Pengaruh Rasio Keuangan dan Economic Value Added (EVA) terhadap Harga Saham (studi empiris pada perusahaan-perusahaan LQ45 yang listing di BEJ tahun 200-2005)

Dewi R, Marlina Bunga, N.A.

2007 | Skripsi | S1 Extention - Accounting

This research is purposed to analyze the influence of financial ratio and Economic Value Added (EVA) to the share price. The background of this research is signaling theory which expressed that publicizing of financial ratio has the information content and can be used by investor as signal about company prospect. Publicizing financial ratio of larger ones from previous year will be considered to be positive signal to affect increase of price stocks market,

whereas lower finance ratio publicizing from previous year will be considered to be negative signal to affect degradation of market price share.

Though analysis of financial ratio useful as information in course of investment, but also own some weakness, like existence of accounting method difference, not include of capital expense into calculation return, less pay attention to the importance of all capital owner so that it

is possible that management target with an eye to investor become the conflict in the long term. The criteria represent the size measure profit from accountancy designer point of view or union because the need to present the information objectively and pledged that usually referred as the accounting profit. It has developed a size measure new performance is called Economic Value Added (EVA) to overcome those weaknesses. Through the approach of EVA, investor invited to see how far company assign value the high economics, compared to other accounting approach which commonly use to analyze of something. By explicit, EVA counts the cost of capital use and accommodating existing earnings to minimize the distortion of accountancy data. EVA tends to adjust the accountancy profit to economic profit. In this research, the independent variables are financial ratio and EVA. The financial ratio that used is profitability ratio consisted of the Return on Assets (ROA), Return on Equity (ROE), Return on Sales (ROS), Earning per Share (EPS), and Basic Earning Power (BEP), while dependent variable is share price. Share price used represent the price of closing share price by the end of year. The result of this research indicating that the independent variables consisted of the (ROA), (ROE), (ROS), (EPS), (BEP), and EVA have the significant influence to the share price.

Kata Kunci : Return on Assets (ROA), Return on Equity (ROE), Return on Sales (ROS), Economic Value Added (EVA), Harga Saham, Investasi