ANALISIS PENENTUAN HARGA SAHAM ATAS DASAR PRICE EARNING RATIO (P/E RATIO) DI PASAR MODAL INDONESIA
Nirwana (Adv : Dr. Zaki Baridwan, M.Sc., Ak), Dr.Zaki Baridwan, M.Sc., Ak
Masalah penentuan harga saham dipasar perdana merupakan satu hal yang sangat krusial. Hal Ini disebabkan karena secara teoritis tidak ada mekanisme yang paling baik untuk menentukan harga saham dipasar perdana ditetapkan atas kesepakatan bersama antara emiten dan penjamin emisi melalui proses negoisasi. Hal ini berarti memberikan kebebasan penuh bagi emiten penuh bagi emiten dan penjamin emisi untuk menetapkan harga perdana yang paling menguntungkan dan dapat diterima oleh kedua belah pihak.
Untuk melindungi kepentingan pelaku pasar modal baik emiten maupun investor, Bapepam sebagai otoritas yang mengawasi pasar modal di Indonesia menetapkan Price Earning Ratio (P/E Ratio) maksimum 15 kali di pasar perdana. Price Earning Ratio adalah ratio antara harga saham dengan laba per saham.
Penelitian ini bertujuan untuk mendapatkan bukti empiric tentang : (1) perbedaan P/E Ratio rata-rata keseluruhan sector industry pada pasar perdana dengan P/E ratio yang ditetapkan Bapepam tahun 1993 ; (2) perbedaan P/E rata-rata keseluruhan sektor industri pada pasar perdana dengan P/E ratio yang ditetapkan Bapepam tahun 1994 ; (3) perbedaan P/E Ratio rata-rata dipasar sekunder 1993 untuk setiap kelompok sektor industri ; (4) Perbedaan P/E ratio rata-rata setiap sector industri dipasar sekunder dengan P/E ratio 13 kali di pasar perdana yang ditetapkan Bapepam tahun 1993 ; (5) P/E ratio 15 kali di pasar perdana yang ditetapkan Bapepa, tahun 1994 sesuai atau tidak dengan kondisi pasar sekunder tahun 1993.
Data yang digunakan adalah harga saham pada saat penawaran perdana, laba per saham periode sebelum go-public, harga saham penutupan tahun 1993 dan laba per saham akhir tahun 1993. Jumlah sampel dalam penelitian ini adalah 172 saham yang dibagi ke dalam 7 kelompok sketor industri dan 20 sketor industri untuk pasar skunder, sedang untuk pasar perdana 20 daham tahun 1993 dan 19 saham untuk tahun 1994. Pengujian hipotesis menggunakan uji t dan uji f dengan tingkat signifikan 5 %.
Hasil penelitian ini menunjukkan bahwa peraturan yangd itetapkan Bapepam baik tahun 1993 maupu untuk tahun 1994 tidak dipatuhi oleh para emiten yang menawarkan sahamnya di pasar perdana ; P/E antar kelompok sector industri ternyata berbeda ; P/E ratio 13 kali yang ditetapkan Bapepam tahun 1993 sesuai dengan kondisi pasar sekunder 1993 ; P/E Ratio 15 kali dipasar perdana tahun 1994 sesuai dengan kondisi pasar sekunder tahun 1993.
Determination of stock price in the primary market is a crucial thing. That is because theoritically there is no any best mechanism to determine stock price in the primary market. Stock price in the primary market is jointly determined by emiten and underwriter trought negotiating process. It means that emiten and underwriter are free to determine those prices for the most favorable and can be accepted by both parties.
To protect individuals who are doing business in capital market, namely investor and the companies which are go public, Bapepam has authority to control capital market in Indonesia. Those authorities determination of maximum price earning ratio in the primary market. Now, the maximum price earning ratio determined by Bapepam is 15 times. Price earning ratio is ratio between price per share and earnings per share.
The objectives of the research were to obtain empirical evidence concerning: (1) difference between average P/E ratio of whole sector of industries in the primary market with P/E Ratio that was determined by Bapepam in 1993; (2) difference between average P/E of whole sector of industries in the primary market with P/E Ratio that was determined by Bapepam in 1994; (3) difference between average P/E Ratio of each group of industries sector in the secondary,market in 1993; (4) difference between average P/E Ratio of each industries sector in the secondary market with 13 times P/E ratio that was determined by Bapepam in 1993; (5) 15 times P/E Ratio that was determined by Bapepam in 1994 primary market was in accordance with conditions in secondary market in 1993, or not.
The research used data of stock price offered in the primary market and earnings per share before going public for the period; closing price in 1993 and earnings per share at the end of 1993. The sample used in the study were 172 stocks issued by respective public held companies in the secondary market. Those stocks were divided into 7 group industries sector and 26 industries sector in the secondary market. The research also used samples of 20 stocks in 1993 and 19 stocks in 1994, both from primary market. Hypothesis testing used t-test and F-test at level of significance of 5 % was performed.
The results showed that assessment by Bapepam in 1993 as well as in 1994 were not complied by the companies which offered their stocks in the primary market; there is a difference of P/E ratio among groups of industries sector; 13 times P/E ratio that was determined by Bapepam in the 1993 primary market was in accordance with conditions in secondary market in 1993; 15 times P/E Ratio in the 1994 primary market was in accordance with condition in secondary market in 1993.
Kata Kunci : saham, Price Earning Ratio, pasar modal, Indonesia
