Analisis Pengaruh Fund Size, Expense Ratio, Turnover Ratio, Fund Age dan Cash Flow Terhadap Kinerja Reksa Dana Saham di Indonesia (Periode 2011-2015)

ABSTRAK

ANALISIS PENGARUH FUND SIZE, EXPENSE RATIO, TURNOVER
RATIO, FUND AGE DAN CASH FLOW TERHADAP KINERJA
REKSA DANA SAHAM DI INDONESIA
(PERIODE 2011-2015)
Reksa dana adalah sarana investasi yang sederhana dimana setiap orang dengan
tujuan investasi jangka panjang yang sama mengumpulkan dana mereka.
Kemudian mereka menunjuk manajer yang profesional untuk mengelola dana
tersebut sesuai dengan tujuan investasinya. Penelitian ini dilakukan untuk
mengetahui bagaimana pengaruh Fund Size, Expense Ratio, Turnover Tatio, Fund
Age dan Cash Flow terhadap Kinerja Reksa Dana Saham di Indonesia pada
Periode 2011-2015 dengan menggunakan Sharpe’s Index. Data yang digunakan
dalam penelitian ini adalah data bulanan Nilai Aktiva Bersih melalui website
resmi Pusat Informasi Reksa Dana atau Otoritas Jasa Keuangan (OJK) yaitu
aria.bapepam.go.id, dan data Expense Ratio, Turnover Ratio, Fund Age dan Cash
Flow yang dapat dilihat dari 9 prospektus pada website masing-masing sampel.
Metode yang digunakankan untuk menguji hipotesis adalah F Test dan t Test.
Hasil pengujian menunjukan secara simultan variabel Fund Size, Expense Ratio,
Turnover Ratio, Fund Age dan Cash Flow berpengaruh terhadap kinerja Reksa
Dana. Hasil pengujian secara parsial menunjukan Turnover Ratio berpengaruh

positif, Fund Age berpengaruhi negatif signifikan, kemudian Fund Size, Expense
Ratio dan Cash Flow berpengaruh negatif terhadap kinerja Reksa Dana saham
periode 2011-2015.
Kata Kunci: Kierja Reksa Dana Saham, Fund Size, Expense Ratio, Turnover
Ratio, dan Cash Flow.

i
Universitas Sumatera Utara

ABSTRACT

ANALYSIS OF FUND SIZE, EXPENSE RATIO, TURNOVER RATIO,
FUND AGE AND FUND CASH FLOW TO PERFORMANCE
STOCK MUTUAL FUNDS IN INDONESIA
(PERIOD 2011-2015)
Mutual Funds is one of the alternative investments that provide a variety of
advantages: cheap, liquid, easily, professionally managed, that are expected to
provide optimal retun and minimal risk for investors. Investors in mutual funds
investing in stocks will choose mutual funds that provide a high return (which can
be seen from the growth of the Net Asset Value of his). This study was conducted

to determine the effect of fund size, expense ratio, mutual fund age, turnover and
cash flow on the performance of mutual funds using Sharpe's measurements. The
data used in this study are annual data NAV, and mutual funds prospectus of 9
mutual funds in 2011-2015 period. The method that used for testing the
hypothesis are the F-test and t test. The test results showed simultaneous effect on
the Size of the mutual fund, the Expense Ratio, Turnover, Fund Age, and Cash
Flow on the performance of mutual fund shares. While the partial test, the results
showed that Turnover Ratio give a positive effect on the performance of mutual
funds. Fund age give a negative effect and significant on the performance of
mutual funds. Fund Size, Expense Ratio and Cash Flow give a negative effect but
not significant on the performance of mutual funds in 2011-2015.
Keywords: Performance of Stock Mutual Funds, Mutual Fund Size, Expense
Ratio, Fund Age, Turnover Ratio and Cash Flow.

ii
Universitas Sumatera Utara