Analisis Faktor – Faktor yang Mempengaruhi Rating Obligasi Syariah pada Perusahaan yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2011-2014
LAMPIRAN
LAMPIRAN I
Daftar Sukuk yang Menjadi Sampel
No.
Nama Perusahaan
1
PT Salim Ivomas Pratama Tbk.
- Sukuk Ijarah Salim Ivomas
Pratama I 2009
PT Summarecon Agung Tbk.
- Sukuk
Ijarah
I
Summarecon Agung Tahun
2008
PT Indosat Tbk.
- Sukuk Ijarah Indosat II
Tahun 2007
- Sukuk Ijarah Indosat III
Tahun 2008
- Sukuk Ijarah Indosat IV
Tahun 2009 Seri A
- Sukuk Ijarah Indosat IV
Tahun 2009 Seri B
2
3
4
6
Tanggal
Jatuh
Tempo
Sukuk Ijarah Berlian Laju
Tanker
IITahun
2009
SeriA
- Sukuk Ijarah Berlian Laju
Tanker II Tahun 2009
SeriB
PT Matahari Putra Prima Tbk.
- Sukuk Ijarah Matahari
Putra Prima II Tahun 2009
Seri B
PT Mitra Adiperkasa Tbk.
- Sukuk
Ijarah
Mitra
Adiperkasa I Tahun 2009
Seri B
Rating Obilgasi Syariah
2011
2012
2013
02-12-2009 01-12-2014
AA-
AA-
AA-
26-06-2008 25-06-2013
A-
A-
A-
30-05-2007 29-05-2017
AA+
AA+
AA+
10-04-2008 09-04-2013
AA+
AA+
AA+
09-12-2009 08-12-2014
AA+
AA+
AA+
09-12-2009 08-12-2016
AA+
AA+
AA+
A-
A-
A-
29-05-2009 28-05-2013
A-
A-
A-
29-05-2009 28-05-2014
A-
A-
A-
15-04-2009 14-04-2014
A+
A+
A+
17-12-2009 16-12-2014
A+
A+
A+
PT Berlian Laju Tanker Tbk.
- Sukuk Ijarah Berian Laju 06-07-2007 05-07-2013
Tanker Tahun 2007
-
5
Tanggal
Listed
92
Universitas Sumatera Utara
Lampiran II
Lampiran ini berisikan rata-rata data rasio (Debt Ratio), (Profit Margin), Rasio Profitabilitas (Return on Equity) dan Rasio Likuiditas
(Cash Ratio) dari tahun 2011-2014.
Nama Perusahaan
PT Salim Ivomas Pratama
Tbk
PT Sumarecon Agung Tbk
PT Indosat Tbk
PT. Berlian Laju Tanker
PT Matahari Putra Prima
PT Mitra Adiperkasa
Nama Sukuk
Sukuk Ijarah Salim Ivomas
Sukuk Ijarah I Sumarecon
Sukuk Ijarah Indosat II
Sukuk Ijarah Indosat III
Sukuk Ijarah Indosat IV A
Sukuk Ijarah Indosat II B
Sukuk Ijarah Berlian 2007
Sukuk Ijarah Berlian II 2009 Seri A
Sukuk Ijarah Berlian II 2009 Seri B
Sukuk Ijarah Matahari II Seri B
2009
Sukuk Ijarah Mitra I 209 Seri B
Debt Ratio (X1)
ROE (X2)
Average
Average
Cash Ratio
(X3)
Average
Profit
Margin (X4)
Average
Rating Obligasi
(Y)
Average
0,42
0,67
0,68
0,68
0,68
0,68
2,545
2,545
2,545
0,24
0,20
0,09
0,09
0,09
0,09
0,79
0,79
0,79
1,22
1,23
0,54
0,54
0,54
0,54
0,52
0,52
0,52
0,23
0,28
0,07
0,07
0,07
0,07
1,02
1,02
1,02
15
12
17
17
17
17
12
12
12
0,495
0,63
0,11
0,17
1,47
1,18
0,03
0,05
14
14
93
Universitas Sumatera Utara
Lampiran III
1. Statistik Deskriptif
Descriptive Statistics
N
Minimum
Maximum
Mean
Std. Deviation
Debt_Ratio
11
,42
2,55
1,1427
,90464
ROE
11
,09
,79
,3136
,31004
Cash_Ratio
11
,52
1,47
,8018
,38212
Profit_Margin
11
,03
1,02
,3573
,43260
Rating_Sukuk
11
12,00
17,00
14,4545
2,25227
Valid N (listwise)
11
2. Uji Asumsi Klasik
2.1 Uji Normalitas
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N
Normal Parameters
11
a,b
Mean
Std. Deviation
Most Extreme Differences
Kolmogorov-Smirnov Z
Asymp. Sig. (2-tailed)
,0000000
,48533125
Absolute
,349
Positive
,265
Negative
-,349
1,158
,137
a. Test distribution is Normal.
b. Calculated from data.
94
Universitas Sumatera Utara
2.2 Uji Multikolinearitas
Hasil Uji Multikolinearitas
Coefficients
Model
Unstandardized
Standardized
Coefficients
Coefficients
B
1 (Constant)
a
Std. Error
Collinearity Statistics
Beta
t
Sig.
Tolerance
VIF
21,427
1,254
17,091
,000
Debt_Ratio
-3,154
1,594
-1,267 -1,978
,095
,019
52,996
ROE
14,442
7,709
1,873
,110
,007
145,511
Cash_Ratio
-5,484
,976
-,930 -5,621
,001
,283
3,540
Profit_Margin
-9,799
4,589
-1,882 -2,135
,077
,010
100,375
1,988
a. Dependent Variable: Rating_Obligasi
Korelasi Antar Variabel Independen
Coefficient Correlations
Model
1
Profit_Margin
Correlations
Profit_Margin
Cash_Ratio
Debt_Ratio
ROE
1,000
,307
,046
-,835
Cash_Ratio
,307
1,000
,774
-,650
Debt_Ratio
,046
,774
1,000
-,581
-,835
-,650
-,581
1,000
21,056
1,373
,339
-29,537
Cash_Ratio
1,373
,952
1,204
-4,890
Debt_Ratio
,339
1,204
2,542
-7,143
-29,537
-4,890
-7,143
59,427
ROE
Covariances
a
Profit_Margin
ROE
a. Dependent Variable: Rating_Obligasi
2.3 Uji Autokorelasi
Hasil Uji Autokorelasi
b
Model Summary
Model
dimension0
1
R
,977
a
R Square
Adjusted R Square
Std. Error of the Estimate
Durbin-Watson
,954
,923
,62656
2,507
a. Predictors: (Constant), Profit_Margin, Cash_Ratio, Debt_Ratio, ROE
b. Dependent Variable: Rating_Obligasi
95
Universitas Sumatera Utara
2.4 Uji Multikolinearitas
Uji Glejser
Coefficientsa
Model
Unstandardized
Standardized
Coefficients
Coefficients
B
1
Std. Error
(Constant)
-,918
,218
Debt_Ratio
,711
,277
ROE
-,389
Cash_Ratio
Profit_Margin
Beta
t
Sig.
-4,212
,006
1,738
2,563
,043
1,341
-,326
-,290
,781
1,156
,170
1,195
6,817
,000
-1,117
,798
-1,307
-1,400
,211
a. Dependent Variable: absut
Sumber : Hasil Olah Data Menggunakan SPSS
96
Universitas Sumatera Utara
Lampiran IV
Lampiran ini berisi data hasil pengujian hipotesis simultan dan parsial.
Hasil Uji F
b
ANOVA
Model
1
Sum of Squares
Regression
Residual
Total
df
Mean Square
48,372
4
12,093
2,355
6
,393
50,727
10
F
Sig.
30,804
,000
a
a. Predictors: (Constant), Profit_Margin, Cash_Ratio, Debt_Ratio, ROE
b. Dependent Variable: Rating_Obligasi
Tabel 4.9
Hasil Uji t
Coefficients
a
Model
Standardized
Unstandardized Coefficients
B
1
Coefficients
Std. Error
(Constant)
21,427
1,254
Debt_Ratio
-3,154
1,594
ROE
14,442
Cash_Ratio
Profit_Margin
Beta
t
Sig.
17,091
,000
-1,267
-1,978
,095
7,709
1,988
1,873
,110
-5,484
,976
-,930
-5,621
,001
-9,799
4,589
-1,882
-2,135
,077
a. Dependent Variable: Rating_Sukuk
Uji Regresi Menggunakan Metode R2
b
Model Summary
Model
R
1
,977
dimension0
R Square
a
,954
Adjusted R Square
Std. Error of the Estimate
,923
,62656
a. Predictors: (Constant), Profit_Margin, Cash_Ratio, Debt_Ratio, ROE
b. Dependent Variable: Rating_Sukuk
97
Universitas Sumatera Utara
Lampiran V
Jadwal Penelitian
Tahapan
Apr
Mei
Jun
Jul
Agt
Sept
Okt
Nov
Des
Penelitian
2015
2015
2015
2015
2015
2015
2015
2015
2015
Pengajuan
Judul
Penyelesaian
Proposal
Bimbingan
Proposal
Seminar
Proposal
Pengumpulan
Data
Bimbingan
Skripsi
Penyampaian
Hasil
Penelitian
98
Universitas Sumatera Utara
LAMPIRAN I
Daftar Sukuk yang Menjadi Sampel
No.
Nama Perusahaan
1
PT Salim Ivomas Pratama Tbk.
- Sukuk Ijarah Salim Ivomas
Pratama I 2009
PT Summarecon Agung Tbk.
- Sukuk
Ijarah
I
Summarecon Agung Tahun
2008
PT Indosat Tbk.
- Sukuk Ijarah Indosat II
Tahun 2007
- Sukuk Ijarah Indosat III
Tahun 2008
- Sukuk Ijarah Indosat IV
Tahun 2009 Seri A
- Sukuk Ijarah Indosat IV
Tahun 2009 Seri B
2
3
4
6
Tanggal
Jatuh
Tempo
Sukuk Ijarah Berlian Laju
Tanker
IITahun
2009
SeriA
- Sukuk Ijarah Berlian Laju
Tanker II Tahun 2009
SeriB
PT Matahari Putra Prima Tbk.
- Sukuk Ijarah Matahari
Putra Prima II Tahun 2009
Seri B
PT Mitra Adiperkasa Tbk.
- Sukuk
Ijarah
Mitra
Adiperkasa I Tahun 2009
Seri B
Rating Obilgasi Syariah
2011
2012
2013
02-12-2009 01-12-2014
AA-
AA-
AA-
26-06-2008 25-06-2013
A-
A-
A-
30-05-2007 29-05-2017
AA+
AA+
AA+
10-04-2008 09-04-2013
AA+
AA+
AA+
09-12-2009 08-12-2014
AA+
AA+
AA+
09-12-2009 08-12-2016
AA+
AA+
AA+
A-
A-
A-
29-05-2009 28-05-2013
A-
A-
A-
29-05-2009 28-05-2014
A-
A-
A-
15-04-2009 14-04-2014
A+
A+
A+
17-12-2009 16-12-2014
A+
A+
A+
PT Berlian Laju Tanker Tbk.
- Sukuk Ijarah Berian Laju 06-07-2007 05-07-2013
Tanker Tahun 2007
-
5
Tanggal
Listed
92
Universitas Sumatera Utara
Lampiran II
Lampiran ini berisikan rata-rata data rasio (Debt Ratio), (Profit Margin), Rasio Profitabilitas (Return on Equity) dan Rasio Likuiditas
(Cash Ratio) dari tahun 2011-2014.
Nama Perusahaan
PT Salim Ivomas Pratama
Tbk
PT Sumarecon Agung Tbk
PT Indosat Tbk
PT. Berlian Laju Tanker
PT Matahari Putra Prima
PT Mitra Adiperkasa
Nama Sukuk
Sukuk Ijarah Salim Ivomas
Sukuk Ijarah I Sumarecon
Sukuk Ijarah Indosat II
Sukuk Ijarah Indosat III
Sukuk Ijarah Indosat IV A
Sukuk Ijarah Indosat II B
Sukuk Ijarah Berlian 2007
Sukuk Ijarah Berlian II 2009 Seri A
Sukuk Ijarah Berlian II 2009 Seri B
Sukuk Ijarah Matahari II Seri B
2009
Sukuk Ijarah Mitra I 209 Seri B
Debt Ratio (X1)
ROE (X2)
Average
Average
Cash Ratio
(X3)
Average
Profit
Margin (X4)
Average
Rating Obligasi
(Y)
Average
0,42
0,67
0,68
0,68
0,68
0,68
2,545
2,545
2,545
0,24
0,20
0,09
0,09
0,09
0,09
0,79
0,79
0,79
1,22
1,23
0,54
0,54
0,54
0,54
0,52
0,52
0,52
0,23
0,28
0,07
0,07
0,07
0,07
1,02
1,02
1,02
15
12
17
17
17
17
12
12
12
0,495
0,63
0,11
0,17
1,47
1,18
0,03
0,05
14
14
93
Universitas Sumatera Utara
Lampiran III
1. Statistik Deskriptif
Descriptive Statistics
N
Minimum
Maximum
Mean
Std. Deviation
Debt_Ratio
11
,42
2,55
1,1427
,90464
ROE
11
,09
,79
,3136
,31004
Cash_Ratio
11
,52
1,47
,8018
,38212
Profit_Margin
11
,03
1,02
,3573
,43260
Rating_Sukuk
11
12,00
17,00
14,4545
2,25227
Valid N (listwise)
11
2. Uji Asumsi Klasik
2.1 Uji Normalitas
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N
Normal Parameters
11
a,b
Mean
Std. Deviation
Most Extreme Differences
Kolmogorov-Smirnov Z
Asymp. Sig. (2-tailed)
,0000000
,48533125
Absolute
,349
Positive
,265
Negative
-,349
1,158
,137
a. Test distribution is Normal.
b. Calculated from data.
94
Universitas Sumatera Utara
2.2 Uji Multikolinearitas
Hasil Uji Multikolinearitas
Coefficients
Model
Unstandardized
Standardized
Coefficients
Coefficients
B
1 (Constant)
a
Std. Error
Collinearity Statistics
Beta
t
Sig.
Tolerance
VIF
21,427
1,254
17,091
,000
Debt_Ratio
-3,154
1,594
-1,267 -1,978
,095
,019
52,996
ROE
14,442
7,709
1,873
,110
,007
145,511
Cash_Ratio
-5,484
,976
-,930 -5,621
,001
,283
3,540
Profit_Margin
-9,799
4,589
-1,882 -2,135
,077
,010
100,375
1,988
a. Dependent Variable: Rating_Obligasi
Korelasi Antar Variabel Independen
Coefficient Correlations
Model
1
Profit_Margin
Correlations
Profit_Margin
Cash_Ratio
Debt_Ratio
ROE
1,000
,307
,046
-,835
Cash_Ratio
,307
1,000
,774
-,650
Debt_Ratio
,046
,774
1,000
-,581
-,835
-,650
-,581
1,000
21,056
1,373
,339
-29,537
Cash_Ratio
1,373
,952
1,204
-4,890
Debt_Ratio
,339
1,204
2,542
-7,143
-29,537
-4,890
-7,143
59,427
ROE
Covariances
a
Profit_Margin
ROE
a. Dependent Variable: Rating_Obligasi
2.3 Uji Autokorelasi
Hasil Uji Autokorelasi
b
Model Summary
Model
dimension0
1
R
,977
a
R Square
Adjusted R Square
Std. Error of the Estimate
Durbin-Watson
,954
,923
,62656
2,507
a. Predictors: (Constant), Profit_Margin, Cash_Ratio, Debt_Ratio, ROE
b. Dependent Variable: Rating_Obligasi
95
Universitas Sumatera Utara
2.4 Uji Multikolinearitas
Uji Glejser
Coefficientsa
Model
Unstandardized
Standardized
Coefficients
Coefficients
B
1
Std. Error
(Constant)
-,918
,218
Debt_Ratio
,711
,277
ROE
-,389
Cash_Ratio
Profit_Margin
Beta
t
Sig.
-4,212
,006
1,738
2,563
,043
1,341
-,326
-,290
,781
1,156
,170
1,195
6,817
,000
-1,117
,798
-1,307
-1,400
,211
a. Dependent Variable: absut
Sumber : Hasil Olah Data Menggunakan SPSS
96
Universitas Sumatera Utara
Lampiran IV
Lampiran ini berisi data hasil pengujian hipotesis simultan dan parsial.
Hasil Uji F
b
ANOVA
Model
1
Sum of Squares
Regression
Residual
Total
df
Mean Square
48,372
4
12,093
2,355
6
,393
50,727
10
F
Sig.
30,804
,000
a
a. Predictors: (Constant), Profit_Margin, Cash_Ratio, Debt_Ratio, ROE
b. Dependent Variable: Rating_Obligasi
Tabel 4.9
Hasil Uji t
Coefficients
a
Model
Standardized
Unstandardized Coefficients
B
1
Coefficients
Std. Error
(Constant)
21,427
1,254
Debt_Ratio
-3,154
1,594
ROE
14,442
Cash_Ratio
Profit_Margin
Beta
t
Sig.
17,091
,000
-1,267
-1,978
,095
7,709
1,988
1,873
,110
-5,484
,976
-,930
-5,621
,001
-9,799
4,589
-1,882
-2,135
,077
a. Dependent Variable: Rating_Sukuk
Uji Regresi Menggunakan Metode R2
b
Model Summary
Model
R
1
,977
dimension0
R Square
a
,954
Adjusted R Square
Std. Error of the Estimate
,923
,62656
a. Predictors: (Constant), Profit_Margin, Cash_Ratio, Debt_Ratio, ROE
b. Dependent Variable: Rating_Sukuk
97
Universitas Sumatera Utara
Lampiran V
Jadwal Penelitian
Tahapan
Apr
Mei
Jun
Jul
Agt
Sept
Okt
Nov
Des
Penelitian
2015
2015
2015
2015
2015
2015
2015
2015
2015
Pengajuan
Judul
Penyelesaian
Proposal
Bimbingan
Proposal
Seminar
Proposal
Pengumpulan
Data
Bimbingan
Skripsi
Penyampaian
Hasil
Penelitian
98
Universitas Sumatera Utara