Faktor- Faktor Yang Mempengaruhi Peringkat Obligasi Pada Perusahaan Yang Terdaftar Di PT. Pefindo
Lampiran 1
Nama Perusahaan yang terdaftar di PT PEFINDO Periode 2010-2012
NO KODE EMITEN PERINGKAT OBLIGASI
2010 2011 2012
1 ADHI A- A A
2 ADMF AA AA+ AA+
3 APOL D D D
4 BABP BBB+ BBB+ BBB
5 BBRI AAA AAA AAA
6 BBTN AA- AA AA
7 BDMN AA+ AA+ AA+
8 BJBR AA- AA+ AAA
9 BMRI AAA AAA AA-
10 BNII - AAA AAA
11 BSDE BBB+ A A+
12 BLTA A- A- D
13 BUVA - BBB+ BBB+
14 BWPT A A A-
15 CFIN - A+ A+
16 ELTY BBB+ BBB+ B
17 FAST - AA AA
18 INDF AA AA+ AA+
19 JPFA A- A A
20 JSMR AA AA AA
21 LTLS A- A- A-
22 MAIN AA+ A A-
23 MAPI A+ A+ AA-
24 MEDC AA- AA- AA-
25 MPPA A+ A+ A+
26 PJAA AA- A+ AA-
27 MYOR A+ AA- AA-
28 SIMP AA- AA AA
29 SMRA A AA- AA-
30 SMSM AA- A A+
(2)
Lampiran 2
DATA VARIABEL BEBAS 2010-2012 Data Likuiditas Tahun 2010-2012
NO KODE
EMITEN
LIKUIDITAS
2010 2011 2012
1 ADHI 0,82 0,84 0,85
2 ADMF 0,50 0,74 0,80
3 APOL 1,15 1,66 1,50
4 BABP 0,92 0,91 0,89
5 BBRI 0,91 0,89 0,88
6 BBTN 0,91 0,92 0,92
7 BDMN 0,84 0,82 0,78
8 BJBR 0,89 0,90 0,92
9 BMRI 0,91 0,89 0,88
10 BNII 0,90 0,92 0,92
11 BSDE 0,37 0,35 0,37
12 BLTA 0,76 0,68 -
13 BUVA 0,48 0,40 0,37
14 BWPT 0,57 0,60 0,64
15 CFIN 0,45 0,55 0,53
16 ELTY 0,39 0,38 0,42
17 FAST 0,35 0,46 0,45
18 INDF 0,47 0,41 0,42
19 JPFA 0,50 0,54 0,57
20 JSMR 0,56 0,57 0,59
21 LTLS 0,74 0,76 0,75
22 MAIN 0,74 0,68 0,64
23 MAPI 0,60 0,59 0,63
24 MEDC 0,64 0,67 0,69
25 MPPA 0,37 0,45 0,45
26 PJAA 0,31 0,32 0,27
27 MYOR 0,54 0,63 0,63
28 SIMP - 0,41 0,39
29 SMRA 0,65 0,69 0,71
30 SMSM 0,47 0,41 0,44
(3)
Data Profitabilitas Tahun 2010-2012
NO KODE
EMITEN
PROFITABILITAS
2010 2011 2012
1 ADHI 0,03 0,02 0,02
2 ADMF 0,37 0.29 0,20
3 APOL -1,17 -1,61 0,18
4 BABP 0,01 -0,09 -0,01
5 BBRI 0,25 0,31 0,37
6 BBTN 0,14 0,13 0,14
7 BDMN 0,20 0,20 0,21
8 BJBR 0,18 0,16 0,18
9 BMRI 0,27 0,33 0,38
10 BNII 0,07 0,07 0,18
11 BSDE 0,15 0,36 0,34
12 BLTA -0,23 0,37 -
13 BUVA 0,24 0,24 0,09
14 BWPT 0,34 0,36 0,29
15 CFIN 0,49 0,39 0,38
16 ELTY 0,13 0,00 -0,32
17 FAST 0,06 0,06 0,05
18 INDF 0,07 0,11 0,10
19 JPFA 0,06 0,04 0,07
20 JSMR 0,27 0,26 0,22
21 LTLS 0,02 0,01 0,02
22 MAIN 0,08 0,07 0,10
23 MAPI 0,04 0,06 0,05
24 MEDC 0,08 0,42 0,00
25 MPPA 0,67 0,01 0,02
26 PJAA 0,15 0,17 0,14
27 MYOR 0,06 0,05 0,06
28 SIMP - 0,23 0,11
29 SMRA 0,13 0,16 0,20
30 SMSM 0,09 0,12 0,11
(4)
Data Produktivitas Tahun 2010-2012
NO KODE
EMITEN
PRODUKTIVITAS
2010 2011 2012
1 ADHI 1,15 1,10 0,97
2 ADMF 0,51 0,31 0,27
3 APOL 0,25 0,30 0,22
4 BABP 0,50 1,17 0,00
5 BBRI 0,12 1,90 0,00
6 BBTN 1,70 1,00 0,0,0
7 BDMN 0,05 0,05 0,00
8 BJBR 1,25 0,97 0,00
9 BMRI 1,05 2,57 0,00
10 BNII 1,79 0,11 0,00
11 BSDE 0,21 0,22 0,16
12 BLTA 0,23 0,16 -
13 BUVA 0,19 0,25 0,11
14 BWPT 0,27 0,25 0,17
15 CFIN 0,15 0,15 0,13
16 ELTY 0,08 0,11 0,07
17 FAST 2,36 2,14 1,55
18 INDF 0,81 0,85 0,65
19 JPFA 2,00 1,89 1,17
20 JSMR 0,23 0,26 0,24
21 LTLS 1,09 1,37 1,09
22 MAIN 2,11 1,98 1,39
23 MAPI 1,28 1,33 1,01
24 MEDC 0,41 0,44 0,23
25 MPPA 0,75 0,86 0,76
26 PJAA 0,59 0,54 0,43
27 MYOR 1,64 1,43 0,99
28 SIMP - 0,49 0,52
29 SMRA 0,28 0,29 0,22
30 SMSM 1,46 1,59 0,33
(5)
Data Leverage Tahun 2010-2012
NO KODE
EMITEN
LEVERAGE
2010 2011 2012
1 ADHI 4,71 5,71 5,67
2 ADMF 1,00 2,82 4,06
3 APOL -7,20 -2,51 -3,02
4 BABP 11,14 10,72 7,98
5 BBRI 10,02 8,43 7,50
6 BBTN 9,61 11,17 11,16
7 BDMN 5,40 4,49 4,26
8 BJBR 7,70 9,11 10,79
9 BMRI 9,81 7,81 7,31
10 BNII 9,36 10,93 10,98
11 BSDE 0,70 0,55 0,60
12 BLTA 3,14 2,11 -
13 BUVA 0,92 0,68 0,59
14 BWPT 1,35 1,52 1,79
15 CFIN 0,82 1,20 1,15
16 ELTY 0,82 0,62 0,71
17 FAST 0,54 0,86 0,82
18 INDF 1,34 0,70 0,71
19 JPFA 1,14 1,18 1,32
20 JSMR 1,37 1,32 1,44
21 LTLS 3,14 3,24 2,97
22 MAIN 2,75 2,15 1,79
23 MAPI 1,50 1,46 1,67
24 MEDC 1,86 2,02 2,24
25 MPPA 0,59 0,81 0,80
26 PJAA 0,47 0,47 0,36
27 MYOR 1,18 1,72 1,72
28 SIMP - 0,68 0,65
29 SMRA 1,86 2,27 4,27
30 SMSM 0,96 0,70 0,78
(6)
Data Umur Obligasi Tahun 2010-2012
NO KODE
EMITEN
UMUR OBLIGASI
2010 2011 2012
1 ADHI 1 1 1
2 ADMF 1 1 1
3 APOL 1 1 0
4 BABP 1 1 1
5 BBRI 0 1 1
6 BBTN 1 1 0
7 BDMN 1 1 1
8 BJBR 1 1 1
9 BMRI 0 1 1
10 BNII - 0 0
11 BSDE 1 1 1
12 BLTA 1 1 1
13 BUVA - 1 1
14 BWPT 1 1 1
15 CFIN - 1 1
16 ELTY 1 1 1
17 FAST - 1 1
18 INDF 1 1 1
19 JPFA 1 1 1
20 JSMR 1 0 1
21 LTLS 1 1 1
22 MAIN 1 1 1
23 MAPI 1 1 1
24 MEDC 1 1 1
25 MPPA 1 1 1
26 PJAA 1 1 1
27 MYOR 1 1 1
28 SIMP 1 1 1
29 SMRA 1 1 1
30 SMSM 1 1 1
(7)
Data Size Tahun 2010-2012
NO KODE
EMITEN
SIZE
2010 2011 2012
1 ADHI 6,69 6,79 6,90
2 ADMF 6,88 7,23 7,41
3 APOL 6,74 6,63 6,60
4 BABP 6,94 6,86 6,81
5 BBRI 8,61 8,67 7,83
6 BBTN 7,83 7,95 7,99
7 BDMN 8,07 8,15 8,19
8 BJBR 7,64 7,74 7,83
9 BMRI 8,65 8,74 8,80
10 BNII 7,88 7,98 8,06
11 BSDE 7,07 7,11 7,20
12 BLTA 7,41 7,43 -
13 BUVA 5,95 5,94 6,05
14 BWPT 6,42 6,55 6,65
15 CFIN 6,43 6,68 6,71
16 ELTY 7,23 7,25 7,25
17 FAST 6,09 6,19 6,23
18 INDF 7,76 7,73 7,76
19 JPFA 6,84 6,92 7,04
20 JSMR 7,28 7,28 7,36
21 LTLS 6,56 6,61 6,64
22 MAIN 5,99 6,12 6,26
23 MAPI 6,56 6,64 6,73
24 MEDC 7,31 7,37 7,42
25 MPPA 7,06 7,01 7,02
26 PJAA 6,64 6,82 6,89
27 MYOR 6,20 6,22 6,22
28 SIMP - 7,41 7,42
29 SMRA 6,79 6,91 7,00
30 SMSM 6,03 6,06 6,15
(8)
Data Growth Tahun 2010-2012
NO KODE
EMITEN
GROWTH
2010 2011 2012
1 ADHI 2,95 0,86 3,29
2 ADMF 0,03 0,02 0,01
3 APOL -0,18 0,00 -0,01
4 BABP 0,00 0,00 0,69
5 BBRI 1,41 1,45 0,99
6 BBTN 2,12 0,70 0,71
7 BDMN 0,56 0,34 0,30
8 BJBR 1,80 1,41 0,56
9 BMRI 1,11 1,46 0,84
10 BNII 0,14 0,03 0,01
11 BSDE 1,35 0,51 1,03
12 BLTA 1,61 0,32 -
13 BUVA 2,31 2,26 1,38
14 BWPT 5,08 2,27 3,50
15 CFIN 0,71 0,59 0,22
16 ELTY 1,53 0,66 0,31
17 FAST 0,54 0,02 0,04
18 INDF 1,78 0,56 0,59
19 JPFA 1,42 0,63 0,40
20 JSMR 1,22 0,99 1,46
21 LTLS 0,13 0,16 0,29
22 MAIN 1,88 3,45 8,67
23 MAPI 2,21 2,82 3,12
24 MEDC 1,43 0,42 0,24
25 MPPA 0,32 0,12 0,16
26 PJAA 0,75 0,66 0,58
27 MYOR 1,79 0,92 1,90
28 SIMP - 0,11 0,17
29 SMRA 3,61 0,68 0,90
30 SMSM 0,05 0,03 0,02
(9)
Lampiran 3
Hasil Pengolahan SPSS Iteration Historya,b,c
Iteration -2 Log likelihood
Coefficients Constant
Step 0 1 45.340 1.773
2 38.937 2.485
3 38.398 2.768
4 38.389 2.809
5 38.389 2.809
a. Constant is included in the model. b. Initial -2 Log Likelihood: 38.389
c. Estimation terminated at iteration number 5 because parameter estimates changed by less than .001.
Classification Tablea,b
Observed
Predicted RATING
Percentage Correct
0 1
Step 0 RATIN G
0 0 5 .0
1 0 83 100.0
Overall Percentage 94.3
a. Constant is included in the model. b. The cut value is .500
(10)
Variables not in the Equation
Score df Sig.
Step 0 Variables LIKUIDITAS .293 1 .588
PROFITABILITAS 3.828 1 .050
PRODUKTIVITAS 2.082 1 .149
LEVERAGE 1.942 1 .164
UMUR 1.051 1 .305
SIZE 2.315 1 .128
GROWTH .521 1 .470
Overall Statistics 13.329 7 .064
Variables in the Equation
B S.E. Wald df Sig. Exp(B)
(11)
Iteration Historya,b,c,d
Iteration
-2 Log likelihood
Coefficients Constant
LIKUIDI TAS
PROFITABIL ITAS
PRODUKTIV ITAS
LEVERA
GE UMUR SIZE GROWTH
Step 1
1 41.104 -1.187 .796 1.032 .316 -.018 .453 .231 .076 2 29.376 -5.491 2.306 2.348 .863 -.070 .926 .683 .212 3 24.762 -11.507 4.436 3.934 1.652 -.160 1.098 1.325 .459 4 23.403 -15.761 5.830 5.016 2.348 -.226 1.116 1.800 .722 5 23.214 -17.456 6.318 5.422 2.774 -.252 1.151 1.987 .853 6 23.207 -17.734 6.379 5.478 2.903 -.256 1.166 2.016 .877 7 23.207 -17.746 6.380 5.479 2.912 -.256 1.167 2.018 .878 8 23.207 -17.746 6.380 5.479 2.912 -.256 1.167 2.018 .878 a. Method: Enter
b. Constant is included in the model.
c. Initial -2 Log Likelihood: 38.389
d. Estimation terminated at iteration number 8 because parameter estimates changed by less than .001.
Omnibus Tests of Model Coefficients
Chi-square df Sig.
Step 1 Step 15.183 7 .034
Block 15.183 7 .034
(12)
Model Summary
Step
-2 Log likelihood
Cox & Snell R
Square Nagelkerke R Square
1 23.207a .158 .448
a. Estimation terminated at iteration number 8 because parameter estimates changed by less than .001.
Hosmer and Lemeshow Test
Step Chi-square df Sig.
1 7.693 8 .464
Contingency Table for Hosmer and Lemeshow Test
RATING = .00 RATING = 1.00
Total Observed Expected Observed Expected
Step 1 1 4 3.519 5 5.481 9
2 0 .717 9 8.283 9
3 0 .317 9 8.683 9
4 0 .181 9 8.819 9
5 1 .126 8 8.874 9
6 0 .076 9 8.924 9
7 0 .039 9 8.961 9
8 0 .020 9 8.980 9
9 0 .005 9 8.995 9
(13)
Classification Tablea
Observed
Predicted RATING
Percentage Correct
0 1
Step 1 RATING 0 2 3 40.0
1 1 82 98.8
Overall Percentage 95.5
a. The cut value is .500
Variables in the Equation
B S.E. Wald df Sig. Exp(B) Step 1a LIKUIDITAS 6.380 3.782 2.845 1 .092 589.795
PROFITABILITAS 5.479 2.970 3.404 1 .065 239.697 PRODUKTIVITAS 2.912 1.832 2.526 1 .112 18.385 LEVERAGE -.256 .238 1.152 1 .283 .774 UMUR 1.167 1.615 .522 1 .470 3.212 SIZE 2.018 1.133 3.170 1 .075 7.520 GROWTH .878 .781 1.265 1 .261 2.407 Constant -17.746 8.451 4.410 1 .036 .000 a. Variable(s) entered on step 1: LIKUIDITAS, PROFITABILITAS, PRODUKTIVITAS, LEVERAGE, UMUR, SIZE, GROWTH.
(14)
Correlation Matrix Constant
LIKUIDI TAS
PROFITABIL ITAS
PRODUKTIV
ITAS LEVERAGE UMUR SIZE GROWTH
Step 1
Constant 1.000 -.320 -.398 -.297 .444 -.277 -.955 -.167
LIKUIDITAS -.320 1.000 .899 .067 -.704 -.187 .106 .265
PROFITABIL
ITAS -.398 .899 1.000 .055 -.815 -.090 .227 .164 PRODUKTIV
ITAS -.297 .067 .055 1.000 -.098 -.007 .223 .224 LEVERAGE .444 -.704 -.815 -.098 1.000 .105 -.345 -.137
UMUR -.277 -.187 -.090 -.007 .105 1.000 .189 -.096
SIZE -.955 .106 .227 .223 -.345 .189 1.000 .033
(15)
Step number: 1
Observed Groups and Predicted Probabilities
80 ┼ ┼
│ │ │ │ F │ │ R 60 ┼ ┼
E │ │ Q │ │ U │ │ E 40 ┼ 1┼
N │ 1│
C │ 1│
Y │ 1│
20 ┼ 1┼
│ 11│
│ 111│
│ 1 1 1111│ Predicted ─────────┼─────────┼─────────┼─────────┼── ───────┼─────────┼─────────┼─────────┼─────────┼ ────────── Prob: 0 .1 .2 .3 .4 .5 .6 .7 .8 .9 1
Group: 0000000000000000000000000000000000000000000000000011111111111 111111111111111111111111111111111111111
Predicted Probability is of Membership for 1.00 The Cut Value is .50
Symbols: 0 - .00 1 - 1.00
(1)
Variables not in the Equation
Score df Sig.
Step 0 Variables LIKUIDITAS .293 1 .588
PROFITABILITAS 3.828 1 .050
PRODUKTIVITAS 2.082 1 .149
LEVERAGE 1.942 1 .164
UMUR 1.051 1 .305
SIZE 2.315 1 .128
GROWTH .521 1 .470
Overall Statistics 13.329 7 .064
Variables in the Equation
B S.E. Wald df Sig. Exp(B)
(2)
Iteration Historya,b,c,d
Iteration
-2 Log likelihood
Coefficients Constant
LIKUIDI TAS
PROFITABIL ITAS
PRODUKTIV ITAS
LEVERA
GE UMUR SIZE GROWTH Step
1
1 41.104 -1.187 .796 1.032 .316 -.018 .453 .231 .076 2 29.376 -5.491 2.306 2.348 .863 -.070 .926 .683 .212 3 24.762 -11.507 4.436 3.934 1.652 -.160 1.098 1.325 .459 4 23.403 -15.761 5.830 5.016 2.348 -.226 1.116 1.800 .722 5 23.214 -17.456 6.318 5.422 2.774 -.252 1.151 1.987 .853 6 23.207 -17.734 6.379 5.478 2.903 -.256 1.166 2.016 .877 7 23.207 -17.746 6.380 5.479 2.912 -.256 1.167 2.018 .878 8 23.207 -17.746 6.380 5.479 2.912 -.256 1.167 2.018 .878 a. Method: Enter
b. Constant is included in the model.
c. Initial -2 Log Likelihood: 38.389
d. Estimation terminated at iteration number 8 because parameter estimates changed by less than .001.
Omnibus Tests of Model Coefficients
Chi-square df Sig.
Step 1 Step 15.183 7 .034
Block 15.183 7 .034
(3)
Model Summary
Step
-2 Log likelihood
Cox & Snell R
Square Nagelkerke R Square
1 23.207a .158 .448
a. Estimation terminated at iteration number 8 because parameter estimates changed by less than .001.
Hosmer and Lemeshow Test
Step Chi-square df Sig.
1 7.693 8 .464
Contingency Table for Hosmer and Lemeshow Test
RATING = .00 RATING = 1.00
Total
Observed Expected Observed Expected
Step 1 1 4 3.519 5 5.481 9
2 0 .717 9 8.283 9
3 0 .317 9 8.683 9
4 0 .181 9 8.819 9
5 1 .126 8 8.874 9
6 0 .076 9 8.924 9
7 0 .039 9 8.961 9
8 0 .020 9 8.980 9
9 0 .005 9 8.995 9
(4)
Classification Tablea
Observed
Predicted RATING
Percentage Correct
0 1
Step 1 RATING 0 2 3 40.0
1 1 82 98.8
Overall Percentage 95.5
a. The cut value is .500
Variables in the Equation
B S.E. Wald df Sig. Exp(B) Step 1a LIKUIDITAS 6.380 3.782 2.845 1 .092 589.795
PROFITABILITAS 5.479 2.970 3.404 1 .065 239.697 PRODUKTIVITAS 2.912 1.832 2.526 1 .112 18.385 LEVERAGE -.256 .238 1.152 1 .283 .774 UMUR 1.167 1.615 .522 1 .470 3.212 SIZE 2.018 1.133 3.170 1 .075 7.520 GROWTH .878 .781 1.265 1 .261 2.407 Constant -17.746 8.451 4.410 1 .036 .000 a. Variable(s) entered on step 1: LIKUIDITAS, PROFITABILITAS, PRODUKTIVITAS, LEVERAGE, UMUR, SIZE, GROWTH.
(5)
Correlation Matrix Constant
LIKUIDI TAS
PROFITABIL ITAS
PRODUKTIV
ITAS LEVERAGE UMUR SIZE GROWTH Step
1
Constant 1.000 -.320 -.398 -.297 .444 -.277 -.955 -.167 LIKUIDITAS -.320 1.000 .899 .067 -.704 -.187 .106 .265 PROFITABIL
ITAS -.398 .899 1.000 .055 -.815 -.090 .227 .164
PRODUKTIV
ITAS -.297 .067 .055 1.000 -.098 -.007 .223 .224
LEVERAGE .444 -.704 -.815 -.098 1.000 .105 -.345 -.137 UMUR -.277 -.187 -.090 -.007 .105 1.000 .189 -.096 SIZE -.955 .106 .227 .223 -.345 .189 1.000 .033 GROWTH -.167 .265 .164 .224 -.137 -.096 .033 1.000
(6)
Step number: 1
Observed Groups and Predicted Probabilities
80 ┼ ┼
│ │ │ │ F │ │ R 60 ┼ ┼
E │ │ Q │ │ U │ │ E 40 ┼ 1┼
N │ 1│
C │ 1│
Y │ 1│
20 ┼ 1┼
│ 11│
│ 111│
│ 1 1 1111│ Predicted ─────────┼─────────┼─────────┼─────────┼── ───────┼─────────┼─────────┼─────────┼─────────┼ ────────── Prob: 0 .1 .2 .3 .4 .5 .6 .7 .8 .9 1
Group: 0000000000000000000000000000000000000000000000000011111111111 111111111111111111111111111111111111111
Predicted Probability is of Membership for 1.00 The Cut Value is .50
Symbols: 0 - .00 1 - 1.00