FAKTOR-FAKTOR YANG MEMPENGARUHI KONSENTRASI UTANG BANK
Wardhana, Gerindra Yusuf (Adv.: Sumiyana, Dr., M.Si., Drs., Ak.), Sumiyana, Dr., M.Si., Drs., Ak.
Perusahaan dalam menjalankan operasi bisnisnya akan memerlukan pendanaan. Ketersediaan dana dari perusahaan ini didapat melalui dua cara, yaitu secara internal dan eksternal. Penelitian ini berfokus kepada aktivitas pendanaan eksternal perusahaan, khususnya pada pinjaman melalui bank. Penelitian ini mengambil sampel perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2009-2011 dan menguji faktor apa saja yang memengaruhi naik turunnya konsentrasi utang bank. Faktor tersebut diantaranya adalah pertumbuhan penjualan, laba operasi, umur perusahaan, rasio utang terhadap total aset, biaya penelitian dan pengembangan, dan aset berwujud perusahaan. Hasil penelitian mengungkapkan bahwa selruh faktor yang diujikan ke dalam model regresi berpengaruh positif terhadap konsentrasi utang bank dengan arah hubungan yang bervariasi. Hal ini bisa menjadi suatu pertanda bahwa pendanaan melalui bank masih menjadi pilihan utama bagi perusahaan di Indonesia
Every firm in daily business indeed needs financing to support firmÂ’s operation. The availability of fund created by firms in many ways possible which according to literatures were separated into two major categories, internally and externally created financing. Externally created financing always involve a second party that needed to invest some funds. This research employs on the second major part of financing and scrutinized the role of bank debt use in Indonesia. Specifically, the research solely focuses on answering question what are the cause of bank debt concentration vary over time. The research employs a sample of listed Indonesian manufacturing company over the period of 2009-2011 to examine factors influencing the concentration of bank debt to total assets. There have been some research indicated that the concentration of bank debt of a firm were influenced by firmÂ’s default risk, firmÂ’s size, and business activity. To test those factors into the regression model, firmÂ’s default risk shown through sales growth and operating profit, while firmÂ’s size derived into firmÂ’s age and total debt to total assets ratio and last, business activity observed by research and development cost and firmÂ’s tangible assets. The result shows that every factor tested in the model are statistically significant influencing the concentration of bank debt. This should be the evidence that debt financing through the bank is still a considerable choice for firms in Indonesia.
Kata Kunci : pendanaan perusahaan, utang bank, konsentrasi utang bank, risiko gagal bayar, ukuran perusahaan, operasi bisnis, firmÂ’s financing, bank debt use, the concentration of bank debt, default risk, firmÂ’s size, business operations
