Welcome to Repositori Universitas Muria Kudus - Repositori Universitas Muria Kudus
PENGARUH TINGKAT PERTUMBUHAN
PENJUALAN, PERPUTARAN PIUTANG, DAN
MODAL KERJA TERHADAP LIKUIDITAS
PERUSAHAAN (Studi pada Perusahaan Otomotif
dan Komponennya yang Terdaftar di Bursa Efek
Indonesia (BEI) Periode 2010-2015)
Diajukan Oleh :
TRI SETIYANTO HADI
NIM. 2012-12-065
PROGRAM STUDI AKUNTANSI
FAKULTAS EKONOMI
UNIVERSITAS MURIA KUDUS
TAHUN 2017
i
ii
iii
iv
MOTTO DAN PERSEMBAHAN
Motto
“Kebanggaan kita yang terbesar adalah bukan tidak pernah gagal, tetapi
bangkit kembali setiap kali kita jatuh” (Confusius)
“Our greatest pride is not never fail, but bounced back every time we fall”
Persembahan
Skripsi ini kupersembahkan untuk kedua orang
tua ku dan kakak-kakak ku yang tercinta, yang
selalu menjadi motivasi dan memberikan
dukungan tiada henti-hentinya do’anya buat ku,
yang menjadi jembatan perjalanan hidupku.
Semoga skripsi ini bermanfaat bagi saya.
v
KATA PENGANTAR
Puji syukur Alhamdulilah penulis panjatkan kehadirat Allah SWT, Tuhan
Pencipta alam semesta yang telah memberikan limpahan rahmat dan hidayah-Nya
serta memberikan kekuatan kepada saya sehingga dapat menyelesaikan tugas akhir
penulis dalam menuntut ilmu Sastra Satu Fakultas Ekonomi di Universitas Muria
Kudus dengan judul “PENGARUH TINGKAT PERTUMBUHAN PENJUALAN,
PERPUTARAN PIUTANG, DAN MODAL KERJA TERHADAP LIKUIDITAS
PERUSAHAAN (Studi pada Perusahaan Otomotif dan Komponennya yang
Terdaftar di Bursa Efek Indonesia (BEI) Periode 2010-2015”
Dalam penyelesaian skripsi ini, penulis banyak memperoleh bimbingan,
dukungan, nasehat, dan bantuan lain baik secara moril maupun materiel dari
berbagai pihak. Pada kesempatan ini penulis menyampaikan uncapan terima kasih
yang sedalam-dalamnya kepada:
1. Bapak Dr. H. Mochmmad Edris, Drs., MM. Selaku Dekan Fakultas
Ekonomi, Universitas Muria Kudus.
2. Ibu Nafi’ Inayati Zahro, SE, M.Si. selaku Dosen Pembimbing I yang telah
banyak memberikan bimbingan dan pengarahan kepada peneliti untuk
menyelesaikan skripsi ini.
3. Ibu Hj. Sri Mulyani, SEI., M.Si. Selaku Ketua Program Studi Akuntansi dan
Dosen Pembimbing II yang telah memberikan waktunya dan bimbingannya
yang telah diberikan kepada penulis selama proses penyusunan dan
penyelesaian skripsi ini.
vi
vii
ABSTRAK
Penelitian ini bertujuan untuk mengetahui pengaruh tingkat pertumbuhan
penjualan, perputaran piutang, dan modal kerja terhadap likuiditas pada perusahaan
otomotif dan komponennya yang terdaftar di Bursa Efek Indonesia.
Penelitian ini dilakukan dengan menggunakan data sekunder yang bersifat
kuantitatif diperoleh dari laporan keuangan pada perusahaan otomotif dan
komponennya yang terdaftar di BEI. Penelitian ini menggunakan 12 perusahaan dari
18 perusahaan yang terdaftar di BEI selama periode 2010-2015 sehingga diperoleh
72 sampel, dalam penentuan sampel menggunakan metode purposive sampling. Data
yang telah di tabulasi kemudian diolah menggunakan program SPSS 22 kemudian di
analisis dengan motode analisis data yang terlebih dahulu dilakukan pengujian
asumsi klasik sebelum melakukan pengujian hipotesis. Dalam penelitian ini
pengujian hipotesis menggunakan regresi linier berganda dengan uji t dan uji F.
Hasil penelitian ini menunjukkan bahwa hipotesis pertama tingkat
pertumbuhan penjualan tidak berpengaruh signifikan terhadap likuiditas, hipotesis
kedua perputaran piutang tidak berpengaruh signifikan terhadap likuiditas, hipotesis
ketiga modal kerja berpengaruh signifikan terhadap likuiditas suatu perusahaan.
Kata kunci : Tingkat Pertumbuhan Penjualan, Perputaran Piutang, Modal Kerja dan
Likuiditas
viii
ABSTRACT
This study aims to determine the effect of sales growth, account receivable
turnover, liquidity and working capital to the company’s automotive and
components listed in the Indonesia Stock Exchange.
This research was conducted using quantitative secondary data obtained
from the financial statements of the company’s automotive and components listed in
Indonesia Stock Exchange. This study uses 12 companies out of 18 companies listed
in Indonesia Stock Exchange during the 2010-2015 period in order to obtain 72
samples, the sampling using purposive sampling method. Data that has been in the
tabulation then processed using SPSS 22 and then analyzes by the data analysis
method first performed classic assumption test before hypothesis test. In this
research, hypothesis testing using multiple linear regression with t test and F.
The result of this study indicate that the first hypothesis sales growth rate did
not significantly affect the liquidity, the second hypothesis receivables turnover no
significant effect on liquidity, the third hypothesis working capital significanty
influence the liquidity of a company.
Keywords : Growth Rate of Sales, Accouns Receivable Turnover, Working Capital
and Liquidity
ix
DAFTAR ISI
HALAMAN JUDUL ................................................................................................................i
PERNYATAAN SKRIPSI........................................................ Error! Bookmark not defined.
HALAMAN PENGESAHAN.................................................................................................. ii
HALAMAN PENGESAHAN PENGUJI ............................................................................... iii
MOTTO DAN PERSEMBAHAN .......................................................................................... iv
ABSTRAK ............................................................................................................................. vii
ABSTRACT.............................................................................................................................. ix
DAFTAR ISI............................................................................................................................ x
DAFTAR TABEL................................................................................................................. xiii
DAFTAR GAMBAR ............................................................................................................ xiv
DAFTAR LAMPIRAN .......................................................................................................... xv
BAB I ...................................................................................................................................... 1
PENDAHULUAN .................................................................................................................. 1
1.1.
Latar Belakang Penelitian ....................................................................................... 1
1.2.
Ruang lingkup ......................................................................................................... 6
1.3.
Perumusan Masalah ................................................................................................ 7
1.4.
Tujuan Penelitian .................................................................................................... 7
1.5.
Manfaat Penelitian .................................................................................................. 8
BAB II................................................................................................................................... 10
TINJAUAN PUSTAKA ....................................................................................................... 10
2.1.
Landasan Teori...................................................................................................... 10
2.1.1.
Teori keagenan .............................................................................................. 10
2.1.2.
Likuiditas ...................................................................................................... 12
2.1.3.
Tingkat Pertumbuhan Penjualan ................................................................... 15
2.1.4.
Perputaran Piutang ........................................................................................ 17
2.1.5.
Modal Kerja .................................................................................................. 19
2.2.
Penelitian Terdahulu ............................................................................................. 23
2.3.
Kerangka Berfikir ................................................................................................. 27
2.4.
Hipotesis Penelitian .............................................................................................. 29
BAB III ................................................................................................................................. 32
METODE PENELITIAN ...................................................................................................... 32
x
2.5.
Rancangan penilitian ............................................................................................. 32
2.6.
Definisi Operasional dan Pengukuran Variabel .................................................... 32
1.
Variabel dependen ................................................................................................ 33
2.
Variabel independen ............................................................................................. 33
2.7.
Jenis dan Sumber Data .......................................................................................... 35
2.8.
Populasi dan Sampel Penelitian ............................................................................ 36
1.
Populasi ................................................................................................................. 36
2.
Sampel................................................................................................................... 36
2.9.
Pengumpulan Data ................................................................................................ 37
2.10.
Pengolahan Data ................................................................................................... 37
2.11. Analisis Data ......................................................................................................... 38
1.
Statistik Deskriptif ................................................................................................. 38
2.
Uji Asumsi Klasik ................................................................................................. 38
A. Uji Normalitas ....................................................................................................... 38
B. Uji Multikolonieritas ............................................................................................. 39
C. Uji Heteroskedastisitas.......................................................................................... 39
D. Uji Autokorelasi .................................................................................................... 40
3.
Analisis Regresi Linier Berganda .......................................................................... 41
4.
Uji hipotesis........................................................................................................... 41
1. Uji F ...................................................................................................................... 41
2. Uji T ...................................................................................................................... 43
3. Uji Koefisien Determinasi (R2) ............................................................................. 43
BAB IV ................................................................................................................................. 45
HASIL DAN PEMBAHASAN............................................................................................. 45
4.1. Gambaran Umum Sampel Penelitian ............................................................................. 45
4.2 Analisis Data ................................................................................................................... 46
1.
Analisis Deskriptif .................................................................................................... 46
2.
Asumsi Klasik ........................................................................................................... 47
3.
1.
Uji normalitas data ................................................................................................ 48
2.
Uji Multikolonieritas ............................................................................................. 50
3.
Uji Heteroskedastitas ............................................................................................ 51
4.
Uji Autokorelasi .................................................................................................... 52
Analisis Regresi Linier Berganda ............................................................................. 53
xi
4.
Hasil Hipotesis. ......................................................................................................... 54
1.
Hasil Uji F ............................................................................................................. 54
2.
Hasil Uji T............................................................................................................. 55
3.
Koefisiean Determinasi (R2) ................................................................................. 57
5.
Pembahasan Hasil Uji Hipotesis ............................................................................... 58
BAB V .................................................................................................................................. 62
PENUTUP ............................................................................................................................ 62
5.1. Kesimpulan ................................................................................................................ 62
5.2.
Keterbatasan Penelitian ......................................................................................... 63
5.3.
Saran ..................................................................................................................... 64
DAFTAR PUSTAKA ........................................................................................................... 66
LAMPIRAN.......................................................................................................................... 70
xii
DAFTAR TABEL
Tabel 2. 1. Tinjauan Peneliti Trerdahulu .................................................................. 23
Tabel 4. 1 Proses seleksi sampel berdasarkan kreteria ............................................. 45
Tabel 4. 2. Nama Perusahaan .................................................................................... 45
Tabel 4. 3. Hasil Deskriptif Statistik ......................................................................... 46
Tabel 4. 4. Hasil Uji Normalitas Setelah Trasnformasi Data dengan uji statistic nonparametrik kolmogorov smirov ................................................................................. 50
Tabel 4. 5. Hasil Uji Multikolonieritas ..................................................................... 50
Tabel 4. 6. Hasil Uji Park .......................................................................................... 52
Tabel 4. 7. Hasil Uji Autokorelasi dengan Run Test ................................................ 52
Tabel 4. 8. Hasil Regresi Berganda Terhadap Likuiditas ......................................... 53
Tabel 4. 9. Hasil Uji F ............................................................................................... 54
Tabel 4. 10. Hasil Uji T ............................................................................................. 55
Tabel 4. 11. Koefisien Determinasi .......................................................................... 57
xiii
DAFTAR GAMBAR
Gambar 2. 1. Kerangka Pemikiran Teoritis .............................................................. 28
Gambar 4. 1. Hasil Uji Normalitas dengan Probability Plot .................................... 48
Gambar 4. 2. Hasil Uji Normalitas Setelah Transformai dengan LN ....................... 49
Gambar 4. 3. Hasil Uji Normalitas Setelah Transformasi Probability Plot.............. 49
Gambar 4. 4. Grafik Plot ........................................................................................... 51
xiv
DAFTAR LAMPIRAN
Lampiran 1. Data Keuangan Penelitian Perusahaan ................................................ 70
Lampiran 2. Tabulasi Data ....................................................................................... 74
Lampiran 3. Hasil Uji Data SPSS .......................................................................... 781
xv
PENJUALAN, PERPUTARAN PIUTANG, DAN
MODAL KERJA TERHADAP LIKUIDITAS
PERUSAHAAN (Studi pada Perusahaan Otomotif
dan Komponennya yang Terdaftar di Bursa Efek
Indonesia (BEI) Periode 2010-2015)
Diajukan Oleh :
TRI SETIYANTO HADI
NIM. 2012-12-065
PROGRAM STUDI AKUNTANSI
FAKULTAS EKONOMI
UNIVERSITAS MURIA KUDUS
TAHUN 2017
i
ii
iii
iv
MOTTO DAN PERSEMBAHAN
Motto
“Kebanggaan kita yang terbesar adalah bukan tidak pernah gagal, tetapi
bangkit kembali setiap kali kita jatuh” (Confusius)
“Our greatest pride is not never fail, but bounced back every time we fall”
Persembahan
Skripsi ini kupersembahkan untuk kedua orang
tua ku dan kakak-kakak ku yang tercinta, yang
selalu menjadi motivasi dan memberikan
dukungan tiada henti-hentinya do’anya buat ku,
yang menjadi jembatan perjalanan hidupku.
Semoga skripsi ini bermanfaat bagi saya.
v
KATA PENGANTAR
Puji syukur Alhamdulilah penulis panjatkan kehadirat Allah SWT, Tuhan
Pencipta alam semesta yang telah memberikan limpahan rahmat dan hidayah-Nya
serta memberikan kekuatan kepada saya sehingga dapat menyelesaikan tugas akhir
penulis dalam menuntut ilmu Sastra Satu Fakultas Ekonomi di Universitas Muria
Kudus dengan judul “PENGARUH TINGKAT PERTUMBUHAN PENJUALAN,
PERPUTARAN PIUTANG, DAN MODAL KERJA TERHADAP LIKUIDITAS
PERUSAHAAN (Studi pada Perusahaan Otomotif dan Komponennya yang
Terdaftar di Bursa Efek Indonesia (BEI) Periode 2010-2015”
Dalam penyelesaian skripsi ini, penulis banyak memperoleh bimbingan,
dukungan, nasehat, dan bantuan lain baik secara moril maupun materiel dari
berbagai pihak. Pada kesempatan ini penulis menyampaikan uncapan terima kasih
yang sedalam-dalamnya kepada:
1. Bapak Dr. H. Mochmmad Edris, Drs., MM. Selaku Dekan Fakultas
Ekonomi, Universitas Muria Kudus.
2. Ibu Nafi’ Inayati Zahro, SE, M.Si. selaku Dosen Pembimbing I yang telah
banyak memberikan bimbingan dan pengarahan kepada peneliti untuk
menyelesaikan skripsi ini.
3. Ibu Hj. Sri Mulyani, SEI., M.Si. Selaku Ketua Program Studi Akuntansi dan
Dosen Pembimbing II yang telah memberikan waktunya dan bimbingannya
yang telah diberikan kepada penulis selama proses penyusunan dan
penyelesaian skripsi ini.
vi
vii
ABSTRAK
Penelitian ini bertujuan untuk mengetahui pengaruh tingkat pertumbuhan
penjualan, perputaran piutang, dan modal kerja terhadap likuiditas pada perusahaan
otomotif dan komponennya yang terdaftar di Bursa Efek Indonesia.
Penelitian ini dilakukan dengan menggunakan data sekunder yang bersifat
kuantitatif diperoleh dari laporan keuangan pada perusahaan otomotif dan
komponennya yang terdaftar di BEI. Penelitian ini menggunakan 12 perusahaan dari
18 perusahaan yang terdaftar di BEI selama periode 2010-2015 sehingga diperoleh
72 sampel, dalam penentuan sampel menggunakan metode purposive sampling. Data
yang telah di tabulasi kemudian diolah menggunakan program SPSS 22 kemudian di
analisis dengan motode analisis data yang terlebih dahulu dilakukan pengujian
asumsi klasik sebelum melakukan pengujian hipotesis. Dalam penelitian ini
pengujian hipotesis menggunakan regresi linier berganda dengan uji t dan uji F.
Hasil penelitian ini menunjukkan bahwa hipotesis pertama tingkat
pertumbuhan penjualan tidak berpengaruh signifikan terhadap likuiditas, hipotesis
kedua perputaran piutang tidak berpengaruh signifikan terhadap likuiditas, hipotesis
ketiga modal kerja berpengaruh signifikan terhadap likuiditas suatu perusahaan.
Kata kunci : Tingkat Pertumbuhan Penjualan, Perputaran Piutang, Modal Kerja dan
Likuiditas
viii
ABSTRACT
This study aims to determine the effect of sales growth, account receivable
turnover, liquidity and working capital to the company’s automotive and
components listed in the Indonesia Stock Exchange.
This research was conducted using quantitative secondary data obtained
from the financial statements of the company’s automotive and components listed in
Indonesia Stock Exchange. This study uses 12 companies out of 18 companies listed
in Indonesia Stock Exchange during the 2010-2015 period in order to obtain 72
samples, the sampling using purposive sampling method. Data that has been in the
tabulation then processed using SPSS 22 and then analyzes by the data analysis
method first performed classic assumption test before hypothesis test. In this
research, hypothesis testing using multiple linear regression with t test and F.
The result of this study indicate that the first hypothesis sales growth rate did
not significantly affect the liquidity, the second hypothesis receivables turnover no
significant effect on liquidity, the third hypothesis working capital significanty
influence the liquidity of a company.
Keywords : Growth Rate of Sales, Accouns Receivable Turnover, Working Capital
and Liquidity
ix
DAFTAR ISI
HALAMAN JUDUL ................................................................................................................i
PERNYATAAN SKRIPSI........................................................ Error! Bookmark not defined.
HALAMAN PENGESAHAN.................................................................................................. ii
HALAMAN PENGESAHAN PENGUJI ............................................................................... iii
MOTTO DAN PERSEMBAHAN .......................................................................................... iv
ABSTRAK ............................................................................................................................. vii
ABSTRACT.............................................................................................................................. ix
DAFTAR ISI............................................................................................................................ x
DAFTAR TABEL................................................................................................................. xiii
DAFTAR GAMBAR ............................................................................................................ xiv
DAFTAR LAMPIRAN .......................................................................................................... xv
BAB I ...................................................................................................................................... 1
PENDAHULUAN .................................................................................................................. 1
1.1.
Latar Belakang Penelitian ....................................................................................... 1
1.2.
Ruang lingkup ......................................................................................................... 6
1.3.
Perumusan Masalah ................................................................................................ 7
1.4.
Tujuan Penelitian .................................................................................................... 7
1.5.
Manfaat Penelitian .................................................................................................. 8
BAB II................................................................................................................................... 10
TINJAUAN PUSTAKA ....................................................................................................... 10
2.1.
Landasan Teori...................................................................................................... 10
2.1.1.
Teori keagenan .............................................................................................. 10
2.1.2.
Likuiditas ...................................................................................................... 12
2.1.3.
Tingkat Pertumbuhan Penjualan ................................................................... 15
2.1.4.
Perputaran Piutang ........................................................................................ 17
2.1.5.
Modal Kerja .................................................................................................. 19
2.2.
Penelitian Terdahulu ............................................................................................. 23
2.3.
Kerangka Berfikir ................................................................................................. 27
2.4.
Hipotesis Penelitian .............................................................................................. 29
BAB III ................................................................................................................................. 32
METODE PENELITIAN ...................................................................................................... 32
x
2.5.
Rancangan penilitian ............................................................................................. 32
2.6.
Definisi Operasional dan Pengukuran Variabel .................................................... 32
1.
Variabel dependen ................................................................................................ 33
2.
Variabel independen ............................................................................................. 33
2.7.
Jenis dan Sumber Data .......................................................................................... 35
2.8.
Populasi dan Sampel Penelitian ............................................................................ 36
1.
Populasi ................................................................................................................. 36
2.
Sampel................................................................................................................... 36
2.9.
Pengumpulan Data ................................................................................................ 37
2.10.
Pengolahan Data ................................................................................................... 37
2.11. Analisis Data ......................................................................................................... 38
1.
Statistik Deskriptif ................................................................................................. 38
2.
Uji Asumsi Klasik ................................................................................................. 38
A. Uji Normalitas ....................................................................................................... 38
B. Uji Multikolonieritas ............................................................................................. 39
C. Uji Heteroskedastisitas.......................................................................................... 39
D. Uji Autokorelasi .................................................................................................... 40
3.
Analisis Regresi Linier Berganda .......................................................................... 41
4.
Uji hipotesis........................................................................................................... 41
1. Uji F ...................................................................................................................... 41
2. Uji T ...................................................................................................................... 43
3. Uji Koefisien Determinasi (R2) ............................................................................. 43
BAB IV ................................................................................................................................. 45
HASIL DAN PEMBAHASAN............................................................................................. 45
4.1. Gambaran Umum Sampel Penelitian ............................................................................. 45
4.2 Analisis Data ................................................................................................................... 46
1.
Analisis Deskriptif .................................................................................................... 46
2.
Asumsi Klasik ........................................................................................................... 47
3.
1.
Uji normalitas data ................................................................................................ 48
2.
Uji Multikolonieritas ............................................................................................. 50
3.
Uji Heteroskedastitas ............................................................................................ 51
4.
Uji Autokorelasi .................................................................................................... 52
Analisis Regresi Linier Berganda ............................................................................. 53
xi
4.
Hasil Hipotesis. ......................................................................................................... 54
1.
Hasil Uji F ............................................................................................................. 54
2.
Hasil Uji T............................................................................................................. 55
3.
Koefisiean Determinasi (R2) ................................................................................. 57
5.
Pembahasan Hasil Uji Hipotesis ............................................................................... 58
BAB V .................................................................................................................................. 62
PENUTUP ............................................................................................................................ 62
5.1. Kesimpulan ................................................................................................................ 62
5.2.
Keterbatasan Penelitian ......................................................................................... 63
5.3.
Saran ..................................................................................................................... 64
DAFTAR PUSTAKA ........................................................................................................... 66
LAMPIRAN.......................................................................................................................... 70
xii
DAFTAR TABEL
Tabel 2. 1. Tinjauan Peneliti Trerdahulu .................................................................. 23
Tabel 4. 1 Proses seleksi sampel berdasarkan kreteria ............................................. 45
Tabel 4. 2. Nama Perusahaan .................................................................................... 45
Tabel 4. 3. Hasil Deskriptif Statistik ......................................................................... 46
Tabel 4. 4. Hasil Uji Normalitas Setelah Trasnformasi Data dengan uji statistic nonparametrik kolmogorov smirov ................................................................................. 50
Tabel 4. 5. Hasil Uji Multikolonieritas ..................................................................... 50
Tabel 4. 6. Hasil Uji Park .......................................................................................... 52
Tabel 4. 7. Hasil Uji Autokorelasi dengan Run Test ................................................ 52
Tabel 4. 8. Hasil Regresi Berganda Terhadap Likuiditas ......................................... 53
Tabel 4. 9. Hasil Uji F ............................................................................................... 54
Tabel 4. 10. Hasil Uji T ............................................................................................. 55
Tabel 4. 11. Koefisien Determinasi .......................................................................... 57
xiii
DAFTAR GAMBAR
Gambar 2. 1. Kerangka Pemikiran Teoritis .............................................................. 28
Gambar 4. 1. Hasil Uji Normalitas dengan Probability Plot .................................... 48
Gambar 4. 2. Hasil Uji Normalitas Setelah Transformai dengan LN ....................... 49
Gambar 4. 3. Hasil Uji Normalitas Setelah Transformasi Probability Plot.............. 49
Gambar 4. 4. Grafik Plot ........................................................................................... 51
xiv
DAFTAR LAMPIRAN
Lampiran 1. Data Keuangan Penelitian Perusahaan ................................................ 70
Lampiran 2. Tabulasi Data ....................................................................................... 74
Lampiran 3. Hasil Uji Data SPSS .......................................................................... 781
xv