Abstract Pengaruh Debt to Equity Ratio, Return on Asset, Current Ratio dan Peringkat Sukukpada Perusahaan Penerbit Sukuk di Bursa Efek Indonesia
ABSTRAK
PENGARUH DEBT TO EQUITY RATIO, RETURN ON ASSET, CURRENT
RATIO DAN MATURITASTERHADAP PERINGKAT SUKUK
PADA PERUSAHAAN PENERBIT SUKUK
DI BURSA EFEK INDONESIA
Novita Sarika N S Meliala
Mahasiswa Fakultas Ekonomi dan Bisnis Universitas Sumatera Utara
Penelitianinibertujuanuntukmengetahuipengaruhdebt to equity ratio,
return
on
asset,
current
ratio,
danmaturitasterhadapperingkatsukukpadaperusahaanpenerbitsukuk yang terdaftar
di Bursa Efek Indonesia danterdaftardalamperingkatsukuk yang dikeluarkanoleh
PT. PEFINDO periodetahun2012 hinggatahun 2014. Sampel yang
digunakandalampenelitianiniadalah
10perusahaanpenerbitsukuk.Teknikpengambilansampelditentukandenganmetodep
opulasisasaran,
sedangkanmetodeanalisis
yangdigunakanadalahanalisis
regresiberganda.
Penelitianini menggunakan skala 5% dan menghasilkanbahwadebt to
equity ratiodan return on asset berpengaruh negative terhadapperingkatsukuk,
sedangkancurrent
ratiodanmaturitasberpengaruhpositifterhadapperingkatsukuk.Hal
inimenunjukkanbahwadebt
to
equity
ratiodan
return
on
assetdapatberpengaruhburukterhadapperingkatsukukperusahaanpenerbitsukukjikan
ilainyasemakintinggi.Sedangkancurrent
ratioberpengaruhpositifterhadapperingkatsukukjikanilai
pada
semakintinggidanpadamaturitassemakindekatjatuh
tempo
makasemakinbagusperingkatsukuknya.Hal iniberartitinggiataurendahnyavariabelvariabeltersebutberdampakpadabaikdanburuknyaperingkatsukukperusahaankhusus
nyaperusahaanpenerbitsukuk di Bursa Efek Indonesia.
HasilpenelitianinidiharapkanbisadijadikanrujukanbagiperusahaanPenerbits
ukukdalammeningkatkanperingkatsukukyaitudengancaramemperbaikikinerjaperus
ahaandanmeminimalkanpeminjaman modal keluarperusahaan, sedangkanbagi
investorbisadijadikansebagaipertimbanganuntukmelakukaninvestasisukuk,
sertabagipenelitiselanjutnyadapatdigunakanuntukmemberikanacuandangambarana
walmengenaiperingkatsukuk.
Kata kunci: peringkatsukuk, debt to equity ratio, return on asset, current ratio,
maturitas.
2
ABSTRACT
PENGARUH DEBT TO EQUITY RATIO, RETURN ON ASSET, CURRENT
RATIO DAN MATURITASTERHADAP PERINGKAT SUKUK
PADA PERUSAHAAN PENERBIT SUKUK
DI BURSA EFEK INDONESIA
Novita Sarika N S Meliala
MahasiswaFakultasEkonomidanBisnisUniversitas Sumatera Utara
This study aims to determine the effect of the debt to equity ratio, return on
assets, current ratio, and maturity of sukukin the sukukratings to company issuing
the sukuk listed in Indonesia Stock Exchange and registered in the ratings ofsukuk
issued by PT. PEFINDO the period 2012 to 2014. In this study the sampel were10
sukuk issuer by company. The sampling technique is determined by the method of
the targeting population, whereas the method of analysis used is multiple
regression analysis.
This research result that the debt to equity ratio and return on assets
negative effect on ratings of sukuk, while the current ratio and the maturity
positive effect in rankings of sukuk. This shows that the debt to equity ratio and
return on assets can effect the bad of rating sukuk in company issuing the sukuk if
the higher value. While the current ratio positive effect in the ratings of sukuk if
the value at the higher and at maturity the closer maturity then the better in the
rattings of sukuk. This means that a high or low level of these variables on the
good and bad ratings company, especially company issuing the sukukin Indonesia
Stock Exchange.
The result of the study is expected to be a reference for the companies
toincrease of the sukuk ratings that is by improving corporate performance and
minimize borrowing of capital outside the company, while for investors can be
made as consideration for investing insukuk, and for the next researcher can be
used to provide reference and initial description on sukuk ratings.
Keywords: sukuk rating, debt to equity ratio, return on asset, current ratio, bond
maturity
3
PENGARUH DEBT TO EQUITY RATIO, RETURN ON ASSET, CURRENT
RATIO DAN MATURITASTERHADAP PERINGKAT SUKUK
PADA PERUSAHAAN PENERBIT SUKUK
DI BURSA EFEK INDONESIA
Novita Sarika N S Meliala
Mahasiswa Fakultas Ekonomi dan Bisnis Universitas Sumatera Utara
Penelitianinibertujuanuntukmengetahuipengaruhdebt to equity ratio,
return
on
asset,
current
ratio,
danmaturitasterhadapperingkatsukukpadaperusahaanpenerbitsukuk yang terdaftar
di Bursa Efek Indonesia danterdaftardalamperingkatsukuk yang dikeluarkanoleh
PT. PEFINDO periodetahun2012 hinggatahun 2014. Sampel yang
digunakandalampenelitianiniadalah
10perusahaanpenerbitsukuk.Teknikpengambilansampelditentukandenganmetodep
opulasisasaran,
sedangkanmetodeanalisis
yangdigunakanadalahanalisis
regresiberganda.
Penelitianini menggunakan skala 5% dan menghasilkanbahwadebt to
equity ratiodan return on asset berpengaruh negative terhadapperingkatsukuk,
sedangkancurrent
ratiodanmaturitasberpengaruhpositifterhadapperingkatsukuk.Hal
inimenunjukkanbahwadebt
to
equity
ratiodan
return
on
assetdapatberpengaruhburukterhadapperingkatsukukperusahaanpenerbitsukukjikan
ilainyasemakintinggi.Sedangkancurrent
ratioberpengaruhpositifterhadapperingkatsukukjikanilai
pada
semakintinggidanpadamaturitassemakindekatjatuh
tempo
makasemakinbagusperingkatsukuknya.Hal iniberartitinggiataurendahnyavariabelvariabeltersebutberdampakpadabaikdanburuknyaperingkatsukukperusahaankhusus
nyaperusahaanpenerbitsukuk di Bursa Efek Indonesia.
HasilpenelitianinidiharapkanbisadijadikanrujukanbagiperusahaanPenerbits
ukukdalammeningkatkanperingkatsukukyaitudengancaramemperbaikikinerjaperus
ahaandanmeminimalkanpeminjaman modal keluarperusahaan, sedangkanbagi
investorbisadijadikansebagaipertimbanganuntukmelakukaninvestasisukuk,
sertabagipenelitiselanjutnyadapatdigunakanuntukmemberikanacuandangambarana
walmengenaiperingkatsukuk.
Kata kunci: peringkatsukuk, debt to equity ratio, return on asset, current ratio,
maturitas.
2
ABSTRACT
PENGARUH DEBT TO EQUITY RATIO, RETURN ON ASSET, CURRENT
RATIO DAN MATURITASTERHADAP PERINGKAT SUKUK
PADA PERUSAHAAN PENERBIT SUKUK
DI BURSA EFEK INDONESIA
Novita Sarika N S Meliala
MahasiswaFakultasEkonomidanBisnisUniversitas Sumatera Utara
This study aims to determine the effect of the debt to equity ratio, return on
assets, current ratio, and maturity of sukukin the sukukratings to company issuing
the sukuk listed in Indonesia Stock Exchange and registered in the ratings ofsukuk
issued by PT. PEFINDO the period 2012 to 2014. In this study the sampel were10
sukuk issuer by company. The sampling technique is determined by the method of
the targeting population, whereas the method of analysis used is multiple
regression analysis.
This research result that the debt to equity ratio and return on assets
negative effect on ratings of sukuk, while the current ratio and the maturity
positive effect in rankings of sukuk. This shows that the debt to equity ratio and
return on assets can effect the bad of rating sukuk in company issuing the sukuk if
the higher value. While the current ratio positive effect in the ratings of sukuk if
the value at the higher and at maturity the closer maturity then the better in the
rattings of sukuk. This means that a high or low level of these variables on the
good and bad ratings company, especially company issuing the sukukin Indonesia
Stock Exchange.
The result of the study is expected to be a reference for the companies
toincrease of the sukuk ratings that is by improving corporate performance and
minimize borrowing of capital outside the company, while for investors can be
made as consideration for investing insukuk, and for the next researcher can be
used to provide reference and initial description on sukuk ratings.
Keywords: sukuk rating, debt to equity ratio, return on asset, current ratio, bond
maturity
3