Faktor-faktor yang Mempengaruhi Tingkat Underpricing Pada Perusahaan yang Melakukan Initial Public Offering di Bursa Efek Indonesia

LAMPIRAN

77

Universitas Sumatera Utara

LAMPIRAN
Lampiran 1
Tingkat Underpricing Perusahaan Sampel
Pada Tahun 2011-2015
A. Perusahaan Non Keuangan

No.

Tahun
IPO

1.

2011

2.

2011

3.

2011

4.

2011

5.

2011

6.

2011

7.

2011

8.

2011

9.

2011

10.

2011

11.

2011

12.

2012

13.

2012

14.

2012

15.

2012

16.

2012

17.

2012

No.

Tahun

Kode

Nama Perusahaan

Mitrabahtera Segara
Sejati Tbk
PT Sejahteraraya
SRAJ
Anugrahjay Tbk
PT Buana Listya Tama
BULL
Tbk

Salim Ivomas Pratama
SIMP
Tbk
Alkindo Naratama
ALDO
TBk
Sidomulyo Selaras
SDMU
Tbk
PTIS Indo Straits Tbk
Solusi Tunas Pratama
SUPR
Tbk
Golden Energy Mines
GEMS
Tbk
PT Visi Media Asia
VIVA
Tbk
Saranacentral

BAJA
Bajatama Tbk
Tiphone Mobile
TELE
Indonesia Tbk
ESSA Surya Esa Perkasa Tbk
Bekasi Fajar Industrial
BEST
Estate Tbk
Supra Boga Lestari
RANC
Tbk
Kobexindo Tractors
KOBX
Tbk
MSKY MNC Sky Vision Tbk
MBSS

Kode

Nama Perusahaan

Harga
IPO

Closing
Price
Hari I
IPO

Tingkat
Underpricing

1600

1700

6.25

120

200

66.6667

155

160

3.22581

1100

1250

13.6364

225

250

11.1111

225

240

6.66667

950

1000

5.26316

3400

3700

8.82353

2500

2725

9

300

450

50

250

310

24

310

325

4.83871

610

1190

95.082

170

285

67.6471

500

670

34

400

520

30

1520

1540

1.32

Harga

Closing

Tingkat
78

Universitas Sumatera Utara

IPO

18.
19.

2012
2012

20.

2012

21.

2012

22.

2012

23.

2012

24.

2012

25.

2013

26.

2013

27.

2013

28.

2013

29.

2013

30.

2013

31.

2013

32.

2013

33.

2013

34.

2013

35.

2013

36.

2013

37.

2013

No.

Tahun
IPO

IPO

ALTO
PALM

Tri Banyan Tirta Tbk
Provident Agro Tbk
Pelayaran Nelly Dwi
NELY
Putri Tbk
Express Transindo
TAXI
Utama Tbk
Adi Sarana Armada
ASSA
Tbk
Wismilak inti Makmur
WIIM
Tbk
Waskita Karya
WSKT
(Persero) Tbk
PT Saraswati Griya
HOTL
Lestari Tbk
PT Sarana Meditama
SAME
Metropolitan Tbk
PT Trans Power
TPMA
Marine Tbk
PT Dyandra Media
DYAN
International Tbk
PT Dharma Satya
DSNG
Nusantara Tbk
PT Sri Rejeki Isman
SRIL
Tbk
PT Acset Indonusa
ACST
Tbk
PT Nusa Raya Cipta
NRCA
Tbk
PT Semen Baturaja
SMBR
(Persero) Tbk
PT Multipolar
MLPT
Technology Tbk
PT Siloam
SILO International Hospitals
Tbk
PT Arita Prima
APII
Indonesia Tbk
KRAH PT Grand Kartech Tbk

Kode

Nama Perusahaan

Underpricing

210
450

Price
Hari I
IPO
315
470

168

205

22.02

560

630

12.5

390

490

25.64

650

800

23.08

380

445

17.11

185

200

8.11

400

455

13.75

230

365

58.7

350

385

10

375

430

14.67

1850

1870

1.08

2500

2825

13

850

1270

49.41

560

570

1.79

480

720

50

9000

9650

7.22

220

330

50

275

410

49.09

Harga
IPO

Closing
Price
Hari I
IPO

Tingkat
Underpricing

50
4.44

79

Universitas Sumatera Utara

38.

2013

IMJS

39.

2013

SSMS

40.

2013

SIDO

41.

2014

BALI

42.

2014

BLTZ

43.

2014

DAJK

44.

2014

IMPC

45.

2015

MIKA

46.

2015

MMLP

47.

2015

BOLT

48.

2015

BIKA

49.

2015

MKNT

50.

2015

DPUM

PT Indo Mobil Multi
Jasa Tbk
PT Sawit Sumbermas
Sarana Tbk
PT Industri Jamu dan
Farmasi Sido Muncul
Tbk
PT Bali Tower Indo
Sentra Tbk
PT Graha Layar Prima
Tbk
PT Dwi Aneka Jaya
Kemasindo Tbk
PT Impack Pratama
Industri Tbk
PT Mitra Keluarga
Karyasehat Tbk
PT Mega Manunggal
Property Tbk
PT Garuda Metalindo
Tbk
PT Binakarya Jaya
Abadi Tbk
PT Mitra Komunikasi
Nusantara Tbk
PT Dua Putra Utama
Makmur Tbk

500

540

8

670

720

7.46

580

700

20.69

400

600

50

3000

3400

13.33

470

530

12.77

4300

5700

32.56

19000

21200

11.58

760

875

15.13

730

825

13.01

1400

1500

7.14

250

340

36

555

825

48.65

80

Universitas Sumatera Utara

B. Perusahaan Keuangan

No.

Tahun
IPO

Kode

Nama Perusahaan

51.

2011

HDFA

HD Finance Tbk

200

Closing
Price
Hari I
IPO
230

52.

2011

TIFA

200

310

55

53.

2011

ABMM

3750

3825

2

54.

2012

PADI

395

550

39.24

55.

2013

NOBU

375

430

14.67

56.

2013

VICO

125

210

68

57.

2013

BBMD

1380

1560

13.04

58.

2013

NAGA

180

305

69.44

59.

2014

ASMI

Tifa Finance Tbk
ABM Investama
Tbk
Minna Padi
Investama Tbk
PT Bank
Nationalnobu Tbk
PT Victoria
Investama Tbk
PT Bank Mestika
Dharma Tbk
PT Bank
Mitraniaga Tbk
PT Asuransi Mitra
Maparya Tbk

270

405

50

60.

2014

AGRS

165

187

13.33

60.

2014

IBFN

286

290

1.4

62.

2015

BBYB

190

195

2.63

PT Agris Tbk
PT Intan Baruprana
Finance Tbk
PT Bank Yudha
Bhakti Tbk

Harga
IPO

Tingkat
Underpricing
15

81

Universitas Sumatera Utara

Lampiran 2
Data Current Ratio, Size of Firm, DAR dan ROE
Perusahaan Sampel

No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.

No.

Kode
Perusahaan
Emiten
MBSS
SRAJ
BULL
SIMP
ALDO
SDMU
PTIS
SUPR
GEMS
VIVA
BAJA
HDFA
TIFA
ABMM
TELE
ESSA
BEST
RANC
KOBX
MSKY
ALTO
PALM
NELY
TAXI
ASSA
WIIM
WSKT
PADI
HOTL
SAME

Current
Ratio
(%)
68.02
71.72
129.29
169.33
113.81
425.69
199.66
243.30
542.03
171.25
111.15
119.99
137.68
136.17
555.55
224.73
274.50
222.47
116.85
120.39
214.30
76.04
307.04
145.53
109.83
206.22
147.20
671.30
38.90
36.17

Size of
Firm
(%)
28.32
27.31
28.68
30.68
25.63
25.69
27.04
28.22
27.74
28.37
26.99
27.36
27.33
29.22
27.80
27.33
28.13
26.72
27.86
28.87
26.09
28.66
26.44
27.63
27.98
27.33
29.26
26.23
27.46
26.40

Debt to Total
Assets Ratio
(%)
39.94
24.84
42.87
40.53
50.29
12.05
29.60
68.33
14.46
34.01
65.11
78.95
79.68
69.41
18.47
36.06
22.56
36.97
72.25
54.23
41.80
72.87
26.68
61.47
65.25
45.64
76.01
13.50
61.14
64.78

Kode
Perusahaan

Current
Ratio

Size of
Firm

Debt to Total
Assets Ratio

ROE (%)
14.63
0.63
73.65
14.84
201.17
3.43
7.91
14.91
10.62
1.65
7.07
8.76
19.07
13.66
18.38
10.07
26.57
10.15
12.87
3.62
8.56
9.74
18.91
11.55
4.02
11.78
124.76
6.24
0.74
0.74

ROE (%)
82

Universitas Sumatera Utara

Emiten
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52
53.
54.
55.
56.
57.
58.
59.
60.
61.
62.

TPMA
DYAN
DSNG
SRIL
ACST
NRCA
SMBR
MLPT
SILO
APII
KRAH
IMJS
SSMS
SIDO
NOBU
VICO
BBMD
NAGA
BALI
BLTZ
DAJK
IMPC
ASMI
AGRS
IBFN
MIKA
MMLP
BOLT
BIKA
MKNT
DPUM
BBYB

(%)
51.80
109.53
83.07
104.92
148.39
164.49
1087.97
129.10
306.66
280.60
173.93
123.04
280.80
728.85
133.57
504.65
129.12
54.54
33.40
243.09
386.21
207.78
631.80
111.51
61.91
1273.09
295.69
439.10
202.15
1220.23
499.17
106.96

(%)
27.39
27.98
29.27
29.08
27.35
27.45
27.81
27.64
28.09
25.91
26.16
29.37
28.38
28.40
27.83
27.37
29.63
27.68
20.31
27.18
27.75
28.13
26.68
28.55
28.49
28.41
28.39
27.54
28.18
25.62
26.46
28.62

(%)
59.05
44.00
71.65
58.51
56.83
51.67
9.02
64.41
36.98
38.65
52.94
80.56
37.43
11.05
73.99
7.56
75.59
87.57
54.45
21.47
35.68
43.29
60.84
88.50
81.43
11.85
20.39
17.21
68.80
8.09
21.36
89.31

15.13
5.71
12.85
13.35
17.70
23.91
12.65
11.92
3.06
13.17
20.50
8.41
27.27
15.46
1.45
12.85
15.97
2.12
24.18
6.16
8.50
29.42
11.96
0.97
0.16
17.95
4.49
12.84
11.49
3.65
6.44
6.80

83

Universitas Sumatera Utara

Lampiran 3
Hasil Output EViews 7
Hasil Uji Statistik Deskriptif
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis

Y
24.82592
14.21000
95.08200
1.080000
22.30132
1.038351
3.194818

X1
264.7296
166.9100
1273.090
33.40000
267.3955
2.251006
8.042378

X2
27.61075
27.74500
30.68000
20.31000
1.404158
-2.170410
13.14326

X3
47.73995
47.96500
89.30664
7.560000
23.81435
-0.077012
1.856645

X4
17.47621
11.85000
201.1700
0.160000
29.71917
4.758924
27.38371

Jarque-Bera
Probability

11.23917
0.003626

118.0420
0.000000

314.4651
0.000000

3.438376
0.179212

1769.984
0.000000

Sum
Sum Sq. Dev.
Observations

1539.207
30338.29
62

16413.23
4361522.
62

1711.866
120.2713
62

2959.877
34594.52
62

1083.525
53876.97
62

84

Universitas Sumatera Utara

Lampiran 4
Hasil Output EViews 7
Uji Asumsi Klasik
Hasil Uji Normallitas
14

Series: RESID01
Sample 1 62
Observations 62

12
10

Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis

8
6
4

-1.033759
-7.086172
45.75091
-33.28597
18.04672
0.725204
2.607891

Jarque-Bera 5.831696
Probability
0.054158

2
0
-30

-20

-10

0

10

20

30

40

50

Lampiran 5
Hasil Output EViews 7
Uji Asumsi Klasik
Hasil Uji Heterokedastisitas
Heteroskedasticity Test: White
F-statistic
Obs*R-squared
Scaled explained SS

0.753021
11.35899
12.95163

Prob. F(14,47)
Prob. Chi-Square(14)
Prob. Chi-Square(14)

0.7114
0.6576
0.5303

85

Universitas Sumatera Utara

Lampiran 6
Hasil Output EViews 7
Uji Asumsi Klasik
Hasil Uji Autokorelasi
Breusch-Godfrey Serial Correlation LM Test:
F-statistic
Obs*R-squared

0.106243
0.238608

Prob. F(2,55)
Prob. Chi-Square(2)

0.8994
0.8875

Lampiran 7
Hasil Output EViews 7
Uji Asumsi Klasik
Hasil Uji Multikolinearitas
X1
X2
X3
X4

Y
-0.006877
-0.377682
-0.124534
-0.094548

X1
1.000000
-0.102192
-0.675986
-0.099900

X2
-0.102192
1.000000
0.230044
-0.081804

X3
-0.675986
0.230044
1.000000
0.063183

X4
-0.099900
-0.081804
0.063183
1.000000

86

Universitas Sumatera Utara

Lampiran 8
Hasil Output EViews 7
Hasil Uji Chow
Redundant Fixed Effects Tests
Equation: Untitled
Test cross-section fixed effects
Effects Test

Statistic

Cross-section F
Cross-section Chi-square

0.723306
10.935059

d.f.

Prob.

(12,45)
12

0.7212
0.5345

Lampiran 9
Hasil Output EViews 7
Hasil Regresi Linier Berganda Model Data Panel
Dependent Variable: UNDERPRICING
Method: Panel Least Squares
Date: 09/23/16 Time: 12:17
Sample: 2011 2015
Periods included: 5
Cross-sections included: 13
Total panel (unbalanced) observations: 62
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
CURRENT_RATIO
SIZE_OF_FIRM
DEBT_TO_TOTAL_ASSETS_RAT
ROE

199.3077
-0.012084
-5.933296
-0.120135
-0.098769

54.04526
0.013725
1.982199
0.157140
0.091387

3.687792
-0.880375
-2.993291
-0.764511
-1.080778

0.0005
0.3824
0.0041
0.4477
0.2843

R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)

0.170525
0.112316
21.01163
25164.85
-274.1623
2.929539
0.028431

Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat

24.82592
22.30132
9.005237
9.176780
9.072589
1.795680

87

Universitas Sumatera Utara