerance
VIF (Constant) 4,311 5,733 ,752 ,457 Ukuran Perusahaan ,234 ,206 ,142 1,136 ,264 ,707 1,414 Maturity 1,537 ,883 ,247 1,740 ,091 ,549 1,820 Financial Leverage -,660 ,206 -,465 -3,205 ,003 ,525 1,905 Profitabilitas ,696 1,406 ,078 ,495 ,624 ,444 2,254 Likuiditas 2,702 ,714 ,638 3,782 ,001 ,389 2,573
f. Dependent Variable: Peringkat Obligasi
Sumber: Diolah dengan SPSS (2015)
Lampiran 15 Hasil Uji Goodness of Fit
Model Summaryb
Model R R Square Adjusted R Square Std. Error of the Estimate a 1 ,790 ,624 ,569 1,243 a. Predictors: (Constant), Likuiditas, Financial Leverage, Ukuran Perusahaan, Maturity, Profitabilitas
b. Dependent Variable: Peringkat Obligasi a
Coefficients
Model Unstandardized Coefficients Standardized t Sig.Coefficients B Std. Error Beta
(Constant) 4,311 5,733 ,752 ,457 Ukuran Perusahaan ,234 ,206 ,142 1,136 ,264 Maturity 1,537 ,883 ,247 1,740 ,091
1 Financial Leverage -,660 ,206 -,465 -3,205 ,003 Profitabilitas -,696 1,406 -,078 ,495 ,624 Likuiditas 2,702 ,714 ,638 3,782 ,001
a. Dependent Variable: Peringkat Obligasi
b ANOVA Model Sum of Squares df Mean Square F Sig. a
Regression 87,282 5 17,456 11,307 ,000
1 Residual 52,493 34 1,544 Total 139,775
39
a. Dependent Variable: Peringkat Obligasi
b. Predictors: (Constant), Likuiditas, Financial Leverage, Ukuran Perusahaan, Maturity, Profitabilitas