Pengaruh Likuiditas Terhadap Keputusan Investasi Aktiva Tetap Pada Perusahaan yang Dikelompokkan Dalam Financially Constrained

Rina Adi Kristiani (Pemb : Dr. Suad Husnan, MBA), Dr. Suad Husnan, MBA

2002 | Tesis | S2 Management

Penelitian ini bertujuan untuk mengetahui dan membuktikan variabel-variabel manakah yang signifikan dalam menentukan pengelompokkan perusahaan sebagai NFC (Not Financially Constrained), PFC (Partially Financially Constrained) dan FC (Financially Constrained) serta untuk mengetahui dan membuktikan bagaimanakah pengaruh likuiditas terhadap keputusan investasi aktiva tetap yang dilakukan oleh perusahaan pada masing-masing kelompok.

Hipotesis yang diajukan adalah : (1) Current ratio, debt ratio, fixed charge coverage ratio, net income margin, cash flow/net fixed assets, investment/net fixed assets, net sales growth, dividend payout ratio, net fixed assets secara simultan dapat menjelaskan perbedaaan tingkat financially constrained; (2) Pada perusahaan yang diklasifikasikan sebagai not financially constrained maka akan tergantung (semakin peka) terhadap likuiditas dalam melakukan investasi aktiva tetapnya dibandingkan pada perusahaan yang diklasifikasikan sebagai partial(v financially constrained danfinancially constrained.

Populasi yang digunakan dalam penelitian ini adalah seluruh perusahaan industri barang konsumsi yang terdaftar di Bursa Efek Jakarta. Teknik pengambilan sampel adalah purposive sampling yaitu teknik pengambilan sampel nonprobabilitas berdasarkan pengalaman individu atau judgement memilih sampel sesuai karakteristik yang dibutuhkan dalam penelitian.

Adapun kriteria yang peneliti gunakan untuk pengambilan sampel adalah :

c. Perusahaan industri barang konsumsi yang telah listed di Bursa Efek Jakarta.

d. Tersedia laporan keuangan yang lengkap dan dipublikasikan selama periode 1996 sampai 2000.

Hasil penelitian menunjukkan bahwa current ratio, debt ratio, fixed charge coverage ratio, net income margin, cashflow/netfixed assets, investment/net fixed assets, net sales growth, dividend payout ratio, net fixed assets secara simultan dapat menjelaskan perbedaaan tingkat financially constrained dan perusahaan not financially constrained lebih peka terhadap likuiditas dalam melakukan investasi aktiva tetap dibandingkan dengan perusahaan yang partially financially constrained dan financially constrained.

The objective of this research was to study what kinds of variables that determined to categorize company as not financially constrained, partially financially constrained and financially constrained and how influence liquidity with investment decision of fixed assets to company that categorized in financially constrained. The hypothesis were (1) current ratio, debt ratio, fixed charge coverage ratio, net income margin, cash flow/net fixed assets, investment/net fixed assets, net sales growth, dividend payout ratio, net fixed assets can explain simultaneously differentiation of financially constrained level. (2) Company was classified as not financially constrained will be dependend upon liquidity in doing fixed asset investment rather than companies that classified as partially financially constrained and financially constrained.

Population was used in this research all industrial company of consumption thing that registered in Bursa Efek Jakarta. Sample taking technique was purposive sampling that non probability sample taking technique based on individual experience or judgement to choose sample suitable with characteristic that needed in research.

Sample criteria were:

1. Industrial company of consumption thing that listed in Bursa Efek Jakarta.

2. Availability of financial statement completely and publish in 1996 until 2000 period.

Research result were current ratio, debt ratio, fixed charge coverage ratio, net income margin, cash flow/net fixed assets, investment/net fixed assets, net sales growth, dividend payout ratio, net fixed assets can explain simultaneously differentiation of financially constrained level and company was classified as not financially constrained will be dependend upon liquidity in doing fixed asset investment rather than companies that classified as partially financially constrained and financially constrained.

Kata Kunci : financially constrained, partially financially constrained and not financially constrained.