Pengaruh Tingkat Suku Bunga, Peringkat Obligasi, Ukuran Perusahaan, dan Debt To Equity Ratio, Terhadap Yield To Maturity Obligasi Koorporasi di Bursa Efek Indoneisa Periode 2011-2014
Lampiran 1
Tabulasi Data Variabel Penelitian
No.
1
2
3
4
5
6
Emiten
Tahun
Total Aset
(Dalam Juta
Rupiah)
Hutang
(Dalam Juta
Rupiah)
Ekuitas
(Dalam Juta
Rupiah)
Suku
Bunga
(%)
Peringkat
Obligasi
(Ranking)
Ukuran
Perusahaan
(Log-Total
Aset)
DER
(X)
YTM
(%)
2011
16.889.452
12.468.083
4.421.369
6,60
AAA
7,23
2,82
10,06
2012
25.460.457
20.424.690
5.035.767
5,77
AAA
7,41
4,06
10,06
ADMF
2013
30.994.411
24.972.426
6.021.985
6,44
AAA
7,49
4,15
10,06
2014
29.930.882
25.863.313
4.067.569
7,54
AAA
7,48
6,36
10,06
2011
15.201.235
4.429.192
10.772.044
6,60
BBB
7,18
0,41
9,68
2012
19.708.541
6.876.225
12.832.316
5,77
BBB
7,29
0,54
9,68
2013
21.865.117
9.071.630
12.793.488
6,44
BBB
7,34
0,71
9,68
2014
22.044.202
10.114.641
11.929.561
7,54
BBB
7,34
0,85
9,68
2011
15.201.235
4.429.192
10.772.044
6,60
A
7,18
0,41
9,05
2012
19.708.541
6.876.225
12.832.316
5,77
A
7,29
0,54
9,05
2013
21.865.117
9.071.630
12.793.488
6,44
A
7,34
0,71
9,05
2014
22.044.202
10.114.641
11.929.561
7,54
A
7,34
0,85
9,05
2011
4.265.546
7.089.736
2.824.190
6,60
D
6,63
2,51
7,32
2012
3.008.037
5.921.349
2.913.312
5,77
D
6,48
2,03
7,32
2013
2.577.574
6.732.106
4.154.532
6,44
D
6,41
1,62
7,32
2014
1.858.191
6.030.054
4.171.863
7,54
D
6,27
1,45
7,32
2011
89.121.459
81.799.816
7.321.643
6,60
AA
7,95
11,17
11,01
2012
111.748.593
101.469.722
10.278.871
5,77
AA
8,05
9,87
11,01
2013
131.169.730
119.612.977
11.556.753
6,44
AA
8,12
10,35
11,01
2014
144.582.353
132.329.459
12.252.895
7,54
AA
8,16
10,80
11,01
2011
89.121.459
81.799.816
7.321.643
6,60
AA
7,95
11,17
9,1
2012
111.748.593
101.469.722
10.278.871
5,77
AA
8,05
9,87
9,1
2013
131.169.730
119.612.977
11.556.753
6,44
AA
8,12
10,35
9,1
2014
144.582.353
132.329.459
12.252.895
7,54
AA
8,16
10,80
9,1
2011
54.448.658
47.089.955
5.387.099
6,60
AA
7,74
8,74
8,56
2012
70.840.878
61.764.614
6.008.840
5,77
AA
7,85
10,28
8,56
2013
70.958.233
60.896.825
6.718.265
6,44
AA
7,85
9,06
8,56
2014
75.861.310
63.911.402
7.081.703
7,54
AA
7,88
9,02
8,56
2011
551.891.704
451.379.750
62.654.408
6,60
AAA
8,74
7,20
6,06
2012
635.618.708
519.483.045
75.755.589
5,77
AAA
8,80
6,86
6,06
2013
733.099.762
596.735.488
88.790.596
6,44
AAA
8,87
6,72
6,06
2014
855.039.673
697.019.624
104.844.562
7,54
AAA
8,93
6,65
6,06
ANTM
APOL
BBTN
BJBR
BMRI
78
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
7
8
9
10
Emiten
Suku
Bunga
(%)
Peringkat
Obligasi
(Ranking)
Ukuran
Perusahaan
(Log-Total
Aset)
DER
(X)
YTM
(%)
18.369.491
6,60
AA
8,22
8,08
9,36
174.760.569
22.651.912
5,77
AA
8,30
7,72
9,36
218.866.409
192.979.722
25.886.687
6,44
AA
8,34
7,45
9,36
2014
238.849.252
210.169.865
28.447.694
7,54
AA
8,38
7,39
9,36
2011
166.801.130
148.431.639
18.369.491
6,60
AA
8,22
8,08
9,92
2012
197.412.481
174.760.569
22.651.912
5,77
AA
8,30
7,72
9,92
2013
218.866.409
192.979.722
25.886.687
6,44
AA
8,34
7,45
9,92
2014
238.849.252
210.169.865
28.447.694
7,54
AA
8,38
7,39
9,92
2011
166.801.130
148.431.639
18.369.491
6,60
AAA
8,22
8,08
12,48
2012
197.412.481
174.760.569
22.651.912
5,77
AAA
8,30
7,72
12,48
2013
218.866.409
192.979.722
25.886.687
6,44
AAA
8,34
7,45
12,48
2014
238.849.252
210.169.865
28.447.694
7,54
AAA
8,38
7,39
12,48
2011
94.919.111
86.965.108
7.954.003
6,60
AAA
7,98
10,93
6,41
2012
115.772.908
106.105.415
9.667.493
5,77
AAA
8,06
10,98
6,41
2013
140.546.751
128.138.350
12.408.401
6,44
AAA
8,15
10,33
6,41
2014
143.365.211
128.870.064
14.495.147
7,54
AAA
8,16
8,89
6,41
2011
94.919.111
86.965.108
7.954.003
6,60
AA
7,98
10,93
10,75
2012
115.772.908
106.105.415
9.667.493
5,77
AA
8,06
10,98
10,75
2013
140.546.751
128.138.350
12.408.401
6,44
AA
8,15
10,33
10,75
2014
143.365.211
128.870.064
14.495.147
7,54
AA
8,16
8,89
10,75
2011
94.919.111
86.965.108
7.954.003
6,60
AA
7,98
10,93
8,68
2012
115.772.908
106.105.415
9.667.493
5,77
AA
8,06
10,98
8,68
Total Aset
(Dalam Juta
Rupiah)
Hutang
(Dalam Juta
Rupiah)
2011
166.801.130
148.431.639
2012
197.412.481
2013
Tahun
Ekuitas
(Dalam Juta
Rupiah)
BNGA
BNII
2013
140.546.751
128.138.350
12.408.401
6,44
AA
8,15
10,33
8,68
2014
143.365.211
128.870.064
14.495.147
7,54
AA
8,16
8,89
8,68
2011
101.324.002
92.187.794
9.136.208
6,60
AAA
8,01
10,09
8,63
2012
131.798.595
119.303.061
12.495.534
5,77
AAA
8,12
9,55
8,63
2013
165.833.922
151.707.278
14.126.644
6,44
AAA
8,22
10,74
8,63
2014
185.353.670
168.270.561
17.083.109
7,54
AAA
8,27
9,85
8,63
2011
12.296.579
9.027.607
3.268.972
6,60
D
7,09
2,76
8
2012
14.339.807
9.355.399
4.984.408
5,77
D
7,16
1,88
8
BNLI
FREN
2013
15.866.493
12.816.548
3.049.945
6,44
D
7,20
4,20
8
2014
17.758.685
13.796.743
3.961.942
7,54
D
7,25
3,48
8
79
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
11
12
13
14
15
Emiten
Tahun
Total Aset
(Dalam Juta
Rupiah)
Hutang
(Dalam Juta
Rupiah)
Ekuitas
(Dalam Juta
Rupiah)
Suku
Bunga
(%)
Peringkat
Obligasi
(Ranking)
Ukuran
Perusahaan
(Log-Total
Aset)
DER
(X)
YTM
(%)
2011
53.233.012
34.263.912
18.969.100
6,60
AAA
7,73
1,81
6,14
2012
55.225.061
35.829.677
19.395.384
5,77
AAA
7,74
1,85
6,14
2013
54.520.891
38.003.293
16.517.598
6,44
AAA
7,74
2,30
6,14
2014
53.254.841
39.058.877
14.195.964
7,54
AAA
7,73
2,75
6,14
2011
53.233.012
34.263.912
18.969.100
6,60
AAA
7,73
1,81
4,39
2012
55.225.061
35.829.677
19.395.384
5,77
AAA
7,74
1,85
4,39
2013
54.520.891
38.003.293
16.517.598
6,44
AAA
7,74
2,30
4,39
2014
53.254.841
39.058.877
14.195.964
7,54
AAA
7,73
2,75
4,39
2011
20.915.891
12.555.381
8.360.510
6,60
AA
7,32
1,50
7,4
2012
24.753.551
14.965.766
9.787.786
5,77
AA
7,39
1,53
7,4
2013
28.058.582
17.500.635
10.557.947
6,44
AA
7,45
1,66
7,4
2014
31.857.948
20.432.952
11.424.996
7,54
AA
7,50
1,79
7,4
2011
59.834.397
53.244.018
6.590.379
6,60
AA
7,78
8,08
7,8
2012
79.141.737
70.190.261
8.951.476
5,77
AA
7,90
7,84
7,8
2013
97.524.537
84.027.985
13.496.552
6,44
AA
7,99
6,23
7,8
2014
103.111.114
88.163.748
14.943.366
7,54
AA
8,01
5,90
7,8
2011
148.792.615
131.144.850
17.647.765
6,60
AAA
8,17
7,43
7,9
2012
164.055.578
144.097.145
19.958.433
5,77
AAA
8,21
7,22
7,9
2013
172.638.682
149.581.791
23.056.891
6,44
AAA
8,24
6,49
7,9
2014
183.120.540
152.314.331
30.806.209
7,54
AAA
8,26
4,94
7,9
2011
103.054.000
42.073.000
60.981.000
6,60
AAA
8,01
0,69
8,29
2012
111.369.000
44.391.000
66.978.000
5,77
AAA
8,05
0,66
8,29
2013
127.951.000
50.527.000
77.424.000
6,44
AAA
8,11
0,65
8,29
2014
140.895.000
54.770.000
86.125.000
7,54
AAA
8,15
0,64
8,29
ISAT
JSMR
NISP
PNBN
TLKM
80
Universitas Sumatera Utara
Lampiran 2
Statistik Deskriptif Variabel Penelitian
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
SUKU_BUNGAPERINGKAT_OBLIGASI
SIZE
6.588542
6.727273
7.856615
6.520833
7.000000
7.997413
7.541667
8.000000
8.931986
5.770833
1.000000
6.269090
0.636110
1.969464
0.513609
0.311898
-2.194427
-0.807349
1.988506
6.753242
3.903519
DER
5.993496
7.212070
11.17233
0.411175
3.743543
-0.164343
1.504475
YTM
8.499545
8.595000
12.48000
4.390000
1.807142
-0.080069
3.068227
Jarque-Bera
Probability
5.178218
0.075087
122.2791
0.000000
12.55319
0.001880
8.596973
0.013589
0.111097
0.945966
Sum
Sum Sq. Dev.
579.7917
35.20334
592.0000
337.4545
691.3821
22.95014
527.4276
1219.228
747.9600
284.1212
Observations
88
88
88
88
88
81
Universitas Sumatera Utara
Lampiran 3
Uji Asumsi Klasik
a. Uji Normalitas
16
Series: Residuals
Sample 1 88
Observations 88
14
12
10
8
6
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
6.12e-15
-0.337637
3.900385
-3.458301
1.693232
0.081181
2.761421
Jarque-Bera
Probability
0.305364
0.858403
4
2
0
-2
-1
0
1
2
3
4
6
4
Quantiles of Normal
-3
2
0
-2
-4
-6
-4
-3
-2
-1
0
1
2
3
4
Quantiles of RESID
82
Universitas Sumatera Utara
b. Uji Heteroskedastisitas
Heteroskedasticity Test: Glejser
F-statistic
Obs*R-squared
Scaled explained SS
2.284128
8.726324
7.573200
Prob. F(4,83)
Prob. Chi-Square(4)
Prob. Chi-Square(4)
0.0671
0.0683
0.1085
Test Equation:
Dependent Variable: ARESID
Method: Least Squares
Date: 11/30/16 Time: 00:12
Sample: 1 88
Included observations: 88
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
SUKU_BUNGA
PERINGKAT_OBLIGASI
SIZE
DER
0.237935
-0.036599
0.147182
0.090024
-0.053497
2.465593
0.161047
0.077544
0.353624
0.035152
0.096502
-0.227257
1.898046
0.254574
-1.521883
0.9234
0.8208
0.0612
0.7997
0.1318
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.099163
0.055749
0.951409
75.12988
-117.9094
2.284128
0.067095
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
1.373582
0.979092
2.793395
2.934153
2.850103
0.407487
c. Uji Multikolinearitas
Variance Inflation Factors
Date: 11/30/16 Time: 00:12
Sample: 1 88
Included observations: 88
Variable
Coefficient
Variance
Uncentered
VIF
Centered
VIF
C
SUKU_BUNGA
PERINGKAT_OBLIGASI
SIZE
DER
20.18284
0.086108
0.019963
0.415167
0.004102
591.0044
110.4624
28.69753
753.5866
5.979512
NA
1.008680
2.241692
3.170544
1.664334
Lampiran 4
83
Universitas Sumatera Utara
Analisis Regresi Linier Berganda Data Panel (Common Effect Model)
Dependent Variable: YTM?
Method: Pooled Least Squares
Date: 11/30/16 Time: 00:15
Sample: 2011 2014
Included observations: 4
Cross-sections included: 22
Total pool (balanced) observations: 88
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
SUKU_BUNGA?
PERINGKAT?
SIZE?
DER?
9.308419
0.030877
-0.071199
-0.213260
0.190567
4.492532
0.293442
0.141292
0.644334
0.064049
2.071976
0.105224
-0.503911
-0.330977
2.975319
0.0414
0.9165
0.6157
0.7415
0.0038
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.122093
0.079784
1.733553
249.4321
-170.7080
2.885749
0.027295
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
8.499545
1.807142
3.993363
4.134121
4.050071
0.007767
84
Universitas Sumatera Utara
Lampiran 5
Sampel Penelitian
No.
Nama Perusahaan
Kode Saham
1
PT. Adira Dinamika Multifinance, Tbk
ADMF
2
PT. Aneka Tambang (Persero), Tbk
ANTM
3
PT. Arpeni Pratama Ocean Line, Tbk
APOL
4
PT. Bank Tabungan Negara (Persero), Tbk
BBTN
Nama Obligasi
Kode Obligasi
Jatuh Tempo
Peringkat
Obligasi Berkelanjutan I Adira Dinamika Multi Finance Tahap I Tahun 2011 Seri C
ADMF01CCN1
16-Des-16
idAAA
Obligasi Berkelanjutan I ANTAM Tahap I Tahun 2011 Seri A
ANTM01ACN1
14-Des-18
idA
Obligasi Berkelanjutan I ANTAM Tahap I Tahun 2011 Seri B
ANTM01BCN1
14-Des-21
idA
Obligasi APOL II Tahun 2008 Seri A
APOL02A
30-Jun-21
idD
Obligasi XIV Bank BTN Tahun 2010
BBTN14
11-Jun-20
idAA+
Obligasi XV Bank BTN Tahun 2011
BBTN15
28-Jun-21
idAA+
5
PT. BPD Jawa Barat & Banten, Tbk
BJBR
Obligasi VII Bank Jabar Banten Tahun 2011 Seri C
BJBR07C
09-Feb-18
idAA-
6
PT. Bank Mandiri (Persero), Tbk
BMRI
Obligasi Subordinasi Rupiah Bank Mandiri I Tahun 2009
BMRI01
11-Des-16
idAA+
Obligasi Subordinasi I Bank CIMB Niaga Tahun 2010
BNGA01SB
08-Jul-17
AA(idn)
7
PT. Bank CIMB Niaga, Tbk
BNGA
Obligasi Subordinasi II Bank CIMB Niaga Tahun 2010
BNGA02SB
23-Des-20
AA(idn)
Obligasi I Bank CIMB Niaga Tahun 2011 Seri B
BNGA01B
23-Des-16
idAAA
Obligasi Berkelanjutan I Bank BII Tahap I Tahun 2011 Seri B
BNII01BCN1
06-Des-16
idAAA
8
PT. Bank International Indonesia, Tbk
BNII
Obligasi Subordinasi I Bank BII Tahun 2011
BNII01SB
19-Mei-18
idAA+
Obligasi Subordinasi Berkelanjutan I Bank BII Tahap I Tahun 2011
BNII01SBCN1
06-Des-18
idAA+
9
PT. Bank Permata, Tbk
BNLI
Obligasi Subordinasi II Permata bank Tahun 2011
BNLI02SB
28-Jun-18
idAA+
10
PT. Smartfren Telecom, Tbk
FREN
Obligasi I Mobile-8 Telecom Tahun 2007
FREN01
15-Jun-17
idD
11
PT. Indosat, Tbk
ISAT
Obligasi Indosat V Tahun 2007 Seri B
ISAT05B
29-Mei-17
idAAA
Obligasi Indosat VII Tahun 2009 Seri B
ISAT07B
08-Des-16
idAAA
12
13
PT. Bank OCBC NISP, Tbk
Obligasi Jasa Marga XIII Seri R Tahun 2007
JMPD13R
21-Jun-17
idAA
NISP
Obligasi Subordinasi III Bank OCBC NISP Tahun 2010
NISP03SB
30-Jun-17
AA(idn)
14
PT. Bank Pan Indonesia, Tbk
PNBN
Obligasi Subordinasi Bank Panin III Tahun 2010
PNBN04SB
09-Nop-17
idAA-
15
PT. Telekomunikasi Indonesia (Persero), Tbk
TLKM
Obligasi II Telkom Tahun 2010 Seri B
TLKM02B
06-Jul-20
idAAA
v
Universitas Sumatera Utara
Tabulasi Data Variabel Penelitian
No.
1
2
3
4
5
6
Emiten
Tahun
Total Aset
(Dalam Juta
Rupiah)
Hutang
(Dalam Juta
Rupiah)
Ekuitas
(Dalam Juta
Rupiah)
Suku
Bunga
(%)
Peringkat
Obligasi
(Ranking)
Ukuran
Perusahaan
(Log-Total
Aset)
DER
(X)
YTM
(%)
2011
16.889.452
12.468.083
4.421.369
6,60
AAA
7,23
2,82
10,06
2012
25.460.457
20.424.690
5.035.767
5,77
AAA
7,41
4,06
10,06
ADMF
2013
30.994.411
24.972.426
6.021.985
6,44
AAA
7,49
4,15
10,06
2014
29.930.882
25.863.313
4.067.569
7,54
AAA
7,48
6,36
10,06
2011
15.201.235
4.429.192
10.772.044
6,60
BBB
7,18
0,41
9,68
2012
19.708.541
6.876.225
12.832.316
5,77
BBB
7,29
0,54
9,68
2013
21.865.117
9.071.630
12.793.488
6,44
BBB
7,34
0,71
9,68
2014
22.044.202
10.114.641
11.929.561
7,54
BBB
7,34
0,85
9,68
2011
15.201.235
4.429.192
10.772.044
6,60
A
7,18
0,41
9,05
2012
19.708.541
6.876.225
12.832.316
5,77
A
7,29
0,54
9,05
2013
21.865.117
9.071.630
12.793.488
6,44
A
7,34
0,71
9,05
2014
22.044.202
10.114.641
11.929.561
7,54
A
7,34
0,85
9,05
2011
4.265.546
7.089.736
2.824.190
6,60
D
6,63
2,51
7,32
2012
3.008.037
5.921.349
2.913.312
5,77
D
6,48
2,03
7,32
2013
2.577.574
6.732.106
4.154.532
6,44
D
6,41
1,62
7,32
2014
1.858.191
6.030.054
4.171.863
7,54
D
6,27
1,45
7,32
2011
89.121.459
81.799.816
7.321.643
6,60
AA
7,95
11,17
11,01
2012
111.748.593
101.469.722
10.278.871
5,77
AA
8,05
9,87
11,01
2013
131.169.730
119.612.977
11.556.753
6,44
AA
8,12
10,35
11,01
2014
144.582.353
132.329.459
12.252.895
7,54
AA
8,16
10,80
11,01
2011
89.121.459
81.799.816
7.321.643
6,60
AA
7,95
11,17
9,1
2012
111.748.593
101.469.722
10.278.871
5,77
AA
8,05
9,87
9,1
2013
131.169.730
119.612.977
11.556.753
6,44
AA
8,12
10,35
9,1
2014
144.582.353
132.329.459
12.252.895
7,54
AA
8,16
10,80
9,1
2011
54.448.658
47.089.955
5.387.099
6,60
AA
7,74
8,74
8,56
2012
70.840.878
61.764.614
6.008.840
5,77
AA
7,85
10,28
8,56
2013
70.958.233
60.896.825
6.718.265
6,44
AA
7,85
9,06
8,56
2014
75.861.310
63.911.402
7.081.703
7,54
AA
7,88
9,02
8,56
2011
551.891.704
451.379.750
62.654.408
6,60
AAA
8,74
7,20
6,06
2012
635.618.708
519.483.045
75.755.589
5,77
AAA
8,80
6,86
6,06
2013
733.099.762
596.735.488
88.790.596
6,44
AAA
8,87
6,72
6,06
2014
855.039.673
697.019.624
104.844.562
7,54
AAA
8,93
6,65
6,06
ANTM
APOL
BBTN
BJBR
BMRI
78
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
7
8
9
10
Emiten
Suku
Bunga
(%)
Peringkat
Obligasi
(Ranking)
Ukuran
Perusahaan
(Log-Total
Aset)
DER
(X)
YTM
(%)
18.369.491
6,60
AA
8,22
8,08
9,36
174.760.569
22.651.912
5,77
AA
8,30
7,72
9,36
218.866.409
192.979.722
25.886.687
6,44
AA
8,34
7,45
9,36
2014
238.849.252
210.169.865
28.447.694
7,54
AA
8,38
7,39
9,36
2011
166.801.130
148.431.639
18.369.491
6,60
AA
8,22
8,08
9,92
2012
197.412.481
174.760.569
22.651.912
5,77
AA
8,30
7,72
9,92
2013
218.866.409
192.979.722
25.886.687
6,44
AA
8,34
7,45
9,92
2014
238.849.252
210.169.865
28.447.694
7,54
AA
8,38
7,39
9,92
2011
166.801.130
148.431.639
18.369.491
6,60
AAA
8,22
8,08
12,48
2012
197.412.481
174.760.569
22.651.912
5,77
AAA
8,30
7,72
12,48
2013
218.866.409
192.979.722
25.886.687
6,44
AAA
8,34
7,45
12,48
2014
238.849.252
210.169.865
28.447.694
7,54
AAA
8,38
7,39
12,48
2011
94.919.111
86.965.108
7.954.003
6,60
AAA
7,98
10,93
6,41
2012
115.772.908
106.105.415
9.667.493
5,77
AAA
8,06
10,98
6,41
2013
140.546.751
128.138.350
12.408.401
6,44
AAA
8,15
10,33
6,41
2014
143.365.211
128.870.064
14.495.147
7,54
AAA
8,16
8,89
6,41
2011
94.919.111
86.965.108
7.954.003
6,60
AA
7,98
10,93
10,75
2012
115.772.908
106.105.415
9.667.493
5,77
AA
8,06
10,98
10,75
2013
140.546.751
128.138.350
12.408.401
6,44
AA
8,15
10,33
10,75
2014
143.365.211
128.870.064
14.495.147
7,54
AA
8,16
8,89
10,75
2011
94.919.111
86.965.108
7.954.003
6,60
AA
7,98
10,93
8,68
2012
115.772.908
106.105.415
9.667.493
5,77
AA
8,06
10,98
8,68
Total Aset
(Dalam Juta
Rupiah)
Hutang
(Dalam Juta
Rupiah)
2011
166.801.130
148.431.639
2012
197.412.481
2013
Tahun
Ekuitas
(Dalam Juta
Rupiah)
BNGA
BNII
2013
140.546.751
128.138.350
12.408.401
6,44
AA
8,15
10,33
8,68
2014
143.365.211
128.870.064
14.495.147
7,54
AA
8,16
8,89
8,68
2011
101.324.002
92.187.794
9.136.208
6,60
AAA
8,01
10,09
8,63
2012
131.798.595
119.303.061
12.495.534
5,77
AAA
8,12
9,55
8,63
2013
165.833.922
151.707.278
14.126.644
6,44
AAA
8,22
10,74
8,63
2014
185.353.670
168.270.561
17.083.109
7,54
AAA
8,27
9,85
8,63
2011
12.296.579
9.027.607
3.268.972
6,60
D
7,09
2,76
8
2012
14.339.807
9.355.399
4.984.408
5,77
D
7,16
1,88
8
BNLI
FREN
2013
15.866.493
12.816.548
3.049.945
6,44
D
7,20
4,20
8
2014
17.758.685
13.796.743
3.961.942
7,54
D
7,25
3,48
8
79
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
11
12
13
14
15
Emiten
Tahun
Total Aset
(Dalam Juta
Rupiah)
Hutang
(Dalam Juta
Rupiah)
Ekuitas
(Dalam Juta
Rupiah)
Suku
Bunga
(%)
Peringkat
Obligasi
(Ranking)
Ukuran
Perusahaan
(Log-Total
Aset)
DER
(X)
YTM
(%)
2011
53.233.012
34.263.912
18.969.100
6,60
AAA
7,73
1,81
6,14
2012
55.225.061
35.829.677
19.395.384
5,77
AAA
7,74
1,85
6,14
2013
54.520.891
38.003.293
16.517.598
6,44
AAA
7,74
2,30
6,14
2014
53.254.841
39.058.877
14.195.964
7,54
AAA
7,73
2,75
6,14
2011
53.233.012
34.263.912
18.969.100
6,60
AAA
7,73
1,81
4,39
2012
55.225.061
35.829.677
19.395.384
5,77
AAA
7,74
1,85
4,39
2013
54.520.891
38.003.293
16.517.598
6,44
AAA
7,74
2,30
4,39
2014
53.254.841
39.058.877
14.195.964
7,54
AAA
7,73
2,75
4,39
2011
20.915.891
12.555.381
8.360.510
6,60
AA
7,32
1,50
7,4
2012
24.753.551
14.965.766
9.787.786
5,77
AA
7,39
1,53
7,4
2013
28.058.582
17.500.635
10.557.947
6,44
AA
7,45
1,66
7,4
2014
31.857.948
20.432.952
11.424.996
7,54
AA
7,50
1,79
7,4
2011
59.834.397
53.244.018
6.590.379
6,60
AA
7,78
8,08
7,8
2012
79.141.737
70.190.261
8.951.476
5,77
AA
7,90
7,84
7,8
2013
97.524.537
84.027.985
13.496.552
6,44
AA
7,99
6,23
7,8
2014
103.111.114
88.163.748
14.943.366
7,54
AA
8,01
5,90
7,8
2011
148.792.615
131.144.850
17.647.765
6,60
AAA
8,17
7,43
7,9
2012
164.055.578
144.097.145
19.958.433
5,77
AAA
8,21
7,22
7,9
2013
172.638.682
149.581.791
23.056.891
6,44
AAA
8,24
6,49
7,9
2014
183.120.540
152.314.331
30.806.209
7,54
AAA
8,26
4,94
7,9
2011
103.054.000
42.073.000
60.981.000
6,60
AAA
8,01
0,69
8,29
2012
111.369.000
44.391.000
66.978.000
5,77
AAA
8,05
0,66
8,29
2013
127.951.000
50.527.000
77.424.000
6,44
AAA
8,11
0,65
8,29
2014
140.895.000
54.770.000
86.125.000
7,54
AAA
8,15
0,64
8,29
ISAT
JSMR
NISP
PNBN
TLKM
80
Universitas Sumatera Utara
Lampiran 2
Statistik Deskriptif Variabel Penelitian
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
SUKU_BUNGAPERINGKAT_OBLIGASI
SIZE
6.588542
6.727273
7.856615
6.520833
7.000000
7.997413
7.541667
8.000000
8.931986
5.770833
1.000000
6.269090
0.636110
1.969464
0.513609
0.311898
-2.194427
-0.807349
1.988506
6.753242
3.903519
DER
5.993496
7.212070
11.17233
0.411175
3.743543
-0.164343
1.504475
YTM
8.499545
8.595000
12.48000
4.390000
1.807142
-0.080069
3.068227
Jarque-Bera
Probability
5.178218
0.075087
122.2791
0.000000
12.55319
0.001880
8.596973
0.013589
0.111097
0.945966
Sum
Sum Sq. Dev.
579.7917
35.20334
592.0000
337.4545
691.3821
22.95014
527.4276
1219.228
747.9600
284.1212
Observations
88
88
88
88
88
81
Universitas Sumatera Utara
Lampiran 3
Uji Asumsi Klasik
a. Uji Normalitas
16
Series: Residuals
Sample 1 88
Observations 88
14
12
10
8
6
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
6.12e-15
-0.337637
3.900385
-3.458301
1.693232
0.081181
2.761421
Jarque-Bera
Probability
0.305364
0.858403
4
2
0
-2
-1
0
1
2
3
4
6
4
Quantiles of Normal
-3
2
0
-2
-4
-6
-4
-3
-2
-1
0
1
2
3
4
Quantiles of RESID
82
Universitas Sumatera Utara
b. Uji Heteroskedastisitas
Heteroskedasticity Test: Glejser
F-statistic
Obs*R-squared
Scaled explained SS
2.284128
8.726324
7.573200
Prob. F(4,83)
Prob. Chi-Square(4)
Prob. Chi-Square(4)
0.0671
0.0683
0.1085
Test Equation:
Dependent Variable: ARESID
Method: Least Squares
Date: 11/30/16 Time: 00:12
Sample: 1 88
Included observations: 88
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
SUKU_BUNGA
PERINGKAT_OBLIGASI
SIZE
DER
0.237935
-0.036599
0.147182
0.090024
-0.053497
2.465593
0.161047
0.077544
0.353624
0.035152
0.096502
-0.227257
1.898046
0.254574
-1.521883
0.9234
0.8208
0.0612
0.7997
0.1318
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.099163
0.055749
0.951409
75.12988
-117.9094
2.284128
0.067095
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
1.373582
0.979092
2.793395
2.934153
2.850103
0.407487
c. Uji Multikolinearitas
Variance Inflation Factors
Date: 11/30/16 Time: 00:12
Sample: 1 88
Included observations: 88
Variable
Coefficient
Variance
Uncentered
VIF
Centered
VIF
C
SUKU_BUNGA
PERINGKAT_OBLIGASI
SIZE
DER
20.18284
0.086108
0.019963
0.415167
0.004102
591.0044
110.4624
28.69753
753.5866
5.979512
NA
1.008680
2.241692
3.170544
1.664334
Lampiran 4
83
Universitas Sumatera Utara
Analisis Regresi Linier Berganda Data Panel (Common Effect Model)
Dependent Variable: YTM?
Method: Pooled Least Squares
Date: 11/30/16 Time: 00:15
Sample: 2011 2014
Included observations: 4
Cross-sections included: 22
Total pool (balanced) observations: 88
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
SUKU_BUNGA?
PERINGKAT?
SIZE?
DER?
9.308419
0.030877
-0.071199
-0.213260
0.190567
4.492532
0.293442
0.141292
0.644334
0.064049
2.071976
0.105224
-0.503911
-0.330977
2.975319
0.0414
0.9165
0.6157
0.7415
0.0038
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.122093
0.079784
1.733553
249.4321
-170.7080
2.885749
0.027295
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
8.499545
1.807142
3.993363
4.134121
4.050071
0.007767
84
Universitas Sumatera Utara
Lampiran 5
Sampel Penelitian
No.
Nama Perusahaan
Kode Saham
1
PT. Adira Dinamika Multifinance, Tbk
ADMF
2
PT. Aneka Tambang (Persero), Tbk
ANTM
3
PT. Arpeni Pratama Ocean Line, Tbk
APOL
4
PT. Bank Tabungan Negara (Persero), Tbk
BBTN
Nama Obligasi
Kode Obligasi
Jatuh Tempo
Peringkat
Obligasi Berkelanjutan I Adira Dinamika Multi Finance Tahap I Tahun 2011 Seri C
ADMF01CCN1
16-Des-16
idAAA
Obligasi Berkelanjutan I ANTAM Tahap I Tahun 2011 Seri A
ANTM01ACN1
14-Des-18
idA
Obligasi Berkelanjutan I ANTAM Tahap I Tahun 2011 Seri B
ANTM01BCN1
14-Des-21
idA
Obligasi APOL II Tahun 2008 Seri A
APOL02A
30-Jun-21
idD
Obligasi XIV Bank BTN Tahun 2010
BBTN14
11-Jun-20
idAA+
Obligasi XV Bank BTN Tahun 2011
BBTN15
28-Jun-21
idAA+
5
PT. BPD Jawa Barat & Banten, Tbk
BJBR
Obligasi VII Bank Jabar Banten Tahun 2011 Seri C
BJBR07C
09-Feb-18
idAA-
6
PT. Bank Mandiri (Persero), Tbk
BMRI
Obligasi Subordinasi Rupiah Bank Mandiri I Tahun 2009
BMRI01
11-Des-16
idAA+
Obligasi Subordinasi I Bank CIMB Niaga Tahun 2010
BNGA01SB
08-Jul-17
AA(idn)
7
PT. Bank CIMB Niaga, Tbk
BNGA
Obligasi Subordinasi II Bank CIMB Niaga Tahun 2010
BNGA02SB
23-Des-20
AA(idn)
Obligasi I Bank CIMB Niaga Tahun 2011 Seri B
BNGA01B
23-Des-16
idAAA
Obligasi Berkelanjutan I Bank BII Tahap I Tahun 2011 Seri B
BNII01BCN1
06-Des-16
idAAA
8
PT. Bank International Indonesia, Tbk
BNII
Obligasi Subordinasi I Bank BII Tahun 2011
BNII01SB
19-Mei-18
idAA+
Obligasi Subordinasi Berkelanjutan I Bank BII Tahap I Tahun 2011
BNII01SBCN1
06-Des-18
idAA+
9
PT. Bank Permata, Tbk
BNLI
Obligasi Subordinasi II Permata bank Tahun 2011
BNLI02SB
28-Jun-18
idAA+
10
PT. Smartfren Telecom, Tbk
FREN
Obligasi I Mobile-8 Telecom Tahun 2007
FREN01
15-Jun-17
idD
11
PT. Indosat, Tbk
ISAT
Obligasi Indosat V Tahun 2007 Seri B
ISAT05B
29-Mei-17
idAAA
Obligasi Indosat VII Tahun 2009 Seri B
ISAT07B
08-Des-16
idAAA
12
13
PT. Bank OCBC NISP, Tbk
Obligasi Jasa Marga XIII Seri R Tahun 2007
JMPD13R
21-Jun-17
idAA
NISP
Obligasi Subordinasi III Bank OCBC NISP Tahun 2010
NISP03SB
30-Jun-17
AA(idn)
14
PT. Bank Pan Indonesia, Tbk
PNBN
Obligasi Subordinasi Bank Panin III Tahun 2010
PNBN04SB
09-Nop-17
idAA-
15
PT. Telekomunikasi Indonesia (Persero), Tbk
TLKM
Obligasi II Telkom Tahun 2010 Seri B
TLKM02B
06-Jul-20
idAAA
v
Universitas Sumatera Utara