PENGARUH NILAI PASAR, LEVERAGE, DAN PERTUMBUHAN TERHADAP HARGA SAHAM PADA PERUSAHAAN SUBSEKTOR BATUBARA YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2011 – 2015
DAFTAR ISI
ABSTRAK .............................................................................................................. i
KATA PENGANTAR .......................................................................................... iii
DAFTAR ISI ......................................................................................................... vi
DAFTAR TABEL ................................................................................................ ix
DAFTAR GAMBAR ............................................................................................ xi
DAFTAR GRAFIK ............................................................................................. xii
DAFTAR LAMPIRAN.......................................................................................xiii
BAB I PENDAHULUAN ..................................................................................... 1
1.1. Latar Belakang Masalah .................................................................... 1
1.2
Identifikasi Masalah ......................................................................... 15
1.3
Tujuan Penelitian ............................................................................. 16
1.4
Manfaat Penelitian ........................................................................... 16
1.5
Sistematika Penelitian ...................................................................... 17
BAB II KAJIAN PUSTAKA, PENELITIAN TERDAHULU, KERANGKA
PEMIKIRAN, DAN HIPOTESIS .......................................................... 19
2.1
Kajian Pustaka ................................................................................. 19
2.1.1 Pengertian Manajemen Keuangan ....................................... 19
2.1.1.1 Tujuan manajemen keuangan ................................... 19
2.1.2 Kinerja Keuangan ................................................................ 20
2.1.3 Rasio Nilai Pasar .................................................................. 23
2.1.4 Rasio Leverage ..................................................................... 28
2.1.5 Rasio Pertumbuhan .............................................................. 30
2.1.6 Sistem Keuangan Indonesia ................................................. 35
2.1.7 Pasar Modal.......................................................................... 35
2.1.8 Saham ................................................................................... 47
2.1.9
2.2
Teori Sinyal...........................................................................47
Penelitian Terdahulu ........................................................................ 47
2.3
Kerangka Pemikiran ........................................................................ 50
2.4
Hipotesis Penelitian ......................................................................... 54
BAB III METODE PENELITIAN ................................................................... 55
3.1
Objek Penelitian ............................................................................... 55
3.2
Unit Analisis .................................................................................... 55
3.3
Populasi dan Teknik Sampling ........................................................ 55
3.3.1 Populasi ................................................................................ 55
3.3.2 Teknik Sampling .................................................................. 56
3.4
Jenis dan Sumber Data ..................................................................... 57
3.4.1 Jenis Data ............................................................................. 57
3.4.2 Sumber Data ......................................................................... 57
3.5
Teknik Pengumpulan data ............................................................... 58
3.6
Operasionalisasi Data ...................................................................... 58
3.7
Metode Analisis ............................................................................... 60
3.7.1 Deskriptif Data ..................................................................... 60
3.7.2 Uji Asumsi Klasik ................................................................ 60
3.7.3 Uji Kolerasi .......................................................................... 62
3.7.4 Uji Koefisien Determinasi (R2) ............................................ 63
3.7.5 Uji Hipotesis ........................................................................ 64
BAB IV HASIL PENELITIAN DAN PEMBAHASAN .................................. 68
4.1
HASIL PENELITIAN ..................................................................... 68
4.1.1 Perkembangan Nilai Pasar (PBV) pada perusahaan Subsektor
Batu Bara yang terdaftar di BEI periode 2011-2015. .......... 68
4.1.2 Perkembangan Nilai Pasar (EPS) pada perusahaan Subsektor
Batubara yang terdaftar di BEI tahun 2011-2015. ............... 70
4.1.3 Perkembangan Leverage pada perusahaan Subsektor Batu
Bara yang terdaftar di BEI tahun 2011 -2015. ..................... 72
4.1.4 Perkembangan Sales Growth pada perusahaan Subsektor
Batu Bara yang terdaftar di BEI tahun 2011 -2015. ............ 74
4.1.5 Perkembangan Harga Saham pada perusahaan Subsektor
Batu Bara yang terdaftar di BEI tahun 2011 -2015. ............ 76
4.1.6 DESKRIPTIVE DATA ........................................................ 78
4.1.7 Hasil penelitian .................................................................... 80
4.1.8 Uji Korelasi .......................................................................... 85
4.1.9 Uji Koefisien Determinasi (R2) ........................................... 85
4.1.10 Uji Hipotesis ........................................................................ 86
4.2
PEMBAHASAN .............................................................................. 95
4.2.1 Pengaruh Price to Book Value terhadap Harga Saham........ 95
4.2.2 Pengaruh EPS terhadap Harga Saham. ................................ 96
4.2.3 Pengaruh DER terhadap Harga Saham ................................ 97
4.2.4 Pengaruh Sales Growth terhadap Harga Saham. ................. 97
BAB V KESIMPULAN DAN SARAN ............................................................. 99
5.1
Kesimpulan ...................................................................................... 99
5.2
Saran .............................................................................................. 103
DAFTAR PUSTAKA
LAMPIRAN
ABSTRAK .............................................................................................................. i
KATA PENGANTAR .......................................................................................... iii
DAFTAR ISI ......................................................................................................... vi
DAFTAR TABEL ................................................................................................ ix
DAFTAR GAMBAR ............................................................................................ xi
DAFTAR GRAFIK ............................................................................................. xii
DAFTAR LAMPIRAN.......................................................................................xiii
BAB I PENDAHULUAN ..................................................................................... 1
1.1. Latar Belakang Masalah .................................................................... 1
1.2
Identifikasi Masalah ......................................................................... 15
1.3
Tujuan Penelitian ............................................................................. 16
1.4
Manfaat Penelitian ........................................................................... 16
1.5
Sistematika Penelitian ...................................................................... 17
BAB II KAJIAN PUSTAKA, PENELITIAN TERDAHULU, KERANGKA
PEMIKIRAN, DAN HIPOTESIS .......................................................... 19
2.1
Kajian Pustaka ................................................................................. 19
2.1.1 Pengertian Manajemen Keuangan ....................................... 19
2.1.1.1 Tujuan manajemen keuangan ................................... 19
2.1.2 Kinerja Keuangan ................................................................ 20
2.1.3 Rasio Nilai Pasar .................................................................. 23
2.1.4 Rasio Leverage ..................................................................... 28
2.1.5 Rasio Pertumbuhan .............................................................. 30
2.1.6 Sistem Keuangan Indonesia ................................................. 35
2.1.7 Pasar Modal.......................................................................... 35
2.1.8 Saham ................................................................................... 47
2.1.9
2.2
Teori Sinyal...........................................................................47
Penelitian Terdahulu ........................................................................ 47
2.3
Kerangka Pemikiran ........................................................................ 50
2.4
Hipotesis Penelitian ......................................................................... 54
BAB III METODE PENELITIAN ................................................................... 55
3.1
Objek Penelitian ............................................................................... 55
3.2
Unit Analisis .................................................................................... 55
3.3
Populasi dan Teknik Sampling ........................................................ 55
3.3.1 Populasi ................................................................................ 55
3.3.2 Teknik Sampling .................................................................. 56
3.4
Jenis dan Sumber Data ..................................................................... 57
3.4.1 Jenis Data ............................................................................. 57
3.4.2 Sumber Data ......................................................................... 57
3.5
Teknik Pengumpulan data ............................................................... 58
3.6
Operasionalisasi Data ...................................................................... 58
3.7
Metode Analisis ............................................................................... 60
3.7.1 Deskriptif Data ..................................................................... 60
3.7.2 Uji Asumsi Klasik ................................................................ 60
3.7.3 Uji Kolerasi .......................................................................... 62
3.7.4 Uji Koefisien Determinasi (R2) ............................................ 63
3.7.5 Uji Hipotesis ........................................................................ 64
BAB IV HASIL PENELITIAN DAN PEMBAHASAN .................................. 68
4.1
HASIL PENELITIAN ..................................................................... 68
4.1.1 Perkembangan Nilai Pasar (PBV) pada perusahaan Subsektor
Batu Bara yang terdaftar di BEI periode 2011-2015. .......... 68
4.1.2 Perkembangan Nilai Pasar (EPS) pada perusahaan Subsektor
Batubara yang terdaftar di BEI tahun 2011-2015. ............... 70
4.1.3 Perkembangan Leverage pada perusahaan Subsektor Batu
Bara yang terdaftar di BEI tahun 2011 -2015. ..................... 72
4.1.4 Perkembangan Sales Growth pada perusahaan Subsektor
Batu Bara yang terdaftar di BEI tahun 2011 -2015. ............ 74
4.1.5 Perkembangan Harga Saham pada perusahaan Subsektor
Batu Bara yang terdaftar di BEI tahun 2011 -2015. ............ 76
4.1.6 DESKRIPTIVE DATA ........................................................ 78
4.1.7 Hasil penelitian .................................................................... 80
4.1.8 Uji Korelasi .......................................................................... 85
4.1.9 Uji Koefisien Determinasi (R2) ........................................... 85
4.1.10 Uji Hipotesis ........................................................................ 86
4.2
PEMBAHASAN .............................................................................. 95
4.2.1 Pengaruh Price to Book Value terhadap Harga Saham........ 95
4.2.2 Pengaruh EPS terhadap Harga Saham. ................................ 96
4.2.3 Pengaruh DER terhadap Harga Saham ................................ 97
4.2.4 Pengaruh Sales Growth terhadap Harga Saham. ................. 97
BAB V KESIMPULAN DAN SARAN ............................................................. 99
5.1
Kesimpulan ...................................................................................... 99
5.2
Saran .............................................................................................. 103
DAFTAR PUSTAKA
LAMPIRAN